# EDGAR Filing Document

**Accession Number:** 0002048903
**File Stem:** 0001410368-25-011929
**Filing Date:** 2025-9
**Character Count:** 303800
**Document Hash:** fc1e3916c8d3ea10c7bf51b9057377cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-011929.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001410368-25-011929

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** E Trade Trust
- **CENTRAL INDEX KEY:** 0002048903

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24035
- **FILM NUMBER:** 251347396

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

## Series and Classes Contracts Data

### E*TRADE No Fee U.S. Bond Index Fund (Series ID: S000090723)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000258019 | E*TRADE No Fee U.S. Bond Index Fund | ETBOX           |

## Nport-Ex

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments

E\*TRADE No Fee Large Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (98.6%)** |  |  |
| **Aerospace & Defense (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. (a) | 45 | $33997 |
| &nbsp;&nbsp;&nbsp;Boeing Co. (a) | 458 | 101603 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 144 | 44872 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 683 | 185148 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 26 | 8497 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | 57 | 14711 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 254 | 45661 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 122 | 33528 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 152 | 63989 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 93 | 53625 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 858 | 135195 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 36 | 57904 |
|  |  | 778730 |
| **Air Freight & Logistics (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 99 | 11508 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 142 | 31735 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 474 | 40840 |
|  |  | 84083 |
| **Automobile Components (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv PLC (a) | 158 | 10845 |
| **Automobiles (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 2519 | 27885 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 638 | 34031 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc. (a) | 1785 | 550262 |
|  |  | 612178 |
| **Banks (3.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4230 | 199952 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 1170 | 109629 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 284 | 13552 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 405 | 16836 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 6 | 11969 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 945 | 15526 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1776 | 526122 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 104 | 19625 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 256 | 48709 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 608 | 15401 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 811 | 35449 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 963 | 43296 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 2095 | 168920 |
|  |  | 1224986 |
| **Beverages (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class A | 50 | 1432 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | 214 | 6174 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 2496 | 169454 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 100 | 16704 |
| &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc. | 796 | 25989 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp. (a) | 445 | 26144 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 883 | 121783 |
|  |  | 367680 |
| **Biotechnology (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 1127 | 213026 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. (a) | 84 | 32948 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 345 | 101809 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. (a) | 97 | 12416 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. (a) | 130 | 7521 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 794 | 89158 |
| &nbsp;&nbsp;&nbsp;Incyte Corp. (a) | 102 | 7639 |
| &nbsp;&nbsp;&nbsp;Natera, Inc. (a) | 81 | 10826 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 68 | 37091 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. (a) | 164 | 74927 |
|  |  | 587361 |
| **Broadline Retail (4.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. (a) | 6045 | 1415195 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc. (Korea, Republic of) (a) | 720 | 21189 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 276 | 25323 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (a) | 30 | 71217 |
|  |  | 1532924 |
| **Building Products (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. (a) | 76 | 9662 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 32 | 11350 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 521 | 35751 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 423 | 44415 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 22 | 13398 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 147 | 64398 |
|  |  | 178974 |
| **Capital Markets (3.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 62 | 32128 |
| &nbsp;&nbsp;&nbsp;ARES Management Corp., Class A | 127 | 23562 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 462 | 46870 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 99 | 109495 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | 459 | 79389 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | 414 | 8011 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 66 | 15909 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 1087 | 106232 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 230 | 64004 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A (a) | 129 | 48731 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 22 | 8864 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 199 | 143994 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 267 | 17505 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 368 | 68017 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 440 | 64495 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 51 | 20182 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 102 | 52604 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley (b) | 762 | 108555 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 48 | 26945 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 272 | 26172 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 116 | 15080 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 114 | 19053 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A (a) | 458 | 47197 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 202 | 111322 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 172 | 19221 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 149 | 15116 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | 69 | 3938 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | 72 | 9976 |
|  |  | 1312567 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Large Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Chemicals (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 137 | $39440 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 105 | 9747 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 417 | 30078 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 472 | 10993 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 242 | 17400 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 171 | 44761 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 169 | 12004 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 302 | 138998 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 164 | 9501 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 149 | 15719 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 150 | 49632 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | 7 | 555 |
|  |  | 378828 |
| **Commercial Services & Supplies (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 219 | 48738 |
| &nbsp;&nbsp;&nbsp;Copart, Inc. (a) | 554 | 25113 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 126 | 29062 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 177 | 10137 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 156 | 16353 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 254 | 58207 |
|  |  | 187610 |
| **Communications Equipment (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. (a) | 656 | 80832 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2570 | 174966 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 105 | 46093 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | 3 | 1306 |
|  |  | 303197 |
| **Construction & Engineering (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 29 | 18197 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 92 | 37364 |
|  |  | 55561 |
| **Construction Materials (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;CRH PLC | 401 | 38275 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 34 | 19546 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 82 | 22523 |
|  |  | 80344 |
| **Consumer Finance (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;American Express Co. | 350 | 104759 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 409 | 87935 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 251 | 17487 |
|  |  | 210181 |
| **Consumer Staples Distribution & Retail (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 281 | 264039 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 142 | 14896 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc. (a) | 131 | 14875 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 382 | 26778 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 318 | 25313 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 279 | 28039 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 2757 | 270131 |
|  |  | 644071 |
| **Containers & Packaging (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 910 | 8508 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 66 | 11073 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 188 | 10765 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 343 | 16032 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 73 | 14144 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 351 | 15577 |
|  |  | 76099 |
| **Distributors (0.0%) ‡** |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 77 | 9924 |
| **Diversified Telecommunication Services (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 4588 | 125757 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 2709 | 115837 |
|  |  | 241594 |
| **Electric Utilities (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 125 | 8126 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 363 | 41070 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 199 | 69220 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 479 | 58266 |
| &nbsp;&nbsp;&nbsp;Edison International | 265 | 13812 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 275 | 24868 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 130 | 9204 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 212 | 14013 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 610 | 27413 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 323 | 13795 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 1326 | 94226 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 137 | 22906 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 1325 | 18577 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 535 | 19094 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 672 | 63491 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 383 | 28128 |
|  |  | 526209 |
| **Electrical Equipment (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 148 | 27358 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 249 | 95795 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 361 | 52529 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 175 | 115551 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 36 | 15749 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 73 | 25675 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | 220 | 32032 |
|  |  | 364689 |
| **Electronic Equipment, Instruments & Components (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 761 | 81054 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 86 | 14997 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 487 | 30798 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 69 | 15399 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. (a) | 101 | 16555 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp. (a) | 35 | 1600 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 188 | 38681 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. (a) | 30 | 16530 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. (a) | 161 | 13506 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A (a) | 33 | 11188 |
|  |  | 240308 |
| **Energy Equipment & Services (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 656 | 29553 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Large Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy Equipment & Services (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 677 | $15165 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | 911 | 30791 |
|  |  | 75509 |
| **Entertainment (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 152 | 23179 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. (a) | 93 | 13736 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. (a) | 266 | 308400 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A (a) | 364 | 50156 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA (Sweden) (a) | 97 | 60774 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. (a) | 103 | 22941 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 41 | 6888 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 1144 | 136262 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. (a) | 1422 | 18728 |
| &nbsp;&nbsp;&nbsp;Warner Music Group Corp., Class A | 80 | 2341 |
|  |  | 643405 |
| **Financial Services (3.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 255 | 37057 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B (a) | 846 | 399210 |
| &nbsp;&nbsp;&nbsp;Block, Inc. (a) | 351 | 27118 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc. (a) | 41 | 13245 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 333 | 26443 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. (a) | 351 | 48768 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 144 | 11513 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 518 | 293431 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. (a) | 647 | 44488 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A | 132 | 1950 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A (a) | 276 | 13480 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 1100 | 380017 |
|  |  | 1296720 |
| **Food Products (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 295 | 15983 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | 96 | 7657 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 365 | 6665 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 366 | 17927 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 100 | 18613 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 179 | 5028 |
| &nbsp;&nbsp;&nbsp;Kellanova | 183 | 14609 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 547 | 15020 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 182 | 12855 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 835 | 54016 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 166 | 8682 |
|  |  | 177055 |
| **Gas Utilities (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 116 | 18087 |
| **Ground Transportation (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 1221 | 43394 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 54 | 7779 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 141 | 39198 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 108 | 16119 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. (a) | 1257 | 110302 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 376 | 83461 |
|  |  | 300253 |
| **Health Care Equipment & Supplies (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 1097 | 138430 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc. (a) | 42 | 5418 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 347 | 7551 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 179 | 31907 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. (a) | 939 | 98520 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (a) | 112 | 7917 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc. (a) | 239 | 19304 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. (a) | 369 | 29265 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 307 | 21895 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. (a) | 141 | 9422 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. (a) | 50 | 26716 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. (a) | 45 | 12978 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (a) | 227 | 109207 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 806 | 72734 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 92 | 25019 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 63 | 14269 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 217 | 85222 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 119 | 10906 |
|  |  | 726680 |
| **Health Care Providers & Services (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 150 | 23283 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 109 | 31183 |
| &nbsp;&nbsp;&nbsp;Centene Corp. (a) | 344 | 8968 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 168 | 44920 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 786 | 48810 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 148 | 41896 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 114 | 40355 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 77 | 19240 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 58 | 15085 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 78 | 54096 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. (a) | 43 | 6788 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 68 | 11384 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 582 | 145244 |
|  |  | 491252 |
| **Health Care REITs (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | 78 | 5961 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. REIT | 478 | 8097 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. REIT | 293 | 19684 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. REIT | 411 | 67844 |
|  |  | 101586 |
| **Health Care Technology (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A (a) | 91 | 25862 |
| **Hotels, Restaurants & Leisure (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A (a) | 262 | 34692 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 21 | 115585 |
| &nbsp;&nbsp;&nbsp;Carnival Corp. (a) | 633 | 18844 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. (a) | 885 | 37949 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 75 | 15125 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A (a) | 216 | 54054 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A (a) | 319 | 14368 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 71 | 12796 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC (a) | 110 | 33249 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 154 | 41284 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Large Cap Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **Hotels, Restaurants & Leisure (cont'd)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 188 | $| 9851 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 147 |  | 38783 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 472 |  | 141633 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 156 |  | 49588 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 713 |  | 63571 |
| &nbsp;&nbsp;&nbsp;Viking Holdings Ltd. (a) | 56 |  | 3288 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 187 |  | 26956 |
|  |  |  | 711616 |
| **Household Durables (0.3%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 177 |  | 25283 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 82 |  | 17938 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 149 |  | 16715 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class B | 20 |  | 2144 |
| &nbsp;&nbsp;&nbsp;NVR, Inc. (a) | 2 |  | 15099 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 122 |  | 13776 |
|  |  |  | 90955 |
| **Household Products (0.9%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 138 |  | 12940 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 72 |  | 9040 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 516 |  | 43267 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 203 |  | 25298 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 1497 |  | 225254 |
|  |  |  | 315799 |
| **Independent Power & Renewable Electricity Producers (0.1%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 213 |  | 44419 |
| **Industrial Conglomerates (0.4%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;3M Co. | 353 |  | 52675 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 429 |  | 95388 |
|  |  |  | 148063 |
| **Industrial REITs (0.2%)** | **Industrial REITs (0.2%)** | **Industrial REITs (0.2%)** | **Industrial REITs (0.2%)** |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. REIT | 594 |  | 63427 |
| **Information Technology Services (1.3%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 397 |  | 106039 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. (a) | 107 |  | 8165 |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 58 |  | 4951 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A (a) | 196 |  | 40705 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 311 |  | 22317 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. (a) | 44 |  | 14901 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A (a) | 88 |  | 14219 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 587 |  | 148599 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc. (a) | 51 |  | 12132 |
| &nbsp;&nbsp;&nbsp;Okta, Inc. (a) | 95 |  | 9291 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A (a) | 204 |  | 45594 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | 56 |  | 15057 |
|  |  |  | 441970 |
| **Insurance (1.9%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 329 |  | 32689 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 171 |  | 34756 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 391 |  | 30353 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | 110 |  | 39128 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 221 |  | 19019 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 157 |  | 45098 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 160 |  | 14619 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 234 |  | 62253 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 101 |  | 14898 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 13 |  | 4631 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 30 |  | 10074 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 184 |  | 22888 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 129 |  | 11680 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. (a) | 9 |  | 18075 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 326 |  | 64939 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 403 |  | 30608 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 155 |  | 12064 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 372 |  | 90039 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 234 |  | 24238 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | 87 |  | 5324 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 141 |  | 36694 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | 140 |  | 9633 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 64 |  | 20212 |
|  |  |  | 653912 |
| **Interactive Media & Services (7.0%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3749 |  | 719433 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 3240 |  | 624866 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 1390 |  | 1075082 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A (a) | 414 |  | 15980 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A (a) | 63 |  | 10117 |
| &nbsp;&nbsp;&nbsp;Snap, Inc., Class A (a) | 571 |  | 5385 |
|  |  |  | 2450863 |
| **Life Sciences Tools & Services (0.8%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 189 |  | 21699 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 412 |  | 81230 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc. (a) | 103 |  | 10579 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. (a) | 113 |  | 21002 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. (a) | 13 |  | 16038 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | 74 |  | 6505 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 242 |  | 113178 |
| &nbsp;&nbsp;&nbsp;Waters Corp. (a) | 38 |  | 10973 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 42 |  | 10049 |
|  |  |  | 291253 |
| **Machinery (1.4%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 310 |  | 135786 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 86 |  | 31615 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 156 |  | 81802 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 80 |  | 14491 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 167 |  | 8004 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 51 |  | 8339 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 178 |  | 45563 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 256 |  | 21665 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 231 |  | 19794 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 319 |  | 31505 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 81 |  | 59284 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 109 |  | 20934 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 155 |  | 22416 |
|  |  |  | 501198 |
| **Media (0.4%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A (a) | 59 |  | 15892 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 2350 |  | 78091 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Large Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Media (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | 141 | $7862 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | 77 | 3938 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 107 | 7709 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A (a) | 283 | 24610 |
|  |  | 138102 |
| **Metals & Mining (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC (United Kingdom) | 324 | 14985 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 928 | 37343 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 733 | 45519 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 146 | 20888 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 36 | 10445 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. (Peru) | 62 | 5838 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 82 | 10460 |
|  |  | 145478 |
| **Multi-Utilities (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 170 | 17192 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 422 | 16382 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 225 | 16605 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 228 | 23598 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 544 | 31797 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 129 | 17855 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 335 | 14221 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 326 | 29271 |
| &nbsp;&nbsp;&nbsp;Sempra | 431 | 35204 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 184 | 20071 |
|  |  | 222196 |
| **Oil, Gas & Consumable Fuels (2.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 144 | 33967 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 1206 | 182878 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 806 | 76844 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 470 | 11463 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 432 | 14351 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 117 | 17393 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 359 | 43087 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 364 | 19565 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 143 | 14983 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2745 | 306452 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 1214 | 34065 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 190 | 32336 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 436 | 19158 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 389 | 31941 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 258 | 31884 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 136 | 22632 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 13 | 12586 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 191 | 26226 |
| &nbsp;&nbsp;&nbsp;Venture Global, Inc., Class A | 156 | 2391 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 755 | 45262 |
|  |  | 979464 |
| **Passenger Airlines (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 468 | 24902 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 422 | 13052 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. (a) | 218 | 19252 |
|  |  | 57206 |
| **Personal Care Products (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | 138 | 12881 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 1204 | 25814 |
|  |  | 38695 |
| **Pharmaceuticals (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 1275 | 55220 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 541 | 400378 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1542 | 254029 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 1596 | 124680 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 3591 | 83634 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 227 | 8354 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 290 | 42279 |
|  |  | 968574 |
| **Professional Services (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc. (a) | 1 | 25 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 256 | 79232 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 69 | 7406 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 68 | 16831 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 76 | 18257 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 66 | 9363 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 75 | 11974 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 195 | 28144 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 124 | 10600 |
| &nbsp;&nbsp;&nbsp;TransUnion | 135 | 12851 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 88 | 24526 |
|  |  | 219209 |
| **Real Estate Management & Development (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A (a) | 201 | 31304 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc. (a) | 275 | 26177 |
|  |  | 57481 |
| **Residential REITs (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. REIT | 88 | 16392 |
| &nbsp;&nbsp;&nbsp;Equity Residential REIT | 196 | 12387 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. REIT | 37 | 9627 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. REIT | 397 | 12168 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. REIT | 67 | 9543 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. REIT | 89 | 11039 |
|  |  | 71156 |
| **Retail REITs (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. REIT | 581 | 32612 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. REIT | 213 | 34887 |
|  |  | 67499 |
| **Semiconductors & Semiconductor Equipment (12.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. (a) | 1036 | 182657 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 317 | 71208 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 502 | 90390 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2937 | 862597 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | 108 | 8474 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. (a) | 61 | 10659 |
| &nbsp;&nbsp;&nbsp;Global Foundries, Inc. (a) | 92 | 3440 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 2801 | 55460 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 83 | 72959 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 783 | 74260 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 555 | 44605 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Large Cap Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 352 | $23792 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 721 | 78690 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 29 | 20626 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 15086 | 2683347 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. (a) | 260 | 14654 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 648 | 95100 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 89 | 9561 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 575 | 104109 |
|  |  | 4506588 |
| **Software (11.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. (a) | 274 | 98007 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A (a) | 160 | 62512 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A (a) | 102 | 19562 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc. (a) | 132 | 40011 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | 98 | 5682 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. (a) | 177 | 64529 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A (a) | 153 | 69549 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A (a) | 197 | 27576 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. (a) | 15 | 21551 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc. (a) | 389 | 38861 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc. (a) | 31 | 16109 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 174 | 136613 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 4683 | 2498381 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A (a) | 157 | 63092 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 1047 | 265697 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A (a) | 1337 | 211714 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. (a) | 417 | 72391 |
| &nbsp;&nbsp;&nbsp;PTC, Inc. (a) | 77 | 16540 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 67 | 36877 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 600 | 154998 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A (a) | 171 | 6503 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. (a) | 132 | 124492 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. (a) | 118 | 74749 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. (a) | 26 | 15199 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A (a) | 140 | 32113 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc. (a) | 183 | 13551 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc. (a) | 58 | 16562 |
|  |  | 4203421 |
| **Specialized REITs (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. REIT | 294 | 61267 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. REIT | 288 | 30266 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. REIT | 219 | 38640 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. REIT | 61 | 47895 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. REIT | 129 | 17333 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. REIT | 189 | 18401 |
| &nbsp;&nbsp;&nbsp;Public Storage REIT | 96 | 26106 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. REIT | 72 | 16180 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. REIT | 664 | 21647 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. REIT | 425 | 10646 |
|  |  | 288381 |
| **Specialty Retail (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. (a) | 11 | 41452 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 104 | 6766 |
| &nbsp;&nbsp;&nbsp;Carvana Co. (a) | 78 | 30433 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 636 | 233737 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 358 | 80038 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. (a) | 547 | 53781 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 219 | 29902 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 716 | 89164 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 354 | 20161 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. (a) | 30 | 15450 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 81 | 15151 |
|  |  | 616035 |
| **Tech Hardware, Storage & Peripherals (5.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 9341 | 1938911 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 201 | 26671 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 818 | 16924 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 581 | 14409 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 127 | 13224 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A (a) | 188 | 11190 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 116 | 18213 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. (a) | 305 | 17986 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 237 | 18650 |
|  |  | 2076178 |
| **Textiles, Apparel & Luxury Goods (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. (a) | 102 | 10829 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. (a) | 69 | 13837 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 746 | 55719 |
|  |  | 80385 |
| **Tobacco (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 1085 | 67205 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 998 | 163722 |
|  |  | 230927 |
| **Trading Companies & Distributors (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 682 | 31461 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 119 | 26576 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 40 | 35318 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | 22 | 9919 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 25 | 25988 |
|  |  | 129262 |
| **Water Utilities (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 112 | 15707 |
| **Wireless Telecommunication Services (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 313 | 74622 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $32,594,188)** |  | 34765393 |
| **Short-Term Investment (1.3%)** |  |  |
| **Investment Company (1.3%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.23% (c)<br> **(Cost $473,091)** | 473091 | 473091 |
| **Total Investments (99.9%) (Cost $33,067,279) (d)(e)** |  | 35238484 |
| **Other Assets in Excess of Liabilities (0.1%)** |  | 34244 |
| **Net Assets (100.0%)** |  | $35272728 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Large Cap Index Fund

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | For the period ended July 31, 2025, 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 $100,323. |
| (c) | 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. |
| (d) | 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 period ended July 31, 2025, the Fund did not engage in any cross-trade transactions. |
| (e) | At July 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $2,639,227 and the aggregate gross unrealized depreciation is $468,022, resulting in net unrealized appreciation of $2,171,205. |
| REIT | Real Estate Investment Trust. |

---

**Portfolio Composition (Unaudited)**

---

| | |
|:---|:---|
| **Classification** | **Percentage of <br> Total Investments** |
| Other<sup>\*</sup> | 62.4% |
| Semiconductors & Semiconductor Equipment | 12.8 |
| Software | 11.9 |
| Interactive Media & Services | 7.0 |
| Tech Hardware, Storage & Peripherals | 5.9 |
| **Total Investments** | **100.0%** |

---

\* Industries and/or investment types representing less than 5% of total investments.

