E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments 
E*TRADE No Fee Large Cap Index Fund
 
 
 
Shares
Value
Common Stocks (99.2%)
Aerospace & Defense (2.5%) 
Axon Enterprise, Inc. (a)
 
      154
$81,275
Boeing Co. (a)
 
    1,563
337,827
Curtiss-Wright Corp.
 
       62
44,888
FTAI Aviation Ltd.
 
      210
43,260
General Dynamics Corp.
 
      456
174,840
General Electric Co.
 
    2,156
776,311
HEICO Corp.
 
       89
31,716
HEICO Corp., Class A
 
      198
50,941
Honeywell Aerospace, Inc. (a)
 
      612
126,525
Howmet Aerospace, Inc.
 
      795
224,397
L3Harris Technologies, Inc.
 
      370
102,512
Lockheed Martin Corp.
 
      480
279,715
Northrop Grumman Corp.
 
      303
164,371
Rocket Lab Corp. (a)
 
    1,149
74,628
RTX Corp.
 
    2,797
601,970
TransDigm Group, Inc.
 
      114
142,999
Woodward, Inc.
 
      101
36,436
 
 
 
3,294,611
Air Freight & Logistics (0.3%) 
Expeditors International of Washington, Inc.
 
      243
40,797
FedEx Corp.
 
      468
143,863
United Parcel Service, Inc., Class B
 
    1,538
160,291
 
 
 
344,951
Automobiles (1.8%) 
Ford Motor Co.
 
    7,971
117,014
General Motors Co.
 
    1,860
165,280
Rivian Automotive, Inc., Class A (a)
 
    1,811
27,563
Tesla, Inc. (a)
 
    6,886
2,142,992
 
 
 
2,452,849
Banks (3.5%) 
Bank of America Corp.
 
   12,910
799,775
Citigroup, Inc.
 
    3,578
473,906
Citizens Financial Group, Inc.
 
      794
56,890
Fifth Third Bancorp
 
    1,752
98,988
First Citizens BancShares, Inc., Class A
 
       18
39,360
Huntington Bancshares, Inc.
 
    3,670
62,537
JPMorgan Chase & Co.
 
    5,561
1,956,304
KeyCorp
 
    2,218
50,105
M&T Bank Corp.
 
      262
64,528
PNC Financial Services Group, Inc.
 
      858
214,388
Regions Financial Corp.
 
    1,640
50,758
Truist Financial Corp.
 
    2,654
137,583
U.S. Bancorp
 
    3,187
200,813
Wells Fargo & Co.
 
    6,411
554,231
 
 
 
4,760,166
Beverages (1.0%) 
Coca-Cola Co.
 
    7,986
699,494
Constellation Brands, Inc., Class A
 
      336
43,757
Keurig Dr. Pepper, Inc.
 
    2,555
79,512
Monster Beverage Corp. (a)
 
    1,371
132,137
PepsiCo, Inc.
 
    2,766
386,023
 
 
 
1,340,923
 
 
Shares
Value
Biotechnology (1.8%) 
AbbVie, Inc.
 
    3,628
$910,410
Alnylam Pharmaceuticals, Inc. (a)
 
      256
52,613
Amgen, Inc.
 
    1,107
426,372
Biogen, Inc. (a)
 
      317
64,335
Gilead Sciences, Inc.
 
    2,533
329,822
Incyte Corp. (a)
 
      300
35,856
Insmed, Inc. (a)
 
      410
40,426
Natera, Inc. (a)
 
      279
74,705
Regeneron Pharmaceuticals, Inc.
 
      209
159,390
United Therapeutics Corp. (a)
 
       78
40,381
Vertex Pharmaceuticals, Inc. (a)
 
      534
254,772
 
 
 
2,389,082
Broadline Retail (4.2%) 
Amazon.com, Inc. (a)
 
   19,716
5,354,471
Coupang, Inc. (Korea, Republic of) (a)
 
    2,087
34,122
eBay, Inc.
 
      947
107,968
MercadoLibre, Inc. (a)
 
       98
184,039
 
 
 
5,680,600
Building Products (0.4%) 
Carlisle Cos., Inc.
 
       85
30,593
Carrier Global Corp.
 
    1,607
99,329
Johnson Controls International PLC
 
    1,262
185,085
Lennox International, Inc.
 
       66
27,448
Trane Technologies PLC
 
      448
203,817
 
 
 
546,272
Capital Markets (3.2%) 
Ameriprise Financial, Inc.
 
      179
97,705
ARES Management Corp., Class A
 
      426
54,566
Bank of New York Mellon Corp.
 
    1,444
225,740
Blackrock, Inc.
 
      323
352,196
Blackstone, Inc.
 
    1,509
192,775
Carlyle Group, Inc.
 
      384
17,672
Cboe Global Markets, Inc.
 
      217
67,320
Charles Schwab Corp.
 
    3,428
360,763
CME Group, Inc.
 
      744
199,236
Coinbase Global, Inc., Class A (a)
 
      441
64,501
Goldman Sachs Group, Inc.
 
      617
628,340
Interactive Brokers Group, Inc., Class A
 
      929
81,743
Intercontinental Exchange, Inc.
 
    1,172
178,707
KKR & Co., Inc.
 
    1,340
135,916
LPL Financial Holdings, Inc.
 
      166
58,714
Moody's Corp.
 
      341
163,128
Morgan Stanley (b)
 
    2,307
485,439
MSCI, Inc.
 
      147
84,119
Nasdaq, Inc.
 
      936
88,162
Northern Trust Corp.
 
      359
65,406
Raymond James Financial, Inc.
 
      369
64,937
Robinhood Markets, Inc., Class A (a)
 
    1,611
139,448
S&P Global, Inc.
 
      615
253,337
State Street Corp.
 
      600
110,496
T. Rowe Price Group, Inc.
 
      468
52,299
TPG, Inc.
 
      370
16,154
Tradeweb Markets, Inc., Class A
 
      196
19,698
 
 
 
4,258,517

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Large Cap Index Fund
 
 
Shares
Value
Chemicals (0.9%) 
Air Products & Chemicals, Inc.
 
      443
$130,636
Corteva, Inc.
 
    1,272
100,119
Dow, Inc.
 
    1,400
42,406
DuPont de Nemours, Inc.
 
      226
30,962
Ecolab, Inc.
 
      535
148,532
International Flavors & Fragrances, Inc.
 
      421
33,352
Linde PLC
 
      959
458,767
LyondellBasell Industries NV, Class A
 
      586
36,379
PPG Industries, Inc.
 
      473
52,276
Sherwin-Williams Co.
 
      478
162,926
 
 
 
1,196,355
Commercial Services & Supplies (0.4%) 
Cintas Corp.
 
      705
144,264
Copart, Inc. (a)
 
    1,628
47,407
Republic Services, Inc.
 
      405
85,273
Rollins, Inc.
 
      507
19,251
Veralto Corp.
 
      583
54,901
Waste Management, Inc.
 
      848
192,115
 
 
 
543,211
Communications Equipment (1.3%) 
Arista Networks, Inc. (a)
 
    2,116
381,621
Ciena Corp. (a)
 
      283
106,705
Cisco Systems, Inc.
 
    8,117
941,491
Lumentum Holdings, Inc. (a)
 
      147
104,949
Motorola Solutions, Inc.
 
      361
157,306
Ubiquiti, Inc.
 
       10
5,565
 
 
 
1,697,637
Construction & Engineering (0.3%) 
Comfort Systems USA, Inc.
 
       66
114,160
EMCOR Group, Inc.
 
       85
67,782
MasTec, Inc. (a)
 
      145
38,149
Quanta Services, Inc.
 
      322
214,890
 
 
 
434,981
Construction Materials (0.2%) 
Amrize Ltd. (a)
 
    1,150
56,246
CRH PLC
 
    1,452
137,955
Martin Marietta Materials, Inc.
 
      122
64,067
Vulcan Materials Co.
 
      252
67,680
 
 
 
325,948
Consumer Finance (0.6%) 
American Express Co.
 
    1,112
373,910
Capital One Financial Corp.
 
    1,287
268,996
SoFi Technologies, Inc. (a)
 
    2,761
45,032
Synchrony Financial
 
      768
58,206
 
 
 
746,144
Consumer Staples Distribution & Retail (1.7%) 
Casey's General Stores, Inc.
 
       78
67,938
Costco Wholesale Corp.
 
      911
867,172
Dollar General Corp.
 
      420
53,361
Dollar Tree, Inc. (a)
 
      408
51,902
Kroger Co.
 
    1,153
66,574
Sysco Corp.
 
    1,013
86,348
 
 
Shares
Value
 
Target Corp.
 
      908
$131,197
Walmart, Inc.
 
    8,943
994,461
 
 
 
2,318,953
Containers & Packaging (0.1%) 
Amcor PLC
 
      857
38,462
International Paper Co.
 
    1,020
41,647
Packaging Corp. of America
 
      212
52,118
Smurfit Westrock PLC
 
    1,135
52,176
 
 
 
184,403
Distributors (0.0%) ‡
Genuine Parts Co.
 
      319
39,674
Diversified Telecommunication Services (0.7%) 
AST SpaceMobile, Inc. (a)(c)
 
      502
29,608
AT&T, Inc.
 
   14,290
332,243
Comcast Corp., Class A
 
    7,324
175,483
Verizon Communications, Inc.
 
    8,550
400,225
 
 
 
937,559
Electric Utilities (1.3%) 
Alliant Energy Corp.
 
      619
43,813
American Electric Power Co., Inc.
 
    1,118
142,936
Constellation Energy Corp.
 
      599
157,387
Duke Energy Corp.
 
    1,570
196,925
Edison International
 
      801
58,770
Entergy Corp.
 
      844
90,831
Evergy, Inc.
 
      410
34,034
Eversource Energy
 
      665
47,607
Exelon Corp.
 
    2,243
102,774
FirstEnergy Corp.
 
    1,100
53,141
NextEra Energy, Inc.
 
    4,283
372,279
NRG Energy, Inc.
 
      449
60,296
PG&E Corp.
 
    4,292
74,595
PPL Corp.
 
    1,357
47,780
Southern Co.
 
    2,351
222,264
Xcel Energy, Inc.
 
    1,249
97,672
 
 
 
1,803,104
Electrical Equipment (1.2%) 
AMETEK, Inc.
 
      467
112,879
Bloom Energy Corp., Class A (a)
 
      555
114,225
Eaton Corp. PLC
 
      799
331,745
Emerson Electric Co.
 
    1,181
176,937
GE Vernova, Inc.
 
      549
543,669
Hubbell, Inc.
 
      106
50,090
Rockwell Automation, Inc.
 
      240
115,219
Vertiv Holdings Co., Class A
 
      714
172,481
 
 
 
1,617,245
Electronic Equipment, Instruments & Components (0.9%) 
Amphenol Corp., Class A
 
    2,496
401,107
CDW Corp.
 
      245
36,213
Coherent Corp. (a)
 
      385
101,213
Corning, Inc.
 
    1,602
221,477
Fabrinet (a)
 
       80
34,833
Flex Ltd. (a)
 
      738
83,948
Jabil, Inc.
 
      206
64,900
Keysight Technologies, Inc. (a)
 
      356
113,593

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Large Cap Index Fund
 
 
Shares
Value
Electronic Equipment, Instruments & Components (cont'd)
TE Connectivity PLC
 
      583
$119,917
Teledyne Technologies, Inc. (a)
 
       99
64,901
 
 
 
1,242,102
Energy Equipment & Services (0.3%) 
Baker Hughes Co.
 
    2,208
133,562
Halliburton Co.
 
    1,642
52,954
SLB Ltd.
 
    3,047
151,101
TechnipFMC PLC
 
      741
53,100
 
 
 
390,717
Entertainment (1.2%) 
Electronic Arts, Inc.
 
      458
96,116
Live Nation Entertainment, Inc. (a)
 
      316
55,025
Netflix, Inc. (a)
 
    8,854
634,920
ROBLOX Corp., Class A (a)
 
    1,361
48,452
Spotify Technology SA (Sweden) (a)
 
      316
157,981
Take-Two Interactive Software, Inc. (a)
 
      357
86,722
TKO Group Holdings, Inc.
 
      137
24,908
Walt Disney Co.
 
    3,562
342,629
Warner Bros Discovery, Inc. (a)
 
    4,636
121,927
Warner Music Group Corp., Class A
 
      549
14,252
 
 
 
1,582,932
Financial Services (3.2%) 
Affirm Holdings, Inc. (a)
 
      563
40,260
Apollo Global Management, Inc.
 
      845
106,124
Berkshire Hathaway, Inc., Class B (a)
 
    2,833
1,449,193
Block, Inc. (a)
 
      954
77,503
Corpay, Inc. (a)
 
      148
56,552
Fidelity National Information Services, Inc.
 
      994
44,501
Fiserv, Inc. (a)
 
    1,088
58,687
Global Payments, Inc.
 
      444
37,332
Mastercard, Inc., Class A
 
    1,646
943,323
PayPal Holdings, Inc.
 
    1,815
103,836
Rocket Cos., Inc., Class A (a)
 
    1,627
20,988
Toast, Inc., Class A (a)
 
    1,198
38,659
Visa, Inc., Class A
 
    3,470
1,270,471
 
 
 
4,247,429
Food Products (0.4%) 
Archer-Daniels-Midland Co.
 
    1,123
89,020
Bunge Global SA
 
      222
23,583
General Mills, Inc.
 
      903
32,282
Hershey Co.
 
      305
53,390
Kraft Heinz Co.
 
    2,067
53,432
McCormick & Co., Inc.
 
      580
29,522
Mondelez International, Inc., Class A
 
    2,676
166,742
Tyson Foods, Inc., Class A
 
      723
41,905
 
 
 
489,876
Gas Utilities (0.1%) 
Atmos Energy Corp.
 
      378
65,311
Ground Transportation (0.9%) 
CSX Corp.
 
    3,680
185,472
Fedex Freight Holding Co., Inc. (a)
 
      215
30,214
JB Hunt Transport Services, Inc.
 
      145
39,404
Norfolk Southern Corp.
 
      457
153,314
Old Dominion Freight Line, Inc.
 
      392
83,159
 
 
Shares
Value
 
Uber Technologies, Inc. (a)
 
    4,085
$287,421
Union Pacific Corp.
 
    1,229
359,028
XPO, Inc. (a)
 
      258
51,850
 
 
 
1,189,862
Health Care Equipment & Supplies (1.4%) 
Abbott Laboratories
 
    3,533
373,438
Becton Dickinson & Co.
 
      606
100,366
Boston Scientific Corp. (a)
 
    2,898
135,423
Cooper Cos., Inc. (a)
 
      379
27,409
Dexcom, Inc. (a)
 
      753
62,838
Edwards Lifesciences Corp. (a)
 
    1,186
102,079
GE HealthCare Technologies, Inc.
 
      952
64,755
IDEXX Laboratories, Inc. (a)
 
      170
95,042
Insulet Corp. (a)
 
      122
20,173
Intuitive Surgical, Inc. (a)
 
      719
254,044
Medline, Inc., Class A (a)
 
      601
23,607
Medtronic PLC
 
    2,658
226,967
ResMed, Inc.
 
      298
62,872
STERIS PLC
 
      210
47,964
Stryker Corp.
 
      728
237,110
Zimmer Biomet Holdings, Inc.
 
      401
37,666
 
 
 
1,871,753
Health Care Providers & Services (1.6%) 
Cardinal Health, Inc.
 
      486
111,794
Cencora, Inc.
 
      347
108,035
Centene Corp. (a)
 
      953
59,296
Cigna Group
 
      545
152,082
CVS Health Corp.
 
    2,598
271,309
Elevance Health, Inc.
 
      465
174,766
HCA Healthcare, Inc.
 
      326
131,244
Humana, Inc.
 
      245
89,146
Labcorp Holdings, Inc.
 
      193
59,676
McKesson Corp.
 
      253
216,616
Quest Diagnostics, Inc.
 
      216
50,330
UnitedHealth Group, Inc.
 
    1,891
783,630
 
 
 
2,207,924
Health Care REITs (0.3%) 
Ventas, Inc. REIT
 
      914
85,468
Welltower, Inc. REIT
 
    1,428
334,780
 
 
 
420,248
Health Care Technology (0.1%) 
Veeva Systems, Inc., Class A (a)
 
      309
62,968
Hotels, Restaurants & Leisure (1.6%) 
Airbnb, Inc., Class A (a)
 
      862
130,610
Booking Holdings, Inc.
 
    1,576
304,011
Carnival Corp. Ltd.
 
    2,266
63,018
Chipotle Mexican Grill, Inc. (a)
 
    2,562
95,358
Darden Restaurants, Inc.
 
      254
51,709
DoorDash, Inc., Class A (a)
 
      701
137,508
DraftKings, Inc., Class A (a)
 
      737
17,305
Expedia Group, Inc.
 
      250
73,685
Flutter Entertainment PLC (a)
 
      243
25,386
Hilton Worldwide Holdings, Inc.
 
      455
145,823
Las Vegas Sands Corp.
 
      560
27,378
Marriott International, Inc., Class A
 
      483
180,077

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Large Cap Index Fund
 
 
Shares
Value
Hotels, Restaurants & Leisure (cont'd)
McDonald's Corp.
 
    1,466
$396,758
Royal Caribbean Cruises Ltd.
 
      523
166,471
Starbucks Corp.
 
    2,325
244,706
Viking Holdings Ltd. (a)
 
      338
35,270
Yum! Brands, Inc.
 
      564
86,450
 
 
 
2,181,523
Household Durables (0.2%) 
Dr. Horton, Inc.
 
      575
82,260
Garmin Ltd.
 
      326
95,772
Lennar Corp., Class A
 
      393
32,364
Lennar Corp., Class B
 
       53
4,277
NVR, Inc. (a)
 
        5
30,735
PulteGroup, Inc.
 
      473
59,820
 
 
 
305,228
Household Products (0.7%) 
Church & Dwight Co., Inc.
 
      560
55,333
Colgate-Palmolive Co.
 
    1,554
141,880
Kimberly-Clark Corp.
 
      644
70,396
Procter & Gamble Co.
 
    4,806
694,419
 
 
 
962,028
Independent Power & Renewable Electricity Producers (0.1%) 
Vistra Corp.
 
      702
104,029
Industrial Conglomerates (0.3%) 
3M Co.
 
    1,129
199,020
Honeywell International, Inc.
 
      613
148,868
 
 
 
347,888
Industrial REITs (0.2%) 
Prologis, Inc. REIT
 
    1,794
259,430
Information Technology Services (0.9%) 
Accenture PLC, Class A
 
    1,224
203,086
Amdocs Ltd.
 
      246
13,707
Cloudflare, Inc., Class A (a)
 
      643
179,384
Cognizant Technology Solutions Corp., Class A
 
    1,185
65,590
CoreWeave, Inc., Class A (a)
 
      557
39,976
International Business Machines Corp.
 
    1,938
433,434
MongoDB, Inc. (a)
 
      160
53,997
Snowflake, Inc., Class A (a)
 
      683
200,310
VeriSign, Inc.
 
      159
46,113
 
 
 
1,235,597
Insurance (1.7%) 
Aflac, Inc.
 
    1,030
131,304
Allstate Corp.
 
      543
143,396
American International Group, Inc.
 
      985
77,401
Aon PLC, Class A
 
      405
146,023
Arch Capital Group Ltd. (a)
 
      741
74,493
Arthur J Gallagher & Co.
 
      506
126,207
Brown & Brown, Inc.
 
      602
42,381
Chubb Ltd.
 
      749
262,659
Cincinnati Financial Corp.
 
      321
57,035
Everest Group Ltd.
 
       88
32,925
Hartford Insurance Group, Inc.
 
      546
77,483
Loews Corp.
 
      444
51,508
Markel Group, Inc. (a)
 
       27
50,823
Marsh & McLennan Cos., Inc.
 
    1,011
191,777
 
 
Shares
Value
 
MetLife, Inc.
 
    1,153
$110,838
Principal Financial Group, Inc.
 
      397
45,139
Progressive Corp.
 
    1,162
245,670
Prudential Financial, Inc.
 
      710
86,677
Travelers Cos., Inc.
 
      448
167,713
W.R. Berkley Corp.
 
      508
36,850
Willis Towers Watson PLC
 
      196
65,840
 
 
 
2,224,142
Interactive Media & Services (7.8%) 
Alphabet, Inc., Class A
 
   11,996
4,272,135
Alphabet, Inc., Class C
 
   10,414
3,714,153
Meta Platforms, Inc., Class A
 
    4,507
2,509,092
Reddit, Inc., Class A (a)
 
      285
40,091
 
 
 
10,535,471
Life Sciences Tools & Services (0.8%) 
Agilent Technologies, Inc.
 
      589
81,500
Danaher Corp.
 
    1,330
259,323
Illumina, Inc. (a)
 
      288
59,069
IQVIA Holdings, Inc. (a)
 
      338
79,437
Mettler-Toledo International, Inc. (a)
 
       44
62,317
Thermo Fisher Scientific, Inc.
 
      778
446,805
Waters Corp. (a)
 
      193
72,821
West Pharmaceutical Services, Inc.
 
      137
46,712
 
 
 
1,107,984
Machinery (1.7%) 
Caterpillar, Inc.
 
      967
787,921
Cummins, Inc.
 
      276
175,039
Deere & Co.
 
      507
300,484
Dover Corp.
 
      272
55,657
Fortive Corp.
 
      636
37,657
Illinois Tool Works, Inc.
 
      588
168,727
Ingersoll Rand, Inc.
 
      743
61,951
Otis Worldwide Corp.
 
      932
67,057
PACCAR, Inc.
 
    1,088
144,356
Parker-Hannifin Corp.
 
      254
248,039
Symbotic, Inc. (a)
 
       85
3,659
Westinghouse Air Brake Technologies Corp.
 
      372
108,200
Xylem, Inc.
 
      444
51,935
 
 
 
2,210,682
Media (0.1%) 
Charter Communications, Inc., Class A (a)
 
      209
30,301
EchoStar Corp., Class A (a)
 
      216
18,163
Fox Corp., Class A
 
      324
18,867
Fox Corp., Class B
 
      428
22,230
Omnicom Group, Inc.
 
      551
43,364
 
 
 
132,925
Metals & Mining (0.6%) 
Anglogold Ashanti PLC (South Africa)
 
    1,027
81,462
Freeport-McMoRan, Inc.
 
    2,910
182,253
Newmont Corp.
 
    2,157
202,132
Nucor Corp.
 
      503
129,417
Reliance, Inc.
 
      102
41,422
Royal Gold, Inc.
 
      214
42,447

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Large Cap Index Fund
 
 
Shares
Value
Metals & Mining (cont'd)
Southern Copper Corp. (Peru)
 
      223
$40,744
Steel Dynamics, Inc.
 
      256
64,323
 
 
 
784,200
Multi-Utilities (0.6%) 
Ameren Corp.
 
      515
56,449
CenterPoint Energy, Inc.
 
    1,155
48,556
CMS Energy Corp.
 
      562
40,458
Consolidated Edison, Inc.
 
      829
90,237
Dominion Energy, Inc.
 
    1,986
137,372
DTE Energy Co.
 
      450
63,842
NiSource, Inc.
 
      745
33,100
Public Service Enterprise Group, Inc.
 
    1,112
85,268
Sempra
 
    1,358
120,251
WEC Energy Group, Inc.
 
      634
69,372
 
 
 
744,905
Oil, Gas & Consumable Fuels (3.1%) 
Cheniere Energy, Inc.
 
      437
115,180
Chevron Corp.
 
    3,833
754,449
ConocoPhillips
 
    2,495
300,598
Devon Energy Corp.
 
    2,276
102,716
Diamondback Energy, Inc.
 
      409
83,007
EOG Resources, Inc.
 
    1,092
162,369
EQT Corp.
 
    1,460
77,803
Expand Energy Corp.
 
      479
45,040
ExxonMobil Holdings Corp.
 
    8,531
1,326,059
Kinder Morgan, Inc.
 
    3,902
125,566
Marathon Petroleum Corp.
 
      613
193,996
Occidental Petroleum Corp.
 
    1,667
95,136
ONEOK, Inc.
 
    1,319
119,778
Phillips 66
 
      803
169,979
Targa Resources Corp.
 
      437
118,152
Texas Pacific Land Corp.
 
      113
45,492
Valero Energy Corp.
 
      600
187,740
Venture Global, Inc., Class A
 
    1,092
14,611
Williams Cos., Inc.
 
    2,635
188,508
 
 
 
4,226,179
Passenger Airlines (0.2%) 
Delta Air Lines, Inc.
 
    1,314
114,896
Southwest Airlines Co.
 
    1,018
45,780
United Airlines Holdings, Inc. (a)
 
      700
84,931
 
 
 
245,607
Personal Care Products (0.1%) 
Estee Lauder Cos., Inc., Class A
 
      495
41,531
Kenvue, Inc.
 
    3,921
75,440
 
 
 
116,971
Pharmaceuticals (3.4%) 
Bristol-Myers Squibb Co.
 
    4,179
272,931
Eli Lilly & Co.
 
    1,744
2,003,577
Johnson & Johnson
 
    4,966
1,273,034
Merck & Co., Inc.
 
    5,109
665,192
Pfizer, Inc.
 
   11,829
295,843
Royalty Pharma PLC, Class A
 
      896
52,353
Zoetis, Inc.
 
      796
61,523
 
 
 
4,624,453
 
 
Shares
Value
Professional Services (0.4%) 
Automatic Data Processing, Inc.
 
      806
$214,767
Broadridge Financial Solutions, Inc.
 
      213
32,791
Equifax, Inc.
 
      283
48,852
Jacobs Solutions, Inc.
 
      232
31,304
Leidos Holdings, Inc.
 
      212
24,507
Mobility Global, Inc. (a)
 
      591
12,045
Paychex, Inc.
 
      629
73,492
SS&C Technologies Holdings, Inc.
 
      337
25,966
Verisk Analytics, Inc.
 
      324
63,131
 
 
 
526,855
Real Estate Management & Development (0.1%) 
CBRE Group, Inc., Class A (a)
 
      624
91,610
CoStar Group, Inc. (a)
 
      541
15,559
 
 
 
107,169
Residential REITs (0.2%) 
AvalonBay Communities, Inc. REIT
 
      265
49,187
Equity Residential REIT
 
      835
55,486
Essex Property Trust, Inc. REIT
 
      125
35,517
Invitation Homes, Inc. REIT
 
    1,391
41,340
Mid-America Apartment Communities, Inc. REIT
 
      205
27,130
Sun Communities, Inc. REIT
 
      322
39,761
 
 
 
248,421
Retail REITs (0.2%) 
Realty Income Corp. REIT
 
    2,016
128,762
Simon Property Group, Inc. REIT
 
      672
154,137
 
 
 
282,899
Semiconductors & Semiconductor Equipment (16.5%) 
Advanced Micro Devices, Inc. (a)
 
    3,328
1,584,627
Analog Devices, Inc.
 
    1,014
372,554
Applied Materials, Inc.
 
    1,645
835,117
Astera Labs, Inc. (a)
 
      291
90,568
Broadcom, Inc.
 
    9,558
3,720,738
Credo Technology Group Holding Ltd. (a)
 
      350
72,446
Entegris, Inc.
 
      370
44,049
First Solar, Inc. (a)
 
      246
51,913
Global Foundries, Inc.
 
      171
8,548
Intel Corp. (a)
 
    9,134
823,887
KLA Corp.
 
    2,679
489,775
Lam Research Corp.
 
    2,572
753,647
Marvell Technology, Inc.
 
    1,803
338,171
Microchip Technology, Inc.
 
    1,065
79,119
Micron Technology, Inc.
 
    2,317
1,906,961
Monolithic Power Systems, Inc.
 
       93
132,621
NVIDIA Corp.
 
   48,042
9,644,431
NXP Semiconductors NV
 
      517
118,476
ON Semiconductor Corp. (a)
 
      764
62,350
Qnity Electronics, Inc.
 
      390
51,160
QUALCOMM, Inc.
 
    2,188
322,971
Teradyne, Inc.
 
      330
121,338
Texas Instruments, Inc.
 
    1,856
511,773
 
 
 
22,137,240
Software (8.5%) 
Adobe, Inc. (a)
 
      840
210,344
AppLovin Corp., Class A (a)
 
      523
207,056

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Large Cap Index Fund
 
 
Shares
Value
Software (cont'd)
Atlassian Corp., Class A (a)
 
      302
$30,507
Autodesk, Inc. (a)
 
      421
98,598
Cadence Design Systems, Inc. (a)
 
      570
193,811
Circle Internet Group, Inc. (a)
 
      452
28,300
Crowdstrike Holdings, Inc., Class A (a)
 
    2,058
392,790
Datadog, Inc., Class A (a)
 
      663
177,664
Fair Isaac Corp. (a)
 
       50
56,149
Fortinet, Inc. (a)
 
    1,288
208,592
Intuit, Inc.
 
      559
176,683
Microsoft Corp.
 
   15,109
7,021,455
Oracle Corp.
 
    3,443
447,142
Palantir Technologies, Inc., Class A (a)
 
    4,363
536,911
Palo Alto Networks, Inc. (a)
 
    1,662
551,501
PTC, Inc. (a)
 
      170
23,324
Roper Technologies, Inc.
 
      196
76,826
Salesforce, Inc.
 
    1,851
340,621
Samsara, Inc., Class A (a)
 
      986
36,748
ServiceNow, Inc. (a)
 
    2,121
235,919
Strategy, Inc., Class A (a)
 
      665
62,031
Synopsys, Inc. (a)
 
      398
154,727
Trimble, Inc. (a)
 
      388
21,953
Tyler Technologies, Inc. (a)
 
       77
23,839
Workday, Inc., Class A (a)
 
      430
68,946
Zoom Communications, Inc. (a)
 
      575
55,240
Zscaler, Inc. (a)
 
      229
34,625
 
 
 
11,472,302
Specialized REITs (0.7%) 
American Tower Corp. REIT
 
      986
170,933
Crown Castle, Inc. REIT
 
      967
73,782
Digital Realty Trust, Inc. REIT
 
      729
137,431
Equinix, Inc. REIT
 
      204
207,933
Extra Space Storage, Inc. REIT
 
      418
61,881
Iron Mountain, Inc. REIT
 
      577
70,579
Public Storage REIT
 
      326
105,680
SBA Communications Corp. REIT
 
      182
32,938
VICI Properties, Inc. REIT
 
    1,818
47,904
Weyerhaeuser Co. REIT
 
    1,394
34,892
 
 
 
943,953
Specialty Retail (1.4%) 
AutoZone, Inc. (a)
 
       35
105,569
Carvana Co. (a)
 
    1,388
86,556
Home Depot, Inc.
 
    2,035
675,539
Lowe's Cos., Inc.
 
    1,154
239,813
O'Reilly Automotive, Inc. (a)
 
    1,749
156,273
Ross Stores, Inc.
 
      669
167,966
TJX Cos., Inc.
 
    2,266
356,532
Tractor Supply Co.
 
      985
30,308
Ulta Beauty, Inc. (a)
 
       92
47,180
Williams-Sonoma, Inc.
 
      237
54,192
 
 
 
1,919,928
Tech Hardware, Storage & Peripherals (8.0%) 
Apple, Inc.
 
   29,411
9,085,352
Dell Technologies, Inc., Class C
 
      564
228,629
Everpure, Inc., Class A (a)
 
      701
54,096
 
 
Shares
Value
 
Hewlett Packard Enterprise Co.
 
    2,718
$130,192
HP, Inc.
 
    2,046
55,794
NetApp, Inc.
 
      391
69,794
Sandisk Corp. (a)
 
      282
342,582
Seagate Technology Holdings PLC
 
      447
382,690
Super Micro Computer, Inc. (a)
 
    1,217
34,563
Western Digital Corp.
 
      688
374,850
 
 
 
10,758,542
Textiles, Apparel & Luxury Goods (0.2%) 
Amer Sports, Inc. (Finland) (a)
 
      451
16,015
Deckers Outdoor Corp. (a)
 
      235
22,767
Lululemon Athletica, Inc. (a)
 
      209
24,844
NIKE, Inc., Class B
 
    2,506
104,525
Ralph Lauren Corp.
 
       85
32,329
Tapestry, Inc.
 
      404
61,557
 
 
 
262,037
Tobacco (0.6%) 
Altria Group, Inc.
 
    3,559
243,186
Philip Morris International, Inc.
 
    3,178
606,426
 
 
 
849,612
Trading Companies & Distributors (0.4%) 
AerCap Holdings NV (Netherlands)
 
      331
49,948
Fastenal Co.
 
    2,474
118,035
Ferguson Enterprises, Inc.
 
      369
86,468
Sunbelt Rentals Holdings, Inc. (United Kingdom)
 
      757
54,443
United Rentals, Inc.
 
      128
138,145
Watsco, Inc.
 
       77
23,816
WW Grainger, Inc.
 
       88
121,635
 
 
 
592,490
Water Utilities (0.0%) ‡
American Water Works Co., Inc.
 
      365
48,972
Wireless Telecommunication Services (0.1%) 
T-Mobile U.S., Inc.
 
    1,009
174,264
Total Common
Stocks  (Cost $115,255,112)
 
133,358,233
Rights (0.0%)‡
 
         
Hologic, Inc., CVR, expires 9/25/27
 (a)(d)(e) (Cost $5)
 
      451
4
Short-Term Investments (0.1%)
Investment Company (0.1%)
 
 
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional Class,
3.59% (f) (Cost $99,537)
 
   99,537
99,537
Securities held as Collateral on Loaned Securities (0.0%)‡
Investment Company (0.0%)‡
 
 
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional Class,
3.59% (f) (Cost $29,995)
 
   29,995
29,995
Total Short-Term Investments (Cost $129,532)
129,532
Total Investments (99.3%) (Cost $115,384,649)
including $29,608 of Securities Loaned (g)(h)
133,487,769
Other Assets in Excess of Liabilities (0.7%)
924,800
Net Assets (100.0%)
$134,412,569
 
‡
Amount is less than 0.05%.
(a)
Non-income producing security.

