E Trade Funds – ‘N-Q’ for 9/30/07

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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 0907                                       119±   496K 
 2: EX-99.CERT  302 Cert                                               2     14K 

N-Q   —   Etrade Nq 0907
Document Table of Contents

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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: SEPTEMBER 30, 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                                                       
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
COMMON STOCKS - 98.9%                                                           
--------------------------------------------------------------------------------
AEROSPACE & DEFENSE - 2.7%                                                      
--------------------------------------------------------------------------------
Boeing Co. (The)                                        23,085   $    2,423,694 
General Dynamics Corp.                                  11,950        1,009,417 
Goodrich Corp.                                           3,689          251,700 
Honeywell International, Inc.                           22,045        1,311,016 
L-3 Communications Holdings, Inc.                        3,712          379,144 
Lockheed Martin Corp.                                   10,199        1,106,490 
Northrop Grumman Corp.                                  10,123          789,594 
Raytheon Co.                                            12,882          822,129 
Rockwell Collins, Inc.                                   4,909          358,553 
United Technologies Corp.                               29,214        2,351,143 
                                                                 ---------------
                                                                    10,802,880
AIR FREIGHT & LOGISTICS - 0.9%                                                  
--------------------------------------------------------------------------------
CH Robinson Worldwide, Inc.                              5,084          276,011 
FedEx Corp.                                              9,095          952,701 
Ryder System, Inc.                                       1,757           86,093 
United Parcel Service, Inc., Class B                    30,923        2,322,317 
                                                                 ---------------
                                                                     3,637,122
AIRLINE - 0.1%                                                                  
--------------------------------------------------------------------------------
Southwest Airlines Co.                                  22,013          325,792 
AUTO COMPONENTS - 0.2%                                                          
--------------------------------------------------------------------------------
Goodyear Tire & Rubber Co. (The) (a)                     6,215          188,998 
Johnson Controls, Inc.                                   5,832          688,818 
                                                                 ---------------
                                                                       877,816
AUTOMOBILES - 0.4%                                                              
--------------------------------------------------------------------------------
Ford Motor Co. (a)                                      61,847          525,081 
General Motors Corp.                                    16,668          611,716 
Harley-Davidson, Inc.                                    7,402          342,046 
                                                                 ---------------
                                                                     1,478,843
BEVERAGES - 2.2%                                                                
--------------------------------------------------------------------------------
Anheuser-Busch Cos., Inc.                               22,079        1,103,729 
Brown-Forman Corp., Class B                              2,547          190,796 
Coca-Cola Co. (The)                                     58,609        3,368,259 
Coca-Cola Enterprises, Inc.                              8,396          203,351 
Constellation Brands, Inc., Class A (a)                  5,715          138,360 
Molson Coors Brewing Co., Class B                        2,007          200,038 
Pepsi Bottling Group, Inc.                               4,127          153,400 
PepsiCo, Inc.                                           47,595        3,486,810 
                                                                 ---------------
                                                                     8,844,743
BIOTECHNOLOGY - 1.2%                                                            
--------------------------------------------------------------------------------
Amgen, Inc. (a)                                         32,011        1,810,862 
Applera Corp. -- Applied Biosystems Group                5,275          182,726 
Biogen Idec, Inc. (a)                                    8,481          562,545 
Celgene Corp (a)                                        11,274          803,949 
Genzyme Corp. (a)                                        7,767          481,243 
Gilead Sciences, Inc. (a)                               27,287        1,115,220 
                                                                 ---------------
                                                                     4,956,545
BUILDING PRODUCTS - 0.1%                                                        
--------------------------------------------------------------------------------
American Standard Cos., Inc.                             5,345          190,389 
Masco Corp.                                             10,918          252,970 
                                                                 ---------------
                                                                       443,359
CAPITAL MARKETS - 3.3%                                                          
--------------------------------------------------------------------------------
American Capital Strategies, Ltd.                        5,535          236,511 
Ameriprise Financial, Inc.                               6,930          437,352 
Bank of New York Mellon Corp.                           33,517        1,479,440 
Bear Stearns Cos., Inc. (The)                            3,421          420,133 
Charles Schwab Corp. (The)                              27,918          603,029 
E*TRADE Financial Corp. (a) (b)                         12,268          160,220 
Federated Investors, Inc., Class B                       2,483           98,575 
Franklin Resources, Inc.                                 4,781          609,577 
Goldman Sachs Group, Inc. (The)                         11,949        2,589,826 
Janus Capital Group, Inc.                                4,649          131,474 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
CAPITAL MARKETS (CONTINUED)                                                     
--------------------------------------------------------------------------------
Legg Mason, Inc.                                         3,910   $      329,574 
Lehman Brothers Holdings, Inc.                          15,635          965,149 
Merrill Lynch & Co., Inc.                               25,389        1,809,728 
Morgan Stanley                                          31,004        1,953,252 
Northern Trust Corp.                                     5,640          373,763 
State Street Corp.                                      11,401          777,092 
T. Rowe Price Group, Inc.                                7,810          434,939 
                                                                 ---------------
                                                                    13,409,634
CHEMICALS - 1.7%                                                                
--------------------------------------------------------------------------------
Air Products and Chemicals, Inc.                         6,364          622,145 
Dow Chemical Co.                                        27,985        1,205,034 
DuPont (E.I.) de Nemours & Co.                          27,115        1,343,819 
Eastman Chemical Co.                                     2,417          161,286 
Ecolab, Inc.                                             5,130          242,136 
Hercules, Inc.                                           3,245           68,210 
International Flavors & Fragrances, Inc.                 2,630          139,022 
Monsanto Co.                                            16,067        1,377,584 
PPG Industries, Inc.                                     4,832          365,058 
Praxair, Inc.                                            9,421          789,103 
Rohm and Haas Co.                                        4,090          227,690 
Sigma-Aldrich Corp.                                      3,774          183,945 
                                                                 ---------------
                                                                     6,725,032
COMMERCIAL BANKS - 5.1%                                                         
--------------------------------------------------------------------------------
Bank of America Corp.                                  130,710        6,570,792 
BB&T Corp.                                              16,258          656,661 
Comerica, Inc. (b)                                       4,482          229,837 
Commerce Bancorp, Inc./NJ                                5,662          219,572 
Fifth Third Bancorp                                     15,810          535,643 
First Horizon National Corp.                             3,718           99,122 
Huntington Bancshares, Inc.                             10,778          183,010 
KeyCorp                                                 11,469          370,793 
M&T Bank Corp.                                           2,209          228,521 
Marshall & Ilsley Corp.                                  7,851          343,638 
National City Corp.                                     18,654          468,029 
PNC Financial Services Group                            10,074          686,039 
Regions Financial Corp.                                 20,735          611,268 
SunTrust Banks, Inc.                                    10,249          775,542 
Synovus Financial Corp.                                  9,644          270,514 
U.S. Bancorp                                            50,855        1,654,313 
Wachovia Corp.                                          56,056        2,811,208 
Wells Fargo & Co.                                       98,458        3,507,074 
Zions Bancorp.                                           3,161          217,066 
                                                                 ---------------
                                                                    20,438,642
COMMERICIAL SERVICES & SUPPLIES - 0.7%                                          
--------------------------------------------------------------------------------
Allied Waste Industries, Inc. (a)                        8,494          108,299 
Apollo Group, Inc., Class A (a)                          4,185          251,728 
Avery Dennison Corp.                                     3,136          178,815 
Cintas Corp.                                             3,875          143,762 
Equifax, Inc.                                            4,180          159,342 
H&R Block, Inc.                                          9,562          202,523 
Monster Worldwide, Inc. (a)                              3,898          132,766 
Pitney Bowes, Inc.                                       6,476          294,140 
R. R. Donnelley & Sons Co.                               6,542          239,176 
Robert Half International, Inc.                          4,683          139,834 
Waste Management, Inc.                                  15,291          577,082 
Western Union Co. (The)                                 22,760          477,277 
                                                                 ---------------
                                                                     2,904,744
COMMUNICATIONS EQUIPMENT - 2.9%                                                 
--------------------------------------------------------------------------------
Avaya, Inc. (a)                                         13,459          228,265 
Ciena Corp. (a)                                          2,532           96,418 
Cisco Systems, Inc. (a)                                179,417        5,940,497 
Corning, Inc.                                           46,335        1,142,158 
JDS Uniphase Corp. (a)                                   6,234           93,261 
Juniper Networks, Inc. (a)                              15,143          554,385 

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)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT (CONTINUED)                                            
--------------------------------------------------------------------------------
Motorola, Inc.                                          68,180   $    1,263,375 
QUALCOMM, Inc.                                          49,317        2,084,136 
Tellabs, Inc. (a)                                       12,582          119,781 
                                                                 ---------------
                                                                    11,522,276
COMPUTERS & PERIPHERALS - 4.4%                                                  
--------------------------------------------------------------------------------
Apple, Inc. (a)                                         25,616        3,933,081 
Cognizant Technology Solutions Corp., Class A (a)        4,259          339,741 
Dell, Inc. (a)                                          66,914        1,846,826 
EMC Corp. (a)                                           61,779        1,285,003 
Hewlett-Packard Co.                                     75,941        3,781,102 
International Business Machines Corp.                   40,073        4,720,599 
Lexmark International, Inc. (a)                          2,783          115,578 
Network Appliance, Inc. (a)                             10,664          286,968 
QLogic Corp. (a)                                         4,224           56,813 
SanDisk Corp. (a)                                        6,711          369,776 
Sun Microsystems, Inc. (a)                             104,203          584,579 
Teradata Corp. (a)                                       5,300          138,224 
                                                                 ---------------
                                                                    17,458,290
CONSTRUCTION & ENGINEERING - 0.1%                                               
--------------------------------------------------------------------------------
Fluor Corp.                                              2,601          374,492 
CONSTRUCTION MATERIALS - 0.1%                                                   
--------------------------------------------------------------------------------
Vulcan Materials Co.                                     2,814          250,868 
CONSUMER FINANCE - 0.9%                                                         
--------------------------------------------------------------------------------
American Express Co.                                    34,843        2,068,629 
Capital One Financial Corp.                             12,303          817,282 
Discover Financial Services (a)                         14,057          292,386 
SLM Corp.                                               12,154          603,689 
                                                                 ---------------
                                                                     3,781,986
CONTAINERS & PACKAGING - 0.2%                                                   
--------------------------------------------------------------------------------
Ball Corp.                                               2,934          157,702 
Bemis Co., Inc.                                          3,006           87,505 
Pactiv Corp. (a)                                         3,747          107,389 
Sealed Air Corp.                                         4,643          118,675 
Temple-Inland, Inc.                                      3,041          160,048 
                                                                 ---------------
                                                                       631,319
DISTRIBUTORS - 0.1%                                                             
--------------------------------------------------------------------------------
Genuine Parts Co.                                        5,005          250,250 
DIVERSIFED FINANCIAL SERVICES - 3.5%                                            
--------------------------------------------------------------------------------
CIT Group, Inc.                                          5,512          221,582 
Citigroup, Inc.                                        146,534        6,838,742 
CME Group, Inc.                                          1,564          918,616 
IntercontinentalExchange, Inc. (a)                       2,000          303,800 
JPMorgan Chase & Co.                                    99,678        4,567,246 
Leucadia National Corp.                                  4,849          233,819 
Moody's Corp.                                            6,610          333,144 
Principal Financial Group, Inc.                          7,824          493,616 
                                                                 ---------------
                                                                    13,910,565
DIVERSIFIED TELECOMMUNICATIONS SERVICES - 3.7%                                  
--------------------------------------------------------------------------------
Alltel Corp.                                            10,321          719,167 
AT+T, Inc.                                             179,656        7,601,245 
CenturyTel, Inc.                                         3,296          152,341 
Citizens Communications Co.                              9,841          140,923 
Embarq Corp.                                             4,494          249,866 
Qwest Communications International, Inc. (a)            47,062          431,088 
Sprint Nextel Corp.                                     83,852        1,593,188 
Verizon Communications, Inc.                            85,499        3,785,896 
Windstream Corp                                         14,062          198,556 
                                                                 ---------------
                                                                    14,872,270
ELECTRIC UTILITIES - 2.4%                                                       
--------------------------------------------------------------------------------
Allegheny Energy, Inc. (a)                               4,891          255,604 
Ameren Corp.                                             6,115          321,037 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
ELECTRIC UTILITIES (CONTINUED)                                                  
--------------------------------------------------------------------------------
American Electric Power Co., Inc.                       11,759   $      541,855 
CenterPoint Energy, Inc.                                 9,219          147,781 
Consolidated Edison, Inc.                                7,982          369,567 
DTE Energy Co.                                           5,060          245,106 
Dynegy, Inc., Class A (a)                               14,598          134,885 
Edison International                                     9,597          532,154 
Entergy Corp.                                            5,764          624,184 
Exelon Corp.                                            19,858        1,496,499 
FirstEnergy Corp.                                        8,979          568,730 
FPL Group, Inc.                                         11,983          729,525 
PG&E Corp.                                              10,408          497,502 
Pinnacle West Capital Corp.                              2,881          113,828 
PPL Corp.                                               11,284          522,449 
Progress Energy, Inc.                                    7,626          357,278 
Southern Co. (The)                                      22,281          808,355 
TECO Energy, Inc.                                        6,023           98,958 
TXU Corp.                                               13,584          930,096 
Xcel Energy, Inc.                                       12,368          266,407 
                                                                 ---------------
                                                                     9,561,800
ELECTRICAL EQUIPMENT - 0.5%                                                     
--------------------------------------------------------------------------------
Cooper Industries, Ltd., Class A                         5,411          276,448 
Emerson Electric Co.                                    23,330        1,241,623 
Rockwell Automation, Inc.                                4,493          312,308 
                                                                 ---------------
                                                                     1,830,379
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.3%                                       
--------------------------------------------------------------------------------
Agilent Technologies, Inc. (a)                          11,254          415,048 
Jabil Circuit, Inc.                                      6,113          139,621 
Molex, Inc.                                              4,082          109,928 
Solectron Corp. (a)                                     26,921          104,992 
Tektronix, Inc.                                          2,182           60,529 
Tyco Electronics, Ltd.                                  14,645          518,872 
                                                                 ---------------
                                                                     1,348,990
ENERGY EQUIPMENT & SERVICES - 2.1%                                              
--------------------------------------------------------------------------------
Baker Hughes, Inc.                                       9,413          850,653 
BJ Services Co.                                          8,430          223,817 
ENSCO International, Inc.                                4,285          240,389 
Halliburton Co.                                         26,271        1,008,806 
Nabors Industries, Ltd. (a)                              8,282          254,837 
National-Oilwell Varco, Inc. (a)                         5,246          758,047 
Noble Corp.                                              7,908          387,887 
Rowan Cos., Inc.                                         3,180          116,324 
Schlumberger, Ltd.                                      35,114        3,686,970 
Transocean, Inc. (a)                                     8,521          963,299 
                                                                 ---------------
                                                                     8,491,029
FOOD & STAPLES RETAILING - 2.3%                                                 
--------------------------------------------------------------------------------
Costco Wholesale Corp.                                  12,837          787,807 
CVS Corp.                                               43,622        1,728,740 
Kroger Co. (The)                                        20,840          594,357 
Safeway, Inc.                                           12,934          428,245 
Supervalu, Inc.                                          6,188          241,394 
Sysco Corp.                                             17,967          639,445 
Wal-Mart Stores, Inc.                                   70,703        3,086,186 
Walgreen Co.                                            29,269        1,382,668 
Whole Foods Market, Inc.                                 4,063          198,924 
                                                                 ---------------
                                                                     9,087,766
FOOD PRODUCTS - 1.4%                                                            
--------------------------------------------------------------------------------
Archer-Daniels-Midland Co.                              18,957          627,097 
Campbell Soup Co.                                        6,619          244,903 
ConAgra Foods, Inc.                                     14,315          374,051 
Dean Foods Co.                                           3,815           97,588 
General Mills, Inc.                                      9,726          564,205 
H.J. Heinz Co.                                           9,336          431,323 
Hershey Foods Corp.                                      4,927          228,662 

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)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
FOOD PRODUCTS (CONTINUED)                                                       
--------------------------------------------------------------------------------
Kellogg Co.                                              7,815   $      437,640 
Kraft Foods, Inc., Class A                              46,444        1,602,782 
McCormick & Co., Inc.                                    3,741          134,564 
Sara Lee Corp.                                          21,113          352,376 
Tyson Foods, Inc., Class A                               8,102          144,621 
Wm Wrigley Jr. Co.                                       6,399          411,008 
                                                                 ---------------
                                                                     5,650,820
GAS UTILITIES - 0.1%                                                            
--------------------------------------------------------------------------------
Nicor, Inc.                                              1,252           53,711 
NiSource, Inc.                                           7,877          150,766 
                                                                 ---------------
                                                                       204,477
HEALTH CARE EQUIPMENT & SUPPLIES - 2.0%                                         
--------------------------------------------------------------------------------
Bausch & Lomb, Inc.                                      1,632          104,448 
Baxter International, Inc.                              18,991        1,068,813 
Becton, Dickinson & Co.                                  7,169          588,216 
Boston Scientific Corp. (a)                             39,298          548,207 
C.R. Bard, Inc.                                          3,044          268,450 
Covidien, Ltd.                                          14,645          607,768 
Hospira, Inc. (a)                                        4,627          191,789 
Medtronic, Inc.                                         33,407        1,884,489 
Millipore Corp. (a)                                      1,551          117,566 
PerkinElmer, Inc.                                        3,442          100,541 
St. Jude Medical, Inc. (a)                              10,041          442,507 
Stryker Corp.                                            6,989          480,564 
Thermo Fisher Scientific Inc. (a)                       12,565          725,252 
Varian Medical Systems, Inc. (a)                         3,663          153,443 
Waters Corp. (a)                                         2,900          194,068 
Zimmer Holdings, Inc. (a)                                6,957          563,447 
                                                                 ---------------
                                                                     8,039,568
HEALTH CARE PROVIDERS & SERVICES - 2.2%                                         
--------------------------------------------------------------------------------
Aetna, Inc.                                             15,064          817,523 
AmerisourceBergen Corp.                                  5,307          240,566 
Cardinal Health, Inc.                                   10,737          671,385 
CIGNA Corp.                                              8,271          440,762 
Coventry Health Care, Inc. (a)                           4,603          286,353 
Express Scripts, Inc. (a)                                7,595          423,953 
Humana, Inc. (a)                                         4,965          346,954 
IMS Health, Inc.                                         5,640          172,810 
Laboratory Corp. of America Holdings (a)                 3,392          265,356 
Manor Care, Inc.                                         2,103          135,433 
McKesson Corp.                                           8,719          512,590 
Medco Health Solutions, Inc. (a)                         8,031          725,922 
Patterson Cos., Inc. (a)                                 3,998          154,363 
PharMerica Corp. (a)                                        --               -- 
Quest Diagnostics, Inc.                                  4,541          262,333 
Tenet Healthcare Corp. (a)                              13,595           45,679 
UnitedHealth Group, Inc.                                39,026        1,890,029 
WellPoint, Inc. (a)                                     17,786        1,403,671 
                                                                 ---------------
                                                                     8,795,682
HOME BUILDERS - 0.0%                                                            
--------------------------------------------------------------------------------
D.R. Horton, Inc.                                        7,854          100,610 
HOTELS, RESTAURANTS & LEISURE - 1.6%                                            
--------------------------------------------------------------------------------
Carnival Corp.                                          12,853          622,471 
Darden Restaurants, Inc.                                 4,173          174,682 
Harrah's Entertainment, Inc.                             5,515          479,419 
Hilton Hotels Corp.                                     11,499          534,588 
International Game Technology                            9,885          426,043 
Marriott International, Inc., Class A                    9,438          410,270 
McDonald's Corp.                                        35,105        1,912,169 
Starbucks Corp. (a)                                     21,954          575,195 
Starwood Hotels & Resorts Worldwide, Inc.                6,182          375,556 
Wendy's International, Inc.                              2,572           89,789 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE (CONTINUED)                                       
--------------------------------------------------------------------------------
Wyndham Worldwide Corp.                                  5,360   $      175,594 
Yum! Brands, Inc.                                       15,316          518,140 
                                                                 ---------------
                                                                     6,293,916
HOUSEHOLD DURABLES - 0.4%                                                       
--------------------------------------------------------------------------------
Black & Decker Corp. (The)                               1,935          161,186 
Centex Corp.                                             3,533           93,872 
Fortune Brands, Inc.                                     4,511          367,601 
Harman International Industries, Inc.                    1,921          166,205 
KB Home                                                  2,124           53,227 
Leggett & Platt, Inc.                                    5,091           97,544 
Lennar Corp., Class A                                    4,001           90,623 
Newell Rubbermaid                                        8,016          231,021 
Pulte Homes, Inc.                                        6,256           85,144 
Snap-On, Inc.                                            1,706           84,515 
Stanley Works (The)                                      2,396          134,487 
Whirlpool Corp.                                          2,268          202,079 
                                                                 ---------------
                                                                     1,767,504
HOUSEHOLD PRODUCTS - 2.2%                                                       
--------------------------------------------------------------------------------
Clorox Co. (The)                                         4,075          248,534 
Colgate-Palmolive Co.                                   15,021        1,071,298 
Kimberly-Clark Corp.                                    12,537          880,850 
Procter & Gamble Co. (The)                              91,927        6,466,145 
                                                                 ---------------
                                                                     8,666,827
INDUSTRIAL CONGLOMERATES - 3.9%                                                 
--------------------------------------------------------------------------------
3M Co.                                                  21,085        1,973,134 
General Electric Co.                                   301,819       12,495,307 
Textron, Inc.                                            7,355          457,554 
Tyco International, Ltd.                                14,644          649,315 
                                                                 ---------------
                                                                    15,575,310
INSURANCE - 4.3%                                                                
--------------------------------------------------------------------------------
ACE, Ltd.                                                9,691          586,984 
AFLAC, Inc.                                             14,389          820,749 
Allstate Corp. (The)                                    17,232          985,498 
Ambac Financial Group, Inc.                              2,929          184,263 
American International Group, Inc.                      75,538        5,110,146 
Aon Corp.                                                8,624          386,441 
Assurant, Inc.                                           2,800          149,800 
Chubb Corp. (The)                                       11,539          618,952 
Cincinnati Financial Corp.                               5,066          219,408 
Genworth Financial, Inc., Class A                       13,039          400,688 
Hartford Financial Services Group, Inc. (The)            9,357          865,990 
Lincoln National Corp.                                   7,973          525,979 
Loews Corp.                                             13,095          633,143 
Marsh & McLennan Cos., Inc.                             15,963          407,056 
MBIA, Inc.                                               3,756          229,304 
Metlife, Inc.                                           21,882        1,525,832 
Progressive Corp. (The)                                 21,160          410,716 
Prudential Financial, Inc.                              13,520        1,319,282 
SAFECO Corp.                                             3,051          186,782 
Torchmark Corp.                                          2,744          171,006 
Travelers Cos., Inc. (The)                              19,338          973,475 
UnumProvident Corp.                                     10,627          260,043 
XL Capital, Ltd., Class A                                5,344          423,245 
                                                                 ---------------
                                                                    17,394,782
INTERNET & CATALOG RETAIL - 0.6%                                                
--------------------------------------------------------------------------------
Amazon.com, Inc. (a)                                     9,002          838,537 
eBay, Inc. (a)                                          33,607        1,311,345 
IAC/ InterActiveCorp. (a)                                5,627          166,953 
                                                                 ---------------
                                                                     2,316,835
INTERNET SOFTWARE & SERVICES - 1.3%                                             
--------------------------------------------------------------------------------
Akamai Technologies, Inc. (a)                            4,878          140,145 
Google, Inc., Class A (a)                                6,803        3,859,138 

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)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES (CONTINUED)                                        
--------------------------------------------------------------------------------
VeriSign, Inc. (a)                                       7,045   $      237,698 
Yahoo!, Inc. (a)                                        39,683        1,065,092 
                                                                 ---------------
                                                                     5,302,073
IT SERVICES - 0.6%                                                              
--------------------------------------------------------------------------------
Affiliated Computer Services, Inc., Class A (a)          2,850          143,184 
Automatic Data Processing, Inc.                         15,643          718,483 
Computer Sciences Corp. (a)                              5,125          286,488 
Convergys Corp. (a)                                      3,934           68,294 
Electronic Data Systems Corp.                           14,991          327,403 
Fidelity National Information Services, Inc.             5,004          222,028 
Fiserv, Inc. (a)                                         4,834          245,857 
Paychex, Inc.                                           10,020          410,820 
Unisys Corp. (a)                                         9,994           66,160 
                                                                 ---------------
                                                                     2,488,717
LEISURE EQUIPMENT & PRODUCTS - 0.2%                                             
--------------------------------------------------------------------------------
Brunswick Corp.                                          2,597           59,367 
Eastman Kodak Co.                                        8,454          226,229 
Hasbro, Inc.                                             4,712          131,371 
Mattel, Inc.                                            11,623          272,676 
                                                                 ---------------
                                                                       689,643
MACHINERY - 1.8%                                                                
--------------------------------------------------------------------------------
Caterpillar, Inc.                                       18,827        1,476,602 
Cummins, Inc.                                            3,064          391,855 
Danaher Corp.                                            7,262          600,640 
Deere & Co.                                              6,535          969,925 
Dover Corp.                                              6,026          307,025 
Eaton Corp.                                              4,291          424,981 
Illinois Tool Works, Inc.                               12,358          737,031 
Ingersoll-Rand Co., Ltd., Class A                        8,443          459,890 
ITT Industries, Inc.                                     5,334          362,339 
PACCAR, Inc.                                             7,322          624,200 
Pall Corp.                                               3,611          140,468 
Parker-Hannifin Corp.                                    3,421          382,570 
Terex Corp. (a)                                          2,963          263,766 
                                                                 ---------------
                                                                     7,141,292
MEDIA - 3.0%                                                                    
--------------------------------------------------------------------------------
CBS Corp., Class B                                      20,175          635,513 
Clear Channel Communications, Inc.                      14,667          549,133 
Comcast Corp., Class A (a)                              91,039        2,201,323 
DIRECTV Group Inc., (The) (a)                           22,374          543,241 
Dow Jones & Co., Inc.                                    1,921          114,684 
E.W. Scripps Co., Class A                                2,643          111,006 
Gannett Co., Inc.                                        6,860          299,782 
Interpublic Group Cos., Inc. (The) (a)                  13,887          144,147 
McGraw-Hill Cos., Inc. (The)                             9,895          503,754 
Meredith Corp.                                           1,119           64,119 
New York Times Co. (The), Class A                        4,012           79,277 
News Corp., Inc., Class A                               68,192        1,499,542 
Omnicon Group Inc.                                       9,670          465,030 
Time Warner, Inc.                                      109,853        2,016,901 
Tribune Co.                                              2,316           63,273 
Viacom, Inc., Class B (a)                               20,225          788,168 
Walt Disney Co. (The)                                   57,173        1,966,179 
                                                                 ---------------
                                                                    12,045,072
METAL FABRICATE / HARDWARE - 0.1%                                               
--------------------------------------------------------------------------------
Precision Castparts Corp.                                4,060          600,799 
METALS & MINING - 1.0%                                                          
--------------------------------------------------------------------------------
Alcoa, Inc.                                             26,040        1,018,685 
Allegheny Technologies Inc.                              3,011          331,059 
Freeport-McMoRan Copper & Gold, Inc., Class B           11,244        1,179,383 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
METALS & MINING (CONTINUED)                                                     
--------------------------------------------------------------------------------
Newmont Mining Corp.                                    13,300   $      594,909 
Nucor Corp.                                              8,480          504,306 
United States Steel Corp.                                3,482          368,883 
                                                                 ---------------
                                                                     3,997,225
MULTI-LINE RETAIL - 0.9%                                                        
--------------------------------------------------------------------------------
Big Lots, Inc. (a)                                       3,147           93,907 
Dillard's Inc., Class A                                  1,750           38,203 
Family Dollar Stores, Inc.                               4,334          115,111 
J. C. Penney Co., Inc. (Holding Co.)                     6,466          409,750 
Kohl's Corp. (a)                                         9,361          536,666 
Macy's, Inc.                                            12,770          412,726 
Nordstrom, Inc.                                          5,827          273,228 
Sears Holding Corp. (a)                                  2,216          281,875 
Target Corp.                                            24,938        1,585,309 
                                                                 ---------------
                                                                     3,746,775
MULTI-UTILITIES & UNREGULATED POWER - 0.9%                                      
--------------------------------------------------------------------------------
AES Corp. (The) (a)                                     19,695          394,688 
CMS Energy Corp.                                         6,452          108,523 
Constellation Energy Group, Inc.                         5,316          456,060 
Dominion Resources, Inc.                                 8,572          722,619 
Duke Energy Corp.                                       37,122          693,810 
Integrys Energy Group, Inc.                              2,238          114,653 
Public Service Enterprise Group, Inc.                    7,490          659,045 
Sempra Energy                                            7,777          451,999 
                                                                 ---------------
                                                                     3,601,397
OFFICE ELECTRONICS - 0.1%                                                       
--------------------------------------------------------------------------------
Xerox Corp. (a)                                         27,567          478,012 
OIL & GAS - 9.5%                                                                
--------------------------------------------------------------------------------
Anadarko Petroleum Corp.                                13,665          734,494 
Apache Corp.                                             9,779          880,697 
Ashland, Inc.                                            1,646           99,106 
Chesapeake Energy Corp.                                 12,086          426,152 
ChevronTexaco Corp.                                     62,793        5,876,169 
ConocoPhillips                                          47,931        4,206,904 
Consol Energy, Inc.                                      5,370          250,242 
Devon Energy Corp.                                      13,137        1,092,998 
El Paso Corp.                                           20,636          350,193 
EOG Resources, Inc.                                      7,211          521,572 
Exxon Mobil Corp.                                      163,375       15,121,990 
Hess Corp.                                               8,149          542,153 
Marathon Oil Corp.                                      20,063        1,143,992 
Murphy Oil Corp.                                         5,552          388,029 
Occidental Petroleum Corp.                              24,471        1,568,102 
Peabody Energy Corp.                                     7,820          374,343 
Questar Corp.                                            5,085          267,115 
Smith International                                      5,906          421,688 
Spectra Energy Corp.                                    18,620          455,818 
Sunoco, Inc.                                             3,490          247,022 
Tesoro Corp.                                             4,000          184,080 
Valero Energy Corp.                                     16,313        1,095,907 
Weatherford International, Ltd. (a)                      9,926          666,829 
Williams Cos., Inc. (The)                               17,680          602,181 
XTO Energy, Inc.                                        11,365          702,812 
                                                                 ---------------
                                                                    38,220,588
PAPER & FOREST PRODUCTS - 0.3%                                                  
--------------------------------------------------------------------------------
International Paper Co.                                 12,618          452,608 
MeadWestvaco Corp.                                       5,301          156,539 
Weyerhauser Co.                                          6,358          459,683 
                                                                 ---------------
                                                                     1,068,830
PERSONAL PRODUCTS - 0.2%                                                        
--------------------------------------------------------------------------------
Avon Products, Inc.                                     12,613          473,366 
Estee Lauder Cos., Inc. (The), Class A                   3,390          143,939 
                                                                 ---------------
                                                                       617,305

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)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
PHARMACEUTICALS - 6.1%                                                          
--------------------------------------------------------------------------------
Abbott Laboratories                                     45,524   $    2,440,997 
Allergan, Inc.                                           9,058          583,969 
Barr Pharmaceuticals, Inc. (a)                           3,154          179,494 
Bristol-Myers Squibb Co.                                58,262        1,679,111 
Eli Lilly & Co.                                         29,068        1,654,841 
Forest Laboratories, Inc. (a)                            9,312          347,245 
Johnson & Johnson                                       85,262        5,601,713 
King Pharmaceuticals, Inc. (a)                           7,003           82,075 
Merck & Co., Inc.                                       64,108        3,313,743 
Mylan Laboratories, Inc.                                 7,139          113,938 
Pfizer, Inc.                                           204,050        4,984,942 
Schering-Plough Corp.                                   47,702        1,508,814 
Watson Pharmaceuticals, Inc. (a)                         3,019           97,816 
Wyeth                                                   39,608        1,764,536 
                                                                 ---------------
                                                                    24,353,234
REAL ESTATE - 1.3%                                                              
--------------------------------------------------------------------------------
Apartment Investment & Management Co.,                                          
  Class A                                               2,849          128,575
Archstone-Smith Trust                                    6,587          396,142 
AvalonBay Communities, Inc.                              2,348          277,205 
Boston Properties, Inc.                                  3,506          364,273 
CB Richard Ellis Group, Inc. (a)                         5,808          161,695 
Developers Diversified Realty Corp.                      3,591          200,629 
Equity Residential                                       8,163          345,785 
General Growth Properties, Inc.                          7,234          387,887 
Host Hotels & Resorts, Inc.                             15,384          345,217 
Kimco Realty Corp.                                       7,429          335,865 
Plum Creek Timber Co., Inc.                              5,080          227,381 
Prologis                                                 7,569          502,203 
Public Storage, Inc.                                     3,666          288,331 
Simon Property Group, Inc.                               6,580          658,000 
Vornado Realty Trust                                     3,940          430,839 
                                                                 ---------------
                                                                     5,050,027
ROAD & RAIL - 0.7%                                                              
--------------------------------------------------------------------------------
Burlington Northern Santa Fe Corp.                       8,848          718,192 
CSX Corp.                                               12,931          552,542 
Norfolk Southern Corp.                                  11,594          601,844 
Union Pacific Corp.                                      7,847          887,182 
                                                                 ---------------
                                                                     2,759,760
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%                                 
--------------------------------------------------------------------------------
Advanced Micro Devices, Inc. (a)                        16,201          213,853 
Altera Corp.                                            10,488          252,551 
Analog Devices, Inc.                                     9,166          331,443 
Applied Materials, Inc.                                 40,594          840,296 
Broadcom Corp., Class A (a)                             13,818          503,528 
Intel Corp.                                            172,027        4,448,618 
KLA-Tencor Corp.                                         5,689          317,332 
Linear Technology Corp.                                  6,539          228,800 
LSI Logic Corp. (a)                                     20,587          152,755 
MEMC Electronic Materials, Inc. (a)                      6,630          390,242 
Microchip Technology, Inc.                               6,300          228,816 
Micron Technology, Inc. (a)                             22,294          247,463 
National Semiconductor Corp.                             6,911          187,426 
Novellus Systems, Inc. (a)                               3,506           95,574 
NVIDIA Corp. (a)                                        16,166          585,856 
Teradyne, Inc. (a)                                       5,452           75,238 
Texas Instruments, Inc.                                 42,096        1,540,293 
Xilinx, Inc.                                             8,561          223,784 
                                                                 ---------------
                                                                    10,863,868
SOFTWARE - 3.2%                                                                 
--------------------------------------------------------------------------------
Adobe Systems, Inc. (a)                                 17,333          756,759 
Autodesk, Inc. (a)                                       6,775          338,547 
BMC Software, Inc. (a)                                   5,862          183,070 
CA, Inc.                                                11,448          294,443 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
SOFTWARE (CONTINUED)                                                            
--------------------------------------------------------------------------------
Citrix Systems, Inc. (a)                                 5,190   $      209,261 
Compuware Corp. (a)                                      8,770           70,335 
Electronic Arts, Inc. (a)                                9,162          512,980 
Intuit, Inc. (a)                                         9,845          298,304 
Microsoft Corp.                                        237,507        6,996,956 
Novell, Inc. (a)                                        10,305           78,730 
Oracle Corp. (a)                                       115,972        2,510,794 
Symantec Corp.  (a)                                     26,493          513,434 
                                                                 ---------------
                                                                    12,763,613
SPECIALTY RETAIL - 1.5%                                                         
--------------------------------------------------------------------------------
Abercrombie & Fitch Co., Class A                         2,500          201,750 
AutoNation, Inc. (a)                                     4,197           74,371 
AutoZone, Inc. (a)                                       1,357          157,602 
Bed Bath & Beyond, Inc. (a)                              7,900          269,548 
Best Buy Co., Inc.                                      11,635          535,443 
Circuit City Stores, Inc.                                4,964           39,265 
Gap, Inc. (The)                                         14,578          268,818 
Home Depot, Inc. (The)                                  49,739        1,613,533 
Limited Brands, Inc.                                     9,391          214,960 
Lowe's Cos., Inc.                                       43,554        1,220,383 
Office Depot, Inc. (a)                                   7,946          163,847 
OfficeMax, Inc.                                          2,165           74,195 
RadioShack Corp.                                         3,896           80,491 
Sherwin-Williams Co. (The)                               3,198          210,141 
Staples, Inc.                                           21,030          451,935 
Tiffany & Co.                                            4,027          210,813 
TJX Cos., Inc. (The)                                    13,073          380,032 
                                                                 ---------------
                                                                     6,167,127
TEXTILES, APPAREL & LUXURY GOODS - 0.4%                                         
--------------------------------------------------------------------------------
Coach, Inc. (a)                                         10,990          519,497 
Jones Apparel Group, Inc.                                2,752           58,150 
Liz Claiborne, Inc.                                      3,004          103,127 
NIKE, Inc., Class B                                     11,388          668,020 
Polo Ralph Lauren Corp.                                  1,761          136,918 
V.F. Corp.                                               2,617          211,323 
                                                                 ---------------
                                                                     1,697,035
THRIFTS & MORTGAGE FINANCE - 1.1%                                               
--------------------------------------------------------------------------------
Countrywide Financial Corp.                             17,055          324,216 
Federal Home Loan Mortgage Corp.                        19,150        1,130,042 
Federal National Mortgage Corp.                         28,674        1,743,666 
Hudson City Bancorp, Inc.                               15,666          240,943 
MGIC Investment Corp.                                    2,387           77,124 
Sovereign Bancorp, Inc.                                 10,378          176,841 
Washington Mutual, Inc.                                 25,795          910,821 
                                                                 ---------------
                                                                     4,603,653
TOBACCO - 1.2%                                                                  
--------------------------------------------------------------------------------
Altria Group, Inc.                                      62,012        4,311,694 
Reynolds American, Inc.                                  5,039          320,430 
UST, Inc.                                                4,603          228,309 
                                                                 ---------------
                                                                     4,860,433
TRADING COMPANIES & DISTRIBUTORS - 0.0%                                         
--------------------------------------------------------------------------------
W.W. Grainger, Inc.                                      2,113          192,684 
TOTAL COMMON STOCKS                                                             
(COST $314,307,977)                                                 396,332,925 

