UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number

811-00483

ELFUN TRUSTS

(Exact name of registrant as specified in charter)

3001 SUMMER STREET, STAMFORD, CONNECTICUT 06905

(Address of principal executive offices) (Zip code)

GE ASSET MANAGEMENT, INC.

3001 SUMMER STREET, STAMFORD, CONNECTICUT 06905

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-242-0134

Date of fiscal year end: 12/31

Date of reporting period: 06/30/10

Item 1. Schedule of Investments

Elfun Trusts

Schedule of Investments (dollars in thousands)—June 30, 2010 (unaudited)

The securities information regarding holdings, allocations and other characteristics are presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.

Common Stock—96.8% †	Number of Shares	Value
Beverages—4.4%
PepsiCo Inc.	1,050,000	$	63,997
Biotechnology—4.3%
Amgen Inc.	1,050,000		55,230	(a)
Gilead Sciences Inc.	220,000		7,542	(a)
			62,772
Capital Markets—5.4%
State Street Corp.	1,220,000		41,260	(e)
The Goldman Sachs Group Inc.	285,000		37,412
			78,672
Chemicals—2.8%
Ecolab Inc.	150,000		6,736
Monsanto Co.	620,000		28,656
Praxair Inc.	70,000		5,319
			40,711
Commercial Services & Supplies—1.5%
Iron Mountain Inc.	800,000		17,968
Ritchie Bros Auctioneers Inc.	90,000		1,640
Stericycle Inc.	45,000		2,951	(a)
			22,559
Communications Equipment—8.1%
Cisco Systems Inc.	2,300,000		49,013	(a)
QUALCOMM Inc.	1,550,000		50,902
Research In Motion Ltd.	390,000		19,211	(a)
			119,126
Computers & Peripherals—2.6%
Apple Inc.	150,000		37,729	(a)
Diversified Financial Services—4.1%
CME Group Inc.	160,000		45,048
JPMorgan Chase & Co.	390,000		14,278
			59,326
Electronic Equipment, Instruments & Components—1.9%
Corning Inc.	725,000		11,709
Molex Inc.	1,030,000		15,914
			27,623

Energy Equipment & Services—3.8%
Schlumberger Ltd.	1,000,000	55,340
Healthcare Equipment & Supplies—2.8%
Becton Dickinson and Co.	130,000	8,791
DENTSPLY International Inc.	60,000	1,795
Medtronic Inc.	825,000	29,923
		40,509
Healthcare Providers & Services—4.5%
Express Scripts Inc.	480,000	22,570	(a)
Lincare Holdings Inc.	1,020,000	33,160	(a)
VCA Antech Inc.	430,000	10,647	(a)
		66,377
Hotels, Restaurants & Leisure—1.6%
Carnival Corp.	760,000	22,982
Household Durables—0.1%
MDC Holdings Inc.	60,000	1,617
Insurance—2.1%
Aflac Inc.	450,000	19,202
Alleghany Corp.	40,201	11,791	(a)
		30,993
Internet Software & Services—3.4%
Baidu Inc. ADR	400,000	27,232	(a)
eBay Inc.	1,125,000	22,061	(a)
		49,293
IT Services—9.3%
Automatic Data Processing Inc.	225,000	9,058
Paychex Inc.	1,350,000	35,059
The Western Union Co.	3,740,000	55,763
Visa Inc.	510,000	36,083
		135,963
Machinery—3.7%
Dover Corp.	1,280,000	53,491
Media—10.4%
Comcast Corp.	1,990,000	32,696
DIRECTV	1,700,000	57,664	(a)
Discovery Communications Inc.	140,000	4,330	(a)
Liberty Global Inc.	2,230,000	57,958	(a)
		152,648
Oil, Gas & Consumable Fuels—1.6%
Exxon Mobil Corp.	260,000	14,838
Southwestern Energy Co.	240,000	9,274	(a)
		24,112
Pharmaceuticals—3.0%
Abbott Laboratories	300,000	14,034
Johnson & Johnson	500,000	29,530
		43,564