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Large Cap Index Fund
(b)
For the nine months ended July 31, 2026, purchase of
Morgan Stanley, Common Stock, and its affiliated broker-
dealers, which may be deemed affiliates of the Adviser/
Administrator and Distributor under the Investment Company
Act of 1940, was $191,170
(c)
All or a portion of this security was on loan. The value of
loaned securities and related collateral outstanding at July 31,
2026, were approximately $29,608 and $29,995,
respectively. The Fund received cash collateral of
approximately $29,995, which was subsequently invested in
Morgan Stanley Institutional Liquidity Funds - Government
Portfolio - Institutional Class as reported in the Portfolio of
Investments. The Fund has the right under the securities
lending agreement to recover the securities from the
borrower on demand.
(d)
Restricted security. Total market value of restricted securities
amounts to $4, which represents less than 0.05% of the net
assets of the Fund as of July 31, 2026.
(e)
Security is valued using significant unobservable inputs and is
categorized as Level 3 in the fair value hierarchy.
(f)
The Funds invest in the Institutional Class of the Morgan
Stanley Institutional Liquidity Funds — Government Portfolio
(the “Liquidity Fund”), an open-end management investment
company managed by the Adviser, both directly and as a
portion of the securities held as collateral on loaned
securities.
(g)
The Fund is permitted to purchase and sell securities ("cross-
trade") from and to other Morgan Stanley Funds as well as
other funds and client accounts for which the Adviser or an
affiliate of the Adviser serves as investment adviser, pursuant
to procedures approved by the Trustees in compliance with
Rule 17a-7 under the Act (the "Rule"). As a result of a change
in the Rule 2a-5 (aka the “Valuation Rule”), which impacts
transactions under Rule 17a-7, a security is an eligible
security for purposes of Rule 17a-7 only when there is a
“readily available market quotation” for the security. The
Fund's Rule 17a-7 policy was amended effective
September 8, 2022, to reflect the new requirements of
Rule 2a-5. For the nine months ended July 31, 2026, the Fund
did not engage in any cross-trade transactions.
(h)
At July 31, 2026, the aggregate cost for federal income tax
purposes approximates the aggregate cost for book
purposes. The aggregate gross unrealized appreciation is
$21,594,007 and the aggregate gross unrealized
depreciation is $3,490,887, resulting in net unrealized
appreciation of $18,103,120.
 
CVR
Contingent Value Rights.
REIT
Real Estate Investment Trust.

 
Portfolio Composition*
Classification
Percentage of
Total Investments
Other**
58.8
%
Semiconductors & Semiconductor Equipment
16.6
Software
8.6
Tech Hardware, Storage & Peripherals
8.1
Interactive Media & Services
7.9
Total Investments
100.0
%
 
*
Percentages indicated are based upon total investments (excluding Securities
held as Collateral on Loaned Securities) as of July 31, 2026.
**
Industries and/or investment types representing less than 5% of total
investments.

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments 
E*TRADE No Fee Total Market Index Fund
 
 
 
Shares
Value
Common Stocks (99.4%)
Aerospace & Defense (2.5%) 
AAR Corp. (a)
 
       27
$3,781
AeroVironment, Inc. (a)
 
       56
8,365
Archer Aviation, Inc., Class A (a)
 
      587
2,724
Astronics Corp. (a)
 
       63
4,378
ATI, Inc. (a)
 
      198
37,113
Axon Enterprise, Inc. (a)
 
      121
63,859
Beta Technologies, Inc., Class A (a)
 
      369
6,985
Boeing Co. (a)
 
    1,175
253,965
BWX Technologies, Inc.
 
      109
18,388
Cadre Holdings, Inc. (b)
 
       11
339
Carpenter Technology Corp.
 
       70
36,376
Curtiss-Wright Corp.
 
       54
39,096
Ducommun, Inc. (a)
 
        7
1,253
Eve Holding, Inc. (a)
 
      651
1,510
Firefly Aerospace, Inc. (a)
 
      246
5,001
FTAI Aviation Ltd.
 
      152
31,312
General Dynamics Corp.
 
      345
132,280
General Electric Co.
 
    1,603
577,192
HEICO Corp.
 
       50
17,818
HEICO Corp., Class A
 
       94
24,184
Hexcel Corp.
 
      119
12,251
Honeywell Aerospace, Inc. (a)
 
      451
93,240
Howmet Aerospace, Inc.
 
      623
175,848
Huntington Ingalls Industries, Inc.
 
       51
16,649
Intuitive Machines, Inc. (a)
 
      249
3,073
Karman Holdings, Inc. (a)
 
      112
5,393
Kratos Defense & Security Solutions, Inc. (a)
 
      314
14,632
L3Harris Technologies, Inc.
 
      293
81,179
Leonardo DRS, Inc.
 
       47
2,164
Loar Holdings, Inc. (a)
 
       23
1,574
Lockheed Martin Corp.
 
      345
201,045
Mercury Systems, Inc. (a)
 
      143
13,885
Moog, Inc., Class A
 
       42
16,374
National Presto Industries, Inc.
 
        4
486
Northrop Grumman Corp.
 
      229
124,228
Park Aerospace Corp.
 
      130
4,407
Rocket Lab Corp. (a)
 
      790
51,311
RTX Corp.
 
    2,045
440,125
StandardAero, Inc. (a)
 
      171
5,012
Textron, Inc.
 
      270
23,020
TransDigm Group, Inc.
 
       78
97,842
V2X, Inc. (a)
 
       85
7,670
Voyager Technologies, Inc., Class A (a)(b)
 
      295
7,236
VSE Corp.
 
       51
9,914
Woodward, Inc.
 
       72
25,974
 
 
 
2,700,451
Air Freight & Logistics (0.3%) 
CH Robinson Worldwide, Inc.
 
      179
26,444
Expeditors International of Washington, Inc.
 
      229
38,447
FedEx Corp.
 
      327
100,520
GXO Logistics, Inc. (a)
 
      141
7,073
Hub Group, Inc., Class A
 
       50
2,326
 
 
Shares
Value
 
Radiant Logistics, Inc. (a)
 
      919
$7,572
United Parcel Service, Inc., Class B
 
    1,139
118,707
 
 
 
301,089
Automobile Components (0.1%) 
Adient PLC (a)
 
       94
1,978
Aptiv PLC (a)
 
      352
19,877
BorgWarner, Inc.
 
      458
29,193
Dana, Inc.
 
      273
7,352
Dorman Products, Inc. (a)
 
       31
4,128
Fox Factory Holding Corp. (a)
 
       17
306
Garrett Motion, Inc. (Switzerland)
 
      431
13,426
Gentex Corp.
 
      456
10,652
Gentherm, Inc. (a)
 
      100
4,058
Goodyear Tire & Rubber Co. (a)
 
      169
1,174
LCI Industries
 
       25
2,559
Lear Corp.
 
       88
11,496
Patrick Industries, Inc.
 
       19
1,568
Phinia, Inc.
 
       37
2,723
QuantumScape Corp. (a)(b)
 
      422
2,203
Standard Motor Products, Inc.
 
       46
1,759
Versigent PLC (a)
 
       74
3,060
Visteon Corp.
 
       44
4,600
XPEL, Inc. (a)
 
       13
577
 
 
 
122,689
Automobiles (1.7%) 
Ford Motor Co.
 
    6,213
91,207
General Motors Co.
 
    1,369
121,649
Harley-Davidson, Inc.
 
       77
1,890
Rivian Automotive, Inc., Class A (a)
 
    1,558
23,713
Tesla, Inc. (a)
 
    5,096
1,585,926
Thor Industries, Inc.
 
      131
9,821
Winnebago Industries, Inc.
 
       69
2,089
 
 
 
1,836,295
Banks (3.9%) 
1st Source Corp.
 
        6
538
Amalgamated Financial Corp.
 
       13
642
Amerant Bancorp, Inc.
 
       19
562
Ameris Bancorp
 
       32
2,791
Arrow Financial Corp.
 
      278
11,076
Associated Banc-Corp.
 
       18
556
Atlantic Union Bankshares Corp.
 
      230
9,759
Axos Financial, Inc. (a)
 
       94
9,533
Banc of California, Inc.
 
      119
2,279
BancFirst Corp.
 
       15
1,692
Bancorp, Inc. (a)
 
       30
2,012
Bank First Corp.
 
        4
611
Bank of America Corp.
 
    9,497
588,339
Bank of Hawaii Corp.
 
      116
9,268
Bank of Marin Bancorp
 
       84
2,449
Bank of NT Butterfield & Son Ltd. (Bermuda)
 
       44
2,697
Bank OZK
 
       68
3,488
BankUnited, Inc.
 
      109
5,085
Banner Corp.
 
        6
422
Bar Harbor Bankshares
 
      167
6,632
Beacon Financial Corp.
 
      166
5,231

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Banks (cont'd)
BOK Financial Corp.
 
       41
$5,793
Burke & Herbert Financial Services Corp.
 
        7
513
Business First Bancshares, Inc.
 
       16
509
Byline Bancorp, Inc.
 
       87
3,417
Camden National Corp.
 
       50
2,895
Capital Bancorp, Inc.
 
       59
2,202
Capital City Bank Group, Inc.
 
       66
3,423
Capitol Federal Financial, Inc.
 
      985
8,707
Cathay General Bancorp
 
       10
632
Central BanCo, Inc.
 
      330
10,824
Central Pacific Financial Corp.
 
       87
3,428
Citigroup, Inc.
 
    2,612
345,959
Citizens Financial Group, Inc.
 
      639
45,784
City Holding Co.
 
       58
8,416
CNB Financial Corp.
 
       67
2,352
Coastal Financial Corp. (a)
 
       61
2,500
Colony Bankcorp, Inc.
 
      360
7,891
Columbia Banking System, Inc.
 
      588
18,387
Columbia Financial, Inc. (a)(b)
 
      490
5,297
Commerce Bancshares, Inc.
 
      193
11,439
Community Trust Bancorp, Inc.
 
      109
8,551
Community West Bancshares
 
      267
6,683
ConnectOne Bancorp, Inc.
 
       17
560
Cullen/Frost Bankers, Inc.
 
       48
7,984
Customers Bancorp, Inc. (a)
 
        8
629
CVB Financial Corp.
 
      592
13,243
Dime Commercial Bancshares, Inc.
 
       14
571
East West Bancorp, Inc.
 
      239
31,309
Eastern Bankshares, Inc.
 
      318
7,301
Enterprise Financial Services Corp.
 
        7
464
Equity Bancshares, Inc., Class A
 
       10
507
Esquire Financial Holdings, Inc.
 
       33
4,264
Farmers & Merchants Bancorp, Inc.
 
      117
3,903
FB Financial Corp.
 
       48
2,898
Fifth Third Bancorp
 
    1,422
80,343
First BanCorp (Puerto Rico)
 
      328
9,489
First Bancorp/Southern Pines NC
 
       38
2,389
First Busey Corp.
 
       18
555
First Citizens BancShares, Inc., Class A
 
       12
26,240
First Commonwealth Financial Corp.
 
       25
538
First Community Bankshares, Inc.
 
       82
3,913
First Financial Bancorp
 
      204
6,901
First Financial Bankshares, Inc.
 
      281
9,874
First Financial Corp.
 
        8
644
First Hawaiian, Inc.
 
       82
2,279
First Horizon Corp.
 
      528
13,538
First Interstate BancSystem, Inc., Class A
 
       62
2,357
First Merchants Corp.
 
       10
431
First Mid Bancshares, Inc.
 
       11
573
Five Star Bancorp
 
       14
661
Flagstar Bank NA
 
      246
3,498
FNB Corp.
 
      504
9,526
Fulton Financial Corp.
 
      148
3,601
German American Bancorp, Inc.
 
       48
2,442
 
 
Shares
Value
 
Glacier Bancorp, Inc.
 
       64
$3,155
Great Southern Bancorp, Inc.
 
        7
562
Hancock Whitney Corp.
 
      234
18,018
Hanmi Financial Corp.
 
       80
2,550
HBT Financial, Inc.
 
       17
609
Heritage Financial Corp.
 
       17
505
Hilltop Holdings, Inc.
 
       58
2,288
Home BancShares, Inc.
 
      479
14,883
HomeTrust Bancshares, Inc.
 
       11
563
Hope Bancorp, Inc.
 
      550
7,706
Horizon Bancorp, Inc.
 
      407
8,323
Huntington Bancshares, Inc.
 
    3,418
58,243
Independent Bank Corp.  
 
      188
7,501
International Bancshares Corp.
 
        6
459
JPMorgan Chase & Co.
 
    4,114
1,447,264
KeyCorp
 
    1,576
35,602
Lakeland Financial Corp.
 
      155
9,711
Live Oak Bancshares, Inc.
 
       15
642
M&T Bank Corp.
 
      260
64,035
Mercantile Bank Corp.
 
       68
4,085
Metrocity Bankshares, Inc.
 
       70
2,477
Metropolitan Bank Holding Corp.
 
        7
647
Mid Penn Bancorp, Inc.
 
      167
6,403
MVB Financial Corp.
 
      181
5,548
National Bank Holdings Corp., Class A
 
       80
3,455
NB Bancorp, Inc.
 
      105
2,416
NBT Bancorp, Inc.
 
        9
474
Nicolet Bankshares, Inc.
 
       23
3,931
Northeast Bank
 
       18
2,235
Northeast Community Bancorp, Inc.
 
      243
6,488
Northwest Bancshares, Inc.
 
      144
2,267
OceanFirst Financial Corp.
 
       24
463
OFG Bancorp (Puerto Rico)
 
       10
529
Old National Bancorp
 
      347
9,244
Old Second Bancorp, Inc.
 
      144
3,642
Origin Bancorp, Inc.
 
       12
657
Orrstown Financial Services, Inc.
 
      202
8,631
Park National Corp.
 
       16
3,330
Parke Bancorp, Inc.
 
      218
7,445
Pathward Financial, Inc.
 
       27
2,383
Peoples Bancorp, Inc.
 
       13
542
Pinnacle Financial Partners, Inc.
 
      152
15,995
PNC Financial Services Group, Inc.
 
      642
160,417
Popular, Inc.
 
       96
16,820
Preferred Bank
 
       21
2,193
Prosperity Bancshares, Inc.
 
       81
6,064
Provident Financial Services, Inc.
 
      396
9,773
QCR Holdings, Inc.
 
        5
515
Regions Financial Corp.
 
    1,498
46,363
Renasant Corp.
 
       53
2,309
Republic Bancorp, Inc., Class A
 
        5
498
S&T Bancorp, Inc.
 
       10
522
Seacoast Banking Corp. of Florida
 
       68
2,362
ServisFirst Bancshares, Inc.
 
       57
5,102
Shore Bancshares, Inc.
 
      132
3,234

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Banks (cont'd)
Sierra Bancorp
 
      114
$4,647
Simmons First National Corp., Class A
 
      371
8,752
SmartFinancial, Inc.
 
      171
8,960
Southern Missouri Bancorp, Inc.
 
        7
542
Southside Bancshares, Inc.
 
       13
423
Southstate Bank Corp.
 
      211
22,174
Stock Yards Bancorp, Inc.
 
       25
2,128
Texas Capital Bancshares, Inc.
 
       39
3,855
TFS Financial Corp.
 
      528
9,721
Tompkins Financial Corp.
 
        6
599
Towne Bank
 
       55
2,085
TriCo Bancshares
 
        9
518
Triumph Financial, Inc. (a)
 
        7
532
Truist Financial Corp.
 
    1,955
101,347
TrustCo Bank Corp.
 
       88
5,014
Trustmark Corp.
 
       11
522
U.S. Bancorp
 
    2,342
147,569
UMB Financial Corp.
 
       80
11,658
United Bankshares, Inc.
 
       52
2,519
United Community Banks, Inc.
 
       65
2,304
Univest Financial Corp.
 
      230
10,175
Valley National Bancorp
 
      324
4,630
WaFd, Inc.
 
       63
2,317
Washington Trust Bancorp, Inc.
 
       98
3,820
Webster Financial Corp.
 
      125
9,653
Wells Fargo & Co.
 
    4,732
409,081
WesBanco, Inc.
 
       13
538
Westamerica BanCorp
 
       52
3,128
Western Alliance Bancorp
 
      114
9,176
Wintrust Financial Corp.
 
       68
10,849
WSFS Financial Corp.
 
       63
5,053
Zions Bancorp NA
 
      115
8,016
 
 
 
4,269,072
Beverages (1.0%) 
Boston Beer Co., Inc., Class A (a)
 
       14
2,565
Brown-Forman Corp., Class A
 
       65
1,899
Brown-Forman Corp., Class B
 
      498
14,308
Celsius Holdings, Inc. (a)
 
      360
10,516
Coca-Cola Co.
 
    5,915
518,095
Coca-Cola Consolidated, Inc.
 
       67
12,589
Constellation Brands, Inc., Class A
 
      224
29,172
Keurig Dr. Pepper, Inc.
 
    1,775
55,238
MGP Ingredients, Inc.
 
       12
212
Molson Coors Beverage Co., Class B
 
      202
8,395
Monster Beverage Corp. (a)
 
    1,099
105,922
National Beverage Corp.
 
        8
253
PepsiCo, Inc.
 
    2,102
293,355
Primo Brands Corp.
 
      709
16,094
Vita Coco Co., Inc. (a)
 
       48
3,165
 
 
 
1,071,778
Biotechnology (2.2%) 
AbbVie, Inc.
 
    2,690
675,029
ACADIA Pharmaceuticals, Inc. (a)
 
      332
8,589
ADMA Biologics, Inc. (a)
 
    1,567
13,257
 
 
Shares
Value
 
Agios Pharmaceuticals, Inc. (a)
 
       55
$1,651
Alkermes PLC (a)
 
      276
13,521
Alnylam Pharmaceuticals, Inc. (a)
 
      210
43,159
Amgen, Inc.
 
      829
319,298
Anavex Life Sciences Corp. (a)
 
       40
110
Apogee Therapeutics, Inc. (a)
 
      100
13,409
Arcus Biosciences, Inc. (a)
 
       46
1,297
Arcutis Biotherapeutics, Inc. (a)
 
      112
3,008
Ardelyx, Inc. (a)
 
       82
406
Arrowhead Pharmaceuticals, Inc. (a)
 
      248
20,993
ARS Pharmaceuticals, Inc. (a)(b)
 
       26
133
Aura Biosciences, Inc. (a)
 
      407
2,853
Beam Therapeutics, Inc. (a)
 
       91
2,322
BioCryst Pharmaceuticals, Inc. (a)
 
      248
2,227
Biogen, Inc. (a)
 
      231
46,881
Biohaven Ltd. (a)
 
      127
1,715
BioMarin Pharmaceutical, Inc. (a)
 
      262
15,725
Bridgebio Pharma, Inc. (a)
 
      205
16,418
Capricor Therapeutics, Inc. (a)
 
      421
1,621
CareDx, Inc. (a)
 
       19
830
Caris Life Sciences, Inc. (a)
 
      736
11,533
Celcuity, Inc. (a)
 
       54
4,665
Celldex Therapeutics, Inc. (a)
 
      253
9,629
CG oncology, Inc. (a)
 
       59
4,200
Cogent Biosciences, Inc. (a)
 
      154
5,995
Cytokinetics, Inc. (a)
 
      208
16,043
Denali Therapeutics, Inc. (a)
 
      383
8,817
Dianthus Therapeutics, Inc. (a)
 
      118
12,617
Disc Medicine, Inc. (a)
 
       10
770
Dyne Therapeutics, Inc. (a)
 
      192
4,835
Erasca, Inc. (a)
 
      506
9,184
Exelixis, Inc. (a)
 
      334
17,712
Geron Corp. (a)
 
      265
342
Gilead Sciences, Inc.
 
    1,854
241,409
GRAIL, Inc. (a)
 
       38
2,605
Halozyme Therapeutics, Inc. (a)
 
      197
16,260
Ideaya Biosciences, Inc. (a)
 
      100
3,550
ImmunityBio, Inc. (a)(b)
 
      140
1,004
Immunome, Inc. (a)
 
      281
6,396
Immunovant, Inc. (a)
 
      150
5,793
Incyte Corp. (a)
 
      253
30,239
Insmed, Inc. (a)
 
      385
37,961
Intellia Therapeutics, Inc. (a)
 
       51
545
Ionis Pharmaceuticals, Inc. (a)
 
      205
10,613
Iovance Biotherapeutics, Inc. (a)(b)
 
      112
456
Janux Therapeutics, Inc. (a)
 
      463
7,024
Krystal Biotech, Inc. (a)
 
       48
16,374
Kura Oncology, Inc. (a)
 
      467
4,208
Kymera Therapeutics, Inc. (a)
 
      103
10,650
Madrigal Pharmaceuticals, Inc. (a)
 
       21
9,814
MannKind Corp. (a)
 
      351
1,372
MiMedx Group, Inc. (a)
 
       50
207
Mineralys Therapeutics, Inc. (a)
 
       28
715
Mirum Pharmaceuticals, Inc. (a)
 
      152
16,104
Moderna, Inc. (a)
 
      546
29,932

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Biotechnology (cont'd)
MoonLake Immunotherapeutics (a)
 
       10
$184
Myriad Genetics, Inc. (a)
 
       43
123
Natera, Inc. (a)
 
      191
51,142
Neurocrine Biosciences, Inc. (a)
 
      147
24,520
Novavax, Inc. (a)
 
       63
461
Nurix Therapeutics, Inc. (a)
 
      219
5,083
Oruka Therapeutics, Inc. (a)
 
      130
12,546
Praxis Precision Medicines, Inc. (a)
 
       41
12,621
Protagonist Therapeutics, Inc. (a)
 
       87
11,888
PTC Therapeutics, Inc. (a)
 
       86
5,849
Recursion Pharmaceuticals, Inc., Class A (a)(b)
 
      390
1,170
Regeneron Pharmaceuticals, Inc.
 
      151
115,157
Revolution Medicines, Inc. (a)
 
      303
56,822
Rhythm Pharmaceuticals, Inc. (a)
 
      101
10,024
Sarepta Therapeutics, Inc. (a)
 
      110
1,635
Scholar Rock Holding Corp. (a)
 
      154
7,283
Spyre Therapeutics, Inc. (a)
 
      134
13,176
Summit Therapeutics, Inc. (a)
 
      408
5,312
Syndax Pharmaceuticals, Inc. (a)
 
      179
3,410
TG Therapeutics, Inc. (a)
 
      276
14,360
Travere Therapeutics, Inc. (a)
 
      268
14,979
Twist Bioscience Corp. (a)
 
      134
12,268
Ultragenyx Pharmaceutical, Inc. (a)
 
      347
8,644
United Therapeutics Corp. (a)
 
       65
33,651
Vaxcyte, Inc. (a)
 
      267
14,439
Vera Therapeutics, Inc. (a)
 
      143
4,590
Veracyte, Inc. (a)
 
       67
3,103
Vericel Corp. (a)
 
       55
2,528
Vertex Pharmaceuticals, Inc. (a)
 
      403
192,271
Viking Therapeutics, Inc. (a)
 
      241
7,649
Vir Biotechnology, Inc. (a)
 
      705
6,105
Viridian Therapeutics, Inc. (a)
 
      117
2,214
Zymeworks, Inc. (a)
 
      151
3,313
 
 
 
2,422,545
Broadline Retail (3.7%) 
Amazon.com, Inc. (a)
 
   14,668
3,983,535
Coupang, Inc. (Korea, Republic of) (a)
 
    1,476
24,133
Dillard's, Inc., Class A
 
       15
8,825
eBay, Inc.
 
      637
72,624
Etsy, Inc. (a)
 
      166
13,559
Groupon, Inc. (a)(b)
 
       20
552
Kohl's Corp.
 
       50
957
Macy's, Inc.
 
      405
10,052
Ollie's Bargain Outlet Holdings, Inc. (a)
 
      142
10,433
Savers Value Village, Inc. (a)(b)
 
       41
421
 
 
 
4,125,091
Building Products (0.6%) 
A.O. Smith Corp.
 
      216
12,988
AAON, Inc.
 
       99
8,817
Advanced Drainage Systems, Inc.
 
       75
10,386
Allegion PLC
 
      128
20,147
Apogee Enterprises, Inc.
 
        7
277
Armstrong World Industries, Inc.
 
       55
9,606
AZZ, Inc.
 
       18
2,605
 
 
Shares
Value
 
Builders FirstSource, Inc. (a)
 
      157
$10,431
Carlisle Cos., Inc.
 
       77
27,714
Carrier Global Corp.
 
    1,199
74,110
CSW Industrials, Inc.
 
       15
4,784
Fortune Brands Innovations, Inc.
 
      208
10,246
Gibraltar Industries, Inc. (a)
 
      133
5,621
Griffon Corp.
 
       90
7,755
Hayward Holdings, Inc. (a)
 
      132
1,997
Janus International Group, Inc. (a)
 
       54
277
Johnson Controls International PLC
 
      925
135,661
Lennox International, Inc.
 
       44
18,299
Louisiana-Pacific Corp.
 
      100
7,243
Masco Corp.
 
      307
21,945
Masterbrand, Inc. (a)
 
      901
7,433
Modine Manufacturing Co. (a)
 
       70
14,074
Owens Corning
 
       92
12,779
Quanex Building Products Corp.
 
       20
357
Resideo Technologies, Inc. (a)
 
      227
7,786
Simpson Manufacturing Co., Inc.
 
       64
12,015
Tecnoglass Holdings, Inc.
 
        5
217
Trane Technologies PLC
 
      336
152,863
Trex Co., Inc. (a)
 
      196
8,499
UFP Industries, Inc.
 
       78
6,766
Zurn Elkay Water Solutions Corp.
 
      284
14,345
 
 
 
628,043
Capital Markets (3.1%) 
Acadian Asset Management, Inc.
 
       45
3,892
Affiliated Managers Group, Inc.
 
       34
12,469
Ameriprise Financial, Inc.
 
      149
81,330
ARES Management Corp., Class A
 
      311
39,836
Artisan Partners Asset Management, Inc.,
Class A
 
       10
392
Bank of New York Mellon Corp.
 
    1,019
159,300
BGC Group, Inc., Class A
 
      501
5,772
Blackrock, Inc.
 
      240
261,694
Blackstone, Inc.
 
    1,132
144,613
Blue Owl Capital, Inc.
 
      957
9,857
Carlyle Group, Inc.
 
      370
17,027
Cboe Global Markets, Inc.
 
      188
58,323
Charles Schwab Corp.
 
    2,488
261,837
CME Group, Inc.
 
      561
150,230
Cohen & Steers, Inc.
 
        5
411
Coinbase Global, Inc., Class A (a)
 
      320
46,803
DigitalBridge Group, Inc.
 
      177
2,809
Donnelley Financial Solutions, Inc. (a)
 
       84
3,973
Evercore, Inc., Class A
 
       58
18,593
FactSet Research Systems, Inc.
 
       49
12,897
Federated Hermes, Inc.
 
      160
9,594
Franklin Resources, Inc.
 
      536
18,149
Galaxy Digital, Inc., Class A (a)
 
      345
7,248
GCM Grosvenor, Inc., Class A
 
       28
349
Goldman Sachs Group, Inc.
 
      446
454,198
Hamilton Lane, Inc., Class A
 
       41
3,645
Houlihan Lokey, Inc.
 
       61
7,655
Interactive Brokers Group, Inc., Class A
 
      675
59,393

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Capital Markets (cont'd)
Intercontinental Exchange, Inc.
 
      857
$130,675
Invesco Ltd.
 
      642
19,003
Jefferies Financial Group, Inc.
 
      183
9,992
KKR & Co., Inc.
 
    1,025
103,966
Lazard, Inc.
 
       45
1,907
LPL Financial Holdings, Inc.
 
      127
44,920
MarketAxess Holdings, Inc.
 
       57
9,251
Miami International Holdings, Inc. (a)
 
      115
5,410
Moelis & Co., Class A
 
      125
8,385
Moody's Corp.
 
      248
118,638
Morgan Stanley (c)
 
    1,778
374,127
Morningstar, Inc.
 
       56
10,784
MSCI, Inc.
 
      100
57,224
Nasdaq, Inc.
 
      574
54,065
Northern Trust Corp.
 
      330
60,123
Oppenheimer Holdings, Inc., Class A
 
        7
747
Patria Investments Ltd., Class A (Cayman
Islands)
 
       34
368
Perella Weinberg Partners
 
      162
2,859
Piper Sandler Cos.
 
      128
9,702
PJT Partners, Inc., Class A
 
       16
2,693
Raymond James Financial, Inc.
 
      225
39,596
Ridgepost Capital, Inc., Class A
 
      155
1,336
Robinhood Markets, Inc., Class A (a)
 
    1,183
102,401
S&P Global, Inc.
 
      451
185,780
SEI Investments Co.
 
       41
4,222
State Street Corp.
 
      435
80,110
StepStone Group, Inc., Class A
 
       78
3,421
Stifel Financial Corp.
 
      148
12,271
StoneX Group, Inc. (a)
 
      241
18,453
T. Rowe Price Group, Inc.
 
      303
33,860
TPG, Inc.
 
      145
6,331
Tradeweb Markets, Inc., Class A
 
      179
17,990
Twenty One Capital, Inc., Class A (a)(b)
 
    1,154
4,928
Victory Capital Holdings, Inc., Class A
 
       29
2,872
Virtu Financial, Inc., Class A
 
      166
9,749
Virtus Investment Partners, Inc.
 
        3
478
Webull Corp. (Cayman Islands) (a)
 
    1,901
13,421
WisdomTree, Inc.
 
      195
3,777
 
 
 
3,418,124
Chemicals (1.0%) 
AdvanSix, Inc.
 
       17
341
Air Products & Chemicals, Inc.
 
      350
103,211
Albemarle Corp.
 
      191
22,469
Ashland, Inc.
 
       86
6,244
Avient Corp.
 
       56
2,034
Axalta Coating Systems Ltd. (a)
 
      230
8,236
Balchem Corp.
 
       50
8,378
Cabot Corp.
 
      132
11,619
Celanese Corp.
 
       94
4,204
CF Industries Holdings, Inc.
 
      236
29,545
Chemours Co.
 
      156
2,591
Corteva, Inc.
 
      973
76,585
Dow, Inc.
 
    1,315
39,831
 
 
Shares
Value
 
DuPont de Nemours, Inc.
 
      205
$28,085
Eastman Chemical Co.
 
      174
12,171
Ecolab, Inc.
 
      390
108,276
Ecovyst, Inc. (a)
 
       61
736
Element Solutions, Inc.
 
      490
17,998
Hawkins, Inc.
 
       13
1,664
HB Fuller Co.
 
       30
1,659
Huntsman Corp.
 
      139
1,357
Ingevity Corp. (a)
 
       38
2,778
Innospec, Inc.
 
        4
344
International Flavors & Fragrances, Inc.
 
      422
33,431
Koppers Holdings, Inc.
 
      121
5,931
Kronos Worldwide, Inc.
 
       51
307
Linde PLC
 
      713
341,085
LyondellBasell Industries NV, Class A
 
      412
25,577
Minerals Technologies, Inc.
 
        6
457
Mosaic Co.
 
      430
9,512
NewMarket Corp.
 
        5
4,251
Olin Corp.
 
       81
1,499
Orion SA (Germany)
 
       31
209
Perimeter Solutions, Inc. (a)
 
      290
8,877
PPG Industries, Inc.
 
      361
39,898
PureCycle Technologies, Inc. (a)(b)
 
       58
369
Quaker Chemical Corp.
 
       92
14,768
RPM International, Inc.
 
      247
26,446
Scotts Miracle-Gro Co.
 
      103
6,765
Sensient Technologies Corp.
 
       34
4,205
Sherwin-Williams Co.
 
      343
116,912
Solstice Advanced Materials, Inc.
 
      211
12,696
Stepan Co.
 
       52
3,335
Tronox Holdings PLC
 
       68
397
Westlake Corp.
 
       33
2,327
 
 
 
1,149,610
Commercial Services & Supplies (0.5%) 
ABM Industries, Inc.
 
       39
1,868
ACV Auctions, Inc., Class A (a)
 
      135
1,011
Brady Corp., Class A
 
       54
5,091
BrightView Holdings, Inc. (a)
 
      411
5,359
Brink's Co.
 
      100
11,845
Casella Waste Systems, Inc., Class A (a)
 
      178
15,968
Cimpress PLC (Ireland) (a)
 
       39
3,849
Cintas Corp.
 
      518
105,998
Clean Harbors, Inc. (a)
 
       89
27,846
Copart, Inc. (a)
 
    1,446
42,108
CoreCivic, Inc. (a)
 
       90
2,691
Deluxe Corp.
 
       24
621
Ennis, Inc.
 
      197
4,295
GEO Group, Inc. (a)
 
      121
3,738
Healthcare Services Group, Inc. (a)
 
       35
815
HNI Corp.
 
      124
5,581
Interface, Inc.
 
       91
3,118
Liquidity Services, Inc. (a)
 
       11
429
MillerKnoll, Inc.
 
      607
13,670
MSA Safety, Inc.
 
       36
6,850
OPENLANE, Inc. (a)
 
      245
9,741

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Commercial Services & Supplies (cont'd)
Pitney Bowes, Inc.
 
      169
$2,963
Republic Services, Inc.
 
      327
68,850
Rollins, Inc.
 
      396
15,036
Tetra Tech, Inc.
 
      353
11,705
UniFirst Corp.
 
       11
3,223
Veralto Corp.
 
      401
37,762
Vestis Corp. (a)
 
       43
622
Waste Management, Inc.
 