                                     SHARES/
                                   PRINCIPAL
                                                    AMOUNT         VALUE
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.1%                                                   
--------------------------------------------------------------------------------
BlackRock Liquidity Funds TempCash                                              
Portfolio,                                           3,693,240        3,693,240 

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)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                     SHARES/
                                   PRINCIPAL
                                                       AMOUNT            VALUE
--------------------------------------------------------------------------------
U.S. Treasury Bill 4.78(c),  01/31/2008 (d)     $      750,000   $      740,374 
                                                                 ---------------
TOTAL SHORT-TERM INVESTMENTS                                                    
(COST $4,431,167)                                                     4,433,614 
                                                                 ---------------
TOTAL INVESTMENTS - 100.0%                                                      
  (COST $318,739,144)(e)                                           400,766,539
OTHER ASSETS LESS LIABILITIES - 0.0%                                    153,266 
                                                                 ---------------
TOTAL NET ASSETS - 100.0%                                        $  400,919,805 
                                                                 ===============

(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 Shares    Value at
          Held at Start     Gross     Held at End      End
Name of Issuer         of Period     Additions    of Period     of Period       
-------------------------------------------------------------------------       
Comerica, Inc.            4,173          309         4,482      $229,837        
E*Trade                                                                         
Financial Corp.       10,989        1,279        12,268       160,220     

(c)   Yield to Maturity.                                                        

(d)   Security with an aggregate market value of $740,374 was segregated to     
    cover margin requirements for the following open futures contracts as of
September 30, 2007:                                                 

                            NOTIONAL         NET
NUMBER OF       FUTURES       EXPIRATION    CONTRACT     UNREALIZED             
CONTRACTS        INDEX           DATE         VALUE     APPRECIATION            
--------------------------------------------------------------------            
13      S&P 500 FUTURES   12/21/2007   $4,998,825     $130,748          

(e)   At September 30, 2007, the cost of investments for Federal income tax     
   purposes is $318,739,144. Unrealized appreaciation (depreciation) is as
follows:                                                            

     Gross Unrealized Appreciation                                $ 93,248,255
      Gross Unrealized Depreciation                                 (11,220,860)
                                                                   -------------
     Net Unrealized Appreciation/Depreciation                     $ 82,027,395
                                                                   =============

                                                                % OF TOTAL
INDUSTRY                                         MARKET VALUE      NET ASSETS   
--------------------------------------------------------------------------------
OIL & GAS                                        $  38,220,588         9.5%     
PHARMACEUTICALS                                     24,353,234         6.1%     
COMMERCIAL BANKS                                    20,438,642         5.1%     
COMPUTERS & PERIPHERALS                             17,458,290         4.4%     
INSURANCE                                           17,394,782         4.3%     
INDUSTRIAL CONGLOMERATES                            15,575,310         3.9%     
DIVERSIFIED TELECOMMUNICATIONS                                                  
SERVICES                                            14,872,270         3.7%     
DIVERSIFED FINANCIAL SERVICES                       13,910,565         3.5%     
CAPITAL MARKETS                                     13,409,634         3.3%     
SOFTWARE                                            12,763,613         3.2%     
MEDIA                                               12,045,072         3.0%     
COMMUNICATIONS EQUIPMENT                            11,522,276         2.9%     
SEMICONDUCTORS & SEMICONDUCTOR                                                  
EQUIPMENT                                           10,863,868         2.7%     
AEROSPACE & DEFENSE                                 10,802,880         2.7%     
ELECTRIC UTILITIES                                   9,561,800         2.4%     
FOOD & STAPLES RETAILING                             9,087,766         2.3%     
BEVERAGES                                            8,844,743         2.2%     
HEALTH CARE PROVIDERS & SERVICES                     8,795,682         2.2%     
HOUSEHOLD PRODUCTS                                   8,666,827         2.2%     
ENERGY EQUIPMENT & SERVICES                          8,491,029         2.1%     
HEALTH CARE EQUIPMENT & SUPPLIES                     8,039,568         2.0%     
MACHINERY                                            7,141,292         1.8%     
CHEMICALS                                            6,725,032         1.7%     
HOTELS, RESTAURANTS & LEISURE                        6,293,916         1.6%     
SPECIALTY RETAIL                                     6,167,127         1.5%     
FOOD PRODUCTS                                        5,650,820         1.4%     
INTERNET SOFTWARE & SERVICES                         5,302,073         1.3%     
REAL ESTATE                                          5,050,027         1.3%     
BIOTECHNOLOGY                                        4,956,545         1.2%     
TOBACCO                                              4,860,433         1.2%     
THRIFTS & MORTGAGE FINANCE                           4,603,653         1.1%     
METALS & MINING                                      3,997,225         1.0%     
CONSUMER FINANCE                                     3,781,986         0.9%     
MULTI-LINE RETAIL                                    3,746,775         0.9%     
AIR FREIGHT & LOGISTICS                              3,637,122         0.9%     
MULTI-UTILITIES & UNREGULATED                                                   
POWER                                                3,601,397         0.9%     
COMMERICIAL SERVICES & SUPPLIES                      2,904,744         0.7%     
ROAD & RAIL                                          2,759,760         0.7%     
IT SERVICES                                          2,488,717         0.6%     
INTERNET & CATALOG RETAIL                            2,316,835         0.6%     
ELECTRICAL EQUIPMENT                                 1,830,379         0.5%     
HOUSEHOLD DURABLES                                   1,767,504         0.4%     
TEXTILES, APPAREL & LUXURY GOODS                     1,697,035         0.4%     
AUTOMOBILES                                          1,478,843         0.4%     
ELECTRONIC EQUIPMENT & INSTRUMENTS                   1,348,990         0.3%     
PAPER & FOREST PRODUCTS                              1,068,830         0.3%     
AUTO COMPONENTS                                        877,816         0.2%     
LEISURE EQUIPMENT & PRODUCTS                           689,643         0.2%     
CONTAINERS & PACKAGING                                 631,319         0.2%     
PERSONAL PRODUCTS                                      617,305         0.2%     
METAL FABRICATE / HARDWARE                             600,799         0.1%     
OFFICE ELECTRONICS                                     478,012         0.1%     
BUILDING PRODUCTS                                      443,359         0.1%     
CONSTRUCTION & ENGINEERING                             374,492         0.1%     
AIRLINES                                               325,792         0.1%     
CONSTRUCTION MATERIALS                                 250,868         0.1%     
DISTRIBUTORS                                           250,250         0.1%     
GAS UTILITIES                                          204,477         0.1%     
TRADING COMPANIES & DISTRIBUTORS                       192,684         0.0%     
HOME BUILDERS                                          100,610         0.0%     
SHORT-TERM INVESTMENTS AND                                                      
OTHER ASSETS LESS LIABILITIES                     4,586,880         1.1%  
                                                 -------------------------------
                                             $400,919,805       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                                                         
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
COMMON STOCKS - 98.2%                                                           
--------------------------------------------------------------------------------
ADVERTISING - 0.3%                                                              
--------------------------------------------------------------------------------
Catalina Marketing Corp. (a)                             3,585   $      116,118 
Gaiam, Inc. (a)                                          1,685           40,491 
Greenfield Online, Inc. (a)                              2,001           30,515 
inVentiv Health, Inc. (a)                                3,066          134,352 
Marchex, Inc.                                            2,580           24,536 
ValueVision Media, Inc., Class A (a)                     2,827           20,948 
                                                                 ---------------
                                                                       366,960
AEROSPACE/DEFENSE - 1.2%                                                        
--------------------------------------------------------------------------------
AAR Corp. (a)                                            3,674          111,469 
Aerovironment, Inc. (a)                                    671           15,440 
ARGON ST, Inc. (a)                                       1,184           23,443 
Curtiss-Wright Corp.                                     4,363          207,242 
Esterline Technologies Corp. (a)                         2,520          143,766 
GenCorp., Inc. (a)                                       5,173           61,869 
HEICO Corp.                                              2,518          124,288 
Innovative Solutions & Support (a)                       1,133           21,493 
Kaman Corp.                                              2,371           81,942 
Moog, Inc., Class A (a)                                  3,732          163,984 
MTC Technologies, Inc. (a)                                 870           16,800 
Orbital Sciences Corp. (a)                               5,846          130,015 
Sequa Corp., Class A (a)                                   711          117,870 
Teledyne Technologies, Inc. (a)                          3,444          183,875 
TransDigm Group, Inc. (a)                                  865           39,539 
Triumph Group, Inc.                                      1,622          132,534 
United Industrial Corp.                                    785           59,079 
                                                                 ---------------
                                                                     1,634,648
AGRICULTURE - 0.2%                                                              
--------------------------------------------------------------------------------
Alico, Inc.                                                359           15,559 
Alliance One International, Inc. (a)                     9,425           61,640 
Andersons, Inc. (The)                                    1,515           72,750 
Cadiz Inc. (a)                                           1,096           20,714 
Maui Land & Pineapple Co., Inc. (a)                        408           12,420 
Tejon Ranch Co. (a)                                      1,030           42,642 
                                                                 ---------------
                                                                       225,725
AIRLINES - 0.5%                                                                 
--------------------------------------------------------------------------------
Airtran Holdings, Inc. (a)                               9,014           88,698 
Alaska Air Group, Inc. (a)                               3,942           91,021 
Allegiant Travel Co. (a)                                   502           15,220 
ExpressJet Holdings, Inc. (a)                            4,999           15,447 
JetBlue Airways Corp. (a)                               17,591          162,189 
Midwest Air Group, Inc. (a)                              2,267           37,292 
Pinnacle Airlines Corp. (a)                              1,814           29,060 
Republic Airways Holdings, Inc. (a)                      3,357           71,068 
SkyWest, Inc.                                            6,358          160,031 
                                                                 ---------------
                                                                       670,026
APPAREL - 1.0%                                                                  
--------------------------------------------------------------------------------
Carter's, Inc. (a)                                       5,756          114,832 
Cherokee, Inc.                                             719           27,581 
Columbia Sportswear Co.                                  1,362           75,332 
Deckers Outdoor Corp. (a)                                1,259          138,238 
G-III Apparel Group, Ltd. (a)                            1,199           23,608 
Gymboree Corp. (a)                                       2,997          105,614 
Heelys, Inc. (a)                                           644            5,133 
Iconix Brand Group, Inc. (a)                             4,995          118,831 
K-Swiss, Inc., Class A                                   2,383           54,595 
Maidenform Brands, Inc. (a)                              2,119           33,650 
Oxford Industries, Inc.                                  1,419           51,254 
Perry Ellis International, Inc. (a)                      1,010           27,987 
Quiksilver, Inc. (a)                                    12,249          175,161 
Skechers U.S.A., Inc., Class A (a)                       1,880           41,548 
Timberland Co., Class A (a)                              4,651           88,183 
True Religion Apparel, Inc. (a)                          1,245           21,912 
Volcom, Inc. (a)                                         1,350           57,402 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
APPAREL (CONTINUED)                                                             
--------------------------------------------------------------------------------
Warnaco Group, Inc. (The) (a)                            4,561   $      178,198 
Weyco Group, Inc.                                          611           19,192 
                                                                 ---------------
                                                                     1,358,251
AUTO MANUFACTURERS - 0.3%                                                       
--------------------------------------------------------------------------------
A.S.V., Inc. (a)                                         1,938           27,190 
CLARCOR, Inc.                                            5,052          172,829 
Force Protection, Inc. (a)                               6,705          145,230 
Smith (A.O.) Corp.                                       2,027           88,945 
Wabash National Corp.                                    2,815           31,781 
                                                                 ---------------
                                                                       465,975
AUTO PARTS & EQUIPMENT - 1.1%                                                   
--------------------------------------------------------------------------------
Accuride Corp. (a)                                       2,100           25,431 
Aftermarket Technology Corp. (a)                         2,127           67,511 
American Axle & Manufacturing                                                   
  Holdings                                              4,407          111,277
Amerigon, Inc. (a)                                       1,993           34,499 
ArvinMeritor, Inc.                                       7,034          118,312 
Commercial Vehicle Group, Inc. (a)                       2,059           26,417 
Cooper Tire & Rubber Co.                                 6,076          148,254 
Exide Technologies (a)                                   5,598           36,387 
Hayes Lemmerz International, Inc. (a)                    9,738           40,510 
Keystone Automotive Industries, Inc. (a)                 1,592           76,034 
Lear Corp. (a)                                           7,555          242,516 
Miller Industries, Inc. (TN) (a)                           902           15,442 
Modine Manufacturing Co.                                 3,157           84,039 
Noble International, Ltd.                                1,084           23,078 
Spartan Motors, Inc.                                     2,968           49,951 
Standard Motor Products, Inc.                            1,451           13,639 
Superior Industries International, Inc.                  2,105           45,658 
Tenneco Automotive, Inc. (a)                             4,560          141,406 
Titan International, Inc.                                2,242           71,565 
Visteon Corp. (a)                                       12,772           65,776 
                                                                 ---------------
                                                                     1,437,702
BANKS - 7.8%                                                                    
--------------------------------------------------------------------------------
1st Source Corp.                                         1,343           30,755 
Abington Bancorp, Inc.                                     987            9,623 
Alabama National Bancorp                                 1,676          130,594 
AMCORE Financial, Inc.                                   2,138           53,279 
Americanwest Bancorp                                     1,666           32,670 
Ameris Bancorp                                           1,203           21,750 
Anchor BanCorp Wisconsin, Inc.                           1,845           49,815 
Apollo Investment Corp.                                  9,773          203,278 
Ares Capital Corp.                                       6,845          111,368 
BancFirst Corp.                                            735           32,979 
Banco Latinoamericano de                                                        
  Exportaciones, SA                                     2,509           45,614
Bancorp, Inc. (a)                                          982           18,128 
Bank Mutual Corp.                                        5,102           60,153 
Bank of the Ozarks, Inc.                                 1,097           33,491 
BankAtlantic Bancorp, Inc., Class A                      4,130           35,807 
BankFinancial Corp.                                      2,137           33,807 
BankUnited Financial Corp., Class A                      2,945           45,765 
Banner Corp.                                             1,507           51,826 
Beneficial Mutual Bancorp, Inc. (a)                      3,549           34,603 
Berkshire Hills Bancorp, Inc.                              798           24,124 
Boston Private Financial Holdings, Inc.                  3,649          101,588 
Brookline Bancorp, Inc.                                  6,141           71,174 
Capital City Bank Group, Inc.                            1,170           36,504 
Capital Corp of The West                                   879           16,191 
Capital Southwest Corp.                                    280           34,373 
Capitol Bancorp, Ltd.                                    1,310           32,527 
Cascade Bancorp                                          2,070           46,078 
Cass Information Systems, Inc.                             549           19,638 
Cathay General Bancorp                                   5,042          162,403 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                        7        E*TRADE Russell 2000 Index Fund

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E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
BANKS (CONTINUED)                                                               
--------------------------------------------------------------------------------
Centennial Bank Holdings, Inc. (a)                       5,090   $       32,576 
Center Financial Corp.                                     926           12,881 
Central Pacific Financial Corp.                          3,028           88,418 
Chemical Financial Corp.                                 2,288           55,484 
Chittenden Corp.                                         4,542          159,697 
Citizens Banking Corp.                                   7,459          120,164 
City Bank                                                1,329           38,169 
City Holding Co.                                         1,582           57,601 
Clifton Savings Bancorp, Inc.                            1,236           14,622 
CoBiz, Inc.                                              1,705           29,190 
Columbia Banking System, Inc.                            1,742           55,430 
Community Bancorp (Nevada) (a)                             960           24,134 
Community Bank System, Inc.                                                     
  (California)                                          2,775           54,168
Community Banks, Inc.                                    2,438           72,628 
Community Trust Bancorp, Inc.                            1,420           42,657 
Corus Bankshares, Inc.                                   3,589           46,729 
CVB Financial Corp.                                      6,459           75,570 
Dime Community Bancshares                                2,320           34,730 
Downey Financial Corp.                                   2,080          120,224 
Enterprise Financial Services Corp.                        872           21,224 
FBR Capital Markets Corp. (a)                            3,025           38,962 
First Bancorp North Carolina                             1,099           22,398 
First Bancorp Puerto Rico                                8,202           77,919 
First Busey Corp., Class A                               2,527           55,367 
First Charter Corp.                                      3,423          103,272 
First Commonwealth Financial Corp.                       7,207           79,709 
First Community Bancorp                                  2,549          139,456 
First Community Bancshares, Inc.                           926           33,549 
First Financial Bancorp                                  3,061           39,120 
First Financial Bankshares, Inc.                         2,021           81,204 
First Financial Corp.                                    1,217           36,875 
First Financial Holdings, Inc.                           1,100           34,408 
First Indiana Corp.                                      1,182           37,020 
First Merchants Corp.                                    1,689           36,415 
First Midwest Bancorp, Inc.                              4,898          167,316 
First Niagara Financial Group, Inc.                     10,611          150,146 
First Place Financial Corp.                              1,617           28,621 
First Regional Bancorp (California) (a)                    756           18,545 
First South Bancorp, Inc. (North                                                
  Carolina)                                               769           20,117
First State Bancorp                                      1,885           37,021 
FirstFed Financial Corp. (a)                             1,421           70,411 
FirstMerit Corp.                                         7,927          156,638 
Flagstar Bancorp, Inc.                                   4,102           39,912 
Flushing Financial Corp.                                 1,947           32,710 
FNB Corp.                                                5,947           98,363 
Franklin Bank Corp. (a)                                  2,287           21,040 
Fremont General Corp.                                    6,248           24,367 
Frontier Financial Corp.                                 3,858           90,007 
Glacier Bancorp, Inc.                                    5,191          116,901 
Great Southern Bancorp, Inc.                               972           24,144 
Greater Bay Bancorp                                      5,035          138,966 
Greene County Bancshares, Inc.                           1,112           40,532 
Hancock Holding Co.                                      2,635          105,611 
Hanmi Financial Corp.                                    3,746           58,026 
Harleysville National Corp.                              2,671           42,442 
Heartland Financial USA, Inc.                            1,171           24,064 
Heritage Commerce Corp.                                  1,302           27,563 
Home Bancshares, Inc., Cornway, AR                       1,057           23,032 
Horizon Financial Corp.                                  1,147           23,261 
IBERIABANK Corp.                                         1,070           56,335 
Imperial Capital Bancorp, Inc.                             514           14,521 
Independent Bank Corp.                                                          
  (Massachusetts)                                       1,309           38,877

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
BANKS (CONTINUED)                                                               
--------------------------------------------------------------------------------
Independent Bank Corp. (Michigan)                        2,082   $       23,006 
Integra Bank Corp.                                       1,915           34,719 
International Bancshares Corp.                           5,047          109,520 
Investors Bancorp, Inc. (a)                              4,972           70,404 
Irwin Financial Corp.                                    1,735           19,120 
K-Fed Bancorp                                              452            5,953 
Kearny Financial Corp.                                   2,024           25,887 
KNBT Bancorp, Inc.                                       2,543           42,061 
Lakeland Bancorp, Inc.                                   1,765           23,969 
Lakeland Financial Corp.                                 1,119           25,860 
Macatawa Bank Corp.                                      1,411           19,091 
MainSource Financial Group, Inc.                         1,749           30,835 
MB Financial, Inc.                                       3,594          124,173 
Merrill Lynch & Co., Inc.                                2,250          160,394 
Midwest Banc Holdings, Inc.                              1,758           25,966 
Nara Bancorp, Inc.                                       1,968           30,740 
NASB Financial, Inc.                                       367           13,175 
National Penn Bancshares, Inc.                           4,833           79,064 
NBT Bancorp, Inc.                                        3,312           72,003 
NewAlliance Bancshares, Inc.                            11,177          164,078 
Northwest Bancorp, Inc.                                  1,690           48,097 
Old National Bancorp (Indiana)                           6,544          108,434 
Old Second Bancorp, Inc.                                 1,258           35,853 
Omega Financial Corp.                                    1,168           30,847 
Oriental Financial Group, Inc.                           1,947           22,391 
Oritani Financial Corp. (a)                              1,219           19,309 
Pacific Capital Bancorp                                  4,632          121,822 
Park National Corp.                                      1,192          103,942 
Partners Trust Financial Group, Inc.                     4,020           48,923 
Peoples Bancorp, Inc.                                      983           25,735 
PFF Bancorp, Inc.                                        2,214           33,963 
Pinnacle Financial Partners, Inc. (a)                    1,498           43,172 
Preferred Bank (California)                                850           33,439 
PrivateBancorp, Inc.                                     1,737           60,517 
Prosperity Bancshares, Inc.                              3,499          116,027 
Provident Bankshares Corp.                               3,176           99,504 
Provident Financial Services, Inc.                       6,497          106,356 
Provident New York Bancorp                               4,010           52,571 
Renasant Corp.                                           2,062           44,601 
Republic Bancorp, Inc., Class A                            874           13,844 
Rockville Financial, Inc.                                  811           11,565 
Roma Financial Corp.                                       941           16,091 
Royal Bancshares of Pennsylvania,                                               
  Class A                                                 446            9,776
S&T Bancorp, Inc.                                        2,443           78,396 
Sanders Morris Harris Group, Inc.                        1,569           15,925 
Sandy Spring Bancorp, Inc.                               1,446           43,554 
Santander BanCorp                                          406            5,213 
SCBF Financial Corp.                                       845           29,186 
Seacoast Banking Corp. of Florida                        1,342           25,095 
Security Bank Corp.                                      1,483           18,567 
Sierra Bancorp                                             699           20,033 
Signature Bank (a)                                       2,923          102,977 
Simmons First National Corp., Class A                    1,323           34,848 
South Financial Group, Inc. (The)                        7,305          166,116 
Southside Bancshares, Inc.                               1,024           22,615 
Southwest Bancorp, Inc.                                  1,312           24,692 
Sterling Bancorp (New York)                              1,742           24,388 
Sterling Bancshares, Inc.                                7,331           83,647 
Sterling Financial Corp. (Pennsylvania)                  2,486           42,635 
Sterling Financial Corp. (Washington)                    5,050          135,895 
Suffolk Bancorp                                            955           30,617 
Sun Bancorp, Inc. (New Jersey) (a)                       1,346           23,555 
Superior Bancorp (a)                                     3,205           28,300 
Susquehanna Bancshares, Inc.                             5,137          103,254 

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)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
BANKS (CONTINUED)                                                               
--------------------------------------------------------------------------------
SVB Financial Group (a)                                  3,377   $      159,935 
SY Bancorp, Inc.                                         1,140           30,826 
Taylor Capital Group, Inc.                                 563           15,725 
Texas Capital Bancshares, Inc. (a)                       2,160           46,958 
TierOne Corp.                                            1,665           44,073 
Tompkins Trustco, Inc.                                     615           24,415 
TriCo Bancshares                                         1,279           28,483 
TrustCo Bank Corp. (New York)                            7,315           79,953 
Trustmark Corp.                                          4,821          135,181 
UCBH Holdings, Inc.                                      9,842          172,038 
UMB Financial Corp.                                      3,050          130,723 
Umpqua Holdings Corp.                                    6,034          120,740 
Union Bankshares Corp.                                   1,227           27,865 
United Bankshares, Inc.                                  3,732          113,602 
United Community Banks, Inc.                             4,047           99,232 
United Community Financial Corp.                         2,516           18,166 
United Security Bancshares (California)                    754           14,175 
Univest Corp. of Pennsylvania                            1,196           28,369 
USB Holding Co., Inc.                                    1,093           25,390 
ViewPoint Financial Group                                1,096           20,254 
Virginia Commerce Bancorp (a)                            1,590           22,801 
W Holding Co., Inc.                                     10,292           23,054 
Washington Trust Bancorp, Inc.                           1,067           28,777 
Wauwatosa Holdings, Inc. (a)                               969           15,746 
WesBanco, Inc.                                           1,927           48,136 
West Coast Bancorp                                       1,511           42,928 
Westamerica Bancorp                                      2,960          147,438 
Western Alliance Bancorp (a)                             1,528           36,015 
Westfield Financial, Inc.                                  953            9,254 
Wilshire Bancorp, Inc.                                   1,625           17,826 
Wintrust Financial Corp.                                 2,378          101,517 
WSFS Financial Corp.                                       612           38,189 
Yardville National Bancorp                                 904           30,402 
                                                                 ---------------
                                                                    10,505,855
BEVERAGES - 0.2%                                                                
--------------------------------------------------------------------------------
Boston Beer Co., Inc., Class A (a)                         871           42,383 
Coca-Cola Bottling Co. Consolidated                        548           33,044 
Farmer Brothers Co.                                        620           15,426 
Green Mountain Coffee Roasters,                                                 
  Inc. (a)                                              1,587           52,672
Jones Soda Co. (a)                                       2,347           28,305 
National Beverage Corp.                                    928            7,869 
Peet's Coffee & Tea, Inc. (a)                            1,282           35,781 
                                                                 ---------------
                                                                       215,480
BIOTECHNOLOGY - 2.4%                                                            
--------------------------------------------------------------------------------
Acorda Therapeutics, Inc. (a)                            2,426           44,517 
Affymax, Inc. (a)                                          426           11,528 
Affymetrix, Inc. (a)                                     6,759          171,476 
Alexion Pharmaceuticals, Inc. (a)                        3,587          233,693 
American Oriental Bioengineering,                                               
  Inc. (a)                                              5,206           58,047
AMG Pharmaceuticals, Inc. (a)                            1,630           93,236 
Applera Corp. - Celera Genomics                                                 
  Group (a)                                             7,768          109,218
Arena Pharmaceuticals, Inc. (a)                          5,936           64,999 
Ariad Pharmaceuticals, Inc. (a)                          6,050           28,012 
ArQule, Inc. (a)                                         3,791           27,030 
Bio-Rad Laboratories, Inc., Class A (a)                  1,840          166,520 
BioMimetic Therapeutics, Inc. (a)                          988           13,180 
Cambrex Corp.                                            2,643           28,782 
CryoLife, Inc. (a)                                       2,074           19,599 
Cytokinetics, Inc. (a)                                   3,111           15,928 
Encysive Pharmaceuticals, Inc. (a)                       5,794            8,749 
Enzo Biochem, Inc. (a)                                   2,862           32,484 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
BIOTECHNOLOGY (CONTINUED)                                                       
--------------------------------------------------------------------------------
Enzon Pharmaceuticals, Inc. (a)                          4,060   $       35,769 
Exelixis, Inc. (a)                                       9,536          100,986 
Genomic Health, Inc. (a)                                 1,259           24,160 
GenVec, Inc. (a)                                         6,109           14,356 
GTx, Inc. (a)                                            1,553           25,283 
Halozyme Therapeutics, Inc. (a)                          5,938           51,601 
Human Genome Sciences, Inc. (a)                         13,228          136,116 
Illumina, Inc. (a)                                       5,281          273,978 
Immunomedics, Inc. (a)                                   5,354           12,261 
Incyte Corp. (a)                                         7,906           56,528 
Integra LifeSciences Holdings Corp. (a)                  1,773           86,132 
InterMune, Inc. (a)                                      2,913           55,726 
Keryx Biopharmaceuticals, Inc. (a)                       4,213           41,877 
Kosan Biosciences, Inc. (a)                              3,921           19,644 
Lifecell Corp. (a)                                       3,339          125,446 
Martek Biosciences Corp. (a)                             3,177           92,228 
Maxygen, Inc. (a)                                        2,249           15,316 
Medivation, Inc. (a)                                     1,967           39,438 
Molecular Insight Pharmaceuticals,                                              
  Inc. (a)                                                501            3,402
Momenta Pharmaceuticals, Inc. (a)                        2,320           26,425 
Myriad Genetics, Inc. (a)                                4,241          221,168 
Nektar Therapeutics (a)                                  9,032           79,753 
Northstar Neuroscience, Inc. (a)                         1,801           20,099 
Novacea, Inc. (a)                                          643            5,150 
Omrix Biopharmaceuticals, Inc. (a)                       1,263           44,597 
Orexigen Therapeutics, Inc. (a)                            672            8,877 
PRA International (a)                                    1,955           57,477 
Protalix BioTherapeutics Inc. (a)                          191            6,601 
QIAGEN N.V. (a)                                          1,038           20,148 
Regeneration Technologies, Inc. (a)                      2,746           29,437 
Regeneron Pharmaceuticals, Inc. (a)                      6,270          111,606 
Savient Pharmaceuticals, Inc. (a)                        5,171           75,238 
Seattle Genetics, Inc. (WA) (a)                          4,749           53,379 
SuperGen, Inc. (a)                                       4,588           19,912 
Telik, Inc. (a)                                          4,848           14,108 
Tercica, Inc. (a)                                        3,039           18,842 
XOMA, Ltd. (a)                                          12,145           41,414 
                                                                 ---------------
                                                                     3,191,476
BUILDING MATERIALS - 0.9%                                                       
--------------------------------------------------------------------------------
Aaon, Inc.                                               1,302           25,688 
Apogee Enterprises, Inc.                                 2,804           72,736 
Builders FirstSource, Inc. (a)                           1,423           15,340 
Ceradyne, Inc. (a)                                       2,679          202,908 
Drew Industries, Inc. (a)                                1,767           71,882 
Genlyte Group, Inc. (The) (a)                            2,802          180,057 
Goodman Global, Inc. (a)                                 3,664           87,496 
Interline Brands, Inc. (a)                               2,563           58,923 
LSI Industries, Inc.                                     1,692           34,720 
NCI Building Systems, Inc. (a)                           1,986           85,815 
PGT, Inc. (a)                                              946            7,502 
Simpson Manufacturing Co., Inc.                          3,634          115,743 
Texas Industries, Inc.                                   2,690          211,165 
Trex Co., Inc. (a)                                       1,101           12,243 
Universal Forest Products, Inc.                          1,539           46,016 
US Concrete, Inc. (a)                                    3,099           20,422 
                                                                 ---------------
                                                                     1,248,656
CHEMICALS - 2.4%                                                                
--------------------------------------------------------------------------------
American Vanguard Corp.                                  1,642           32,052 
Arch Chemicals, Inc.                                     2,394          112,231 
Balchem Corp.                                            1,615           32,962 
CF Industries Holdings, Inc.                             5,393          409,383 
Ferro Corp.                                              4,275           85,414 
Georgia Gulf Corp.                                       3,172           44,091 

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)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
CHEMICALS (CONTINUED)                                                           
--------------------------------------------------------------------------------
H.B. Fuller Co.                                          5,976   $      177,368 
Hercules, Inc.                                          11,486          241,436 
Innophos Holdings, Inc.                                  1,916           29,200 
Innospec, Inc.                                           2,214           50,435 
Kronos Worldwide, Inc.                                     221            4,172 
Landec Corp. (a)                                         2,003           30,966 
Metabolix, Inc. (a)                                      1,331           32,290 
Minerals Technologies, Inc.                              1,880          125,960 
Myers Industries, Inc.                                   2,605           51,631 
Newmarket Corp.                                          1,489           73,527 
NL Industries, Inc.                                        632            7,160 
Olin Corp.                                               7,264          162,568 
OM Group, Inc. (a)                                       2,936          155,050 
PolyOne Corp. (a)                                        9,056           67,648 
Raven Industries, Inc.                                   1,475           59,074 
Rockwood Holdings, Inc. (a)                              3,453          123,721 
Schulman (A.), Inc.                                      2,486           49,049 
Sensient Technologies Corp.                              4,631          133,697 
ShengdaTech, Inc. (a)                                    2,787           16,806 
Spartech Corp.                                           3,149           53,722 
Stepan Co.                                                 582           17,990 
Symyx Technologies, Inc. (a)                             3,188           27,704 
Terra Industries, Inc. (a)                               9,147          285,935 
Tronox, Inc., Class B                                    3,905           35,262 
UAP Holding Corp.                                        5,071          159,026 
Valhi, Inc.                                                621           14,749 
W.R. Grace & Co. (a)                                     6,904          185,441 
Zoltek Cos., Inc. (a)                                    2,430          106,021 
                                                                 ---------------
                                                                     3,193,741
COAL - 0.1%                                                                     
--------------------------------------------------------------------------------
Alpha Natural Resources, Inc. (a)                        6,457          149,996 
International Coal Group, Inc. (a)                      11,717           52,024 
                                                                 ---------------
                                                                       202,020
COMMERCIAL SERVICES - 6.6%                                                      
--------------------------------------------------------------------------------
Aaron Rents, Inc.                                        4,553          101,532 
ABM Industries, Inc.                                     4,268           85,275 
ACCO Brands Corp. (a)                                    5,316          119,291 
Actuant Corp., Class A                                   2,700          175,419 
Administaff, Inc.                                        2,277           82,655 
Advance America Cash Advance                                                    
  Centers, Inc.                                         6,575           70,155
Advisory Board (The) Co. (a)                             1,779          104,018 
Albany Molecular Research, Inc. (a)                      2,359           35,621 
Arbitron, Inc.                                           2,948          133,662 
Arrowhead Research Corp. (a)                             3,122           15,766 
Bankrate, Inc. (a)                                       1,108           51,101 
Barrett Business Services                                  617           14,703 
BearingPoint, Inc. (a)                                  19,861           80,437 
Bowne & Co., Inc.                                        2,544           42,383 
Bright Horizons Family Solutions, Inc. (a)               2,577          110,399 
Capella Education Co. (a)                                  990           55,351 
CBIZ, Inc. (a)                                           4,376           34,789 
CDI Corp.                                                1,187           33,094 
Cenveo, Inc. (a)                                         5,289          114,401 
Chemed Corp.                                             2,329          144,771 
Coinmach Service Corp., Class A                          2,684           32,181 
Coinstar, Inc. (a)                                       2,739           88,114 
Consolidated Graphics, Inc. (a)                            971           60,969 
Corinthian Colleges, Inc. (a)                            8,536          135,808 
Cornell Cos., Inc. (a)                                     980           23,079 
CorVel Corp. (a)                                           730           16,878 
CoStar Group, Inc. (a)                                   1,891          101,074 
CPI Corp.                                                  480           18,490 
CRA International, Inc. (a)                              1,069           51,515 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
COMMERCIAL SERVICES (CONTINUED)                                                 
--------------------------------------------------------------------------------
Cross Country Healthcare, Inc. (a)                       3,034   $       53,004 
Deluxe Corp.                                             5,113          188,363 
DeVry, Inc.                                              5,906          218,581 
Diamond Management & Technology                                                 
  Consultants, Inc.                                     2,604           23,957
Dice Holdings Inc. (a)                                   1,655           17,013 
Dollar Financial Corp. (a)                               1,480           42,224 
Dollar Thrifty Automotive Group (a)                      2,335           81,001 
DynCorp International, Inc., Class A (a)                 2,302           53,199 
Electro Rent Corp.                                       1,597           22,374 
Emergency Medical Services Corp., Class A (a)              856           25,894 
Euronet Worldwide, Inc. (a)                              4,516          134,441 
Exlservice Holdings, Inc. (a)                            2,084           44,306 
Exponent, Inc. (a)                                       1,376           34,524 
First Advantage Corp., Class A (a)                         610           10,779 
Forrester Research, Inc. (a)                             1,357           31,984 
FTI Consulting, Inc. (a)                                 4,209          211,755 
Gartner, Inc., Class A (a)                               6,795          166,206 
Geo Group, Inc. (The) (a)                                4,967          147,073 
Gevity HR, Inc.                                          2,254           23,104 
Global Cash Access Holdings, Inc. (a)                    4,073           43,133 
Great Lakes Dredge & Dock Co. (a)                        1,144           10,021 
GSI Commerce, Inc. (a)                                   1,842           48,997 
H&E Equipment Services, Inc. (a)                         1,640           29,487 
Harris Interactive, Inc. (a)                             5,024           21,653 
Healthcare Services Group, Inc.                          4,096           83,036 
Healthspring, Inc. (a)                                   4,711           91,865 
Heartland Payment Systems, Inc.                          1,505           38,679 
Heidrick & Struggles International, Inc.                 1,772           64,589 
HMS Holdings Corp. (a)                                   1,936           47,645 
Home Solutions of America, Inc. (a)                      3,635           12,323 
Hudson Highland Group, Inc. (a)                          2,399           30,539 
Huron Consulting Group, Inc. (a)                         1,837          133,403 
ICT Group, Inc. (a)                                        747           10,017 
Interactive Data Corp.                                   3,555          100,251 
j2 Global Communications, Inc. (a)                       4,863          159,166 
Jackson Hewitt Tax Service, Inc.                         2,927           81,839 
Kelly Services, Inc., Class A                            2,148           42,552 
Kendle International, Inc. (a)                           1,199           49,794 
Kenexa Corp. (a)                                         2,489           76,611 
Kforce, Inc. (a)                                         2,987           38,413 
Korn/Ferry International (a)                             4,640           76,606 
Labor Ready, Inc. (a)                                    4,573           84,646 
Landauer, Inc.                                             887           45,202 
LECG Corp. (a)                                           2,261           33,689 
Lincoln Educational Services Corp. (a)                     379            4,942 
Live Nation, Inc. (a)                                    6,455          137,169 
MAXIMUS, Inc.                                            2,155           93,915 
Mcgrath Rentcorp                                         2,481           82,468 
Midas, Inc. (a)                                          1,440           27,173 
Mobile Mini, Inc. (a)                                    3,537           85,454 
Monro Muffler, Inc.                                      1,156           39,061 
Morningstar, Inc. (a)                                    1,197           73,496 
MPS Group, Inc. (a)                                     10,101          112,626 
Multi-Color Corp.                                          750           17,115 
Navigant Consulting, Co. (a)                             4,623           58,527 
Net 1 UEPS Technologies, Inc. (a)                        4,120          111,940 
Odyssey Marine Exploration, Inc. (a)                     3,790           23,460 
On Assignment, Inc. (a)                                  3,319           30,999 
Parexel International Corp. (a)                          2,741          113,121 
PeopleSupport, Inc. (a)                                  2,289           27,376 
Perficient, Inc. (a)                                     2,701           59,071 
PharmaNet Development Group, Inc. (a)                    1,817           52,748 
PHH Corp. (a)                                            5,271          138,522 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                       10        E*TRADE Russell 2000 Index Fund