Real Estate Management & Development—1.7%
CB Richard Ellis Group Inc.	1,800,000		24,498	(a)
Software—6.2%
Intuit Inc.	1,270,000		44,158	(a)
Microsoft Corp.	2,000,000		46,020
			90,178
Specialty Retail—5.4%
Bed Bath & Beyond Inc.	1,260,000		46,721	(a)
Lowe’s Companies Inc.	1,580,000		32,264
			78,985
Wireless Telecommunication Services—2.1%
American Tower Corp.	700,000		31,150	(a)
Total Common Stock			1,414,215
(Cost $1,335,827)
Other Investments—0.0%*
GEI Investment Fund			450	(k)
(Cost $517)
Total Investments in Securities			1,414,665
(Cost $1,336,344)
Short-Term Investments—3.3%
GE Money Market Fund Institutional Class 0.05%			48,208	(d,k)
(Cost $48,208)
Total Investments			1,462,873
(Cost $1,384,552)
Liabilities in Excess of Other Assets, net—(0.1)%			(1,227	)
NET ASSETS—100.0%		$	1,461,646

Notes to Schedules of Investments (dollars in thousands)—June 30, 2010 (unaudited)

(a) Non-income producing security.

(b) Pursuant to Rule 144A of the Securities Act of 1933, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2010, these securities amounted to $7,266; $8,176; $38,679 and $17,397 or 3.57%, 0.45%, 11.09% and 8.19% of the net assets of the Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund and Elfun Money Market Fund respectively. These securities have been determined to be liquid using procedures established by the Board of Trustees.

(c) Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (TBA) in the future.

(d) Coupon amount represents effective yield.

(e) State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund’s custodian and accounting agent.

(f) Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the “principal only” holder.

(g) Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding.

(h) At June 30, 2010, all or a portion of this security was pledged to cover collateral requirements for futures, options, forward foreign currency contracts and/or TBA’s.

(i) Variable or floating rate security. The stated rate represents the rate at June 30, 2010.

(j) Step coupon bond. Security becomes interest bearing at a future date.

(k) GEAM, the investment adviser of the Fund, also serves as investment adviser of the GEI Investment Fund and the GE Funds-GE Money Market Fund.

(l) Escrowed to maturity Bonds are collateralized by U.S. Treasury securities which are held in escrow by a trustee and used to pay principal and interest on such bonds.

(m) Pre refunded Bonds are collateralized by U.S. Treasury securities, which are held in escrow and are used to pay principal and interest on the tax-exempt issue and to retire the bonds at the earliest refunding date.

(n) The security is insured by AGC, AMBAC, AGM, MBIA, FSA or FGIC. The Elfun Tax-Exempt Fund had insurance concentrations of 5% or greater as of June 30, 2010 (as a percentage of net assets) as follows:

AMBAC         8.56%

AGM              8.29%

MBIA             6.15%

(o) Securities in default.

(p) Sponsored by SSGA Funds Management, Inc., an affiliate of State Street Bank & Trust Co., the Fund’s custodian and accounting agent.

(q) Illiquid Securities. At June 30, 2010, these securities amounted to $1,011 and $142 or 0.29% and 0.07% of Net Assets for the Elfun Income and Elfun Diversified Fund respectively. These securities have been determined to be illiquid using procedures established by the Board of Trustees.

(r) Coupon amount represents the coupon of the underlying mortgage securities on which monthly interest payments are based.

† Percentages are based on net assets as of June 30, 2010.

* Less than 0.1%

** Amount is less than $1.00.

Abbreviations:

ADR	American Depositary Receipt
AMBAC	AMBAC Indemnity Corporation
FGIC	Financial Guaranty Insurance Corporation
FSA	Financial Security Assurance
GDR	Global Depositary Receipt
MBIA	Municipal Bond Investors Assurance Corporation
Regd.	Registered
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SPDR	Standard & Poor’s Depository Receipts
STRIPS	Separate Trading of Registered Interest and Principal of Security
TBA	To be announced

Security Valuation and Transactions

A Fund’s portfolio securities are valued generally on the basis of market quotations. Equity securities generally are valued at the last reported sales price on the primary market in which they are traded. Portfolio securities listed on NASDAQ are valued using the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. Level 1 securities primarily include publicly-traded equity securities. If no sales occurred on the exchange or NASDAQ that day, the portfolio security generally is valued using the last reported bid price. In those circumstances the Fund classifies the investment securities in Level 2.

