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: 811-05216
ELFUN INTERNATIONAL EQUITY FUND
(Exact name of registrant as specified in charter)
One Iron Street
Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
| | |
| (Name and Address of Agent for Service) | | Copy to: |
| |
Sean O’Malley, Esq. Senior Vice President and General Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210 | | Adam M. Schlichtmann, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600 |
Registrant’s telephone number, including area code: (617) 664-1465
Date of fiscal year end: December 31
Date of reporting period: June 30, 2023
Item 1. Shareholder Report.
(a) The Report to Shareholders is attached herewith.
Semi-Annual Report
June 30, 2023
| Elfun Funds |
| Elfun International Equity Fund |
| Elfun Trusts |
| Elfun Diversified Fund |
| Elfun Tax-Exempt Income Fund |
| Elfun Income Fund |
| Elfun Government Money Market Fund |
Elfun Funds
Semi-Annual Report
June 30, 2023 (Unaudited)
| | Page |
| 1 |
| Fund Information, Understanding Your Fund's Expenses and Schedule of Investments | |
| 2 |
| 9 |
| 14 |
| 49 |
| 60 |
| 82 |
| Financial Statements | |
| 88 |
| 94 |
| 96 |
| 98 |
| 101 |
| 111 |
The information contained in this report is intended for the general information of shareholders of the Funds. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus which contains important information concerning the Funds. You may find the fund’s prospectus and other information about the fund online at www.ssga.com or you also may get this information at no cost by calling 1-800-242-0134 or by sending an e-mail request to Statestreetfunds@ssga.com. Please read the prospectus carefully before you invest.
[This page intentionally left blank]
Elfun Funds
Notes to Performance — June 30, 2023 (Unaudited)
Information on the following performance pages relates to the Elfun Funds.
Total returns take into account changes in share price and assume reinvestment of all dividends and capital gains distributions, if any. Total returns shown are net of Fund expenses.
The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call toll-free (800) 242-0134 or visit the Funds’ website at www.ssga.com for the most recent month-end performance data.
A portion of the Elfun Tax-Exempt Income Fund’s income may be subject to state, federal and/or alternative minimum tax. Capital gains, if any, are subject to capital gains tax.
An investment in a Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in a Fund is subject to risk, including possible loss of principal invested.
State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the Elfun Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
Elfun International Equity Fund
Fund Information — June 30, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $171,170 (in thousands) as of June 30, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of June 30, 2023 (as a % of Fair Value) (a)(b) |
| LVMH Moet Hennessy Louis Vuitton SE | 3.84% |
| AstraZeneca PLC | 3.68% |
| Nestle SA | 3.38% |
| Novartis AG | 3.35% |
| ASML Holding NV | 3.24% |
| Disco Corp. | 2.91% |
| Schneider Electric SE | 2.70% |
| Air Liquide SA | 2.53% |
| SAP SE | 2.47% |
| AIA Group Ltd. | 2.45% |
|
| (a) | Fair Value basis is inclusive of short-term investments in State Street Institutional U.S. Government Money Market Fund - Class G Shares and State Street Institutional Treasury Money Market Fund - Premier Class. |
| (b) | The securities information regarding holdings, allocations and other characteristics is 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. |
| 2 | Elfun International Equity Fund |
Elfun International Equity Fund
Understanding Your Fund’s Expenses — June 30, 2023 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2023.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Beginning Account Value
January 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
June 30, 2023 | $1,148.80 | | $1,022.70 |
| Expenses Paid During Period* | $ 2.24 | | $ 2.11 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.42% (for the period January 1, 2023 - June 30, 2023), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| Elfun International Equity Fund | 3 |
Elfun International Equity Fund
Schedule of Investments — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock - 98.2% † |
| Australia - 1.7% |
| BHP Group Ltd., Class DI | 97,130 | $ 2,901,927 |
| Brazil - 0.5% |
| Itau Unibanco Holding SA ADR | 155,545 | 917,715 |
| Canada - 0.8% |
| Brookfield Corp. | 39,736 | 1,339,298 |
| France - 19.2% |
| Air Liquide SA | 24,196 | 4,338,397 |
| AXA SA | 110,600 | 3,267,777 |
| BNP Paribas SA | 45,780 | 2,888,461 |
| Cie de Saint-Gobain | 54,820 | 3,337,178 |
| Dassault Systemes SE | 69,851 | 3,094,597 |
| EssilorLuxottica SA | 18,266 | 3,443,792 |
| LVMH Moet Hennessy Louis Vuitton SE | 6,965 | 6,566,180 |
| Safran SA | 24,857 | 3,894,619 |
| Worldline SA (a)(b) | 60,868 | 2,228,579 |
| | | 33,059,580 |
| Germany - 5.4% |
| adidas AG | 8,367 | 1,623,972 |
| Infineon Technologies AG | 85,169 | 3,506,806 |
| SAP SE | 30,941 | 4,225,996 |
| | | 9,356,774 |
| Hong Kong - 4.0% |
| AIA Group Ltd. | 413,167 | 4,196,008 |
| Prudential PLC | 183,536 | 2,594,908 |
| | | 6,790,916 |
| Ireland - 1.1% |
| Kerry Group PLC, Class A | 18,697 | 1,824,550 |
| Japan - 22.1% |
| Daikin Industries Ltd. | 16,300 | 3,334,410 |
| Disco Corp. | 31,500 | 4,985,904 |
| Hoya Corp. | 22,752 | 2,718,124 |
| Kao Corp. | 54,000 | 1,956,401 |
| Komatsu Ltd. | 135,800 | 3,667,021 |
| Mitsubishi UFJ Financial Group, Inc. | 467,926 | 3,443,390 |
| Murata Manufacturing Co. Ltd. | 35,491 | 2,035,251 |
| Recruit Holdings Co. Ltd. | 102,000 | 3,249,957 |
| Secom Co. Ltd. | 11,400 | 770,253 |
| Shimadzu Corp. | 54,457 | 1,680,395 |
| | Number
of Shares | Fair
Value |
| Shiseido Co. Ltd. | 52,962 | $ 2,396,767 |
| Sony Group Corp. | 45,000 | 4,055,412 |
| Tokio Marine Holdings, Inc. | 159,994 | 3,682,306 |
| | | 37,975,591 |
| Netherlands - 6.6% |
| ASML Holding NV | 7,659 | 5,554,275 |
| ING Groep NV Series N | 225,477 | 3,039,232 |
| Universal Music Group NV | 125,655 | 2,790,887 |
| | | 11,384,394 |
| Norway - 1.3% |
| Equinor ASA | 74,327 | 2,168,367 |
| Portugal - 0.7% |
| Galp Energia SGPS SA | 98,546 | 1,151,386 |
| Singapore - 1.8% |
| United Overseas Bank Ltd. | 152,000 | 3,151,975 |
| Spain - 3.5% |
| Cellnex Telecom SA (a)(b) | 69,762 | 2,818,132 |
| Industria de Diseno Textil SA | 80,354 | 3,116,183 |
| | | 5,934,315 |
| Sweden - 1.8% |
| Assa Abloy AB, Class B | 130,886 | 3,141,456 |
| Switzerland - 6.3% |
| DSM-Firmenich AG (b) | 22,301 | 2,399,464 |
| Novartis AG | 56,865 | 5,735,659 |
| Sika AG | 9,638 | 2,761,563 |
| | | 10,896,686 |
| United Kingdom - 11.6% |
| Ashtead Group PLC | 42,649 | 2,960,037 |
| AstraZeneca PLC | 43,858 | 6,293,919 |
| London Stock Exchange Group PLC | 38,045 | 4,053,565 |
| Rentokil Initial PLC | 458,252 | 3,586,749 |
| Spirax-Sarco Engineering PLC | 22,813 | 3,010,046 |
| | | 19,904,316 |
| United States - 9.8% |
| Experian PLC | 59,319 | 2,279,144 |
| Nestle SA | 48,080 | 5,786,202 |
| Roche Holding AG | 13,445 | 4,108,879 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 4 | Elfun International Equity Fund |
Elfun International Equity Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Schneider Electric SE | 25,473 | $ 4,627,001 |
| | | 16,801,226 |
Total Common Stock
(Cost $123,506,629) | | 168,700,472 |
| Short-Term Investments - 1.4% |
| State Street Institutional Treasury Money Market Fund - Premier Class 5.02% (c)(d) | 1,388,671 | 1,388,671 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.07% (c)(d) | 1,080,783 | 1,080,783 |
Total Short-Term Investments
(Cost $2,469,454) | | 2,469,454 |
Total Investments
(Cost $125,976,083) | | 171,169,926 |
| Other Assets and Liabilities, net - 0.4% | | 609,606 |
| NET ASSETS - 100.0% | | $ 171,779,532 |
Other Information:
During the period ended June 30, 2023, the average notional values related to long and short futures contracts were $997,754 and $482,519, respectively.
Notes to Schedule of Investments – June 30, 2023 (Unaudited)
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund's future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund's summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| (a) | Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, these securities amounted to $5,046,711 or 2.94% of the net assets of the Elfun International Equity Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees. |
| (b) | Non-income producing security. |
| (c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (d) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of June 30, 2023. |
| Abbreviations: |
| ADR - American Depositary Receipt |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun International Equity Fund | 5 |
Elfun International Equity Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 4,656,477 | | $ 164,043,995 | | $ — | | $ 168,700,472 |
| Short-Term Investments | 2,469,454 | | — | | — | | 2,469,454 |
| Total Investments in Securities | $ 7,125,931 | | $ 164,043,995 | | $ — | | $ 171,169,926 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 6 | Elfun International Equity Fund |
Elfun International Equity Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
The Fund was invested in the following sectors at June 30, 2023 (Unaudited):
| Sector | | Percentage (based
on Fair Value) |
| Pharmaceuticals | | | 9.43% |
| Diversified Banks | | | 7.86% |
| Semiconductor Materials & Equipment | | | 6.15% |
| Building Products | | | 5.73% |
| Apparel, Accessories & Luxury Goods | | | 4.79% |
| Packaged Foods & Meats | | | 4.45% |
| Application Software | | | 4.28% |
| Life & Health Insurance | | | 3.97% |
| Healthcare Supplies | | | 3.60% |
| Specialty Chemicals | | | 3.02% |
| Electrical Components & Equipment | | | 2.70% |
| Personal Care Products | | | 2.55% |
| Industrial Gases | | | 2.53% |
| Consumer Electronics | | | 2.37% |
| Financial Exchanges & Data | | | 2.37% |
| Aerospace & Defense | | | 2.27% |
| Property & Casualty Insurance | | | 2.15% |
| Construction Machinery & Heavy Transportation Equipment | | | 2.14% |
| Environmental & Facilities Services | | | 2.09% |
| Semiconductors | | | 2.05% |
| Integrated Oil & Gas | | | 1.94% |
| Multi-Line Insurance | | | 1.91% |
| Human Resource & Employment Services | | | 1.90% |
| Apparel Retail | | | 1.82% |
| Industrial Machinery & Supplies & Components | | | 1.76% |
| Trading Companies & Distributors | | | 1.73% |
| Diversified Metals & Mining | | | 1.69% |
| Integrated Telecommunication Services | | | 1.65% |
| Movies & Entertainment | | | 1.63% |
| Research & Consulting Services | | | 1.33% |
| Transaction & Payment Processing Services | | | 1.30% |
| Electronic Components | | | 1.19% |
| Electronic Equipment & Instruments | | | 0.98% |
| Asset Management & Custody Banks | | | 0.78% |
| Security & Alarm Services | | | 0.45% |
| | | | 98.56% |
| Short-Term Investments | | |
| Short-Term Investments | | 1.44% |
| | | | 100.00% |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun International Equity Fund | 7 |
Elfun International Equity Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | | Cost of
Purchases | | Proceeds
from
Shares
Sold | | Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/23 | Value at
6/30/23 | | Dividend
Income |
| State Street Institutional Treasury Money Market Fund - Premier Class | 1,192,777 | $1,192,777 | | $ 5,144,076 | | $4,948,182 | | $— | | $— | 1,388,671 | $1,388,671 | | $ 53,016 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 935,166 | 935,166 | | 5,093,799 | | 4,948,182 | | — | | — | 1,080,783 | 1,080,783 | | 47,824 |
| TOTAL | | $2,127,943 | | $10,237,875 | | $9,896,364 | | $— | | $— | | $2,469,454 | | $100,840 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 8 | Elfun International Equity Fund |
Elfun Trusts
Fund Information — June 30, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $3,393,483 (in thousands) as of June 30, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of June 30, 2023 (as a % of Fair Value) (a)(b) |
| Microsoft Corp. | 8.50% |
| Apple, Inc. | 6.75% |
| Amazon.com, Inc. | 5.27% |
| NVIDIA Corp. | 4.46% |
| Meta Platforms, Inc., Class A | 4.01% |
| Alphabet, Inc., Class C | 3.55% |
| Johnson & Johnson | 3.22% |
| UnitedHealth Group, Inc. | 3.21% |
| Visa, Inc., Class A | 3.01% |
| Merck & Company, Inc. | 2.79% |
|
| (a) | Fair Value basis is inclusive of short-term investments in State Street Institutional U.S. Government Money Market Fund - Class G Shares and State Street Institutional Treasury Money Market Fund - Premier Class. |
| (b) | The securities information regarding holdings, allocations and other characteristics is 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. |
Elfun Trusts
Understanding Your Fund’s Expenses — June 30, 2023 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2023.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Beginning Account Value
January 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
June 30, 2023 | $1,206.90 | | $1,023.90 |
| Expenses Paid During Period* | $ 0.98 | | $ 0.90 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.18% (for the period January 1, 2023 - June 30, 2023), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Elfun Trusts
Schedule of Investments — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock - 98.1% † |
| Apparel Retail - 1.2% |
| Ross Stores, Inc. | 378,200 | $ 42,407,566 |
| Application Software - 2.0% |
| Salesforce, Inc. (a) | 326,549 | 68,986,742 |
| Biotechnology - 2.5% |
| BioMarin Pharmaceutical, Inc. (a) | 383,891 | 33,275,672 |
| Vertex Pharmaceuticals, Inc. (a) | 144,842 | 50,971,348 |
| | | 84,247,020 |
| Broadline Retail - 5.3% |
| Amazon.com, Inc. (a) | 1,370,800 | 178,697,488 |
| Cable & Satellite - 1.2% |
| Charter Communications, Inc., Class A (a) | 108,600 | 39,896,382 |
| Consumer Staples Merchandise Retail - 2.2% |
| Costco Wholesale Corp. | 137,512 | 74,033,711 |
| Diversified Banks - 2.4% |
| JPMorgan Chase & Co. | 549,321 | 79,893,246 |
| Electric Utilities - 1.6% |
| NextEra Energy, Inc. | 749,300 | 55,598,060 |
| Electrical Components & Equipment - 2.3% |
| Eaton Corp. PLC | 384,100 | 77,242,510 |
| Electronic Components - 1.5% |
| Amphenol Corp., Class A | 594,400 | 50,494,280 |
| Environmental & Facilities Services - 1.9% |
| Waste Management, Inc. | 365,000 | 63,298,300 |
| Financial Exchanges & Data - 2.2% |
| S&P Global, Inc. | 188,100 | 75,407,409 |
| Healthcare Equipment - 2.6% |
| Boston Scientific Corp. (a) | 904,103 | 48,902,931 |
| IDEXX Laboratories, Inc. (a) | 75,400 | 37,868,142 |
| | | 86,771,073 |
| Home Improvement Retail - 1.6% |
| Lowe's Cos., Inc. | 236,349 | 53,343,969 |
| | Number
of Shares | Fair
Value |
| Industrial Gases - 2.4% |
| Linde PLC | 212,700 | $ 81,055,716 |
| Industrial Machinery & Supplies & Components - 2.3% |
| Parker-Hannifin Corp. | 200,300 | 78,125,012 |
| Interactive Media & Services - 9.6% |
| Alphabet, Inc., Class C (a) | 997,200 | 120,631,284 |
| Alphabet, Inc., Class A (a) | 586,000 | 70,144,200 |
| Meta Platforms, Inc., Class A (a) | 474,592 | 136,198,412 |
| | | 326,973,896 |
| Life Sciences Tools & Services - 1.4% |
| IQVIA Holdings, Inc. (a) | 215,700 | 48,482,889 |
| Managed Healthcare - 3.2% |
| UnitedHealth Group, Inc. | 226,456 | 108,843,812 |
| Oil & Gas Exploration & Production - 3.9% |
| ConocoPhillips | 769,500 | 79,727,895 |
| Pioneer Natural Resources Co. | 258,200 | 53,493,876 |
| | | 133,221,771 |
| Packaged Foods & Meats - 2.0% |
| Mondelez International, Inc., Class A | 931,883 | 67,971,546 |
| Pharmaceuticals - 6.0% |
| Johnson & Johnson | 659,400 | 109,143,888 |
| Merck & Company, Inc. | 822,076 | 94,859,350 |
| | | 204,003,238 |
| Property & Casualty Insurance - 1.9% |
| Chubb Ltd. | 329,300 | 63,410,008 |
| Semiconductor Materials & Equipment - 2.5% |
| Applied Materials, Inc. | 436,600 | 63,106,164 |
| ASML Holding N.V. | 31,300 | 22,684,675 |
| | | 85,790,839 |
| Semiconductors - 6.6% |
| NVIDIA Corp. | 357,700 | 151,314,254 |
| QUALCOMM, Inc. | 619,100 | 73,697,664 |
| | | 225,011,918 |
| Systems Software - 9.2% |
| Microsoft Corp. | 847,135 | 288,483,353 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Trusts
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| ServiceNow, Inc. (a) | 42,800 | $ 24,052,316 |
| | | 312,535,669 |
| Technology Hardware, Storage & Peripherals - 6.7% |
| Apple, Inc. | 1,181,000 | 229,078,570 |
| Telecom Tower REITs - 2.0% |
| American Tower Corp. | 355,229 | 68,893,112 |
| Trading Companies & Distributors - 2.2% |
| United Rentals, Inc. | 169,567 | 75,520,055 |
| Transaction & Payment Processing Services - 5.7% |
| Mastercard, Inc., Class A | 227,700 | 89,554,410 |
| Visa, Inc., Class A | 430,900 | 102,330,132 |
| | | 191,884,542 |
Total Common Stock
(Cost $1,620,521,805) | | 3,331,120,349 |
| Short-Term Investments - 1.9% |
| State Street Institutional Treasury Money Market Fund - Premier Class 5.02% (b)(c) | 31,942,379 | 31,942,379 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.07% (b)(c) | 30,420,624 | 30,420,624 |
Total Short-Term Investments
(Cost $62,363,003) | | 62,363,003 |
Total Investments
(Cost $1,682,884,808) | | 3,393,483,352 |
| Other Assets and Liabilities, net - 0.0%* | | 1,373,676 |
| NET ASSETS - 100.0% | | $ 3,394,857,028 |
Notes to Schedule of Investments – June 30, 2023 (Unaudited)
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund's future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund's summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| (a) | Non-income producing security. |
| (b) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (c) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of June 30, 2023. |
| * | Less than 0.05%. |
| Abbreviations: |
| REIT - Real Estate Investment Trust |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 3,331,120,349 | | $ — | | $ — | | $ 3,331,120,349 |
| Short-Term Investments | 62,363,003 | | — | | — | | 62,363,003 |
| Total Investments in Securities | $ 3,393,483,352 | | $ — | | $ — | | $ 3,393,483,352 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Trusts
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | | Cost of
Purchases | | Proceeds
from
Shares
Sold | | Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/23 | Value at
6/30/23 | | Dividend
Income |
| State Street Institutional Treasury Money Market Fund - Premier Class | 19,801,698 | $19,801,698 | | $113,017,939 | | $100,877,258 | | $— | | $— | 31,942,379 | $31,942,379 | | $ 739,586 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 18,975,185 | 18,975,185 | | 112,322,697 | | 100,877,258 | | — | | — | 30,420,624 | 30,420,624 | | 731,665 |
| TOTAL | | $38,776,883 | | $225,340,636 | | $201,754,516 | | $— | | $— | | $62,363,003 | | $1,471,251 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Fund Information — June 30, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $186,794 (in thousands) as of June 30, 2023 (a)(b) |
| Top Ten Largest Equity Holdings |
| as of June 30, 2023 (as a % of Fair Value) (a)(b) |
| Apple, Inc. | 3.17% |
| Microsoft Corp. | 2.79% |
| Amazon.com, Inc. | 1.28% |
| NVIDIA Corp. | 1.16% |
| Alphabet, Inc., Class A | 0.79% |
| Tesla, Inc. | 0.78% |
| Meta Platforms, Inc., Class A | 0.70% |
| Alphabet, Inc., Class C | 0.68% |
| Berkshire Hathaway, Inc., Class B | 0.67% |
| UnitedHealth Group, Inc. | 0.49% |
|
| (a) | The securities information regarding holdings, allocations and other characteristics is 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. |
| (b) | Fair Value basis is inclusive of short-term investment in affiliated money market funds. |
Elfun Diversified Fund
Understanding Your Fund’s Expenses — June 30, 2023 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2023.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Beginning Account Value
January 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
June 30, 2023 | $1,096.90 | | $1,023.20 |
| Expenses Paid During Period* | $ 1.72 | | $ 1.66 |
| * | Expenses are equal to the Fund's annualized net expense ratio of 0.33% (for the period January 1, 2023 - June 30, 2023), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Elfun Diversified Fund
Schedule of Investments — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Domestic Equity - 43.1% † |
| Common Stock - 43.1% |
| Advertising - 0.0%* |
| Interpublic Group of Cos., Inc. | 866 | $ 33,410 |
| Omnicom Group, Inc. | 441 | 41,961 |
| | | 75,371 |
