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, 2008     

Date of reporting period:      March 31, 2008     

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 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. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

E*TRADE S&P 500 Index Fund

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

	SHARES		VALUE
COMMON STOCKS – 97.5%
AEROSPACE & DEFENSE – 2.7%
Boeing Co. (The) (a)		21,702	$	1,613,978
General Dynamics Corp.		11,413		951,502
Goodrich Corp.		3,584		206,116
Honeywell International, Inc.		21,122		1,191,703
L-3 Communications Holdings, Inc.		3,473		379,738
Lockheed Martin Corp. (a)		9,727		965,891
Northrop Grumman Corp.		9,588		746,042
Raytheon Co.		12,098		781,652
Rockwell Collins, Inc.		4,607		263,290
United Technologies Corp.		27,850		1,916,637
				9,016,549
AIR FREIGHT & LOGISTICS – 1.1%
CH Robinson Worldwide, Inc.		4,862		264,493
Expeditors International of Washington, Inc.		6,095		275,372
FedEx Corp.		8,781		813,735
Ryder System, Inc.		1,647		100,319
United Parcel Service, Inc., Class B		29,350		2,143,137
				3,597,056
AIRLINE – 0.1%
Southwest Airlines Co.		20,874		258,838
AUTO COMPONENTS – 0.2%
Goodyear Tire & Rubber Co. (The) (b)		6,905		178,149
Johnson Controls, Inc.		16,848		569,462
				747,611
AUTOMOBILES – 0.3%
Ford Motor Co. (b)		62,624		358,209
General Motors Corp. (a)		16,193		308,477
Harley-Davidson, Inc.		6,767		253,763
				920,449
BEVERAGES – 2.5%
Anheuser-Busch Cos., Inc.		20,292		962,855
Brown-Forman Corp., Class B (a)		2,393		158,464
Coca-Cola Co. (The)		56,712		3,452,059
Coca-Cola Enterprises, Inc.		8,157		197,399
Constellation Brands, Inc., Class A (b)		5,715		100,984
Molson Coors Brewing Co., Class B		3,900		205,023
Pepsi Bottling Group, Inc.		3,993		135,403
PepsiCo, Inc.		45,451		3,281,562
				8,493,749
BIOTECHNOLOGY – 1.4%
Amgen, Inc. (b)		30,861		1,289,373
Applera Corp. — Applied Biosystems Group		4,842		159,108
Biogen Idec, Inc. (b)		8,447		521,095
Celgene Corp. (b)		12,345		756,625
Genzyme Corp. (b)		7,593		565,982
Gilead Sciences, Inc. (a)(b)		26,356		1,358,125
				4,650,308
BUILDING PRODUCTS – 0.1%
Masco Corp.		10,506		208,334
Trane, Inc.		4,935		226,517
				434,851
CAPITAL MARKETS – 2.9%
American Capital Strategies, Ltd. (a)		5,535		189,076
Ameriprise Financial, Inc.		6,440		333,914
Bank of New York Mellon Corp.		32,386		1,351,468
Bear Stearns Cos., Inc. (The) (a)		3,323		34,858
Charles Schwab Corp. (The)		26,642		501,669
E*TRADE Financial Corp. (b)(c)		13,293		51,311
Federated Investors, Inc., Class B		2,483		97,234
Franklin Resources, Inc.		4,462		432,769

	SHARES		VALUE
CAPITAL MARKETS (continued)
Goldman Sachs Group, Inc. (The)		11,211	$	1,854,187
Janus Capital Group, Inc.		4,191		97,525
Legg Mason, Inc.		3,799		212,668
Lehman Brothers Holdings, Inc.		15,055		566,670
Merrill Lynch & Co., Inc.		27,567		1,123,080
Morgan Stanley		31,342		1,432,329
Northern Trust Corp.		5,479		364,189
State Street Corp. (a)		10,993		868,447
T. Rowe Price Group, Inc.		7,484		374,200
				9,885,594
CHEMICALS – 1.9%
Air Products and Chemicals, Inc.		6,085		559,820
Dow Chemical Co. (a)		26,661		982,458
DuPont (E.I.) de Nemours & Co.		25,519		1,193,268
Eastman Chemical Co.		2,263		141,324
Ecolab, Inc.		4,984		216,455
Hercules, Inc.		3,245		59,351
International Flavors & Fragrances, Inc.		2,327		102,504
Monsanto Co.		15,549		1,733,714
PPG Industries, Inc.		4,694		284,034
Praxair, Inc.		8,888		748,636
Rohm and Haas Co. (a)		3,557		192,363
Sigma-Aldrich Corp.		3,671		218,975
				6,432,902
COMMERCIAL BANKS – 4.2%
Bank of America Corp.		126,049		4,778,518
BB&T Corp.		15,498		496,866
Comerica, Inc. (c)		4,348		152,528
Fifth Third Bancorp		15,118		316,269
First Horizon National Corp. (a)		3,718		52,089
Huntington Bancshares, Inc.		10,392		111,714
KeyCorp		11,142		244,567
M&T Bank Corp.		2,146		172,710
Marshall & Ilsley Corp.		7,409		171,889
National City Corp.		18,122		180,314
PNC Financial Services Group		9,669		633,996
Regions Financial Corp.		19,681		388,700
SunTrust Banks, Inc.		9,989		550,793
U.S. Bancorp (a)		49,081		1,588,261
Wachovia Corp.		56,239		1,518,453
Wells Fargo & Co.		93,547		2,722,218
Zions Bancorp.		3,040		138,472
				14,218,357
COMMERICIAL SERVICES & SUPPLIES – 0.7%
Allied Waste Industries, Inc. (b)		9,706		104,922
Apollo Group, Inc., Class A (b)		3,937		170,078
Avery Dennison Corp.		3,021		148,784
Cintas Corp.		3,706		105,769
Equifax, Inc.		3,678		126,817
H&R Block, Inc.		9,290		192,860
Monster Worldwide, Inc. (b)		3,683		89,165
Pitney Bowes, Inc.		5,989		209,735
R. R. Donnelley & Sons Co.		6,179		187,285
Robert Half International, Inc.		4,506		115,984
Waste Management, Inc.		14,055		471,686
Western Union Co. (The)		21,271		452,434
				2,375,519
COMMUNICATIONS EQUIPMENT – 2.4%
Ciena Corp. (b)		2,532		78,062
Cisco Systems, Inc. (b)		169,144		4,074,679
Corning, Inc. (a)		44,674		1,073,963
JDS Uniphase Corp. (b)		6,234		83,473
Juniper Networks, Inc. (b)		14,856		371,400
Motorola, Inc. (a)		63,980		595,014
QUALCOMM, Inc.		45,749		1,875,709
Tellabs, Inc. (b)		11,741		63,988
				8,216,288

See Accompanying Note to Schedule of Investments

E*TRADE S&P 500 Index Fund 1

E*TRADE S&P 500 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
COMPUTERS & PERIPHERALS – 4.4%
Apple, Inc. (b)		24,938	$	3,578,603
Cognizant Technology Solutions Corp., Class A (b)		8,276		238,597
Dell, Inc. (b)		63,588		1,266,673
EMC Corp. (b)		59,604		854,721
Hewlett-Packard Co.		69,953		3,194,054
International Business Machines Corp. (a)		39,280		4,522,699
Lexmark International, Inc. (b)		2,783		85,494
NetApp, Inc. (b)		9,910		198,696
QLogic Corp. (b)		4,031		61,876
SanDisk Corp. (b)		6,520		147,156
Sun Microsystems, Inc. (b)		22,495		349,347
Teradata Corp. (b)		5,095		112,396
				14,610,312
CONSTRUCTION & ENGINEERING – 0.2%
Fluor Corp.		2,527		356,711
Jacobs Engineering Group, Inc. (b)		3,431		252,487
				609,198
CONSTRUCTION MATERIALS – 0.1%
Vulcan Materials Co. (a)		3,091		205,242
CONSUMER FINANCE – 0.7%
American Express Co.		32,804		1,434,191
Capital One Financial Corp.		10,583		520,891
Discover Financial Services		13,657		223,565
SLM Corp.		13,239		203,219
				2,381,866
CONTAINERS & PACKAGING – 0.1%
Ball Corp.		2,767		127,116
Bemis Co., Inc.		2,826		71,865
Pactiv Corp. (b)		3,747		98,209
Sealed Air Corp.		4,643		117,236
				414,426
DISTRIBUTORS – 0.1%
Genuine Parts Co.		4,690		188,632
DIVERSIFED FINANCIAL SERVICES – 2.9%
CIT Group, Inc.		5,512		65,317
Citigroup, Inc.		147,730		3,164,377
CME Group, Inc.		1,512		709,279
IntercontinentalExchange, Inc. (b)		2,000		261,000
JPMorgan Chase & Co.		96,377		4,139,392
Leucadia National Corp.		4,868		220,131
Moody’s Corp.		5,836		203,268
NYSE Euronext		7,519		463,997
Principal Financial Group, Inc.		7,330		408,428
				9,635,189
DIVERSIFIED TELECOMMUNICATIONS SERVICES – 3.4%
American Tower Corp., Class A (b)		11,484		450,288
AT+T, Inc. (a)		171,264		6,559,411
CenturyTel, Inc.		3,026		100,584
Citizens Communications Co.		9,437		98,994
Embarq Corp.		4,366		175,077
Qwest Communications International, Inc.		43,627		197,630
Sprint Nextel Corp.		80,839		540,813
Verizon Communications, Inc.		81,463		2,969,326
Windstream Corp.		12,881		153,928
				11,246,051
ELECTRIC UTILITIES – 2.4%
Allegheny Energy, Inc.		4,752		239,976
Ameren Corp.		5,941		261,642
American Electric Power Co., Inc.		11,424		475,581
CenterPoint Energy, Inc.		9,219		131,555
Consolidated Edison, Inc.		7,754		307,834
DTE Energy Co.		4,713		183,289

	SHARES		VALUE
ELECTRIC UTILITIES (continued)
Dynegy, Inc., Class A (a)(b)		14,070	$	111,012
Edison International		9,323		457,013
Entergy Corp.		5,424		591,650
Exelon Corp.		18,762		1,524,788
FirstEnergy Corp.		8,649		593,494
FPL Group, Inc.		11,559		725,212
Pepco Holdings, Inc.		5,700		140,904
PG&E Corp.		10,112		372,324
Pinnacle West Capital Corp.		2,881		101,065
PPL Corp.		10,594		486,476
Progress Energy, Inc.		7,409		308,955
Southern Co. (The)		21,698		772,666
TECO Energy, Inc.		6,023		96,067
Xcel Energy, Inc.		12,015		239,699
				8,121,202
ELECTRICAL EQUIPMENT – 0.5%
Cooper Industries, Ltd., Class A		5,001		200,790
Emerson Electric Co.		22,337		1,149,462
Rockwell Automation, Inc.		4,209		241,681
				1,591,933
ELECTRONIC EQUIPMENT & INSTRUMENTS – 0.3%
Agilent Technologies, Inc. (b)		10,358		308,979
Jabil Circuit, Inc.		6,113		57,829
Molex, Inc.		4,082		94,539
Tyco Electronics, Ltd.		13,830		474,646
				935,993
ENERGY EQUIPMENT & SERVICES – 2.3%
Baker Hughes, Inc.		8,779		601,362
BJ Services Co.		8,430		240,339
Cameron International Corp. (b)		6,194		257,918
ENSCO International, Inc.		4,084		255,740
Halliburton Co.		24,974		982,227
Nabors Industries, Ltd. (b)		8,046		271,713
National-Oilwell Varco, Inc. (b)		10,129		591,331
Noble Corp.		7,683		381,615
Rowan Cos., Inc.		3,180		130,952
Schlumberger, Ltd. (a)		33,985		2,956,695
Transocean, Inc.		9,016		1,218,963
				7,888,855
FOOD & STAPLES RETAILING – 2.6%
Costco Wholesale Corp.		12,336		801,470
CVS Corp.		40,629		1,645,881
Kroger Co. (The)		19,087		484,810
Safeway, Inc.		12,490		366,582
Supervalu, Inc.		6,012		180,240
Sysco Corp.		17,126		496,997
Wal-Mart Stores, Inc.		67,045		3,531,931
Walgreen Co.		28,130		1,071,472
Whole Foods Market, Inc. (a)		4,063		133,957
				8,713,340
FOOD PRODUCTS – 1.6%
Archer-Daniels-Midland Co.		18,261		751,623
Campbell Soup Co.		6,247		212,086
ConAgra Foods, Inc.		14,017		335,707
Dean Foods Co.		4,327		86,929
General Mills, Inc.		9,555		572,153
H.J. Heinz Co.		8,942		420,006
Hershey Foods Corp.		4,773		179,799
Kellogg Co.		7,394		388,629
Kraft Foods, Inc., Class A		43,508		1,349,183
McCormick & Co., Inc. (a)		3,741		138,305
Sara Lee Corp.		20,208		282,508
Tyson Foods, Inc., Class A		7,768		123,900
Wm Wrigley Jr. Co.		6,141		385,900
				5,226,728

See Accompanying Note to Schedule of Investments

2 E*TRADE S&P 500 Index Fund

E*TRADE S&P 500 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
GAS UTILITIES – 0.1%
Nicor, Inc.		1,252	$	41,955
NiSource, Inc.		7,877		135,799
				177,754
HEALTH CARE EQUIPMENT & SUPPLIES – 2.2%
Baxter International, Inc.		18,001		1,040,818
Becton, Dickinson & Co.		6,965		597,945
Boston Scientific Corp. (b)		38,110		490,476
C.R. Bard, Inc.		2,846		274,354
Covidien, Ltd.		14,227		629,545
Hospira, Inc. (b)		4,495		192,251
Medtronic, Inc.		31,866		1,541,358
Millipore Corp. (a)(b)		1,551		104,553
PerkinElmer, Inc.		3,442		83,469
St. Jude Medical, Inc. (b)		9,755		421,318
Stryker Corp.		6,789		441,624
Thermo Fisher Scientific, Inc. (b)		11,877		675,089
Varian Medical Systems, Inc. (b)		3,566		167,031
Waters Corp. (b)		2,900		161,530
Zimmer Holdings, Inc. (b)		6,616		515,122
				7,336,483
HEALTH CARE PROVIDERS & SERVICES – 1.9%
Aetna, Inc.		14,091		593,090
AmerisourceBergen Corp.		4,613		189,041
Cardinal Health, Inc.		10,118		531,296
CIGNA Corp.		7,947		322,410
Coventry Health Care, Inc. (b)		4,472		180,445
Express Scripts, Inc. (b)		7,173		461,367
Humana, Inc. (b)		4,823		216,360
IMS Health, Inc.		5,202		109,294
Laboratory Corp. of America Holdings (b)		3,135		230,987
McKesson Corp.		8,211		430,010
Medco Health Solutions, Inc. (b)		14,866		650,982
Patterson Cos., Inc. (b)		3,670		133,221
Quest Diagnostics, Inc.		4,541		205,571
Tenet Healthcare Corp. (b)		13,595		76,948
UnitedHealth Group, Inc.		35,508		1,220,055
WellPoint, Inc. (b)		15,377		678,587
				6,229,664
HOME BUILDERS – 0.0%
D.R. Horton, Inc.		7,854		123,701
HOTELS, RESTAURANTS & LEISURE – 1.3%
Carnival Corp.		12,487		505,474
Darden Restaurants, Inc.		4,173		135,831
International Game Technology		8,875		356,864
Marriott International, Inc., Class A		8,539		293,400
McDonald’s Corp. (a)		32,678		1,822,452
Starbucks Corp. (b)		20,725		362,688
Starwood Hotels & Resorts Worldwide, Inc.		5,342		276,449
Wendy’s International, Inc.		2,572		59,310
Wyndham Worldwide Corp.		5,110		105,675
Yum! Brands, Inc.		13,492		502,037
				4,420,180
HOUSEHOLD DURABLES – 0.4%
Black & Decker Corp. (The)		1,728		114,221
Centex Corp.		3,533		85,534
Fortune Brands, Inc.		4,383		304,619
Harman International Industries, Inc.		1,732		75,411
KB Home (a)		2,124		52,527
Leggett & Platt, Inc.		4,755		72,514
Lennar Corp., Class A (a)		4,001		75,259
Newell Rubbermaid		8,016		183,326
Pulte Homes, Inc.		6,256		91,025
Snap-On, Inc.		1,706		86,750
Stanley Works (The)		2,221		105,764
Whirlpool Corp.		2,145		186,143
				1,433,093

	SHARES		VALUE
HOUSEHOLD PRODUCTS – 2.5%
Clorox Co. (The)		3,959	$	224,238
Colgate-Palmolive Co.		14,466		1,127,046
Kimberly-Clark Corp.		11,924		769,694
Procter & Gamble Co. (The)		87,324		6,118,793
				8,239,771
INDUSTRIAL CONGLOMERATES – 3.9%
3M Co.		20,080		1,589,332
General Electric Co.		283,345		10,486,598
Textron, Inc.		7,056		391,044
Tyco International, Ltd.		13,760		606,128
				13,073,102
INSURANCE – 3.8%
ACE, Ltd.		9,415		518,390
AFLAC, Inc.		13,471		874,941
Allstate Corp. (The)		15,902		764,250
Ambac Financial Group, Inc.		8,252		47,449
American International Group, Inc.		71,571		3,095,446
Aon Corp.		8,669		348,494
Assurant, Inc.		2,714		165,174
Chubb Corp. (The)		10,505		519,787
Cincinnati Financial Corp.		4,779		181,793
Genworth Financial, Inc., Class A		12,276		277,929
Hartford Financial Services Group, Inc. (The)		8,910		675,111
Lincoln National Corp.		7,507		390,364
Loews Corp.		12,475		501,745
Marsh & McLennan Cos., Inc.		14,784		359,990
MBIA, Inc. (a)		5,738		70,118
Metlife, Inc. (a)		20,122		1,212,552
Progressive Corp. (The)		19,248		309,315
Prudential Financial, Inc.		12,655		990,254
SAFECO Corp.		2,546		111,718
Torchmark Corp.		2,581		155,144
Travelers Cos., Inc. (The)		17,601		842,208
UnumProvident Corp.		9,844		216,666
XL Capital, Ltd., Class A		5,048		149,168
				12,778,006
INTERNET & CATALOG RETAIL – 0.5%
Amazon.com, Inc. (b)		8,752		624,018
eBay, Inc. (b)		31,651		944,466
Expedia, Inc. (b)		6,000		131,340
IAC/InterActiveCorp. (b)		5,308		110,194
				1,810,018
INTERNET SOFTWARE & SERVICES – 1.3%
Akamai Technologies, Inc. (b)		4,739		133,450
Google, Inc., Class A (a)(b)		6,580		2,898,293
VeriSign, Inc. (b)		6,054		201,235
Yahoo!, Inc. (b)		37,942		1,097,662
				4,330,640
IT SERVICES – 0.6%
Affiliated Computer Services, Inc., Class A (b)		2,723		136,450
Automatic Data Processing, Inc.		14,833		628,771
Computer Sciences Corp. (b)		4,711		192,162
Convergys Corp. (b)		3,596		54,156
Electronic Data Systems Corp.		14,564		242,491
Fidelity National Information Services, Inc.		4,861		185,399
Fiserv, Inc. (b)		4,740		227,947
Paychex, Inc.		9,184		314,644
Total System Services, Inc.		5,697		134,791
Unisys Corp. (b)		9,994		44,273
				2,161,084
LEISURE EQUIPMENT & PRODUCTS – 0.1%
Brunswick Corp.		2,597		41,474
Eastman Kodak Co.		8,213		145,124
Hasbro, Inc.		4,046		112,883

See Accompanying Note to Schedule of Investments

E*TRADE S&P 500 Index Fund 3

E*TRADE S&P 500 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
LEISURE EQUIPMENT & PRODUCTS (continued)
Mattel, Inc.		10,253	$	204,035
				503,516
MACHINERY – 1.8%
Caterpillar, Inc.		17,705		1,386,124
Cummins, Inc.		5,737		268,606
Danaher Corp. (a)		7,225		549,317
Deere & Co.		12,372		995,204
Dover Corp.		5,445		227,492
Eaton Corp.		4,169		332,144
Illinois Tool Works, Inc.		11,362		547,989
Ingersoll-Rand Co., Ltd., Class A (a)		7,736		344,871
ITT Industries, Inc.		5,182		268,479
Manitowoc Co., Inc. (The)		3,694		150,715
PACCAR, Inc.		10,404		468,180
Pall Corp.		3,478		121,973
Parker-Hannifin Corp.		4,781		331,180
Terex Corp. (b)		2,882		180,125
				6,172,399
MEDIA – 2.8%
CBS Corp., Class B		19,315		426,475
Clear Channel Communications, Inc.		14,127		412,791
Comcast Corp., Class A		85,438		1,652,371
DIRECTV Group Inc., (The) (b)		20,217		501,179
E.W. Scripps Co., Class A (a)		2,540		106,705
Gannett Co., Inc.		6,520		189,406
Interpublic Group Cos., Inc. (The) (b)		13,369		112,433
McGraw-Hill Cos., Inc. (The)		9,159		338,425
Meredith Corp.		1,119		42,802
New York Times Co. (The), Class A		4,012		75,747
News Corp., Inc., Class A		65,287		1,224,131
Omnicon Group, Inc.		9,097		401,905
Time Warner, Inc.		101,478		1,422,722
Viacom, Inc., Class B (b)		18,185		720,490
Walt Disney Co. (The)		53,430		1,676,633
Washington Post Co. (The), Class B		166		109,809
				9,414,024
METAL FABRICATE / HARDWARE – 0.1%
Precision Castparts Corp.		3,945		402,706
METALS & MINING – 1.1%
Alcoa, Inc.		23,107		833,238
Allegheny Technologies, Inc.		2,864		204,375
Freeport-McMoRan Copper & Gold, Inc., Class B		10,861		1,045,045
Newmont Mining Corp.		12,921		585,321
Nucor Corp.		8,173		553,639
Titanium Metals Corp.		2,600		39,130
United States Steel Corp.		3,342		424,000
				3,684,748
MULTI-LINE RETAIL – 0.8%
Big Lots, Inc. (b)		2,603		58,047
Dillard’s, Inc., Class A		1,750		30,118
Family Dollar Stores, Inc.		4,044		78,858
J. C. Penney Co., Inc. (Holding Co.)		6,342		239,157
Kohl’s Corp. (b)		8,900		381,721
Macy’s, Inc.		12,406		286,082
Nordstrom, Inc.		5,079		165,575
Sears Holding Corp. (a)(b)		2,100		214,389
Target Corp.		23,230		1,177,296
				2,631,243
MULTI-UTILITIES & UNREGULATED POWER – 1.0%
AES Corp. (The) (b)		19,134		318,964
CMS Energy Corp.		6,452		87,360
Constellation Energy Group, Inc.		5,048		445,587
Dominion Resources, Inc.		16,311		666,141
Duke Energy Corp.		35,834		639,637
Integrys Energy Group, Inc.		2,238		104,380
Public Service Enterprise Group, Inc.		14,427		579,821

	SHARES		VALUE
MULTI-UTILITIES & UNREGULATED POWER (continued)
Sempra Energy		7,414	$	395,018
				3,236,908
OFFICE ELECTRONICS – 0.1%
Xerox Corp.		26,036		389,759
OIL & GAS – 10.7%
Anadarko Petroleum Corp.		13,281		837,101
Apache Corp.		9,448		1,141,507
Ashland, Inc.		1,646		77,856
Chesapeake Energy Corp.		12,980		599,027
ChevronTexaco Corp.		58,926		5,029,923
ConocoPhillips (a)		44,308		3,376,713
Consol Energy, Inc.		5,217		360,964
Devon Energy Corp.		12,609		1,315,497
El Paso Corp.		20,048		333,599
EOG Resources, Inc.		7,009		841,080
Exxon Mobil Corp. (a)		151,808		12,839,921
Hess Corp.		7,914		697,857
Marathon Oil Corp.		20,117		917,335
Murphy Oil Corp.		5,394		443,063
Noble Energy, Inc.		4,896		356,429
Occidental Petroleum Corp. (a)		23,340		1,707,788
Peabody Energy Corp.		7,689		392,139
Questar Corp.		4,940		279,406
Range Resources Corp.		4,273		271,122
Smith International		5,738		368,552
Spectra Energy Corp.		18,089		411,525
Sunoco, Inc.		3,385		177,611
Tesoro Corp.		4,000		120,000
Valero Energy Corp.		15,170		744,999
Weatherford International, Ltd. (b)		9,643		698,828
Williams Cos., Inc. (The)		16,600		547,468
XTO Energy, Inc.		14,480		895,733
				35,783,043
PAPER & FOREST PRODUCTS – 0.3%
International Paper Co.		12,137		330,126
MeadWestvaco Corp.		4,933		134,276
Weyerhauser Co.		5,946		386,728
				851,130
PERSONAL PRODUCTS – 0.2%
Avon Products, Inc.		12,109		478,790
Estee Lauder Cos., Inc. (The), Class A		3,238		148,462
				627,252
PHARMACEUTICALS – 6.0%
Abbott Laboratories		43,860		2,418,879
Allergan, Inc.		8,680		489,465
Barr Pharmaceuticals, Inc. (b)		3,061		147,877
Bristol-Myers Squibb Co.		56,165		1,196,315
Eli Lilly & Co.		28,068		1,448,028
Forest Laboratories, Inc. (b)		8,835		353,488
Johnson & Johnson		80,375		5,213,926
King Pharmaceuticals, Inc. (b)		7,003		60,926
Merck & Co., Inc.		61,440		2,331,648
Mylan Laboratories, Inc. (a)		8,903		103,275
Pfizer, Inc. (a)		191,844		4,015,295
Schering-Plough Corp.		45,996		662,802
Watson Pharmaceuticals, Inc. (b)		3,019		88,517
Wyeth		37,965		1,585,418
				20,115,859
REAL ESTATE – 1.2%
Apartment Investment & Management Co., Class A		2,603		93,213
AvalonBay Communities, Inc.		2,180		210,414
Boston Properties, Inc.		3,406		313,590
CB Richard Ellis Group, Inc. (b)		4,930		106,685
Developers Diversified Realty Corp.		3,389		141,931
Equity Residential		7,651		317,440
General Growth Properties, Inc., REIT		7,575		289,138

See Accompanying Note to Schedule of Investments

4  E*TRADE S&P 500 Index Fund

E*TRADE S&P 500 Index Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2008 (Unaudited)

	SHARES		VALUE
REAL ESTATE (continued)
HCP, Inc.		6,301	$	213,037
Host Hotels & Resorts, Inc.		14,945		237,924
Kimco Realty Corp.		7,218		282,729
Plum Creek Timber Co., Inc.		4,856		197,639
Prologis		7,353		432,798
Public Storage, Inc.		3,562		315,664
Simon Property Group, Inc.		6,328		587,934
Vornado Realty Trust		3,828		330,012
				4,070,148
ROAD & RAIL – 0.9%
Burlington Northern Santa Fe Corp.		8,398		774,464
CSX Corp.		11,445		641,721
Norfolk Southern Corp.		10,678		580,029
Union Pacific Corp.		7,397		927,436
				2,923,650
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.4%
Advanced Micro Devices, Inc. (a)(b)		17,141		100,961
Altera Corp.		8,719		160,691
Analog Devices, Inc.		8,340		246,197
Applied Materials, Inc.		38,409		749,360
Broadcom Corp., Class A (b)		13,424		258,680
Intel Corp.		164,235		3,478,497
KLA-Tencor Corp.		5,212		193,365
Linear Technology Corp.		6,353		194,974
LSI Logic Corp. (a)(b)		18,758		92,852
MEMC Electronic Materials, Inc. (b)		6,481		459,503
Microchip Technology, Inc.		5,435		177,888
Micron Technology, Inc. (b)		21,659		129,304
National Semiconductor Corp.		6,436		117,908
Novellus Systems, Inc. (b)		2,893		60,898
NVIDIA Corp. (b)		15,764		311,970
Teradyne, Inc. (b)		4,973		61,765
Texas Instruments, Inc.		37,634		1,063,913
Xilinx, Inc.		8,124		192,945
				8,051,671
SOFTWARE – 3.3%
Adobe Systems, Inc. (b)		16,144		574,565
Autodesk, Inc. (b)		6,582		207,201
BMC Software, Inc. (b)		5,451		177,267
CA, Inc. (a)		11,122		250,245
Citrix Systems, Inc. (b)		5,257		154,188
Compuware Corp. (b)		7,780		57,105
Electronic Arts, Inc. (b)		9,069		452,724
Intuit, Inc. (b)		9,299		251,166
Microsoft Corp. (a)		227,115		6,445,524
Novell, Inc. (b)		10,305		64,818
Oracle Corp. (b)		112,228		2,195,180
Symantec Corp. (b)		24,017		399,163
				11,229,146
SPECIALTY RETAIL – 1.6%
Abercrombie & Fitch Co., Class A		2,444		178,754
AutoNation, Inc. (b)		4,062		60,808
AutoZone, Inc. (b)		1,219		138,759
Bed Bath & Beyond, Inc. (b)		7,432		219,244
Best Buy Co., Inc.		10,042		416,341
GameStop Corp., Class A (b)		4,556		235,591
Gap, Inc. (The)		12,903		253,931
Home Depot, Inc. (The)		47,886		1,339,371
Limited Brands, Inc.		8,948		153,011
Lowe’s Cos., Inc.		41,501		952,033
Office Depot, Inc. (b)		7,946		87,803
OfficeMax, Inc.		2,165		41,438
RadioShack Corp.		3,896		63,310
Sherwin-Williams Co. (The)		2,892		147,608
Staples, Inc.		19,890		439,768
Tiffany & Co.		3,652		152,800

	SHARES		VALUE
SPECIALTY RETAIL (continued)
TJX Cos., Inc. (The)		12,400	$	410,068
				5,290,638
TEXTILES, APPAREL & LUXURY GOODS – 0.4%
Coach, Inc. (b)		9,985		301,048
Jones Apparel Group, Inc.		2,511		33,698
Liz Claiborne, Inc.		3,004		54,523
NIKE, Inc., Class B		10,864		738,752
Polo Ralph Lauren Corp. (a)		1,670		97,344
V.F. Corp.		2,488		192,845
				1,418,210
THRIFTS & MORTGAGE FINANCE – 0.6%
Countrywide Financial Corp. (a)		16,484		90,662
Federal Home Loan Mortgage Corp.		18,332		464,166
Federal National Mortgage Corp.		27,759		730,617
Hudson City Bancorp, Inc.		14,708		260,037
MGIC Investment Corp.		3,379		35,581
Sovereign Bancorp, Inc.		10,378		96,723
Washington Mutual, Inc. (a)		25,060		258,118
				1,935,904
TOBACCO – 1.5%
Altria Group, Inc.		59,823		1,328,071
Philip Morris International, Inc. (b)		59,823		3,025,847
Reynolds American, Inc.		4,896		289,011
UST, Inc.		4,241		231,219
				4,874,148
TRADING COMPANIES & DISTRIBUTORS – 0.0%
W.W. Grainger, Inc.		1,904		145,447
TOTAL COMMON STOCKS (Cost $302,204,440)				326,882,083

	SHARES/ PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 2.4%
BlackRock Liquidity Funds
TempCash Portfolio		7,150,307		7,150,307
U.S. Treasury Bill 1.98% (d), 07/24/2008 (e)	$	750,000		746,770
TOTAL SHORT-TERM INVESTMENTS (Cost $7,895,605)				7,897,077
TOTAL INVESTMENTS - 99.9% (COST $310,100,045) (f)				334,779,160
OTHER ASSETS LESS LIABILITIES- 0.1%				480,834
TOTAL NET ASSETS - 100.0%			$	335,259,994

(a)	Securities (or a portion of securities) on loan. As of March 31, 2008, the market value of securities loaned was $57,493,260. The loans were secured with cash collateral of $58,812,455.
(b)	Non-income producing.

