<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 0000821484
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 ELFUN DIVERSIFIED FUND
001 B000000 811-05324
001 C000000 6179851817
002 A000000 3003 SUMMER ST
002 B000000 STAMFORD
002 C000000 CT
002 D010000 06905
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 GENERAL ELECTRIC INVESTMENT CORPORATION
008 B000001 A
008 C000001 801-13003
008 D010001 STAMFORD
008 D020001 CT
008 D030001 06905
010 A000001 GENERAL ELECTRIC INVESTMENT CORPORATION
010 B000001 801-13003
010 C010001 STAMFORD
010 C020001 CT
010 C030001 06905
011 A000001 GE INVESTMENT DISTRIBUTORS, INC.
011 B000001 8-45710
011 C010001 STAMFORD
011 C020001 CT
011 C030001 06927
012 A000001 STATE STREET BANK AND TRUST CO.
012 B000001 85-05003
012 C010001 BOSTON
<PAGE> PAGE 2
012 C020001 MA
012 C030001 02110
013 A000001 KPMG PEAT MARWICK
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10154
013 B040001 0102
014 A000001 FORTH FINANCIAL SECURITIES CORP
014 B000001 8-30557
014 A000002 GECC CAPITAL MARKETS GROUP, INC.
014 B000002 8-29149
014 A000003 CAPITAL BROKERAGE
014 B000003 8-26614
014 A000004 GNA DISTRIBUTORS, INC.
014 B000004 8-46211
014 A000005 GE INVESTMENT DISTRIBUTORS, INC.
014 B000005 8-45710
014 A000006 MITCHELL HUTCHINS ASSET MANAGEMENT, INC.
014 B000006 8-21901
014 A000007 PAINEWEBBER INCORPORATED
014 B000007 8-16267
014 A000008 BUDAPEST SECURITIES
014 B000008 8-00000
014 A000009 TERRA SECURITIES CORP.
014 B000009 8-027082
015 A000001 STATE STREET BANK & TRUST CO
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
015 A000002 CITIBANK N.A.
015 B000002 S
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 E040002 X
015 A000003 ERSTE BANK
015 B000003 S
015 C010003 VIENNA
015 D010003 AUSTRIA
015 E040003 X
015 A000004 WESTPAC NOMINEES
015 B000004 S
015 C010004 SYDNEY
015 D010004 AUSTRALIA
015 E040004 X
015 A000005 GENERAL DE BANQUE
015 B000005 S
015 C010005 BRUSSELS
015 D010005 BELGIUM
015 E040005 X
<PAGE> PAGE 3
015 A000006 CITIBANK N.A.
015 B000006 S
015 C010006 SAO PAULO
015 D010006 BRAZIL
015 E040006 X
015 A000007 CANADA TRUST
015 B000007 S
015 C010007 TORONTO
015 D010007 CANADA
015 E040007 X
015 A000008 UNION BANK
015 B000008 S
015 C010008 ZURICH
015 D010008 SWITZERLAND
015 E040008 X
015 A000009 DRESDNER BANK
015 B000009 S
015 C010009 FRANKFURT
015 D010009 GERMANY
015 E040009 X
015 A000010 DEN DANSKE BANK
015 B000010 S
015 C010010 COPENHAGEN
015 D010010 DENMARK
015 E040010 X
015 A000011 BANCO SANTANDER
015 B000011 S
015 C010011 MADRID
015 D010011 SPAIN
015 E040011 X
015 A000012 MERITA BANK
015 B000012 S
015 C010012 HELSINKI
015 D010012 FINLAND
015 E040012 X
015 A000013 BANQUE PARIBAS
015 B000013 S
015 C010013 PARIS
015 D010013 FRANCE
015 E040013 X
015 A000014 NATIONAL BANK OF GREECE
015 B000014 S
015 C010014 ATHENS
015 D010014 GREECE
015 E040014 X
015 A000015 STANDARD CHARTERED BANK
015 B000015 S
015 C010015 HONG KONG
015 D010015 HONG KONG
015 E040015 X
015 A000016 CITIBANK
<PAGE> PAGE 4
015 B000016 S
015 C010016 BUDAPEST
015 D010016 HUNGARY
015 E040016 X
015 A000017 STANDARD CHARTERED EQUITOR GROUP
015 B000017 S
015 C010017 JAKARTA
015 D010017 INDONESIA
015 E040017 X
015 A000018 BANK OF IRELAND
015 B000018 S
015 C010018 DUBLIN
015 D010018 IRELAND
015 E040018 X
015 A000019 THE FUJI BANK, LIMITED
015 B000019 S
015 C010019 TOKYO
015 D010019 JAPAN
015 E040019 X
015 A000020 HONGKONG AND SHANGHAI BANKING
015 B000020 S
015 C010020 SEOUL
015 D010020 KOREA
015 E040020 X
015 A000021 CITIBANK N.A.
015 B000021 S
015 C010021 MEXICO
015 D010021 MEXICO
015 E040021 X
015 A000022 MEES PIERSON N.V.
015 B000022 S
015 C010022 AMSTERDAM
015 D010022 NETHERLANDS
015 E040022 X
015 A000023 CHRISTIANA BANK
015 B000023 S
015 C010023 OSLO
015 D010023 NORWAY
015 E040023 X
015 A000024 ANZ NOMINEES LIMITED
015 B000024 S
015 C010024 WELLINGTON
015 D010024 NEW ZEALAND
015 E040024 X
015 A000025 STANDARD CHARTERED BANK
015 B000025 S
015 C010025 MAKATI, METRO MANILA
015 D010025 PHILIPPINES
015 E040025 X