| Aerospace & Defense - 0.7% |
| Axon Enterprise, Inc. (a) | 149 | 29,073 |
| Boeing Co. (a) | 1,152 | 243,256 |
| General Dynamics Corp. | 457 | 98,323 |
| Howmet Aerospace, Inc. | 719 | 35,634 |
| Huntington Ingalls Industries, Inc. | 71 | 16,160 |
| L3Harris Technologies, Inc. | 379 | 74,197 |
| Lockheed Martin Corp. | 471 | 216,839 |
| Northrop Grumman Corp. | 293 | 133,549 |
| Raytheon Technologies Corp. | 3,005 | 294,370 |
| Textron, Inc. | 398 | 26,917 |
| TransDigm Group, Inc. | 105 | 93,888 |
| | | 1,262,206 |
| Agricultural & Farm Machinery - 0.1% |
| Deere & Co. | 554 | 224,475 |
| Agricultural Products & Services - 0.1% |
| Archer-Daniels-Midland Co. | 1,092 | 82,512 |
| Bunge Ltd. | 300 | 28,305 |
| | | 110,817 |
| Air Freight & Logistics - 0.3% |
| CH Robinson Worldwide, Inc. | 263 | 24,814 |
| Expeditors International of Washington, Inc. | 315 | 38,156 |
| FedEx Corp. | 472 | 117,009 |
| United Parcel Service, Inc., Class B | 1,496 | 268,158 |
| | | 448,137 |
| Apparel Retail - 0.2% |
| Ross Stores, Inc. | 685 | 76,809 |
| TJX Cos., Inc. | 2,329 | 197,476 |
| | | 274,285 |
| Apparel, Accessories & Luxury Goods - 0.0%* |
| Ralph Lauren Corp. | 75 | 9,247 |
| Tapestry, Inc. | 436 | 18,661 |
| VF Corp. | 724 | 13,821 |
| | | 41,729 |
| | Number
of Shares | Fair
Value |
| Application Software - 1.0% |
| Adobe, Inc. (a) | 940 | $ 459,651 |
| ANSYS, Inc. (a) | 175 | 57,797 |
| Autodesk, Inc. (a) | 437 | 89,415 |
| Cadence Design Systems, Inc. (a) | 559 | 131,097 |
| Fair Isaac Corp. (a) | 55 | 44,507 |
| Intuit, Inc. | 584 | 267,583 |
| PTC, Inc. (a) | 236 | 33,583 |
| Roper Technologies, Inc. | 215 | 103,372 |
| Salesforce, Inc. (a) | 2,021 | 426,956 |
| Synopsys, Inc. (a) | 311 | 135,412 |
| Tyler Technologies, Inc. (a) | 92 | 38,315 |
| | | 1,787,688 |
| Asset Management & Custody Banks - 0.3% |
| Ameriprise Financial, Inc. | 215 | 71,415 |
| Bank of New York Mellon Corp. | 1,495 | 66,557 |
| BlackRock, Inc. | 307 | 212,180 |
| Franklin Resources, Inc. | 492 | 13,141 |
| Invesco Ltd. | 809 | 13,599 |
| Northern Trust Corp. | 421 | 31,213 |
| State Street Corp. (b) | 690 | 50,494 |
| T Rowe Price Group, Inc. | 446 | 49,961 |
| | | 508,560 |
| Automobile Manufacturers - 1.0% |
| Ford Motor Co. | 7,915 | 119,754 |
| General Motors Co. | 2,933 | 113,096 |
| Tesla, Inc. (a) | 5,561 | 1,455,703 |
| | | 1,688,553 |
| Automotive Parts & Equipment - 0.0%* |
| Aptiv PLC (a) | 540 | 55,129 |
| BorgWarner, Inc. | 439 | 21,471 |
| | | 76,600 |
| Automotive Retail - 0.1% |
| Advance Auto Parts, Inc. | 103 | 7,241 |
| AutoZone, Inc. (a) | 38 | 94,748 |
| CarMax, Inc. (a) | 354 | 29,630 |
| O'Reilly Automotive, Inc. (a) | 128 | 122,278 |
| | | 253,897 |
| Biotechnology - 0.8% |
| AbbVie, Inc. | 3,635 | 489,744 |
| Amgen, Inc. | 1,111 | 246,664 |
| Biogen, Inc. (a) | 308 | 87,734 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Gilead Sciences, Inc. | 2,553 | $ 196,760 |
| Incyte Corp. (a) | 341 | 21,227 |
| Moderna, Inc. (a) | 657 | 79,825 |
| Regeneron Pharmaceuticals, Inc. (a) | 220 | 158,079 |
| Vertex Pharmaceuticals, Inc. (a) | 525 | 184,753 |
| | | 1,464,786 |
| Brewers - 0.0%* |
| Molson Coors Beverage Co., Class B | 420 | 27,653 |
| Broadcasting - 0.0%* |
| Fox Corp., Class A | 597 | 20,298 |
| Fox Corp., Class B | 283 | 9,025 |
| Paramount Global, Class B | 904 | 14,383 |
| | | 43,706 |
| Broadline Retail - 1.4% |
| Amazon.com, Inc. (a) | 18,378 | 2,395,756 |
| eBay, Inc. | 1,085 | 48,489 |
| Etsy, Inc. (a) | 232 | 19,629 |
| | | 2,463,874 |
| Building Products - 0.2% |
| A O Smith Corp. | 300 | 21,834 |
| Allegion PLC | 157 | 18,843 |
| Carrier Global Corp. | 1,713 | 85,153 |
| Johnson Controls International PLC | 1,375 | 93,693 |
| Masco Corp. | 473 | 27,141 |
| Trane Technologies PLC | 471 | 90,083 |
| | | 336,747 |
| Cable & Satellite - 0.2% |
| Charter Communications, Inc., Class A (a) | 214 | 78,617 |
| Comcast Corp., Class A | 8,625 | 358,369 |
| | | 436,986 |
| Cargo Ground Transportation - 0.1% |
| JB Hunt Transport Services, Inc. | 184 | 33,310 |
| Old Dominion Freight Line, Inc. | 180 | 66,555 |
| | | 99,865 |
| | Number
of Shares | Fair
Value |
| Casinos & Gaming - 0.1% |
| Caesars Entertainment, Inc. (a) | 382 | $ 19,471 |
| Las Vegas Sands Corp. (a) | 671 | 38,918 |
| MGM Resorts International | 620 | 27,230 |
| Wynn Resorts Ltd. | 230 | 24,290 |
| | | 109,909 |
| Commodity Chemicals - 0.1% |
| Dow, Inc. | 1,422 | 75,736 |
| LyondellBasell Industries NV, Class A | 549 | 50,414 |
| | | 126,150 |
| Communications Equipment - 0.4% |
| Arista Networks, Inc. (a) | 529 | 85,730 |
| Cisco Systems, Inc. | 8,413 | 435,288 |
| F5, Inc. (a) | 107 | 15,650 |
| Juniper Networks, Inc. | 745 | 23,341 |
| Motorola Solutions, Inc. | 339 | 99,422 |
| | | 659,431 |
| Computer & Electronics Retail - 0.0%* |
| Best Buy Co., Inc. | 436 | 35,730 |
| Construction & Engineering - 0.0%* |
| Quanta Services, Inc. | 288 | 56,578 |
| Construction Machinery & Heavy Transportation Equipment - 0.3% |
| Caterpillar, Inc. | 1,064 | 261,797 |
| Cummins, Inc. | 303 | 74,284 |
| PACCAR, Inc. | 1,057 | 88,418 |
| Westinghouse Air Brake Technologies Corp. | 399 | 43,758 |
| | | 468,257 |
| Construction Materials - 0.1% |
| Martin Marietta Materials, Inc. | 125 | 57,711 |
| Vulcan Materials Co. | 266 | 59,967 |
| | | 117,678 |
| Consumer Electronics - 0.0%* |
| Garmin Ltd. | 338 | 35,250 |
| Consumer Finance - 0.2% |
| American Express Co. | 1,219 | 212,350 |
| Capital One Financial Corp. | 773 | 84,543 |
| Discover Financial Services | 524 | 61,229 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Synchrony Financial | 803 | $ 27,238 |
| | | 385,360 |
| Consumer Staples Merchandise Retail - 0.7% |
| Costco Wholesale Corp. | 912 | 491,002 |
| Dollar General Corp. | 452 | 76,741 |
| Dollar Tree, Inc. (a) | 447 | 64,144 |
| Target Corp. | 938 | 123,722 |
| Walmart, Inc. | 2,881 | 452,836 |
| | | 1,208,445 |
| Copper - 0.1% |
| Freeport-McMoRan, Inc. | 3,027 | 121,080 |
| Data Center REITs - 0.1% |
| Digital Realty Trust, Inc. | 571 | 65,020 |
| Equinix, Inc. | 191 | 149,732 |
| | | 214,752 |
| Data Processing & Outsourced Services - 0.0%* |
| Broadridge Financial Solutions, Inc. | 240 | 39,751 |
| Distillers & Vintners - 0.1% |
| Brown-Forman Corp., Class B | 362 | 24,174 |
| Constellation Brands, Inc., Class A | 329 | 80,977 |
| | | 105,151 |
| Distributors - 0.1% |
| Genuine Parts Co. | 282 | 47,723 |
| LKQ Corp. | 536 | 31,233 |
| Pool Corp. | 87 | 32,593 |
| | | 111,549 |
| Diversified Banks - 1.1% |
| Bank of America Corp. | 14,296 | 410,152 |
| Citigroup, Inc. | 4,014 | 184,805 |
| JPMorgan Chase & Co. | 6,036 | 877,876 |
| KeyCorp | 1,872 | 17,297 |
| PNC Financial Services Group, Inc. | 815 | 102,649 |
| U.S. Bancorp | 2,953 | 97,567 |
| Wells Fargo & Co. | 7,732 | 330,002 |
| | | 2,020,348 |
| Diversified Support Services - 0.1% |
| Cintas Corp. | 175 | 86,989 |
| | Number
of Shares | Fair
Value |
| Copart, Inc. (a) | 874 | $ 79,718 |
| | | 166,707 |
| Drug Retail - 0.0%* |
| Walgreens Boots Alliance, Inc. | 1,487 | 42,365 |
| Electric Utilities - 0.7% |
| Alliant Energy Corp. | 534 | 28,024 |
| American Electric Power Company, Inc. | 1,096 | 92,283 |
| Constellation Energy Corp. | 674 | 61,705 |
| Duke Energy Corp. | 1,571 | 140,982 |
| Edison International | 827 | 57,435 |
| Entergy Corp. | 409 | 39,824 |
| Evergy, Inc. | 508 | 29,677 |
| Eversource Energy | 692 | 49,077 |
| Exelon Corp. | 2,123 | 86,491 |
| FirstEnergy Corp. | 1,062 | 41,291 |
| NextEra Energy, Inc. | 4,176 | 309,859 |
| NRG Energy, Inc. | 455 | 17,012 |
| PG&E Corp. (a) | 3,200 | 55,296 |
| Pinnacle West Capital Corp. | 200 | 16,292 |
| PPL Corp. | 1,555 | 41,145 |
| Southern Co. | 2,206 | 154,972 |
| Xcel Energy, Inc. | 1,171 | 72,801 |
| | | 1,294,166 |
| Electrical Components & Equipment - 0.3% |
| AMETEK, Inc. | 493 | 79,807 |
| Eaton Corp. PLC | 822 | 165,304 |
| Emerson Electric Co. | 1,160 | 104,852 |
| Generac Holdings, Inc. (a) | 147 | 21,922 |
| Rockwell Automation, Inc. | 233 | 76,762 |
| | | 448,647 |
| Electronic Components - 0.1% |
| Amphenol Corp., Class A | 1,207 | 102,535 |
| Corning, Inc. | 1,640 | 57,465 |
| | | 160,000 |
| Electronic Equipment & Instruments - 0.1% |
| Keysight Technologies, Inc. (a) | 354 | 59,277 |
| Teledyne Technologies, Inc. (a) | 95 | 39,055 |
| Trimble, Inc. (a) | 500 | 26,470 |
| Zebra Technologies Corp., Class A (a) | 114 | 33,725 |
| | | 158,527 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Electronic Manufacturing Services - 0.1% |
| TE Connectivity Ltd. | 633 | $ 88,721 |
| Environmental & Facilities Services - 0.1% |
| Republic Services, Inc. | 410 | 62,800 |
| Rollins, Inc. | 425 | 18,203 |
| Waste Management, Inc. | 756 | 131,105 |
| | | 212,108 |
| Fertilizers & Agricultural Chemicals - 0.1% |
| CF Industries Holdings, Inc. | 431 | 29,920 |
| Corteva, Inc. | 1,482 | 84,919 |
| FMC Corp. | 277 | 28,902 |
| Mosaic Co. | 730 | 25,550 |
| | | 169,291 |
| Financial Exchanges & Data - 0.5% |
| Cboe Global Markets, Inc. | 235 | 32,432 |
| CME Group, Inc. | 734 | 136,003 |
| FactSet Research Systems, Inc. | 84 | 33,655 |
| Intercontinental Exchange, Inc. | 1,139 | 128,798 |
| MarketAxess Holdings, Inc. | 83 | 21,698 |
| Moody's Corp. | 320 | 111,270 |
| MSCI, Inc. | 171 | 80,249 |
| Nasdaq, Inc. | 739 | 36,839 |
| S&P Global, Inc. | 684 | 274,209 |
| | | 855,153 |
| Food Distributors - 0.0%* |
| Sysco Corp. | 1,028 | 76,278 |
| Food Retail - 0.0%* |
| Kroger Co. | 1,381 | 64,907 |
| Footwear - 0.2% |
| NIKE, Inc., Class B | 2,543 | 280,671 |
| Gas Utilities - 0.0%* |
| Atmos Energy Corp. | 313 | 36,414 |
| Gold - 0.0%* |
| Newmont Corp. | 1,655 | 70,602 |
| Health Care REITs - 0.1% |
| Healthpeak Properties, Inc. | 1,127 | 22,653 |
| Ventas, Inc. | 818 | 38,667 |
| Welltower, Inc. | 976 | 78,948 |
| | | 140,268 |
| | Number
of Shares | Fair
Value |
| Healthcare Distributors - 0.1% |
| AmerisourceBergen Corp. | 349 | $ 67,158 |
| Cardinal Health, Inc. | 462 | 43,691 |
| Henry Schein, Inc. (a) | 264 | 21,411 |
| McKesson Corp. | 278 | 118,792 |
| | | 251,052 |
| Healthcare Equipment - 1.2% |
| Abbott Laboratories | 3,579 | 390,183 |
| Baxter International, Inc. | 1,095 | 49,888 |
| Becton Dickinson & Co. | 579 | 152,862 |
| Boston Scientific Corp. (a) | 2,999 | 162,216 |
| Dexcom, Inc. (a) | 784 | 100,752 |
| Edwards Lifesciences Corp. (a) | 1,257 | 118,573 |
| GE HealthCare Technologies, Inc. | 785 | 63,773 |
| Hologic, Inc. (a) | 503 | 40,728 |
| IDEXX Laboratories, Inc. (a) | 177 | 88,895 |
| Insulet Corp. (a) | 151 | 43,539 |
| Intuitive Surgical, Inc. (a) | 728 | 248,932 |
| Medtronic PLC | 2,768 | 243,861 |
| ResMed, Inc. | 315 | 68,827 |
| STERIS PLC | 201 | 45,221 |
| Stryker Corp. | 690 | 210,512 |
| Teleflex, Inc. | 86 | 20,815 |
| Zimmer Biomet Holdings, Inc. | 418 | 60,861 |
| | | 2,110,438 |
| Healthcare Facilities - 0.1% |
| HCA Healthcare, Inc. | 432 | 131,104 |
| Universal Health Services, Inc., Class B | 112 | 17,670 |
| | | 148,774 |
| Healthcare Services - 0.2% |
| Cigna Group | 610 | 171,166 |
| CVS Health Corp. | 2,626 | 181,536 |
| DaVita, Inc. (a) | 88 | 8,841 |
| Laboratory Corp. of America Holdings | 193 | 46,577 |
| Quest Diagnostics, Inc. | 243 | 34,156 |
| | | 442,276 |
| Healthcare Supplies - 0.1% |
| Align Technology, Inc. (a) | 140 | 49,510 |
| Cooper Cos., Inc. | 108 | 41,410 |
| Dentsply Sirona, Inc. | 453 | 18,129 |
| | | 109,049 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Home Building - 0.1% |
| DR Horton, Inc. | 574 | $ 69,850 |
| Lennar Corp., Class A | 509 | 63,783 |
| NVR, Inc. (a) | 6 | 38,104 |
| PulteGroup, Inc. | 499 | 38,762 |
| | | 210,499 |
| Home Furnishings - 0.0%* |
| Mohawk Industries, Inc. (a) | 83 | 8,562 |
| Home Improvement Retail - 0.5% |
| Lowe's Cos., Inc. | 1,231 | 277,837 |
| The Home Depot, Inc. | 2,096 | 651,101 |
| | | 928,938 |
| Hotel & Resort REITs - 0.0%* |
| Host Hotels & Resorts, Inc. | 1,333 | 22,434 |
| Hotels, Resorts & Cruise Lines - 0.3% |
| Booking Holdings, Inc. (a) | 76 | 205,225 |
| Carnival Corp. (a) | 2,099 | 39,524 |
| Expedia Group, Inc. (a) | 294 | 32,160 |
| Hilton Worldwide Holdings, Inc. | 529 | 76,996 |
| Marriott International, Inc., Class A | 546 | 100,295 |
| Norwegian Cruise Line Holdings Ltd. (a) | 848 | 18,461 |
| Royal Caribbean Cruises Ltd. (a) | 482 | 50,003 |
| | | 522,664 |
| Household Appliances - 0.0%* |
| Whirlpool Corp. | 93 | 13,837 |
| Household Products - 0.6% |
| Church & Dwight Co., Inc. | 530 | 53,122 |
| Clorox Co. | 251 | 39,919 |
| Colgate-Palmolive Co. | 1,702 | 131,122 |
| Kimberly-Clark Corp. | 685 | 94,571 |
| The Procter & Gamble Co. | 4,853 | 736,394 |
| | | 1,055,128 |
| Housewares & Specialties - 0.0%* |
| Newell Brands, Inc. | 612 | 5,324 |
| Human Resource & Employment Services - 0.2% |
| Automatic Data Processing, Inc. | 847 | 186,162 |
| Ceridian HCM Holding, Inc. (a) | 279 | 18,685 |
| | Number
of Shares | Fair
Value |
| Paychex, Inc. | 688 | $ 76,967 |
| Paycom Software, Inc. | 89 | 28,590 |
| Robert Half International, Inc. | 191 | 14,367 |
| | | 324,771 |
| Independent Power Producers & Energy Traders - 0.0%* |
| AES Corp. | 1,424 | 29,520 |
| Industrial Conglomerates - 0.4% |
| 3M Co. | 1,120 | 112,101 |
| General Electric Co. | 2,195 | 241,121 |
| Honeywell International, Inc. | 1,373 | 284,897 |
| | | 638,119 |
| Industrial Gases - 0.3% |
| Air Products & Chemicals, Inc. | 453 | 135,687 |
| Linde PLC | 1,011 | 385,272 |
| | | 520,959 |
| Industrial Machinery & Supplies & Components - 0.4% |
| Dover Corp. | 304 | 44,886 |
| Fortive Corp. | 709 | 53,012 |
| IDEX Corp. | 153 | 32,935 |
| Illinois Tool Works, Inc. | 566 | 141,591 |
| Ingersoll Rand, Inc. | 859 | 56,144 |
| Nordson Corp. | 98 | 24,322 |
| Otis Worldwide Corp. | 826 | 73,522 |
| Parker-Hannifin Corp. | 260 | 101,410 |
| Pentair PLC | 353 | 22,804 |
| Snap-on, Inc. | 118 | 34,006 |
| Stanley Black & Decker, Inc. | 330 | 30,924 |
| Xylem, Inc. | 501 | 56,423 |
| | | 671,979 |
| Industrial REITs - 0.1% |
| Prologis, Inc. | 1,918 | 235,204 |
| Insurance Brokers - 0.3% |
| Aon PLC, Class A | 419 | 144,639 |
| Arthur J Gallagher & Co. | 430 | 94,415 |
| Brown & Brown, Inc. | 500 | 34,420 |
| Marsh & McLennan Cos., Inc. | 1,012 | 190,337 |
| Willis Towers Watson PLC | 231 | 54,400 |
| | | 518,211 |
| Integrated Oil & Gas - 0.9% |
| Chevron Corp. | 3,597 | 565,988 |
| Exxon Mobil Corp. | 8,345 | 895,001 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Occidental Petroleum Corp. | 1,483 | $ 87,201 |
| | | 1,548,190 |
| Integrated Telecommunication Services - 0.3% |
| AT&T, Inc. | 14,603 | 232,918 |
| Verizon Communications, Inc. | 8,650 | 321,693 |
| | | 554,611 |
| Interactive Home Entertainment - 0.1% |
| Activision Blizzard, Inc. (a) | 1,450 | 122,235 |
| Electronic Arts, Inc. | 562 | 72,892 |
| Take-Two Interactive Software, Inc. (a) | 345 | 50,770 |
| | | 245,897 |
| Interactive Media & Services - 2.3% |
| Alphabet, Inc., Class C (a) | 10,548 | 1,275,992 |
| Alphabet, Inc., Class A (a) | 12,265 | 1,468,120 |
| Match Group, Inc. (a) | 600 | 25,110 |
| Meta Platforms, Inc., Class A (a) | 4,566 | 1,310,351 |
| | | 4,079,573 |
| Internet Services & Infrastructure - 0.0%* |
| Akamai Technologies, Inc. (a) | 287 | 25,793 |
| VeriSign, Inc. (a) | 199 | 44,968 |
| | | 70,761 |
| Investment Banking & Brokerage - 0.4% |
| Goldman Sachs Group, Inc. | 694 | 223,843 |
| Morgan Stanley | 2,651 | 226,395 |
| Raymond James Financial, Inc. | 389 | 40,367 |
| The Charles Schwab Corp. | 3,090 | 175,141 |
| | | 665,746 |
| IT Consulting & Other Services - 0.5% |
| Accenture PLC, Class A | 1,293 | 398,994 |
| Cognizant Technology Solutions Corp., Class A | 1,044 | 68,152 |
| DXC Technology Co. (a) | 386 | 10,314 |
| EPAM Systems, Inc. (a) | 126 | 28,319 |
| Gartner, Inc. (a) | 158 | 55,349 |
| International Business Machines Corp. | 1,878 | 251,295 |
| | | 812,423 |
| Leisure Products - 0.0%* |
| Hasbro, Inc. | 225 | 14,573 |
| | Number
of Shares | Fair
Value |
| Life & Health Insurance - 0.2% |
| Aflac, Inc. | 1,135 | $ 79,223 |
| Globe Life, Inc. | 163 | 17,868 |
| Lincoln National Corp. | 284 | 7,316 |
| MetLife, Inc. | 1,328 | 75,072 |
| Principal Financial Group, Inc. | 498 | 37,768 |
| Prudential Financial, Inc. | 726 | 64,048 |
| | | 281,295 |
| Life Sciences Tools & Services - 0.7% |
| Agilent Technologies, Inc. | 633 | 76,118 |
| Bio-Rad Laboratories, Inc., Class A (a) | 39 | 14,786 |
| Bio-Techne Corp. | 348 | 28,407 |
| Charles River Laboratories International, Inc. (a) | 92 | 19,343 |
| Danaher Corp. | 1,371 | 329,040 |
| Illumina, Inc. (a) | 337 | 63,184 |
| IQVIA Holdings, Inc. (a) | 372 | 83,615 |
| Mettler-Toledo International, Inc. (a) | 45 | 59,024 |
| Revvity, Inc. | 276 | 32,786 |
| Thermo Fisher Scientific, Inc. | 796 | 415,313 |
| Waters Corp. (a) | 130 | 34,650 |
| West Pharmaceutical Services, Inc. | 160 | 61,195 |
| | | 1,217,461 |
| Managed Healthcare - 0.8% |
| Centene Corp. (a) | 1,179 | 79,523 |
| Elevance Health, Inc. | 489 | 217,258 |
| Humana, Inc. | 255 | 114,018 |
| Molina Healthcare, Inc. (a) | 119 | 35,848 |
| UnitedHealth Group, Inc. | 1,923 | 924,271 |
| | | 1,370,918 |
| Metal, Glass & Plastic Containers - 0.0%* |
| Ball Corp. | 688 | 40,048 |
| Movies & Entertainment - 0.5% |
| Live Nation Entertainment, Inc. (a) | 320 | 29,155 |
| Netflix, Inc. (a) | 914 | 402,608 |
| The Walt Disney Co. (a) | 3,750 | 334,800 |
| Warner Bros Discovery, Inc. (a) | 4,772 | 59,841 |
| | | 826,404 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Multi-Family Residential REITs - 0.1% |
| AvalonBay Communities, Inc. | 281 | $ 53,185 |
| Camden Property Trust | 232 | 25,258 |
| Equity Residential | 740 | 48,818 |
| Essex Property Trust, Inc. | 143 | 33,505 |
| Mid-America Apartment Communities, Inc. | 234 | 35,535 |
| UDR, Inc. | 617 | 26,506 |
| | | 222,807 |
| Multi-Line Insurance - 0.1% |
| American International Group, Inc. | 1,482 | 85,274 |
| Assurant, Inc. | 90 | 11,315 |
| Hartford Financial Services Group, Inc. | 636 | 45,805 |
| | | 142,394 |
| Multi-Sector Holdings - 0.7% |
| Berkshire Hathaway, Inc., Class B (a) | 3,681 | 1,255,221 |
| Multi-Utilities - 0.3% |
| Ameren Corp. | 560 | 45,735 |
| CenterPoint Energy, Inc. | 1,340 | 39,061 |
| CMS Energy Corp. | 587 | 34,486 |
| Consolidated Edison, Inc. | 715 | 64,636 |
| Dominion Energy, Inc. | 1,777 | 92,031 |
| DTE Energy Co. | 425 | 46,759 |
| NiSource, Inc. | 892 | 24,396 |
| Public Service Enterprise Group, Inc. | 1,008 | 63,111 |
| Sempra Energy | 638 | 92,886 |
| WEC Energy Group, Inc. | 682 | 60,180 |
| | | 563,281 |
| Office REITs - 0.0%* |
| Alexandria Real Estate Equities, Inc. | 345 | 39,154 |
| Boston Properties, Inc. | 315 | 18,141 |
| | | 57,295 |
| Oil & Gas Equipment & Services - 0.2% |
| Baker Hughes Co. | 2,015 | 63,694 |
| Halliburton Co. | 1,863 | 61,461 |
| Schlumberger NV | 2,950 | 144,904 |
| | | 270,059 |
| | Number
of Shares | Fair
Value |
| Oil & Gas Exploration & Production - 0.5% |
| APA Corp. | 621 | $ 21,220 |
| ConocoPhillips | 2,498 | 258,818 |
| Coterra Energy, Inc. | 1,695 | 42,883 |
| Devon Energy Corp. | 1,386 | 66,999 |
| Diamondback Energy, Inc. | 396 | 52,019 |
| EOG Resources, Inc. | 1,198 | 137,099 |
| EQT Corp. | 700 | 28,791 |
| Hess Corp. | 593 | 80,618 |
| Marathon Oil Corp. | 1,299 | 29,903 |
| Pioneer Natural Resources Co. | 483 | 100,068 |
| | | 818,418 |
| Oil & Gas Refining & Marketing - 0.2% |
| Marathon Petroleum Corp. | 876 | 102,142 |
| Phillips 66 Co. | 946 | 90,229 |
| Valero Energy Corp. | 746 | 87,506 |
| | | 279,877 |
| Oil & Gas Storage & Transportation - 0.1% |
| Kinder Morgan, Inc. | 4,204 | 72,393 |
| ONEOK, Inc. | 967 | 59,683 |
| Targa Resources Corp. | 500 | 38,050 |
| Williams Cos., Inc. | 2,431 | 79,324 |
| | | 249,450 |
| Other Specialized REITs - 0.1% |
| Iron Mountain, Inc. | 605 | 34,376 |
| VICI Properties, Inc. | 2,100 | 66,003 |
| | | 100,379 |
| Other Specialty Retail - 0.1% |
| Bath & Body Works, Inc. | 387 | 14,513 |
| Tractor Supply Co. | 221 | 48,863 |
| Ulta Beauty, Inc. (a) | 110 | 51,765 |
| | | 115,141 |
| Packaged Foods & Meats - 0.4% |
| Campbell Soup Co. | 365 | 16,684 |
| Conagra Brands, Inc. | 926 | 31,225 |
| General Mills, Inc. | 1,213 | 93,037 |
| Hershey Co. | 315 | 78,655 |
| Hormel Foods Corp. | 648 | 26,063 |
| J M Smucker Co. | 234 | 34,555 |
| Kellogg Co. | 538 | 36,261 |
| Kraft Heinz Co. | 1,663 | 59,037 |
| Lamb Weston Holdings, Inc. | 316 | 36,324 |
| McCormick & Co., Inc. | 544 | 47,453 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Mondelez International, Inc., Class A | 2,778 | $ 202,627 |