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments

E\*TRADE No Fee Total Market Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (99.5%)** |  |  |
| **Aerospace & Defense (2.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;AAR Corp. (a) | 7 | $523 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc. (a) | 14 | 3747 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc., Class A (a) | 182 | 1825 |
| &nbsp;&nbsp;&nbsp;Astronics Corp. (a) | 63 | 2276 |
| &nbsp;&nbsp;&nbsp;ATI, Inc. (a) | 80 | 6155 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. (a) | 34 | 25687 |
| &nbsp;&nbsp;&nbsp;Boeing Co. (a) | 337 | 74760 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 41 | 6229 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings, Inc. | 11 | 364 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 17 | 8334 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc. (a) | 7 | 637 |
| &nbsp;&nbsp;&nbsp;Eve Holding, Inc. (a) | 100 | 650 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 99 | 30849 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 499 | 135269 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 19 | 6209 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | 46 | 11872 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | 58 | 3475 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 182 | 32718 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 13 | 3625 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. (a) | 79 | 4637 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 86 | 23634 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | 10 | 416 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc. (a) | 4 | 296 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 110 | 46308 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc. (a) | 40 | 2104 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | 12 | 2323 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | 4 | 386 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 69 | 39786 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | 130 | 2343 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp. (a) | 220 | 10102 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 636 | 100214 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings, Inc., Class A (a) | 76 | 2994 |
| &nbsp;&nbsp;&nbsp;StandardAero, Inc. (a) | 77 | 2198 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 106 | 8244 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 26 | 41820 |
| &nbsp;&nbsp;&nbsp;V2X, Inc. (a) | 7 | 332 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | 24 | 6170 |
|  |  | 649511 |
| **Air Freight & Logistics (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 52 | 5997 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 70 | 8137 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 102 | 22796 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc. (a) | 68 | 3380 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc., Class A | 10 | 350 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 366 | 31535 |
|  |  | 72195 |
| **Automobile Components (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Adient PLC (a) | 33 | 707 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC (a) | 88 | 6040 |
| &nbsp;&nbsp;&nbsp;Autoliv, Inc. (Sweden) | 24 | 2677 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 95 | 3496 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | 33 | 525 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc. (a) | 14 | 1689 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp. (a) | 17 | 516 |
| &nbsp;&nbsp;&nbsp;Garrett Motion, Inc. (Switzerland) | 39 | 509 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 111 | 2933 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc. (a) | 15 | 481 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. (a) | 169 | 1737 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 5 | 475 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 27 | 2546 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co. (a) | 30 | 4037 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 19 | 1848 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | 9 | 456 |
| &nbsp;&nbsp;&nbsp;QuantumScape Corp. (a) | 274 | 2356 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 46 | 1397 |
| &nbsp;&nbsp;&nbsp;Visteon Corp. (a) | 5 | 556 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc. (a) | 13 | 425 |
|  |  | 35406 |
| **Automobiles (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 1677 | 18564 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 441 | 23523 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 77 | 1873 |
| &nbsp;&nbsp;&nbsp;Lucid Group, Inc. (a) | 626 | 1540 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A (a) | 349 | 4492 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc. (a) | 1315 | 405375 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | 22 | 2002 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 11 | 327 |
|  |  | 457696 |
| **Banks (3.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | 6 | 359 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 13 | 377 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | 19 | 367 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 7 | 478 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | 59 | 1581 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 18 | 445 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 55 | 1743 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc. (a) | 36 | 3109 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | 28 | 407 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | 3 | 374 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (a) | 30 | 1895 |
| &nbsp;&nbsp;&nbsp;Bank First Corp. | 4 | 475 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3080 | 145592 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | 5 | 309 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 84 | 1903 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. (Bermuda) | 10 | 455 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 39 | 1923 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 12 | 438 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | 6 | 372 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | 86 | 2119 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp (a) | 193 | 1650 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | 4 | 406 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | 192 | 1981 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | 7 | 406 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | 16 | 380 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | 87 | 2288 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 76 | 2649 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Banks (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | 9 | $339 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp, Inc. | 59 | 1857 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | 10 | 396 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 309 | 1860 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 10 | 452 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 15 | 400 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 847 | 79364 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 209 | 9973 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 3 | 366 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | 67 | 1538 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp. (a) | 4 | 385 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 147 | 3499 |
| &nbsp;&nbsp;&nbsp;Columbia Financial, Inc. (a) | 26 | 374 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 74 | 5000 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 49 | 2999 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | 7 | 378 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | 17 | 392 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 21 | 2676 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc. (a) | 8 | 510 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | 92 | 1719 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | 14 | 388 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 62 | 6215 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | 136 | 2101 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 7 | 386 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | 10 | 376 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | 5 | 479 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | 8 | 390 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 274 | 11390 |
| &nbsp;&nbsp;&nbsp;First BanCorp (Puerto Rico) | 89 | 1854 |
| &nbsp;&nbsp;&nbsp;First Bancorp/Southern Pines NC | 10 | 501 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | 18 | 402 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 5 | 9974 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 25 | 413 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares, Inc. | 9 | 329 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 16 | 388 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 82 | 2839 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | 8 | 428 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | 16 | 388 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 283 | 6172 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | 62 | 1785 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | 10 | 381 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | 11 | 418 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | 14 | 421 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 123 | 1389 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 141 | 2160 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 23 | 413 |
| &nbsp;&nbsp;&nbsp;German American Bancorp, Inc. | 11 | 423 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 64 | 2805 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | 7 | 399 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 8 | 478 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 80 | 1825 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | 17 | 423 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 17 | 383 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | 13 | 385 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 83 | 2337 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | 11 | 427 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 178 | 1778 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | 27 | 418 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 705 | 11583 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 63 | 2156 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 6 | 409 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1293 | 383038 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 409 | 7329 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 7 | 444 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | 15 | 474 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 67 | 12643 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 9 | 411 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares, Inc. | 70 | 1932 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | 7 | 494 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | 63 | 1735 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | 10 | 371 |
| &nbsp;&nbsp;&nbsp;NB Bancorp, Inc. (a) | 22 | 379 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | 9 | 372 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | 3 | 387 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 4 | 397 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | 170 | 1810 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | 144 | 1685 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 24 | 403 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp (Puerto Rico) | 10 | 426 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 126 | 2660 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | 25 | 424 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | 12 | 439 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | 13 | 427 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 85 | 1842 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | 2 | 324 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 27 | 2042 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | 13 | 372 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 26 | 2285 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 182 | 34629 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. (Puerto Rico) | 27 | 3094 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | 21 | 1907 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 40 | 2665 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 105 | 1913 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 5 | 355 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 385 | 9752 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | 53 | 1942 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc., Class A | 5 | 344 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | 10 | 366 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 68 | 1917 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 25 | 1966 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | 132 | 2047 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | 106 | 2032 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | 7 | 379 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 13 | 383 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | 35 | 3296 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | 14 | 413 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc. | 5 | 374 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Banks (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 59 | $2787 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. (a) | 39 | 3275 |
| &nbsp;&nbsp;&nbsp;TFS Financial Corp. | 30 | 393 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | 6 | 388 |
| &nbsp;&nbsp;&nbsp;Towne Bank | 12 | 420 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 9 | 370 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc. (a) | 7 | 397 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 586 | 25614 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. | 55 | 1846 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | 11 | 410 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 685 | 30798 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 24 | 2640 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 52 | 1847 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 14 | 427 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 13 | 375 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 186 | 1724 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | 17 | 539 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | 63 | 1834 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | 98 | 2640 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 62 | 3574 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1531 | 123445 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | 13 | 392 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 8 | 383 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 56 | 4343 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 23 | 2944 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 63 | 3455 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 62 | 3324 |
|  |  | 1083470 |
| **Beverages (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc., Class A (a) | 1 | 207 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class A | 65 | 1862 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | 105 | 3029 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. (a) | 73 | 3310 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 1808 | 122745 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 22 | 2459 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 80 | 13363 |
| &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc. | 593 | 19361 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | 12 | 339 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 61 | 2972 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp. (a) | 339 | 19916 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp. (a) | 8 | 367 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 650 | 89648 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | 85 | 2347 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co., Inc. (a) | 11 | 388 |
|  |  | 282313 |
| **Biotechnology (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;89bio, Inc. (a) | 69 | 656 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 841 | 158966 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc. (a) | 98 | 2335 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. (a) | 130 | 2431 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc. (a) | 14 | 521 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc. (a) | 38 | 1856 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC (a) | 104 | 2755 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. (a) | 61 | 23927 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 254 | 74955 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc. (a) | 294 | 1761 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp. (a) | 40 | 452 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc. (a) | 18 | 402 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc. (a) | 12 | 459 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc. (a) | 34 | 2427 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc. (a) | 46 | 420 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc. (a) | 26 | 379 |
| &nbsp;&nbsp;&nbsp;Ardelyx, Inc. (a) | 82 | 348 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc. (a) | 31 | 490 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals, Inc. (a) | 26 | 460 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences, Inc. (a) | 407 | 2804 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc. (a) | 56 | 2056 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc. (a) | 24 | 473 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc. (a) | 53 | 431 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. (a) | 61 | 7808 |
| &nbsp;&nbsp;&nbsp;Biohaven Ltd. (a) | 20 | 302 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. (a) | 85 | 4917 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc. (a) | 51 | 2411 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc. (a) | 19 | 233 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. (a) | 88 | 1877 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc. (a) | 22 | 484 |
| &nbsp;&nbsp;&nbsp;CG oncology, Inc. (a) | 19 | 507 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. (a) | 64 | 1830 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc. (a) | 80 | 3011 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc. (a) | 51 | 342 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc. (a) | 148 | 2047 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Inc. (a) | 10 | 598 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp. (a) | 32 | 351 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc. (a) | 49 | 483 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp. (a) | 85 | 3991 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc. (a) | 118 | 4274 |
| &nbsp;&nbsp;&nbsp;Geron Corp. (a) | 265 | 305 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 593 | 66588 |
| &nbsp;&nbsp;&nbsp;GRAIL, Inc. (a) | 15 | 513 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. (a) | 48 | 2879 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc. (a) | 100 | 2435 |
| &nbsp;&nbsp;&nbsp;ImmunityBio, Inc. (a) | 140 | 344 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc. (a) | 24 | 386 |
| &nbsp;&nbsp;&nbsp;Incyte Corp. (a) | 73 | 5467 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc. (a) | 98 | 10513 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc. (a) | 51 | 594 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc. (a) | 76 | 3266 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc. (a) | 112 | 288 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc. (a) | 13 | 312 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc. (a) | 13 | 2000 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc. (a) | 16 | 700 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. (a) | 8 | 2420 |
| &nbsp;&nbsp;&nbsp;MannKind Corp. (a) | 75 | 284 |
| &nbsp;&nbsp;&nbsp;MiMedx Group, Inc. (a) | 50 | 360 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc. (a) | 28 | 396 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc. (a) | 9 | 465 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc. (a) | 156 | 4611 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;MoonLake Immunotherapeutics (a) | 10 | $504 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc. (a) | 43 | 165 |
| &nbsp;&nbsp;&nbsp;Natera, Inc. (a) | 64 | 8554 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. (a) | 46 | 5899 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc. (a) | 63 | 419 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc. (a) | 39 | 439 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A (a) | 24 | 1880 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. (a) | 32 | 1724 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc. (a) | 31 | 1615 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc., Class A (a) | 77 | 458 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 48 | 26182 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc. (a) | 110 | 4100 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc. (a) | 28 | 2386 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc. (a) | 26 | 427 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp. (a) | 48 | 1778 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics, Inc. (a) | 25 | 2162 |
| &nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc. (a) | 30 | 509 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc. (a) | 77 | 2030 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc. (a) | 33 | 327 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc. (a) | 104 | 3692 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc. (a) | 26 | 402 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp. (a) | 52 | 1746 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc. (a) | 44 | 1202 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp. (a) | 19 | 5219 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc. (a) | 90 | 3056 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc. (a) | 16 | 333 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc. (a) | 67 | 1575 |
| &nbsp;&nbsp;&nbsp;Vericel Corp. (a) | 8 | 280 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. (a) | 123 | 56195 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc. (a) | 84 | 2736 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc. (a) | 65 | 330 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc. (a) | 30 | 526 |
| &nbsp;&nbsp;&nbsp;Zymeworks, Inc. (a) | 151 | 1897 |
|  |  | 563103 |
| **Broadline Retail (3.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. (a) | 4448 | 1041321 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc. (Korea, Republic of) (a) | 498 | 14656 |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A | 7 | 3268 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 216 | 19818 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc. (a) | 60 | 3496 |
| &nbsp;&nbsp;&nbsp;Groupon, Inc. (a) | 20 | 617 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | 50 | 542 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | 158 | 1996 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. (a) | 25 | 3416 |
| &nbsp;&nbsp;&nbsp;Savers Value Village, Inc. (a) | 41 | 427 |
|  |  | 1089557 |
| **Building Products (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 42 | 2973 |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | 24 | 2004 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 26 | 2983 |
| &nbsp;&nbsp;&nbsp;Allegion PLC | 36 | 5973 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp. (a) | 6 | 316 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 7 | 294 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 17 | 3199 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 18 | 1971 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. (a) | 58 | 7373 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 21 | 7449 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 389 | 26693 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 6 | 1557 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 50 | 2727 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc. (a) | 6 | 396 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 25 | 2032 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc. (a) | 132 | 2030 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc. (a) | 54 | 463 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 328 | 34440 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 14 | 8526 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 112 | 7630 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc. (a) | 30 | 331 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 46 | 6414 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 20 | 390 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc. (a) | 86 | 2348 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 15 | 2691 |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 5 | 390 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 108 | 47313 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc. (a) | 53 | 3405 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 27 | 2646 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 47 | 2080 |
|  |  | 189037 |
| **Capital Markets (3.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | 14 | 585 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 16 | 3358 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 45 | 23318 |
| &nbsp;&nbsp;&nbsp;ARES Management Corp., Class A | 101 | 18738 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | 10 | 452 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 355 | 36015 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc., Class A | 181 | 1678 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 73 | 80739 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | 336 | 58115 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | 286 | 5534 |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 108 | 6551 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 47 | 11329 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 794 | 77598 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 174 | 48421 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | 5 | 368 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A (a) | 95 | 35887 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 19 | 2576 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | 46 | 494 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc. (a) | 8 | 424 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | 13 | 3915 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 18 | 7252 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | 42 | 2082 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 119 | 2856 |
| &nbsp;&nbsp;&nbsp;Freedom Holding Corp. (Kazakhstan) (a) | 11 | 2044 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor, Inc., Class A | 28 | 330 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 142 | 102750 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | 19 | 2894 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Capital Markets (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 19 | $3622 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 201 | 13178 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 271 | 50089 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 170 | 3572 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 48 | 2078 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 67 | 3863 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 310 | 45440 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | 45 | 2339 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 39 | 15433 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 20 | 4110 |
| &nbsp;&nbsp;&nbsp;Moelis & Co., Class A | 40 | 2806 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 72 | 37133 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley (b) | 535 | 76216 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | 12 | 3317 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 36 | 20209 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 204 | 19629 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 83 | 10790 |
| &nbsp;&nbsp;&nbsp;Oppenheimer Holdings, Inc., Class A | 7 | 531 |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A | 155 | 1906 |
| &nbsp;&nbsp;&nbsp;Patria Investments Ltd., Class A (Cayman Islands) | 34 | 474 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | 22 | 439 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 7 | 2207 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | 16 | 2858 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 93 | 15543 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A (a) | 343 | 35346 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 145 | 79909 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 23 | 2027 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 135 | 15086 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | 40 | 2374 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 34 | 3880 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc. (a) | 19 | 1848 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 103 | 10449 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | 44 | 2511 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | 56 | 7759 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 29 | 1998 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | 40 | 1766 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 3 | 580 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 43 | 571 |
|  |  | 1040189 |
| **Chemicals (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 17 | 342 |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 101 | 29076 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 49 | 3325 |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | 7 | 361 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | 56 | 1768 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. (a) | 132 | 3738 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 11 | 1677 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 26 | 1877 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | 61 | 3186 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 71 | 6591 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | 33 | 395 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 319 | 23009 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 363 | 8454 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 181 | 13014 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 38 | 2759 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 114 | 29841 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc. (a) | 61 | 525 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 88 | 2077 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 41 | 1601 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 13 | 2123 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co. | 30 | 1686 |
| &nbsp;&nbsp;&nbsp;Huntsman Corp. | 139 | 1348 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp. (a) | 11 | 460 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 4 | 320 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 116 | 8239 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. | 51 | 273 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 215 | 98956 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 105 | 6083 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | 6 | 349 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | 185 | 6662 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | 5 | 3435 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 18 | 341 |
| &nbsp;&nbsp;&nbsp;Orion SA (Germany) | 31 | 301 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc. (a) | 35 | 564 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 116 | 12238 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc. (a) | 58 | 778 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | 3 | 343 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 58 | 6810 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | 29 | 1817 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 19 | 2133 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 106 | 35073 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | 8 | 406 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC | 68 | 217 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | 6 | 476 |
|  |  | 325047 |
| **Commercial Services & Supplies (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 39 | 1799 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc., Class A (a) | 25 | 355 |
| &nbsp;&nbsp;&nbsp;Brady Corp., Class A | 5 | 353 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings, Inc. (a) | 27 | 431 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | 20 | 1747 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A (a) | 23 | 2501 |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp. (a) | 18 | 809 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC (Ireland) (a) | 9 | 498 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 171 | 38056 |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. (a) | 23 | 5424 |
| &nbsp;&nbsp;&nbsp;Copart, Inc. (a) | 388 | 17588 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc. (a) | 17 | 341 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 24 | 386 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc. (a) | 22 | 372 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc. (a) | 52 | 1348 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc. (a) | 35 | 455 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | 8 | 411 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | 91 | 1876 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc. (a) | 11 | 263 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 22 | 418 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Commercial Services & Supplies (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 9 | $1601 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc. (a) | 79 | 1946 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 42 | 477 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 105 | 24218 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 137 | 7846 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | 34 | 351 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 133 | 4886 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | 2 | 342 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 113 | 11846 |
| &nbsp;&nbsp;&nbsp;Vestis Corp. | 43 | 261 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | 4 | 626 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 194 | 44457 |
|  |  | 174288 |
| **Communications Equipment (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc. (a) | 46 | 427 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. (a) | 476 | 58653 |
| &nbsp;&nbsp;&nbsp;Calix, Inc. (a) | 42 | 2381 |
| &nbsp;&nbsp;&nbsp;Ciena Corp. (a) | 63 | 5849 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 1863 | 126833 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc. (a) | 100 | 820 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc. (a) | 14 | 457 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc. (a) | 114 | 2013 |
| &nbsp;&nbsp;&nbsp;F5, Inc. (a) | 29 | 9089 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc. (a) | 39 | 332 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. (a) | 39 | 4293 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 76 | 33362 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc. (a) | 16 | 372 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc. (a) | 18 | 386 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications, Inc. (a) | 99 | 372 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc. (a) | 41 | 674 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. (a) | 200 | 2010 |
|  |  | 248323 |
| **Construction & Engineering (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;AECOM | 50 | 5637 |
| &nbsp;&nbsp;&nbsp;API Group Corp. (a) | 116 | 4184 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | 22 | 1889 |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | 9 | 2205 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings, Inc. (a) | 21 | 458 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 17 | 11956 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A (a) | 16 | 1614 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc. (a) | 14 | 3763 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 20 | 12550 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. (a) | 32 | 2376 |
| &nbsp;&nbsp;&nbsp;Fluor Corp. (a) | 62 | 3520 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 26 | 2456 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp. (a) | 39 | 432 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc. (a) | 7 | 2472 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc. (a) | 5 | 685 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc. (a) | 25 | 4730 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc. (a) | 12 | 2322 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 30 | 2825 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 64 | 25992 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. (a) | 10 | 2676 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp. (a) | 17 | 819 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 8 | 2912 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | 66 | 1937 |
|  |  | 100410 |
| **Construction Materials (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;CRH PLC | 327 | 31212 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 13 | 2916 |
| &nbsp;&nbsp;&nbsp;Knife River Corp. (a) | 15 | 1237 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 31 | 17821 |
| &nbsp;&nbsp;&nbsp;U.S. Lime & Minerals, Inc. | 4 | 398 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 71 | 19502 |
|  |  | 73086 |
| **Consumer Finance (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 138 | 5223 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 260 | 77821 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp. (a) | 7 | 347 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 32 | 1962 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 303 | 65145 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. (a) | 4 | 1961 |
| &nbsp;&nbsp;&nbsp;Dave, Inc. (a) | 4 | 943 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc. (a) | 47 | 1733 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. (a) | 17 | 1778 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc., Class A (a) | 22 | 315 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 17 | 2266 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp. (a) | 36 | 561 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 31 | 401 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc., Class A | 3 | 374 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Inc., Class A (a) | 42 | 445 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 33 | 1907 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc. (a) | 21 | 319 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 14 | 446 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 82 | 2608 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc. (a) | 501 | 11313 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 179 | 12471 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc. (a) | 48 | 3923 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp. (a) | 3 | 472 |
|  |  | 194734 |
| **Consumer Staples Distribution & Retail (1.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | 181 | 3479 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | 10 | 359 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. (a) | 55 | 5824 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 16 | 8322 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. (a) | 6 | 411 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 209 | 196385 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 104 | 10910 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc. (a) | 71 | 8062 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp. (a) | 25 | 329 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc., Class A | 5 | 315 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 283 | 19838 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc. (a) | 94 | 4509 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | 8 | 303 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co. (a) | 70 | 7028 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 4 | 430 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | 18 | 478 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples Distribution & Retail (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. (a) | 43 | $6516 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 256 | 20378 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 204 | 20502 |
| &nbsp;&nbsp;&nbsp;U.S. Foods Holding Corp. (a) | 104 | 8666 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc. (a) | 79 | 2183 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Inc., Class A | 10 | 344 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | 387 | 4505 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 2063 | 202133 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | 4 | 290 |
|  |  | 532499 |
| **Containers & Packaging (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 1138 | 10640 |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 26 | 4086 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging SA | 131 | 519 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 47 | 7885 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 136 | 7787 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 53 | 5266 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 115 | 2571 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | 6 | 381 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 235 | 10984 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc. (a) | 33 | 429 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 32 | 6200 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 62 | 1815 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 34 | 1582 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 226 | 10030 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 46 | 2073 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | 17 | 608 |
|  |  | 72856 |
| **Distributors (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;A-Mark Precious Metals, Inc. | 16 | 341 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 55 | 7088 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 95 | 2800 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 15 | 4622 |
|  |  | 14851 |
| **Diversified Consumer Services (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | 224 | 1870 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. (a) | 18 | 2057 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc. (a) | 22 | 2488 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc. | 9 | 404 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc. (a) | 51 | 645 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc. (a) | 20 | 6931 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc. (a) | 33 | 1930 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | 1 | 954 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc. (a) | 12 | 2024 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 55 | 2989 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Cos., Inc. (a) | 33 | 317 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc. (a) | 81 | 1831 |
| &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp. (a) | 21 | 480 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A | 18 | 423 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc. (a) | 47 | 271 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. (Bahamas) | 21 | 464 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 14 | 403 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | 62 | 4731 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 4 | 297 |
| &nbsp;&nbsp;&nbsp;Stride, Inc. (a) | 17 | 2180 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc. (a) | 55 | 419 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc. (a) | 58 | 1869 |
|  |  | 35977 |
| **Diversified Holding Companies (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Cohen Circle Acquisition Corp. I (a) | 158 | 1650 |
| **Diversified REITs (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. REIT | 22 | 396 |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc. REIT | 114 | 1602 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. REIT | 19 | 362 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. REIT | 53 | 362 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. REIT | 23 | 373 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc. REIT | 107 | 1767 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. REIT | 99 | 3018 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. REIT | 145 | 1907 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. REIT | 257 | 1796 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties, Inc. REIT | 112 | 2506 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. REIT | 86 | 5518 |
|  |  | 19607 |
| **Diversified Telecommunication Services (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Anterix, Inc. (a) | 11 | 244 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc. (a) | 80 | 4254 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 3347 | 91741 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 32 | 1459 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc. (a) | 74 | 2719 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc., Class A (a) | 1 | 33 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc., Class C (a) | 10 | 333 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc. (a) | 18 | 423 |
| &nbsp;&nbsp;&nbsp;IDT Corp., Class B | 8 | 471 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | 60 | 1468 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd., Class A (Puerto Rico) (a) | 65 | 458 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd., Class C (Puerto Rico) (a) | 66 | 471 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. (a) | 510 | 2270 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | 28 | 411 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 1915 | 81885 |
|  |  | 188640 |
| **Electric Utilities (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | 5 | 330 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 121 | 7866 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 254 | 28737 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 148 | 51480 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 364 | 44277 |
| &nbsp;&nbsp;&nbsp;Edison International | 189 | 9851 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 228 | 20618 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 96 | 6797 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 169 | 11171 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 470 | 21122 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 282 | 12044 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc. (a) | 36 | 386 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 15 | 1880 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 4 | 340 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 969 | 68857 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electric Utilities (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 90 | $15048 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 103 | 4678 |
| &nbsp;&nbsp;&nbsp;Oklo, Inc. (a) | 44 | 3370 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 5 | 386 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 968 | 13571 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 47 | 4259 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 64 | 2632 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 390 | 13919 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 521 | 49224 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 52 | 2953 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 247 | 18140 |
|  |  | 413936 |
| **Electrical Equipment (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | 13 | 4048 |
| &nbsp;&nbsp;&nbsp;American Superconductor Corp. (a) | 20 | 1137 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 111 | 20518 |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc. (a) | 83 | 539 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | 6 | 462 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A (a) | 134 | 5010 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 187 | 71943 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 268 | 38997 |
| &nbsp;&nbsp;&nbsp;EnerSys | 25 | 2309 |
| &nbsp;&nbsp;&nbsp;Enovix Corp. (a) | 58 | 777 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. (a) | 89 | 507 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 129 | 85177 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc. (a) | 31 | 6035 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 26 | 11374 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A (a) | 72 | 4195 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp. (a) | 61 | 3063 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | 85 | 6666 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc. (a) | 309 | 464 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 2 | 474 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | 3 | 463 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 29 | 4434 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 54 | 18992 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 66 | 2030 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc. (a) | 57 | 585 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc. (a) | 14 | 396 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | 165 | 24024 |
| &nbsp;&nbsp;&nbsp;Vicor Corp. (a) | 8 | 356 |
|  |  | 314975 |
| **Electronic Equipment, Instruments & Components (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 24 | 3334 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 582 | 61989 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc. (a) | 39 | 632 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. (a) | 24 | 2784 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | 35 | 1853 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 11 | 2076 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc., Class B | 6 | 780 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 19 | 2349 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | 10 | 385 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 59 | 10288 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 85 | 3465 |