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E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
COMMERCIAL SERVICES (CONTINUED)                                                 
--------------------------------------------------------------------------------
Pre-Paid Legal Services, Inc. (a)                          830   $       46,032 
Premier Exhibitions, Inc. (a)                            2,696           40,656 
Protection One, Inc. (a)                                   602            8,079 
Providence Service Corp. (The) (a)                       1,113           32,678 
QC Holdings, Inc.                                          730           10,549 
Rent-A-Center, Inc. (a)                                  6,931          125,659 
Resources Connection, Inc.                               4,829          111,791 
Rollins, Inc.                                            2,758           73,611 
RSC Holdings, Inc. (a)                                   1,921           31,504 
SAIC, Inc. (a)                                          11,043          211,915 
Senomyx, Inc. (a)                                        2,766           33,884 
Sotheby's Holdings, Inc., Class A                        6,436          307,576 
Source Interlink Cos., Inc. (a)                          3,216           11,320 
Spherion Corp. (a)                                       5,200           42,952 
Stamps.com, Inc. (a)                                     1,731           20,720 
Standard Parking Corp. (a)                                 482           19,179 
Starent Networks Corp. (a)                               1,188           25,079 
Steiner Leisure, Ltd. (a)                                1,682           72,999 
Stewart Enterprises, Inc., Class A                       9,251           70,493 
Strayer Education, Inc.                                  1,431          241,310 
Team, Inc. (a)                                           1,460           39,975 
TeleTech Holdings, Inc. (a)                              4,117           98,437 
TNS, Inc.                                                2,354           37,805 
Universal Technical Institute, Inc. (a)                  2,242           40,356 
Valassis Communications, Inc. (a)                        4,717           42,076 
Viad Corp.                                               2,076           74,736 
VistaPrint, Ltd. (a)                                     4,250          158,822 
Volt Information Sciences, Inc. (a)                      1,216           21,450 
Watson Wyatt & Co. Holdings                              4,213          189,332 
World Fuel Services Corp.                                2,811          114,717 
Wright Express Corp. (a)                                 3,934          143,552 
                                                                 ---------------
                                                                     8,905,296
COMPUTERS - 2.7%                                                                
--------------------------------------------------------------------------------
3D Systems Corp. (a)                                     1,714           40,485 
Ansoft Corp. (a)                                         1,604           52,900 
Black Box Corp.                                          1,690           72,264 
CACI International, Inc., Class A (a)                    3,044          155,518 
CIBER, Inc. (a)                                          5,062           39,534 
COMSYS IT Partners, Inc. (a)                             1,616           27,165 
Comtech Group, Inc. (a)                                  1,812           32,997 
Cray, Inc. (a)                                           2,993           21,550 
Echelon Corp. (a)                                        2,859           71,504 
Electronics For Imaging, Inc. (a)                        5,598          150,362 
Extreme Networks, Inc. (a)                              10,923           41,944 
Gateway, Inc. (a)                                       28,262           53,133 
Hutchinson Technology, Inc. (a)                          2,424           59,630 
Hypercom Corp. (a)                                       4,977           22,496 
iGATE Corp. (a)                                          2,043           17,509 
IHS, Inc., Class A (a)                                   3,099          175,062 
Imation Corp.                                            3,466           85,021 
Immersion Corp. (a)                                      2,727           44,668 
infoUSA, Inc.                                            3,116           28,948 
Integral Systems, Inc.                                   1,020           21,920 
InterVoice, Inc. (a)                                     3,572           33,541 
Isilon Systems, Inc. (a)                                   836            6,437 
Jack Henry & Associates, Inc.                            7,756          200,570 
Limelight Networks Inc. (a)                              1,797           15,778 
LivePerson, Inc. (a)                                     3,384           20,845 
Magma Design Automation, Inc. (a)                        3,958           55,689 
Manhattan Associates, Inc. (a)                           2,626           71,979 
Mentor Graphics Corp. (a)                                8,723          131,717 
Mercury Computer Systems, Inc. (a)                       2,172           22,328 
MICROS Systems, Inc. (a)                                 3,992          259,759 
MTS Systems Corp.                                        1,727           71,843 
Palm, Inc. (a)                                          10,191          165,808 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
COMPUTERS (CONTINUED)                                                           
--------------------------------------------------------------------------------
Perot Systems Corp., Class A (a)                         8,601   $      145,443 
QAD, Inc.                                                1,415           12,254 
Quantum Corp. (a)                                       19,089           64,903 
Quest Software, Inc. (a)                                 6,722          115,350 
Rackable Systems, Inc. (a)                               2,705           35,084 
Radiant Systems, Inc. (a)                                2,422           38,340 
RadiSys Corp. (a)                                        1,957           24,365 
Rimage Corp. (a)                                           931           20,892 
ScanSource, Inc. (a)                                     2,536           71,287 
Secure Computing Corp. (a)                               4,296           41,800 
SI International, Inc. (a)                               1,190           33,998 
Sigma Designs, Inc. (a)                                  2,376          114,618 
Silicon Graphics Inc. (a)                                  601           11,870 
Silicon Storage Technology, Inc. (a)                     8,841           28,468 
Smart Modular Technologies WWH ,                                                
 Inc. (a)                                               4,623           33,054
Sonic Solutions, Inc. (a)                                2,060           21,568 
SonicWALL, Inc. (a)                                      5,967           52,092 
SRA International, Inc., Class A (a)                     4,068          114,229 
STEC Inc. (a)                                            2,984           22,768 
Stratasys, Inc. (a)                                      2,008           55,340 
Super Micro Computer, Inc. (a)                             851            8,306 
SYKES Enterprises, Inc. (a)                              3,033           50,378 
Synaptics, Inc. (a)                                      2,527          120,690 
Syntel, Inc.                                             1,161           48,274 
Tyler Technologies, Inc. (a)                             3,591           47,940 
Virtusa Corp.  (a)                                         429            6,435 
                                                                 ---------------
                                                                     3,610,650
COMPUTERS, PERIPHERAL & SOFTWARE - 0.6%                                         
--------------------------------------------------------------------------------
Actuate Corp. (a)                                        5,584           36,017 
Art Technology Group, Inc. (a)                          12,433           37,548 
Bottomline Technologies, Inc. (a)                        1,903           23,845 
Data Domain, Inc. (a)                                      837           25,905 
Digi International, Inc. (a)                             2,304           32,809 
DivX, Inc. (a)                                           2,141           31,837 
ENGlobal Corp. (a)                                       1,494           17,046 
i2 Technologies, Inc. (a)                                1,427           21,762 
Knot, Inc. (The) (a)                                     2,547           54,149 
Monotype Imaging Holdings Inc. (a)                       1,071           13,473 
Move, Inc. (a)                                           9,471           26,140 
Ness Technologies, Inc. (a)                              3,015           32,924 
Netezza Corp. (a)                                          986           12,335 
Netgear, Inc. (a)                                        3,410          103,732 
Phase Forward, Inc. (a)                                  4,005           80,140 
Raser Technologies, Inc. (a)                             2,866           36,943 
Rightnow Technologies, Inc. (a)                          1,665           26,790 
Smith Micro Software, Inc. (a)                           2,732           43,876 
Ultimate Software Group, Inc. (a)                        2,335           81,491 
Vignette Corp. (a)                                       2,634           52,864 
                                                                 ---------------
                                                                       791,626
COSMETICS / PERSONAL CARE - 0.2%                                                
--------------------------------------------------------------------------------
Chattem, Inc. (a)                                        1,671          117,839 
Elizabeth Arden, Inc. (a)                                2,248           60,606 
Inter Parfums, Inc.                                        793           18,770 
Revlon, Inc., Class A  (a)                              17,894           20,578 
                                                                 ---------------
                                                                       217,793
DISTRIBUTION / WHOLESALE - 0.8%                                                 
--------------------------------------------------------------------------------
Beacon Roofing Supply, Inc. (a)                          4,082           41,718 
Bluelinx Holdings, Inc.                                  1,110            7,814 
Brightpoint, Inc. (a)                                    4,953           74,345 
Building Materials Holding Corp.                         2,736           28,947 
Central European Distribution Corp. (a)                  3,481          166,775 
Columbus McKinnon Corp. (NY) (a)                         1,788           44,503 
Comfort Systems USA, Inc.                                3,776           53,619 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                       11        E*TRADE Russell 2000 Index Fund

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E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
DISTRIBUTION / WHOLESALE (CONTINUED)                                            
--------------------------------------------------------------------------------
Core-Mark Holding Co., Inc. (a)                            845   $       29,769 
Houston Wire & Cable Co.                                 1,551           28,089 
LKQ Corp. (a)                                            4,473          155,705 
MWI Veterinary Supply, Inc. (a)                            785           29,634 
Nuco2, Inc. (a)                                          1,439           37,040 
Owens & Minor, Inc.                                      3,990          151,979 
United Stationers, Inc. (a)                              2,743          152,291 
Watsco, Inc.                                             2,255          104,700 
                                                                 ---------------
                                                                     1,106,928
DIVERSIFED FINANCIAL SERVICES - 2.4%                                            
--------------------------------------------------------------------------------
Accredited Home Lenders Holding                                                 
  Co. (a)                                               2,084           24,320
Advanta Corp., Class B                                   3,652          100,138 
Asset Acceptance Capital Corp.                           1,472           17,075 
Asta Funding, Inc.                                       1,037           39,738 
Calamos Asset Management, Inc.                           2,189           61,796 
Centerline Holding Co.                                   5,017           77,011 
Clayton Holdings, Inc. (a)                               1,105            8,851 
Cohen & Steers, Inc.                                     1,612           59,692 
CompuCredit Corp. (a)                                    1,876           40,728 
Cowen Group, Inc. (a)                                    1,457           20,136 
Credit Acceptance Corp. (a)                                472           10,903 
Delta Financial Corp.                                    1,524            7,483 
Encore Capital Group, Inc. (a)                           1,482           17,488 
Epoch Holding Corp.                                        801           11,278 
eSpeed, Inc. (a)                                         1,902           16,224 
Evercore Partners, Inc., Class A                           808           21,242 
FCStone Group, Inc. (a)                                    812           26,187 
Federal Agricultural Mortgage Corp.,                                            
  Class C                                                 951           27,921
Financial Federal Corp.                                  2,650           74,227 
Friedman Billings Ramsey Group, Inc.                    15,878           73,198 
GAMCO Investors, Inc., Class A                             533           29,208 
GFI Group, Inc. (a)                                      1,578          135,897 
Gladstone Capital Corp.                                  1,381           26,957 
Greenhill & Co., Inc.                                    1,876          114,530 
Interactive Brokers Group, Inc. (a)                      3,940          103,464 
International Securities Exchange                                               
  Holdings, Inc.                                        3,830          254,580
KBW Inc. (a)                                             2,883           82,973 
Knight Capital Group, Inc. (a)                          10,232          122,375 
LaBranche & Co, Inc. (a)                                 4,903           22,946 
Ladenburg Thalmann Financial                                                    
  Services, Inc. (a)                                    9,032           17,703
MarketAxess Holdings, Inc. (a)                           2,862           42,930 
MCG Capital Corp.                                        6,156           88,585 
MVC Capital, Inc.                                        2,363           43,786 
National Financial Partners Corp.                        3,710          196,556 
Nelnet, Inc., Class A                                    1,614           29,439 
NewStar Financial, Inc. (a)                              1,385           15,567 
NGP Capital Resources Co.                                1,614           26,195 
Ocwen Financial Corp. (a)                                3,345           31,543 
OptionsXpress Holdings, Inc.                             4,303          112,481 
Penson Worldwide, Inc. (a)                               1,340           24,763 
Phoenix Cos., Inc. (The)                                11,241          158,611 
Piper Jaffray Cos. (a)                                   1,860           99,696 
Portfolio Recovery Associates, Inc.                      1,575           83,585 
Resource America, Inc., Class A                          1,217           19,217 
S1 Corp. (a)                                             5,059           45,784 
Stifel Financial Corp. (a)                               1,473           85,198 
SWS Group, Inc.                                          2,058           36,406 
Technology Investment Capital Corp.                      1,885           25,203 
Thomas Weisel Partners Group, Inc. (a)                   1,988           28,846 
TradeStation Group, Inc. (a)                             2,672           31,182 
US Global Investors, Inc.                                1,089           20,713 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
DIVERSIFED FINANCIAL SERVICES (CONTINUED)                                       
--------------------------------------------------------------------------------
Waddell & Reed Financial, Inc.                           8,267   $      223,457 
World Acceptance Corp. (a)                               1,615           53,424 
WP Stewart & Co., Ltd.                                   2,022           20,058 
                                                                 ---------------
                                                                     3,189,494
ELECTRIC - 1.6%                                                                 
--------------------------------------------------------------------------------
Allete, Inc.                                             2,526          113,064 
Avista Corp.                                             5,197          105,759 
Black Hills Corp.                                        3,711          152,225 
Central Vermont Public Service Corp.                       939           34,311 
CH Energy Group, Inc.                                    1,535           73,373 
Cleco Corp.                                              5,880          148,588 
El Paso Electric Co. (a)                                 4,510          104,316 
Empire District Electric Co. (The)                       2,957           66,799 
EnerNOC, Inc. (a)                                          345           13,172 
IDACORP, Inc.                                            4,333          141,862 
Integrated Electrical Services, Inc. (a)                 1,233           31,577 
ITC Holdings Corp.                                       4,187          207,466 
MGE Energy, Inc.                                         1,999           66,847 
NorthWestern Corp.                                       3,537           96,100 
Ormat Technologies, Inc.                                 1,265           58,620 
Otter Tail Corp.                                         2,928          104,383 
Pike Electric Corp. (a)                                  1,638           30,729 
PNM Resources, Inc.                                      7,555          175,880 
Portland General Electric Co.                            3,005           83,539 
UIL Holdings Corp.                                       2,478           78,057 
UniSource Energy Corp.                                   3,475          103,868 
Westar Energy, Inc.                                      8,754          214,998 
                                                                 ---------------
                                                                     2,205,533
ELECTRICAL COMPONENTS & EQUIPMENT - 0.8%                                        
--------------------------------------------------------------------------------
Advanced Energy Industries, Inc. (a)                     3,303           49,875 
American Superconductor Corp. (a)                        3,954           80,978 
Belden CDT, Inc.                                         4,438          208,186 
Coleman Cable, Inc. (a)                                    774           10,712 
Eagle Test Systems, Inc. (a)                             1,130           14,487 
Encore Wire Corp.                                        2,153           54,105 
Energy Conversion Devices, Inc. (a)                      3,901           88,631 
EnerSys (a)                                              1,973           35,060 
GrafTech International Ltd. (a)                         10,155          181,165 
Greatbatch, Inc. (a)                                     2,061           54,802 
Insteel Industries, Inc.                                 1,685           25,865 
Littelfuse, Inc. (a)                                     2,165           77,269 
Medis Technologies Ltd. (a)                              2,022           26,286 
Microtune, Inc. (a)                                      4,908           29,546 
Powell Industries, Inc. (a)                                727           27,546 
Power-One, Inc. (a)                                      6,838           34,874 
Superior Essex, Inc. (a)                                 1,988           74,113 
Universal Display Corp. (a)                              2,631           46,621 
Vicor Corp.                                              1,873           22,701 
                                                                 ---------------
                                                                     1,142,822
ELECTRONICS - 3.2%                                                              
--------------------------------------------------------------------------------
Actel Corp. (a)                                          2,526           27,104 
Agilysys, Inc.                                           2,844           48,064 
American Science & Engineering, Inc.                       846           53,010 
Analogig Corp.                                           1,375           87,670 
ATMI, Inc. (a)                                           3,400          101,150 
Badger Meter, Inc.                                       1,357           43,492 
Barnes Group, Inc.                                       4,539          144,885 
Bel Fuse, Inc., Class B                                  1,096           37,987 
Benchmark Electronics, Inc. (a)                          7,155          170,790 
Brady Corp.                                              4,965          178,144 
Checkpoint Systems, Inc. (a)                             3,885          102,525 
Cogent, Inc. (a)                                         4,240           66,483 
Coherent, Inc. (a)                                       3,094           99,256 
CTS Corp.                                                3,309           42,686 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                       12        E*TRADE Russell 2000 Index Fund

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E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
ELECTRONICS (CONTINUED)                                                         
--------------------------------------------------------------------------------
Cubic Corp.                                              1,442   $       60,809 
Cymer, Inc. (a)                                          3,112          119,470 
Daktronics, Inc.                                         3,095           84,246 
Diodes, Inc. (a)                                         2,900           93,090 
Dionex Corp. (a)                                         1,874          148,908 
EDO Corp.                                                1,717           96,169 
Electro Scientific Industries, Inc. (a)                  2,845           68,166 
Excel Technology, Inc. (a)                               1,119           27,919 
FARO Technologies, Inc. (a)                              1,615           71,302 
FEI Co. (a)                                              3,814          119,874 
FLIR Systems, Inc. (a)                                   6,456          357,598 
II-VI, Inc. (a)                                          2,307           79,661 
Ionatron, Inc. (a)                                       3,022           10,365 
Itron, Inc. (a)                                          2,956          275,115 
KEMET Corp. (a)                                          7,743           56,911 
L-1 Identity Solutions, Inc. (a)                         5,834          109,971 
LoJack Corp. (a)                                         1,745           33,085 
Measurement Specialties, Inc. (a)                        1,281           35,740 
Methode Electronics, Inc., Class A                       3,371           50,734 
Multi-Fineline Electronix, Inc. (a)                        772           11,449 
Newport Corp. (a)                                        3,223           49,086 
OSI Systems, Inc. (a)                                    1,368           30,794 
OYO Geospace Corp. (a)                                     372           34,488 
Park Electrochemical Corp.                               1,967           66,052 
Plexus Corp. (a)                                         4,564          125,054 
Rofin-Sinar Technologies, Inc. (a)                       1,531          107,492 
Rogers Corp. (a)                                         1,721           70,888 
Stoneridge, Inc. (a)                                     1,309           13,352 
Taser International, Inc. (a)                            6,115           95,944 
Technitrol, Inc.                                         4,018          108,285 
TTM Technologies, Inc. (a)                               3,890           45,007 
Varian, Inc. (a)                                         3,020          192,102 
Watts Water Technologies, Inc.                           3,095           95,017 
Woodward Governor Co.                                    2,953          184,267 
X-Rite, Inc.                                             2,651           38,280 
Zygo Corp. (a)                                           1,507           19,636 
                                                                 ---------------
                                                                     4,389,572
ENERGY - ALTERNATE SOURCES - 0.3%                                               
--------------------------------------------------------------------------------
Aventine Renewable Energy Holdings,                                             
  Inc. (a)                                              2,775           29,332
Clean Energy Fuels Corp. (a)                               921           13,944 
Comverge Inc. (a)                                          504           16,561 
Evergreen Energy, Inc. (a)                               7,715           39,347 
Evergreen Solar, Inc. (a)                                8,327           74,360 
FuelCell Energy, Inc. (a)                                6,109           54,614 
Headwaters, Inc. (a)                                     3,634           54,074 
MGP Ingredients, Inc.                                      902            9,264 
Nova Biosource Fuels, Inc. (a)                           2,891            8,124 
Pacific Ethanol, Inc. (a)                                3,280           31,554 
US BioEnergy Corp. (a)                                   1,154            8,897 
VeraSun Energy Corp. (a)                                 3,042           33,462 
Verenium Corp.  (a)                                      3,962           20,919 
                                                                 ---------------
                                                                       394,452
ENGINEERING & CONTRUCTION - 0.9%                                                
--------------------------------------------------------------------------------
Aecom Technology Corp. (a)                               4,175          145,833 
Dycom Industries, Inc. (a)                               4,022          123,194 
EMCOR Group, Inc. (a)                                    6,282          197,004 
Granite Construction, Inc.                               3,549          188,168 
Insituform Technologies, Inc.,                                                  
  Class A (a)                                           2,515           38,303
Layne Christensen Co. (a)                                1,351           74,953 
Michael Baker Corp. (a)                                    665           32,592 
Perini Corp. (a)                                         2,629          147,040 
Stanley Inc. (a)                                           737           20,304 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
ENGINEERING & CONTRUCTION (CONTINUED)                                           
--------------------------------------------------------------------------------
Washington Group International, Inc. (a)                 2,875   $      252,454 
                                                                 ---------------
                                                                     1,219,845
ENTERTAINMENT - 1.1%                                                            
--------------------------------------------------------------------------------
Bally Technologies, Inc. (a)                             5,247          185,901 
Bluegreen Corp. (a)                                      1,939           15,027 
Carmike Cinemas, Inc.                                    1,142           20,979 
Churchill Downs, Inc.                                      871           43,515 
Cinemark Holdings, Inc.                                  2,582           47,922 
Dover Downs Gaming & Entertainment, Inc.                 1,349           14,016 
Equinix, Inc. (a)                                        3,110          275,826 
Great Wolf Resorts, Inc. (a)                             2,829           34,966 
Isle of Capri Casinos, Inc. (a)                          1,530           29,759 
Lakes Entertainment, Inc. (a)                            1,642           15,648 
Macrovision Corp. (a)                                    5,224          128,667 
Magna Entertainment Corp., Class A (a)                   3,708            8,417 
National CineMedia, Inc.                                 4,137           92,669 
Pinnacle Entertainment, Inc. (a)                         5,880          160,112 
RealNetworks, Inc. (a)                                  10,065           68,241 
Shuffle Master, Inc. (a)                                 3,248           48,558 
Six Flags, Inc. (a)                                      6,505           22,507 
Speedway Motorsports, Inc.                               1,284           47,508 
Steinway Musical Instruments                               740           21,919 
Vail Resorts, Inc. (a)                                   3,095          192,788 
                                                                 ---------------
                                                                     1,474,945
ENVIRONMENTAL CONTROL - 0.7%                                                    
--------------------------------------------------------------------------------
American Ecology Corp.                                   1,445           30,619 
Calgon Carbon Corp. (a)                                  3,684           51,429 
Casella Waste Systems, Inc.,                                                    
  Class A (a)                                           2,037           25,544
Clean Harbors, Inc. (a)                                  1,614           71,855 
Darling International, Inc. (a)                          7,875           77,884 
Fuel Tech, Inc. (a)                                      1,596           35,256 
Metal Management, Inc.                                   2,523          136,747 
Mine Safety Appliances Co.                               2,771          130,542 
Rentech, Inc. (a)                                       15,778           34,080 
Tetra Tech, Inc. (a)                                     5,723          120,870 
Waste Connections, Inc. (a)                              6,766          214,888 
Waste Industries USA, Inc.                                 466           13,337 
Waste Services, Inc. (a)                                 1,793           17,410 
                                                                 ---------------
                                                                       960,461
FOOD - 1.5%                                                                     
--------------------------------------------------------------------------------
American Dairy, Inc. (a)                                   632           12,330 
Arden Group, Inc., Class A                                 117           16,325 
Cal-Maine Foods, Inc.                                    1,162           29,329 
Chiquita Brands International, Inc. (a)                  3,979           62,988 
Flowers Foods, Inc.                                      7,561          164,830 
Fresh Del Monte Produce, Inc.                            2,765           79,494 
Great Atlantic & Pacific Tea Co. (a)                     1,810           55,133 
Hain Celestial Group, Inc. (a)                           3,909          125,596 
Imperial Sugar Co.                                       1,048           27,384 
Ingles Markets, Inc., Class A                            1,148           32,902 
J&J Snack Foods Corp.                                    1,295           45,092 
Lance, Inc.                                              3,018           69,474 
M&F Worldwide Corp. (a)                                  1,118           56,112 
Nash Finch Co.                                           1,237           49,270 
Pathmark Stores, Inc. (a)                                2,959           37,727 
Performance Food Group Co. (a)                           3,480          104,852 
Pilgrim's Pride Corp.                                    3,980          138,225 
Ralcorp Holdings, Inc. (a)                               2,663          148,649 
Ruddick Corp.                                            4,048          135,770 
Sanderson Farms, Inc.                                    1,646           68,589 
Seaboard Corp.                                              34           66,640 
Spartan Stores, Inc.                                     2,054           46,277 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                       13        E*TRADE Russell 2000 Index Fund

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E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
FOOD (CONTINUED)                                                                
--------------------------------------------------------------------------------
Tootsie Roll Industries, Inc.                            3,517   $       93,313 
TreeHouse Foods, Inc. (a)                                3,074           83,152 
United Natural Foods, Inc. (a)                           4,216          114,759 
Village Super Market, Class A                              290           15,080 
Weis Markets, Inc.                                       1,144           48,837 
Winn-Dixie Stores, Inc. (a)                              3,372           63,124 
                                                                 ---------------
                                                                     1,991,253
FOREST PRODUCTS & PAPER - 0.4%                                                  
--------------------------------------------------------------------------------
Bowater, Inc.                                            5,538           82,627 
Buckeye Technologies, Inc. (a)                           3,504           53,051 
Deltic Timber Corp.                                        995           56,635 
Glatfelter                                               4,385           65,073 
Mercer International, Inc. (a)                           2,938           27,764 
Neenah Paper Inc                                         1,366           45,201 
Rock-Tenn Co.                                            3,458           99,936 
Schweitzer-Mauduit International, Inc.                   1,432           33,366 
Wausau Paper Corp.                                       4,099           45,704 
Xerium Technologies, Inc.                                1,829            9,877 
                                                                 ---------------
                                                                       519,234
GAS - 0.2%                                                                      
--------------------------------------------------------------------------------
EnergySouth, Inc.                                          640           32,269 
Laclede Group, Inc. (The)                                2,103           67,885 
Nicor, Inc.                                              4,435          190,261 
SEMCO Energy, Inc. (a)                                   3,276           25,848 
                                                                --------------
                                                                       316,263
HAND / MACHINE TOOLS - 0.3%                                                     
--------------------------------------------------------------------------------
Baldor Electric Co.                                      4,508          180,094 
Franklin Electric Co., Inc.                              1,901           78,150 
Hardinge, Inc.                                           1,024           35,666 
Regal-Beloit Corp.                                       3,148          150,758 
                                                                --------------
                                                                       444,668
HEALTH CARE - 5.5%                                                              
--------------------------------------------------------------------------------
Abiomed, Inc. (a)                                        2,665           33,126 
Accuray, Inc. (a)                                        1,601           27,953 
Air Methods Corp. (a)                                      962           44,444 
Alliance Imaging, Inc. (a)                               2,352           21,309 
Amedisys, Inc. (a)                                       2,556           98,214 
American Dental Partners, Inc. (a)                       1,156           32,380 
American Medical Systems Holdings,                                              
  Inc. (a)                                              7,099          120,328
AMERIGROUP Corp. (a)                                     5,198          179,227 
AMN Healthcare Services, Inc. (a)                        3,199           59,917 
AmSurg Corp. (a)                                         2,975           68,633 
Angiodynamics, Inc. (a)                                  1,921           36,211 
Apria Healthcare Group, Inc. (a)                         4,300          111,843 
Arrow International, Inc.                                2,486          113,088 
ArthroCare Corp. (a)                                     2,709          151,406 
Aspect Medical Systems, Inc. (a)                         1,512           20,518 
Assisted Living Concepts Inc.,                                                  
  Class A (a)                                           5,551           50,736
Bio-Reference Labs, Inc. (a)                               984           33,220 
Bruker BioSciences Corp. (a)                             5,992           52,730 
Cantel Medical Corp. (a)                                 1,062           16,578 
Capital Senior Living Corp. (a)                          2,017           16,983 
Centene Corp. (a)                                        4,296           92,407 
Cepheid, Inc. (a)                                        5,365          122,322 
Conceptus, Inc. (a)                                      2,711           51,455 
CONMED Corp. (a)                                         2,787           78,008 
Cutera, Inc. (a)                                         1,249           32,736 
Cyberonics, Inc. (a)                                     2,105           29,344 
Cynosure, Inc., Class A (a)                                700           25,830 
Datascope Corp.                                          1,185           40,065 
DJO, Inc. (a)                                            2,320          113,912 
Emeritus Corp. (a)                                       1,189           32,222 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
HEALTH CARE (CONTINUED)                                                         
--------------------------------------------------------------------------------
ev3, Inc. (a)                                            1,530   $       25,123 
Foxhollow Technologies, Inc. (a)                         1,824           48,154 
Gentiva Health Services, Inc. (a)                        2,629           50,503 
Haemonetics Corp. (Mass) (a)                             2,615          129,233 
Hansen Medical, Inc. (a)                                   882           23,911 
HEALTHSOUTH Corp. (a)                                    7,757          135,825 
Healthways, Inc. (a)                                     3,453          186,358 
Hologic, Inc. (a)                                        5,248          320,128 
Hythiam, Inc. (a)                                        2,809           20,899 
ICU Medical, Inc. (a)                                    1,191           46,151 
Immucor, Inc. (a)                                        6,786          242,600 
Insulet Corp. (a)                                          723           15,725 
Invacare Corp.                                           2,654           62,051 
Inverness Medical Innovations, Inc. (a)                  5,196          287,443 
Kensey Nash Corp. (a)                                    1,072           27,990 
Kindred Healthcare, Inc. (a)                             2,991           53,569 
Kyphon, Inc. (a)                                         4,437          310,590 
LCA-Vision, Inc.                                         1,977           58,104 
LHC Group, Inc. (a)                                      1,337           28,705 
Luminex Corp. (a)                                        3,304           49,824 
Magellan Health Services, Inc. (a)                       3,852          156,314 
Masimo Corp. (a)                                         1,334           34,230 
Matria Healthcare, Inc. (a)                              1,982           51,849 
Medcath Corp. (a)                                          929           25,510 
Medical Action Industries, Inc. (a)                      1,278           30,237 
Mentor Corp.                                             3,292          151,597 
Meridian Bioscience, Inc.                                3,913          118,642 
Merit Medical Systems, Inc. (a)                          2,526           32,787 
Micrus Endovascular Corp. (a)                            1,383           25,267 
Minrad International, Inc. (a)                           4,343           20,803 
Molina Healthcare, Inc. (a)                              1,259           45,664 
National Healthcare Corp.                                  643           33,044 
Natus Medical, Inc. (a)                                  1,972           31,434 
Nighthawk Radiology Holdings, Inc. (a)                   1,943           47,623 
NuVasive, Inc. (a)                                       3,361          120,761 
NxStage Medical, Inc. (a)                                1,862           26,980 
Oakley, Inc.                                             2,394           69,498 
Odyssey HealthCare, Inc. (a)                             3,114           29,926 
OraSure Technologies, Inc. (a)                           4,258           42,793 
Orthofix International NV (a)                            1,610           78,842 
Palomar Medical Technologies, Inc. (a)                   1,701           48,462 
PolyMedica Corp.                                         2,241          117,697 
PSS World Medical, Inc. (a)                              6,620          126,641 
Psychiatric Solutions, Inc. (a)                          5,348          210,069 
Quidel Corp. (a)                                         2,647           51,775 
Radiation Therapy Services, Inc. (a)                     1,139           23,714 
RehabCare Group, Inc. (a)                                1,604           28,214 
Res-Care, Inc. (a)                                       2,246           51,299 
Sirona Dental Systems, Inc. (a)                          1,544           55,075 
Skilled Healthcare Group, Inc.,                                                 
  Class A (a)                                           2,065           32,524
Sonic Innovations, Inc. (a)                              2,432           22,301 
SonoSite, Inc. (a)                                       1,592           48,588 
Spectranetics Corp. (a)                                  2,838           38,256 
Stereotaxis, Inc. (a)                                    2,412           33,262 
STERIS Corp.                                             6,420          175,459 
Sun Healthcare Group, Inc. (a)                           4,182           69,881 
Sunrise Senior Living, Inc. (a)                          4,404          155,770 
SurModics, Inc. (a)                                      1,478           72,437 
Symmetry Medical, Inc. (a)                               3,254           54,342 
Thoratec Corp. (a)                                       5,241          108,436 
TomoTherapy, Inc. (a)                                    1,083           25,158 
Ventana Medical Systems, Inc. (a)                        2,613          224,483 
Visicu, Inc. (a)                                         1,415           10,726 
Vital Images, Inc. (a)                                   1,639           31,993 

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)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
HEALTH CARE (CONTINUED)                                                         
--------------------------------------------------------------------------------
Vital Signs, Inc.                                          998   $       52,036 
Volcano Corp. (a)                                        2,185           35,921 
West Pharmaceutical Services, Inc.                       3,250          135,395 
Wright Medical Group, Inc. (a)                           3,343           89,659 
Zoll Medical Corp. (a)                                   1,985           51,451 
                                                                 ---------------
                                                                     7,384,856
HOLDING COMPANIES - 0.3%                                                        
--------------------------------------------------------------------------------
Aldabra 2 Acquisition Corp. (a)                          4,032           37,054 
Alternative Asset Management                                                    
  Acquisition Corp. (a)                                 4,032           35,562
Energy Infrastructure Acquisition                                               
  Corp. (a)                                             2,174           21,370
Freedom Acquisition Holdings, Inc. (a)                   4,870           54,787 
Information Services Group, Inc. (a)                     3,242           24,801 
Marathon Acquisition Corp. (a)                           3,686           29,083 
NTR Acquisition Co. (a)                                  2,462           23,340 
Star Maritime Acquisition Corp. (a)                      1,750           24,518 
Triarc Cos., Inc.                                        6,204           77,612 
Walter Industries, Inc.                                  5,129          137,970 
                                                                 ---------------
                                                                       466,097
HOME BUILDERS - 0.4%                                                            
--------------------------------------------------------------------------------
Amrep Corp.                                                158            4,234 
Beazer Homes USA, Inc.                                   3,852           31,779 
Brookfield Homes Corp.                                   1,041           19,311 
Champion Enterprises, Inc. (a)                           7,475           82,075 
Fleetwood Enterprises, Inc. (a)                          6,028           51,539 
Hovnanian Enterprises, Inc., Class A (a)                 3,452           38,283 
M/I Homes, Inc.                                          1,116           15,501 
Meritage Homes Corp. (a)                                 2,418           34,142 
Monaco Coach Corp.                                       2,760           38,723 
Palm Harbor Homes, Inc. (a)                                891           11,120 
Skyline Corp.                                              644           19,371 
Standard-Pacific Corp.                                   6,378           35,334 
WCI Communities, Inc. (a)                                2,847           17,054 
Williams Scotsman International, Inc. (a)                2,941           81,495 
Winnebago Industries                                     3,112           74,315 
                                                                 ---------------
                                                                       554,276
HOME FURNISHINGS - 0.5%                                                         
--------------------------------------------------------------------------------
American Woodmark Corp.                                  1,089           26,996 
Audiovox Corp. (a)                                       1,535           15,795 
DTS, Inc. (a)                                            1,718           52,176 
Ethan Allen Interiors, Inc.                              2,607           85,223 
Furniture Brands International, Inc.                     4,763           48,297 
Hooker Furniture Corp.                                   1,097           21,962 
Kimball International, Inc.                              2,333           26,549 
La-Z-Boy, Inc.                                           4,737           34,959 
Sealy Corp.                                              4,123           57,887 
Tempur-Pedic International, Inc.                         8,176          292,292 
Universal Electonics, Inc. (a)                           1,420           46,150 
                                                                 ---------------
                                                                       708,286
HOUSEHOLD PRODUCTS / WARE - 0.7%                                                
--------------------------------------------------------------------------------
American Greetings Corp., Class A                        5,457          144,065 
Blyth, Inc.                                              2,344           47,935 
Central Garden & Pet Co., Class A (a)                    6,880           61,782 
CSS Industries, Inc.                                       722           25,970 
Ennis, Inc.                                              2,359           51,992 
Fossil, Inc. (a)                                         4,299          160,611 
Helen of Troy, Ltd. (a)                                  2,984           57,621 
Libbey Inc.                                              1,327           23,249 
Lifetime Brands, Inc.                                    1,064           21,589 
National Presto Industries, Inc.                           440           23,320 
Playtex Products, Inc. (a)                               5,552          101,491 
Prestige Brands Holdings, Inc. (a)                       3,087           33,895 
Russ Berrie & Co., Inc. (a)                              1,533           25,754 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS / WARE (CONTINUED)                                           
--------------------------------------------------------------------------------
Spectrum Brands, Inc. (a)                                3,426   $       19,871 
Standard Register Co. (The)                              1,686           21,429 
Tupperware Brands Corp.                                  6,055          190,672 
                                                                 ---------------
                                                                     1,011,246
INSURANCE - 3.3%                                                                
--------------------------------------------------------------------------------
ACA Capital Holdings Inc. (a)                              755            4,598 
Alfa Corp.                                               3,075           55,903 
American Equity Investment Life                                                 
  Holding Co.                                           5,242           55,827
American Physicians Capital Inc.                           920           35,843 
Amerisafe Inc. (a)                                       1,733           28,664 
AmTrust Financial Services, Inc.                         2,420           36,711 
Argo Group International Holdings,                                              
  Ltd. (a)                                              2,858          124,352
Aspen Insurance Holdings, Ltd.                           8,683          242,343 
Assured Guaranty Ltd.                                    6,678          181,441 
Baldwin & Lyons, Inc., Class B                             764           20,865 
CastlePoint Holdings Ltd.                                  730            8,395 
Citizens, Inc. (a)                                       3,189           24,396 
CNA Surety Corp. (a)                                     1,483           26,145 
Commerce Group, Inc.                                     5,249          154,688 
Crawford & Co., Class B (a)                              2,165           13,510 
Darwin Professional Underwriters,                                               
  Inc. (a)                                                708           15,293
Delphi Financial Group, Inc., Class A                    4,278          172,917 
Donegal Group, Inc., Class A                             1,227           19,853 
eHealth, Inc. (a)                                        1,144           31,689 
EMC Insurance Group, Inc.                                  549           14,269 
Employers Holdings, Inc.                                 5,273          108,677 
Enstar Group Ltd. (a)                                      689           87,331 
FBL Financial Group, Inc., Class A                       1,327           52,403 
First Acceptance Corp. (a)                               1,552            7,838 
First Mercury Financial Corp. (a)                        1,139           24,500 
Flagstone Reinsurance Holdings Ltd.                      1,266           16,825 
Fpic Insurance Group, Inc. (a)                             897           38,616 
Great American Financial Resources,                                             
  Inc.                                                    833           20,425
Greenlight Capital Re., Ltd. (a)                         1,044           21,172 
Hallmark Financial Services (a)                            423            5,943 
Harleysville Group, Inc.                                 1,440           46,051 
Hilb, Rogal & Hamilton Co.                               3,622          156,941 
Horace Mann Educators Corp.                              4,255           83,866 
Independence Holding Co.                                   582           11,861 
Infinity Property & Casualty Corp.                       1,910           76,820 
IPC Holdings, Ltd.                                       5,889          169,898 
James River Group, Inc.                                    537           17,399 
Kansas City Life Insurance Co.                             428           18,866 
LandAmerica Financial Group, Inc.                        1,685           65,681 
Max Capital Group Ltd.                                   5,941          166,586 
Meadowbrook Insurance Group, Inc. (a)                    3,121           28,120 
Midland Co. (The)                                          909           49,959 
Montpelier Re Holdings Ltd.                             10,017          177,301 
National Interstate Corp.                                  488           15,026 
National Western Life Insurance Co.,                                            
  Class A                                                 208           53,240
Navigators Group, Inc. (a)                               1,278           69,331 
NYMAGIC, Inc.                                              547           15,212 
Odyssey Re Holdings Corp.                                2,790          103,537 
Platinum Underwriters Holdings, Ltd.                     5,896          212,020 
PMA Capital Corp., Class A (a)                           2,991           28,415 
Presidential Life Corp.                                  1,991           33,767 
Primus Guaranty, Ltd. (a)                                4,152           43,679 
ProAssurance Corp. (a)                                   3,284          176,909 
RAM Holdings Ltd. (a)                                    1,771           16,470 
RLI Corp.                                                2,074          117,637 