| Tyson Foods, Inc., Class A | 607 | 30,981 |
| | | 692,902 |
| Paper & Plastic Packaging Products & Materials - 0.1% |
| Amcor PLC | 3,278 | 32,714 |
| Avery Dennison Corp. | 180 | 30,924 |
| International Paper Co. | 644 | 20,486 |
| Packaging Corp. of America | 169 | 22,335 |
| Sealed Air Corp. | 264 | 10,560 |
| Westrock Co. | 448 | 13,023 |
| | | 130,042 |
| Passenger Airlines - 0.1% |
| Alaska Air Group, Inc. (a) | 296 | 15,741 |
| American Airlines Group, Inc. (a) | 1,394 | 25,009 |
| Delta Air Lines, Inc. (a) | 1,300 | 61,802 |
| Southwest Airlines Co. | 1,194 | 43,235 |
| United Airlines Holdings, Inc. (a) | 636 | 34,897 |
| | | 180,684 |
| Personal Care Products - 0.1% |
| Estee Lauder Cos., Inc., Class A | 493 | 96,815 |
| Pharmaceuticals - 1.8% |
| Bristol-Myers Squibb Co. | 4,360 | 278,822 |
| Catalent, Inc. (a) | 329 | 14,265 |
| Eli Lilly & Co. | 1,622 | 760,686 |
| Johnson & Johnson | 5,346 | 884,870 |
| Merck & Company, Inc. | 5,168 | 596,335 |
| Organon & Co. | 587 | 12,215 |
| Pfizer, Inc. | 11,695 | 428,973 |
| Viatris, Inc. | 2,710 | 27,046 |
| Zoetis, Inc. | 952 | 163,944 |
| | | 3,167,156 |
| Property & Casualty Insurance - 0.3% |
| Allstate Corp. | 568 | 61,935 |
| Arch Capital Group Ltd. (a) | 800 | 59,880 |
| Chubb Ltd. | 848 | 163,291 |
| Cincinnati Financial Corp. | 319 | 31,045 |
| Loews Corp. | 411 | 24,405 |
| Progressive Corp. | 1,194 | 158,050 |
| Travelers Cos., Inc. | 494 | 85,788 |
| | Number
of Shares | Fair
Value |
| W R Berkley Corp. | 450 | $ 26,802 |
| | | 611,196 |
| Publishing - 0.0%* |
| News Corp., Class A | 611 | 11,915 |
| News Corp., Class B | 142 | 2,800 |
| | | 14,715 |
| Rail Transportation - 0.3% |
| CSX Corp. | 4,249 | 144,891 |
| Norfolk Southern Corp. | 463 | 104,990 |
| Union Pacific Corp. | 1,245 | 254,752 |
| | | 504,633 |
| Real Estate Services - 0.0%* |
| CBRE Group, Inc., Class A (a) | 611 | 49,314 |
| Regional Banks - 0.2% |
| Citizens Financial Group, Inc. | 1,001 | 26,106 |
| Comerica, Inc. | 266 | 11,268 |
| Fifth Third Bancorp | 1,374 | 36,012 |
| Huntington Bancshares, Inc. | 2,934 | 31,628 |
| M&T Bank Corp. | 345 | 42,697 |
| Regions Financial Corp. | 1,897 | 33,805 |
| Truist Financial Corp. | 2,777 | 84,282 |
| Zions Bancorp NA | 252 | 6,769 |
| | | 272,567 |
| Reinsurance - 0.0%* |
| Everest Re Group Ltd. | 87 | 29,742 |
| Research & Consulting Services - 0.1% |
| CoStar Group, Inc. (a) | 779 | 69,331 |
| Equifax, Inc. | 245 | 57,649 |
| Jacobs Solutions, Inc. | 280 | 33,289 |
| Leidos Holdings, Inc. | 251 | 22,208 |
| Verisk Analytics, Inc. | 299 | 67,583 |
| | | 250,060 |
| Restaurants - 0.5% |
| Chipotle Mexican Grill, Inc. (a) | 57 | 121,923 |
| Darden Restaurants, Inc. | 265 | 44,276 |
| Domino's Pizza, Inc. | 80 | 26,959 |
| McDonald's Corp. | 1,505 | 449,107 |
| Starbucks Corp. | 2,392 | 236,952 |
| Yum! Brands, Inc. | 600 | 83,130 |
| | | 962,347 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Retail REITs - 0.1% |
| Federal Realty Investment Trust | 139 | $ 13,451 |
| Kimco Realty Corp. | 1,310 | 25,833 |
| Realty Income Corp. | 1,342 | 80,238 |
| Regency Centers Corp. | 334 | 20,631 |
| Simon Property Group, Inc. | 701 | 80,952 |
| | | 221,105 |
| Self Storage REITs - 0.1% |
| Extra Space Storage, Inc. | 290 | 43,167 |
| Public Storage | 321 | 93,693 |
| | | 136,860 |
| Semiconductor Materials & Equipment - 0.4% |
| Applied Materials, Inc. | 1,751 | 253,089 |
| Enphase Energy, Inc. (a) | 270 | 45,220 |
| KLA Corp. | 286 | 138,716 |
| Lam Research Corp. | 280 | 180,001 |
| SolarEdge Technologies, Inc. (a) | 123 | 33,093 |
| Teradyne, Inc. | 342 | 38,075 |
| | | 688,194 |
| Semiconductors - 2.7% |
| Advanced Micro Devices, Inc. (a) | 3,311 | 377,156 |
| Analog Devices, Inc. | 1,037 | 202,018 |
| Broadcom, Inc. | 860 | 745,990 |
| First Solar, Inc. (a) | 215 | 40,869 |
| Intel Corp. | 8,526 | 285,110 |
| Microchip Technology, Inc. | 1,111 | 99,535 |
| Micron Technology, Inc. | 2,229 | 140,672 |
| Monolithic Power Systems, Inc. | 97 | 52,402 |
| NVIDIA Corp. | 5,104 | 2,159,094 |
| ON Semiconductor Corp. (a) | 900 | 85,122 |
| Qorvo, Inc. (a) | 181 | 18,467 |
| QUALCOMM, Inc. | 2,320 | 276,173 |
| Skyworks Solutions, Inc. | 348 | 38,520 |
| Texas Instruments, Inc. | 1,859 | 334,657 |
| | | 4,855,785 |
| Single-Family Residential REITs - 0.0%* |
| Invitation Homes, Inc. | 1,200 | 41,280 |
| Soft Drinks & Non-alcoholic Beverages - 0.6% |
| Coca-Cola Co. | 8,044 | 484,409 |
| Keurig Dr Pepper, Inc. | 1,700 | 53,159 |
| | Number
of Shares | Fair
Value |
| Monster Beverage Corp. (a) | 1,554 | $ 89,262 |
| PepsiCo, Inc. | 2,831 | 524,358 |
| | | 1,151,188 |
| Specialty Chemicals - 0.3% |
| Albemarle Corp. | 253 | 56,442 |
| Celanese Corp. | 181 | 20,960 |
| DuPont de Nemours, Inc. | 940 | 67,154 |
| Eastman Chemical Co. | 269 | 22,521 |
| Ecolab, Inc. | 502 | 93,718 |
| International Flavors & Fragrances, Inc. | 506 | 40,272 |
| PPG Industries, Inc. | 505 | 74,891 |
| Sherwin-Williams Co. | 480 | 127,450 |
| | | 503,408 |
| Steel - 0.1% |
| Nucor Corp. | 504 | 82,646 |
| Steel Dynamics, Inc. | 267 | 29,084 |
| | | 111,730 |
| Systems Software - 3.4% |
| Fortinet, Inc. (a) | 1,315 | 99,401 |
| Gen Digital, Inc. | 1,223 | 22,687 |
| Microsoft Corp. | 15,316 | 5,215,710 |
| Oracle Corp. | 3,154 | 375,610 |
| Palo Alto Networks, Inc. (a) | 600 | 153,306 |
| ServiceNow, Inc. (a) | 421 | 236,589 |
| | | 6,103,303 |
| Technology Distributors - 0.0%* |
| CDW Corp. | 270 | 49,545 |
| Technology Hardware, Storage & Peripherals - 3.4% |
| Apple, Inc. | 30,481 | 5,912,400 |
| Hewlett Packard Enterprise Co. | 2,563 | 43,058 |
| HP, Inc. | 1,779 | 54,633 |
| NetApp, Inc. | 467 | 35,679 |
| Seagate Technology Holdings PLC | 351 | 21,716 |
| Western Digital Corp. (a) | 644 | 24,427 |
| | | 6,091,913 |
| Telecom Tower REITs - 0.2% |
| American Tower Corp. | 952 | 184,631 |
| Crown Castle, Inc. | 880 | 100,267 |
| SBA Communications Corp. | 214 | 49,597 |
| | | 334,495 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Timber REITs - 0.0%* |
| Weyerhaeuser Co. | 1,431 | $ 47,953 |
| Tobacco - 0.3% |
| Altria Group, Inc. | 3,663 | 165,934 |
| Philip Morris International, Inc. | 3,230 | 315,313 |
| | | 481,247 |
| Trading Companies & Distributors - 0.1% |
| Fastenal Co. | 1,187 | 70,021 |
| United Rentals, Inc. | 138 | 61,461 |
| WW Grainger, Inc. | 90 | 70,973 |
| | | 202,455 |
| Transaction & Payment Processing Services - 1.1% |
| Fidelity National Information Services, Inc. | 1,274 | 69,688 |
| Fiserv, Inc. (a) | 1,296 | 163,490 |
| FleetCor Technologies, Inc. (a) | 162 | 40,675 |
| Global Payments, Inc. | 567 | 55,861 |
| Jack Henry & Associates, Inc. | 132 | 22,087 |
| Mastercard, Inc., Class A | 1,720 | 676,476 |
| PayPal Holdings, Inc. (a) | 2,309 | 154,080 |
| Visa, Inc., Class A | 3,343 | 793,896 |
| | | 1,976,253 |
| Water Utilities - 0.0%* |
| American Water Works Co., Inc. | 415 | 59,241 |
| Wireless Telecommunication Services - 0.1% |
| T-Mobile US Inc. (a) | 1,210 | 168,069 |
Total Common Stock
(Cost $55,166,286) | | 76,462,336 |
| Preferred Stock - 0.0% * |
| Diversified Banks - 0.0%* |
| Wells Fargo & Co. 5.85%, (5.85% fixed rate until 09/15/23; 3.09% + 3 month USD LIBOR thereafter) (c) | 1,469 | 36,740 |
Total Preferred Stock
(Cost $36,725) | | 36,740 |
Total Domestic Equity
(Cost $55,203,011) | | 76,499,076 |
| | Number
of Shares | Fair
Value |
| Foreign Equity - 0.1% |
| Common Stock - 0.1% |
| Semiconductors - 0.1% |
| NXP Semiconductors NV | 526 | $ 107,662 |
Total Common Stock
(Cost $95,340) | | 107,662 |
Total Foreign Equity
(Cost $95,340) | | 107,662 |
| | Principal
Amount | |
| Bonds and Notes - 29.0% |
| U.S. Treasuries - 8.4% |
| U.S. Treasury Bonds | | |
| 2.25% 08/15/46 (d) | $ 512,000 | 374,080 |
| 3.00% 08/15/48 (d) | 1,425,600 | 1,203,073 |
| 3.63% 05/15/53 (d) | 246,000 | 236,544 |
| 3.88% 05/15/43 (d) | 368,000 | 359,145 |
| U.S. Treasury Notes | | |
| 0.25% 07/31/25 (d) | 2,299,200 | 2,091,733 |
| 0.75% 12/31/23 - 01/31/28 (d) | 6,045,000 | 5,448,294 |
| 1.13% 01/15/25 (d) | 570,000 | 536,045 |
| 1.25% 11/30/26 (d) | 280,000 | 252,284 |
| 1.63% 05/15/31 (d) | 318,000 | 270,300 |
| 1.75% 01/31/29 (d) | 246,000 | 217,499 |
| 2.75% 08/15/32 (d) | 675,000 | 618,891 |
| 3.50% 04/30/28 (d) | 1,432,000 | 1,391,389 |
| 3.88% 12/31/27 - 11/30/29 (d) | 986,500 | 977,431 |
| 4.25% 10/15/25 (d) | 913,100 | 902,899 |
| | | 14,879,607 |
| Agency Mortgage Backed - 8.0% |
| Federal Home Loan Mortgage Corp. | | |
| 3.00% 04/01/43 - 10/01/49 | 1,328,202 | 1,190,623 |
| 4.50% 06/01/33 - 02/01/35 | 736 | 725 |
| 5.00% 07/01/35 | 6,665 | 6,682 |
| 5.50% 01/01/38 - 04/01/39 | 11,889 | 12,224 |
| 6.00% 06/01/33 - 11/01/37 | 27,821 | 29,182 |
| 6.50% 11/01/28 | 322 | 335 |
| 7.00% 12/01/29 - 08/01/36 | 8,057 | 8,456 |
| 7.50% 09/01/33 | 848 | 883 |
| 8.00% 07/01/26 - 11/01/30 | 856 | 889 |
| 8.50% 04/01/30 | 2,520 | 2,762 |
| Federal National Mortgage Association | | |
| 2.50% 03/01/51 | 622,093 | 527,508 |
| 3.00% 03/01/50 | 234,357 | 208,113 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 3.50% 08/01/45 - 01/01/48 | $ 552,613 | $ 511,657 |
| 4.00% 01/01/41 - 01/01/50 | 511,125 | 488,213 |
| 4.50% 07/01/33 - 12/01/48 | 253,873 | 248,890 |
| 5.00% 03/01/34 - 05/01/39 | 20,158 | 20,231 |
| 5.50% 07/01/33 - 01/01/39 | 43,032 | 44,025 |
| 6.00% 02/01/29 - 05/01/41 | 148,687 | 154,979 |
| 6.50% 07/01/29 - 08/01/36 | 4,273 | 4,479 |
| 7.00% 05/01/33 - 12/01/33 | 441 | 454 |
| 7.50% 12/01/26 - 03/01/33 | 2,270 | 2,362 |
| 8.00% 06/01/24 - 12/01/30 | 1,032 | 1,038 |
| Federal National Mortgage Association 1.60% + 12 month USD LIBOR | | |
| 4.97% 04/01/37 (c) | 309 | 304 |
| Government National Mortgage Association | | |
| 3.00% 12/20/42 - 05/20/45 | 1,261,092 | 1,149,861 |
| 3.50% 08/20/48 | 215,995 | 201,815 |
| 4.00% 01/20/41 - 04/20/43 | 108,293 | 105,010 |
| 4.50% 08/15/33 - 03/20/41 | 45,581 | 45,077 |
| 5.00% 08/15/33 | 2,464 | 2,473 |
| 6.00% 07/15/33 - 04/15/34 | 3,726 | 3,866 |
| 6.50% 04/15/28 - 07/15/36 | 6,067 | 6,351 |
| 7.00% 04/15/28 - 10/15/36 | 1,341 | 1,395 |
| 7.50% 04/15/28 | 3,177 | 3,207 |
| 8.00% 05/15/30 | 118 | 121 |
| Government National Mortgage Association, TBA | | |
| 2.50% 07/20/53 (e) | 1,085,903 | 939,561 |
| 4.00% 07/20/53 (e) | 220,302 | 208,212 |
| Uniform Mortgage-Backed Security, TBA | | |
| 2.00% 07/13/53 (e) | 2,623,687 | 2,137,830 |
| 2.50% 07/13/53 (e) | 2,478,847 | 2,100,595 |
| 3.00% 07/13/53 (e) | 1,647,950 | 1,449,886 |
| 3.50% 07/13/53 (e) | 1,000,000 | 910,851 |
| 4.00% 07/13/53 (e) | 1,070,592 | 1,004,377 |
| 5.00% 07/13/53 (e) | 423,055 | 414,390 |
| | | 14,149,892 |
| Agency Collateralized Mortgage Obligations - 0.2% |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | | |
| 2.51% 07/25/29 | 224,000 | 199,805 |
| 4.05% 09/25/28 (c) | 71,000 | 69,251 |
| Federal Home Loan Mortgage Corp. REMIC | | |
| 3.50% 11/15/30 (f) | 430 | 1 |
| 5.50% 06/15/33 (f) | 2,014 | 318 |
| | Principal
Amount | Fair
Value |
| 7.50% 07/15/27 (f) | $ 1,439 | $ 114 |
| Federal Home Loan Mortgage Corp. STRIPS | | |
| 0.00% 08/01/27 (g) | 69 | 62 |
| 8.00% 07/01/24 (f) | 44 | 1 |
| Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | | |
| 0.08% 09/25/43 (c)(f) | 78,499 | 604 |
| Federal National Mortgage Association Interest STRIPS | | |
| 7.50% 11/25/23 (f) | 49 | — |
| Federal National Mortgage Association REMIC | | |
| 1.16% 12/25/42 (c)(f) | 16,252 | 555 |
| 5.00% 09/25/40 (f) | 4,537 | 479 |
| Federal National Mortgage Association REMIC 6.00% - 1 month USD LIBOR | | |
| 0.85% 07/25/38 (c)(f) | 3,352 | 267 |
| Federal National Mortgage Association REMIC 6.55% - 1 month USD LIBOR | | |
| 1.40% 11/25/41 (c)(f) | 478,429 | 55,509 |
| Federal National Mortgage Association STRIPS | | |
| 4.50% 08/25/35 - 01/25/36 (f) | 4,389 | 548 |
| 5.00% 03/25/38 - 05/25/38 (f) | 2,923 | 442 |
| 5.50% 12/25/33 (f) | 1,056 | 182 |
| 6.00% 01/25/35 (f) | 3,029 | 516 |
| 8.00% 07/25/24 (f) | 82 | 3 |
| | | 328,657 |
| Asset Backed - 0.0%* |
| Ford Credit Auto Owner Trust | | |
| 0.56% 10/15/24 | 13,449 | 13,418 |
| | | 13,418 |
| Corporate Notes - 10.5% |
| 3M Co. | | |
| 3.13% 09/19/46 (d) | 16,000 | 11,254 |
| 7-Eleven, Inc. | | |
| 0.80% 02/10/24 (d)(h) | 35,000 | 33,911 |
| 0.95% 02/10/26 (d)(h) | 88,000 | 78,616 |
| Abbott Laboratories | | |
| 3.75% 11/30/26 (d) | 19,000 | 18,535 |
| 4.90% 11/30/46 (d) | 15,000 | 15,121 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| AbbVie, Inc. | | |
| 2.60% 11/21/24 (d) | $ 30,000 | $ 28,785 |
| 2.95% 11/21/26 (d) | 33,000 | 30,839 |
| 3.20% 05/14/26 - 11/21/29 (d) | 34,000 | 31,477 |
| 3.75% 11/14/23 (d) | 40,000 | 39,700 |
| 4.05% 11/21/39 (d) | 8,000 | 6,963 |
| 4.25% 11/21/49 (d) | 20,000 | 17,233 |
| 4.30% 05/14/36 (d) | 16,000 | 14,712 |
| 4.40% 11/06/42 (d) | 10,000 | 8,953 |
| 4.63% 10/01/42 (d) | 3,000 | 2,710 |
| 4.70% 05/14/45 (d) | 4,000 | 3,647 |
| 4.88% 11/14/48 (d) | 5,000 | 4,717 |
| Advance Auto Parts, Inc. | | |
| 3.90% 04/15/30 (d) | 63,000 | 54,089 |
| 5.95% 03/09/28 (d) | 60,000 | 59,173 |
| Advanced Micro Devices, Inc. | | |
| 4.39% 06/01/52 (d) | 39,000 | 35,512 |
| AEP Texas, Inc. | | |
| 3.45% 05/15/51 (d) | 31,000 | 22,136 |
| AEP Transmission Co. LLC | | |
| 5.40% 03/15/53 (d) | 18,000 | 18,514 |
| Aetna, Inc. | | |
| 3.50% 11/15/24 (d) | 11,000 | 10,673 |
| Aircastle Ltd. | | |
| 4.25% 06/15/26 (d) | 13,000 | 12,249 |
| Alexandria Real Estate Equities, Inc. | | |
| 1.88% 02/01/33 (d) | 26,000 | 19,027 |
| 2.95% 03/15/34 (d) | 24,000 | 18,960 |
| 3.55% 03/15/52 (d) | 19,000 | 12,995 |
| 4.70% 07/01/30 (d) | 6,000 | 5,702 |
| Allstate Corp. | | |
| 4.20% 12/15/46 (d) | 21,000 | 17,192 |
| Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) | | |
| 5.75% 08/15/53 (c)(d) | 28,000 | 27,652 |
| Ally Financial, Inc. | | |
| 2.20% 11/02/28 (d) | 27,000 | 21,610 |
| Altria Group, Inc. | | |
| 3.40% 05/06/30 - 02/04/41 (d) | 21,000 | 15,416 |
| 4.00% 02/04/61 (d) | 4,000 | 2,757 |
| 4.25% 08/09/42 (d) | 2,000 | 1,563 |
| 4.45% 05/06/50 (d) | 5,000 | 3,690 |
| 4.50% 05/02/43 (d) | 5,000 | 3,983 |
| Amazon.com, Inc. | | |
| 1.50% 06/03/30 (d) | 10,000 | 8,225 |
| | Principal
Amount | Fair
Value |
| 2.50% 06/03/50 (d) | $ 29,000 | $ 19,257 |
| 2.70% 06/03/60 (d) | 5,000 | 3,211 |
| 2.88% 05/12/41 (d) | 18,000 | 13,890 |
| 3.15% 08/22/27 (d) | 6,000 | 5,646 |
| 3.25% 05/12/61 (d) | 10,000 | 7,242 |
| 4.05% 08/22/47 (d) | 5,000 | 4,480 |
| 4.25% 08/22/57 (d) | 5,000 | 4,510 |
| Ameren Corp. | | |
| 3.65% 02/15/26 (d) | 8,000 | 7,622 |
| American Electric Power Co., Inc. | | |
| 2.30% 03/01/30 (d) | 31,000 | 25,753 |
| 3.25% 03/01/50 (d) | 4,000 | 2,734 |
| American International Group, Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter) | | |
| 5.75% 04/01/48 (c)(d) | 4,000 | 3,876 |
| American Tower Corp. | | |
| 1.50% 01/31/28 (d) | 44,000 | 36,967 |
| 2.90% 01/15/30 (d) | 7,000 | 6,047 |
| 3.80% 08/15/29 (d) | 27,000 | 24,682 |
| American Water Capital Corp. | | |
| 2.95% 09/01/27 (d) | 14,000 | 12,937 |
| Amgen, Inc. | | |
| 2.00% 01/15/32 (d) | 15,000 | 11,922 |
| 3.00% 01/15/52 (d) | 10,000 | 6,675 |
| 3.15% 02/21/40 (d) | 18,000 | 13,769 |
| 3.38% 02/21/50 (d) | 5,000 | 3,668 |
| 4.66% 06/15/51 (d) | 5,000 | 4,479 |
| 5.51% 03/02/26 (d) | 42,000 | 41,898 |
| 5.60% 03/02/43 (d) | 23,000 | 23,054 |
| 5.65% 03/02/53 (d) | 23,000 | 23,317 |
| 5.75% 03/02/63 (d) | 23,000 | 23,377 |
| AngloGold Ashanti Holdings PLC | | |
| 3.38% 11/01/28 (d) | 200,000 | 174,914 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | | |
| 3.65% 02/01/26 (d) | 3,000 | 2,906 |
| 4.70% 02/01/36 (d) | 8,000 | 7,790 |
| 4.90% 02/01/46 (d) | 13,000 | 12,416 |
| Anheuser-Busch InBev Worldwide, Inc. | | |
| 3.50% 06/01/30 (d) | 12,000 | 11,170 |
| 4.00% 04/13/28 (d) | 6,000 | 5,805 |
| 4.35% 06/01/40 (d) | 12,000 | 11,033 |
| 4.38% 04/15/38 (d) | 19,000 | 17,635 |
| 4.50% 06/01/50 (d) | 11,000 | 10,166 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 4.60% 04/15/48 (d) | $ 15,000 | $ 13,927 |
| 4.75% 04/15/58 (d) | 9,000 | 8,342 |
| 5.55% 01/23/49 (d) | 17,000 | 17,904 |
| Aon Corp./Aon Global Holdings PLC | | |
| 2.90% 08/23/51 (d) | 19,000 | 12,437 |
| Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter) | | |
| 4.95% 01/14/50 (c)(d)(h) | 21,000 | 17,612 |
| Apple, Inc. | | |
| 2.20% 09/11/29 (d) | 16,000 | 14,044 |
| 2.65% 02/08/51 (d) | 50,000 | 34,526 |
| 2.80% 02/08/61 (d) | 20,000 | 13,511 |
| 2.95% 09/11/49 (d) | 5,000 | 3,721 |
| 3.35% 02/09/27 (d) | 6,000 | 5,757 |
| 3.45% 02/09/45 (d) | 23,000 | 19,354 |
| 3.85% 08/04/46 (d) | 14,000 | 12,303 |
| 3.95% 08/08/52 (d) | 16,000 | 14,094 |
| 4.85% 05/10/53 (d) | 53,000 | 54,298 |
| Applied Materials, Inc. | | |
| 4.35% 04/01/47 (d) | 4,000 | 3,744 |
| Aptiv PLC | | |
| 4.40% 10/01/46 (d) | 5,000 | 3,893 |
| ArcelorMittal SA | | |
| 4.55% 03/11/26 (d) | 100,000 | 97,620 |
| 6.80% 11/29/32 (d) | 38,000 | 39,034 |
| Archer-Daniels-Midland Co. | | |
| 2.50% 08/11/26 (d) | 5,000 | 4,688 |
| Ares Capital Corp. | | |
| 2.88% 06/15/28 (d) | 30,000 | 24,821 |
| 3.25% 07/15/25 (d) | 64,000 | 59,206 |
| Arthur J Gallagher & Co. | | |
| 3.50% 05/20/51 (d) | 12,000 | 8,595 |
| Ascension Health | | |
| 4.85% 11/15/53 (d) | 10,000 | 9,812 |
| Ashtead Capital, Inc. | | |
| 5.55% 05/30/33 (d)(h) | 200,000 | 195,306 |
| Astrazeneca Finance LLC | | |
| 1.75% 05/28/28 (d) | 43,000 | 37,264 |
| AstraZeneca PLC | | |
| 3.00% 05/28/51 (d) | 13,000 | 9,649 |
| 4.00% 01/17/29 (d) | 6,000 | 5,801 |
| 4.38% 08/17/48 (d) | 6,000 | 5,613 |
| AT&T, Inc. | | |
| 2.75% 06/01/31 (d) | 86,000 | 72,580 |
| 3.65% 06/01/51 (d) | 62,000 | 45,490 |
| 3.85% 06/01/60 (d) | 22,000 | 15,958 |
| 4.35% 03/01/29 (d) | 33,000 | 31,687 |
| | Principal
Amount | Fair
Value |
| 4.50% 05/15/35 (d) | $ 11,000 | $ 10,107 |
| 4.55% 03/09/49 (d) | 5,000 | 4,241 |
| 4.75% 05/15/46 (d) | 5,000 | 4,416 |
| 4.85% 03/01/39 (d) | 12,000 | 11,056 |
| Athene Holding Ltd. | | |
| 4.13% 01/12/28 (d) | 5,000 | 4,558 |
| 6.15% 04/03/30 (d) | 16,000 | 16,045 |
| Avangrid, Inc. | | |
| 3.15% 12/01/24 (d) | 23,000 | 22,095 |
| Bain Capital Specialty Finance, Inc. | | |
| 2.95% 03/10/26 (d) | 36,000 | 31,961 |
| Bank of America Corp. | | |
| 3.25% 10/21/27 (d) | 43,000 | 40,061 |
| 4.18% 11/25/27 (d) | 20,000 | 19,006 |
| 4.25% 10/22/26 (d) | 113,000 | 109,060 |
| Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) | | |
| 2.09% 06/14/29 (c)(d) | 52,000 | 44,429 |
| Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | | |
| 2.97% 07/21/52 (c)(d) | 38,000 | 25,789 |
| Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.30% + 3 month Term SOFR) | | |
| 3.42% 12/20/28 (c)(d) | 35,000 | 32,178 |
| Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.32% + 1 month Term SOFR) | | |
| 3.56% 04/23/27 (c)(d) | 18,000 | 17,075 |
| Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.77% + 3 month Term SOFR) | | |
| 3.71% 04/24/28 (c)(d) | 24,000 | 22,517 |
| Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 year CMT Rate thereafter) | | |
| 3.85% 03/08/37 (c)(d) | 29,000 | 24,769 |
| Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.45% + 3 month Term SOFR) | | |
| 3.95% 01/23/49 (c)(d) | 15,000 | 12,127 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Bank of America Corp. (4.24% fixed rate until 04/24/37; 2.08% + 3 month Term SOFR) | | |
| 4.24% 04/24/38 (c)(d) | $ 14,000 | $ 12,298 |
| Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.57% + 3 month Term SOFR) | | |
| 4.27% 07/23/29 (c)(d) | 10,000 | 9,484 |
| Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.93% + 3 month Term SOFR) | | |
| 4.30% 01/28/25 (c)(d) | 30,000 | 26,807 |
| Bank of America Corp. (5.29% fixed rate until 04/25/33; 1.91% + SOFR thereafter) | | |
| 5.29% 04/25/34 (c)(d) | 65,000 | 64,404 |
| Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.39% + 3 month Term SOFR) | | |
| 4.63% 09/20/26 (c)(d) | 50,000 | 44,188 |
| Bank of Nova Scotia (7.85% fixed rate until 10/12/23; 2.65% + 3 month USD LIBOR thereafter) | | |
| 7.85% 10/12/30 (c)(d) | 29,000 | 24,058 |
| Barclays PLC (2.65% fixed rate until 06/24/30; 1.90% + 1 year CMT Rate thereafter) | | |
| 2.65% 06/24/31 (c)(d) | 200,000 | 160,414 |
| Barrick North America Finance LLC | | |
| 5.70% 05/30/41 (d) | 2,000 | 2,021 |
| BAT Capital Corp. | | |
| 2.73% 03/25/31 (d) | 18,000 | 14,333 |
| 4.39% 08/15/37 (d) | 10,000 | 7,991 |
| 4.54% 08/15/47 (d) | 5,000 | 3,689 |
| 4.91% 04/02/30 (d) | 8,000 | 7,565 |
| 7.75% 10/19/32 (d) | 6,000 | 6,600 |
| Baxter International, Inc. | | |
| 1.92% 02/01/27 (d) | 66,000 | 58,646 |
| 2.54% 02/01/32 (d) | 25,000 | 20,252 |
| 3.13% 12/01/51 (d) | 15,000 | 9,926 |
| Baylor Scott & White Holdings | | |