See Accompanying Note to Schedule of Investments

E*TRADE S&P 500 Index Fund 5

E*TRADE S&P 500 Index Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2008 (Unaudited)

^(c) 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:

Name of Issuer	# of Shares Held at Start of Period		Gross Additions		# of Shares Held at End of Period		Value at End of Period
Comerica, Inc.		4,348		—		4,348		$ 152,528
E*Trade Financial Corp.		12,268		1,025		13,293		51,311

(d)	Yield to Maturity.
(e)	Security with an aggregate market value of $746,770 was segregated to cover margin requirements for the following open futures contracts as of March 31, 2008:

Number of Contracts	Futures Index		Expiration Date		Notional Contract Value		Net Unrealized Appreciation
24		S&P 500 Futures		06/19/2008		$ 7,944,000		$ 31,990

(f)	At March 31, 2008, the cost of investments for Federal income tax purposes is $310,100,045.
	Unrealized appreciation (depreciation) is as follows:
	Gross Unrealized Appreciation	$	62,563,690
	Gross Unrealized Depreciation		(37,884,575	)
	Net Unrealized
	Appreciation/Depreciation	$	24,679,115

Summary of inputs used to value the Fund’s net assets as of March 31, 2008 is as follows (See Note to Schedule of Investments):

Valuation Inputs	Investments in Securities		Other Financial Instruments (Unrealized Appreciation/ Depreciation)*
Level 1 – Quoted Prices	$	334,032,390	$	31,990
Level 2 – Other Significant Observable Inputs		746,770		—
Level 3 – Significant Unobservable Inputs		—		—
Total	$	334,779,160	$	31,990

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swaps which are valued at the unrealized appreciation/depreciation on the investment.

INDUSTRY	MARKET VALUE		% OF TOTAL NET ASSETS
OIL & GAS	$	35,783,043		10.7	%
PHARMACEUTICALS		20,115,859		6.0	%
COMPUTERS & PERIPHERALS		14,610,312		4.4	%
COMMERCIAL BANKS		14,218,357		4.2	%
INDUSTRIAL CONGLOMERATES		13,073,102		3.9	%
INSURANCE		12,778,006		3.8	%
DIVERSIFIED TELECOMMUNICATIONS SERVICES		11,246,051		3.4	%
SOFTWARE		11,229,146		3.3	%
CAPITAL MARKETS		9,885,594		2.9	%
DIVERSIFED FINANCIAL SERVICES		9,635,189		2.9	%
MEDIA		9,414,024		2.8	%
AEROSPACE & DEFENSE		9,016,549		2.7	%
FOOD & STAPLES RETAILING		8,713,340		2.6	%
BEVERAGES		8,493,749		2.5	%
HOUSEHOLD PRODUCTS		8,239,771		2.5	%
COMMUNICATIONS EQUIPMENT		8,216,288		2.4	%
ELECTRIC UTILITIES		8,121,202		2.4	%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		8,051,671		2.4	%
ENERGY EQUIPMENT & SERVICES		7,888,855		2.3	%
HEALTH CARE EQUIPMENT & SUPPLIES		7,336,483		2.2	%
CHEMICALS		6,432,902		1.9	%
HEALTH CARE PROVIDERS & SERVICES		6,229,664		1.9	%
MACHINERY		6,172,399		1.8	%
SPECIALTY RETAIL		5,290,638		1.6	%
FOOD PRODUCTS		5,226,728		1.6	%
TOBACCO		4,874,148		1.5	%
BIOTECHNOLOGY		4,650,308		1.4	%
HOTELS, RESTAURANTS & LEISURE		4,420,180		1.3	%
INTERNET SOFTWARE & SERVICES		4,330,640		1.3	%
REAL ESTATE		4,070,148		1.2	%
METALS & MINING		3,684,748		1.1	%
AIR FREIGHT & LOGISTICS		3,597,056		1.1	%
MULTI-UTILITIES & UNREGULATED POWER		3,236,908		1.0	%
ROAD & RAIL		2,923,650		0.9	%
MULTI-LINE RETAIL		2,631,243		0.8	%
CONSUMER FINANCE		2,381,866		0.7	%
COMMERICIAL SERVICES & SUPPLIES		2,375,519		0.7	%
IT SERVICES		2,161,084		0.6	%
THRIFTS & MORTGAGE FINANCE		1,935,904		0.6	%
INTERNET & CATALOG RETAIL		1,810,018		0.5	%
ELECTRICAL EQUIPMENT		1,591,933		0.5	%
HOUSEHOLD DURABLES		1,433,093		0.4	%
TEXTILES, APPAREL & LUXURY GOODS		1,418,210		0.4	%
ELECTRONIC EQUIPMENT & INSTRUMENTS		935,993		0.3	%
AUTOMOBILES		920,449		0.3	%
PAPER & FOREST PRODUCTS		851,130		0.3	%
AUTO COMPONENTS		747,611		0.2	%
PERSONAL PRODUCTS		627,252		0.2	%
CONSTRUCTION & ENGINEERING		609,198		0.2	%
LEISURE EQUIPMENT & PRODUCTS		503,516		0.1	%
BUILDING PRODUCTS		434,851		0.1	%
CONTAINERS & PACKAGING		414,426		0.1	%
METAL FABRICATE / HARDWARE		402,706		0.1	%
OFFICE ELECTRONICS		389,759		0.1	%
AIRLINE		258,838		0.1	%
CONSTRUCTION MATERIALS		205,242		0.1	%
DISTRIBUTORS		188,632		0.1	%
GAS UTILITIES		177,754		0.1	%
TRADING COMPANIES & DISTRIBUTORS		145,447		0.0	%
HOME BUILDERS		123,701		0.0	%
SHORT-TERM INVESTMENTS AND OTHER ASSETS LESS LIABILITIES		8,377,911		2.5	%
	$	335,259,994		100.0	%

See Accompanying Note to Schedule of Investments

6 E*TRADE S&P 500 Index Fund

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

	SHARES		VALUE
COMMON STOCKS – 97.9%
ADVERTISING – 0.2%
Gaiam, Inc., Class A (a)		1,536	$	26,603
Greenfield Online, Inc. (a)		2,001		23,731
inVentiv Health, Inc. (a)		2,878		82,914
Marchex, Inc., Class B (b)		2,580		25,747
ValueVision Media, Inc., Class A (a)		2,827		15,661
				174,656
AEROSPACE/DEFENSE – 1.2%
AAR Corp. (a)(b)		3,448		94,026
Aerovironment, Inc. (a)		671		13,721
ARGON ST, Inc. (a)		1,184		20,139
Curtiss-Wright Corp.		3,991		165,546
Esterline Technologies Corp. (a)		2,628		132,371
GenCorp., Inc. (a)		5,173		53,229
HEICO Corp. (b)		2,303		112,270
Innovative Solutions & Support (a)(b)		1,133		11,975
Kaman Corp.		2,187		61,870
Moog, Inc., Class A (a)		3,414		144,104
MTC Technologies, Inc. (a)		870		20,688
Orbital Sciences Corp. (a)		5,347		128,862
Teledyne Technologies, Inc. (a)		3,150		148,049
TransDigm Group, Inc. (a)		865		32,047
Triumph Group, Inc.		1,462		83,231
				1,222,128
AGRICULTURE – 0.2%
Alico, Inc.		359		15,849
Alliance One International, Inc. (a)		8,496		51,315
Andersons, Inc. (The)		1,438		64,148
Cadiz Inc. (a)(b)		1,096		16,855
Maui Land & Pineapple Co., Inc. (a)		408		13,010
Tejon Ranch Co. (a)		1,030		38,439
				199,616
AIRLINE – 0.4%
Airtran Holdings, Inc. (a)		8,460		55,835
Alaska Air Group, Inc. (a)		3,379		66,295
Allegiant Travel Co. (a)		502		13,263
ExpressJet Holdings, Inc. (a)		4,999		13,147
JetBlue Airways Corp. (a)(b)		15,857		91,971
Pinnacle Airlines Corp. (a)		1,814		15,836
Republic Airways Holdings, Inc. (a)		2,880		62,381
SkyWest, Inc.		5,487		115,885
				434,613
APPAREL – 1.0%
Carter’s, Inc. (a)		5,188		83,786
Cherokee, Inc. (b)		719		24,209
Columbia Sportswear Co. (b)		1,228		54,069
Deckers Outdoor Corp. (a)		1,149		123,885
G-III Apparel Group, Ltd. (a)		1,199		16,091
Gymboree Corp. (a)		2,575		102,691
Heelys, Inc. (a)(b)		644		2,763
Iconix Brand Group, Inc. (a)		4,503		78,127
K-Swiss, Inc., Class A		2,383		37,699
Maidenform Brands, Inc. (a)		2,119		34,476
Oxford Industries, Inc.		1,230		27,712
Perry Ellis International, Inc. (a)		1,010		22,048
Quiksilver, Inc. (a)		11,173		109,607
Skechers U.S.A., Inc., Class A (a)		1,880		37,995
Timberland Co., Class A (a)		4,243		58,256
True Religion Apparel, Inc. (a)(b)		1,245		23,095
Volcom, Inc. (a)		1,350		27,284
Warnaco Group, Inc. (The) (a)		4,172		164,544
Weyco Group, Inc.		611		18,128
				1,046,465
AUTO MANUFACTURERS – 0.3%
CLARCOR, Inc.		4,621		164,277
Force Protection, Inc. (a)(b)		6,328		12,719
Smith (A.O.) Corp.		1,848		60,744

	SHARES		VALUE
AUTO MANUFACTURERS (continued)
Wabash National Corp.		2,815	$	25,307
				263,047
AUTO PARTS & EQUIPMENT – 1.0%
Accuride Corp. (a)		2,100		17,178
Aftermarket Technology Corp. (a)		1,940		37,714
American Axle & Manufacturing Holdings		3,973		81,447
Amerigon, Inc. (a)		1,993		29,496
ArvinMeritor, Inc.		6,416		80,264
Commercial Vehicle Group, Inc. (a)		2,059		20,405
Cooper Tire & Rubber Co.		5,477		81,991
Exide Technologies (a)(b)		6,877		90,089
Hayes Lemmerz International, Inc. (a)		9,738		27,169
Lear Corp. (a)		6,910		179,038
Miller Industries, Inc. (TN) (a)		902		8,686
Modine Manufacturing Co.		2,879		41,717
Noble International, Ltd.		1,084		6,775
Spartan Motors, Inc.		2,968		25,109
Standard Motor Products, Inc.		1,451		8,880
Superior Industries International, Inc. (b)		2,105		43,679
Tenneco, Inc. (a)		4,171		116,538
Titan International, Inc.		2,242		68,628
Visteon Corp. (a)(b)		11,513		43,289
				1,008,092
BANKS – 7.4%
1st Source Corp.		1,343		28,270
Abington Bancorp, Inc.		987		10,186
AMCORE Financial, Inc.		1,948		39,642
Americanwest Bancorp		1,666		14,528
Ameris Bancorp		1,203		19,320
Anchor BanCorp Wisconsin, Inc.		1,845		35,000
Apollo Investment Corp. (b)		10,751		170,188
BancFirst Corp.		735		33,648
Banco Latinoamericano de Exportaciones, SA, Class E		2,509		38,639
Bancorp, Inc. (a)		982		11,863
Bank Mutual Corp.		4,425		47,525
Bank of the Ozarks, Inc. (b)		1,097		26,218
BankAtlantic Bancorp, Inc., Class A		4,130		16,148
BankFinancial Corp.		2,137		34,000
BankUnited Financial Corp., Class A (b)		2,945		14,754
Banner Corp.		1,395		32,141
Beneficial Mutual Bancorp, Inc. (a)		3,284		32,479
Berkshire Hills Bancorp, Inc.		994		25,039
Boston Private Financial Holdings, Inc.		3,289		34,831
Brookline Bancorp, Inc.		5,248		60,247
Capital City Bank Group, Inc. (b)		1,073		31,117
Capital Corp of The West		879		7,050
Capital Southwest Corp.		280		34,642
Capitol Bancorp, Ltd. (b)		1,310		27,693
Cascade Bancorp (b)		2,070		19,789
Cass Information Systems, Inc. (b)		603		19,031
Cathay General Bancorp (b)		4,599		95,337
Centennial Bank Holdings, Inc. (a)		4,526		28,423
Center Financial Corp.		926		8,390
Central Pacific Financial Corp.		2,591		48,840
Chemical Financial Corp.		2,288		54,546
Citizens Republic Bancorp, Inc.		6,723		83,567
City Bank		1,329		29,597
City Holding Co.		1,458		58,174
Clifton Savings Bancorp, Inc.		1,236		12,459
CoBiz Financial, Inc.		1,705		22,199
Columbia Banking System, Inc.		1,589		35,562
Community Bancorp (Nevada) (a)		960		13,018
Community Bank System, Inc. (California)		2,775		68,154
Community Trust Bancorp, Inc.		1,420		41,606
Corus Bankshares, Inc. (b)		3,589		34,921
CVB Financial Corp.		5,976		62,210
Dime Community Bancshares		2,320		40,554
Downey Financial Corp.		1,875		34,463

See Accompanying Note to Schedule of Investments

E*TRADE Russell 2000 Index Fund 7

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
BANKS (continued)
Enterprise Financial Services Corp. (b)		872	$	21,800
FBR Capital Markets Corp. (a)		3,025		20,419
First Bancorp North Carolina		1,099		21,903
First Bancorp Puerto Rico		8,554		86,909
First Busey Corp., Class A (b)		2,305		48,682
First Charter Corp.		3,158		84,350
First Commonwealth Financial Corp. (b)		6,843		79,310
First Community Bancorp		2,194		58,909
First Community Bancshares, Inc.		926		33,725
First Financial Bancorp		3,061		41,170
First Financial Bankshares, Inc.		1,919		78,641
First Financial Corp.		1,217		37,459
First Financial Holdings, Inc.		1,100		25,806
First Merchants Corp.		1,689		48,204
First Midwest Bancorp, Inc.		4,468		124,076
First Niagara Financial Group, Inc.		9,534		129,567
First Place Financial Corp.		1,617		21,021
First Regional Bancorp (California) (a)		756		12,398
First South Bancorp, Inc. (North Carolina) (b)		769		17,303
First State Bancorp		1,885		25,240
FirstFed Financial Corp. (a)(b)		1,268		34,426
FirstMerit Corp.		7,251		149,806
Flagstar Bancorp, Inc.		4,102		29,616
Flushing Financial Corp.		1,947		34,228
FNB Corp. (b)		5,360		83,670
Franklin Bank Corp. (a)		2,287		6,930
Frontier Financial Corp. (b)		3,820		67,538
Glacier Bancorp, Inc.		4,679		89,696
Great Southern Bancorp, Inc.		972		15,173
Greene Bancshares, Inc.		1,112		19,671
Hancock Holding Co. (b)		2,376		99,840
Hanmi Financial Corp.		3,746		27,683
Harleysville National Corp.		2,671		38,516
Heartland Financial USA, Inc. (b)		1,171		24,778
Heritage Commerce Corp.		1,302		23,866
Home Bancshares, Inc., Cornway, AR		1,057		22,060
Horizon Financial Corp.		1,147		15,840
IBERIABANK Corp.		1,070		47,348
Imperial Capital Bancorp, Inc.		514		11,113
Independent Bank Corp. (Massachusetts) (b)		1,309		38,681
Independent Bank Corp. (Michigan)		2,082		21,611
Integra Bank Corp.		1,915		31,023
International Bancshares Corp.		4,616		104,229
Investors Bancorp, Inc. (a)		4,720		72,452
Irwin Financial Corp.		1,735		9,213
K-Fed Bancorp (b)		452		5,157
Kearny Financial Corp.		2,024		22,163
Lakeland Bancorp, Inc.		1,853		23,959
Lakeland Financial Corp.		1,119		25,345
Macatawa Bank Corp. (b)		1,411		14,689
MainSource Financial Group, Inc.		1,749		27,110
MB Financial, Inc.		3,121		96,064
Midwest Banc Holdings, Inc.		1,989		25,419
Nara Bancorp, Inc.		1,968		25,564
NASB Financial, Inc. (b)		367		9,615
National Penn Bancshares, Inc.		7,027		127,821
NBT Bancorp, Inc.		2,997		66,533
NewAlliance Bancshares, Inc.		10,195		124,991
Northfield Bancorp, Inc. (New Jersey) (a)(b)		1,811		18,563
Northwest Bancorp, Inc.		1,690		46,188
Old National Bancorp (Indiana)		5,899		106,182
Old Second Bancorp, Inc.		1,238		32,881
Omega Financial Corp.		1,168		36,442
Oriental Financial Group, Inc.		1,947		38,375
Oritani Financial Corp. (a)		1,219		18,492
Pacific Capital Bancorp (b)		4,176		89,784
Park National Corp.		1,075		76,164
Peoples Bancorp, Inc.		983		23,700
PFF Bancorp, Inc. (b)		2,214		18,420
Pinnacle Financial Partners, Inc. (a)		1,977		50,611

	SHARES		VALUE
BANKS (continued)
Preferred Bank (California)		850	$	14,187
PrivateBancorp, Inc. (b)		1,737		54,663
Prosperity Bancshares, Inc.		3,154		90,394
Provident Bankshares Corp.		2,863		30,749
Provident Financial Services, Inc.		5,715		80,810
Provident New York Bancorp		3,563		48,101
Renasant Corp.		1,881		42,323
Republic Bancorp, Inc., Class A		874		16,501
Rockville Financial, Inc.		811		11,111
Roma Financial Corp. (b)		941		14,030
Royal Bancshares of Pennsylvania, Class A (b)		446		6,454
Royal Bank of Canada		2,422		112,624
S&T Bancorp, Inc.		2,293		73,766
Sanders Morris Harris Group, Inc.		1,569		12,803
Sandy Spring Bancorp, Inc.		1,446		39,794
Santander BanCorp		406		4,105
SCBT Financial Corp.		845		28,561
Seacoast Banking Corp. of Florida (b)		1,342		14,695
Security Bank Corp. (b)		1,899		15,097
Sierra Bancorp (b)		699		15,105
Signature Bank (a)		2,635		67,193
Simmons First National Corp., Class A		1,323		39,333
South Financial Group, Inc. (The)		6,663		99,012
Southside Bancshares, Inc.		1,024		24,642
Southwest Bancorp, Inc.		1,312		22,973
Sterling Bancorp (New York)		1,742		27,053
Sterling Bancshares, Inc.		6,919		68,775
Sterling Financial Corp. (Pennsylvania)		2,486		43,381
Sterling Financial Corp. (Washington)		4,553		71,072
Suffolk Bancorp		955		30,254
Sun Bancorp, Inc. (New Jersey) (a)		1,346		17,727
Superior Bancorp (a)		3,205		15,929
Susquehanna Bancshares, Inc.		7,670		156,238
SVB Financial Group (a)		2,907		126,861
SY Bancorp, Inc.		1,140		26,494
Taylor Capital Group, Inc.		563		9,244
Texas Capital Bancshares, Inc. (a)		2,160		36,461
TierOne Corp.		1,665		18,781
Tompkins Financial Corp.		615		30,258
TriCo Bancshares		1,279		22,139
TrustCo Bank Corp. (New York)		6,946		61,750
Trustmark Corp.		4,410		98,255
UCBH Holdings, Inc.		8,978		69,669
UMB Financial Corp.		2,790		114,948
Umpqua Holdings Corp. (b)		5,440		84,374
Union Bankshares Corp.		1,227		23,767
United Bankshares, Inc.		3,403		90,690
United Community Banks, Inc. (b)		3,745		63,590
United Community Financial Corp.		2,516		15,599
United Security Bancshares (California) (b)		754		12,667
Univest Corp. of Pennsylvania		1,196		31,323
ViewPoint Financial Group		1,096		18,095
Virginia Commerce Bancorp (a)		1,590		18,253
W Holding Co., Inc. (b)		10,292		12,247
Washington Trust Bancorp, Inc.		1,067		26,483
Wauwatosa Holdings, Inc. (a)		969		11,531
WesBanco, Inc.		2,239		55,326
West Coast Bancorp		1,511		22,045
Westamerica Bancorp (b)		2,708		142,441
Western Alliance Bancorp (a)(b)		1,528		19,650
Westfield Financial, Inc.		953		9,311
Wilshire Bancorp, Inc.		1,625		12,415
Wintrust Financial Corp.		2,169		75,807
WSFS Financial Corp.		612		30,159
				7,722,227
BEVERAGES – 0.2%
Boston Beer Co., Inc., Class A (a)		813		38,650
Coca-Cola Bottling Co. Consolidated		548		33,768
Farmer Brothers Co.		620		14,347

See Accompanying Note to Schedule of Investments

8 E*TRADE Russell 2000 Index Fund

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
BEVERAGES (continued)
Green Mountain Coffee Roasters, Inc. (a)(b)		1,587	$	50,229
Jones Soda Co. (a)(b)		2,347		8,191
National Beverage Corp.		928		7,118
Peet’s Coffee & Tea, Inc. (a)		1,282		30,140
				182,443
BIOTECHNOLOGY – 2.5%
Acorda Therapeutics, Inc. (a)		2,561		45,970
Affymax, Inc. (a)		426		6,007
Affymetrix, Inc. (a)		6,165		107,333
Alexion Pharmaceuticals, Inc. (a)(b)		3,281		194,563
AMAG Pharmaceuticals, Inc. (a)		1,504		60,807
American Oriental Bioengineering, Inc. (a)		5,059		40,978
Applera Corp. - Celera Genomics Group (a)		7,105		104,444
Arena Pharmaceuticals, Inc. (a)		6,710		45,896
Ariad Pharmaceuticals, Inc. (a)		6,050		20,389
ArQule, Inc. (a)		3,791		16,225
Bio-Rad Laboratories, Inc., Class A (a)		1,683		149,703
BioMimetic Therapeutics, Inc. (a)		988		7,904
Cambrex Corp.		2,643		18,316
CryoLife, Inc. (a)		2,074		19,496
Cytokinetics, Inc. (a)		3,111		10,329
Encysive Pharmaceuticals, Inc. (a)		5,794		13,616
Enzo Biochem, Inc. (a)		2,862		26,016
Enzon Pharmaceuticals, Inc. (a)		4,060		37,393
Exelixis, Inc. (a)		9,536		66,275
Genomic Health, Inc. (a)(b)		1,259		23,783
GenVec, Inc. (a)(b)		6,109		10,752
GTx, Inc. (a)		1,553		24,972
Halozyme Therapeutics, Inc. (a)		5,938		37,766
Human Genome Sciences, Inc. (a)		12,416		73,130
Illumina, Inc. (a)		4,830		366,597
Immunomedics, Inc. (a)(b)		5,354		15,045
Incyte Corp. (a)		7,767		81,631
Integra LifeSciences Holdings Corp. (a)		1,617		70,291
InterMune, Inc. (a)(b)		2,656		38,724
Keryx Biopharmaceuticals, Inc. (a)(b)		4,213		2,528
Kosan Biosciences, Inc. (a)		3,921		6,156
Lifecell Corp. (a)		3,054		128,360
Martek Biosciences Corp. (a)		2,898		88,592
Maxygen, Inc. (a)		2,249		14,529
Medivation, Inc. (a)(b)		1,967		27,990
Molecular Insight Pharmaceuticals, Inc. (a)		501		3,387
Momenta Pharmaceuticals, Inc. (a)		2,320		25,358
Myriad Genetics, Inc. (a)(b)		3,879		156,285
Nanosphere, Inc. (a)		655		5,672
Nektar Therapeutics (a)		8,477		58,830
Northstar Neuroscience, Inc. (a)		1,801		2,846
Novacea, Inc. (a)		643		1,736
Omrix Biopharmaceuticals, Inc. (a)		1,263		17,682
Orexigen Therapeutics, Inc. (a)		672		6,922
Protalix BioTherapeutics, Inc. (a)		191		502
Regeneron Pharmaceuticals, Inc. (a)		5,736		110,074
RTI Biologics, Inc. (a)		4,187		39,567
RXi Pharmaceuticals Corp. (a)(b)		399		3,791
Savient Pharmaceuticals, Inc. (a)(b)		4,772		95,440
Seattle Genetics, Inc. (WA) (a)		5,192		47,247
SuperGen, Inc. (a)(b)		4,588		11,516
Telik, Inc. (a)(b)		4,848		11,829
Tercica, Inc. (a)(b)		3,039		17,413
XOMA, Ltd. (a)		12,145		31,456
				2,650,059
BUILDING MATERIALS – 0.6%
Aaon, Inc.		1,302		26,079
Apogee Enterprises, Inc.		2,557		39,378
Builders FirstSource, Inc. (a)		1,423		10,331
Ceradyne, Inc. (a)		2,443		78,078
China Architectural Engineering, Inc. (a)		460		2,507
Drew Industries, Inc. (a)(b)		1,611		39,405
Interline Brands, Inc. (a)		2,563		47,544

	SHARES		VALUE
BUILDING MATERIALS (continued)
LSI Industries, Inc.		1,692	$	22,351
NCI Building Systems, Inc. (a)		1,790		43,318
PGT, Inc. (a)(b)		946		2,592
Simpson Manufacturing Co., Inc. (b)		3,276		89,042
Texas Industries, Inc. (b)		2,460		147,871
Trex Co., Inc. (a)(b)		1,101		8,676
Universal Forest Products, Inc.		1,539		49,556
US Concrete, Inc. (a)		3,099		11,776
				618,504
CHEMICALS – 2.8%
American Vanguard Corp.		1,642		27,322
Arch Chemicals, Inc.		2,190		81,599
Balchem Corp.		1,615		37,016
CF Industries Holdings, Inc.		4,990		517,064
Ferro Corp.		4,034		59,945
Georgia Gulf Corp.		3,172		21,982
H.B. Fuller Co.		5,176		105,642
Hercules, Inc.		10,507		192,173
Innophos Holdings, Inc.		1,916		30,828
Innospec, Inc.		2,214		46,937
Kronos Worldwide, Inc.		221		5,337
Landec Corp. (a)		2,003		16,885
Metabolix, Inc. (a)		1,331		14,574
Minerals Technologies, Inc.		1,720		108,016
Myers Industries, Inc.		2,605		34,204
Newmarket Corp.		1,289		97,255
NL Industries, Inc.		632		6,901
Olin Corp.		6,645		131,305
OM Group, Inc. (a)		2,686		146,494
PolyOne Corp. (a)		8,258		52,603
Raven Industries, Inc.		1,475		44,693
Rockwood Holdings, Inc. (a)		3,113		102,013
Schulman (A.), Inc.		2,486		51,038
Sensient Technologies Corp.		4,231		124,772
ShengdaTech, Inc. (a)(b)		2,787		23,690
Spartech Corp.		2,702		22,832
Stepan Co.		582		22,250
Symyx Technologies, Inc. (a)		3,188		23,910
Terra Industries, Inc. (a)		8,367		297,280
Tronox, Inc., Class B		3,905		15,230
UAP Holding Corp.		4,638		177,821
Valhi, Inc. (b)		621		14,525
W.R. Grace & Co. (a)		6,298		143,720
Zep, Inc.		2,049		33,235
Zoltek Cos., Inc. (a)(b)		2,242		59,458
				2,890,549
COAL – 0.3%
Alpha Natural Resources, Inc. (a)		5,906		256,557
International Coal Group, Inc. (a)(b)		11,717		74,403
				330,960
COMMERCIAL SERVICES – 6.8%
Aaron Rents, Inc.		4,104		88,400
ABM Industries, Inc.		3,893		87,359
ACCO Brands Corp. (a)		5,017		68,081
Actuant Corp., Class A		4,926		148,814
Administaff, Inc.		1,965		46,394
Advance America Cash Advance Centers, Inc.		5,515		41,638
Advisory Board Co. (The) (a)		1,670		91,750
Albany Molecular Research, Inc. (a)		2,359		28,638
American Public Education, Inc. (a)		478		14,517
Arbitron, Inc.		2,544		109,799
Arrowhead Research Corp. (a)(b)		3,122		8,835
Bankrate, Inc. (a)(b)		999		49,840
Barrett Business Services		617		10,569
BearingPoint, Inc. (a)		17,904		30,079
Bowne & Co., Inc.		2,544		38,796
Bright Horizons Family Solutions, Inc. (a)		2,357		101,445

See Accompanying Note to Schedule of Investments

E*TRADE Russell 2000 Index Fund 9

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
COMMERCIAL SERVICES (continued)
Capella Education Co. (a)		990	$	54,054
Cardtronics, Inc. (a)		1,080		7,528
CBIZ, Inc. (a)		4,376		35,533
CDI Corp.		1,187		29,734
Cenveo, Inc. (a)		4,991		52,206
Chemed Corp.		2,211		93,304
Coinstar, Inc. (a)		2,499		70,322
Consolidated Graphics, Inc. (a)		766		42,934
Corinthian Colleges, Inc. (a)(b)		8,056		58,245
Cornell Cos., Inc. (a)		980		22,011
CorVel Corp. (a)		730		22,331
CoStar Group, Inc. (a)		1,784		76,712
CPI Corp. (b)		480		8,290
CRA International, Inc. (a)		975		31,337
Cross Country Healthcare, Inc. (a)		3,034		37,531
Deluxe Corp.		4,664		89,595
DeVry, Inc.		5,402		226,020
Diamond Management & Technology Consultants, Inc.		2,604		16,796
Dice Holdings, Inc. (a)		1,655		14,746
Dollar Financial Corp. (a)		1,480		34,040
Dollar Thrifty Automotive Group (a)		1,996		27,225
DynCorp International, Inc., Class A (a)		2,302		38,397
Electro Rent Corp.		1,597		24,195
Emergency Medical Services Corp., Class A (a)		856		21,135
Euronet Worldwide, Inc. (a)		4,239		81,643
Exlservice Holdings, Inc. (a)		2,084		47,849
Exponent, Inc. (a)		1,376		45,188
First Advantage Corp., Class A (a)		610		12,926
Forrester Research, Inc. (a)		1,357		36,069
FTI Consulting, Inc. (a)		4,271		303,412
Gartner, Inc., Class A (a)		5,887		113,855
Geo Group, Inc. (The) (a)		4,538		129,061
Gevity HR, Inc.		2,254		19,520
Global Cash Access Holdings, Inc. (a)		4,073		23,868
Great Lakes Dredge & Dock Co.		1,144		5,914
GSI Commerce, Inc. (a)		1,842		24,222
H&E Equipment Services, Inc. (a)		1,640		20,615
Harris Interactive, Inc. (a)		5,024		13,716
Healthcare Services Group, Inc.		3,693		76,213
Healthspring, Inc. (a)		4,297		60,502
Heartland Payment Systems, Inc. (b)		1,505		34,630
Heidrick & Struggles International, Inc.		1,598		51,983
HMS Holdings Corp. (a)		1,936		55,273
Hudson Highland Group, Inc. (a)		2,399		20,320
Huron Consulting Group, Inc. (a)		1,656		68,807
ICT Group, Inc. (a)		747		7,537
Interactive Data Corp.		3,204		91,218
j2 Global Communications, Inc. (a)		4,436		99,012
Jackson Hewitt Tax Service, Inc.		2,701		30,980
K12, Inc. (a)		557		10,912
Kelly Services, Inc., Class A		2,148		44,163
Kendle International, Inc. (a)		1,199		53,859
Kenexa Corp. (a)		2,244		41,469
Kforce, Inc. (a)		2,987		26,405
Korn/Ferry International (a)		4,281		72,349
Landauer, Inc.		828		41,682
LECG Corp. (a)		2,261		21,163
Lincoln Educational Services Corp. (a)		379		4,548
Live Nation, Inc. (a)		6,514		79,015
MAXIMUS, Inc.		1,660		60,939
Mcgrath Rentcorp		2,168		52,270
Midas, Inc. (a)		1,246		21,419
Mobile Mini, Inc. (a)		3,188		60,572
Monro Muffler, Inc.		1,458		24,640
Morningstar, Inc. (a)		1,177		72,209
MPS Group, Inc. (a)		8,599		101,640
Multi-Color Corp.		750		16,770
Navigant Consulting Co. (a)		4,216		80,020