015 A000026 DEUTSCHE BANK, AG
015 B000026 S
<PAGE> PAGE 5
015 C010026 KARACHI
015 D010026 PAKISTAN
015 E040026 X
015 A000027 BANK POLSKA KASA OPIEKI, S.A.
015 B000027 S
015 C010027 WARSAW
015 D010027 POLAND
015 E040027 X
015 A000028 BANCO COMERCIAL PORTUGUES
015 B000028 S
015 C010028 LISBON
015 D010028 PORTUGAL
015 E040028 X
015 A000029 SKANDINAVISKA ENSKILDA BANKEN
015 B000029 S
015 C010029 STOCKHOLM
015 D010029 SWEDEN
015 E040029 X
015 A000030 DEVELOPMENT BANK OF SINGAPORE
015 B000030 S
015 C010030 SINGAPORE
015 D010030 SINGAPORE
015 E040030 X
015 A000031 STANDARD CHARTERED BANK
015 B000031 S
015 C010031 BANGKOK
015 D010031 THAILAND
015 E040031 X
015 A000032 OTTOMAN BANK
015 B000032 S
015 C010032 ISTANBUL
015 D010032 TURKEY
015 E040032 X
015 A000033 CENTRAL TRUST OF CHINA
015 B000033 S
015 C010033 TAIPEI
015 D010033 TAIWAN
015 E040033 X
015 A000034 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000034 S
015 C010034 JOHANNESBURG
015 D010034 SOUTH AFRICA
015 E040034 X
015 A000036 STATE STREET BANK & TRUST CO.
015 B000036 S
015 C010036 LONDON
015 D010036 UNITED KINGDOM
015 E040036 X
015 A000037 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B000037 S
015 C010037 KUALA LUMPUR
<PAGE> PAGE 6
015 D010037 MALAYSIA
015 E040037 X
018 000000 Y
019 A000000 Y
019 B000000 6
019 C000000 GEINVESTMT
020 A000001 MORGAN STANLEY AND CO INC
020 B000001 13-2655998
020 C000001 7
020 A000002 MERRILL LYNCH, PIERCE FENNER & SMITH
020 B000002 13-5674085
020 C000002 7
020 A000003 NOMURA SECURITIES INTL. INC
020 B000003 13-2642206
020 C000003 6
020 A000004 GOLDMAN SACHS AND CO
020 B000004 13-5108880
020 C000004 6
020 A000005 SMITH BARNEY INC
020 B000005 13-1912900
020 C000005 5
020 A000006 CAPEL, JAMES HSBC SECURITIES INC
020 B000006 52-1348224
020 C000006 4
020 A000007 WERTHEIM & CO. INC
020 B000007 13-2697272
020 C000007 4
020 A000008 LEHMAN BROTHERS INC.
020 B000008 13-2518466
020 C000008 4
020 A000009 BEAR STEARNS
020 B000009 13-3299490
020 C000009 4
020 A000010 CS FIRST BOSTON CORP
020 B000010 13-5659485
020 C000010 4
021 000000 105
022 A000001 SALOMON BROTHERS, INC
022 B000001 13-3082694
022 C000001 44106
022 D000001 39278
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002 29780
022 D000002 21713
022 A000003 CS FIRST BOSTON
022 B000003 13-5959485
022 C000003 22563
022 D000003 16123
022 A000004 MERRILL LYNCH
022 B000004 13-5674085
<PAGE> PAGE 7
022 C000004 17535
022 D000004 18536
022 A000005 GREENWICH CAPITAL CORP
022 B000005 13-2697091
022 C000005 19977
022 D000005 13501
022 A000006 DONALDSON, LUFKIN + JENRETTE SECS
022 B000006 13-2741729
022 C000006 15180
022 D000006 13660
022 A000007 GOLDMAN SACHS, INC
022 B000007 13-5108880
022 C000007 8981
022 D000007 8258
022 A000008 DEUTSCHE BANK
022 B000008 13-2730828
022 C000008 3132
022 D000008 7628
022 A000009 MORGAN STANLEY AND CO, INC
022 B000009 13-2655998
022 C000009 3833
022 D000009 4030
022 A000010 NATIONSBANC MONTGOMERY SECS LLC
022 B000010 59-2422159
022 C000010 2839
022 D000010 2742
023 C000000 178061
023 D000000 151229
024 000000 Y
025 A000001 MORGAN STANLEY & CO. INC.
025 B000001 13-2655998
025 C000001 D
025 D000001 1604
025 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH
025 B000002 13-5674085
025 C000002 D
025 D000002 368
025 A000003 GOLDMAN SACHS & CO.
025 B000003 13-5108880
025 C000003 D
025 D000003 117
025 A000004 SALOMON BROTHERS, INC.
025 B000004 13-3082694
025 C000004 D
025 D000004 237
025 A000005 LEHMAN BROTHERS, INC.
025 B000005 13-2518466
025 C000005 D
025 D000005 678
025 A000006 DONALDSON, LUFKIN & JENRETTE SECS.
025 B000006 13-2741729
<PAGE> PAGE 8
025 C000006 D
025 D000006 718
025 A000007 SOCIETE GENERALE
025 B000007 13-1976032
025 C000007 E
025 D000007 349
025 A000008 MERITA BANK LTD.
025 C000008 E
025 D000008 261
025 D000009 0
025 D000010 0
025 D000011 0
025 D000012 0
025 D000013 0
025 D000014 0
025 D000015 0
025 D000016 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 1474
028 A020000 0
028 A030000 0
028 A040000 872