| 2.84% 11/15/50 (d) | 5,000 | 3,381 |
| Becton Dickinson & Co. | | |
| 3.70% 06/06/27 (d) | 19,000 | 18,060 |
| 4.67% 06/06/47 (d) | 4,000 | 3,667 |
| 4.69% 12/15/44 (d) | 2,000 | 1,820 |
| | Principal
Amount | Fair
Value |
| Berkshire Hathaway Energy Co. | | |
| 3.25% 04/15/28 (d) | $ 6,000 | $ 5,520 |
| 3.70% 07/15/30 (d) | 60,000 | 55,064 |
| 3.80% 07/15/48 (d) | 6,000 | 4,632 |
| 4.25% 10/15/50 (d) | 38,000 | 30,734 |
| Berkshire Hathaway Finance Corp. | | |
| 2.85% 10/15/50 (d) | 66,000 | 45,969 |
| 4.25% 01/15/49 (d) | 17,000 | 15,476 |
| Berry Global, Inc. | | |
| 4.88% 07/15/26 (d)(h) | 27,000 | 26,033 |
| BHP Billiton Finance USA Ltd. | | |
| 4.90% 02/28/33 (d) | 39,000 | 38,828 |
| 5.00% 09/30/43 (d) | 3,000 | 2,973 |
| Biogen, Inc. | | |
| 2.25% 05/01/30 (d) | 6,000 | 5,013 |
| Block Financial LLC | | |
| 2.50% 07/15/28 (d) | 18,000 | 15,332 |
| 3.88% 08/15/30 (d) | 5,000 | 4,412 |
| Boardwalk Pipelines LP | | |
| 4.80% 05/03/29 (d) | 7,000 | 6,716 |
| Boeing Co. | | |
| 2.20% 02/04/26 (d) | 64,000 | 58,771 |
| 2.70% 02/01/27 (d) | 38,000 | 34,736 |
| 2.95% 02/01/30 (d) | 5,000 | 4,350 |
| 3.25% 03/01/28 (d) | 6,000 | 5,467 |
| 3.55% 03/01/38 (d) | 4,000 | 3,130 |
| 3.75% 02/01/50 (d) | 35,000 | 26,281 |
| 5.04% 05/01/27 (d) | 45,000 | 44,487 |
| 5.15% 05/01/30 (d) | 14,000 | 13,867 |
| 5.81% 05/01/50 (d) | 10,000 | 9,946 |
| Boston Properties LP | | |
| 3.40% 06/21/29 (d) | 33,000 | 27,789 |
| Boston Scientific Corp. | | |
| 4.70% 03/01/49 (d) | 3,000 | 2,820 |
| BP Capital Markets America, Inc. | | |
| 3.00% 02/24/50 (d) | 15,000 | 10,470 |
| 3.38% 02/08/61 (d) | 34,000 | 24,205 |
| 4.81% 02/13/33 (d) | 29,000 | 28,603 |
| BP Capital Markets PLC (4.38% fixed rate until 06/22/25; 4.04% + 5 year CMT Rate thereafter) | | |
| 4.38% 06/22/25 (c)(d) | 30,000 | 28,830 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 year CMT Rate thereafter) | | |
| 4.88% 03/22/30 (c)(d) | $ 24,000 | $ 21,831 |
| Bristol-Myers Squibb Co. | | |
| 1.45% 11/13/30 (d) | 18,000 | 14,459 |
| 2.35% 11/13/40 (d) | 6,000 | 4,215 |
| 2.95% 03/15/32 (d) | 23,000 | 20,315 |
| 3.20% 06/15/26 (d) | 6,000 | 5,744 |
| 3.40% 07/26/29 (d) | 4,000 | 3,712 |
| 3.55% 03/15/42 (d) | 8,000 | 6,625 |
| 4.13% 06/15/39 (d) | 8,000 | 7,297 |
| 4.25% 10/26/49 (d) | 8,000 | 7,102 |
| 4.35% 11/15/47 (d) | 3,000 | 2,720 |
| 4.55% 02/20/48 (d) | 4,000 | 3,729 |
| Brixmor Operating Partnership LP | | |
| 2.25% 04/01/28 (d) | 33,000 | 27,817 |
| 3.90% 03/15/27 (d) | 6,000 | 5,519 |
| Broadcom, Inc. | | |
| 3.19% 11/15/36 (d)(h) | 3,000 | 2,267 |
| 3.42% 04/15/33 (d)(h) | 58,000 | 48,556 |
| 3.47% 04/15/34 (d)(h) | 18,000 | 14,753 |
| 4.15% 11/15/30 (d) | 19,000 | 17,460 |
| 4.30% 11/15/32 (d) | 6,000 | 5,498 |
| 4.93% 05/15/37 (d)(h) | 24,000 | 21,670 |
| Brooklyn Union Gas Co. | | |
| 4.87% 08/05/32 (d)(h) | 65,000 | 61,045 |
| Brown-Forman Corp. | | |
| 4.00% 04/15/38 (d) | 3,000 | 2,650 |
| Bunge Ltd. Finance Corp. | | |
| 3.75% 09/25/27 (d) | 5,000 | 4,726 |
| Burlington Northern Santa Fe LLC | | |
| 4.15% 12/15/48 (d) | 5,000 | 4,356 |
| 4.55% 09/01/44 (d) | 12,000 | 11,033 |
| Cameron LNG LLC | | |
| 3.30% 01/15/35 (d)(h) | 5,000 | 4,171 |
| Canadian Natural Resources Ltd. | | |
| 3.85% 06/01/27 (d) | 7,000 | 6,613 |
| 4.95% 06/01/47 (d) | 6,000 | 5,366 |
| Canadian Pacific Railway Co. | | |
| 1.75% 12/02/26 (d) | 30,000 | 26,974 |
| 3.10% 12/02/51 (d) | 9,000 | 6,388 |
| 3.50% 05/01/50 (d) | 7,000 | 5,398 |
| Capital One Financial Corp. | | |
| 3.75% 07/28/26 (d) | 22,000 | 20,490 |
| | Principal
Amount | Fair
Value |
| Cardinal Health, Inc. | | |
| 3.08% 06/15/24 (d) | $ 6,000 | $ 5,849 |
| Carlisle Cos., Inc. | | |
| 2.20% 03/01/32 (d) | 41,000 | 32,365 |
| Carrier Global Corp. | | |
| 2.72% 02/15/30 (d) | 67,000 | 57,742 |
| 3.58% 04/05/50 (d) | 11,000 | 8,127 |
| Caterpillar, Inc. | | |
| 3.25% 09/19/49 - 04/09/50 (d) | 12,000 | 9,444 |
| Cenovus Energy, Inc. | | |
| 2.65% 01/15/32 (d) | 10,000 | 8,074 |
| 3.75% 02/15/52 (d) | 13,000 | 9,229 |
| Centene Corp. | | |
| 3.00% 10/15/30 (d) | 12,000 | 10,007 |
| 3.38% 02/15/30 (d) | 59,000 | 50,732 |
| 4.25% 12/15/27 (d) | 69,000 | 64,565 |
| CenterPoint Energy, Inc. | | |
| 2.65% 06/01/31 (d) | 26,000 | 21,724 |
| Charles Schwab Corp. | | |
| 2.45% 03/03/27 (d) | 205,000 | 184,108 |
| 2.90% 03/03/32 (d) | 11,000 | 9,085 |
| Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT rate thereafter) | | |
| 4.00% 12/01/30 (c)(d) | 43,000 | 31,510 |
| Charles Schwab Corp. (5.64% fixed rate until 05/19/28; 2.21% + SOFR thereafter) | | |
| 5.64% 05/19/29 (c)(d) | 161,000 | 161,686 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | | |
| 3.50% 06/01/41 (d) | 88,000 | 59,448 |
| 3.70% 04/01/51 (d) | 97,000 | 61,557 |
| 4.80% 03/01/50 (d) | 29,000 | 21,823 |
| 5.05% 03/30/29 (d) | 21,000 | 20,024 |
| 5.75% 04/01/48 (d) | 12,000 | 10,265 |
| Cheniere Corpus Christi Holdings LLC | | |
| 5.88% 03/31/25 (d) | 79,000 | 78,690 |
| Cheniere Energy Partners LP | | |
| 4.50% 10/01/29 (d) | 63,000 | 57,857 |
| Chevron Corp. | | |
| 2.24% 05/11/30 (d) | 5,000 | 4,359 |
| 3.08% 05/11/50 (d) | 6,000 | 4,473 |
| Chevron USA, Inc. | | |
| 3.85% 01/15/28 (d) | 22,000 | 21,472 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 3.90% 11/15/24 (d) | $ 7,000 | $ 6,879 |
| Choice Hotels International, Inc. | | |
| 3.70% 01/15/31 (d) | 10,000 | 8,451 |
| Chubb INA Holdings, Inc. | | |
| 4.35% 11/03/45 (d) | 6,000 | 5,433 |
| Church & Dwight Co., Inc. | | |
| 2.30% 12/15/31 (d) | 12,000 | 9,917 |
| Cigna Group | | |
| 2.40% 03/15/30 (d) | 9,000 | 7,646 |
| 3.25% 04/15/25 (d) | 9,000 | 8,630 |
| 3.40% 03/01/27 - 03/15/51 (d) | 31,000 | 25,173 |
| 3.88% 10/15/47 (d) | 5,000 | 3,965 |
| 4.13% 11/15/25 (d) | 19,000 | 18,503 |
| 4.38% 10/15/28 (d) | 6,000 | 5,804 |
| 4.80% 08/15/38 (d) | 6,000 | 5,663 |
| 4.90% 12/15/48 (d) | 5,000 | 4,650 |
| Cisco Systems, Inc. | | |
| 5.90% 02/15/39 (d) | 6,000 | 6,640 |
| Citigroup, Inc. | | |
| 4.45% 09/29/27 (d) | 14,000 | 13,369 |
| 4.65% 07/23/48 (d) | 31,000 | 28,093 |
| 6.17% 05/25/34 (c)(d) | 28,000 | 28,195 |
| Citigroup, Inc. (2.56% fixed rate until 05/01/31; 1.17% + SOFR thereafter) | | |
| 2.56% 05/01/32 (c)(d) | 175,000 | 142,886 |
| Citigroup, Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | | |
| 2.98% 11/05/30 (c)(d) | 46,000 | 39,945 |
| Citigroup, Inc. (3.79% fixed rate until 03/17/32; 1.94% + SOFR thereafter) | | |
| 3.79% 03/17/33 (c)(d) | 61,000 | 53,872 |
| Citigroup, Inc. (3.88% fixed rate until 01/24/38; 1.43% + 3 month Term SOFR) | | |
| 3.88% 01/24/39 (c)(d) | 8,000 | 6,698 |
| Citigroup, Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | | |
| 4.70% 01/30/25 (c)(d) | 22,000 | 18,928 |
| Cleveland Electric Illuminating Co. | | |
| 4.55% 11/15/30 (d)(h) | 36,000 | 33,968 |
| CME Group, Inc. | | |
| 2.65% 03/15/32 (d) | 16,000 | 13,602 |
| 3.75% 06/15/28 (d) | 5,000 | 4,786 |
| | Principal
Amount | Fair
Value |
| CMS Energy Corp. | | |
| 4.88% 03/01/44 (d) | $ 13,000 | $ 11,827 |
| CNH Industrial Capital LLC | | |
| 1.95% 07/02/23 (d) | 28,000 | 28,000 |
| Coca-Cola Co. | | |
| 2.60% 06/01/50 (d) | 10,000 | 7,009 |
| 2.75% 06/01/60 (d) | 5,000 | 3,449 |
| Comcast Corp. | | |
| 2.65% 08/15/62 (d) | 5,000 | 2,974 |
| 2.80% 01/15/51 (d) | 5,000 | 3,307 |
| 2.89% 11/01/51 (d) | 17,000 | 11,402 |
| 2.94% 11/01/56 (d) | 15,000 | 9,771 |
| 2.99% 11/01/63 (d) | 5,000 | 3,168 |
| 3.20% 07/15/36 (d) | 6,000 | 4,930 |
| 3.25% 11/01/39 (d) | 16,000 | 12,694 |
| 3.97% 11/01/47 (d) | 28,000 | 23,258 |
| 4.15% 10/15/28 (d) | 4,000 | 3,876 |
| CommonSpirit Health | | |
| 4.35% 11/01/42 | 24,000 | 20,570 |
| Conagra Brands, Inc. | | |
| 5.30% 11/01/38 (d) | 5,000 | 4,804 |
| 5.40% 11/01/48 (d) | 5,000 | 4,766 |
| ConocoPhillips Co. | | |
| 4.30% 11/15/44 (d) | 7,000 | 6,175 |
| Consolidated Edison Co. of New York, Inc. | | |
| 2.90% 12/01/26 (d) | 17,000 | 15,511 |
| 3.35% 04/01/30 (d) | 6,000 | 5,463 |
| 3.88% 06/15/47 (d) | 6,000 | 4,712 |
| 3.95% 04/01/50 (d) | 17,000 | 13,862 |
| Constellation Brands, Inc. | | |
| 3.15% 08/01/29 (d) | 29,000 | 26,183 |
| 3.70% 12/06/26 (d) | 24,000 | 22,868 |
| 4.50% 05/09/47 (d) | 5,000 | 4,318 |
| Continental Resources, Inc. | | |
| 2.88% 04/01/32 (d)(h) | 23,000 | 17,705 |
| 3.80% 06/01/24 (d) | 132,000 | 129,357 |
| Corebridge Financial, Inc. | | |
| 3.90% 04/05/32 (d) | 106,000 | 92,312 |
| Corning, Inc. | | |
| 4.38% 11/15/57 (d) | 5,000 | 4,065 |
| Corporate Office Properties LP | | |
| 2.00% 01/15/29 (d) | 28,000 | 21,394 |
| 2.25% 03/15/26 (d) | 12,000 | 10,591 |
| 2.75% 04/15/31 (d) | 9,000 | 6,844 |
| Crown Castle, Inc. | | |
| 2.90% 03/15/27 (d) | 52,000 | 47,602 |
| 3.30% 07/01/30 (d) | 38,000 | 33,647 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 4.15% 07/01/50 (d) | $ 22,000 | $ 17,453 |
| 5.20% 02/15/49 (d) | 6,000 | 5,548 |
| CSL Finance PLC | | |
| 4.25% 04/27/32 (d)(h) | 32,000 | 30,356 |
| CSX Corp. | | |
| 4.50% 03/15/49 - 08/01/54 (d) | 22,000 | 19,570 |
| CubeSmart LP | | |
| 2.50% 02/15/32 (d) | 30,000 | 23,826 |
| 4.38% 02/15/29 (d) | 12,000 | 11,270 |
| Cummins, Inc. | | |
| 1.50% 09/01/30 (d) | 10,000 | 8,099 |
| 2.60% 09/01/50 (d) | 10,000 | 6,450 |
| CVS Health Corp. | | |
| 3.00% 08/15/26 (d) | 13,000 | 12,187 |
| 3.25% 08/15/29 (d) | 11,000 | 9,872 |
| 3.63% 04/01/27 (d) | 11,000 | 10,439 |
| 3.75% 04/01/30 (d) | 10,000 | 9,172 |
| 3.88% 07/20/25 (d) | 10,000 | 9,724 |
| 4.25% 04/01/50 (d) | 9,000 | 7,444 |
| 4.30% 03/25/28 (d) | 11,000 | 10,608 |
| 4.78% 03/25/38 (d) | 15,000 | 13,827 |
| 5.00% 12/01/24 (d) | 15,000 | 14,809 |
| 5.13% 07/20/45 (d) | 6,000 | 5,545 |
| 5.30% 06/01/33 - 12/05/43 (d) | 52,000 | 51,405 |
| 5.88% 06/01/53 (d) | 15,000 | 15,410 |
| 6.00% 06/01/63 (d) | 5,000 | 5,140 |
| Daimler Truck Finance North America LLC | | |
| 5.13% 01/19/28 (d)(h) | 150,000 | 148,717 |
| Dell International LLC/EMC Corp. | | |
| 4.00% 07/15/24 (d) | 16,000 | 15,732 |
| 6.02% 06/15/26 (d) | 5,000 | 5,072 |
| Deutsche Bank AG (2.31% fixed rate until 11/16/26; 1.22% +SOFR thereafter) | | |
| 2.31% 11/16/27 (c)(d) | 150,000 | 129,030 |
| DH Europe Finance II Sarl | | |
| 2.60% 11/15/29 (d) | 9,000 | 7,923 |
| 3.25% 11/15/39 (d) | 6,000 | 4,888 |
| 3.40% 11/15/49 (d) | 5,000 | 3,916 |
| Diamondback Energy, Inc. | | |
| 3.13% 03/24/31 (d) | 15,000 | 12,843 |
| 3.25% 12/01/26 (d) | 6,000 | 5,642 |
| 3.50% 12/01/29 (d) | 6,000 | 5,408 |
| 4.40% 03/24/51 (d) | 7,000 | 5,551 |
| Digital Realty Trust LP | | |
| 3.60% 07/01/29 (d) | 20,000 | 17,800 |
| | Principal
Amount | Fair
Value |
| Discovery Communications LLC | | |
| 3.95% 03/20/28 (d) | $ 19,000 | $ 17,688 |
| 4.95% 05/15/42 (d) | 4,000 | 3,155 |
| 5.00% 09/20/37 (d) | 4,000 | 3,419 |
| Dollar General Corp. | | |
| 3.50% 04/03/30 (d) | 34,000 | 30,453 |
| 4.13% 04/03/50 (d) | 6,000 | 4,701 |
| Dollar Tree, Inc. | | |
| 4.00% 05/15/25 (d) | 74,000 | 71,696 |
| Dominion Energy, Inc. | | |
| 3.07% 08/15/24 (d)(i) | 17,000 | 16,425 |
| 3.38% 04/01/30 (d) | 17,000 | 15,217 |
| Dover Corp. | | |
| 2.95% 11/04/29 (d) | 10,000 | 8,791 |
| Dow Chemical Co. | | |
| 2.10% 11/15/30 (d) | 21,000 | 17,352 |
| 3.60% 11/15/50 (d) | 5,000 | 3,723 |
| 4.25% 10/01/34 (d) | 6,000 | 5,463 |
| 5.55% 11/30/48 (d) | 14,000 | 13,618 |
| 6.30% 03/15/33 (d) | 25,000 | 26,865 |
| DTE Energy Co. | | |
| 2.85% 10/01/26 (d) | 22,000 | 20,266 |
| Duke Energy Carolinas LLC | | |
| 3.95% 03/15/48 (d) | 6,000 | 4,893 |
| Duke Energy Corp. | | |
| 2.55% 06/15/31 (d) | 26,000 | 21,525 |
| 3.30% 06/15/41 (d) | 32,000 | 23,619 |
| 3.50% 06/15/51 (d) | 65,000 | 47,135 |
| 3.75% 09/01/46 (d) | 50,000 | 37,980 |
| Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter) | | |
| 4.88% 09/16/24 (c)(d) | 40,000 | 38,462 |
| Duke Energy Progress LLC | | |
| 4.15% 12/01/44 (d) | 17,000 | 14,140 |
| DuPont de Nemours, Inc. | | |
| 5.42% 11/15/48 (d) | 5,000 | 4,940 |
| Duquesne Light Holdings, Inc. | | |
| 3.62% 08/01/27 (d)(h) | 14,000 | 12,559 |
| Eastman Chemical Co. | | |
| 4.65% 10/15/44 (d) | 7,000 | 5,894 |
| Eaton Corp. | | |
| 3.10% 09/15/27 (d) | 6,000 | 5,628 |
| Edison International | | |
| 4.95% 04/15/25 (d) | 34,000 | 33,385 |
| 5.75% 06/15/27 (d) | 6,000 | 6,012 |
| EIDP, Inc. | | |
| 2.30% 07/15/30 (d) | 33,000 | 27,600 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Elevance Health, Inc. | | |
| 3.60% 03/15/51 (d) | $ 8,000 | $ 6,124 |
| 3.70% 09/15/49 (d) | 7,000 | 5,424 |
| 5.13% 02/15/53 (d) | 5,000 | 4,839 |
| 6.10% 10/15/52 (d) | 13,000 | 14,244 |
| Eli Lilly & Co. | | |
| 4.95% 02/27/63 (d) | 8,000 | 8,160 |
| Emera U.S. Finance LP | | |
| 2.64% 06/15/31 (d) | 30,000 | 24,022 |
| Emerson Electric Co. | | |
| 1.80% 10/15/27 (d) | 43,000 | 38,120 |
| 2.75% 10/15/50 (d) | 52,000 | 34,631 |
| Enbridge Energy Partners LP | | |
| 5.50% 09/15/40 (d) | 4,000 | 3,775 |
| Enbridge, Inc. | | |
| 1.60% 10/04/26 (d) | 70,000 | 62,386 |
| Enbridge, Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter) | | |
| 5.75% 07/15/80 (c)(d) | 45,000 | 40,731 |
| Energy Transfer LP | | |
| 4.50% 04/15/24 (d) | 19,000 | 18,768 |
| 4.95% 06/15/28 (d) | 9,000 | 8,751 |
| 5.30% 04/01/44 - 04/15/47 (d) | 14,000 | 12,151 |
| 5.35% 05/15/45 (d) | 17,000 | 14,850 |
| 5.75% 02/15/33 (d) | 16,000 | 16,102 |
| 6.13% 12/15/45 (d) | 5,000 | 4,763 |
| 6.50% 02/01/42 (d) | 5,000 | 5,055 |
| Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter) | | |
| 6.75% 05/15/25 (c)(d) | 85,000 | 76,409 |
| Energy Transfer LP/Regency Energy Finance Corp. | | |
| 4.50% 11/01/23 (d) | 7,000 | 6,969 |
| Enterprise Products Operating LLC | | |
| 4.25% 02/15/48 (d) | 23,000 | 19,498 |
| Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.29% + 3 month Term SOFR) | | |
| 5.25% 08/16/77 (c)(d) | 5,000 | 4,373 |
| EOG Resources, Inc. | | |
| 4.15% 01/15/26 (d) | 4,000 | 3,917 |
| 4.95% 04/15/50 (d) | 6,000 | 5,925 |
| 5.10% 01/15/36 (d) | 6,000 | 5,779 |
| | Principal
Amount | Fair
Value |
| Equinix, Inc. | | |
| 1.25% 07/15/25 (d) | $ 10,000 | $ 9,132 |
| 2.15% 07/15/30 (d) | 15,000 | 12,138 |
| ERP Operating LP | | |
| 4.50% 07/01/44 (d) | 7,000 | 6,127 |
| Estee Lauder Cos., Inc. | | |
| 2.38% 12/01/29 (d) | 5,000 | 4,322 |
| Everest Reinsurance Holdings, Inc. | | |
| 3.13% 10/15/52 (d) | 22,000 | 14,561 |
| Eversource Energy | | |
| 3.45% 01/15/50 (d) | 12,000 | 8,816 |
| Exelon Corp. | | |
| 4.05% 04/15/30 (d) | 18,000 | 16,872 |
| 4.45% 04/15/46 (d) | 9,000 | 7,666 |
| 4.70% 04/15/50 (d) | 9,000 | 7,970 |
| Extra Space Storage LP | | |
| 3.90% 04/01/29 (d) | 11,000 | 10,021 |
| Exxon Mobil Corp. | | |
| 2.61% 10/15/30 (d) | 53,000 | 46,554 |
| 3.45% 04/15/51 (d) | 8,000 | 6,243 |
| FedEx Corp. | | |
| 4.10% 02/01/45 (d) | 32,000 | 25,851 |
| Fidelity National Financial, Inc. | | |
| 3.20% 09/17/51 (d) | 19,000 | 11,090 |
| Fidelity National Information Services, Inc. | | |
| 1.65% 03/01/28 (d) | 14,000 | 11,835 |
| 3.10% 03/01/41 (d) | 4,000 | 2,755 |
| FirstEnergy Transmission LLC | | |
| 4.55% 04/01/49 (d)(h) | 21,000 | 17,447 |
| Fiserv, Inc. | | |
| 3.50% 07/01/29 (d) | 38,000 | 34,775 |
| 4.40% 07/01/49 (d) | 4,000 | 3,365 |
| Florida Power & Light Co. | | |
| 2.85% 04/01/25 (d) | 35,000 | 33,654 |
| 4.13% 02/01/42 (d) | 10,000 | 8,775 |
| Flowers Foods, Inc. | | |
| 2.40% 03/15/31 (d) | 14,000 | 11,447 |
| Flowserve Corp. | | |
| 2.80% 01/15/32 (d) | 20,000 | 15,933 |
| Freeport-McMoRan, Inc. | | |
| 4.25% 03/01/30 (d) | 26,000 | 23,963 |
| GA Global Funding Trust | | |
| 1.63% 01/15/26 (d)(h) | 24,000 | 21,289 |
| General Mills, Inc. | | |
| 3.00% 02/01/51 (d) | 16,000 | 11,323 |
| General Motors Co. | | |
| 5.20% 04/01/45 (d) | 3,000 | 2,558 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 5.40% 04/01/48 (d) | $ 6,000 | $ 5,176 |
| 6.13% 10/01/25 (d) | 61,000 | 61,398 |
| 6.80% 10/01/27 (d) | 5,000 | 5,193 |
| General Motors Financial Co., Inc. | | |
| 1.25% 01/08/26 (d) | 125,000 | 111,666 |
| 2.35% 01/08/31 (d) | 10,000 | 7,849 |
| 5.25% 03/01/26 (d) | 31,000 | 30,518 |
| 5.85% 04/06/30 (d) | 99,000 | 98,140 |
| Genuine Parts Co. | | |
| 2.75% 02/01/32 (d) | 15,000 | 12,319 |
| George Washington University | | |
| 4.13% 09/15/48 | 15,000 | 12,938 |
| Georgia-Pacific LLC | | |
| 1.75% 09/30/25 (d)(h) | 29,000 | 26,623 |
| 3.60% 03/01/25 (d)(h) | 76,000 | 73,357 |
| Gilead Sciences, Inc. | | |
| 2.60% 10/01/40 (d) | 8,000 | 5,795 |
| 2.95% 03/01/27 (d) | 3,000 | 2,817 |
| 3.50% 02/01/25 (d) | 8,000 | 7,757 |
| 3.65% 03/01/26 (d) | 6,000 | 5,776 |
| 4.15% 03/01/47 (d) | 7,000 | 6,078 |
| 4.60% 09/01/35 (d) | 15,000 | 14,479 |
| GlaxoSmithKline Capital PLC | | |
| 3.38% 06/01/29 (d) | 12,000 | 11,142 |
| GlaxoSmithKline Capital, Inc. | | |
| 3.63% 05/15/25 (d) | 15,000 | 14,587 |
| Glencore Funding LLC | | |
| 3.88% 04/27/51 (d)(h) | 5,000 | 3,710 |
| Goldman Sachs Group, Inc. | | |
| 3.85% 01/26/27 (d) | 67,000 | 63,792 |
| 4.25% 10/21/25 (d) | 124,000 | 119,541 |
| 5.15% 05/22/45 (d) | 6,000 | 5,590 |
| Goldman Sachs Group, Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter) | | |
| 1.54% 09/10/27 (c)(d) | 26,000 | 22,866 |
| Goldman Sachs Group, Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) | | |
| 2.38% 07/21/32 (c)(d) | 16,000 | 12,798 |
| Goldman Sachs Group, Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) | | |
| 2.91% 07/21/42 (c)(d) | 13,000 | 9,170 |
| | Principal
Amount | Fair
Value |
| Goldman Sachs Group, Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) | | |
| 3.21% 04/22/42 (c)(d) | $ 18,000 | $ 13,297 |
| Goldman Sachs Group, Inc. (3.44% fixed rate until 02/24/42; 1.63% + SOFR thereafter) | | |
| 3.44% 02/24/43 (c)(d) | 31,000 | 23,546 |
| Goldman Sachs Group, Inc. (3.81% fixed rate until 04/23/28; 1.42% + 3 month Term SOFR) | | |
| 3.81% 04/23/29 (c)(d) | 7,000 | 6,505 |
| Goldman Sachs Group, Inc. (4.02% fixed rate until 10/31/37; 1.63% + 3 month Term SOFR) | | |
| 4.02% 10/31/38 (c)(d) | 6,000 | 5,079 |
| Goldman Sachs Group, Inc. (4.22% fixed rate until 05/01/28; 1.56% + 3 month Term SOFR) | | |
| 4.22% 05/01/29 (c)(d) | 18,000 | 17,005 |
| Graphic Packaging International LLC | | |
| 1.51% 04/15/26 (d)(h) | 28,000 | 24,992 |
| Gray Oak Pipeline LLC | | |
| 2.00% 09/15/23 (d)(h) | 52,000 | 51,581 |
| 2.60% 10/15/25 (d)(h) | 29,000 | 26,625 |
| Halliburton Co. | | |
| 3.80% 11/15/25 (d) | 2,000 | 1,932 |
| 5.00% 11/15/45 (d) | 6,000 | 5,431 |
| Hartford Financial Services Group, Inc. | | |
| 2.80% 08/19/29 (d) | 64,000 | 55,272 |
| Hartford Financial Services Group, Inc. (7.45% fixed rate until 07/31/23; 2.13% + 3 month USD LIBOR thereafter) | | |
| 7.45% 02/12/67 (c)(d)(h) | 12,000 | 10,031 |
| HCA, Inc. | | |
| 3.13% 03/15/27 (d)(h) | 47,000 | 43,161 |
| 3.50% 09/01/30 (d) | 17,000 | 14,891 |
| 3.63% 03/15/32 (d)(h) | 14,000 | 12,156 |
| 4.63% 03/15/52 (d)(h) | 16,000 | 13,138 |
| 5.38% 02/01/25 (d) | 127,000 | 125,909 |
| Health Care Service Corp. A Mutual Legal Reserve Co. | | |
| 2.20% 06/01/30 (d)(h) | 14,000 | 11,565 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 3.20% 06/01/50 (d)(h) | $ 5,000 | $ 3,538 |
| Healthcare Realty Holdings LP | | |
| 2.00% 03/15/31 (d) | 6,000 | 4,605 |
| Helmerich & Payne, Inc. | | |
| 2.90% 09/29/31 (d) | 10,000 | 8,068 |
| Hess Corp. | | |
| 5.60% 02/15/41 (d) | 3,000 | 2,870 |
| 5.80% 04/01/47 (d) | 2,000 | 1,945 |
| Hewlett Packard Enterprise Co. | | |
| 6.35% 10/15/45 (d) | 3,000 | 3,123 |
| Highwoods Realty LP | | |
| 4.13% 03/15/28 (d) | 5,000 | 4,381 |
| 4.20% 04/15/29 (d) | 19,000 | 16,129 |
| Home Depot, Inc. | | |
| 2.70% 04/15/30 (d) | 7,000 | 6,220 |
| 3.35% 04/15/50 (d) | 9,000 | 6,870 |
| 3.50% 09/15/56 (d) | 6,000 | 4,622 |
| 3.90% 12/06/28 - 06/15/47 (d) | 10,000 | 9,089 |
| 4.50% 12/06/48 (d) | 5,000 | 4,636 |
| 4.95% 09/15/52 (d) | 6,000 | 5,955 |
| Honeywell International, Inc. | | |
| 1.75% 09/01/31 (d) | 17,000 | 13,640 |
| 2.70% 08/15/29 (d) | 10,000 | 8,903 |
| Hormel Foods Corp. | | |
| 1.80% 06/11/30 (d) | 30,000 | 25,062 |
| HSBC Holdings PLC (2.87% fixed rate until 11/22/31; 1.41% + SOFR thereafter) | | |
| 2.87% 11/22/32 (c)(d) | 200,000 | 161,574 |
| Humana, Inc. | | |
| 1.35% 02/03/27 (d) | 41,000 | 35,684 |
| 2.15% 02/03/32 (d) | 13,000 | 10,258 |
| Huntington Bancshares, Inc. | | |
| 2.55% 02/04/30 (d) | 20,000 | 16,030 |
| Huntington Ingalls Industries, Inc. | | |
| 2.04% 08/16/28 (d) | 45,000 | 37,855 |
| Huntsman International LLC | | |
| 4.50% 05/01/29 (d) | 29,000 | 26,552 |
| Hyundai Capital America | | |
| 1.30% 01/08/26 (d)(h) | 61,000 | 54,568 |
| Indiana Michigan Power Co. | | |
| 3.25% 05/01/51 (d) | 13,000 | 9,092 |
| Intel Corp. | | |
| 2.00% 08/12/31 (d) | 23,000 | 18,755 |
| 2.45% 11/15/29 (d) | 24,000 | 20,803 |