      624
141,367
 
 
 
554,020
Communications Equipment (1.3%) 
Applied Optoelectronics, Inc. (a)
 
       96
9,055
Arista Networks, Inc. (a)
 
    1,628
293,610
Calix, Inc. (a)
 
      150
5,385
Ciena Corp. (a)
 
      219
82,574
Cisco Systems, Inc.
 
    6,065
703,479
Digi International, Inc. (a)
 
       71
4,950
Extreme Networks, Inc. (a)
 
      114
3,436
F5, Inc. (a)
 
       88
35,426
Harmonic, Inc. (a)
 
      187
2,160
Lumentum Holdings, Inc. (a)
 
      114
81,389
Motorola Solutions, Inc.
 
      268
116,781
NETGEAR, Inc. (a)
 
       16
387
NetScout Systems, Inc. (a)
 
       76
3,091
Ondas, Inc. (a)(b)
 
      580
4,344
Ribbon Communications, Inc. (a)
 
       99
212
Viasat, Inc. (a)
 
      176
13,540
Viavi Solutions, Inc. (a)
 
      379
14,004
Vistance Networks, Inc. (a)
 
      233
2,735
 
 
 
1,376,558
Construction & Engineering (0.5%) 
AECOM
 
      254
18,387
API Group Corp. (a)
 
      535
21,229
Arcosa, Inc.
 
       87
12,632
Argan, Inc.
 
       21
11,979
Centuri Holdings, Inc. (a)
 
      251
6,988
Comfort Systems USA, Inc.
 
       53
91,674
Construction Partners, Inc., Class A (a)
 
       65
6,718
Dycom Industries, Inc. (a)
 
       37
14,840
EMCOR Group, Inc.
 
       69
55,023
Everus Construction Group, Inc. (a)
 
       76
9,533
Fluor Corp. (a)
 
      205
10,285
Granite Construction, Inc.
 
      137
16,573
IES Holdings, Inc. (a)
 
       31
23,081
Legence Corp., Class A (a)
 
       96
6,137
Limbach Holdings, Inc. (a)
 
        5
358
MasTec, Inc. (a)
 
      100
26,310
MYR Group, Inc. (a)
 
       21
6,998
NWPX Infrastructure, Inc. (a)
 
       81
9,969
Primoris Services Corp.
 
       78
6,584
Quanta Services, Inc.
 
      229
152,825
Sterling Infrastructure, Inc. (a)
 
       41
24,468
Tutor Perini Corp.
 
       42
3,517
 
 
Shares
Value
 
Valmont Industries, Inc.
 
       22
$10,597
WillScot Holdings Corp.
 
      184
4,467
 
 
 
551,172
Construction Materials (0.3%) 
Amrize Ltd. (a)
 
      864
42,258
CRH PLC
 
      947
89,975
Eagle Materials, Inc.
 
       66
13,526
James Hardie Industries PLC (a)
 
      914
24,029
Knife River Corp. (a)
 
       32
2,341
Martin Marietta Materials, Inc.
 
       91
47,788
U.S. Lime & Minerals, Inc.
 
       50
5,515
Vulcan Materials Co.
 
      206
55,325
 
 
 
280,757
Consumer Finance (0.6%) 
Ally Financial, Inc.
 
      656
28,425
American Express Co.
 
      821
276,061
Atlanticus Holdings Corp. (a)
 
        7
739
Bread Financial Holdings, Inc.
 
      105
11,347
Capital One Financial Corp.
 
      925
193,334
Credit Acceptance Corp. (a)
 
        4
2,276
Dave, Inc. (a)
 
       15
5,590
Encore Capital Group, Inc. (a)
 
       47
4,422
Enova International, Inc. (a)
 
       17
4,320
EZCORP, Inc., Class A (a)
 
       22
655
Figure Technology Solutions, Inc., Class A (a)
 
      288
7,174
FirstCash Holdings, Inc.
 
       47
9,589
Happen, Inc. (a)
 
      129
2,469
Navient Corp.
 
       31
260
Nelnet, Inc., Class A
 
       15
2,038
NerdWallet, Inc., Class A (a)
 
       42
378
OneMain Holdings, Inc.
 
       97
6,070
PRA Group, Inc. (a)
 
       21
365
PROG Holdings, Inc.
 
       14
616
SLM Corp.
 
      158
4,107
SoFi Technologies, Inc. (a)
 
    1,851
30,190
Synchrony Financial
 
      482
36,531
Upstart Holdings, Inc. (a)(b)
 
       48
1,317
World Acceptance Corp. (a)
 
        3
539
 
 
 
628,812
Consumer Staples Distribution & Retail (1.7%) 
Albertsons Cos., Inc., Class A (b)
 
      702
8,129
Andersons, Inc.
 
       49
3,468
BJ's Wholesale Club Holdings, Inc. (a)
 
      166
16,232
Casey's General Stores, Inc.
 
       57
49,647
Chefs' Warehouse, Inc. (a)
 
       31
3,576
Costco Wholesale Corp.
 
      686
652,997
Dollar General Corp.
 
      328
41,672
Dollar Tree, Inc. (a)
 
      300
38,163
Grocery Outlet Holding Corp. (a)
 
      116
1,066
Ingles Markets, Inc., Class A
 
        5
450
Kroger Co.
 
      821
47,405
Maplebear, Inc. (a)
 
      317
14,138
Natural Grocers by Vitamin Cottage, Inc.
 
        8
257
Performance Food Group Co. (a)
 
      249
28,483
PriceSmart, Inc.
 
       17
3,296

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Consumer Staples Distribution & Retail (cont'd)
Sprouts Farmers Market, Inc. (a)
 
      146
$12,725
Sysco Corp.
 
      775
66,061
Target Corp.
 
      709
102,443
U.S. Foods Holding Corp. (a)
 
      296
29,775
United Natural Foods, Inc. (a)
 
       79
4,016
Village Super Market, Inc., Class A
 
       10
439
Walmart, Inc.
 
    6,626
736,811
Weis Markets, Inc.
 
        4
308
 
 
 
1,861,557
Containers & Packaging (0.2%) 
Amcor PLC
 
      532
23,876
AptarGroup, Inc.
 
      125
16,745
Ardagh Metal Packaging SA
 
      547
2,587
Avery Dennison Corp.
 
       87
14,766
Ball Corp.
 
      329
21,352
Crown Holdings, Inc.
 
      136
16,028
Graphic Packaging Holding Co.
 
      778
8,348
Greif, Inc., Class A
 
       69
5,972
International Paper Co.
 
      638
26,049
O-I Glass, Inc. (a)
 
      145
1,037
Packaging Corp. of America
 
      139
34,172
Silgan Holdings, Inc.
 
      109
4,358
Smurfit Westrock PLC
 
      713
32,777
Sonoco Products Co.
 
      143
8,059
TriMas Corp.
 
       17
679
 
 
 
216,805
Distributors (0.0%) ‡
Genuine Parts Co.
 
      199
24,749
Gold.com, Inc.
 
       16
662
LKQ Corp.
 
      344
7,723
Pool Corp.
 
       82
15,228
 
 
 
48,362
Diversified Consumer Services (0.1%) 
ADT, Inc.
 
      399
3,048
Carriage Services, Inc.
 
       90
3,633
Coursera, Inc. (a)
 
       95
504
Covista, Inc. (a)
 
       41
5,119
Driven Brands Holdings, Inc. (a)
 
       22
314
Duolingo, Inc. (a)
 
       78
10,515
Frontdoor, Inc. (a)
 
       76
5,520
Graham Holdings Co., Class B
 
        1
1,204
Grand Canyon Education, Inc. (a)
 
       25
3,633
H&R Block, Inc.
 
      271
11,932
KinderCare Learning Cos., Inc. (a)
 
       33
177
Laureate Education, Inc. (a)
 
       81
3,103
Liberty Live Holdings, Inc., Class A (a)
 
       89
8,430
Liberty Live Holdings, Inc., Class C (a)
 
       45
4,437
Lincoln Educational Services Corp. (a)
 
       21
878
Matthews International Corp., Class A
 
       18
500
OneSpaWorld Holdings Ltd. (Bahamas)
 
       21
541
Perdoceo Education Corp.
 
       57
1,813
Service Corp. International
 
      278
23,961
 
 
Shares
Value
 
Strategic Education, Inc.
 
       22
$1,804
Stride, Inc. (a)
 
       89
7,146
 
 
 
98,212
Diversified REITs (0.0%) ‡
AH Realty Trust, Inc. REIT
 
      895
6,229
Alpine Income Property Trust, Inc. REIT (b)
 
      114
2,300
American Assets Trust, Inc. REIT
 
       19
448
Broadstone Net Lease, Inc. REIT
 
      294
6,295
CTO Realty Growth, Inc. REIT
 
      114
2,505
Essential Properties Realty Trust, Inc. REIT
 
       99
3,098
Gladstone Commercial Corp. REIT (b)
 
      145
1,812
Global Net Lease, Inc. REIT
 
      257
2,241
WP Carey, Inc. REIT
 
      296
21,786
 
 
 
46,714
Diversified Telecommunication Services (0.7%) 
Anterix, Inc. (a)
 
      139
12,930
AST SpaceMobile, Inc. (a)(b)
 
      409
24,123
AT&T, Inc.
 
   10,467
243,358
Cogent Communications Holdings, Inc.
 
      142
1,917
Comcast Corp., Class A
 
    5,169
123,849
Globalstar, Inc. (a)
 
       55
4,586
IDT Corp., Class B
 
       54
3,556
Iridium Communications, Inc.
 
      213
10,083
Liberty Capital Corp., Class C (a)
 
      333
7,716
Liberty Latin America Ltd., Class A (Puerto
Rico) (a)
 
       65
530
Liberty Latin America Ltd., Class C (Puerto
Rico) (a)
 
      261
2,106
Lumen Technologies, Inc. (a)
 
    2,276
14,521
Shenandoah Telecommunications Co.
 
      378
4,532
Uniti Group, Inc.
 
      458
4,452
Verizon Communications, Inc.
 
    6,207
290,550
 
 
 
748,809
Electric Utilities (1.3%) 
Alliant Energy Corp.
 
      481
34,045
American Electric Power Co., Inc.
 
      856
109,440
Constellation Energy Corp.
 
      533
140,046
Duke Energy Corp.
 
    1,198
150,265
Edison International
 
      587
43,068
Entergy Corp.
 
      699
75,226
Evergy, Inc.
 
      347
28,805
Eversource Energy
 
      454
32,502
Exelon Corp.
 
    1,456
66,714
FirstEnergy Corp.
 
      795
38,406
Hawaiian Electric Industries, Inc. (a)
 
      391
5,052
IDACORP, Inc.
 
      103
14,720
MGE Energy, Inc.
 
       25
1,988
NextEra Energy, Inc.
 
    3,258
283,185
NRG Energy, Inc.
 
      330
44,316
OGE Energy Corp.
 
      283
13,400
Oklo, Inc. (a)
 
      175
6,795
Otter Tail Corp.
 
       23
2,034
PG&E Corp.
 
    3,257
56,607
Pinnacle West Capital Corp.
 
      107
10,806
Portland General Electric Co.
 
       64
3,157

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Electric Utilities (cont'd)
PPL Corp.
 
    1,124
$39,576
Southern Co.
 
    1,709
161,569
TXNM Energy, Inc.
 
      234
13,553
Xcel Energy, Inc.
 
      951
74,368
 
 
 
1,449,643
Electrical Equipment (1.3%) 
Acuity, Inc.
 
       40
13,136
American Superconductor Corp. (a)
 
       20
587
AMETEK, Inc.
 
      370
89,433
Array Technologies, Inc. (a)
 
      254
1,326
Atkore, Inc.
 
       52
3,794
Bloom Energy Corp., Class A (a)
 
      410
84,382
Eaton Corp. PLC
 
      595
247,044
Emerson Electric Co.
 
      826
123,751
EnerSys
 
       79
14,698
Enovix Corp. (a)(b)
 
      218
892
Eos Energy Enterprises, Inc. (a)(b)
 
      243
821
Forgent Power Solutions, Inc., Class A (a)
 
      167
5,556
GE Vernova, Inc.
 
      408
404,038
Generac Holdings, Inc. (a)
 
      100
19,711
Hubbell, Inc.
 
       91
43,002
Nextpower, Inc., Class A (a)
 
      197
17,704
NuScale Power Corp. (a)
 
      177
1,490
nVent Electric PLC
 
      264
40,611
Plug Power, Inc. (a)(b)
 
      997
2,054
Powell Industries, Inc.
 
       44
9,182
Preformed Line Products Co.
 
        3
1,071
Regal Rexnord Corp.
 
       91
18,676
Rockwell Automation, Inc.
 
      159
76,333
Sensata Technologies Holding PLC
 
      282
13,054
Shoals Technologies Group, Inc., Class A (a)
 
      673
5,882
Sunrun, Inc. (a)
 
      166
1,628
Vertiv Holdings Co., Class A
 
      536
129,482
Vicor Corp. (a)
 
       40
8,295
 
 
 
1,377,633
Electronic Equipment, Instruments & Components (1.0%) 
Advanced Energy Industries, Inc.
 
       60
17,371
Amphenol Corp., Class A
 
    1,881
302,277
Arlo Technologies, Inc. (a)
 
      707
10,407
Arrow Electronics, Inc. (a)
 
       76
16,459
Avnet, Inc.
 
       80
7,107
Badger Meter, Inc.
 
       17
2,284
Bel Fuse, Inc., Class B
 
        6
1,632
Belden, Inc.
 
       85
10,544
Benchmark Electronics, Inc.
 
       67
5,345
CDW Corp.
 
      204
30,153
Cognex Corp.
 
      335
21,855
Coherent Corp. (a)
 
      305
80,182
Corning, Inc.
 
    1,200
165,900
Crane NXT Co.
 
       33
1,714
CTS Corp.
 
        9
577
Daktronics, Inc. (a)
 
       29
573
ePlus, Inc.
 
       27
2,495
Fabrinet (a)
 
       61
26,560
 
 
Shares
Value
 
Flex Ltd. (a)
 
      581
$66,089
Insight Enterprises, Inc. (a)
 
       13
1,676
IPG Photonics Corp. (a)
 
       67
5,699
Itron, Inc. (a)
 
       32
3,189
Jabil, Inc.
 
      169
53,244
Keysight Technologies, Inc. (a)
 
      263
83,918
Knowles Corp. (a)
 
      265
9,696
Lightwave Logic, Inc. (a)(b)
 
      954
6,163
Littelfuse, Inc.
 
       34
15,032
Mirion Technologies, Inc. (a)
 
      222
3,326
Napco Security Technologies, Inc.
 
      208
7,713
nLight, Inc. (a)
 
      122
8,394
Novanta, Inc. (a)
 
       68
9,693
OSI Systems, Inc. (a)
 
       27
5,978
PC Connection, Inc.
 
        6
502
Plexus Corp. (a)
 
       36
9,048
Powerfleet, Inc. NJ (a)
 
       75
294
Ralliant Corp.
 
      133
8,694
Rogers Corp. (a)
 
       34
4,198
Sanmina Corp. (a)
 
       77
14,288
ScanSource, Inc. (a)
 
       47
2,661
TD SYNNEX Corp.
 
      124
31,707
Teledyne Technologies, Inc. (a)
 
       67
43,923
TTM Technologies, Inc. (a)
 
      153
17,662
Vishay Intertechnology, Inc.
 
      293
10,027
Vontier Corp.
 
      328
10,539
Zebra Technologies Corp., Class A (a)
 
       66
19,392
 
 
 
1,156,180
Energy Equipment & Services (0.4%) 
Archrock, Inc.
 
      268
9,584
Atlas Energy Solutions, Inc.
 
      155
1,673
Baker Hughes Co.
 
    1,492
90,251
Bristow Group, Inc.
 
       14
635
Cactus, Inc., Class A
 
      148
9,622
Core Laboratories, Inc.
 
       30
319
Expro Ltd. (a)
 
       45
718
Halliburton Co.
 
    1,510
48,698
Helix Energy Solutions Group, Inc. (a)
 
      594
5,649
Helmerich & Payne, Inc.
 
      411
14,208
Innovex International, Inc. (a)
 
       24
674
Kodiak Gas Services, Inc.
 
      192
11,272
Liberty Energy, Inc.
 
      171
3,199
Nabors Industries Ltd. (a)
 
      133
11,394
Noble Corp. PLC (b)
 
      311
13,186
NOV, Inc.
 
      852
16,554
Oceaneering International, Inc. (a)
 
       83
4,049
Oil States International, Inc. (a)
 
      579
4,696
Patterson-UTI Energy, Inc.
 
      625
6,550
RPC, Inc.
 
       74
415
Select Water Solutions, Inc.
 
       43
796
SLB Ltd.
 
    2,341
116,090
Solaris Energy Infrastructure, Inc.
 
       66
3,393
TechnipFMC PLC
 
      674
48,299
Tidewater, Inc. (a)
 
       39
2,927

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Energy Equipment & Services (cont'd)
WaterBridge Infrastructure LLC, Class A
 
      310
$10,608
Weatherford International PLC
 
       96
8,428
 
 
 
443,887
Entertainment (1.2%) 
AMC Entertainment Holdings, Inc., Class A (a)
 
      648
1,827
Atlanta Braves Holdings, Inc., Class C (a)
 
       45
2,287
Cinemark Holdings, Inc.
 
       62
2,269
Electronic Arts, Inc.
 
      372
78,068
Liberty Media Corp.-Liberty Formula One,
Class A (a)
 
       23
2,066
Liberty Media Corp.-Liberty Formula One,
Class C (a)
 
      289
28,360
Live Nation Entertainment, Inc. (a)
 
      233
40,572
Madison Square Garden Entertainment Corp. (a)
 
      109
8,421
Madison Square Garden Sports Corp. (a)
 
       26
10,236
Netflix, Inc. (a)
 
    6,465
463,605
Playtika Holding Corp.
 
       69
275
ROBLOX Corp., Class A (a)
 
      937
33,357
Roku, Inc. (a)
 
      166
24,072
Sphere Entertainment Co. (a)
 
       48
6,876
Spotify Technology SA (Sweden) (a)
 
      252
125,985
Take-Two Interactive Software, Inc. (a)
 
      254
61,702
TKO Group Holdings, Inc.
 
      103
18,726
Walt Disney Co.
 
    2,760
265,484
Warner Bros Discovery, Inc. (a)
 
    3,714
97,678
Warner Music Group Corp., Class A
 
      255
6,620
 
 
 
1,278,486
Financial Services (3.0%) 
Affirm Holdings, Inc. (a)
 
      346
24,742
Apollo Global Management, Inc.
 
      676
84,899
Berkshire Hathaway, Inc., Class B (a)
 
    2,111
1,079,861
Bladex, Inc. (Panama)
 
       10
585
Block, Inc. (a)
 
      676
54,918
Cannae Holdings, Inc.
 
       94
1,368
Cass Information Systems, Inc.
 
       63
3,523
Chime Financial, Inc., Class A (a)
 
      280
6,437
Corebridge Financial, Inc.
 
      676
21,084
Corpay, Inc. (a)
 
       99
37,829
Enact Holdings, Inc.
 
      161
7,619
Equitable Holdings, Inc.
 
      514
24,492
Essent Group Ltd.
 
       81
5,343
Euronet Worldwide, Inc. (a)
 
       22
1,569
EVERTEC, Inc. (Puerto Rico)
 
       88
2,679
Federal Agricultural Mortgage Corp., Class C
 
        2
455
Fidelity National Information Services, Inc.
 
      814
36,443
Fiserv, Inc. (a)
 
      989
53,347
Flywire Corp. (a)
 
       41
656
Global Payments, Inc.
 
      407
34,221
Jack Henry & Associates, Inc.
 
       81
12,477
Jackson Financial, Inc., Class A
 
       87
10,638
Marqeta, Inc., Class A (a)
 
      391
6,788
Mastercard, Inc., Class A
 
    1,209
692,878
Merchants Bancorp
 
       11
607
MGIC Investment Corp.
 
      245
7,360
 
 
Shares
Value
 
NCR Atleos Corp. (a)
 
      215
$10,111
NMI Holdings, Inc. (a)
 
       47
2,082
Paymentus Holdings, Inc., Class A (a)
 
       13
443
Payoneer Global, Inc. (a)
 
      276
1,979
PayPal Holdings, Inc.
 
    1,285
73,515
Paysafe Ltd. (a)
 
       25
202
PennyMac Financial Services, Inc.
 
       72
5,430
Radian Group, Inc.
 
      203
7,915
Remitly Global, Inc. (a)
 
      246
5,601
Rocket Cos., Inc., Class A (a)
 
    1,657
21,375
Sezzle, Inc. (a)
 
       83
12,844
Shift4 Payments, Inc., Class A (a)
 
       50
2,650
Toast, Inc., Class A (a)
 
      686
22,137
UWM Holdings Corp. (b)
 
    1,256
2,286
Velocity Financial, Inc. (a)
 
       20
351
Visa, Inc., Class A
 
    2,528
925,577
Voya Financial, Inc.
 
      151
15,014
Walker & Dunlop, Inc.
 
      127
6,311
Western Union Co. (b)
 
      208
1,323
WEX, Inc. (a)
 
       54
10,096
 
 
 
3,340,060
Food Products (0.4%) 
Archer-Daniels-Midland Co.
 
      793
62,861
Bunge Global SA
 
      200
21,246
Cal-Maine Foods, Inc.
 
      119
10,446
Campbell's Co. (b)
 
      286
6,286
Conagra Brands, Inc.
 
    1,225
17,775
Darling Ingredients, Inc. (a)
 
      201
12,189
Del Monte Corp.
 
       12
356
Dole PLC
 
       26
368
Flowers Foods, Inc. (b)
 
      130
913
Freshpet, Inc. (a)
 
       90
5,359
General Mills, Inc.
 
      997
35,643
Hershey Co.
 
      185
32,384
Hormel Foods Corp.
 
      240
6,002
Ingredion, Inc.
 
       76
7,559
J&J Snack Foods Corp.
 
        2
153
J.M. Smucker Co.
 
      248
29,576
John B Sanfilippo & Son, Inc.
 
       29
2,400
Kraft Heinz Co.
 
    1,142
29,521
Lamb Weston Holdings, Inc.
 
      137
7,199
Limoneira Co.
 
      478
6,200
Marzetti Co.
 
       10
1,069
McCormick & Co., Inc.
 
      313
15,932
Mission Produce, Inc. (a)
 
      204
2,572
Mondelez International, Inc., Class A
 
    1,876
116,893
Pilgrim's Pride Corp.
 
       46
1,259
Post Holdings, Inc. (a)
 
       87
7,953
Seaboard Corp.
 
        2
8,826
Seneca Foods Corp., Class A (a)
 
        4
662
Simply Good Foods Co. (a)
 
      209
2,128
Smithfield Foods, Inc.
 
      371
9,661
Tootsie Roll Industries, Inc.
 
       75
2,926
Tyson Foods, Inc., Class A
 
      367
21,271
Utz Brands, Inc.
 
       27
381

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Food Products (cont'd)
Vital Farms, Inc. (a)
 
       11
$140
Westrock Coffee Co. (a)(b)
 
       57
463
 
 
 
486,572
Gas Utilities (0.1%) 
Atmos Energy Corp.
 
      260
44,923
Chesapeake Utilities Corp.
 
       93
12,349
MDU Resources Group, Inc.
 
      392
7,820
National Fuel Gas Co.
 
      143
11,770
New Jersey Resources Corp.
 
      128
7,410
Northwest Natural Holding Co.
 
       46
2,250
ONE Gas, Inc.
 
      198
15,375
Southwest Gas Holdings, Inc.
 
       57
5,096
Spire, Inc.
 
      135
10,781
UGI Corp.
 
      300
10,836
 
 
 
128,610
Ground Transportation (0.9%) 
ArcBest Corp.
 
        6
866
Avis Budget Group, Inc. (a)
 
       22
3,024
Covenant Logistics Group, Inc.
 
       18
639
CSX Corp.
 
    2,832
142,733
Fedex Freight Holding Co., Inc. (a)
 
      183
25,717
Heartland Express, Inc.
 
      487
5,956
JB Hunt Transport Services, Inc.
 
      117
31,795
Knight-Swift Transportation Holdings, Inc.
 
      277
19,260
Landstar System, Inc.
 
       47
8,214
Lyft, Inc. (a)
 
      768
12,180
Marten Transport Ltd.
 
      566
8,371
Norfolk Southern Corp.
 
      335
112,386
Old Dominion Freight Line, Inc.
 
      276
58,551
RXO, Inc. (a)
 
      378
7,655
Ryder System, Inc.
 
       51
13,077
Saia, Inc. (a)
 
       36
12,515
Schneider National, Inc., Class B
 
      207
7,398
Uber Technologies, Inc. (a)
 
    3,018
212,347
U-Haul Holding Co.
 
      168
10,513
Union Pacific Corp.
 
      928
271,097
Universal Logistics Holdings, Inc. (b)
 
       13
174
Werner Enterprises, Inc.
 
       84
3,143
XPO, Inc. (a)
 
      185
37,179
 
 
 
1,004,790
Health Care Equipment & Supplies (1.5%) 
Abbott Laboratories
 
    2,636
278,625
Align Technology, Inc. (a)
 
       71
12,010
Alphatec Holdings, Inc. (a)
 
      131
1,247
Artivion, Inc. (a)
 
       49
1,315
AtriCure, Inc. (a)
 
       52
1,963
Axogen, Inc. (a)
 
       22
929
Baxter International, Inc.
 
      663
17,344
Becton Dickinson & Co.
 
      425
70,388
Boston Scientific Corp. (a)
 
    2,172
101,498
CONMED Corp.
 
        7
324
Cooper Cos., Inc. (a)
 
      309
22,347
Dentsply Sirona, Inc.
 
    1,023
13,677
Dexcom, Inc. (a)
 
      517
43,144
 
 
Shares
Value
 
Edwards Lifesciences Corp. (a)
 
      847
$72,901
Embecta Corp.
 
       29
106
Enovis Corp. (a)
 
      124
3,615
Envista Holdings Corp. (a)
 
      268
7,319
GE HealthCare Technologies, Inc.
 
      641
43,601
Glaukos Corp. (a)
 
       97
16,172
Globus Medical, Inc., Class A (a)
 
      202
15,916
Haemonetics Corp. (a)
 
       27
2,310
ICU Medical, Inc. (a)
 
       14
2,359
IDEXX Laboratories, Inc. (a)
 
      120
67,088
Inspire Medical Systems, Inc. (a)
 
      256
12,854
Insulet Corp. (a)
 
      158
26,125
Integer Holdings Corp. (a)
 
       51
6,182
Integra LifeSciences Holdings Corp. (a)
 
       20
333
Intuitive Surgical, Inc. (a)
 
      548
193,625
iRadimed Corp.
 
        7
636
IRhythm Holdings, Inc. (a)
 
      134
15,701
Lantheus Holdings, Inc. (a)
 
      101
10,064
LeMaitre Vascular, Inc.
 
       29
2,938
Medline, Inc., Class A (a)
 
      538
21,133
Medtronic PLC
 
    1,947
166,254
Merit Medical Systems, Inc. (a)
 
       89
7,566
Neogen Corp. (a)
 
      524
6,309
Novocure Ltd. (a)
 
      169
2,508
Omnicell, Inc. (a)
 
       12
424
Orthofix Medical, Inc. (a)
 
      497
5,865
Penumbra, Inc. (a)
 
       49
15,738
Procept Biorobotics Corp. (a)
 
       33
614
Pulse Biosciences, Inc. (a)
 
       22
773
QuidelOrtho Corp. (a)
 
      106
1,778
ResMed, Inc.
 
      209
44,095
RxSight, Inc. (a)
 
       24
144
SI-BONE, Inc. (a)
 
       27
479
Solventum Corp. (a)
 
      259
22,129
STAAR Surgical Co. (a)
 
       23
560
STERIS PLC
 
      152
34,717
Stryker Corp.
 
      521
169,690
Tandem Diabetes Care, Inc. (a)
 
       21
409
Teleflex, Inc.
 
       89
12,167
UFP Technologies, Inc. (a)
 
        2
510
Zimmer Biomet Holdings, Inc.
 
      354
33,251
 
 
 
1,611,769
Health Care Providers & Services (1.8%) 
Acadia Healthcare Co., Inc. (a)
 
       77
2,281
AdaptHealth Corp. (a)
 
       38
410
Addus HomeCare Corp. (a)
 
       17
1,963
Alignment Healthcare, Inc. (a)
 
      450
6,683
AMN Healthcare Services, Inc. (a)
 
       18
605
Ardent Health, Inc. (a)
 
       29
309
Astrana Health, Inc. (a)
 
      131
4,658
Aveanna Healthcare Holdings, Inc. (a)
 
       72
676
BrightSpring Health Services, Inc. (a)
 
      186
11,106
Brookdale Senior Living, Inc. (a)
 
      361
5,271
Cardinal Health, Inc.
 
      365
83,961
Cencora, Inc.
 
      284
88,421

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Health Care Providers & Services (cont'd)
Centene Corp. (a)
 
      674
$41,936
Chemed Corp.
 
       18
9,581
Cigna Group
 
      399
111,341
Clover Health Investments Corp. (a)
 
      652
2,719
Concentra Group Holdings Parent, Inc.
 
       90
2,849
CorVel Corp. (a)
 
       18
1,081
CVS Health Corp.
 
    2,003
209,173
DaVita, Inc. (a)
 
       68
16,326
Elevance Health, Inc.
 
      330
124,027
Encompass Health Corp.
 
      123
13,662
Ensign Group, Inc.
 
       70
12,471
GeneDx Holdings Corp. (a)
 
       16
1,042
Guardant Health, Inc. (a)
 
      198
32,074
HCA Healthcare, Inc.
 
      233
93,804
HealthEquity, Inc. (a)
 
      167
16,802
Henry Schein, Inc. (a)
 
      272
23,324
Hims & Hers Health, Inc. (a)
 
      340
9,442
Hinge Health, Inc., Class A (a)
 
      144
10,758
Humana, Inc.
 
      177
64,403
Labcorp Holdings, Inc.
 
      128
39,578
LifeStance Health Group, Inc. (a)
 
    1,029
10,784
McKesson Corp.
 
      195
166,957
Molina Healthcare, Inc. (a)
 
       97
18,975
National HealthCare Corp.
 
       42
9,493
NeoGenomics, Inc. (a)
 
      562
8,593
NRC Health
 
      121
2,361
OPKO Health, Inc. (a)
 
      253
334
Option Care Health, Inc. (a)
 
      111
2,556
PACS Group, Inc. (a)
 
       37
1,702
Pediatrix Medical Group, Inc. (a)
 
       26
689
Pennant Group, Inc. (a)
 
       14
565
Privia Health Group, Inc. (a)
 
       87
2,059
Progyny, Inc. (a)
 
      113
3,518
Quest Diagnostics, Inc.
 
      177
41,243
RadNet, Inc. (a)
 
       63
4,018
Surgery Partners, Inc. (a)
 
       86
1,324
Tenet Healthcare Corp. (a)
 
      138
35,160
U.S. Physical Therapy, Inc.
 
       36
2,846
UnitedHealth Group, Inc.
 
    1,406
582,646
Universal Health Services, Inc., Class B
 
       91
15,328
 
 
 
1,953,888
Health Care REITs (0.4%) 
Alexandria Real Estate Equities, Inc. REIT
 
      141
7,254
American Healthcare REIT, Inc. REIT
 
      301
16,736
CareTrust REIT, Inc. REIT
 
      332
13,924
Chiron Real Estate, Inc. REIT
 
       57
2,024
Healthcare Realty Trust, Inc. REIT
 
      440
9,244
Healthpeak Properties, Inc. REIT
 
      891
19,451
LTC Properties, Inc. REIT
 
      296
11,911
Medical Properties Trust, Inc. REIT (b)
 
      337
1,560
National Health Investors, Inc. REIT
 
       24
1,840
Omega Healthcare Investors, Inc. REIT
 
      296
14,986
Sabra Health Care REIT, Inc. REIT
 
      172
3,641
Universal Health Realty Income Trust REIT
 
       61
2,649
 
 
Shares
Value
 
Ventas, Inc. REIT
 
      750
$70,132
Welltower, Inc. REIT
 
    1,084
254,133
 
 
 
429,485
Health Care Technology (0.1%) 
Certara, Inc. (a)
 
       33
267
Evolent Health, Inc., Class A (a)
 
       34
105
GoodRx Holdings, Inc., Class A (a)
 
       80
246
HealthStream, Inc.
 
       11
308
HeartFlow, Inc. (a)
 
      177
4,466
Phreesia, Inc. (a)
 
       15
161
Schrodinger, Inc. (a)
 
       95
1,438
Teladoc Health, Inc. (a)
 
      293
1,966
Veeva Systems, Inc., Class A (a)
 
      225
45,851
Waystar Holding Corp. (a)
 
       51
1,077
 
 
 
55,885
Hotel & Resort REITs (0.1%) 
Apple Hospitality REIT, Inc. REIT
 
       31
512
DiamondRock Hospitality Co. REIT
 
      239
3,164
Host Hotels & Resorts, Inc. REIT
 
    1,169
29,377
Park Hotels & Resorts, Inc. REIT
 
      250
3,765
Pebblebrook Hotel Trust REIT
 
      249
4,756
RLJ Lodging Trust REIT
 
      921
11,282
Ryman Hospitality Properties, Inc. REIT
 
      116
15,504
Sunstone Hotel Investors, Inc. REIT
 
      289
3,402
Xenia Hotels & Resorts, Inc. REIT
 
       35
720
 
 
 
72,482
Hotels, Restaurants & Leisure (1.7%) 
Accel Entertainment, Inc. (a)
 
      428
5,145
Airbnb, Inc., Class A (a)
 
      646
97,882
Aramark
 
      461
26,263
BJ's Restaurants, Inc. (a)
 
       11
744
Bloomin' Brands, Inc.
 