	SHARES		VALUE
COMMERCIAL SERVICES (continued)
Net 1 UEPS Technologies, Inc. (a)		3,867	$	87,201
Odyssey Marine Exploration, Inc. (a)		3,790		20,428
On Assignment, Inc. (a)		3,319		21,076
Parexel International Corp. (a)		5,015		130,892
PeopleSupport, Inc. (a)		1,960		17,875
Perficient, Inc. (a)		2,701		21,446
PharmaNet Development Group, Inc. (a)		1,606		40,519
PHH Corp. (a)		4,947		86,226
Pre-Paid Legal Services, Inc. (a)		756		32,062
Premier Exhibitions, Inc. (a)(b)		2,696		16,284
Protection One, Inc. (a)(b)		602		5,773
Providence Service Corp. (The) (a)		1,113		33,390
QC Holdings, Inc.		730		6,607
Rent-A-Center, Inc. (a)		6,011		110,302
Resources Connection, Inc.		4,024		71,909
Riskmetrics Group, Inc. (a)		1,916		37,075
Rollins, Inc.		3,817		67,523
RSC Holdings, Inc. (a)		1,921		20,939
SAIC, Inc. (a)		15,036		279,519
Senomyx, Inc. (a)		2,766		16,319
Sotheby’s (b)		5,955		172,159
Source Interlink Cos., Inc. (a)(b)		3,216		6,110
Spherion Corp. (a)		5,200		31,824
Stamps.com, Inc. (a)		1,731		17,760
Standard Parking Corp. (a)		964		20,205
Starent Networks Corp. (a)		1,188		16,038
Steiner Leisure, Ltd. (a)		1,497		49,401
Stewart Enterprises, Inc., Class A		8,536		54,801
Strayer Education, Inc.		1,309		199,623
SuccessFactors, Inc. (a)		970		9,467
Team, Inc. (a)		1,460		39,858
TeleTech Holdings, Inc. (a)		3,756		84,360
TNS, Inc.		2,149		44,355
TrueBlue, Inc. (a)		4,086		54,916
Universal Technical Institute, Inc. (a)		1,897		22,252
Valassis Communications, Inc. (a)(b)		4,252		46,134
Viad Corp.		1,871		67,375
VistaPrint, Ltd. (a)(b)		3,887		135,851
Volt Information Sciences, Inc. (a)		1,216		20,623
Watson Wyatt Worldwide Inc., Class A		3,853		218,658
World Fuel Services Corp.		2,564		71,971
Wright Express Corp. (a)		3,599		110,597
				7,077,255
COMPUTERS – 2.5%
3D Systems Corp. (a)(b)		1,714		25,179
3PAR, Inc. (a)		674		4,556
Ansoft Corp. (a)		1,604		48,954
Black Box Corp.		1,541		47,540
CACI International, Inc., Class A (a)		2,784		126,811
CIBER, Inc. (a)		5,062		24,804
COMSYS IT Partners, Inc. (a)		1,616		13,671
Comtech Group, Inc. (a)		1,812		19,551
Cray, Inc. (a)		2,993		17,838
Echelon Corp. (a)(b)		2,859		38,597
Electronics For Imaging, Inc. (a)		4,819		71,899
Extreme Networks, Inc. (a)		10,923		33,861
Hutchinson Technology, Inc. (a)		2,424		38,566
Hypercom Corp. (a)		4,977		21,600
iGATE Corp. (a)		2,043		14,546
IHS, Inc., Class A (a)		3,025		194,538
Imation Corp.		2,929		66,605
Immersion Corp. (a)		2,727		19,389
infoUSA, Inc.		3,116		19,039
Integral Systems, Inc.		833		24,349
InterVoice, Inc. (a)		3,572		28,433
Isilon Systems, Inc. (a)		836		4,080
Jack Henry & Associates, Inc.		7,094		175,009
Limelight Networks Inc. (a)		1,797		5,822
LivePerson, Inc. (a)		3,384		10,490

See Accompanying Note to Schedule of Investments

10 E*TRADE Russell 2000 Index Fund

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
COMPUTERS (continued)
Magma Design Automation, Inc. (a)		3,609	$	34,538
Manhattan Associates, Inc. (a)		2,376		54,482
Mentor Graphics Corp. (a)		8,328		73,536
Mercury Computer Systems, Inc. (a)		2,172		12,207
MICROS Systems, Inc. (a)		7,303		245,819
MTS Systems Corp.		1,527		49,261
Palm, Inc. (b)		9,187		45,935
Perot Systems Corp., Class A (a)		7,867		118,320
QAD, Inc.		1,415		11,900
Quantum Corp. (a)		17,407		37,251
Quest Software, Inc. (a)		6,309		82,459
Rackable Systems, Inc. (a)		2,705		24,670
Radiant Systems, Inc. (a)		2,422		33,835
RadiSys Corp. (a)		1,957		19,746
Rimage Corp. (a)		931		20,389
ScanSource, Inc. (a)		2,319		83,925
Secure Computing Corp. (a)		4,296		27,709
SI International, Inc. (a)		1,190		22,836
Sigma Designs, Inc. (a)(b)		2,686		60,892
Silicon Graphics, Inc. (a)(b)		601		7,128
Silicon Storage Technology, Inc. (a)		8,841		23,163
Smart Modular Technologies WWH, Inc. (a)		4,623		28,709
Sonic Solutions, Inc. (a)(b)		2,060		19,879
SonicWALL, Inc. (a)		5,450		44,527
SRA International, Inc., Class A (a)		3,818		92,816
STEC, Inc. (a)		2,984		18,471
Stratasys, Inc. (a)(b)		1,831		32,592
Super Micro Computer, Inc. (a)		851		7,106
SYKES Enterprises, Inc. (a)		3,033		53,350
Synaptics, Inc. (a)(b)		2,164		51,676
Syntel, Inc. (b)		1,161		30,941
Tyler Technologies, Inc. (a)		3,591		50,202
Virtusa Corp. (a)		429		4,187
				2,620,184
COMPUTERS, PERIPHERAL & SOFTWARE – 0.6%
Actuate Corp. (a)		5,584		22,894
Art Technology Group, Inc. (a)		11,360		44,077
Bottomline Technologies, Inc. (a)		1,903		23,978
Compellent Technologies, Inc. (a)		593		7,413
Data Domain, Inc. (a)(b)		837		19,921
Digi International, Inc. (a)		2,304		26,588
DivX, Inc. (a)		2,141		14,987
ENGlobal Corp. (a)		1,494		12,774
i2 Technologies, Inc. (a)		1,427		16,068
Knot, Inc. (The) (a)		2,547		29,927
Monotype Imaging Holdings Inc. (a)		1,071		16,183
Move, Inc. (a)		9,471		29,171
Ness Technologies, Inc. (a)		3,015		28,612
Netezza Corp. (a)		986		9,337
Netgear, Inc. (a)		3,074		61,326
Phase Forward, Inc. (a)		3,695		63,111
Raser Technologies, Inc. (a)(b)		2,866		24,619
Rightnow Technologies, Inc. (a)		1,665		19,814
Smith Micro Software, Inc. (a)(b)		2,732		16,720
Ultimate Software Group, Inc. (a)(b)		2,191		65,861
Vignette Corp. (a)		2,364		31,228
				584,609
COSMETICS / PERSONAL CARE – 0.2%
Chattem, Inc. (a)		1,528		101,368
Elizabeth Arden, Inc. (a)		2,248		44,848
Inter Parfums, Inc.		793		17,509
Revlon, Inc., Class A (a)		17,894		17,536
				181,261
DISTRIBUTION / WHOLESALE – 1.0%
Beacon Roofing Supply, Inc. (a)(b)		4,082		40,820
Bluelinx Holdings, Inc. (b)		1,110		5,650
BMP Sunstone Corp. (a)(b)		2,594		19,870
Brightpoint, Inc. (a)		4,516		37,754

	SHARES		VALUE
DISTRIBUTION / WHOLESALE (continued)
Building Materials Holding Corp.		2,736	$	11,984
Central European Distribution Corp. (a)(b)		3,184		185,277
Columbus McKinnon Corp. (NY) (a)		1,697		52,573
Comfort Systems USA, Inc.		3,776		49,126
Core-Mark Holding Co., Inc. (a)		845		24,285
Houston Wire & Cable Co. (b)		1,551		24,847
LKQ Corp. (a)		10,142		227,891
MWI Veterinary Supply, Inc. (a)		785		27,679
Nuco2, Inc. (a)		1,439		39,961
Owens & Minor, Inc.		3,650		143,591
United Stationers, Inc. (a)		2,106		100,456
Watsco, Inc. (b)		2,057		85,201
				1,076,965
DIVERSIFED FINANCIAL SERVICES – 2.0%
Advanta Corp., Class B		3,292		23,143
Asset Acceptance Capital Corp.		1,472		14,175
Asta Funding, Inc. (b)		1,037		14,445
Calamos Asset Management, Inc., Class A		1,811		29,483
Centerline Holding Co. (b)		5,017		20,369
Centerline Holding Co. Rights, expiring 04/04/08 (a)		5,017		—
Clayton Holdings, Inc. (a)		1,105		5,127
Cohen & Steers, Inc.		1,612		42,702
CompuCredit Corp. (a)		1,876		16,640
Cowen Group, Inc. (a)		1,457		10,330
Credit Acceptance Corp. (a)(b)		472		7,330
Duff & Phelps Corp., Class A (a)		847		15,238
Encore Capital Group, Inc. (a)		1,482		10,078
Epoch Holding Corp. (b)		801		9,596
eSpeed, Inc., Class A (a)		1,902		22,177
Evercore Partners, Inc., Class A		808		14,342
FCStone Group, Inc. (a)		811		22,465
Federal Agricultural Mortgage Corp., Class C		951		24,821
Financial Federal Corp.		2,389		52,104
Friedman Billings Ramsey Group, Inc., Class A		13,050		22,185
GAMCO Investors, Inc., Class A		533		26,842
GFI Group, Inc. (b)		1,481		84,861
Gladstone Capital Corp. (b)		1,857		34,744
Greenhill & Co., Inc. (b)		1,611		112,061
Interactive Brokers Group, Inc., Class A (a)		3,698		94,928
KBW, Inc. (a)(b)		2,630		57,992
Knight Capital Group, Inc., Class A (a)		8,750		142,100
LaBranche & Co, Inc. (a)		4,903		21,328
Ladenburg Thalmann Financial Services, Inc. (a)(b)		9,032		16,890
MarketAxess Holdings, Inc. (a)		2,862		28,448
MCG Capital Corp.		5,615		51,040
MCG Capital Corp. Rights, expiring 04/17/08 (a)		802		858
MVC Capital, Inc.		2,186		33,315
National Financial Partners Corp. (b)		3,384		76,038
Nelnet, Inc., Class A		1,614		18,965
NewStar Financial, Inc. (a)		1,385		7,174
NGP Capital Resources Co. (b)		1,614		26,502
Ocwen Financial Corp. (a)		3,345		14,852
OptionsXpress Holdings, Inc.		4,039		83,648
Penson Worldwide, Inc. (a)		1,340		12,368
Phoenix Cos., Inc. (The)		10,270		125,397
Piper Jaffray Cos. (a)		1,626		55,219
Portfolio Recovery Associates, Inc. (b)		1,404		60,218
Pzena Investment Management, Inc., Class A (b)		546		6,181
Resource America, Inc., Class A		1,217		11,501
S1 Corp. (a)		4,651		33,069
Stifel Financial Corp. (a)		1,343		60,301
SWS Group, Inc.		2,058		25,169
Thomas Weisel Partners Group, Inc. (a)		1,988		13,161
TradeStation Group, Inc. (a)		2,672		22,765

See Accompanying Note to Schedule of Investments

E*TRADE Russell 2000 Index Fund 11

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
DIVERSIFED FINANCIAL SERVICES (continued)
US Global Investors, Inc., Class A (b)		1,089	$	14,745
Waddell & Reed Financial, Inc., Class A		7,562		242,967
World Acceptance Corp. (a)		1,615		51,438
WP Stewart & Co., Ltd. (b)		2,022		3,923
				2,047,758
ELECTRIC – 1.8%
Allete, Inc.		2,277		87,938
Avista Corp.		4,878		95,414
Black Hills Corp.		3,394		121,437
Central Vermont Public Service Corp.		939		22,442
CH Energy Group, Inc.		1,399		54,421
Cleco Corp.		5,378		119,284
El Paso Electric Co. (a)		4,066		86,890
Empire District Electric Co. (The)		2,957		59,879
EnerNOC, Inc. (a)(b)		345		3,933
IDACORP, Inc.		3,964		127,284
Integrated Electrical Services, Inc. (a)		1,233		19,370
ITC Holdings Corp.		4,371		227,554
MGE Energy, Inc.		1,884		64,169
NorthWestern Corp.		3,512		85,587
Ormat Technologies, Inc. (b)		1,265		54,408
Otter Tail Corp.		2,640		93,430
Pike Electric Corp. (a)		1,638		22,817
PNM Resources, Inc.		6,891		85,931
Portland General Electric Co.		2,741		61,810
UIL Holdings Corp.		2,234		67,310
UniSource Energy Corp.		3,261		72,590
Westar Energy, Inc.		9,007		205,089
				1,838,987
ELECTRICAL COMPONENTS & EQUIPMENT – 0.9%
Advanced Energy Industries, Inc. (a)		3,303		43,798
American Superconductor Corp. (a)		3,648		84,597
Belden, Inc. (b)		4,059		143,364
China Energy Savings Technology, Inc. (a)		100		—
Coleman Cable, Inc. (a)		774		8,514
Eagle Test Systems, Inc. (a)		1,130		11,865
Encore Wire Corp.		2,153		39,206
Energy Conversion Devices, Inc. (a)(b)		3,516		105,128
EnerSys (a)		1,973		47,194
GrafTech International, Ltd. (a)		9,397		152,325
Greatbatch, Inc. (a)		2,061		37,943
Insteel Industries, Inc.		1,685		19,597
Littelfuse, Inc. (a)		2,055		71,863
Medis Technologies, Ltd. (a)(b)		2,022		18,340
Microtune, Inc. (a)		4,908		17,963
Orion Energy Systems, Inc. (a)		793		7,565
Powell Industries, Inc. (a)		727		28,622
Power-One, Inc. (a)		6,838		21,950
Superior Essex, Inc. (a)		1,813		50,982
Universal Display Corp. (a)		2,399		34,354
Vicor Corp.		1,873		22,364
				967,534
ELECTRONICS – 3.2%
Actel Corp. (a)		2,347		35,933
Agilysys, Inc.		2,202		25,543
American Science & Engineering, Inc.		846		46,166
Analogig Corp.		1,224		81,445
Applied Energetics, Inc. (a)(b)		3,022		5,017
ATMI, Inc. (a)		3,065		85,299
Badger Meter, Inc.		1,263		54,562
Barnes Group, Inc. (b)		4,261		97,790
Bel Fuse, Inc., Class B		1,096		30,535
Benchmark Electronics, Inc. (a)		6,545		117,483
Brady Corp., Class A		4,542		151,839
Checkpoint Systems, Inc. (a)		3,502		94,029
Cogent, Inc. (a)(b)		3,867		36,466
CTS Corp.		3,040		32,528
Cubic Corp.		1,442		40,996

	SHARES		VALUE
ELECTRONICS (continued)
Cymer, Inc. (a)		2,751	$	71,636
Daktronics, Inc.		2,822		50,542
Diodes, Inc. (a)		2,676		58,765
Dionex Corp. (a)		1,714		131,961
Electro Scientific Industries, Inc. (a)		2,595		42,766
Excel Technology, Inc. (a)		995		26,825
FARO Technologies, Inc. (a)		1,494		46,583
FEI Co. (a)		3,261		71,188
FLIR Systems, Inc. (a)		11,948		359,515
II-VI, Inc. (a)		2,191		83,214
Itron, Inc. (a)		2,704		243,982
KEMET Corp. (a)		7,743		31,282
L-1 Identity Solutions, Inc. (a)		5,702		75,837
LoJack Corp. (a)		1,745		22,057
Measurement Specialties, Inc. (a)		1,281		22,379
Methode Electronics, Inc., Class A		3,371		39,407
Multi-Fineline Electronix, Inc. (a)		772		14,490
Newport Corp. (a)		2,911		32,516
OSI Systems, Inc. (a)		1,368		31,491
OYO Geospace Corp. (a)		372		16,896
Park Electrochemical Corp.		1,793		46,349
Plexus Corp. (a)		4,175		117,109
Rofin-Sinar Technologies, Inc. (a)		2,801		125,765
Rogers Corp. (a)		1,588		53,055
Stoneridge, Inc. (a)		1,309		17,606
Taser International, Inc. (a)(b)		5,578		52,433
Technitrol, Inc.		3,622		83,777
TTM Technologies, Inc. (a)		3,890		44,035
Varian, Inc. (a)		2,763		160,033
Watts Water Technologies, Inc., Class A(b)		2,683		75,204
Woodward Governor Co.		5,402		144,341
X-Rite, Inc. (a)		2,651		15,826
Zygo Corp. (a)		1,507		18,747
				3,363,243
ENERGY - ALTERNATE SOURCES – 0.3%
Aventine Renewable Energy Holdings, Inc. (a)		2,775		14,430
Clean Energy Fuels Corp. (a)(b)		921		12,305
Comverge, Inc. (a)(b)		504		5,206
Evergreen Energy, Inc. (a)(b)		7,715		11,881
Evergreen Solar, Inc. (a)(b)		9,040		83,801
FuelCell Energy, Inc. (a)(b)		6,109		40,625
Headwaters, Inc. (a)		3,634		47,932
MGP Ingredients, Inc.		902		6,305
Nova Biosource Fuels, Inc. (a)(b)		2,891		4,365
Pacific Ethanol, Inc. (a)(b)		3,280		14,432
US BioEnergy Corp. (a)		1,154		6,809
VeraSun Energy Corp. (a)		3,705		27,232
Verenium Corp. (a)(b)		3,962		13,946
				289,269
ENGINEERING & CONSTRUCTION – 0.6%
Aecom Technology Corp. (a)		3,863		100,477
Dycom Industries, Inc. (a)		3,625		43,536
EMCOR Group, Inc. (a)		5,747		127,641
Granite Construction, Inc.		3,050		99,766
Insituform Technologies, Inc., Class A (a)		2,515		34,782
Layne Christensen Co. (a)		1,484		51,970
Michael Baker Corp. (a)		665		14,936
Perini Corp. (a)		2,370		85,865
Stanley, Inc. (a)		737		21,712
				580,685
ENTERTAINMENT – 1.0%
Bally Technologies, Inc. (a)		4,799		164,798
Bluegreen Corp. (a)		1,939		12,991
Carmike Cinemas, Inc.		1,142		11,740
Churchill Downs, Inc.		871		41,146
Cinemark Holdings, Inc.		2,582		33,024
Dover Downs Gaming & Entertainment, Inc.		1,349		11,480
Equinix, Inc. (a)(b)		3,240		215,428

See Accompanying Note to Schedule of Investments

12 E*TRADE Russell 2000 Index Fund

E*TRADE Russell 2000 Index Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2008 (Unaudited)

	SHARES		VALUE
ENTERTAINMENT (continued)
Great Wolf Resorts, Inc. (a)		2,829	$	18,049
Isle of Capri Casinos, Inc. (a)		1,530		10,940
Lakes Entertainment, Inc. (a)		1,642		7,258
Macrovision Corp. (a)		4,709		63,572
Magna Entertainment Corp., Class A (a)		3,708		1,261
National CineMedia, Inc.		3,730		83,850
Pinnacle Entertainment, Inc. (a)		5,363		68,646
RealNetworks, Inc. (a)		8,943		51,243
Shuffle Master, Inc. (a)(b)		3,248		17,377
Six Flags, Inc. (a)(b)		6,505		10,668
Speedway Motorsports, Inc.		1,284		32,190
Steinway Musical Instruments (a)		740		21,105
Vail Resorts, Inc. (a)(b)		2,823		136,323
				1,013,089
ENVIRONMENTAL CONTROL – 0.8%
American Ecology Corp.		1,445		36,602
Calgon Carbon Corp. (a)(b)		3,684		55,444
Casella Waste Systems, Inc., Class A (a)		2,037		22,264
Clean Harbors, Inc. (a)		1,489		96,785
Darling International, Inc. (a)		7,267		94,108
EnergySolutions, Inc.		2,697		61,869
Fuel Tech, Inc. (a)(b)		1,596		32,718
Mine Safety Appliances Co.		2,534		104,375
Rentech, Inc. (a)		15,778		14,042
Tetra Tech, Inc. (a)		5,159		100,652
Waste Connections, Inc. (a)		6,189		190,250
Waste Industries USA, Inc.		466		16,846
Waste Services, Inc. (a)		1,793		14,559
				840,514
FOOD – 1.7%
American Dairy, Inc. (a)		632		5,814
Arden Group, Inc., Class A		117		16,731
Cal-Maine Foods, Inc. (b)		1,162		38,788
Chiquita Brands International, Inc. (a)(b)		3,770		87,125
Flowers Foods, Inc.		6,916		171,171
Fresh Del Monte Produce, Inc. (a)		2,765		100,646
Great Atlantic & Pacific Tea Co. (a)		2,479		64,999
Hain Celestial Group, Inc. (a)		3,576		105,492
Imperial Sugar Co. (b)		1,048		19,723
Ingles Markets, Inc., Class A		1,148		28,229
J&J Snack Foods Corp.		1,295		35,574
Lance, Inc.		2,752		53,939
M&F Worldwide Corp. (a)		1,118		41,802
Nash Finch Co.		1,237		42,033
Performance Food Group Co. (a)		3,183		104,020
Pilgrim’s Pride Corp.		3,587		72,565
Ralcorp Holdings, Inc. (a)		2,313		134,501
Ruddick Corp.		3,703		136,493
Sanderson Farms, Inc.		1,501		57,053
Seaboard Corp.		31		48,515
Spartan Stores, Inc.		2,054		42,826
Tootsie Roll Industries, Inc. (b)		3,304		83,273
TreeHouse Foods, Inc. (a)		2,804		64,099
United Natural Foods, Inc. (a)(b)		3,957		74,035
Village Super Market, Class A		290		14,935
Weis Markets, Inc.		1,144		39,434
Winn-Dixie Stores, Inc. (a)		2,947		52,928
				1,736,743
FOREST PRODUCTS & PAPER – 0.4%
AbitibiBowater, Inc. (b)		4,794		61,891
Boise, Inc. (a)		4,032		25,805
Buckeye Technologies, Inc. (a)		3,504		39,105
Deltic Timber Corp.		945		52,637
Glatfelter		3,998		60,410
Mercer International, Inc. (a)		2,938		20,478
Neenah Paper, Inc.		1,366		35,215
Rock-Tenn Co., Class A		2,992		89,670
Schweitzer-Mauduit International, Inc.		1,432		33,136

	SHARES		VALUE
FOREST PRODUCTS & PAPER (continued)
Wausau Paper Corp.		4,099	$	33,858
Xerium Technologies, Inc. (b)		1,829		2,359
				454,564
GAS – 0.2%
EnergySouth, Inc.		640		33,402
Laclede Group, Inc. (The)		1,997		71,153
Nicor, Inc.		4,046		135,581
				240,136
HAND / MACHINE TOOLS – 0.3%
Baldor Electric Co. (b)		4,112		115,136
Franklin Electric Co., Inc.		1,734		59,251
Hardinge, Inc.		1,024		14,090
Regal-Beloit Corp.		2,880		105,494
				293,971
HEALTH CARE – 5.2%
Abiomed, Inc. (a)(b)		2,665		35,018
Accuray, Inc. (a)		1,601		12,504
Air Methods Corp. (a)		962		46,532
Alliance Imaging, Inc. (a)		2,352		20,227
Amedisys, Inc. (a)		2,399		94,390
American Dental Partners, Inc. (a)(b)		1,156		11,179
American Medical Systems Holdings, Inc. (a)(b)		6,399		90,802
AMERIGROUP Corp. (a)		4,755		129,954
AMN Healthcare Services, Inc. (a)		3,199		49,329
AmSurg Corp. (a)		2,745		65,002
Angiodynamics, Inc. (a)		1,921		22,207
Apria Healthcare Group, Inc. (a)		3,876		76,551
ArthroCare Corp. (a)(b)		2,543		84,809
Aspect Medical Systems, Inc. (a)		1,512		9,223
Assisted Living Concepts Inc., Class A (a)		5,061		29,809
athenahealth, Inc. (a)		622		14,723
Bio-Reference Labs, Inc. (a)		984		26,007
Bruker BioSciences Corp. (a)		5,992		92,217
Cantel Medical Corp. (a)		1,062		11,278
Capital Senior Living Corp. (a)		2,017		16,237
Centene Corp. (a)		4,033		56,220
Cepheid, Inc. (a)		4,964		121,072
Conceptus, Inc. (a)(b)		2,711		50,316
CONMED Corp. (a)		2,615		67,049
Cutera, Inc. (a)		1,249		16,824
Cyberonics, Inc. (a)		2,105		30,523
Cynosure, Inc., Class A (a)		700		14,910
Datascope Corp.		1,185		49,095
Emeritus Corp. (a)		1,189		24,803
Ensign Group, Inc.		415		3,847
ev3, Inc. (a)		4,174		33,976
Genoptix, Inc. (a)		514		12,855
Gentiva Health Services, Inc. (a)		2,488		54,139
Haemonetics Corp. (Mass) (a)		2,392		142,515
Hansen Medical, Inc. (a)(b)		882		12,401
HEALTHSOUTH Corp. (a)(b)		7,095		126,220
Healthways, Inc. (a)		3,159		111,639
Hologic, Inc. (a)		11,026		613,046
Hythiam, Inc. (a)(b)		2,809		3,399
ICU Medical, Inc. (a)		1,191		34,265
Immucor, Inc. (a)		6,207		132,457
Insulet Corp. (a)		723		10,411
Invacare Corp.		2,654		59,131
Inverness Medical Innovations, Inc. (a)		6,800		204,680
Kensey Nash Corp. (a)		1,072		31,034
Kindred Healthcare, Inc. (a)		2,670		58,393
LCA-Vision, Inc. (b)		1,692		21,150
LHC Group, Inc. (a)		1,337		22,462
Luminex Corp. (a)(b)		3,304		64,924
Magellan Health Services, Inc. (a)		3,524		139,868
Masimo Corp. (a)(b)		1,217		31,642
Matria Healthcare, Inc. (a)		1,982		44,199

See Accompanying Note to Schedule of Investments

E*TRADE Russell 2000 Index Fund 13

E*TRADE Russell 2000 Index Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2008 (Unaudited)

	SHARES		VALUE
HEALTH CARE (continued)
Medcath Corp. (a)		929	$	16,908
Medical Action Industries, Inc. (a)		1,278		20,998
Mentor Corp. (b)		3,125		80,375
Meridian Bioscience, Inc.		3,575		119,512
Merit Medical Systems, Inc. (a)		2,526		39,987
Micrus Endovascular Corp. (a)(b)		1,383		17,094
Minrad International, Inc. (a)		4,343		10,206
Molina Healthcare, Inc. (a)		1,259		30,745
National Healthcare Corp.		643		31,314
Natus Medical, Inc. (a)		1,972		35,792
Nighthawk Radiology Holdings, Inc. (a)(b)		1,943		18,186
NuVasive, Inc. (a)		3,110		107,326
NxStage Medical, Inc. (a)(b)		1,862		8,044
Odyssey HealthCare, Inc. (a)		3,114		28,026
OraSure Technologies, Inc. (a)		4,258		31,126
Orthofix International NV (a)		1,486		59,098
Palomar Medical Technologies, Inc. (a)		1,701		25,685
PSS World Medical, Inc. (a)		5,785		96,378
Psychiatric Solutions, Inc. (a)		4,892		165,937
Quidel Corp. (a)		2,647		42,511
RehabCare Group, Inc. (a)		1,604		24,060
Res-Care, Inc. (a)		2,246		38,519
Sirona Dental Systems, Inc. (a)		1,544		41,642
Skilled Healthcare Group, Inc., Class A (a)		2,065		22,674
Sonic Innovations, Inc. (a)		2,432		11,747
SonoSite, Inc. (a)(b)		1,474		41,906
Spectranetics Corp. (a)		2,838		23,726
Stereotaxis, Inc. (a)(b)		2,412		14,279
STERIS Corp.		5,873		157,573
Sun Healthcare Group, Inc. (a)		3,970		52,166
Sunrise Senior Living, Inc. (a)		4,018		89,521
SurModics, Inc. (a)(b)		1,363		57,082
Symmetry Medical, Inc. (a)		3,254		54,016
Thoratec Corp. (a)		4,725		67,520
TomoTherapy, Inc. (a)		1,083		15,541
Trans1, Inc. (a)		584		6,804
Triple-S Management Corp., Class B (a)		1,260		22,239
Virtual Radiologic Corp. (a)(b)		399		6,097
Vital Images, Inc. (a)(b)		1,639		24,290
Vital Signs, Inc.		998		50,549
Volcano Corp. (a)		2,759		34,488
West Pharmaceutical Services, Inc.		2,973		131,496
Wright Medical Group, Inc. (a)		3,276		79,083
Zoll Medical Corp. (a)		1,810		48,128
				5,437,857
HOLDING COMPANIES – 0.6%
Alternative Asset Management Acquisition Corp. (a)		3,730		35,323
Energy Infrastructure Acquisition Corp. (a)(b)		2,174		21,631
Heckmann Corp. (a)(b)		4,828		35,969
Hicks Acquisition Co. I, Inc. (a)(b)		4,960		45,533
Information Services Group, Inc. (a)		2,241		11,564
Marathon Acquisition Corp. (a)(b)		3,686		28,456
NRDC Acquisition Corp. (a)(b)		3,720		34,187
NTR Acquisition Co. (a)(b)		2,462		23,561
Triarc Cos., Inc., Class B		5,592		38,641
Triplecrown Acquisition Corp. (a)		4,315		39,353
Walter Industries, Inc.		4,691		293,797
				608,015
HOME BUILDERS – 0.4%
Amrep Corp. (b)		158		8,263
Beazer Homes USA, Inc. (b)		3,523		33,292
Brookfield Homes Corp. (b)		1,041		17,489
Champion Enterprises, Inc. (a)		7,098		71,193
Fleetwood Enterprises, Inc. (a)(b)		6,028		27,729
Hovnanian Enterprises, Inc., Class A (a)(b)		3,452		36,591
M/I Homes, Inc. (b)		1,116		18,950
Meritage Homes Corp. (a)		2,418		46,716
Monaco Coach Corp.		2,760		26,165

	SHARES		VALUE
HOME BUILDERS (continued)
Palm Harbor Homes, Inc. (a)(b)		891	$	4,687
Skyline Corp.		644		17,916
Standard-Pacific Corp. (b)		5,834		28,353
WCI Communities, Inc. (a)(b)		2,847		9,537
Winnebago Industries (b)		2,624		44,346
				391,227
HOME FURNISHINGS – 0.4%
American Woodmark Corp.		1,089		22,390
Audiovox Corp., Class A (a)		1,535		16,394
DTS, Inc. (a)		1,718		41,232
Ethan Allen Interiors, Inc. (b)		2,212		62,887
Furniture Brands International, Inc. (b)		4,293		50,228
Hooker Furniture Corp.		1,097		24,507
Kimball International, Inc., Class B		2,333		25,010
La-Z-Boy, Inc. (b)		4,737		39,507
Sealy Corp.		4,123		31,335
Tempur-Pedic International, Inc. (b)		6,752		74,272
Universal Electonics, Inc. (a)		1,299		31,449
				419,211
HOUSEHOLD PRODUCTS / WARE – 0.7%
American Greetings Corp., Class A		4,769		88,465
Blyth, Inc.		2,130		42,004
Central Garden & Pet Co., Class A (a)		6,293		27,941
CSS Industries, Inc.		722		25,241
Ennis, Inc.		2,359		39,584
Fossil, Inc. (a)		3,921		119,747
Helen of Troy, Ltd. (a)		2,690		45,111
Libbey, Inc.		1,327		22,347
Lifetime Brands, Inc.		1,064		9,512
National Presto Industries, Inc.		440		23,056
Prestige Brands Holdings, Inc. (a)		3,087		25,252
Russ Berrie & Co., Inc. (a)(b)		1,533		21,554
Spectrum Brands, Inc. (a)(b)		3,426		15,657
Standard Register Co. (The)		1,686		13,134
Tupperware Brands Corp.		5,539		214,249
				732,854
INSURANCE – 3.5%
Alfa Corp.		2,910		63,962
American Equity Investment Life Holding Co.		5,242		48,646
American Physicians Capital, Inc.		749		34,724
Amerisafe, Inc. (a)		1,733		21,905
AmTrust Financial Services, Inc.		2,420		39,228
Argo Group International Holdings, Ltd. (a)		2,637		93,666
Aspen Insurance Holdings, Ltd.		7,942		209,510
Assured Guaranty, Ltd.		7,227		171,569
Baldwin & Lyons, Inc., Class B		764		19,620
CastlePoint Holdings, Ltd.		730		7,103
Citizens, Inc. (a)(b)		3,189		21,334
CNA Surety Corp. (a)		1,483		22,809
Commerce Group, Inc.		4,405		158,844
Crawford & Co., Class B (a)		2,165		11,366
Darwin Professional Underwriters, Inc. (a)		708		15,923
Delphi Financial Group, Inc., Class A		3,902		114,055
Donegal Group, Inc., Class A		1,227		21,350
eHealth, Inc. (a)		1,144		25,248
EMC Insurance Group, Inc.		549		14,763
Employers Holdings, Inc.		4,406		81,687
Enstar Group Ltd. (a)(b)		629		69,989
FBL Financial Group, Inc., Class A		1,327		37,806
First Acceptance Corp. (a)		1,552		4,423
First Mercury Financial Corp. (a)		1,139		19,830
Flagstone Reinsurance Holdings, Ltd.		1,266		15,319
Fpic Insurance Group, Inc. (a)		810		38,183
Greenlight Capital Re, Ltd., Class A (a)		1,044		19,418
Hallmark Financial Services (a)		423		4,721
Harleysville Group, Inc.		1,311		47,314
Hilb, Rogal & Hamilton Co.		3,304		103,977