| 2.80% 08/12/41 (d) | 23,000 | 16,401 |
| 3.10% 02/15/60 (d) | 6,000 | 3,840 |
| | Principal
Amount | Fair
Value |
| 5.63% 02/10/43 (d) | $ 29,000 | $ 29,471 |
| 5.70% 02/10/53 (d) | 21,000 | 21,391 |
| 5.90% 02/10/63 (d) | 16,000 | 16,501 |
| Intercontinental Exchange, Inc. | | |
| 1.85% 09/15/32 (d) | 6,000 | 4,620 |
| 2.65% 09/15/40 (d) | 6,000 | 4,267 |
| International Paper Co. | | |
| 4.40% 08/15/47 (d) | 5,000 | 4,209 |
| ITC Holdings Corp. | | |
| 2.95% 05/14/30 (d)(h) | 38,000 | 32,680 |
| Jabil, Inc. | | |
| 3.95% 01/12/28 (d) | 5,000 | 4,670 |
| 4.25% 05/15/27 (d) | 61,000 | 58,159 |
| Jacobs Engineering Group, Inc. | | |
| 5.90% 03/01/33 (d) | 78,000 | 76,545 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | |
| 5.13% 02/01/28 (d)(h) | 46,000 | 44,135 |
| 5.75% 04/01/33 (d)(h) | 14,000 | 13,185 |
| John Deere Capital Corp. | | |
| 2.45% 01/09/30 (d) | 30,000 | 26,341 |
| 3.90% 06/07/32 (d) | 13,000 | 12,277 |
| Johnson & Johnson | | |
| 3.63% 03/03/37 (d) | 7,000 | 6,299 |
| Johnson Controls International PLC | | |
| 4.50% 02/15/47 (d) | 4,000 | 3,493 |
| JPMorgan Chase & Co. (1.58% fixed rate until 04/22/26; 0.89% + SOFR thereafter) | | |
| 1.58% 04/22/27 (c)(d) | 55,000 | 49,405 |
| JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + 3 month Term SOFR) | | |
| 2.96% 05/13/31 (c)(d) | 60,000 | 51,341 |
| JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter) | | |
| 3.16% 04/22/42 (c)(d) | 17,000 | 12,830 |
| JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.62% + 3 month Term SOFR) | | |
| 3.88% 07/24/38 (c)(d) | 10,000 | 8,628 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3 month Term SOFR) | | |
| 3.90% 01/23/49 (c)(d) | $ 46,000 | $ 37,174 |
| JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.51% + 3 month Term SOFR) | | |
| 3.96% 01/29/27 (c)(d) | 24,000 | 23,102 |
| JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.38% + 3 month Term SOFR) | | |
| 4.01% 04/23/29 (c)(d) | 7,000 | 6,599 |
| JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.72% + 3 month Term SOFR) | | |
| 4.03% 07/24/48 (c)(d) | 5,000 | 4,157 |
| JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + 3 month Term SOFR) | | |
| 4.49% 03/24/31 (c)(d) | 64,000 | 61,476 |
| JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + 3 month Term SOFR) | | |
| 4.60% 02/01/25 (c)(d) | 42,000 | 39,201 |
| Kaiser Foundation Hospitals | | |
| 3.00% 06/01/51 (d) | 20,000 | 14,024 |
| Kenvue, Inc. | | |
| 4.90% 03/22/33 (d)(h) | 123,000 | 124,373 |
| 5.05% 03/22/53 (d)(h) | 42,000 | 42,815 |
| 5.20% 03/22/63 (d)(h) | 13,000 | 13,306 |
| Keurig Dr Pepper, Inc. | | |
| 3.20% 05/01/30 (d) | 9,000 | 8,073 |
| 3.80% 05/01/50 (d) | 5,000 | 3,947 |
| Kinder Morgan Energy Partners LP | | |
| 4.70% 11/01/42 (d) | 3,000 | 2,492 |
| 5.00% 03/01/43 (d) | 6,000 | 5,173 |
| 6.38% 03/01/41 (d) | 6,000 | 6,025 |
| Kinder Morgan, Inc. | | |
| 1.75% 11/15/26 (d) | 83,000 | 73,532 |
| 5.05% 02/15/46 (d) | 6,000 | 5,134 |
| 5.20% 06/01/33 (d) | 16,000 | 15,497 |
| KLA Corp. | | |
| 3.30% 03/01/50 (d) | 16,000 | 12,047 |
| Kraft Heinz Foods Co. | | |
| 5.20% 07/15/45 (d) | 22,000 | 20,870 |
| | Principal
Amount | Fair
Value |
| Kroger Co. | | |
| 2.20% 05/01/30 (d) | $ 6,000 | $ 4,966 |
| 4.65% 01/15/48 (d) | 5,000 | 4,398 |
| L3Harris Technologies, Inc. | | |
| 3.85% 12/15/26 (d) | 19,000 | 18,118 |
| Lear Corp. | | |
| 4.25% 05/15/29 (d) | 6,000 | 5,631 |
| Leidos, Inc. | | |
| 3.63% 05/15/25 (d) | 5,000 | 4,795 |
| 4.38% 05/15/30 (d) | 57,000 | 52,512 |
| 5.75% 03/15/33 (d) | 29,000 | 28,858 |
| Liberty Mutual Group, Inc. | | |
| 3.95% 05/15/60 (d)(h) | 6,000 | 4,238 |
| Life Storage LP | | |
| 2.20% 10/15/30 (d) | 15,000 | 11,975 |
| Lincoln National Corp. | | |
| 4.35% 03/01/48 (d) | 45,000 | 32,492 |
| Lincoln National Corp. (9.25% fixed rate until 12/01/27; 5.32% + 5 year CMT Rate thereafter) | | |
| 9.25% 12/01/27 (c)(d) | 34,000 | 35,942 |
| Lockheed Martin Corp. | | |
| 3.55% 01/15/26 (d) | 4,000 | 3,883 |
| 3.80% 03/01/45 (d) | 4,000 | 3,371 |
| 4.50% 05/15/36 (d) | 6,000 | 5,791 |
| Lowe's Cos., Inc. | | |
| 1.30% 04/15/28 (d) | 5,000 | 4,229 |
| 1.70% 09/15/28 - 10/15/30 (d) | 30,000 | 25,217 |
| 3.00% 10/15/50 (d) | 5,000 | 3,276 |
| 3.70% 04/15/46 (d) | 3,000 | 2,291 |
| 4.05% 05/03/47 (d) | 9,000 | 7,235 |
| 5.63% 04/15/53 (d) | 24,000 | 23,964 |
| LYB International Finance III LLC | | |
| 3.63% 04/01/51 (d) | 16,000 | 11,103 |
| 3.80% 10/01/60 (d) | 6,000 | 4,050 |
| M&T Bank Corp. (5.05% fixed rate until 01/27/33; 1.85% +SOFR thereafter) | | |
| 5.05% 01/27/34 (c)(d) | 155,000 | 141,420 |
| Marsh & McLennan Cos., Inc. | | |
| 2.90% 12/15/51 (d) | 34,000 | 22,800 |
| Masco Corp. | | |
| 3.50% 11/15/27 (d) | 3,000 | 2,807 |
| McCormick & Co., Inc. | | |
| 1.85% 02/15/31 (d) | 7,000 | 5,547 |
| 3.25% 11/15/25 (d) | 115,000 | 108,713 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| McDonald's Corp. | | |
| 3.60% 07/01/30 (d) | $ 23,000 | $ 21,400 |
| 3.63% 09/01/49 (d) | 7,000 | 5,523 |
| 4.88% 12/09/45 (d) | 6,000 | 5,735 |
| Medtronic Global Holdings SCA | | |
| 4.50% 03/30/33 (d) | 95,000 | 93,112 |
| Medtronic, Inc. | | |
| 4.63% 03/15/45 (d) | 4,000 | 3,887 |
| Memorial Sloan-Kettering Cancer Center | | |
| 4.13% 07/01/52 (d) | 17,000 | 14,419 |
| Mercedes-Benz Finance North America LLC | | |
| 5.38% 11/26/25 (d)(h) | 150,000 | 150,054 |
| Merck & Co., Inc. | | |
| 1.90% 12/10/28 (d) | 43,000 | 37,560 |
| 2.45% 06/24/50 (d) | 9,000 | 5,895 |
| 2.75% 12/10/51 (d) | 14,000 | 9,662 |
| 2.90% 12/10/61 (d) | 8,000 | 5,315 |
| 4.00% 03/07/49 (d) | 4,000 | 3,536 |
| 4.50% 05/17/33 (d) | 56,000 | 55,578 |
| 5.00% 05/17/53 (d) | 15,000 | 15,188 |
| Meta Platforms, Inc. | | |
| 3.85% 08/15/32 (d) | 45,000 | 41,796 |
| 4.45% 08/15/52 (d) | 27,000 | 23,512 |
| MetLife, Inc. | | |
| 4.72% 12/15/44 (d) | 9,000 | 8,000 |
| Microchip Technology, Inc. | | |
| 2.67% 09/01/23 (d) | 87,000 | 86,533 |
| Micron Technology, Inc. | | |
| 3.37% 11/01/41 (d) | 18,000 | 12,556 |
| 3.48% 11/01/51 (d) | 35,000 | 23,322 |
| Microsoft Corp. | | |
| 2.40% 08/08/26 (d) | 22,000 | 20,647 |
| 2.68% 06/01/60 (d) | 10,000 | 6,698 |
| 2.92% 03/17/52 (d) | 44,000 | 32,700 |
| 3.45% 08/08/36 (d) | 4,000 | 3,647 |
| 3.50% 02/12/35 (d) | 6,000 | 5,615 |
| Mid-America Apartments LP | | |
| 2.88% 09/15/51 (d) | 23,000 | 14,924 |
| Mizuho Financial Group, Inc. | ��� | |
| 2.84% 09/13/26 (d) | 200,000 | 183,146 |
| Molson Coors Beverage Co. | | |
| 4.20% 07/15/46 (d) | 5,000 | 4,120 |
| Morgan Stanley | | |
| 3.63% 01/20/27 (d) | 4,000 | 3,800 |
| 3.70% 10/23/24 (d) | 9,000 | 8,786 |
| 3.97% 07/22/38 (c)(d) | 9,000 | 7,635 |
| | Principal
Amount | Fair
Value |
| 4.35% 09/08/26 (d) | $ 74,000 | $ 71,473 |
| 4.38% 01/22/47 (d) | 9,000 | 8,040 |
| Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | | |
| 1.51% 07/20/27 (c)(d) | 22,000 | 19,494 |
| Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | | |
| 2.48% 09/16/36 (c)(d) | 134,000 | 101,425 |
| Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | | |
| 2.80% 01/25/52 (c)(d) | 54,000 | 35,468 |
| MPLX LP | | |
| 2.65% 08/15/30 (d) | 12,000 | 10,051 |
| 5.20% 12/01/47 (d) | 6,000 | 5,256 |
| Mylan, Inc. | | |
| 5.20% 04/15/48 (d) | 5,000 | 3,890 |
| Nasdaq, Inc. | | |
| 5.95% 08/15/53 (d) | 10,000 | 10,235 |
| 6.10% 06/28/63 (d) | 15,000 | 15,349 |
| NewMarket Corp. | | |
| 2.70% 03/18/31 (d) | 10,000 | 8,183 |
| Newmont Corp. | | |
| 4.88% 03/15/42 (d) | 5,000 | 4,646 |
| NextEra Energy Capital Holdings, Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter) | | |
| 5.65% 05/01/79 (c)(d) | 8,000 | 7,442 |
| NGPL PipeCo LLC | | |
| 3.25% 07/15/31 (d)(h) | 33,000 | 27,228 |
| NIKE, Inc. | | |
| 3.38% 03/27/50 (d) | 5,000 | 4,050 |
| NiSource, Inc. | | |
| 3.60% 05/01/30 (d) | 12,000 | 10,810 |
| 3.95% 03/30/48 (d) | 4,000 | 3,210 |
| 5.25% 03/30/28 (d) | 114,000 | 114,114 |
| NNN REIT, Inc. | | |
| 4.00% 11/15/25 (d) | 7,000 | 6,663 |
| Norfolk Southern Corp. | | |
| 3.95% 10/01/42 (d) | 5,000 | 4,099 |
| Northern Trust Corp. | | |
| 6.13% 11/02/32 (d) | 29,000 | 30,052 |
| Northwestern Mutual Life Insurance Co. | | |
| 3.45% 03/30/51 (d)(h) | 32,000 | 22,890 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| NOV, Inc. | | |
| 3.60% 12/01/29 (d) | $ 16,000 | $ 14,268 |
| Novant Health, Inc. | | |
| 3.32% 11/01/61 (d) | 14,000 | 9,682 |
| Novartis Capital Corp. | | |
| 2.20% 08/14/30 (d) | 21,000 | 18,177 |
| 3.00% 11/20/25 (d) | 4,000 | 3,827 |
| Nutrien Ltd. | | |
| 4.90% 03/27/28 - 06/01/43 (d) | 81,000 | 79,100 |
| NVIDIA Corp. | | |
| 2.85% 04/01/30 (d) | 12,000 | 10,884 |
| 3.50% 04/01/50 (d) | 5,000 | 4,061 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | | |
| 3.25% 11/30/51 (d) | 35,000 | 23,428 |
| Occidental Petroleum Corp. | | |
| 6.13% 01/01/31 (d) | 46,000 | 46,704 |
| Oklahoma Gas & Electric Co. | | |
| 3.25% 04/01/30 (d) | 8,000 | 7,120 |
| Oncor Electric Delivery Co. LLC | | |
| 3.80% 09/30/47 (d) | 6,000 | 4,824 |
| ONEOK, Inc. | | |
| 4.35% 03/15/29 (d) | 7,000 | 6,513 |
| 6.10% 11/15/32 (d) | 25,000 | 25,431 |
| Oracle Corp. | | |
| 1.65% 03/25/26 | 41,000 | 37,232 |
| 2.30% 03/25/28 | 6,000 | 5,293 |
| 2.65% 07/15/26 | 7,000 | 6,482 |
| 2.88% 03/25/31 | 103,000 | 87,783 |
| 2.95% 04/01/30 | 25,000 | 21,824 |
| 3.60% 04/01/50 | 7,000 | 4,998 |
| 3.65% 03/25/41 | 11,000 | 8,473 |
| 3.80% 11/15/37 | 4,000 | 3,271 |
| 3.95% 03/25/51 | 6,000 | 4,530 |
| 4.00% 07/15/46 - 11/15/47 | 13,000 | 10,005 |
| 4.10% 03/25/61 | 15,000 | 11,038 |
| 5.55% 02/06/53 | 11,000 | 10,658 |
| 6.15% 11/09/29 | 56,000 | 58,335 |
| 6.90% 11/09/52 | 11,000 | 12,326 |
| Otis Worldwide Corp. | | |
| 2.06% 04/05/25 | 63,000 | 59,401 |
| 2.57% 02/15/30 | 27,000 | 23,284 |
| 3.36% 02/15/50 | 52,000 | 38,066 |
| Owens Corning | | |
| 4.40% 01/30/48 (d) | 4,000 | 3,311 |
| Pacific Gas & Electric Co. | | |
| 2.10% 08/01/27 (d) | 8,000 | 6,861 |
| | Principal
Amount | Fair
Value |
| 2.50% 02/01/31 (d) | $ 21,000 | $ 16,474 |
| 3.00% 06/15/28 (d) | 17,000 | 14,724 |
| 3.30% 08/01/40 (d) | 21,000 | 14,173 |
| 3.50% 08/01/50 (d) | 7,000 | 4,465 |
| 4.30% 03/15/45 (d) | 17,000 | 12,119 |
| PacifiCorp | | |
| 2.70% 09/15/30 (d) | 13,000 | 10,830 |
| 2.90% 06/15/52 (d) | 88,000 | 54,922 |
| 6.25% 10/15/37 (d) | 12,000 | 11,997 |
| Packaging Corp. of America | | |
| 3.05% 10/01/51 (d) | 24,000 | 15,894 |
| Paramount Global | | |
| 2.90% 01/15/27 (d) | 5,000 | 4,498 |
| 3.70% 06/01/28 (d) | 6,000 | 5,340 |
| 5.25% 04/01/44 (d) | 3,000 | 2,279 |
| Parker-Hannifin Corp. | | |
| 3.25% 06/14/29 (d) | 6,000 | 5,460 |
| 4.50% 09/15/29 (d) | 54,000 | 52,507 |
| PayPal Holdings, Inc. | | |
| 2.65% 10/01/26 (d) | 12,000 | 11,159 |
| 3.25% 06/01/50 (d) | 5,000 | 3,619 |
| PepsiCo, Inc. | | |
| 1.63% 05/01/30 (d) | 6,000 | 4,995 |
| 2.63% 07/29/29 (d) | 12,000 | 10,812 |
| 2.75% 10/21/51 (d) | 35,000 | 25,146 |
| Pfizer Investment Enterprises Pte. Ltd. | | |
| 4.45% 05/19/28 | 83,000 | 81,636 |
| 4.75% 05/19/33 | 52,000 | 51,826 |
| 5.30% 05/19/53 | 8,000 | 8,330 |
| 5.34% 05/19/63 | 30,000 | 30,360 |
| Pfizer, Inc. | | |
| 2.70% 05/28/50 (d) | 36,000 | 25,348 |
| 3.90% 03/15/39 (d) | 7,000 | 6,267 |
| 4.13% 12/15/46 (d) | 5,000 | 4,495 |
| 4.40% 05/15/44 (d) | 4,000 | 3,796 |
| Philip Morris International, Inc. | | |
| 1.50% 05/01/25 | 10,000 | 9,353 |
| 2.10% 05/01/30 | 6,000 | 4,967 |
| 3.38% 08/15/29 | 5,000 | 4,516 |
| 4.13% 03/04/43 | 4,000 | 3,266 |
| 5.13% 02/15/30 | 98,000 | 96,927 |
| 5.38% 02/15/33 | 31,000 | 30,945 |
| 5.63% 11/17/29 | 28,000 | 28,530 |
| Phillips 66 Co. | | |
| 2.15% 12/15/30 (d) | 64,000 | 52,239 |
| 3.15% 12/15/29 (d) | 43,000 | 37,534 |
| 3.30% 03/15/52 (d) | 24,000 | 16,506 |
| 3.75% 03/01/28 (d) | 5,000 | 4,688 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 4.68% 02/15/45 (d) | $ 9,000 | $ 7,687 |
| Pilgrim's Pride Corp. | | |
| 6.25% 07/01/33 (d) | 28,000 | 27,239 |
| Pioneer Natural Resources Co. | | |
| 1.13% 01/15/26 (d) | 50,000 | 45,077 |
| 2.15% 01/15/31 (d) | 12,000 | 9,827 |
| Plains All American Pipeline LP/PAA Finance Corp. | | |
| 3.55% 12/15/29 (d) | 15,000 | 13,209 |
| PPL Capital Funding, Inc. | | |
| 3.10% 05/15/26 (d) | 13,000 | 12,280 |
| Precision Castparts Corp. | | |
| 4.38% 06/15/45 (d) | 5,000 | 4,469 |
| Progressive Corp. | | |
| 3.00% 03/15/32 (d) | 32,000 | 27,965 |
| 3.70% 03/15/52 (d) | 11,000 | 8,668 |
| Prologis LP | | |
| 3.05% 03/01/50 (d) | 5,000 | 3,450 |
| 3.25% 06/30/26 (d) | 6,000 | 5,687 |
| Prospect Capital Corp. | | |
| 3.36% 11/15/26 (d) | 30,000 | 25,268 |
| Prudential Financial, Inc. | | |
| 3.94% 12/07/49 (d) | 15,000 | 11,950 |
| Prudential Financial, Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter) | | |
| 5.70% 09/15/48 (c)(d) | 10,000 | 9,607 |
| Public Service Co. of Colorado | | |
| 3.70% 06/15/28 (d) | 13,000 | 12,331 |
| PVH Corp. | | |
| 4.63% 07/10/25 (d) | 36,000 | 34,783 |
| QUALCOMM, Inc. | | |
| 4.30% 05/20/47 (d) | 3,000 | 2,716 |
| 4.50% 05/20/52 (d) | 29,000 | 26,391 |
| Quanta Services, Inc. | | |
| 2.35% 01/15/32 (d) | 23,000 | 18,104 |
| 3.05% 10/01/41 (d) | 27,000 | 18,739 |
| Quest Diagnostics, Inc. | | |
| 2.95% 06/30/30 (d) | 6,000 | 5,278 |
| Raytheon Technologies Corp. | | |
| 1.90% 09/01/31 (d) | 71,000 | 56,739 |
| 2.82% 09/01/51 (d) | 52,000 | 34,920 |
| 3.13% 05/04/27 (d) | 43,000 | 40,245 |
| 3.50% 03/15/27 (d) | 5,000 | 4,755 |
| 3.95% 08/16/25 (d) | 6,000 | 5,878 |
| 4.15% 05/15/45 (d) | 5,000 | 4,263 |
| 4.45% 11/16/38 (d) | 6,000 | 5,533 |
| | Principal
Amount | Fair
Value |
| Realty Income Corp. | | |
| 2.85% 12/15/32 (d) | $ 10,000 | $ 8,151 |
| 3.00% 01/15/27 (d) | 5,000 | 4,619 |
| 3.25% 01/15/31 (d) | 6,000 | 5,247 |
| Regeneron Pharmaceuticals, Inc. | | |
| 1.75% 09/15/30 (d) | 26,000 | 20,723 |
| Regions Financial Corp. | | |
| 1.80% 08/12/28 (d) | 62,000 | 50,487 |
| RenaissanceRe Holdings Ltd. | | |
| 5.75% 06/05/33 (d) | 50,000 | 48,971 |
| Republic Services, Inc. | | |
| 2.38% 03/15/33 (d) | 44,000 | 35,830 |
| 5.00% 04/01/34 (d) | 28,000 | 27,911 |
| Reynolds American, Inc. | | |
| 4.45% 06/12/25 (d) | 5,000 | 4,861 |
| Rio Tinto Finance USA Ltd. | | |
| 2.75% 11/02/51 (d) | 8,000 | 5,469 |
| Rio Tinto Finance USA PLC | | |
| 4.13% 08/21/42 (d) | 5,000 | 4,393 |
| Rockwell Automation, Inc. | | |
| 2.80% 08/15/61 (d) | 14,000 | 9,146 |
| 4.20% 03/01/49 (d) | 5,000 | 4,472 |
| Rogers Communications, Inc. | | |
| 5.00% 03/15/44 (d) | 3,000 | 2,656 |
| Roper Technologies, Inc. | | |
| 2.95% 09/15/29 (d) | 8,000 | 7,079 |
| Ross Stores, Inc. | | |
| 4.70% 04/15/27 (d) | 4,000 | 3,899 |
| Royalty Pharma PLC | | |
| 0.75% 09/02/23 (d) | 13,000 | 12,876 |
| 1.20% 09/02/25 (d) | 16,000 | 14,449 |
| 1.75% 09/02/27 (d) | 7,000 | 6,026 |
| 2.20% 09/02/30 (d) | 6,000 | 4,827 |
| 3.30% 09/02/40 (d) | 2,000 | 1,424 |
| RPM International, Inc. | | |
| 3.75% 03/15/27 (d) | 6,000 | 5,632 |
| Ryder System, Inc. | | |
| 2.90% 12/01/26 (d) | 44,000 | 40,267 |
| Salesforce, Inc. | | |
| 1.95% 07/15/31 (d) | 28,000 | 23,115 |
| 2.70% 07/15/41 (d) | 24,000 | 17,584 |
| Schlumberger Holdings Corp. | | |
| 3.90% 05/17/28 (d)(h) | 13,000 | 12,247 |
| Schlumberger Investment SA | | |
| 4.85% 05/15/33 (d) | 61,000 | 60,131 |
| Sealed Air Corp. | | |
| 1.57% 10/15/26 (d)(h) | 99,000 | 86,183 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Selective Insurance Group, Inc. | | |
| 5.38% 03/01/49 (d) | $ 4,000 | $ 3,689 |
| Sempra Energy | | |
| 3.80% 02/01/38 (d) | 6,000 | 4,971 |
| 4.00% 02/01/48 (d) | 6,000 | 4,666 |
| Sempra Energy (4.13% fixed rate until 01/01/27; 2.87% + 5 year CMT Rate thereafter) | | |
| 4.13% 04/01/52 (c)(d) | 44,000 | 35,624 |
| Shell International Finance BV | | |
| 3.13% 11/07/49 (d) | 15,000 | 10,925 |
| 3.75% 09/12/46 (d) | 6,000 | 4,898 |
| Shire Acquisitions Investments Ireland DAC | | |
| 2.88% 09/23/23 (d) | 3,000 | 2,979 |
| 3.20% 09/23/26 (d) | 4,000 | 3,754 |
| Simon Property Group LP | | |
| 3.38% 06/15/27 (d) | 5,000 | 4,648 |
| Sonoco Products Co. | | |
| 2.85% 02/01/32 (d) | 26,000 | 21,661 |
| Southern California Edison Co. | | |
| 4.00% 04/01/47 (d) | 28,000 | 22,315 |
| 4.20% 03/01/29 (d) | 21,000 | 19,966 |
| Southern Co. | | |
| 3.25% 07/01/26 (d) | 5,000 | 4,707 |
| 3.70% 04/30/30 (d) | 40,000 | 36,735 |
| Southern Co. Gas Capital Corp. | | |
| 3.95% 10/01/46 (d) | 9,000 | 6,945 |
| 4.40% 05/30/47 (d) | 2,000 | 1,661 |
| Southwest Airlines Co. | | |
| 2.63% 02/10/30 (d) | 25,000 | 21,291 |
| Southwestern Electric Power Co. | | |
| 2.75% 10/01/26 (d) | 7,000 | 6,442 |
| Spectra Energy Partners LP | | |
| 3.38% 10/15/26 (d) | 3,000 | 2,819 |
| 4.50% 03/15/45 (d) | 2,000 | 1,647 |
| Stanley Black & Decker, Inc. | | |
| 3.00% 05/15/32 (d) | 34,000 | 28,900 |
| Starbucks Corp. | | |
| 4.00% 11/15/28 (d) | 6,000 | 5,759 |
| Stryker Corp. | | |
| 1.95% 06/15/30 (d) | 31,000 | 25,912 |
| Suncor Energy, Inc. | | |
| 4.00% 11/15/47 (d) | 3,000 | 2,321 |
| Sysco Corp. | | |
| 3.25% 07/15/27 (d) | 5,000 | 4,673 |
| | Principal
Amount | Fair
Value |
| 5.95% 04/01/30 (d) | $ 4,000 | $ 4,184 |
| 6.60% 04/01/50 (d) | 3,000 | 3,420 |
| Take-Two Interactive Software, Inc. | | |
| 3.70% 04/14/27 (d) | 64,000 | 60,631 |
| 4.00% 04/14/32 (d) | 11,000 | 10,078 |
| Tampa Electric Co. | | |
| 2.40% 03/15/31 (d) | 31,000 | 25,409 |
| 3.45% 03/15/51 (d) | 19,000 | 13,632 |
| 4.35% 05/15/44 (d) | 18,000 | 15,177 |
| Tapestry, Inc. | | |
| 4.13% 07/15/27 (d) | 3,000 | 2,819 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | |
| 5.00% 01/15/28 (d) | 74,000 | 70,865 |
| Target Corp. | | |
| 1.95% 01/15/27 (d) | 8,000 | 7,325 |
| Teck Resources Ltd. | | |
| 5.40% 02/01/43 (d) | 4,000 | 3,636 |
| Telefonica Emisiones SA | | |
| 4.10% 03/08/27 | 150,000 | 143,895 |
| Texas Instruments, Inc. | | |
| 3.88% 03/15/39 (d) | 5,000 | 4,484 |
| Thermo Fisher Scientific, Inc. | | |
| 2.80% 10/15/41 (d) | 15,000 | 11,166 |
| Time Warner Cable LLC | | |
| 6.55% 05/01/37 (d) | 6,000 | 5,770 |
| T-Mobile USA, Inc. | | |
| 3.50% 04/15/31 | 93,000 | 82,024 |
| 3.75% 04/15/27 | 38,000 | 35,999 |
| 4.50% 04/15/50 | 12,000 | 10,310 |
| 4.80% 07/15/28 | 80,000 | 78,524 |
| Toronto-Dominion Bank | | |
| 3.20% 03/10/32 | 62,000 | 53,604 |
| 4.46% 06/08/32 | 29,000 | 27,550 |
| Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + 5 year Swap Rate thereafter) | | |
| 3.63% 09/15/31 (c) | 30,000 | 27,633 |
| TotalEnergies Capital International SA | | |
| 3.46% 02/19/29 (d) | 25,000 | 23,344 |
| Tractor Supply Co. | | |
| 5.25% 05/15/33 (d) | 28,000 | 27,757 |
| Trane Technologies Luxembourg Finance SA | | |
| 3.55% 11/01/24 (d) | 11,000 | 10,672 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 3.80% 03/21/29 (d) | $ 11,000 | $ 10,363 |
| TransCanada PipeLines Ltd. | | |
| 4.25% 05/15/28 (d) | 26,000 | 24,814 |
| 4.88% 01/15/26 (d) | 6,000 | 5,932 |
| Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter) | | |
| 5.63% 05/20/75 (c)(d) | 38,000 | 36,358 |
| Transcontinental Gas Pipe Line Co. LLC | | |
| 4.00% 03/15/28 (d) | 5,000 | 4,708 |
| Travelers Cos., Inc. | | |
| 2.55% 04/27/50 (d) | 33,000 | 21,256 |
| Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter) | | |
| 4.80% 09/01/24 (c)(d) | 56,000 | 47,457 |
| TWDC Enterprises 18 Corp. | | |
| 4.13% 06/01/44 (d) | 4,000 | 3,512 |
| Tyco Electronics Group SA | | |
| 3.13% 08/15/27 (d) | 5,000 | 4,677 |
| Tyson Foods, Inc. | | |
| 4.00% 03/01/26 (d) | 32,000 | 30,913 |
| U.S. Bancorp (4.97% fixed rate until 07/22/32; 2.11% + SOFR thereafter) | | |
| 4.97% 07/22/33 (c)(d) | 63,000 | 57,123 |
| UDR, Inc. | | |
| 2.10% 08/01/32 (d) | 12,000 | 9,125 |
| 3.00% 08/15/31 (d) | 5,000 | 4,248 |
| Union Pacific Corp. | | |
| 3.55% 05/20/61 (d) | 17,000 | 12,580 |
| 3.60% 09/15/37 (d) | 5,000 | 4,269 |
| 3.80% 04/06/71 (d) | 9,000 | 6,898 |
| 4.10% 09/15/67 (d) | 7,000 | 5,800 |
| UnitedHealth Group, Inc. | | |
| 2.00% 05/15/30 | 19,000 | 16,000 |
| 4.20% 05/15/32 | 21,000 | 20,039 |
| 4.45% 12/15/48 | 11,000 | 10,026 |
| 4.75% 07/15/45 - 05/15/52 | 72,000 | 68,414 |
| 5.05% 04/15/53 | 31,000 | 30,775 |
| 5.20% 04/15/63 | 31,000 | 30,923 |
| 6.05% 02/15/63 | 6,000 | 6,783 |
| Utah Acquisition Sub, Inc. | | |
| 3.95% 06/15/26 (d) | 116,000 | 110,157 |
| Vale Overseas Ltd. | | |
| 6.13% 06/12/33 (d) | 40,000 | 40,096 |
| | Principal
Amount | Fair
Value |
| Ventas Realty LP | | |
| 3.25% 10/15/26 (d) | $ 15,000 | $ 13,751 |
| Verizon Communications, Inc. | | |
| 2.36% 03/15/32 | 116,000 | 93,307 |
| 2.55% 03/21/31 | 31,000 | 25,891 |
| 3.00% 03/22/27 | 45,000 | 42,044 |
| 3.40% 03/22/41 | 15,000 | 11,570 |
| 3.55% 03/22/51 | 10,000 | 7,468 |
| 3.70% 03/22/61 | 24,000 | 17,456 |
| 4.40% 11/01/34 | 42,000 | 38,741 |