       50
433
Booking Holdings, Inc.
 
    1,180
227,622
Boyd Gaming Corp.
 
       71
6,039
Brinker International, Inc. (a)
 
       58
12,395
Caesars Entertainment, Inc. (a)
 
      175
5,206
Carnival Corp. Ltd.
 
    1,854
51,560
Cava Group, Inc. (a)
 
      148
9,654
Cheesecake Factory, Inc.
 
       32
3,245
Chipotle Mexican Grill, Inc. (a)
 
    1,956
72,802
Choice Hotels International, Inc.
 
       14
1,561
Churchill Downs, Inc.
 
       71
5,985
Cracker Barrel Old Country Store, Inc. (b)
 
        9
508
Darden Restaurants, Inc.
 
      192
39,087
Domino's Pizza, Inc.
 
       45
15,635
DoorDash, Inc., Class A (a)
 
      518
101,611
DraftKings, Inc., Class A (a)
 
      568
13,337
Dutch Bros, Inc., Class A (a)
 
      318
20,934
Expedia Group, Inc.
 
      163
48,043
First Watch Restaurant Group, Inc. (a)
 
       20
257
Flutter Entertainment PLC (a)
 
      205
21,416
Genius Sports Ltd. (United Kingdom) (a)
 
      157
1,088
Global Business Travel Group I (a)
 
    1,194
11,271
Hilton Grand Vacations, Inc. (a)
 
       44
2,030
Hilton Worldwide Holdings, Inc.
 
      338
108,326

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Hotels, Restaurants & Leisure (cont'd)
Hyatt Hotels Corp., Class A
 
       75
$13,055
Krispy Kreme, Inc. (a)
 
       81
258
Kura Sushi USA, Inc., Class A (a)
 
       42
1,935
Las Vegas Sands Corp.
 
      435
21,267
Life Time Group Holdings, Inc. (a)
 
      263
11,861
Lucky Strike Entertainment Corp. (b)
 
       39
261
Marriott International, Inc., Class A
 
      346
128,999
Marriott Vacations Worldwide Corp.
 
       25
2,438
McDonald's Corp.
 
    1,084
293,374
MGM Resorts International (a)
 
      281
12,524
Monarch Casino & Resort, Inc.
 
        5
614
Norwegian Cruise Line Holdings Ltd. (a)
 
      665
12,322
Papa John's International, Inc. (b)
 
       11
329
Penn Entertainment, Inc. (a)
 
      106
2,176
Planet Fitness, Inc., Class A (a)
 
      285
15,934
Portillo's, Inc., Class A (a)
 
       30
137
Pursuit Attractions & Hospitality, Inc. (a)
 
       11
556
Red Rock Resorts, Inc., Class A
 
       35
2,255
Royal Caribbean Cruises Ltd.
 
      380
120,954
Sabre Corp. (a)
 
      152
281
Shake Shack, Inc., Class A (a)
 
       36
2,259
Six Flags Entertainment Corp. (a)
 
      348
6,031
Starbucks Corp.
 
    1,642
172,820
Target Hospitality Corp. (a)
 
       51
775
Texas Roadhouse, Inc.
 
       74
15,203
Travel & Leisure Co.
 
      113
8,590
United Parks & Resorts, Inc. (a)(b)
 
      182
8,123
Vail Resorts, Inc.
 
       64
9,560
Viking Holdings Ltd. (a)
 
      280
29,218
Wendy's Co. (b)
 
      854
6,285
Wingstop, Inc.
 
       99
12,820
Wyndham Hotels & Resorts, Inc.
 
      174
13,026
Wynn Resorts Ltd.
 
      118
11,719
Yum! Brands, Inc.
 
      385
59,013
 
 
 
1,907,051
Household Durables (0.3%) 
Beazer Homes USA, Inc. (a)
 
      116
3,724
Cavco Industries, Inc. (a)
 
        6
3,282
Century Communities, Inc.
 
       39
2,619
Champion Homes, Inc. (a)
 
       34
2,707
Cricut, Inc., Class A (b)
 
       71
333
Dr. Horton, Inc.
 
      360
51,502
Dream Finders Homes, Inc., Class A (a)
 
      208
2,660
Ethan Allen Interiors, Inc.
 
      488
10,931
Green Brick Partners, Inc. (a)
 
       47
3,324
Hovnanian Enterprises, Inc., Class A (a)
 
       68
8,425
Installed Building Products, Inc.
 
       37
8,249
KB Home
 
       35
1,924
La-Z-Boy, Inc.
 
       98
3,859
Legacy Housing Corp. (a)
 
       15
394
Leggett & Platt, Inc.
 
       49
480
Lennar Corp., Class A
 
      332
27,340
LGI Homes, Inc. (a)
 
      176
9,604
M/I Homes, Inc. (a)
 
       13
1,900
 
 
Shares
Value
 
Meritage Homes Corp.
 
      142
$9,968
Mohawk Industries, Inc. (a)
 
       93
11,448
Newell Brands, Inc.
 
      404
2,262
NVR, Inc. (a)
 
        5
30,735
PulteGroup, Inc.
 
      270
34,147
SharkNinja, Inc. (a)
 
      132
21,354
Somnigroup International, Inc.
 
      356
23,258
Sonos, Inc. (a)
 
      242
3,548
Toll Brothers, Inc.
 
      145
21,154
Whirlpool Corp.
 
       71
2,663
 
 
 
303,794
Household Products (0.7%) 
Central Garden & Pet Co., Class A (a)
 
      131
4,966
Church & Dwight Co., Inc.
 
      375
37,054
Clorox Co.
 
      252
24,074
Colgate-Palmolive Co.
 
    1,240
113,212
Kimberly-Clark Corp.
 
      488
53,343
Oil-Dri Corp. of America
 
        8
794
Procter & Gamble Co.
 
    3,594
519,297
Reynolds Consumer Products, Inc.
 
       86
2,145
Spectrum Brands Holdings, Inc.
 
        5
444
WD-40 Co.
 
       10
2,271
 
 
 
757,600
Independent Power & Renewable Electricity Producers (0.1%) 
AES Corp.
 
      896
13,153
Brookfield Renewable Corp. (Canada)
 
      303
10,105
Clearway Energy, Inc., Class C
 
      223
7,076
Ormat Technologies, Inc.
 
       94
9,172
Talen Energy Corp. (a)
 
       69
23,053
Vistra Corp.
 
      537
79,578
XPLR Infrastructure LP (a)
 
      533
6,343
 
 
 
148,480
Industrial Conglomerates (0.2%) 
3M Co.
 
      797
140,495
Honeywell International, Inc.
 
      451
109,616
 
 
 
250,111
Industrial REITs (0.2%) 
Americold Realty Trust, Inc. REIT
 
      336
4,734
EastGroup Properties, Inc. REIT
 
       43
8,987
First Industrial Realty Trust, Inc. REIT
 
       95
6,255
Innovative Industrial Properties, Inc. REIT
 
       33
1,941
Lineage, Inc. REIT
 
      193
8,177
LXP Industrial Trust REIT
 
      164
9,927
One Liberty Properties, Inc. REIT
 
      112
2,723
Prologis, Inc. REIT
 
    1,327
191,897
Rexford Industrial Realty, Inc. REIT
 
      169
6,383
STAG Industrial, Inc. REIT
 
      229
8,762
Terreno Realty Corp. REIT
 
      177
12,682
 
 
 
262,468
Information Technology Services (1.0%) 
Accenture PLC, Class A
 
      910
150,987
Akamai Technologies, Inc. (a)
 
      184
21,193
Amdocs Ltd.
 
      138
7,689
Applied Digital Corp. (a)
 
      411
11,257
Cloudflare, Inc., Class A (a)
 
      448
124,983

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Information Technology Services (cont'd)
Cognizant Technology Solutions Corp., Class A
 
      775
$42,896
CoreWeave, Inc., Class A (a)
 
      434
31,148
DigitalOcean Holdings, Inc. (a)
 
      117
13,748
DXC Technology Co. (a)
 
      129
1,450
EPAM Systems, Inc. (a)
 
       51
5,384
Everforth, Inc. (a)
 
       41
1,166
Fastly, Inc., Class A (a)
 
      251
5,688
Gartner, Inc. (a)
 
      109
16,461
Globant SA (a)
 
      127
4,648
GoDaddy, Inc., Class A (a)
 
      259
21,430
Grid Dynamics Holdings, Inc. (a)
 
       26
179
Hackett Group, Inc.
 
      180
1,930
International Business Machines Corp.
 
    1,427
319,149
Kyndryl Holdings, Inc. (a)
 
      789
10,691
MongoDB, Inc. (a)
 
      117
39,485
Okta, Inc. (a)
 
      236
33,495
Snowflake, Inc., Class A (a)
 
      517
151,626
Twilio, Inc., Class A (a)
 
      225
44,404
VeriSign, Inc.
 
      149
43,213
 
 
 
1,104,300
Insurance (1.6%) 
Aflac, Inc.
 
      699
89,109
Allstate Corp.
 
      398
105,104
American Financial Group, Inc.
 
      115
16,298
American International Group, Inc.
 
      877
68,915
AMERISAFE, Inc.
 
       42
1,220
Aon PLC, Class A
 
      304
109,607
Arthur J Gallagher & Co.
 
      393
98,022
Assurant, Inc.
 
       66
18,427
Assured Guaranty Ltd.
 
       24
1,985
Axis Capital Holdings Ltd.
 
       95
10,005
Baldwin Insurance Group, Inc. (a)
 
      194
5,382
Bowhead Specialty Holdings, Inc. (a)
 
        9
275
Brighthouse Financial, Inc. (a)
 
      179
11,082
Brown & Brown, Inc.
 
      340
23,936
Cincinnati Financial Corp.
 
      182
32,338
CNA Financial Corp.
 
      149
7,818
CNO Financial Group, Inc.
 
      189
10,412
Donegal Group, Inc., Class A
 
       97
1,915
Employers Holdings, Inc.
 
       40
2,022
Erie Indemnity Co., Class A
 
       22
5,325
Everest Group Ltd.
 
       47
17,585
F&G Annuities & Life, Inc.
 
       23
657
Fidelity National Financial, Inc.
 
      376
19,398
First American Financial Corp.
 
       72
5,399
Genworth Financial, Inc. (a)
 
    1,415
13,909
Globe Life, Inc.
 
      133
24,239
Goosehead Insurance, Inc., Class A (a)
 
       14
868
Greenlight Capital Re Ltd., Class A (a)
 
      622
10,356
Hagerty, Inc., Class A (a)
 
      288
3,321
Hamilton Insurance Group Ltd., Class B
(Bermuda)
 
      114
4,099
Hanover Insurance Group, Inc.
 
       51
11,864
Hartford Insurance Group, Inc.
 
      371
52,649
 
 
Shares
Value
 
HCI Group, Inc.
 
       10
$1,750
Heritage Insurance Holdings, Inc. (a)
 
       22
646
Horace Mann Educators Corp.
 
       42
2,189
Investors Title Co.
 
        7
2,025
Kemper Corp.
 
       32
908
Kinsale Capital Group, Inc.
 
       21
7,485
Lemonade, Inc. (a)
 
      158
7,633
Lincoln National Corp.
 
      228
10,399
Loews Corp.
 
      296
34,339
Markel Group, Inc. (a)
 
       19
35,765
Marsh & McLennan Cos., Inc.
 
      772
146,441
Mercury General Corp.
 
      106
11,355
MetLife, Inc.
 
      910
87,478
Neptune Insurance Holdings, Inc., Class A (a)
 
      210
6,659
Old Republic International Corp.
 
      245
10,586
Oscar Health, Inc., Class A (a)
 
      233
7,274
Palomar Holdings, Inc. (a)
 
       60
8,027
Primerica, Inc.
 
       59
18,878
Principal Financial Group, Inc.
 
      343
38,999
Progressive Corp.
 
      887
187,530
Prudential Financial, Inc.
 
      498
60,796
Reinsurance Group of America, Inc.
 
       70
16,580
RenaissanceRe Holdings Ltd.
 
       53
16,959
RLI Corp.
 
      135
8,267
Root, Inc., Class A (a)
 
        3
162
Ryan Specialty Holdings, Inc.
 
      427
18,856
Safety Insurance Group, Inc.
 
        5
517
Selective Insurance Group, Inc.
 
       30
2,844
SiriusPoint Ltd. (Sweden) (a)
 
      115
2,720
Skyward Specialty Insurance Group, Inc. (a)
 
       39
2,338
Slide Insurance Holdings, Inc. (a)
 
      254
5,072
Stewart Information Services Corp.
 
       53
3,582
Tiptree, Inc.
 
       16
284
Travelers Cos., Inc.
 
      328
122,790
Trupanion, Inc. (a)
 
       43
1,053
United Fire Group, Inc.
 
       74
3,801
Universal Insurance Holdings, Inc.
 
       16
699
Unum Group
 
      219
18,858
W.R. Berkley Corp.
 
      545
39,534
White Mountains Insurance Group Ltd.
 
        5
10,489
Willis Towers Watson PLC
 
      139
46,693
 
 
 
1,792,801
Interactive Media & Services (7.2%) 
Alphabet, Inc., Class A
 
    8,900
3,169,557
Alphabet, Inc., Class C
 
    7,805
2,783,653
Angi, Inc. (a)
 
       28
159
Cargurus, Inc. (a)
 
       64
2,319
Cars.com, Inc. (a)
 
       31
367
EverQuote, Inc., Class A (a)
 
       17
429
fuboTV, Inc., Class A (a)
 
       10
89
Grindr, Inc. (Singapore) (a)(b)
 
       20
347
Match Group, Inc.
 
      322
12,690
Meta Platforms, Inc., Class A
 
    3,343
1,861,082
People, Inc. (a)
 
      184
7,649
Pinterest, Inc., Class A (a)
 
      902
21,657

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Interactive Media & Services (cont'd)
QuinStreet, Inc. (a)
 
       23
$356
Reddit, Inc., Class A (a)
 
      204
28,697
RUM Group, Inc. (a)
 
      522
3,048
Shutterstock, Inc.
 
       23
124
Snap, Inc., Class A (a)
 
    1,977
9,272
TripAdvisor, Inc. (a)
 
      113
1,601
Trump Media & Technology Group Corp. (a)(b)
 
      106
1,045
Webtoon Entertainment, Inc. (Korea, Republic
of) (a)
 
       45
410
Yelp, Inc. (a)
 
       11
291
Ziff Davis, Inc. (a)
 
       50
2,654
ZoomInfo Technologies, Inc. (a)
 
      206
680
 
 
 
7,908,176
Leisure Products (0.1%) 
Acushnet Holdings Corp.
 
      121
12,254
Brunswick Corp.
 
       85
6,715
Callaway Golf Co. (a)
 
      209
3,858
Hasbro, Inc.
 
      216
20,291
Malibu Boats, Inc., Class A (a)
 
       14
386
Mattel, Inc. (a)
 
      546
8,239
Peloton Interactive, Inc., Class A (a)
 
      368
2,351
Polaris, Inc.
 
      133
8,922
Sturm Ruger & Co., Inc.
 
       10
372
YETI Holdings, Inc. (a)
 
       55
2,692
 
 
 
66,080
Life Sciences Tools & Services (0.9%) 
10X Genomics, Inc., Class A (a)
 
      273
12,905
Adaptive Biotechnologies Corp. (a)
 
      156
3,521
Agilent Technologies, Inc.
 
      450
62,267
Avantor, Inc. (a)
 
      691
9,522
Azenta, Inc. (a)
 
       13
366
BioLife Solutions, Inc. (a)
 
       16
500
Bio-Rad Laboratories, Inc., Class A (a)
 
       18
5,859
Bio-Techne Corp.
 
      206
14,851
Bruker Corp.
 
      343
21,554
Charles River Laboratories International, Inc. (a)
 
      111
25,809
Danaher Corp.
 
      983
191,665
ICON PLC ADR (a)
 
      117
19,137
Illumina, Inc. (a)
 
      277
56,813
IQVIA Holdings, Inc. (a)
 
      270
63,455
Medpace Holdings, Inc. (a)
 
       39
22,507
Mesa Laboratories, Inc.
 
        3
302
Mettler-Toledo International, Inc. (a)
 
       30
42,489
Repligen Corp. (a)
 
       71
10,012
Revvity, Inc.
 
      174
19,578
Sotera Health Co. (a)
 
      126
2,250
Tempus AI, Inc. (a)(b)
 
      331
14,521
Thermo Fisher Scientific, Inc.
 
      567
325,628
Waters Corp. (a)
 
      145
54,710
West Pharmaceutical Services, Inc.
 
      107
36,483
 
 
 
1,016,704
Machinery (2.0%) 
AGCO Corp.
 
      114
11,646
Alamo Group, Inc.
 
        2
318
 
 
Shares
Value
 
Albany International Corp., Class A
 
       32
$2,384
Alliance Laundry Holdings, Inc. (a)(b)
 
      348
9,177
Allison Transmission Holdings, Inc.
 
      164
18,785
Astec Industries, Inc.
 
       10
507
Atmus Filtration Technologies, Inc.
 
      123
6,351
Blue Bird Corp. (a)
 
       10
744
Caterpillar, Inc.
 
      710
578,515
CECO Environmental Corp. (a)
 
       91
5,996
CNH Industrial NV
 
    1,100
11,275
Crane Co.
 
       94
20,065
Cummins, Inc.
 
      196
124,303
Deere & Co.
 
      371
219,881
Donaldson Co., Inc.
 
      203
19,131
Douglas Dynamics, Inc.
 
       85
3,751
Dover Corp.
 
      178
36,422
Energy Recovery, Inc. (a)
 
       24
208
Enerpac Tool Group Corp.
 
      188
6,719
Enpro, Inc.
 
       28
8,790
Esab Corp.
 
       59
5,105
ESCO Technologies, Inc.
 
       45
14,188
Federal Signal Corp.
 
      112
13,994
Flowserve Corp.
 
      163
12,386
Fortive Corp.
 
      430
25,460
Franklin Electric Co., Inc.
 
       56
5,864
Gates Industrial Corp. Ltd. (a)
 
      580
16,228
Gorman-Rupp Co.
 
       11
893
Graco, Inc.
 
      334
26,513
Greenbrier Cos., Inc.
 
        9
443
Helios Technologies, Inc.
 
       84
6,544
Hillman Solutions Corp. (a)
 
      245
1,928
Hyster-Yale, Inc.
 
        9
301
IDEX Corp.
 
      103
23,736
Illinois Tool Works, Inc.
 
      441
126,545
Ingersoll Rand, Inc.
 
      586
48,861
ITT, Inc.
 
       94
18,422
JBT Marel Corp.
 
       50
6,924
Kadant, Inc.
 
       30
9,225
Kennametal, Inc.
 
       93
3,159
Lincoln Electric Holdings, Inc.
 
       61
15,940
Lindsay Corp.
 
       14
1,551
Middleby Corp. (a)
 
       67
8,950
Midera Food Processing, Inc. (a)
 
       67
3,213
Mueller Industries, Inc.
 
      316
20,986
Mueller Water Products, Inc., Class A
 
      125
3,155
Nordson Corp.
 
       49
14,591
Omega Flex, Inc.
 
      247
7,277
Oshkosh Corp.
 
      118
16,804
Otis Worldwide Corp.
 
      568
40,868
PACCAR, Inc.
 
      825
109,461
Parker-Hannifin Corp.
 
      193
188,470
Pentair PLC
 
      204
13,350
Proto Labs, Inc. (a)
 
       11
826
RBC Bearings, Inc. (a)
 
       51
28,117
Snap-on, Inc.
 
       58
23,804
SPX Technologies, Inc. (a)
 
       59
12,958

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Machinery (cont'd)
Standex International Corp.
 
       12
$3,558
Stanley Black & Decker, Inc.
 
      240
22,699
Symbotic, Inc. (a)
 
       55
2,368
Tennant Co.
 
        5
420
Terex Corp.
 
      150
9,426
Timken Co.
 
      106
14,580
Toro Co.
 
      151
13,872
Trinity Industries, Inc.
 
       66
2,062
Wabash National Corp.
 
      162
2,035
Watts Water Technologies, Inc., Class A
 
       33
11,411
Westinghouse Air Brake Technologies Corp.
 
      279
81,150
Worthington Enterprises, Inc.
 
       30
1,686
Xylem, Inc.
 
      438
51,233
 
 
 
2,178,508
Marine Transportation (0.0%) ‡
Costamare, Inc. (Monaco)
 
       40
623
Genco Shipping & Trading Ltd.
 
       30
766
Global Ship Lease, Inc., Class A (United
Kingdom)
 
      116
5,144
Kirby Corp. (a)
 
       58
7,606
Matson, Inc.
 
       36
7,293
Star Bulk Carriers Corp. (Greece)
 
      104
2,990
 
 
 
24,422
Media (0.2%) 
Cable One, Inc. (a)
 
        2
80
Charter Communications, Inc., Class A (a)
 
      123
17,833
DoubleVerify Holdings, Inc. (a)
 
      894
10,057
EchoStar Corp., Class A (a)
 
      165
13,875
Fox Corp., Class A
 
      406
23,641
Fox Corp., Class B
 
      297
15,426
Ibotta, Inc., Class A (a)
 
        8
192
John Wiley & Sons, Inc., Class A
 
       45
2,349
Liberty Broadband Corp., Class A (a)
 
        5
170
Magnite, Inc. (a)
 
       92
1,776
New York Times Co., Class A
 
      218
16,326
News Corp., Class A
 
      484
13,339
News Corp., Class B
 
      276
8,631
Nexstar Media Group, Inc.
 
       54
10,289
Omnicom Group, Inc.
 
      449
35,336
Optimum Communications, Inc., Class A (a)
 
       80
61
Paramount Skydance Corp., Class B
 
    1,279
10,181
Sinclair, Inc.
 
       26
357
Sirius XM Holdings, Inc.
 
      328
9,715
Stagwell, Inc. (a)
 
       67
566
Trade Desk, Inc., Class A (a)
 
    1,025
18,491
Versant Media Group, Inc.
 
      125
4,499
 
 
 
213,190
Metals & Mining (0.6%) 
Alcoa Corp.
 
      386
17,470
Alpha Metallurgical Resources, Inc. (a)
 
       21
2,880
AURA MINERALS, Inc.
 
      110
6,003
Century Aluminum Co. (a)
 
       89
3,985
Cleveland-Cliffs, Inc. (a)
 
      909
10,472
Coeur Mining, Inc.
 
    1,588
23,677
 
 
Shares
Value
 
Commercial Metals Co.
 
      122
$8,384
Freeport-McMoRan, Inc.
 
    2,170
135,907
Hecla Mining Co.
 
      830
11,720
Ivanhoe Electric, Inc. (a)
 
      382
3,495
Kaiser Aluminum Corp.
 
       54
8,623
Materion Corp.
 
       45
9,488
McEwen, Inc. (Canada) (a)
 
      288
4,979
Metallus, Inc. (a)
 
      123
2,475
MP Materials Corp. (a)
 
      152
6,288
Newmont Corp.
 
    1,669
156,402
Nucor Corp.
 
      342
87,993
Perpetua Resources Corp. (a)
 
       32
589
Reliance, Inc.
 
       85
34,518
Royal Gold, Inc.
 
      130
25,785
Ryerson Holding Corp.
 
       16
445
Southern Copper Corp. (Peru)
 
      142
25,945
Steel Dynamics, Inc.
 
      205
51,508
USA Rare Earth, Inc. (a)
 
      367
5,487
Warrior Met Coal, Inc.
 
       48
3,812
Worthington Steel, Inc.
 
       15
540
 
 
 
648,870
Mortgage Real Estate Investment (0.1%) 
Adamas Trust, Inc. REIT
 
      800
7,256
AGNC Investment Corp. REIT
 
    2,003
21,352
Annaly Capital Management, Inc. REIT
 
    1,397
31,740
Apollo Commercial Real Estate Finance, Inc.
REIT (b)
 
       41
271
Arbor Realty Trust, Inc. REIT (b)
 
      801
4,013
ARMOUR Residential REIT, Inc. REIT
 
      126
2,075
Blackstone Mortgage Trust, Inc., Class A REIT
 
      350
5,089
BrightSpire Capital, Inc. REIT
 
       77
386
Chimera Investment Corp. REIT
 
       33
412
Dynex Capital, Inc. REIT
 
      525
6,673
Ellington Financial, Inc. REIT
 
      329
4,369
Franklin BSP Realty Trust, Inc. REIT
 
       33
250
Invesco Mortgage Capital, Inc. REIT (b)
 
    1,031
7,640
KKR Real Estate Finance Trust, Inc. REIT
 
      707
4,921
Ladder Capital Corp. REIT
 
      220
2,103
MFA Financial, Inc. REIT
 
       42
383
Orchid Island Capital, Inc. REIT (b)
 
      838
5,438
PennyMac Mortgage Investment Trust REIT
 
      158
1,490
Ready Capital Corp. REIT
 
    1,633
2,335
Redwood Trust, Inc. REIT
 
       68
311
Rithm Capital Corp. REIT
 
      394
3,893
Starwood Property Trust, Inc. REIT
 
      267
4,267
TPG RE Finance Trust, Inc. REIT
 
       50
398
Two Harbors Investment Corp. REIT
 
      549
6,637
 
 
 
123,702
Multi-Utilities (0.5%) 
Ameren Corp.
 
      406
44,502
Avista Corp.
 
       56
2,265
Black Hills Corp.
 
       37
2,635
CenterPoint Energy, Inc.
 
      818
34,389
CMS Energy Corp.
 
      473
34,051
Consolidated Edison, Inc.
 
      573
62,371

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Multi-Utilities (cont'd)
Dominion Energy, Inc.
 
    1,448
$100,158
DTE Energy Co.
 
      357
50,648
NiSource, Inc.
 
      498
22,126
Northwestern Energy Group, Inc.
 
        7
481
Public Service Enterprise Group, Inc.
 
      767
58,813
Sempra
 
    1,010
89,435
Unitil Corp.
 
        7
378
WEC Energy Group, Inc.
 
      433
47,379
 
 
 
549,631
Office REITs (0.1%) 
Brandywine Realty Trust REIT
 
      427
1,298
BXP, Inc. REIT
 
      231
16,198
COPT Defense Properties REIT
 
       67
2,543
Cousins Properties, Inc. REIT
 
      335
10,569
Douglas Emmett, Inc. REIT
 
      180
2,128
Easterly Government Properties, Inc. REIT
 
       16
390
Empire State Realty Trust, Inc., Class A REIT
 
       50
253
Highwoods Properties, Inc. REIT
 
       61
2,021
Kilroy Realty Corp. REIT
 
      143
5,551
Piedmont Realty Trust, Inc., Class A REIT (a)
 
      659
6,386
Postal Realty Trust, Inc., Class A REIT
 
      127
2,926
SL Green Realty Corp. REIT
 
       53
2,805
Vornado Realty Trust REIT
 
      285
11,226
 
 
 
64,294
Oil, Gas & Consumable Fuels (3.1%) 
Antero Midstream Corp.
 
      390
8,568
Antero Resources Corp. (a)
 
      329
11,890
APA Corp.
 
      474
17,690
BKV Corp. (Thailand) (a)
 
       22
538
California Resources Corp.
 
      100
5,262
Centrus Energy Corp., Class A (a)
 
       12
2,123
Cheniere Energy, Inc.
 
      335
88,296
Chevron Corp.
 
    2,848
560,572
Chord Energy Corp.
 
      121
16,986
CNX Resources Corp. (a)
 
      285
10,203
Comstock Resources, Inc. (a)
 
      100
1,326
ConocoPhillips
 
    1,826
219,997
Core Natural Resources, Inc.
 
       54
4,311
Crescent Energy Co., Class A
 
      456
5,230
CVR Energy, Inc.
 
       21
748
Delek U.S. Holdings, Inc.
 
       29
1,968
Devon Energy Corp.
 
      948
42,783
DHT Holdings, Inc.
 
      152
2,823
Diamondback Energy, Inc.
 
      262
53,173
Dorian LPG Ltd.
 
       20
948
DT Midstream, Inc.
 
      162
22,356
Energy Fuels, Inc. (Canada) (a)(b)
 
      213
2,437
EOG Resources, Inc.
 
      776
115,383
EQT Corp.
 
      899
47,908
Excelerate Energy, Inc., Class A
 
       13
511
Expand Energy Corp.
 
      246
23,131
ExxonMobil Holdings Corp.
 
    6,294
978,339
FLEX LNG Ltd. (Norway) (a)(b)
 
       76
2,372
Frontline PLC (Norway)
 
      250
9,843
 
 
Shares
Value
 
Granite Ridge Resources, Inc.
 
       72
$342
Gulfport Energy Corp. (a)
 
       10
1,614
HF Sinclair Corp.
 
      249
22,776
HighPeak Energy, Inc. (b)
 
       40
286
International Seaways, Inc.
 
       53
5,098
Kinder Morgan, Inc.
 
    3,164
101,818
Kosmos Energy Ltd. (Ghana) (a)
 
      216
581
Magnolia Oil & Gas Corp., Class A
 
      126
3,239
Marathon Petroleum Corp.
 
      455
143,994
Matador Resources Co.
 
      102
5,089
Murphy Oil Corp.
 
      310
12,319
Navigator Holdings Ltd.
 
       30
671
New Fortress Energy, Inc. (a)(b)
 
       59
19
NextDecade Corp. (a)(b)
 
       50
336
Northern Oil & Gas, Inc.
 
      236
4,991
Occidental Petroleum Corp.
 
    1,159
66,144
ONEOK, Inc.
 
      957
86,905
Ovintiv, Inc.
 
      332
20,737
Par Pacific Holdings, Inc. (a)
 
      113
9,721
PBF Energy, Inc., Class A
 
       89
6,433
Peabody Energy Corp.
 
      418
8,912
Permian Resources Corp.
 
    1,122
23,910
Phillips 66
 
      653
138,227
Range Resources Corp.
 
      313
12,564
REX American Resources Corp. (a)
 
      136
5,853
SandRidge Energy, Inc.
 
      412
5,735
Scorpio Tankers, Inc. (Monaco)
 
       43
3,348
SFL Corp. Ltd. (Norway)
 
       47
580
SM Energy Co.
 
      706
22,959
Sunococorp LLC
 
      143
10,931
Talos Energy, Inc. (a)
 
      274
4,159
Targa Resources Corp.
 
      301
81,381
Teekay Corp. Ltd. (Bermuda)
 
      229
2,668
Teekay Tankers Ltd., Class A (Canada)
 
        9
714
Texas Pacific Land Corp.
 
       86
34,622
Uranium Energy Corp. (a)
 
      877
8,419
Valero Energy Corp.
 
      441
137,989
Venture Global, Inc., Class A
 
      576
7,707
Viper Energy, Inc., Class A
 
      398
17,755
Vitesse Energy, Inc. (b)
 
       77
1,201
Williams Cos., Inc.
 
    1,931
138,144
World Kinect Corp.
 
       71
2,830
 
 
 
3,421,436
Paper & Forest Products (0.0%) ‡
Clearwater Paper Corp. (a)
 
      685
14,405
Sylvamo Corp.
 
      168
6,285
 
 
 
20,690
Passenger Airlines (0.2%) 
Alaska Air Group, Inc. (a)
 
      123
5,836
Allegiant Travel Co. (a)
 
       12
1,177
American Airlines Group, Inc. (a)
 
    1,462
22,325
Copa Holdings SA, Class A (Panama)
 
       89
12,569
Delta Air Lines, Inc.
 
    1,025
89,626
Frontier Group Holdings, Inc. (a)
 
       97
655
JetBlue Airways Corp. (a)
 
      427
2,575

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Passenger Airlines (cont'd)
Joby Aviation, Inc. (a)
 
      892
$6,378
SkyWest, Inc. (a)
 
       28
2,995
Southwest Airlines Co.
 
      656
29,500
United Airlines Holdings, Inc. (a)
 
      501
60,786
 
 
 
234,422
Personal Care Products (0.1%) 
Coty, Inc., Class A (a)
 
      359
987
Edgewell Personal Care Co.
 
       78
2,121
elf Beauty, Inc. (a)
 
       91
7,543
Estee Lauder Cos., Inc., Class A
 
      359
30,120
Herbalife Ltd. (a)
 
       51
633
Interparfums, Inc.
 
       30
3,737
Kenvue, Inc.
 
    2,627
50,544
 
 
 
95,685
Pharmaceuticals (3.3%) 
Amneal Pharmaceuticals, Inc. (a)
 
      235
4,305
Amphastar Pharmaceuticals, Inc. (a)
 
       15
299
ANI Pharmaceuticals, Inc. (a)
 
       32
2,536
AtaiBeckley, Inc. (a)
 
    2,222
15,954
Atea Pharmaceuticals, Inc. (a)
 
      557
2,618
Axsome Therapeutics, Inc. (a)
 
       63
13,733
Bristol-Myers Squibb Co.
 
    3,168
206,902
Collegium Pharmaceutical, Inc. (a)
 
       88
3,114
Corcept Therapeutics, Inc. (a)
 
      181
20,723
Crinetics Pharmaceuticals, Inc. (a)
 
      111
9,271
Definium Therapeutics, Inc. (a)
 
      395
17,190
Edgewise Therapeutics, Inc. (a)
 
       30
1,153
Elanco Animal Health, Inc. (a)
 
      915
24,129
Eli Lilly & Co.
 
    1,283
1,473,962
Enliven Therapeutics, Inc. (a)
 
       23
1,261
Evolus, Inc. (a)(b)
 
       37
216
Harmony Biosciences Holdings, Inc. (a)
 
       12
423
Harrow, Inc. (a)
 
       15
582
Indivior Pharmaceuticals, Inc. (a)
 
      160
6,402
Innoviva, Inc. (a)
 
       99
2,076
Jazz Pharmaceuticals PLC (a)
 
       88
22,252
Johnson & Johnson
 
    3,647
934,908
Ligand Pharmaceuticals, Inc. (a)
 
       48
13,802
Liquidia Corp. (a)
 
      121
10,177
Merck & Co., Inc.
 
