N-CSRS

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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                              811-00483
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                                Elfun Trusts
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               (Exact name of registrant as specified in charter)


              3001, SUMMER STREET,STAMFORD, CONNECTICUT, 06905
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               (Address of principal executive offices) (Zip code)


GE ASSET MANAGEMENT,3001, SUMMER STREET,STAMFORD,CONNECTICUT, 06905
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                     (Name and address of agent for service)


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

Date of fiscal year end: December 31, 2004
                        ---------------------------

Date of reporting period: :  January 1, 2004 - June 30, 2004
                          -------------------------




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 there under.  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.  AUDIT COMMITTEE OF LISTED REGISTRANTS.

          Applicable only to an annual filing.

Item 6.  SCHEDULE OF INVESTMENTS.

          Not applicable.  See Item 1.

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. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
        INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

          Applicable only to Closed-End Management Investment Companies.

Item 9.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

         No material changes to the process.

Item 10.  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 inother factors that could significantly affect these controls
 subsequent to the date of their last evaluation, including any corrective
 actions with regardto significant deficiencies and material weaknesses.

Item 11.  EXHIBITS.

(a) Not applicable.

(b) 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, as required by Rule 30a-2
under the Investment Company Act of 1940.

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
reportto be signed on its behalf by the undersigned, thereunto duly
authorized.

Elfun Trusts

/s/John H. Myers
By:  John H. Myers
Title: Trustee, President and Chief Executive Officer,
        GE Asset Management Incorporated

Date: September 02, 2004


	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.


/s/John H. Myers
By:  John H. Myers
Title: Trustee, President and Chief Executive Officer,
        GE Asset Management Incorporated

Date: September 02, 2004


/s/Robert Herlihy
By: Robert Herlihy
Title: Treasurer, Elfun Funds

Date: September 02, 2004


EXHIBIT INDEX

(b)(1) Certifications of principal executive officer and principal
 financial officer as required by Rule 30a-2 under the Investment
Company Act of 1940.

EX-99.CERT

SECTION 302 CERTIFICATIONS


CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER


I, John H. Myers, certify that:

1. I have reviewed this report on Form N-CSR of Elfun Trusts;

2.Based on my knowledge, this report does not contain any untrue statement of a
 material fact or omit to state a material fact necessary to make the statements
 made, in light of the circumstances under which such statements were made, not
 misleading with respect to the period covered by this report;

3. Item 3 of this Certification not applicable pursuant to the Fund's exemption
from various provisions of the 1940 Act, including Section 30 and the rules
 there under.  See Item 1 of this Form N-CSR for further details.

4.The registrant's other certifying officers and I are responsible for
 establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
 and internal control over financial reporting (as defined in Rule 30a-3(d)
under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures or caused such disclosure
 controls and procedures to be designed under our supervision, to ensure
 that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

b. Item 4(b) of this Certification not applicable pursuant to the Fund's
exemption from various provisions of the 1940 Act, including Section 30 and
the rules there under.  See Item 1 of this Form N-CSR for further details.

c. Item 4(c) of this Certification not applicable pursuant to the Fund's
 exemption from various provisions of the 1940 Act, including Section 30 and
the rules there under.  See Item 1 of this Form N-CSR for further details.

d. Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the most recent fiscal half-year
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; and

5.The registrant's other certifying officers and I have disclosed, to the
registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or
 operation of internal controls over financial reporting which are reasonably,
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls
over financial reporting.


Date: September 02, 2004

/s/ John H. Myers
- ----------------------
By:    John H. Myers
Title: Trustee, President and Chief Executive Officer,
         GE Asset Management Incorporated

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Robert Herlihy, certify that:

1.I have reviewed this report on Form N-CSR of Elfun Trusts;

2.Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Item 3 of this Certification not applicable pursuant to the Fund's
exemption from various provisions of the 1940 Act, including Section 30
and the rules there under.  See Item 1 of this Form N-CSR for further
details.

4.The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d)
under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

b. Item 4(b) of this Certification not applicable pursuant to the Fund's
 exemption from various provisions of the 1940 Act, including Section 30
 and the rules there under.  See Item 1 of this Form N-CSR for further
details.

c. Item 4(c) of this Certification not applicable pursuant to the Fund's
exemption from various provisions of the 1940 Act, including Section 30
and the rules there under.  See Item 1 of this Form N-CSR for further
details.

d. Disclosed in this report any change in the registrant's internal control
 over financial reporting that occurred during the most recent fiscal
half-year that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting; and


5.The registrant's other certifying officers and I have disclosed, to the
 registrant's auditors and the audit committee of the registrant's board of
 directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting which are reasonably,
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls
over financial reporting.

Date: September 02, 2004

/s/ Robert Herlihy
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By:    Robert Herlihy
Title: Treasurer, Elfun Funds