| 4.86% 08/21/46 | 17,000 | 15,578 |
| Viatris, Inc. | | |
| 1.65% 06/22/25 (d) | 95,000 | 87,452 |
| 4.00% 06/22/50 (d) | 11,000 | 7,276 |
| Virginia Electric & Power Co. | | |
| 4.00% 11/15/46 (d) | 13,000 | 10,334 |
| Visa, Inc. | | |
| 2.70% 04/15/40 (d) | 8,000 | 6,138 |
| Vistra Operations Co. LLC | | |
| 3.55% 07/15/24 (d)(h) | 52,000 | 50,223 |
| Vontier Corp. | | |
| 2.40% 04/01/28 (d) | 35,000 | 29,221 |
| 2.95% 04/01/31 (d) | 33,000 | 26,389 |
| Vornado Realty LP | | |
| 2.15% 06/01/26 (d) | 42,000 | 35,577 |
| 3.50% 01/15/25 (d) | 6,000 | 5,650 |
| Vulcan Materials Co. | | |
| 3.90% 04/01/27 (d) | 4,000 | 3,845 |
| Walgreens Boots Alliance, Inc. | | |
| 4.10% 04/15/50 (d) | 3,000 | 2,136 |
| Walmart, Inc. | | |
| 1.80% 09/22/31 (d) | 13,000 | 10,795 |
| 2.50% 09/22/41 (d) | 13,000 | 9,685 |
| 2.65% 09/22/51 (d) | 6,000 | 4,267 |
| Walt Disney Co. | | |
| 2.65% 01/13/31 (d) | 26,000 | 22,625 |
| 3.38% 11/15/26 (d) | 2,000 | 1,903 |
| 3.60% 01/13/51 (d) | 7,000 | 5,570 |
| 4.75% 11/15/46 (d) | 4,000 | 3,771 |
| 6.65% 11/15/37 (d) | 12,000 | 13,895 |
| Warnermedia Holdings, Inc. | | |
| 4.28% 03/15/32 | 93,000 | 82,405 |
| 5.05% 03/15/42 | 18,000 | 15,101 |
| 5.14% 03/15/52 | 6,000 | 4,893 |
| 5.39% 03/15/62 | 6,000 | 4,877 |
| Waste Connections, Inc. | | |
| 2.20% 01/15/32 (d) | 66,000 | 53,368 |
| 2.95% 01/15/52 (d) | 31,000 | 21,251 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| WEC Energy Group, Inc. | | |
| 3.55% 06/15/25 (d) | $ 8,000 | $ 7,650 |
| Wells Fargo & Co. | | |
| 4.15% 01/24/29 | 26,000 | 24,638 |
| 4.75% 12/07/46 | 24,000 | 20,414 |
| 5.88% 06/15/25 (c) | 62,000 | 60,840 |
| Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | | |
| 2.39% 06/02/28 (c) | 95,000 | 84,721 |
| Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | | |
| 3.07% 04/30/41 (c) | 30,000 | 22,012 |
| Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.43% + 1 month Term SOFR) | | |
| 3.20% 06/17/27 (c) | 232,000 | 217,950 |
| Westlake Corp. | | |
| 2.88% 08/15/41 (d) | 7,000 | 4,669 |
| 3.13% 08/15/51 (d) | 7,000 | 4,389 |
| 3.38% 08/15/61 (d) | 6,000 | 3,657 |
| Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter) | | |
| 2.89% 02/04/30 (c)(d) | 20,000 | 18,695 |
| Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter) | | |
| 4.11% 07/24/34 (c)(d) | 11,000 | 9,597 |
| Weyerhaeuser Co. | | |
| 4.00% 03/09/52 (d) | 21,000 | 16,762 |
| Williams Cos., Inc. | | |
| 3.75% 06/15/27 (d) | 2,000 | 1,889 |
| 4.85% 03/01/48 (d) | 5,000 | 4,351 |
| 4.90% 01/15/45 (d) | 12,000 | 10,497 |
| 5.30% 08/15/52 (d) | 11,000 | 10,164 |
| 5.40% 03/04/44 (d) | 3,000 | 2,770 |
| Willis North America, Inc. | | |
| 3.88% 09/15/49 (d) | 10,000 | 7,274 |
| Workday, Inc. | | |
| 3.50% 04/01/27 (d) | 26,000 | 24,644 |
| 3.70% 04/01/29 (d) | 48,000 | 44,534 |
| WPP Finance 2010 | | |
| 3.75% 09/19/24 (d) | 15,000 | 14,550 |
| Xcel Energy, Inc. | | |
| 3.40% 06/01/30 (d) | 14,000 | 12,473 |
| | Principal
Amount | Fair
Value |
| Yamana Gold, Inc. | | |
| 2.63% 08/15/31 (d) | $ 29,000 | $ 22,606 |
| Zoetis, Inc. | | |
| 3.00% 09/12/27 (d) | 5,000 | 4,658 |
| 3.90% 08/20/28 (d) | 7,000 | 6,718 |
| 5.60% 11/16/32 (d) | 56,000 | 58,538 |
| | | 18,720,384 |
| Non-Agency Collateralized Mortgage Obligations - 1.8% |
| Bank | | |
| 3.18% 09/15/60 | 617,000 | 556,446 |
| 4.41% 11/15/61 (c) | 320,000 | 303,548 |
| BPR Trust 1.90% + 1 month Term SOFR | | |
| 7.05% 04/15/37 (c)(h) | 117,967 | 114,852 |
| Cantor Commercial Real Estate Lending | | |
| 3.01% 01/15/53 | 139,000 | 119,230 |
| CD Mortgage Trust | | |
| 2.91% 08/15/57 | 246,000 | 210,179 |
| Citigroup Commercial Mortgage Trust | | |
| 3.72% 12/10/49 (c) | 119,583 | 111,223 |
| 3.78% 09/10/58 | 100,000 | 94,711 |
| 4.03% 12/10/49 (c) | 78,331 | 71,361 |
| COMM Mortgage Trust | �� | |
| 3.92% 10/15/45 (h) | 100,000 | 81,992 |
| 4.53% 02/10/47 (c) | 55,000 | 53,658 |
| GS Mortgage Securities Trust | | |
| 2.75% 09/10/52 | 419,000 | 356,317 |
| 3.05% 11/10/52 | 493,000 | 425,588 |
| 3.67% 03/10/50 | 240,062 | 218,661 |
| 4.14% 03/10/51 (c) | 73,000 | 65,614 |
| 4.56% 11/10/48 (c) | 117,000 | 87,959 |
| JPMBB Commercial Mortgage Securities Trust | | |
| 4.81% 11/15/48 (c) | 71,000 | 53,871 |
| MASTR Alternative Loan Trust | | |
| 5.00% 08/25/18 (f) | 224 | 12 |
| Morgan Stanley Bank of America Merrill Lynch Trust | | |
| 0.98% 03/15/48 (c)(f) | 689,274 | 6,226 |
| Wells Fargo Commercial Mortgage Trust | | |
| 1.32% 02/15/48 (c)(f) | 716,225 | 9,272 |
| 4.32% 08/15/50 | 129,943 | 98,888 |
| WFRBS Commercial Mortgage Trust | | |
| 4.26% 12/15/46 | 55,000 | 54,466 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 4.35% 03/15/47 (c) | $ 123,000 | $ 120,496 |
| | | 3,214,570 |
| Municipal Bonds and Notes - 0.1% |
| American Municipal Power, Inc., OH | | |
| 6.27% 02/15/50 | 25,000 | 27,421 |
| Board of Regents of the University of Texas System, TX | | |
| 3.35% 08/15/47 | 25,000 | 20,120 |
| Port Authority of New York & New Jersey, NY | | |
| 4.46% 10/01/62 | 70,000 | 63,941 |
| State of California, CA | | |
| 4.60% 04/01/38 | 50,000 | 47,930 |
| State of Illinois, IL | | |
| 5.10% 06/01/33 | 25,000 | 24,568 |
| | | 183,980 |
Total Bonds and Notes
(Cost $55,336,462) | | 51,490,508 |
| | Number
of Shares | |
| Exchange Traded & Mutual Funds - 24.9% |
State Street Global All Cap Equity ex-U.S. Index Portfolio
(Cost $39,002,672) | 401,033 | 44,093,585 |
Total Investments in Securities
(Cost $149,637,485) | | 172,190,831 |
| | Number
of Shares | Fair
Value |
| Short-Term Investments - 8.2% |
| Dreyfus Treasury & Agency Cash Management Institutional Shares 5.00% | 1,644,548 | $ 1,644,548 |
| State Street Institutional Treasury Money Market Fund - Premier Class 5.02% (j)(k) | 5,532,642 | 5,532,642 |
| State Street Institutional Treasury Plus Fund - Premier Class 5.02% (j)(k) | 1,644,548 | 1,644,548 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.07% (j)(k) | 5,781,732 | 5,781,732 |
Total Short-Term Investments
(Cost $14,603,470) | | 14,603,470 |
Total Investments
(Cost $164,240,955) | | 186,794,301 |
| Liabilities in Excess of Other Assets, net - (5.3)% | | (9,360,987) |
| NET ASSETS - 100.0% | | $ 177,433,314 |
Other Information:
| Centrally Cleared Credit Default Swaps |
| Reference Entity | Counterparty | Notional
Amount
(000s
omitted) | Contract
Annual
Fixed Rate/
Payment
Frequency | Termination
Date | Market
Value | Unamortized
Upfront
Payments
Received (Paid) | Unrealized
Appreciation
(Depreciation) |
| Buy Protection | | | | | | | |
| Markit CDX North America High Yield Index | Intercontinental Exchange | $2,490 | 5.00%/
Quarterly | 12/20/27 | $80,920 | $(88,930) | $169,850 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| The Fund had the following long futures contracts open at June 30, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| 2 Yr. U.S. Treasury Notes Futures | September 2023 | 18 | $ 3,709,463 | $ 3,660,187 | $ (49,276) |
| 5 Yr. U.S. Treasury Notes Futures | September 2023 | 29 | 3,154,954 | 3,105,718 | (49,234) |
| Ultra Long-Term U.S. Treasury Bond Futures | September 2023 | 1 | 134,604 | 136,219 | 1,615 |
| 10 Yr. U.S. Treasury Ultra Futures | September 2023 | 43 | 5,138,971 | 5,092,812 | (46,159) |
| U.S. Long Bond Futures | September 2023 | 8 | 1,016,089 | 1,015,250 | (839) |
| S&P 500 E-mini Index Futures | September 2023 | 2 | 434,584 | 449,025 | 14,441 |
| | | | | | $ (129,452) |
| The Fund had the following short futures contracts open at June 30, 2023: |
| Description | Expiration
date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| 10 Yr. U.S. Treasury Notes Futures | September 2023 | 16 | $ (1,829,993) | $ (1,796,250) | $ 33,743 |
| During the fiscal year ended June 30, 2023, average notional values related to derivative contracts were as follows: |
| | Long
Futures
Contracts | Short
Futures
Contracts | Credit
Default
Swap
Contracts |
| Average Notional Value | $10,787,364 | $3,238,259 | $2,508,232 |
Notes to Schedule of Investments
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| (a) | Non-income producing security. |
| (b) | State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund's sub-administrator, custodian and accounting agent. |
| (c) | Variable Rate Security - Interest rate shown is rate in effect at June 30, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
| (d) | At June 30, 2023, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs. |
| (e) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
| (f) | Interest only security. These 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. |
| (g) | Principal only security. These 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. |
| (h) | Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, these securities amounted to $1,961,427 or 1.11% of the net assets of the Elfun Diversified Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees. |
| (i) | Step coupon bond. |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| (j) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (k) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of June 30, 2023. |
| * | Less than 0.05%. |
| Abbreviations: |
| CMT - Constant Maturity Treasury |
| LIBOR - London Interbank Offered Rate |
| REIT - Real Estate Investment Trust |
| REMIC - Real Estate Mortgage Investment Conduit |
| SOFR - Secured Overnight Financing Rate |
| STRIPS - Separate Trading of Registered Interest and Principal of Security |
| TBA - To Be Announced |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Domestic Equity | $ 76,499,076 | | $ — | | $ — | | $ 76,499,076 |
| Foreign Equity | 107,662 | | — | | — | | 107,662 |
| U.S. Treasuries | — | | 14,879,607 | | — | | 14,879,607 |
| Agency Mortgage Backed | — | | 14,149,892 | | — | | 14,149,892 |
| Agency Collateralized Mortgage Obligations | — | | 328,657 | | — | | 328,657 |
| Asset Backed | — | | 13,418 | | — | | 13,418 |
| Corporate Notes | — | | 18,720,384 | | — | | 18,720,384 |
| Non-Agency Collateralized Mortgage Obligations | — | | 3,214,570 | | — | | 3,214,570 |
| Municipal Bonds and Notes | — | | 183,980 | | — | | 183,980 |
| Exchange Traded & Mutual Funds | 44,093,585 | | — | | — | | 44,093,585 |
| Short-Term Investments | 14,603,470 | | — | | — | | 14,603,470 |
| Total Investments in Securities | $ 135,303,793 | | $ 51,490,508 | | $ — | | $ 186,794,301 |
| Other Financial Instruments | | | | | | | |
| Credit Default Swap Contracts - Unrealized Appreciation | $ — | | $ 169,850 | | $ — | | $ 169,850 |
| Long Futures Contracts - Unrealized Appreciation | 16,056 | | — | | — | | 16,056 |
| Long Futures Contracts - Unrealized Depreciation | (145,508) | | — | | — | | (145,508) |
| Short Futures Contracts - Unrealized Appreciation | 33,743 | | — | | — | | 33,743 |
| Total Other Financial Instruments | $ (95,709) | | $ 169,850 | | $ — | | $ 74,141 |
The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2023(unaudited):
| Industry | Domestic | Foreign | Total |
| Exchange Traded Funds | 23.61% | 0.00% | 23.61% |
| Systems Software | 3.27% | 0.00% | 3.27% |
| Technology Hardware, Storage & Peripherals | 3.26% | 0.00% | 3.26% |
| Semiconductors | 2.60% | 0.06% | 2.66% |
| Interactive Media & Services | 2.18% | 0.00% | 2.18% |
| Pharmaceuticals | 1.70% | 0.00% | 1.70% |
| Broadline Retail | 1.32% | 0.00% | 1.32% |
| Healthcare Equipment | 1.13% | 0.00% | 1.13% |
| Diversified Banks | 1.10% | 0.00% | 1.10% |
| Transaction & Payment Processing Services | 1.06% | 0.00% | 1.06% |
| Application Software | 0.96% | 0.00% | 0.96% |
| Automobile Manufacturers | 0.90% | 0.00% | 0.90% |
| Integrated Oil & Gas | 0.83% | 0.00% | 0.83% |
| Biotechnology | 0.78% | 0.00% | 0.78% |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| Industry | Domestic | Foreign | Total |
| Managed Healthcare | 0.73% | 0.00% | 0.73% |
| Electric Utilities | 0.69% | 0.00% | 0.69% |
| Aerospace & Defense | 0.68% | 0.00% | 0.68% |
| Multi-Sector Holdings | 0.67% | 0.00% | 0.67% |
| Life Sciences Tools & Services | 0.65% | 0.00% | 0.65% |
| Consumer Staples Merchandise Retail | 0.65% | 0.00% | 0.65% |
| Soft Drinks & Non-alcoholic Beverages | 0.62% | 0.00% | 0.62% |
| Household Products | 0.56% | 0.00% | 0.56% |
| Restaurants | 0.52% | 0.00% | 0.52% |
| Home Improvement Retail | 0.50% | 0.00% | 0.50% |
| Financial Exchanges & Data | 0.46% | 0.00% | 0.46% |
| Movies & Entertainment | 0.44% | 0.00% | 0.44% |
| Oil & Gas Exploration & Production | 0.44% | 0.00% | 0.44% |
| IT Consulting & Other Services | 0.43% | 0.00% | 0.43% |
| Packaged Foods & Meats | 0.37% | 0.00% | 0.37% |
| Semiconductor Materials & Equipment | 0.37% | 0.00% | 0.37% |
| Industrial Machinery & Supplies & Components | 0.36% | 0.00% | 0.36% |
| Investment Banking & Brokerage | 0.36% | 0.00% | 0.36% |
| Communications Equipment | 0.35% | 0.00% | 0.35% |
| Industrial Conglomerates | 0.34% | 0.00% | 0.34% |
| Property & Casualty Insurance | 0.33% | 0.00% | 0.33% |
| Multi-Utilities | 0.30% | 0.00% | 0.30% |
| Integrated Telecommunication Services | 0.30% | 0.00% | 0.30% |
| Hotels, Resorts & Cruise Lines | 0.28% | 0.00% | 0.28% |
| Industrial Gases | 0.28% | 0.00% | 0.28% |
| Insurance Brokers | 0.28% | 0.00% | 0.28% |
| Asset Management & Custody Banks | 0.27% | 0.00% | 0.27% |
| Rail Transportation | 0.27% | 0.00% | 0.27% |
| Specialty Chemicals | 0.27% | 0.00% | 0.27% |
| Tobacco | 0.26% | 0.00% | 0.26% |
| Construction Machinery & Heavy Transportation Equipment | 0.25% | 0.00% | 0.25% |
| Electrical Components & Equipment | 0.24% | 0.00% | 0.24% |
| Air Freight & Logistics | 0.24% | 0.00% | 0.24% |
| Healthcare Services | 0.24% | 0.00% | 0.24% |
| Cable & Satellite | 0.23% | 0.00% | 0.23% |
| Consumer Finance | 0.21% | 0.00% | 0.21% |
| Building Products | 0.18% | 0.00% | 0.18% |
| Telecom Tower REITs | 0.18% | 0.00% | 0.18% |
| Human Resource & Employment Services | 0.17% | 0.00% | 0.17% |
| Life & Health Insurance | 0.15% | 0.00% | 0.15% |
| Footwear | 0.15% | 0.00% | 0.15% |
| Oil & Gas Refining & Marketing | 0.15% | 0.00% | 0.15% |
| Apparel Retail | 0.15% | 0.00% | 0.15% |
| Regional Banks | 0.15% | 0.00% | 0.15% |
| Oil & Gas Equipment & Services | 0.14% | 0.00% | 0.14% |
| Automotive Retail | 0.14% | 0.00% | 0.14% |
| Healthcare Distributors | 0.13% | 0.00% | 0.13% |
| Research & Consulting Services | 0.13% | 0.00% | 0.13% |
| Oil & Gas Storage & Transportation | 0.13% | 0.00% | 0.13% |
| Interactive Home Entertainment | 0.13% | 0.00% | 0.13% |
| Industrial REITs | 0.13% | 0.00% | 0.13% |
| Agricultural & Farm Machinery | 0.12% | 0.00% | 0.12% |
| Multi-Family Residential REITs | 0.12% | 0.00% | 0.12% |
| Retail REITs | 0.12% | 0.00% | 0.12% |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| Industry | Domestic | Foreign | Total |
| Data Center REITs | 0.11% | 0.00% | 0.11% |
| Environmental & Facilities Services | 0.11% | 0.00% | 0.11% |
| Home Building | 0.11% | 0.00% | 0.11% |
| Trading Companies & Distributors | 0.11% | 0.00% | 0.11% |
| Passenger Airlines | 0.10% | 0.00% | 0.10% |
| Fertilizers & Agricultural Chemicals | 0.09% | 0.00% | 0.09% |
| Wireless Telecommunication Services | 0.09% | 0.00% | 0.09% |
| Diversified Support Services | 0.09% | 0.00% | 0.09% |
| Electronic Components | 0.09% | 0.00% | 0.09% |
| Electronic Equipment & Instruments | 0.08% | 0.00% | 0.08% |
| Healthcare Facilities | 0.08% | 0.00% | 0.08% |
| Multi-Line Insurance | 0.08% | 0.00% | 0.08% |
| Health Care REITs | 0.08% | 0.00% | 0.08% |
| Self Storage REITs | 0.07% | 0.00% | 0.07% |
| Paper & Plastic Packaging Products & Materials | 0.07% | 0.00% | 0.07% |
| Commodity Chemicals | 0.07% | 0.00% | 0.07% |
| Copper | 0.06% | 0.00% | 0.06% |
| Construction Materials | 0.06% | 0.00% | 0.06% |
| Other Specialty Retail | 0.06% | 0.00% | 0.06% |
| Steel | 0.06% | 0.00% | 0.06% |
| Distributors | 0.06% | 0.00% | 0.06% |
| Agricultural Products & Services | 0.06% | 0.00% | 0.06% |
| Casinos & Gaming | 0.06% | 0.00% | 0.06% |
| Healthcare Supplies | 0.06% | 0.00% | 0.06% |
| Distillers & Vintners | 0.06% | 0.00% | 0.06% |
| Other Specialized REITs | 0.05% | 0.00% | 0.05% |
| Cargo Ground Transportation | 0.05% | 0.00% | 0.05% |
| Personal Care Products | 0.05% | 0.00% | 0.05% |
| Electronic Manufacturing Services | 0.05% | 0.00% | 0.05% |
| Automotive Parts & Equipment | 0.04% | 0.00% | 0.04% |
| Food Distributors | 0.04% | 0.00% | 0.04% |
| Advertising | 0.04% | 0.00% | 0.04% |
| Internet Services & Infrastructure | 0.04% | 0.00% | 0.04% |
| Gold | 0.04% | 0.00% | 0.04% |
| Food Retail | 0.03% | 0.00% | 0.03% |
| Water Utilities | 0.03% | 0.00% | 0.03% |
| Office REITs | 0.03% | 0.00% | 0.03% |
| Construction & Engineering | 0.03% | 0.00% | 0.03% |
| Technology Distributors | 0.03% | 0.00% | 0.03% |
| Real Estate Services | 0.03% | 0.00% | 0.03% |
| Timber REITs | 0.03% | 0.00% | 0.03% |
| Broadcasting | 0.02% | 0.00% | 0.02% |
| Drug Retail | 0.02% | 0.00% | 0.02% |
| Apparel, Accessories & Luxury Goods | 0.02% | 0.00% | 0.02% |
| Single-Family Residential REITs | 0.02% | 0.00% | 0.02% |
| Metal, Glass & Plastic Containers | 0.02% | 0.00% | 0.02% |
| Data Processing & Outsourced Services | 0.02% | 0.00% | 0.02% |
| Gas Utilities | 0.02% | 0.00% | 0.02% |
| Computer & Electronics Retail | 0.02% | 0.00% | 0.02% |
| Consumer Electronics | 0.02% | 0.00% | 0.02% |
| Reinsurance | 0.02% | 0.00% | 0.02% |
| Independent Power Producers & Energy Traders | 0.02% | 0.00% | 0.02% |
| Brewers | 0.01% | 0.00% | 0.01% |
| Hotel & Resort REITs | 0.01% | 0.00% | 0.01% |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| Industry | Domestic | Foreign | Total |
| Publishing | 0.01% | 0.00% | 0.01% |
| Leisure Products | 0.01% | 0.00% | 0.01% |
| Household Appliances | 0.01% | 0.00% | 0.01% |
| Home Furnishings | 0.00% | 0.00% | 0.00%*** |
| Housewares & Specialties | 0.00% | 0.00% | 0.00%*** |
| | | | 64.62% |
| Sector | Percentage (based
on Fair Value) |
| Corporate Notes | | | 10.02% |
| U.S. Treasuries | | | 7.96% |
| Agency Mortgage Backed | | | 7.57% |
| Non-Agency Collateralized Mortgage Obligations | | | 1.72% |
| Agency Collateralized Mortgage Obligations | | | 0.18% |
| Municipal Bonds and Notes | | | 0.10% |
| Asset Backed | | | 0.01% |
| | | | 27.56% |
| Sector | Percentage (based
on Fair Value) |
| Short-Term Investments | | | 7.82% |
| | | | 7.82% |
| | | | 100.00% |
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | | Cost of
Purchases | | Proceeds
from
Shares
Sold | | Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/23 | Value at
6/30/23 | | Dividend
Income |
| State Street Corp. | 592 | $ 45,921 | | $ 18,610 | | $ 9,661 | | $ (1,240) | | $ (3,136) | 690 | $ 50,494 | | $ 850 |
| State Street Global All Cap Equity ex-U.S. Index Portfolio | 425,386 | 42,695,979 | | 2,070,000 | | 4,685,000 | | (634,295) | | 4,646,901 | 401,033 | 44,093,585 | | — |
| State Street Institutional Treasury Money Market Fund - Premier Class | 8,599,525 | 8,599,525 | | 15,953,488 | | 19,020,371 | | — | | — | 5,532,642 | 5,532,642 | | 144,179 |
| State Street Institutional Treasury Plus Fund - Premier Class | 116,548 | 116,548 | | 7,128,278 | | 5,600,278 | | — | | — | 1,644,548 | 1,644,548 | | 33,653 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 8,748,612 | 8,748,612 | | 30,488,773 | | 33,455,653 | | — | | — | 5,781,732 | 5,781,732 | | 157,663 |
| TOTAL | | $60,206,585 | | $55,659,149 | | $62,770,963 | | $(635,535) | | $4,643,765 | | $57,103,001 | | $336,345 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Tax-Exempt Income Fund
Fund Information — June 30, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $1,033,770 (in thousands) as of June 30, 2023 (a)(b) |
| Quality Ratings |
| as of June 30, 2023 as a % of Fair Value (a)(b) |
| Moody’s / S&P / Rating* | | Percentage of
Fair Value |
| Aaa / AAA | | 15.99% |
| Aa / AA | | 51.23% |
| A / A | | 27.71% |
| Baa / BBB | | 0.90% |
| NR / Other | | 4.17% |
| | | 100.00% |
|
| (a) | Fair Value basis is inclusive of short-term investment in State Street Institutional Treasury Plus Fund — Premier Class. |
| (b) | The securities information regarding holdings, allocations and other characteristics is 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. |
| * | Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standard of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. |
| Elfun Tax-Exempt Income Fund | 49 |
Elfun Tax-Exempt Income Fund
Understanding Your Fund’s Expenses — June 30, 2023 (Unaudited)
As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2023.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Beginning Account Value
January 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
