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SIGNATURE MICHAEL TANSLEY
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000032339
<NAME> ELFUN TRUST FUND
<SERIES>
<NUMBER> 021
<NAME> ELFUN TRUST FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1178369
<INVESTMENTS-AT-VALUE> 2756588
<RECEIVABLES> 3119
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2759707
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1172
<TOTAL-LIABILITIES> 1172
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1177834
<SHARES-COMMON-STOCK> 39516
<SHARES-COMMON-PRIOR> 37854
<ACCUMULATED-NII-CURRENT> 314
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<ACCUMULATED-NET-GAINS> 3400
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 2758535
<DIVIDEND-INCOME> 22192
<INTEREST-INCOME> 4527
<OTHER-INCOME> (251)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (23331)
<DISTRIBUTIONS-OF-GAINS> (165864)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2064
<NUMBER-OF-SHARES-REDEEMED> (2418)
<SHARES-REINVESTED> 2016
<NET-CHANGE-IN-ASSETS> 389657
<ACCUMULATED-NII-PRIOR> 142
<ACCUMULATED-GAINS-PRIOR> 5987
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<AVERAGE-NET-ASSETS> 2570833
<PER-SHARE-NAV-BEGIN> 62.580
<PER-SHARE-NII> 0.630
<PER-SHARE-GAIN-APPREC> 11.640
<PER-SHARE-DIVIDEND> (0.620)
<PER-SHARE-DISTRIBUTIONS> (4.420)
<RETURNS-OF-CAPITAL> 0
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</TABLE>
To the Board of Trustees and Shareholders of
the Elfun Trusts:
In planning and performing our audit of the financial statements of the
Elfun Trusts for the year ended December 31, 1999, 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 Elfun Trusts 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, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to the risks
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 errors or irregularities 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.
This report is intended solely for the information and use of management,
the Board of Trustees of the Elfun Trusts, and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other
than these specified parties.
New York, New York
February 4, 2000
Page
Form PW Attachment
Rule # 10f-3
Acxiom
Shares: 5,400,000
Public Offering Price: $27.00
Market Value: $145,800,000
Fund Name Trade Amount Total Percent
Percent of
Date of Value of Fund
Offering
Shares of Shares
Elfun Trusts 7/22/99 150,000 $4,050,000 .1528%
2.78%
All trades were in compliance with Rule #10f-3
17) Underwriting commission or spread: $0.69
18) Is the commission or spread reasonable or fair compared to
commission or spread in underwriting of similar securities
during a comparable time period? Yes
19) Affirm that the order was placed with unaffiliated
underwriter(s)
(including name of such unaffiliated underwriter(s):
Yes, the order placed with unaffiliated underwriter(s)
as described in item #16
20) Affirm that purchase was not part of a group sale and not
otherwise
allocated or allotted to the account of Paine Webber
(or other affiliate): Yes, the purchase was not of a group
sale and
not otherwise allocated to the account of Paine Webber.
21) Affirm that the purchase was made prior to the end of the
first day
on which any sales were made, at a price that is not more
than the
price paid by each other purchaser in that offering or in
any
concurrent offering: Yes, the purchase was made prior to
the end
of the first day.
