<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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074 F000400 46483
074 G000400 0
074 H000400 0
074 I000400 1825
074 J000400 0
074 K000400 0
074 L000400 307
074 M000400 0
074 N000400 48615
074 O000400 1808
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 1836
074 S000400 0
074 T000400 44971
074 U010400 3165
074 U020400 0
074 V010400 14.21
074 V020400 0.00
074 W000400 0.0000
074 X000400 10113
074 Y000400 0
075 A000400 0
075 B000400 24316
076 000400 0.00
010 A000501 E*TRADE ASSET MANAGEMENT, INC.
010 B000501 801-56200
010 C010501 MENLO PARK
010 C020501 CA
010 C030501 94025
010 A000502 INVESTORS BANK & TRUST
010 C010502 BOSTON
010 C020502 MA
010 C030502 02116
010 A000503 DELETE
015 A000501 INVESTORS BANK & TRUST COMPANY
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02116
015 E010501 X
<PAGE> PAGE 22
018 000500 N
019 A000500 N
019 B000500 0
028 A010500 0
028 A020500 0
028 A030500 0
028 A040500 0
028 B010500 0
028 B020500 0
028 B030500 0
028 B040500 0
028 C010500 0
028 C020500 0
028 C030500 0
028 C040500 0
028 D010500 222
028 D020500 0
028 D030500 0
028 D040500 0
028 E010500 2634
028 E020500 0
028 E030500 0
028 E040500 98
028 F010500 2848
028 F020500 0
028 F030500 0
028 F040500 204
028 G010500 5704
028 G020500 0
028 G030500 0
028 G040500 302
028 H000500 0
037 000500 Y
038 000500 1
039 000500 N
040 000500 N
041 000500 N
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.020
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
<PAGE> PAGE 23
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 250
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 Y
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
<PAGE> PAGE 24
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 3
072 B000500 2
072 C000500 2
072 D000500 0
072 E000500 0
072 F000500 0
072 G000500 2
072 H000500 0
072 I000500 0
072 J000500 0
072 K000500 0
072 L000500 0
072 M000500 0
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 0
072 S000500 0
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 1
072 X000500 3
072 Y000500 0
072 Z000500 1
072AA000500 5
072BB000500 0
072CC010500 437
072CC020500 0
072DD010500 2
072DD020500 0
072EE000500 0
073 A010500 0.0040
<PAGE> PAGE 25
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 5848
074 J000500 0
074 K000500 0
074 L000500 55
074 M000500 0
074 N000500 5903
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 4
074 S000500 0
074 T000500 5899
074 U010500 506
074 U020500 0
074 V010500 11.67
074 V020500 0.00
074 W000500 0.0000
074 X000500 958
074 Y000500 0
075 A000500 0
075 B000500 2693
076 000500 0.00
010 A000601 E*TRADE ASSET MANAGEMENT, INC.
010 B000601 801-56200
010 C010601 MENLO PARK
010 C020601 CA
010 C030601 94025
010 A000602 PFPC, INC.
010 C010602 WILMINGTON
010 C020602 DE
010 C030602 19809
015 A000601 PFPC TRUST CO.
015 B000601 C
015 C010601 LESTER
015 C020601 PA
015 C030601 19113
015 E010601 X
<PAGE> PAGE 26
018 000600 Y
019 A000600 N
019 B000600 0
028 A010600 0
028 A020600 0
028 A030600 0
028 A040600 0
028 B010600 0
028 B020600 0
028 B030600 0
028 B040600 0
028 C010600 0
028 C020600 0
028 C030600 0
028 C040600 0
028 D010600 10359
028 D020600 0
028 D030600 0
028 D040600 2
028 E010600 18426
028 E020600 0
028 E030600 0
028 E040600 320
028 F010600 24054
028 F020600 0
028 F030600 0
028 F040600 2122
028 G010600 52839
028 G020600 0
028 G030600 0
028 G040600 2444
028 H000600 0
037 000600 Y
038 000600 24
039 000600 N
040 000600 N
041 000600 N
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.250
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
<PAGE> PAGE 27
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
058 A000600 N
059 000600 Y
060 A000600 N
060 B000600 N
061 000600 250
066 A000600 Y
066 B000600 N
066 C000600 Y
066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 Y
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 Y
<PAGE> PAGE 28
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 49514
071 B000600 0
071 C000600 33888
071 D000600 0
072 A000600 3
072 B000600 32
072 C000600 3
072 D000600 0
072 E000600 0
072 F000600 15
072 G000600 41
072 H000600 0
072 I000600 0
072 J000600 0
072 K000600 0
072 L000600 0
072 M000600 0
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 0
072 S000600 0
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 0
072 X000600 56
072 Y000600 0
072 Z000600 -31
072AA000600 0
072BB000600 12488
072CC010600 0
072CC020600 0
072DD010600 0
072DD020600 0