See Accompanying Note to Schedule of Investments

14 E*TRADE Russell 2000 Index Fund

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
INSURANCE (continued)
Horace Mann Educators Corp.		3,661	$	63,994
Independence Holding Co.		582		6,937
Infinity Property & Casualty Corp.		1,521		63,274
IPC Holdings, Ltd.		5,449		152,572
Kansas City Life Insurance Co.		428		20,570
LandAmerica Financial Group, Inc. (b)		1,447		57,113
Max Capital Group, Ltd.		5,049		132,233
Meadowbrook Insurance Group, Inc. (a)		3,121		24,375
Midland Co. (The)		909		59,021
Montpelier Re Holdings, Ltd.		8,633		138,560
National Interstate Corp.		488		11,395
National Western Life Insurance Co., Class A		208		45,092
Navigators Group, Inc. (a)		1,179		64,138
NYMAGIC, Inc.		547		12,422
Odyssey Re Holdings Corp.		2,414		88,715
Platinum Underwriters Holdings, Ltd.		4,846		157,301
PMA Capital Corp., Class A (a)		2,991		25,543
Presidential Life Corp.		1,991		34,723
Primus Guaranty, Ltd. (a)(b)		4,152		14,864
ProAssurance Corp. (a)		3,004		161,705
RAM Holdings, Ltd. (a)		1,771		4,020
RLI Corp.		1,729		85,707
Safety Insurance Group, Inc.		1,496		51,058
SeaBright Insurance Holdings, Inc. (a)		1,918		28,252
Security Capital Assurance, Ltd.		2,197		1,142
Selective Insurance Group		4,943		118,039
State Auto Financial Corp.		1,330		38,743
Stewart Information Services Corp.		1,586		44,392
Tower Group, Inc.		1,838		46,262
Triad Guaranty, Inc. (a)(b)		1,088		5,440
United America Indemnity, Ltd., Class A (a)		2,230		42,950
United Fire & Casualty Co.		2,025		75,735
Universal American Financial Corp. (a)		4,384		46,470
Validus Holdings, Ltd.		1,424		33,364
Zenith National Insurance Corp.		3,329		119,378
				3,633,791
INTERNET COMPANIES – 2.6%
1-800-Flowers.Com, Inc., Class A (a)		2,325		19,786
Ariba, Inc. (a)		7,538		72,817
AsiaInfo Holdings, Inc. (a)		2,921		31,722
Blue Coat Systems, Inc. (a)		2,937		64,731
Blue Nile, Inc. (a)(b)		1,205		65,251
Chordiant Software, Inc. (a)		2,942		17,740
CMGI, Inc. (a)		4,326		57,363
CNET Networks, Inc. (a)(b)		13,983		99,279
Cogent Communications Group, Inc. (a)(b)		4,211		77,103
comScore, Inc. (a)		582		11,675
Constant Contact, Inc. (a)(b)		650		9,412
Cybersource Corp. (a)		5,925		86,564
DealerTrack Holdings, Inc. (a)		3,289		66,504
Digital River, Inc. (a)		3,716		115,085
EarthLink, Inc. (a)		9,817		74,118
eResearch Technology, Inc. (a)		3,611		44,849
Global Sources, Ltd. (a)(b)		1,593		23,653
HSW International, Inc. (a)		1,253		6,315
iBasis, Inc.		3,059		12,542
Imergent, Inc. (b)		1,136		12,939
Infospace, Inc.		3,049		35,277
Internap Network Services Corp. (a)		4,344		21,546
Internet Brands, Inc., Class A (a)		541		3,987
Internet Capital Group, Inc. (a)		3,564		37,315
Interwoven, Inc. (a)		4,019		42,923
Ipass, Inc. (a)		4,654		14,055
Keynote Systems, Inc. (a)		1,446		17,048
Lionbridge Technologies, Inc. (a)		5,537		18,549
Liquidity Services, Inc. (a)		978		7,824
LoopNet, Inc. (a)(b)		2,500		31,750
Mercadolibre, Inc. (a)		1,445		57,453
NetFlix, Inc. (a)(b)		3,793		131,427

	SHARES		VALUE
INTERNET COMPANIES (continued)
NIC, Inc.		3,550	$	25,241
On2 Technologies, Inc. (a)(b)		14,187		14,471
Online Resources Corp. (a)		2,412		23,203
Openwave Systems, Inc.		7,631		18,696
Orbitz Worldwide, Inc. (a)		3,310		22,806
Overstock.Com, Inc. (a)(b)		1,518		18,079
Priceline.com, Inc. (a)(b)		3,414		412,616
Safeguard Scientifics, Inc. (a)		11,148		16,611
Sapient Corp. (a)		7,517		52,318
Shutterfly, Inc. (a)		1,346		20,015
Sohu.com, Inc. (a)		2,473		111,606
Sourcefire, Inc. (a)		610		3,636
TechTarget (a)(b)		709		10,047
Terremark Worldwide, Inc. (a)(b)		4,932		27,027
TheStreet.com, Inc.		1,735		14,019
TIBCO Software, Inc. (a)		17,125		122,273
Travelzoo, Inc. (a)		693		7,651
Trizetto Group (a)		3,787		63,205
United Online, Inc.		6,205		65,525
Valueclick, Inc. (a)		8,996		155,181
Vasco Data Security International, Inc. (a)		2,323		31,779
Vocus, Inc. (a)		1,195		31,548
Websense, Inc. (a)		4,041		75,769
				2,731,924
INVESTMENT COMPANIES – 0.2%
Ampal-American Israel Corp., Class A (a)		1,611		10,310
Ares Capital Corp.		6,171		77,569
Ares Capital Corp. Rights, expiring 04/21/08 (a)		2,057		—
BlackRock Kelso Capital Corp. (b)		971		11,594
Compass Diversified Trust		2,052		26,984
FTD Group, Inc.		1,764		23,673
Hercules Technology Growth Capital, Inc.		3,152		34,231
Kohlberg Capital Corp.		1,353		14,044
NexCen Brands, Inc. (a)		3,876		13,295
Prospect Capital Corp. (b)		2,119		32,251
TICC Capital Corp. (b)		1,885		14,175
				258,126
IRON / STEEL – 0.2%
Esmark, Inc. (a)(b)		1,191		13,458
Gibraltar Industries, Inc.		2,288		26,838
Olympic Steel, Inc.		791		35,674
Schnitzer Steel Industries, Inc., Class A		1,969		139,838
Universal Stainless & Alloy Products, Inc. (a)		612		18,183
				233,991
LEISURE TIME – 0.5%
Ambassadors Group, Inc.		1,449		27,372
Ambassadors International, Inc. (b)		823		6,098
Arctic Cat, Inc.		1,191		8,682
Callaway Golf Co.		6,129		89,974
Life Time Fitness, Inc. (a)(b)		3,007		93,848
Marine Products Corp.		1,140		9,211
Nautilus, Inc. (b)		2,909		9,571
Polaris Industries, Inc. (b)		3,019		123,809
Town Sports International Holdings, Inc. (a)		1,498		9,602
WMS Industries, Inc. (a)		3,662		131,722
				509,889
LODGING – 0.3%
Ameristar Casinos, Inc.		2,271		41,446
Gaylord Entertainment Co. (a)		3,681		111,497
Lodgian, Inc. (a)		1,728		19,267
Marcus Corp.		1,951		37,459
Monarch Casino & Resort, Inc. (a)		1,107		19,605
Morgans Hotel Group Co. (a)		1,838		27,239
MTR Gaming Group, Inc. (a)		1,890		13,230
Riviera Holdings Corp. (a)		937		19,312
Trump Entertainment Resorts, Inc. (a)(b)		2,867		10,321
				299,376

See Accompanying Note to Schedule of Investments

E*TRADE Russell 2000 Index Fund 15

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
MACHINERY – 1.9%
Albany International Corp., Class A		2,604	$	94,109
Altra Holdings, Inc. (a)		1,002		13,477
Applied Industrial Technologies, Inc.		3,881		116,003
Astec Industries, Inc. (a)		1,690		65,504
Briggs & Stratton Corp. (b)		4,392		78,617
Bucyrus International, Inc., Class A (b)		3,369		342,459
Cascade Corp.		1,048		51,677
Chart Industries, Inc. (a)		1,226		41,488
Cognex Corp.		3,986		87,014
Flow International Corp. (a)		3,436		31,920
Gehl Co. (a)		991		16,788
Gerber Scientific, Inc. (a)		2,094		18,616
Gorman-Rupp Co. (The)		1,323		43,513
Hurco Cos., Inc. (a)		514		24,045
Intermec, Inc. (a)		5,454		121,024
Intevac, Inc. (a)		2,052		26,573
iRobot Corp. (a)(b)		1,416		24,228
Kadant, Inc. (a)		1,261		37,048
Lindsay Corp.		1,069		109,540
Middleby Corp. (a)(b)		1,303		81,294
NACCO Industries, Inc., Class A		516		41,765
Nordson Corp.		3,035		163,435
Robbins & Myers, Inc.		2,530		82,605
Sauer-Danfoss, Inc.		956		21,166
Tecumseh Products Co., Class A (a)		1,373		42,124
Tennant Co.		1,495		59,516
TurboChef Technologies, Inc. (a)		1,813		11,821
Twin Disc, Inc.		842		13,320
Wabtec Corp.		4,388		165,252
				2,025,941
MANUFACTURERS – 0.6%
Aptargroup, Inc.		6,237		242,806
AZZ, Inc. (a)(b)		1,074		38,213
EnPro Industries, Inc. (a)		1,905		59,417
Federal Signal Corp.		4,257		59,428
Freightcar America, Inc.		1,130		38,759
Lancaster Colony Corp.		1,891		75,564
LSB Industries, Inc. (a)		1,379		20,326
Park-Ohio Holdings Corp. (a)		739		11,610
Polypore International, Inc. (a)		1,460		30,207
Tredegar Corp.		2,489		45,325
				621,655
MANUFACTURING – 0.6%
Acuity Brands, Inc.		3,697		158,786
American Railcar Industries, Inc.		903		18,358
Blount International, Inc. (a)		3,509		43,406
ESCO Technologies, Inc. (a)		2,304		91,515
GenTek, Inc. (a)		798		24,004
Hexcel Corp. (a)		8,499		162,416
Koppers Holdings, Inc.		1,557		68,991
Reddy Ice Holdings, Inc. (b)		2,011		26,203
Smith & Wesson Holding Corp. (a)(b)		2,888		14,498
Standex International Corp.		1,147		25,624
Sturm, Ruger & Co., Inc. (a)		2,087		17,197
				650,998
MEDIA – 1.0%
Acacia Research - Acacia Technologies (a)		2,583		14,852
AH Belo Corp., Class A (a)		1,503		17,179
Belo Corp., Class A		7,519		79,476
Charter Communications, Inc., Class A (a)(b)		36,293		30,922
Citadel Broadcasting Corp.		17,948		29,794
CKX, Inc. (a)		3,490		33,225
Courier Corp.		929		23,179
Cox Radio, Inc., Class A (a)		2,778		33,003
Crown Media Holdings, Inc., Class A (a)(b)		1,295		6,695
Cumulus Media, Inc., Class A (a)		2,618		16,703
DG FastChannel, Inc. (a)		1,452		27,849
Dolan Media (a)		1,085		21,819

	SHARES		VALUE
MEDIA (continued)
Emmis Communications Corp., Class A (a)		3,053	$	10,624
Entercom Communications Corp., Class A		2,743		27,238
Entravision Communication Corp., Class A (a)		5,657		37,676
Fisher Communications, Inc. (a)		575		17,917
GateHouse Media, Inc. (b)		2,175		12,702
Gemstar - TV Guide International, Inc. (a)		22,565		106,056
Gray Television, Inc.		3,978		22,635
Journal Communications, Inc., Class A		3,880		28,634
Lee Enterprises, Inc. (b)		4,089		40,931
Lin TV Corp., Class A (a)		2,561		24,611
LodgeNet Entertainment Corp. (a)		2,095		12,759
Martha Stewart Living Omnimedia, Class A (a)		2,471		18,360
Media General Inc., Class A		1,963		27,521
Mediacom Communications Corp., Class A (a)		4,338		18,784
Nexstar Broadcasting Group, Inc., Class A (a)		979		5,776
Playboy Enterprises, Inc., Class B (a)		1,975		16,452
PRIMEDIA, Inc.		4,065		29,878
Radio One, Inc., Class D (a)		7,055		10,724
Salem Communications Corp., Class A		922		3,697
Scholastic Corp. (a)		2,761		83,575
Sinclair Broadcast Group, Inc., Class A		4,367		38,910
Spanish Broadcasting System, Inc., Class A (a)		4,135		7,319
Sun-Times Media Group, Inc., Class A (a)		6,126		4,411
TiVo, Inc. (a)		8,989		78,744
Value Line, Inc.		119		5,462
Westwood One, Inc.		6,545		13,745
World Wrestling Entertainment, Inc., Class A		1,986		36,959
				1,076,796
METAL FABRICATE / HARDWARE – 1.0%
AM Castle & Co.		1,269		34,263
Ampco-Pittsburgh Corp.		679		29,190
CIRCOR International, Inc.		1,453		67,201
Dynamic Materials Corp.		1,074		46,397
Haynes International, Inc. (a)		1,083		59,435
Kaydon Corp. (b)		2,549		111,927
Ladish Co., Inc. (a)		1,370		49,320
Lawson Products		375		10,331
LB Foster Co., Class A (a)		964		41,510
Mueller Water Products, Inc., Class A		10,192		83,371
Northwest Pipe Co. (a)		823		34,969
RBC Bearings, Inc. (a)		1,913		71,030
Sims Group, Ltd., SP ADR		4,725		130,032
Sun Hydraulics Corp.		1,027		30,060
TriMas Corp. (a)		1,235		6,508
Valmont Industries, Inc.		1,671		146,864
Worthington Industries, Inc. (b)		5,846		98,622
				1,051,030
METALS - DIVERSIFIED – 0.6%
Ameron International Corp.		809		75,666
Griffon Corp. (a)		2,750		23,650
Gulf Island Fabrication, Inc.		988		28,375
Matthews International Corp., Class A		2,847		137,368
Mueller Industries, Inc.		3,289		94,888
Quanex Corp.		3,343		172,967
RTI International Metals, Inc. (a)		2,072		93,675
				626,589
MINING – 1.1%
AMCOL International Corp.		2,305		71,985
Apex Silver Mines Ltd. (a)		5,452		66,078
Brush Engineered Materials, Inc. (a)		1,802		46,257
Century Aluminum Co. (a)		2,635		174,542
Coeur d’Alene Mines Corp. (a)(b)		44,230		178,689

See Accompanying Note to Schedule of Investments

16 E*TRADE Russell 2000 Index Fund

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
MINING (continued)
Compass Minerals International, Inc.		2,898	$	170,924
General Moly, Inc. (a)(b)		4,477		35,771
Hecla Mining Co. (a)		10,825		120,807
Horsehead Holding Corp. (a)		545		6,311
Kaiser Aluminum Corp.		1,396		96,743
Royal Gold, Inc.		2,263		68,275
Stillwater Mining Co. (a)		3,855		59,637
Uranium Resources, Inc. (a)(b)		4,812		28,824
US Gold Corp. (a)		5,018		12,746
USEC, Inc. (a)		9,935		36,760
				1,174,349
OFFICE / BUSINESS EQUIPMENT – 0.2%
Compx International, Inc.		100		920
Herman Miller, Inc.		5,101		125,332
IKON Office Solutions, Inc.		7,132		54,203
Knoll, Inc.		4,465		51,526
				231,981
OIL & GAS – 0.7%
Arena Resources, Inc. (a)		2,737		105,949
Complete Production Services, Inc. (a)		3,840		88,090
CVR Energy, Inc. (a)		1,800		41,454
Delek US Holdings, Inc.		1,084		13,734
Geoglobal Resources, Inc. (a)		2,779		7,753
GeoMet, Inc. (a)(b)		1,667		11,102
GMX Resources, Inc. (a)		1,238		43,243
Gulfport Energy Corp. (a)		2,118		22,451
Mariner Energy, Inc. (a)		7,852		212,083
Oilsands Quest, Inc. (a)		12,185		48,009
Rex Energy Corp. (a)		935		15,558
Sulphco, Inc. (a)(b)		4,091		17,059
TXCO Resources, Inc. (a)		3,108		38,477
Vaalco Energy, Inc. (a)		5,344		26,560
Venoco, Inc. (a)		1,182		13,735
				705,257
OIL & GAS PRODUCERS – 3.2%
APCO Argentina, Inc. (b)		840		21,815
Approach Resources, Inc. (a)		778		12,199
ATP Oil & Gas Corp. (a)		2,285		74,765
Atwood Oceanics, Inc. (a)		2,470		226,548
Berry Petroleum Co., Class A		3,560		165,504
Bois D’ARC Energy, Inc. (a)		1,640		35,244
BPZ Resources, Inc. (a)		5,554		120,688
Carrizo Oil & Gas, Inc. (a)		2,402		142,367
Clayton Williams Energy, Inc. (a)		470		24,670
Concho Resources Inc. (a)		2,047		52,485
Contango Oil & Gas Co. (a)		1,209		78,113
Encore Acquisition Co. (a)		4,787		192,820
Energy Partners, Ltd. (a)		2,605		24,669
FX Energy, Inc. (a)		3,292		14,024
Goodrich Petroleum Corp. (a)(b)		1,692		50,895
Grey Wolf, Inc. (a)		16,660		112,955
Harvest Natural Resources, Inc. (a)		3,098		37,362
McMoRan Exploration Co. (a)(b)		3,971		68,659
Meridian Resources Corp. (The) (a)		8,065		11,936
New Jersey Resources Corp.		3,784		117,493
Northwest Natural Gas Co.		2,432		105,646
Parallel Petroleum Corp. (a)		3,714		72,683
Parker Drilling Co. (a)		10,031		64,800
Penn Virginia Corp.		3,691		162,736
Petrohawk Energy Corp. (a)		17,315		349,244
Petroleum Development Corp. (a)		1,376		95,316
Petroquest Energy, Inc. (a)		3,829		66,395
Pioneer Drilling Co. (a)		4,576		72,896
RPC, Inc.		3,023		45,919
South Jersey Industries, Inc.		2,724		95,640
Southwest Gas Corp.		3,799		106,220
Stone Energy Corp. (a)		2,523		131,978
Swift Energy Co. (a)		2,691		121,068

	SHARES		VALUE
OIL & GAS PRODUCERS (continued)
Toreador Resources Corp. (a)		1,451	$	11,289
W-H Energy Services, Inc. (a)		2,741		188,718
Warren Resources, Inc. (a)		5,229		62,068
WD-40 Co.		1,641		54,563
				3,392,390
OIL & GAS SERVICES – 3.3%
Allis-Chalmers Energy, Inc. (a)(b)		2,316		31,938
Alon USA Energy, Inc. (b)		1,195		18,176
Aquila, Inc. (a)		33,766		108,389
Atlas America, Inc.		2,056		124,265
Basic Energy Services, Inc. (a)		3,672		81,078
Bill Barrett Corp. (a)		2,778		131,261
Brigham Exploration Co. (a)		4,219		25,609
Bronco Drilling Co., Inc. (a)		2,399		38,648
Cal Dive International, Inc. (a)		3,943		40,928
Callon Petroleum Co. (a)		1,884		34,082
CARBO Ceramics, Inc.		1,822		73,062
Comstock Resources, Inc. (a)		4,001		161,240
Crosstex Energy, Inc. (b)		3,318		112,646
Dawson Geophysical Co. (a)		711		47,993
Delta Petroleum Corp. (a)		5,919		133,414
Dril-Quip, Inc. (a)		2,398		111,435
Edge Petroleum Corp. (a)		2,624		10,575
EXCO Resources, Inc. (a)		5,540		102,490
Exterran Holdings, Inc. (a)		5,436		350,839
Flotek Industries, Inc. (a)		2,068		30,172
Geokinetics, Inc. (a)		630		11,416
Hercules Offshore, Inc. (a)		7,483		187,973
Hornbeck Offshore Services, Inc. (a)		2,041		93,212
ION Geophysical Corp. (a)		7,455		102,879
Lufkin Industries, Inc.		1,352		86,285
Matrix Service Co. (a)		2,395		41,146
NATCO Group, Inc., Class A (a)		1,694		79,195
Newpark Resources, Inc. (a)		8,291		42,284
Oil States International, Inc. (a)		4,437		198,822
Piedmont Natural Gas Co., Inc. (b)		6,722		176,520
Rosetta Resources, Inc. (a)		4,509		88,692
Superior Offshore International, Inc. (a)		937		3,101
Superior Well Services, Inc. (a)		1,445		31,602
T-3 Energy Services, Inc. (a)		596		25,366
Trico Marine Services, Inc. (a)		1,096		42,711
Union Drilling, Inc. (a)		1,193		20,866
WGL Holdings, Inc.		4,436		142,218
Whiting Petroleum Corp. (a)		3,789		244,959
Willbros Group, Inc. (a)		3,337		102,112
				3,489,599
PACKAGING & CONTAINERS – 0.3%
AEP Industries, Inc. (a)		505		15,296
Chesapeake Corp.		1,838		8,841
Graphic Packaging Holding Co. (a)		6,337		18,504
Greif Inc., Class A		2,991		203,179
Silgan Holdings, Inc.		2,234		110,873
PHARMACEUTICALS – 3.5%				356,693
Abaxis, Inc. (a)		1,962		45,460
Acadia Pharmaceuticals, Inc. (a)(b)		2,861		25,921
Akorn, Inc. (a)		5,077		24,014
Alexza Pharmaceuticals, Inc. (a)		1,871		12,872
Align Technology, Inc. (a)		5,503		61,138
Alkermes, Inc. (a)		9,037		107,360
Allos Therapeutics, Inc. (a)		3,852		23,420
Allscripts Healthcare Solutions, Inc. (a)		5,147		53,117
Alnylam Pharmaceuticals, Inc. (a)(b)		3,144		76,714
Alpharma, Inc., Class A (a)		3,896		102,114
Altus Pharmaceuticals, Inc. (a)		1,957		8,904
Amicus Therapeutics, Inc. (a)		461		4,933
Animal Health International, Inc. (a)		1,182		12,931
Array Biopharma, Inc. (a)		4,334		30,381

See Accompanying Note to Schedule of Investments

E*TRADE Russell 2000 Index Fund 17

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
PHARMACEUTICALS (continued)
Auxilium Pharmaceuticals, Inc. (a)		2,809	$	75,113
Bentley Pharmaceuticals, Inc. (a)		1,823		29,624
Biodel, Inc. (a)		461		5,002
BioForm Medical, Inc. (a)		997		4,586
BioMarin Pharmaceuticals, Inc. (a)(b)		8,633		305,349
Bionovo, Inc. (a)(b)		4,386		5,570
Cadence Pharmaceuticals, Inc. (a)(b)		1,490		8,866
Caraco Pharm Labs, Inc. (a)		904		16,227
Cell Genesys, Inc. (a)		7,087		16,654
Cubist Pharmaceuticals, Inc. (a)		5,117		94,255
CV Therapeutics, Inc. (a)		5,475		39,037
Cypress Bioscience, Inc. (a)		3,603		25,797
CytRx Corp. (a)(b)		8,006		9,207
Dendreon Corp. (a)(b)		7,727		37,244
Discovery Laboratories, Inc. (a)(b)		7,801		18,332
Durect Corp. (a)		6,400		33,600
Emergent Biosolutions, Inc. (a)		442		3,943
Geron Corp. (a)		6,720		32,794
HealthExtras, Inc. (a)		2,778		69,006
I-Flow Corp. (a)		1,891		26,531
Idenix Pharmaceuticals, Inc. (a)		2,290		11,496
Indevus Pharmaceuticals, Inc. (a)		5,621		26,812
Isis Pharmaceuticals, Inc. (a)(b)		8,376		118,185
Javelin Pharmaceuticals, Inc. (a)		3,920		11,015
Jazz Pharmaceuticals, Inc. (a)(b)		583		5,259
K-V Pharmaceuticals Co., Class A (a)(b)		3,140		78,374
Ligand Pharmaceuticals, Inc., Class B		7,671		30,684
Mannatech, Inc. (b)		1,519		10,830
Mannkind Corp. (a)(b)		4,907		29,295
MAP Pharmaceuticals, Inc. (a)		534		7,460
Medarex, Inc. (a)		11,318		100,164
Medicines Co. (The) (a)		4,593		92,779
Medicis Pharmaceutical Corp., Class A		5,032		99,080
Nabi Biopharmaceuticals (a)		4,745		19,075
Nastech Pharmaceutical Co., Inc. (a)		2,398		5,635
Neurocrine Biosciences, Inc. (a)		3,503		18,916
Neurogen Corp. (a)		2,918		5,427
Noven Pharmaceuticals, Inc. (a)		2,238		20,097
Obagi Medical Products, Inc. (a)		535		4,644
Onyx Pharmaceuticals, Inc. (a)		4,929		143,089
OSI Pharmaceuticals, Inc. (a)(b)		5,196		194,278
Osiris Therapeutics, Inc. (a)(b)		1,177		14,807
Pain Therapeutics, Inc. (a)		3,298		27,868
Par Pharmaceutical Cos., Inc. (a)		3,145		54,692
Penwest Pharmaceuticals Co. (a)		2,118		5,507
Perrigo Co. (b)		6,925		261,280
PetMed Express, Inc. (a)		1,970		21,847
PharMerica Corp. (a)		2,437		40,381
Poniard Pharmaceuticals, Inc. (a)		2,144		7,182
POZEN, Inc. (a)(b)		2,326		24,097
Progenics Pharmaceuticals, Inc. (a)(b)		2,268		14,810
Rigel Pharmaceuticals, Inc. (a)		3,243		60,514
Salix Pharmaceuticals, Ltd. (a)(b)		4,349		27,312
Santarus, Inc. (a)		4,690		12,053
Sciele Pharma, Inc. (a)		3,168		61,776
Sirtris Pharmaceuticals Inc. (a)(b)		558		7,248
Somaxon Pharmaceuticals, Inc. (a)(b)		936		4,446
Sucampo Pharmaceuticals, Inc., Class A (a)		420		3,360
Synta Pharmaceuticals Corp. (a)		461		3,729
Synutra International, Inc. (a)(b)		420		13,125
Tiens Biotech Group USA, Inc. (a)(b)		300		636
Trubion Pharmaceuticals, Inc. (a)(b)		800		7,552
United Therapeutics, Inc. (a)		2,004		173,747
USANA Health Sciences, Inc. (a)(b)		777		17,117
Valeant Pharmaceuticals nternational (a)(b)		8,046		103,230
Vanda Pharmaceuticals, Inc. (a)		2,451		9,485
ViroPharma, Inc. (a)(b)		6,453		57,690
Vivus, Inc. (a)		5,382		32,453
XenoPort, Inc. (a)		1,913		77,419

	SHARES		VALUE
PHARMACEUTICALS (continued)
Zymogenetics, Inc. (a)(b)		3,545	$	34,741
				3,658,714
REAL ESTATE – 0.2%
Avatar Holdings, Inc. (a)		527		22,972
Consolidated - Tomoka Land Co.		554		31,052
FX Real Estate and Entertainment, Inc. (a)		698		4,104
FX Real Estate and Entertainment, Inc. Rights, expiring 04/18/08 (a)		349		—
Grubb & Ellis Co.		3,491		23,983
HFF, Inc., Class A (a)		1,648		8,256
Hilltop Holdings, Inc. (a)		4,374		45,490
Meruelo Maddux Properties, Inc. (a)		4,217		10,711
Stratus Properties, Inc. (a)		456		13,438
Tarragon Corp. (a)		1,253		2,694
Thomas Properties Group, Inc.		2,189		19,219
				181,919
REAL ESTATE INVESTMENT TRUST (REIT) – 6.2%
Acadia Realty Trust		2,887		69,721
Agree Realty Corp.		728		19,984
Alesco Financial, Inc. (b)		5,937		17,099
Alexander’s, Inc. (a)		180		63,810
Alexandria Real Estate Equities, Inc.		2,872		266,292
American Campus Communities, Inc.		2,405		65,801
American Financial Realty Trust		12,046		95,645
Anthracite Capital, Inc. (b)		5,694		37,580
Anworth Mortgage Asset Corp.		6,829		41,862
Arbor Realty Trust, Inc.		1,317		19,860
Ashford Hospitality Trust, Inc.		9,519		54,068
Associated Estates Realty Corp.		1,450		16,588
BioMed Realty Trust, Inc.		5,898		140,903
BRT Realty Trust (b)		647		9,064
Capital Trust, Inc., Class A (b)		1,258		33,903
CapLease, Inc.		4,012		31,173
CBRE Realty Finance, Inc.		2,688		10,833
Cedar Shopping Centers, Inc.		3,982		46,510
Chimera Investment Corp.		2,995		36,839
Corporate Office Properties Trust SBI MD		3,506		117,837
Cousins Properties, Inc. (b)		3,599		88,931
Crystal River Capital, Inc. (b)		2,305		20,584
DCT Industrial Trust, Inc.		15,135		150,745
Deerfield Capital Corp. (b)		5,363		7,562
DiamondRock Hospitality Co.		8,495		107,632
Digital Realty Trust, Inc. (b)		5,080		180,340
DuPont Fabros Technology, Inc. (b)		3,144		51,845
EastGroup Properties, Inc.		2,109		97,984
Education Realty Trust, Inc.		2,520		31,676
Entertainment Properties Trust		2,530		124,805
Equity Lifestyle Properties, Inc.		1,788		88,274
Equity One, Inc.		3,270		78,382
Extra Space Storage, Inc.		5,717		92,558
FelCor Lodging Trust, Inc.		5,540		66,646
First Industrial Realty Trust, Inc. (b)		4,079		126,000
First Potomac Realty Trust		2,232		34,306
Franklin Street Properties Corp.		5,285		75,681
Getty Realty Corp.		1,598		25,456
Glimcher Realty Trust (b)		3,295		39,408
GMH Communities Trust		2,898		25,155
Gramercy Capital Corp (New York) (b)		2,349		49,165
Healthcare Realty Trust, Inc.		4,567		119,427
Hersha Hospitality Trust		3,760		33,953
Highwoods Properties, Inc. (b)		5,125		159,234
Home Properties, Inc.		2,995		143,730
IMPAC Mortgage Holdings, Inc. (b)		7,194		9,136
Inland Real Estate Corp.		5,220		79,396
Investors Real Estate Trust		5,016		49,056
JER Investors Trust, Inc. (b)		2,386		20,233
Kite Realty Group Trust		1,923		26,922