| &nbsp;&nbsp;&nbsp;Coherent Corp. (a) | 58 | 6241 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 349 | 22071 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co. | 33 | 1958 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | 9 | 353 |
| &nbsp;&nbsp;&nbsp;Daktronics, Inc. (a) | 29 | 470 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc. (a) | 6 | 389 |
| &nbsp;&nbsp;&nbsp;Flex Ltd. (a) | 183 | 9126 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. (a) | 13 | 1542 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp. (a) | 7 | 524 |
| &nbsp;&nbsp;&nbsp;Itron, Inc. (a) | 20 | 2491 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 51 | 11382 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. (a) | 79 | 12949 |
| &nbsp;&nbsp;&nbsp;Knowles Corp. (a) | 24 | 487 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 10 | 2573 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. (a) | 98 | 2190 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc. | 16 | 489 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc. (a) | 22 | 2706 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc. (a) | 9 | 1989 |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp. (a) | 7 | 425 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | 6 | 370 |
| &nbsp;&nbsp;&nbsp;Plexus Corp. (a) | 3 | 383 |
| &nbsp;&nbsp;&nbsp;Powerfleet, Inc. NJ (a) | 75 | 305 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp. (a) | 39 | 1783 |
| &nbsp;&nbsp;&nbsp;Rogers Corp. (a) | 6 | 394 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp. (a) | 32 | 3713 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc. (a) | 11 | 427 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 37 | 5342 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 141 | 29011 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. (a) | 25 | 13776 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. (a) | 123 | 10319 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc. (a) | 58 | 2741 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 31 | 508 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | 75 | 3110 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A (a) | 22 | 7458 |
|  |  | 249930 |
| **Energy Equipment & Services (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 92 | 2149 |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc., Class A | 14 | 298 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc. | 26 | 338 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 439 | 19777 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc. (a) | 14 | 484 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | 45 | 1904 |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 30 | 328 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV (a) | 45 | 485 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 461 | 10326 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc. (a) | 291 | 1726 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 75 | 1216 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc. (a) | 24 | 394 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | 11 | 356 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | 33 | 407 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC | 148 | 3968 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 298 | 3749 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc. (a) | 21 | 456 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 314 | 1856 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy Equipment & Services (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | 74 | $344 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | 669 | 22612 |
| &nbsp;&nbsp;&nbsp;Seadrill Ltd. (Norway) (a) | 69 | 2012 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. | 43 | 414 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. | 21 | 686 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC (United Kingdom) | 190 | 6910 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc. (a) | 10 | 500 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | 41 | 2318 |
|  |  | 86013 |
| **Entertainment (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc., Class A (a) | 118 | 342 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc., Class C (a) | 9 | 401 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | 62 | 1666 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 111 | 16926 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A (a) | 23 | 2073 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C (a) | 95 | 9533 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class A (a) | 5 | 409 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class C (a) | 30 | 2527 |
| &nbsp;&nbsp;&nbsp;Lionsgate Studios Corp. (a) | 98 | 580 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. (a) | 74 | 10930 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp. (a) | 12 | 454 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. (a) | 8 | 1617 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. (a) | 193 | 223764 |
| &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | 69 | 307 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A (a) | 273 | 37617 |
| &nbsp;&nbsp;&nbsp;Roku, Inc. (a) | 70 | 6591 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment Co. (a) | 48 | 2067 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA (Sweden) (a) | 72 | 45111 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. (a) | 75 | 16705 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 31 | 5208 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 863 | 102792 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. (a) | 1077 | 14184 |
| &nbsp;&nbsp;&nbsp;Warner Music Group Corp., Class A | 78 | 2282 |
|  |  | 504086 |
| **Financial Services (3.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. (a) | 112 | 7679 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 196 | 28483 |
| &nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc. (a) | 46 | 454 |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA (Panama) | 10 | 400 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B (a) | 629 | 296812 |
| &nbsp;&nbsp;&nbsp;Block, Inc. (a) | 276 | 21324 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. | 94 | 2010 |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc. (a) | 45 | 498 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | 9 | 360 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 140 | 4978 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc. (a) | 37 | 11953 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 10 | 348 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 177 | 9089 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 44 | 2464 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. (a) | 22 | 2138 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. (Puerto Rico) | 88 | 3181 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp., Class C | 2 | 345 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 275 | 21838 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. (a) | 242 | 33623 |
| &nbsp;&nbsp;&nbsp;Flywire Corp. (a) | 41 | 446 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 133 | 10633 |
| &nbsp;&nbsp;&nbsp;Guild Holdings Co., Class A | 27 | 536 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 41 | 6962 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | 25 | 2189 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A (a) | 91 | 519 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 382 | 216391 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 11 | 322 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 111 | 2875 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc. (a) | 23 | 3582 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp. (a) | 15 | 459 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. (a) | 47 | 1754 |
| &nbsp;&nbsp;&nbsp;Paymentus Holdings, Inc., Class A (a) | 13 | 362 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc. (a) | 55 | 361 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. (a) | 470 | 32317 |
| &nbsp;&nbsp;&nbsp;Paysafe Ltd. (a) | 25 | 304 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 19 | 1770 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 64 | 2087 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc. (a) | 76 | 1254 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A | 163 | 2407 |
| &nbsp;&nbsp;&nbsp;Sezzle, Inc. (a) | 9 | 1394 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A (a) | 34 | 3502 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A (a) | 239 | 11673 |
| &nbsp;&nbsp;&nbsp;UWM Holdings Corp. | 79 | 318 |
| &nbsp;&nbsp;&nbsp;Velocity Financial, Inc. (a) | 20 | 332 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 806 | 278449 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 45 | 3150 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | 5 | 375 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | 208 | 1674 |
| &nbsp;&nbsp;&nbsp;WEX, Inc. (a) | 14 | 2375 |
|  |  | 1038749 |
| **Food Products (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 225 | 12190 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | 64 | 5105 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 19 | 2112 |
| &nbsp;&nbsp;&nbsp;Campbell's Co. | 90 | 2873 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 163 | 2976 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc. (a) | 96 | 3108 |
| &nbsp;&nbsp;&nbsp;Dole PLC | 26 | 370 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 130 | 2060 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 12 | 451 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc. (a) | 20 | 1366 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 199 | 9747 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 66 | 12285 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 156 | 4382 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | 30 | 3946 |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods Corp. | 2 | 226 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | 55 | 5904 |
| &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son, Inc. | 6 | 380 |
| &nbsp;&nbsp;&nbsp;Kellanova | 94 | 7504 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 392 | 10764 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Food Products (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 82 | $4680 |
| &nbsp;&nbsp;&nbsp;Limoneira Co. | 96 | 1409 |
| &nbsp;&nbsp;&nbsp;Marzetti Co. | 10 | 1778 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 110 | 7769 |
| &nbsp;&nbsp;&nbsp;Mission Produce, Inc. (a) | 34 | 420 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 612 | 39590 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 46 | 2180 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc. (a) | 21 | 2222 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp., Class A (a) | 4 | 419 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co. (a) | 54 | 1645 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. | 11 | 417 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc. (a) | 16 | 308 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 143 | 7479 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | 27 | 352 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc. (a) | 11 | 409 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee Co. (a) | 57 | 379 |
| &nbsp;&nbsp;&nbsp;WK Kellogg Co. | 18 | 415 |
|  |  | 159620 |
| **Gas Utilities (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 61 | 9511 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | 27 | 3237 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 113 | 1949 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 36 | 3125 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 49 | 2250 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | 46 | 1836 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 50 | 3635 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 29 | 2266 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 49 | 3649 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | 84 | 3039 |
|  |  | 34497 |
| **Ground Transportation (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 6 | 439 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc. (a) | 5 | 851 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. | 18 | 435 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 893 | 31737 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | 40 | 313 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc. (a) | 84 | 538 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 36 | 5186 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 94 | 3995 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | 20 | 2667 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A Class A (a) | 227 | 3192 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 110 | 30580 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 86 | 12835 |
| &nbsp;&nbsp;&nbsp;RXO, Inc. (a) | 25 | 386 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | 18 | 3199 |
| &nbsp;&nbsp;&nbsp;Saia, Inc. (a) | 15 | 4534 |
| &nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | 16 | 391 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. (a) | 958 | 84064 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. <sup>(a)</sup> | 79 | 4284 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 280 | 62152 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc. | 13 | 311 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | 84 | 2328 |
| &nbsp;&nbsp;&nbsp;XPO, Inc. (a) | 50 | 6015 |
|  |  | 260432 |
| **Health Care Equipment & Supplies (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 817 | 103097 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc. (a) | 29 | 3741 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc. (a) | 36 | 381 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc. (a) | 15 | 464 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc. (a) | 11 | 386 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc. (a) | 28 | 313 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc. (a) | 22 | 288 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 229 | 4983 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 140 | 24955 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. (a) | 685 | 71870 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | 7 | 358 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (a) | 109 | 7705 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | 119 | 1703 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc. (a) | 178 | 14377 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. (a) | 285 | 22603 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | 29 | 295 |
| &nbsp;&nbsp;&nbsp;Enovis Corp. (a) | 11 | 295 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp. (a) | 97 | 1832 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 214 | 15263 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp. (a) | 26 | 2238 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A (a) | 56 | 2947 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp. (a) | 27 | 1999 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. (a) | 97 | 6482 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc. (a) | 14 | 1798 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. (a) | 38 | 20304 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc. (a) | 12 | 1494 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. (a) | 33 | 9517 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp. (a) | 19 | 2062 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp. (a) | 20 | 263 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (a) | 166 | 79861 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | 7 | 408 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc. (a) | 12 | 1682 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. (a) | 33 | 2349 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 4 | 325 |
| &nbsp;&nbsp;&nbsp;Masimo Corp. (a) | 17 | 2614 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 596 | 53783 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. (a) | 28 | 2376 |
| &nbsp;&nbsp;&nbsp;Neogen Corp. (a) | 61 | 284 |
| &nbsp;&nbsp;&nbsp;Novocure Ltd. (a) | 21 | 243 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc. (a) | 12 | 372 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc. (a) | 21 | 5298 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp. (a) | 33 | 1601 |
| &nbsp;&nbsp;&nbsp;Pulse Biosciences, Inc. (a) | 22 | 330 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. (a) | 13 | 299 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 70 | 19036 |
| &nbsp;&nbsp;&nbsp;RxSight, Inc. (a) | 24 | 187 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc. (a) | 27 | 460 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. (a) | 78 | 5566 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co. (a) | 23 | 412 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 45 | 10192 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care Equipment & Supplies (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 163 | $64015 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc. (a) | 21 | 327 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | 37 | 4422 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc. (a) | 16 | 1904 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc. (a) | 2 | 453 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 99 | 9073 |
|  |  | 591885 |
| **Health Care Providers & Services (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc. (a) | 13 | 283 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp. (a) | 38 | 341 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp. (a) | 4 | 427 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare, Inc. (a) | 18 | 248 |
| &nbsp;&nbsp;&nbsp;Amedisys, Inc. (a) | 20 | 1972 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc. (a) | 18 | 330 |
| &nbsp;&nbsp;&nbsp;Ardent Health, Inc. (a) | 29 | 307 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc. (a) | 11 | 262 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc. (a) | 72 | 286 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc. (a) | 20 | 413 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc. (a) | 59 | 457 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 114 | 17695 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 85 | 24317 |
| &nbsp;&nbsp;&nbsp;Centene Corp. (a) | 122 | 3181 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 7 | 2886 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 127 | 33957 |
| &nbsp;&nbsp;&nbsp;Clover Health Investments Corp. (a) | 94 | 272 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | 90 | 1797 |
| &nbsp;&nbsp;&nbsp;CorVel Corp. (a) | 18 | 1595 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 595 | 36949 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc. (a) | 17 | 2386 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 106 | 30006 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 42 | 4625 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 23 | 3450 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp. (a) | 4 | 408 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc. (a) | 72 | 2951 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 77 | 27257 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc. (a) | 42 | 4074 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc. (a) | 81 | 5480 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc. (a) | 71 | 4699 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 61 | 15242 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 38 | 9883 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group, Inc. (a) | 50 | 199 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 58 | 40225 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. (a) | 25 | 3947 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | 4 | 384 |
| &nbsp;&nbsp;&nbsp;National Research Corp. | 121 | 1512 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc. (a) | 38 | 184 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc. (a) | 253 | 324 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc. (a) | 111 | 3258 |
| &nbsp;&nbsp;&nbsp;PACS Group, Inc. (a) | 37 | 409 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. (a) | 26 | 319 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc. (a) | 14 | 310 |
| &nbsp;&nbsp;&nbsp;Premier, Inc., Class A | 19 | 408 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc. (a) | 14 | 273 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc. (a) | 16 | 376 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 53 | 8873 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc. (a) | 29 | 1587 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 21 | 311 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc. (a) | 16 | 351 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. (a) | 38 | 6129 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | 5 | 366 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 417 | 104067 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 20 | 3329 |
|  |  | 415577 |
| **Health Care REITs (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | 68 | 5197 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. REIT | 68 | 2628 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. REIT | 55 | 1749 |
| &nbsp;&nbsp;&nbsp;Global Medical, Inc. REIT | 286 | 1911 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. REIT | 145 | 2227 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. REIT | 291 | 4930 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. REIT | 10 | 340 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. REIT | 337 | 1388 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. REIT | 5 | 349 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. REIT | 127 | 4940 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. REIT | 92 | 1659 |
| &nbsp;&nbsp;&nbsp;Sila Realty Trust, Inc. REIT | 14 | 342 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust REIT | 61 | 2366 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. REIT | 244 | 16392 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. REIT | 310 | 51172 |
|  |  | 97590 |
| **Health Care Technology (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Certara, Inc. (a) | 33 | 325 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A (a) | 77 | 4524 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc., Class A (a) | 34 | 341 |
| &nbsp;&nbsp;&nbsp;GoodRx Holdings, Inc., Class A (a) | 80 | 383 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | 11 | 288 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc. (a) | 15 | 404 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc. (a) | 18 | 366 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc. (a) | 47 | 339 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A (a) | 70 | 19894 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp. (a) | 51 | 1886 |
|  |  | 28750 |
| **Hotel & Resort REITs (0.0%) ‡** |  |  |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. REIT | 31 | 364 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. REIT | 239 | 1845 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. REIT | 228 | 3584 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. REIT | 36 | 384 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust REIT | 41 | 411 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust REIT | 51 | 377 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. REIT | 27 | 2567 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. REIT | 289 | 2529 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. REIT | 35 | 445 |
|  |  | 12506 |
| **Hotels, Restaurants & Leisure (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc. (a) | 32 | 412 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A (a) | 190 | 25158 |
| &nbsp;&nbsp;&nbsp;Aramark | 138 | 5873 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **Hotels, Restaurants & Leisure (cont'd)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B (a) | 1 | $| 308 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc. (a) | 11 |  | 390 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 50 |  | 456 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 15 |  | 82561 |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 30 |  | 2547 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. (a) | 17 |  | 2679 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. (a) | 97 |  | 2588 |
| &nbsp;&nbsp;&nbsp;Carnival Corp. (a) | 510 |  | 15183 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc. (a) | 50 |  | 4401 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. | 8 |  | 511 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. (a) | 620 |  | 26586 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 14 |  | 1788 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 31 |  | 3318 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 9 |  | 558 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 47 |  | 9478 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 17 |  | 7875 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A (a) | 159 |  | 39790 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A (a) | 231 |  | 10404 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc., Class A (a) | 64 |  | 3793 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 57 |  | 10273 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group, Inc. (a) | 20 |  | 346 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC (a) | 80 |  | 24181 |
| &nbsp;&nbsp;&nbsp;Genius Sports Ltd. (United Kingdom) (a) | 36 |  | 405 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I (a) | 310 |  | 1993 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | 14 |  | 394 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc. (a) | 44 |  | 1972 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 106 |  | 28416 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A | 20 |  | 2819 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme, Inc. | 81 |  | 293 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc., Class A (a) | 7 |  | 614 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 155 |  | 8122 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc. (a) | 62 |  | 1781 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc. (a) | 21 |  | 2023 |
| &nbsp;&nbsp;&nbsp;Lucky Strike Entertainment Corp. | 39 |  | 386 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 116 |  | 30604 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 6 |  | 447 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 327 |  | 98123 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International (a) | 84 |  | 3062 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 5 |  | 515 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. (a) | 170 |  | 4345 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 11 |  | 467 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. (a) | 106 |  | 1914 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A (a) | 42 |  | 4586 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc., Class A (a) | 30 |  | 299 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions & Hospitality, Inc. (a) | 11 |  | 333 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc., Class A | 35 |  | 2147 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 120 |  | 38144 |
| &nbsp;&nbsp;&nbsp;Sabre Corp. (a) | 152 |  | 461 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A (a) | 15 |  | 1805 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. (a) | 56 |  | 1678 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 515 |  | 45917 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc., Class A (a) | 115 |  | 1481 |
| &nbsp;&nbsp;&nbsp;Target Hospitality Corp. (a) | 51 |  | 387 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 26 |  | 4813 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | 44 |  | 2607 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc. (a) | 9 |  | 426 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 16 |  | 2404 |
| &nbsp;&nbsp;&nbsp;Viking Holdings Ltd. (a) | 45 |  | 2642 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | 27 |  | 266 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 10 |  | 3773 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 29 |  | 2494 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 32 |  | 3489 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 136 |  | 19604 |
|  |  |  | 609908 |
| **Household Durables (0.4%)** | **Household Durables (0.4%)** | **Household Durables (0.4%)** | **Household Durables (0.4%)** |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc. (a) | 19 |  | 447 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc. (a) | 3 |  | 1211 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 39 |  | 2195 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc. (a) | 34 |  | 2071 |
| &nbsp;&nbsp;&nbsp;Cricut, Inc., Class A | 71 |  | 348 |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 144 |  | 20569 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc., Class A (a) | 17 |  | 430 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 76 |  | 2263 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc. (a) | 47 |  | 2911 |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd. (a) | 10 |  | 220 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc., Class A (a) | 4 |  | 478 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 8 |  | 1618 |
| &nbsp;&nbsp;&nbsp;KB Home | 35 |  | 1934 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 49 |  | 1763 |
| &nbsp;&nbsp;&nbsp;Legacy Housing Corp. (a) | 15 |  | 336 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | 49 |  | 468 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 122 |  | 13686 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc. (a) | 44 |  | 2344 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. (a) | 13 |  | 1562 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. (a) | 33 |  | 3779 |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 404 |  | 2266 |
| &nbsp;&nbsp;&nbsp;NVR, Inc. (a) | 1 |  | 7549 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 112 |  | 12647 |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc. (a) | 26 |  | 3019 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | 80 |  | 5790 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc. (a) | 42 |  | 454 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. (a) | 38 |  | 2253 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 49 |  | 5800 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp. (a) | 15 |  | 5556 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | 25 |  | 2076 |
|  |  |  | 108043 |
| **Household Products (0.8%)** | **Household Products (0.8%)** | **Household Products (0.8%)** | **Household Products (0.8%)** |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. (a) | 10 |  | 390 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A (a) | 11 |  | 391 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 118 |  | 11065 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 58 |  | 7282 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 400 |  | 33540 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 13 |  | 293 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 150 |  | 18693 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corp. of America | 8 |  | 451 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 1105 |  | 166269 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | 86 |  | 1934 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **Household Products (cont'd)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 5 | $| 268 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 10 |  | 2144 |
|  |  |  | 242720 |
| **Independent Power & Renewable Electricity Producers (0.2%)** | **Independent Power & Renewable Electricity Producers (0.2%)** | **Independent Power & Renewable Electricity Producers (0.2%)** | **Independent Power & Renewable Electricity Producers (0.2%)** |
| &nbsp;&nbsp;&nbsp;AES Corp. | 363 |  | 4773 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. (Canada) | 83 |  | 3040 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | 66 |  | 2031 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | 59 |  | 1925 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 33 |  | 2951 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp. (a) | 22 |  | 8307 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 161 |  | 33575 |
| &nbsp;&nbsp;&nbsp;XPLR Infrastructure LP | 41 |  | 391 |
|  |  |  | 56993 |
| **Industrial Conglomerates (0.3%)** | **Industrial Conglomerates (0.3%)** | **Industrial Conglomerates (0.3%)** | **Industrial Conglomerates (0.3%)** |
| &nbsp;&nbsp;&nbsp;3M Co. | 233 |  | 34768 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 290 |  | 64482 |
|  |  |  | 99250 |
| **Industrial REITs (0.2%)** | **Industrial REITs (0.2%)** | **Industrial REITs (0.2%)** | **Industrial REITs (0.2%)** |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. REIT | 138 |  | 2219 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. REIT | 18 |  | 2938 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. REIT | 55 |  | 2680 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. REIT | 7 |  | 362 |
| &nbsp;&nbsp;&nbsp;Lineage, Inc. REIT | 14 |  | 604 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust REIT | 248 |  | 1924 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. REIT | 26 |  | 378 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. REIT | 435 |  | 46449 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. REIT | 117 |  | 4274 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. REIT | 85 |  | 2918 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. REIT | 44 |  | 2442 |
|  |  |  | 67188 |
| **Information Technology Services (1.3%)** | **Information Technology Services (1.3%)** | **Information Technology Services (1.3%)** | **Information Technology Services (1.3%)** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 301 |  | 80397 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. (a) | 67 |  | 5113 |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 46 |  | 3927 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp. (a) | 67 |  | 880 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc. (a) | 5 |  | 251 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A (a) | 150 |  | 31152 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 248 |  | 17797 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Inc., Class A (a) | 160 |  | 18261 |
| &nbsp;&nbsp;&nbsp;Couchbase, Inc. (a) | 23 |  | 558 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc. (a) | 12 |  | 334 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co. (a) | 25 |  | 340 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc. (a) | 28 |  | 4416 |
| &nbsp;&nbsp;&nbsp;Fastly, Inc., Class A (a) | 64 |  | 435 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. (a) | 37 |  | 12530 |
| &nbsp;&nbsp;&nbsp;Globant SA (a) | 27 |  | 2275 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A (a) | 57 |  | 9210 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc. (a) | 26 |  | 247 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | 14 |  | 327 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 442 |  | 111892 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. (a) | 126 |  | 4759 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc. (a) | 42 |  | 9991 |
| &nbsp;&nbsp;&nbsp;Okta, Inc. (a) | 72 |  | 7042 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A (a) | 148 |  | 33078 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A (a) | 74 |  | 9546 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | 37 |  | 9948 |
|  |  |  | 374706 |
| **Insurance (1.9%)** | **Insurance (1.9%)** | **Insurance (1.9%)** | **Insurance (1.9%)** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 239 |  | 23747 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 119 |  | 24187 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 33 |  | 4122 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 262 |  | 20339 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 42 |  | 1881 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | 93 |  | 33081 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 196 |  | 16868 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 122 |  | 35044 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 22 |  | 4121 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 24 |  | 2030 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 30 |  | 2815 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. (a) | 46 |  | 1695 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc. (a) | 9 |  | 292 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc. (a) | 28 |  | 1340 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 112 |  | 10233 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 66 |  | 9736 |
| &nbsp;&nbsp;&nbsp;CNA Financial Corp. | 41 |  | 1817 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 35 |  | 1289 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Inc., Class A | 97 |  | 1664 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | 40 |  | 1651 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 9 |  | 3206 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 21 |  | 7052 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 11 |  | 351 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 126 |  | 7110 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 44 |  | 2642 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc. (a) | 226 |  | 1776 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 31 |  | 4355 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Class A | 14 |  | 1273 |
| &nbsp;&nbsp;&nbsp;Hagerty, Inc., Class A (a) | 288 |  | 2926 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd., Class B (Bermuda) (a) | 20 |  | 430 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | 19 |  | 3261 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 130 |  | 16171 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | 2 |  | 280 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc. (a) | 22 |  | 464 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 9 |  | 383 |
| &nbsp;&nbsp;&nbsp;Investors Title Co. | 7 |  | 1479 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | 32 |  | 1971 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 10 |  | 4407 |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc. (a) | 14 |  | 527 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 62 |  | 2363 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 102 |  | 9235 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. (a) | 6 |  | 12050 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 238 |  | 47410 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 7 |  | 485 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 247 |  | 18760 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 119 |  | 4304 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc., Class A (a) | 102 |  | 1433 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc. (a) | 19 |  | 2517 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **Insurance (cont'd)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 13 | $| 3453 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 102 |  | 7939 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp. (a) | 15 |  | 356 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 276 |  | 66803 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 147 |  | 15226 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 27 |  | 5196 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 27 |  | 6581 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 30 |  | 1980 |
| &nbsp;&nbsp;&nbsp;Root, Inc., Class A (a) | 3 |  | 363 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | 40 |  | 2448 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | 5 |  | 352 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 30 |  | 2339 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (Sweden) (a) | 23 |  | 451 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. (a) | 7 |  | 354 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 5 |  | 325 |
| &nbsp;&nbsp;&nbsp;Tiptree, Inc. | 16 |  | 332 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 102 |  | 26544 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc. (a) | 10 |  | 474 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 13 |  | 345 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 16 |  | 378 |
| &nbsp;&nbsp;&nbsp;Unum Group | 66 |  | 4739 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | 108 |  | 7431 |
| &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | 1 |  | 1788 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 49 |  | 15475 |
|  |  |  | 528245 |
| **Interactive Media & Services (6.3%)** | **Interactive Media & Services (6.3%)** | **Interactive Media & Services (6.3%)** | **Interactive Media & Services (6.3%)** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2720 |  | 521968 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 2383 |  | 459585 |
| &nbsp;&nbsp;&nbsp;Angi, Inc. (a) | 28 |  | 454 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc. (a) | 13 |  | 427 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc. (a) | 31 |  | 399 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc., Class A (a) | 17 |  | 418 |
| &nbsp;&nbsp;&nbsp;fuboTV, Inc. (a) | 125 |  | 498 |
| &nbsp;&nbsp;&nbsp;Grindr, Inc. (Singapore) (a) | 20 |  | 350 |
| &nbsp;&nbsp;&nbsp;IAC, Inc. (a) | 52 |  | 2044 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 90 |  | 3084 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 1017 |  | 786588 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A (a) | 287 |  | 11078 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc. (a) | 23 |  | 377 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A (a) | 56 |  | 8993 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | 23 |  | 441 |
| &nbsp;&nbsp;&nbsp;Snap, Inc., Class A (a) | 499 |  | 4706 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc. (a) | 113 |  | 1976 |
| &nbsp;&nbsp;&nbsp;Trump Media & Technology Group Corp. (a) | 18 |  | 317 |
| &nbsp;&nbsp;&nbsp;Vimeo, Inc. (a) | 71 |  | 269 |
| &nbsp;&nbsp;&nbsp;Webtoon Entertainment, Inc. (Korea, Republic of) (a) | 45 |  | 452 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc. (a) | 11 |  | 379 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc. (a) | 11 |  | 342 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc. (a) | 206 |  | 2231 |
|  |  |  | 1807376 |
| **Leisure Products (0.1%)** | **Leisure Products (0.1%)** | **Leisure Products (0.1%)** | **Leisure Products (0.1%)** |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | 6 |  | 478 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | 32 |  | 1865 |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 64 |  | 4810 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A (a) | 14 |  | 466 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc. (a) | 236 |  | 4014 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc., Class A (a) | 368 |  | 2628 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | 46 |  | 2434 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Co., Inc. | 10 |  | 342 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp. (a) | 209 |  | 1933 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc. (a) | 55 |  | 2021 |
|  |  |  | 20991 |
| **Life Sciences Tools & Services (0.9%)** | **Life Sciences Tools & Services (0.9%)** | **Life Sciences Tools & Services (0.9%)** | **Life Sciences Tools & Services (0.9%)** |
| &nbsp;&nbsp;&nbsp;10X Genomics, Inc., Class A (a) | 44 |  | 592 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp. (a) | 44 |  | 451 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 142 |  | 16303 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc. (a) | 332 |  | 4462 |
| &nbsp;&nbsp;&nbsp;Azenta, Inc. (a) | 13 |  | 425 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc. (a) | 16 |  | 340 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A (a) | 9 |  | 2178 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 78 |  | 4269 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | 34 |  | 1307 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. (a) | 24 |  | 4071 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 302 |  | 59542 |
| &nbsp;&nbsp;&nbsp;ICON PLC ADR (a) | 36 |  | 6091 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc. (a) | 80 |  | 8217 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. (a) | 85 |  | 15798 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. (a) | 11 |  | 4699 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | 3 |  | 230 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. (a) | 10 |  | 12337 |
| &nbsp;&nbsp;&nbsp;Repligen Corp. (a) | 20 |  | 2341 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | 57 |  | 5010 |
| &nbsp;&nbsp;&nbsp;Sotera Health Co. (a) | 33 |  | 379 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc. (a) | 63 |  | 3565 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 180 |  | 84182 |
| &nbsp;&nbsp;&nbsp;Waters Corp. (a) | 30 |  | 8663 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 36 |  | 8613 |
|  |  |  | 254065 |
| **Machinery (1.8%)** | **Machinery (1.8%)** | **Machinery (1.8%)** | **Machinery (1.8%)** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | 26 |  | 3067 |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 2 |  | 445 |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | 5 |  | 271 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 40 |  | 3603 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 10 |  | 397 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | 51 |  | 1984 |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp. (a) | 10 |  | 448 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 223 |  | 97678 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc. (a) | 23 |  | 4573 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | 513 |  | 6648 |
| &nbsp;&nbsp;&nbsp;Crane Co. | 21 |  | 4111 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 58 |  | 21322 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 114 |  | 59778 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 44 |  | 3167 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | 16 |  | 458 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 76 |  | 13767 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc. (a) | 24 |  | 323 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **Machinery (cont'd)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 9 | $| 347 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | 11 |  | 2337 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | 20 |  | 2683 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 12 |  | 2324 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 28 |  | 3544 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | 63 |  | 3531 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 155 |  | 7429 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 4 |  | 376 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC (a) | 97 |  | 2406 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | 11 |  | 453 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 83 |  | 6970 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | 9 |  | 410 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | 13 |  | 477 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 16 |  | 331 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp. (a) | 245 |  | 1933 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale, Inc. | 9 |  | 378 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 31 |  | 5069 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 138 |  | 35324 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 200 |  | 16926 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 39 |  | 6628 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | 33 |  | 4547 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | 7 |  | 2329 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | 19 |  | 470 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 26 |  | 6331 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | 3 |  | 410 |
| &nbsp;&nbsp;&nbsp;Middleby Corp. (a) | 21 |  | 3049 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 41 |  | 3500 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | 66 |  | 1634 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 18 |  | 3856 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 27 |  | 3416 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 194 |  | 16624 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 225 |  | 22221 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 59 |  | 43182 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 61 |  | 6234 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc. (a) | 11 |  | 474 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc. (a) | 15 |  | 5810 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | 11 |  | 545 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 21 |  | 6745 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc. (a) | 23 |  | 4195 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | 2 |  | 329 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 68 |  | 4600 |
| &nbsp;&nbsp;&nbsp;Symbotic, Inc. (a) | 55 |  | 2967 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | 5 |  | 413 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | 40 |  | 2034 |
| &nbsp;&nbsp;&nbsp;Timken Co. | 39 |  | 2968 |
| &nbsp;&nbsp;&nbsp;Toro Co. | 40 |  | 2970 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 14 |  | 326 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | 162 |  | 1614 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 11 |  | 2886 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 75 |  | 14404 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | 8 |  | 496 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 116 |  | 16776 |
|  |  |  | 510271 |
| **Marine Transportation (0.0%) ‡** | **Marine Transportation (0.0%) ‡** | **Marine Transportation (0.0%) ‡** | **Marine Transportation (0.0%) ‡** |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. (Monaco) | 40 |  | 403 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 30 |  | 478 |
| &nbsp;&nbsp;&nbsp;Global Ship Lease, Inc., Class A (United Kingdom) | 19 |  | 542 |
| &nbsp;&nbsp;&nbsp;Golden Ocean Group Ltd. (Norway) | 50 |  | 408 |
| &nbsp;&nbsp;&nbsp;Kirby Corp. (a) | 27 |  | 2573 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | 15 |  | 1602 |
| &nbsp;&nbsp;&nbsp;Star Bulk Carriers Corp. (Greece) | 26 |  | 475 |
|  |  |  | 6481 |
| **Media (0.5%)** | **Media (0.5%)** | **Media (0.5%)** | **Media (0.5%)** |
| &nbsp;&nbsp;&nbsp;Altice USA, Inc., Class A (a) | 156 |  | 406 |
| &nbsp;&nbsp;&nbsp;Boston Omaha Corp., Class A (a) | 150 |  | 2018 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | 2 |  | 256 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A (a) | 48 |  | 12929 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 1784 |  | 59282 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc. (a) | 169 |  | 2589 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A (a) | 79 |  | 2575 |