    3,700
481,740
Nektar Therapeutics (a)
 
      205
14,487
Nuvation Bio, Inc. (a)
 
      197
1,247
Ocular Therapeutix, Inc. (a)
 
      176
1,438
Organon & Co.
 
      174
2,358
Pacira BioSciences, Inc. (a)
 
       15
396
Perrigo Co. PLC
 
      228
2,305
Pfizer, Inc.
 
    8,718
218,037
Phibro Animal Health Corp., Class A
 
       19
690
Prestige Consumer Healthcare, Inc. (a)
 
       56
2,812
Rapport Therapeutics, Inc. (a)
 
      245
10,040
Royalty Pharma PLC, Class A
 
      582
34,006
Supernus Pharmaceuticals, Inc. (a)
 
      111
4,954
Tarsus Pharmaceuticals, Inc. (a)
 
       34
2,007
Theravance Biopharma, Inc. (a)
 
      307
5,176
 
 
Shares
Value
 
VeraDermics, Inc. (a)(b)
 
      140
$14,700
Viatris, Inc.
 
    1,729
30,361
Xeris Biopharma Holdings, Inc. (a)
 
       87
703
Zoetis, Inc.
 
      634
49,002
 
 
 
3,664,447
Professional Services (0.5%) 
Alight, Inc., Class A
 
        3
51
Amentum Holdings, Inc. (a)
 
      207
4,595
Automatic Data Processing, Inc.
 
      650
173,199
Barrett Business Services, Inc.
 
        9
351
Booz Allen Hamilton Holding Corp.
 
      148
10,319
Broadridge Financial Solutions, Inc.
 
      135
20,783
CACI International, Inc., Class A (a)
 
       31
15,430
CBIZ, Inc. (a)
 
      192
10,575
Clarivate PLC (a)(b)
 
      501
992
Concentrix Corp.
 
       37
910
CRA International, Inc.
 
        2
358
Equifax, Inc.
 
      188
32,453
ExlService Holdings, Inc. (a)
 
      247
8,381
Exponent, Inc.
 
       31
2,072
First Advantage Corp. (a)
 
       25
496
FTI Consulting, Inc. (a)
 
       28
4,463
Huron Consulting Group, Inc. (a)
 
       14
2,125
IBEX Holdings Ltd. (Bermuda) (a)
 
      102
3,605
ICF International, Inc.
 
       23
1,861
Innodata, Inc. (a)
 
       30
1,885
Jacobs Solutions, Inc.
 
      158
21,319
KBR, Inc.
 
      120
4,393
Kforce, Inc.
 
        7
397
Korn Ferry
 
       26
2,139
Legalzoom.com, Inc. (a)
 
       46
362
Leidos Holdings, Inc.
 
      208
24,045
ManpowerGroup, Inc.
 
       46
2,411
Maximus, Inc.
 
       94
5,664
Mobility Global, Inc. (a)
 
      397
8,091
Parsons Corp. (a)
 
       26
1,149
Paychex, Inc.
 
      497
58,070
Paycom Software, Inc.
 
       54
8,854
Paylocity Holding Corp. (a)
 
       55
7,584
Planet Labs PBC (a)
 
      330
6,758
Resources Connection, Inc.
 
    1,398
6,109
Robert Half, Inc.
 
      261
9,866
Science Applications International Corp.
 
       44
5,154
SS&C Technologies Holdings, Inc.
 
      251
19,340
TaskUS, Inc., Class A (Philippines)
 
       29
176
TIC Solutions, Inc. (a)
 
       24
175
TransUnion
 
      253
19,891
TriNet Group, Inc.
 
       27
1,777
UL Solutions, Inc., Class A
 
      200
18,328
Upwork, Inc. (a)
 
      141
1,292
Verisk Analytics, Inc.
 
      212
41,308
Verra Mobility Corp. (a)
 
       78
413
Willdan Group, Inc. (a)
 
       70
4,797
 
 
 
574,766

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Real Estate Management & Development (0.2%) 
AGNT, Inc.
 
      873
$3,536
CBRE Group, Inc., Class A (a)
 
      494
72,524
Compass, Inc., Class A (a)
 
    1,312
14,944
CoStar Group, Inc. (a)
 
      735
21,138
Cushman & Wakefield Ltd. (a)
 
      731
9,810
Forestar Group, Inc. (a)
 
      253
7,122
FRP Holdings, Inc. (a)
 
      462
10,312
Howard Hughes Holdings, Inc. (a)
 
       71
4,538
Jones Lang LaSalle, Inc. (a)
 
       89
31,598
Landbridge Co. LLC, Class A (b)
 
        5
387
Marcus & Millichap, Inc.
 
      200
6,150
Newmark Group, Inc., Class A
 
      111
1,664
Opendoor Technologies, Inc. (a)
 
    1,506
5,678
RMR Group, Inc., Class A
 
      118
2,247
St. Joe Co.
 
       58
3,610
Zillow Group, Inc., Class A (a)
 
       80
2,775
Zillow Group, Inc., Class C (a)
 
      233
7,936
 
 
 
205,969
Residential REITs (0.2%) 
American Homes 4 Rent, Class A REIT
 
      478
15,975
AvalonBay Communities, Inc. REIT
 
      195
36,194
BRT Apartments Corp. REIT
 
      255
3,802
Camden Property Trust REIT
 
      131
14,516
Centerspace REIT
 
        6
329
Equity LifeStyle Properties, Inc. REIT
 
      285
18,545
Equity Residential REIT
 
      468
31,099
Essex Property Trust, Inc. REIT
 
       70
19,890
Independence Realty Trust, Inc. REIT
 
      127
2,112
Invitation Homes, Inc. REIT
 
      922
27,402
Mid-America Apartment Communities, Inc. REIT
 
      228
30,173
NexPoint Residential Trust, Inc. REIT
 
       10
261
Sun Communities, Inc. REIT
 
      131
16,176
UDR, Inc. REIT
 
      556
21,217
UMH Properties, Inc. REIT
 
      464
7,011
 
 
 
244,702
Retail REITs (0.3%) 
Acadia Realty Trust REIT
 
      102
2,292
Agree Realty Corp. REIT
 
      132
10,270
Alexander's, Inc. REIT
 
        8
2,040
Brixmor Property Group, Inc. REIT
 
      446
14,053
CBL & Associates Properties, Inc. REIT
 
      147
8,630
Curbline Properties Corp. REIT
 
      207
6,342
Federal Realty Investment Trust REIT
 
       59
7,321
FrontView, Inc. REIT
 
      135
2,746
Getty Realty Corp. REIT
 
      106
3,619
InvenTrust Properties Corp. REIT
 
       13
460
Kimco Realty Corp. REIT
 
      924
23,544
Kite Realty Group Trust REIT
 
      524
14,997
Macerich Co. REIT
 
      472
12,196
NETSTREIT Corp. REIT (b)
 
      106
2,274
NNN REIT, Inc. REIT
 
      114
5,417
Phillips Edison & Co., Inc. REIT
 
      127
5,396
Realty Income Corp. REIT
 
    1,524
97,338
Regency Centers Corp. REIT
 
      162
13,007
 
 
Shares
Value
 
Saul Centers, Inc. REIT
 
       11
$375
Simon Property Group, Inc. REIT
 
      461
105,740
SITE Centers Corp. REIT
 
      493
2,110
Tanger, Inc. REIT
 
       59
2,399
Urban Edge Properties REIT
 
      454
10,288
 
 
 
352,854
Semiconductors & Semiconductor Equipment (15.1%) 
ACM Research, Inc., Class A (a)
 
      127
9,966
Advanced Micro Devices, Inc. (a)
 
    2,473
1,177,519
Allegro MicroSystems, Inc. (Japan) (a)
 
      212
8,798
Alpha & Omega Semiconductor Ltd. (a)
 
       18
571
Ambarella, Inc. (a)
 
       48
4,128
Amkor Technology, Inc.
 
      197
9,824
Analog Devices, Inc.
 
      750
275,557
Applied Materials, Inc.
 
    1,200
609,204
Astera Labs, Inc. (a)
 
      210
65,358
Axcelis Technologies, Inc. (a)
 
       27
3,520
AXT, Inc. (a)
 
      110
6,647
Broadcom, Inc.
 
    7,089
2,759,606
CEVA, Inc. (a)
 
       16
522
Cirrus Logic, Inc. (a)
 
       98
12,676
Cohu, Inc. (a)
 
       24
1,152
Diodes, Inc. (a)
 
      136
11,196
Enphase Energy, Inc. (a)
 
      137
5,143
Entegris, Inc.
 
      224
26,667
First Solar, Inc. (a)
 
      138
29,122
FormFactor, Inc. (a)
 
       85
9,027
Global Foundries, Inc.
 
      202
10,098
Ichor Holdings Ltd. (a)
 
      112
8,430
Impinj, Inc. (a)
 
       13
1,968
Intel Corp. (a)
 
    6,782
611,736
KLA Corp.
 
    1,959
358,144
Kulicke & Soffa Industries, Inc. (Singapore)
 
       72
6,422
Lam Research Corp.
 
    1,934
566,701
Lattice Semiconductor Corp. (a)
 
      210
26,097
MACOM Technology Solutions Holdings, Inc. (a)
 
       97
24,390
Marvell Technology, Inc.
 
    1,357
254,519
MaxLinear, Inc. (a)
 
      117
7,818
Microchip Technology, Inc.
 
      793
58,912
Micron Technology, Inc.
 
    1,726
1,420,550
MKS, Inc.
 
      110
32,720
Monolithic Power Systems, Inc.
 
       74
105,526
Navitas Semiconductor Corp. (a)
 
      532
5,778
NVIDIA Corp.
 
   35,705
7,167,779
ON Semiconductor Corp. (a)
 
      572
46,681
Onto Innovation, Inc. (a)
 
       89
23,014
PDF Solutions, Inc. (a)
 
       20
922
Penguin Solutions, Inc. (a)
 
       22
1,158
Photronics, Inc. (a)
 
      319
9,663
Power Integrations, Inc.
 
       41
2,489
Qnity Electronics, Inc.
 
      344
45,126
Qorvo, Inc. (a)
 
      108
9,782
QUALCOMM, Inc.
 
    1,613
238,095
Rambus, Inc. (a)
 
      145
13,199
Rigetti Computing, Inc. (a)
 
      508
7,595

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Semiconductors & Semiconductor Equipment (cont'd)
Semtech Corp. (a)
 
      132
$15,552
Silicon Laboratories, Inc. (a)
 
       47
10,223
SiTime Corp. (a)
 
       29
15,521
Skyworks Solutions, Inc.
 
      145
9,031
SolarEdge Technologies, Inc. (a)(b)
 
       30
1,236
Synaptics, Inc. (a)
 
       29
3,112
Teradyne, Inc.
 
      264
97,070
Texas Instruments, Inc.
 
    1,379
380,245
Ultra Clean Holdings, Inc. (a)
 
      136
11,330
Universal Display Corp.
 
       84
6,733
Veeco Instruments, Inc. (a)
 
      138
6,900
 
 
 
16,648,468
Software (8.2%) 
A10 Networks, Inc.
 
       22
651
ACI Worldwide, Inc. (a)
 
       75
4,300
Adeia, Inc.
 
      120
3,198
Adobe, Inc. (a)
 
      614
153,752
Agilysys, Inc. (a)
 
       19
1,998
Alarm.com Holdings, Inc. (a)
 
        7
383
Alkami Technology, Inc. (a)
 
       73
1,326
Amplitude, Inc., Class A (a)
 
      321
2,850
Appfolio, Inc., Class A (a)
 
       21
3,784
Appian Corp., Class A (a)
 
       13
350
AppLovin Corp., Class A (a)
 
      395
156,380
Asana, Inc., Class A (a)
 
      471
3,919
Atlassian Corp., Class A (a)
 
      228
23,031
Aurora Innovation, Inc. (a)
 
    1,842
11,881
Autodesk, Inc. (a)
 
      320
74,944
AvePoint, Inc. (a)
 
      136
1,772
Bentley Systems, Inc., Class B
 
      147
5,210
Bill Holdings, Inc. (a)
 
      179
8,078
Bitdeer Technologies Group, Class A (a)
 
      644
6,775
BitMine Immersion Technologies, Inc.
 
    1,290
22,291
Blackbaud, Inc. (a)
 
       30
1,284
BlackLine, Inc. (a)
 
       33
1,036
Blend Labs, Inc., Class A (a)
 
      111
198
Box, Inc., Class A (a)
 
       68
2,145
Braze, Inc., Class A (a)
 
      114
2,841
C3.ai, Inc., Class A (a)(b)
 
      364
3,342
Cadence Design Systems, Inc. (a)
 
      425
144,508
CCC Intelligent Solutions Holdings, Inc. (a)
 
    1,310
7,978
Cipher Digital, Inc. (a)
 
      828
18,481
Circle Internet Group, Inc. (a)
 
      356
22,289
Cleanspark, Inc. (a)
 
      177
2,436
Clear Secure, Inc., Class A
 
      200
11,048
Commvault Systems, Inc. (a)
 
       64
7,539
Core Scientific, Inc. (a)
 
      523
10,837
Crowdstrike Holdings, Inc., Class A (a)
 
    1,505
287,244
Datadog, Inc., Class A (a)
 
      493
132,109
Docusign, Inc. (a)
 
      304
16,668
Dolby Laboratories, Inc., Class A
 
       27
1,588
Dropbox, Inc., Class A (a)
 
      117
3,809
D-Wave Quantum, Inc. (Canada) (a)(b)
 
      583
10,541
Dynatrace, Inc. (a)
 
      478
21,185
 
 
Shares
Value
 
Elastic NV (a)
 
       83
$5,461
EverCommerce, Inc. (a)(b)
 
       34
420
Fair Isaac Corp. (a)
 
       35
39,304
Figma, Inc., Class A (a)
 
      744
18,094
Five9, Inc. (a)
 
       72
1,981
Fortinet, Inc. (a)
 
      970
157,091
Freshworks, Inc., Class A (a)
 
      150
1,703
Gen Digital, Inc.
 
      647
17,760
Gitlab, Inc., Class A (a)
 
      496
17,117
Guidewire Software, Inc. (a)
 
      107
16,258
HubSpot, Inc. (a)
 
      105
24,923
I3 Verticals, Inc., Class A (a)
 
       14
295
Intapp, Inc. (a)
 
       36
1,177
InterDigital, Inc.
 
       34
10,364
Intuit, Inc.
 
      410
129,589
JFrog Ltd. (a)
 
      183
14,602
Keel Infrastructure Corp. (a)
 
    1,649
6,547
Klaviyo, Inc., Class A (a)
 
      324
5,780
Life360, Inc. (a)(b)
 
      166
8,972
LiveRamp Holdings, Inc. (a)
 
       68
2,575
Manhattan Associates, Inc. (a)
 
       70
13,395
MARA Holdings, Inc. (a)
 
      845
9,565
Microsoft Corp.
 
   11,216
5,212,299
N-able, Inc. (a)
 
       51
239
nCino, Inc. (a)
 
       82
1,514
NCR Voyix Corp. (a)
 
      156
1,290
Netskope, Inc., Class A (a)
 
    1,060
13,345
NextNav, Inc. (a)
 
      232
3,042
Nutanix, Inc., Class A (a)
 
      501
29,564
OneSpan, Inc.
 
       24
372
Oracle Corp.
 
    2,608
338,701
Pagaya Technologies Ltd., Class A (a)
 
       36
694
PagerDuty, Inc. (a)
 
      296
3,132
Palantir Technologies, Inc., Class A (a)
 
    3,225
396,868
Palo Alto Networks, Inc. (a)
 
    1,238
410,806
Pegasystems, Inc.
 
       97
2,963
Procore Technologies, Inc. (a)
 
      171
9,366
PTC, Inc. (a)
 
      177
24,284
Q2 Holdings, Inc. (a)
 
      100
6,087
Qualys, Inc. (a)
 
       80
11,580
Rapid7, Inc. (a)
 
       15
145
RingCentral, Inc., Class A
 
       67
3,727
Riot Platforms, Inc. (a)
 
      546
11,013
Roper Technologies, Inc.
 
      130
50,956
Rubrik, Inc., Class A (a)
 
      182
13,169
SailPoint, Inc. (a)(b)
 
      193
3,237
Salesforce, Inc.
 
    1,207
222,112
Samsara, Inc., Class A (a)
 
      460
17,144
Sapiens International Corp. NV (Israel) (a)
 
       13
565
SentinelOne, Inc., Class A (a)
 
      588
11,207
ServiceNow, Inc. (a)
 
    1,553
172,740
ServiceTitan, Inc., Class A (a)
 
       98
8,140
SoundHound AI, Inc., Class A (a)(b)
 
      322
1,974
Sprinklr, Inc., Class A (a)
 
       45
286
Sprout Social, Inc., Class A (a)
 
       18
154

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Software (cont'd)
SPS Commerce, Inc. (a)
 
      156
$11,449
Strategy, Inc., Class A (a)
 
      525
48,972
Synopsys, Inc. (a)
 
      298
115,850
Tenable Holdings, Inc. (a)
 
       56
1,828
Teradata Corp. (a)
 
       84
2,603
Terawulf, Inc. (a)
 
      309
5,457
Trimble, Inc. (a)
 
      255
14,428
Tyler Technologies, Inc. (a)
 
       51
15,790
UiPath, Inc., Class A (a)
 
      525
6,699
Unity Software, Inc. (a)
 
      437
13,857
Varonis Systems, Inc. (a)
 
      374
14,941
Vertex, Inc., Class A (a)
 
       69
891
Via Transportation, Inc., Class A (a)
 
      338
6,875
Weave Communications, Inc. (a)
 
       35
229
Workday, Inc., Class A (a)
 
      311
49,866
Workiva, Inc. (a)
 
       86
5,143
Yext, Inc. (a)
 
       58
317
Zeta Global Holdings Corp., Class A (a)
 
      494
10,670
Zoom Communications, Inc. (a)
 
      428
41,118
Zscaler, Inc. (a)
 
      151
22,831
 
 
 
9,071,481
Specialized REITs (0.8%) 
American Tower Corp. REIT
 
      719
124,646
Crown Castle, Inc. REIT
 
      712
54,325
CubeSmart REIT
 
      176
7,297
Digital Realty Trust, Inc. REIT
 
      542
102,178
EPR Properties REIT
 
       97
6,021
Equinix, Inc. REIT
 
      149
151,873
Extra Space Storage, Inc. REIT
 
      320
47,373
Four Corners Property Trust, Inc. REIT
 
      191
4,890
Gaming & Leisure Properties, Inc. REIT
 
      512
22,932
Gladstone Land Corp. REIT (b)
 
      155
1,257
Iron Mountain, Inc. REIT
 
      405
49,540
Lamar Advertising Co., Class A REIT
 
      104
16,636
Millrose Properties, Inc. REIT
 
      342
9,569
Outfront Media, Inc. REIT
 
      531
16,923
Public Storage REIT
 
      267
86,553
Rayonier, Inc. REIT
 
      486
10,585
Safehold, Inc. REIT
 
      469
7,588
SBA Communications Corp. REIT
 
      205
37,101
Smartstop Self Storage, Inc. REIT
 
       56
1,878
VICI Properties, Inc. REIT
 
    1,717
45,243
Weyerhaeuser Co. REIT
 
    1,336
33,440
 
 
 
837,848
Specialty Retail (1.6%) 
Abercrombie & Fitch Co., Class A (a)
 
       38
3,783
Academy Sports & Outdoors, Inc.
 
      250
11,862
Advance Auto Parts, Inc. (b)
 
       85
4,721
American Eagle Outfitters, Inc.
 
      149
2,560
Arhaus, Inc.
 
       43
319
Asbury Automotive Group, Inc. (a)
 
       12
2,780
AutoNation, Inc. (a)
 
       27
5,735
AutoZone, Inc. (a)
 
       24
72,390
Bath & Body Works, Inc.
 
      296
5,956
 
 
Shares
Value
 
Best Buy Co., Inc.
 
      407
$35,108
Boot Barn Holdings, Inc. (a)
 
       38
5,662
Buckle, Inc.
 
      234
10,242
Burlington Stores, Inc. (a)
 
       87
32,058
Camping World Holdings, Inc., Class A
 
       27
167
CarMax, Inc. (a)
 
      376
21,530
Carvana Co. (a)
 
    1,012
63,108
Chewy, Inc., Class A (a)
 
      268
6,057
Dick's Sporting Goods, Inc.
 
      113
22,138
Five Below, Inc. (a)
 
       78
16,936
Floor & Decor Holdings, Inc., Class A (a)
 
      129
7,427
GameStop Corp., Class A (a)
 
      488
10,599
Gap, Inc.
 
      234
4,701
Group 1 Automotive, Inc.
 
       12
3,441
Home Depot, Inc.
 
    1,555
516,198
Lands' End, Inc. (a)(b)
 
      903
10,854
Lithia Motors, Inc.
 
       26
10,021
Lowe's Cos., Inc.
 
      884
183,704
Murphy USA, Inc.
 
       27
16,409
National Vision Holdings, Inc. (a)
 
       99
2,182
O'Reilly Automotive, Inc. (a)
 
    1,229
109,811
Penske Automotive Group, Inc.
 
       40
8,692
Petco Health & Wellness Co., Inc. (a)
 
      105
293
Revolve Group, Inc. (a)
 
      230
5,775
RH (a)
 
       23
3,807
Ross Stores, Inc.
 
      480
120,514
Sally Beauty Holdings, Inc. (a)
 
       41
614
Signet Jewelers Ltd.
 
       26
2,415
Sonic Automotive, Inc., Class A
 
        6
549
TJX Cos., Inc.
 
    1,636
257,408
Tractor Supply Co.
 
      668
20,554
Ulta Beauty, Inc. (a)
 
       60
30,770
Upbound Group, Inc.
 
      513
9,947
Urban Outfitters, Inc. (a)
 
      122
9,050
Valvoline, Inc. (a)
 
      172
6,606
Victoria's Secret & Co. (a)
 
       91
8,070
Warby Parker, Inc., Class A (a)
 
       91
2,429
Wayfair, Inc., Class A (a)
 
      128
10,867
Williams-Sonoma, Inc.
 
      169
38,644
Winmark Corp.
 
        4
1,334
 
 
 
1,736,797
Tech Hardware, Storage & Peripherals (7.3%) 
Apple, Inc.
 
   21,881
6,759,260
Corsair Gaming, Inc. (a)
 
       56
594
Dell Technologies, Inc., Class C
 
      439
177,957
Diebold Nixdorf, Inc. (a)
 
       33
2,428
Everpure, Inc., Class A (a)
 
      508
39,202
GPGI, Inc., Class A (b)
 
       33
436
Hewlett Packard Enterprise Co.
 
    1,982
94,938
HP, Inc.
 
    1,424
38,832
IonQ, Inc. (a)(b)
 
      550
20,042
NetApp, Inc.
 
      285
50,873
Sandisk Corp. (a)
 
      208
252,685
Seagate Technology Holdings PLC
 
      338
289,372

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
 
 
Shares
Value
Tech Hardware, Storage & Peripherals (cont'd)
Super Micro Computer, Inc. (a)
 
      883
$25,077
Western Digital Corp.
 
      527
287,131
 
 
 
8,038,827
Textiles, Apparel & Luxury Goods (0.2%) 
Birkenstock Holding PLC (Germany) (a)(b)
 
       88
3,407
Capri Holdings Ltd. (Virgin Islands, British) (a)
 
      101
1,609
Carter's, Inc.
 
       10
386
Columbia Sportswear Co.
 
        5
297
Crocs, Inc. (a)
 
       46
5,888
Deckers Outdoor Corp. (a)
 
      234
22,670
Figs, Inc., Class A (a)
 
       87
931
G-III Apparel Group Ltd.
 
       14
510
Kontoor Brands, Inc.
 
       43
3,601
Levi Strauss & Co., Class A
 
       91
2,231
Lululemon Athletica, Inc. (a)
 
      139
16,523
NIKE, Inc., Class B
 
    1,831
76,371
Oxford Industries, Inc.
 
      106
4,020
PVH Corp.
 
       37
3,206
Ralph Lauren Corp.
 
       66
25,102
Steven Madden Ltd.
 
       73
3,364
Tapestry, Inc.
 
      333
50,739
Under Armour, Inc., Class A (a)
 
       66
439
Under Armour, Inc., Class C (a)
 
      593
3,849
VF Corp.
 
      601
8,606
Wolverine World Wide, Inc.
 
       84
1,653
 
 
 
235,402
Tobacco (0.6%) 
Altria Group, Inc.
 
    2,489
170,073
Philip Morris International, Inc.
 
    2,392
456,441
Turning Point Brands, Inc.
 
        6
448
Universal Corp.
 
        7
369
 
 
 
627,331
Trading Companies & Distributors (0.5%) 
AerCap Holdings NV (Netherlands)
 
      255
38,479
Applied Industrial Technologies, Inc.
 
       57
19,677
BlueLinx Holdings, Inc. (a)
 
        5
271
Boise Cascade Co.
 
       32
2,444
Core & Main, Inc., Class A (a)
 
       98
4,309
Custom Truck One Source, Inc. (a)
 
       98
995
Distribution Solutions Group, Inc. (a)
 
       14
484
DNOW, Inc. (a)
 
       55
777
DXP Enterprises, Inc. (a)
 
        4
628
Fastenal Co.
 
    1,840
87,786
Ferguson Enterprises, Inc.
 
      323
75,689
GATX Corp.
 
       46
8,228
Global Industrial Co.
 
      184
6,576
Herc Holdings, Inc.
 
       40
6,006
McGrath RentCorp
 
       68
7,830
MSC Industrial Direct Co., Inc., Class A
 
       79
9,749
NPK International, Inc. (a)
 
      599
7,482
QXO, Inc. (a)
 
    1,935
25,735
Rush Enterprises, Inc., Class A
 
       33
2,633
SiteOne Landscape Supply, Inc. (a)
 
       38
3,589
Sunbelt Rentals Holdings, Inc. (United Kingdom)
 
      673
48,402
 
 
Shares
Value
 
Transcat, Inc. (a)
 
       35
$2,988
United Rentals, Inc.
 
       95
102,530
Watsco, Inc.
 
       42
12,991
WESCO International, Inc.
 
       62
21,296
Willis Lease Finance Corp.
 
        9
642
WW Grainger, Inc.
 
       70
96,755
Xometry, Inc., Class A (a)
 
       54
4,629
 
 
 
599,600
Water Utilities (0.1%) 
American States Water Co.
 
       30
2,569
American Water Works Co., Inc.
 
      337
45,215
California Water Service Group
 
       48
2,405
Essential Utilities, Inc.
 
      331
13,190
H2O America (b)
 
       37
2,269
Middlesex Water Co.
 
      222
12,721
Pure Cycle Corp. (a)
 
      537
5,644
York Water Co.
 
      280
8,672
 
 
 
92,685
Wireless Telecommunication Services (0.1%) 
Telephone & Data Systems, Inc.
 
      114
3,828
T-Mobile U.S., Inc.
 
      728
125,733
 
 
 
129,561
Total Common Stocks  (Cost $94,739,931)
 
109,399,088
Preferred Stock (0.0%)‡
 
 
Diversified Telecommunication Services
(0.0%)‡
 
 
Liberty Latin America Ltd., Series A (a)(b)(d)
(acquisition cost — $646;
acquired 5/21/31) (Cost $646)
 
       32
648
Rights (0.0%)‡
 
         
Paragon 28, Inc. CVR, expires 12/31/26
 (a)(b)(e)(f)
 
       26
2
Akero Therapeutics, Inc. CVR, expires 6/30/31
 (a)(e)(f)
 
       38
25
Arcellx, Inc. CVR, expires 12/31/29  (a)(e)(f)
 
       34
2
Hologic, Inc., CVR, expires 9/25/27  (a)(e)(f)
 
      312
3
Total Rights  (Cost $32)
 
32
Short-Term Investments (0.4%)
Investment Company (0.2%)
 
 
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional Class,
3.59% (g) (Cost $262,494)
 
  262,494
262,494
Securities held as Collateral on Loaned Securities (0.2%)
Investment Company (0.2%)
 
 
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional Class,
3.59% (g) (Cost $193,981)
 
  193,981
193,981
Total Short-Term Investments (Cost $456,475)
456,475
Total Investments (99.8%) (Cost $95,197,084)
including $255,578 of Securities Loaned (h)
109,856,243
Other Assets in Excess of Liabilities (0.2%)
260,251
Net Assets (100.0%)
$110,116,494
 
‡
Amount is less than 0.05%.
(a)
Non-income producing security.

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index Fund
(b)
All or a portion of this security was on loan. The value of
loaned securities and related collateral outstanding at July 31,
2026, were approximately $255,578 and $263,634,
respectively. The Fund received cash collateral of
approximately $193,981, which was subsequently invested in
Morgan Stanley Institutional Liquidity Funds - Government
Portfolio - Institutional Class as reported in the Portfolio of
Investments. The remaining collateral of approximately
$69,653 was received in the form of U.S. Government
obligations, which the Fund cannot sell or re-pledge and
accordingly are not reflected in the Portfolio of Investments.
The Fund has the right under the securities lending agreement
to recover the securities from the borrower on demand.
(c)
For the nine months ended July 31, 2026, purchase of
Morgan Stanley, Common Stock, and its affiliated broker-
dealers, which may be deemed affiliates of the Adviser/
Administrator and Distributor under the Investment Company
Act of 1940, was $188,967
(d)
Perpetual — One or more securities do not have a
predetermined maturity date. Rates for these securities are
fixed for a period of time after which they revert to a floating
rate. Interest rates in effect are as of July 31, 2026.
(e)
Restricted security. Total market value of restricted securities
amounts to $32, which represents less than 0.05% of the net
assets of the Fund as of July 31, 2026.
(f)
Security is valued using significant unobservable inputs and is
categorized as Level 3 in the fair value hierarchy.
(g)
The Funds invest in the Institutional Class of the Morgan
Stanley Institutional Liquidity Funds — Government Portfolio
(the “Liquidity Fund”), an open-end management investment
company managed by the Adviser, both directly and as a
portion of the securities held as collateral on loaned
securities.
(h)
At July 31, 2026, the aggregate cost for federal income tax
purposes approximates the aggregate cost for book
purposes. The aggregate gross unrealized appreciation is
$17,418,103 and the aggregate gross unrealized
depreciation is $2,758,944, resulting in net unrealized
appreciation of $14,659,159.
 
ADR
American Depositary Receipt.
CVR
Contingent Value Rights.
IBEX
Índice Bursátil Español.
REIT
Real Estate Investment Trust.

 
Portfolio Composition*
Classification
Percentage of
Total Investments
Other**
62.0
%
Semiconductors & Semiconductor Equipment
15.2
Software
8.3
Tech Hardware, Storage & Peripherals
7.3
Interactive Media & Services
7.2
Total Investments
100.0
%
 
*
Percentages indicated are based upon total investments (excluding Securities
held as Collateral on Loaned Securities) as of July 31, 2026.
**
Industries and/or investment types representing less than 5% of total
investments.

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments 
E*TRADE No Fee International Index Fund
 
 
Shares
Value
Common Stocks (99.3%)
 
         
Australia (6.2%) 
 
 
AGL Energy Ltd. 
 
    1,348
$7,844
ALS Ltd. 
 
    1,205
18,187
Ampol Ltd. 
 
      511
14,417
ANZ Group Holdings Ltd. 
 
    7,873
205,761
APA Group (Units) (a)
 
    3,601
25,759
Aristocrat Leisure Ltd. 
 
    1,513
68,002
ASX Ltd. 
 
      398
15,352
Aurizon Holdings Ltd. 
 
    2,420
7,117
BHP Group Ltd. 
 
   13,044
549,812
BlueScope Steel Ltd. 
 
    1,150
26,377
Brambles Ltd. 
 
    3,458
47,470
CAR Group Ltd. 
 
    1,100
20,085
Charter Hall Group REIT 
 
    1,446
23,645
Cochlear Ltd. 
 
      204
17,097
Coles Group Ltd. 
 
    3,722
62,876
Commonwealth Bank of Australia 
 
    4,368
546,021
Computershare Ltd. 
 
    1,456
41,835
CSL Ltd. 
 
    1,278
110,496
Dexus REIT 
 
    3,139
13,183
EBOS Group Ltd. 
 
      496
6,430
Endeavour Group Ltd. (b)
 
    2,592
6,326
Evolution Mining Ltd. 
 
    5,115
40,559
Fortescue Ltd. 
 
    4,271
55,422
Goodman Group REIT 
 
    4,845
100,868
GPT Group REIT 
 
    3,605
12,985
Insurance Australia Group Ltd. 
 
    6,746
40,194
JB Hi-Fi Ltd. 
 
      178
10,240
Lottery Corp. Ltd. 
 
    6,341
24,844
Lynas Rare Earths Ltd. (c)
 
    2,394
23,497
Macquarie Group Ltd. 
 
      933
165,625
Medibank Pvt Ltd. 
 
    8,053
29,190
Mineral Resources Ltd. (c)
 
      433
17,598
Mirvac Group REIT 
 
   11,565
14,504
National Australia Bank Ltd. 
 
    7,938
229,852
NEXTDC Ltd. (c)
 
    1,632
15,350
Northern Star Resources Ltd. 
 
    3,789
52,511
Orica Ltd. 
 
    1,467
23,964
Origin Energy Ltd. 
 
    4,955
37,383
PLS Group Ltd. (c)
 
    7,925
23,027
Pro Medicus Ltd. 
 
      121
13,765
Qantas Airways Ltd. 
 