See Accompanying Note to Schedule of Investments

18 E*TRADE Russell 2000 Index Fund

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
REAL ESTATE INVESTMENT TRUST (REIT) (continued)
LaSalle Hotel Properties		3,604	$	103,536
Lexington Realty Trust		5,526		79,630
LTC Properties, Inc.		2,208		56,768
Luminent Mortgage Capital, Inc. (b)		4,318		2,634
Maguire Properties, Inc. (b)		3,326		47,595
Medical Properties Trust, Inc.		5,831		66,007
MFA Mortgage Investments, Inc.		13,650		85,995
Mid-America Apartment Communities, Inc.		2,293		114,283
Mission West Properties, Inc.		1,811		17,114
National Health Investors, Inc.		2,153		67,281
National Retail Properties, Inc. (b)		6,428		141,737
Nationwide Health Properties, Inc. (b)		8,583		289,676
Newcastle Investment Corp. (b)		3,688		30,463
NorthStar Realty Finance Corp. (b)		5,735		46,855
Omega Healthcare Investors, Inc.		6,059		105,184
Parkway Properties, Inc./MD		1,481		54,738
Pennsylvania Real Estate Investment Trust		2,854		69,609
Post Properties, Inc.		3,932		151,854
Potlatch Corp.		3,516		145,105
PS Business Parks, Inc.		1,429		74,165
RAIT Financial Trust (b)		5,622		39,017
Ramco-Gershenson Properties		1,713		36,161
Realty Income Corp. (b)		9,104		233,244
Redwood Trust, Inc. (b)		2,207		80,224
Resource Capital Corp. (b)		2,030		15,367
Saul Centers, Inc.		988		49,637
Senior Housing Properties Trust		8,552		202,682
Sovran Self Storage, Inc.		1,923		82,131
Strategic Hotels & Resorts, Inc.		6,875		90,269
Sun Communities, Inc.		1,476		30,258
Sunstone Hotel Investors, Inc.		5,612		89,848
Tanger Factory Outlet Centers		2,819		108,447
U-Store-It Trust		4,272		48,402
Universal Health Realty Income Trust		1,087		36,197
Urstadt Biddle Properties, Inc., Class A		1,958		30,799
Washington Real Estate Investment Trust (b)		4,059		135,652
Winthrop Realty Trust		4,664		19,216
				6,477,374
RETAIL – 4.6%
99 Cents Only Stores (a)		4,323		42,754
AC Moore Arts & Crafts, Inc. (a)		1,865		12,719
Aeropostale, Inc. (a)		6,032		163,528
AFC Enterprises (a)		2,706		24,327
Asbury Automotive Group, Inc.		2,362		32,501
Bebe Stores, Inc.		2,309		24,822
Benihana, Inc., Class A (a)		1,213		13,671
Big 5 Sporting Goods Corp.		2,092		18,347
BJ’s Restaurants, Inc. (a)		1,656		23,863
Blockbuster, Inc., Class A (a)		17,258		56,261
Bob Evans Farms, Inc.		2,809		77,500
Bon-Ton Stores, Inc. (The) (b)		944		5,164
Books-A-Million, Inc.		1,314		11,484
Borders Group, Inc.		5,042		29,597
Brown Shoe Co., Inc.		4,069		61,320
Buckle, Inc. (The)		1,294		57,881
Buffalo Wild Wings, Inc. (a)		1,413		34,619
Build-A-Bear Workshop, Inc. (a)		1,365		12,408
Cabela’s, Inc. (a)(b)		3,452		48,880
Cache, Inc. (a)		907		10,240
California Pizza Kitchen, Inc. (a)		2,309		30,271
Carrols Restaurant Group, Inc. (a)		1,001		8,939
Casey’s General Stores, Inc.		4,553		102,898
Cash America International, Inc.		2,637		95,987
Casual Male Retail Group, Inc. (a)		3,330		13,986
Cato Corp. (The) Class A		2,755		41,160
CBRL Group, Inc.		1,995		71,361
CEC Entertainment, Inc. (a)		2,115		61,081
Charlotte Russe Holding, Inc. (a)		2,335		40,489
Charming Shoppes, Inc. (a)		10,487		50,652

	SHARES		VALUE
RETAIL (continued)
Children’s Place Retail Stores, Inc. (The) (a)		1,997	$	49,046
Chipolte Mexican Grill, Inc., Class B (a)		2,955		286,901
Christopher & Banks Corp.		3,338		33,347
Citi Trends, Inc. (a)		1,278		23,579
CKE Restaurants, Inc.		5,291		59,365
Collective Brands, Inc. (a)		5,797		70,260
Conn’s, Inc. (a)(b)		1,123		18,316
CSK Auto Corp. (a)		3,960		36,868
Denny’s Corp. (a)		8,992		26,796
Domino’s Pizza, Inc.		3,891		52,490
Dress Barn, Inc. (a)		4,177		54,050
DSW, Inc., Class A (a)		1,494		19,347
Eddie Bauer Holdings, Inc. (a)		2,808		10,923
Ezcorp, Inc., Class A (a)		3,351		41,251
FGX International Holdings, Ltd. (a)		1,077		12,881
Finish Line, Class A		3,920		18,659
First Cash Financial Services, Inc. (a)		2,422		25,019
Fred’s, Inc., Class A		3,695		37,874
Gander Mountain Co. (a)(b)		470		2,858
Genesco, Inc. (a)(b)		2,045		47,260
Group 1 Automotive, Inc.		2,117		49,707
Haverty Furniture Cos., Inc.		1,827		19,439
hhgregg, Inc. (a)		913		10,271
Hibbett Sports, Inc. (a)		2,807		43,340
HOT Topic, Inc. (a)		4,080		17,585
Ihop Corp. (b)		1,612		77,215
Insight Enterprises, Inc. (a)		4,495		78,663
J Crew Group, Inc. (a)(b)		3,510		155,037
Jack in the Box, Inc. (a)		5,353		143,835
Jamba, Inc. (a)(b)		4,797		12,712
Jo-Ann Stores, Inc. (a)		2,248		33,113
JOS A. Bank Clothiers, Inc. (a)(b)		1,667		34,174
Kenneth Cole Productions, Inc., Class A		867		14,687
Krispy Kreme Doughnuts, Inc. (a)(b)		5,962		18,184
Landry’s Restaurants, Inc. (b)		1,162		18,917
Lithia Motors, Inc., Class A		1,463		14,864
Longs Drug Stores Corp.		2,969		126,064
Lululemon Athletica, Inc. (a)(b)		1,203		34,201
MarineMax, Inc. (a)		1,529		19,051
McCormick & Schmick’s Seafood Restaurants, Inc. (a)		1,350		15,728
Men’s Wearhouse, Inc.		4,885		113,674
Morton’s Restaurant Group, Inc. (a)		928		7,359
Movado Group, Inc.		1,586		30,911
New York & Co., Inc. (a)		1,984		11,388
Nu Skin Enterprises, Inc., Class A		4,520		81,450
O’Charleys, Inc.		1,971		22,706
Pacific Sunwear of California (a)		6,529		82,331
Pantry, Inc. (The) (a)		1,970		41,528
Papa John’s International, Inc. (a)		1,983		48,008
PC Connection, Inc. (a)		857		6,787
PEP Boys-Manny Moe & Jack		3,538		35,238
PF Chang’s China Bistro, Inc. (a)(b)		2,220		63,137
Pier 1 Imports, Inc. (a)		8,231		51,691
PriceSmart, Inc.		1,234		34,194
Red Robin Gourmet Burgers, Inc. (a)		1,479		55,566
Regis Corp.		3,992		109,740
Retail Ventures, Inc. (a)		2,550		12,368
Ruby Tuesday, Inc.		4,822		36,165
Rush Enterprises, Inc., Class A (a)		2,947		46,680
Ruth’s Chris Steak House (a)		1,753		12,113
Sally Beauty Holdings, Inc. (a)		8,410		58,029
School Specialty, Inc. (a)		1,785		56,299
Select Comfort Corp. (a)		4,546		16,366
Sonic Automotive, Inc., Class A		2,752		56,554
Sonic Corp. (a)		5,477		120,713
Stage Stores, Inc.		3,855		62,451
Steak N Shake Co. (The) (a)(b)		2,751		21,650
Stein Mart, Inc. (b)		2,431		13,662
Systemax, Inc. (b)		895		10,794

See Accompanying Note to Schedule of Investments

E*TRADE Russell 2000 Index Fund 19

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
RETAIL (continued)
Talbots, Inc. (b)		2,199	$	23,705
Texas Roadhouse, Inc., Class A (a)		4,857		47,599
Titan Machinery, Inc.		499		9,331
Tuesday Morning Corp. (b)		2,766		14,328
Tween Brands, Inc. (a)		2,296		56,803
Ulta Salon, Cosmetics & Fragrance, Inc. (a)(b)		770		10,811
Under Armour, Inc., Class A (a)(b)		2,198		80,447
West Marine, Inc. (a)		1,354		9,437
Wet Seal, Inc., (The) Class A (a)		7,777		26,364
Zale Corp. (a)(b)		4,008		79,198
Zumiez, Inc. (a)(b)		1,680		26,359
				4,846,521
SEMICONDUCTORS – 2.6%
Advanced Analogic Technologies, Inc. (a)		3,411		19,170
Amkor Technology, Inc. (a)		9,400		100,580
Anadigics, Inc. (a)		5,639		36,992
Applied Micro Circuits Corp. (a)		5,857		42,053
Asyst Technologies, Inc. (a)		4,494		15,729
AuthenTec, Inc. (a)		755		7,505
Axcelis Technologies, Inc. (a)		9,374		52,494
Brooks Automation, Inc. (a)		5,908		57,426
Cabot Microelectronics Corp. (a)		2,138		68,737
Cavium Networks, Inc. (a)		622		10,201
Cirrus Logic, Inc. (a)		8,130		54,634
Cohu, Inc.		2,096		34,060
Conexant Systems, Inc. (a)		45,234		26,231
Credence Systems Corp. (a)		9,764		16,599
DSP Group, Inc. (a)		2,708		34,500
Emulex Corp. (a)		7,670		124,561
Entegris, Inc. (a)		10,406		74,819
Entropic Communications, Inc. (a)		830		3,229
Exar Corp. (a)		3,860		31,768
Formfactor, Inc. (a)		4,293		81,996
Hittite Microwave Corp. (a)		1,454		54,409
IPG Photonics Corp. (a)		926		14,529
IXYS Corp. (a)		2,524		17,239
Kulicke & Soffa Industries, Inc. (a)		5,332		25,487
Lattice Semiconductor Corp. (a)		10,584		30,059
LTX Corp. (a)		5,725		17,977
Mattson Technology, Inc. (a)		4,447		27,082
Micrel, Inc.		4,629		42,911
Microsemi Corp. (a)		6,873		156,704
MIPS Technologies, Inc. (a)		4,035		15,979
MKS Instruments, Inc. (a)		4,105		87,847
Monolithic Power Systems, Inc. (a)		2,187		38,557
Netlogic Microsystems, Inc. (a)		1,556		37,562
OmniVision Technologies, Inc. (a)(b)		4,949		83,242
ON Semiconductor Corp. (a)		28,639		162,670
Pericom Semiconductor Corp. (a)		2,442		35,849
Photronics, Inc. (a)		3,854		36,806
PLX Technology, Inc. (a)		2,643		17,629
PMC-Sierra, Inc. (a)		19,201		109,446
Rubicon Technology, Inc. (a)		584		16,924
Rudolph Technologies, Inc. (a)		2,682		26,203
Semitool, Inc. (a)		2,039		16,964
Semtech Corp. (a)		5,651		80,979
Silicon Image, Inc. (a)		8,093		40,546
SiRF Technology Holdings, Inc. (a)(b)		5,329		27,125
Skyworks Solutions, Inc. (a)		14,391		104,766
Spansion, Inc., Class A (a)		8,863		24,373
Standard Microsystems Corp. (a)		2,031		59,265
Supertex, Inc. (a)		1,051		21,451
Syntax-Brillian Corp. (a)(b)		5,289		5,183
Techwell, Inc. (a)		1,379		14,948
Tessera Technologies, Inc. (a)		4,306		89,565
TriQuint Semiconductor, Inc. (a)		12,830		64,920
Ultra Clean Holdings, Inc. (a)		1,750		17,150
Ultratech, Inc. (a)		2,218		21,315
Veeco Instruments, Inc. (a)		2,859		47,545

	SHARES		VALUE
SEMICONDUCTORS (continued)
Volterra Semiconductor Corp. (a)		1,962	$	22,229
Zoran Corp. (a)		4,611		62,986
				2,669,705
SOFTWARE – 3.3%
ACI Worldwide, Inc. (a)(b)		3,339		66,513
Advent Software, Inc. (a)		1,559		66,445
American Reprographics Co. (a)		2,642		39,207
Ansys, Inc. (a)		6,986		241,157
ArcSight, Inc. (a)		618		4,270
Avid Technology, Inc. (a)(b)		3,420		83,243
Avocent Corp. (a)		4,113		69,510
Blackbaud, Inc.		4,064		98,674
Blackboard, Inc. (a)		2,537		84,558
BladeLogic, Inc. (a)		564		15,820
Borland Software Corp. (a)		6,704		13,542
Commvault Systems, Inc. (a)		3,272		40,573
Computer Programs & Systems, Inc.		867		18,120
Concur Technologies, Inc. (a)		3,847		119,449
CSG Systems International, Inc. (a)		3,040		34,565
Deltek, Inc. (a)		808		10,488
Double-Take Software, Inc. (a)		820		9,578
Eclipsys Corp. (a)		4,224		82,833
Epicor Software Corp. (a)		5,372		60,166
EPIQ Systems, Inc. (a)		2,778		43,115
FalconStor Software, Inc. (a)		2,951		22,457
Glu Mobile, Inc. (a)(b)		682		3,062
Guidance Software, Inc. (a)		302		2,703
Informatica Corp. (a)		7,886		134,535
Innerworkings, Inc. (a)(b)		2,149		30,150
Interactive Intelligence, Inc. (a)		1,201		14,136
INVESTools, Inc. (a)(b)		4,823		53,005
JDA Software Group, Inc. (a)		2,367		43,198
Lawson Software, Inc. (a)		11,410		85,917
ManTech International Corp., Class A (a)		1,754		79,561
MedAssets, Inc. (a)		1,313		19,459
MicroStrategy, Inc., Class A (a)		889		65,777
Midway Games, Inc. (a)(b)		2,132		5,756
MSC.Software Corp. (a)		4,046		52,558
NetSuite, Inc. (a)		642		13,829
Nuance Communications, Inc. (a)		13,531		235,575
Omnicell, Inc. (a)		3,022		60,742
Omniture, Inc. (a)		4,069		94,441
OpenTV Corp., Class A (a)		8,639		10,194
Packeteer, Inc. (a)		3,393		17,270
Parametric Technology Corp. (a)		10,351		165,409
PDF Solutions, Inc. (a)		1,953		10,761
Pegasystems, Inc.		1,331		12,818
Progress Software Corp. (a)		3,696		110,584
PROS Holdings, Inc. (a)		763		9,576
Quality Systems, Inc. (b)		1,603		47,882
Renaissance Learning, Inc.		728		10,185
Schawk, Inc.		1,434		22,930
SeaChange International, Inc. (a)		2,716		19,093
Solera Holdings, Inc. (a)		2,421		58,976
SourceForge, Inc. (a)		6,095		12,129
SPSS, Inc. (a)		1,633		63,328
Sybase, Inc. (a)		8,230		216,449
Synchronoss Technologies, Inc. (a)		1,660		33,250
SYNNEX Corp. (a)		1,502		31,872
Take-Two Interactive Software, Inc. (a)		6,927		176,777
Taleo Corp., Class A (a)		1,523		29,546
THQ, Inc. (a)		6,013		131,083
Trident Microsystems, Inc. (a)		5,625		28,969
Unica Corp. (a)		904		6,147
Wind River Systems, Inc. (a)		6,427		49,745
				3,493,660
TELECOMMUNICATIONS – 2.6%
3Com Corp. (a)		34,973		80,088
Acme Packet, Inc. (a)		2,036		16,268

See Accompanying Note to Schedule of Investments

20 E*TRADE Russell 2000 Index Fund

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
TELECOMMUNICATIONS (continued)
Adaptec, Inc. (a)		11,145	$	32,766
ADTRAN, Inc.		4,940		91,390
Airvana, Inc. (a)		828		4,330
Alaska Communications Systems Group, Inc.		3,965		48,532
Anaren, Inc. (a)		1,326		16,787
Anixter International, Inc. (a)(b)		2,783		178,223
Aruba Networks, Inc. (a)		734		3,824
Atheros Communications, Inc. (a)		5,316		110,785
Atlantic Tele-Network, Inc.		868		29,364
BigBand Networks, Inc. (a)		1,137		6,515
Cbeyond, Inc. (a)		1,854		34,837
Centennial Communications Corp. (a)		2,116		12,506
Comtech Telecommunications Corp. (a)		2,140		83,460
Consolidated Communications Holdings, Inc.		2,080		31,475
CPI International, Inc. (a)		655		6,498
Ditech Networks, Inc. (a)		3,057		8,988
EMS Technologies, Inc. (a)		1,406		38,159
Fairpoint Communications, Inc. (b)		3,249		29,306
FiberTower Corp. (a)		9,493		16,708
Finisar Corp. (a)(b)		23,792		30,454
Foundry Networks, Inc. (a)		13,129		152,034
General Communication, Inc., Class A (a)		4,945		30,362
GeoEye, Inc. (a)		1,614		41,948
Global Crossing, Ltd. (a)		3,314		50,240
Globalstar, Inc. (a)(b)		1,762		12,845
Harris Stratex Networks, Inc., Class A (a)		2,348		23,550
Hughes Communications, Inc. (a)		592		30,003
Hungarian Telephone and Cable Corp. (a)		331		5,743
ICO Global Communications Holdings, Ltd. (a)(b)		9,485		29,309
IDT Corp., Class B		4,055		15,693
Infinera Corp. (a)		1,574		18,888
InterDigital, Inc. (a)		4,215		83,499
Iowa Telecommunications Services, Inc.		2,924		51,843
IPC The Hospitalist Co. (a)		532		10,523
iPCS, Inc.		1,567		36,589
Knology, Inc. (a)		2,401		31,093
Loral Space & Communications, Inc. (a)		1,056		25,175
MasTec, Inc. (a)		3,932		32,282
MRV Communications, Inc. (a)		14,714		20,158
Network Equipment Technologies, Inc. (a)		2,431		15,972
Neutral Tandem, Inc. (a)		597		10,752
Nextwave Wireless, Inc. (a)(b)		2,500		12,625
Novatel Wireless, Inc. (a)		2,997		29,011
Oplink Communications, Inc. (a)		2,054		18,219
OpNext, Inc. (a)		1,721		9,379
Optium Corp. (a)		1,129		7,937
Orbcomm, Inc. (a)(b)		2,419		11,998
PAETEC Holding Corp. (a)		6,424		42,784
Plantronics, Inc.		4,269		82,434
Polycom, Inc. (a)		8,263		186,248
Powerwave Technologies, Inc. (a)(b)		11,571		29,506
Preformed Line Products Co.		228		11,099
Premiere Global Services, Inc. (a)		5,550		79,587
RCN Corp.		2,846		31,818
Rural Cellular Corp., Class A (a)		1,124		49,715
SAVVIS, Inc. (a)(b)		2,468		40,154
Sonus Networks, Inc. (a)(b)		23,739		81,662
Switch & Data Facilities Co. (a)		1,268		12,946
Syniverse Holdings, Inc. (a)		2,517		41,933
Tekelec (a)		5,475		68,164
Time Warner Telecom, Inc., Class A (a)		13,040		201,990
USA Mobility, Inc.		2,128		15,194
UTStarcom, Inc. (a)(b)		9,795		27,818
Veraz Networks, Inc. (a)		835		2,054
Virgin Mobile USA, Inc., Class A (a)		2,469		5,012
Vonage Holdings Corp. (a)(b)		5,963		11,032
				2,750,083

	SHARES		VALUE
TELECOMMUNICATIONS EQUIPMENT – 0.4%
Arris Group, Inc. (a)		12,033	$	70,032
Avanex Corp. (a)(b)		17,936		12,735
Harmonic, Inc. (a)		8,384		63,718
Ixia (a)		4,190		32,514
NTELOS Holdings Corp.		2,493		60,331
RF Micro Devices, Inc. (a)		23,482		62,462
ShoreTel, Inc. (a)		884		4,526
Sycamore Networks, Inc. (a)		17,042		62,374
Symmetricom, Inc. (a)		4,263		14,878
Viasat, Inc. (a)		2,285		49,630
				433,200
TELEPHONE – 0.1%
Cincinnati Bell, Inc. (a)		21,995		93,699
Shenandoah Telecom Co.		2,145		31,832
SureWest Communications		1,357		20,979
				146,510
TEXTILES – 0.3%
G&K Services, Inc., Class A		1,795		63,920
Interface, Inc., Class A		4,859		68,269
Shoe Carnival, Inc. (a)		871		11,785
Steven Madden, Ltd. (a)(b)		1,890		32,376
Unifirst Corp. (MA)		1,320		48,959
Wolverine World Wide, Inc.		4,478		129,907
				355,216
TOBACCO – 0.2%
Universal Corp., Richmond, VA		2,435		159,566
Vector Group, Ltd. (b)		2,759		48,531
				208,097
TOYS / GAMES / HOBBIES – 0.2%
Jakks Pacific, Inc. (a)		2,499		68,897
Leapfrog Enterprises, Inc. (a)		3,156		22,250
Marvel Entertainment, Inc. (a)(b)		4,467		119,671
Multimedia Games, Inc. (a)		2,252		12,026
RC2 Corp. (a)		1,617		33,908
				256,752
TRANSPORTATION – 1.9%
Abx Air, Inc. (a)		5,695		16,743
American Commercial Lines, Inc (a)		4,453		70,357
Arkansas Best Corp.		2,002		63,784
Arlington Tankers, Ltd. (b)		1,223		25,683
Atlas Air Worldwide Holdings, Inc. (a)		1,233		67,815
Bristow Group, Inc. (a)		1,823		97,840
Celadon Group, Inc. (a)		1,969		19,060
Double Hull Tankers, Inc.		1,959		20,785
Dynamex, Inc. (a)		1,028		26,008
Eagle Bulk Shipping, Inc. (b)		4,211		108,475
Forward Air Corp.		2,679		94,944
Genco Shipping & Trading, Ltd. (b)		1,810		102,138
General Maritime Corp. (b)		2,542		60,017
Genesee & Wyoming, Inc., Class A (a)		2,774		95,426
Golar LNG, Ltd.		3,225		58,921
Greenbrier Cos., Inc.		1,474		39,090
GulfMark Offshore, Inc. (a)		2,061		112,778
Heartland Express, Inc.		5,209		74,280
Horizon Lines, Inc., Class A (b)		2,694		50,135
HUB Group, Inc., Class A (a)		3,494		114,918
Knight Transportation, Inc. (b)		5,140		84,604
Knightsbridge Tankers, Ltd.		1,577		42,074
Marten Transport, Ltd. (a)		1,419		22,023
Nordic American Tanker Shipping, Ltd. (b)		2,693		75,404
Old Dominion Freight Line (a)		2,667		84,891
Pacer International, Inc.		3,069		50,424
Patriot Transportation Holding, Inc. (a)		138		10,825
PHI, Inc. (a)		1,272		40,119
Saia, Inc. (a)		1,359		21,554
Ship Finance International, Ltd.		2,830		74,372
TBS International Ltd., Class A (a)		447		13,499

See Accompanying Note to Schedule of Investments

E*TRADE Russell 2000 Index Fund 21

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
TRANSPORTATION (continued)
Teekay Tankers Ltd., Class A		1,216	$	20,818
Textainer Group Holdings, Ltd.		620		9,350
Ultrapetrol Bahamas, Ltd. (a)(b)		1,481		15,165
Universal Truckload Services, Inc. (a)		527		10,998
Werner Enterprises, Inc.		4,179		77,562
				1,972,879
TRUCKING & LEASING – 0.1%
Amerco, Inc. (a)		899		51,324
TAL International Group, Inc.		1,497		35,284
				86,608
WATER – 0.2%
American States Water Co.		1,515		54,540
California Water Service Group		1,809		69,012
Consolidated Water Co., Ltd. (b)		1,398		30,798
Pico Holdings, Inc. (a)		1,405		42,473
SJW Corp. (b)		1,423		40,684
Southwest Water Co.		2,103		23,280
				260,787
TOTAL COMMON STOCKS (Cost $112,843,713)				102,407,690
CLOSED-END FUNDS – 0.0%
Kayne Anderson Energy Development Fund		973		24,228
Patriot Capital Funding, Inc.		1,777		18,605
TOTAL CLOSED-END FUNDs (Cost $48,606)				42,833
BUSINESS DEVELOPMENT COMPANY – 0.0%
PennantPark Investment Corp.		1,947		16,569
TOTAL BUSINESS DEVELOPMENT COMPANY (Cost $26,129)				16,569

	SHARES/ PRINCIPAL AMOUNT
SHORT-TERM INVESTMENTS – 1.0%
BlackRock Liquidity Funds TempCash Portfolio,		777,985		777,985
U.S. Treasury Bill 1.98% (c), 07/24/2008 (d)	$	250,000		248,923
TOTAL SHORT-TERM INVESTMENTS (Cost $1,026,418)				1,026,908
TOTAL INVESTMENTS - 98.9% (COST $113,944,866) (e)				103,494,000
OTHER ASSETS LESS LIABILITIES - 1.1%				1,140,256
TOTAL NET ASSETS - 100.0%			$	104,634,256

(a)	Non-income producing.
(b)	Securities (or a portion of securities) on loan. As of March 31, 2008, the market value of securities loaned was $16,151,683. The loans were secured with cash collateral of $17,014,792.
(c)	Yield to Maturity.
(d)	Security with an aggregate market value of $248,923 was segregated to cover margin requirements for the following open futures contracts as of March 31, 2008:

Number of Contracts	Futures Index	Expiration Date	Notional Contract Value	Net Unrealized Appreciation
2	Russell 2000 Futures	6/19/08	$690,000	$26,863

^(e) At March 31, 2008, the cost of investments for Federal income tax purposes is $113,944,866. Unrealized appreciation (depreciation) is as follows:

Gross Unrealized Appreciation	$	14,010,578
Gross Unrealized Depreciation		(24,461,444	)
Net Unrealized Appreciation/Depreciation	$	(10,450,866	)

SP ADR Sponsored American Depositary Receipt

Summary of inputs used to value the Fund’s net assets as of March 31, 2008 is as follows (See Note to Schedule of Investments):

Valuation Inputs	Investments in Securities		Other Financial Instruments (Unrealized Appreciation/ Depreciation)*
Level 1 – Quoted Prices	$	103,245,077	$	26,863
Level 2 – Other Significant Observable Inputs		248,923		—
Level 3 – Significant Unobservable Inputs		—		—
Total	$	103,494,000	$	26,863

*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swaps which are valued at the unrealized appreciation/depreciation on the investment.

See Accompanying Note to Schedule of Investments

22 E*TRADE Russell 2000 Index Fund

E*TRADE Russell 2000 Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

INDUSTRY	MARKET VALUE		% OF TOTAL NET ASSETS
BANKS	$	7,722,227		7.4	%
COMMERCIAL SERVICES		7,077,255		6.8	%
REAL ESTATE INVESTMENT TRUST (REIT)		6,477,374		6.2	%
HEALTH CARE		5,437,857		5.2	%
RETAIL		4,846,521		4.6	%
PHARMACEUTICALS		3,658,714		3.5	%
INSURANCE		3,633,791		3.5	%
SOFTWARE		3,493,660		3.3	%
OIL & GAS SERVICES		3,489,599		3.3	%
OIL & GAS PRODUCERS		3,392,390		3.2	%
ELECTRONICS		3,363,243		3.2	%
CHEMICALS		2,890,549		2.8	%
TELECOMMUNICATIONS		2,750,083		2.6	%
INTERNET COMPANIES		2,731,924		2.6	%
SEMICONDUCTORS		2,669,705		2.6	%
BIOTECHNOLOGY		2,650,059		2.5	%
COMPUTERS		2,620,184		2.5	%
DIVERSIFED FINANCIAL SERVICES		2,047,758		2.0	%
MACHINERY		2,025,941		1.9	%
TRANSPORTATION		1,972,879		1.9	%
ELECTRIC		1,838,987		1.8	%
FOOD		1,736,743		1.7	%
AEROSPACE / DEFENSE		1,222,128		1.2	%
MINING		1,174,349		1.1	%
DISTRIBUTION / WHOLESALE		1,076,965		1.0	%
MEDIA		1,076,796		1.0	%
METAL FABRICATE / HARDWARE		1,051,030		1.0	%
APPAREL		1,046,465		1.0	%
ENTERTAINMENT		1,013,089		1.0	%
AUTO PARTS & EQUIPMENT		1,008,092		1.0	%
ELECTRICAL COMPONENTS & EQUIPMENT		967,534		0.9	%
ENVIRONMENTAL CONTROL		840,514		0.8	%
HOUSEHOLD PRODUCTS / WARE		732,854		0.7	%
OIL & GAS		705,257		0.7	%
MANUFACTURING		650,998		0.6	%
METALS - DIVERSIFIED		626,589		0.6	%
MANUFACTURERS		621,655		0.6	%
BUILDING MATERIALS		618,504		0.6	%
HOLDING COMPANIES		608,015		0.6	%
COMPUTERS, PERIPHERAL & SOFTWARE		584,609		0.6	%
ENGINEERING & CONSTRUCTION		580,685		0.6	%
LEISURE TIME		509,889		0.5	%
FOREST PRODUCTS & PAPER		454,564		0.4	%
AIRLINE		434,613		0.4	%
TELECOMMUNICATIONS EQUIPMENT		433,200		0.4	%
HOME FURNISHINGS		419,211		0.4	%
HOME BUILDERS		391,227		0.4	%
PACKAGING & CONTAINERS		356,693		0.3	%
TEXTILES		355,216		0.3	%
COAL		330,960		0.3	%
LODGING		299,376		0.3	%
HAND / MACHINE TOOLS		293,971		0.3	%
ENERGY - ALTERNATE SOURCES		289,269		0.3	%
AUTO MANUFACTURERS		263,047		0.3	%
WATER		260,787		0.2	%
INVESTMENT COMPANIES		258,126		0.2	%
TOYS / GAMES / HOBBIES		256,752		0.2	%
GAS		240,136		0.2	%
IRON / STEEL		233,991		0.2	%
OFFICE / BUSINESS EQUIPMENT		231,981		0.2	%
TOBACCO		208,097		0.2	%
AGRICULTURE		199,616		0.2	%
BEVERAGES		182,443		0.2	%
REAL ESTATE		181,919		0.2	%

INDUSTRY	MARKET VALUE		% OF TOTAL NET ASSETS
COSMETICS / PERSONAL CARE	$	181,261		0.2	%
ADVERTISING		174,656		0.2	%
TELEPHONE		146,510		0.1	%
TRUCKING & LEASING		86,608		0.1	%
CLOSED-END FUNDS		42,833		0.0	%
BUSINESS DEVELOPMENT COMPANY		16,569		0.0	%
SHORT-TERM INVESTMENTS AND OTHER ASSETS LESS LIABILITIES		2,167,164		2.1	%
	$	104,634,256		100.0	%

