<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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SIGNATURE MARY JANE MALONEY
TITLE REGULATORY MANAGER
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</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountants report on internal control
- -------------------------------------------------------
Exhibit A:
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