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)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
INSURANCE (CONTINUED)                                                           
--------------------------------------------------------------------------------
Safety Insurance Group, Inc.                             1,496   $       53,766 
Scottish Re Group Ltd. (a)                               6,270           20,001 
SeaBright Insurance Holdings, Inc. (a)                   1,918           32,740 
Security Capital Assurance Ltd.                          2,197           50,179 
Selective Insurance Group                                5,404          114,997 
State Auto Financial Corp.                               1,330           38,903 
Stewart Information Services Corp.                       1,586           54,352 
Tower Group, Inc.                                        1,838           48,119 
Triad Guaranty, Inc. (a)                                 1,088           20,639 
United America Indemnity, Ltd., Class A (a)              2,274           48,914 
United Fire & Casualty Co.                               2,133           83,379 
Universal American Financial Corp. (a)                   3,820           87,134 
Validus Holdings Ltd. (a)                                1,539           37,305 
Zenith National Insurance Corp.                          3,649          163,804 
                                                                 ---------------
                                                                     4,460,256

INTERNET COMPANIES - 2.5%                                                       
--------------------------------------------------------------------------------
1-800-Flowers.Com, Inc. (a)                              2,325           26,947 
Ariba, Inc. (a)                                          7,632           82,273 
AsiaInfo Holdings, Inc. (a)                              2,921           26,464 
Authorize.Net Holdings Inc (a)                           2,659           46,878 
Blue Coat Systems, Inc. (a)                              1,355          106,720 
Blue Nile, Inc. (a)                                      1,306          122,921 
Chordiant Software, Inc. (a)                             2,942           40,776 
CMGI, Inc. (a)                                          47,998           65,277 
CNET Networks, Inc. (a)                                 14,898          110,990 
Cogent Communications Group, Inc. (a)                    4,922          114,880 
comScore Inc. (a)                                          582           15,714 
Cybersource Corp. (a)                                    2,831           33,094 
DealerTrack Holdings, Inc. (a)                           3,289          137,743 
Digital River, Inc. (a)                                  4,074          182,312 
EarthLink, Inc. (a)                                     12,149           96,220 
eResearch Technology, Inc. (a)                           3,611           41,129 
Global Sources, Ltd. (a)                                 1,448           32,102 
iBasis, Inc. (a)                                         3,059           32,884 
Imergent, Inc.                                           1,136           25,480 
Infospace, Inc.                                          3,049           53,540 
Internap Network Services Corp. (a)                      4,764           67,506 
Internet Capital Group, Inc. (a)                         3,564           42,768 
Interwoven, Inc. (a)                                     4,019           57,190 
Ipass, Inc. (a)                                          4,654           19,547 
Keynote Systems, Inc. (a)                                1,446           19,854 
Lionbridge Technologies, Inc. (a)                        5,537           22,093 
Liquidity Services, Inc. (a)                               978           10,748 
LoopNet, Inc. (a)                                        2,500           51,350 
Mercadolibre Inc. (a)                                    1,566           57,363 
NetFlix, Inc. (a)                                        4,573           94,753 
NIC, Inc.                                                3,550           24,637 
On2 Technologies, Inc. (a)                              10,408           12,073 
Online Resources Corp. (a)                               2,412           30,488 
Openwave Systems, Inc.                                   7,631           33,424 
Orbitz Worldwide, Inc. (a)                               3,310           37,370 
Overstock.Com, Inc. (a)                                  1,518           43,718 
Priceline.com, Inc. (a)                                  3,690          327,488 
Safeguard Scientifics, Inc. (a)                         11,148           25,529 
Sapient Corp. (a)                                        7,517           50,439 
Shutterfly, Inc. (a)                                     1,346           42,951 
Sohu.com, Inc. (a)                                       2,675          100,874 
Sourcefire, Inc. (a)                                       610            5,539 
Tech Target (a)                                            709           11,982 
Terremark Worldwide, Inc. (a)                            4,932           35,362 
TheStreet.com, Inc.                                      1,735           21,011 
TIBCO Software, Inc. (a)                                20,541          151,798 
Travelzoo, Inc. (a)                                        693           15,904 
Trizetto Group (a)                                       4,457           78,042 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
INTERNET COMPANIES (CONTINUED)                                                  
--------------------------------------------------------------------------------
United Online, Inc.                                      6,574   $       98,676 
Valueclick, Inc. (a)                                     9,835          220,894 
Vasco Data Security International, Inc. (a)              2,548           89,970 
Vocus, Inc. (a)                                          1,195           34,942 
Websense, Inc. (a)                                       4,430           87,404 
                                                                 ---------------
                                                                     3,418,031

INVESTMENT COMPANIES - 0.1%                                                     
--------------------------------------------------------------------------------
Ampal-American Israel Corp. (a)                          1,611            9,054 
BlackRock Kelso Capital Corp.                              971           14,079 
Compass Diversified Trust                                2,052           32,955 
FTD Group, Inc.                                          1,764           26,248 
Hercules Technology Growth Capital, Inc.                 3,152           41,827 
Kohlberg Capital Corp.                                   1,353           20,376 
NexCen Brands, Inc. (a)                                  3,876           26,047 
Prospect Capital Corp.                                   1,936           32,951 
                                                                 ---------------
                                                                       203,537

IRON / STEEL - 0.3%                                                             
--------------------------------------------------------------------------------
Claymont Steel Holdings, Inc. (a)                          871           17,638 
Gibraltar Industries, Inc.                               2,288           42,328 
Olympic Steel, Inc.                                        791           21,484 
Ryerson, Inc.                                            2,612           88,129 
Schnitzer Steel Industries, Inc.                         2,155          157,940 
Universal Stainless & Alloy Products,                                           
  Inc. (a)                                                612           24,351
Wheeling-Pittsburgh Corp. (a)                            1,191           22,986 
                                                                 ---------------
                                                                       374,856

LEISURE TIME - 0.5%                                                             
--------------------------------------------------------------------------------
Ambassadors Group, Inc.                                  1,449           55,207 
Ambassadors International, Inc.                            823           20,188 
Arctic Cat, Inc.                                         1,191           19,485 
Callaway Golf Co.                                        7,108          113,799 
Life Time Fitness, Inc. (a)                              3,127          191,810 
Marine Products Corp.                                    1,140            9,667 
Nautilus, Inc.                                           2,909           23,185 
Polaris Industries, Inc.                                 3,523          153,673 
Town Sports International Holdings, Inc. (a)             1,498           22,785 
WMS Industries, Inc. (a)                                 4,004          132,532 
                                                                 ---------------
                                                                       742,331

LODGING - 0.4%                                                                  
--------------------------------------------------------------------------------
Ameristar Casinos, Inc.                                  2,490           69,969 
Gaylord Entertainment Co. (a)                            4,035          214,743 
Lodgian, Inc. (a)                                        1,728           20,390 
Marcus Corp.                                             1,951           37,459 
Monarch Casino & Resort, Inc. (a)                        1,107           31,494 
Morgans Hotel Group Co. (a)                              2,151           46,784 
MTR Gaming Group, Inc. (a)                               1,890           18,012 
Riviera Holdings Corp. (a)                                 937           26,283 
Trump Entertainment Resorts, Inc. (a)                    2,867           18,492 
                                                                 ---------------
                                                                       483,626

MACHINERY - 1.6%                                                                
--------------------------------------------------------------------------------
Albany International Corp., Class A                      2,889          108,309 
Altra Holdings, Inc. (a)                                 1,002           16,703 
Applied Industrial Technologies, Inc.                    4,243          130,812 
Astec Industries, Inc. (a)                               1,853          106,455 
Briggs & Stratton Corp.                                  4,872          122,677 
Bucyrus International, Inc., Class A                     3,683          268,601 
Cascade Corp.                                            1,163           75,793 
Chart Industries, Inc. (a)                               1,325           42,612 
Cognex Corp.                                             4,358           77,398 
Flow International Corp. (a)                             3,436           30,306 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                       16        E*TRADE Russell 2000 Index Fund

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E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
MACHINERY (CONTINUED)                                                           
--------------------------------------------------------------------------------
Gehl Co.  (a)                                              991   $       22,129 
Gerber Scientific, Inc. (a)                              2,094           22,720 
Gorman-Rupp Co. (The)                                    1,059           35,116 
Hurco Cos., Inc. (a)                                       514           27,787 
Intermec, Inc. (a)                                       5,969          155,910 
Intevac, Inc. (a)                                        2,052           31,190 
iRobot Corp. (a)                                         1,416           28,150 
Kadant, Inc. (a)                                         1,261           35,308 
Lindsay Corp.                                            1,069           46,801 
Middleby Corp. (a)                                       1,332           85,967 
NACCO Industries, Inc., Class A                            573           59,294 
Nordson Corp.                                            3,318          166,597 
Robbins & Myers, Inc.                                    1,371           78,545 
Sauer-Danfoss, Inc.                                        956           25,506 
Tecumseh Products Co. (a)                                1,541           29,664 
Tennant Co.                                              1,639           79,819 
TurboChef Technologies, Inc. (a)                         1,813           23,932 
Twin Disc, Inc.                                            421           24,502 
Wabtec Corp.                                             4,797          179,696 
                                                                 ---------------
                                                                     2,138,299

MANUFACTURERS - 0.5%                                                            
--------------------------------------------------------------------------------
Aptargroup, Inc.                                         6,819          258,235 
AZZ, Inc. (a)                                            1,074           37,547 
EnPro Industries, Inc. (a)                               2,113           85,788 
Federal Signal Corp.                                     4,668           71,700 
Freightcar America, Inc.                                 1,130           43,166 
Lancaster Colony Corp.                                   2,212           84,432 
LSB Industries, Inc. (a)                                 1,512           35,759 
Park-Ohio Holdings Corp. (a)                               739           19,177 
Polypore International, Inc. (a)                         1,460           20,528 
Tredegar Corp.                                           2,899           50,008 
                                                                 ---------------
                                                                       706,340

MANUFACTURING - 0.6%                                                            
--------------------------------------------------------------------------------
Acuity Brands, Inc.                                      4,279          216,004 
American Railcar Industries, Inc.                          903           19,884 
Blount International, Inc. (a)                           3,509           39,862 
ESCO Technologies, Inc. (a)                              2,556           84,962 
GenTek, Inc. (a)                                           798           24,004 
Hexcel Corp. (a)                                         9,292          211,021 
Koppers Holdings, Inc.                                   1,707           65,907 
Lamson & Sessions Co. (a)                                1,356           36,558 
Reddy Ice Holdings, Inc.                                 2,011           53,030 
Smith & Wesson Holding Corp. (a)                         2,888           55,132 
Standex International Corp.                              1,147           23,720 
Sturm, Ruger & Co., Inc. (a)                             2,087           37,378 
                                                                 ---------------
                                                                       867,462

MEDIA - 1.3%                                                                    
--------------------------------------------------------------------------------
Acacia Research - Acacia                                                        
  Technologies (a)                                      2,583           37,918
Belo Corp., Class A                                      8,341          144,800 
Charter Communications, Inc. (a)                        40,261          103,873 
Citadel Broadcasting Corp.                              17,948           74,664 
CKX, Inc. (a)                                            3,490           42,962 
Courier Corp.                                              929           32,710 
Cox Radio, Inc. (a)                                      3,066           40,011 
Crown Media Holdings, Inc. (a)                           1,295            9,311 
Cumulus Media, Inc., Class A (a)                         2,618           26,756 
DG FastChannel, Inc. (a)                                 1,452           34,238 
Dolan Media (a)                                          1,085           26,365 
Emmis Communications Corp.                               3,053           15,082 
Entercom Communications Corp.                            3,018           58,338 
Entravision Communication Corp. (a)                      6,543           60,326 
Fisher Communications, Inc. (a)                            575           28,675 
GateHouse Media, Inc.                                    2,175           27,731 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
MEDIA (CONTINUED)                                                               
--------------------------------------------------------------------------------
Gemstar - TV Guide International, Inc. (a)              24,669   $      171,696 
Gray Television, Inc.                                    3,978           33,773 
Journal Communications, Inc.                             4,343           41,172 
Lee Enterprises, Inc.                                    4,536           70,626 
Lin TV Corp., Class A (a)                                2,561           33,319 
LodgeNet Entertainment Corp. (a)                         2,095           53,129 
Martha Stewart Living Omnimedia, Class A                 2,471           28,787 
Media General Inc., Class A                              2,178           59,917 
Mediacom Communications Corp. (a)                        5,001           35,257 
Nexstar Broadcasting Group, Inc.,                                               
  Class A (a)                                             979           10,270
Playboy Enterprises, Inc., Class B (a)                   1,975           21,212 
PRIMEDIA, Inc.                                           4,065           57,073 
Radio One, Inc., Class D (a)                             7,055           26,315 
Salem Communications Corp., Class A                        922            7,376 
Scholastic Corp. (a)                                     2,992          104,301 
Sinclair Broadcast Group, Inc., Class A                  4,845           58,334 
Spanish Broadcasting System, Inc.,                                              
  Class A (a)                                           4,135           10,668
Sun-Times Media Group, Inc. (a)                          6,126           13,906 
TiVo, Inc. (a)                                           8,989           57,080 
Value Line, Inc.                                           119            5,863 
Westwood One, Inc.                                       6,545           17,999 
World Wrestling Entertainment, Inc.                      1,986           29,949 
                                                                 ---------------
                                                                     1,711,782

METAL FABRICATE / HARDWARE - 0.9%                                               
--------------------------------------------------------------------------------
AM Castle & Co.                                          1,371           44,695 
Ampco-Pittsburgh Corp.                                     679           26,739 
CIRCOR International, Inc.                               1,593           72,338 
Dynamic Materials Corp.                                  1,178           56,414 
Haynes International, Inc. (a)                           1,147           97,919 
Kaydon Corp.                                             2,786          144,844 
Ladish Co., Inc. (a)                                     1,370           76,008 
Lawson Products                                            375           13,054 
LB Foster Co. (a)                                          964           41,895 
Mueller Water Products, Inc.                            11,307          140,094 
Northwest Pipe Co. (a)                                     823           31,126 
RBC Bearings, Inc. (a)                                   1,999           76,662 
Sun Hydraulics Corp.                                     1,027           32,659 
TriMas Corp. (a)                                         1,235           16,388 
Valmont Industries, Inc.                                 1,832          155,445 
Worthington Industries, Inc.                             6,806          160,349 
                                                                 ---------------
                                                                     1,186,629

METALS - DIVERSIFIED - 0.6%                                                     
--------------------------------------------------------------------------------
Ameron International Corp.                                 854           90,327 
Griffon Corp. (a)                                        2,750           41,525 
Gulf Island Fabrication, Inc.                              988           37,929 
Matthews International Corp., Class A                    3,112          136,306 
Mueller Industries, Inc.                                 3,649          131,875 
Quanex Corp.                                             3,654          171,665 
RTI International Metals, Inc. (a)                       2,272          180,079 
                                                                 ---------------
                                                                       789,706
MINING - 0.9%                                                                   
--------------------------------------------------------------------------------
AMCOL International Corp.                                2,498           82,659 
Apex Silver Mines Ltd. (a)                               5,777          112,363 
Brush Engineered Materials, Inc. (a)                     1,977          102,586 
Century Aluminum Co. (a)                                 2,847          149,894 
Coeur d'Alene Mines Corp. (a)                           27,436          103,982 
Compass Minerals International, Inc.                     3,169          107,873 
Hecla Mining Co. (a)                                    11,848          106,040 
Horsehead Holding Corp. (a)                                545           12,219 
Idaho General Mines, Inc. (a)                            4,477           29,727 

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)                                             
September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
MINING (CONTINUED)                                                              
--------------------------------------------------------------------------------
Kaiser Aluminum Corp.                                    1,487   $      104,938 
Royal Gold, Inc.                                         2,263           74,113 
Stillwater Mining Co. (a)                                3,855           39,668 
Uranium Resources, Inc. (a)                              4,812           45,185 
US Gold Corp. (a)                                        5,018           31,463 
USEC, Inc. (a)                                           8,612           88,273 
                                                                 ---------------
                                                                     1,190,983

OFFICE / BUSINESS EQUIPMENT - 0.3%                                              
--------------------------------------------------------------------------------
Compx International, Inc.                                  100            1,958 
Herman Miller, Inc.                                      6,255          169,761 
IKON Office Solutions, Inc.                             10,594          136,133 
Knoll, Inc.                                              4,895           86,837 
                                                                 ---------------
                                                                       394,689

OIL & GAS - 0.5%                                                                
--------------------------------------------------------------------------------
Arena Resources, Inc. (a)                                1,483           97,136 
Complete Production Services, Inc. (a)                   4,210           86,221 
Delek US Holdings, Inc.                                  1,084           27,187 
Geoglobal Resources, Inc. (a)                            2,779           10,004 
GeoMet, Inc. (a)                                         1,667            8,485 
GMX Resources, Inc. (a)                                  1,063           34,197 
Gulfport Energy Corp. (a)                                1,821           43,085 
Mariner Energy, Inc. (a)                                 8,584          177,775 
Oilsands Quest Inc. (a)                                 12,185           53,979 
Rex Energy Corp. (a)                                       935            7,527 
Sulphco, Inc. (a)                                        4,091           36,001 
TXCO Resources, Inc. (a)                                 3,108           27,848 
Vaalco Energy, Inc. (a)                                  5,344           24,422 
Venoco Inc. (a)                                          1,182           20,271 
                                                                 ---------------
                                                                       654,138

OIL & GAS PRODUCERS - 2.3%                                                      
--------------------------------------------------------------------------------
APCO Argentina, Inc.                                       210           22,138 
ATP Oil & Gas Corp. (a)                                  2,103           98,904 
Atwood Oceanics, Inc. (a)                                2,701          206,789 
Berry Petroleum Co., Class A                             3,892          154,084 
Bois D'ARC Energy, Inc. (a)                              1,772           33,969 
BPZ Energy, Inc. (a)                                     5,033           39,257 
Carrizo Oil & Gas, Inc. (a)                              2,375          106,543 
Clayton Williams Energy, Inc. (a)                          470           15,510 
Concho Resources Inc. (a)                                2,245           33,249 
Contango Oil & Gas Co. (a)                               1,209           43,766 
Encore Acquisition Co. (a)                               5,234          165,656 
Energy Partners, Ltd. (a)                                2,605           38,241 
FX Energy, Inc. (a)                                      3,292           24,525 
Goodrich Petroleum Corp. (a)                             1,510           47,867 
Grey Wolf, Inc. (a)                                     18,213          119,295 
Harvest Natural Resources, Inc. (a)                      3,446           41,145 
McMoRan Exploration Co. (a)                              2,798           37,633 
Meridian Resources Corp. (The) (a)                       8,065           20,001 
New Jersey Resources Corp.                               2,758          136,769 
Northwest Natural Gas Co.                                2,658          121,471 
Parallel Petroleum Corp. (a)                             3,714           63,101 
Parker Drilling Co. (a)                                 10,997           89,296 
Penn Virginia Corp.                                      3,703          162,858 
Petrohawk Energy Corp. (a)                              16,708          274,345 
Petroleum Development Corp. (a)                          1,410           62,534 
Petroquest Energy, Inc. (a)                              3,829           41,085 
Pioneer Drilling Co. (a)                                 4,576           55,736 
RPC, Inc.                                                3,023           42,957 
South Jersey Industries, Inc.                            2,903          101,024 
Southwest Gas Corp.                                      4,153          117,488 
Stone Energy Corp. (a)                                   2,761          110,468 
Swift Energy Co. (a)                                     2,945          120,509 
Toreador Resources Corp. (a)                             1,451           17,165 
W-H Energy Services, Inc. (a)                            2,997          221,029 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
OIL & GAS PRODUCERS (CONTINUED)                                                 
--------------------------------------------------------------------------------
Warren Resources, Inc. (a)                               5,666   $       71,052 
WD-40 Co.                                                1,641           56,024 
                                                                 ---------------
                                                                     3,113,483

OIL & GAS SERVICES - 2.9%                                                       
--------------------------------------------------------------------------------
Allis-Chalmers Energy, Inc. (a)                          2,316           43,865 
Alon USA Energy, Inc.                                    1,195           40,367 
Aquila, Inc. (a)                                        36,914          148,025 
Atlas America, Inc.                                      2,251          116,219 
Basic Energy Services, Inc. (a)                          4,025           84,606 
Bill Barrett Corp. (a)                                   3,041          119,846 
Brigham Exploration Co. (a)                              4,219           25,019 
Bronco Drilling Co., Inc. (a)                            2,399           35,505 
Cal Dive International, Inc. (a)                         2,060           30,900 
Callon Petroleum Co. (a)                                 1,884           26,225 
CARBO Ceramics, Inc.                                     1,998          101,359 
Comstock Resources, Inc. (a)                             4,375          134,925 
Crosstex Energy, Inc.                                    3,632          137,689 
Dawson Geophysical Co. (a)                                 711           55,110 
Delta Petroleum Corp. (a)                                6,471          116,154 
Dril-Quip, Inc. (a)                                      2,625          129,544 
Edge Petroleum Corp. (a)                                 2,624           33,692 
EXCO Resources, Inc. (a)                                 6,073          100,447 
Exterran Holdings Inc. (a)                               5,875          471,997 
Flotek Industries, Inc. (a)                              1,769           78,101 
Geokinetics, Inc. (a)                                      630           14,711 
Hercules Offshore, Inc. (a)                              8,009          209,115 
Horizon Offshore, Inc. (a)                               3,013           49,715 
Hornbeck Offshore Services, Inc. (a)                     2,264           83,089 
ION Geophysical Corp. (a)                                7,004           96,865 
Lufkin Industries, Inc.                                  1,482           81,540 
Markwest Hydrocarbon, Inc.                                 579           33,657 
Matrix Service Co. (a)                                   2,545           53,318 
NATCO Group, Inc. (a)                                    1,694           87,664 
Newpark Resources, Inc. (a)                              8,291           44,440 
Oil States International, Inc. (a)                       4,851          234,303 
Piedmont Natural Gas Co., Inc.                           7,349          184,386 
Rosetta Resources, Inc. (a)                              5,002           91,737 
Superior Offshore International, Inc. (a)                  937           10,541 
Superior Well Services, Inc. (a)                         1,445           32,845 
T-3 Energy Services, Inc. (a)                              596           25,413 
Trico Marine Services, Inc. (a)                          1,096           32,661 
Union Drilling, Inc. (a)                                 1,193           17,394 
WGL Holdings Inc.                                        4,849          164,333 
Whiting Petroleum Corp. (a)                              4,095          182,023 
Willbros Group, Inc. (a)                                 2,833           96,322 
                                                                 ---------------
                                                                     3,855,667

PACKAGING & CONTAINERS - 0.3%                                                   
--------------------------------------------------------------------------------
AEP Industries, Inc. (a)                                   601           25,446 
Chesapeake Corp.                                         1,838           15,550 
Graphic Packaging Corp. (a)                              6,337           28,643 
Greif Inc., Class A                                      3,270          198,424 
Silgan Holdings, Inc.                                    2,443          131,311 
                                                                 ---------------
                                                                       399,374

PHARMACEUTICALS - 3.8%                                                          
--------------------------------------------------------------------------------
Abaxis, Inc. (a)                                         1,962           44,047 
Acadia Pharmaceuticals, Inc. (a)                         2,861           43,058 
Adams Respiratory Therapeutics, Inc. (a)                 3,509          135,237 
Akorn, Inc. (a)                                          5,077           38,027 
Alexza Pharmaceuticals, Inc. (a)                         1,871           16,203 
Align Technology, Inc. (a)                               5,830          147,674 
Alkermes, Inc. (a)                                       9,907          182,289 
Allos Therapeutics, Inc. (a)                             3,852           18,297 
Allscripts Healthcare Solutions, Inc.  (a)               5,453          147,395 

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)                                             
September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
PHARMACEUTICALS (CONTINUED)                                                     
--------------------------------------------------------------------------------
Alnylam Pharmaceuticals, Inc. (a)                        3,144   $      103,029 
Alpharma, Inc., Class A                                  4,271           91,229 
Altus Pharmaceuticals, Inc. (a)                          1,957           20,529 
Amicus Therapeutics, Inc. (a)                              461            7,703 
Animal Health International, Inc. (a)                    1,182           13,156 
Array Biopharma, Inc. (a)                                4,334           48,671 
Auxilium Pharmaceuticals, Inc. (a)                       3,044           64,168 
Beijing Med-Pharm Corp. (a)                              2,594           30,220 
Bentley Pharmaceuticals, Inc. (a)                        1,823           22,751 
Biodel Inc. (a)                                            461            7,855 
Bioenvision, Inc. (a)                                    5,075           26,796 
BioMarin Pharmaceuticals, Inc. (a)                       9,438          235,006 
Bionovo, Inc. (a)                                        4,386           16,886 
Bradley Pharmaceuticals, Inc. (a)                        1,173           21,349 
Cadence Pharmaceuticals, Inc. (a)                        1,490           20,860 
Caraco Pharm Labs, Inc. (a)                                904           13,786 
Cell Genesys, Inc. (a)                                   7,087           27,072 
Cubist Pharmaceuticals, Inc. (a)                         5,452          115,201 
CV Therapeutics, Inc. (a)                                5,475           49,165 
Cypress Bioscience, Inc. (a)                             3,603           49,325 
CytRx Corp. (a)                                          8,006           27,701 
Dendreon Corp. (a)                                       7,727           59,421 
Discovery Laboratories, Inc. (a)                         7,801           20,985 
Durect Corp. (a)                                         6,400           35,072 
Emergent Biosolutions, Inc. (a)                            442            3,925 
Geron Corp. (a)                                          6,720           49,190 
HealthExtras, Inc. (a)                                   3,046           84,770 
I-Flow Corp. (a)                                         1,891           35,154 
Idenix Pharmaceuticals, Inc. (a)                         2,290            6,618 
Indevus Pharmaceuticals, Inc. (a)                        5,621           38,841 
Isis Pharmaceuticals, Inc. (a)                           8,038          120,329 
Javelin Pharmaceuticals, Inc. (a)                        3,920           19,678 
Jazz Pharmaceuticals, Inc. (a)                             583            6,530 
KV Pharmaceuticals Co. (a)                               3,484           99,642 
Ligand Pharmaceuticals, Inc., Class B                    8,316           44,407 
Mannatech, Inc.                                          1,519           12,304 
Mannkind Corp. (a)                                       3,845           37,220 
Medarex, Inc. (a)                                       12,408          175,697 
Medicines Co. (The) (a)                                  5,096           90,760 
Medicis Pharmaceutical Corp., Class A                    5,501          167,836 
MGI Pharma, Inc. (a)                                     7,859          218,323 
Nabi Biopharmaceuticals (a)                              5,567           22,602 
Nastech Pharmaceutical Co., Inc. (a)                     2,398           31,917 
Neurocrine Biosciences, Inc. (a)                         3,503           35,030 
Neurogen Corp. (a)                                       2,918           12,956 
Noven Pharmaceuticals, Inc. (a)                          2,238           35,651 
Obagi Medical Products, Inc. (a)                           535            9,881 
Onyx Pharmaceuticals, Inc. (a)                           5,327          231,831 
OSI Pharmaceuticals, Inc. (a)                            5,680          193,063 
Osiris Therapeutics, Inc. (a)                            1,177           15,160 
Pain Therapeutics, Inc. (a)                              3,298           30,836 
Par Pharmaceutical Cos., Inc. (a)                        3,540           65,702 
Penwest Pharmaceuticals Co. (a)                          2,118           23,319 
Perrigo Co.                                              7,571          161,641 
PetMed Express, Inc. (a)                                 1,970           27,600 
PharMerica Corp. (a)                                     2,634           39,299 
Pharmion Corp. (a)                                       2,563          118,257 
Poniard Pharmaceuticals, Inc. (a)                        2,144           12,156 
POZEN, Inc. (a)                                          2,326           25,726 
Progenics Pharmaceuticals, Inc. (a)                      2,487           54,988 
Rigel Pharmaceuticals, Inc. (a)                          2,928           27,611 
Salix Pharmaceuticals Ltd. (a)                           4,349           54,015 
Santarus, Inc. (a)                                       4,690           12,428 
Sciele Pharma, Inc. (a)                                  3,474           90,393 
Sirtris Pharmaceuticals Inc. (a)                           558            9,531 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
PHARMACEUTICALS (CONTINUED)                                                     
--------------------------------------------------------------------------------
Somaxon Pharmaceuticals, Inc. (a)                          936   $        9,519 
Sucampo Pharmaceuticals, Inc., Class A (a)                 420            4,515 
Synta Pharmaceuticals Corp. (a)                            461            3,043 
Synutra International, Inc. (a)                            420           12,537 
Tiens Biotech Group USA, Inc. (a)                          300            1,005 
Trubion Pharmaceuticals, Inc. (a)                          800            9,704 
United Therapeutics, Inc. (a)                            2,047         1 36,207 
USANA Health Sciences, Inc. (a)                            777           33,994 
Valeant Pharmaceuticals International (a)                9,362          144,924 
Vanda Pharmaceuticals Inc. (a)                           2,451           34,093 
ViroPharma, Inc. (a)                                     6,876           61,196 
Vivus, Inc. (a)                                          5,382           26,695 
XenoPort Inc. (a)                                        2,123           99,887 
Zymogenetics, Inc. (a)                                   3,545           46,262 
                                                                 ---------------
                                                                     5,076,561

REAL ESTATE - 0.2%                                                              
--------------------------------------------------------------------------------
Avatar Holdings, Inc. (a)                                  527           26,313 
Consolidated - Tomoka Land Co.                             554           37,234 
Grubb & Ellis Co. (a)                                    1,457           13,550 
HFF, Inc., Class A (a)                                   1,648           19,562 
Hilltop Holdings, Inc. (a)                               4,374           51,351 
Meruelo Maddux Properties, Inc. (a)                      4,217           24,922 
Stratus Properties, Inc. (a)                               456           16,111 
Tarragon Corp. (a)                                       1,253            3,283 
Thomas Properties Group, Inc.                            2,189           26,268 
                                                                 ---------------
                                                                       218,594

REAL ESTATE INVESTMENT TRUST (REIT) - 5.9%                                      
--------------------------------------------------------------------------------
Acadia Realty Trust                                      3,165           85,866 
Agree Realty Corp.                                         728           22,816 
Alesco Financial, Inc.                                   5,937           29,210 
Alexander's, Inc. (a)                                      197           75,944 
Alexandria Real Estate Equities, Inc.                    2,903          279,443 
American Campus Communities, Inc.                        2,256           66,078 
American Financial Realty Trust                         12,834          103,314 
Anthracite Capital, Inc.                                 6,244           56,820 
Anworth Mortgage Asset Corp.                             4,206           22,670 
Arbor Realty Trust, Inc.                                 1,317           24,878 
Ashford Hospitality Trust, Inc.                         10,436          104,882 
Associated Estates Realty Corp.                          1,450           18,908 
BioMed Realty Trust, Inc.                                6,448          155,397 
BRT Realty Trust                                           647           11,219 
Capital Lease Fundng, Inc.                               4,012           41,123 
Capital Trust, Inc. (New York)                           1,258           44,659 
CBRE Realty Finance Inc.                                 2,688           15,859 
Cedar Shopping Centers, Inc.                             4,206           57,286 
Corporate Office Properties Trust SBI MD                 3,844          160,026 
Cousins Properties, Inc.                                 3,993          117,234 
Crystal River Capital, Inc.                              2,305           38,747 
DCT Industrial Trust, Inc.                              16,592          173,718 
Deerfield Triarc Capital Corp.                           4,770           43,169 
DiamondRock Hospitality Co.                              9,313          162,139 
Digital Realty Trust, Inc.                               5,250          206,797 
EastGroup Properties, Inc.                               2,339          105,863 
Education Realty Trust, Inc.                             2,724           36,774 
Entertainment Properties Trust                           2,625          133,350 
Equity Inns, Inc.                                        5,423          122,451 
Equity Lifestyle Properties, Inc.                        1,983          102,719 
Equity One, Inc.                                         3,585           97,512 
Extra Space Storage, Inc.                                6,342           97,603 
FelCor Lodging Trust, Inc.                               6,146          122,490 
First Industrial Realty Trust, Inc.                      4,471          173,788 

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)                                             
September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUST (REIT) (CONTINUED)                                 
--------------------------------------------------------------------------------
First Potomac Realty Trust                               2,232   $       48,658 
Franklin Street Properties Corp.                         5,863          101,137 
Getty Realty Corp.                                       1,598           43,466 
Glimcher Realty Trust                                    3,656           85,916 
GMH Communities Trust                                    2,898           22,460 
Gramercy Capital Corp (New York)                         1,764           44,400 
Healthcare Realty Trust, Inc.                            4,711          125,595 
Hersha Hospitality Trust                                 3,760           37,224 
Highwoods Properties, Inc.                               5,603          205,462 
Home Properties, Inc.                                    3,275          170,889 
IMPAC Mortgage Holdings, Inc.                            7,194           11,079 
Inland Real Estate Corp.                                 5,723           88,649 
Investors Real Estate Trust                              4,550           49,140 
JER Investors Trust, Inc.                                2,386           29,706 
Kite Realty Group Trust                                  1,923           36,152 
LaSalle Hotel Properties                                 3,951          166,248 
Lexington Corporate Properties Trust                     6,519          130,445 
LTC Properties, Inc.                                     2,208           52,263 
Luminent Mortgage Capital, Inc.                          4,318            7,211 
Maguire Properties, Inc.                                 3,690           95,313 
Medical Properties Trust, Inc.                           4,572           60,899 
MFA Mortgage Investments, Inc.                           7,485           60,030 
Mid-America Apartment Communities, Inc.                  2,507          124,974 
Mission West Properties Inc.                             1,811           22,004 
National Health Investors, Inc.                          2,267           70,073 
National Retail Properties, Inc.                         6,574          160,274 
Nationwide Health Properties, Inc.                       8,792          264,903 
Newcastle Investment Corp.                               4,091           72,083 
NorthStar Realty Finance Corp.                           5,735           56,949 
NovaStar Financial, Inc.                                   874            7,752 
Omega Healthcare Investors, Inc.                         6,624          102,871 
Parkway Properties, Inc./MD                              1,481           65,371 
Pennsylvania Real Estate Investment Trust                3,166          123,284 
Post Properties, Inc.                                    4,299          166,371 
Potlatch Corp.                                           3,844          173,095 
PS Business Parks, Inc.                                  1,567           89,084 
Quadra Realty Trust, Inc.                                1,670           15,915 
RAIT Financial Trust                                     6,237           51,331 
Ramco-Gershenson Properties                              1,713           53,514 
Realty Income Corp.                                      9,953          278,186 
Redwood Trust, Inc.                                      2,080           69,098 
Republic Property Trust                                  2,416           35,443 
Resource Capital Corp.                                   2,030           22,858 
Saul Centers, Inc.                                         988           50,882 
Senior Housing Properties Trust                          8,241          181,796 
Sovran Self Storage, Inc.                                2,028           92,964 
Strategic Hotels & Resorts, Inc.                         7,325          150,822 
Sun Communities, Inc.                                    1,476           44,398 
Sunstone Hotel Investors, Inc.                           6,153          157,763 
Tanger Factory Outlet Centers                            3,082          125,098 
U-Store-It Trust                                         4,272           56,390 
Universal Health Realty Income Trust                     1,087           38,621 
Urstadt Biddle Properties, Inc., Class A                 1,958           30,290 
Washington Real Estate Investment Trust                  4,437          147,220 
Winthrop Realty Trust                                    4,664           31,389 
                                                                 ---------------
                                                                     7,916,160