June 30, 2023 | $1,023.40 | | $1,023.80 |
| Expenses Paid During Period* | $ 1.05 | | $ 1.05 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.21% (for the period January 1, 2023 - June 30, 2023), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| 50 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Municipal Bonds and Notes - 98.8% † |
| Alabama - 0.4% |
| Auburn University, AL Revenue |
| 4.00% 06/01/41 | $ 2,000,000 | $ 2,002,766 |
| Bessemer Governmental Utility Services Corp., AL Revenue (BAM Insured) |
| 5.00% 06/01/30 | 2,070,000 | 2,208,949 |
| | | 4,211,715 |
| Alaska - 0.1% |
| Municipality of Anchorage, AK GO, |
| 4.00% 09/01/40 | 1,525,000 | 1,525,251 |
| Arizona - 1.4% |
| Arizona Board of Regents, AZ Revenue |
| 5.00% 07/01/40 - 07/01/43 | 2,145,000 | 2,408,038 |
| Arizona State University, AZ Revenue |
| 5.00% 07/01/41 | 1,000,000 | 1,024,877 |
| City of Mesa Utility System Revenue, AZ Revenue |
| 5.00% 07/01/43 | 1,500,000 | 1,614,713 |
| City of Phoenix Civic Improvement Corp., AZ Revenue |
| 5.00% 07/01/42 | 1,665,000 | 1,714,223 |
| City of Phoenix Civic Improvement Corp., AZ Revenue (NPFG Insured) |
| 5.50% 07/01/23 - 07/01/24 | 7,260,000 | 7,338,632 |
| City of Tempe, AZ GO, |
| 5.00% 07/01/35 | 650,000 | 767,673 |
| | | 14,868,156 |
| Arkansas - 0.3% |
| University of Arkansas, AR Revenue |
| 5.00% 11/01/47 | 2,580,000 | 2,698,641 |
| California - 7.8% |
| Bay Area Toll Authority, CA Revenue |
| 4.13% 04/01/54 | 1,235,000 | 1,231,180 |
| California Health Facilities Financing Authority, CA Revenue |
| 5.00% 11/15/49 | 5,000,000 | 5,057,229 |
| California State Public Works Board, CA Revenue |
| 5.25% 09/01/29 | 10,160,000 | 10,189,944 |
| California State University, CA Revenue |
| 4.00% 11/01/45 | 2,500,000 | 2,498,789 |
| Chabot-Las Positas Community College District, CA GO, |
| 3.00% 08/01/37 | 2,900,000 | 2,586,790 |
| City of Los Angeles Department of Airports, CA Revenue |
| 5.00% 05/15/26 - 05/15/44 | 6,615,000 | 7,087,416 |
| City of Los Angeles Wastewater System Revenue, CA Revenue |
| 5.00% 06/01/48 | 10,000,000 | 10,690,363 |
| Fresno Unified School District, CA GO, |
| 4.00% 08/01/47 (a) | 5,000,000 | 5,057,611 |
| Los Angeles Department of Water & Power, CA Revenue |
| 5.00% 07/01/48 | 5,500,000 | 5,849,475 |
| Mount San Antonio Community College District, CA GO, |
| 4.00% 08/01/49 | 3,000,000 | 2,934,957 |
| | Principal
Amount | Fair
Value |
| Sacramento Municipal Utility District, CA Revenue |
| 4.00% 08/15/45 | $ 1,565,000 | $ 1,569,113 |
| 5.00% 08/15/53 | 2,000,000 | 2,219,370 |
| San Francisco City & County Airport Comm-San Francisco International Airport, CA Revenue |
| 5.00% 05/01/49 | 1,350,000 | 1,428,300 |
| State of California Department of Water Resources, CA Revenue |
| 5.00% 12/01/29 (a) | 8,120,000 | 8,355,469 |
| State of California, CA GO, |
| 4.00% 10/01/39 | 2,000,000 | 2,038,370 |
| 5.00% 09/01/30 - 08/01/46 | 8,035,000 | 9,011,134 |
| 5.00% 12/01/43 (a) | 450,000 | 453,423 |
| Twin Rivers Unified School District, CA GO, (BAM Insured) |
| 5.00% 08/01/25 | 500,000 | 520,967 |
| University of California, CA Revenue |
| 4.00% 05/15/51 | 2,500,000 | 2,465,192 |
| | | 81,245,092 |
| Colorado - 3.3% |
| Board of Governors of Colorado State University System, CO Revenue |
| 4.00% 03/01/43 | 1,000,000 | 989,836 |
| Cherokee Metropolitan District, CO Revenue (BAM Insured) |
| 4.00% 08/01/45 | 2,700,000 | 2,652,916 |
| City & County of Denver Pledged Excise Tax Revenue, CO Revenue |
| 4.00% 08/01/46 | 2,485,000 | 2,457,004 |
| City of Brighton Water Activity Revenue, CO Revenue |
| 5.00% 06/01/47 | 5,000,000 | 5,416,542 |
| City of Colorado Springs Utilities System Revenue, CO Revenue |
| 4.00% 11/15/30 | 1,000,000 | 1,011,277 |
| 5.00% 11/15/47 | 2,000,000 | 2,097,030 |
| Colorado Health Facilities Authority, CO Revenue |
| 5.00% 06/01/47 (a) | 1,750,000 | 1,888,572 |
| Denver City & County School District No. 1, CO GO, |
| 5.00% 12/01/45 | 5,000,000 | 5,536,476 |
| Regional Transportation District Sales Tax Revenue, CO Revenue |
| 4.25% 11/01/36 | 3,405,000 | 3,695,339 |
| 5.00% 11/01/29 | 7,925,000 | 8,974,257 |
| | | 34,719,249 |
| Connecticut - 3.9% |
| Connecticut State Health & Educational Facilities Authority, CT Revenue |
| 5.00% 07/01/46 | 5,000,000 | 5,117,014 |
| South Central Connecticut Regional Water Authority, CT Revenue |
| 5.00% 08/01/27 - 08/01/28 (a) | 2,195,000 | 2,197,769 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun Tax-Exempt Income Fund | 51 |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| State of Connecticut Clean Water Fund-State Revolving Fund, CT Revenue |
| 5.00% 05/01/37 | $ 5,000,000 | $ 5,333,548 |
| State of Connecticut Special Tax Revenue, CT Special Tax Revenue |
| 5.00% 10/01/27 - 10/01/36 | 23,325,000 | 23,664,825 |
| State of Connecticut, CT GO, |
| 4.00% 08/01/33 | 1,000,000 | 1,013,840 |
| 5.00% 01/15/26 - 08/15/32 | 1,700,000 | 1,735,222 |
| Town of Darien, CT GO, |
| 4.00% 04/15/47 | 1,235,000 | 1,226,691 |
| | | 40,288,909 |
| Delaware - 0.7% |
| Delaware Transportation Authority, DE Revenue |
| 3.00% 07/01/28 | 2,000,000 | 1,988,910 |
| 5.00% 06/01/55 | 1,000,000 | 1,014,530 |
| State of Delaware, DE GO, |
| 3.50% 03/01/33 | 2,000,000 | 2,000,434 |
| 4.00% 05/01/41 | 1,000,000 | 1,029,120 |
| 5.00% 05/01/39 | 1,125,000 | 1,302,051 |
| | | 7,335,045 |
| District of Columbia - 3.9% |
| District of Columbia Water & Sewer Authority, DC Revenue |
| 4.00% 10/01/38 | 2,185,000 | 2,194,682 |
| 5.00% 10/01/47 | 2,000,000 | 2,179,420 |
| District of Columbia, DC GO, |
| 4.00% 06/01/35 - 10/15/44 | 10,485,000 | 10,544,814 |
| 5.00% 06/01/38 | 3,000,000 | 3,031,447 |
| District of Columbia, DC Revenue |
| 4.00% 05/01/45 | 1,500,000 | 1,475,940 |
| 5.00% 04/01/42 (a) | 6,250,000 | 6,731,330 |
| Metropolitan Washington Airports Authority Aviation Revenue, DC Revenue |
| 5.00% 10/01/25 - 10/01/47 | 2,130,000 | 2,187,921 |
| 5.00% 10/01/30 (b) | 2,000,000 | 2,191,782 |
| Washington Convention & Sports Authority, DC Revenue |
| 5.00% 10/01/28 | 310,000 | 341,320 |
| Washington Convention & Sports Authority, DC Tax Allocation Revenue., |
| 5.00% 10/01/29 | 750,000 | 837,084 |
| Washington Metropolitan Area Transit Authority, DC Revenue |
| 5.00% 07/01/34 - 07/01/43 | 8,375,000 | 8,807,268 |
| | | 40,523,008 |
| Florida - 4.2% |
| Broward County Water & Sewer Utility Revenue, FL Revenue |
| 4.00% 10/01/44 | 1,300,000 | 1,289,472 |
| City of Fort Lauderdale Water & Sewer Revenue, FL Revenue |
| 4.00% 09/01/41 | 1,000,000 | 1,003,222 |
| | Principal
Amount | Fair
Value |
| City of Lakeland Department of Electric Utilities, FL Revenue (AGM Insured) |
| 5.25% 10/01/29 | $ 825,000 | $ 954,343 |
| City of Sarasota, FL Revenue |
| 5.00% 09/01/38 | 510,000 | 579,268 |
| City of Tampa Water & Wastewater System Revenue, FL Revenue, Series A |
| 5.25% 10/01/57 | 2,000,000 | 2,224,062 |
| County of Broward Port Facilities Revenue, FL Revenue |
| 4.00% 09/01/38 | 4,960,000 | 4,869,887 |
| 5.00% 09/01/26 | 500,000 | 521,448 |
| County of Hillsborough Utility Revenue, FL Revenue |
| 4.00% 08/01/31 | 3,215,000 | 3,443,228 |
| County of Miami-Dade Aviation Revenue, FL Revenue |
| 4.00% 10/01/39 | 1,675,000 | 1,676,355 |
| 5.00% 10/01/36 | 2,000,000 | 2,008,214 |
| County of Miami-Dade Seaport Department, FL Revenue (AGM Insured) |
| 4.00% 10/01/40 - 10/01/49 | 6,290,000 | 6,177,457 |
| County of Miami-Dade Transit System, FL Revenue |
| 4.00% 07/01/45 | 1,290,000 | 1,278,258 |
| County of Miami-Dade Water & Sewer System Revenue, FL Revenue |
| 4.00% 10/01/37 - 10/01/49 | 6,000,000 | 5,908,816 |
| 5.00% 10/01/43 | 5,000,000 | 5,270,098 |
| Hillsborough County Aviation Authority, FL Revenue, Series A |
| 5.00% 10/01/29 | 2,510,000 | 2,726,862 |
| State of Florida Department of Transportation, FL Revenue |
| 4.00% 07/01/41 | 1,000,000 | 990,606 |
| 5.00% 07/01/38 | 1,000,000 | 1,137,617 |
| State of Florida, FL GO, |
| 5.00% 06/01/26 | 520,000 | 550,763 |
| Wildwood Utility Dependent District, FL Revenue (AGM Insured) |
| 5.25% 10/01/38 | 1,000,000 | 1,133,054 |
| | | 43,743,030 |
| Georgia - 5.4% |
| City of Atlanta Airport Passenger Facility Charge, GA Revenue |
| 4.00% 07/01/38 | 1,000,000 | 991,510 |
| 5.00% 01/01/34 | 3,500,000 | 3,525,722 |
| City of Atlanta Water & Wastewater Revenue, GA Revenue |
| 5.00% 11/01/28 - 11/01/41 | 6,000,000 | 6,328,355 |
| 5.25% 11/01/30 (a) | 5,690,000 | 5,727,712 |
| City of Atlanta Water & Wastewater Revenue, GA Revenue (AGM Insured) |
| 5.75% 11/01/30 | 4,500,000 | 5,407,819 |
| County of DeKalb Water & Sewerage Revenue, GA Revenue |
| 5.00% 10/01/35 - 10/01/45 | 3,045,000 | 3,431,115 |
| Development Authority of Gwinnett County, GA Revenue |
| 5.00% 07/01/37 - 07/01/40 | 9,325,000 | 9,648,587 |
| Metropolitan Atlanta Rapid Transit Authority, GA Revenue, Series B |
| 5.00% 07/01/35 | 1,000,000 | 1,055,902 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 52 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Municipal Electric Authority of Georgia, GA Revenue |
| 5.00% 01/01/35 | $ 5,500,000 | $ 5,587,747 |
| Private Colleges & Universities Authority, GA Revenue |
| 4.00% 10/01/38 - 10/01/46 | 3,855,000 | 3,869,720 |
| State of Georgia, GA GO, |
| 4.00% 07/01/36 | 10,000,000 | 10,283,715 |
| | | 55,857,904 |
| Hawaii - 0.3% |
| State of Hawaii, HI GO, |
| 5.00% 01/01/36 | 2,850,000 | 3,134,463 |
| Illinois - 2.9% |
| Chicago O'Hare International Airport, IL Revenue |
| 5.00% 01/01/41 - 01/01/48 | 7,500,000 | 7,833,518 |
| 5.25% 01/01/42 | 8,000,000 | 8,331,225 |
| Chicago Park District, IL GO, |
| 4.00% 01/01/38 | 2,000,000 | 1,949,225 |
| Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue |
| 4.00% 12/01/49 | 2,000,000 | 1,891,514 |
| City of Chicago Wastewater Transmission Revenue, IL Revenue (AGM Insured) |
| 5.50% 01/01/62 | 3,035,000 | 3,390,953 |
| Cook County Community College District No. 508, IL GO, |
| 5.13% 12/01/38 | 1,000,000 | 1,000,553 |
| DuPage & Cook Counties Community Unit School District No. 205 Elmhurst, IL GO, |
| 4.00% 09/15/42 | 1,000,000 | 979,280 |
| Illinois State Toll Highway Authority, IL Revenue |
| 4.00% 01/01/44 | 1,345,000 | 1,319,859 |
| 5.00% 01/01/46 | 500,000 | 537,960 |
| Lake County School District No. 112 North Shore, IL GO, |
| 5.00% 12/01/35 | 1,055,000 | 1,205,428 |
| State of Illinois, IL GO, |
| 5.00% 10/01/30 | 1,000,000 | 1,112,559 |
| | | 29,552,074 |
| Indiana - 1.0% |
| Indiana Finance Authority, IN Revenue, Series B |
| 5.25% 10/01/52 | 2,000,000 | 2,166,610 |
| Indiana Municipal Power Agency, IN Revenue |
| 5.00% 01/01/42 | 2,160,000 | 2,293,102 |
| Indianapolis Local Public Improvement Bond Bank, IN Revenue |
| 4.00% 02/01/44 | 6,500,000 | 6,412,850 |
| | | 10,872,562 |
| Iowa - 0.4% |
| Cedar Rapids Community School District Infrastructure Sales Services & Use Tax, IA Revenue (AGM Insured) |
| 4.00% 07/01/34 | 1,055,000 | 1,118,405 |
| Iowa Finance Authority, IA Revenue |
| 5.00% 08/01/40 | 1,750,000 | 1,992,312 |
| | Principal
Amount | Fair
Value |
| State of Iowa Board of Regents, IA Revenue |
| 3.00% 09/01/30 | $ 1,000,000 | $ 974,061 |
| | | 4,084,778 |
| Kansas - 0.1% |
| Johnson County Unified School District No. 512 Shawnee Mission, KS GO, |
| 5.00% 10/01/38 | 500,000 | 569,300 |
| Kentucky - 1.3% |
| Kentucky State Property & Building Commission, KY Revenue |
| 5.00% 02/01/33 - 04/01/37 | 11,705,000 | 12,249,090 |
| Louisville Water Co., KY Revenue |
| 3.00% 11/15/34 | 1,000,000 | 951,565 |
| | | 13,200,655 |
| Louisiana - 0.1% |
| State of Louisiana, LA GO, |
| 4.00% 04/01/43 | 1,000,000 | 999,039 |
| Maine - 0.4% |
| Maine Health & Higher Educational Facilities Authority, ME Revenue |
| 5.00% 07/01/48 | 1,990,000 | 2,094,155 |
| Maine Municipal Bond Bank, ME Revenue |
| 5.00% 09/01/26 | 500,000 | 529,574 |
| Maine Turnpike Authority, ME Revenue |
| 4.00% 07/01/45 | 2,000,000 | 1,990,438 |
| | | 4,614,167 |
| Maryland - 3.7% |
| City of Baltimore, MD Revenue |
| 4.00% 07/01/44 | 3,130,000 | 3,091,904 |
| 5.00% 07/01/35 - 07/01/46 | 15,155,000 | 15,725,255 |
| 5.00% 07/01/38 (a) | 9,375,000 | 9,459,243 |
| County of Anne Arundel, MD GO, |
| 5.00% 10/01/47 | 1,000,000 | 1,053,163 |
| County of Baltimore, MD GO, |
| 4.00% 02/01/31 | 1,580,000 | 1,586,242 |
| 5.00% 03/01/53 | 5,000,000 | 5,540,633 |
| County of Prince George's, MD GO, |
| 4.00% 07/15/31 | 1,000,000 | 1,060,845 |
| State of Maryland Department of Transportation, MD Revenue |
| 4.00% 12/01/29 | 1,140,000 | 1,174,550 |
| | | 38,691,835 |
| Massachusetts - 2.4% |
| Commonwealth of Massachusetts, MA GO, |
| 4.00% 09/01/42 - 05/01/44 | 3,005,000 | 2,987,287 |
| 5.25% 09/01/43 - 01/01/44 | 9,525,000 | 10,300,939 |
| Massachusetts Bay Transportation Authority Assessment Revenue, MA Revenue |
| 5.00% 07/01/52 | 3,020,000 | 3,309,125 |
| Massachusetts Development Finance Agency, MA Revenue |
| 4.00% 10/01/46 (b) | 625,000 | 616,677 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun Tax-Exempt Income Fund | 53 |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 4.00% 06/01/49 (a) | $ 1,000,000 | $ 1,075,786 |
| Massachusetts School Building Authority, MA Revenue |
| 4.00% 11/15/35 | 1,990,000 | 2,021,391 |
| Massachusetts Water Resources Authority, MA Revenue |
| 5.00% 08/01/32 (a) | 4,140,000 | 4,145,223 |
| | | 24,456,428 |
| Michigan - 1.3% |
| City of Ann Arbor Water Supply System Revenue, MI Revenue |
| 4.00% 04/01/38 | 1,295,000 | 1,309,602 |
| City of Lansing, MI GO, (AGM Insured) |
| 5.00% 06/01/43 | 1,000,000 | 1,096,501 |
| Michigan Finance Authority, MI Revenue |
| 5.00% 11/01/31 | 1,395,000 | 1,532,126 |
| State of Michigan Trunk Line Revenue, MI Revenue |
| 4.00% 11/15/38 | 2,985,000 | 3,046,730 |
| State of Michigan, MI Revenue |
| 5.00% 03/15/27 | 4,415,000 | 4,758,338 |
| University of Michigan, MI Revenue |
| 5.00% 04/01/46 (a) | 1,000,000 | 1,056,600 |
| Warren Consolidated Schools, MI GO, |
| 5.00% 05/01/35 | 715,000 | 739,962 |
| | | 13,539,859 |
| Minnesota - 2.8% |
| City of Minneapolis, MN GO, |
| 3.00% 12/01/34 | 1,315,000 | 1,265,350 |
| City of Rochester, MN Revenue |
| 4.00% 11/15/48 | 5,330,000 | 5,191,099 |
| City of St. Paul Sales & Use Tax Revenue, MN Revenue |
| 5.00% 11/01/31 | 1,400,000 | 1,427,867 |
| City of St. Paul Water Revenue, MN Revenue |
| 4.00% 12/01/45 | 5,000,000 | 5,018,658 |
| Cloquet Independent School District No. 94, MN GO, |
| 4.00% 02/01/36 | 1,675,000 | 1,691,787 |
| County of St. Louis, MN GO, |
| 3.00% 12/01/31 | 1,545,000 | 1,537,107 |
| Dover & Eyota Independent School District No. 533, MN GO, |
| 4.00% 02/01/40 | 1,285,000 | 1,296,914 |
| Maple River Independent School District No. 2135, MN GO, |
| 5.00% 02/01/28 | 750,000 | 826,270 |
| Metropolitan Council, MN GO, |
| 5.00% 03/01/35 | 1,665,000 | 1,974,916 |
| Minneapolis-St. Paul Metropolitan Airports Commission, MN Revenue |
| 5.00% 01/01/25 | 1,000,000 | 1,006,703 |
| University of Minnesota, MN Revenue |
| 5.00% 09/01/39 | 4,350,000 | 4,623,272 |
| Virginia Independent School District No. 706, MN GO, |
| 5.00% 02/01/30 | 2,500,000 | 2,719,566 |
| | | 28,579,509 |
| | Principal
Amount | Fair
Value |
| Missouri - 0.9% |
| City of Kansas City Sanitary Sewer System Revenue, MO Revenue |
| 4.00% 01/01/40 | $ 1,725,000 | $ 1,731,554 |
| City of St. Louis, MO GO, |
| 5.00% 02/15/43 | 800,000 | 862,603 |
| Health & Educational Facilities Authority of the State of Missouri, MO Revenue |
| 4.00% 11/15/48 | 2,200,000 | 2,067,138 |
| Metropolitan St. Louis Sewer District, MO Revenue |
| 5.00% 05/01/45 (a) | 480,000 | 495,916 |
| 5.00% 05/01/45 - 05/01/46 | 2,520,000 | 2,610,701 |
| St. Louis County School District C-2 Parkway, MO GO, |
| 4.00% 03/01/39 | 1,395,000 | 1,416,450 |
| | | 9,184,362 |
| Nebraska - 0.1% |
| Omaha Public Power District, NE Revenue |
| 5.00% 02/01/35 | 500,000 | 580,127 |
| New Hampshire - 0.1% |
| New Hampshire Business Finance Authority, NH Revenue |
| 5.00% 08/15/27 | 250,000 | 263,429 |
| New Hampshire Health & Education Facilities Authority Act, NH Revenue (BAM Insured) |
| 5.00% 07/01/34 | 1,000,000 | 1,159,032 |
| | | 1,422,461 |
| New Jersey - 6.3% |
| New Jersey Economic Development Authority, NJ Revenue |
| 5.00% 06/15/41 (a) | 7,250,000 | 7,768,366 |
| 5.00% 06/15/43 | 4,500,000 | 4,682,301 |
| 5.25% 06/15/40 (a) | 220,000 | 229,675 |
| New Jersey Educational Facilities Authority, NJ Revenue |
| 5.50% 09/01/30 - 09/01/33 | 14,700,000 | 15,563,346 |
| New Jersey Health Care Facilities Financing Authority, NJ Revenue (AGM Insured) |
| 4.13% 07/01/38 | 6,215,000 | 6,179,775 |
| New Jersey Transportation Trust Fund Authority, NJ Revenue |
| 5.00% 12/15/34 - 06/15/45 | 7,750,000 | 8,216,414 |
| 5.25% 06/15/32 | 500,000 | 577,968 |
| New Jersey Turnpike Authority, NJ Revenue |
| 4.00% 01/01/35 | 1,090,000 | 1,092,596 |
| 5.00% 01/01/28 - 01/01/45 | 14,400,000 | 14,734,320 |
| New Jersey Turnpike Authority, NJ Revenue, Series G |
| 4.00% 01/01/43 | 5,000,000 | 5,005,571 |
| State of New Jersey, NJ GO, |
| 2.00% 06/01/34 | 1,000,000 | 823,784 |
| | | 64,874,116 |
| New Mexico - 0.3% |
| State of New Mexico Severance Tax Permanent Fund, NM Revenue |
| 5.00% 07/01/29 | 2,420,000 | 2,717,072 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 54 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| New York - 8.6% |
| City of New York, NY GO, |
| 5.00% 08/01/26 | $ 1,500,000 | $ 1,591,913 |
| Hudson Yards Infrastructure Corp., NY Revenue (AGM Insured) |
| 4.00% 02/15/47 | 5,830,000 | 5,695,544 |
| Hudson Yards Infrastructure Corp., NY Revenue |
| 5.00% 02/15/39 | 4,000,000 | 4,221,719 |
| Metropolitan Transportation Authority, NY Revenue (AGM Insured) |
| 4.00% 11/15/49 | 5,000,000 | 4,864,318 |
| Metropolitan Transportation Authority, NY Revenue |
| 5.00% 11/15/37 | 2,960,000 | 3,028,189 |
| 5.25% 11/15/55 | 1,000,000 | 1,048,607 |
| New York City Municipal Water Finance Authority, NY Revenue |
| 4.00% 06/15/45 | 2,270,000 | 2,249,733 |
| 5.00% 06/15/49 | 5,000,000 | 5,298,904 |
| New York City Transitional Finance Authority Building Aid Revenue, NY Revenue |
| 5.00% 07/15/36 | 6,000,000 | 6,497,171 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, NY Revenue |
| 4.00% 11/01/42 | 4,650,000 | 4,601,997 |
| 5.00% 02/01/41 - 02/01/43 | 15,140,000 | 15,551,809 |
| New York Liberty Development Corp., NY Revenue |
| 3.00% 09/15/43 | 2,000,000 | 1,615,113 |
| New York Power Authority, NY Revenue |
| 4.00% 11/15/50 | 1,775,000 | 1,736,158 |
| New York State Dormitory Authority, NY Revenue |
| 4.00% 08/01/38 - 03/15/47 | 6,500,000 | 6,361,696 |
| 5.00% 03/15/39 - 03/15/45 | 11,000,000 | 11,650,936 |
| 5.00% 07/01/46 (a) | 4,000,000 | 4,334,310 |
| Port Authority of New York & New Jersey, NY Revenue |
| 5.00% 01/15/36 - 09/01/48 | 7,760,000 | 8,316,302 |
| Triborough Bridge & Tunnel Authority, NY Revenue |
| 5.00% 11/15/24 | 500,000 | 512,341 |
| | | 89,176,760 |
| North Carolina - 1.3% |
| County of Forsyth, NC GO, |
| 5.00% 06/01/35 | 1,000,000 | 1,193,058 |
| County of Wake, NC GO, |
| 3.50% 04/01/32 | 3,305,000 | 3,318,467 |
| County of Wake, NC Revenue |
| 5.00% 04/01/35 | 1,765,000 | 2,082,703 |
| Greater Asheville Regional Airport Authority, NC Revenue (AGM Insured) |
| 5.00% 07/01/27 | 550,000 | 578,326 |
| North Carolina Capital Facilities Finance Agency, NC Revenue |
| 4.00% 10/01/44 | 2,000,000 | 2,011,570 |
| Orange Water & Sewer Authority, NC Revenue |
| 4.00% 07/01/29 | 1,060,000 | 1,069,610 |
| | Principal
Amount | Fair
Value |
| University of North Carolina at Charlotte, NC Revenue |
| 5.00% 10/01/47 | $ 3,000,000 | $ 3,140,268 |
| | | 13,394,002 |
| North Dakota - 0.0%* |
| City of Grand Forks, ND Revenue |
| 5.00% 12/01/27 | 250,000 | 256,963 |
| Ohio - 2.1% |
| City of Cleveland, OH GO, |
| 5.00% 12/01/29 | 1,250,000 | 1,305,125 |
| City of Columbus, OH GO, |
| 5.00% 07/01/26 - 08/15/30 (a) | 13,055,000 | 13,060,690 |
| City of Toledo Water System Revenue, OH Revenue |
| 5.00% 11/15/31 | 1,000,000 | 1,145,506 |
| County of Summit, OH GO, |
| 5.00% 12/01/43 | 1,000,000 | 1,104,202 |
| Dublin City School District, OH GO, |
| 4.00% 12/01/30 | 1,010,000 | 1,073,277 |
| Northeast Ohio Regional Sewer District, OH Revenue |
| 3.00% 11/15/34 | 1,385,000 | 1,330,380 |
| Ohio Water Development Authority Water Pollution Control Loan Fund, OH Revenue |
| 5.00% 12/01/42 | 1,000,000 | 1,129,322 |
| Worthington City School District, OH GO, |
| 5.00% 12/01/43 | 1,370,000 | 1,525,279 |
| | | 21,673,781 |
| Oklahoma - 1.1% |
| City of Oklahoma City, OK GO, |