See Accompanying Note to Schedule of Investments

E*TRADE Russell 2000 Index Fund 23

E*TRADE International Index Fund

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

	SHARES		VALUE
COMMON STOCKS – 97.4%
AUSTRALIA – 6.3%
ABC Learning Centres, Ltd.		5,106	$	6,525
AGL Energy, Ltd.		5,916		59,621
Alumina, Ltd. ADR		3,851		78,445
Amcor, Ltd. ADR		3,053		79,706
AMP, Ltd.		24,375		174,668
Aristocrat Leisure, Ltd.		4,765		41,757
Asciano Group		7,337		26,790
ASX, Ltd.		2,331		79,582
Australia & New Zealand Banking Group, Ltd. ADR		4,837		497,843
AXA Asia Pacific Holdings, Ltd.		11,775		59,118
Babcock & Brown, Ltd.		3,155		42,394
Bendigo Bank, Ltd.		3,495		37,966
BHP Billiton, Ltd. ADR (a)		21,909		1,442,708
Billabong International, Ltd.		2,264		26,867
BlueScope Steel, Ltd.		10,007		90,161
Boart Longyear Group		18,241		30,472
Boral, Ltd.		8,179		46,738
Brambles Industries, Ltd.		19,366		176,429
Caltex Australia, Ltd.		1,842		21,876
Centro Properties Group, REIT		11,532		3,158
Centro Retail Group, REIT		15,587		4,838
CFS Retail Property Trust, REIT		18,822		37,284
Challenger Financial Services Group, Ltd.		4,911		8,159
Coca-Cola Amatil, Ltd. ADR		3,596		55,805
Cochlear, Ltd.		749		37,400
Commonwealth Bank of Australia		16,943		646,651
Computershare, Ltd.		6,898		55,097
Consolidated Media Holdings, Ltd.		6,107		20,794
Crown, Ltd. (b)		6,107		58,535
CSL, Ltd.		7,162		241,311
CSR, Ltd.		12,627		36,885
DB RREEF Trust, REIT		39,500		60,757
Fortescue Metals Group, Ltd. (b)		17,180		102,095
Foster’s Group, Ltd. ADR		26,894		125,697
Goodman Fielder, Ltd.		14,465		23,768
GPT Group, REIT		28,024		83,141
Harvey Norman Holdings, Ltd.		7,223		25,781
Incitec Pivot, Ltd.		707		91,096
Insurance Australia Group, Ltd.		24,490		81,822
John Fairfax Holdings, Ltd.		16,153		51,166
Leighton Holdings, Ltd.		1,897		74,116
Lend Lease Corp., Ltd.		4,926		59,581
Lion Nathan, Ltd.		4,010		32,030
Macquarie Airports		9,381		27,660
Macquarie Goodman Group, REIT		19,634		77,248
Macquarie Group, Ltd.		3,418		164,805
Macquarie Infrastructure Group		36,228		91,937
Macquarie Office Trust, REIT		27,282		22,663
Mirvac Group, REIT		13,844		50,803
National Australia Bank, Ltd. ADR		21,335		587,190
Newcrest Mining, Ltd. ADR		5,912		180,090
OneSteel, Ltd.		10,157		59,247
Orica, Ltd.		4,244		112,854
Origin Energy, Ltd.		11,899		99,496
Oxiana, Ltd.		18,892		54,841
Paladin Resources, Ltd. (b)		7,398		34,374
Perpetual Trustees Australia, Ltd.		506		24,873
Qantas Airways, Ltd.		13,273		47,617
QBE Insurance Group, Ltd.		11,214		227,357
Rio Tinto, Ltd.		3,700		413,749
Santos, Ltd. ADR		2,052		108,469
Sims Group, Ltd.		1,330		36,058
Sonic Healthcare, Ltd.		4,257		53,433
St. George Bank, Ltd.		3,618		84,912
Stockland, REIT		18,944		120,878
Suncorp-Metway, Ltd.		12,621		148,276
TABCORP Holdings, Ltd. ADR		716		92,485
Tattersall’s, Ltd.		14,677		46,625

	SHARES		VALUE
AUSTRALIA (continued)
Telstra Corp., Ltd.		39,254	$	157,665
Telstra Corp., Ltd. ADR		7,828		157,207
Toll Holdings, Ltd.		7,369		67,402
Transurban Group		14,532		86,223
Wesfarmers, Ltd.		4,052		148,923
Wesfarmers, Ltd.		9,022		329,354
Westfield Group NPV, REIT		22,775		370,065
Westpac Banking Corp. ADR		4,834		526,084
Woodside Petroleum, Ltd. ADR		6,233		310,094
Woolworths, Ltd.		15,751		416,971
WorleyParsons, Ltd.		2,027		61,931
Zinifex, Ltd.		6,644		60,528
				10,697,020
AUSTRIA – 0.6%
Andritz AG		532		29,311
Erste Bank Der Oesterreichischen ADR		5,165		167,982
Immoeast Immobilien Anlagen AG (b)		5,689		54,989
Immofinanz Immobilien Anlagen AG		6,264		68,090
Meinl European Land, Ltd. (b)		4,094		46,773
OMV AG		2,252		149,374
Raiffeisen International Bank Holding AG		487		66,635
Telekom Austria AG ADR		2,354		97,653
Verbund Class A		1,051		75,092
Voestalpine AG		1,513		105,487
Wiener Staedtische Allgemeine Versicherung AG		430		33,066
Wienerberger AG		1,088		58,082
				952,534
BELGIUM – 1.3%
Belgacom SA		2,306		102,495
Colruyt SA		227		58,630
Compagnie Nationale a Portefeuille		270		20,643
Delhaize Group ADR		1,324		104,133
Dexia		7,143		204,299
Fortis NL SP ADR		27,011		683,097
Groupe Bruxelles Lambert SA		1,105		135,330
Inbev NV		2,502		220,985
KBC Ancora		214		22,095
KBC Bancassurance Holding		2,375		309,120
Mobistar SA		432		39,292
Solvay SA		867		111,032
UCB SA		1,501		52,337
Umicore		1,690		88,264
				2,151,752
BERMUDA – 0.1%
SeaDrill, Ltd.		3,398		91,273
DENMARK – 1.0%
A P Moller - Maersk A/S		15		167,968
A P Moller - Maersk A/S, Class A		4		44,452
Carlsberg A/S Class B		465		59,678
Coloplast A/S		364		33,374
Danisco A/S		668		48,969
Danske Bank A/S		5,938		219,856
DSV A/S		2,750		60,332
FLSmidth & Co., A/S Class B		726		72,118
Jyske Bank (b)		804		54,155
Novo-Nordisk A/S Class B ADR		6,662		461,277
Novozymes A/S Class A		629		59,074
Rockwool International A/S, Class B		103		17,246
Sydbank A/S		860		31,385
Topdanmark A/S (b)		235		39,697
TrygVesta AS		371		32,715
Vestas Wind Systems A/S (b)		2,420		265,332
William Demant Holding (b)		346		27,754
				1,695,382
FINLAND – 1.8%
Amer Sports Oyj ADR		1		10

See Accompanying Note to Schedule of Investments

24 E*TRADE International Index Fund

E*TRADE International Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
FINLAND (continued)
Cargotec Corp., Class B		521	$	25,667
Elisa Oyj, Class A		2,040		51,138
Fortum Oyj (b)		5,816		237,860
Kesko, Class B (b)		901		46,757
Kone Oyj		2,084		85,825
Metso Oyj ADR		1,741		94,348
Neste Oil Oyj		1,749		61,359
Nokia Oyj, ADR		53,517		1,703,446
Nokian Renkaat Oyj		1,427		61,052
OKO Bank, Class A		1,306		24,688
Orion Oyj, Class B		1,193		25,936
Outokumpu Oyj, Class A		1,608		73,407
Rautaruukki Oyj (b)		1,147		55,561
Sampo Oyj, Class A		5,909		160,578
Sanoma-WSOY Oyj		1,126		31,331
Stora Enso Oyj ADR		7,926		91,808
UPM-Kymmene Oyj ADR		7,218		128,670
Wartsila Corp., Class B		887		60,085
YIT Oyj		1,731		49,289
				3,068,815
FRANCE – 9.8%
Accor SA		2,607		191,098
Aeroports de Paris		473		54,069
Air France-KLM ADR		1,716		48,305
Air Liquide SA		3,155		482,781
Alcatel SA ADR		30,044		173,053
Alstom		1,361		296,142
Atos Origin SA (b)		940		52,519
AXA SA ADR (a)		20,524		741,122
BNP Paribas ADR (a)		21,967		1,111,943
Bouygues SA		2,909		185,486
Cap Gemini SA		1,872		106,994
Carrefour SA		7,826		606,025
Casino Guichard-Perrachon SA		594		71,477
Christian Dior SA		372		41,327
Cie Generale de Geophysique-Veritas (b)		353		88,198
CNP Assurances		608		75,223
Compagine de Saint-Gobain		3,869		316,649
Compagnie Generale D’Optique Essilor International SA		2,693		176,620
Compagnie Generale Des Etablissements Michelin		1,960		205,351
Credit Agricole SA		8,609		267,373
Dassault Systemes SA ADR		786		45,580
Eiffage SA		254		24,793
Eurazeo		167		21,434
France Telecom SA ADR (a)		23,844		800,682
Gaz de France		2,685		162,694
Gecina SA, REIT		170		25,456
Groupe Danone ADR		29,023		520,960
Hermes International		948		118,821
ICADE, REIT		224		33,382
Imerys SA		432		39,764
JC Decaux SA		907		26,761
Klepierre, REIT		945		58,204
L’Oreal SA		3,269		416,673
Lafarge SA ADR		7,840		342,128
Lagardere SCA		1,739		130,503
Legrand SA		644		20,276
LVMH Moet Hennessy Louis Vuitton SA		3,201		357,588
M6-Metropole Television		900		20,108
Natixis		2,497		40,318
Neopost SA		440		49,564
Neuf Cegetel		418		23,361
Pagesjaunes Groupe SA		1,723		30,797
Pernod-Ricard SA		2,359		243,567
Peugeot SA ADR		2,081		161,939
Pinault Printemps Redoute SA		1,051		156,295
Publicis Groupe, ADR		1,920		73,625

	SHARES		VALUE
FRANCE (continued)
Renault SA		2,423	$	269,141
Safran SA		2,276		46,776
Sanofi-Aventis ADR (a)		26,620		999,315
Schneider Electric SA		2,842		369,092
SCOR ADR		24,040		57,597
Societe BIC SA		371		22,962
Societe Des Autoroutes Paris		309		37,506
Societe Generale ADR		24,161		474,882
Societe Television Francaise 1		1,606		35,449
Sodexho Alliance SA ADR		1,302		80,337
Suez SA ADR		13,396		882,397
Technip-Coflexip SA ADR		1,382		108,026
Thales SA		1,210		78,629
Thomson/ex-TMM ADR		3,364		23,447
TotalFinaElf SA ADR		28,100		2,079,681
Unibail, REIT		974		251,583
Valeo SA ADR		1,908		37,973
Vallourec		651		158,621
Veolia Environnement ADR		4,517		315,874
Vinci SA		4,310		312,721
Vivendi		15,076		591,248
Wendel		223		28,099
Zodiac SA		529		26,044
				16,524,428
GERMANY – 8.5%
Adidas-Salomon AG		2,778		185,364
Allianz AG ADR		58,533		1,150,759
Arcandor AG (b)		863		17,326
BASF AG ADR		6,539		887,353
Bayer AG ADR		9,500		764,709
Bayerische Motoren Werke AG		2,259		125,247
Beiersdorf AG		1,204		101,667
Bilfinger Berger AG		508		43,918
Celesio AG		1,161		57,692
Commerzbank AG ADR		8,170		258,140
Continental AG ADR		2,010		207,246
Daimlerchrysler AG		12,096		1,034,813
Deutsche Bank AG		6,628		753,027
Deutsche Boerse AG		2,610		421,966
Deutsche Lufthansa AG ADR		3,125		85,071
Deutsche Post AG		10,217		313,266
Deutsche Postbank AG		1,119		107,221
Deutsche Telekom AG ADR (a)		36,976		613,062
E.ON AG ADR		24,446		1,524,677
Fraport AG		219		15,866
Fresenius Medical Care AG ADR		2,585		130,077
GEA Group AG (b)		2,254		76,075
HeidelbergCement AG		158		27,307
Heidelberger Druckmaschinen		762		20,538
Henkel KGaA		1,418		60,397
Hochtief AG		573		52,661
Hypo Real Estate Holding ADR		2,744		72,786
Hypo Real Estate Holding AG		812		21,178
Infineon Technologies AG ADR (b)		10,220		71,744
Ivg Immobilien AG		1,266		35,547
K+S AG		507		166,547
Linde AG		1,574		223,197
MAN AG		1,474		196,521
Merck KGaA		881		108,986
Metro AG		2,211		179,307
Muenchener Rueckversicherungs-Gesellschaft AG		2,748		539,419
Puma AG Rudolf Dassler Sport		87		33,629
Q-Cells AG (b)		612		60,959
Rheinmetall AG		491		34,777
Rwe AG ADR		5,822		721,788
Salzgitter AG		561		97,952
SAP AG ADR (a)		11,578		573,921
Siemens AG ADR		11,104		1,209,670

See Accompanying Note to Schedule of Investments

E*TRADE International Index Fund 25

E*TRADE International Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
GERMANY (continued)
Solarworld AG		1,143	$	54,642
Thyssenkrupp AG		4,696		269,665
TUI AG (b)		2,912		74,981
Volkswagen AG ADR		10,342		602,733
Wacker Chemie AG		107		22,004
				14,407,398
GREECE – 0.7%
Alpha Credit Bank		5,289		175,995
Coca Cola Hellenic Bottling Co. SA		2,231		104,264
EFG Eurobank		3,519		107,296
Hellenic Petroleum SA		1,460		19,294
Hellenic Telecommunications Organization SA		4,348		123,876
National Bank of Greece SA ADR		26,386		278,636
Opap SA		3,047		109,020
Piraeus Bank SA		4,378		135,137
Public Power Corp.		1,425		62,547
Titan Cement Co. SA		840		35,831
Viohalco		1,225		12,734
				1,164,630
HONG KONG – 2.2%
ASM Pacific Technology, Ltd.		2,653		19,140
Bank of East Asia, Ltd. ADR		19,242		96,299
Belle International Holdings, Ltd.		28,083		29,119
BOC Hong Kong Holdings, Ltd.		50,497		121,590
C C Land Holdings, Ltd.		13,297		12,745
Cathay Pacific Airways, Ltd. ADR		3,760		36,958
Cheung Kong Holdings, Ltd.		19,613		278,463
Cheung Kong Infrastructure Holdings, Ltd.		6,152		24,702
Chinese Estates Holdings, Ltd.		7,711		11,949
CITIC International Financial Holdings, Ltd.		9,778		5,000
CLP Holdings, Ltd. ADR		18,075		148,750
Esprit Holdings, Ltd.		14,280		171,371
Fosun International (b)		21,962		14,815
Foxconn International Holdings, Ltd. (b)		28,671		38,681
Hang Lung Group, Ltd.		5,910		27,907
Hang Lung Properties, Ltd. ADR		5,652		100,036
Hang Seng Bank, Ltd. ADR		10,005		181,130
Henderson Land Development Co. ADR		11,929		84,760
Henderson Land Development Co., Ltd		1,521		10,807
Hong Kong & China Gas ADR		49,615		149,172
Hong Kong Aircraft Engineering Co., Ltd.		908		14,980
Hong Kong Electric Holdings ADR		18,931		119,553
Hong Kong Exchanges and Clearing, Ltd.		13,852		237,783
Hopewell Holdings		8,584		32,592
Hutchison Telecommunications International Ltd.		19,481		27,784
Hutchison Whampoa, Ltd.		27,785		262,933
Hysan Development Co., Ltd.		8,639		24,198
Kerry Properties, Ltd.		8,667		52,228
Kingboard Chemical Holdings, Ltd.		7,955		28,159
Lee & Man Paper Manufacturing, Ltd.		5,348		8,562
Li & Fung, Ltd.		30,279		112,240
Lifestyle International Holdings, Ltd.		9,262		19,683
Link (The), REIT		29,168		64,686
Melco International Development, Ltd.		10,056		13,980
MTR Corp.		18,931		64,945
New World Development, Ltd. ADR		16,373		79,353
Noble Group, Ltd.		13,995		22,341
NWS Holdings, Ltd.		5,458		18,514
Orient Overseas International, Ltd.		2,989		17,493
Pacific Basin Shipping, Ltd.		17,034		28,015
Parkson Retail Group, Ltd.		1,318		11,109
PCCW, Ltd. ADR		5,531		34,823
Shangri-La Asia, Ltd. ADR		792		42,740
Shui On Land, Ltd.		25,699		24,072
Shun Tak Holdings, Ltd.		15,851		20,978
Sino Land Co.		18,845		40,679
Sun Hung Kai Properties, Ltd. ADR		17,928		279,648

	SHARES		VALUE
HONG KONG (continued)
Swire Pacific, Ltd. ADR		11,426	$	128,899
Television Broadcasts, Ltd.		3,885		20,816
Tencent Holdings, Ltd.		12,113		69,025
Tingyi (Cayman Islands) Holding, Corp.		22,879		29,985
Wharf Holdings, Ltd.		16,702		78,651
Wheelock and Co., Ltd.		6,239		17,476
Wing Hang Bank, Ltd.		2,409		36,617
Yue Yuen Industrial Holdings		7,946		24,912
				3,673,846
IRELAND – 0.7%
Allied Irish Bank ADR		5,738		247,767
Anglo Irish Bank Corp. PLC		5,201		70,051
Bank of Ireland ADR		3,223		194,605
CRH PLC ADR		7,150		274,203
Elan Corp. PLC ADR (b)		6,379		133,066
Experian Group Ltd. SP ADR		13,950		101,754
Irish Life & Permanent PLC		3,762		73,799
Kerry Group PLC, Class A		1,868		58,755
Kingspan Group PLC		1,738		23,271
Ryanair Holdings PLC (b)		4,964		22,024
Ryanair Holdings PLC ADR (b)		1,053		29,779
Smurfit Kappa Group PLC (b)		1,635		19,742
				1,248,816
ITALY – 3.4%
A2A SpA		6,141		22,648
Alleanza Assicurazioni SpA		5,776		75,736
Assicurazioni Generali SpA		13,786		622,138
Autogrill SpA		1,389		20,810
Autostrade SpA		3,515		106,660
Banca Carige SpA		3,314		13,089
Banca Intesa SpA		100,639		712,027
Banca Intesa SpA		12,725		84,082
Banca Monte Dei Paschi di Siena SpA		15,070		66,981
Banca Popolare di Milano SCRL		5,664		62,421
Banche Popolari Unite SCRL		7,950		204,453
Banco Popolare SCRL (b)		9,126		151,693
Bulgari SpA		2,044		23,708
Eni SpA ADR		16,992		1,157,325
Fiat SpA ADR		9,291		215,679
Finmeccanica SpA		4,060		138,574
Fondiaria-Sai SpA		939		39,043
IFIL Investments SpA		2,480		20,081
Italcementi SpA		719		10,453
Italcementi SpA		967		19,659
Lottomatica SpA		930		29,045
Luxottica Group SpA ADR		1,889		47,527
Mediaset SpA		10,477		97,284
Mediobanca SpA		6,694		137,786
Mediolanum SpA		3,481		21,402
Parmalat SPA		21,381		82,497
Pirelli & Co. SpA (b)		39,276		34,509
Prysmian SpA (b)		1,842		39,462
Saipem SpA		1,806		73,374
Seat Pagine Gialle SpA		55,980		9,722
Snam Rete Gas SpA		12,013		76,665
Telecom Italia SpA (Ordinary) ADR		13,976		291,959
Telecom Italia SpA (Savings) ADR		7,862		129,880
Terna SpA		16,375		70,122
Unicredito Italiano SpA		121,936		819,231
Unipol Gruppo Finanziario SpA		3,986		12,430
				5,740,155
JAPAN – 19.9%
77 Bank, Ltd. (The)		4,707		26,388
Acom Co., Ltd. ADR		3,484		23,146
Advantest Corp. ADR		2,179		57,351
Aeon Co., Ltd.		8,736		104,269
Aeon Credit Service Co., Ltd.		1,178		15,764

See Accompanying Note to Schedule of Investments

26 E*TRADE International Index Fund

E*TRADE International Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
JAPAN (continued)
Aeon Mall Co., Ltd.		865	$	24,029
Aiful Corp.		1,066		17,146
Aioi Insurance Co., Ltd.		4,386		24,280
Aisin Seiki Co., Ltd.		2,614		97,695
Ajinomoto Co., Inc.		9,075		92,086
Alfresa Holdings Corp.		385		30,286
All Nippon Airways Co., Ltd.		8,000		35,284
Alps Electric Co., Ltd.		2,354		23,201
Amada Co., Ltd.		4,992		37,816
Aoyama Trading Co., Ltd.		782		16,892
Aozora Bank, Ltd.		5,067		15,068
Asahi Breweries, Ltd.		5,609		115,803
Asahi Glass Co., Ltd.		12,948		142,963
Asahi Kasei Corp.		16,269		84,994
Asics Corp.		2,183		25,134
Astellas Pharma, Inc.		6,986		270,919
Bank of Kyoto, Ltd. (The)		3,866		47,075
Bank of Yokohama, Ltd. (The)		16,152		109,860
Benesse Corp.		943		44,528
Bridgestone Corp.		8,322		141,884
Brother Industries, Ltd.		1,799		18,526
Canon, Inc., ADR		13,957		647,186
Canon, Marketing Japan, Inc.		1,027		19,398
Casio Computer Co., Ltd.		3,236		47,434
Central Japan Railway Co.		21		217,310
Chiba Bank, Ltd. (The)		10,387		70,649
Chiyoda Corp.		1,977		17,975
Chubu Electric Power Co., Inc.		8,681		217,167
Chugai Pharmaceutical Co., Ltd.		3,817		43,219
Chugoku Electric Power Co., Inc. (The)		1,899		42,355
Citizen Watch Co., Ltd.		4,671		39,560
Coca-Cola West Holdings Co., Ltd.		758		18,277
Cosmo Oil Co., Ltd.		7,519		23,644
Credit Saison Co., Ltd.		2,227		62,200
CSK Holdings Corp.		856		19,780
Dai Nippon Printing Co., Ltd.		8,473		135,010
Daicel Chemical Industries, Ltd.		3,735		19,213
Daido Steel Co., Ltd.		4,447		23,009
Daihatsu Motor Co., Ltd.		1,311		15,766
Daiichi Sankyo Co., Ltd.		9,097		269,158
Daikin Industries, Ltd.		3,553		153,136
Dainippon Ink & Chemicals, Inc.		8,656		26,959
Dainippon Sumitomo Pharma Co., Ltd.		1,094		10,013
Daito Trust Construction Co., Ltd.		1,098		56,701
Daiwa House Industry Co., Ltd.		6,959		69,006
Daiwa Securities Group, Inc.		18,210		158,069
Denki Kagaku Kogyo Kabushiki Kaisha		6,383		20,136
Denso Corp.		6,344		205,231
Dentsu, Inc.		27		61,576
Dowa Holdings Co., Ltd.		3,731		22,153
Dowa Mining Co., Ltd. Rights, expires 01/29/10 (b)		2,165		621
East Japan Railway Co.		45		374,793
Ebara Corp.		5,192		15,857
Eisai Co., Ltd. ADR (a)		3,440		117,506
Electric Power Development Co., Ltd.		2,046		73,795
Elpida Memory, Inc. (b)		1,325		44,196
FamilyMart Co., Ltd.		800		28,693
Fanuc, Ltd.		2,501		238,202
Fast Retailing Co., Ltd.		724		63,937
Fuji Electric Holdings Co., Ltd.		7,640		31,087
Fuji Heavy Industries, Ltd.		4,006		16,783
Fuji Television Network, Inc.		6		8,861
Fujifilm Holdings Corp.		6,383		226,373
Fujikura, Ltd.		4,878		22,054
Fujitsu, Ltd.		25,423		166,532
Fukuoka Financial Group, Inc.		10,254		53,467
Furukawa Electric Co. (The)		8,673		28,058
Gunma Bank, Ltd. (The)		5,167		37,013

	SHARES		VALUE
JAPAN (continued)
Hachijuni Bank, Ltd. (The)		5,489	$	34,908
Hakuhodo DY Holdings, Inc.		318		18,945
Hankyu Hanshin Holdings, Inc.		16,482		71,369
Haseko Corp.		14,391		21,254
Hikari Tsushin, Inc.		358		10,574
Hino Motors, Ltd.		3,528		23,323
Hirose Electric Co., Ltd.		437		49,129
Hiroshima Bank, Ltd. (The)		6,826		32,986
Hitachi Cable, Ltd.		2,297		8,562
Hitachi Chemical Co., Ltd.		1,415		26,641
Hitachi Construction Machinery Co., Ltd.		1,468		36,798
Hitachi High-Technologies Corp.		940		15,573
Hitachi Metals, Ltd.		1,125		16,592
Hitachi, Ltd. ADR		4,408		262,276
Hokkaido Electric Power Co., Inc.		2,497		58,076
Hokuhoku Financial Group, Inc.		16,142		48,652
Hokuriku Electric Power Co.		1,203		28,403
Honda Motor Co., Ltd., ADR		20,382		587,205
Hoya Corp. ADR		5,639		132,569
Ibiden Co., Ltd.		1,745		68,724
Idemitsu Kosan Co., Ltd.		273		21,147
INPEX Holdings, Inc.		11		122,670
Isetan Co., Ltd.		2,612		30,388
Ishikawajima-Harima Heavy Industries Co., Ltd.		18,018		34,937
Isuzu Motors, Ltd.		9,841		49,237
Ito En, Ltd.		809		14,337
Itochu Corp.		20,546		203,117
Itochu Techno-Solutions Corp.		419		12,671
J. Front Retailing Co., Ltd.		5,855		37,409
Jafco Co., Ltd.		428		14,276
Japan Airlines System Corp.		12,000		31,225
Japan Petroleum Exploration Co., Ltd.		390		25,860
Japan Prime Realty Investment Corp., REIT		8		26,443
Japan Real Estate Investment Corp., REIT		5		58,271
Japan Retail Fund Investment Corp., REIT		5		31,597
Japan Steel Works, Ltd. (The)		4,816		82,206
Japan Tobacco, Inc.		59		295,785
JFE Holdings, Inc.		7,576		336,424
JGC Corp.		2,828		43,243
Joyo Bank, Ltd. (The)		9,140		46,281
JS Group Corp.		3,631		54,610
JSR Corp.		2,444		55,370
JTEKT Corp.		2,621		42,817
Jupiter Telecommunications Co., Ltd. (b)		60		56,181
Kajima Corp.		12,264		34,746
Kamigumi Co., Ltd.		3,557		28,160
Kaneka Corp.		4,148		25,963
Kansai Electric Power Co., Inc. (The)		10,062		250,703
Kansai Paint Co., Ltd.		2,976		19,375
Kao Corp. ADR		682		193,565
Kawasaki Heavy Industries, Ltd. ADR		4,822		43,019
Kawasaki Kisen Kaisha, Ltd.		7,661		74,582
KDDI Corp.		33		201,909
Keihin Electric Express Railway Co., Ltd.		5,867		39,964
Keio Electric Railway Co., Ltd.		7,894		44,016
Keisei Electric Railway Co., Ltd.		4,000		21,500
Keyence Corp.		480		110,530
Kikkoman Corp.		2,018		24,836
Kinden Corp.		1,634		15,743
Kintetsu Corp.		22,183		79,340
Kirin Brewery Co., Ltd. ADR		10,748		203,547
Kobe Steel, Ltd.		36,132		103,094
Komatsu, Ltd. ADR		2,938		326,461
Konami Corp. ADR		1,273		48,680
Konica Minolta Holdings, Inc.		6,530		88,829
Kubota Corp. ADR		2,997		93,357
Kuraray Co., Ltd.		4,963		59,236
Kurita Water Industries, Ltd.		1,540		56,782

See Accompanying Note to Schedule of Investments

E*TRADE International Index Fund 27

E*TRADE International Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
JAPAN (continued)
Kyocera Corp. ADR		2,219	$	186,529
Kyowa Hakko Kogyo Co., Ltd.		4,358		41,682
Kyushu Electric Power Co., Inc.		5,177		126,649
Lawson, Inc.		856		37,926
Leopalace21 Corp.		1,742		28,195
Mabuchi Motor Co., Ltd.		385		18,605
Makita Corp.		1,572		49,433
Marubeni Corp.		22,491		164,047
Marui Co., Ltd.		4,528		48,267
Matsui Securities Co., Ltd.		1,653		9,366
Matsushita Electric Industrial Co., Ltd. ADR		25,655		556,970
Matsushita Electric Works, Ltd.		5,125		52,777
Mazda Motor Corp.		6,276		22,258
Mediceo Paltac Holdings Co., Ltd.		1,990		36,107
Meiji Dairies Corp.		3,599		21,695
Millea Holdings, Inc. ADR		9,700		358,627
Minebea Co., Ltd. ADR		2,451		28,564
Mitsubishi Chemical Holdings Corp.		16,022		106,078
Mitsubishi Corp. ADR		8,841		534,714
Mitsubishi Electric Corp.		25,109		217,451
Mitsubishi Estate Co., Ltd.		15,286		371,649
Mitsubishi Gas Chemical Co., Inc.		5,278		37,596
Mitsubishi Heavy Industries, Ltd.		43,735		187,181
Mitsubishi Logistics Corp.		1,560		20,030
Mitsubishi Materials Corp.		15,377		66,893
Mitsubishi Motors Corp. (b)		24,355		40,129
Mitsubishi Rayon Co., Ltd.		7,369		23,617
Mitsubishi UFJ Financial Group, Inc.		3,306		28,563
Mitsubishi UFJ Financial Group, Inc. ADR		113,486		987,328
Mitsubishi UFJ Lease & Finance Co., Ltd.		548		19,104
Mitsui & Co., Ltd. ADR (a)		1,109		458,172
Mitsui Chemicals, Inc.		8,646		57,330
Mitsui Engineering & Shipbuilding Co., Ltd.		10,206		27,377
Mitsui Fudosan Co., Ltd.		10,898		216,679
Mitsui Mining & Smelting Co., Ltd.		7,819		24,509
Mitsui O.S.K. Lines, Ltd.		14,804		179,222
Mitsui Sumitomo Insurance Co.		16,519		167,123
Mitsui Trust Holdings, Inc.		9,899		59,970
Mitsukoshi, Ltd.		5,622		22,198
Mitsumi Electric Co., Ltd.		1,111		35,160
Mizuho Financial Group, Inc.		129		473,050
Mizuho Trust & Banking Co., Ltd.		8,571		12,314
Murata Manufacturing Co., Ltd.		2,920		145,215
Namco Bandai Holdings, Inc.		2,845		38,587
NEC Corp. ADR		27,695		105,734
NEC Electronics Corp. (b)		506		9,801
NGK Insulators, Ltd.		3,649		64,669
NGK Spark Plug Co., Ltd.		2,349		30,585
NHK Spring Co., Ltd.		1,998		14,172
Nidec Corp.		1,482		91,271
Nikon Corp.		4,368		116,512
Nintendo Co., Ltd.		1,293		667,707
Nippon Building Fund, Inc., REIT		6		75,953
Nippon Electric Glass Co., Ltd.		4,579		70,892
Nippon Express Co., Ltd.		10,872		62,588
Nippon Meat Packers, Inc.		2,494		36,883
Nippon Mining Holdings, Inc.		12,036		63,847
Nippon Oil Corp.		16,987		106,153
Nippon Paper Group, Inc.		12		28,452
Nippon Sheet Glass Co., Ltd.		8,223		36,433
Nippon Shokubai Co., Ltd.		1,729		11,482
Nippon Steel Corp.		75,403		382,564
Nippon Telegraph & Telephone ADR		13,625		295,390
Nippon Yusen Kabushiki Kaisha		15,108		142,072
Nipponkoa Insurance Co., Ltd.		4,795		36,612
NISHI-NIPPON City Bank, Ltd.		9,241		24,325
Nissan Chemical Industries, Ltd.		2,016		21,267
Nissan Motor Co., Ltd. ADR (a)		14,774		246,430
Nisshin Seifun Group, Inc.		2,626		28,071