RETAIL - 5.5%                                                                   
--------------------------------------------------------------------------------
99 Cents Only Stores (a)                                 4,323           44,397 
AC Moore Arts & Crafts, Inc. (a)                         1,865           29,392 
Aeropostale, Inc. (a)                                    7,636          145,542 
AFC Enterprises (a)                                      2,706           40,725 
Applebees International, Inc.                            7,354          182,968 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
RETAIL (CONTINUED)                                                              
--------------------------------------------------------------------------------
Asbury Automotive Group, Inc.                            2,362   $       46,791 
Bebe Stores, Inc.                                        2,309           33,781 
Benihana, Inc., Class A (a)                              1,213           20,997 
Big 5 Sporting Goods Corp.                               2,092           39,120 
BJ's Restaurants, Inc. (a)                               1,656           34,859 
Blockbuster, Inc. (a)                                   18,920          101,600 
Bob Evans Farms, Inc.                                    3,525          106,385 
Bon-Ton Stores, Inc. (The)                                 944           21,448 
Books-A-Million, Inc.                                    1,314           17,384 
Borders Group, Inc.                                      5,770           76,914 
Brown Shoe Co., Inc.                                     4,335           84,099 
Buckle, Inc. (The)                                       1,294           49,094 
Buffalo Wild Wings, Inc. (a)                             1,413           53,298 
Build-A-Bear Workshop, Inc. (a)                          1,365           24,242 
Cabela's, Inc. (a)                                       3,829           90,556 
Cache, Inc. (a)                                          1,135           20,260 
California Pizza Kitchen, Inc. (a)                       2,681           47,105 
Carrols Restaurant Group, Inc. (a)                       1,001           11,211 
Casey's General Stores, Inc.                             4,977          137,863 
Cash America International, Inc.                         2,925          109,980 
Casual Male Retail Group, Inc. (a)                       3,330           29,837 
Cato Corp. (The) Class A                                 2,755           56,312 
CBRL Group, Inc.                                         2,427           99,022 
CEC Entertainment, Inc. (a)                              2,819           75,747 
Charlotte Russe Holding, Inc. (a)                        2,335           34,184 
Charming Shoppes, Inc. (a)                              12,191          102,404 
Children's Place Retail Stores, Inc.                                            
  (The) (a)                                             2,216           53,804
Chipolte Mexican Grill, Inc. (a)                         3,193          341,651 
Christopher & Banks Corp.                                3,338           40,457 
Citi Trends, Inc. (a)                                    1,278           27,809 
CKE Restaurants, Inc.                                    5,572           90,322 
Collective Brands, Inc. (a)                              6,431          141,868 
Conn's, Inc. (a)                                         1,123           26,828 
CSK Auto Corp. (a)                                       4,330           46,115 
DEB Shops, Inc.                                            462           12,423 
Denny's Corp. (a)                                        8,992           35,968 
Domino's Pizza, Inc.                                     4,267           70,790 
Dress Barn, Inc. (a)                                     4,634           78,824 
DSW, Inc., Class A (a)                                   1,494           37,604 
Eddie Bauer Holdings, Inc. (a)                           2,808           24,149 
Ezcorp, Inc. (a)                                         3,351           45,071 
Finish Line                                              3,920           17,013 
First Cash Financial Services, Inc. (a)                  2,422           56,723 
Fred's, Inc.                                             3,695           38,908 
Gander Mountain Co. (a)                                    470            2,543 
Genesco, Inc. (a)                                        2,242          103,423 
Group 1 Automotive, Inc.                                 2,392           80,299 
Guitar Center, Inc. (a)                                  2,910          172,563 
Haverty Furniture Cos., Inc.                             1,827           16,023 
hhgregg, Inc. (a)                                          913            9,587 
Hibbett Sports, Inc. (a)                                 3,114           77,227 
HOT Topic, Inc. (a)                                      4,080           30,437 
Ihop Corp.                                               1,717          108,738 
Insight Enterprises, Inc. (a)                            4,763          122,933 
J Crew Group, Inc. (a)                                   3,837          159,235 
Jack in the Box, Inc. (a)                                3,084          199,967 
Jamba, Inc. (a)                                          4,797           33,723 
Jo-Ann Stores, Inc. (a)                                  2,458           51,864 
JOS A. Bank Clothiers, Inc. (a)                          1,667           55,711 
Kenneth Cole Productions, Inc., Class A                    867           16,794 
Krispy Kreme Doughnuts, Inc. (a)                         5,962           23,848 
Landry's Restaurants, Inc.                               1,458           38,579 
Lithia Motors, Inc., Class A                             1,463           24,959 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                      20       E*TRADE Russell 2000 Index Fund

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E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
RETAIL (CONTINUED)                                                              
--------------------------------------------------------------------------------
Longs Drug Stores Corp.                                  3,246   $      161,229 
Lululemon Athletica, Inc. (a)                            1,775           74,603 
MarineMax, Inc. (a)                                      1,529           22,262 
McCormick & Schmick's Seafood                                                   
  Restaurants, Inc. (a)                                 1,350           25,421
Men's Wearhouse, Inc.                                    5,340          269,777 
Morton's Restaurant Group, Inc. (a)                        928           14,755 
Movado Group, Inc.                                       1,586           50,625 
New York & Co., Inc. (a)                                 1,984           12,102 
Nu Skin Enterprises, Inc.                                4,955           80,073 
O'Charleys, Inc.                                         2,257           34,216 
Pacific Sunwear of California (a)                        6,917          102,372 
Pantry, Inc. (The) (a)                                   2,254           57,770 
Papa John's International, Inc. (a)                      1,983           48,465 
PC Connection, Inc. (a)                                    857           10,713 
PEP Boys-Manny Moe & Jack                                3,879           54,422 
PF Chang's China Bistro, Inc. (a)                        2,540           75,184 
Pier 1 Imports, Inc. (a)                                 8,231           38,933 
Pricesmart, Inc.                                         1,234           29,122 
Rare Hospitality International, Inc. (a)                 3,029          115,435 
Red Robin Gourmet Burgers, Inc. (a)                      1,622           69,584 
Regis Corp.                                              4,364          139,255 
Retail Ventures, Inc. (a)                                2,550           26,546 
Ruby Tuesday, Inc.                                       5,350           98,119 
Rush Enterprises, Inc., Class A (a)                      2,155           54,629 
Ruth's Chris Steak House (a)                             1,753           24,980 
Sally Beauty Holdings, Inc. (a)                          9,220           77,909 
School Specialty, Inc. (a)                               2,062           71,407 
Select Comfort Corp. (a)                                 4,546           63,417 
Sonic Automotive, Inc.                                   3,053           73,089 
Sonic Corp. (a)                                          6,576          153,878 
Stage Stores, Inc.                                       4,276           77,951 
Steak N Shake Co. (The) (a)                              2,751           41,293 
Stein Mart, Inc.                                         2,431           18,500 
Syms Corp.                                                 604            9,066 
Systemax, Inc.                                             895           18,294 
Talbots, Inc.                                            2,199           39,582 
Texas Roadhouse, Inc. (a)                                4,857           56,827 
Tuesday Morning Corp.                                    2,766           24,866 
Tween Brands, Inc. (a)                                   3,022           99,242 
Under Armour, Inc., Class A (a)                          2,439          145,901 
West Marine, Inc. (a)                                    1,354           15,639 
Wet Seal, Inc., (The) Class A (a)                        7,777           30,097 
Zale Corp. (a)                                           4,824          111,627 
Zumiez, Inc. (a)                                         1,680           74,542 
                                                                 ---------------
                                                                     7,376,016

SEMICONDUCTORS - 3.1%                                                           
--------------------------------------------------------------------------------
Advanced Analogic Technologies, Inc. (a)                 3,411           36,293 
AMIS Holdings, Inc. (a)                                  6,585           63,940 
Amkor Technology, Inc. (a)                              10,305          118,714 
Anadigics, Inc. (a)                                      5,731          103,617 
Applied Micro Circuits Corp. (a)                        27,582           87,159 
Asyst Technologies, Inc. (a)                             4,494           23,773 
AuthenTec, Inc. (a)                                        755            7,550 
Axcelis Technologies, Inc (a)                            9,374           47,901 
Brooks Automation, Inc. (a)                              6,854           97,601 
Cabot Microelectronics Corp. (a)                         2,344          100,206 
Cavium Networks, Inc. (a)                                  622           20,215 
Cirrus Logic, Inc. (a)                                   8,130           52,032 
Cohu, Inc.                                               2,096           39,300 
Conexant Systems, Inc. (a)                              45,234           54,281 
Credence Systems Corp. (a)                               9,764           30,171 
DSP Group, Inc. (a)                                      2,627           41,586 
Emulex Corp. (a)                                         8,408          161,181 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
SEMICONDUCTORS (CONTINUED)                                                      
--------------------------------------------------------------------------------
Entegris, Inc. (a)                                      11,277   $       97,884 
Exar Corp. (a)                                           4,466           58,326 
Formfactor, Inc. (a)                                     4,706          208,805 
Genesis Microchip, Inc. (a)                              3,291           25,802 
Hittite Microwave Corp. (a)                              1,594           70,375 
IPG Photonics Corp. (a)                                    926           18,205 
IXYS Corp. (a)                                           2,524           26,325 
Kulicke & Soffa Industries, Inc. (a)                     5,332           45,215 
Lattice Semiconductor Corp. (a)                         10,584           47,522 
LTX Corp. (a)                                            5,725           20,438 
Mattson Technology, Inc. (a)                             4,858           42,022 
Micrel, Inc.                                             5,122           55,318 
Microsemi Corp. (a)                                      7,514          209,490 
MIPS Technologies, Inc. (a)                              4,035           31,877 
MKS Instruments, Inc. (a)                                4,984           94,796 
Monolithic Power Systems, Inc. (a)                       2,187           55,550 
Netlogic Microsystems, Inc. (a)                          1,556           56,187 
OmniVision Technologies, Inc. (a)                        5,411          122,992 
ON Semiconductor Corp. (a)                              23,913          300,347 
Pericom Semiconductor Corp. (a)                          2,442           28,620 
Photronics, Inc. (a)                                     3,854           43,974 
PLX Technology, Inc. (a)                                 2,643           28,544 
PMC-Sierra, Inc. (a)                                    21,050          176,610 
Rudolph Technologies, Inc. (a)                           2,682           37,092 
Semitool, Inc. (a)                                       2,039           19,778 
Semtech Corp. (a)                                        6,124          125,420 
Silicon Image, Inc. (a)                                  8,093           41,679 
SiRF Technology Holdings, Inc. (a)                       5,218          111,404 
Skyworks Solutions, Inc. (a)                            15,752          142,398 
Spansion, Inc., Class A (a)                              8,863           74,892 
Standard Microsystems Corp. (a)                          2,167           83,256 
Supertex, Inc. (a)                                       1,051           41,914 
Syntax-Brillian Corp. (a)                                5,289           21,526 
Techwell, Inc. (a)                                       1,379           14,645 
Tessera Technologies, Inc. (a)                           4,721          177,038 
TriQuint Semiconductor, Inc. (a)                        12,830           62,995 
Ultra Clean Holdings, Inc. (a)                           1,750           25,725 
Ultratech, Inc. (a)                                      2,218           30,742 
Veeco Instruments, Inc. (a)                              2,859           55,408 
Volterra Semiconductor Corp. (a)                         1,962           24,093 
Zoran Corp. (a)                                          4,886           98,697 
                                                                 ---------------
                                                                     4,139,446

SOFTWARE - 3.2%                                                                 
--------------------------------------------------------------------------------
ACI Worldwide, Inc. (a)                                  3,661           81,823 
Advent Software, Inc. (a)                                1,691           79,426 
American Reprographics Co. (a)                           2,931           54,868 
Ansys, Inc. (a)                                          7,638          260,990 
Aspen Technology, Inc. (a)                               8,678          124,269 
Avid Technology, Inc. (a)                                4,068          110,161 
Avocent Corp. (a)                                        4,971          144,756 
Blackbaud, Inc.                                          4,330          109,289 
Blackboard, Inc. (a)                                     2,814          128,994 
BladeLogic, Inc. (a)                                       564           14,461 
Borland Software Corp. (a)                               6,704           29,162 
Commvault Systems, Inc. (a)                              3,272           60,597 
Computer Programs & Systems, Inc.                          867           22,854 
Concur Technologies, Inc. (a)                            3,719          117,223 
CSG Systems International, Inc. (a)                      4,274           90,822 
Double-Take Software, Inc. (a)                             820           15,670 
Eclipsys Corp. (a)                                       4,500          104,940 
Epicor Software Corp. (a)                                5,724           78,819 
EPIQ Systems, Inc. (a)                                   2,390           44,980 
FalconStor Software, Inc. (a)                            2,951           35,560 
Glu Mobile Inc. (a)                                        682            6,186 
Guidance Software Inc. (a)                                 302            3,826 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                      21       E*TRADE Russell 2000 Index Fund

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E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
SOFTWARE (CONTINUED)                                                            
--------------------------------------------------------------------------------
Informatica Corp. (a)                                    8,621   $      135,350 
Innerworkings, Inc. (a)                                  2,149           37,027 
InPhonic, Inc. (a)                                       2,214            6,089 
Interactive Intelligence, Inc. (a)                       1,201           22,819 
INVESTools, Inc. (a)                                     4,823           58,310 
JDA Software Group, Inc. (a)                             2,367           48,902 
Lawson Software, Inc. (a)                               12,018          120,300 
ManTech International Corp. (a)                          1,901           68,398 
MicroStrategy, Inc., Class A (a)                           942           74,738 
Midway Games, Inc. (a)                                   2,132            9,296 
MSC.Software Corp. (a)                                   4,046           55,107 
Nuance Communications, Inc. (a)                         12,981          250,663 
Omnicell, Inc. (a)                                       3,275           93,468 
Omniture, Inc. (a)                                       3,148           95,447 
OpenTV Corp., Class A (a)                                8,639           12,786 
Packeteer, Inc. (a)                                      3,393           25,787 
Parametric Technology Corp. (a)                         11,316          197,125 
PDF Solutions, Inc. (a)                                  1,953           19,296 
Pegasystems, Inc.                                        1,331           15,839 
Progress Software Corp. (a)                              4,041          122,442 
PROS Holdings, Inc. (a)                                    763            9,209 
Quality Systems, Inc.                                    1,603           58,718 
Renaissance Learning, Inc.                                 728            8,802 
Schawk, Inc.                                             1,434           32,365 
SeaChange International, Inc. (a)                        2,716           18,795 
Solera Holdings Inc. (a)                                 2,421           43,554 
SourceForge Inc. (a)                                     6,095           14,933 
SPSS, Inc. (a)                                           1,791           73,682 
Sybase, Inc. (a)                                         8,997          208,101 
Synchronoss Technologies, Inc. (a)                       1,794           75,456 
SYNNEX Corp. (a)                                         1,502           30,881 
Take-Two Interactive Software, Inc. (a)                  7,184          122,703 
Taleo Corp., Class A (a)                                 1,523           38,699 
THQ, Inc. (a)                                            6,592          164,668 
Trident Microsystems, Inc. (a)                           5,625           89,381 
Unica Corp. (a)                                            904           10,152 
Visual Sciences, Inc. (a)                                1,881           27,162 
Wind River Systems, Inc. (a)                             7,354           86,557 
                                                                 ---------------
                                                                     4,302,683

TELECOMMUNICATIONS - 3.4%                                                       
--------------------------------------------------------------------------------
3Com Corp. (a)                                          38,341          189,405 
Acme Packet, Inc. (a)                                    2,036           31,395 
Adaptec, Inc. (a)                                       11,145           42,574 
ADTRAN, Inc.                                             5,802          133,620 
Airvana, Inc. (a)                                          828            5,009 
Alaska Communications Systems Group, Inc.                3,965           57,294 
Anaren, Inc. (a)                                         1,594           22,475 
Anixter International, Inc. (a)                          3,042          250,813 
Aruba Networks, Inc. (a)                                   734           14,680 
Atheros Communications, Inc. (a)                         5,445          163,187 
Atlantic Tele-Network, Inc.                                868           31,552 
BigBand Networks, Inc. (a)                               1,137            7,277 
C-COR, Inc. (a)                                          4,690           53,888 
Cbeyond, Inc. (a)                                        2,010           81,988 
Centennial Communications Corp. (a)                      2,116           21,414 
Comtech Telecommunications Corp. (a)                     2,281          122,011 
Consolidated Communications Holdings, Inc.               1,819           35,671 
CPI International, Inc. (a)                                655           12,452 
Ditech Networks, Inc. (a)                                3,057           16,110 
Dobson Communications Corp., Class A (a)                14,399          184,163 
EMS Technologies, Inc. (a)                               1,406           34,489 
Fairpoint Communications, Inc.                           3,249           61,276 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
TELECOMMUNICATIONS (CONTINUED)                                                  
--------------------------------------------------------------------------------
FiberTower Corp. (a)                                     9,493   $       36,453 
Finisar Corp. (a)                                       26,393           73,900 
Foundry Networks, Inc. (a)                              14,353          255,053 
General Communication, Inc., Class A (a)                 4,945           60,032 
GeoEye, Inc. (a)                                         1,614           41,560 
Global Crossing Ltd. (a)                                 2,226           46,924 
Globalstar Inc. (a)                                      1,762           12,915 
Golden Telecom, Inc.                                     1,549          124,679 
Harris Stratex Networks, Inc., Class A (a)               2,348           41,020 
Hughes Communications Inc. (a)                             592           30,695 
Hungarian Telephone and Cable Corp. (a)                    331            6,507 
ICO Global Communications Holdings Ltd. (a)              9,485           33,008 
IDT Corp., Class B                                       4,565           38,209 
Infinera Corp. (a)                                       1,574           31,716 
InterDigital, Inc. (a)                                   4,621           96,024 
Iowa Telecommunications Services, Inc.                   2,924           58,041 
iPCS, Inc.                                               1,567           53,889 
Knology, Inc. (a)                                        2,401           40,169 
Loral Space & Communications, Inc. (a)                   1,056           41,976 
MasTec, Inc. (a)                                         3,932           55,323 
MRV Communications, Inc. (a)                            12,213           30,288 
Network Equipment Technologies, Inc. (a)                 2,431           35,250 
Nextwave Wireless, Inc. (a)                              2,500           14,300 
North Pittsburg Systems, Inc.                            1,392           33,074 
Novatel Wireless, Inc. (a)                               2,997           67,882 
Oplink Communications, Inc. (a)                          2,054           28,058 
OpNext, Inc. (a)                                         1,721           19,964 
Optium Corp. (a)                                         1,129           11,719 
Orbcomm, Inc. (a)                                        2,419           18,215 
PAETEC Holding Corp. (a)                                 7,266           90,607 
Plantronics, Inc.                                        4,735          135,184 
Polycom, Inc. (a)                                        9,033          242,626 
Powerwave Technologies, Inc. (a)                        12,836           79,070 
Preformed Line Products Co.                                228           11,861 
Premiere Global Services, Inc. (a)                       6,014           76,077 
RCN Corp. (a)                                            2,846           35,006 
Rural Cellular Corp., Class A (a)                        1,124           48,894 
SAVVIS, Inc. (a)                                         2,706          104,939 
Sirenza Microdevices, Inc. (a)                           3,626           62,694 
Sonus Networks, Inc. (a)                                24,877          151,750 
Switch & Data Facilities Co. (a)                         1,268           20,656 
Syniverse Holdings, Inc. (a)                             2,517           40,020 
Tekelec (a)                                              6,002           72,624 
Time Warner Telecom, Inc., Class A (a)                  14,093          309,623 
USA Mobility, Inc.                                       2,128           35,899 
UTStarcom, Inc. (a)                                      9,795           35,850 
Veraz Networks, Inc. (a)                                   835            5,862 
Vonage Holdings Corp. (a)                                5,963            6,142 
                                                                 ---------------
                                                                     4,574,970

TELECOMMUNICATIONS EQUIPMENT - 0.6%                                             
--------------------------------------------------------------------------------
Andrew Corp. (a)                                        15,342          212,487 
Arris Group, Inc. (a)                                   10,740          132,639 
Avanex Corp. (a)                                        17,936           29,415 
Harmonic, Inc. (a)                                       7,728           81,994 
Ixia (a)                                                 4,190           36,537 
NTELOS Holdings Corp.                                    2,702           79,601 
RF Micro Devices, Inc. (a)                              19,134          128,772 
ShoreTel, Inc. (a)                                         884           12,659 
Sycamore Networks, Inc. (a)                             17,949           73,052 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                      22       E*TRADE Russell 2000 Index Fund

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E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS                                                         
September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT (CONTINUED)                                        
--------------------------------------------------------------------------------
Symmetricom, Inc. (a)                                    4,263   $       20,036 
Viasat, Inc. (a)                                         2,285           70,446 
                                                                 ---------------
                                                                       877,638

TELEPHONE  - 0.1%                                                               
--------------------------------------------------------------------------------
Cincinnati Bell, Inc. (a)                               24,400          120,536 
Shenandoah Telecom Co.                                   2,145           46,675 
SureWest Communications                                  1,357           33,939 
                                                                 ---------------
                                                                       201,150

TEXTILES - 0.3%                                                                 
--------------------------------------------------------------------------------
G&K Services, Inc., Class A                              2,120           85,224 
Interface, Inc., Class A                                 5,390           97,289 
Kellwood Co.                                             2,396           40,852 
Shoe Carnival, Inc. (a)                                    871           13,744 
Steven Madden, Ltd.                                      1,890           35,816 
Unifirst Corp. (MA)                                      1,320           49,447 
Wolverine World Wide, Inc.                               5,365          147,001 
                                                                 ---------------
                                                                       469,373

TOBACCO - 0.1%                                                                  
--------------------------------------------------------------------------------
Universal Corp., Richmond, VA                            2,662          130,305 
Vector Group, Ltd.                                       3,025           67,799 
                                                                 ---------------
                                                                       198,104

TOYS / GAMES / HOBBIES - 0.2%                                                   
--------------------------------------------------------------------------------
Jakks Pacific, Inc. (a)                                  2,741           73,212 
Leapfrog Enterprises, Inc. (a)                           3,156           26,037 
Marvel Entertainment, Inc. (a)                           5,339          125,146 
Multimedia Games, Inc. (a)                               2,252           19,187 
RC2 Corp. (a)                                            2,086           57,762 
Topps Co., Inc. (The)                                    3,200           31,008 
                                                                 ---------------
                                                                       332,352

TRANSPORTATION - 1.6%                                                           
--------------------------------------------------------------------------------
Abx Air, Inc. (a)                                        5,695           40,321 
American Commercial Lines, Inc (a)                       5,295          125,650 
Arkansas Best Corp.                                      2,221           72,538 
Arlington Tankers Ltd.                                   1,223           30,123 
Atlas Air Worldwide Holdings, Inc. (a)                   1,299           67,067 
Bristow Group, Inc. (a)                                  1,993           87,114 
Celadon Group, Inc. (a)                                  2,242           26,388 
Double Hull Tankers, Inc.                                1,959           29,170 
Dynamex, Inc. (a)                                        1,028           26,337 
Eagle Bulk Shipping Inc.                                 4,550          117,117 
Forward Air Corp.                                        2,972           88,506 
Genco Shipping & Trading Ltd.                            1,729          113,301 
General Maritime Corp.                                   2,787           77,785 
Genesee & Wyoming, Inc., Class A (a)                     3,664          105,670 
Golar LNG Ltd.                                           3,396           75,799 
Greenbrier Cos., Inc.                                    1,474           39,371 
GulfMark Offshore, Inc. (a)                              2,253          109,631 
Heartland Express, Inc.                                  5,711           81,553 
Horizon Lines, Inc., Class A                             3,313          101,146 
HUB Group, Inc., Class A (a)                             3,820          114,715 
Knight Transportation, Inc.                              5,635           96,978 
Knightsbridge Tankers Ltd.                               1,577           42,421 
Marten Transport, Ltd. (a)                               1,419           21,867 
Nordic American Tanker Shipping, Ltd.                    2,919          114,542 
Old Dominion Freight Line (a)                            2,923           70,064 
Pacer International, Inc.                                3,366           64,122 
Patriot Transportation Holding, Inc. (a)                   138           13,571 
PHI, Inc. (a)                                            1,272           38,338 
Saia, Inc. (a)                                           1,359           22,464 
Ship Finance International Ltd.                          3,103           81,516 
TBS International Ltd., Class A (a)                        447           18,439 
Ultrapetrol Bahamas, Ltd. (a)                            1,481           24,599 
Universal Truckload Services, Inc. (a)                     527           11,573 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
TRANSPORTATION (CONTINUED)                                                      
--------------------------------------------------------------------------------
Werner Enterprises, Inc.                                 4,582   $       78,581 
                                                                 ---------------
                                                                     2,228,377

TRUCKING & LEASING - 0.1%                                                       
--------------------------------------------------------------------------------
Amerco, Inc. (a)                                         1,002           63,587 
TAL International Group, Inc.                            1,497           37,530 
                                                                 ---------------
                                                                       101,117

WATER  - 0.2%                                                                   
--------------------------------------------------------------------------------
American States Water Co.                                1,661           64,779 
California Water Service Group                           1,905           73,323 
Consolidated Water Co., Ltd.                             1,398           41,968 
Pico Holdings, Inc. (a)                                  1,405           58,378 
SJW Corp.                                                1,423           48,581 
Southwest Water Co.                                      2,103           26,561 
                                                                 ---------------
                                                                       313,590

TOTAL COMMON STOCKS                                                             
(COST $119,984,686)                                                 132,739,431 
CLOSED-END FUND - 0.0%                                                          
--------------------------------------------------------------------------------
Kayne Anderson Energy Development Fund                     973           24,792 
Patriot Capital Funding, Inc.                            1,777           23,759 
                                                                 ---------------
TOTAL CLOSED-END FUND                                                           
(COST $48,605)                                                           48,551 
BUSINESS DEVELOPMENT COMPANY -  0.0%                                            
--------------------------------------------------------------------------------
PennantPark Investment Corp.                             1,947           26,090 
                                                                 ---------------
TOTAL BUSINESS DEVELOPMENT COMPANY                                              
(COST $26,129)                                                           26,090 
RIGHTS - 0.0%                                                                   
--------------------------------------------------------------------------------
Exide Technologies Rts Expires: 09/28/07 (a)             5,598               -- 
                                                                 ---------------
TOTAL RIGHTS                                                                    
(COST $--)                                                                   -- 

                               SHARES/
                                 PRINCIPAL
                                                   AMOUNT                VALUE
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 2.9%                                                   
--------------------------------------------------------------------------------
BlackRock Liquidity Funds TempCash Portfolio         3,629,614        3,629,614 
U.S. Treasury Bill 4.78(b),  01/31/2008 (c)         $  250,000          246,791 
                                                                 ---------------
TOTAL SHORT-TERM INVESTMENTS                                                    
(COST $3,875,590)                                                     3,876,405 
                                                                 ---------------
TOTAL INVESTMENTS - 101.1%                                                      
  (COST $123,935,010)                                              136,690,477
LIABILITIES IN EXCESS OF CASH & OTHER                                           
   ASSETS - (1.1%)                                                   (1,491,093)
                                                                 ---------------
TOTAL NET ASSETS - 100.0%                                        $  135,199,384 
                                                                 ===============

(a)        Non-income producing.                                                

(b)        Yield to Maturity.                                                   

(c)        Security with an aggregate market value of $246,791 was segregated   
 to cover margin requirements for the following open futures
contracts as of September 30, 2007:                       

                            NOTIONAL
NUMBER OF        FUTURES           EXPIRATION     CONTRACT       NET UNREALIZED 
CONTRACTS         INDEX               DATE         VALUE          APPRECIATION  
--------------------------------------------------------------------------------
   6      Russell 2000 Futures    12/21/2007    $2,439,600      $       84,789

(d)        At September 30, 2007, the cost of investments for Federal income    
          tax purposes is $123,935,010. Unrealized appreciation (depreciation)
is as follows:                                            

          Gross Unrealized Appreciation                         $   24,502,565
           Gross Unrealized Depreciation                            (11,747,098)
                                                                 ---------------
          Net Unrealized Appreciation/Depreciation              $   12,755,467
                                                                 ===============

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                                                         
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                                    % OF TOTAL
INDUSTRY                                          MARKET VALUE       NET ASSETS 
--------------------------------------------------------------------------------
BANKS                                           $   10,505,855             7.8% 
COMMERCIAL SERVICES                                  8,905,296             6.6% 
REAL ESTATE INVESTMENT TRUST (REIT)                  7,916,160             5.9% 
HEALTH CARE                                          7,384,856             5.5% 
RETAIL                                               7,376,016             5.5% 
PHARMACEUTICALS                                      5,076,561             3.8% 
TELECOMMUNICATIONS                                   4,574,970             3.4% 
INSURANCE                                            4,460,256             3.3% 
ELECTRONICS                                          4,389,572             3.2% 
SOFTWARE                                             4,302,683             3.2% 
SEMICONDUCTORS                                       4,139,446             3.1% 
OIL & GAS SERVICES                                   3,855,667             2.9% 
COMPUTERS                                            3,610,650             2.7% 
INTERNET COMPANIES                                   3,418,031             2.5% 
CHEMICALS                                            3,193,741             2.4% 
BIOTECHNOLOGY                                        3,191,476             2.4% 
DIVERSIFED FINANCIAL SERVICES                        3,189,494             2.4% 
OIL & GAS PRODUCERS                                  3,113,483             2.3% 
TRANSPORTATION                                       2,228,377             1.6% 
ELECTRIC                                             2,205,533             1.6% 
MACHINERY                                            2,138,299             1.6% 
FOOD                                                 1,991,253             1.5% 
MEDIA                                                1,711,782             1.3% 
AEROSPACE/DEFENSE                                    1,634,648             1.2% 
ENTERTAINMENT                                        1,474,945             1.1% 
AUTO PARTS & EQUIPMENT                               1,437,702             1.1% 
APPAREL                                              1,358,251             1.0% 
BUILDING MATERIALS                                   1,248,656             0.9% 
ENGINEERING & CONTRUCTION                            1,219,845             0.9% 
MINING                                               1,190,983             0.9% 
METAL FABRICATE / HARDWARE                           1,186,629             0.9% 
ELECTRICAL COMPONENTS & EQUIPMENT                    1,142,822             0.8% 
DISTRIBUTION / WHOLESALE                             1,106,928             0.8% 
HOUSEHOLD PRODUCTS / WARE                            1,011,246             0.7% 
ENVIRONMENTAL CONTROL                                  960,461             0.7% 
TELECOMMUNICATIONS EQUIPMENT                           877,638             0.6% 
MANUFACTURING                                          867,462             0.6% 
COMPUTERS, PERIPHERAL & SOFTWARE                       791,626             0.6% 
METALS - DIVERSIFIED                                   789,706             0.6% 
LEISURE TIME                                           742,331             0.5% 
HOME FURNISHINGS                                       708,286             0.5% 
MANUFACTURERS                                          706,340             0.5% 
AIRLINES                                               670,026             0.5% 
OIL & GAS                                              654,138             0.5% 
HOME BUILDERS                                          554,276             0.4% 
FOREST PRODUCTS & PAPER                                519,234             0.4% 
LODGING                                                483,626             0.4% 
TEXTILES                                               469,373             0.3% 
HOLDING COMPANIES                                      466,097             0.3% 
AUTO MANUFACTURERS                                     465,975             0.3% 
HAND / MACHINE TOOLS                                   444,668             0.3% 
PACKAGING & CONTAINERS                                 399,374             0.3% 
OFFICE / BUSINESS EQUIPMENT                            394,689             0.3% 
ENERGY - ALTERNATE SOURCES                             394,452             0.3% 
IRON / STEEL                                           374,856             0.3% 
ADVERTISING                                            366,960             0.3% 
TOYS / GAMES / HOBBIES                                 332,352             0.2% 
GAS                                                    316,263             0.2% 
WATER                                                  313,590             0.2% 
AGRICULTURE                                            225,725             0.2% 
REAL ESTATE                                            218,594             0.2% 
COSMETICS / PERSONAL CARE                              217,793             0.2% 
BEVERAGES                                              215,480             0.2% 
INVESTMENT COMPANIES                                   203,537             0.1% 
COAL                                                   202,020             0.1% 
TELEPHONE                                              201,150             0.1% 
TOBACCO                                                198,104             0.1% 
TRUCKING & LEASING                                     101,117             0.1% 
CLOSED-END FUNDS                                        48,551             0.0% 
BUSINESS DEVELOPMENT COMPANY                            26,090             0.0% 
RIGHTS                                                      --             0.0% 
SHORT-TERM INVESTMENTS AND                                                      
  OTHER ASSETS LESS LIABILITIES                     2,385,312             1.8%
                                                --------------------------------
                                               $  135,199,384           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                                                         
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
COMMON STOCKS - 91.2%                                                           
--------------------------------------------------------------------------------
AUSTRALIA - 6.2%                                                                
--------------------------------------------------------------------------------
ABC Learning Centres, Ltd.                               4,542   $       26,408 
AGL Energy, Ltd.                                         5,530           77,664 
Alinta, Ltd.                                             6,297           74,131 
Alumina, Ltd. ADR                                        3,600           91,080 
Amcor, Ltd. ADR                                          2,874           75,079 
AMP, Ltd.                                               23,914          223,054 
Ansell, Ltd.                                             1,651           18,263 
APN News & Media, Ltd.                                   3,523           16,274 
Aristocrat Leisure, Ltd.                                 4,474           55,034 
Asciano Group (a)                                        6,858           54,439 
ASX, Ltd.                                                2,179          103,646 
Australia & New Zealand Banking                                                 
  Group, Ltd. ADR                                       4,705          618,307
AXA Asia Pacific Holdings, Ltd.                         11,118           76,743 
Babcock & Brown, Ltd.                                    2,902           70,546 
BHP Billiton, Ltd. ADR                                  22,295        1,752,387 
Billabong International, Ltd.                            2,115           28,038 
BlueScope Steel, Ltd.                                    9,267           88,159 
Boral, Ltd.                                              7,586           48,268 
Brambles Industries, Ltd.                               19,581          255,764 
Brambles Industries, Ltd.                                5,293           68,153 
Caltex Australia, Ltd.                                   1,722           35,872 
Centro Properties Group                                 10,780           70,308 
CFS Retail Property Trust                               17,593           37,210 
Challenger Financial Services Group,                                            
  Ltd.                                                  4,569           25,069
Coca-Cola Amatil, Ltd. ADR                               3,354           53,426 
Cochlear, Ltd.                                             701           48,362 
Coles Myer, Ltd.                                        14,479          197,323 
Commonwealth Bank of Australia                          16,456          821,191 
Commonwealth Property Office Fund                       18,564           27,353 
Computershare, Ltd.                                      6,498           53,421 
CSL, Ltd.                                                2,345          222,669 
CSR, Ltd.                                               11,201           30,827 
DB RREEF Trust                                          36,363           64,681 
Downer EDI, Ltd.                                         3,842           21,284 
Fortescue Metals Group, Ltd. (a)                         1,518           64,064 
Foster's Group, Ltd. ADR                                25,871          149,501 
Futuris Corp., Ltd.                                      7,396           13,941 
Goodman Fielder, Ltd.                                   13,521           30,871 
GPT Group                                               26,040          117,525 
Harvey Norman Holdings, Ltd.                             6,751           35,607 
Iluka Resources, Ltd.                                    2,971           14,513 
Ing Industrial Fund                                     12,415           31,092 
Insurance Australia Group, Ltd.                         22,375          103,954 
John Fairfax Holdings, Ltd.                             15,219           63,569 
Leighton Holdings, Ltd.                                  1,773           80,804 
Lend Lease Corp., Ltd.                                   4,594           76,837 
Lion Nathan, Ltd.                                        3,748           30,614 
Macquarie Airports                                       8,769           33,756 
Macquarie Bank, Ltd.                                     3,239          241,920 
Macquarie Communications                                 5,005           26,974 
Macquarie Goodman Group                                 18,111          110,749 
Macquarie Infrastructure Group                          33,864           93,500 
Macquarie Office Trust                                  25,319           35,065 
Mirvac Group                                            12,853           61,990 
Multiplex Group                                          8,011           35,517 
National Australia Bank, Ltd. ADR                        4,149          729,006 
Newcrest Mining, Ltd. ADR                                4,269          105,779 
OneSteel, Ltd.                                           7,314           44,660 
Orica, Ltd.                                              3,967          105,669 
Origin Energy, Ltd.                                     11,088          101,067 
Pacific Brands, Ltd.                                     6,407           17,577 
Paladin Resources, Ltd. (a)                              7,110           48,700 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
AUSTRALIA (CONTINUED)                                                           
--------------------------------------------------------------------------------
PaperlinX, Ltd.                                          5,714   $       15,372 
Perpetual Trustees Australia, Ltd.                         473           30,586 
Publishing & Broadcasting, Ltd.                          5,698           99,336 
Qantas Airways, Ltd.                                    12,406           61,261 
QBE Insurance Group, Ltd.                               10,623          317,747 
Rinker Group, Ltd. ADR (a)                               2,283          162,093 
Rio Tinto, Ltd.                                          3,645          349,078 
Santos, Ltd. ADR                                         1,908          102,173 
Sonic Healthcare, Ltd.                                   3,633           50,154 
Stockland                                               18,294          145,703 
Suncorp-Metway, Ltd.                                    11,736          210,831 
Symbion Health, Ltd.                                     8,231           30,374 
TABCORP Holdings, Ltd. ADR                                 670           89,827 
Tattersall's, Ltd.                                      13,719           48,198 
Telstra Corp., Ltd.                                     18,965           73,174 
Telstra Corp., Ltd. ADR                                  7,317          141,159 
Toll Holdings, Ltd.                                      6,858           79,564 
Transurban Group                                        13,229           85,464 
Wesfarmers, Ltd.                                         4,835          179,706 
Westfield Group NPV                                     20,506          393,784 
Westpac Banking Corp. ADR                                4,721          593,902 
Woodside Petroleum, Ltd. ADR                             5,952          264,414 
Woolworths, Ltd.                                        15,357          403,763 
WorleyParsons, Ltd.                                      1,888           70,858 
Zinifex, Ltd.                                            6,211           97,396 
                                                                 ---------------
                                                                    12,231,171
AUSTRIA - 0.5%                                                                  
--------------------------------------------------------------------------------
Andritz AG                                                 497           34,245 
Boehler-Uddeholm AG ADR                                  2,081           54,336 
Bwin Interactive Entertainment (a)                         333            7,909 
Erste Bank Der Oesterreichischen ADR                     4,827          183,460 
Flughafenwien AG                                           134           13,805 
Immoeast Immobilien Anlagen AG (a)                       3,545           38,517 
Immofinanz Immobilien Anlagen AG                         5,708           71,029 
Mayr-Melnhof Karton AG                                     108           11,903 
Meinl European Land, Ltd. (a)                            3,827           54,426 
OMV AG                                                   2,105          140,192 
Raiff International Rights, Expires                                             
  10/03/07 (a)                                            455               --
Raiffeisen International Bank Holding                                           
  AG                                                      455           66,326
RHI AG (a)                                                 328           15,057 
Telekom Austria AG ADR                                   2,392          124,846 
Verbund Class A                                            983           56,506 
Voestalpine AG                                           1,414          121,862 
Wiener Staedtische Allgemeine                                                   
  Versicherung AG                                         402           28,013
Wienerberger AG                                            899           56,076 
Wienerberger AG Rights, expires                                                 
  10/08/07 (a)                                            899               --
                                                                 ---------------
                                                                     1,078,508
BELGIUM - 1.0%                                                                  
--------------------------------------------------------------------------------
AGFA-Gevaert NV                                          1,644           31,563 
Barco NV                                                   144           12,371 
Bekaert SA                                                 160           21,391 
Belgacom SA                                              2,077           96,117 
Cofinimmo                                                  109           19,231 
Colruyt SA                                                 212           44,667 
Compagnie Maritime Belge SA                                179           13,237 
D' ieteren SA                                               35           15,579 
Delhaize Group ADR                                         988           94,907 
Dexia                                                    6,677          201,689 
Euronav NV                                                 301            9,439 
Fortis NL ADR                                           15,791          463,741 