| &nbsp;&nbsp;&nbsp;Emerald Holding, Inc. | 98 |  | 487 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | 117 |  | 6524 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | 79 |  | 4040 |
| &nbsp;&nbsp;&nbsp;Ibotta, Inc., Class A (a) | 8 |  | 291 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp. (a) | 51 |  | 418 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | 182 |  | 4477 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | 8 |  | 309 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class A (a) | 5 |  | 306 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C (a) | 51 |  | 3127 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc. (a) | 35 |  | 805 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | 55 |  | 2854 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | 169 |  | 4955 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | 63 |  | 2105 |
| &nbsp;&nbsp;&nbsp;Newsmax, Inc. (a) | 126 |  | 1675 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | 9 |  | 1684 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 100 |  | 7205 |
| &nbsp;&nbsp;&nbsp;Sinclair, Inc. | 26 |  | 376 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | 100 |  | 2112 |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc. (a) | 67 |  | 384 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 22 |  | 367 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A (a) | 220 |  | 19131 |
|  |  |  | 143687 |
| **Metals & Mining (0.5%)** | **Metals & Mining (0.5%)** | **Metals & Mining (0.5%)** | **Metals & Mining (0.5%)** |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | 150 |  | 4496 |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc. (a) | 3 |  | 354 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 21 |  | 5237 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co. (a) | 24 |  | 508 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. (a) | 254 |  | 2672 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc. (a) | 247 |  | 2147 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 37 |  | 1919 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 643 |  | 25874 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 288 |  | 1653 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc. (a) | 69 |  | 660 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 6 |  | 464 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 4 |  | 421 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc. (a) | 123 |  | 1943 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **Metals & Mining (cont'd)** |  |  |  |
| &nbsp;&nbsp;&nbsp;MP Materials Corp. (a) | 64 | $| 3936 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 537 |  | 33348 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 116 |  | 16596 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp. (a) | 32 |  | 483 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 26 |  | 7543 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 37 |  | 5603 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 16 |  | 330 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. (Peru) | 45 |  | 4237 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 75 |  | 9567 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 40 |  | 296 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 48 |  | 2466 |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | 15 |  | 458 |
|  |  |  | 133211 |
| **Mortgage Real Estate Investment (0.1%)** | **Mortgage Real Estate Investment (0.1%)** | **Mortgage Real Estate Investment (0.1%)** | **Mortgage Real Estate Investment (0.1%)** |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp. REIT | 650 |  | 6130 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. REIT | 255 |  | 5184 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. REIT | 41 |  | 394 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. REIT | 33 |  | 368 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. REIT | 25 |  | 408 |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc., Class A REIT | 86 |  | 1589 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. REIT | 77 |  | 399 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. REIT | 33 |  | 441 |
| &nbsp;&nbsp;&nbsp;Dynex Capital, Inc. REIT | 31 |  | 386 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. REIT | 30 |  | 381 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. REIT | 33 |  | 333 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. REIT | 40 |  | 362 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. REIT | 34 |  | 371 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. REIT | 42 |  | 382 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Inc. REIT | 238 |  | 1657 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust REIT | 158 |  | 1863 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. REIT | 77 |  | 324 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. REIT | 68 |  | 371 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. REIT | 211 |  | 2538 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. REIT | 133 |  | 2588 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. REIT | 50 |  | 435 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. REIT | 32 |  | 312 |
|  |  |  | 27216 |
| **Multi-Utilities (0.6%)** | **Multi-Utilities (0.6%)** | **Multi-Utilities (0.6%)** | **Multi-Utilities (0.6%)** |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 118 |  | 11933 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 9 |  | 336 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 6 |  | 347 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 340 |  | 13199 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 150 |  | 11070 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 154 |  | 15939 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 408 |  | 23847 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 82 |  | 11350 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 219 |  | 9296 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 7 |  | 376 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 218 |  | 19574 |
| &nbsp;&nbsp;&nbsp;Sempra | 312 |  | 25484 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | 7 |  | 361 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 160 |  | 17453 |
|  |  |  | 160565 |
| **Office REITs (0.1%)** | **Office REITs (0.1%)** | **Office REITs (0.1%)** | **Office REITs (0.1%)** |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust REIT | 99 |  | 396 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. REIT | 51 |  | 3337 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties REIT | 67 |  | 1828 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. REIT | 93 |  | 2520 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. REIT | 180 |  | 2729 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. REIT | 16 |  | 352 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A REIT | 50 |  | 362 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. REIT | 61 |  | 1770 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. REIT | 51 |  | 1880 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. REIT (a) | 85 |  | 520 |
| &nbsp;&nbsp;&nbsp;Piedmont Realty Trust, Inc., Class A REIT | 56 |  | 423 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc., Class A REIT | 127 |  | 1741 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. REIT | 29 |  | 1660 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust REIT | 82 |  | 3151 |
|  |  |  | 22669 |
| **Oil, Gas & Consumable Fuels (2.8%)** | **Oil, Gas & Consumable Fuels (2.8%)** | **Oil, Gas & Consumable Fuels (2.8%)** | **Oil, Gas & Consumable Fuels (2.8%)** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 138 |  | 2532 |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp. (a) | 139 |  | 4855 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 162 |  | 3125 |
| &nbsp;&nbsp;&nbsp;Berry Corp. | 843 |  | 2546 |
| &nbsp;&nbsp;&nbsp;BKV Corp. (Thailand) (a) | 22 |  | 454 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | 40 |  | 1927 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp., Class A (a) | 6 |  | 1292 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 109 |  | 25711 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 901 |  | 136628 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 29 |  | 3200 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 13 |  | 395 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp. (a) | 46 |  | 1394 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc. (a) | 20 |  | 357 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 584 |  | 55679 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 22 |  | 1624 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 362 |  | 8829 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co., Class A | 46 |  | 425 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc. | 21 |  | 562 |
| &nbsp;&nbsp;&nbsp;Delek U.S. Holdings, Inc. | 29 |  | 649 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 276 |  | 9169 |
| &nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | 34 |  | 377 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 95 |  | 14123 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 20 |  | 576 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 34 |  | 3493 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 258 |  | 30965 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 275 |  | 14781 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc., Class A | 13 |  | 334 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 93 |  | 9745 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2038 |  | 227522 |
| &nbsp;&nbsp;&nbsp;FLEX LNG Ltd. (Norway) | 17 |  | 426 |
| &nbsp;&nbsp;&nbsp;Frontline PLC (Norway) | 107 |  | 1971 |
| &nbsp;&nbsp;&nbsp;Golar LNG Ltd. (Cameroon) | 43 |  | 1770 |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources, Inc. | 72 |  | 374 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp. (a) | 10 |  | 1741 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **Oil, Gas & Consumable Fuels (cont'd)** |  |  |  |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 64 | $| 2812 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy, Inc. | 40 |  | 399 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | 12 |  | 479 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 935 |  | 26236 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd. (Ghana) (a) | 216 |  | 464 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | 126 |  | 3001 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 139 |  | 23656 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 48 |  | 2394 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 78 |  | 1935 |
| &nbsp;&nbsp;&nbsp;Navigator Holdings Ltd. | 30 |  | 473 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc. | 59 |  | 161 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp. (a) | 50 |  | 568 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 17 |  | 479 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 302 |  | 13270 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 282 |  | 23155 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 98 |  | 4036 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc. (a) | 25 |  | 785 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | 89 |  | 2011 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 31 |  | 501 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 230 |  | 3257 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 196 |  | 24222 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 129 |  | 4737 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp. (a) | 10 |  | 523 |
| &nbsp;&nbsp;&nbsp;Sable Offshore Corp. (a) | 20 |  | 613 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. (Monaco) | 10 |  | 452 |
| &nbsp;&nbsp;&nbsp;SFL Corp. Ltd. (Norway) | 47 |  | 431 |
| &nbsp;&nbsp;&nbsp;Sitio Royalties Corp., Class A | 23 |  | 418 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 75 |  | 2069 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc. (a) | 50 |  | 428 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 106 |  | 17639 |
| &nbsp;&nbsp;&nbsp;Teekay Corp. Ltd. (Bermuda) | 57 |  | 410 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd., Class A (Canada) | 9 |  | 381 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 8 |  | 7745 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp. (a) | 348 |  | 3017 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 156 |  | 21420 |
| &nbsp;&nbsp;&nbsp;Venture Global, Inc., Class A | 126 |  | 1932 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. | 65 |  | 2448 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy, Inc. | 18 |  | 431 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 540 |  | 32373 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | 15 |  | 409 |
|  |  |  | 801721 |
| **Paper & Forest Products (0.0%) ‡** | **Paper & Forest Products (0.0%) ‡** | **Paper & Forest Products (0.0%) ‡** | **Paper & Forest Products (0.0%) ‡** |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 39 |  | 3526 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 29 |  | 1336 |
|  |  |  | 4862 |
| **Passenger Airlines (0.2%)** | **Passenger Airlines (0.2%)** | **Passenger Airlines (0.2%)** | **Passenger Airlines (0.2%)** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. (a) | 75 |  | 3972 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. (a) | 7 |  | 362 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc. (a) | 252 |  | 2896 |
| &nbsp;&nbsp;&nbsp;Copa Holdings SA, Class A (Panama) | 17 |  | 1881 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 271 |  | 14420 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings, Inc. (a) | 97 |  | 425 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp. (a) | 94 |  | 417 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc. (a) | 229 |  | 3815 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc. (a) | 28 |  | 3247 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 211 |  | 6526 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc. (a) | 33 |  | 382 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. (a) | 146 |  | 12893 |
|  |  |  | 51236 |
| **Personal Care Products (0.1%)** | **Personal Care Products (0.1%)** | **Personal Care Products (0.1%)** | **Personal Care Products (0.1%)** |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc. (a) | 60 |  | 3275 |
| &nbsp;&nbsp;&nbsp;Coty, Inc., Class A (a) | 359 |  | 1741 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 78 |  | 1968 |
| &nbsp;&nbsp;&nbsp;elf Beauty, Inc. (a) | 22 |  | 2666 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | 100 |  | 9334 |
| &nbsp;&nbsp;&nbsp;Herbalife Ltd. (a) | 51 |  | 469 |
| &nbsp;&nbsp;&nbsp;Interparfums, Inc. | 3 |  | 362 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 861 |  | 18460 |
| &nbsp;&nbsp;&nbsp;Olaplex Holdings, Inc. (a) | 280 |  | 389 |
|  |  |  | 38664 |
| **Pharmaceuticals (2.6%)** | **Pharmaceuticals (2.6%)** | **Pharmaceuticals (2.6%)** | **Pharmaceuticals (2.6%)** |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc. (a) | 235 |  | 1838 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc. (a) | 15 |  | 314 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc. (a) | 5 |  | 317 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc. (a) | 557 |  | 2027 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc. (a) | 18 |  | 1825 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 954 |  | 41318 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc. (a) | 14 |  | 418 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. (a) | 60 |  | 4030 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc. (a) | 30 |  | 428 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc. (a) | 243 |  | 3324 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 399 |  | 295288 |
| &nbsp;&nbsp;&nbsp;Enliven Therapeutics, Inc. (a) | 23 |  | 433 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc. (a) | 37 |  | 330 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc. (a) | 12 |  | 422 |
| &nbsp;&nbsp;&nbsp;Harrow, Inc. (a) | 15 |  | 476 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc. (a) | 99 |  | 1799 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC (a) | 36 |  | 4127 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1144 |  | 188463 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. (a) | 15 |  | 1974 |
| &nbsp;&nbsp;&nbsp;Liquidia Corp. (a) | 28 |  | 523 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 1184 |  | 92494 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc. (a) | 197 |  | 465 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix, Inc. (a) | 54 |  | 625 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | 174 |  | 1688 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc. (a) | 15 |  | 316 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | 66 |  | 1760 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 2737 |  | 63745 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp., Class A | 19 |  | 503 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc. (a) | 30 |  | 2218 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 165 |  | 6072 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. (a) | 11 |  | 386 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc. (a) | 8 |  | 311 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 551 |  | 4816 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc. (a) | 87 |  | 443 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 213 |  | 31053 |
|  |  |  | 756569 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Professional Services (0.8%)** | **Professional Services (0.8%)** | **Professional Services (0.8%)** |
| &nbsp;&nbsp;&nbsp;Alight, Inc., Class A | 69 | $370 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc. (a) | 85 | 2122 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 187 | 57877 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 9 | 414 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 64 | 6869 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 55 | 13613 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A (a) | 11 | 5066 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc. (a) | 24 | 1467 |
| &nbsp;&nbsp;&nbsp;Clarivate PLC (a) | 107 | 412 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. | 7 | 364 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | 2 | 353 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 6 | 375 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc. (a) | 79 | 4556 |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet Holdings, Inc. | 188 | 1711 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 60 | 14414 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. (a) | 93 | 4039 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 31 | 2138 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp. (a) | 25 | 432 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc. (a) | 14 | 2329 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 8 | 356 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc. (a) | 3 | 396 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | 23 | 1929 |
| &nbsp;&nbsp;&nbsp;Innodata, Inc. (a) | 9 | 494 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 4 | 238 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 66 | 9363 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | 58 | 2711 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 7 | 244 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 26 | 1843 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc. (a) | 46 | 414 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 62 | 9898 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | 46 | 1898 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 28 | 2068 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc. (a) | 21 | 471 |
| &nbsp;&nbsp;&nbsp;Parsons Corp. (a) | 26 | 1929 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 164 | 23670 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 20 | 4631 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp. (a) | 14 | 2588 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC (a) | 102 | 638 |
| &nbsp;&nbsp;&nbsp;Resources Connection, Inc. | 267 | 1351 |
| &nbsp;&nbsp;&nbsp;Robert Half, Inc. | 55 | 2030 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | 16 | 1784 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 107 | 9146 |
| &nbsp;&nbsp;&nbsp;TaskUS, Inc., Class A (Philippines) (a) | 29 | 495 |
| &nbsp;&nbsp;&nbsp;TransUnion | 85 | 8091 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | 5 | 339 |
| &nbsp;&nbsp;&nbsp;UL Solutions, Inc., Class A | 47 | 3437 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc. (a) | 141 | 1686 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 67 | 18674 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp. (a) | 78 | 1970 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc. (a) | 9 | 768 |
| &nbsp;&nbsp;&nbsp;WNS Holdings Ltd. (United Kingdom) (a) | 31 | 2319 |
|  |  | 236790 |
| **Real Estate Management & Development (0.2%)** | **Real Estate Management & Development (0.2%)** | **Real Estate Management & Development (0.2%)** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A (a) | 136 | 21181 |
| &nbsp;&nbsp;&nbsp;Compass, Inc., Class A (a) | 249 | 1977 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc. (a) | 201 | 19133 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | 37 | 399 |
| &nbsp;&nbsp;&nbsp;Forestar Group, Inc. (a) | 18 | 446 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Holdings, Inc. (a) | 26 | 1787 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. (a) | 26 | 7029 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | 305 | 2233 |
| &nbsp;&nbsp;&nbsp;Landbridge Co. LLC, Class A | 5 | 283 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 11 | 343 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | 33 | 501 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc. (a) | 350 | 644 |
| &nbsp;&nbsp;&nbsp;RMR Group, Inc., Class A | 118 | 1895 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. | 58 | 2929 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class A Class A (a) | 28 | 2149 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C (a) | 80 | 6364 |
|  |  | 69293 |
| **Residential REITs (0.3%)** | **Residential REITs (0.3%)** | **Residential REITs (0.3%)** |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A REIT | 103 | 3573 |
| &nbsp;&nbsp;&nbsp;Apartment Investment & Management Co., Class A REIT | 248 | 2086 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. REIT | 58 | 10804 |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp. REIT | 115 | 1673 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust REIT | 54 | 5897 |
| &nbsp;&nbsp;&nbsp;Centerspace REIT | 6 | 327 |
| &nbsp;&nbsp;&nbsp;Elme Communities REIT | 24 | 362 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. REIT | 71 | 4254 |
| &nbsp;&nbsp;&nbsp;Equity Residential REIT | 121 | 7647 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. REIT | 31 | 8065 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. REIT | 127 | 2130 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. REIT | 249 | 7632 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. REIT | 45 | 6409 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. REIT | 10 | 312 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. REIT | 56 | 6946 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. REIT | 193 | 7583 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. REIT | 21 | 342 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. REIT | 159 | 2239 |
|  |  | 78281 |
| **Retail REITs (0.3%)** | **Retail REITs (0.3%)** | **Retail REITs (0.3%)** |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust REIT | 102 | 1910 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. REIT | 38 | 2725 |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc. REIT | 2 | 502 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. REIT | 117 | 3057 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. REIT | 16 | 433 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. REIT | 16 | 354 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust REIT | 59 | 5438 |
| &nbsp;&nbsp;&nbsp;FrontView, Inc. REIT | 135 | 1589 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. REIT | 13 | 361 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. REIT | 13 | 358 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. REIT | 267 | 5668 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust REIT | 18 | 396 |
| &nbsp;&nbsp;&nbsp;Macerich Co. REIT | 158 | 2640 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. REIT | 23 | 419 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **Retail REITs (cont'd)** |  |  |  |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. REIT | 76 | $| 3136 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. REIT | 127 |  | 4291 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. REIT | 410 |  | 23013 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. REIT | 52 |  | 3713 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. REIT | 11 |  | 355 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. REIT | 149 |  | 24405 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. REIT | 31 |  | 334 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. REIT | 12 |  | 360 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties REIT | 21 |  | 414 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT | 28 |  | 341 |
|  |  |  | 86212 |
| **Semiconductors & Semiconductor Equipment (11.8%)** | **Semiconductors & Semiconductor Equipment (11.8%)** | **Semiconductors & Semiconductor Equipment (11.8%)** | **Semiconductors & Semiconductor Equipment (11.8%)** |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc., Class A (a) | 19 |  | 577 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. (a) | 752 |  | 132585 |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc. (Japan) (a) | 70 |  | 2199 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd. (a) | 18 |  | 458 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc. (a) | 48 |  | 3172 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 22 |  | 496 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 237 |  | 53237 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 388 |  | 69863 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc. (a) | 67 |  | 9161 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. (a) | 8 |  | 542 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2165 |  | 635860 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc. (a) | 16 |  | 342 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc. (a) | 25 |  | 2518 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc. (a) | 24 |  | 429 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc. (a) | 10 |  | 494 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc. (a) | 57 |  | 1845 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | 76 |  | 5963 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. (a) | 48 |  | 8387 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc. (a) | 62 |  | 1761 |
| &nbsp;&nbsp;&nbsp;Global Foundries, Inc. (a) | 52 |  | 1944 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd. (a) | 19 |  | 376 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc. (a) | 5 |  | 773 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 2106 |  | 41699 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 62 |  | 54500 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. (Singapore) | 72 |  | 2359 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 612 |  | 58042 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. (a) | 54 |  | 2691 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. (a) | 33 |  | 4526 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 394 |  | 31666 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc. (a) | 34 |  | 538 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 243 |  | 16424 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 530 |  | 57844 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | 40 |  | 3807 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 21 |  | 14936 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 10990 |  | 1954791 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. (a) | 202 |  | 11385 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc. (a) | 28 |  | 2653 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc. (a) | 20 |  | 445 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc. (a) | 22 |  | 519 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc. (a) | 19 |  | 387 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 41 |  | 1989 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc. (a) | 52 |  | 4347 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 479 |  | 70298 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc. (a) | 44 |  | 3253 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc. (a) | 141 |  | 2044 |
| &nbsp;&nbsp;&nbsp;Semtech Corp. (a) | 47 |  | 2402 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc. (a) | 14 |  | 1845 |
| &nbsp;&nbsp;&nbsp;SiTime Corp. (a) | 8 |  | 1623 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 86 |  | 5894 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc. (a) | 30 |  | 770 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc. (a) | 7 |  | 439 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 84 |  | 9024 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 422 |  | 76407 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc. (a) | 18 |  | 405 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 18 |  | 2599 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc. (a) | 19 |  | 395 |
|  |  |  | 3375928 |
| **Software (11.4%)** | **Software (11.4%)** | **Software (11.4%)** | **Software (11.4%)** |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 22 |  | 405 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc. (a) | 46 |  | 1958 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | 30 |  | 389 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. (a) | 198 |  | 70823 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc. (a) | 5 |  | 570 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc. (a) | 7 |  | 382 |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc. (a) | 14 |  | 312 |
| &nbsp;&nbsp;&nbsp;Amplitude, Inc., Class A (a) | 38 |  | 465 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A (a) | 9 |  | 2406 |
| &nbsp;&nbsp;&nbsp;Appian Corp., Class A (a) | 13 |  | 359 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A (a) | 122 |  | 47665 |
| &nbsp;&nbsp;&nbsp;Asana, Inc., Class A Class A (a) | 23 |  | 338 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A (a) | 81 |  | 15534 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc. (a) | 553 |  | 3213 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc. (a) | 102 |  | 30917 |
| &nbsp;&nbsp;&nbsp;AvePoint, Inc. (a) | 136 |  | 2595 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | 89 |  | 5160 |
| &nbsp;&nbsp;&nbsp;Bill Holdings, Inc. (a) | 34 |  | 1457 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc. (a) | 6 |  | 405 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc. (a) | 33 |  | 1775 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc., Class A (a) | 111 |  | 367 |
| &nbsp;&nbsp;&nbsp;Box, Inc., Class A (a) | 68 |  | 2183 |
| &nbsp;&nbsp;&nbsp;Braze, Inc., Class A (a) | 11 |  | 307 |
| &nbsp;&nbsp;&nbsp;C3.ai, Inc., Class A Class A (a) | 83 |  | 1955 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. (a) | 129 |  | 47030 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc. (a) | 178 |  | 1721 |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc. (a) | 155 |  | 846 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc. (a) | 177 |  | 2012 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc., Class A | 14 |  | 412 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A (a) | 104 |  | 2107 |
| &nbsp;&nbsp;&nbsp;Commvault Systems, Inc. (a) | 16 |  | 3039 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc., Class A (a) | 111 |  | 1967 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc. (a) | 142 |  | 1923 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A (a) | 115 |  | 52276 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A (a) | 152 |  | 21277 |
| &nbsp;&nbsp;&nbsp;Docusign, Inc. (a) | 89 |  | 6732 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | 27 |  | 2034 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **Software (cont'd)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A (a) | 117 | $| 3179 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc. (Canada) (a) | 119 |  | 2046 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc. (a) | 139 |  | 7313 |
| &nbsp;&nbsp;&nbsp;E2open Parent Holdings, Inc. (a) | 172 |  | 568 |
| &nbsp;&nbsp;&nbsp;Elastic NV (a) | 51 |  | 4269 |
| &nbsp;&nbsp;&nbsp;EverCommerce, Inc. (a) | 34 |  | 365 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. (a) | 11 |  | 15804 |
| &nbsp;&nbsp;&nbsp;Five9, Inc. (a) | 15 |  | 387 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc. (a) | 298 |  | 29770 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc., Class A (a) | 28 |  | 364 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 253 |  | 7461 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A (a) | 57 |  | 2497 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc. (a) | 37 |  | 8370 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc. (a) | 23 |  | 11952 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc., Class A (a) | 14 |  | 392 |
| &nbsp;&nbsp;&nbsp;Informatica, Inc., Class A (a) | 20 |  | 494 |
| &nbsp;&nbsp;&nbsp;Intapp, Inc. (a) | 36 |  | 1442 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 12 |  | 3098 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 129 |  | 101282 |
| &nbsp;&nbsp;&nbsp;Jamf Holding Corp. (a) | 32 |  | 254 |
| &nbsp;&nbsp;&nbsp;JFrog Ltd. (a) | 46 |  | 1997 |
| &nbsp;&nbsp;&nbsp;Klaviyo, Inc., Class A (a) | 13 |  | 404 |
| &nbsp;&nbsp;&nbsp;Life360, Inc. (a) | 34 |  | 2604 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc. (a) | 14 |  | 459 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc. (a) | 33 |  | 7249 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc. (a) | 150 |  | 2412 |
| &nbsp;&nbsp;&nbsp;Meridianlink, Inc. (a) | 21 |  | 336 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3439 |  | 1834706 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A (a) | 120 |  | 48223 |
| &nbsp;&nbsp;&nbsp;N-able, Inc. (a) | 51 |  | 412 |
| &nbsp;&nbsp;&nbsp;nCino, Inc. (a) | 82 |  | 2290 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp. (a) | 42 |  | 572 |
| &nbsp;&nbsp;&nbsp;NextNav, Inc. (a) | 29 |  | 429 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A (a) | 123 |  | 9246 |
| &nbsp;&nbsp;&nbsp;Olo, Inc., Class A (a) | 56 |  | 587 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | 24 |  | 354 |
| &nbsp;&nbsp;&nbsp;Onestream, Inc. (a) | 55 |  | 1312 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 772 |  | 195910 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd., Class A (a) | 36 |  | 1082 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc. (a) | 23 |  | 371 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A (a) | 993 |  | 157242 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. (a) | 309 |  | 53642 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | 40 |  | 2348 |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc. (a) | 61 |  | 4369 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | 32 |  | 1539 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc. (a) | 21 |  | 329 |
| &nbsp;&nbsp;&nbsp;PTC, Inc. (a) | 62 |  | 13318 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. (a) | 30 |  | 2436 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc. (a) | 19 |  | 2528 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc. (a) | 15 |  | 317 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A (a) | 15 |  | 382 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc. (a) | 173 |  | 2320 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 48 |  | 26419 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A (a) | 47 |  | 4463 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 434 |  | 112115 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A (a) | 135 |  | 5134 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV (Israel) | 13 |  | 356 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Inc., Class A (a) | 39 |  | 349 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A (a) | 130 |  | 2384 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. (a) | 97 |  | 91483 |
| &nbsp;&nbsp;&nbsp;ServiceTitan, Inc., Class A (a) | 18 |  | 2101 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc., Class A (a) | 202 |  | 2087 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Inc., Class A (a) | 45 |  | 405 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc., Class A (a) | 18 |  | 309 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc. (a) | 16 |  | 1742 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. (a) | 89 |  | 56379 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc. (a) | 56 |  | 1753 |
| &nbsp;&nbsp;&nbsp;Teradata Corp. (a) | 17 |  | 356 |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc. (a) | 154 |  | 795 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. (a) | 19 |  | 11107 |
| &nbsp;&nbsp;&nbsp;UiPath, Inc., Class A (a) | 141 |  | 1657 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc. (a) | 157 |  | 5238 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc. (a) | 52 |  | 2903 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc. (a) | 22 |  | 468 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc., Class A (a) | 9 |  | 299 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc. (a) | 35 |  | 256 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A (a) | 98 |  | 22479 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc. (a) | 26 |  | 1660 |
| &nbsp;&nbsp;&nbsp;Yext, Inc. (a) | 58 |  | 471 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp., Class A (a) | 156 |  | 2441 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc. (a) | 125 |  | 9256 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc. (a) | 47 |  | 13421 |
|  |  |  | 3268634 |
| **Specialized REITs (0.8%)** | **Specialized REITs (0.8%)** | **Specialized REITs (0.8%)** | **Specialized REITs (0.8%)** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. REIT | 222 |  | 46263 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. REIT | 204 |  | 21438 |
| &nbsp;&nbsp;&nbsp;CubeSmart REIT | 78 |  | 3035 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. REIT | 159 |  | 28054 |
| &nbsp;&nbsp;&nbsp;EPR Properties REIT | 33 |  | 1816 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. REIT | 46 |  | 36118 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. REIT | 88 |  | 11824 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. REIT | 70 |  | 1767 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. REIT | 82 |  | 3737 |
| &nbsp;&nbsp;&nbsp;Gladstone Land Corp. REIT | 155 |  | 1426 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. REIT | 136 |  | 13241 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A REIT | 29 |  | 3545 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc. REIT | 86 |  | 2579 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust REIT | 57 |  | 1679 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. REIT | 140 |  | 2454 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. REIT | 9 |  | 368 |
| &nbsp;&nbsp;&nbsp;Public Storage REIT | 72 |  | 19580 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. REIT | 15 |  | 350 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. REIT | 24 |  | 336 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. REIT | 51 |  | 11461 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage, Inc. REIT | 56 |  | 1897 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. REIT (a) | 81 |  | 431 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **Specialized REITs (cont'd)** |  |  |  |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. REIT | 557 | $| 18158 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. REIT | 327 |  | 8191 |
|  |  |  | 239748 |
| **Specialty Retail (1.9%)** | **Specialty Retail (1.9%)** | **Specialty Retail (1.9%)** | **Specialty Retail (1.9%)** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A (a) | 21 |  | 2016 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 37 |  | 1879 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 38 |  | 2017 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 33 |  | 356 |
| &nbsp;&nbsp;&nbsp;Arhaus, Inc. (a) | 43 |  | 377 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. (a) | 6 |  | 1333 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc. (a) | 11 |  | 2119 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. (a) | 8 |  | 30147 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 89 |  | 2577 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 76 |  | 4945 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. (a) | 12 |  | 2063 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | 10 |  | 494 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc. (a) | 31 |  | 8462 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | 22 |  | 302 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Inc., Class A | 27 |  | 374 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc. (a) | 84 |  | 4755 |
| &nbsp;&nbsp;&nbsp;Carvana Co. (a) | 58 |  | 22630 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A (a) | 97 |  | 3560 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 27 |  | 5711 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc. (a) | 27 |  | 3686 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A (a) | 38 |  | 2912 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc. (a) | 28 |  | 701 |
| &nbsp;&nbsp;&nbsp;GameStop Corp., Class A (a) | 179 |  | 4019 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | 110 |  | 2141 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 6 |  | 2473 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 468 |  | 171995 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 15 |  | 4320 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 260 |  | 58128 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 7 |  | 2537 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc. (a) | 99 |  | 2402 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. (a) | 405 |  | 39820 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 10 |  | 1674 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc. (a) | 105 |  | 316 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc. (a) | 17 |  | 353 |
| &nbsp;&nbsp;&nbsp;RH (a) | 9 |  | 1851 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 139 |  | 18979 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc. (a) | 41 |  | 399 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | 18 |  | 368 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 26 |  | 2057 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | 6 |  | 434 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 502 |  | 62514 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 233 |  | 13269 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. (a) | 23 |  | 11845 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 16 |  | 330 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc. (a) | 26 |  | 1957 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc. (a) | 69 |  | 2432 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. (a) | 91 |  | 1711 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc., Class A (a) | 91 |  | 2179 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A (a) | 44 |  | 2888 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 60 |  | 11223 |
| &nbsp;&nbsp;&nbsp;Winmark Corp. | 1 |  | 377 |
|  |  |  | 528407 |
| **Tech Hardware, Storage & Peripherals (5.4%)** | **Tech Hardware, Storage & Peripherals (5.4%)** | **Tech Hardware, Storage & Peripherals (5.4%)** | **Tech Hardware, Storage & Peripherals (5.4%)** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 6828 |  | 1417288 |
| &nbsp;&nbsp;&nbsp;CompoSecure, Inc., Class A (a) | 33 |  | 469 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc. (a) | 56 |  | 507 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 147 |  | 19505 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc. (a) | 8 |  | 450 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 635 |  | 13138 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 450 |  | 11160 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc. (a) | 110 |  | 4386 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 95 |  | 9892 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A (a) | 143 |  | 8511 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp. (a) | 42 |  | 1803 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 102 |  | 16015 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. (a) | 252 |  | 14861 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 179 |  | 14086 |
|  |  |  | 1532071 |
| **Textiles, Apparel & Luxury Goods (0.3%)** | **Textiles, Apparel & Luxury Goods (0.3%)** | **Textiles, Apparel & Luxury Goods (0.3%)** | **Textiles, Apparel & Luxury Goods (0.3%)** |
| &nbsp;&nbsp;&nbsp;Amer Sports, Inc. (Finland) (a) | 58 |  | 2177 |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding PLC (Germany) (a) | 7 |  | 351 |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd. (Virgin Islands, British) (a) | 101 |  | 1837 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | 10 |  | 242 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | 5 |  | 283 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc. (a) | 26 |  | 2593 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. (a) | 80 |  | 8494 |
| &nbsp;&nbsp;&nbsp;Figs, Inc., Class A (a) | 87 |  | 565 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. (a) | 14 |  | 330 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc. (a) | 78 |  | 319 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 24 |  | 1336 |
| &nbsp;&nbsp;&nbsp;Levi Strauss & Co., Class A | 24 |  | 473 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. (a) | 53 |  | 10628 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 537 |  | 40109 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 7 |  | 267 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | 20 |  | 1468 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 16 |  | 4780 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A (a) | 52 |  | 3289 |
| &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | 73 |  | 1752 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 99 |  | 10695 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class A (a) | 66 |  | 438 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C (a) | 69 |  | 435 |
| &nbsp;&nbsp;&nbsp;VF Corp. | 312 |  | 3657 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | 32 |  | 723 |
|  |  |  | 97241 |
| **Tobacco (0.6%)** | **Tobacco (0.6%)** | **Tobacco (0.6%)** | **Tobacco (0.6%)** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 810 |  | 50171 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 734 |  | 120413 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 6 |  | 498 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 7 |  | 381 |
|  |  |  | 171463 |
| **Trading Companies & Distributors (0.5%)** | **Trading Companies & Distributors (0.5%)** | **Trading Companies & Distributors (0.5%)** | **Trading Companies & Distributors (0.5%)** |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV (Netherlands) | 92 |  | 9867 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | 32 |  | 1773 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Total Market Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **Trading Companies & Distributors (cont'd)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 15 | $| 4072 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc. (a) | 5 |  | 366 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | 32 |  | 2682 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A (a) | 46 |  | 2927 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc. (a) | 98 |  | 607 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc. (a) | 14 |  | 420 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc. (a) | 23 |  | 358 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc. (a) | 4 |  | 453 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 487 |  | 22465 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 90 |  | 20100 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | 54 |  | 7431 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 17 |  | 2596 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 16 |  | 545 |
| &nbsp;&nbsp;&nbsp;GMS, Inc. (a) | 19 |  | 2083 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 17 |  | 1986 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 22 |  | 2745 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc. (a) | 34 |  | 499 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | 24 |  | 2079 |
| &nbsp;&nbsp;&nbsp;QXO, Inc. (a) | 222 |  | 4453 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | 7 |  | 379 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. (a) | 12 |  | 1654 |
| &nbsp;&nbsp;&nbsp;Transcat, Inc. (a) | 4 |  | 306 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 30 |  | 26488 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | 14 |  | 6312 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | 18 |  | 3725 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | 3 |  | 425 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 18 |  | 18712 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc., Class A (a) | 17 |  | 550 |
|  |  |  | 149058 |
| **Water Utilities (0.1%)** | **Water Utilities (0.1%)** | **Water Utilities (0.1%)** | **Water Utilities (0.1%)** |
| &nbsp;&nbsp;&nbsp;American States Water Co. | 30 |  | 2208 |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 92 |  | 12902 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 48 |  | 2182 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 81 |  | 2981 |
| &nbsp;&nbsp;&nbsp;H2O America | 6 |  | 290 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | 6 |  | 309 |
| &nbsp;&nbsp;&nbsp;York Water Co. | 46 |  | 1392 |
|  |  |  | 22264 |
| **Wireless Telecommunication Services (0.2%)** | **Wireless Telecommunication Services (0.2%)** | **Wireless Telecommunication Services (0.2%)** | **Wireless Telecommunication Services (0.2%)** |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | 136 |  | 2494 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | 47 |  | 1835 |
| &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 212 |  | 50543 |
| &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. (a) | 5 |  | 365 |
|  |  |  | 55237 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $25,654,561)** |  |  | 28390255 |