028 B010000 1140
028 B020000 0
028 B030000 0
028 B040000 3326
028 C010000 736
028 C020000 0
028 C030000 0
028 C040000 1020
028 D010000 1795
028 D020000 0
028 D030000 0
028 D040000 2651
028 E010000 2639
028 E020000 0
028 E030000 0
028 E040000 930
028 F010000 5353
028 F020000 16807
028 F030000 0
028 F040000 2150
<PAGE> PAGE 9
028 G010000 13137
028 G020000 16807
028 G030000 0
028 G040000 10949
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
041 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 N
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
<PAGE> PAGE 10
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 500
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
<PAGE> PAGE 11
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 Y
067 000000 Y
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 Y
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 Y
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
<PAGE> PAGE 12
071 A000000 212301
071 B000000 195060
071 C000000 154872
071 D000000 126
072 A000000 12
072 B000000 3857
072 C000000 1457
072 D000000 0
072 E000000 -59
072 F000000 139
072 G000000 0
072 H000000 0
072 I000000 200
072 J000000 22
072 K000000 0
072 L000000 6
072 M000000 0
072 N000000 29
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 0
072 S000000 3
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 3
072 X000000 402
072 Y000000 0
072 Z000000 4853
072AA000000 13396
072BB000000 0
072CC010000 6835
072CC020000 0
072DD010000 4813
072DD020000 0
072EE000000 13144
073 A010000 0.6050
073 A020000 0.0000
073 B000000 1.6523
073 C000000 0.0000
074 A000000 0
074 B000000 398
074 C000000 8500
074 D000000 64395
074 E000000 997
074 F000000 107387
074 G000000 0
074 H000000 0
074 I000000 5
074 J000000 499
<PAGE> PAGE 13
074 K000000 0
074 L000000 1057
074 M000000 0
074 N000000 183238
074 O000000 5485
074 P000000 125
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 7
074 R040000 39
074 S000000 0
074 T000000 177582
074 U010000 8802
074 U020000 0
074 V010000 20.18
074 V020000 0.00
074 W000000 0.0000
074 X000000 5980
074 Y000000 17897
075 A000000 0
075 B000000 161682
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 NATIONAL UNION FIRE INSURANCE CO. OF PGH.,PA.
080 C000000 5750
081 A000000 Y
081 B000000 5
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
<PAGE> PAGE 14
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE JEFF GROH
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000821484
<NAME> ELFUN DIVERSIFIED FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 141282
<INVESTMENTS-AT-VALUE> 181682
<RECEIVABLES> 1556
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 183238
<PAYABLE-FOR-SECURITIES> 5485
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 171
<TOTAL-LIABILITIES> 5656
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 136942
<SHARES-COMMON-STOCK> 8802
<SHARES-COMMON-PRIOR> 7505
<ACCUMULATED-NII-CURRENT> (3)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 239
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 40404
<NET-ASSETS> 177582
<DIVIDEND-INCOME> 1457
<INTEREST-INCOME> 3857
<OTHER-INCOME> (59)
<EXPENSES-NET> (402)
<NET-INVESTMENT-INCOME> 4853
<REALIZED-GAINS-CURRENT> 13396
<APPREC-INCREASE-CURRENT> 6835
<NET-CHANGE-FROM-OPS> 25084
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4813)
<DISTRIBUTIONS-OF-GAINS> (13144)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1276
<NUMBER-OF-SHARES-REDEEMED> (815)
<SHARES-REINVESTED> 836
<NET-CHANGE-IN-ASSETS> 33774
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (56)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 139
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 402
<AVERAGE-NET-ASSETS> 161682
<PER-SHARE-NAV-BEGIN> 19.160
<PER-SHARE-NII> .610
<PER-SHARE-GAIN-APPREC> 2.660
<PER-SHARE-DIVIDEND> (.600)
<PER-SHARE-DISTRIBUTIONS> (1.650)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.180
<EXPENSE-RATIO> .25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