Debt securities (other than short-term securities described below) generally are valued at an evaluated bid as reported by an independent pricing service. Values obtained from pricing services are based on various factors such as market transactions, dealer supplied valuations, security characteristics and other market data. These securities are included in Level 2. In the absence of a reliable price from such a pricing service, debt securities may be valued based on dealer supplied valuations or quotations and would be classified in Level 3. A Fund’s written or purchased options are valued at the last sales price, or if no sales occurred that day, at the last reported bid price and are included in Level 2. Short-term investments of sufficient quality with remaining maturities of sixty days or less at the time of purchase are valued on the basis of amortized costs, which approximates market value and these are also included in Level 2.

All assets and liabilities of the Funds initially expressed in foreign currency values will be converted into U.S. dollars at the WM/Reuter exchange rate computed at 11:00 a.m., Eastern time.

If prices are not readily available for a portfolio security, or if it is believed that a price for a portfolio security does not represent its fair value, the security may be valued using procedures approved by the Funds’ Board of Trustees that are designed to establish its “fair” value. These securities would be classified in Level 3.

Foreign securities may be valued with the assistance of an independent fair value pricing service in circumstances where it is believed that they have been or would be materially affected by events occurring after the close of the portfolio security’s primary market and before the close of regular trading on the NYSE. In those circumstances the Fund classifies the investment securities in Level 2. This independent fair value pricing service uses a computerized system to appraise affected securities and portfolios taking into consideration various factors and the fair value of such securities may be something other than the last available quotation or other market price.

GEAM may also separately monitor portfolio securities and, consistent with the Funds’ fair value procedures, apply a different value to a portfolio security than would be applied had it been priced using market quotations or by an independent fair value pricing service. In those circumstances the Fund classifies the investment securities in Level 3.

Determining the fair value of securities involves the application of both subjective and objective considerations. Security values may differ depending on the methodology used to determine their values, and may differ from the last quoted sale or closing price. No assurance can be given that use of these fair value procedures will always better represent the price at which a Fund could sell the affected portfolio security.

Security transactions are accounted for as of the trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost for both financial statement and federal tax purposes.

Fair Value Disclosure

The Funds adopted ASC 820, Fair Valuation Measurements and Disclosures effective October 2008, for all financial instruments accounted for at fair value.

For financial assets and liabilities, fair value is the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date.

Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:

Level 1—Quoted prices for identical investments in active markets.

Level 2—Quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3—Significant inputs to the valuation model are unobservable.

Other financial instruments are derivative instruments that are not reflected in Total Investments, such as futures, forwards, swaps, and written options contracts, which are valued based on the unrealized appreciation/depreciation of the instrument.

The following tables present the Funds’ investments measured at fair value on a recurring basis at June 30, 2010:

Elfun Trusts
	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	1,414,215	$	—	$	—	$	1,414,215
Other Investments		—		450		—		450
Short-Term Investments		48,208		—		—		48,208
Total Investments in Securities	$	1,462,423	$	450	$	—	$	1,462,873

ITEM 2. CONTROLS AND PROCEDURES.

(a) The officers providing the certifications in this report in accordance with Rule 30a-3 under the Investment Company Act of 1940 have concluded, based on their evaluation of the registrant’s disclosure controls and procedures (as such term is defined in such rule), that such controls and procedures are adequate and reasonably designed to achieve the purpose described in paragraph (c) of such rule.

(b) 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 3. EXHIBITS.

Separate certifications by the registrant’s principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached: EX-99 CERT

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/    JAMES W. IRELAND
	James W. Ireland
	Trustee, President and Chief Executive Officer
	GE Asset Management Incorporated

Date: August 19, 2010

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/    JAMES W. IRELAND
	James W. Ireland
	Trustee, President and Chief Executive Officer
	GE Asset Management Incorporated

Date: August 19, 2010

By:	/S/    EUNICE TSANG
	Eunice Tsang
	Treasurer, Elfun Funds

Date: August 19, 2010