072EE000600 0
073 A010600 0.0000
<PAGE> PAGE 29
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 62002
074 G000600 0
074 H000600 0
074 I000600 2162
074 J000600 0
074 K000600 0
074 L000600 1127
074 M000600 0
074 N000600 65291
074 O000600 2131
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 308
074 S000600 0
074 T000600 62852
074 U010600 4071
074 U020600 0
074 V010600 15.44
074 V020600 0.00
074 W000600 0.0000
074 X000600 10140
074 Y000600 0
075 A000600 0
075 B000600 30162
076 000600 0.00
SIGNATURE DAVID MOORE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from E*TRADE S&P 500 Index Fund
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> E*TRADE S&P 500 INDEX FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 46,921,091
<RECEIVABLES> 214,753
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,135,844
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 230,051
<TOTAL-LIABILITIES> 230,051
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,450,586
<SHARES-COMMON-STOCK> 3,963,409
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,022
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 73,958
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,379,227
<NET-ASSETS> 46,905,793
<DIVIDEND-INCOME> 285,994
<INTEREST-INCOME> 62,912
<OTHER-INCOME> 0
<EXPENSES-NET> (75,882)
<NET-INVESTMENT-INCOME> 273,024
<REALIZED-GAINS-CURRENT> 110,407
<APPREC-INCREASE-CURRENT> 4,379,227
<NET-CHANGE-FROM-OPS> 4,762,658
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (271,224)
<DISTRIBUTIONS-OF-GAINS> (35,715)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,467,772
<NUMBER-OF-SHARES-REDEEMED> (1,518,395)
<SHARES-REINVESTED> 14,032
<NET-CHANGE-IN-ASSETS> 46,905,793
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,566
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 77,115
<AVERAGE-NET-ASSETS> 27,448,437
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 1.84
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.83
<EXPENSE-RATIO> 0.32
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from E*TRADE Bond Index Fund
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> E*TRADE BOND INDEX FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 2,352,662
<RECEIVABLES> 3,947
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,356,609
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,925
<TOTAL-LIABILITIES> 29,925
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,368,667
<SHARES-COMMON-STOCK> 234,796
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (929)
<ACCUM-APPREC-OR-DEPREC> (41,054)
<NET-ASSETS> 2,326,684
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 33,907
<OTHER-INCOME> 0
<EXPENSES-NET> (1,747)
<NET-INVESTMENT-INCOME> 32,160
<REALIZED-GAINS-CURRENT> (917)
<APPREC-INCREASE-CURRENT> (41,054)
<NET-CHANGE-FROM-OPS> (9,811)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (33,085)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 298,523
<NUMBER-OF-SHARES-REDEEMED> (64,073)
<SHARES-REINVESTED> 346
<NET-CHANGE-IN-ASSETS> 2,326,684
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 498
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,774
<AVERAGE-NET-ASSETS> 1,341,174
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.91
<EXPENSE-RATIO> 0.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from E*TRADE Extended Market Ind
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> E*TRADE EXTENDED MARKET INDEX FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 4,446,064
<RECEIVABLES> 30,350
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,476,414
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,440
<TOTAL-LIABILITIES> 9,440
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,751,396
<SHARES-COMMON-STOCK> 349,420
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,228)
<ACCUMULATED-NET-GAINS> 50,511
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 666,295
<NET-ASSETS> 4,466,974
<DIVIDEND-INCOME> 8,000
<INTEREST-INCOME> 1,905
<OTHER-INCOME> 0
<EXPENSES-NET> (2,823)
<NET-INVESTMENT-INCOME> 7,082
<REALIZED-GAINS-CURRENT> 50,511
<APPREC-INCREASE-CURRENT> 666,295
<NET-CHANGE-FROM-OPS> 723,888
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,359)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 377,377
<NUMBER-OF-SHARES-REDEEMED> (28,049)
<SHARES-REINVESTED> 92
<NET-CHANGE-IN-ASSETS> 4,466,974
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 894
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,862