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)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
BELGIUM (CONTINUED)                                                             
--------------------------------------------------------------------------------
Groupe Bruxelles Lambert SA                                939   $      113,589 
Inbev NV                                                 2,339          211,427 
KBC Bancassurance Holding                                2,316          317,776 
Mobistar SA                                                404           35,249 
Omega Pharma SA                                            242           21,166 
Omega Pharma SA Rights, expires                                                 
  10/03/07 (a)                                            242               --
Solvay SA                                                  810          117,233 
UCB SA                                                   1,403           82,565 
Umicore                                                    315           75,081 
                                                                 ---------------
                                                                     1,998,018
BERMUDA - 0.1%                                                                  
--------------------------------------------------------------------------------
Frontline, Ltd.                                            668           32,647 
SeaDrill, Ltd. (a)                                       3,177           71,043 
                                                                 ---------------
                                                                       103,690
DENMARK - 0.8%                                                                  
--------------------------------------------------------------------------------
AP Moller - Maersk A/S                                      14          191,783 
Bang & Olufsen, A/S                                        133           14,971 
Carlsberg A/S Class B                                      434           59,121 
Coloplast A/S                                              340           32,240 
Dampskibseelskabet TORM ADR                                742           30,288 
Danisco A/S                                                624           48,395 
Danske Bank A/S                                          5,794          234,630 
DSV A/S                                                  2,570           60,433 
East Asiatic Co., Ltd. A/S                                 213           15,869 
FLSmidth & Co., A/S Class B                                679           72,028 
GN Store Nord (a)                                        2,590           26,190 
H Lundbeck A/S                                             677           18,342 
Jyske Bank (a)                                             751           58,245 
NKT Holding A/S                                            300           33,541 
Novo-Nordisk A/S Class B ADR                             3,071          371,714 
Novozymes A/S Class A                                      588           73,705 
Sydbank A/S                                                804           34,898 
Topdanmark A/S (a)                                         225           36,918 
TrygVesta AS                                               347           27,740 
Vestas Wind Systems A/S (a)                              2,362          186,117 
William Demant Holding (a)                                 323           28,471 
                                                                 ---------------
                                                                     1,655,639
FINLAND - 1.8%                                                                  
--------------------------------------------------------------------------------
Amer Sports Oyj                                            919           21,238 
Amer Sports Oyj ADR                                          1               12 
Cargotec Corp. Class B                                     486           23,818 
Elisa Oyj, Class A                                       1,906           59,092 
Fortum Oyj                                               5,665          207,374 
KCI Konecranes Oyj                                         767           30,771 
Kesko, Class B                                             839           55,590 
Kone Oyj                                                   973           70,779 
Metso Oyj ADR                                            1,626          111,690 
Neste Oil Oyj                                            1,635           59,688 
Nokia Oyj ADR                                           52,234        1,981,236 
Nokian Renkaat Oyj                                       1,330           51,940 
OKO Bank, Class A                                        1,220           25,158 
Orion Oyj, Class B                                       1,097           27,801 
Outokumpu Oyj, Class A                                   1,503           53,843 
Rautaruukki Oyj                                          1,072           64,778 
Sampo Oyj, Class A                                       5,513          167,861 
Sanoma-WSOY Oyj                                          1,052           32,630 
Stora Enso Oyj ADR                                       7,409          143,290 
Tietoenator Oyj                                            945           21,153 
UPM-Kymmene Oyj ADR                                      6,674          160,710 
Uponor Oyj                                                 700           21,672 
Wartsila Corp., Class B                                    826           56,444 
YIT Oyj                                                  1,617           47,924 
                                                                 ---------------
                                                                     3,496,492

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
FRANCE - 8.7%                                                                   
--------------------------------------------------------------------------------
Accor SA                                                 2,299   $      203,561 
Aeroports de Paris                                         442           50,790 
Air France-KLM ADR                                       1,546           56,877 
Air Liquide SA                                           3,094          412,997 
Alcatel SA ADR                                          29,456          299,862 
Alstom                                                   1,323          268,246 
Atos Origin SA (a)                                         879           51,003 
AXA SA ADR                                              20,022          893,182 
BNP Paribas ADR                                         21,418        1,168,738 
Bouygues SA                                              2,776          238,808 
Business Objects SA ADR (a)                              1,236           55,459 
Cap Gemini SA                                            1,746          107,319 
Carrefour SA                                             7,643          534,019 
Casino Guichard-Perrachon SA                               555           58,045 
CNP Assurances                                             568           72,466 
Compagine de Saint-Gobain                                4,230          440,289 
Compagnie Generale D'Optique Essilor                                            
  International SA                                      2,516          157,438
Compagnie Generale Des                                                          
  Etablissements Michelin                               1,832          245,635
Credit Agricole SA                                       8,403          323,257 
Dassault Systemes SA ADR                                   734           48,099 
France Telecom SA ADR                                   21,582          721,702 
Gaz de France                                            2,510          130,076 
Gecina SA                                                  159           26,909 
Groupe Danone ADR                                       28,284          444,076 
Hermes International                                       886           99,441 
Icade                                                      418           30,377 
Imerys SA                                                  404           36,777 
Klepierre                                                  882           50,462 
L'Oreal SA                                               3,194          417,896 
Lafarge SA ADR                                           7,642          295,204 
Lagardere SCA                                            1,547          131,322 
LVMH Moet Hennessy Louis Vuitton                                                
  SA                                                    3,125          373,626
M6-Metropole Television                                    841           24,339 
Neopost SA                                                 411           57,819 
Pagesjaunes Groupe SA                                    1,600           32,789 
Pernod-Ricard SA                                         1,152          250,712 
Peugeot SA ADR                                           1,945          160,101 
Pinault Printemps Redoute SA                               983          184,449 
Publicis Groupe ADR                                      1,774           72,760 
Renault SA                                               2,362          341,354 
Safran SA                                                2,128           51,236 
Sanofi-Aventis ADR                                      26,010        1,103,344 
Schneider Electric SA                                    2,766          348,523 
SCOR ADR                                                15,100           40,350 
Societe BIC SA                                             347           29,668 
Societe Des Autoroutes Paris                               288           30,186 
Societe Generale ADR                                    23,540          787,926 
Societe Television Francaise 1                           1,502           40,265 
Sodexho Alliance SA ADR                                  1,217           83,942 
Suez SA ADR                                             13,035          765,609 
Technip-Coflexip SA ADR                                  1,282          114,315 
Thales SA                                                1,131           66,124 
Thomson/ex-TMM ADR                                       3,144           47,915 
TotalFinaElf SA ADR                                     27,468        2,225,732 
Unibail                                                    588          150,930 
Valeo SA ADR                                             1,780           49,388 
Vallourec                                                  608          174,663 
Veolia Environnement ADR                                 3,930          338,530 
Vinci SA                                                 5,081          395,910 
Vivendi                                                 14,758          621,248 
Zodiac SA                                                  493           35,224 
                                                                 ---------------
                                                                    17,069,309

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                       26       E*TRADE International Index Fund

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September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
GERMANY - 7.6%                                                                  
--------------------------------------------------------------------------------
Adidas-Salomon AG                                        2,597   $      169,893 
Allianz AG ADR                                          57,723        1,343,214 
Altana AG ADR                                              895           21,498 
BASF AG ADR                                              6,392          885,041 
Bayer AG ADR                                             9,262          733,678 
Beiersdorf AG                                            1,125           84,028 
Bilfinger Berger AG                                        474           36,947 
Celesio AG                                               1,085           68,295 
Commerzbank AG ADR                                       7,963          322,412 
Continental AG ADR                                       1,674          231,759 
Daimlerchrysler AG                                       5,025          504,815 
Daimlerchrysler AG                                       8,452          846,890 
Deutsche Bank AG                                         6,625          851,538 
Deutsche Boerse AG                                       2,602          353,392 
Deutsche Lufthansa AG ADR                                2,920           84,009 
Deutsche Post AG                                         9,897          287,131 
Deutsche Postbank AG                                     1,046           76,595 
Deutsche Telekom AG ADR                                 36,158          709,782 
Douglas Holding AG                                         400           24,922 
E.ON AG ADR                                             23,832        1,462,570 
Fresenius Medical Care AG                                2,407          127,715 
Heidelberger Druckmaschinen                                742           32,375 
Henkel KGaA                                              1,239           58,518 
Hochtief AG                                                536           64,847 
Hypo Real Estate Holding ADR                             1,710           97,275 
Infineon Technologies AG ADR (a)                         9,539          163,880 
Ivg Immobilien AG                                        1,184           44,015 
Karstadtquelle AG (a)                                      807           26,947 
Linde AG                                                 1,501          185,907 
MAN AG                                                   1,439          208,843 
Merck KGaA                                                 824           99,139 
Metro AG                                                 2,067          186,193 
MLP AG                                                     693            9,225 
Muenchener Rueckversicherungs-                                                  
  Gesellschaft AG                                       2,782          533,207
Premiere AG (a)                                          1,067           22,974 
Puma AG Rudolf Dassler Sport ADR                           153           65,320 
Rheinmetall AG                                             459           36,366 
Rwe AG ADR                                               5,675          710,545 
Salzgitter AG                                              524          102,645 
SAP AG ADR                                              11,313          663,734 
Siemens AG ADR                                          10,857        1,490,123 
Solarworld AG                                            1,068           61,316 
Suedzucker AG                                              845           16,932 
Thyssenkrupp AG                                          4,594          291,780 
TUI AG (a)                                               2,722           72,931 
Volkswagen AG ADR                                       10,875          490,578 
Wincor Nixdorf AG                                          401           33,076 
                                                                 ---------------
                                                                    14,994,815
GREECE - 0.7%                                                                   
--------------------------------------------------------------------------------
Alpha Credit Bank                                        4,944          171,841 
Coca Cola Hellenic Bottling Co., SA                      1,389           80,002 
Cosmote Mobile Telecommunications                                               
  SA                                                    1,495           51,239
EFG Eurobank                                             3,519          123,426 
Folli - Follie SA                                          210            8,541 
Hellenic Exchanges SA                                      762           24,383 
Hellenic Petroleum SA                                    1,364           21,726 
Hellenic Technodomiki Tev SA                             1,520           20,276 
Hellenic Telecommunications                                                     
  Organization SA                                       4,674          172,826
Motor Oil (Hellas) SA                                      565           14,945 
National Bank of Greece SA ADR                          25,765          332,626 
Opap SA                                                  2,848          110,168 
Piraeus Bank SA                                          3,274          116,683 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
GREECE (CONTINUED)                                                              
--------------------------------------------------------------------------------
Public Power Corp.                                       1,332   $       52,662 
Titan Cement Co. SA                                        785           40,458 
Viohalco                                                 1,145           18,791 
                                                                 ---------------
                                                                     1,360,593
HONG KONG - 1.9%                                                                
--------------------------------------------------------------------------------
ASM Pacific Technology, Ltd.                             2,480           21,947 
Bank of East Asia, Ltd. ADR                             17,805           99,927 
BOC Hong Kong Holdings, Ltd.                            47,201          119,694 
Cathay Pacific Airways, Ltd. ADR                         3,515           48,074 
Cheung Kong Holdings, Ltd.                              19,203          316,892 
Cheung Kong Infrastructure Holdings,                                            
  Ltd.                                                  5,751           21,616
Clp Holdings, Ltd. ADR                                  16,895          117,003 
Esprit Holdings, Ltd.                                   13,338          212,037 
Foxconn International Holdings, Ltd. (a)                26,769           73,395 
Giordano International, Ltd.                            19,016            9,351 
Hang Lung Properties, Ltd. ADR                           5,284          118,350 
Hang Seng Bank, Ltd. ADR                                 9,754          173,393 
Henderson Land Development ADR                          11,150           88,483 
Hong Kong & China Gas ADR                               46,376          108,051 
Hong Kong Electric Holdings ADR                         17,695           92,021 
Hong Kong Exchanges and Clearing,                                               
  Ltd.                                                 13,604          416,071
Hopewell Holdings                                        8,021           38,305 
Hutchison Telecommunications                                                    
  International Ltd.                                   18,210           25,316
Hutchison Whampoa, Ltd.                                 27,190          291,022 
Hysan Development Co., Ltd.                              8,075           22,400 
Johnson Electric Holdings, Ltd. ADR                      1,874            9,794 
Kerry Properties, Ltd.                                   7,112           54,654 
Kingboard Chemical Holdings Ltd.                         7,436           47,380 
Li & Fung, Ltd.                                         28,277          120,116 
Link REIT (The)                                         27,264           60,012 
Melco International Development, Ltd.                    9,399           17,567 
MTR Corp.                                               17,695           52,730 
New World Development, Ltd. ADR                         15,189           84,073 
Noble Group Ltd.                                        12,300           17,980 
Orient Overseas International, Ltd.                      2,794           26,596 
PCCW, Ltd. ADR                                           5,168           33,592 
Shangri-La Asia, Ltd. ADR                                  735           49,576 
Shui On Land, Ltd.                                      24,022           29,252 
Shun Tak Holdings, Ltd.                                 11,176           18,011 
Sino Land Co.                                           17,572           43,745 
Sun Hung Kai Properties, Ltd. ADR                       17,481          294,775 
Swire Pacific, Ltd. ADR                                 10,681          129,583 
Techtronic Industries Co., Ltd.                         14,020           15,990 
Television Broadcasts, Ltd.                              3,631           21,827 
Tencent Holdings, Ltd.                                  11,302           73,032 
Tingyi (Cayman Islands) Holding, Corp.                  21,386           33,420 
Wharf Holdings, Ltd.                                    15,612           76,767 
Wing Hang Bank, Ltd.                                     2,252           25,916 
Yue Yuen Industrial Holdings                             7,427           22,228 
                                                                 ---------------
                                                                     3,771,964
IRELAND - 0.8%                                                                  
--------------------------------------------------------------------------------
Allied Irish Bank ADR                                    5,585          270,705 
Bank of Ireland ADR                                      3,121          235,417 
C&C Group PLC                                            4,178           34,462 
CRH PLC ADR                                              6,924          277,583 
DCC PLC                                                  1,025           30,174 
Depfa Bank PLC                                           4,278           88,339 
Elan Corp. PLC ADR (a)                                   5,963          125,462 
Experian Group Ltd. ADR                                 13,038          137,332 
Grafton Group PLC                                        2,927           32,693 
Greencore Group PLC                                      2,027           13,145 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                       27       E*TRADE International Index Fund

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September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
IRELAND (CONTINUED)                                                             
--------------------------------------------------------------------------------
Iaws Group PLC                                           1,615   $       35,807 
Independent News & Media PLC                             6,809           25,274 
Irish Life & Permanent PLC                               3,510           77,622 
Kerry Group PLC, Class A                                 1,769           52,328 
Kingspan Group PLC                                       1,616           35,392 
Paddy Power PLC                                            621           21,726 
Ryanair Holdings PLC (a)                                 4,964           35,298 
Ryanair Holdings PLC ADR (a)                               984           40,846 
                                                                 ---------------
                                                                     1,569,605
ITALY - 3.4%                                                                    
--------------------------------------------------------------------------------
Alleanza Assicurazioni SpA                               5,399           71,676 
Arnoldo Mondadori Editore SpA                            1,489           14,368 
Assicurazioni Generali SpA                              13,450          590,288 
Autogrill SpA                                            1,298           24,939 
Autostrade SpA                                           3,285          110,674 
Banca Intesa SpA                                        98,240          756,542 
Banca Intesa SpA - RNC                                  11,894           86,859 
Banca Monte Dei Paschi di Siena SpA                     14,054           85,994 
Banca Popolare di Milano SCRL                            5,294           77,999 
Banche Popolari Unite SCRL                               7,745          207,624 
Banco Popolare SCRL (a)                                  4,787          106,951 
Bulgari SpA                                              1,911           30,004 
Capitalia Rights, expires 10/03/07                      21,524               -- 
Capitalia SpA                                           21,524          205,090 
Enel SpA ADR                                            11,037          622,156 
Eni SpA ADR                                             16,604        1,224,711 
Fiat SpA ADR                                             9,056          273,163 
Finmeccanica SpA                                         3,794          110,233 
Fondiaria-Sai SpA                                          944           44,209 
Italcementi SpA                                            904           19,979 
Lottomatica SpA                                            870           31,365 
Luxottica Group SpA ADR                                  1,761           59,698 
Mediaset SpA                                             9,793          100,832 
Mediobanca SpA                                           6,257          136,501 
Mediolanum SpA                                           3,254           22,953 
Parmalat SPA                                            19,897           70,458 
Pirelli & Co. SpA (a)                                   36,713           44,119 
Seat Pagine Gialle SpA                                  52,299           29,081 
Snam Rete Gas SpA                                       11,227           69,654 
Telecom Italia SpA (Ordinary) ADR                       13,654          413,306 
Telecom Italia SpA (Savings) ADR                         7,687          184,104 
Terna SpA                                               15,306           56,432 
Unicredito Italiano SpA                                 99,674          850,509 
                                                                 ---------------
                                                                     6,732,471
JAPAN - 18.9%                                                                   
--------------------------------------------------------------------------------
77 Bank, Ltd. (The)                                      4,400           29,572 
Access Co., Ltd. (a)                                         3            9,912 
Acom Co., Ltd. ADR                                       3,256           18,118 
Aderans Co., Ltd.                                          426            8,908 
Advantest Corp. ADR                                      2,036           63,096 
Aeon Co., Ltd.                                           8,166          115,232 
Aeon Credit Service Co., Ltd.                            1,101           11,822 
Aeon Mall Co., Ltd.                                        689           21,027 
Aiful Corp.                                                996           15,588 
Aisin Seiki Co., Ltd.                                    2,443           97,495 
Ajinomoto Co., Inc.                                      7,876           98,608 
Alfresa Holdings Corp.                                     360           22,943 
All Nippon Airways Co., Ltd.                             8,000           31,161 
Alps Electric Co., Ltd.                                  2,200           26,435 
Amada Co., Ltd.                                          4,666           52,090 
Aoyama Trading Co., Ltd.                                   731           18,559 
Asahi Breweries, Ltd.                                    5,243           79,774 
Asahi Glass Co., Ltd.                                   12,102          162,567 
Asahi Kasei Corp.                                       15,207          122,698 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
JAPAN (CONTINUED)                                                               
--------------------------------------------------------------------------------
Asatsu-DK, Inc.                                            428   $       13,769 
Asics Corp.                                              2,040           31,536 
Astellas Pharma Inc.                                     6,834          327,395 
Autobacs Seven Co., Ltd.                                   376            9,758 
Bank of Kyoto Ltd. (The)                                 3,594           43,529 
Bank of Yokohama, Ltd. (The)                            15,247          105,124 
Benesse Corp.                                              882           33,742 
Bridgestone Corp.                                        7,779          171,792 
Canon, Inc. ADR                                         13,607          738,724 
Canon, Marketing Japan Inc.                                960           19,197 
Casio Computer Co., Ltd.                                 3,025           43,291 
Central Glass Co., Ltd.                                  2,193           11,040 
Central Japan Railway Co.                                   20          212,146 
Chiba Bank, Ltd. (The)                                   9,709           74,961 
Chiyoda Corp.                                            1,847           33,242 
Chubu Electric Power Co., Inc.                           8,480          219,345 
Chugai Pharmaceutical Co., Ltd.                          3,568           58,849 
Circle K Sunkus Co., Ltd.                                  605            9,389 
Citizen Watch Co., Ltd.                                  4,366           43,882 
Coca-Cola West Holdings Co., Ltd.                          709           16,644 
COMSYS Holdings Corp.                                    1,490           16,323 
Credit Saison Co., Ltd.                                  2,081           53,556 
CSK Holdings Corp.                                         798           31,153 
Dai Nippon Printing Co., Ltd.                            7,920          113,069 
Daicel Chemical Industries Ltd.                          3,491           27,590 
Daido Steel Co., Ltd.                                    4,157           35,384 
Daifuku Co., Ltd.                                        1,087           12,400 
Daiichi Sankyo Co., Ltd.                                 8,907          267,175 
Daikin Industries, Ltd.                                  2,860          137,511 
Dainippon Ink & Chemicals, Inc.                          8,091           35,807 
Dainippon Screen Manufacturing Co.,                                             
  Ltd.                                                  2,754           16,570
Daito Trust Construction Co., Ltd.                       1,050           50,576 
Daiwa House Industry Co., Ltd.                           6,504           84,767 
Daiwa Securities Group, Inc.                            17,021          161,900 
Denki Kagaku Kogyo Kabushiki Kaisha                      5,966           33,457 
Denso Corp.                                              6,202          233,488 
Dentsu Inc.                                                 25           70,860 
Dowa Holdings Co., Ltd.                                  3,487           44,112 
Dowa Mining Co., Ltd. Rights, expires                                           
  01/29/10 (a)                                          2,165            1,351
eAccess Ltd.                                                17            9,430 
East Japan Railway Co.                                      43          338,721 
Ebara Corp.                                              4,853           22,405 
EDION Corp.                                              1,006           11,187 
Eisai Co., Ltd. ADR                                      3,215          151,784 
Electric Power Development Co., Ltd.                     1,912           74,309 
Elpida Memory, Inc. (a)                                  1,237           45,387 
FamilyMart Co., Ltd.                                       748           19,478 
Fanuc, Ltd.                                              2,444          248,831 
Fast Retailing Co., Ltd.                                   677           39,025 
Fuji Electric Holdings Co., Ltd.                         7,141           31,789 
Fuji Soft ABC, Inc.                                        383            7,826 
Fuji Television Network, Inc.                                6           12,051 
Fujifilm Holdings Corp.                                  6,236          287,903 
Fujikura Ltd.                                            4,559           28,817 
Fujitsu, Ltd.                                           23,763          167,766 
Fukuoka Financial Group, Inc.                            7,876           46,086 
Furukawa Electric Co. (The)                              8,106           39,609 
Glory Ltd.                                                 805           25,547 
Goodwill Group, Inc. (The) (a)                              16            2,996 
Gunma Bank, Ltd. (The)                                   4,830           32,168 
Gunze Ltd.                                               2,326           11,446 
Hachijuni Bank, Ltd. (The)                               5,131           36,894 
Hakuhodo DY Holdings, Inc.                                 297           20,813 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                       28       E*TRADE International Index Fund

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E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS (Continued)                                             
September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
JAPAN (CONTINUED)                                                               
--------------------------------------------------------------------------------
Hankyu Department Stores, Inc.                           1,796   $       14,819 
Hankyu Hanshin Holdings, Inc.                           15,406           78,627 
Haseko Corp. (a)                                        13,165           31,477 
Hikari Tsushin, Inc.                                       334            9,148 
Hino Motors, Ltd.                                        3,298           25,176 
Hirose Electric Co., Ltd.                                  408           49,557 
Hiroshima Bank, Ltd. (The)                               6,380           34,780 
Hitachi Cable Ltd.                                       2,147           13,291 
Hitachi Capital Corp.                                      557            6,998 
Hitachi Chemical Co., Ltd.                               1,323           27,319 
Hitachi Construction Machinery Co., Ltd.                 1,251           49,925 
Hitachi High-Technologies Corp.                            878           20,077 
Hitachi Ltd. ADR                                         4,296          284,137 
Hokkaido Electric Power Co., Inc.                        2,334           50,428 
Hokuhoku Financial Group, Inc.                          15,088           42,634 
Honda Motor Co., Ltd. ADR                               19,893          663,630 
House Foods Corp.                                          919           16,020 
Hoya Corp. ADR                                           5,271          179,649 
Ibiden Co., Ltd.                                         1,623          136,455 
Idemitsu Kosan Co., Ltd.                                   255           28,667 
INPEX Holdings, Inc.                                        11          112,855 
Isetan Co., Ltd.                                         2,439           32,848 
Ishikawajima-Harima Heavy Industries Co., Ltd.          16,842           52,862 
Ito En, Ltd.                                               756           18,405 
Itochu Corp.                                            19,205          232,935 
Itochu Techno-Solutions Corp.                              392           13,803 
J. Front Retailing Co., Ltd. (a)                         3,870           38,018 
Jafco Co., Ltd.                                            400           14,815 
Japan Airlines System Corp. (a)                         11,000           23,814 
Japan Petroleum Exploration Co., Ltd.                      219           16,261 
Japan Prime Realty Investment Corp. REIT                     7           29,153 
Japan Real Estate Investment Corp. REIT                      5           59,992 
Japan Retail Fund Investment Corp. REIT                      4           34,778 
Japan Steel Works Ltd., (The)                            4,501           74,629 
Japan Tobacco, Inc.                                         57          312,716 
JFE Holdings, Inc.                                       7,197          509,356 
JGC Corp.                                                2,643           50,900 
Joyo Bank, Ltd. (The)                                    8,543           47,612 
JS Group Corp.                                           3,394           58,959 
JSR Corp.                                                2,285           55,926 
JTEKT Corp.                                              2,450           43,136 
Jupiter Telecommunications Co., Ltd. (a)                    29           22,491 
Kajima Corp.                                            11,463           39,368 
Kamigumi Co., Ltd.                                       3,324           27,889 
Kaneka Corp.                                             3,877           32,563 
Kansai Electric Power Co., Inc. (The)                    9,824          224,214 
Kansai Paint Co., Ltd.                                   2,782           21,310 
Kao Corp. ADR                                              666          198,616 
Kawasaki Heavy Industries, Ltd. ADR                      4,283           67,029 
Kawasaki Kisen Kaisha, Ltd.                              6,825          100,107 
KDDI Corp.                                                  31          229,640 
Keihin Electric Express Railway Co., Ltd.                5,419           35,101 
Keio Electric Railway Co., Ltd.                          7,379           45,936 
Keisei Electric Railway Co., Ltd.                        3,739           20,708 
Keyence Corp.                                              449           99,548 
Kikkoman Corp.                                           1,887           28,449 
Kinden Corp.                                             1,527           13,940 
Kintetsu Corp.                                          20,735           64,360 
Kirin Brewery Co., Ltd. ADR                             10,046          132,765 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
JAPAN (CONTINUED)                                                               
--------------------------------------------------------------------------------
KK Davinci Advisors (a)                                     14   $       10,505 
Kobe Steel, Ltd.                                        33,774          125,975 
Kokuyo Co., Ltd.                                         1,067           11,077 
Komatsu, Ltd. ADR                                        2,866          384,742 
Komori Corp.                                               736           18,014 
Konami Corp. ADR                                         1,190           32,606 
Konica Minolta Holdings, Inc.                            6,103          103,313 
Kose Corp.                                                 425           11,270 
Kubota Corp. ADR                                         2,819          115,184 
Kuraray Co., Ltd.                                        4,639           58,686 
Kurita Water Industries, Ltd.                            1,440           48,828 
Kyocera Corp. ADR                                        2,074          193,276 
Kyowa Hakko Kogyo Co., Ltd.                              4,154           42,726 
Kyushu Electric Power Co., Inc.                          4,839          127,901 
Lawson, Inc.                                               801           25,280 
Leopalace21 Corp.                                        1,628           53,363 
Mabuchi Motor Co., Ltd.                                    360           23,444 
Makita Corp.                                             1,470           64,416 
Marubeni Corp.                                          20,313          186,149 
Marui Co., Ltd.                                          3,762           41,475 
Matsui Securities Co., Ltd.                              1,545           11,821 
Matsumotokiyoshi Co., Ltd.                                 478            8,831 
Matsushita Electric Industrial Co., Ltd. ADR            25,032          464,344 
Matsushita Electric Works, Ltd.                          4,790           57,681 
Mediceo Paltac Holdings Co., Ltd.                        1,860           28,398 
Meiji Dairies Corp.                                      3,364           18,982 
Meiji Seika Kaisha, Ltd.                                 4,180           21,006 
Meitec Corp.                                               446           13,068 
Millea Holdings, Inc. ADR                               10,221          410,564 
Minebea Co., Ltd. ADR                                    2,291           31,313 
Mitsubishi Chemical Holdings Corp.                      14,976          130,209 
Mitsubishi Corp. ADR                                     8,619          545,549 
Mitsubishi Electric Corp.                               24,649          308,608 
Mitsubishi Estate Co., Ltd.                             14,989          428,760 
Mitsubishi Gas Chemical Co., Inc.                        4,934           45,687 
Mitsubishi Heavy Industries, Ltd.                       40,880          266,929 
Mitsubishi Logistics Corp.                               1,459           20,525 
Mitsubishi Materials Corp.                              14,374           89,232 
Mitsubishi Rayon Co., Ltd.                               6,888           48,749 
Mitsubishi UFJ Financial Group Inc. ADR                103,011          935,340 
Mitsubishi UFJ Lease & Finance Co., Ltd                    512           16,961 
Mitsubishi UFJ Securities Co., Ltd.                      3,241           28,461 
Mitsui & Co., Ltd. ADR                                     992          501,952 
Mitsui Chemicals, Inc.                                   8,082           80,177 
Mitsui Engineering & Shipbuilding Co., Ltd.              9,540           53,998 
Mitsui Fudosan Co., Ltd.                                10,681          296,243 
Mitsui Mining & Smelting Co., Ltd.                       7,308           31,452 
Mitsui O.S.K. Lines, Ltd.                               13,838          223,906 
Mitsui Sumitomo Insurance Co.                           15,441          181,106 
Mitsui Trust Holdings, Inc.                              8,097           63,078 
Mitsukoshi, Ltd.                                         5,255           23,804 
Mitsumi Electric Co., Ltd.                               1,034           42,164 
Mizuho Financial Group, Inc.                               121          689,084 
Murata Manufacturing Co., Ltd.                           2,730          196,534 
Namco Bandai Holdings, Inc.                              2,659           38,608 
NEC Corp. ADR                                           25,888          125,596 
NEC Electronics Corp. (a)                                  473           13,571 
NGK Insulators, Ltd.                                     3,411          109,731 
NGK Spark Plug Co., Ltd.                                 2,196           34,081 
NHK Spring Co., Ltd.                                     1,868           14,227 
Nichirei Corp.                                           3,172           14,534 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                       29       E*TRADE International Index Fund

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E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS (Continued)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
JAPAN (CONTINUED)                                                               
--------------------------------------------------------------------------------
Nidec Corp.                                              1,385   $       96,697 
Nikko Cordial Corp.                                      9,149          114,785 
Nikon Corp.                                              3,828          131,466 
Nintendo Co., Ltd.                                       1,265          657,714 
Nippon Building Fund, Inc. REIT                              6           87,119 
Nippon Electric Glass Co., Ltd.                          4,280           68,843 
Nippon Express Co., Ltd.                                10,162           50,450 
Nippon Kayaku Co., Ltd.                                  1,979           16,449 
Nippon Light Metal Co., Ltd.                             5,891           12,959 
Nippon Meat Packers, Inc.                                2,331           25,861 
Nippon Mining Holdings, Inc.                            11,251          112,887 
Nippon Oil Corp.                                        15,878          147,301 
Nippon Paper Group Inc.                                     11           33,952 
Nippon Sheet Glass Co., Ltd.                             7,686           46,912 
Nippon Shokubai Co., Ltd.                                1,616           15,708 
Nippon Steel Corp.                                      73,801          530,656 
Nippon Telegraph & Telephone ADR                        13,206          307,304 
Nippon Yusen Kabushiki Kaisha                           14,122          137,764 
NISHI-NIPPON City Bank Ltd.                              8,638           24,258 
Nishimatsu Construction Co., Ltd.                        3,368           10,161 
Nissan Chemical Industries, Ltd.                         1,915           23,610 
Nissan Motor Co., Ltd. ADR                              14,416          288,464 
Nisshin Seifun Group, Inc.                               2,454           23,065 
Nisshin Steel Co., Ltd.                                 10,148           45,704 
Nisshinbo Industries, Inc.                               1,930           26,798 
Nissin Food Products Co., Ltd.                           1,138           40,567 
Nitori Co., Ltd.                                           470           22,189 
Nitto Denko Corp.                                        2,106           97,779 
NOK Corp.                                                1,435           30,693 
Nomura Holdings, Inc. ADR                               22,568          375,757 
Nomura Real Estate Holdings, Inc.                          667           19,485 
Nomura Real Estate Office Fund, Inc. REIT                    3           31,300 
Nomura Research                                          1,435           48,784 
NSK, Ltd.                                                5,625           49,298 
NTN Corp.                                                5,038           44,898 
NTT Data Corp.                                              16           71,226 
NTT DoCoMo, Inc. ADR                                    20,918          297,872 
NTT Urban Development Corp.                                 15           31,039 
Obayashi Corp.                                           7,823           36,185 
Obic Co., Ltd.                                              89           17,241 
Odakyu Electric Railway Co., Ltd.                        7,974           51,374 
Oji Paper Co., Ltd.                                     10,861           52,504 
Oki Electric Industry Co., Ltd. (a)                      7,855           13,522 
OKUMA Corp.                                              1,830           26,667 
Okumura Corp.                                            2,039           10,371 
Olympus Corp.                                            2,941          120,693 
Omron Corp. ADR                                          2,701           71,391 
Onward Kashiyama Co., Ltd.                               1,765           17,832 
Oracle Corp., Japan                                        486           22,184 
Oriental Land Co., Ltd.                                    639           37,002 
Orix Corp. ADR                                           2,316          262,797 
Osaka Gas Co., Ltd.                                     25,665           89,927 
OSG Corp.                                                1,010           10,503 
Otsuka Corp.                                               202           19,793 
PARK24 Co., Ltd.                                         1,225           11,002 
Pioneer Corp.                                            1,952           23,913 
Promise Co., Ltd.                                          946           23,030 
QP Corp.                                                 1,289           11,779 
Rakuten, Inc.                                               83           32,510 
Resona Holdings, Inc.                                       73          125,036 
Ricoh Co., Ltd. ADR                                      1,710          179,123 
Rinnai Corp.                                               484           14,434 
Rohm Co., Ltd.                                           1,288          113,665 
Round One Corp.                                              4            8,834 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
JAPAN (CONTINUED)                                                               
--------------------------------------------------------------------------------
Ryohin Keikaku Co., Ltd.                                   304   $       17,471 
Sanken Electric Co., Ltd.                                1,361            6,662 
Sankyo Co., Ltd., Gunma                                    685           27,694 
Santen Pharmaceutical Co., Ltd.                            941           23,522 
Sanwa Shutter Corp.                                      2,759           15,448 
Sanyo Electric Co., Ltd. (a)                            20,300           33,358 
Sapporo Hokuyo Holdings, Inc.                                4           39,647 
Sapporo Holdings, Ltd.                                   3,166           20,893 
SBI E*TRADE Securitioes Co., Ltd.                           18           17,059 
SBI Holdings, Inc.                                         118           30,932 
Secom Co., Ltd.                                          2,678          128,760 
Sega Sammy Holdings Inc. ADR                            10,114           33,636 
Seiko Epson Corp.                                        1,628           40,270 
Seino Holdings, Corp.                                    1,854           17,103 
Sekisui Chemical Co., Ltd.                               5,849           42,870 
Sekisui House, Ltd. ADR                                  6,334           79,633 
Seven & I Holdings Co., Ltd.                            10,493          269,589 
Sharp Corp.                                             12,751          231,151 
Shimachu Co., Ltd.                                         557           14,722 
Shimamura Co., Ltd.                                        280           26,170 
Shimano, Inc.                                              871           30,443 
Shimizu Corp.                                            7,543           40,989 
Shin-Etsu Chemical Co., Ltd.                             5,236          361,465 
Shinko Electric Industries Co., Ltd.                       862           19,111 
Shinko Securities Co., Ltd.                              6,725           31,106 
Shinsei Bank, Ltd.                                      17,856           56,200 
Shionogi & Co., Ltd.                                     3,807           58,620 
Shiseido Co., Ltd.                                       4,332           96,045 
Shizuoka Bank, Ltd. (The)                                7,348           71,298 
Showa Denko Kabushiki Kaisha                            14,250           53,895 
Showa Shell Sekiyu Kabushiki Kaisha                      2,403           30,859 
SMC Corp.                                                  733          100,249 
Softbank Corp.                                           9,426          173,744 
Sojitz Corp.                                            12,400           53,906 
Sompo Japan Insurance, Inc.                             10,709          122,718 
Sony Corp. ADR                                          12,784          614,399 
Stanley Electric Co., Ltd.                               1,921           46,265 
Sumco Corp.                                              1,460           59,408 
Sumitomo Bakelite Co., Ltd.                              2,543           14,615 
Sumitomo Chemical Co., Ltd.                             20,060          171,796 
Sumitomo Corp. ADR                                      13,559          261,713 
Sumitomo Electric Industries, Ltd.                       9,201          146,397 
Sumitomo Heavy Industries, Ltd.                          7,340           94,386 
Sumitomo Metal Industries, Ltd. ADR                      5,211          303,558 
Sumitomo Metal Mining Co.                                6,949          168,567 
Sumitomo Mitsui Financial Group, Inc.                       84          653,654 
Sumitomo Osaka Cement Co., Ltd.                          4,907           12,074 
Sumitomo Realty & Development                            4,858          170,641 
Sumitomo Rubber Industries, Inc.                         2,181           27,382 
Sumitomo Titanium Corp.                                    235           20,453 
Sumitomo Trust & Banking Co., Ltd. ADR                  16,022          121,054 
Suruga Bank Ltd.                                         2,535           30,923 
Suzuken Co., Ltd.                                          839           28,230 
T&D Holdings, Inc.                                       2,514          154,536 
Taiheiyo Cement Corp.                                   11,515           43,751 
Taisei Corp.                                            12,224           35,392 
Taisho Pharmaceutical Co., Ltd.                          1,839           36,136 
Taiyo Nippon Sanso Corp.                                 3,599           32,293 
Taiyo Yuden Co., Ltd.                                    1,306           25,833 
Takara Holdings, Inc.                                    2,221           13,035 
Takashimaya Co., Ltd.                                    3,767           41,759 
Takeda Pharmaceutical Co., Ltd.                         10,776          757,032 
Takefuji Corp.                                           1,409           27,931 
Tanabe Seiyaku Co., Ltd.                                 2,731           34,430 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                       30       E*TRADE International Index Fund