    3,164
22,018
QBE Insurance Group Ltd. 
 
    3,753
65,095
Ramsay Health Care Ltd. 
 
      500
15,539
REA Group Ltd. 
 
      128
14,456
Reece Ltd. 
 
      489
5,491
Rio Tinto Ltd. 
 
      941
112,150
Santos Ltd. 
 
    8,181
45,435
Scentre Group REIT 
 
   12,283
33,723
SEEK Ltd. 
 
      573
5,912
SGH Ltd. 
 
      386
11,937
Sigma Healthcare Ltd. 
 
   10,692
22,047
Sonic Healthcare Ltd. 
 
    1,106
16,927
South32 Ltd. 
 
   11,577
36,909
 
Shares
Value
 
 
 
Stockland REIT 
 
    5,234
$15,667
Suncorp Group Ltd. 
 
    2,431
32,708
Technology One Ltd. 
 
      960
20,938
Telstra Group Ltd. 
 
   28,472
100,517
TPG Telecom Ltd. 
 
      174
437
Transurban Group (Units) (a)
 
    7,887
81,905
Vicinity Ltd. REIT 
 
    9,044
16,997
Washington H Soul Pattinson & Co. Ltd. 
 
      935
30,345
Wesfarmers Ltd. 
 
    2,871
179,826
Westpac Banking Corp. 
 
    8,849
234,651
Whitehaven Coal Ltd. 
 
    2,437
12,035
WiseTech Global Ltd. 
 
      252
6,495
Woodside Energy Group Ltd. 
 
    4,663
109,137
Woolworths Group Ltd. 
 
    3,094
86,340
Worley Ltd. 
 
    1,601
11,883
Xero Ltd. (c)
 
      385
19,221
 
 
 
4,132,211
Austria (0.4%) 
 
 
ANDRITZ AG 
 
      201
18,934
BAWAG Group AG 
 
      187
37,923
Erste Group Bank AG 
 
      826
107,977
EVN AG 
 
      171
5,794
OMV AG 
 
      286
20,914
Raiffeisen Bank International AG 
 
      391
26,845
Strabag SE 
 
       34
3,282
Verbund AG 
 
      247
16,954
Vienna Insurance Group AG Wiener Versicherung
Gruppe 
 
       69
5,654
voestalpine AG 
 
      209
10,887
Wienerberger AG 
 
      242
5,956
 
 
 
261,120
Belgium (1.1%) 
 
 
Ackermans & van Haaren NV 
 
       60
18,621
Aedifica SA REIT 
 
      245
19,812
Ageas SA 
 
      495
40,965
Anheuser-Busch InBev SA 
 
    2,523
219,133
Argenx SE ADR  (c)
 
      163
139,173
D'ieteren Group 
 
       79
16,306
Elia Group SA 
 
       90
12,896
Financiere de Tubize SA 
 
       35
7,828
Groupe Bruxelles Lambert NV 
 
      156
14,071
KBC Group NV 
 
      636
91,494
Lotus Bakeries NV 
 
        1
12,826
Sofina SA 
 
       63
17,853
Syensqo SA 
 
      180
16,012
UCB SA 
 
      303
77,775
Warehouses De Pauw CVA REIT 
 
      485
12,481
 
 
 
717,246
Canada (11.8%) 
 
 
Agnico Eagle Mines Ltd. 
 
    1,282
186,120
Alamos Gold, Inc., Class A 
 
      974
27,069
Alimentation Couche-Tard, Inc. 
 
    1,804
117,118
AltaGas Ltd. 
 
      783
31,156
ARC Resources Ltd. 
 
    1,432
34,251
AtkinsRealis Group, Inc. 
 
      416
25,785

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee International Index Fund
 
Shares
Value
Canada (cont'd)
 
 
Bank of Montreal 
 
    1,852
$332,220
Bank of Nova Scotia 
 
    3,152
276,493
Barrick Mining Corp. 
 
    4,416
162,074
BCE, Inc. 
 
    2,455
53,256
Bombardier, Inc., Class B (c)
 
      233
56,135
Brookfield Asset Management Ltd., Class A 
 
    1,021
49,388
Brookfield Corp., Class A 
 
    5,521
234,648
Brookfield Wealth Solutions Ltd. (c)
 
      112
4,847
CAE, Inc. (c)
 
      847
21,848
Cameco Corp. 
 
    1,067
92,082
Canadian Imperial Bank of Commerce 
 
    2,458
291,134
Canadian National Railway Co. 
 
    1,423
180,939
Canadian Natural Resources Ltd. 
 
    5,221
248,713
Canadian Pacific Kansas City Ltd. 
 
    2,269
201,545
Canadian Tire Corp. Ltd., Class A (b)
 
      134
19,557
Canadian Utilities Ltd., Class A 
 
      173
6,876
CCL Industries, Inc., Class B 
 
      323
21,417
Celestica, Inc. (c)
 
      314
103,902
Cenovus Energy, Inc. 
 
    3,303
99,595
CGI, Inc. 
 
      418
30,596
Choice Properties REIT 
 
    1,183
13,468
Constellation Software, Inc. 
 
       51
109,250
Dollarama, Inc. 
 
      720
98,084
Emera, Inc. 
 
      773
41,307
Empire Co. Ltd., Class A 
 
      299
10,944
Enbridge, Inc. 
 
    5,693
309,778
Fairfax Financial Holdings Ltd. 
 
       56
93,779
First Quantum Minerals Ltd. (c)
 
    1,856
51,449
FirstService Corp. 
 
      137
19,298
Fortis, Inc. 
 
    1,204
68,537
Franco-Nevada Corp. 
 
      490
104,246
George Weston Ltd. 
 
      349
26,083
GFL Environmental, Inc. (b)
 
      482
19,904
Gildan Activewear, Inc. (b)
 
      420
23,249
Great-West Lifeco, Inc. 
 
      609
40,376
Hydro One Ltd. 
 
      852
35,494
iA Financial Corp., Inc. 
 
      240
35,485
IGM Financial, Inc. 
 
      165
10,259
Imperial Oil Ltd. 
 
      339
43,951
Intact Financial Corp. 
 
      477
93,658
Ivanhoe Mines Ltd., Class A (c)
 
    1,560
11,206
Keyera Corp. 
 
      723
30,718
Kinross Gold Corp. 
 
    3,300
76,082
Loblaw Cos. Ltd. 
 
    1,401
65,770
Lundin Gold, Inc. 
 
      189
10,582
Lundin Mining Corp. 
 
    1,685
41,721
Magna International, Inc. 
 
      719
49,310
Manulife Financial Corp. 
 
    4,251
188,799
Metro, Inc. 
 
      580
38,552
National Bank of Canada 
 
    1,039
168,059
Nutrien Ltd. 
 
    1,332
91,939
Pan American Silver Corp. 
 
      964
41,507
Pembina Pipeline Corp. 
 
    1,515
74,072
Power Corp. of Canada 
 
    1,451
99,159
 
Shares
Value
 
 
 
Quebecor, Inc., Class B 
 
      499
$23,091
RB Global, Inc. 
 
      443
48,590
Restaurant Brands International, Inc. 
 
      772
57,097
Rogers Communications, Inc., Class B 
 
      869
29,420
Royal Bank of Canada 
 
    3,590
751,394
Saputo, Inc. 
 
      731
20,561
Shopify, Inc., Class A (c)
 
    3,073
359,900
Stantec, Inc. 
 
      252
17,784
Sun Life Financial, Inc. 
 
    1,453
120,554
Suncor Energy, Inc. 
 
    3,120
209,521
TC Energy Corp. 
 
    2,725
183,500
Teck Resources Ltd., Class B 
 
    1,093
65,774
TELUS Corp. 
 
    4,180
39,896
TFI International, Inc. 
 
      212
28,641
Thomson Reuters Corp. (b)
 
      313
30,705
Toronto-Dominion Bank 
 
    4,331
519,158
Tourmaline Oil Corp. 
 
      889
39,261
Wheaton Precious Metals Corp. 
 
    1,178
128,132
Whitecap Resources, Inc. 
 
    3,271
38,594
WSP Global, Inc. 
 
      403
49,236
 
 
 
7,905,648
China (0.1%) 
 
 
Alibaba Health Information Technology Ltd. (c)(d)
 
   14,000
6,428
Budweiser Brewing Co. APAC Ltd. (d)
 
    9,600
8,042
BYD Electronic International Co. Ltd. (b)(d)
 
    1,500
4,492
China Gas Holdings Ltd. (b)(d)
 
    9,400
7,332
China Mengniu Dairy Co. Ltd. (d)
 
    8,000
19,303
Chow Tai Fook Jewellery Group Ltd. (b)(d)
 
    2,800
4,410
Fosun International Ltd. (c)(d)
 
    4,500
2,728
Geely Automobile Holdings Ltd. (d)
 
   15,000
37,996
Qingdao Port International Co. Ltd., Class H (d)
 
    4,000
3,629
Xinyi Glass Holdings Ltd. (b)(d)
 
    3,000
3,562
 
 
 
97,922
Denmark (1.4%) 
 
 
AP Moller - Maersk AS, Class A 
 
       19
50,921
Ascendis Pharma AS (c)
 
      118
28,781
Carlsberg AS, Class B 
 
      202
29,745
Coloplast AS, Class B 
 
      398
26,320
Danske Bank AS 
 
    1,600
92,079
DSV AS 
 
      521
112,599
Genmab AS (c)
 
      143
41,161
Novo Nordisk AS, Class B 
 
    8,206
388,157
Novonesis Novozymes B, Class B 
 
      912
59,392
Orsted AS (c)
 
      955
21,292
Tryg AS 
 
    1,043
24,821
Vestas Wind Systems AS 
 
    2,392
64,387
 
 
 
939,655
Finland (1.0%) 
 
 
Elisa OYJ (b)
 
      422
17,019
Fortum OYJ 
 
    1,077
24,484
Kesko OYJ, Class B 
 
      796
19,834
Kone OYJ, Class B 
 
      873
50,369
Metso OYJ 
 
    1,345
25,176
Neste OYJ 
 
    1,178
41,746
Nokia OYJ 
 
   12,726
117,626

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee International Index Fund
 
Shares
Value
Finland (cont'd)
 
 
Nordea Bank Abp 
 
    8,086
$163,201
Orion OYJ, Class B 
 
      261
24,400
Sampo OYJ, Class A 
 
    6,677
73,926
Stora Enso OYJ, Class R 
 
    1,129
12,983
UPM-Kymmene OYJ 
 
    1,424
38,741
Wartsila OYJ Abp 
 
    1,214
41,170
 
 
 
650,675
France (7.8%) 
 
 
Air Liquide SA 
 
    1,599
315,017
Airbus SE 
 
    1,519
356,598
ArcelorMittal SA 
 
    1,102
77,842
AXA SA 
 
    4,232
219,343
BNP Paribas SA 
 
    2,539
322,627
Bollore SE 
 
    2,567
11,464
Bouygues SA 
 
      591
33,291
Capgemini SE 
 
      407
48,376
Cie de Saint-Gobain SA 
 
    1,210
113,724
Cie Generale des Etablissements Michelin SCA 
 
    1,603
64,794
Credit Agricole SA 
 
    2,550
56,981
Danone SA 
 
    1,628
126,636
Dassault Systemes SE 
 
    1,688
39,271
Engie SA 
 
    4,222
131,605
EssilorLuxottica SA 
 
      775
146,724
Hermes International SCA 
 
       84
148,837
Kering SA 
 
      185
61,064
Legrand SA 
 
      626
95,170
L'Oreal SA 
 
      565
251,648
LVMH Moet Hennessy Louis Vuitton SE 
 
      669
367,371
Orange SA 
 
    5,091
97,247
Pernod Ricard SA 
 
      481
37,486
Publicis Groupe SA 
 
      595
63,505
Safran SA 
 
      898
352,897
Sanofi SA 
 
    2,751
236,893
Sartorius Stedim Biotech 
 
       87
16,821
Schneider Electric SE 
 
    1,400
470,380
Societe Generale SA 
 
    1,581
148,609
STMicroelectronics NV 
 
    1,822
97,328
Thales SA 
 
      247
70,316
TotalEnergies SE 
 
    5,191
457,641
Vinci SA 
 
    1,209
170,702
 
 
 
5,208,208
Germany (7.2%) 
 
 
adidas AG 
 
      420
77,710
Allianz SE (Registered) 
 
      983
489,634
BASF SE 
 
    2,427
140,896
Bayer AG (Registered) 
 
    2,441
135,465
Bayerische Motoren Werke AG 
 
      860
58,947
Beiersdorf AG 
 
      240
22,294
BioNTech SE ADR (c)
 
      234
21,196
Commerzbank AG 
 
    1,823
79,508
Continental AG 
 
      242
20,125
Daimler Truck Holding AG 
 
    1,182
66,855
Deutsche Bank AG (Registered) 
 
    4,449
163,750
Deutsche Boerse AG 
 
      467
140,668
 
Shares
Value
 
 
 
Deutsche Post AG (Registered) 
 
    2,274
$151,907
Deutsche Telekom AG (Registered) 
 
    9,316
287,501
Dr. Ing hc F Porsche AG (Preference) 
 
      318
15,568
E.ON SE 
 
    5,703
122,861
Fresenius Medical Care AG 
 
      643
33,000
Fresenius SE & Co. KGaA 
 
    1,152
59,210
Hannover Rueck SE (Registered) 
 
      152
43,813
Hapag-Lloyd AG 
 
       61
8,952
Heidelberg Materials AG 
 
      354
65,902
Henkel AG & Co. KGaA 
 
      189
15,487
Henkel AG & Co. KGaA (Preference) 
 
      503
43,851
HOCHTIEF AG 
 
       43
22,039
Infineon Technologies AG 
 
    3,296
236,533
Knorr-Bremse AG 
 
      169
20,100
Mercedes-Benz Group AG (Registered) 
 
    1,741
94,134
Merck KGaA 
 
      331
54,704
MTU Aero Engines AG 
 
      132
55,345
Muenchener Rueckversicherungs-Gesellschaft
AG in Muenchen (Registered) 
 
      340
204,238
Rheinmetall AG 
 
      121
159,956
RWE AG 
 
    1,678
110,384
SAP SE 
 
    2,626
481,333
Sartorius AG (Preference) 
 
       73
18,398
Siemens AG (Registered) 
 
    1,883
616,958
Siemens Energy AG 
 
    1,935
330,581
Siemens Healthineers AG 
 
      901
38,369
Talanx AG 
 
      199
26,450
Volkswagen AG 
 
      222
19,492
Volkswagen AG (Preference) 
 
      437
37,766
Vonovia SE 
 
    2,051
49,759
 
 
 
4,841,639
Hong Kong (1.6%) 
 
 
AIA Group Ltd. 
 
   26,800
270,168
Cathay Pacific Airways Ltd. 
 
    2,000
3,721
CK Asset Holdings Ltd. 
 
    5,500
33,501
CK Hutchison Holdings Ltd. 
 
    7,000
65,585
CK Infrastructure Holdings Ltd. 
 
    1,000
7,977
CLP Holdings Ltd. 
 
    5,000
49,712
CSPC Pharmaceutical Group Ltd. 
 
   26,000
28,442
Futu Holdings Ltd. ADR 
 
      170
17,870
Galaxy Entertainment Group Ltd. 
 
    5,000
21,805
Hang Lung Properties Ltd. 
 
    7,000
6,505
Henderson Land Development Co. Ltd. 
 
    4,000
14,501
HK Electric Investments & HK Electric
Investments Ltd. (Units) (a)
 
   12,500
10,295
HKT Trust & HKT Ltd. (Units) (a)
 
    8,000
13,543
Hong Kong & China Gas Co. Ltd. 
 
   33,000
29,543
Hong Kong Exchanges & Clearing Ltd. 
 
    3,100
161,519
Hongkong Land Holdings Ltd. 
 
    2,000
16,217
Jardine Matheson Holdings Ltd. 
 
      500
33,207
Kingboard Laminates Holdings Ltd. 
 
    2,000
7,451
Link REIT 
 
    6,400
31,901
MGM China Holdings Ltd. 
 
    1,600
2,316
MTR Corp. Ltd. (b)
 
    3,500
14,767
Power Assets Holdings Ltd. 
 
    3,500
26,349

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee International Index Fund
 
Shares
Value
Hong Kong (cont'd)
 
 
Sands China Ltd. 
 
    8,400
$15,752
Sino Biopharmaceutical Ltd. 
 
   22,000
14,115
Sino Land Co. Ltd. 
 
    6,000
8,172
SITC International Holdings Co. Ltd. 
 
    4,000
20,167
Sun Hung Kai Properties Ltd. 
 
    3,000
47,085
Swire Pacific Ltd., Class A 
 
    1,500
19,049
Swire Properties Ltd. 
 
    1,400
4,264
Techtronic Industries Co. Ltd. 
 
    3,500
58,800
WH Group Ltd. 
 
   18,500
19,905
Wharf Holdings Ltd. 
 
    3,000
7,511
Wharf Real Estate Investment Co. Ltd. 
 
    2,000
6,764
Zijin Gold International Co. Ltd. 
 
    1,200
18,146
 
 
 
1,106,625
Ireland (0.4%) 
 
 
AIB Group PLC 
 
    4,971
59,123
Bank of Ireland Group PLC 
 
    2,396
50,316
Kerry Group PLC, Class A 
 
      323
30,837
Kingspan Group PLC 
 
      417
38,757
Ryanair Holdings PLC 
 
    2,475
69,403
 
 
 
248,436
Israel (1.3%) 
 
 
Airport City Ltd. (c)
 
      286
5,152
Amot Investments Ltd. 
 
      114
693
Azrieli Group Ltd. 
 
      103
13,597
Bank Hapoalim BM 
 
    3,565
86,551
Bank Leumi Le-Israel BM 
 
    4,001
94,537
Bezeq The Israeli Telecommunication Corp. Ltd. 
 
    7,441
17,829
Big Shopping Centers Ltd. 
 
       38
8,540
Camtek Ltd. (c)
 
       75
10,371
Cellebrite DI Ltd. (c)
 
      715
10,546
Check Point Software Technologies Ltd. (c)
 
      223
28,350
Clal Insurance Enterprises Holdings Ltd. 
 
      125
9,460
CyberArk Software Ltd. (c)
 
       96
4,320
Delek Group Ltd. 
 
      150
3,960
Delek Yizum Nechasim Ltd. (c)
 
       15
331
Doral Group Renewable Energy Resources
Ltd. (c)
 
      383
8,631
Elbit Systems Ltd. 
 
       67
54,125
Energix-Renewable Energies Ltd. 
 
    1,243
9,007
Enlight Renewable Energy Ltd. (c)
 
      325
27,583
Etoro Group Ltd., Class A (c)
 
      264
9,417
Fattal Holdings 1998 Ltd. (c)
 
        4
886
First International Bank of Israel Ltd. 
 
      116
8,958
Global-e Online Ltd. (c)
 
      411
16,156
Harel Insurance Investments & Financial
Services Ltd. 
 
      296
16,969
ICL Group Ltd. 
 
    2,663
13,608
Israel Corp. Ltd. 
 
       90
2,354
Israel Discount Bank Ltd., Class A 
 
    3,023
31,549
Mega Or Holdings Ltd. REIT 
 
       56
9,095
Melisron Ltd. 
 
       41
5,384
Menora Mivtachim Holdings Ltd. 
 
       56
8,757
Migdal Insurance & Financial Holdings Ltd. (c)
 
      916
5,203
Mivne Real Estate KD Ltd. 
 
      898
3,963
 
Shares
Value
 
 
 
Mizrahi Tefahot Bank Ltd. 
 
      420
$31,256
Monday.com Ltd. (c)
 
       83
7,233
Next Vision Stabilized Systems Ltd. 
 
      206
16,014
Nice Ltd. (c)
 
      171
16,662
Nova Ltd. (c)
 
       70
27,816
OPC Energy Ltd. (c)
 
      411
12,895
Paz Retail & Energy Ltd. 
 
       21
5,929
Phoenix Financial Ltd. 
 
      713
39,977
Plus500 Ltd. 
 
       98
5,147
Shapir Engineering & Industry Ltd. 
 
      409
6,121
Shikun & Binui Ltd. (c)
 
      980
5,609
Shufersal Ltd. 
 
      410
5,865
Strauss Group Ltd. 
 
      118
4,469
Tel Aviv Stock Exchange Ltd. 
 
      119
4,583
Teva Pharmaceutical Industries Ltd. (c)
 
    2,815
100,156
Tower Semiconductor Ltd. (c)
 
      271
59,367
Wix.com Ltd. (c)
 
      141
7,759
 
 
 
882,740
Italy (2.9%) 
 
 
A2A SpA 
 
    5,018
13,108
Banca Mediolanum SpA 
 
      436
11,683
Banca Monte dei Paschi di Siena SpA 
 
    5,028
67,342
Banco BPM SpA 
 
    2,903
53,003
BPER Banca SpA 
 
    3,789
61,568
Davide Campari-Milano NV (b)
 
    1,329
9,051
Enel SpA 
 
   20,433
230,758
Eni SpA 
 
    4,532
126,065
Ferrari NV (Euronext NV) 
 
      324
127,394
FinecoBank Banca Fineco SpA 
 
    1,559
42,712
Generali 
 
    2,194
111,190
Infrastrutture Wireless Italiane SpA 
 
    1,214
9,007
Intesa Sanpaolo SpA 
 
   36,330
274,630
Leonardo SpA 
 
    1,108
70,618
Moncler SpA 
 
      560
31,852
Poste Italiane SpA 
 
    1,247
37,725
PRADA SpA (d)
 
      700
3,845
Prysmian SpA 
 
      700
96,595
Recordati Industria Chimica e Farmaceutica
SpA 
 
      192
11,437
Snam SpA 
 
    4,814
32,643
Stellantis NV (c)
 
    4,949
28,494
Telecom Italia SpA (c)
 
    3,982
33,815
Tenaris SA 
 
      997
28,604
Terna - Rete Elettrica Nazionale 
 
    3,676
42,142
UniCredit SpA 
 
    3,624
341,786
Unipol Assicurazioni SpA 
 
      898
28,098
 
 
 
1,925,165
Japan (22.3%) 
 
 
ABC-Mart, Inc. 
 
      100
1,711
Acom Co. Ltd. 
 
    2,900
8,633
Advantest Corp. 
 
    1,900
375,406
Aeon Co. Ltd. 
 
    6,200
53,194
AGC, Inc. 
 
      500
18,857
Air Water, Inc. 
 
      300
4,705
Aisin Corp. 
 
    1,200
16,544

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee International Index Fund
 
Shares
Value
Japan (cont'd)
 
 
Ajinomoto Co., Inc. 
 
    2,100
$64,761
Alfresa Holdings Corp. 
 
      400
5,802
ALSOK Co. Ltd. 
 
      800
5,880
Amada Co. Ltd. 
 
      900
15,441
ANA Holdings, Inc. 
 
    1,200
23,438
Asahi Group Holdings Ltd. 
 
    3,300
34,439
Asahi Intecc Co. Ltd. 
 
      700
15,793
Asahi Kasei Corp. 
 
    2,700
28,822
Asics Corp. 
 
    1,800
53,072
Astellas Pharma, Inc. 
 
    5,000
68,674
Azbil Corp. 
 
    1,000
10,355
Bandai Namco Holdings, Inc. 
 
    1,600
46,351
BayCurrent, Inc. 
 
      400
18,042
Bridgestone Corp. 
 
    2,800
69,147
Brother Industries Ltd. 
 
      900
22,413
Canon, Inc. 
 
    2,300
64,021
Capcom Co. Ltd. 
 
      800
20,096
Central Japan Railway Co. 
 
    2,400
59,724
Chiba Bank Ltd. 
 
    1,800
29,259
Chubu Electric Power Co., Inc. 
 
    1,600
27,704
Chugai Pharmaceutical Co. Ltd. 
 
    1,700
73,765
Coca-Cola Bottlers Japan Holdings, Inc. 
 
      400
9,612
CyberAgent, Inc. 
 
    1,600
14,618
Dai Nippon Printing Co. Ltd. 
 
    1,300
23,572
Daifuku Co. Ltd. 
 
      900
33,153
Daiichi Life Group, Inc. 
 
    9,300
112,133
Daiichi Sankyo Co. Ltd. 
 
    4,500
72,727
Daikin Industries Ltd. 
 
      700
101,398
Daito Trust Construction Co. Ltd. 
 
      800
16,886
Daiwa House Industry Co. Ltd. 
 
    1,500
44,050
Daiwa House Investment Corp. REIT 
 
       18
13,937
Daiwa Securities Group, Inc. 
 
    3,200
35,797
Denso Corp. 
 
    4,300
52,799
Dentsu Group, Inc. 
 
      700
15,532
Disco Corp. 
 
      200
71,487
East Japan Railway Co. 
 
    2,600
59,822
Ebara Corp. 
 
    1,100
37,342
Eisai Co. Ltd. 
 
      600
18,038
Electric Power Development Co. Ltd. 
 
      400
9,463
ENEOS Holdings, Inc. 
 
    7,300
60,287
FANUC Corp. 
 
    2,500
100,739
Fast Retailing Co. Ltd. 
 
      500
244,835
Food & Life Cos. Ltd. 
 
      600
20,948
Fuji Electric Co. Ltd. 
 
      300
26,181
Fuji Media Holdings, Inc. 
 
      200
5,000
FUJIFILM Holdings Corp. 
 
    2,800
65,911
Fujikura Ltd. 
 
    3,700
93,892
Fujitsu Ltd. 
 
    4,500
103,722
Fukuoka Financial Group, Inc. 
 
      500
22,855
Furukawa Electric Co. Ltd. 
 
    2,000
38,164
GLP J-Reit REIT 
 
       18
16,358
GMO Payment Gateway, Inc. 
 
      100
6,231
Hachijuni Nagano Bank Ltd. 
 
    1,000
15,538
Hamamatsu Photonics KK 
 
      600
8,542
 
Shares
Value
 
 
 
Hankyu Hanshin Holdings, Inc. 
 
      500
$14,794
Haseko Corp. 
 
      500
8,700
Hirose Electric Co. Ltd. 
 
      100
16,851
Hitachi Construction Machinery Co. Ltd. 
 
      300
9,999
Hitachi Ltd. 
 
   11,100
363,753
Honda Motor Co. Ltd. 
 
    9,600
96,764
Hoshizaki Corp. 
 
      200
7,133
Hoya Corp. 
 
      900
137,625
Hulic Co. Ltd. 
 
    1,600
17,592
Ibiden Co. Ltd. 
 
      600
60,026
Idemitsu Kosan Co. Ltd. 
 
    1,700
13,917
IHI Corp. 
 
    2,600
45,461
Iida Group Holdings Co. Ltd. 
 
      800
11,453
Inpex Corp. 
 
    1,900
43,792
Isetan Mitsukoshi Holdings Ltd. 
 
      800
17,855
Isuzu Motors Ltd. 
 
    1,100
16,412
ITOCHU Corp. 
 
   15,900
199,539
J Front Retailing Co. Ltd. 
 
      600
11,165
Japan Airlines Co. Ltd. 
 
    1,000
18,445
Japan Exchange Group, Inc. 
 
    2,500
34,008
Japan Metropolitan Fund Invest REIT 
 
       24
17,728
Japan Post Bank Co. Ltd. 
 
    3,600
69,606
Japan Post Holdings Co. Ltd. 
 
    4,300
63,616
Japan Post Insurance Co. Ltd. 
 
    1,200
13,213
Japan Real Estate Investment Corp. REIT 
 
       21
16,070
Japan Tobacco, Inc. 
 
    2,800
124,843
JFE Holdings, Inc. (b)
 
    2,000
22,692
JX Advanced Metals Corp. 
 
    1,500
34,752
Kajima Corp. 
 
    1,200
40,097
Kandenko Co. Ltd. 
 
      200
6,652
Kansai Electric Power Co., Inc. 
 
    2,200
33,318
Kao Corp. 
 
    2,200
45,223
Kawasaki Heavy Industries Ltd. 
 
    2,000
34,169
Kawasaki Kisen Kaisha Ltd. 
 
    1,100
19,601
KDDI Corp. 
 
    7,600
140,020
Keio Corp. 
 
    2,500
12,701
Keisei Electric Railway Co. Ltd. 
 
      800
6,429
Kewpie Corp. 
 
      200
5,716
Keyence Corp. 
 
      500
250,793
Kikkoman Corp. 
 
    2,000
20,598
Kinden Corp. 
 
      300
13,203
Kintetsu Group Holdings Co. Ltd. 
 
      300
6,516
Kioxia Holdings Corp. (c)
 
      500
139,368
Kirin Holdings Co. Ltd. 
 
    1,900
35,150
Kobe Bussan Co. Ltd. 
 
      300
5,245
Koito Manufacturing Co. Ltd. 
 
      300
5,014
Kokusai Electric Corp. 
 
      600
27,009
Komatsu Ltd. 
 
    2,400
104,137
Konami Group Corp. 
 
      300
38,646
Kubota Corp. 
 
    2,500
42,414
Kuraray Co. Ltd. 
 
    1,100
12,616
Kurita Water Industries Ltd. 
 
      200
10,747
Kyocera Corp. 
 
    3,600
82,104
Kyoto Financial Group, Inc. 
 
      700
19,295
Kyowa Kirin Co. Ltd. 
 
      500
8,026

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee International Index Fund
 
Shares
Value
Japan (cont'd)
 
 
Kyushu Electric Power Co., Inc. 
 
    1,500
$16,619
Kyushu Railway Co. 
 
      400
9,026
Lasertec Corp. 
 
      200
45,946
Lixil Corp. 
 
    1,000
10,861
LY Corp. 
 
    7,500
20,897
M3, Inc. 
 
    1,000
11,203
Makita Corp. 
 
      600
19,326
Marubeni Corp. 
 
    3,700
119,586
Marui Group Co. Ltd. 
 
      500
9,315
MatsukiyoCocokara & Co. 
 
    1,200
19,149
Mazda Motor Corp. 
 
    1,500
10,936
McDonald's Holdings Co. Japan Ltd. 
 
      300
15,247
Mebuki Financial Group, Inc. 
 
    2,000
18,532
Medipal Holdings Corp. 
 
      300
5,402
MEIJI Holdings Co. Ltd. 
 
      600
14,270
Minebea Mitsumi, Inc. 
 
      700
15,942
MISUMI Group, Inc. 
 
      900
21,412
Mitsubishi Chemical Group Corp. 
 
    2,700
19,869
Mitsubishi Corp. 
 
    8,800
263,056
Mitsubishi Electric Corp. 
 
    4,900
176,513
Mitsubishi Estate Co. Ltd. 
 
    2,800
67,976
Mitsubishi Gas Chemical Co., Inc. 
 
      500
12,915
Mitsubishi HC Capital, Inc. 
 
    2,200
20,256
Mitsubishi Heavy Industries Ltd. 
 
    8,000
186,899
Mitsubishi Motors Corp. (b)
 
      900
2,061
Mitsubishi UFJ Financial Group, Inc. 
 
   29,600
661,160
Mitsui & Co. Ltd. 
 
    6,200
190,243
Mitsui Chemicals, Inc. 
 
      800
10,518
Mitsui Fudosan Co. Ltd. 
 
    6,700
65,267
Mitsui Kinzoku Co. Ltd. 
 
      100
18,827
Mitsui OSK Lines Ltd. 
 
      800
29,554
Mizuho Financial Group, Inc. 
 
    6,300
326,618
MonotaRO Co. Ltd. 
 
      500
6,310
MS&AD Insurance Group Holdings, Inc. 
 
    3,200
98,507
Murata Manufacturing Co. Ltd. 
 
    4,300
195,927
NEC Corp. 
 
    3,000
89,156
Nexon Co. Ltd. 
 
      800
12,538
NGK Corp. 
 
      600
20,529
NH Foods Ltd. 
 
      300
11,782
Nichirei Corp. 
 
    1,000
13,909
NIDEC Corp. 
 
    2,700
43,356
Nikon Corp. 
 
      900
10,694
Nintendo Co. Ltd. 
 
    3,000
143,106
Nippon Building Fund, Inc. REIT 
 
       27
22,775
Nippon Express Holdings, Inc. 
 
      600
19,802
Nippon Paint Holdings Co. Ltd. 
 
    2,100
15,846
Nippon Prologis, Inc. REIT 
 
       22
12,503
Nippon Sanso Holdings Corp. 
 
      500
17,975
Nippon Steel Corp. 
 
   13,900
56,626
Nippon Television Holdings, Inc. 
 
      300
5,478
Nippon Yusen KK 
 
    1,000
38,397
Nissan Chemical Corp. 
 
      400
18,593
Nissan Motor Co. Ltd. (c)
 
    4,700
9,923
Nisshin Seifun Group, Inc. 
 
      400
5,064
 
Shares
Value
 
 
 
Nissin Foods Holdings Co. Ltd. (b)
 
      300
$5,423
Niterra Co. Ltd. 
 
      400
23,359
Nitori Holdings Co. Ltd. 
 
      800
12,906
Nitto Denko Corp. 
 
    1,600
33,786
Nomura Holdings, Inc. 
 
    8,100
78,363
Nomura Real Estate Holdings, Inc. 
 
      800
4,597
Nomura Real Estate Master Fund, Inc. REIT 
 
       11
10,521
Nomura Research Institute Ltd. 
 
    1,000
29,584
NTT, Inc. 
 
  142,200
136,301
Obayashi Corp. 
 
    1,400
27,516
Obic Co. Ltd. 
 
      700
20,079
Odakyu Electric Railway Co. Ltd. 
 
      500
5,534
Oji Holdings Corp. 
 
    1,800
9,898
Olympus Corp. 
 
    3,100
35,431
Omron Corp. 
 
      500
16,720
Ono Pharmaceutical Co. Ltd. 
 