	SHARES		VALUE
JAPAN (continued)
Nisshin Steel Co., Ltd.		10,857	$	37,632
Nisshinbo Industries, Inc.		2,034		18,923
Nissin Food Products Co., Ltd.		1,218		41,116
Nitori Co., Ltd.		503		28,502
Nitto Denko Corp.		2,253		95,294
NOK Corp.		1,536		31,481
Nomura Holdings, Inc. ADR		23,139		347,779
Nomura Real Estate Holdings, Inc.		713		11,891
Nomura Real Estate Office Fund, Inc., REIT		3		24,353
Nomura Research		1,535		40,174
NSK, Ltd.		6,018		45,648
NTN Corp.		5,457		37,281
NTT Data Corp.		17		74,466
NTT DoCoMo, Inc. ADR		20,951		319,503
NTT Urban Development Corp.		16		22,987
Obayashi Corp.		8,369		35,146
Obic Co., Ltd.		95		16,874
Odakyu Electric Railway Co., Ltd.		8,549		63,386
Oji Paper Co., Ltd.		11,620		52,418
OKUMA Corp.		1,958		21,009
Olympus Corp.		3,147		95,483
Omron Corp. ADR		2,890		59,377
Ono Pharmaceutical Co., Ltd.		660		31,961
Onward Kashiyama Co., Ltd.		1,888		19,310
Oracle Corp., Japan		520		24,136
Oriental Land Co., Ltd.		683		40,142
Orix Corp. ADR		2,393		163,585
Osaka Gas Co., Ltd.		27,457		109,789
Otsuka Corp.		216		18,250
Pioneer Corp.		2,089		20,778
Promise Co., Ltd.		1,012		29,129
Rakuten, Inc.		89		53,381
Resona Holdings, Inc.		78		130,085
Ricoh Co., Ltd. ADR		1,829		149,521
Rohm Co., Ltd.		1,378		85,420
Sankyo Co., Ltd., Gunma		733		43,596
Santen Pharmaceutical Co., Ltd.		1,007		23,522
Sanyo Electric Co., Ltd. (b)		21,717		45,819
Sapporo Hokuyo Holdings, Inc.		4		27,930
Sapporo Holdings, Ltd.		3,494		28,609
SBI E*TRADE Securitioes Co., Ltd.		20		17,421
SBI Holdings, Inc.		127		30,597
Secom Co., Ltd.		2,865		139,314
Sega Sammy Holdings, Inc. ADR		10,822		28,676
Seiko Epson Corp.		1,742		46,991
Sekisui Chemical Co., Ltd.		6,258		37,912
Sekisui House, Ltd. ADR		6,776		62,767
Seven & I Holdings Co., Ltd.		10,709		268,976
Sharp Corp.		13,019		221,572
Shikoku Electric Power Co., Inc.		1,270		37,831
Shimamura Co., Ltd.		299		25,654
Shimano, Inc.		932		42,885
Shimizu Corp.		8,070		37,133
Shin-Etsu Chemical Co., Ltd.		5,347		276,657
Shinko Electric Industries Co., Ltd.		922		10,421
Shinko Securities Co., Ltd.		7,195		20,963
Shinsei Bank, Ltd.		19,103		63,142
Shionogi & Co., Ltd.		4,073		69,646
Shiseido Co., Ltd.		4,635		122,703
Shizuoka Bank, Ltd. (The)		7,862		92,968
Showa Denko Kabushiki Kaisha		15,263		51,523
Showa Shell Sekiyu Kabushiki Kaisha		2,571		26,037
SMC Corp.		785		82,889
Softbank Corp.		9,618		174,609
Sojitz Corp.		13,847		45,909
Sompo Japan Insurance, Inc.		11,457		101,293
Sony Corp. ADR		13,109		525,278
Sony Financial Holdings, Inc.		12		48,586
Square Enix Co., Ltd.		681		23,810
Stanley Electric Co., Ltd.		2,055		50,170

See Accompanying Note to Schedule of Investments

28 E*TRADE International Index Fund

E*TRADE International Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
JAPAN (continued)
Sumco Corp.		1,562	$	34,132
Sumitomo Chemical Co., Ltd.		21,461		137,561
Sumitomo Corp. ADR		13,903		183,399
Sumitomo Electric Industries, Ltd.		10,232		129,731
Sumitomo Heavy Industries, Ltd.		7,852		50,803
Sumitomo Metal Industries, Ltd. ADR		5,343		202,909
Sumitomo Metal Mining Co.		7,509		139,943
Sumitomo Mitsui Financial Group, Inc.		86		566,796
Sumitomo Realty & Development		5,197		91,738
Sumitomo Rubber Industries, Inc.		2,333		17,907
Sumitomo Titanium Corp.		251		15,559
Sumitomo Trust & Banking Co., Ltd. ADR		17,143		118,150
Suruga Bank, Ltd.		2,712		34,249
Suzuken Co., Ltd.		897		36,949
Suzuki Motor Corp.		2,409		60,869
T&D Holdings, Inc.		2,689		141,022
Taiheiyo Cement Corp.		12,319		29,704
Taisei Corp.		13,077		33,371
Taisho Pharmaceutical Co., Ltd.		1,968		39,089
Taiyo Nippon Sanso Corp.		3,850		30,867
Taiyo Yuden Co., Ltd.		1,397		13,642
Takashimaya Co., Ltd.		4,063		45,759
Takeda Pharmaceutical Co., Ltd.		11,016		552,266
Takefuji Corp.		1,507		31,946
Tanabe Seiyaku Co., Ltd.		2,921		34,071
TDK Corp. ADR		1,727		101,668
Teijin, Ltd.		12,097		51,045
Terumo Corp.		2,302		120,263
THK Co., Ltd.		1,724		29,739
Tobu Railway Co., Ltd.		11,132		59,499
Toho Co., Ltd.		1,547		36,369
Toho Titanium Co., Ltd.		373		9,593
Tohoku Electric Power Co., Inc.		5,833		142,697
Tokai Rika Co., Ltd.		707		18,503
Tokuyama Corp.		3,009		21,857
Tokyo Broadcasting System, Inc.		500		11,956
Tokyo Electric Power Co., Inc. (The)		15,909		425,956
Tokyo Electron, Ltd.		2,341		142,527
Tokyo Gas Co., Ltd.		30,678		124,210
Tokyo Steel Manufacturing Co., Ltd.		1,481		20,117
Tokyo Tatemono Co., Ltd.		3,906		25,743
Tokyu Corp.		15,002		76,566
Tokyu Land Corp.		5,822		36,557
TonenGeneral Sekiyu K.K.		3,981		34,117
Toppan Printing Co., Ltd.		7,635		88,673
Toray Industries, Inc.		18,168		118,096
Toshiba Corp.		39,852		266,654
Tosoh Corp.		6,563		22,616
Toto, Ltd.		3,804		36,039
Toyo Seikan Kaisha, Ltd.		2,217		42,164
Toyo Suisan Kaisha, Ltd.		1,210		18,235
Toyoda Gosei Co., Ltd.		887		33,418
Toyota Boshoku Corp.		896		26,871
Toyota Industries Corp.		2,446		86,993
Toyota Motor Corp. ADR (a)		17,689		1,784,643
Toyota Tsusho Corp.		2,899		61,600
Trend Micro, Inc.		1,406		55,231
Ube Industries, Ltd.		13,080		42,446
Uni-Charm Corp.		565		41,381
UNY Co., Ltd.		2,454		23,521
Urban Corp.		2,321		9,887
Ushio, Inc.		1,524		28,663
USS Co., Ltd.		334		23,154
West Japan Railway Co.		23		101,211
Yahoo! Japan Corp.		206		107,207
Yakult Honsha Co., Ltd.		1,440		44,704
Yamada Denki Co., Ltd.		1,180		101,954
Yamaha Corp.		2,396		45,881
Yamaha Motor Co., Ltd.		2,540		46,801
Yamato Holdings Co., Ltd.		5,304		77,800
Yamato Kogyo Co., Ltd.		594		23,990

	SHARES		VALUE
JAPAN (continued)
Yamazaki Baking Co., Ltd.		1,503	$	14,255
Yaskawa Electric Corp.		2,996		28,505
Yokogawa Electric Corp.		2,933		29,408
Zeon Corp.		2,312		10,360
				33,557,098
LUXEMBOURG – 0.6%
ArcelorMittal (a)		11,858		969,984
Millicom International Cellular SA, SDR (b)		447		42,665
SES, FDR		2,062		43,685
				1,056,334
NETHERLANDS – 4.6%
Aegon NV		19,089		279,463
Akzo Nobel NV ADR		3,557		286,436
ASML Holding NV (b)		5,591		138,713
Corio NV REIT		551		48,457
European Aeronautic Defence and Space Co., NV		4,467		106,244
Fugro NV		792		61,732
Heineken Holding NV		752		37,952
Heineken NV		3,202		186,664
Ing Groep NV ADR		24,527		916,574
James Hardie Industries NV ADR (a)		1,276		36,736
Koninklijke Ahold NV SP ADR (b)		16,517		246,019
Koninklijke DSM NV SP ADR		7,994		96,744
Koninklijke Philips Electronics NV		14,974		574,103
Randstad Holdings NV		713		33,521
Reed Elsevier NV ADR		4,236		161,773
Royal Dutch Shell PLC, Class A ADR		18,025		1,214,525
Royal Dutch Shell PLC, Class B ADR		23,978		1,654,002
Royal KPN NV ADR		25,189		425,946
SBM Offshore NV		1,924		62,285
TNT NV ADR		5,255		195,931
TomTom NV (b)		692		28,729
Unilever NV		22,408		755,822
Vedior NV		2,356		68,691
Wolters Kluwer NV ADR		4,002		106,346
				7,723,408
NEW ZEALAND – 0.1%
Auckland International Airport, Ltd.		13,337		23,907
Contact Energy, Ltd.		3,934		24,712
Fletcher Building, Ltd.		6,793		44,808
Sky City Entertainment Group, Ltd.		6,322		18,341
Telecom Corp. of New Zealand, Ltd. ADR		4,871		72,432
				184,200
NORWAY – 0.9%
Aker Kvaerner ASA (b)		2,253		51,429
DNB NOR ASA		10,034		152,630
Norsk Hydro ASA ADR		9,655		140,976
Orkla ASA		11,369		144,301
Petroleum Geo-Services ASA		2,333		57,846
Prosafe ASA		2,510		39,514
Renewable Energy Corp. AS (b)		2,361		65,974
StatoilHydro ASA, SP ADR		16,780		501,219
Storebrand ASA		5,578		44,016
Telenor ASA ADR		3,662		210,781
Yara International ASA ADR		2,481		143,780
				1,552,466
PORTUGAL – 0.4%
Banco BPI SA		3,111		16,514
Banco Comercial Portugues SA, Class R		24,640		80,430
Banco Espirito Santo SA		3,070		53,559
Brisa-Auto Estradas de Portugal SA		4,094		58,709
Cimpor Cimentos de Portugal SA		2,751		25,021
Energias de Portugal ADR		2,744		166,964
Portugal Telecom SGPS SA ADR		10,783		124,759
PT Multimedia-Servicos de Telecomunicacoes e Multimedia SGPS SA		1,401		16,672

See Accompanying Note to Schedule of Investments

E*TRADE International Index Fund 29

E*TRADE International Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
PORTUGAL (continued)
PT Multimedia-Servicos de Telecomunicacoes e Multimedia SGPS SA ADR		2,857	$	33,998
Sonae SGPS SA		10,917		20,153
				596,779
SINGAPORE – 1.1%
Allgreen Properties, Ltd.		9,765		8,715
Ascendas Real Estate Investment Trust, REIT		13,552		23,404
CapitaCommerical Trust, REIT		13,222		21,299
CapitaLand, Ltd. ADR		10,526		97,000
CapitalMall Trust, REIT		15,872		39,733
City Developments, Ltd.		6,825		54,574
ComfortDelgro Corp., Ltd.		25,505		33,682
Cosco Corp. Singapore, Ltd.		10,669		28,566
DBS Group Holdings ADR		3,717		194,191
Fraser And Neave, Ltd.		11,315		39,820
Genting International PLC (b)		33,043		14,386
Jardine Cycle & Carriage, Ltd.		1,851		26,244
Keppel Corp., Ltd. ADR		7,546		108,414
Keppel Land, Ltd.		4,912		19,781
Neptune Orient Lines, Ltd. ADR		1,498		14,130
Olam International, Ltd.		8,486		13,239
Oversea-Chinese Banking Corp., Ltd.		34,132		200,609
Parkway Holdings, Ltd.		8,405		19,516
SembCorp Industries, Ltd.		12,127		35,814
SembCorp Marine, Ltd.		11,231		31,131
Singapore Airlines, Ltd.		7,174		81,206
Singapore Exchange, Ltd.		10,857		59,085
Singapore Land, Ltd.		1,689		8,334
Singapore Press Holdings, Ltd.		20,550		68,592
Singapore Technologies Engineering, Ltd.		18,253		44,767
Singapore Telecommunications, Ltd. ADR		10,404		295,176
United Overseas Bank, Ltd. ADR		7,975		221,517
Uol Group, Ltd.		7,054		19,757
Venture Corp., Ltd.		3,174		24,275
Yanlord Land Group, Ltd.		6,054		9,357
				1,856,314
SPAIN – 4.4%
Abertis Infraestructuras SA		3,485		113,978
Acciona SA		390		104,840
Acerinox SA		2,125		59,128
ACS Actividades Cons y Servicios SA		2,889		165,121
Antena 3 de Television SA		1,152		15,881
Banco Bilbao Vizcaya ADR (a)		48,951		1,076,432
Banco de Sabadell SA		6,681		73,576
Banco Popular Espanol SA		11,610		211,563
Banco Santander Central Hispano SA ADR		81,686		1,628,819
Bankinter SA		1,896		30,193
Cintra Concesiones de Infraestructuras de Transporte SA		2,956		43,885
Criteria Caixacorp SA		9,435		65,034
Enagas		2,344		70,310
Fomento de Construcciones y Contratas SA		624		41,232
Gamesa Corporacion Tecnologica SA		2,324		106,425
Gas Natural SDG SA		1,528		94,863
Gestevision Telecinco SA		1,346		27,492
Grupo Ferrovial SA		861		62,744
Iberdrola Renovables (b)		10,597		74,051
Iberdrola SA		48,652		757,044
Iberia Lineas Aereas de Espana		6,501		28,431
Inditex SA		2,977		166,000
Indra Sistemas SA		1,568		45,319
Mapfre SA		7,762		39,112
Promotora de Informaciones SA		1,045		15,797

	SHARES		VALUE
SPAIN (continued)
Red Electrica de Espana		1,477	$	90,761
Repsol SA ADR		10,349		356,109
Sacyr Vallehermoso SA		1,165		40,612
Sociedad General de Aguas de Barcelona SA		819		31,068
Sogecable SA (b)		657		28,910
Telefonica SA ADR		19,400		1,678,294
Union Fenosa SA		1,455		98,147
Zardoya Otis SA		1,573		43,868
				7,485,039
SWEDEN – 2.4%
Alfa Laval AB		1,295		78,836
Assa Abloy AB, Class B		4,258		77,370
Atlas Copco AB, Class A ADR		9,164		156,856
Atlas Copco AB, Class B		5,707		89,744
Boliden AB		3,950		42,131
Electrolux AB, Class B ADR		1,736		57,086
Getinge AB		2,313		60,068
Hennes & Mauritz AB, Class B		6,215		382,545
Holmen AB, Class B		721		24,986
Husqvarna AB ADR		1,920		46,301
Investor AB, Class B (b)		3,108		70,101
Lundin Petroleum AB (b)		3,217		43,807
Modern Times Group AB, Class B		703		49,080
Nordea Bank AB		27,124		440,483
Sandvik AB ADR		12,950		225,480
Scania AB, Class B		4,913		103,356
Securitas AB, Class B		4,273		56,565
Skandinaviska Enskilda Banken AB, Class A (b)		6,333		166,069
Skanska AB		5,135		103,047
SKF AB - B Shares ADR		5,538		111,601
Ssab Svenskt Staal AB - Series A		2,580		72,658
Ssab Svenskt Staal AB - Series B		1,135		29,189
Svenska Cellulosa AB ADR (b)		7,677		140,142
Svenska Handelsbanken AB		6,459		188,434
Swedbank AB, Class A		2,461		69,099
Swedish Match AB		3,643		79,557
TELE2 AB, Class B		4,159		78,727
Telefonaktiebolaget LM Ericsson ADR		19,354		380,306
TeliaSonera AB		29,328		235,912
Volvo AB		6,473		96,605
Volvo AB, Class A ADR		14,235		216,047
				3,972,188
SWITZERLAND – 7.5%
ABB, Ltd. ADR		27,461		739,250
Actelion, Ltd., Registered (b)		1,309		71,667
Adecco SA, Registered		1,799		104,286
Ciba Specialty Chemicals AG ADR		1,934		35,413
Compagnie Financiere Richemont AG, Class A		6,834		384,868
Credit Suisse Group ADR (a)		14,303		727,737
EFG International, Registered		600		20,626
Geberit AG		539		80,655
Givaudan SA, Registered		89		88,411
Holcim, Ltd.		2,624		276,713
Julius Baer Holding AG, Registered		1,447		107,093
Kuehne & Nagel International AG		737		74,032
Lindt & Spruengli AG		11		36,702
Logitech International SA (b)		818		20,792
Logitech International SA (b)		2,243		57,062
Lonza Group AG, Registered		620		82,558
Nestle SA ADR		20,973		2,630,769
Nobel Biocare Holding AG		323		75,439
Novartis AG ADR		30,307		1,552,628
OC Oerlikon Corp. AG (b)		87		30,743
Pargesa Holding SA		184		20,594
Roche Holding AG ADR		18,384		1,737,005

See Accompanying Note to Schedule of Investments

30 E*TRADE International Index Fund

E*TRADE International Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
SWITZERLAND (continued)
Schindler Holding AG		695	$	52,280
SGS SA		64		92,404
Sonova Holding AG		634		58,397
STMicroelectronics NV		9,315		99,298
Straumann Holding AG		106		30,384
Sulzer AG		40		53,101
Swatch Group AG		442		118,650
Swatch Group AG, Class B		718		37,023
Swiss Life Holding (b)		461		128,645
Swiss Reinsurance Co. ADR		4,655		408,292
Swisscom AG ADR		3,102		106,714
Syngenta AG ADR		6,801		397,927
Synthes, Inc.		810		113,755
UBS AG, Registered		27,574		804,596
Xstrata PLC		8,616		603,980
Zurich Financial Services ADR		19,012		601,184
				12,661,673
UNITED KINGDOM – 19.1%
3i Group PLC		5,351		88,275
Acergy SA ADR		2,660		56,791
Alliance & Leicester PLC		2,678		27,598
Amec PLC		4,557		65,528
Anglo American PLC		18,345		1,104,048
Antofagasta PLC		2,691		37,492
ARM Holdings PLC ADR		6,052		31,894
Associated British Foods PLC		2,431		42,277
AstraZeneca PLC, SP ADR		19,532		742,021
Aviva PLC		35,399		434,449
BAE Systems PLC ADR		11,032		425,589
Balfour Beatty PLC		5,886		55,100
Barclays PLC ADR		21,439		776,092
Barratt Developments PLC		4,018		33,021
Berkeley Group Holdings PLC (The)		1,154		25,551
BG Group PLC ADR		8,886		1,030,525
BHP Billiton PLC ADR (a)		15,085		886,244
BP PLC ADR		41,872		2,539,537
British Airways ADR (b)		785		36,548
British American Tobacco PLC ADR		10,025		759,394
British Energy Group PLC		14,009		181,677
British Land Co. PLC ADR		7,118		129,800
British Sky Broadcasting Group PLC, ADR		3,887		172,194
BT Group PLC ADR		10,676		460,136
Bunzl PLC ADR		919		64,796
Burberry Group PLC		5,972		53,472
Cable & Wireless PLC		32,570		96,388
Cadbury Schweppes PLC ADR		6,879		304,189
Capita Group PLC		8,179		110,296
Carnival PLC ADR		2,333		94,067
Carphone Warehouse Group PLC		5,511		31,217
Centrica PLC ADR		4,803		284,711
Cobham PLC		15,475		61,514
Compass Group PLC ADR		27,176		174,057
Daily Mail & General Trust		4,037		34,682
Diageo PLC ADR		8,703		707,728
DSG International PLC		25,172		31,769
Emap PLC, Class B		2,945		27,510
Enterprise Inns PLC		7,350		58,616
Firstgroup PLC		5,936		66,481
Friends Provident PLC		24,936		61,257
GKN PLC ADR		9,613		58,130
GlaxoSmithKline PLC ADR		37,354		1,584,930
Group 4 Securicor PLC		15,728		71,194
Hammerson PLC, REIT		3,965		87,789
Hays PLC		19,844		45,061
HBOS PLC ADR		49,076		546,221
Home Retail Group		11,974		62,174
HSBC Holdings PLC ADR		30,621		2,520,108
ICAP PLC		7,063		79,875

	SHARES		VALUE
UNITED KINGDOM (continued)
IMI PLC		4,540	$	41,034
Imperial Tobacco Group ADR		4,419		406,857
Inchcape PLC		6,046		48,306
Intercontinental Hotels Group PLC ADR		4,082		61,638
International Power PLC ADR		2,046		161,845
Invensys PLC ADR (b)		10,865		48,587
Investec PLC		5,381		36,202
ITV PLC		53,071		66,769
J Sainsbury PLC ADR		5,333		145,425
Johnson Matthey PLC ADR		1,481		118,035
Kazakhmys PLC		1,435		45,548
Kelda Group PLC		3,764		81,536
Kesa Electricals PLC		7,226		29,549
Kingfisher PLC ADR		15,980		83,847
Ladbrokes PLC ADR		8,594		53,164
Land Securities Group PLC, REIT		6,418		192,486
Legal & General Group PLC ADR		17,032		213,941
Liberty International PLC, REIT		3,465		67,180
Lloyds Tsb Group PLC ADR		18,479		663,396
LogicaCMG PLC		20,999		44,136
London Stock Exchange Group PLC		1,515		36,374
Lonmin PLC		1,057		64,516
Man Group PLC		18,724		206,353
Marks & Spencer Group PLC ADR		11,130		171,327
Meggitt PLC		8,939		48,991
Mitchells & Butlers PLC		5,493		37,447
Mondi PLC		5,070		42,117
National Express Group PLC		1,792		35,794
National Grid PLC ADR		7,044		492,587
Next PLC		3,050		69,045
Old Mutual PLC		71,287		156,561
Pearson PLC ADR		11,009		149,502
Persimmon PLC		3,918		59,571
Prudential Corp. PLC ADR		16,124		430,188
Punch Taverns PLC		3,628		38,866
Reckitt Benckiser Group PLC		8,318		461,413
Reed Elsevier PLC SP ADR		3,778		192,683
Rentokil Initial PLC ADR		4,952		47,858
Resolution PLC		9,357		127,298
Reuters Group PLC ADR		2,745		190,201
Rexam PLC ADR		1,751		74,214
Rio Tinto PLC ADR (a)		3,261		1,343,010
Rolls-Royce Group PLC SP ADR		4,727		189,309
Royal & Sun Alliance Insurance Group PLC		43,331		110,838
Royal Bank of Scotland Group PLC		136,579		915,476
SABmiller PLC ADR		11,798		258,874
Sage Group PLC (The)		17,768		66,426
Schroders PLC		1,542		28,747
Scottish & Newcastle PLC		10,948		171,899
Scottish & Southern Energy ADR		11,286		314,934
Segro PLC, REIT		5,946		60,034
Serco Group PLC		6,532		58,908
Severn Trent PLC		3,198		90,193
Shire PLC		3,799		73,505
Signet Group PLC		18,908		23,206
Signet Group PLC ADR		2,327		28,622
Smith & Nephew PLC ADR		2,545		167,945
Smiths Group PLC		5,251		98,109
Stagecoach Group PLC		7,239		34,818
Standard Chartered PLC		9,082		310,832
Standard Life PLC		28,743		140,676
Stolt-Nielsen SA (b)		437		9,115
Tate & Lyle PLC ADR		1,671		71,737
Taylor Woodrow PLC		15,638		58,275
Tesco PLC ADR		34,575		781,329
Thomas Cook Group PLC		6,675		38,473
Tomkins PLC ADR		2,993		42,560
Travis Perkins PLC		1,586		33,792
Tui Travel PLC		7,628		39,077

See Accompanying Note to Schedule of Investments

E*TRADE International Index Fund 31

E*TRADE International Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
UNITED KINGDOM (continued)
Tullow Oil PLC		9,794	$	128,571
Unilever PLC ADR		17,125		577,455
United Business Media PLC		3,465		37,119
United Utilities PLC ADR		6,004		164,795
Vedanta Resources PLC		981		40,867
Vodafone Group PLC ADR		69,110		2,039,436
Whitbread PLC		2,692		62,432
William Hill PLC		4,817		35,974
William Morrison Supermarkets PLC		16,446		89,643
Wolseley PLC ADR		9,011		94,920
WPP Group PLC SP ADR		3,170		189,059
Yell Group PLC		10,635		32,551
				32,255,941
UNITED STATES – 0.0%
Citigroup, Inc.		3,206		68,678
TOTAL COMMON STOCKS (Cost $153,825,882)				164,386,167
EXCHANGE TRADED FUNDS – 1.7%
UNITED STATES – 1.7%
iShares MSCI EAFE Index Fund		38,603		2,775,556
TOTAL EXCHANGE TRADED FUNDS (Cost $2,718,127)				2,775,556
PREFERENCE STOCKS – 0.5%
GERMANY – 0.4%
Bayerische Motoren Werke AG		249		11,012
Fresenius SE		533		44,551
Henkel KGaA		2,431		112,788
Porsche AG		1,150		210,979
ProSiebensat.1 Media AG		1,120		24,313
Rwe AG ADR		532		50,655
Volkswagen AG		1,378		229,816
				684,114
ITALY – 0.1%
IFI Istituto Finanziario Industriale SpA (b)		786		21,721
Unipol SpA		12,276		35,383
				57,104
JAPAN – 0.0%
Ito En, Ltd.		227		2,566
TOTAL PREFERENCE STOCKS (Cost $528,958)				743,784
SHORT-TERM INVESTMENTS – 0.0%
UNITED STATES – 0.0%
BlackRock Liquidity Funds TempCash Portfolio		46,931		46,931
TOTAL SHORT-TERM INVESTMENTS (Cost $46,931)				46,931
TOTAL INVESTMENTS - 99.6% (COST $157,119,898)(b)				167,952,438
OTHER ASSETS LESS LIABILITIES - 0.4%				759,023
TOTAL NET ASSETS - 100.0%			$	168,711,461

(a)	Securities (or a portion of securities) on loan. As of March 31, 2008, the market value of securities loaned was $9,894,612. The loans were secured with cash collateral of $10,143,228.
(b)	Non-income producing.
(c)	At March 31, 2008, the cost of investments for Federal income tax purposes is $157,119,898. Unrealized appreciation (depreciation) is as follows:

Gross Unrealized Appreciation	$	23,553,731
Gross Unrealized Depreciation		(12,721,191	)
Net Unrealized Appreciation/Depreciation	$	10,832,540

ADR	American Depositary Receipt
FDR	Fiduciary Depositary Receipt
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt
SP ADR	Sponsored American Depositary Receipt

Summary of inputs used to value the Fund’s net assets as of March 31, 2008 is as follows (See Note to Schedule of Investments):

Valuation Inputs	Investments in Securities
Level 1 – Quoted Prices	$	167,952,438
Level 2 – Other Significant Observable Inputs		—
Level 3 – Significant Unobservable Inputs		—
Total	$	167,952,438

See Accompanying Note to Schedule of Investments

32 E*TRADE International Index Fund

E*TRADE International Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

COUNTRY	MARKET VALUE		% OF TOTAL NET ASSETS
JAPAN	$	33,559,664		19.9	%
UNITED KINGDOM		32,255,941		19.1	%
FRANCE		16,524,428		9.8	%
GERMANY		15,091,512		8.9	%
SWITZERLAND		12,661,673		7.5	%
AUSTRALIA		10,697,020		6.3	%
NETHERLANDS		7,723,408		4.6	%
SPAIN		7,485,039		4.4	%
ITALY		5,797,259		3.5	%
SWEDEN		3,972,188		2.4	%
HONG KONG		3,673,846		2.2	%
FINLAND		3,068,815		1.8	%
UNITED STATES		2,844,234		1.7	%
BELGIUM		2,151,752		1.3	%
SINGAPORE		1,856,314		1.1	%
DENMARK		1,695,382		1.0	%
NORWAY		1,552,466		0.9	%
IRELAND		1,248,816		0.7	%
GREECE		1,164,630		0.7	%
LUXEMBOURG		1,056,334		0.6	%
AUSTRIA		952,534		0.6	%
PORTUGAL		596,779		0.4	%
NEW ZEALAND		184,200		0.1	%
BERMUDA		91,273		0.1	%
SHORT-TERM INVESTMENTS AND OTHER ASSETS LESS LIABILITIES		805,954		0.4	%
	$	168,711,461		100.0	%

INDUSTRY	MARKET VALUE		% OF TOTAL NET ASSETS
BANKS	$	24,866,165		14.8	%
OIL & GAS		11,990,011		7.1	%
TELECOMMUNICATIONS		10,237,404		6.1	%
PHARMACEUTICALS		9,376,403		5.6	%
INSURANCE		8,988,732		5.3	%
FOOD		8,468,302		5.0	%
MINING		7,898,565		4.7	%
ELECTRIC		6,447,673		3.8	%
AUTO MANUFACTURERS		5,658,316		3.4	%
CHEMICALS		5,092,834		3.0	%
DIVERSIFED FINANCIAL SERVICES		4,512,820		2.7	%
HOLDING COMPANIES		3,938,986		2.3	%
REAL ESTATE		3,865,206		2.3	%
ELECTRONICS		3,767,830		2.2	%
TRANSPORTATION		3,209,778		1.9	%
RETAIL		3,177,889		1.9	%
ENGINEERING & CONSTRUCTION		2,953,523		1.8	%
MANUFACTURERS		2,823,964		1.7	%
MEDIA		2,630,885		1.6	%
BEVERAGES		2,628,102		1.6	%
ELECTRICAL COMPONENTS & EQUIPMENT		2,310,606		1.4	%
BUILDING MATERIALS		2,249,922		1.3	%
MACHINE - DIVERSIFIED		2,246,465		1.3	%
DISTRIBUTION / WHOLESALE		2,139,010		1.3	%
IRON / STEEL		1,958,957		1.2	%
COMMERCIAL SERVICES		1,920,934		1.1	%
AGRICULTURE		1,541,593		0.9	%
COMPUTER SOFTWARE		1,490,434		0.9	%
AUTO PARTS & EQUIPMENT		1,417,867		0.8	%
ELECTRIC UTILITIES		1,294,391		0.8	%
HOME FURNISHINGS		1,265,479		0.8	%
HEALTH CARE		1,196,503		0.7	%
AEROSPACE / DEFENSE		1,121,670		0.7	%
GAS		1,072,414		0.6	%
OFFICE / BUSINESS EQUIPMENT		911,788		0.5	%
ENTERTAINMENT		907,787		0.5	%
COSMETICS / PERSONAL CARE		875,989		0.5	%
REAL ESTATE INVESTMENT TRUST (REIT)		749,439		0.5	%
WATER		740,248		0.4	%
HOUSEHOLD PRODUCTS / WARE		732,590		0.4	%
SEMICONDUCTORS		718,029		0.4	%
COMPUTERS INDUSTRY		717,694		0.4	%
LEISURE TIME		665,079		0.4	%
HAND / MACHINE TOOLS		562,179		0.3	%
APPAREL		528,836		0.3	%
FOREST PRODUCTS & PAPER		517,155		0.3	%
AIRLINE		482,448		0.3	%
METAL FABRICATE / HARDWARE		466,579		0.3	%
OIL & GAS SERVICES		386,194		0.2	%
HOME BUILDERS		367,357		0.2	%
INTERNET		342,228		0.2	%
ADVERTISING		300,377		0.2	%
TEXTILES		283,662		0.2	%
PACKAGING & CONTAINERS		215,826		0.1	%
INVESTMENT COMPANY		194,488		0.1	%
CONGLOMERATES		187,589		0.1	%
ENERGY EQUIPMENT & SERVICES		161,572		0.1	%
BIOTECHNOLOGY		130,741		0.1	%
SHORT-TERM INVESTMENTS AND OTHER ASSETS LESS LIABILITIES		805,954		0.4	%
	$	168,711,461		100.0	%