<AVERAGE-NET-ASSETS> 1,980,597
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.78
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.78
<EXPENSE-RATIO> 0.38
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from E*TRADE International Index
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> E*TRADE INTERNATIONAL INDEX FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 5,847,732
<RECEIVABLES> 54,852
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,902,584
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,807
<TOTAL-LIABILITIES> 3,807
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,457,196
<SHARES-COMMON-STOCK> 505,526
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,267)
<ACCUMULATED-NET-GAINS> 7,712
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 437,136
<NET-ASSETS> 5,898,777
<DIVIDEND-INCOME> 2,362
<INTEREST-INCOME> 1,723
<OTHER-INCOME> 0
<EXPENSES-NET> (2,854)
<NET-INVESTMENT-INCOME> 1,231
<REALIZED-GAINS-CURRENT> 5,236
<APPREC-INCREASE-CURRENT> 437,136
<NET-CHANGE-FROM-OPS> 443,603
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,022)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 532,825
<NUMBER-OF-SHARES-REDEEMED> (27,299)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,898,777
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,409
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,887
<AVERAGE-NET-ASSETS> 2,693,394
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 1.67
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.67
<EXPENSE-RATIO> 0.55
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001073005
<NAME> E*TRADE FUNDS
<SERIES>
<NUMBER> 04
<NAME> E*TRADE TECHNOLOGY INDEX FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 48307848
<INVESTMENTS-AT-VALUE> 38840449
<RECEIVABLES> 306841
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48614689
<PAYABLE-FOR-SECURITIES> 1808403
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1835449
<TOTAL-LIABILITIES> 3643852
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35854791
<SHARES-COMMON-STOCK> 3165238
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 16
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (351369)
<ACCUM-APPREC-OR-DEPREC> 9467399
<NET-ASSETS> 44970837
<DIVIDEND-INCOME> 12665
<INTEREST-INCOME> 21462
<OTHER-INCOME> 0
<EXPENSES-NET> (79845)
<NET-INVESTMENT-INCOME> (45718)
<REALIZED-GAINS-CURRENT> 1489252
<APPREC-INCREASE-CURRENT> 9467399
<NET-CHANGE-FROM-OPS> 10910933
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1794887)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 50572484
<NUMBER-OF-SHARES-REDEEMED> (14717693)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 35854791
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23484
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 79845
<AVERAGE-NET-ASSETS> 24316361
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.014)
<PER-SHARE-GAIN-APPREC> 4.802
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.578)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.21
<EXPENSE-RATIO> .85
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001073005
<NAME> E*TRADE FUNDS
<SERIES>
<NUMBER> 06
<NAME> E*TRADE E-COMMERCE INDEX FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
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Independent Auditors' Report
To the Shareholders and Board of Trustees of E*TRADE Funds:
In planning and performing our audit of the financial statements of
E*TRADE Funds (the "Trust") (comprised of E*TRADE Bond Index Fund, E*TRADE
E-Commerce Index Fund, E*TRADE Extended Market Index Fund, E*TRADE
International Index Fund, E*TRADE S&P 500 Index Fund, and E*TRADE
Technology Index Fund) for the periods ended December 31, 1999 (on which
we have issued our report dated February 23, 2000), we considered its
internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on internal
control.
The management of the Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits
and related costs of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial statements
for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal
control and its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above as of December
31, 1999.
This report is intended solely for the information and use of management,
the Board of Trustees of E*TRADE Funds, and the Securities and Exchange
Commission.
/s/ Deloitte & Touche LLP
Los Angeles, California
February 23, 2000