      900
13,450
Open House Group Co. Ltd. 
 
      200
10,628
Oriental Land Co. Ltd. 
 
    3,100
61,875
ORIX Corp. 
 
    2,900
117,042
Orix J-Reit, Inc. REIT 
 
       13
8,412
Osaka Gas Co. Ltd. 
 
      900
30,878
Otsuka Corp. 
 
      700
14,444
Otsuka Holdings Co. Ltd. 
 
    1,100
76,273
Pan Pacific International Holdings Corp. 
 
    4,900
27,807
Panasonic Holdings Corp. 
 
    5,600
148,078
Persol Holdings Co. Ltd. 
 
    8,600
14,278
Rakuten Bank Ltd. (c)
 
      200
6,835
Rakuten Group, Inc. (c)
 
    4,000
20,857
Recruit Holdings Co. Ltd. 
 
    3,300
260,967
Renesas Electronics Corp. 
 
    4,100
82,179
Resona Holdings, Inc. 
 
    5,700
77,297
Resonac Holdings Corp. 
 
      500
41,650
Ricoh Co. Ltd. 
 
    1,300
12,757
Rinnai Corp. 
 
      300
6,709
Rohm Co. Ltd. 
 
    1,100
29,168
Rohto Pharmaceutical Co. Ltd. 
 
      500
7,488
Ryohin Keikaku Co. Ltd. 
 
    1,300
34,099
Sanrio Co. Ltd. 
 
    3,200
25,677
Santen Pharmaceutical Co. Ltd. 
 
      500
5,903
Sanwa Holdings Corp. 
 
      500
10,718
SBI Holdings, Inc. 
 
    1,700
32,093
SBI Shinsei Bank Ltd. (b)
 
    1,100
10,221
SCREEN Holdings Co. Ltd. 
 
      400
30,514
Secom Co. Ltd. 
 
    1,100
47,384
Sega Sammy Holdings, Inc. 
 
      700
12,093
Seibu Holdings, Inc. 
 
      600
13,437
Seiko Epson Corp. 
 
      600
10,990
Sekisui Chemical Co. Ltd. 
 
    1,300
21,636
Sekisui House Ltd. 
 
    1,500
32,838
Seven & i Holdings Co. Ltd. 
 
    6,000
79,561
SG Holdings Co. Ltd. 
 
      500
4,975
Shimadzu Corp. 
 
      800
20,346
Shimamura Co. Ltd. 
 
      300
6,315
Shimano, Inc. 
 
      200
25,246
Shimizu Corp. 
 
    1,200
17,677

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee International Index Fund
 
Shares
Value
Japan (cont'd)
 
 
Shin-Etsu Chemical Co. Ltd. 
 
    4,200
$149,730
Shionogi & Co. Ltd. 
 
    1,800
32,546
Shiseido Co. Ltd. 
 
      900
17,778
Shizuoka Financial Group, Inc. 
 
    1,400
27,615
SMC Corp. 
 
      128
55,304
SoftBank Corp. 
 
   73,700
103,444
SoftBank Group Corp. 
 
    9,100
283,442
Sojitz Corp. 
 
      600
20,046
Sompo Holdings, Inc. 
 
    2,200
97,673
Sony Financial Group, Inc. 
 
   17,700
17,160
Sony Group Corp. 
 
   15,400
359,881
Square Enix Holdings Co. Ltd. 
 
      800
13,928
Subaru Corp. 
 
    1,700
28,938
Sugi Holdings Co. Ltd. 
 
      100
1,772
Sumitomo Chemical Co. Ltd. 
 
    3,700
11,972
Sumitomo Corp. 
 
   10,800
112,104
Sumitomo Electric Industries Ltd. 
 
    7,600
100,587
Sumitomo Forestry Co. Ltd. 
 
    1,100
9,278
Sumitomo Heavy Industries Ltd. 
 
      300
9,698
Sumitomo Metal Mining Co. Ltd. 
 
      600
30,159
Sumitomo Mitsui Financial Group, Inc. 
 
    9,700
416,798
Sumitomo Mitsui Trust Group, Inc. 
 
   11,700
120,307
Sumitomo Pharma Co. Ltd. (c)
 
      300
2,338
Sumitomo Realty & Development Co. Ltd. 
 
    2,200
49,312
Sumitomo Rubber Industries Ltd. 
 
      300
4,245
Sundrug Co. Ltd. 
 
      100
2,377
Suntory Beverage & Food Ltd. 
 
      200
5,798
Suzuki Motor Corp. 
 
    4,200
54,825
Sysmex Corp. 
 
      900
9,088
T&D Holdings, Inc. 
 
    1,300
40,971
Taisei Corp. 
 
      400
32,401
Takeda Pharmaceutical Co. Ltd. 
 
    3,800
130,475
TBS Holdings, Inc. 
 
      300
11,291
TDK Corp. 
 
    4,700
90,374
Terumo Corp. 
 
    3,500
51,345
TISI, Inc. 
 
      600
14,385
Tobu Railway Co. Ltd. 
 
      300
5,819
Toho Co. Ltd. 
 
    1,700
16,325
Tohoku Electric Power Co., Inc. 
 
    1,700
12,492
Tokio Marine Holdings, Inc. 
 
    4,400
224,252
Tokyo Century Corp. 
 
      400
6,536
Tokyo Electric Power Co. Holdings, Inc. (c)
 
    4,200
13,559
Tokyo Electron Ltd. 
 
    1,146
383,150
Tokyo Gas Co. Ltd. 
 
      700
27,023
Tokyo Metro Co. Ltd. 
 
      600
5,501
Tokyo Ohka Kogyo Co. Ltd. 
 
      300
16,247
Tokyu Corp. 
 
    1,300
14,271
Tokyu Fudosan Holdings Corp. 
 
    1,200
9,974
TOPPAN Holdings, Inc. 
 
      600
16,825
Toray Industries, Inc. 
 
    3,200
22,986
Tosoh Corp. 
 
      600
10,091
TOTO Ltd. 
 
      400
17,360
Toyo Suisan Kaisha Ltd. 
 
      200
12,977
Toyota Motor Corp. 
 
   27,300
516,643
 
Shares
Value
 
 
 
Toyota Tsusho Corp. 
 
    1,600
$66,409
Trend Micro, Inc. 
 
      446
17,970
Tsuruha Holdings, Inc. 
 
      900
13,739
Unicharm Corp. 
 
    2,900
18,395
United Urban Investment Corp. REIT 
 
        8
8,175
USS Co. Ltd. 
 
      900
11,366
West Japan Railway Co. 
 
    1,400
26,418
Yakult Honsha Co. Ltd. 
 
      900
15,928
Yamada Holdings Co. Ltd. 
 
    1,000
4,467
Yamaha Corp. 
 
      700
5,426
Yamaha Motor Co. Ltd. 
 
    2,100
17,566
Yamato Holdings Co. Ltd. 
 
      800
10,382
Yamazaki Baking Co. Ltd. 
 
      400
8,453
Yaskawa Electric Corp. 
 
      600
17,867
Yokogawa Electric Corp. 
 
      600
21,399
Yokohama Financial Group, Inc. 
 
    2,400
27,319
Yokohama Rubber Co. Ltd. 
 
      400
19,000
Zensho Holdings Co. Ltd. 
 
      200
12,488
ZOZO, Inc. 
 
      700
5,048
 
 
 
14,924,470
Netherlands (4.3%) 
 
 
ABN AMRO Bank NV CVA 
 
    1,382
62,518
Adyen NV (c)
 
       72
73,240
ASM International NV 
 
      115
106,507
ASML Holding NV 
 
      986
1,624,874
Coca-Cola Europacific Partners PLC 
 
      518
57,068
CVC Capital Partners PLC 
 
    1,842
30,927
DSM-Firmenich AG 
 
      635
68,458
EXOR NV 
 
      226
18,098
Heineken Holding NV 
 
      308
25,911
Heineken NV 
 
      765
69,263
ING Groep NV 
 
    7,300
256,533
InPost SA (c)
 
      325
5,797
Koninklijke Ahold Delhaize NV (b)
 
    2,267
89,671
Koninklijke KPN NV 
 
    7,362
34,762
Koninklijke Philips NV 
 
    2,056
54,171
Nebius Group NV (b)(c)
 
      528
100,537
Prosus NV (c)
 
    3,116
144,809
Universal Music Group NV 
 
    2,454
40,490
 
 
 
2,863,634
New Zealand (0.2%) 
 
 
a2 Milk Co. Ltd. 
 
    1,627
7,898
Auckland International Airport Ltd. 
 
    4,998
25,626
Contact Energy Ltd. 
 
    2,713
14,508
Fisher & Paykel Healthcare Corp. Ltd. 
 
    1,416
33,866
Infratil Ltd. 
 
    2,502
21,719
Mainfreight Ltd. (b)
 
      156
6,361
Mercury NZ Ltd. 
 
      864
3,409
Meridian Energy Ltd. 
 
    4,808
16,123
Spark New Zealand Ltd. 
 
    8,084
9,140
 
 
 
138,650
Norway (0.8%) 
 
 
Aker ASA, Class A 
 
       69
9,282
Aker BP ASA 
 
      896
31,946
AutoStore Holdings Ltd. (c)
 
    6,906
8,813

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee International Index Fund
 
Shares
Value
Norway (cont'd)
 
 
Bakkafrost P/F 
 
      105
$5,014
DNB Bank ASA 
 
    2,165
69,710
Equinor ASA 
 
    1,942
79,721
Frontline PLC 
 
      472
18,823
Gjensidige Forsikring ASA 
 
      342
10,202
Kongsberg Gruppen ASA 
 
    1,049
32,691
Kongsberg Maritime AS (c)
 
      871
4,916
Leroy Seafood Group ASA 
 
      141
619
Mowi ASA 
 
    1,012
21,672
Nordic Semiconductor ASA (c)
 
      691
11,675
Norsk Hydro ASA 
 
    3,248
29,960
Orkla ASA 
 
    2,459
27,314
Protector Forsikring ASA 
 
      210
10,927
Salmar ASA 
 
      126
6,869
SpareBank 1 SMN 
 
      191
3,962
SpareBank 1 Sor-Norge ASA 
 
      476
10,663
Sparebanken Norge 
 
      198
4,116
Storebrand ASA 
 
      917
19,519
Telenor ASA 
 
    1,489
21,049
TOMRA Systems ASA 
 
      883
9,814
Var Energi ASA 
 
    3,657
18,373
Vend Marketplaces ASA, Class B 
 
      439
11,137
Wallenius Wilhelmsen ASA 
 
      384
5,994
Yara International ASA 
 
      426
20,095
 
 
 
504,876
Poland (0.5%) 
 
 
Allegro.eu SA (c)
 
    2,237
26,947
Asseco Poland SA 
 
      102
5,463
Bank Millennium SA (c)
 
    2,659
14,695
Bank Polska Kasa Opieki SA 
 
      402
26,498
BNPP Bank Polska SA 
 
      245
10,193
Budimex SA 
 
       30
5,819
CD Projekt SA (c)
 
      211
14,114
Dino Polska SA (c)
 
      900
7,717
Erste Bank Polska SA 
 
      124
24,447
KGHM Polska Miedz SA 
 
      396
32,826
LPP SA 
 
        3
17,451
mBank SA (c)
 
       35
12,690
Orange Polska SA 
 
    1,359
5,549
ORLEN SA 
 
    1,335
52,975
PGE Polska Grupa Energetyczna SA (c)
 
    2,710
7,324
Powszechna Kasa Oszczednosci Bank Polski
SA 
 
    2,093
62,691
Powszechny Zaklad Ubezpieczen SA 
 
    1,598
30,432
Zabka Group SA 
 
      905
7,713
 
 
 
365,544
Portugal (0.2%) 
 
 
Banco Comercial Portugues SA, Class R 
 
   26,951
33,206
EDP SA 
 
    7,648
39,382
Galp Energia SGPS SA 
 
    1,100
24,982
Jeronimo Martins SGPS SA 
 
      783
15,703
 
 
 
113,273
Singapore (1.6%) 
 
 
CapitaLand Ascendas REIT (c)
 
    8,500
17,025
 
Shares
Value
 
 
 
CapitaLand Integrated Commercial Trust REIT 
 
   13,037
$25,301
CapitaLand Investment Ltd. 
 
    9,000
18,651
City Developments Ltd. 
 
      700
4,281
DBS Group Holdings Ltd. 
 
    5,200
300,023
Genting Singapore Ltd. (b)
 
   12,100
5,989
Grab Holdings Ltd., Class A (c)
 
    8,336
29,176
Jardine Cycle & Carriage Ltd. 
 
      300
6,875
Keppel Ltd. 
 
    2,900
25,900
Keppel REIT REIT 
 
      322
231
Mapletree Industrial Trust REIT 
 
    6,200
9,330
Mapletree Logistics Trust REIT 
 
   13,300
12,849
Mapletree Pan Asia Commercial Trust REIT 
 
    4,000
4,148
Oversea-Chinese Banking Corp. Ltd. 
 
    8,400
190,791
SATS Ltd. 
 
    2,200
8,111
Sea Ltd. ADR (c)
 
      800
85,392
Seatrium Ltd. (b)
 
    6,000
10,052
Sembcorp Industries Ltd. 
 
    2,300
9,893
Singapore Airlines Ltd. 
 
    3,600
21,596
Singapore Exchange Ltd. 
 
    2,000
38,128
Singapore Technologies Engineering Ltd. 
 
    3,500
27,502
Singapore Telecommunications Ltd. 
 
   19,900
68,852
United Overseas Bank Ltd. 
 
    3,200
108,221
UOL Group Ltd. 
 
      600
4,630
Wilmar International Ltd. 
 
    3,600
11,009
Yangzijiang Shipbuilding Holdings Ltd. 
 
    7,200
21,978
 
 
 
1,065,934
Spain (3.3%) 
 
 
ACS Actividades de Construccion y Servicios
SA 
 
      446
56,852
Aena SME SA 
 
    1,710
52,716
Amadeus IT Group SA 
 
    1,121
69,185
Banco Bilbao Vizcaya Argentaria SA 
 
   14,533
407,387
Banco Santander SA 
 
   37,473
532,951
CaixaBank SA 
 
    8,631
125,377
Cellnex Telecom SA 
 
    1,393
43,272
Endesa SA 
 
      950
46,260
Ferrovial NV 
 
    1,266
82,931
Iberdrola SA 
 
   16,452
390,794
Industria de Diseno Textil SA 
 
    2,825
184,370
International Consolidated Airlines Group SA 
 
    8,954
52,487
Naturgy Energy Group SA 
 
      535
17,847
Repsol SA 
 
    2,940
89,732
Telefonica SA 
 
    9,113
37,625
 
 
 
2,189,786
Sweden (3.0%) 
 
 
AAK AB 
 
      449
9,689
AddTech AB, Class B 
 
      654
23,797
Alfa Laval AB 
 
      713
42,194
Assa Abloy AB, Class B 
 
    2,375
88,126
Atlas Copco AB, Class A 
 
   10,502
214,145
Avanza Bank Holding AB 
 
      178
7,304
Axfood AB 
 
      336
8,575
Beijer Ref AB, Class B 
 
      757
10,683
Boliden AB 
 
      787
39,600
Castellum AB 
 
      960
13,474

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee International Index Fund
 
Shares
Value
Sweden (cont'd)
 
 
Epiroc AB, Class A 
 
    2,499
$60,975
EQT AB 
 
    1,521
51,662
Essity AB, Class B 
 
    1,488
43,227
Evolution AB (c)
 
      313
23,889
Fastighets AB Balder, Class B (c)
 
    2,979
16,305
Getinge AB, Class B 
 
      382
9,521
H & M Hennes & Mauritz AB, Class B 
 
    1,276
23,368
Hexagon AB, Class B 
 
    5,082
50,162
Holmen AB, Class B 
 
      130
4,409
Industrivarden AB, Class A 
 
      757
43,424
Indutrade AB 
 
      546
13,708
Investment AB Latour, Class B 
 
      582
12,278
Investor AB, Class A 
 
    5,959
256,311
L E Lundbergforetagen AB, Class B 
 
      102
6,127
Lifco AB, Class B 
 
      666
22,683
Nibe Industrier AB, Class B 
 
    2,751
11,027
Nordnet AB publ 
 
      378
14,481
Norion Bank AB (c)
 
       88
541
Octave Intelligence PLC SDR (c)
 
      880
15,775
Saab AB, Class B 
 
      743
46,688
Sagax AB, Class B 
 
      651
11,444
Sandvik AB 
 
    2,826
105,678
Sectra AB, Class B 
 
      510
14,315
Securitas AB, Class B 
 
    1,163
18,683
Skandinaviska Enskilda Banken AB, Class A 
 
    3,840
89,981
Skanska AB, Class B 
 
      835
23,430
SKF AB, Class B 
 
      879
23,792
SSAB AB, Class A 
 
    1,866
19,649
Svenska Cellulosa AB SCA, Class B 
 
    2,139
24,319
Svenska Handelsbanken AB, Class A 
 
    3,884
59,699
Sweco AB, Class B 
 
      336
4,744
Swedbank AB, Class A 
 
    2,113
84,520
Swedish Orphan Biovitrum AB (c)
 
      518
25,670
Tele2 AB, Class B 
 
    1,096
18,987
Telefonaktiebolaget LM Ericsson, Class B 
 
    8,167
80,336
Telia Co. AB (b)
 
    5,197
24,084
Trelleborg AB, Class B 
 
      578
25,694
Verisure PLC (c)
 
      613
7,622
Volvo AB, Class A 
 
    4,518
172,861
Volvo Car AB, Class B (b)(c)
 
    2,524
5,353
 
 
 
2,025,009
Switzerland (7.4%) 
 
 
ABB Ltd. (Registered) 
 
    4,079
402,430
Alcon AG 
 
    1,267
87,016
Chocoladefabriken Lindt & Spruengli AG 
 
        3
34,626
Cie Financiere Richemont SA, Class A
(Registered) 
 
    1,366
322,843
Galderma Group AG (c)
 
      405
88,133
Geberit AG (Registered) 
 
       89
58,642
Givaudan SA (Registered) 
 
       25
99,921
Holcim AG (c)
 
    1,259
114,348
Kuehne & Nagel International AG (Registered) 
 
      133
33,870
Lonza Group AG (Registered) 
 
      187
130,335
Nestle SA (Registered) 
 
    6,637
663,375
 
Shares
Value
 
 
 
Novartis AG (Registered) 
 
    4,731
$739,889
Partners Group Holding AG 
 
       63
52,512
Roche Holding AG 
 
    1,904
833,353
Sandoz Group AG 
 
    1,058
86,246
Schindler Holding AG 
 
      103
32,422
Schindler Holding AG (Registered) 
 
       54
16,517
SGS SA (Registered) 
 
      382
45,266
Sika AG (Registered) (c)
 
      382
85,946
Straumann Holding AG (Registered) 
 
      289
35,790
Swiss Life Holding AG (Registered) 
 
       70
82,600
Swiss Re AG 
 
      705
117,323
Swisscom AG (Registered) 
 
       67
51,486
UBS Group AG (Registered) (c)
 
    8,250
436,075
Zurich Insurance Group AG 
 
      382
290,980
 
 
 
4,941,944
United Kingdom (12.3%) 
 
 
3i Group PLC 
 
    2,650
102,019
Admiral Group PLC 
 
      543
27,526
Airtel Africa PLC 
 
    1,442
6,509
Anglo American PLC 
 
    2,603
131,768
Antofagasta PLC 
 
      926
46,153
Associated British Foods PLC 
 
      940
26,409
AstraZeneca PLC 
 
    3,913
665,642
Aviva PLC 
 
    7,841
73,385
BAE Systems PLC 
 
    7,917
224,125
Barclays PLC 
 
   36,381
250,066
BP PLC 
 
   37,206
279,535
British American Tobacco PLC 
 
    5,382
326,477
BT Group PLC 
 
   15,370
41,616
Bunzl PLC 
 
      940
35,473
Centrica PLC 
 
   10,505
21,922
Compass Group PLC 
 
    4,595
145,918
Diageo PLC 
 
    5,743
126,164
Experian PLC 
 
    2,287
86,288
Fresnillo PLC 
 
      467
15,731
Glencore PLC (c)
 
   23,865
175,774
GSK PLC 
 
   10,315
268,219
Haleon PLC 
 
   23,834
116,681
Halma PLC 
 
      891
42,569
HSBC Holdings PLC 
 
   44,290
943,169
ICG PLC 
 
      781
19,940
Imperial Brands PLC 
 
    1,819
69,033
Informa PLC 
 
    3,087
36,981
InterContinental Hotels Group PLC 
 
      377
60,964
Intertek Group PLC 
 
      334
26,380
J Sainsbury PLC 
 
    3,737
18,021
Kingfisher PLC 
 
    4,203
17,535
Legal & General Group PLC 
 
   15,283
62,054
Lloyds Banking Group PLC 
 
  150,136
232,053
London Stock Exchange Group PLC 
 
    1,161
130,604
M&G PLC 
 
    5,539
26,757
Marks & Spencer Group PLC 
 
    4,814
26,315
Melrose Industries PLC 
 
    3,163
19,457
National Grid PLC 
 
   13,104
209,741
NatWest Group PLC 
 
   19,914
187,841

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee International Index Fund
 
Shares
Value
United Kingdom (cont'd)
 
 
Next PLC 
 
      279
$55,872
Pearson PLC 
 
    1,348
22,747
Prudential PLC 
 
    6,707
100,796
Reckitt Benckiser Group PLC 
 
    1,643
115,959
RELX PLC 
 
    4,657
163,796
Rentokil Initial PLC 
 
    6,307
29,045
Rio Tinto PLC 
 
    2,771
269,257
Rolls-Royce Holdings PLC 
 
   21,758
434,065
Sage Group PLC 
 
    2,614
34,434
Schroders PLC 
 
    1,911
15,158
Segro PLC REIT 
 
    3,172
41,435
Severn Trent PLC 
 
      554
22,467
Shell PLC 
 
   14,511
664,193
Smith & Nephew PLC 
 
    2,357
36,870
Smiths Group PLC 
 
      858
30,639
Spirax Group PLC 
 
      170
15,939
SSE PLC 
 
    3,001
94,812
Standard Chartered PLC 
 
    4,927
145,680
Standard Life PLC 
 
    2,201
27,427
Tesco PLC 
 
   17,163
112,970
Unilever PLC 
 
    5,533
352,051
United Utilities Group PLC 
 
    1,891
35,219
Vodafone Group PLC 
 
   47,812
75,877
Weir Group PLC 
 
      710
25,331
Wise Group PLC, Class A (c)
 
    1,564
18,680
 
 
 
8,263,533
United States (0.2%) 
 
 
ICON PLC ADR (c)
 
      220
35,984
IREN Ltd. (b)(c)
 
      791
29,109
Waste Connections, Inc. (b)
 
      626
104,868
 
 
 
169,961
Total Common Stocks  (Cost $56,332,694)
66,483,904
Short-Term Investments (0.8%)
Investment Company (0.6%)
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional Class,
3.59% (e) (Cost $380,239)
 
  380,239
380,239
Securities held as Collateral on Loaned Securities (0.2%)
Investment Company (0.2%)
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional Class,
3.59%  (e) (Cost $132,555)
 
  132,555
132,555
Total Short-Term Investments (Cost $512,794) 
512,794
Total Investments (100.1%) (Cost $56,845,488)
including $559,845 of Securities Loaned (f)(g)(h)
66,996,698
Liabilities in Excess of Other Assets (–0.1%)
(80,959
)
Net Assets (100.0%)
 
$66,915,739
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications. 
(a)
Consists of one or more classes of securities traded together
as a unit; stocks with attached warrants.
(b)
All or a portion of this security was on loan. The value of
loaned securities and related collateral outstanding at July 31,
2026, were approximately $559,845 and $585,577,
respectively. The Fund received cash collateral of
approximately $132,555, which was subsequently invested in
Morgan Stanley Institutional Liquidity Funds - Government
Portfolio - Institutional Class as reported in the Portfolio of
Investments. The remaining collateral of approximately
$453,022 was received in the form of U.S. Government
obligations, which the Fund cannot sell or re-pledge and
accordingly are not reflected in the Portfolio of Investments.
The Fund has the right under the securities lending agreement
to recover the securities from the borrower on demand.
(c)
Non-income producing security.
(d)
Security trades on the Hong Kong exchange.
(e)
The Funds invest in the Institutional Class of the Morgan
Stanley Institutional Liquidity Funds — Government Portfolio
(the “Liquidity Fund”), an open-end management investment
company managed by the Adviser, both directly and as a
portion of the securities held as collateral on loaned
securities.
(f)
The Fund is permitted to purchase and sell securities ("cross-
trade") from and to other Morgan Stanley Funds as well as
other funds and client accounts for which the Adviser or an
affiliate of the Adviser serves as investment adviser, pursuant
to procedures approved by the Trustees in compliance with
Rule 17a-7 under the Act (the "Rule"). As a result of a change
in the Rule 2a-5 (aka the “Valuation Rule”), which impacts
transactions under Rule 17a-7, a security is an eligible
security for purposes of Rule 17a-7 only when there is a
“readily available market quotation” for the security. The
Fund's Rule 17a-7 policy was amended effective September 8,
2022, to reflect the new requirements of Rule 2a-5. For the
nine months ended July 31, 2026, the Fund did not engage in
any cross-trade transactions.
(g)
The fair value and percentage of net assets, $57,881,365
and 86.5%, respectively, represent the securities that have
been fair valued under the fair valuation policy for international
investments as described in the Notes to Portfolio of
Investments.
(h)
At July 31, 2026, the aggregate cost for federal income tax
purposes approximates the aggregate cost for book
purposes. The aggregate gross unrealized appreciation is
$11,525,558 and the aggregate gross unrealized
depreciation is $1,374,348, resulting in net unrealized
appreciation of $10,151,210.
 
ADR
American Depositary Receipt.
CVA
Certificaten Van Aandelen.
Euronext NV
Euronext Amsterdam Stock Market.
REIT
Real Estate Investment Trust.
SDR
Swedish Depositary Receipt.

 
Portfolio Composition*
Classification
Percentage of
Total Investments
Other**
59.2
%
Banks
17.9
Pharmaceuticals
6.6
Insurance
5.9
Oil, Gas & Consumable Fuels
5.4
Semiconductors & Semiconductor Equipment
5.0
Total Investments
100.0
%
 
*
Percentages indicated are based upon total investments (excluding Securities
held as Collateral on Loaned Securities) as of July 31, 2026.
**
Industries and/or investment types representing less than 5% of total
investments.

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments 
E*TRADE No Fee Municipal Bond Index Fund
 
 
 
Face
Amount
Value
Municipal Bonds (98.3%)
Education (9.0%)
Board of Regents of the University of Texas
System,
 
 

5.00%, 8/15/31 
$
  155,000
$169,061
Danville Multi-School Building Corp., IN,
 
 

5.00%, 7/15/41 
 
  335,000
356,781
Illinois Finance Authority,
 
 

5.00%, 4/1/31 
 
  300,000
323,871
Mississippi Development Bank,
 
 

5.00%, 4/1/29 
 
  110,000
116,140
New York State Dormitory Authority,
 
 

5.00%, 8/15/42 
 
  200,000
213,156
Ohio Higher Educational Facility Commission
(Kenyon College 2023),
 
 
5.00%, 7/1/36 - 7/1/39 
 
  440,000
461,794
Permanent University Fund - Texas A&M
University System,
 
 

5.00%, 7/1/33 
 
   40,000
44,435
Texas State University System,
 
 

5.00%, 3/15/33 
 
  500,000
551,730
University of Arkansas,
 
 

5.00%, 9/1/28 
 
  240,000
250,666
University of Connecticut,
 
 

5.00%, 2/15/42 
 
   90,000
97,089
University of Houston, TX,
 
 

5.00%, 2/15/32 
 
  210,000
230,179
University of Maine System,
 
 

5.00%, 3/1/28 
 
  200,000
207,002
 
 
 
3,021,904
Electric Utilities (5.9%)
Energy Northwest, WA,
 
 

5.00%, 7/1/37 
 
  180,000
187,295
Garland Electric Utility System Revenue, TX
(AGM),
 
 

5.00%, 3/1/31 
 
  105,000
113,332
Grant County Public Utility District No. 2
Electric Revenue, WA,
 
 

5.00%, 1/1/42 
 
  450,000
456,951
Indiana Municipal Power Agency,
 
 

5.00%, 1/1/39 
 
   80,000
87,071
Knoxville Electric System Revenue, TN,
 
 

5.00%, 7/1/39 
 
  105,000
111,211
Lower Colorado River Authority, TX,
 
 

5.00%, 5/15/31 
 
  145,000
156,644
San Antonio Texas Electric and Gas Systems
Revenue,
 
 

5.00%, 2/1/30 
 
  300,000
319,599
Seattle Municipal Light & Power Revenue, WA,
 
 

5.00%, 8/1/36 
 
  500,000
567,381
 
 
 
1,999,484
General Obligations (36.1%)
Abilene, TX (Taylor And Jones Counties),
 
 

5.00%, 2/15/32 
 
  115,000
125,128
Angleton Independent School District, TX
(PSF Guaranteed),
 
 

5.00%, 2/15/38 
 
  250,000
268,422
 
 
Face
Amount
Value
 
Baltimore, MD
(Consolidated Public Improvement),
 
 

2.00%, 10/15/35 
$
  195,000
$158,239
Bethlehem Area School District, PA
(State Aid Withholding),
 
 

5.00%, 11/15/29 
 
  190,000
202,300
Celina Independent School District, TX
(PSF Guaranteed),
 
 

5.00%, 2/15/38 
 
  165,000
179,920
Chambersburg Area School District, PA
(State Aid Withholding),
 
 

5.00%, 3/1/36 
 
  125,000
132,126
Coeur d'Alene, ID,
 
 

5.00%, 8/1/31 
 
  320,000
349,190
Commonwealth of Massachusetts,
(General Obligation Refunding Bonds),
 
 

5.00%, 3/1/39 
 
  220,000
238,683
Commonwealth of Pennsylvania,
(Bid Group A),
 
 

5.00%, 9/1/32 
 
  110,000
121,156
Connecticut, (Sustainable Bonds),
 
 

5.00%, 7/15/30 
 
  245,000
264,171
Conroe Independent School District, TX
(PSF Guaranteed),
 
 
5.00%, 2/15/37 - 2/15/40 
 
  305,000
332,632
Cotulla Independent School District, TX (PSF
Guaranteed),
 
 

5.00%, 2/15/33 
 
  100,000
109,832
County of Hamblen, TN,
 
 

4.00%, 6/1/34 
 
  500,000
514,003
County of Loudoun, VA,
 
 

5.00%, 12/1/37 
 
  400,000
446,945
Cypress-Fairbanks Independent School
District, TX (PSF Guaranteed),
 
 

5.00%, 2/15/32 
 
  145,000
159,165
Dallas Independent School District, TX
(PSF Guaranteed),
 
 

5.00%, 2/15/40 
 
  500,000
540,129
Del Mar College District, TX,
 
 

3.00%, 8/15/39 
 
  135,000
112,300
Denton, TX,
 
 

5.00%, 2/15/41 
 
  315,000
332,347
El Paso, TX,
 
 

5.00%, 8/15/34 
 
  250,000
278,076
Everett, WA (Lift Projects),
 
 

5.00%, 6/1/30 
 
  200,000
214,823
Haverford Township School District, PA
(State Aid Withholding),
 
 

5.00%, 3/15/39 
 
  390,000
415,058
Katy Independent School District, TX (PSF
Guaranteed),
 
 

5.00%, 2/15/37 (a)
 
  250,000
278,724
La Vernia Independent School District, TX
(PSF Guaranteed),
 
 

5.00%, 2/15/42 
 
  150,000
159,044
Lake County School District No. 112 North
Shore, IL,
 
 
5.00%, 12/1/33 - 12/1/35 
 
  250,000
270,909

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Municipal Bond Index Fund
 
 
Face
Amount
Value
General Obligations (cont'd)
Laredo, TX,
 
 

3.00%, 2/15/37 
$
  175,000
$154,816
Maryland, (Bidding Group 3),
 
 

5.00%, 6/1/37 
 
  220,000
242,360
Melissa, TX,
 
 

5.00%, 2/15/34 
 
  130,000
140,028
Memphis, TN
(Tennessee General Improvement Bonds),
 
 

5.00%, 4/1/39 
 
  170,000
181,965
Minnetonka Independent School District No.
276, MN,
 
 
0.00%, 2/1/30 - 2/1/35 
 
  300,000
233,649
New Waverly Independent School District, TX
(PSF Guaranteed),
 
 

5.00%, 2/15/34 
 
  140,000
154,676
New York City,
 
 
5.00%, 8/1/32 - 12/1/39 
 
  825,000
881,029

4.00%, 3/1/41 
 
  250,000
232,422
Oakland Park, FL,
 
 

5.00%, 2/1/32 
 
  240,000
256,156
Oxnard School District, CA,
 
 

0.00%, 2/1/31 
 
  350,000
299,733
Paris Independent School District, TX
(PSF Guaranteed),
 
 

5.00%, 2/15/34 
 
  300,000
332,079
Pflugerville, TX,
 
 

5.00%, 8/1/27 
 
   60,000
61,437
Plano Independent School District, TX,
 
 

5.00%, 2/15/41 
 
  180,000
189,352
Prosper Independent School District, TX
(PSF Guaranteed),
 
 

5.00%, 2/15/32 
 
  125,000
136,612

5.00%, 2/15/36 
 
  300,000
329,922
Rockwall Independent School District, TX
(PSF Guaranteed),
 
 

5.00%, 2/15/36 
 
  150,000
167,761
St. Cloud Independent School District No.
742, MN,
 
 

0.00%, 2/1/27 
 
  100,000
98,498
State of Minnesota,
 
 