See Accompanying Note to Schedule of Investments

E*TRADE International Index Fund 33

E*TRADE Technology Index Fund

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

	SHARES		VALUE
COMMON STOCKS – 97.2%
COMMERCIAL SERVICES – 4.5%
Alliance Data Systems Corp. (a)		1,363	$	64,756
Amazon.com, Inc. (a)		5,399		384,949
BearingPoint, Inc. (a)		3,509		5,895
Convergys Corp. (a)		2,218		33,403
eBay, Inc. (a)		19,526		582,656
Euronet Worldwide, Inc. (a)		893		17,199
Gartner, Inc., Class A (a)		1,138		22,009
Hewitt Associates, Inc., Class A (a)		1,803		71,705
Iron Mountain, Inc. (a)		3,089		81,673
MPS Group, Inc. (a)		1,670		19,739
NutriSystem, Inc (a)(b)		566		8,530
Plexus Corp. (a)		813		22,805
Priceline.com, Inc. (a)(b)		673		81,339
SAIC, Inc. (a)		2,920		54,283
Western Union Co. (The)		13,122		279,105
Wright Express Corp. (a)		687		21,112
				1,751,158
COMPUTER FACILITIES MANAGEMENT – 0.4%
Cognizant Technology Solutions Corp., Class A (a)		5,028		144,957
COMPUTER INTEGRATED SYSTEMS DESIGN – 1.3%
BEA Systems, Inc. (a)		7,095		135,869
Brocade Communications Systems, Inc. (a)		6,583		48,056
Computer Sciences Corp. (a)		2,864		116,823
Diebold, Inc.		1,151		43,220
Jack Henry & Associates, Inc.		1,344		33,156
MICROS Systems, Inc. (a)		1,418		47,730
NCR Corp. (a)		3,058		69,814
TIBCO Software, Inc. (a)		3,300		23,562
				518,230
COMPUTER PERIPHERAL EQUIPMENT – 10.1%
3Com Corp. (a)		6,906		15,815
Anixter International, Inc. (a)(b)		528		33,813
Cisco Systems, Inc. (a)		104,349		2,513,767
Electronics For Imaging, Inc. (a)		989		14,756
Emulex Corp. (a)		1,499		24,344
Juniper Networks, Inc. (a)		9,165		229,125
Lexmark International, Inc. (a)		1,662		51,057
Palm, Inc. (b)		1,948		9,740
QLogic Corp. (a)		2,370		36,380
Research In Motion, Ltd. (a)		8,260		927,020
Sigma Designs, Inc. (a)(b)		505		11,448
Synaptics, Inc. (a)		420		10,030
				3,877,295
COMPUTER PROGRAMMING SERVICES – 0.1%
Informatica Corp. (a)		1,540		26,272
COMPUTER RELATED SERVICES – 1.4%
CACI International, Inc., Class A (a)		526		23,959
Electronic Data Systems Corp.		8,868		147,652
FactSet Research Systems, Inc.		743		40,025
IAC/InterActiveCorp. (a)		3,192		66,266
Paychex, Inc.		5,665		194,083
Red Hat, Inc. (a)		3,403		62,581
				534,566
COMPUTER STORAGE DEVICES – 1.6%
EMC Corp. (a)		36,771		527,296
Imation Corp.		586		13,326
SanDisk Corp. (a)		4,010		90,506
				631,128
COMPUTERS – 6.6%
Apple, Inc. (a)		15,385		2,207,747
NetApp, Inc. (a)		6,013		120,561
Perot Systems Corp., Class A (a)		1,516		22,801
Riverbed Technology, Inc. (a)		445		6,613

	SHARES		VALUE
COMPUTERS (continued)
Syntel, Inc.		223	$	5,943
Teradata Corp. (a)		3,134		69,136
Western Digital Corp. (a)		3,886		105,077
				2,537,878
COMPUTERS, PERIPHERAL & SOFTWARE – 1.6%
Autodesk, Inc. (a)		4,041		127,211
McAfee, Inc. (a)		2,841		94,009
National Instruments Corp.		1,005		26,271
NVIDIA Corp. (a)(b)		9,725		192,458
Open Text Corp. (a)(b)		890		27,866
Salesforce.com, Inc. (a)		1,441		83,391
Sybase, Inc. (a)		1,552		40,818
Zebra Technologies Corp., Class A (a)		1,177		39,218
				631,242
DATA PROCESSING & PREPARATION – 2.7%
Acxiom Corp.		1,186		14,078
Affiliated Computer Services, Inc., Class A (a)		1,680		84,185
Automatic Data Processing, Inc.		9,150		387,868
Broadridge Financial Solutions, Inc.		2,414		42,486
DST Systems, Inc. (a)(b)		883		58,048
Fidelity National Information Services, Inc.		2,995		114,229
Fiserv, Inc. (a)		2,878		138,403
MoneyGram International, Inc.		1,547		2,877
Total System Services, Inc.		3,480		82,337
VeriSign, Inc. (a)		3,735		124,151
				1,048,662
DISTRIBUTION / WHOLESALE – 0.2%
Brightpoint, Inc. (a)		921		7,700
Ingram Micro, Inc., Class A (a)		2,647		41,902
Tech Data Corp. (a)		949		31,127
				80,729
ELECTRONIC COMPONENTS – 0.9%
AVX Corp.		921		11,798
Celestica, Inc. (a)		3,487		23,433
MEMC Electronic Materials, Inc. (a)		3,998		283,458
Sanmina-SCI Corp. (a)		9,278		15,030
Vishay Intertechnology, Inc. (a)		3,261		29,545
				363,264
ELECTRONIC COMPUTERS – 15.1%
Advent Software, Inc. (a)		313		13,340
Dell, Inc. (a)		39,229		781,442
Hewlett-Packard Co.		43,155		1,970,457
International Business Machines Corp.		24,233		2,790,188
Sun Microsystems, Inc. (a)		13,877		215,510
Unisys Corp. (a)		6,279		27,816
				5,798,753
ELECTRONIC PARTS & EQUIPMENT – 1.4%
Arrow Electronics, Inc. (a)		2,125		71,506
Avnet, Inc. (a)		2,632		86,145
Benchmark Electronics, Inc. (a)		1,240		22,258
Molex, Inc.		2,461		56,997
Tyco Electronics, Ltd.		8,532		292,818
				529,724
ELECTRONICS – 1.7%
Agilent Technologies, Inc. (a)		6,390		190,614
Amphenol Corp., Class A		3,087		114,991
Cogent, Inc. (a)(b)		825		7,780
Cymer, Inc. (a)		549		14,296
Dolby Laboratories, Inc., Class A (a)		684		24,802
FLIR Systems, Inc. (a)		2,386		71,795
Itron, Inc. (a)		530		47,822
L-1 Identity Solutions, Inc. (a)		1,094		14,550
Mentor Graphics Corp. (a)		1,570		13,863
Mettler-Toledo International, Inc. (a)		617		59,923

See Accompanying Note to Schedule of Investments

34 E*TRADE Technology Index Fund

E*TRADE Technology Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
ELECTRONICS (continued)
Rofin-Sinar Technologies, Inc. (a)		517	$	23,213
Skyworks Solutions, Inc. (a)		2,804		20,413
Trimble Navigation, Ltd. (a)		2,120		60,611
				664,673
INTERNET SOFTWARE & SERVICES – 7.0%
CNET Networks, Inc. (a)(b)		2,610		18,531
DealerTrack Holdings, Inc. (a)		535		10,818
EarthLink, Inc. (a)		1,914		14,451
Equinix, Inc. (a)(b)		653		43,418
Expedia, Inc. (a)		3,649		79,877
Google, Inc., Class A (a)(b)		4,059		1,787,868
j2 Global Communications, Inc. (a)		851		18,994
NetFlix, Inc. (a)		781		27,062
Valueclick, Inc. (a)		1,703		29,377
Yahoo!, Inc. (a)		23,407		677,165
				2,707,561
NETWORK EQUIPMENT – 0.3%
Foundry Networks, Inc. (a)		2,626		30,409
Nortel Networks Corp. (a)		7,573		50,663
Sonus Networks, Inc. (a)(b)		4,731		16,275
Sycamore Networks, Inc. (a)		3,405		12,462
				109,809
OFFICE ELECTRONICS – 0.6%
Xerox Corp.		16,008		239,640
PREPACKAGED SOFTWARE – 15.8%
ACI Worldwide, Inc. (a)(b)		629		12,530
Adobe Systems, Inc. (a)		9,936		353,622
BMC Software, Inc. (a)		3,390		110,243
Cadence Design System, Inc. (a)		4,870		52,012
Citrix Systems, Inc. (a)		3,243		95,117
Compuware Corp. (a)		4,800		35,232
Electronic Arts, Inc. (a)		5,545		276,806
Intuit, Inc. (a)		5,761		155,605
Lawson Software, Inc. (a)		2,212		16,656
Macrovision Corp. (a)		946		12,771
Microsoft Corp. (b)		110,915		3,147,768
MicroStrategy, Inc., Class A (a)		163		12,060
Novell, Inc. (a)		6,295		39,596
Nuance Communications, Inc. (a)		2,890		50,315
Oracle Corp. (a)		69,236		1,354,256
Quest Software, Inc. (a)		1,259		16,455
RealNetworks, Inc. (a)		1,644		9,420
Symantec Corp. (a)		14,816		246,242
Synopsys, Inc. (a)		2,483		56,389
Wind River Systems, Inc. (a)		1,330		10,294
				6,063,389
PRINTED CIRCUIT BOARDS – 0.1%
Jabil Circuit, Inc.		3,642		34,453
PROCESS CONTROL INSTRUMENTS – 0.1%
Teradyne, Inc. (a)		3,051		37,893
RADIO & TV COMMUNICATIONS EQUIPMENT – 4.0%
Motorola, Inc. (b)		39,558		367,889
QUALCOMM, Inc.		28,223		1,157,143
				1,525,032
SEMICONDUCTORS – 0.6%
Formfactor, Inc. (a)		814		15,547
Intersil Corp., Class A		2,218		56,936
Microsemi Corp. (a)		1,350		30,780
ON Semiconductor Corp. (a)		5,713		32,450
PMC-Sierra, Inc. (a)		3,822		21,785
Semtech Corp. (a)		1,173		16,809
Silicon Laboratories, Inc. (a)		922		29,080
SiRF Technology Holdings, Inc. (a)(b)		1,097		5,584
Spansion, Inc., Class A (a)		1,590		4,371
Zoran Corp. (a)		946		12,922
				226,264

	SHARES		VALUE
SEMICONDUCTORS EQUIPMENT – 11.5%
Advanced Micro Devices, Inc. (a)		10,453	$	61,568
Altera Corp.		5,379		99,135
Amkor Technology, Inc. (a)		2,062		22,063
Analog Devices, Inc.		5,145		151,880
Applied Micro Circuits Corp. (a)		1,194		8,573
Atmel Corp. (a)		7,928		27,589
Broadcom Corp., Class A (a)		8,147		156,993
Cree, Inc. (a)(b)		1,559		43,590
Cypress Semiconductor Corp. (a)		2,673		63,110
Entegris, Inc. (a)		2,000		14,380
Fairchild Semiconductor International,Inc. (a)		2,234		26,629
Hittite Microwave Corp. (a)		295		11,039
Integrated Device Technology, Inc. (a)		3,421		30,550
Intel Corp. (b)		101,320		2,145,958
International Rectifier Corp. (a)		1,314		28,251
JDS Uniphase Corp. (a)		3,949		52,877
KLA-Tencor Corp.		3,154		117,013
Linear Technology Corp.		3,870		118,770
LSI Logic Corp. (a)(b)		11,572		57,281
Micrel, Inc.		904		8,380
Microchip Technology, Inc.		3,305		108,173
Micron Technology, Inc. (a)		13,445		80,267
MKS Instruments, Inc. (a)		802		17,163
National Semiconductor Corp.		3,971		72,749
OmniVision Technologies, Inc. (a)(b)		982		16,517
Rambus, Inc. (a)		1,625		37,879
RF Micro Devices, Inc. (a)		5,401		14,367
Tessera Technologies, Inc. (a)		828		17,222
Texas Instruments, Inc.		23,217		656,345
Varian Semiconductor Equipment Associates, Inc. (a)		1,314		36,989
Xilinx, Inc.		5,012		119,035
				4,422,335
SOFTWARE – 3.1%
Activision, Inc. (a)		5,145		140,510
Akamai Technologies, Inc. (a)		2,925		82,368
Ansys, Inc. (a)		1,355		46,775
Avid Technology, Inc. (a)		564		13,728
Avocent Corp. (a)		799		13,503
CA, Inc.		6,786		152,685
Concur Technologies, Inc. (a)		770		23,908
Digital River, Inc. (a)		699		21,648
F5 Networks, Inc. (a)		1,486		27,001
Fair Isaac Corp.		856		18,421
Global Payments, Inc.		1,391		57,532
ManTech International Corp., Class A (a)		352		15,967
MasterCard, Inc., Class A (b)		1,124		250,641
Metavante Technologies, Inc. (a)		1,542		30,825
NAVTEQ Corp. (a)		1,726		117,368
Omniture, Inc. (a)		727		16,874
Parametric Technology Corp. (a)		2,034		32,503
Progress Software Corp. (a)		757		22,649
Solera Holdings, Inc. (a)		466		11,352
SRA International, Inc., Class A (a)		751		18,257
Take-Two Interactive Software, Inc. (a)		1,322		33,737
THQ, Inc. (a)		1,168		25,462
VeriFone Holdings, Inc. (a)		1,099		17,441
Websense, Inc. (a)		837		15,694
				1,206,849
SPECIAL INDUSTRY MACHINERY – 1.6%
Applied Materials, Inc.		23,695		462,289
Intermec, Inc. (a)		842		18,684
Lam Research Corp. (a)		2,179		83,281
Novellus Systems, Inc. (a)		1,784		37,553
				601,807
TELECOMMUNICATIONS – 0.3%
Atheros Communications, Inc. (a)		997		20,777

See Accompanying Note to Schedule of Investments

E*TRADE Technology Index Fund 35

E*TRADE Technology Index Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	SHARES		VALUE
TELECOMMUNICATIONS (continued)
NeuStar, Inc., Class A (a)		1,383	$	36,622
Polycom, Inc. (a)		1,571		35,410
SAVVIS, Inc. (a)		495		8,054
				100,863
TELECOMMUNICATIONS EQUIPMENT – 2.3%
ADTRAN, Inc.		1,011		18,703
Arris Group, Inc. (a)		2,464		14,340
CommScope, Inc. (a)(b)		1,199		41,761
Corning, Inc. (b)		27,560		662,542
Harris Corp.		2,373		115,162
InterDigital, Inc. (a)		853		16,898
Tekelec (a)		1,186		14,766
				884,172
TELEPHONE & TELEGRAPH APPARATUS – 0.3%
ADC Telecommunications, Inc. (a)		2,136		25,803
Ciena Corp. (a)		1,546		47,663
Tellabs, Inc. (a)		7,243		39,474
				112,940
TOTAL COMMON STOCKS (Cost $34,987,971)				37,411,538

		SHARES/ PRINCIPAL   AMOUNT
SHORT-TERM INVESTMENTS – 2.9%
BlackRock Liquidity Funds TempCash Portfolio		893,120		893,120
U.S. Treasury Bill 1.98% (b), 07/24/2008 (c)	$	220,000		219,052
TOTAL SHORT-TERM INVESTMENTS (Cost $1,111,741)				1,112,172
TOTAL INVESTMENTS - 100.1% (COST $36,099,712) (d)				38,523,710
LIABILITIES IN EXCESS OF CASH & OTHER ASSETS - (0.1%)				(25,873	)
TOTAL NET ASSETS - 100.0%			$	38,497,837

(a)	Non-income producing.
(b)	Securities (or a portion of securities) on loan. As of March 31, 2008, the market value of securities loaned was $9,019,128. The loans were secured with cash collateral of $9,289,399.
(c)	Yield to Maturity.
(d)	Security with an aggregate market value of $219,052 was segregated to cover margin requirements for the following open futures contracts as of March 31, 2008:

Number of Contracts	Futures Index	Expiration Date	Notional Contract Value	Net Unrealized Appreciation
7	NASDAQ 100 Futures	06/20/2008	$1,253,350	$42,440

^(e) At March 31, 2008, the cost of investments for federal income tax purposes is $36,099,712.

Unrealized appreciation (depreciation) is as follows:
Gross Unrealized Appreciation	$	8,137,409
Gross Unrealized Depreciation		(5,713,411	)
Net Unrealized Appreciation/Depreciation	$	2,423,998

Summary of inputs used to value the Fund’s net assets as of March 31, 2008 is as follows (See Note to Schedule of Investments):

Valuation Inputs	Investments in Securities		Other Financial Instruments (Unrealized Appreciation/ Depreciation)*
Level 1 – Quoted Prices	$	38,304,658	$	42,440
Level 2 – Other Significant Observable Inputs		219,052		—
Level 3 – Significant Unobservable Inputs		—		—
Total	$	38,523,710	$	42,440

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swaps which are valued at the unrealized appreciation/depreciation on the investment.

INDUSTRY	MARKET VALUE		% OF TOTAL NET ASSETS
PREPACKAGED SOFTWARE	$	6,063,389		15.8	%
ELECTRONIC COMPUTERS		5,798,753		15.1	%
SEMICONDUCTORS EQUIPMENT		4,422,335		11.5	%
COMPUTER PERIPHERAL EQUIPMENT		3,877,295		10.1	%
INTERNET SOFTWARE & SERVICES		2,707,561		7.0	%
COMPUTERS		2,537,878		6.6	%
COMMERCIAL SERVICES		1,751,158		4.5	%
RADIO & TV COMMUNICATIONS EQUIPMENT		1,525,032		4.0	%
SOFTWARE		1,206,849		3.1	%
DATA PROCESSING & PREPARATION		1,048,662		2.7	%
TELECOMMUNICATIONS EQUIPMENT		884,172		2.3	%
ELECTRONICS		664,673		1.7	%
COMPUTERS, PERIPHERAL & SOFTWARE		631,242		1.6	%
COMPUTER STORAGE DEVICES		631,128		1.6	%
SPECIAL INDUSTRY MACHINERY		601,807		1.6	%
COMPUTER RELATED SERVICES		534,566		1.4	%
ELECTRONIC PARTS & EQUIPMENT		529,724		1.4	%
COMPUTER INTEGRATED SYSTEMS DESIGN		518,230		1.3	%
ELECTRONIC COMPONENTS		363,264		0.9	%
OFFICE ELECTRONICS		239,640		0.6	%
SEMICONDUCTORS		226,264		0.6	%
COMPUTER FACILITIES MANAGEMENT		144,957		0.4	%
TELEPHONE & TELEGRAPH APPARATUS		112,940		0.3	%
NETWORK EQUIPMENT		109,809		0.3	%
TELECOMMUNICATIONS		100,863		0.3	%
DISTRIBUTION / WHOLESALE		80,729		0.2	%
PROCESS CONTROL INSTRUMENTS		37,893		0.1	%
PRINTED CIRCUIT BOARDS		34,453		0.1	%
COMPUTER PROGRAMMING SERVICES		26,272		0.1	%
SHORT-TERM INVESTMENTS AND LIABILITIES IN EXCESS OF CASH & OTHER ASSETS		1,086,299		2.8	%
	$	38,497,837		100.0	%

See Accompanying Note to Schedule of Investments

36 E*TRADE Technology Index Fund

E*TRADE Delphi Value Fund
SCHEDULE OF INVESTMENTS
March 31, 2008 (Unaudited)

	SHARES		VALUE
COMMON STOCKS – 90.3%
ADVERTISING – 2.7%
Publicis Groupe, ADR		41,500	$	1,591,376
WPP Group PLC SP ADR		23,847		1,422,235
				3,013,611
AEROSPACE / TECHNOLOGY – 12.4%
Applied Materials, Inc.		70,300		1,371,553
Arrow Electronics, Inc. (a)		57,200		1,924,780
Avnet, Inc. (a)		55,500		1,816,515
Canon, Inc., ADR		4,600		213,302
Check Point Software Technologies, Ltd. (a)		46,000		1,030,400
KLA-Tencor Corp.		31,100		1,153,810
Micron Technology, Inc. (a)		161,975		966,991
Seagate Technology		77,000		1,612,380
Texas Instruments, Inc.		36,500		1,031,855
Western Digital Corp. (a)		49,200		1,330,368
Xilinx, Inc.		55,500		1,318,125
				13,770,079
BANKING – 2.9%
Colonial BancGroup, Inc. (b)		67,200		647,136
Southwest Bancorp, Inc.		52,100		912,271
Wells Fargo & Co.		57,500		1,673,250
				3,232,657
BASIC MATERIALS – 6.8%
Commercial Metals Co.		50,000		1,498,500
Companhia Vale do Rio Doce, ADR		48,850		1,692,164
Dow Chemical Co. (b)		33,300		1,227,105
Gerdau Ameristeel Corp.		103,000		1,453,330
Norsk Hydro ASA ADR		65,300		953,465
NovaGold Resources, Inc. (a)(b)		91,000		701,610
				7,526,174
CONGLOMERATES – 6.0%
Berkshire Hathaway, Inc., Class B (a)		851		3,806,438
Dover Corp.		32,500		1,357,850
Loews Corp.		36,500		1,468,030
				6,632,318
CONSTRUCTION & REAL ESTATE – 1.7%
General Growth Properties, Inc., REIT		26,155		998,336
United Rentals, Inc. (a)		46,900		883,596
				1,881,932
CONSUMER RELATED – 8.0%
Ashford Hospitality Trust, Inc.		128,000		727,040
DiamondRock Hospitality Co.		77,700		984,459
Honda Motor Co., Ltd., ADR		51,100		1,472,191
Nokia Oyj, ADR		49,000		1,559,670
Sunstone Hotel Investors, Inc.		52,000		832,520
Toyota Motor Corp. ADR (b)		15,500		1,563,795
Walt Disney Co. (The)		54,000		1,694,520
				8,834,195
ENERGY – 14.1%
Apache Corp.		15,370		1,857,003
Devon Energy Corp.		15,000		1,564,950
Diamond Offshore Drilling, Inc.		12,000		1,396,800
ENSCO International, Inc.		25,300		1,584,286
Hercules Offshore, Inc. (a)		53,000		1,331,360
Nabors Industries, Ltd. (a)		47,500		1,604,075
Nexen, Inc.		47,740		1,413,581
StatoilHydro ASA, SP ADR (b)		42,736		1,276,524
Whiting Petroleum Corp. (a)		26,600		1,719,690
XTO Energy, Inc.		30,585		1,891,988
				15,640,257

	SHARES		VALUE
FINANCIAL SERVICES – 4.6%
American Express Co.		31,000	$	1,355,320
Ares Capital Corp.		83,100		1,044,567
Ares Capital Corp. Rights, expiring 04/21/08 (a)		27,700		—
Goldman Sachs Group, Inc. (The)		9,904		1,638,023
NorthStar Realty Finance Corp. (b)		134,000		1,094,780
				5,132,690
FOOD & BEVERAGE – 3.7%
Darden Restaurants, Inc.		36,500		1,188,075
Jack in the Box, Inc. (a)		42,500		1,141,975
Pepsi Bottling Group, Inc.		51,000		1,729,410
				4,059,460
INSURANCE – 5.6%
Aspen Insurance Holdings, Ltd.		51,500		1,358,570
Endurance Specialty Holdings, Ltd.		37,000		1,354,200
IPC Holdings, Ltd.		39,000		1,092,000
RenaissanceRe Holdings, Ltd.		27,200		1,411,952
SAFECO Corp.		22,230		975,452
				6,192,174
MANUFACTURING – 5.0%
Altra Holdings, Inc. (a)		91,000		1,223,950
Ingersoll-Rand Co., Ltd., Class A (b)		40,700		1,814,406
Johnson Controls, Inc.		34,300		1,159,340
Terex Corp. (a)		21,000		1,312,500
				5,510,196
PHARMACEUTICALS – 1.9%
AstraZeneca PLC, SP ADR		29,600		1,124,504
ViroPharma, Inc. (a)(b)		103,430		924,664
				2,049,168
PUBLISHING & BROADCASTING – 4.9%
British Sky Broadcasting Group PLC, ADR		25,500		1,129,650
Comcast Corp., Class A (a)		74,850		1,419,905
News Corp., Class B		81,400		1,549,856
Washington Post Co. (The),Class B		2,087		1,380,551
				5,479,962
RETAIL – 5.7%
Abercrombie & Fitch Co., Class A		20,000		1,462,800
American Eagle Outfitters, Inc.		58,500		1,024,335
Ethan Allen Interiors, Inc. (b)		45,500		1,293,565
Macy’s, Inc.		37,300		860,138
Ross Stores, Inc.		55,991		1,677,490
				6,318,328
TRANSPORTATION – 4.3%
DryShips, Inc.		18,500		1,108,335
FedEx Corp.		14,000		1,297,380
Norfolk Southern Corp.		27,500		1,493,800
Teekay Shipping Corp. (b)		19,030		808,204
				4,707,719
TOTAL COMMON STOCKS (Cost $86,261,514)				99,980,920
TRACKING STOCK – 1.2%
PUBLISHING & BROADCASTING – 1.2%
Liberty Media Corp - Entertainment, Class A (a)		60,000		1,358,400
TOTAL TRACKING STOCK (Cost $902,698)				1,358,400

See Accompanying Note to Schedule of Investments

E*TRADE Delphi Value Fund 37

E*TRADE Delphi Value Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2008 (Unaudited)

	SHARES		VALUE
MUTUAL FUNDS – 10.1%
BlackRock Liquidity Funds TempCash Portfolio		11,245,235	$	11,245,235
TOTAL MUTUAL FUNDS (Cost $11,245,235)				11,245,235
TOTAL INVESTMENTS - 101.6%
(Cost $98,409,447) (c)				112,584,555
LIABILITIES IN EXCESS OF CASH & OTHER ASSETS - (1.6%)				(1,806,906	)
TOTAL NET ASSETS - 100.0%			$	110,777,649

(a)	Non-income producing.
(b)	Securities (or a portion of securities) on loan. As of March 31, 2008, the market value of securities loaned was $8,214,847. The loans were secured with cash collateral of $8,599,866.
(c)	At March 31, 2008, the cost of investments for federal income tax purposes is $98,409,447.
	Unrealized appreciation (depreciation) is as follows:
	Gross Unrealized Appreciation	$	22,644,581
	Gross Unrealized Depreciation		(8,469,473	)
	Net Unrealized Appreciation/Depreciation	$	14,175,108

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

Summary of inputs used to value the Fund’s net assets as of March 31, 2008 is as follows (See Note to Schedule of Investments):

Valuation Inputs	Investments in Securities
Level 1 – Quoted Prices	$	112,584,555
Level 2 – Other Significant Observable Inputs		—
Level 3 – Significant Unobservable Inputs		—
Total	$	112,584,555

INDUSTRY	MARKET VALUE			% OF TOTAL NET ASSETS
ENERGY	$	15,640,257			14.1	%
AEROSPACE / TECHNOLOGY		13,770,079			12.4	%
CASH EQUIVALENTS-TAXABLE		11,245,235			10.1	%
CONSUMER RELATED		8,834,195			8.0	%
BASIC MATERIALS		7,526,174			6.8	%
PUBLISHING & BROADCASTING		6,838,362			6.1	%
CONGLOMERATES		6,632,318			6.0	%
RETAIL		6,318,328			5.7	%
INSURANCE		6,192,174			5.6	%
MANUFACTURING		5,510,196			5.0	%
FINANCIAL SERVICES		5,132,690			4.6	%
TRANSPORTATION		4,707,719			4.3	%
FOOD & BEVERAGE		4,059,460			3.7	%
BANKING		3,232,657			2.9	%
ADVERTISING		3,013,611			2.7	%
PHARMACEUTICALS		2,049,168			1.9	%
CONSTRUCTION & REAL ESTATE		1,881,932			1.7	%
LIABILITIES IN EXCESS OF CASH & OTHER ASSETS		(1,806,906	)		(1.6	) %
	$	110,777,649			100.0	%

See Accompanying Note to Schedule of Investments

38 E*TRADE Delphi Value Fund

E*TRADE Kobren Growth Fund

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

	SHARES		VALUE
MUTUAL FUNDS – 100.0%
LARGE CAP GROWTH – 24.1%
Columbia Select Large Cap Growth Fund - Class Z (a)		576,289	$	6,512,068
T. Rowe Price Blue Chip Growth Fund		311,257		10,984,259
				17,496,327
LARGE CAP BLEND – 17.1%
Longleaf Partners Fund		139,448		4,120,692
Oakmark Select Fund - Class I		120,345		2,830,523
Rydex Russell Top 50 ETF		54,900		5,413,689
				12,364,904
LARGE CAP VALUE – 14.7%
Ameristock Mutual Fund, Inc.		132,529		5,077,188
Diamonds Trust - Series I, ETF		45,300		5,547,891
				10,625,079
SMALL CAP VALUE – 6.8%
Longleaf Partners Small Cap Fund		204,843		4,895,737
SECTOR – 5.5%
Fidelity Select Chemicals Portfolio		8,802		701,578
Fidelity Select Medical Equipment & Systems Fund		53,363		1,280,183
Franklin Gold and Precious Metals Fund		50,621		2,032,934
				4,014,695
INTERNATIONAL EQUITY - DEVELOPED – 9.3%
Julius Baer International Equity - Class I		98,234		3,987,298
Third Avenue International Value Fund		144,606		2,725,820
				6,713,118
INTERNATIONAL EQUITY - EMERGING – 2.9%
SSgA Emerging Markets Fund		79,478		2,099,023
ALTERNATIVE – 13.7%
Hussman Strategic Growth Fund		159,337		2,484,066
PIMCO All Asset Fund - Class I		590,317		7,443,901
				9,927,967
BOND – 4.9%
Loomis Sayles Bond Fund		253,471		3,576,477
MONEY MARKET – 1.0%
BlackRock Liquidity Funds TempCash Portfolio		758,193		758,193
TOTAL MUTUAL FUNDS (Cost $65,070,974)				72,471,520
TOTAL INVESTMENTS - 100.0% (COST $65,070,974) (b)				72,471,520
LIABILITIES IN EXCESS OF CASH & OTHER ASSETS - 0.0%				(6,175	)
NET ASSETS - 100.0%			$	72,465,345

(a)	Non-income producing.
(b)	At March 31, 2008, the cost of investments for federal income tax purposes is $65,070,974. Unrealized appreciation (depreciation) is as follows:
	Gross Unrealized Appreciation	$	9,041,520
	Gross Unrealized Depreciation		(1,640,974	)
	Net Unrealized Appreciation/Depreciation	$	7,400,546
ETF	Exchange Traded Fund

Summary of inputs used to value the Fund’s net assets as of March 31, 2008 is as follows (See Note to Schedule of Investments):

Valuation Inputs	Investments in Securities
Level 1 – Quoted Prices	$	72,471,520
Level 2 – Other Significant Observable Inputs		—
Level 3 – Significant Unobservable Inputs		—
Total	$	72,471,520

FUND	MARKET VALUE			% OF TOTAL NET ASSETS
LARGE CAP GROWTH	$	17,496,327			24.1	%
LARGE CAP BLEND		12,364,904			17.1	%
LARGE CAP VALUE		10,625,079			14.7	%
ALTERNATIVE		9,927,967			13.7	%
INTERNATIONAL EQUITY - DEVELOPED		6,713,118			9.3	%
SMALL CAP VALUE		4,895,737			6.8	%
SECTOR		4,014,695			5.5	%
BOND		3,576,477			4.9	%
INTERNATIONAL EQUITY - EMERGING		2,099,023			2.9	%
MONEY MARKET		758,193			1.0	%
LIABILITIES IN EXCESS OF CASH & OTHER ASSETS		(6,175	)		—	%
	$	72,465,345			100.0	%

See Accompanying Note to Schedule of Investments

E*TRADE Kobren Growth Fund 39

SECURITY VALUATION

The underlying funds of the E*TRADE Kobren Growth Fund are valued according to their stated net asset value or, if their net asset value is not reported, at their fair value. All other 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”). 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. Investments in debt securities which mature in more than 60 days are valued on the basis of market quotations.

Adoption of Statement of Financial Accounting Standards No. 157 “Fair Value Measurement” (“FAS 157”):

In September 2006, the Financial Accounting Standards Board issued FAS 157, “Fair Value Measurement,” which is effective for financial statements issued for fiscal years beginning after November 15, 2007. This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. FAS 157 requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect of these fair valuations of an entity’s financial performance. The Funds have adopted FAS 157 as of December 1, 2007. The three levels of the fair value hierarchy under FAS 157 are described below:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Funds’ net assets as of March 31, 2008 is included with each Funds’ Schedule of Investments.

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

40

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.

SIGNATURES

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

(Registrant)      E*TRADE Funds

By (Signature and Title)*	/s/ Elizabeth Gottfried
	Elizabeth Gottfried, President
	(Principal Executive Officer)

Date      May 27, 2008

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

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

Date      May 27, 2008

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

Date      May 27, 2008