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September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
JAPAN (CONTINUED)                                                               
--------------------------------------------------------------------------------
TDK Corp. ADR                                            1,614   $      141,225 
Teijin, Ltd.                                            10,657           51,981 
Terumo Corp.                                             2,152          108,522 
THK Co., Ltd.                                            1,611           33,967 
TIS Inc.                                                   463            9,017 
Tobu Railway Co., Ltd.                                  10,405           48,852 
Toda Corp.                                               2,675           14,094 
Toho Co., Ltd.                                           1,446           28,539 
Toho Titanium Co., Ltd.                                    349           12,805 
Tohoku Electric Power Co., Inc.                          5,452          116,373 
Tokai Rika Co., Ltd.                                       661           18,391 
Tokuyama Corp.                                           2,813           42,630 
Tokyo Broadcasting System, Inc.                            400           11,199 
Tokyo Electric Power Co., Inc. (The)                    15,531          391,600 
Tokyo Electron, Ltd.                                     2,189          138,555 
Tokyo Gas Co., Ltd.                                     28,676          133,388 
Tokyo Seimitsu Co., Ltd.                                   461            9,580 
Tokyo Steel Manufacturing Co., Ltd.                      1,385           21,483 
Tokyo Tatemono Co., Ltd.                                 3,651           46,504 
Tokyu Corp.                                             13,628           88,867 
Tokyu Land Corp.                                         5,442           54,555 
TonenGeneral Sekiyu K.K                                  3,721           37,367 
Toppan Printing Co., Ltd.                                7,137           73,408 
Toray Industries, Inc.                                  16,983          134,665 
Toshiba Corp.                                           39,007          363,905 
Tosoh Corp.                                              6,134           39,732 
Toto Ltd.                                                3,556           25,754 
Toyo Seikan Kaisha, Ltd.                                 2,072           39,003 
Toyo Suisan Kaisha, Ltd.                                 1,131           21,240 
Toyobo Co., Ltd.                                         8,025           18,769 
Toyoda Gosei Co., Ltd.                                     829           29,984 
Toyota Boshoku Corp.                                       838           28,270 
Toyota Industries Corp.                                  2,286           98,385 
Toyota Motor Corp.,  ADR                                17,268        2,017,938 
Toyota Tsusho Corp.                                      2,710           71,865 
Trend Micro Inc.                                         1,314           56,780 
Ube Industries, Ltd.                                    12,227           43,267 
Uni-Charm Corp.                                            528           32,364 
UNY Co., Ltd.                                            2,294           19,965 
Ushio, Inc.                                              1,425           25,894 
USS Co., Ltd.                                              312           20,481 
Wacoal Corp.                                             1,194           14,648 
West Japan Railway Co.                                      22          104,821 
Yahoo! Japan Corp.                                         193           72,995 
Yakult Honsha Co., Ltd.                                  1,346           30,603 
Yamada Denki Co., Ltd.                                   1,086          107,358 
Yamaha Corp.                                             2,239           50,128 
Yamaha Motor Co., Ltd.                                   2,374           60,478 
Yamato Holdings Co., Ltd.                                4,958           74,274 
Yamazaki Baking Co., Ltd.                                1,405           10,530 
Yaskawa Electric Corp.                                   2,675           33,282 
Yokogawa Electric Corp.                                  2,741           33,317 
Zeon Corp.                                               2,161           21,269 
                                                                --------------
                                                                    37,206,825

LUXEMBOURG - 0.0%                                                               
--------------------------------------------------------------------------------
Oriflame Cosmetics SA, Receipt                             512           30,946 
NETHERLANDS - 5.5%                                                              
--------------------------------------------------------------------------------
ABN AMRO Holding NV ADR                                 23,141        1,214,903 
Aegon NV ADR                                            18,631          354,548 
Akzo Nobel NV ADR                                        3,467          284,989 
Arcelor Mittal, Class A                                  8,739          684,788 
ASML Holding NV (a)                                      5,879          193,184 
Corio NV                                                   515           43,871 
Corporate Express ADR                                    1,840           20,074 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
NETHERLANDS (CONTINUED)                                                         
--------------------------------------------------------------------------------
European Aeronautic Defence and Space Co., NV            4,164   $      127,675 
Fugro NV                                                   740           59,913 
Hagemeyer NV                                             7,508           34,595 
Heineken NV                                              3,125          204,523 
Ing Groep NV ADR                                        23,907        1,059,319 
James Hardie Industries NV ADR                           1,191           37,636 
Koninklijke Ahold NV SP ADR                             16,103          242,750 
Koninklijke DSM NV                                       7,470          100,525 
Koninklijke Philips Electronics NV                      14,577          655,090 
OCE NV ADR                                               1,002           21,004 
Qiagen NV (a)                                            1,811           34,872 
Randstad Holdings NV                                       666           35,907 
Reed Elsevier NV ADR                                     4,536          172,232 
Rodamco Europe NV                                          686           95,345 
Royal Dutch Shell PLC, Class A ADR                      17,598        1,444,796 
Royal Dutch Shell PLC, Class B ADR                      23,480        1,929,586 
Royal KPN NV ADR                                        24,599          427,285 
Royal Numico NV                                          2,187          169,197 
SBM Offshore NV                                          1,794           70,340 
TNT NV ADR                                               5,569          232,847 
Unilever NV                                             21,872          674,751 
Vedior NV                                                2,185           47,947 
Wereldhave NV                                              265           31,827 
Wolters Kluwer NV ADR                                    3,741          110,768 
                                                                --------------
                                                                    10,817,087
NEW ZEALAND - 0.1%                                                              
--------------------------------------------------------------------------------
Auckland International Airport, Ltd.                    12,458           29,464 
Contact Energy, Ltd.                                     3,678           25,540 
Fisher & Paykel Appliances Holdings Ltd.                 3,435            9,240 
Fisher & Paykel Healthcare Corp., Ltd.                   6,521           16,260 
Fletcher Building, Ltd.                                  6,018           57,704 
Kiwi Income Property Trust                               9,108            9,979 
Sky City Entertainment Group, Ltd.                       5,637           22,234 
Sky Network Television, Ltd.                             2,482           10,802 
Telecom Corp. of New Zealand, Ltd. ADR                   4,524           76,728 
Vector, Ltd.                                             3,189            5,903 
                                                                --------------
                                                                       263,854
NORWAY - 0.9%                                                                   
--------------------------------------------------------------------------------
Aker Kvaerner ASA                                        2,106           66,708 
DET Norske Oljeselskap ASA (a)                           9,810           20,263 
DNB NOR ASA                                              9,379          143,048 
Norsk Hydro ASA, ADR                                     9,025          391,234 
Norske Skogindustrier ASA                                2,059           21,910 
Ocean RIG ASA (a)                                        2,173           15,950 
Orkla ASA                                               10,627          188,737 
PAN Fish ASA (a)                                        33,221           42,030 
Petroleum Geo-Services ASA                               2,181           62,547 
Prosafe ASA                                              2,346           41,622 
Renewable Energy Corp. AS (a)                            2,206          101,100 
Schibsted ASA                                              597           31,269 
Statoil ASA ADR                                          8,289          281,163 
Storebrand ASA                                           2,868           44,324 
Tandberg ASA                                             1,465           35,056 
Telenor ASA ADR                                          3,572          213,441 
TGS Nopec Geophysical Co. ASA (a)                        1,357           27,654 
Tomra Systems ASA                                        1,602           11,523 
Tomra Systems ASA ADR                                    1,993           14,335 
Yara International ASA ADR                               2,319           72,920 
                                                                --------------
                                                                     1,826,834
PORTUGAL - 0.3%                                                                 
--------------------------------------------------------------------------------
Banco BPI SA                                             2,908           24,400 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                       31       E*TRADE International Index Fund

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E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS (Continued)                                             
September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
PORTUGAL (CONTINUED)                                                            
--------------------------------------------------------------------------------
Banco Comercial Portugues SA,                                                   
  Class R                                              27,638   $      114,379
Banco Espirito Santo SA                                  2,870           64,897 
Brisa-Auto Estradas de Portugal SA                       3,827           50,072 
Cimpor Cimentos de Portugal SA                           2,571           21,243 
Energias de Portugal ADR                                 2,565          149,561 
Jeronimo Martins SGPS SA                                 2,408           14,760 
Portugal Telecom SGPS SA ADR                            10,079          141,509 
PT Multimedia Servicos de Telecomunicacoes e                                    
  Multimedia SGPS SA                                    1,401           20,801
Sonae Industria SGPS SA New (a)                            804            9,010 
Sonae SGPS SA                                           10,204           26,411 
                                                                --------------
                                                                       637,043
SINGAPORE - 1.0%                                                                
--------------------------------------------------------------------------------
Allgreen Properties, Ltd.                                9,128           11,806 
Ascendas Real Estate Investment Trust                   12,643           23,251 
Capitacommerical Trust REIT                             12,354           23,635 
CapitaLand, Ltd. ADR                                     9,766          107,236 
CapitalMall Trust REIT                                  12,965           34,062 
Chartered Semiconductor Manufacturing, Ltd.                                     
  ADR (a)                                               1,294            9,589
City Developments Ltd.                                   6,379           69,615 
ComfortDelgro Corp., Ltd.                               23,775           31,071 
Cosco Corp. Singapore, Ltd.                              9,886           39,625 
DBS Group Holdings ADR                                   3,617          210,522 
Fraser And Neave, Ltd.                                  10,571           40,591 
Haw Par Corp., Ltd.                                      1,324            7,225 
Jardine Cycle & Carriage, Ltd.                           1,730           21,560 
Keppel Corp., Ltd. ADR                                   7,044          136,661 
Keppel Land, Ltd.                                        4,588           25,653 
Neptune Orient Lines Ltd. ADR                            1,396           19,937 
Olam International Ltd.                                  7,932           16,778 
Oversea-Chinese Banking Corp., Ltd.                     31,903          191,274 
Parkway Holdings, Ltd.                                   7,832           22,370 
SembCorp Industries, Ltd.                               11,308           49,134 
SembCorp Marine Ltd.                                    10,469           32,442 
Singapore Airlines, Ltd. (a)                             6,675           85,438 
Singapore Exchange Ltd.                                 10,128           88,013 
Singapore Land, Ltd.                                     1,578           10,843 
Singapore Petroleum Co., Ltd.                            2,304           10,554 
Singapore Post, Ltd.                                    18,348           15,079 
Singapore Press Holdings, Ltd.                          19,199           55,872 
Singapore Technologies Engineering, Ltd.                16,967           44,576 
Singapore Telecommunications, Ltd. ADR                  10,139          274,571 
SMRT Corp. Ltd.                                          8,678            9,997 
STATS ChipPAC, Ltd. ADR (a)                              1,434           15,473 
Suntec Real Estate Investment Trust                     12,715           16,703 
United Overseas Bank, Ltd. ADR                           7,773          231,443 
Uol Group Ltd.                                           6,591           23,088 
Venture Corp., Ltd.                                      2,956           32,857 
Wing Tai Holdings, Ltd.                                  5,962           15,503 
                                                                 ---------------
                                                                     2,054,047
SPAIN - 3.8%                                                                    
--------------------------------------------------------------------------------
Abertis Infraestructuras SA                              2,913           90,850 
Acciona SA                                                 365           98,990 
Acerinox SA                                              1,986           59,595 
ACS Actividades Cons y Serv                              2,701          148,656 
Altadis SA                                               3,267          229,242 
Antena 3 de Television SA                                1,076           19,801 
Banco Bilbao Vizcaya ADR                                45,306        1,054,724 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
SPAIN (CONTINUED)                                                               
--------------------------------------------------------------------------------
Banco Popular Espanol SA                                10,852   $      185,970 
Banco Santander Central Hispano SA ADR                  79,775        1,540,455 
Cintra Concesiones de Infraestructuras de                                       
  Transporte SA                                         2,631           39,957
Ebro Puleva SA                                           1,079           22,066 
Endesa SA ADR                                            8,103          462,762 
Fomento de Construcciones y Contratas SA                   583           47,052 
Gamesa Corporacion Tecnologica, SA                       2,172           88,497 
Gas Natural SDG SA                                       1,420           79,970 
Gestevision Telecinco SA                                 1,258           32,937 
Grupo Ferrovial SA                                         805           67,946 
Iberdrola SA (a)                                        10,970          642,761 
Iberia Lineas Aereas de Espana                           6,046           29,406 
Inditex SA                                               2,783          187,048 
Indra Sistemas SA                                        1,465           39,523 
Mapfre SA                                                5,930           26,734 
Promotora de Informaciones SA                              977           19,244 
Repsol SA ADR                                           10,122          359,331 
Sacyr Vallehermoso SA                                    1,089           38,006 
Sociedad General de Aguas de Barcelona SA                  765           28,994 
Sogecable SA (a)                                           614           22,214 
Telefonica SA ADR                                       18,964        1,588,804 
Union Fenosa SA                                          1,360           80,247 
Zardoya Otis SA                                          1,336           41,363 
Zeltia SA                                                2,064           22,396 
                                                                --------------
                                                                     7,395,541
SWEDEN - 2.4%                                                                   
--------------------------------------------------------------------------------
Alfa Laval AB                                            1,211           77,594 
Assa Abloy AB - Class B                                  3,981           82,309 
Atlas Copco AB, Class A ADR                             12,269          211,467 
Atlas Copco AB, Class B ADR                              5,334           84,928 
Axfood AB                                                  383           12,877 
Billerud AB                                                544            7,274 
Boliden AB                                               3,692           78,331 
Castellum AB                                             1,975           24,500 
D Carnegie & Co. AB                                        916           19,186 
Electrolux AB, Class B ADR                               1,623           68,492 
Elekta AB, Class B                                       1,093           17,741 
Eniro AB                                                 2,323           28,189 
Fabege AB                                                1,732           20,549 
Getinge AB                                               2,162           52,136 
Hennes & Mauritz AB, Class B                             6,055          382,354 
Hoganas AB, Class B                                        305            8,062 
Holmen AB, Class B                                         674           25,734 
Husqvarna AB ADR                                         1,795           46,199 
Kungsleden AB                                            1,741           22,338 
Lundin Petroleum AB (a)                                  3,003           34,468 
Modern Times Group AB - B Shares                           657           42,249 
Nobia AB                                                 1,883           18,047 
Nordea Bank AB                                          26,471          459,525 
OMX AB                                                   1,077           46,533 
Sandvik AB ADR                                          12,105          258,696 
SAS AB (a)                                                 944           16,854 
Scania AB, Class B                                       4,592          111,445 
Securitas AB, Class B                                    3,994           52,479 
Securitas Direct AB - B Shares (a)                       3,994           11,669 
Securitas Systems AB - B Shares                          3,994           14,694 
Skandinaviska Enskilda Banken AB, Class A                5,920          191,719 
Skanska AB                                               4,799           94,770 
SKF AB - B Shares ADR                                    5,176          108,616 
Ssab Svenskt Staal AB - Series A                         1,929           71,118 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

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                                       32       E*TRADE International Index Fund

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E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS (Continued)                                             
September 30, 2007 (Unaudited)                                                  
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                                                       SHARES            VALUE
--------------------------------------------------------------------------------
SWEDEN (CONTINUED)                                                              
--------------------------------------------------------------------------------
Ssab Svenskt Staal AB - Series B                           849   $       28,873 
Svenska Cellulosa AB ADR                                 7,176          133,391 
Svenska Handelsbanken AB                                 6,500          200,957 
Swedish Match AB                                         3,571           73,970 
TELE2 AB - B Shares                                      3,885           83,627 
Telefonaktiebolaget LM Ericsson ADR                     18,908          752,538 
TeliaSonera AB                                          25,775          232,089 
Trelleborg AB, Class A                                   1,031           24,225 
Volvo AB                                                 6,050          104,745 
Volvo AB, Class A ADR                                   13,879          240,801 
Wihlborgs Fastigheter AB                                   368            6,798 
                                                                 ---------------
                                                                     4,685,156
SWITZERLAND - 6.4%                                                              
--------------------------------------------------------------------------------
Abb, Ltd.                                               26,510          695,357 
Adecco SA ADR                                            6,734           99,220 
Ciba Specialty Chemicals AG ADR                          1,806           45,877 
Clariant AG, Registered                                  2,936           35,965 
Compagnie Financiere Richemont AG Class A                6,658          439,706 
Credit Suisse Group ADR                                 13,937          924,441 
Geberit AG                                                 504           65,707 
Givaudan SA, Registered                                     83           76,449 
Holcim Ltd.                                              2,560          281,815 
Kudelski SA                                                452           12,737 
Kuehne & Nagel International AG                            689           67,591 
Kuoni Reisen Holding AG Class B                             36           16,949 
Logitech International SA (a)                              818           24,270 
Logitech International SA (a)                            1,591           47,014 
Lonza Group AG, Registered                                 579           62,946 
Nestle SA ADR                                           20,446        2,288,404 
Nobel Biocare Holding AG                                   302           81,498 
Novartis AG ADR                                         29,588        1,626,156 
OC Oerlikon Corp. AG (a)                                    81           29,624 
Phonak Holding AG                                          593           59,290 
PSP Swiss Property AG                                      568           30,048 
Rieter Holding AG                                           57           30,740 
Roche Holding AG ADR                                    17,923        1,619,391 
Schindler Holding AG                                       656           41,274 
SGS SA                                                      60           68,310 
STMicroelectronics NV                                    8,707          145,842 
Straumann Holding AG                                        99           27,712 
Sulzer AG                                                   46           65,759 
Swatch Group AG                                            413          135,051 
Swatch Group AG, Class B                                   671           42,821 
Swiss Life Holding                                         431          111,421 
Swiss Reinsurance Co. ADR                                4,537          402,745 
Swisscom AG ADR                                          2,892          109,607 
Syngenta AG ADR                                          6,636          287,538 
Synthes Inc.                                               757           84,435 
UBS AG, Registered                                      25,509        1,366,944 
Xstrata PLC                                              7,853          519,021 
Zurich Financial Services ADR                           18,449          551,559 
                                                                 ---------------
                                                                    12,621,234
UNITED KINGDOM - 18.4%                                                          
--------------------------------------------------------------------------------
3i Group PLC                                             4,997          101,505 
Acergy SA ADR                                            2,481           73,686 
Aegis Group PLC                                         10,946           27,876 
Aggreko PLC                                              3,267           38,472 
Amec PLC                                                 4,290           64,766 
Anglo American PLC                                      17,248        1,155,780 
ARM Holdings PLC ADR                                     5,707           53,703 
Arriva PLC                                               2,527           39,772 
AstraZeneca PLC, SP ADR                                 19,470          974,863 
Aviva PLC                                               32,739          490,922 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
UNITED KINGDOM (CONTINUED)                                                      
--------------------------------------------------------------------------------
BAE Systems PLC ADR                                     10,222   $      411,104 
Balfour Beatty PLC                                       5,492           53,093 
Barclays PLC ADR                                        20,855        1,013,970 
Barratt Developments PLC                                 3,738           56,965 
BBA Aviation PLC                                         5,253           24,453 
Bellway PLC                                              1,460           30,668 
Berkeley Group Holdings PLC (The)                        1,079           31,524 
BG Group PLC ADR                                         8,699          749,685 
BHP Billiton PLC                                        15,151        1,089,508 
Biffa PLC                                                4,463           20,141 
Bovis Homes Group PLC                                    1,538           20,493 
BP PLC ADR                                              41,160        2,854,446 
British Airways ADR (a)                                    734           57,312 
British American Tobacco PLC ADR                         9,865          710,083 
British Land Co. PLC ADR                                 6,648          158,740 
British Sky Broadcasting Group PLC ADR                   3,633          207,299 
Brixton PLC REIT                                         3,447           25,440 
BT Group PLC ADR                                        10,573          664,302 
Bunzl PLC ADR                                              866           61,797 
Burberry Group PLC                                       5,618           75,200 
Cable & Wireless PLC                                    30,416          114,022 
Cadbury Schweppes PLC ADR                                6,687          311,079 
Capita Group PLC                                         7,621          112,413 
Carnival PLC ADR                                         2,181          103,619 
Carphone Warehouse Group PLC                             5,144           36,524 
Cattles PLC                                              4,627           32,900 
Centrica PLC ADR                                         4,673          362,259 
Charter PLC (a)                                          2,126           51,241 
Close Brothers Group PLC                                 1,688           27,960 
Cobham PLC                                              14,431           57,038 
Compass Group PLC ADR                                   25,784          158,644 
Cookson Group PLC                                        2,468           38,365 
CSR PLC (a)                                              1,662           21,790 
Daily Mail & General Trust                               3,778           48,492 
Davis Service Group PLC                                  2,167           23,642 
De La Rue PLC                                            1,911           28,415 
Diageo PLC ADR                                           8,599          754,390 
DSG International PLC                                   23,501           64,638 
Electrocomponents PLC                                    5,552           28,816 
Emap - B Shares, PLC                                     2,753           49,302 
Enterprise Inns PLC                                      7,110           85,755 
Firstgroup PLC                                           5,546           77,795 
FKI PLC                                                  7,500           13,905 
Friends Provident PLC                                   23,193           81,275 
Galiform PLC (a)                                         7,654           17,153 
GKN PLC ADR                                              8,967           64,673 
GlaxoSmithKline PLC ADR                                 36,682        1,951,482 
Great Portland Estates PLC REIT                          2,105           25,625 
Group 4 Securicor PLC                                   14,695           60,477 
Hammerson PLC REIT                                       3,638           86,868 
Hays PLC                                                18,560           50,292 
HBOS PLC ADR                                            48,029          894,862 
Home Retail Group                                       11,192           84,995 
HSBC Holdings PLC ADR                                   29,557        2,736,978 
ICAP PLC                                                 6,600           70,864 
IMI PLC                                                  4,298           46,804 
Imperial Chemical Industries PLC ADR                     3,804          202,124 
Imperial Tobacco Group ADR                               4,321          396,495 
Inchcape PLC                                             5,628           48,273 
Intercontinental Hotels Group PLC ADR                    3,799           75,448 
International Personal Finance                           1,634            6,558 
International Power PLC ADR                              1,904          175,046 
Intertek Group PLC                                       1,995           38,491 

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)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
UNITED KINGDOM (CONTINUED)                                                      
--------------------------------------------------------------------------------
Invensys PLC ADR (a)                                    10,156   $       64,195 
Invesco PLC ADR                                          5,044          137,701 
Investec PLC                                             4,574           47,713 
ITV PLC                                                 49,607          103,695 
J Sainsbury PLC ADR                                      4,954          233,151 
Johnson Matthey PLC ADR                                  1,398           94,960 
Kelda Group PLC                                          3,518           61,778 
Kesa Electricals PLC                                     6,755           37,881 
Kingfisher PLC ADR                                      14,912          108,643 
Ladbrokes PLC ADR                                        8,020           70,546 
Land Securities Group PLC REIT                           5,999          205,577 
Legal & General Group PLC ADR                           16,664          226,790 
Liberty International PLC REIT                           3,239           75,295 
Lloyds Tsb Group PLC ADR                                17,981          799,435 
LogicaCMG PLC                                           19,592           60,373 
London Stock Exchange Group PLC                          2,015           67,450 
Man Group PLC                                           22,816          257,292 
Marks & Spencer Group PLC ADR                            3,611          271,691 
Meggitt PLC                                              8,349           53,964 
Michael Page International PLC                           4,252           35,734 
Misys PLC                                                6,398           28,808 
Mondi PLC                                                4,738           44,891 
National Express Group PLC                               1,648           41,533 
National Grid PLC ADR                                    6,910          554,389 
Next PLC                                                 2,896          115,880 
Old Mutual PLC                                          66,657          217,695 
PartyGaming PLC (a)                                     15,110            8,466 
Pearson PLC ADR                                         10,287          159,037 
Persimmon PLC                                            3,626           71,215 
Premier Farnell PLC                                      4,642           14,966 
Prudential  Corp. PLC ADR                               15,590          480,952 
Punch Taverns PLC                                        3,382           67,939 
Rank Group PLC                                           4,981           16,416 
Reckitt Benckiser PLC                                    7,779          455,174 
Reed Elsevier PLC ADR                                    4,056          204,625 
Rentokil Initial PLC ADR                                 4,629           78,701 
Resolution PLC                                           8,740          121,530 
Reuters Group PLC ADR                                    2,714          215,112 
Rexam PLC ADR                                            1,488           84,727 
Rio Tinto PLC ADR                                        3,228        1,108,495 
Rolls-Royce Group PLC ADR                                4,599          244,787 
Royal & Sun Alliance Insurance Group PLC ADR             3,880           12,213 
Royal Bank of Scotland Group PLC                       120,646        1,290,450 
SABmiller PLC ADR                                       11,496          326,028 
Sage Group PLC (The)                                    16,590           84,246 
Schroders PLC                                            1,441           40,720 
Scottish & Newcastle PLC                                10,213          127,239 
Scottish & Southern Energy ADR                          10,994          338,446 
Segro PLC                                                5,558           56,560 
Serco Group PLC                                          6,083           51,432 
Severn Trent PLC                                         2,973           85,405 
Signet Group PLC                                        18,908           32,263 
Signet Group PLC ADR                                       289            4,997 
Smith & Nephew PLC ADR                                   2,406          147,343 
Smiths Group PLC                                         4,877          106,226 
SSL International PLC                                    2,429           21,032 
Stagecoach Group PLC                                     6,767           31,331 
Standard Life PLC                                       26,865          157,907 
Stolt-Nielsen SA ADR                                       437           12,969 
Tate & Lyle PLC ADR                                      1,562           51,236 
Taylor Woodrow PLC                                      14,539           81,678 
Tesco PLC ADR                                           33,779          906,878 
Tomkins PLC ADR                                          2,730           50,887 
Travis Perkins PLC                                       1,480           46,556 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
UNITED KINGDOM (CONTINUED)                                                      
--------------------------------------------------------------------------------
Trinity Mirror PLC                                       3,739   $       31,385 
Tui Travel PLC (a)                                       6,429           33,008 
Tullett Prebon PLC                                       2,302           20,237 
Unilever PLC ADR                                        16,711          529,237 
United Business Media PLC                                3,224           45,486 
United Utilities PLC ADR                                 5,597          159,644 
Vodafone Group PLC ADR                                  67,391        2,446,293 
Whitbread PLC                                            2,514           83,067 
William Hill PLC                                         4,501           59,010 
Wolseley PLC ADR                                         8,409          143,121 
WPP Group PLC, SP ADR                                    3,003          202,703 
Yell Group PLC                                           9,940           86,879 
                                                                 ---------------
                                                                    36,308,669
TOTAL COMMON STOCKS                                                             
(COST $144,176,981)                                                 179,909,511 
EXCHANGE TRADED FUNDS - 8.0%                                                    
--------------------------------------------------------------------------------
UNITED STATES - 8.0%                                                            
--------------------------------------------------------------------------------
iShares MSCI EAFE Index Fund                           191,780       15,846,781 
                                                                 ---------------
TOTAL EXCHANGE TRADED FUNDS                                                     
(COST $15,461,773)                                                   15,846,781 
PREFERENCE STOCKS - 0.4%                                                        
--------------------------------------------------------------------------------
GERMANY - 0.3%                                                                  
--------------------------------------------------------------------------------
Henkel KGaA                                              2,274          116,714 
Porsche AG                                                 112          237,286 
ProSiebensat.1 Media AG                                  1,047           32,817 
Rwe AG ADR                                                 497           55,803 
Volkswagen AG                                            1,342          184,173 
                                                                 ---------------
                                                                       626,793
ITALY - 0.1%                                                                    
--------------------------------------------------------------------------------
Unipol SpA                                              11,475           35,902 

JAPAN - 0.0%                                                                    
--------------------------------------------------------------------------------
Ito En, Ltd.                                               227            4,506 

TOTAL PREFERENCE STOCKS                                                         
(COST $400,299)                                                         667,201 
SHORT-TERM INVESTMENTS - 0.4%                                                   
--------------------------------------------------------------------------------
UNITED STATES - 0.4%                                                            
--------------------------------------------------------------------------------
BlackRock Liquidity Funds TempCash Portfolio           838,050          838,050 

                                                                 ---------------
TOTAL SHORT-TERM INVESTMENTS                                                    
(COST $838,050)                                                         838,050 
                                                                 ---------------
TOTAL INVESTMENTS - 100.0%                                                      
  (COST $160,877,103)                                              197,261,543
OTHER ASSETS LESS LIABILITIES  - 0.0%                                    29,892 
                                                                 ---------------
TOTAL NET ASSETS - 100.0%                                        $  197,291,435 
                                                                 ===============

(a)      Non-income producing.                                                  

(b)      At September 30, 2007, the  cost of investments for Federal income tax 
        purposes is $160,877,103. Unrealized appreciation (depreciation) is as
follows:                                                      

        Gross Unrealized Appreciation                           $   39,801,985
         Gross Unrealized Depreciation                               (3,417,545)
                                                                 ---------------
        Net Unrealized Appreciation/Depreciation                $   36,384,440
                                                                 ===============

ADR   American Depositary Receipt                                         
REIT   Real Estate Investment Trust                                         
SP ADR   Sponsored American Depositary Receipt                                  

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)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                                    % OF TOTAL
COUNTRY                                              MARKET VALUE    NET ASSETS 
--------------------------------------------------------------------------------
JAPAN                                                $ 37,211,331         18.9% 
UNITED KINGDOM                                         36,308,669         18.4% 
FRANCE                                                 17,069,309          8.7% 
UNITED STATES                                          15,846,781          8.0% 
GERMANY                                                15,621,608          7.9% 
SWITZERLAND                                            12,621,234          6.4% 
AUSTRALIA                                              12,231,171          6.2% 
NETHERLANDS                                            10,817,087          5.5% 
SPAIN                                                   7,395,541          3.8% 
ITALY                                                   6,768,373          3.5% 
SWEDEN                                                  4,685,156          2.4% 
HONG KONG                                               3,771,964          1.9% 
FINLAND                                                 3,496,492          1.8% 
SINGAPORE                                               2,054,047          1.0% 
BELGIUM                                                 1,998,018          1.0% 
NORWAY                                                  1,826,834          0.9% 
DENMARK                                                 1,655,639          0.8% 
IRELAND                                                 1,569,605          0.8% 
GREECE                                                  1,360,593          0.7% 
AUSTRIA                                                 1,078,508          0.5% 
PORTUGAL                                                  637,043          0.3% 
NEW ZEALAND                                               263,854          0.1% 
BERMUDA                                                   103,690          0.1% 
LUXEMBOURG                                                 30,946          0.0% 
SHORT-TERM INVESTMENTS AND                                                      
  OTHER ASSETS LESS LIABILITIES                          867,942          0.4%
                                                    ----------------------------
                                                    $197,291,435        100.0%
                                                    ============================