5.00%, 8/1/38 
 
  380,000
420,022
State of Washington,
 
 
5.00%, 2/1/39 - 2/1/40 
 
  300,000
318,240
State of West Virginia,
 
 

5.00%, 12/1/38 
 
  145,000
153,945
Temple, TX,
 
 

5.00%, 8/1/28 
 
  125,000
130,244
Town of Prosper, TX,
 
 

5.00%, 2/15/33 
 
  180,000
198,168
Washington, (Various Purpose General
Obligation Refunding Bonds),
 
 

5.00%, 8/1/26 
 
  180,000
180,000
Waukee Community School District, IA,
 
 

5.00%, 6/1/35 
 
  115,000
123,005
 
 
Face
Amount
Value
 
Waukesha, WI,
 
 

2.00%, 10/1/30 
$
  365,000
$334,701
 
 
 
12,154,142
Hospital (7.3%)
Colorado Health Facilities Authority,
 
 
5.00%, 11/15/33 - 5/15/42 (a)
 
  835,000
904,242
Health & Educational Facilities Authority of the
State of Missouri,
 
 

5.00%, 4/1/36 
 
  700,000
775,441
Maricopa County Industrial Development
Authority, AZ,
 
 

5.00%, 9/1/28 
 
  110,000
114,369
Michigan Finance Authority,
 
 
5.00%, 12/1/29 - 4/15/37 
 
  395,000
419,456
Oregon Health and Science University,
 
 

5.00%, 7/1/27 
 
  235,000
239,429
 
 
 
2,452,937
Housing (1.6%)
Massachusetts Housing Finance Agency,
 
 

3.10%, 12/1/29 
 
  550,000
543,206
Insured - General Obligations (6.1%)
Grand Rapids Public Schools, MI (AGM),
 
 
5.00%, 5/1/30 - 11/1/39 
 
  650,000
681,597
Kankakee County Community High School
District No 307 Bradley-Bourbonnais, IL
(AGM),
 
 

5.00%, 12/1/30 
 
  300,000
321,754
North Olmsted City School District, OH (AGM),
 
 

5.00%, 10/15/27 
 
  170,000
174,370
Somerset Area School District, PA (AG) (State
Aid Withholding),
 
 
5.00%, 2/15/40 - 2/15/43 
 
  810,000
856,151
 
 
 
2,033,872
Lease Revenue/Certificates of Participation (10.9%)
Avon Community School Building Corp., IN,
 
 

5.00%, 7/15/36 
 
  150,000
161,908
California State Public Works Board (Various
Capital),
 
 

5.00%, 9/1/37 
 
  200,000
221,411
Colorado, (Rural Colorado),
 
 

4.00%, 12/15/34 
 
  225,000
227,540

5.00%, 12/15/31 
 
  125,000
136,772
Community College District of Central
Southwest Missouri,
 
 

5.00%, 3/1/28 
 
  185,000
190,926
County of Dare, NC,
 
 
5.00%, 6/1/39 - 6/1/40 
 
  355,000
385,303
El Paso County School District No. 49 Falcon,
CO,
 
 
5.00%, 12/15/35 
 
  705,000
763,120
IPS Multi-School Building Corp., IN (State Aid
Withholding),
 
 

5.00%, 7/15/43 
 
  300,000
314,449
Monroe County Community 1996 School
Building Corp., IN (State Aid Withholding),
 
 

5.00%, 1/15/34 
 
  135,000
148,337

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee Municipal Bond Index Fund
 
 
Face
Amount
Value
Lease Revenue/Certificates of Participation (cont'd)
Oklahoma City Water Utilities Trust,
 
 

5.00%, 7/1/39 
$
  130,000
$141,478
Porter Township High School Building Corp.,
IN,
 
 

5.00%, 7/15/36 
 
  215,000
233,108
Riviera Beach, FL,
 
 

5.00%, 10/1/28 
 
  100,000
104,422
School District of Broward County, FL,
 
 

5.00%, 7/1/32 
 
  500,000
545,859
Speedway Multi-School Building Corp., IN,
 
 

5.00%, 1/15/28 
 
  100,000
102,956
 
 
 
3,677,589
Special Tax Revenue (9.8%)
County of Clark, NV,
 
 

5.00%, 7/1/33 
 
  285,000
315,853
East Montgomery County Improvement District
Sales Tax Revenue, TX (AGM),
 
 

5.00%, 8/15/39 
 
  230,000
242,312
Empire State Development Corp., NY,
 
 
5.00%, 3/15/36 - 3/15/38 
 
  425,000
455,660
Grand Junction, CO,
 
 

5.00%, 3/1/31 
 
  100,000
108,257
Greater Texas Cultural Education Facilities
Finance Corp.,
 
 

4.00%, 3/1/40 
 
  200,000
189,165
New York City Transitional Finance Authority
Future Tax Secured Revenue,
 
 
5.00%, 5/1/40 - 5/1/42 
 
  610,000
648,041
New York State Dormitory Authority,
 
 
4.00%, 3/15/38 - 3/15/41 
 
  285,000
277,204

5.00%, 3/15/31 
 
  120,000
130,994
Park Creek Metropolitan District, CO (AGM),
 
 

5.00%, 12/1/35 
 
  290,000
311,799
Pennsylvania Turnpike Commission Oil
Franchise Tax Revenue,
 
 

0.00%, 12/1/37 
 
  350,000
215,370
Southeastern Pennsylvania Transportation
Authority,
 
 

5.25%, 6/1/41 
 
  250,000
266,749
Washington Metropolitan Area Transit Authority
Dedicated Revenue, DC,
 
 

5.00%, 7/15/35 
 
  120,000
126,569
 
 
 
3,287,973
Transportation (6.1%)
Bay Area Toll Authority, CA,
 
 

5.00%, 4/1/42 
 
  250,000
284,895
Central Texas Turnpike System,
 
 

5.00%, 8/15/33 
 
  165,000
181,169
County of Clark Department of Aviation, NV,
 
 

5.00%, 7/1/29 
 
  195,000
206,747
Houston Airport System Revenue, TX,
 
 

5.00%, 7/1/37 
 
  150,000
154,002
Massachusetts Port Authority,
 
 
5.00%, 7/1/28 - 7/1/29 
 
  500,000
526,609
North Texas Tollway Authority,
 
 

5.00%, 1/1/38 
 
  340,000
364,779
 
 
Face
Amount
Value
 
Port Authority of New York & New Jersey,
 
 

5.00%, 10/15/42 
$
   85,000
$92,797
Virginia Port Authority,
 
 

5.00%, 7/1/34 
 
   35,000
39,186
Wayne County Airport Authority, MI,
 
 

5.00%, 12/1/41 
 
  200,000
215,698
 
 
 
2,065,882
Water and Sewer (5.5%)
District of Columbia Water & Sewer Authority,
DC,
 
 

5.00%, 10/1/42 
 
  400,000
432,502
Illinois Finance Authority,
 
 

5.00%, 7/1/38 
 
  250,000
274,083
Massachusetts Water Resources Authority,
 
 

5.00%, 8/1/39 
 
  140,000
145,391
Ohio Water Development Authority,
 
 

5.00%, 6/1/29 
 
  115,000
121,355
Ohio Water Development Authority Water
Pollution Control Loan Fund,
 
 

5.00%, 12/1/34 
 
  140,000
157,330
Oklahoma Water Resources Board,
 
 

5.00%, 10/1/41 
 
  440,000
466,912
San Antonio Water System, TX,
 
 

5.00%, 5/15/35 
 
  135,000
144,395
Texas Water Development Board,
 
 

5.00%, 10/15/33 
 
  105,000
117,123
 
 
 
1,859,091
Total Municipal Bonds  (Cost $33,151,531)
 
33,096,080
 
 
 
Shares
Value
Short-Term Investment (3.5%)
 
         
Investment Company (3.5%)
 
 
BlackRock Liquidity Funds — MuniCash —
Institutional Shares,
2.16%,  (Cost $1,168,073)
 
1,167,957
1,168,073
Total Investments (101.8%) (Cost $34,319,604)  (b)(c)
34,264,153
Liabilities in Excess of Other Assets (–1.8%)
(593,100
)
Net Assets (100.0%)
$33,671,053
 
(a)
When-issued security.
(b)
Securities are available for collateral in connection with
purchase of when-issued securities.
(c)
At July 31, 2026, the aggregate cost for federal income tax
purposes approximates the aggregate cost for book
purposes. The aggregate gross unrealized appreciation is
$295,515 and the aggregate gross unrealized depreciation is
$350,966, resulting in net unrealized depreciation of
$55,451.
 
AGM
Assured Guaranty Municipal Corporation.
AID
Agency for International Development.
PSF
Permanent School Fund.

At July 31, 2026, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows: 
State/Territory
Value
Percentage of
Net Assets
Texas
$7,848,739
23.3
%
Others, representing less than 10% individually
26,415,414
78.5
 
$34,264,153
101.8
%
 
Sector Classification of Portfolio
Classification
Percentage of
Total Investments
General Obligations
35.5
%
Lease Revenue/Certificates of Participation
10.7
Special Tax Revenue
9.6
Education
8.8
Hospital
7.2
Transportation
6.0
Insured - General Obligations
6.0
Electric Utilities
5.8
Water and Sewer
5.4
Other*
5.0
Total Investments
100.0
%
 
*
Sectors and/or investment types representing less than 5% of total
investments.

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments 
E*TRADE No Fee U.S. Bond Index Fund
 
 
 
Face
Amount
Value
Fixed Income Securities (98.7%)
 
         
Corporate Bonds (30.6%)
 
 
Basic Materials (1.5%)
 
 
BHP Billiton Finance USA Ltd.,
 
 

5.00%, 2/15/36
$
  196,000
$191,692
LYB International Finance III LLC,
 
 

5.13%, 1/15/31
 
  253,000
251,188

5.50%, 3/1/34
 
   67,000
65,856
Nutrien Ltd.,
 
 

4.90%, 3/27/28
 
   49,000
49,170
Sherwin-Williams Co.,
 
 

2.95%, 8/15/29
 
   65,000
61,646
 
 
 
619,552
Communications (3.6%)
 
 
Amazon.com, Inc.,
 
 

3.88%, 8/22/37
 
  214,000
185,736
AT&T, Inc.,
 
 

3.10%, 2/1/43
 
  114,000
77,456

3.30%, 2/1/52
 
  122,000
71,939
Charter Communications
Operating LLC/Charter Communications
Operating Capital,
 
 

5.05%, 3/30/29
 
  197,000
194,881
Cisco Systems, Inc.,
 
 

5.35%, 2/26/64
 
   89,000
78,628
Comcast Corp.,
 
 

3.90%, 3/1/38
 
   67,000
54,757
Fox Corp.,
 
 

5.58%, 1/25/49
 
  354,000
318,092

6.50%, 10/13/33
 
  280,000
293,993
Verizon Communications, Inc.,
 
 

1.75%, 1/20/31
 
  233,000
203,046
 
 
 
1,478,528
Consumer, Cyclical (1.4%)
 
 
Aptiv Swiss Holdings Ltd.,
 
 

4.15%, 5/1/52
 
  198,000
141,251
AutoZone, Inc.,
 
 

3.75%, 6/1/27
 
   68,000
67,601
General Motors Financial Co., Inc.,
 
 

2.70%, 6/10/31
 
  206,000
183,777
Lowe's Cos., Inc.,
 
 

3.65%, 4/5/29
 
  101,000
98,249
Starbucks Corp.,
 
 

3.35%, 3/12/50
 
  100,000
65,110
 
 
 
555,988
Consumer, Non-Cyclical (6.0%)
 
 
AbbVie, Inc.,
 
 

5.50%, 3/15/64
 
   79,000
71,872
Amgen, Inc.,
 
 

2.77%, 9/1/53
 
  132,000
73,751
Becton Dickinson & Co.,
 
 

1.96%, 2/11/31
 
  105,000
92,125
Coca-Cola Co.,
 
 

5.40%, 5/13/64
 
  247,000
226,109
 
 
Face
Amount
Value
 
 
 
Elevance Health, Inc.,
 
 

5.00%, 1/15/36
$
  249,000
$239,531
General Mills, Inc.,
 
 

5.25%, 1/30/35
 
  110,000
108,386
HCA, Inc.,
 
 

5.30%, 5/15/36
 
  214,000
207,633
Mondelez International, Inc.,
 
 

4.75%, 2/20/29
 
  296,000
296,459
Novartis Capital Corp.,
 
 

4.60%, 11/5/35
 
  256,000
244,893
Philip Morris International, Inc.,
 
 

4.90%, 11/1/34
 
  252,000
246,208
Stryker Corp.,
 
 

1.95%, 6/15/30
 
  159,000
142,925

4.63%, 3/15/46
 
  221,000
187,020
Sysco Corp.,
 
 

4.50%, 4/1/46
 
  155,000
123,875
UnitedHealth Group, Inc.,
 
 

5.15%, 7/15/34
 
  191,000
189,530
 
 
 
2,450,317
Energy (1.1%)
 
 
Enbridge, Inc.,
 
 

6.00%, 11/15/28
 
   84,000
86,314
Equinor ASA,
 
 

3.95%, 5/15/43
 
   50,000
39,887
Kinder Morgan, Inc.,
 
 

5.20%, 3/1/48
 
  121,000
105,269
Occidental Petroleum Corp.,
 
 

6.60%, 3/15/46
 
  219,000
223,801
 
 
 
455,271
Finance (9.3%)
 
 
Aon North America, Inc.,
 
 

5.75%, 3/1/54
 
  134,000
124,574
Bank of America Corp.,
 
 
MTN
 
 

4.95%, 7/22/28
 
   85,000
85,251
Bank of Nova Scotia,
 
 

4.34%, 9/15/31
 
  255,000
247,842
Capital One Financial Corp.,
 
 

4.72%, 1/30/32
 
  330,000
322,773

5.88%, 7/26/35
 
  115,000
116,263
Charles Schwab Corp.,
 
 

5.85%, 5/19/34
 
   75,000
77,191
Citigroup, Inc.,
 
 

2.57%, 6/3/31
 
   94,000
85,857

2.67%, 1/29/31
 
   92,000
84,975

5.17%, 2/13/30
 
  192,000
193,128
Citizens Financial Group, Inc.,
 
 

5.25%, 3/5/31
 
  152,000
152,483

5.84%, 1/23/30
 
  248,000
253,038
Equinix, Inc.,
 
 

2.15%, 7/15/30
 
  238,000
212,699
Essex Portfolio LP,
 
 

5.50%, 4/1/34
 
  116,000
116,077

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee U.S. Bond Index Fund
 
 
Face
Amount
Value
Finance (cont'd)
 
 
Fifth Third Bancorp,
 
 

5.63%, 1/29/32
$
  109,000
$110,876
Goldman Sachs Group, Inc.,
 
 

2.91%, 7/21/42
 
  107,000
74,334

6.56%, 10/24/34
 
   71,000
75,336
PNC Financial Services Group, Inc.,
 
 

5.35%, 12/2/28
 
   84,000
84,757
Prologis LP,
 
 

5.25%, 5/15/35
 
  247,000
244,429
Regions Financial Corp.,
 
 

5.50%, 9/6/35
 
  140,000
138,406

5.72%, 6/6/30
 
  288,000
293,948
Sumisho Air Lease Corp.,
 
 

5.85%, 12/15/27
 
  142,000
143,995
Travelers Cos., Inc.,
 
 

4.10%, 3/4/49
 
  243,000
186,889
Truist Financial Corp.,
 
 
MTN
 
 

6.12%, 10/28/33 (a)
 
   74,000
77,009
U.S. Bancorp,
 
 
MTN
 
 

4.55%, 7/22/28
 
  124,000
123,965
Wells Fargo & Co.,
 
 
MTN
 
 

2.57%, 2/11/31
 
   93,000
85,663

4.61%, 4/25/53
 
   87,000
69,786
 
 
 
3,781,544
Industrials (1.8%)
 
 
CSX Corp.,
 
 

5.05%, 6/15/35
 
   67,000
66,020
General Dynamics Corp.,
 
 

2.25%, 6/1/31
 
  333,000
297,088

2.85%, 6/1/41
 
  118,000
85,106
John Deere Capital Corp.,
 
 

4.50%, 1/16/29
 
  194,000
193,777
RTX Corp.,
 
 

1.90%, 9/1/31
 
  111,000
96,280
 
 
 
738,271
Technology (3.0%)
 
 
Fidelity National Information Services, Inc.,
 
 

1.65%, 3/1/28
 
  111,000
105,843

5.10%, 7/15/32
 
  216,000
213,477
Fiserv, Inc.,
 
 

4.20%, 10/1/28
 
  110,000
108,389
Intel Corp.,
 
 

4.60%, 3/25/40
 
  370,000
320,201

5.05%, 8/5/62
 
   99,000
76,727

5.20%, 2/10/33
 
   82,000
81,126
KLA Corp.,
 
 

5.25%, 7/15/62
 
  210,000
181,811
Oracle Corp.,
 
 

2.95%, 4/1/30
 
   82,000
73,801
 
 
Face
Amount
Value
 
 
 
QUALCOMM, Inc.,
 
 

6.00%, 5/20/53
$
   73,000
$70,618
 
 
 
1,231,993
Utilities (2.9%)
 
 
American Electric Power Co., Inc.,
 
 

5.63%, 3/1/33
 
  250,000
255,359
Consolidated Edison Co. of New York, Inc.,
 
 

3.70%, 11/15/59
 
  191,000
125,041
Dominion Energy South Carolina, Inc.,
 
 

6.25%, 10/15/53
 
   70,000
71,569
Duke Energy Carolinas LLC,
 
 

5.40%, 1/15/54
 
   80,000
72,684
Duke Energy Indiana LLC,
 
 

5.40%, 4/1/53
 
   82,000
73,920
Exelon Corp.,
 
 

5.15%, 3/15/29
 
   84,000
84,739
National Rural Utilities Cooperative Finance
Corp.,
 
 

4.75%, 2/7/28
 
  158,000
158,447
Pacific Gas & Electric Co.,
 
 

2.50%, 2/1/31
 
  221,000
197,264
Southern Co.,
 
 

4.85%, 6/15/28
 
  133,000
133,476
 
 
 
1,172,499
 
 
12,483,963
U.S. Agency Securities (1.1%)
 
 
Federal National Mortgage Association,
 
 
0.75%, 10/8/27
 
  216,000
207,466
0.88%, 8/5/30
 
  274,000
238,745
 
 
446,211
U.S. Treasury Securities (67.0%)
 
 
U.S. Treasury Bond,
 
 
1.38%, 8/15/50
 
1,277,000
592,184
2.75%, 8/15/47
 
2,323,000
1,567,617
3.00%, 2/15/49
 
2,339,000
1,624,965
3.38%, 11/15/48
 
1,627,000
1,213,831
4.50%, 2/15/36
 
1,105,000
1,096,065
6.50%, 11/15/26
 
  242,000
243,656
6.63%, 2/15/27
 
  478,000
484,971
U.S. Treasury Notes,
 
 
0.50%, 4/30/27
 
2,919,000
2,843,914
1.13%, 2/15/31
 
1,303,000
1,129,385
1.25%, 4/30/28
 
3,595,000
3,414,899
3.75%, 12/31/28
 
1,590,000
1,569,783
4.00%, 1/31/29 - 2/15/34
 
5,783,000
5,655,448
4.25%, 6/30/31
 
1,869,000
1,854,070
4.38%, 5/15/34
 
2,403,000
2,365,453
4.63%, 9/30/30
 
1,682,000
1,696,225
 
 
27,352,466
Total Fixed Income Securities (Cost $41,180,093)
40,282,640

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Portfolio of Investments (cont'd)
E*TRADE No Fee U.S. Bond Index Fund
 
 
 
Shares
Value
Short-Term Investments (0.6%)
 
         
Investment Company (0.4%)
 
 
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional Class,
3.59% (b) (Cost $148,714)
 
  148,714
$148,714
Securities held as Collateral on Loaned Securities (0.2%)
Investment Company (0.2%)
 
 
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional Class,
3.59% (b) (Cost $79,920)
 
   79,920
79,920
Total Short-Term Investments (Cost $228,634)
228,634
Total Investments (99.3%) (Cost $41,408,727)
including $78,028 of Securities Loaned (c)
40,511,274
Other Assets in Excess of Liabilities (0.7%)
294,889
Net Assets (100.0%)
$40,806,163
 
(a)
All or a portion of this security was on loan. The value of
loaned securities and related collateral outstanding at July 31,
2026, were approximately $78,028 and $79,920,
respectively. The Fund received cash collateral of
approximately $79,920, which was subsequently invested in
Morgan Stanley Institutional Liquidity Funds - Government
Portfolio - Institutional Class as reported in the Portfolio of
Investments. The Fund has the right under the securities
lending agreement to recover the securities from the
borrower on demand.
(b)
The Funds invest in the Institutional Class of the Morgan
Stanley Institutional Liquidity Funds — Government Portfolio
(the “Liquidity Fund”), an open-end management investment
company managed by the Adviser, both directly and as a
portion of the securities held as collateral on loaned
securities.
(c)
At July 31, 2026, the aggregate cost for federal income tax
purposes approximates the aggregate cost for book
purposes. The aggregate gross unrealized appreciation is
$28,470 and the aggregate gross unrealized depreciation is
$925,923, resulting in net unrealized depreciation of
$897,453.
 
MTN
Medium Term Note.

 
Portfolio Composition*
Classification
Percentage of
Total Investments
U.S. Treasury Securities
67.6
%
Corporate Bonds
30.9
Other**
1.5
Total Investments
100.0
%
 
*
Percentages indicated are based upon total investments (excluding Securities
held as Collateral on Loaned Securities) as of July 31, 2026.
**
Industries and/or investment types representing less than 5% of total
investments.

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Notes to the Portfolio of Investments 
Security Valuation: (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (3) fixed income securities may be valued by an outside pricing service/vendor approved by the Trust’s Board of Trustees (the “Trustees”). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the “Adviser”) a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security’s fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Each business day, the Funds use a third-party pricing service approved by the Trustees to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (5) foreign exchange transactions(“spot contracts”) and foreign exchange forward contracts(“forward contracts”) are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value (“NAV”) as of the close of each business day.
In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust’s Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust’s Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust’s valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Notes to the Portfolio of Investments (cont'd)
Fair Value Measurement: Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" (“ASC 820”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Trust's investments. The inputs are summarized in the three broad levels listed below:
•Level 1 – unadjusted quoted prices in active markets for identical investments
•Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•Level 3 – significant unobservable inputs including each Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2026: 
E*TRADE No Fee Large Cap Index
Investment Type
Level 1
Unadjusted
quoted
prices
Level 2
Other
significant
observable
inputs
Level 3
Significant
unobservable
inputs(1)
Total
Assets:
Common Stocks
$133,358,233
(2)
$—
$—
$133,358,233
Rights
—
—
4
4
Short-Term Investments
Investment Company
129,532
—
—
129,532
Total Assets
$133,487,765
$—
$4
$133,487,769
 
(1)
None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.
(2)
The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the nine months ended July 31, 2026 is not presented.

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2026: 
E*TRADE No Fee Total Market Index
Investment Type
Level 1
Unadjusted
quoted
prices
Level 2
Other
significant
observable
inputs
Level 3
Significant
unobservable
inputs(1)
Total
Assets:
Common Stocks
Aerospace & Defense
$2,700,451
$—
$—
$2,700,451
Air Freight & Logistics
301,089
—
—
301,089
Automobile Components
122,689
—
—
122,689
Automobiles
1,836,295
—
—
1,836,295
Banks
4,269,072
—
—
4,269,072
Beverages
1,071,778
—
—
1,071,778
Biotechnology
2,422,545
—
—
2,422,545
Broadline Retail
4,125,091
—
—
4,125,091
Building Products
628,043
—
—
628,043
Capital Markets
3,418,124
—
—
3,418,124
Chemicals
1,149,610
—
—
1,149,610
Commercial Services & Supplies
554,020
—
—
554,020
Communications Equipment
1,376,558
—
—
1,376,558
Construction & Engineering
551,172
—
—
551,172
Construction Materials
280,757
—
—
280,757
Consumer Finance
628,812
—
—
628,812
Consumer Staples Distribution & Retail
1,861,557
—
—
1,861,557
Containers & Packaging
216,805
—
—
216,805
Distributors
48,362
—
—
48,362
Diversified Consumer Services
98,212
—
—
98,212
Diversified REITs
46,714
—
—
46,714
Diversified Telecommunication Services
748,809
—
—
748,809
Electric Utilities
1,449,643
—
—
1,449,643
Electrical Equipment
1,377,633
—
—
1,377,633
Electronic Equipment, Instruments & Components
1,156,180
—
—
1,156,180
Energy Equipment & Services
443,887
—
—
443,887
Entertainment
1,278,486
—
—
1,278,486
Financial Services
3,340,060
—
—
3,340,060
Food Products
486,572
—
—
486,572
Gas Utilities
128,610
—
—
128,610
Ground Transportation
1,004,790
—
—
1,004,790
Health Care Equipment & Supplies
1,611,769
—
—
1,611,769
Health Care Providers & Services
1,953,888
—
—
1,953,888
Health Care REITs
429,485
—
—
429,485
Health Care Technology
55,885
—
—
55,885
Hotel & Resort REITs
72,482
—
—
72,482
Hotels, Restaurants & Leisure
1,907,051
—
—
1,907,051
Household Durables
303,794
—
—
303,794
Household Products
757,600
—
—
757,600
Independent Power & Renewable Electricity Producers
148,480
—
—
148,480
Industrial Conglomerates
250,111
—
—
250,111
Industrial REITs
262,468
—
—
262,468
Information Technology Services
1,104,300
—
—
1,104,300
Insurance
1,792,801
—
—
1,792,801
Interactive Media & Services
7,908,176
—
—
7,908,176
Leisure Products
66,080
—
—
66,080
Life Sciences Tools & Services
1,016,704
—
—
1,016,704
Machinery
2,178,508
—
—
2,178,508
Marine Transportation
24,422
—
—
24,422
Media
213,190
—
—
213,190
Metals & Mining
648,870
—
—
648,870
Mortgage Real Estate Investment
123,702
—
—
123,702

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Notes to the Portfolio of Investments (cont'd)
E*TRADE No Fee Total Market Index
Investment Type
Level 1
Unadjusted
quoted
prices
Level 2
Other
significant
observable
inputs
Level 3
Significant
unobservable
inputs(1)
Total
Common Stocks (cont’d)
Multi-Utilities
$549,631
$—
$—
$549,631
Office REITs
64,294
—
—
64,294
Oil, Gas & Consumable Fuels
3,421,436
—
—
3,421,436
Paper & Forest Products
20,690
—
—
20,690
Passenger Airlines
234,422
—
—
234,422
Personal Care Products
95,685
—
—
95,685
Pharmaceuticals
3,664,447
—
—
3,664,447
Professional Services
574,766
—
—
574,766
Real Estate Management & Development
205,969
—
—
205,969
Residential REITs
244,702
—
—
244,702
Retail REITs
352,854
—
—
352,854
Semiconductors & Semiconductor Equipment
16,648,468
—
—
16,648,468
Software
9,070,916
565
—
9,071,481
Specialized REITs
837,848
—
—
837,848
Specialty Retail
1,736,797
—
—
1,736,797
Tech Hardware, Storage & Peripherals
8,038,827
—
—
8,038,827
Textiles, Apparel & Luxury Goods
235,402
—
—
235,402
Tobacco
627,331
—
—
627,331
Trading Companies & Distributors
599,600
—
—
599,600
Water Utilities
92,685
—
—
92,685
Wireless Telecommunication Services
129,561
—
—
129,561
Total Common Stocks
109,398,523
565
—
109,399,088
Preferred Stock
Diversified Telecommunication Services
648
—
—
648
Rights
—
—
32
32
Short-Term Investments
Investment Company
456,475
—
—
456,475
Total Assets
$109,855,646
$565
$32
$109,856,243
 
(1)
None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the nine months ended July 31, 2026 is not presented.

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2026: 
E*TRADE No Fee International Index
Investment Type
Level 1
Unadjusted
quoted
prices
Level 2
Other
significant
observable
inputs
Level 3
Significant
unobservable
inputs
Total
Assets:
Common Stocks
Aerospace & Defense
$77,983
$1,904,383
$—
$1,982,366
Air Freight & Logistics
—
311,823
—
311,823
Automobile Components
49,310
375,614
—
424,924
Automobiles
—
1,179,212
—
1,179,212
Banks
2,338,458
9,646,337
—
11,984,795
Beverages
—
666,862
—
666,862
Biotechnology
189,150
177,327
—
366,477
Broadline Retail
219,189
519,237
—
738,426
Building Products
—
473,032
—
473,032
Capital Markets
321,582
1,735,715
—
2,057,297
Chemicals
91,939
1,273,984
—
1,365,923
Commercial Services & Supplies
173,362
196,481
—
369,843
Communications Equipment
—
202,454
—
202,454
Construction & Engineering
92,805
582,870
—
675,675
Construction Materials
—
186,206
—
186,206
Consumer Finance
—
17,948
—
17,948
Consumer Staples Distribution & Retail
258,467
649,391
—
907,858
Containers & Packaging
21,417
—
—
21,417
Distributors
—
16,306
—
16,306
Diversified Consumer Services
—
22,747
—
22,747
Diversified REITs
—
128,883
—
128,883
Diversified Telecommunication Services
116,243
1,050,651
—
1,166,894
Electric Utilities
145,338
1,164,925
—
1,310,263
Electrical Equipment
—
1,837,649
—
1,837,649
Electronic Equipment, Instruments & Components
103,902
889,633
—
993,535
Energy Equipment & Services
—
28,604
—
28,604
Entertainment
—
299,243
—
299,243
Financial Services
—
743,258
—
743,258
Food Products
20,561
1,207,351
—
1,227,912
Gas Utilities
31,156
171,025
—
202,181
Ground Transportation
440,301
261,876
—
702,177
Health Care Equipment & Supplies
—
735,026
—
735,026
Health Care Providers & Services
—
164,357
—
164,357
Health Care REITs
—
19,812
—
19,812
Health Care Technology
—
39,283
—
39,283
Hotels, Restaurants & Leisure
57,097
550,108
—
607,205
Household Durables
—
598,259
—
598,259
Household Products
—
236,919
—
236,919
Independent Power & Renewable Electricity Producers
—
215,378
—
215,378
Industrial Conglomerates
—
1,230,573
—
1,230,573
Industrial REITs
—
222,849
—
222,849
Information Technology Services
402,575
335,096
—
737,671
Insurance
676,657
3,289,389
—
3,966,046
Interactive Media & Services
—
72,487
—
72,487
Leisure Products
—
89,116
—
89,116
Life Sciences Tools & Services
35,984
165,554
—
201,538
Machinery
4,916
1,869,029
—
1,873,945
Marine Transportation
—
207,456
—
207,456
Media
—
152,405
—
152,405
Metals & Mining
905,962
1,968,511
—
2,874,473
Multi-Utilities
6,876
516,974
—
523,850
Office REITs
—
60,671
—
60,671

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Notes to the Portfolio of Investments (cont'd)
E*TRADE No Fee International Index
Investment Type
Level 1
Unadjusted
quoted
prices
Level 2
Other
significant
observable
inputs
Level 3
Significant
unobservable
inputs
Total
Common Stocks (cont’d)
Oil, Gas & Consumable Fuels
$1,404,367
$2,227,019
$—
$3,631,386
Paper & Forest Products
—
90,350
—
90,350
Passenger Airlines
—
211,108
—
211,108
Personal Care Products
—
696,482
—
696,482
Pharmaceuticals
—
4,379,750
—
4,379,750
Professional Services
30,705
675,039
—
705,744
Real Estate Management & Development
19,298
585,142
—
604,440
Retail REITs
13,468
100,349
—
113,817
Semiconductors & Semiconductor Equipment
—
3,358,698
—
3,358,698
Software
300,800
641,787
—
942,587
Specialty Retail
—
552,248
—
552,248
Tech Hardware, Storage & Peripherals
—
176,092
—
176,092
Textiles, Apparel & Luxury Goods
23,249
1,084,045
—
1,107,294
Tobacco
—
520,353
—
520,353
Trading Companies & Distributors
—
1,064,674
—
1,064,674
Transportation Infrastructure
—
171,987
—
171,987
Water Utilities
—
57,686
—
57,686
Wireless Telecommunication Services
29,420
628,279
—
657,699
Total Common Stocks
8,602,537
57,881,367
—
66,483,904
Short-Term Investments
Investment Company
512,794
—
—
512,794
Total Assets
$9,115,331
$57,881,367
$—
$66,996,698

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2026: 
E*TRADE No Fee Municipal Bond Index
Investment Type
Level 1
Unadjusted
quoted
prices
Level 2
Other
significant
observable
inputs
Level 3
Significant
unobservable
inputs
Total
Assets:
Municipal Bonds
$—
$33,096,080
$—
$33,096,080
Short-Term Investment
Investment Company
1,168,073
—
—
1,168,073
Total Assets
$1,168,073
$33,096,080
$—
$34,264,153

E*TRADE Trust
Third Quarter Report — July 31, 2026 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2026: 
E*TRADE No Fee U.S. Bond Index
Investment Type
Level 1
Unadjusted
quoted
prices
Level 2
Other
significant
observable
inputs
Level 3
Significant
unobservable
inputs
Total
Assets:
Fixed Income Securities
Corporate Bonds
$—
$12,483,963
$—
$12,483,963
U.S. Agency Securities
—
446,211
—
446,211
U.S. Treasury Securities
—
27,352,466
—
27,352,466
Total Fixed Income Securities
—
40,282,640
—
40,282,640
Short-Term Investments
Investment Company
228,634
—
—
228,634
Total Assets
$228,634
$40,282,640
$—
$40,511,274
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.