---

---

| | | |
|:---|:---|:---|
|  | | **Value** |
| **Rights (0.0%) **‡** | | |
| Consumer Finance (0.0%) ‡ |  |  |
| Contra Paragon 28, Inc.<br> expires 5/16/25 (a) **(Cost $2)** | 26 | $2 |
| **Total Investments (99.5%) (Cost $25,654,563) (c)** |  | 28390257 |
| Other Assets in Excess of Liabilities (0.5%) |  | 155578 |
| **Net Assets (100.0%)** |  | $28545835 |

---

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | For the period ended July 31, 2025, 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 $65,732. |
| (c) | At July 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $3,153,665 and the aggregate gross unrealized depreciation is $417,971, resulting in net unrealized appreciation of $2,735,694. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |

---

---

| | |
|:---|:---|
| **Portfolio Composition (Unaudited)**<br>**Classification** |<br>**Percentage of<br> Total Investments** |
| Other<sup>\*</sup> | 64.8% |
| Semiconductors & Semiconductor Equipment | 11.9 |
| Software | 11.5 |
| Interactive Media & Services | 6.4 |
| Tech Hardware, Storage & Peripherals | 5.4 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments

E\*TRADE No Fee International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (99.5%)** |  |  |
| **Australia (6.6%)** |  |  |
| AGL Energy Ltd. | 628 | $3914 |
| Ampol Ltd. | 313 | 5472 |
| ANZ Group Holdings Ltd. | 3144 | 61696 |
| APA Group (Units) (a) | 1255 | 6750 |
| Aristocrat Leisure Ltd. | 622 | 27851 |
| ASX Ltd. | 185 | 8292 |
| Atlas Arteria Ltd. (Units) (a) | 1187 | 3921 |
| Aurizon Holdings Ltd. | 2420 | 5024 |
| BHP Group Ltd. | 5264 | 132943 |
| BlueScope Steel Ltd. | 470 | 7125 |
| Brambles Ltd. | 1536 | 23500 |
| CAR Group Ltd. | 431 | 10490 |
| Charter Hall Group REIT | 405 | 5218 |
| Cochlear Ltd. | 65 | 13270 |
| Coles Group Ltd. | 1325 | 17641 |
| Commonwealth Bank of Australia | 1801 | 204467 |
| Computershare Ltd. | 554 | 14913 |
| CSL Ltd. | 517 | 89433 |
| Dexus REIT | 1011 | 4564 |
| EBOS Group Ltd. | 239 | 5759 |
| Endeavour Group Ltd. | 1533 | 4014 |
| Evolution Mining Ltd. | 2169 | 9816 |
| Fortescue Ltd. | 1699 | 19223 |
| Goodman Group REIT | 2030 | 45388 |
| GPT Group REIT | 2654 | 8646 |
| Insurance Australia Group Ltd. | 2820 | 15830 |
| James Hardie Industries PLC (b) | 425 | 11155 |
| JB Hi-Fi Ltd. | 91 | 6481 |
| Lottery Corp. Ltd. | 1975 | 6850 |
| Lynas Rare Earths Ltd. (b) | 824 | 5537 |
| Macquarie Group Ltd. | 387 | 53594 |
| Medibank Pvt Ltd. | 2931 | 9580 |
| Mirvac Group REIT | 5295 | 7597 |
| National Australia Bank Ltd. | 3170 | 78669 |
| NEXTDC Ltd. (b) | 569 | 5239 |
| Northern Star Resources Ltd. | 1333 | 13244 |
| Orica Ltd. | 503 | 6869 |
| Origin Energy Ltd. | 1652 | 12353 |
| Pilbara Minerals Ltd. (b) | 3894 | 3951 |
| Pro Medicus Ltd. | 55 | 11295 |
| Qantas Airways Ltd. | 1628 | 11291 |
| QBE Insurance Group Ltd. | 1654 | 24536 |
| Ramsay Health Care Ltd. | 233 | 5768 |
| REA Group Ltd. | 44 | 6703 |
| Reece Ltd. | 155 | 1342 |
| Rio Tinto Ltd. | 462 | 32856 |
| Santos Ltd. | 3118 | 15689 |
| Scentre Group REIT | 5384 | 12885 |
| SEEK Ltd. | 309 | 4767 |
| SGH Ltd. | 223 | 7294 |
| Sigma Healthcare Ltd. (b) | 2124 | 3923 |
| Sonic Healthcare Ltd. | 405 | 7152 |
| South32 Ltd. | 5807 | 10859 |
| Stockland REIT | 2518 | 8927 |
| Suncorp Group Ltd. | 1062 | 14236 |
| Technology One Ltd. | 318 | 8318 |
| Telstra Group Ltd. | 12175 | 38803 |
| TPG Telecom Ltd. | 174 | 617 |
| Transurban Group (Units) (a) | 3407 | 30151 |
| Treasury Wine Estates Ltd. | 1065 | 5150 |
| Vicinity Ltd. REIT | 4960 | 7810 |
| Washington H Soul Pattinson & Co. Ltd. | 263 | 6833 |
| Wesfarmers Ltd. | 1191 | 65147 |
| Westpac Banking Corp. | 3743 | 80812 |
| Whitehaven Coal Ltd. | 997 | 4089 |
| WiseTech Global Ltd. | 198 | 14997 |
| Woodside Energy Group Ltd. | 2002 | 33879 |
| Woolworths Group Ltd. | 1335 | 26951 |
| Worley Ltd. | 433 | 3685 |
| Xero Ltd. (b) | 158 | 18195 |
|  |  | 1501239 |
| **Austria (0.3%)** |  |  |
| ANDRITZ AG | 68 | 4732 |
| BAWAG Group AG | 79 | 9970 |
| CA Immobilien Anlagen AG | 22 | 586 |
| CPI Europe AG (b) | 28 | 582 |
| Erste Group Bank AG | 315 | 28805 |
| EVN AG | 22 | 595 |
| OMV AG | 163 | 8301 |
| Raiffeisen Bank International AG | 190 | 5486 |
| Strabag SE | 34 | 3196 |
| Verbund AG | 70 | 5212 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 69 | 3641 |
| voestalpine AG | 59 | 1624 |
| Wienerberger AG | 124 | 4157 |
|  |  | 76887 |
| **Belgium (1.0%)** |  |  |
| Ackermans & van Haaren NV | 29 | 7114 |
| Ageas SA | 190 | 12919 |
| Anheuser-Busch InBev SA | 1051 | 60425 |
| Argenx SE ADR (b) | 65 | 43571 |
| Azelis Group NV | 60 | 932 |
| Colruyt Group NV | 17 | 726 |
| D'ieteren Group | 29 | 5729 |
| Elia Group SA | 51 | 5884 |
| Financiere de Tubize SA | 15 | 2523 |
| Groupe Bruxelles Lambert NV | 84 | 7022 |
| KBC Group NV | 281 | 29309 |
| Sofina SA | 15 | 4593 |
| Solvay SA | 38 | 1191 |
| Syensqo SA | 76 | 6023 |
| UCB SA | 128 | 27501 |
| Warehouses De Pauw CVA REIT | 229 | 5344 |
|  |  | 220806 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments

E\*TRADE No Fee International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada (11.3%)** |  |  |
| Agnico Eagle Mines Ltd. | 542 | $67285 |
| Alamos Gold, Inc., Class A | 370 | 8991 |
| Alimentation Couche-Tard, Inc. | 748 | 38868 |
| AltaGas Ltd. | 318 | 9389 |
| ARC Resources Ltd. | 592 | 11557 |
| Bank of Montreal | 791 | 87309 |
| Bank of Nova Scotia | 1323 | 73607 |
| Barrick Mining Corp. | 1882 | 39729 |
| BCE, Inc. | 979 | 22836 |
| Brookfield Asset Management Ltd., Class A | 430 | 26515 |
| Brookfield Corp., Class A | 1497 | 100272 |
| Brookfield Wealth Solutions Ltd. | 31 | 2074 |
| CAE, Inc. (b) | 422 | 12033 |
| Cameco Corp. | 462 | 34687 |
| Canadian Apartment Properties REIT | 195 | 6227 |
| Canadian Imperial Bank of Commerce | 1009 | 72114 |
| Canadian National Railway Co. | 592 | 55278 |
| Canadian Natural Resources Ltd. | 2221 | 70304 |
| Canadian Pacific Kansas City Ltd. | 1026 | 75454 |
| Canadian Tire Corp. Ltd., Class A | 57 | 7634 |
| Canadian Utilities Ltd., Class A | 173 | 4817 |
| CCL Industries, Inc., Class B | 145 | 8105 |
| Celestica, Inc. (b) | 126 | 25190 |
| Cenovus Energy, Inc. | 1337 | 20350 |
| CGI, Inc. | 213 | 20535 |
| Choice Properties REIT | 146 | 1495 |
| Constellation Software, Inc. | 21 | 72449 |
| Dollarama, Inc. | 281 | 38406 |
| Emera, Inc. | 367 | 17232 |
| Empire Co. Ltd., Class A | 118 | 4699 |
| Enbridge, Inc. | 2352 | 106516 |
| Fairfax Financial Holdings Ltd. | 24 | 42450 |
| First Quantum Minerals Ltd. (b) | 614 | 10321 |
| FirstService Corp. | 45 | 8870 |
| Fortis, Inc. | 542 | 26521 |
| Franco-Nevada Corp. | 204 | 32496 |
| George Weston Ltd. | 61 | 11591 |
| GFL Environmental, Inc. | 241 | 12137 |
| Gildan Activewear, Inc. | 147 | 7425 |
| Great-West Lifeco, Inc. | 277 | 10402 |
| Hydro One Ltd. | 295 | 10432 |
| iA Financial Corp., Inc. | 97 | 9495 |
| IGM Financial, Inc. | 47 | 1556 |
| Imperial Oil Ltd. | 138 | 11506 |
| Intact Financial Corp. | 186 | 38446 |
| Ivanhoe Mines Ltd., Class A (b) | 654 | 5102 |
| Keyera Corp. | 289 | 9073 |
| Kinross Gold Corp. | 1322 | 21152 |
| Loblaw Cos. Ltd. | 155 | 25066 |
| Lundin Mining Corp. | 710 | 7251 |
| Magna International, Inc. | 269 | 11031 |
| Manulife Financial Corp. | 1817 | 56217 |
| Metro, Inc. | 231 | 17663 |
| National Bank of Canada | 438 | 45561 |
| Nutrien Ltd. | 524 | 31090 |
| Onex Corp. | 61 | 4962 |
| Open Text Corp. | 296 | 8712 |
| Pan American Silver Corp. | 365 | 9860 |
| Pembina Pipeline Corp. | 665 | 24717 |
| Power Corp. of Canada | 527 | 21238 |
| Quebecor, Inc., Class B | 148 | 4164 |
| RB Global, Inc. | 218 | 23605 |
| Restaurant Brands International, Inc. | 332 | 22528 |
| Rogers Communications, Inc., Class B | 391 | 13060 |
| Royal Bank of Canada | 1525 | 195677 |
| Saputo, Inc. | 310 | 6502 |
| Shopify, Inc., Class A (b) | 1256 | 153528 |
| Stantec, Inc. | 130 | 14210 |
| Sun Life Financial, Inc. | 619 | 37740 |
| Suncor Energy, Inc. | 1295 | 51077 |
| TC Energy Corp. | 1161 | 55436 |
| Teck Resources Ltd., Class B | 422 | 13684 |
| TELUS Corp. | 1611 | 25951 |
| TFI International, Inc. | 81 | 7044 |
| Thomson Reuters Corp. | 152 | 30505 |
| Toronto-Dominion Bank | 1880 | 136930 |
| Tourmaline Oil Corp. | 396 | 16853 |
| West Fraser Timber Co. Ltd. | 67 | 4645 |
| Wheaton Precious Metals Corp. | 508 | 46459 |
| WSP Global, Inc. | 132 | 27179 |
|  |  | 2561077 |
| **China (0.2%)** |  |  |
| Alibaba Health Information Technology Ltd. (b)(c) | 6000 | 3721 |
| Budweiser Brewing Co. APAC Ltd. (c) | 1800 | 1890 |
| BYD Electronic International Co. Ltd. (c) | 1000 | 4161 |
| China Gas Holdings Ltd. (c) | 4200 | 4412 |
| China Mengniu Dairy Co. Ltd. (c) | 3000 | 6243 |
| Chow Tai Fook Jewellery Group Ltd. (c) | 1800 | 3006 |
| Fosun International Ltd. (c) | 4500 | 3106 |
| Geely Automobile Holdings Ltd. (c) | 6000 | 13458 |
| Qingdao Port International Co. Ltd., Class H (c) | 1000 | 831 |
| Xinyi Glass Holdings Ltd. (c) | 3000 | 3092 |
|  |  | 43920 |
| **Denmark (1.6%)** |  |  |
| AP Moller - Maersk AS, Class A | 7 | 13786 |
| Carlsberg AS, Class B | 103 | 12841 |
| Coloplast AS, Class B | 143 | 13061 |
| Danske Bank AS | 722 | 28643 |
| DSV AS | 194 | 43472 |
| Genmab AS (b) | 67 | 14425 |
| Novo Nordisk AS, Class B | 3359 | 156220 |
| Novonesis Novozymes B, Class B | 366 | 23679 |
| Orsted AS (b) | 165 | 7777 |
| Pandora AS | 84 | 13868 |
| Tryg AS | 323 | 7791 |
| Vestas Wind Systems AS | 1132 | 20668 |
|  |  | 356231 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments

E\*TRADE No Fee International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Faroe Islands (0.0%)‡** |  |  |
| Bakkafrost P/F | 36 | $1438 |
| **Finland (0.9%)** |  |  |
| Elisa OYJ | 153 | 7872 |
| Fortum OYJ | 468 | 8586 |
| Huhtamaki OYJ | 143 | 4922 |
| Kesko OYJ, Class B | 312 | 6786 |
| Kone OYJ, Class B | 392 | 24072 |
| Metso OYJ | 663 | 8327 |
| Neste OYJ | 435 | 6865 |
| Nokia OYJ | 5152 | 20996 |
| Nordea Bank Abp | 3378 | 49291 |
| Orion OYJ, Class B | 100 | 8006 |
| Sampo OYJ, Class A | 2645 | 28391 |
| Stora Enso OYJ, Class R | 646 | 6647 |
| UPM-Kymmene OYJ | 607 | 15732 |
| Wartsila OYJ Abp | 583 | 16107 |
|  |  | 212600 |
| **France (8.6%)** |  |  |
| Air Liquide SA | 597 | 117452 |
| Airbus SE | 631 | 126866 |
| ArcelorMittal SA | 471 | 14684 |
| AXA SA | 1858 | 90241 |
| BNP Paribas SA | 1078 | 98290 |
| Bollore SE | 758 | 4372 |
| Bouygues SA | 204 | 8400 |
| Capgemini SE | 167 | 24862 |
| Cie de Saint-Gobain SA | 470 | 53917 |
| Cie Generale des Etablissements Michelin SCA | 661 | 23516 |
| Credit Agricole SA | 968 | 17816 |
| Danone SA | 654 | 53521 |
| Dassault Systemes SE | 702 | 23062 |
| Engie SA | 1863 | 41877 |
| EssilorLuxottica SA | 315 | 93667 |
| Hermes International SCA | 35 | 85592 |
| Kering SA | 80 | 19644 |
| Legrand SA | 262 | 38699 |
| L'Oreal SA | 240 | 106196 |
| LVMH Moet Hennessy Louis Vuitton SE | 276 | 148160 |
| Orange SA | 1930 | 29357 |
| Pernod Ricard SA | 212 | 21787 |
| Publicis Groupe SA | 245 | 22389 |
| Safran SA | 382 | 125965 |
| Sanofi SA | 1168 | 104852 |
| Sartorius Stedim Biotech | 29 | 5795 |
| Schneider Electric SE | 573 | 148288 |
| Societe Generale SA | 794 | 50680 |
| STMicroelectronics NV | 653 | 16595 |
| Thales SA | 97 | 26092 |
| TotalEnergies SE | 2184 | 129873 |
| Vinci SA | 511 | 70982 |
|  |  | 1943489 |
| **Germany (8.4%)** |  |  |
| adidas AG | 185 | 35359 |
| Allianz SE (Registered) | 417 | 164789 |
| BASF SE | 987 | 48372 |
| Bayer AG (Registered) | 1051 | 32688 |
| Bayerische Motoren Werke AG | 302 | 28736 |
| Bayerische Motoren Werke AG (Preference) | 77 | 6732 |
| Beiersdorf AG | 116 | 14414 |
| BioNTech SE ADR (b) | 101 | 10881 |
| Commerzbank AG | 940 | 34278 |
| Continental AG | 117 | 9993 |
| Daimler Truck Holding AG | 543 | 26414 |
| Deutsche Bank AG (Registered) | 1886 | 62118 |
| Deutsche Boerse AG | 196 | 56720 |
| Deutsche Post AG (Registered) | 1007 | 45119 |
| Deutsche Telekom AG (Registered) | 3478 | 124742 |
| Dr. Ing hc F Porsche AG (Preference) | 130 | 6592 |
| E.ON SE | 2275 | 41503 |
| Fresenius Medical Care AG | 207 | 10499 |
| Fresenius SE & Co. KGaA | 469 | 22386 |
| Hannover Rueck SE (Registered) | 58 | 17594 |
| Hapag-Lloyd AG | 4 | 577 |
| Heidelberg Materials AG | 133 | 30682 |
| Henkel AG & Co. KGaA | 109 | 7751 |
| Henkel AG & Co. KGaA (Preference) | 194 | 14949 |
| Infineon Technologies AG | 1431 | 56214 |
| Knorr-Bremse AG | 57 | 5689 |
| Mercedes-Benz Group AG (Registered) | 739 | 41842 |
| Merck KGaA | 151 | 18873 |
| MTU Aero Engines AG | 60 | 25881 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 141 | 92309 |
| Porsche Automobil Holding SE (Preference) | 204 | 8187 |
| Rheinmetall AG | 47 | 93036 |
| RWE AG | 705 | 28923 |
| SAP SE | 1090 | 311692 |
| Sartorius AG (Preference) | 25 | 5324 |
| Siemens AG (Registered) | 802 | 204272 |
| Siemens Energy AG (b) | 676 | 78266 |
| Siemens Healthineers AG | 309 | 16644 |
| Symrise AG, Class A | 159 | 14413 |
| Talanx AG | 67 | 8881 |
| Volkswagen AG | 15 | 1600 |
| Volkswagen AG (Preference) | 228 | 23841 |
| Vonovia SE | 775 | 24053 |
|  |  | 1913828 |
| **Hong Kong (1.9%)** |  |  |
| AIA Group Ltd. | 11600 | 108160 |
| Cathay Pacific Airways Ltd. | 2000 | 2973 |
| CK Asset Holdings Ltd. | 1500 | 6873 |
| CK Hutchison Holdings Ltd. | 3000 | 19527 |
| CK Infrastructure Holdings Ltd. | 500 | 3522 |
| CLP Holdings Ltd. | 2000 | 17360 |
| CSPC Pharmaceutical Group Ltd. | 8000 | 10054 |
| Futu Holdings Ltd. ADR | 62 | 9528 |
| Galaxy Entertainment Group Ltd. | 2000 | 9753 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments

E\*TRADE No Fee International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong (cont'd)** |  |  |
| Hang Lung Properties Ltd. | 1000 | $1030 |
| Hang Seng Bank Ltd. | 700 | 10197 |
| Henderson Land Development Co. Ltd. | 1000 | 3499 |
| HK Electric Investments & HK Electric Investments Ltd. (Units) (a) | 4500 | 3508 |
| HKT Trust & HKT Ltd. (Units) (a) | 4000 | 6298 |
| Hong Kong & China Gas Co. Ltd. | 11000 | 9818 |
| Hong Kong Exchanges & Clearing Ltd. | 1300 | 70354 |
| Hongkong Land Holdings Ltd. | 1000 | 6041 |
| Jardine Matheson Holdings Ltd. | 200 | 10860 |
| Link REIT | 2500 | 13929 |
| MTR Corp. Ltd. | 2000 | 7195 |
| Power Assets Holdings Ltd. | 1500 | 9876 |
| Sands China Ltd. | 3200 | 7747 |
| Sino Biopharmaceutical Ltd. | 10000 | 9577 |
| Sino Land Co. Ltd. | 4000 | 4611 |
| Sun Hung Kai Properties Ltd. | 1500 | 17816 |
| Swire Pacific Ltd., Class A | 500 | 4520 |
| Swire Properties Ltd. | 600 | 1608 |
| Techtronic Industries Co. Ltd. | 1500 | 17937 |
| WH Group Ltd. | 8000 | 8009 |
| Wharf Holdings Ltd. | 1000 | 2844 |
| Wharf Real Estate Investment Co. Ltd. | 1000 | 3175 |
|  |  | 418199 |
| **Ireland (0.4%)** |  |  |
| AIB Group PLC | 2304 | 18175 |
| Bank of Ireland Group PLC | 967 | 12967 |
| Kerry Group PLC, Class A | 167 | 15426 |
| Kingspan Group PLC | 159 | 13196 |
| Ryanair Holdings PLC | 1050 | 30873 |
|  |  | 90637 |
| **Israel (1.2%)** |  |  |
| Airport City Ltd. (b) | 36 | 642 |
| Amot Investments Ltd. | 114 | 777 |
| Azrieli Group Ltd. | 57 | 5600 |
| Bank Hapoalim BM | 1443 | 27061 |
| Bank Leumi Le-Israel BM | 1612 | 29820 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 2260 | 4204 |
| Big Shopping Centers Ltd. (b) | 9 | 1714 |
| Camtek Ltd. (b) | 38 | 3678 |
| Cellebrite DI Ltd. (b) | 115 | 1608 |
| Check Point Software Technologies Ltd. (b) | 97 | 18061 |
| CyberArk Software Ltd. (b) | 52 | 21396 |
| Delek Group Ltd. | 4 | 812 |
| Elbit Systems Ltd. | 28 | 12917 |
| Enlight Renewable Energy Ltd. (b) | 197 | 4837 |
| Fattal Holdings 1998 Ltd. (b) | 4 | 720 |
| First International Bank of Israel Ltd. | 27 | 1875 |
| Global-e Online Ltd. (b) | 93 | 3083 |
| Harel Insurance Investments & Financial Services Ltd. | 131 | 3949 |
| ICL Group Ltd. | 898 | 5594 |
| Israel Corp. Ltd. | 9 | 2790 |
| Israel Discount Bank Ltd., Class A | 1462 | 13982 |
| Melisron Ltd. | 41 | 4721 |
| Menora Mivtachim Holdings Ltd. | 11 | 956 |
| Mivne Real Estate KD Ltd. | 305 | 1150 |
| Mizrahi Tefahot Bank Ltd. | 192 | 11861 |
| Monday.com Ltd. (b) | 45 | 11803 |
| Nice Ltd. (b) | 64 | 9991 |
| Nova Ltd. (b) | 39 | 10400 |
| Oddity Tech Ltd., Class A (b) | 32 | 2242 |
| OPC Energy Ltd. (b) | 61 | 916 |
| Phoenix Financial Ltd. | 286 | 9745 |
| Plus500 Ltd. | 81 | 3595 |
| Shapir Engineering & Industry Ltd. | 409 | 3382 |
| Shufersal Ltd. | 410 | 4957 |
| Strauss Group Ltd. | 118 | 3169 |
| Teva Pharmaceutical Industries Ltd. (b) | 1189 | 18633 |
| Tower Semiconductor Ltd. (b) | 104 | 4826 |
| Wix.com Ltd. (b) | 56 | 7618 |
| ZIM Integrated Shipping Services Ltd. | 102 | 1617 |
|  |  | 276702 |
| **Italy (2.8%)** |  |  |
| A2A SpA | 2302 | 5609 |
| Banca Mediolanum SpA | 285 | 5027 |
| Banco BPM SpA | 1172 | 14947 |
| Davide Campari-Milano NV | 610 | 4202 |
| Enel SpA | 8454 | 74550 |
| Eni SpA | 2166 | 36968 |
| Ferrari NV | 132 | 57883 |
| FinecoBank Banca Fineco SpA | 575 | 12244 |
| Generali | 979 | 36522 |
| Infrastrutture Wireless Italiane SpA | 349 | 4126 |
| Intesa Sanpaolo SpA | 15575 | 93843 |
| Leonardo SpA | 463 | 24957 |
| Mediobanca Banca di Credito Finanziario SpA | 635 | 13980 |
| Moncler SpA | 207 | 11040 |
| Nexi SpA | 685 | 3912 |
| Poste Italiane SpA | 495 | 10695 |
| PRADA SpA | 700 | 3810 |
| Prysmian SpA | 312 | 24917 |
| Recordati Industria Chimica e Farmaceutica SpA | 117 | 6710 |
| Snam SpA | 2093 | 12130 |
| Stellantis NV | 2099 | 18524 |
| Telecom Italia SpA (b) | 18432 | 8857 |
| Tenaris SA | 411 | 7178 |
| Terna - Rete Elettrica Nazionale | 1345 | 13014 |
| UniCredit SpA | 1536 | 113009 |
| Unipol Assicurazioni SpA | 344 | 6900 |
|  |  | 625554 |
| **Japan (21.1%)** |  |  |
| ABC-Mart, Inc. | 100 | 1871 |
| Acom Co. Ltd. | 200 | 578 |
| Advantest Corp. | 800 | 53199 |
| Aeon Co. Ltd. | 800 | 25554 |
| AGC, Inc. | 200 | 6019 |
| Air Water, Inc. | 300 | 4432 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments

E\*TRADE No Fee International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan (cont'd)** |  |  |
| Aisin Corp. | 500 | $6910 |
| Ajinomoto Co., Inc. | 900 | 23811 |
| Alfresa Holdings Corp. | 100 | 1452 |
| ALSOK Co. Ltd. | 300 | 2090 |
| Amada Co. Ltd. | 200 | 2255 |
| ANA Holdings, Inc. | 400 | 7417 |
| Asahi Group Holdings Ltd. | 1600 | 20298 |
| Asahi Intecc Co. Ltd. | 300 | 4669 |
| Asahi Kasei Corp. | 1200 | 8349 |
| Asics Corp. | 700 | 16457 |
| Astellas Pharma, Inc. | 2100 | 21774 |
| Azbil Corp. | 500 | 4672 |
| Bandai Namco Holdings, Inc. | 600 | 19402 |
| BayCurrent, Inc. | 100 | 5742 |
| Bridgestone Corp. | 600 | 24270 |
| Brother Industries Ltd. | 400 | 6806 |
| Calbee, Inc. | 200 | 3671 |
| Canon, Inc. | 1000 | 28403 |
| Capcom Co. Ltd. | 400 | 10182 |
| Central Japan Railway Co. | 1000 | 23312 |
| Chiba Bank Ltd. | 700 | 6524 |
| Chubu Electric Power Co., Inc. | 600 | 7338 |
| Chugai Pharmaceutical Co. Ltd. | 700 | 33556 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 100 | 1529 |
| Concordia Financial Group Ltd. | 1100 | 7294 |
| CyberAgent, Inc. | 500 | 5008 |
| Dai Nippon Printing Co. Ltd. | 400 | 6160 |
| Daifuku Co. Ltd. | 300 | 7595 |
| Dai-ichi Life Holdings, Inc. | 3700 | 29275 |
| Daiichi Sankyo Co. Ltd. | 1800 | 44157 |
| Daikin Industries Ltd. | 300 | 36887 |
| Daito Trust Construction Co. Ltd. | 100 | 10238 |
| Daiwa House Industry Co. Ltd. | 600 | 19837 |
| Daiwa House Investment Corp. REIT | 3 | 5017 |
| Daiwa Securities Group, Inc. | 1500 | 10443 |
| Denso Corp. | 1800 | 24421 |
| Dentsu Group, Inc. | 200 | 3944 |
| Disco Corp. | 100 | 29553 |
| East Japan Railway Co. | 1000 | 21434 |
| Ebara Corp. | 500 | 9130 |
| Eisai Co. Ltd. | 300 | 8414 |
| Electric Power Development Co. Ltd. | 100 | 1731 |
| ENEOS Holdings, Inc. | 2600 | 13646 |
| FANUC Corp. | 1000 | 27837 |
| Fast Retailing Co. Ltd. | 200 | 61006 |
| Fuji Electric Co. Ltd. | 100 | 4972 |
| Fuji Media Holdings, Inc. | 200 | 4715 |
| FUJIFILM Holdings Corp. | 1200 | 24891 |
| Fujikura Ltd. | 300 | 20365 |
| Fujitsu Ltd. | 1900 | 41389 |
| Fukuoka Financial Group, Inc. | 200 | 5453 |
| GLP J-Reit REIT | 7 | 6134 |
| Hakuhodo DY Holdings, Inc. | 400 | 3148 |
| Hamamatsu Photonics KK | 300 | 3662 |
| Hankyu Hanshin Holdings, Inc. | 300 | 7818 |
| Haseko Corp. | 300 | 4463 |
| Hitachi Construction Machinery Co. Ltd. | 100 | 2896 |
| Hitachi Ltd. | 4700 | 143823 |
| Honda Motor Co. Ltd. | 4900 | 50729 |
| Hoshizaki Corp. | 100 | 3424 |
| Hoya Corp. | 400 | 50465 |
| Hulic Co. Ltd. | 600 | 5723 |
| Ibiden Co. Ltd. | 100 | 4229 |
| Idemitsu Kosan Co. Ltd. | 900 | 5786 |
| IHI Corp. | 200 | 22271 |
| Iida Group Holdings Co. Ltd. | 300 | 4208 |
| Inpex Corp. | 900 | 12815 |
| Isetan Mitsukoshi Holdings Ltd. | 400 | 5653 |
| Isuzu Motors Ltd. | 600 | 7690 |
| ITOCHU Corp. | 1300 | 68188 |
| J Front Retailing Co. Ltd. | 300 | 4044 |
| Japan Airlines Co. Ltd. | 400 | 7943 |
| Japan Exchange Group, Inc. | 1300 | 12704 |
| Japan Metropolitan Fund Invest REIT | 9 | 6546 |
| Japan Post Bank Co. Ltd. | 1500 | 16742 |
| Japan Post Holdings Co. Ltd. | 1900 | 17595 |
| Japan Post Insurance Co. Ltd. | 200 | 5121 |
| Japan Real Estate Investment Corp. REIT | 7 | 5678 |
| Japan Tobacco, Inc. | 1200 | 34272 |
| JFE Holdings, Inc. | 600 | 6944 |
| Kajima Corp. | 400 | 10020 |
| Kansai Electric Power Co., Inc. | 900 | 10806 |
| Kansai Paint Co. Ltd. | 100 | 1416 |
| Kao Corp. | 500 | 22498 |
| Kawasaki Heavy Industries Ltd. | 200 | 14607 |
| Kawasaki Kisen Kaisha Ltd. | 400 | 5651 |
| KDDI Corp. | 3100 | 50876 |
| Keio Corp. | 100 | 2335 |
| Keisei Electric Railway Co. Ltd. | 500 | 4195 |
| Kewpie Corp. | 100 | 2733 |
| Keyence Corp. | 200 | 72346 |
| Kikkoman Corp. | 900 | 7906 |
| Kintetsu Group Holdings Co. Ltd. | 300 | 5757 |
| Kirin Holdings Co. Ltd. | 800 | 10542 |
| Kobayashi Pharmaceutical Co. Ltd. | 100 | 3517 |
| Kobe Bussan Co. Ltd. | 200 | 5326 |
| Koei Tecmo Holdings Co. Ltd. | 200 | 2619 |
| Koito Manufacturing Co. Ltd. | 300 | 3836 |
| Kokusai Electric Corp. | 100 | 2207 |
| Komatsu Ltd. | 1000 | 32218 |
| Konami Group Corp. | 100 | 13576 |
| Kubota Corp. | 900 | 10093 |
| Kuraray Co. Ltd. | 400 | 4945 |
| Kurita Water Industries Ltd. | 100 | 3855 |
| Kyocera Corp. | 1400 | 16526 |
| Kyowa Kirin Co. Ltd. | 200 | 3414 |
| Kyushu Electric Power Co., Inc. | 500 | 4433 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments

E\*TRADE No Fee International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan (cont'd)** |  |  |
| Kyushu Railway Co. | 100 | $2418 |
| Lasertec Corp. | 100 | 10075 |
| Lixil Corp. | 400 | 4634 |
| LY Corp. | 2800 | 10234 |
| M3, Inc. | 400 | 4920 |
| Makita Corp. | 300 | 9287 |
| Marubeni Corp. | 1600 | 32758 |
| Marui Group Co. Ltd. | 200 | 4073 |
| MatsukiyoCocokara & Co. | 300 | 6160 |
| Mazda Motor Corp. | 700 | 4198 |
| McDonald's Holdings Co. Japan Ltd. | 100 | 3993 |
| Mebuki Financial Group, Inc. | 1100 | 5964 |
| Medipal Holdings Corp. | 300 | 4967 |
| MEIJI Holdings Co. Ltd. | 200 | 4044 |
| Minebea Mitsumi, Inc. | 400 | 6295 |
| MISUMI Group, Inc. | 300 | 4320 |
| Mitsubishi Chemical Group Corp. | 1300 | 7081 |
| Mitsubishi Corp. | 3500 | 69032 |
| Mitsubishi Electric Corp. | 2000 | 44984 |
| Mitsubishi Estate Co. Ltd. | 1200 | 22467 |
| Mitsubishi Gas Chemical Co., Inc. | 100 | 1728 |
| Mitsubishi HC Capital, Inc. | 800 | 5913 |
| Mitsubishi Heavy Industries Ltd. | 3300 | 78792 |
| Mitsubishi Motors Corp. | 900 | 2365 |
| Mitsubishi UFJ Financial Group, Inc. | 12400 | 170906 |
| Mitsui & Co. Ltd. | 2500 | 50892 |
| Mitsui Chemicals, Inc. | 200 | 4465 |
| Mitsui Fudosan Co. Ltd. | 2800 | 25027 |
| Mitsui OSK Lines Ltd. | 300 | 10084 |
| Mizuho Financial Group, Inc. | 2600 | 76262 |
| MonotaRO Co. Ltd. | 200 | 3561 |
| MS&AD Insurance Group Holdings, Inc. | 1400 | 29913 |
| Murata Manufacturing Co. Ltd. | 1800 | 26791 |
| NEC Corp. | 1300 | 37331 |
| Nexon Co. Ltd. | 300 | 5489 |
| NGK Insulators Ltd. | 300 | 3798 |
| NH Foods Ltd. | 100 | 3360 |
| Nichirei Corp. | 300 | 3611 |
| NIDEC Corp. | 900 | 17268 |
| Nikon Corp. | 200 | 1942 |
| Nintendo Co. Ltd. | 1200 | 100295 |
| Nippon Building Fund, Inc. REIT | 9 | 8256 |
| Nippon Express Holdings, Inc. | 300 | 6590 |
| Nippon Paint Holdings Co. Ltd. | 900 | 7630 |
| Nippon Prologis, Inc. REIT | 10 | 5397 |
| Nippon Sanso Holdings Corp. | 200 | 7079 |
| Nippon Steel Corp. | 1000 | 19258 |
| Nippon Television Holdings, Inc. | 200 | 4326 |
| Nippon Yusen KK | 400 | 14028 |
| Nissan Chemical Corp. | 100 | 3260 |
| Nissan Motor Co. Ltd. (b) | 2400 | 5089 |
| Nisshin Seifun Group, Inc. | 200 | 2318 |
| Nissin Foods Holdings Co. Ltd. | 300 | 5690 |
| Niterra Co. Ltd. | 200 | 6895 |
| Nitori Holdings Co. Ltd. | 100 | 8469 |
| Nitto Denko Corp. | 800 | 16555 |
| Nomura Holdings, Inc. | 3200 | 21140 |
| Nomura Real Estate Holdings, Inc. | 300 | 1662 |
| Nomura Real Estate Master Fund, Inc. REIT | 5 | 5266 |
| Nomura Research Institute Ltd. | 400 | 15828 |
| NTT Data Group Corp. | 600 | 15647 |
| NTT, Inc. | 56600 | 57158 |
| Obayashi Corp. | 700 | 10308 |
| Obic Co. Ltd. | 400 | 14241 |
| Odakyu Electric Railway Co. Ltd. | 200 | 2155 |
| Oji Holdings Corp. | 700 | 3412 |
| Olympus Corp. | 1100 | 13142 |
| Omron Corp. | 200 | 5155 |
| Ono Pharmaceutical Co. Ltd. | 500 | 5591 |
| Open House Group Co. Ltd. | 100 | 4422 |
| Oriental Land Co. Ltd. | 1100 | 22650 |
| ORIX Corp. | 1300 | 29202 |
| Orix J-Reit, Inc. REIT | 2 | 2614 |
| Osaka Gas Co. Ltd. | 300 | 7590 |
| Otsuka Corp. | 300 | 5684 |
| Otsuka Holdings Co. Ltd. | 500 | 23805 |
| Pan Pacific International Holdings Corp. | 400 | 13383 |
| Panasonic Holdings Corp. | 2400 | 22702 |
| Persol Holdings Co. Ltd. | 2300 | 4396 |
| Rakuten Bank Ltd. (b) | 100 | 4658 |
| Rakuten Group, Inc. (b) | 1300 | 6578 |
| Recruit Holdings Co. Ltd. | 1500 | 88997 |
| Renesas Electronics Corp. | 1900 | 23110 |
| Resona Holdings, Inc. | 2400 | 21850 |
| Resonac Holdings Corp. | 200 | 4810 |
| Ricoh Co. Ltd. | 700 | 6138 |
| Rinnai Corp. | 100 | 2468 |
| Rohm Co. Ltd. | 400 | 5034 |
| Rohto Pharmaceutical Co. Ltd. | 300 | 4282 |
| Ryohin Keikaku Co. Ltd. | 300 | 14045 |
| Sanrio Co. Ltd. | 200 | 8206 |
| Santen Pharmaceutical Co. Ltd. | 500 | 5524 |
| Sanwa Holdings Corp. | 200 | 5456 |
| SBI Holdings, Inc. | 300 | 11144 |
| SCREEN Holdings Co. Ltd. | 100 | 7801 |
| SCSK Corp. | 200 | 6223 |
| Secom Co. Ltd. | 500 | 17957 |
| Sega Sammy Holdings, Inc. | 100 | 2044 |
| Seibu Holdings, Inc. | 200 | 5589 |
| Seiko Epson Corp. | 400 | 5075 |
| Sekisui Chemical Co. Ltd. | 400 | 6938 |
| Sekisui House Ltd. | 600 | 12586 |
| Seven & i Holdings Co. Ltd. | 2500 | 32958 |
| SG Holdings Co. Ltd. | 500 | 5547 |
| Sharp Corp. (b) | 700 | 3309 |
| Shimadzu Corp. | 300 | 6641 |
| Shimamura Co. Ltd. | 100 | 7241 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments

E\*TRADE No Fee International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan (cont'd)** |  |  |
| Shimano, Inc. | 100 | $10940 |
| Shimizu Corp. | 500 | 5539 |
| Shin-Etsu Chemical Co. Ltd. | 1800 | 51798 |
| Shionogi & Co. Ltd. | 800 | 13379 |
| Shiseido Co. Ltd. | 400 | 6502 |
| Shizuoka Financial Group, Inc. | 400 | 4731 |
| SMC Corp. | 28 | 9743 |
| SoftBank Corp. | 29400 | 42478 |
| SoftBank Group Corp. | 1100 | 83995 |
| Sojitz Corp. | 200 | 4760 |
| Sompo Holdings, Inc. | 1000 | 29487 |
| Sony Group Corp. | 6400 | 153941 |
| Square Enix Holdings Co. Ltd. | 100 | 6761 |
| Stanley Electric Co. Ltd. | 100 | 1886 |
| Subaru Corp. | 600 | 11037 |
| Sugi Holdings Co. Ltd. | 100 | 2420 |
| Sumitomo Chemical Co. Ltd. | 1800 | 4502 |
| Sumitomo Corp. | 1200 | 30672 |
| Sumitomo Electric Industries Ltd. | 800 | 19852 |
| Sumitomo Forestry Co. Ltd. | 600 | 6027 |
| Sumitomo Heavy Industries Ltd. | 100 | 2215 |
| Sumitomo Metal Mining Co. Ltd. | 300 | 6599 |
| Sumitomo Mitsui Financial Group, Inc. | 4100 | 103429 |
| Sumitomo Mitsui Trust Group, Inc. | 700 | 18350 |
| Sumitomo Realty & Development Co. Ltd. | 500 | 18265 |
| Sumitomo Rubber Industries Ltd. | 100 | 1143 |
| Sundrug Co. Ltd. | 100 | 2964 |
| Suntory Beverage & Food Ltd. | 100 | 3020 |
| Suzuki Motor Corp. | 1900 | 20876 |
| Sysmex Corp. | 500 | 8123 |
| T&D Holdings, Inc. | 500 | 12209 |
| Taisei Corp. | 200 | 11959 |
| Takeda Pharmaceutical Co. Ltd. | 1600 | 43952 |
| TBS Holdings, Inc. | 200 | 6579 |
| TDK Corp. | 2200 | 26802 |
| Terumo Corp. | 1500 | 25436 |
| TIS, Inc. | 200 | 6380 |
| Tobu Railway Co. Ltd. | 300 | 5107 |
| Toho Co. Ltd. | 100 | 6309 |
| Tohoku Electric Power Co., Inc. | 600 | 4209 |
| Tokio Marine Holdings, Inc. | 1900 | 76291 |
| Tokyo Century Corp. | 100 | 1144 |
| Tokyo Electric Power Co. Holdings, Inc. (b) | 1800 | 6816 |
| Tokyo Electron Ltd. | 446 | 70905 |
| Tokyo Gas Co. Ltd. | 400 | 13395 |
| Tokyo Metro Co. Ltd. | 200 | 2155 |
| Tokyu Corp. | 500 | 5628 |
| Tokyu Fudosan Holdings Corp. | 800 | 5641 |
| TOPPAN Holdings, Inc. | 300 | 8084 |
| Toray Industries, Inc. | 1300 | 8892 |
| Tosoh Corp. | 200 | 3011 |
| TOTO Ltd. | 200 | 5091 |
| Toyo Suisan Kaisha Ltd. | 100 | 6389 |
| Toyota Industries Corp. | 190 | 20317 |
| Toyota Motor Corp. | 11200 | 199221 |
| Toyota Tsusho Corp. | 800 | 18335 |
| Trend Micro, Inc. | 146 | 8903 |
| Unicharm Corp. | 1300 | 8992 |
| United Urban Investment Corp. REIT | 3 | 3294 |
| USS Co. Ltd. | 400 | 4348 |
| West Japan Railway Co. | 400 | 8758 |
| Yakult Honsha Co. Ltd. | 400 | 6435 |
| Yamada Holdings Co. Ltd. | 1000 | 3048 |
| Yamaha Corp. | 200 | 1441 |
| Yamaha Motor Co. Ltd. | 900 | 6510 |
| Yamato Holdings Co. Ltd. | 400 | 5784 |
| Yamazaki Baking Co. Ltd. | 100 | 2136 |
| Yaskawa Electric Corp. | 200 | 4183 |
| Yokogawa Electric Corp. | 300 | 7996 |
| Yokohama Rubber Co. Ltd. | 100 | 2859 |
| Zensho Holdings Co. Ltd. | 100 | 5262 |
| ZOZO, Inc. | 400 | 3960 |
|  |  | 4777820 |
| **Luxembourg (0.0%)‡** |  |  |
| Zabka Group SA (b) | 396 | 2188 |
| **Mexico (0.0%)‡** |  |  |
| Fresnillo PLC | 254 | 4683 |
| **Netherlands (3.5%)** |  |  |
| Adyen NV (b) | 30 | 51454 |
| AerCap Holdings NV | 202 | 21664 |
| ASM International NV | 46 | 22267 |
| ASML Holding NV | 413 | 286239 |
| Coca-Cola Europacific Partners PLC | 214 | 20741 |
| CVC Capital Partners PLC | 714 | 13692 |
| DSM-Firmenich AG | 252 | 24212 |
| EXOR NV | 119 | 11469 |
| Heineken Holding NV | 131 | 8841 |
| Heineken NV | 287 | 22527 |
| ING Groep NV | 3559 | 82944 |
| InPost SA (b) | 325 | 4668 |
| Koninklijke Ahold Delhaize NV | 958 | 37838 |
| Koninklijke KPN NV | 3761 | 16802 |
| Koninklijke Philips NV | 787 | 20553 |
| Prosus NV | 1350 | 77120 |
| Universal Music Group NV | 951 | 27357 |
| Wolters Kluwer NV | 249 | 38784 |
|  |  | 789172 |
| **New Zealand (0.2%)** |  |  |
| a2 Milk Co. Ltd. | 541 | 2801 |
| Auckland International Airport Ltd. | 2006 | 8899 |
| Contact Energy Ltd. | 909 | 4872 |
| Fisher & Paykel Healthcare Corp. Ltd. | 665 | 14409 |
| Infratil Ltd. | 822 | 5613 |
| Mainfreight Ltd. | 78 | 2719 |
| Mercury NZ Ltd. | 347 | 1264 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments

E\*TRADE No Fee International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **New Zealand (cont'd)** |  |  |
| Meridian Energy Ltd. | 1463 | $4918 |
| Spark New Zealand Ltd. | 2196 | 3140 |
|  |  | 48635 |
| **Norway (0.7%)** |  |  |
| Aker ASA, Class A | 12 | 826 |
| Aker BP ASA | 320 | 7698 |
| DNB Bank ASA | 841 | 21277 |
| Equinor ASA | 987 | 25354 |
| Frontline PLC | 180 | 3315 |
| Gjensidige Forsikring ASA | 199 | 5234 |
| Kongsberg Gruppen ASA | 500 | 14942 |
| Leroy Seafood Group ASA | 141 | 641 |
| Mowi ASA | 478 | 8904 |
| Nordic Semiconductor ASA (b) | 86 | 1169 |
| Norsk Hydro ASA | 1238 | 7338 |
| Opera Ltd. ADR | 47 | 779 |
| Orkla ASA | 1017 | 10695 |
| Salmar ASA | 126 | 5103 |
| SpareBank 1 Sor-Norge ASA | 230 | 4028 |
| Storebrand ASA | 438 | 6220 |
| Telenor ASA | 720 | 11045 |
| TOMRA Systems ASA | 278 | 3861 |
| Var Energi ASA | 1078 | 3693 |
| Vend Marketplaces ASA, Class A | 52 | 2053 |
| Vend Marketplaces ASA, Class B | 140 | 5260 |
| Wallenius Wilhelmsen ASA | 84 | 751 |
| Yara International ASA | 163 | 6026 |
|  |  | 156212 |
| **Poland (0.4%)** |  |  |
| Allegro.eu SA (b) | 512 | 5023 |
| Bank Millennium SA (b) | 985 | 3831 |
| Bank Polska Kasa Opieki SA | 196 | 10644 |
| Budimex SA | 6 | 898 |
| CCC SA (b) | 24 | 1233 |
| CD Projekt SA | 65 | 4341 |
| Dino Polska SA (b) | 560 | 7385 |
| KGHM Polska Miedz SA (b) | 119 | 4023 |
| LPP SA | 1 | 4441 |
| mBank SA (b) | 17 | 4020 |
| ORLEN SA | 607 | 13517 |
| PGE Polska Grupa Energetyczna SA (b) | 1115 | 3590 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 1018 | 22291 |
| Powszechny Zaklad Ubezpieczen SA | 566 | 9487 |
| Santander Bank Polska SA | 38 | 5541 |
|  |  | 100265 |
| **Portugal (0.2%)** |  |  |
| Banco Comercial Portugues SA, Class R | 9484 | 7788 |
| EDP SA | 3697 | 15980 |
| Galp Energia SGPS SA | 449 | 8574 |
| Jeronimo Martins SGPS SA | 237 | 5777 |
| Navigator Co. SA | 780 | 2755 |
|  |  | 40874 |
| **Singapore (1.6%)** |  |  |
| CapitaLand Ascendas REIT | 3400 | 7280 |
| CapitaLand Integrated Commercial Trust REIT | 6437 | 10869 |
| CapitaLand Investment Ltd. | 2300 | 4898 |
| City Developments Ltd. | 700 | 3314 |
| DBS Group Holdings Ltd. | 2100 | 77079 |
| Genting Singapore Ltd. | 3000 | 1692 |
| Grab Holdings Ltd., Class A (b) | 2579 | 12611 |
| Hafnia Ltd. | 528 | 2902 |
| Keppel Ltd. | 1600 | 10395 |
| Mapletree Industrial Trust REIT | 3500 | 5456 |
| Mapletree Logistics Trust REIT | 2400 | 2134 |
| Mapletree Pan Asia Commercial Trust REIT | 4000 | 3964 |
| Oversea-Chinese Banking Corp. Ltd. | 3400 | 44061 |
| SATS Ltd. | 800 | 1952 |
| Sea Ltd. ADR (b) | 404 | 63287 |
| Seatrium Ltd. | 2900 | 5040 |
| Sembcorp Industries Ltd. | 900 | 5351 |
| Singapore Airlines Ltd. | 1600 | 8357 |
| Singapore Exchange Ltd. | 800 | 9809 |
| Singapore Technologies Engineering Ltd. | 1500 | 10091 |
| Singapore Telecommunications Ltd. | 7400 | 22053 |
| United Overseas Bank Ltd. | 1300 | 36118 |
| UOL Group Ltd. | 600 | 3172 |
| Wilmar International Ltd. | 2300 | 5206 |
| Yangzijiang Shipbuilding Holdings Ltd. | 2500 | 4904 |
|  |  | 361995 |
| **South Africa (0.0%)‡** |  |  |
| Valterra Platinum Ltd. | 152 | 6785 |
| **Spain (2.8%)** |  |  |
| ACS Actividades de Construccion y Servicios SA | 195 | 13458 |
| Aena SME SA | 736 | 19819 |
| Amadeus IT Group SA | 475 | 38140 |
| Banco Bilbao Vizcaya Argentaria SA | 6161 | 102755 |
| Banco Santander SA | 16057 | 137942 |
| CaixaBank SA | 3559 | 33484 |
| Cellnex Telecom SA | 577 | 20362 |
| Endesa SA | 376 | 10897 |
| Ferrovial SE | 522 | 26759 |
| Iberdrola SA | 6478 | 113860 |
| Industria de Diseno Textil SA | 1150 | 54932 |
| International Consolidated Airlines Group SA | 3454 | 17258 |
| Naturgy Energy Group SA | 56 | 1756 |
| Redeia Corp. SA | 493 | 9557 |
| Repsol SA | 1270 | 19255 |
| Telefonica SA | 4271 | 22042 |
|  |  | 642276 |
| **Sweden (2.9%)** |  |  |
| AAK AB | 180 | 4630 |
| AddTech AB, Class B | 303 | 10186 |
| Alfa Laval AB | 333 | 14468 |
| Assa Abloy AB, Class B | 989 | 32726 |
| Atlas Copco AB, Class A | 4421 | 65091 |
| Avanza Bank Holding AB | 178 | 6557 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments

E\*TRADE No Fee International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Sweden (cont'd)** |  |  |
| Axfood AB | 126 | $3755 |
| Beijer Ref AB, Class B | 386 | 6480 |
| Boliden AB (b) | 246 | 7530 |
| Castellum AB | 451 | 5134 |
| Embracer Group AB (b) | 283 | 2928 |
| Epiroc AB, Class A | 1078 | 20955 |
| EQT AB | 585 | 19553 |
| Essity AB, Class B | 728 | 17951 |
| Evolution AB | 153 | 13611 |
| Fastighets AB Balder, Class B (b) | 630 | 4254 |
| Getinge AB, Class B | 218 | 4303 |
| H & M Hennes & Mauritz AB, Class B | 492 | 6628 |
| Hexagon AB, Class B | 2275 | 24998 |
| Holmen AB, Class B | 130 | 4832 |
| Husqvarna AB, Class B | 203 | 1099 |
| Industrivarden AB, Class A | 270 | 9981 |
| Indutrade AB | 244 | 5925 |
| Investment AB Latour, Class B | 185 | 4723 |
| Investor AB, Class A | 2462 | 71373 |
| L E Lundbergforetagen AB, Class B | 24 | 1171 |
| Lifco AB, Class B | 235 | 8371 |
| Nibe Industrier AB, Class B | 1605 | 7406 |
| Nordnet AB publ | 178 | 4807 |
| Saab AB, Class B | 315 | 17134 |
| Sagax AB, Class B | 203 | 4297 |
| Sandvik AB | 1144 | 27913 |
| Securitas AB, Class B | 663 | 9840 |
| Skandinaviska Enskilda Banken AB, Class A | 1710 | 29912 |
| Skanska AB, Class B | 360 | 8398 |
| SKF AB, Class B | 353 | 8222 |
| SSAB AB, Class A | 867 | 4913 |
| Svenska Cellulosa AB SCA, Class B | 533 | 6684 |
| Svenska Handelsbanken AB, Class A | 1455 | 17978 |
| Sweco AB, Class B | 336 | 5300 |
| Swedbank AB, Class A | 927 | 24684 |
| Swedish Orphan Biovitrum AB (b) | 190 | 5224 |
| Tele2 AB, Class B | 481 | 7434 |
| Telefonaktiebolaget LM Ericsson, Class B | 3080 | 22372 |
| Telia Co. AB | 2469 | 8720 |
| Thule Group AB | 127 | 3592 |
| Trelleborg AB, Class B | 206 | 7485 |
| Volvo AB, Class A | 1873 | 53781 |
| Volvo Car AB, Class B (b) | 305 | 583 |
|  |  | 665892 |
| **Switzerland (7.4%)** |  |  |
| ABB Ltd. (Registered) | 1689 | 110288 |
| Alcon AG | 514 | 45061 |
| Amrize Ltd. (b) | 534 | 26994 |
| Chocoladefabriken Lindt & Spruengli AG | 1 | 14711 |
| Cie Financiere Richemont SA, Class A (Registered) | 579 | 94537 |
| Galderma Group AG | 115 | 17724 |
| Geberit AG (Registered) | 35 | 26813 |
| Givaudan SA (Registered) | 10 | 41803 |
| Holcim AG | 538 | 42905 |
| Kuehne & Nagel International AG (Registered) | 59 | 12029 |
| Lonza Group AG (Registered) | 76 | 52970 |
| Nestle SA (Registered) | 2816 | 246054 |
| Novartis AG (Registered) | 2130 | 242579 |
| Partners Group Holding AG | 22 | 29575 |
| Roche Holding AG | 787 | 246250 |
| Schindler Holding AG | 42 | 15189 |
| Schindler Holding AG (Registered) | 26 | 9119 |
| SGS SA (Registered) | 162 | 16461 |
| Sika AG (Registered) | 166 | 39173 |
| Straumann Holding AG (Registered) (b) | 124 | 15108 |
| Swiss Life Holding AG (Registered) | 31 | 32110 |
| Swiss Re AG | 312 | 55848 |
| Swisscom AG (Registered) | 24 | 16676 |
| UBS Group AG (Registered) | 3483 | 129442 |
| Zurich Insurance Group AG | 156 | 106409 |
|  |  | 1685828 |
| **United Kingdom (12.9%)** |  |  |
| 3i Group PLC | 994 | 54314 |
| Admiral Group PLC | 292 | 13162 |
| Anglo American PLC | 1152 | 32415 |
| Antofagasta PLC | 335 | 8262 |
| Ashtead Group PLC | 471 | 31468 |
| Associated British Foods PLC | 276 | 7992 |
| AstraZeneca PLC | 1600 | 233427 |
| Auto Trader Group PLC | 884 | 9759 |
| Aviva PLC | 2816 | 24060 |
| BAE Systems PLC | 3275 | 78144 |
| Barclays PLC | 14984 | 73242 |
| Barratt Redrow PLC | 1206 | 5939 |
| Berkeley Group Holdings PLC | 90 | 4328 |
| BP PLC | 16096 | 86279 |
| British American Tobacco PLC | 2126 | 113905 |
| BT Group PLC | 6420 | 17533 |
| Bunzl PLC | 351 | 10417 |
| Centrica PLC | 5047 | 10971 |
| Compass Group PLC | 1859 | 65324 |
| ConvaTec Group PLC | 1716 | 5287 |
| Croda International PLC | 126 | 4337 |
| DCC PLC | 95 | 5950 |
| Diageo PLC | 2377 | 57613 |
| Experian PLC | 987 | 52006 |
| Glencore PLC (b) | 10325 | 41438 |
| GSK PLC | 4387 | 80694 |
| Haleon PLC | 9383 | 44013 |
| Halma PLC | 423 | 18100 |
| Hikma Pharmaceuticals PLC | 199 | 5144 |
| HSBC Holdings PLC | 19022 | 231744 |
| ICG PLC | 373 | 10680 |
| Imperial Brands PLC | 835 | 32548 |
| Informa PLC | 1292 | 14774 |
| InterContinental Hotels Group PLC | 159 | 18291 |
| Intertek Group PLC | 160 | 10403 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments

E\*TRADE No Fee International Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom (cont'd)** |  |  |
| J Sainsbury PLC | 1790 | $7157 |
| JD Sports Fashion PLC | 1779 | 1997 |
| Kingfisher PLC | 2052 | 7296 |
| Land Securities Group PLC REIT | 778 | 5917 |
| Legal & General Group PLC | 6300 | 21313 |
| Lloyds Banking Group PLC | 63120 | 64726 |
| London Stock Exchange Group PLC | 509 | 62045 |
| M&G PLC | 2742 | 9438 |
| Marks & Spencer Group PLC | 2035 | 9346 |
| Melrose Industries PLC | 1510 | 10195 |
| Mondi PLC | 577 | 7800 |
| National Grid PLC | 5235 | 73563 |
| NatWest Group PLC | 8090 | 56157 |
| Next PLC | 115 | 18667 |
| Pearson PLC | 689 | 9743 |
| Phoenix Group Holdings PLC | 831 | 7267 |
| Prudential PLC | 2986 | 37881 |
| Reckitt Benckiser Group PLC | 703 | 52687 |
| RELX PLC | 1992 | 103506 |
| Rentokil Initial PLC | 2850 | 14217 |
| Rightmove PLC | 842 | 9086 |
| Rio Tinto PLC | 1075 | 64026 |
| Rolls-Royce Holdings PLC | 9146 | 129809 |
| Sage Group PLC | 1051 | 16876 |
| Schroders PLC | 822 | 4225 |
| Segro PLC REIT | 1475 | 12571 |
| Severn Trent PLC | 232 | 8136 |
| Shell PLC | 6469 | 232451 |
| Smith & Nephew PLC | 967 | 14779 |
| Smiths Group PLC | 359 | 11120 |
| Spirax Group PLC | 83 | 6936 |
| SSE PLC | 1124 | 27552 |
| Standard Chartered PLC | 2064 | 37001 |
| Taylor Wimpey PLC | 3452 | 4645 |
| Tesco PLC | 7228 | 40610 |
| Unilever PLC CVA | 2647 | 153580 |
| United Utilities Group PLC | 586 | 8748 |
| Vodafone Group PLC | 20695 | 22437 |
| Weir Group PLC | 251 | 8818 |
| Whitbread PLC | 175 | 7030 |
| Wise PLC, Class A (b) | 862 | 11515 |
| WPP PLC | 1184 | 6411 |
|  |  | 2933243 |
| **United States (0.6%)** |  |  |
| ICON PLC ADR (b) | 96 | 16242 |
| NXP Semiconductors NV | 282 | 60283 |
| Waste Connections, Inc. | 279 | 52099 |
|  |  | 128624 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $21,221,290)** |  | 22587099 |
| **Short-Term Investment (0.5%)** |  |  |
| Investment Company (0.5%) |  |  |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 4.23% (d) **(Cost $115,734)** | 115734 | $115734 |
| **Total Investments (100.0%) (Cost $21,337,024) (e)(f)(g)** |  | 22702833 |
| **Liabilities in Excess of Other Assets (–0.0%)** |  | (2863) |
| **Net Assets (100.0%)** |  | $22699970 |

---

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.

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
| (b) | Non-income producing security. |
| (c) | Security trades on the Hong Kong exchange. |
| (d) | 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. |
| (e) | 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 period ended July 31, 2025, the Fund did not engage in any cross-trade transactions. |
| (f) | The fair value and percentage of net assets, $19,624,010 and 86.4%, 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. |
| (g) | At July 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $1,756,142 and the aggregate gross unrealized depreciation is $390,333, resulting in net unrealized appreciation of $1,365,809. |
| ADR | American Depositary Receipt. |
| CPI | Consumer Price Index. |
| CVA | Certificaten Van Aandelen. |
| REIT | Real Estate Investment Trust. |

---

---

| | |
|:---|:---|
| **Portfolio Composition (Unaudited)**<br>**Classification** |<br>**Percentage of<br> Total Investments** |
| Other<sup>\*</sup> | 72.6% |
| Banks | 14.7 |
| Pharmaceuticals | 6.5 |
| Insurance | 6.2 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments

E\*TRADE No Fee Municipal Bond Index Fund

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**Amount** |<br>**Value** |
| **Municipal Bonds (98.4%)** |  |  |
| **Education (13.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/31 | $155000 | $173597 |
| &nbsp;&nbsp;&nbsp;Danville Multi-School Building Corp., IN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/41 (a) | 335000 | 345322 |
| &nbsp;&nbsp;&nbsp;Illinois Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/31 | 300000 | 330270 |
| &nbsp;&nbsp;&nbsp;Mississippi Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | 110000 | 118562 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/42 | 200000 | 207391 |
| &nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission (Kenyon College 2023) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | 200000 | 215471 |
| &nbsp;&nbsp;&nbsp;University of Arkansas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/28 | 240000 | 257739 |
| &nbsp;&nbsp;&nbsp;University of Houston, TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/32 | 210000 | 234097 |
| &nbsp;&nbsp;&nbsp;University of Maine System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/28 | 200000 | 212362 |
|  |  | 2094811 |
| **Electric Utilities (3.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Knoxville Electric System Revenue, TN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | 105000 | 110007 |
| &nbsp;&nbsp;&nbsp;Lower Colorado River Authority, TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/31 | 145000 | 159923 |
| &nbsp;&nbsp;&nbsp;San Antonio Texas Electric and Gas Systems Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/30 | 300000 | 326260 |
|  |  | 596190 |
| **General Obligations (43.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Abilene, TX (Taylor and Jones Counties) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/32 | 115000 | 126976 |
| &nbsp;&nbsp;&nbsp;Angleton Independent School District, TX (PSF Guaranteed) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/38 | 250000 | 267714 |
| &nbsp;&nbsp;&nbsp;Baltimore, MD (Consolidated Public Improvement) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/15/35 | 195000 | 151323 |
| &nbsp;&nbsp;&nbsp;Bethlehem Area School District, PA (State Aid Withholding) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/29 | 190000 | 203477 |
| &nbsp;&nbsp;&nbsp;Celina Independent School District, TX (PSF Guaranteed) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/38 | 165000 | 177207 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, (General Obligation Refunding Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/39 | 220000 | 235953 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/30 | 105000 | 116681 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania, (Bid Group A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/32 | 110000 | 124369 |
| &nbsp;&nbsp;&nbsp;Connecticut, (Sustainable Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/30 | 245000 | 271252 |
| &nbsp;&nbsp;&nbsp;Conroe Independent School District, TX (PSF Guaranteed) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/40 | 200000 | 210337 |
| &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District, TX (PSF Guaranteed) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/32 | 145000 | 162368 |
| &nbsp;&nbsp;&nbsp;Dallas, TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/32 | 360000 | 400857 |
| &nbsp;&nbsp;&nbsp;Del Mar College District, TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 8/15/39 | 135000 | 109440 |
| &nbsp;&nbsp;&nbsp;Denton, TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/41 | 315000 | 326791 |
| &nbsp;&nbsp;&nbsp;Everett, WA (Lift Projects) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/30 | 200000 | 220980 |
| &nbsp;&nbsp;&nbsp;La Vernia Independent School District, TX (PSF Guaranteed) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/42 | 150000 | 155602 |
| &nbsp;&nbsp;&nbsp;Lake County School District No. 112 North Shore, IL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/33 - 12/1/35 | 250000 | 274770 |
| &nbsp;&nbsp;&nbsp;Laredo, TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 2/15/37 | 175000 | 153382 |
| &nbsp;&nbsp;&nbsp;Magnolia Independent School District, TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/35 | 300000 | 327359 |
| &nbsp;&nbsp;&nbsp;Maryland, (Bidding Group 3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/37 | 220000 | 240973 |
| &nbsp;&nbsp;&nbsp;Melissa, TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/34 | 130000 | 141851 |
| &nbsp;&nbsp;&nbsp;Memphis, TN (Tennessee General Improvement Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/39 | 170000 | 179929 |
| &nbsp;&nbsp;&nbsp;New York City, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/33 | 135000 | 151086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/41 | 250000 | 231572 |
| &nbsp;&nbsp;&nbsp;Oakland Park, FL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/32 | 240000 | 262177 |
| &nbsp;&nbsp;&nbsp;Pflugerville, TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/27 | 110000 | 115193 |
| &nbsp;&nbsp;&nbsp;Plano Independent School District, TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/41 | 180000 | 186781 |
| &nbsp;&nbsp;&nbsp;Prosper Independent School District, TX (PSF Guaranteed), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/32 | 125000 | 139500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/36 | 300000 | 329366 |
| &nbsp;&nbsp;&nbsp;St. Cloud Independent School District No. 742, MN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 2/1/27 | 100000 | 95767 |
| &nbsp;&nbsp;&nbsp;State of Washington, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/39 - 2/1/40 | 300000 | 315444 |
| &nbsp;&nbsp;&nbsp;Three Rivers Independent School District, TX (PSF Guaranteed) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/26 | 200000 | 202597 |
| &nbsp;&nbsp;&nbsp;Warren Consolidated Schools, MI (SBLF) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/26 | 130000 | 132334 |
| &nbsp;&nbsp;&nbsp;Washington, (Various Purpose General Obligation Refunding Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/26 | 180000 | 184586 |
|  |  | 6925994 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee Municipal Bond Index Fund

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **Hospital (3.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, AZ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/28 | $110000 | $117287 |
| &nbsp;&nbsp;&nbsp;Michigan Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/29 | 225000 | 244483 |
| &nbsp;&nbsp;&nbsp;Oregon Health and Science University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | 235000 | 245219 |
|  |  | 606989 |
| **Insured - General Obligations (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;North Olmsted City School District, OH (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/27 | 170000 | 178659 |
| **Lease Revenue/Certificates of Participation (7.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;California State Public Works Board (Various Capital) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/37 | 200000 | 218959 |
| &nbsp;&nbsp;&nbsp;Colorado, (Rural Colorado), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/34 | 225000 | 228068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/31 | 125000 | 139794 |
| &nbsp;&nbsp;&nbsp;Community College District of Central Southwest Missouri |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/28 | 185000 | 195531 |
| &nbsp;&nbsp;&nbsp;County of Dare, NC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/39 - 6/1/40 | 355000 | 379033 |
|  |  | 1161385 |
| **Special Tax Revenue (14.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;County of Clark, NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | 285000 | 321356 |
| &nbsp;&nbsp;&nbsp;East Montgomery County Improvement District Sales Tax Revenue, TX (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/39 | 230000 | 242498 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp., NY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/15/36 - 3/15/38 | 425000 | 453031 |
| &nbsp;&nbsp;&nbsp;Grand Junction, CO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/31 | 100000 | 111111 |
| &nbsp;&nbsp;&nbsp;Greater Texas Cultural Education Facilities Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/40 | 200000 | 184282 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/40 - 5/1/42 | 430000 | 449938 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/15/38 - 3/15/41 | 285000 | 270580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/15/31 | 120000 | 134503 |
| &nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority Dedicated Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/35 | 120000 | 127551 |
|  |  | 2294850 |
| **Transportation (7.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Central Texas Turnpike System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/33 | 165000 | 183397 |
| &nbsp;&nbsp;&nbsp;County of Clark Department of Aviation, NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | 195000 | 212354 |
| &nbsp;&nbsp;&nbsp;Houston Airport System Revenue, TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | 150000 | 152785 |
| &nbsp;&nbsp;&nbsp;North Texas Tollway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/38 | 340000 | 362367 |
| &nbsp;&nbsp;&nbsp;Wayne County Airport Authority, MI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/41 | 200000 | 209195 |
|  |  | 1120098 |
| **Water and Sewer (4.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Illinois Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/38 | 250000 | 268593 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/29 | 115000 | 124803 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | 140000 | 159385 |
| &nbsp;&nbsp;&nbsp;Texas Water Development Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/33 | 105000 | 118662 |
|  |  | 671443 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (Cost $15,422,547)** |  | 15650419 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investment (2.4%)** |  |  |
| **Investment Company (2.4%)** |  |  |
| BlackRock Liquidity Funds — MuniCash — Institutional Shares, 2.10% **(Cost $386,217)** | 386178 | 386217 |
| **Total Investments (100.8%) (Cost $15,808,764) (b)(c)** |  | 16036636 |
| **Liabilities in Excess of Other Assets (–0.8%)** |  | (127692) |
| **Net Assets (100.0%)** |  | $15908944 |

---

---

| | |
|:---|:---|
| (a) | All or a portion of the security is subject to delayed delivery. |
| (b) | Securities are available for collateral in connection with securities purchased on a forward commitment basis. |
| (c) | At July 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $247,450 and the aggregate gross unrealized depreciation is $19,578, resulting in net unrealized appreciation of $227,872. |
| AGM | Assured Guaranty Municipal Corporation. |
| AID | Agency for International Development. |
| PSF | Permanent School Fund. |
| SBLF | Small Business Lending Fund. |

---

At July 31, 2025, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows:

---

| | |
|:---|:---|
| <br>**State/Territory** | **Percentage of**<br>**Net Assets** |
| Texas | 35.7% |
| New York | 11.9 |
| Others, representing less than 10% individually | 53.2 |
|  | 100.8% |

---

---

| | |
|:---|:---|
| **Portfolio Composition (Unaudited)**<br>**Classification** | <br>**Percentage of<br> Total Investments** |
| General Obligations | 43.2% |
| Other<sup>\*</sup> | 15.2 |
| Special Tax Revenue | 14.3 |
| Education | 13.1 |
| Lease Revenue/Certificates of Participation | 7.2 |
| Transportation | 7.0 |
| **Total Investments** | **100.0%** |

---

\* Sectors and/or investment types representing less than 5% of total investments.

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments

E\*TRADE No Fee U.S. Bond Index Fund

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **Fixed Income Securities (98.8%)** |  |  |
| **Corporate Bonds (30.2%)** |  |  |
| **Basic Materials (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;LYB International Finance III LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/34 | $67000 | $66347 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/27/28 | 49000 | 49544 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 8/15/29 | 65000 | 61275 |
|  |  | 177166 |
| **Communications (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 2/1/43 | 114000 | 82353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 2/1/52 | 122000 | 79714 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 2/26/64 | 89000 | 85783 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 3/1/38 | 67000 | 57778 |
|  |  | 305628 |
| **Consumer, Cyclical (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 6/1/27 | 68000 | 67226 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 4/1/27 | 101000 | 99318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 4/5/29 | 101000 | 98414 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 3/12/50 | 100000 | 67037 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 1/12/33 | 86000 | 86048 |
|  |  | 418043 |
| **Consumer, Non-Cyclical (4.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 3/15/64 | 79000 | 76115 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 9/1/53 | 132000 | 77354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 3/1/33 | 132000 | 126733 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96%, 2/11/31 | 105000 | 91094 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 1/30/35 | 110000 | 110048 |
| &nbsp;&nbsp;&nbsp;Stryker Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 6/15/30 | 159000 | 141536 |
|  |  | 622880 |
| **Energy (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Equinor ASA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 5/15/43 | 50000 | 41996 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/1/48 | 121000 | 107865 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 3/1/35 | 60000 | 60905 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 3/15/33 | 44000 | 45582 |
|  |  | 256348 |
| **Finance (10.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 2/4/28 | 90000 | 87462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 7/22/28 | 85000 | 85772 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 7/26/35 | 115000 | 118802 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 5/19/34 | 75000 | 79525 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 6/3/31 | 94000 | 85268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 1/29/31 | 92000 | 84299 |
| &nbsp;&nbsp;&nbsp;Essex Portfolio LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/1/34 | 116000 | 118715 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 1/29/32 | 109000 | 112942 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91%, 7/21/42 | 107000 | 76491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.56%, 10/24/34 | 71000 | 78478 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04%, 1/23/28 | 85000 | 85686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07%, 10/22/27 | 83000 | 84522 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/2/28 | 84000 | 85737 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 9/6/35 | 140000 | 141082 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp., MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 10/28/33 | 74000 | 78604 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 2/11/31 | 93000 | 85298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, 4/25/53 | 87000 | 74301 |
|  |  | 1562984 |
| **Industrials (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;CSX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 6/15/35 | 67000 | 67003 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 6/1/41 | 118000 | 86596 |
| &nbsp;&nbsp;&nbsp;RTX Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, 9/1/31 | 111000 | 94705 |
|  |  | 248304 |
| **Technology (3.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02%, 6/15/26 | 119000 | 120044 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/1/28 | 110000 | 108934 |
| &nbsp;&nbsp;&nbsp;Intel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 8/5/62 | 99000 | 78055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 2/10/33 | 95000 | 95031 |
| &nbsp;&nbsp;&nbsp;Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 4/1/30 | 82000 | 76329 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

E\*TRADE No Fee U.S. Bond Index Fund

---

| | | |
|:---|:---|:---|
|  | **Face <br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 5/20/53 | $73000 | $76632 |
|  |  | 555025 |
| **Utilities (3.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Dominion Energy South Carolina, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/53 | 70000 | 75468 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 1/15/54 | 80000 | 77079 |
| &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/1/53 | 82000 | 78016 |
| &nbsp;&nbsp;&nbsp;Exelon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 3/15/29 | 84000 | 85937 |
| &nbsp;&nbsp;&nbsp;Southern Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 6/15/28 | 133000 | 134743 |
|  |  | 451243 |
|  |  | 4597621 |
| **U.S. Agency Securities (4.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/10/27 | 160000 | 160139 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 10/8/27 | 216000 | 201805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 8/5/30 | 274000 | 236111 |
|  |  | 598055 |
| **U.S. Treasury Securities (64.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 8/15/47 | 351000 | 247263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 2/15/49 | 1145000 | 833256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/15/48 | 747000 | 583885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 2/15/36 | 370000 | 375709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/15/26 | 348000 | 359860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 2/15/27 | 49000 | 51046 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 4/30/27 | 645000 | 607560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 2/15/31 | 242000 | 208144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 4/30/28 | 1216000 | 1133255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 10/31/26 | 911000 | 883706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/31/28 | 1012000 | 1007256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0%, 1/31/29 - 2/28/30 | 1363000 | 1367190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 6/30/31 | 1101000 | 1112419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 5/15/34 | 1049000 | 1055577 |
|  |  | 9826126 |
| &nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $14,853,534)** |  | 15021802 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investment (0.0%) ‡** |  |  |
| **Investment Company (0.0%) ‡** |  |  |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 4.23% (a) **(Cost $3,459)** | 3459 | 3459 |
| **Total Investments (98.8%) (Cost $14,856,993) (b)** |  | 15025261 |
| **Other Assets in Excess of Liabilities (1.2%)** |  | 188507 |
| **Net Assets (100.0%)** |  | $15213768 |

---

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (a) | 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. |
| (b) | At July 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $172,284 and the aggregate gross unrealized depreciation is $4,016, resulting in net unrealized appreciation of $168,268. |
| MTN | Medium Term Note. |

---

---

| | |
|:---|:---|
| **Portfolio Composition (Unaudited)**<br>**Classification** | <br>**Percentage of<br> Total Investments** |
| U.S. Treasury Securities | 65.4% |
| Corporate Bonds | 30.6 |
| Other<sup>\*</sup> | 4.0 |
| **Total Investments** | **100.0%** |

---

\* Industries and/or investment types representing less than 5% of total investments.