                                                                    % OF TOTAL
INDUSTRY                                             MARKET VALUE    NET ASSETS 
--------------------------------------------------------------------------------
BANKS                                                $ 28,082,328         14.7% 
HOLDING COMPANIES                                      17,110,653          8.7% 
OIL & GAS                                              12,432,052          6.6% 
TELECOMMUNICATIONS                                     11,437,453          6.3% 
PHARMACEUTICALS                                        10,201,501          5.1% 
INSURANCE                                               9,670,474          5.3% 
FOOD                                                    7,960,910          3.9% 
ELECTRIC                                                7,837,506          4.1% 
DIVERSIFED FINANCIAL SERVICES                           5,953,586          2.9% 
MINING                                                  5,697,932          3.2% 
CHEMICALS                                               5,082,954          2.7% 
REAL ESTATE                                             4,703,855          2.2% 
AUTO MANUFACTURERS                                      4,127,075          2.3% 
RETAIL                                                  3,751,290          1.8% 
MANUFACTURERS                                           3,510,035          1.8% 
IRON / STEEL                                            3,238,553          1.9% 
TRANSPORTATION                                          3,174,769          1.5% 
ENGINEERING & CONTRUCTION                               3,118,532          1.2% 
MEDIA                                                   3,018,786          1.4% 
BEVERAGES                                               2,603,552          1.3% 
BUILDING MATERIALS                                      2,595,022          1.2% 
ELECTRONICS                                             2,528,545          1.2% 
DISTRIBUTION / WHOLESALE                                2,493,119          1.3% 
MACHINE-DIVERSIFIED                                     2,425,415          1.4% 
COMMERCIAL SERVICES                                     2,244,824          1.0% 
ELECTRICAL COMPONENTS & EQUIPMENT                       2,219,045          1.2% 
PUBLISHING & BROADCASTING                               2,053,996          1.1% 
CONSUMER RELATED                                        2,017,938          1.0% 
MEMBERSHIP ORGANIZATIONS                                1,849,592          0.9% 
AGRICULTURE                                             1,722,506          0.9% 
AUTO PARTS & EQUIPMENT                                  1,416,453          0.5% 
HOME FURNISHINGS                                        1,354,356          0.6% 
AEROSPACE/DEFENSE                                       1,181,838          0.5% 
GAS                                                     1,047,456          0.7% 
OFFICE / BUSINESS EQUIPMENT                             1,036,940          0.5% 
COMPUTER SOFTWARE                                         991,746          0.4% 
HEALTH CARE                                               968,368          0.4% 
COSMETICS / PERSONAL CARE                                 880,073          0.4% 
COMPUTERS INDUSTRY                                        828,133          0.3% 
REAL ESTATE INVESTMENT TRUST (REIT)                       818,580          0.3% 
SEMICONDUCTORS                                            712,365          0.3% 
HAND / MACHINE TOOLS                                      684,352          0.3% 
WATER                                                     674,351          0.4% 
HOUSEHOLD PRODUCTS / WARE                                 665,332          0.3% 
TOYS / GAMES / HOBBIES                                    657,714          0.3% 
FOREST PRODUCTS & PAPER                                   606,040          0.3% 
ENTERTAINMENT                                             567,790          0.2% 
APPAREL                                                   535,582          0.2% 
HOME BUILDERS                                             531,290          0.3% 
AIRLINES                                                  484,912          0.0% 
METAL FABRICATE / HARDWARE                                467,846          0.3% 
OIL & GAS SERVICES                                        466,027          0.1% 
LEISURE TIME                                              414,442          0.1% 
CONGLOMERATES                                             391,234          0.2% 
ADVERTISING                                               368,810          0.2% 
LODGING                                                   350,819          0.1% 
TEXTILES                                                  339,648          0.1% 
INTERNET                                                  314,471          0.1% 
FOOD AND BEVERAGE                                         242,586          0.2% 
INVESTMENT COMPANY                                        236,794          0.2% 
HEALTH CARE SERVICES                                      200,239          0.1% 
PACKAGING & CONTAINERS                                    198,809          0.1% 
SPECIAL INDUSTRY MACHINERY                                193,184          0.1% 
ENERGY - ALTERNATE SOURCES                                162,416          0.1% 
SEMICONDUCTORS EQUIPMENT                                  145,842          0.1% 
BIOTECHNOLOGY                                             130,973          0.1% 
ENVIRONMENTAL CONTROL                                      94,827          0.0% 
SHIP BUILDING                                              86,440          0.0% 
ELECTRIC UTILITIES                                         77,664          0.1% 
STORAGE                                                    20,525          0.0% 
FURNITURE & FIXTURES                                       11,077          0.0% 
PACKAGED FOODS                                              1,351          0.0% 
SHORT-TERM INVESTMENTS AND                                                      
  OTHER ASSETS LESS  LIABILITIES                         867,942          0.4%
                                                    ----------------------------
                                                    $197,291,435        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                                                         
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
COMMON STOCKS - 96.8%                                                           
--------------------------------------------------------------------------------
COMMERCIAL SERVICES - 4.3%                                                      
--------------------------------------------------------------------------------
Alliance Data Systems Corp. (a)                          1,255   $       97,187 
Amazon.com, Inc. (a)                                     5,754          535,985 
BearingPoint, Inc. (a)                                   3,509           14,212 
Convergys Corp. (a)                                      2,648           45,969 
eBay, Inc. (a)                                          21,012          819,888 
Euronet Worldwide, Inc. (a)                                893           26,585 
Gartner, Inc., Class A (a)                                 983           24,044 
Hewitt Associates, Inc., Class A (a)                       795           27,865 
Iron Mountain, Inc. (a)                                  3,280           99,974 
MPS Group, Inc. (a)                                      1,922           21,430 
NutriSystem, Inc (a)                                       566           26,540 
Plexus Corp. (a)                                           883           24,194 
Priceline.com, Inc. (a)                                    126           11,183 
Western Union Co. (The)                                 14,840          311,195 
Wright Express Corp. (a)                                   778           28,389 
                                                                 ---------------
                                                                     2,114,640
COMMUNICATIONS SERVICES - 0.3%                                                  
--------------------------------------------------------------------------------
Avaya, Inc. (a)                                          8,636          146,467 
COMPUTER FACILITIES MANAGEMENT - 0.4%                                           
--------------------------------------------------------------------------------
Cognizant Technology Solutions Corp., Class A (a)        2,727          217,533 
COMPUTER INTEGRATED SYSTEMS DESIGN - 1.8%                                       
--------------------------------------------------------------------------------
BEA Systems, Inc. (a)                                    7,589          105,260 
Brocade Communications Systems, Inc. (a)                 7,420           63,515 
Computer Sciences Corp. (a)                              3,342          186,818 
Diebold, Inc.                                            1,208           54,867 
Jack Henry & Associates, Inc.                            1,427           36,902 
MICROS Systems, Inc. (a)                                   758           49,323 
NCR Corp. (a)                                            3,431          170,864 
Network Appliance, Inc. (a)                              6,532          175,776 
TIBCO Software, Inc. (a)                                 3,677           27,173 
                                                                 ---------------
                                                                       870,498
COMPUTER PERIPHERAL EQUIPMENT - 10.6%                                           
--------------------------------------------------------------------------------
3Com Corp. (a)                                           6,906           34,116 
Anixter International, Inc. (a)                            577           47,574 
Cisco Systems, Inc. (a)                                111,919        3,705,638 
Electronics For Imaging, Inc. (a)                          989           26,564 
Emulex Corp. (a)                                         1,499           28,736 
Juniper Networks, Inc. (a)                               9,823          359,620 
Lexmark International, Inc. (a)                          1,705           70,809 
Palm, Inc. (a)                                           1,948           31,694 
QLogic Corp. (a)                                         3,043           40,928 
Research In Motion, Ltd. (a)                             8,792          866,451 
                                                                 ---------------
                                                                     5,212,130
COMPUTER PROGRAMMING SERVICES - 0.1%                                            
--------------------------------------------------------------------------------
Informatica Corp. (a)                                    1,664           26,125 
COMPUTER RELATED SERVICES - 1.7%                                                
--------------------------------------------------------------------------------
CACI International, Inc., Class A (a)                      563           28,764 
Ceridian Corp. (a)                                       2,654           92,200 
Electronic Data Systems Corp.                            9,653          210,821 
FactSet Research Systems, Inc.                             703           48,191 
IAC/ InterActiveCorp. (a)                                4,044          119,985 
Paychex, Inc.                                            6,519          267,279 
Red Hat, Inc. (a)                                        3,678           73,082 
                                                                 ---------------
                                                                       840,322
COMPUTER STORAGE DEVICES - 2.1%                                                 
--------------------------------------------------------------------------------
EMC Corp. (a)                                           38,043          791,295 
Imation Corp.                                              766           18,790 
SanDisk Corp. (a)                                        4,223          232,687 
                                                                 ---------------
                                                                     1,042,772

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
COMPUTERS - 5.4%                                                                
--------------------------------------------------------------------------------
Apple, Inc. (a)                                         16,089   $    2,470,305 
Black Box Corp.                                            334           14,282 
Perot Systems Corp., Class A (a)                         1,629           27,546 
Riverbed Technology, Inc. (a)                              191            7,714 
Western Digital Corp. (a)                                4,280          108,370 
                                                                 ---------------
                                                                     2,628,217
COMPUTERS, PERIPHERAL & SOFTWARE - 1.9%                                         
--------------------------------------------------------------------------------
Autodesk, Inc. (a)                                       4,589          229,312 
McAfee, Inc. (a)                                         2,952          102,936 
National Instruments Corp.                               1,055           36,218 
NVIDIA Corp. (a)                                         9,822          355,949 
Open Text Corp. (a)                                        855           22,205 
Salesforce.com, Inc. (a)                                 1,624           83,344 
Sybase, Inc. (a)                                         1,661           38,419 
Zebra Technologies Corp., Class A  (a)                   1,308           47,729 
                                                                 ---------------
                                                                       916,112
DATA PROCESSING & PREPARATION - 2.7%                                            
--------------------------------------------------------------------------------
Acxiom Corp.                                             1,352           26,756 
Affiliated Computer Services, Inc.,Class A (a)           1,916           96,260 
Automatic Data Processing, Inc.                         10,066          462,331 
Broadridge Financial Solutions, Inc.                     2,624           49,725 
DST Systems, Inc. (a)                                    1,002           85,982 
Fidelity National Information Services,                                         
  Inc.                                                  3,134          139,055
Fiserv, Inc. (a)                                         3,172          161,328 
MoneyGram International, Inc.                            1,547           34,947 
Total System Services, Inc.                              3,768          104,675 
VeriSign, Inc. (a)                                       4,685          158,072 
                                                                 ---------------
                                                                     1,319,131
DISTRIBUTION / WHOLESALE - 0.4%                                                 
--------------------------------------------------------------------------------
CDW Corp. (a)                                            1,170          102,024 
Ingram Micro, Inc., Class A (a)                          2,647           51,908 
Tech Data Corp. (a)                                      1,029           41,283 
                                                                 ---------------
                                                                       195,215
ELECTRONIC COMPONENTS - 0.6%                                                    
--------------------------------------------------------------------------------
AVX Corp.                                                  921           14,828 
Celestica, Inc. (a)                                      3,800           23,218 
MEMC Electronic Materials, Inc. (a)                      3,114          183,290 
Sanmina-SCI Corp. (a)                                    9,278           19,669 
Vishay Intertechnology, Inc. (a)                         3,422           44,589 
                                                                 ---------------
                                                                       285,594
ELECTRONIC COMPUTERS - 14.3%                                                    
--------------------------------------------------------------------------------
Advent Software, Inc. (a)                                  362           17,003 
Dell, Inc. (a)                                          42,226        1,165,438 
Hewlett-Packard Co.                                     48,682        2,423,877 
International Business Machines Corp.                   25,323        2,983,049 
Sun Microsystems, Inc. (a)                              67,730          379,965 
Unisys Corp. (a)                                         6,279           41,567 
                                                                 ---------------
                                                                     7,010,899
ELECTRONIC PARTS & EQUIPMENT - 0.8%                                             
--------------------------------------------------------------------------------
Arrow Electronics, Inc. (a)                              2,274           96,691 
Avnet, Inc. (a)                                          2,406           95,903 
Benchmark Electronics, Inc. (a)                          1,240           29,599 
Checkfree Corp. (a)                                      1,658           77,163 
Molex, Inc.                                              2,669           71,876 
                                                                 ---------------
                                                                       371,232
ELECTRONICS - 1.6%                                                              
--------------------------------------------------------------------------------
Agilent Technologies, Inc. (a)                           7,471          275,531 
Amphenol Corp., Class A                                  3,311          131,645 
Cogent, Inc. (a)                                           825           12,936 
Cymer, Inc. (a)                                            646           24,800 
Dolby Laboratories, Inc., Class A (a)                      684           23,817 

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)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
ELECTRONICS (CONTINUED)                                                         
--------------------------------------------------------------------------------
FLIR Systems, Inc. (a)                                   1,193   $       66,080 
Itron, Inc. (a)                                            564           52,492 
L-1 Identity Solutions, Inc. (a)                           791           14,910 
Mentor Graphics Corp. (a)                                1,442           21,774 
Skyworks Solutions, Inc. (a)                             2,804           25,348 
Tektronix, Inc.                                          1,503           41,693 
Trimble Navigation, Ltd.  (a)                            2,210           86,654 
                                                                 ---------------
                                                                       777,680
INTERNET SOFTWARE & SERVICES - 6.6%                                             
--------------------------------------------------------------------------------
CNET Networks, Inc. (a)                                  2,610           19,444 
EarthLink, Inc. (a)                                      2,134           16,901 
Equinix, Inc. (a)                                          508           45,055 
Expedia, Inc. (a)                                        3,010           95,959 
Google, Inc., Class A (a)                                4,139        2,347,931 
j2 Global Communications, Inc. (a)                         904           29,588 
NetFlix, Inc. (a)                                        1,283           26,584 
Valueclick, Inc. (a)                                     1,703           38,249 
Yahoo!, Inc.  (a)                                       23,280          624,835 
                                                                 ---------------
                                                                     3,244,546
NETWORK EQUIPMENT - 0.5%                                                        
--------------------------------------------------------------------------------
Foundry Networks, Inc. (a)                               2,723           48,388 
Nortel Networks Corp. (a)                                8,274          140,492 
Sonus Networks, Inc. (a)                                 4,396           26,816 
Sycamore Networks, Inc. (a)                              3,405           13,858 
                                                                 ---------------
                                                                       229,554
OFFICE ELECTRONICS - 0.6%                                                       
--------------------------------------------------------------------------------
Xerox Corp. (a)                                         18,253          316,507 
PREPACKAGED SOFTWARE - 15.1%                                                    
--------------------------------------------------------------------------------
ACI Worldwide, Inc. (a)                                    722           16,137 
Adobe Systems, Inc. (a)                                 11,648          508,552 
BMC Software, Inc. (a)                                   3,934          122,859 
Cadence Design System, Inc. (a)                          5,357          118,872 
Citrix Systems, Inc. (a)                                 3,490          140,717 
Cognos, Inc. (a)                                         1,681           69,812 
Compuware Corp. (a)                                      5,573           44,695 
CSG Systems International, Inc. (a)                        821           17,446 
Electronic Arts, Inc. (a)                                5,738          321,271 
Intuit, Inc. (a)                                         6,552          198,525 
Lawson Software, Inc. (a)                                  973            9,740 
Macrovision Corp. (a)                                    1,020           25,122 
Microsoft Corp.                                        124,739        3,674,811 
MicroStrategy, Inc., Class A (a)                           179           14,202 
Novell, Inc. (a)                                         6,764           51,677 
Nuance Communications, Inc. (a)                          2,644           51,056 
Oracle Corp. (a)                                        72,581        1,571,379 
Quest Software, Inc. (a)                                 1,259           21,604 
RealNetworks, Inc. (a)                                   1,885           12,780 
Symantec Corp. (a)                                      17,570          340,506 
Synopsys, Inc. (a)                                       2,734           74,037 
Wind River Systems, Inc. (a)                             1,653           19,456 
                                                                 ---------------
                                                                     7,425,256
PRINTED CIRCUIT BOARDS - 0.3%                                                   
--------------------------------------------------------------------------------
Jabil Circuit, Inc.                                      3,316           75,737 
Solectron Corp. (a)                                     17,169           66,959 
                                                                 ---------------
                                                                       142,696
PROCESS CONTROL INSTRUMENTS - 0.1%                                              
--------------------------------------------------------------------------------
Teradyne, Inc. (a)                                       3,539           48,838 
RADIO & TV COMMUNICATIONS EQUIPMENT - 4.4%                                      
--------------------------------------------------------------------------------
Andrew Corp. (a)                                         2,780           38,503 
Motorola, Inc.                                          43,239          801,219 
QUALCOMM, Inc.                                          31,738        1,341,248 
                                                                 ---------------
                                                                     2,180,970

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
SEMICONDUCTORS - 0.7%                                                           
--------------------------------------------------------------------------------
AMIS Holdings, Inc. (a)                                    705   $        6,846 
Formfactor, Inc. (a)                                       814           36,117 
Intersil Corp., Class A                                  2,404           80,366 
Microsemi Corp. (a)                                      1,350           37,638 
ON Semiconductor Corp. (a)                               2,543           31,940 
PMC-Sierra, Inc. (a)                                     4,074           34,181 
Semtech Corp. (a)                                        1,173           24,023 
Silicon Image, Inc. (a)                                  1,574            8,106 
Silicon Laboratories, Inc. (a)                           1,031           43,055 
SiRF Technology Holdings, Inc. (a)                         932           19,898 
Spansion, Inc., Class A (a)                                923            7,799 
Zoran Corp. (a)                                            946           19,109 
                                                                 ---------------
                                                                       349,078
SEMICONDUCTORS EQUIPMENT - 12.9%                                                
--------------------------------------------------------------------------------
Advanced Micro Devices, Inc. (a)                        10,706          141,319 
Altera Corp.                                             6,571          158,230 
Amkor Technology, Inc. (a)                               2,062           23,754 
Analog Devices, Inc.                                     5,754          208,065 
Applied Micro Circuits Corp. (a)                         5,708           18,037 
Atmel Corp. (a)                                          7,928           40,908 
Broadcom Corp., Class A (a)                              8,611          313,785 
Conexant Systems, Inc. (a)                               9,286           11,143 
Cree, Inc. (a)                                           1,559           48,485 
Cypress Semiconductor Corp. (a)                          2,814           82,197 
Entegris, Inc. (a)                                       2,407           20,893 
Fairchild Semiconductor International, Inc. (a)          2,234           41,731 
Integrated Device Technology, Inc. (a)                   3,685           57,044 
Intel Corp.                                            103,658        2,680,596 
International Rectifier Corp. (a)                        1,314           43,349 
JDS Uniphase Corp. (a)                                   3,729           55,786 
KLA-Tencor Corp.                                         3,570          199,135 
Linear Technology Corp.                                  4,174          146,048 
LSI Logic Corp. (a)                                     13,697          101,632 
Maxim Integrated Products, Inc.                          5,935          174,192 
Micrel, Inc.                                             1,076           11,621 
Microchip Technology, Inc.                               4,126          149,856 
Micron Technology, Inc. (a)                             13,998          155,378 
MKS Instruments, Inc. (a)                                  689           13,105 
National Semiconductor Corp.                             4,587          124,399 
OmniVision Technologies, Inc. (a)                          982           22,321 
Rambus, Inc. (a)                                         1,789           34,188 
RF Micro Devices, Inc. (a)                               3,697           24,881 
Tessera Technologies, Inc. (a)                             922           34,575 
Texas Instruments, Inc.                                 26,360          964,512 
Trident Microsystems, Inc. (a)                           1,103           17,527 
Varian Semiconductor Equipment                                                  
  Associates, Inc. (a)                                  1,437           76,908
Xilinx, Inc.                                             5,694          148,841 
                                                                 ---------------
                                                                     6,344,441
SOFTWARE - 2.4%                                                                 
--------------------------------------------------------------------------------
Activision, Inc. (a)                                     4,694          101,343 
Akamai Technologies, Inc. (a)                            3,052           87,684 
Ansys, Inc. (a)                                          1,475           50,401 
Avid Technology, Inc. (a)                                  713           19,308 
Avocent Corp. (a)                                          885           25,771 
CA, Inc.                                                 7,549          194,160 
Digital River, Inc. (a)                                    699           31,280 
F5 Networks, Inc. (a)                                    1,544           57,421 
Fair Isaac Corp.                                         1,094           39,504 
Global Payments, Inc.                                    1,267           56,027 
MasterCard, Inc., Class A                                1,225          181,263 
NAVTEQ Corp. (a)                                         1,808          140,970 
Openwave Systems, Inc.                                   1,823            7,985 

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)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
SOFTWARE (CONTINUED)                                                            
--------------------------------------------------------------------------------
Parametric Technology Corp. (a)                          2,034   $       35,432 
SRA International, Inc., Class A (a)                       800           22,464 
Take-Two Interactive Software, Inc. (a)                  1,322           22,580 
THQ, Inc. (a)                                            1,168           29,177 
VeriFone Holdings, Inc. (a)                                890           39,454 
Websense, Inc. (a)                                         837           16,514 
                                                                 ---------------
                                                                     1,158,738
SPECIAL INDUSTRY MACHINERY - 1.5%                                               
--------------------------------------------------------------------------------
Applied Materials, Inc.                                 25,556          529,009 
Intermec, Inc. (a)                                         897           23,430 
Lam Research Corp. (a)                                   2,481          132,138 
Novellus Systems, Inc. (a)                               2,338           63,734 
                                                                 ---------------
                                                                       748,311
TELECOMMUNICATIONS - 0.2%                                                       
--------------------------------------------------------------------------------
Atheros Communications, Inc. (a)                           997           29,880 
Polycom, Inc. (a)                                        1,696           45,555 
Powerwave Technologies, Inc. (a)                         2,093           12,893 
SAVVIS, Inc. (a)                                           859           33,312 
                                                                 ---------------
                                                                       121,640
TELECOMMUNICATIONS EQUIPMENT - 2.1%                                             
--------------------------------------------------------------------------------
ADTRAN, Inc.                                             1,165           26,830 
Arris Group, Inc. (a)                                    1,877           23,181 
CommScope, Inc. (a)                                      1,112           55,867 
Corning, Inc.                                           29,455          726,066 
Harris Corp.                                             2,547          147,191 
InterDigital, Inc. (a)                                     985           20,468 
Tekelec (a)                                              1,186           14,350 
UTStarcom, Inc. (a)                                      2,407            8,810 
                                                                 ---------------
                                                                     1,022,763
TELEPHONE & TELEGRAPH APPARATUS - 0.4%                                          
--------------------------------------------------------------------------------
ADC Telecommunications, Inc. (a)                         2,136           41,887 
Ciena Corp. (a)                                          1,652           62,908 
Tellabs, Inc. (a)                                        8,274           78,769 
                                                                 ---------------
                                                                       183,564
TOTAL COMMON STOCKS                                                             
(COST $37,959,880)                                                   47,491,469 

                       SHARES/
                         PRINCIPAL
                                               AMOUNT                    VALUE
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 3.6%                                                   
--------------------------------------------------------------------------------
BlackRock Liquidity Funds TempCash                                              
Portfolio                                            1,534,451        1,534,451 
U.S. Treasury Bill  4.78% (b), 01/31/2008 (c)   $      220,000          217,176 
                                                                 ---------------

TOTAL SHORT-TERM INVESTMENTS                                                    
(COST $1,750,910)                                                     1,751,627 
                                                                 ---------------
TOTAL INVESTMENTS - 100.4%                                                      
  (COST $39,710,790)(d)                                             49,243,096
LIABILITIES IN EXCESS OF CASH & OTHER                                           
   ASSETS - (0.4%)                                                     (179,268)
                                                                 ---------------
TOTAL NET ASSETS - 100.0%                                        $   49,063,828 
                                                                 ===============

(a)   Non-income producing.                                                     

(b)   Yield to Maturity.                                                        

(c)   Security with an aggregate market value of $217,176 was segregated to     
    cover margin requirements for the following open futures contracts as of
September 30, 2007:                                                 

                        NOTIONAL
NUMBER OF      FUTURES           EXPIRATION     CONTRACT       NET UNREALIZED   
CONTRACTS        INDEX               DATE         VALUE         APPRECIATION    
--------------------------------------------------------------------------------
 8         NASDAQ 100 FUTURES   12/20/2007    $ 1,691,200     $         69,943

(d)   At September 30, 2007, the cost of investments for federal income tax     
 purposes is $39,710,790. Unrealized appreciation (depreciation) is as
follows:                                                            

     Gross Unrealized Appreciation                            $     13,378,448
      Gross Unrealized Depreciation                                  (3,846,142)
                                                               -----------------
     Net Unrealized Appreciation/Depreciation                 $      9,532,306
                                                               =================

                                                                    % OF TOTAL
INDUSTRY                                          MARKET VALUE       NET ASSETS 
--------------------------------------------------------------------------------
PREPACKAGED SOFTWARE                            $    7,425,256          15.1%   
ELECTRONIC COMPUTERS                                 7,010,899          14.3%   
SEMICONDUCTORS EQUIPMENT                             6,344,441          12.9%   
COMPUTER PERIPHERAL EQUIPMENT                        5,212,130          10.6%   
INTERNET SOFTWARE & SERVICES                         3,244,546           6.6%   
COMPUTERS                                            2,628,217           5.4%   
RADIO & TV COMMUNICATIONS EQUIPMENT                  2,180,970           4.4%   
COMMERCIAL SERVICES                                  2,114,640           4.3%   
DATA PROCESSING & PREPARATION                        1,319,131           2.7%   
SOFTWARE                                             1,158,738           2.4%   
COMPUTER STORAGE DEVICES                             1,042,772           2.1%   
TELECOMMUNICATIONS EQUIPMENT                         1,022,763           2.1%   
COMPUTERS, PERIPHERAL & SOFTWARE                       916,112           1.9%   
COMPUTER INTEGRATED SYSTEMS DESIGN                     870,498           1.8%   
COMPUTER RELATED SERVICES                              840,322           1.7%   
ELECTRONICS                                            777,680           1.6%   
SPECIAL INDUSTRY MACHINERY                             748,311           1.5%   
ELECTRONIC PARTS & EQUIPMENT                           371,232           0.8%   
SEMICONDUCTORS                                         349,078           0.7%   
OFFICE ELECTRONICS                                     316,507           0.6%   
ELECTRONIC COMPONENTS                                  285,594           0.6%   
NETWORK EQUIPMENT                                      229,554           0.5%   
COMPUTER FACILITIES MANAGEMENT                         217,533           0.4%   
DISTRIBUTION / WHOLESALE                               195,215           0.4%   
TELEPHONE & TELEGRAPH APPARATUS                        183,564           0.4%   
COMMUNICATIONS SERVICES                                146,467           0.3%   
PRINTED CIRCUIT BOARDS                                 142,696           0.3%   
TELECOMMUNICATIONS                                     121,640           0.2%   
PROCESS CONTROL INSTRUMENTS                             48,838           0.1%   
COMPUTER PROGRAMMING SERVICES                           26,125           0.1%   
SHORT-TERM INVESTMENTS AND                                                      
OTHER ASSETS LESS LIABILITIES                     1,572,359           3.2%
                                                --------------------------------
                                             $   49,063,828         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                                                         
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
COMMON STOCKS - 93.8%                                                           
--------------------------------------------------------------------------------
ADVERTISING - 2.3%                                                              
--------------------------------------------------------------------------------
Publicis Groupe ADR                                     41,500   $    1,702,114 
WPP Group PLC, SP ADR                                   23,847        1,609,673 
                                                                --------------
                                                                     3,311,787
AEROSPACE / TECHNOLOGY - 12.1%                                                  
--------------------------------------------------------------------------------
Applied Materials, Inc.                                103,900        2,150,730 
Arrow Electronics, Inc. (a)                             62,400        2,653,248 
ASE Test, Ltd. (a)                                      98,117        1,409,941 
Avnet, Inc. (a)                                         65,300        2,602,858 
ChipMOS Technologies (Bermuda),                                                 
  Ltd. (a)                                            243,996        1,461,536
Micron Technology, Inc. (a)                            161,975        1,797,923 
Seagate Technology                                      84,000        2,148,720 
Western Digital Corp. (a)                              108,000        2,734,560 
                                                                --------------
                                                                    16,959,516
BANKING - 4.7%                                                                  
--------------------------------------------------------------------------------
Citigroup, Inc.                                         39,600        1,848,132 
Colonial BancGroup, Inc.                                67,200        1,452,864 
Southwest Bancorp, Inc.                                 52,100          980,522 
Wells Fargo & Co.                                       64,030        2,280,749 
                                                                --------------
                                                                     6,562,267
BASIC MATERIALS - 7.8%                                                          
--------------------------------------------------------------------------------
Alcan Inc.                                              15,200        1,521,216 
Commercial Metals Co.                                   50,000        1,582,500 
Companhia Vale do Rio Doce, ADR                         69,600        2,361,528 
Dow Chemical Co.                                        33,300        1,433,898 
Gerdau Ameristeel Corp.                                125,000        1,493,750 
NovaGold Resources, Inc. (a)                            91,000        1,502,410 
Westlake Chemical Corp.                                 42,500        1,076,525 
                                                                --------------
                                                                    10,971,827
CONGLOMERATES - 4.8%                                                            
--------------------------------------------------------------------------------
Berkshire Hathaway, Inc., Class B (a)                    1,175        4,643,600 
Loews Corp.                                              5,600          270,760 
Norsk Hydro ASA, ADR                                    41,100        1,781,685 
                                                                 ---------------
                                                                     6,696,045
CONSTRUCTION & REAL ESTATE - 2.9%                                               
--------------------------------------------------------------------------------
General Growth Properties, Inc.                         26,155        1,402,431 
U-Store-It Trust                                        87,700        1,157,640 
United Rentals, Inc. (a)                                46,900        1,508,773 
                                                                --------------
                                                                     4,068,844
CONSUMER RELATED - 8.9%                                                         
--------------------------------------------------------------------------------
Ashford Hospitality Trust, Inc.                        128,000        1,286,400 
DiamondRock Hospitality Co.                             77,700        1,352,757 
Honda Motor Co., Ltd. ADR                               51,100        1,704,696 
Nokia Oyj ADR                                           65,600        2,488,208 
Sunstone Hotel Investors, Inc.                          52,000        1,333,280 
Toyota Motor Corp., ADR                                 19,500        2,278,770 
Walt Disney Co. (The)                                   60,200        2,070,278 
                                                                --------------
                                                                    12,514,389
ENERGY - 10.9%                                                                  
--------------------------------------------------------------------------------
Apache Corp.                                            25,650        2,310,039 
Devon Energy Corp.                                      23,800        1,980,160 
Diamond Offshore Drilling, Inc.                         18,100        2,050,549 
ENSCO International, Inc.                               20,000        1,122,000 
Hercules Offshore, Inc. (a)                             46,000        1,201,060 
Nabors Industries, Ltd. (a)                             47,500        1,461,575 
Nexen, Inc.                                             48,240        1,473,249 
Whiting Petroleum Corp. (a)                             36,100        1,604,645 
XTO Energy, Inc.                                        33,188        2,052,346 
                                                                --------------
                                                                    15,255,623
FINANCIAL SERVICES - 9.6%                                                       
--------------------------------------------------------------------------------
American Express Co.                                    31,000        1,840,470 

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
FINANCIAL SERVICES (CONTINUED)                                                  
--------------------------------------------------------------------------------
Ares Capital Corp.                                      83,100   $    1,352,037 
Bear Stearns Cos., Inc. (The)                           12,900        1,584,249 
Discover Financial Services (a)                         13,627          283,441 
Goldman Sachs Group, Inc. (The)                         10,504        2,276,637 
iStar Financial, Inc., REIT                             38,500        1,308,615 
Lehman Brothers Holdings, Inc.                          29,900        1,845,727 
Morgan Stanley                                          27,255        1,717,065 
NorthStar Realty Finance Corp.                         134,000        1,330,620 
                                                                --------------
                                                                    13,538,861
FOOD & BEVERAGE - 1.6%                                                          
--------------------------------------------------------------------------------
Pepsi Bottling Group, Inc.                              60,100        2,233,917 
INSURANCE - 6.8%                                                                
--------------------------------------------------------------------------------
Aspen Insurance Holdings, Ltd.                          60,200        1,680,182 
Endurance Specialty Holdings, Ltd.                      41,800        1,736,790 
IPC Holdings, Ltd.                                      39,000        1,125,150 
RenaissanceRe Holdings, Ltd.                            31,300        2,047,333 
SAFECO Corp.                                            22,230        1,360,921 
XL Capital, Ltd., Class A                               19,600        1,552,320 
                                                                --------------
                                                                     9,502,696
MANUFACTURING - 5.8%                                                            
--------------------------------------------------------------------------------
Altra Holdings, Inc. (a)                                91,000        1,516,970 
Ingersoll-Rand Co., Ltd., Class A                       47,700        2,598,219 
Lamson & Sessions Co. (a)                               55,075        1,484,822 
Masco Corp.                                             47,225        1,094,203 
Timken Co.                                              40,000        1,486,000 
                                                                --------------
                                                                     8,180,214
PHARMACEUTICALS - 1.7%                                                          
--------------------------------------------------------------------------------
AstraZeneca PLC, SP ADR                                 29,600        1,482,072 
ViroPharma, Inc. (a)                                   103,430          920,527 
                                                                --------------
                                                                     2,402,599
PUBLISHING & BROADCASTING - 6.1%                                                
--------------------------------------------------------------------------------
British Sky Broadcasting Group PLC                                              
  ADR                                                   9,000          513,540
Comcast Corp., Class A (a)                              74,850        1,793,406 
Liberty Media Corp., Class A (a)                        17,490        2,183,277 
News Corp., Class B                                     88,800        2,077,032 
Washington Post Co., Class B                             2,500        2,007,000 
                                                                --------------
                                                                     8,574,255
RETAIL - 4.3%                                                                   
--------------------------------------------------------------------------------
Abercrombie & Fitch Co., Class A                        23,100        1,864,170 
American Eagle Outfitters, Inc.                         57,500        1,512,825 
Ethan Allen Interiors, Inc.                             45,500        1,487,395 
Macy's, Inc.                                            37,300        1,205,536 
                                                                --------------
                                                                     6,069,926
TRANSPORTATION - 3.5%                                                           
--------------------------------------------------------------------------------
Arkansas Best Corp.                                     40,393        1,319,236 
Norfolk Southern Corp.                                  27,500        1,427,525 
Teekay Shipping Corp.                                   19,030        1,119,154 
YRC Worldwide, Inc. (a)                                 38,000        1,038,160 
                                                                --------------
                                                                     4,904,075
TOTAL COMMON STOCKS                                                             
(COST $94,569,138)                                                  131,746,841 

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

--------------------------------------------------------------------------------
                                       39              E*TRADE Delphi Value Fund

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E*TRADE Delphi Value Fund                                                       
SCHEDULE OF INVESTMENTS (Continued)                                             
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
MUTUAL FUNDS - 6.2%                                                             
--------------------------------------------------------------------------------
BlackRock Liquidity Funds TempCash                                              
  Portfolio                                          8,721,07   $    8,721,079
                                                                --------------
TOTAL MUTUAL FUNDS                                                              
(COST $8,721,079)                                                     8,721,079 
                                                                --------------
TOTAL INVESTMENTS - 100.0%                                                      
  (COST $103,290,217)(b)                                           140,467,920
LIABILITIES IN EXCESS OF CASH & OTHER                                           
   ASSETS - 0.0%                                                        (60,496)
                                                                --------------
TOTAL NET ASSETS - 100.0%                                        $  140,407,424 
                                                                ==============

(a)     Non-income producing.                                                   

(b)     At September 30, 2007, the cost of investments for federal income tax   
      purposes was $103,404,862. Urealized appreciation (depreciation) is as
follows:                                                        
       Gross Unrealized Appreciation                            $   40,032,535
        Gross Unrealized Depreciation                                (2,854,832)
                                                                --------------
       Net Unrealized Appreciation/Depreciation                 $   37,177,703
                                                                ==============

ADR     American Depositary Receipt                                             

REIT    Real Estate Investment Trust                                            

SP ADR  Sponsored American Depositary Receipt                                   

                                                                % OF TOTAL
INDUSTRY                                          MARKET VALUE     NET ASSETS   
--------------------------------------------------------------------------------
AEROSPACE / TECHNOLOGY                          $   16,959,516          12.1%   
ENERGY                                              15,255,623          10.9%   
FINANCIAL SERVICES                                  13,538,861           9.6%   
CONSUMER RELATED                                    12,514,389           8.9%   
BASIC MATERIALS                                     10,971,827           7.8%   
INSURANCE                                            9,773,456           7.0%   
CASH EQUIVALENTS-TAXABLE                             8,721,079           6.2%   
PUBLISHING & BROADCASTING                            8,574,255           6.1%   
MANUFACTURING                                        8,180,214           5.8%   
BANKING                                              6,562,267           4.7%   
CONGLOMERATES                                        6,425,285           4.6%   
RETAIL                                               6,069,926           4.3%   
TRANSPORTATION                                       4,904,075           3.5%   
CONSTRUCTION & REAL ESTATE                           4,068,844           2.9%   
ADVERTISING                                          3,311,787           2.3%   
PHARMACEUTICALS                                      2,402,599           1.7%   
FOOD & BEVERAGE                                      2,233,917           1.6%   
LIABILITES IN EXCESS OF CASH &                                                  
OTHER ASSETS                                        (60,496)          0.0%
                                                --------------------------------
                                             $  140,407,424         100.0%
                                                ================================

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

--------------------------------------------------------------------------------
                                       40              E*TRADE Delphi Value Fund

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E*TRADE Kobren Growth Fund                                                      
SCHEDULE OF INVESTMENTS                                                         
September 30, 2007 (Unaudited)                                                  
--------------------------------------------------------------------------------

                                                       SHARES            VALUE
--------------------------------------------------------------------------------
MUTUAL FUNDS - 100.1%                                                           
--------------------------------------------------------------------------------
LARGE CAP GROWTH - 23.8%                                                        
--------------------------------------------------------------------------------
Excelsior Large Cap Growth Fund -                                               
  Class I                                             574,249   $    6,994,356
T. Rowe Price Blue Chip Growth Fund                    311,257       12,780,212 
                                                                --------------
                                                                    19,774,568
LARGE CAP BLEND - 14.8%                                                         
--------------------------------------------------------------------------------
Fidelity Dividend Growth Fund                           96,031        3,074,904 
Longleaf Partners Fund                                 139,448        5,292,056 
Oakmark Select Fund - Class I                          120,345        3,977,414 
                                                                --------------
                                                                    12,344,374
LARGE CAP VALUE - 15.7%                                                         
--------------------------------------------------------------------------------
Ameristock Mutual Fund, Inc.                           145,785        6,770,238 
Diamonds Trust - Series I                               45,300        6,293,529 
                                                                --------------
                                                                    13,063,767
SMALL CAP VALUE - 8.4%                                                          
--------------------------------------------------------------------------------
Longleaf Partners Small Cap Fund                       204,843        6,976,937 

SECTOR - 5.2%                                                                   
--------------------------------------------------------------------------------
Fidelity Select Chemicals Portfolio                      8,802          744,442 
Fidelity Select Computers Portfolio                     33,068        1,577,021 
Franklin Gold and Precious Metals                                               
  Fund                                                 50,621        2,036,477
                                                                --------------
                                                                     4,357,940
INTERNATIONAL EQUITY - DEVELOPED - 10.1%                                        
--------------------------------------------------------------------------------
Julius Baer International Equity -                                              
  Class I                                              98,233        4,945,074
Third Avenue International Value Fund                  144,606        3,450,295 
                                                                --------------
                                                                     8,395,369
INTERNATIONAL EQUITY - EMERGING - 3.1%                                          
--------------------------------------------------------------------------------
SSgA Emerging Markets Fund                              79,478        2,561,587 

ALTERNATIVE - 12.4%                                                             
--------------------------------------------------------------------------------
Hussman Strategic Growth Fund                          159,337        2,603,569 
PIMCO All Asset Fund - Class I                         590,317        7,703,641 
                                                                --------------
                                                                    10,307,210
BOND - 4.5%                                                                     
--------------------------------------------------------------------------------
Loomis Sayles Bond Fund                                253,471        3,728,559 

MONEY MARKET - 2.1%                                                             
--------------------------------------------------------------------------------
BlackRock Liquidity Funds TempCash                                              
Portfolio                                            1,748,190        1,748,190 
                                                                --------------
TOTAL MUTUAL FUNDS                                                              
(COST $63,761,624)                                                   83,258,501 
                                                                --------------
TOTAL INVESTMENTS - 100.1%                                                      
  (COST $63,761,624)(a)                                             83,258,501
LIABILITIES IN EXCESS OF CASH AND OTHER                                         
   ASSETS - (0.1%)                                                      (66,510)
                                                                --------------
NET ASSETS - 100.0%                                              $   83,191,991 
                                                                ==============

(a)     At September 30, 2007, the net unrealized appreciation (depreciation) of
        investments based on cost of investments for Federal income tax purposes
was as follows:                                                 

       Gross Unrealized Appreciation                            $   19,496,877
       Gross Unrealized Depreciation                                        --
                                                                --------------
       Net Unrealized Appreciation/Depreciation                 $   19,496,877
                                                                ==============

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS

--------------------------------------------------------------------------------
                                       41             E*TRADE Kobren Growth Fund

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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,  and  accordingly  its net asset  value  ("NAV"),  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 that are principally 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 a Fund  could  obtain  if it  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.                                               

For more information  with regard to significant  accounting  policies,  see the
most  recent   semi-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  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      November 26, 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     November 26, 2007                                                      
    ----------------------------------------------------------------------------

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

Date     November 26, 2007                                                      
    ----------------------------------------------------------------------------

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘N-Q’ Filing		Date		First		Last			Other Filings
		12/31/07		1					24F-2NT,  N-CSR,  NSAR-B
Filed on / Effective on:		11/26/07		45
For Period End:		9/30/07		1		42
									List all Filings