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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSR

              CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
                              INVESTMENT COMPANIES

Investment Company Act file
number                              002-21301
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                                Elfun Trusts
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               (Exact name of registrant as specified in charter)


                3003, SUMMER STREET,STAMFORD, CONNECTICUT, 06904 7900
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               (Address of principal executive offices) (Zip code)


GE ASSET MANAGEMENT,3003, SUMMER STREET,STAMFORD,CONNECTICUT,06904 7900
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                     (Name and address of agent for service)


Registrant's telephone number, including area code: 800-242-0134
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Date of fiscal year end: 12/31
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Date of reporting period: 6/30/03
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ITEM 1. REPORTS TO STOCKHOLDERS.

Elfun Trusts  (the "Fund" or "registrant") is an employees' securities'
company as defined in the Investment Company Act of 1940, as amended
("1940 Act"). The Fund has received an exemption from various
provisions of the 1940 Act, including Section 30 and the rules
thereunder.   Pursuant to this exemption, the Fund prepares and sends
to shareholders only one financial report per year, its audited annual
report, which is sent to shareholders within the required time
following its fiscal year end.  The Fund understands from
consultations with the staff of the Securities and Exchange
Commission (the "staff of the SEC") that, because the Fund is not
required under Section 30 of the 1940 Act to prepare and file a
semi-annual financial report for the current period, it is also
not required to prepare and file one for the current period
with respect to this report on Form N-CSR.

ITEM 2. CODE OF ETHICS.

                Applicable only to an annual filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

                Applicable only to an annual filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

                Applicable only to an annual filing.

ITEM 5. [RESERVED]

ITEM 6. [RESERVED]

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
        MANAGEMENT INVESTMENT COMPANIES.

         Applicable only to Closed-End Management Investment Companies.

ITEM 8. [RESERVED]

ITEM 9. CONTROLS AND PROCEDURES.

The Fund understands from consultations with the staff of the SEC that,
because the Fund is not required under Section 30 of the 1940 Act to
prepare and file a semi-annual report for the current period, its
certifying officers are not required to (a) conduct an evaluation of
the Fund's disclosure controls and procedures for the current period
and (b) disclose their conclusions regarding such evaluation and the
effectiveness of the Fund's disclosure controls and procedures.

There were no significant changes in the registrant's internal
controls or in other factors that could significantly affect these
controls subsequent to the date of their last evaluation, including
any corrective actions with regard to significant deficiencies and
material weaknesses.


ITEM 10.  EXHIBITS.

Attached hereto as Exhibit 1 and Exhibit 2 are the Certifications of
John H. Myers and Robert Herlihy as principal executive officer and
principal financial officer, respectively.

                                  SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this Report to
be signed on its behalf by the undersigned, thereunto duly authorized.

Elfun Trusts

By:   /S/JOHN H. MYERS
      John H. Myers
      TRUSTEE, PRESIDENT AND CHIEF EXECUTIVE OFFICER,
      GE ASSET MANAGEMENT INCORPORATED

Date:  August 28, 2003

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this Report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.

By:   /S/JOHN H. MYERS
      John H. Myers
      TRUSTEE, PRESIDENT AND CHIEF EXECUTIVE OFFICER,
      GE ASSET MANAGEMENT INCORPORATED

Date:  August 28, 2003




By:   /S/ROBERT HERLIHY
      Robert Herlihy
      TREASURER, ELFUN FUNDS

Date:  August 28, 2003