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (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, 2025 (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, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value each Fund's investments as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **E\*TRADE No Fee Large Cap Index**<br>**Investment Type** |<br>**Level 1<br> Unadjusted<br> quoted<br> prices** |<br>**Level 2<br> Other<br> significant<br> observable<br> inputs** |<br>**Level 3<br> Significant<br> unobservable<br> inputs** |<br>**Total** |
| **Assets:** |  |  |  |  |
| **Common Stocks** | $34765393<sup>(1)</sup> | $— | $— | $34765393 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 473091 |  |  | 473091 |
| **Total Assets** | $**35238484** | $**—** | $**—** | $**35238484** |

---

(1) The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **E\*TRADE No Fee Total Market Index Fund** | **E\*TRADE No Fee Total Market Index Fund** | **E\*TRADE No Fee Total Market Index Fund** | **E\*TRADE No Fee Total Market Index Fund** | **E\*TRADE No Fee Total Market Index Fund** |
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices** | **Level 2<br> Other<br> significant<br> observable<br> inputs** | **Level 3<br> Significant<br> unobservable<br> inputs** | **Total** |
| **Assets:** |  |  |  |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $649511 | $— | $— | $649511 |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | 72195 |  |  | 72195 |
| &nbsp;&nbsp;&nbsp;Automobile Components | 35406 |  |  | 35406 |
| &nbsp;&nbsp;&nbsp;Automobiles | 457696 |  |  | 457696 |
| &nbsp;&nbsp;&nbsp;Banks | 1083470 |  |  | 1083470 |
| &nbsp;&nbsp;&nbsp;Beverages | 282313 |  |  | 282313 |
| &nbsp;&nbsp;&nbsp;Biotechnology | 563103 |  |  | 563103 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 1089557 |  |  | 1089557 |
| &nbsp;&nbsp;&nbsp;Building Products | 189037 |  |  | 189037 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 1040189 |  |  | 1040189 |
| &nbsp;&nbsp;&nbsp;Chemicals | 325047 |  |  | 325047 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 174288 |  |  | 174288 |
| &nbsp;&nbsp;&nbsp;Communications Equipment | 248323 |  |  | 248323 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering | 100410 |  |  | 100410 |
| &nbsp;&nbsp;&nbsp;Construction Materials | 73086 |  |  | 73086 |
| &nbsp;&nbsp;&nbsp;Consumer Finance | 194734 |  |  | 194734 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 532499 |  |  | 532499 |
| &nbsp;&nbsp;&nbsp;Containers & Packaging | 72856 |  |  | 72856 |
| &nbsp;&nbsp;&nbsp;Distributors | 14851 |  |  | 14851 |
| &nbsp;&nbsp;&nbsp;Diversified Consumer Services | 35977 |  |  | 35977 |
| &nbsp;&nbsp;&nbsp;Diversified Holding Companies | 1650 |  |  | 1650 |
| &nbsp;&nbsp;&nbsp;Diversified REITs | 19607 |  |  | 19607 |
| &nbsp;&nbsp;&nbsp;Diversified Telecommunication Services | 188640 |  |  | 188640 |
| &nbsp;&nbsp;&nbsp;Electric Utilities | 413936 |  |  | 413936 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment | 314975 |  |  | 314975 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components | 249930 |  |  | 249930 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices** | **Level 2<br> Other<br> significant<br> observable<br> inputs** | **Level 3<br> Significant<br> unobservable<br> inputs** | **Total** |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services | $86013 | $— | $— | $86013 |
| &nbsp;&nbsp;&nbsp;Entertainment | 504086 |  |  | 504086 |
| &nbsp;&nbsp;&nbsp;Financial Services | 1038749 |  |  | 1038749 |
| &nbsp;&nbsp;&nbsp;Food Products | 159620 |  |  | 159620 |
| &nbsp;&nbsp;&nbsp;Gas Utilities | 34497 |  |  | 34497 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 260432 |  |  | 260432 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 591885 |  |  | 591885 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 415577 |  |  | 415577 |
| &nbsp;&nbsp;&nbsp;Health Care REITs | 97590 |  |  | 97590 |
| &nbsp;&nbsp;&nbsp;Health Care Technology | 28750 |  |  | 28750 |
| &nbsp;&nbsp;&nbsp;Hotel & Resort REITs | 12506 |  |  | 12506 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 609908 |  |  | 609908 |
| &nbsp;&nbsp;&nbsp;Household Durables | 108043 |  |  | 108043 |
| &nbsp;&nbsp;&nbsp;Household Products | 242720 |  |  | 242720 |
| &nbsp;&nbsp;&nbsp;Independent Power & Renewable Electricity Producers | 56993 |  |  | 56993 |
| &nbsp;&nbsp;&nbsp;Industrial Conglomerates | 99250 |  |  | 99250 |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 67188 |  |  | 67188 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 374706 |  |  | 374706 |
| &nbsp;&nbsp;&nbsp;Insurance | 528245 |  |  | 528245 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 1807376 |  |  | 1807376 |
| &nbsp;&nbsp;&nbsp;Leisure Products | 20991 |  |  | 20991 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 254065 |  |  | 254065 |
| &nbsp;&nbsp;&nbsp;Machinery | 510271 |  |  | 510271 |
| &nbsp;&nbsp;&nbsp;Marine Transportation | 6481 |  |  | 6481 |
| &nbsp;&nbsp;&nbsp;Media | 143687 |  |  | 143687 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 133211 |  |  | 133211 |
| &nbsp;&nbsp;&nbsp;Mortgage Real Estate Investment | 27216 |  |  | 27216 |
| &nbsp;&nbsp;&nbsp;Multi-Utilities | 160565 |  |  | 160565 |
| &nbsp;&nbsp;&nbsp;Office REITs | 22669 |  |  | 22669 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 801721 |  |  | 801721 |
| &nbsp;&nbsp;&nbsp;Paper & Forest Products | 4862 |  |  | 4862 |
| &nbsp;&nbsp;&nbsp;Passenger Airlines | 51236 |  |  | 51236 |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 38664 |  |  | 38664 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 756569 |  |  | 756569 |
| &nbsp;&nbsp;&nbsp;Professional Services | 236790 |  |  | 236790 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 69293 |  |  | 69293 |
| &nbsp;&nbsp;&nbsp;Residential REITs | 78281 |  |  | 78281 |
| &nbsp;&nbsp;&nbsp;Retail REITs | 86212 |  |  | 86212 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 3375928 |  |  | 3375928 |
| &nbsp;&nbsp;&nbsp;Software | 3268634 |  |  | 3268634 |
| &nbsp;&nbsp;&nbsp;Specialized REITs | 237169 | 2579 |  | 239748 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 528407 |  |  | 528407 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 1532071 |  |  | 1532071 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 97241 |  |  | 97241 |
| &nbsp;&nbsp;&nbsp;Tobacco | 171463 |  |  | 171463 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 149058 |  |  | 149058 |
| &nbsp;&nbsp;&nbsp;Water Utilities | 22264 |  |  | 22264 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 55237 |  |  | 55237 |
| **Total Common Stocks** | **28387676** | **2579** | **—** | **28390255** |
| **Rights** |  | 2 |  | 2 |
| **Total Assets** | $**28387676** | $**2581** | $**—** | $**28390257** |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **E\*TRADE No Fee International Index Fund** | **E\*TRADE No Fee International Index Fund** | **E\*TRADE No Fee International Index Fund** | **E\*TRADE No Fee International Index Fund** | **E\*TRADE No Fee International Index Fund** |
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices** | **Level 2<br> Other<br> significant<br> observable<br> inputs** | **Level 3<br> Significant<br> unobservable<br> inputs** | **Total** |
| **Assets:** |  |  |  |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $12033 | $696029 | $— | $708062 |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics |  | 113899 |  | 113899 |
| &nbsp;&nbsp;&nbsp;Automobile Components | 11031 | 125581 |  | 136612 |
| &nbsp;&nbsp;&nbsp;Automobiles |  | 515693 |  | 515693 |
| &nbsp;&nbsp;&nbsp;Banks | 611198 | 2723583 |  | 3334781 |
| &nbsp;&nbsp;&nbsp;Beverages | 20741 | 230665 |  | 251406 |
| &nbsp;&nbsp;&nbsp;Biotechnology | 43571 | 119963 |  | 163534 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 49123 | 209660 |  | 258783 |
| &nbsp;&nbsp;&nbsp;Building Products |  | 195237 |  | 195237 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 142833 | 654803 |  | 797636 |
| &nbsp;&nbsp;&nbsp;Chemicals | 31090 | 481887 |  | 512977 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 87841 | 81848 |  | 169689 |
| &nbsp;&nbsp;&nbsp;Communications Equipment |  | 47529 |  | 47529 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering | 41389 | 189398 |  | 230787 |
| &nbsp;&nbsp;&nbsp;Construction Materials | 26994 | 88899 |  | 115893 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 4651 |  | 4651 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 97887 | 254234 |  | 352121 |
| &nbsp;&nbsp;&nbsp;Containers & Packaging | 8105 | 4922 |  | 13027 |
| &nbsp;&nbsp;&nbsp;Distributors |  | 5729 |  | 5729 |
| &nbsp;&nbsp;&nbsp;Diversified Consumer Services |  | 9743 |  | 9743 |
| &nbsp;&nbsp;&nbsp;Diversified REITs |  | 53846 |  | 53846 |
| &nbsp;&nbsp;&nbsp;Diversified Telecommunication Services | 52951 | 420407 |  | 473358 |
| &nbsp;&nbsp;&nbsp;Electric Utilities | 54185 | 375634 |  | 429819 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment |  | 508715 |  | 508715 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components | 25190 | 217918 |  | 243108 |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services |  | 7178 |  | 7178 |
| &nbsp;&nbsp;&nbsp;Entertainment | 63287 | 184229 |  | 247516 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 235660 |  | 235660 |
| &nbsp;&nbsp;&nbsp;Food Products | 6502 | 466647 |  | 473149 |
| &nbsp;&nbsp;&nbsp;Gas Utilities | 9389 | 55851 |  | 65240 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 150387 | 108880 |  | 259267 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies |  | 357977 |  | 357977 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 61906 |  | 61906 |
| &nbsp;&nbsp;&nbsp;Health Care Technology |  | 16215 |  | 16215 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 22528 | 228914 |  | 251442 |
| &nbsp;&nbsp;&nbsp;Household Durables |  | 230980 |  | 230980 |
| &nbsp;&nbsp;&nbsp;Household Products |  | 102330 |  | 102330 |
| &nbsp;&nbsp;&nbsp;Independent Power & Renewable Electricity Producers |  | 49102 |  | 49102 |
| &nbsp;&nbsp;&nbsp;Industrial Conglomerates |  | 434431 |  | 434431 |
| &nbsp;&nbsp;&nbsp;Industrial REITs |  | 89704 |  | 89704 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 181681 | 172824 |  | 354505 |
| &nbsp;&nbsp;&nbsp;Insurance | 218062 | 1186547 |  | 1404609 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 51039 |  | 51039 |
| &nbsp;&nbsp;&nbsp;Leisure Products |  | 37419 |  | 37419 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 16242 | 64089 |  | 80331 |
| &nbsp;&nbsp;&nbsp;Machinery |  | 637215 |  | 637215 |
| &nbsp;&nbsp;&nbsp;Marine Transportation | 1617 | 56906 |  | 58523 |
| &nbsp;&nbsp;&nbsp;Media |  | 78607 |  | 78607 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 269115 | 459291 |  | 728406 |
| &nbsp;&nbsp;&nbsp;Multi-Utilities | 4817 | 182788 |  | 187605 |
| &nbsp;&nbsp;&nbsp;Office REITs |  | 21112 |  | 21112 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 412076 | 677233 |  | 1089309 |
| &nbsp;&nbsp;&nbsp;Paper & Forest Products | 4645 | 47862 |  | 52507 |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **E\*TRADE No Fee International Index Fund** | **E\*TRADE No Fee International Index Fund** | **E\*TRADE No Fee International Index Fund** | **E\*TRADE No Fee International Index Fund** | **E\*TRADE No Fee International Index Fund** |
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices** | **Level 2<br> Other<br> significant<br> observable<br> inputs** | **Level 3<br> Significant<br> unobservable<br> inputs** | **Total** |
| &nbsp;&nbsp;&nbsp;Passenger Airlines | $— | $86112 | $— | $86112 |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 2242 | 310989 |  | 313231 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 1469034 |  | 1469034 |
| &nbsp;&nbsp;&nbsp;Professional Services | 30505 | 335208 |  | 365713 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 8870 | 221251 |  | 230121 |
| &nbsp;&nbsp;&nbsp;Residential REITs | 6227 |  |  | 6227 |
| &nbsp;&nbsp;&nbsp;Retail REITs | 1495 | 52039 |  | 53534 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 60283 | 603272 |  | 663555 |
| &nbsp;&nbsp;&nbsp;Software | 134808 | 412034 |  | 546842 |
| &nbsp;&nbsp;&nbsp;Specialty Retail |  | 179722 |  | 179722 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 71313 |  | 71313 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 7425 | 432908 |  | 440333 |
| &nbsp;&nbsp;&nbsp;Tobacco |  | 180725 |  | 180725 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 21664 | 346317 |  | 367981 |
| &nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 65573 |  | 65573 |
| &nbsp;&nbsp;&nbsp;Water Utilities |  | 16884 |  | 16884 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 13060 | 207220 |  | 220280 |
| **Total Common Stocks** | **2963089** | **19624010** | **—** | **22587099** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 115734 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 115734 |
| **Total Assets** | $**3078823** | $**19624010** | $**—** | $**22702833** |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **E\*TRADE No Fee Municipal Bond Index Fund** | **E\*TRADE No Fee Municipal Bond Index Fund** | **E\*TRADE No Fee Municipal Bond Index Fund** | **E\*TRADE No Fee Municipal Bond Index Fund** | **E\*TRADE No Fee Municipal Bond Index Fund** |
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices** | **Level 2<br> Other<br> significant<br> observable<br> inputs** | **Level 3<br> Significant<br> unobservable<br> inputs** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | $— | $15650419 | $— | $15650419 |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 386217 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 386217 |
| **Total Assets** | $**386217** | $**15650419** | $**—** | $**16036636** |

---

E\*TRADE Trust

Third Quarter Report — July 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **E\*TRADE No Fee U.S. Bond Index**<br>**Investment Type** |<br>**Level 1<br> Unadjusted<br> quoted<br> prices** |<br>**Level 2<br> Other<br> significant<br> observable<br> inputs** |<br>**Level 3<br> Significant<br> unobservable<br> inputs** |<br>**Total** |
| **Assets:** |  |  |  |  |
| **Fixed Income Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $4597621 | $— | $4597621 |
| &nbsp;&nbsp;&nbsp;U.S. Agency Securities |  | 598055 |  | 598055 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  | 9826126 |  | 9826126 |
| **Total Fixed Income Securities** | **—** | **15021802** | **—** | **15021802** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 3459 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3459 |
| **Total Assets** | $**3459** | $**15021802** | $**—** | $**15025261** |

---

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** E Trade Trust

- **b. Investment Company Act file number:** 811-24035

- **c. CIK number of Registrant:** 0002048903

- **d. LEI of Registrant:** 254900T3OML9ZMYACN67

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1585 BROADWAY

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** 212-761-4000

**Item A.2. Information about the Series.**

- **a. Name of Series:** E*TRADE No Fee U.S. Bond Index Fund

- **b. EDGAR series identifier (if any):** S000090723

- **c. LEI of Series:** 254900HNAJGKSENFK158

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $15161210.62

**Total Liabilities:** $56638.07

**Net Assets:** $15104572.55

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -8.35000000 | **1-Year:** -293.26000000 | **5-Year:** -1007.05000000 | **10-Year:** -1287.15000000 | **30-Year:** -913.39000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000258019 | -0.53%               | 1.44%                | -0.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-0.31                   | $-94317.98                                 |
| Month 2  | $0.00                    | $156742.82                                 |
| Month 3  | $71.72                   | $-85022.63                                 |

### Schedule of Portfolio Investments

| Name                     | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States Treasury   | U.S. Treasury Notes                                                 | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    417000 | PA      | $418197.24    | 2.77%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury   | U.S. Treasury Bonds                                                 | CUSIP: 912810SE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    747000 | PA      | $583885.54    | 3.87%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO      | JPMorgan Chase & Co                                                 | CUSIP: 46647PEA0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85685.83     | 0.57%             | 2028-01-23      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY SOUTH    | Dominion Energy South Carolina Inc                                  | CUSIP: 25731VAB0<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | DBT              | CORP              | US        |     70000 | PA      | $75468.51     | 0.50%             | 2053-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury   | U.S. Treasury Bonds                                                 | CUSIP: 912810RY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    351000 | PA      | $247263.05    | 1.64%             | 2047-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS    | Duke Energy Carolinas LLC                                           | CUSIP: 26442CBL7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77079.18     | 0.51%             | 2054-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AutoZone Inc             | AutoZone Inc                                                        | CUSIP: 053332AV4<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |     68000 | PA      | $67225.63     | 0.45%             | 2027-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP   | Regions Financial Corp                                              | CUSIP: 7591EPAV2<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141082.33    | 0.93%             | 2035-09-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY INDIANA LLC  | Duke Energy Indiana LLC                                             | CUSIP: 26443TAD8<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |     82000 | PA      | $78016.14     | 0.52%             | 2053-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury   | U.S. Treasury Notes                                                 | CUSIP: 91282CKW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1101000 | PA      | $1112418.57   | 7.36%             | 2031-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury   | U.S. Treasury Bonds                                                 | CUSIP: 912810EZ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     49000 | PA      | $51046.13     | 0.34%             | 2027-02-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP             | Stryker Corp                                                        | CUSIP: 863667AY7<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    159000 | PA      | $141535.98    | 0.94%             | 2030-06-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                | Amgen Inc                                                           | CUSIP: 031162DJ6<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    132000 | PA      | $126732.94    | 0.84%             | 2033-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III      | LYB International Finance III LLC                                   | CUSIP: 50249AAM5<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |     67000 | PA      | $66347.13     | 0.44%             | 2034-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC        | Cisco Systems Inc                                                   | CUSIP: 17275RBV3<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |     89000 | PA      | $85783.36     | 0.57%             | 2064-02-26      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury   | U.S. Treasury Notes                                                 | CUSIP: 91282CJR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1012000 | PA      | $1007256.25   | 6.67%             | 2028-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| INTEL CORP               | Intel Corp                                                          | CUSIP: 458140CG3<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     95000 | PA      | $95031.03     | 0.63%             | 2033-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc               | Fiserv Inc                                                          | CUSIP: 337738AR9<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108934.33    | 0.72%             | 2028-10-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP     | Bank of America Corp                                                | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85772.05     | 0.57%             | 2028-07-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| QUALCOMM INC             | QUALCOMM Inc                                                        | CUSIP: 747525BT9<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     73000 | PA      | $76632.27     | 0.51%             | 2053-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP    | Truist Financial Corp                                               | CUSIP: 89788MAK8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     74000 | PA      | $78603.72     | 0.52%             | 2033-10-28      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO | Capital One Financial Corp                                          | CUSIP: 14040HDH5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    115000 | PA      | $118802.02    | 0.79%             | 2035-07-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AT&T INC                 | AT&T Inc                                                            | CUSIP: 00206RKD3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    114000 | PA      | $82352.46     | 0.55%             | 2043-02-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP | Toyota Motor Credit Corp                                            | CUSIP: 89236TKR5<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     86000 | PA      | $86047.67     | 0.57%             | 2033-01-12      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury   | U.S. Treasury Notes                                                 | CUSIP: 91282CBL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    242000 | PA      | $208143.63    | 1.38%             | 2031-02-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO      | JPMorgan Chase & Co                                                 | CUSIP: 46647PDW3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     83000 | PA      | $84521.75     | 0.56%             | 2027-10-22      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON & CO    | Becton Dickinson & Co                                               | CUSIP: 075887CL1<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |    105000 | PA      | $91093.68     | 0.60%             | 2031-02-11      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| United States Treasury   | U.S. Treasury Notes                                                 | CUSIP: 91282CJW2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    946000 | PA      | $948993.20    | 6.28%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE               | Federal National Mortgage Association                               | CUSIP: 3135G05Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    216000 | PA      | $201805.43    | 1.34%             | 2027-10-08      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY    | Wells Fargo & Co                                                    | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     87000 | PA      | $74301.50     | 0.49%             | 2053-04-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                         | CUSIP: 38141GA53<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     71000 | PA      | $78478.07     | 0.52%             | 2034-10-24      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| RTX CORP                 | RTX Corp                                                            | CUSIP: 75513ECM1<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    111000 | PA      | $94705.14     | 0.63%             | 2031-09-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY    | Wells Fargo & Co                                                    | CUSIP: 95000U2J1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     93000 | PA      | $85298.42     | 0.56%             | 2031-02-11      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP      | Charles Schwab Corp/The                                             | CUSIP: 808513CE3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     75000 | PA      | $79524.87     | 0.53%             | 2034-05-19      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES   | PNC Financial Services Group Inc/The                                | CUSIP: 693475BK0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     84000 | PA      | $85736.68     | 0.57%             | 2028-12-02      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP     | Bank of America Corp                                                | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87462.28     | 0.58%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP       | Essex Portfolio LP                                                  | CUSIP: 29717PBA4<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              |  | US        |    116000 | PA      | $118714.58    | 0.79%             | 2034-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury   | U.S. Treasury Bonds                                                 | CUSIP: 912810EY0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    348000 | PA      | $359860.55    | 2.38%             | 2026-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP      | Fifth Third Bancorp                                                 | CUSIP: 316773DL1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    109000 | PA      | $112942.18    | 0.75%             | 2032-01-29      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| GENERAL MILLS INC        | General Mills Inc                                                   | CUSIP: 370334DB7<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110047.81    | 0.73%             | 2035-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                       | CUSIP: 172967ML2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     92000 | PA      | $84299.05     | 0.56%             | 2031-01-29      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| AT&T INC                 | AT&T Inc                                                            | CUSIP: 00206RKE1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    122000 | PA      | $79714.08     | 0.53%             | 2052-02-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Oracle Corp              | Oracle Corp                                                         | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     82000 | PA      | $76328.45     | 0.51%             | 2030-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC   | Williams Cos Inc/The                                                | CUSIP: 969457CJ7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     44000 | PA      | $45582.17     | 0.30%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CSX CORP                 | CSX Corp                                                            | CUSIP: 126408HZ9<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |     67000 | PA      | $67002.40     | 0.44%             | 2035-06-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO      | Sherwin-Williams Co/The                                             | CUSIP: 824348BJ4<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     65000 | PA      | $61274.76     | 0.41%             | 2029-08-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP           | Starbucks Corp                                                      | CUSIP: 855244AX7<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    100000 | PA      | $67036.70     | 0.44%             | 2050-03-12      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC | Morgan Stanley Institutional Liquidity Funds - Government Portfolio | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |      3459 | NS      | $3458.75      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL HOME LOAN BANK   | Federal Home Loan Banks                                             | CUSIP: 3130B5K64<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    160000 | PA      | $160138.49    | 1.06%             | 2027-03-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD              | Nutrien Ltd                                                         | CUSIP: 67077MBA5<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |     49000 | PA      | $49544.09     | 0.33%             | 2028-03-27      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP    | General Dynamics Corp                                               | CUSIP: 369550BQ0<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |    118000 | PA      | $86596.38     | 0.57%             | 2041-06-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury   | U.S. Treasury Notes                                                 | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1049000 | PA      | $1055576.74   | 6.99%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC               | AbbVie Inc                                                          | CUSIP: 00287YDX4<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     79000 | PA      | $76115.30     | 0.50%             | 2064-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE               | Federal National Mortgage Association                               | CUSIP: 3135G05Q2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    274000 | PA      | $236111.43    | 1.56%             | 2030-08-05      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury   | U.S. Treasury Bonds                                                 | CUSIP: 912810FT0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    370000 | PA      | $375708.99    | 2.49%             | 2036-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EXELON CORP              | Exelon Corp                                                         | CUSIP: 30161NBM2<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     84000 | PA      | $85936.88     | 0.57%             | 2029-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| United States Treasury   | U.S. Treasury Bonds                                                 | CUSIP: 912810SF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1145000 | PA      | $833255.87    | 5.52%             | 2049-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INTEL CORP               | Intel Corp                                                          | CUSIP: 458140CC2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     99000 | PA      | $78055.24     | 0.52%             | 2062-08-05      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury   | U.S. Treasury Notes                                                 | CUSIP: 91282CBZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1216000 | PA      | $1133254.99   | 7.50%             | 2028-04-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Comcast Corp             | Comcast Corp                                                        | CUSIP: 20030NCJ8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     67000 | PA      | $57777.99     | 0.38%             | 2038-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury   | U.S. Treasury Notes                                                 | CUSIP: 912828ZN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    645000 | PA      | $607559.76    | 4.02%             | 2027-04-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Equinor ASA              | Equinor ASA                                                         | CUSIP: 85771PAL6<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | DBT              | CORP              | NO        |     50000 | PA      | $41995.70     | 0.28%             | 2043-05-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP  | Dell International LLC / EMC Corp                                   | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    119000 | PA      | $120043.47    | 0.79%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC            | Citigroup Inc                                                       | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     94000 | PA      | $85267.71     | 0.56%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                | Amgen Inc                                                           | CUSIP: 031162CY4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    132000 | PA      | $77353.66     | 0.51%             | 2053-09-01      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| MARATHON PETROLEUM CORP  | Marathon Petroleum Corp                                             | CUSIP: 56585ABL5<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60905.47     | 0.40%             | 2035-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO              | Southern Co/The                                                     | CUSIP: 842587DQ7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    133000 | PA      | $134742.60    | 0.89%             | 2028-06-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury   | U.S. Treasury Notes                                                 | CUSIP: 912828YQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    911000 | PA      | $883705.58    | 5.85%             | 2026-10-31      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC        | Kinder Morgan Inc                                                   | CUSIP: 49456BAQ4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    121000 | PA      | $107864.86    | 0.71%             | 2048-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC           | Lowe's Cos Inc                                                      | CUSIP: 548661EG8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    101000 | PA      | $99318.30     | 0.66%             | 2027-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC  | Goldman Sachs Group Inc/The                                         | CUSIP: 38141GYK4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    107000 | PA      | $76491.20     | 0.51%             | 2042-07-21      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC           | Lowe's Cos Inc                                                      | CUSIP: 548661DR5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    101000 | PA      | $98414.38     | 0.65%             | 2029-04-05      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-18

**Name of Applicant:** E Trade Trust

**Signature:** Francis Smith

**Name of Signer:** Francis Smith

**Title:** Principal Financial Officer