| 4.00% 03/01/38 | 1,000,000 | 1,024,082 |
| Oklahoma Capitol Improvement Authority, OK Revenue |
| 5.00% 07/01/28 - 07/01/29 | 5,000,000 | 5,069,995 |
| Oklahoma City Zoological Trust Sales Tax Revenue, OK Revenue |
| 4.00% 06/01/29 | 1,340,000 | 1,429,541 |
| Oklahoma Water Resources Board, OK Revenue |
| 4.00% 04/01/41 | 1,000,000 | 1,004,432 |
| Washington County Rural Water District No. 3, OK Revenue |
| 3.00% 09/15/41 | 3,000,000 | 2,488,384 |
| | | 11,016,434 |
| Oregon - 1.6% |
| City of Portland Water System Revenue, OR Revenue |
| 4.00% 05/01/30 | 2,435,000 | 2,451,997 |
| Clackamas County School District No. 7J Lake Oswego, OR GO, |
| 4.00% 06/01/33 | 1,000,000 | 1,031,370 |
| Clackamas County School District No. 86 Canby, OR GO, |
| 4.00% 06/15/40 | 3,470,000 | 3,491,439 |
| Hillsboro School District No. 1J, OR GO, |
| 4.00% 06/15/40 | 1,000,000 | 1,003,156 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun Tax-Exempt Income Fund | 55 |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Jackson County School District No. 5 Ashland, OR GO, |
| 5.00% 06/15/31 | $ 565,000 | $ 631,899 |
| Oregon State University, OR Revenue |
| 5.00% 04/01/45 | 2,000,000 | 2,034,264 |
| Port of Portland Airport Revenue, OR Revenue |
| 5.00% 07/01/27 - 07/01/38 | 3,520,000 | 3,692,519 |
| Port of Portland Airport Revenue, OR Revenue, Series 24-B |
| 5.00% 07/01/29 | 1,000,000 | 1,046,786 |
| State of Oregon Department of Transportation, OR Revenue |
| 5.00% 11/15/35 | 1,000,000 | 1,179,199 |
| | | 16,562,629 |
| Pennsylvania - 6.3% |
| City of Philadelphia Airport Revenue, PA Revenue |
| 4.00% 07/01/40 | 3,000,000 | 2,957,294 |
| 5.00% 07/01/28 - 07/01/31 | 2,900,000 | 3,153,272 |
| City of Philadelphia Water & Wastewater Revenue, PA Revenue |
| 4.00% 10/01/31 | 4,980,000 | 5,110,976 |
| 5.00% 10/01/43 - 10/01/47 | 15,000,000 | 15,715,592 |
| City of Philadelphia, PA GO, |
| 5.00% 02/01/24 - 08/01/36 | 6,105,000 | 6,437,115 |
| City of Philadelphia, PA GO, (BAM Insured) |
| 5.00% 02/01/34 | 1,970,000 | 2,181,043 |
| City of Pittsburgh, PA GO, |
| 5.00% 09/01/32 | 250,000 | 283,279 |
| Commonwealth of Pennsylvania, PA GO, |
| 3.50% 03/01/31 | 2,000,000 | 2,030,248 |
| 4.00% 09/15/34 | 1,475,000 | 1,508,402 |
| 5.00% 07/15/27 | 995,000 | 1,076,682 |
| Council Rock School District, PA GO, |
| 4.00% 11/15/52 | 3,000,000 | 2,932,961 |
| County of Montgomery, PA GO, |
| 5.00% 01/01/38 | 1,945,000 | 2,185,277 |
| Delaware River Joint Toll Bridge Commission, PA Revenue |
| 5.00% 07/01/26 | 500,000 | 529,545 |
| Delaware River Port Authority, PA Revenue |
| 5.00% 01/01/26 - 01/01/40 | 3,725,000 | 3,964,539 |
| Middletown Area School District, PA GO, (AGM Insured) |
| 4.00% 03/01/36 | 1,000,000 | 1,012,022 |
| Pennsylvania Higher Educational Facilities Authority, PA Revenue |
| 4.00% 08/15/41 | 2,000,000 | 1,965,961 |
| 5.00% 05/01/41 | 1,000,000 | 1,028,708 |
| Pennsylvania State University, PA Revenue |
| 5.00% 09/01/47 | 2,000,000 | 2,091,045 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA Revenue |
| 4.00% 12/01/51 | 1,500,000 | 1,436,079 |
| Pittsburgh Water & Sewer Authority, PA Revenue (AGM Insured) |
| 5.00% 09/01/38 (b) | 675,000 | 766,678 |
| | Principal
Amount | Fair
Value |
| School District of Philadelphia, PA GO, |
| 4.00% 09/01/38 | $ 1,750,000 | $ 1,716,277 |
| 5.00% 09/01/28 | 840,000 | 910,015 |
| Springfield School District/Delaware County, PA GO, |
| 4.00% 03/01/43 | 1,000,000 | 1,000,751 |
| Swarthmore Borough Authority, PA Revenue |
| 5.00% 09/15/45 (b) | 2,000,000 | 2,250,899 |
| Upper Darby School District, PA GO, (BAM Insured) |
| 4.00% 04/01/51 | 1,000,000 | 968,719 |
| | | 65,213,379 |
| Rhode Island - 0.3% |
| Rhode Island Health & Educational Building Corp., RI Revenue (BAM Insured) |
| 5.00% 05/15/29 | 200,000 | 223,290 |
| Rhode Island Infrastructure Bank State Revolving Fund, RI Revenue |
| 5.00% 10/01/36 | 500,000 | 580,917 |
| Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund, RI Revenue |
| 5.00% 10/01/28 (a) | 2,200,000 | 2,296,146 |
| | | 3,100,353 |
| South Carolina - 2.1% |
| Beaufort County School District, SC GO, |
| 4.00% 03/01/33 | 2,200,000 | 2,342,695 |
| City of Columbia Waterworks & Sewer System Revenue, SC Revenue |
| 5.00% 02/01/47 | 2,425,000 | 2,684,531 |
| South Carolina Ports Authority, SC Revenue |
| 5.00% 07/01/33 | 1,800,000 | 1,947,202 |
| South Carolina Public Service Authority, SC Revenue |
| 5.00% 12/01/37 - 12/01/38 | 12,000,000 | 12,233,142 |
| Spartanburg County School District No. 4, SC GO, |
| 5.00% 03/01/47 | 2,745,000 | 3,008,392 |
| | | 22,215,962 |
| Tennessee - 1.5% |
| City of Memphis, TN GO, |
| 4.00% 05/01/38 - 06/01/46 | 9,920,000 | 9,859,564 |
| County of Knox, TN GO, |
| 3.00% 06/01/30 | 1,255,000 | 1,235,880 |
| County of Rutherford, TN GO, |
| 3.00% 04/01/35 | 2,000,000 | 1,912,577 |
| Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue, TN Revenue |
| 5.00% 07/01/46 | 2,000,000 | 2,092,645 |
| | | 15,100,666 |
| Texas - 7.4% |
| Argyle Independent School District, TX GO, |
| 5.00% 08/15/43 | 800,000 | 901,314 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 56 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Arlington Higher Education Finance Corp., TX Revenue |
| 5.00% 08/15/28 | $ 500,000 | $ 547,701 |
| Austin Independent School District, TX GO, |
| 5.00% 08/01/43 | 2,750,000 | 3,073,446 |
| Board of Regents of the University of Texas System, TX Revenue |
| 5.00% 08/15/26 | 10,000,000 | 10,624,737 |
| City of Austin Electric Utility Revenue, TX Revenue |
| 5.00% 11/15/43 | 1,000,000 | 1,109,154 |
| City of Dallas Waterworks & Sewer System Revenue, TX Revenue |
| 5.00% 10/01/46 | 3,550,000 | 3,740,861 |
| City of Fort Worth Water & Sewer System Revenue, TX Revenue |
| 4.00% 02/15/35 | 2,530,000 | 2,601,554 |
| City of Houston Airport System Revenue, TX Revenue |
| 5.00% 07/01/28 | 1,500,000 | 1,597,873 |
| City of Houston Combined Utility System Revenue, TX Revenue |
| 5.00% 05/15/28 | 5,000,000 | 5,070,389 |
| City of North Richland Hills, TX GO, |
| 4.00% 02/15/27 | 1,045,000 | 1,084,321 |
| Comal Independent School District, TX GO, |
| 4.00% 02/01/33 | 1,875,000 | 2,005,232 |
| Community Independent School District, TX GO, |
| 5.00% 02/15/38 (b) | 750,000 | 852,322 |
| Corpus Christi Independent School District, TX GO, |
| 5.00% 08/15/39 | 1,000,000 | 1,122,052 |
| Dallas Area Rapid Transit, TX Revenue |
| 4.00% 12/01/38 | 500,000 | 502,101 |
| Dallas Fort Worth International Airport, TX Revenue |
| 5.25% 11/01/29 | 5,000,000 | 5,028,867 |
| Dallas Independent School District, TX GO, |
| 5.00% 02/15/34 | 560,000 | 623,070 |
| Del Valle Independent School District, TX GO, |
| 4.00% 06/15/37 | 500,000 | 520,046 |
| Forney Independent School District, TX GO, |
| 5.00% 08/15/39 | 500,000 | 555,296 |
| Galveston Independent School District, TX GO, |
| 4.00% 02/01/42 | 3,175,000 | 3,195,141 |
| Greater Texoma Utility Authority, TX Revenue (AGM Insured) |
| 5.00% 10/01/35 | 600,000 | 671,585 |
| Harris County Flood Control District, TX GO, |
| 5.00% 09/15/38 (b) | 500,000 | 571,717 |
| Klein Independent School District, TX GO, |
| 5.00% 02/01/43 | 500,000 | 536,081 |
| Lower Colorado River Authority, TX Revenue (AGM Insured) |
| 5.00% 05/15/30 | 1,000,000 | 1,135,201 |
| Lower Colorado River Authority, TX Revenue |
| 5.00% 05/15/44 | 2,000,000 | 2,076,829 |
| Lubbock Independent School District, TX GO, |
| 4.00% 02/15/31 | 1,205,000 | 1,247,772 |
| Magnolia Independent School District, TX GO, |
| 5.00% 08/15/30 | 1,000,000 | 1,143,295 |
| | Principal
Amount | Fair
Value |
| McCamey Independent School District, TX GO, (AGM Insured) |
| 5.00% 02/15/28 | $ 1,000,000 | $ 1,085,895 |
| North Texas Tollway Authority, TX Revenue |
| 5.00% 01/01/38 - 01/01/48 | 6,095,000 | 6,262,777 |
| Paradise Independent School District, TX GO, |
| 5.00% 08/15/41 | 1,810,000 | 2,055,288 |
| Port Authority of Houston of Harris County Texas, TX GO, |
| 5.00% 10/01/27 | 1,000,000 | 1,085,988 |
| Splendora Independent School District, TX GO, |
| 5.00% 02/15/39 | 1,000,000 | 1,128,789 |
| State of Texas, TX GO, |
| 4.00% 10/01/44 | 1,985,000 | 1,968,924 |
| 5.00% 08/01/32 (b) | 2,000,000 | 2,152,066 |
| Texas A&M University, TX Revenue |
| 5.00% 05/15/28 | 500,000 | 551,300 |
| Texas City Independent School District, TX GO, |
| 4.00% 08/15/40 | 500,000 | 504,202 |
| Texas Municipal Power Agency, TX Revenue (AGM Insured) |
| 3.00% 09/01/28 | 275,000 | 268,379 |
| Texas Water Development Board, TX Revenue |
| 5.00% 10/15/47 | 5,815,000 | 6,425,894 |
| Waco Independent School District, TX GO, |
| 5.00% 08/15/39 | 1,000,000 | 1,123,071 |
| | | 76,750,530 |
| Utah - 1.5% |
| Alpine School District, UT GO, |
| 4.00% 03/15/31 | 1,500,000 | 1,555,057 |
| Central Valley Water Reclamation Facility, UT Revenue |
| 3.00% 03/01/30 - 03/01/35 | 2,225,000 | 2,177,378 |
| City of Salt Lake City Airport Revenue, UT Revenue |
| 4.00% 07/01/51 | 2,500,000 | 2,298,000 |
| 5.00% 07/01/48 | 2,000,000 | 2,074,325 |
| City of Salt Lake City Public Utilities Revenue, UT Revenue |
| 4.00% 02/01/45 | 1,220,000 | 1,204,035 |
| 5.00% 02/01/50 | 3,080,000 | 3,279,220 |
| Salt Lake City Corp., UT GO, |
| 3.00% 06/15/37 | 1,055,000 | 961,036 |
| University of Utah, UT Revenue |
| 5.00% 08/01/42 | 1,685,000 | 1,870,650 |
| | | 15,419,701 |
| Virginia - 3.4% |
| Chesapeake Bay Bridge & Tunnel District, VA Revenue |
| 5.00% 07/01/51 | 2,000,000 | 2,021,473 |
| City of Charlottesville, VA GO, |
| 3.00% 09/15/39 - 09/15/40 | 1,830,000 | 1,606,404 |
| City of Richmond Public Utility Revenue, VA Revenue |
| 4.00% 01/15/36 | 4,350,000 | 4,420,222 |
| County of Fairfax Sewer Revenue, VA Revenue, Series A |
| 4.00% 07/15/40 | 2,245,000 | 2,276,217 |
| County of Fairfax, VA GO, |
| 4.00% 10/01/35 | 6,645,000 | 6,909,002 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun Tax-Exempt Income Fund | 57 |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| University of Virginia, VA Revenue |
| 5.00% 04/01/47 | $ 6,000,000 | $ 6,315,978 |
| Virginia College Building Authority, VA Revenue |
| 4.00% 09/01/35 | 1,000,000 | 1,034,306 |
| Virginia Commonwealth Transportation Board, VA Revenue |
| 4.00% 05/15/44 | 1,000,000 | 992,003 |
| Virginia Public School Authority, VA Revenue (BAM Insured) |
| 5.00% 08/01/43 | 3,475,000 | 3,914,081 |
| Virginia Resources Authority, VA Revenue |
| 4.00% 11/01/41 | 5,585,000 | 5,606,469 |
| | | 35,096,155 |
| Washington - 5.0% |
| City of Seattle Drainage & Wastewater Revenue, WA Revenue |
| 4.00% 04/01/36 - 09/01/51 | 6,225,000 | 6,200,094 |
| City of Seattle Municipal Light & Power Revenue, WA Revenue |
| 4.00% 09/01/35 - 09/01/40 | 4,590,000 | 4,658,205 |
| 5.00% 07/01/52 | 3,000,000 | 3,275,239 |
| City of Spokane, WA GO, |
| 3.13% 12/01/33 | 1,260,000 | 1,233,857 |
| City of Tacoma Electric System Revenue, WA Revenue |
| 5.00% 01/01/46 | 2,000,000 | 2,168,466 |
| County of King Sewer Revenue, WA Revenue |
| 5.00% 07/01/28 | 1,060,000 | 1,078,481 |
| County of King, WA GO, |
| 4.00% 12/01/31 - 12/01/34 | 3,950,000 | 4,034,245 |
| King County School District No. 410 Snoqualmie Valley, WA GO, |
| 4.00% 12/01/36 | 1,000,000 | 1,011,507 |
| King County School District No. 414 Lake Washington, WA GO, |
| 4.00% 12/01/33 | 3,650,000 | 3,756,940 |
| Port of Seattle, WA Revenue |
| 5.00% 04/01/29 - 08/01/42 | 5,485,000 | 5,791,841 |
| Port of Tacoma, WA GO, |
| 5.00% 12/01/28 | 1,290,000 | 1,375,604 |
| Spokane County School District No. 356 Central Valley, WA GO, |
| 4.00% 12/01/31 | 2,605,000 | 2,712,485 |
| State of Washington, WA GO, |
| 4.00% 07/01/27 - 06/01/34 | 2,505,000 | 2,644,049 |
| 5.00% 07/01/24 - 02/01/48 | 10,170,000 | 10,954,280 |
| Vancouver Library Capital Facilities Area, WA GO, |
| 4.00% 12/01/27 | 1,000,000 | 1,030,155 |
| | | 51,925,448 |
| Wisconsin - 0.8% |
| Public Finance Authority, WI Revenue |
| 5.00% 07/01/27 | 500,000 | 516,547 |
| State of Wisconsin, WI GO, |
| 4.00% 05/01/30 - 05/01/40 | 2,675,000 | 2,718,536 |
| 5.00% 05/01/33 - 05/01/38 | 4,575,000 | 4,774,129 |
| | Principal
Amount | Fair
Value |
| Wisconsin Department of Transportation, WI Revenue |
| 5.00% 07/01/38 | $ 500,000 | $ 574,758 |
| | | 8,583,970 |
Total Municipal Bonds and Notes
(Cost $1,019,446,803) | 1,023,575,540 |
| Short-Term Investments - 1.0% |
State Street Institutional Treasury Plus Fund - Premier Class 5.02% (c)(d)
(Cost $10,193,992) | 10,193,992 | 10,193,992 |
Total Investments
(Cost $1,029,640,795) | 1,033,769,532 |
| Other Assets and Liabilities, net - 0.2% | 2,453,676 |
| NET ASSETS - 100.0% | $ 1,036,223,208 |
Notes to Schedule of Investments – June 30, 2023 (Unaudited)
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund's future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund's summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| (a) | Pre-refunded bonds are collateralized by U.S. Treasury securities, which are held in escrow by a trustee and are used to pay principal and interest on the tax-exempt issue to retire the bonds at the earliest refunding date. |
| (b) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
| (c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (d) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of June 30, 2023. |
| * | Less than 0.05%. |
| Abbreviations: |
| BAM - Build America Mutual Assurance Company |
| NPFG - National Public Finance Guaranty Corporation |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 58 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Municipal Bonds and Notes | $ — | | $ 1,023,575,540 | | $ — | | $ 1,023,575,540 |
| Short-Term Investments | 10,193,992 | | — | | — | | 10,193,992 |
| Total Investments in Securities | $ 10,193,992 | | $ 1,023,575,540 | | $ — | | $ 1,033,769,532 |
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/23 | Value at
6/30/23 | Dividend
Income |
| State Street Institutional Treasury Plus Fund - Premier Class | 15,874,392 | $15,874,392 | $122,851,458 | $128,531,858 | $— | $— | 10,193,992 | $10,193,992 | $264,642 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun Tax-Exempt Income Fund | 59 |
Elfun Income Fund
Fund Information — June 30, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $177,453 (in thousands) as of June 30, 2023 (a)(b) |
| Quality Ratings |
| as of June 30, 2023 as a % of Fair Value (a)(b) |
| Moody’s / S&P / Rating* | | Percentage of
Fair Value |
| Aaa / AAA | | 4.46% |
| Aa / AA | | 49.45% |
| A / A | | 8.61% |
| Baa / BBB | | 19.01% |
| Ba / BB and lower | | 1.71% |
| NR / Other | | 16.76% |
| | | 100.00% |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund - Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is 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. |
| * | Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standard of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. |
Elfun Income Fund
Understanding Your Fund’s Expenses — June 30, 2023 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2023.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Beginning Account Value
January 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
June 30, 2023 | $1,021.50 | | $1,023.20 |
| Expenses Paid During Period* | $ 1.65 | | $ 1.66 |
| * | Expenses are equal to the Fund's annualized net expense ratio of 0.33% (for the period January 1, 2023 - June 30, 2023), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Elfun Income Fund
Schedule of Investments — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Bonds and Notes - 98.1% † |
| U.S. Treasuries - 27.0% |
| U.S. Treasury Bonds | | |
| 2.25%, 08/15/46 (a) | $ 1,502,000 | $ 1,097,399 |
| 3.00%, 08/15/48 (a) | 2,814,000 | 2,374,752 |
| 3.63%, 05/15/53 (a) | 742,000 | 713,479 |
| 3.88%, 05/15/43 (a) | 1,127,000 | 1,099,882 |
| U.S. Treasury Notes | | |
| 0.25%, 07/31/25 (a) | 3,519,400 | 3,201,829 |
| 0.75%, 12/31/23 - 01/31/28 (a) | 16,345,000 | 14,813,113 |
| 1.25%, 11/30/26 (a) | 673,000 | 606,384 |
| 1.63%, 05/15/31 (a) | 3,335,000 | 2,834,750 |
| 2.63%, 02/15/29 (a) | 1,502,000 | 1,391,462 |
| 2.75%, 08/15/32 (a) | 1,050,500 | 963,177 |
| 3.50%, 04/30/28 (a) | 3,996,000 | 3,882,676 |
| 3.88%, 12/31/27 - 11/30/29 (a) | 3,134,200 | 3,103,540 |
| 4.25%, 10/15/25 (a) | 5,202,900 | 5,144,774 |
| | | 41,227,217 |
| Agency Mortgage Backed - 28.2% |
| Federal Home Loan Mortgage Corp. | | |
| 3.00%, 04/01/43 - 10/01/49 | 4,256,172 | 3,815,054 |
| 4.50%, 06/01/33 - 02/01/35 | 3,580 | 3,529 |
| 5.00%, 07/01/35 | 45,020 | 45,129 |
| 5.50%, 01/01/38 - 04/01/39 | 73,691 | 75,759 |
| 6.00%, 06/01/33 - 11/01/37 | 162,478 | 170,270 |
| 7.00%, 01/01/27 - 08/01/36 | 39,195 | 41,155 |
| 7.50%, 11/01/29 - 09/01/33 | 5,313 | 5,509 |
| 8.00%, 11/01/30 | 1,761 | 1,832 |
| Federal National Mortgage Association | | |
| 2.50%, 03/01/51 | 3,110,466 | 2,637,540 |
| 3.50%, 08/01/45 - 01/01/48 | 3,496,458 | 3,243,073 |
| 4.00%, 01/01/41 - 01/01/50 | 1,818,944 | 1,738,117 |
| 4.50%, 07/01/33 - 12/01/48 | 952,665 | 934,939 |
| 5.00%, 03/01/34 - 05/01/39 | 100,209 | 100,644 |
| 5.50%, 12/01/32 - 01/01/39 | 263,257 | 269,223 |
| 6.00%, 01/01/29 - 05/01/41 | 605,979 | 631,528 |
| 6.50%, 08/01/28 - 08/01/36 | 29,990 | 31,376 |
| 7.00%, 10/01/32 - 02/01/34 | 7,021 | 7,241 |
| 7.50%, 12/01/26 - 03/01/33 | 19,487 | 20,154 |
| 8.00%, 06/01/24 - 10/01/31 | 3,394 | 3,451 |
| 8.50%, 04/01/30 | 928 | 992 |
| Federal National Mortgage Association 1.60% + 12 month USD LIBOR | | |
| 4.97%, 04/01/37 (b) | 1,612 | 1,585 |
| Government National Mortgage Association | | |
| 3.00%, 12/20/42 - 05/20/45 | 3,571,782 | 3,258,000 |
| 3.50%, 08/20/48 | 674,747 | 630,448 |
| | Principal
Amount | Fair
Value |
| 4.00%, 01/20/41 - 04/20/43 | $ 583,533 | $ 565,876 |
| 4.50%, 08/15/33 - 03/20/41 | 271,712 | 268,766 |
| 5.00%, 08/15/33 | 15,427 | 15,481 |
| 6.00%, 04/15/27 - 04/15/35 | 90,927 | 93,988 |
| 6.50%, 03/15/24 - 09/15/36 | 32,708 | 33,983 |
| 7.00%, 11/15/27 - 10/15/36 | 23,154 | 24,126 |
| 7.50%, 10/15/28 | 5,113 | 5,207 |
| 8.00%, 09/15/27 - 06/15/30 | 14,518 | 14,748 |
| Government National Mortgage Association, TBA | | |
| 2.50%, 07/20/53 (c) | 3,010,193 | 2,604,524 |
| 4.00%, 07/20/53 (c) | 595,406 | 562,730 |
| Uniform Mortgage-Backed Security, TBA | | |
| 2.00%, 07/13/53 (c) | 5,414,054 | 4,411,474 |
| 2.50%, 07/13/53 (c) | 6,931,253 | 5,873,599 |
| 3.00%, 07/13/53 (c) | 1,958,196 | 1,722,844 |
| 3.50%, 07/13/53 (c) | 2,483,779 | 2,262,353 |
| 4.00%, 07/13/53 (c) | 3,505,175 | 3,288,383 |
| 4.50%, 07/13/53 (c) | 3,733,973 | 3,589,099 |
| | | 43,003,729 |
| Agency Collateralized Mortgage Obligations - 0.8% |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | | |
| 2.51%, 07/25/29 (a) | 745,000 | 664,529 |
| 4.05%, 09/25/28 (a)(b) | 300,000 | 292,609 |
| Federal Home Loan Mortgage Corp. REMIC | | |
| 3.50%, 11/15/30 (d) | 2,271 | 5 |
| 5.50%, 06/15/33 (d) | 14,322 | 2,261 |
| Federal Home Loan Mortgage Corp. STRIPS | | |
| 0.00%, 08/01/27 (e) | 247 | 224 |
| 8.00%, 07/01/24 (d) | 147 | 5 |
| Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | | |
| 0.08%, 09/25/43 (b)(d) | 542,604 | 4,173 |
| Federal National Mortgage Association Interest STRIPS | | |
| 7.50%, 11/25/23 (d)** | 50 | — |
| Federal National Mortgage Association REMIC | | |
| 1.16%, 12/25/42 (b)(d) | 113,766 | 3,886 |
| 5.00%, 02/25/40 - 09/25/40 (d) | 27,404 | 2,935 |
| Federal National Mortgage Association REMIC 6.00% - 1 month USD LIBOR | | |
| 0.85%, 07/25/38 (b)(d) | 16,000 | 1,275 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Federal National Mortgage Association REMIC 6.55% - 1 month USD LIBOR | | |
| 1.40%, 11/25/41 (b)(d) | $ 1,611,066 | $ 186,923 |
| Federal National Mortgage Association STRIPS | | |
| 0.00%, 12/25/34 (e) | 15,660 | 12,715 |
| 4.50%, 08/25/35 - 01/25/36 (d) | 26,804 | 3,362 |
| 5.00%, 03/25/38 - 05/25/38 (d) | 17,326 | 2,620 |
| 5.50%, 12/25/33 (d) | 5,090 | 878 |
| 6.00%, 01/25/35 (d) | 20,125 | 3,429 |
| 8.00%, 07/25/24 (d) | 274 | 9 |
| | | 1,181,838 |
| Asset Backed - 0.1% |
| Chase Funding Trust | | |
| 4.99%, 11/25/33 (f) | 57,333 | 56,572 |
| Ford Credit Auto Owner Trust | | |
| 0.56%, 10/15/24 | 42,044 | 41,946 |
| | | 98,518 |
| Corporate Notes - 34.3% |
| 3M Co. | | |
| 3.13%, 09/19/46 (a) | 15,000 | 10,551 |
| 7-Eleven, Inc. | | |
| 0.95%, 02/10/26 (a)(g) | 210,000 | 187,606 |
| Abbott Laboratories | | |
| 3.75%, 11/30/26 (a) | 26,000 | 25,364 |
| 4.90%, 11/30/46 (a) | 60,000 | 60,483 |
| AbbVie, Inc. | | |
| 2.60%, 11/21/24 (a) | 101,000 | 96,911 |
| 3.20%, 05/14/26 - 11/21/29 (a) | 136,000 | 125,069 |
| 4.05%, 11/21/39 (a) | 42,000 | 36,556 |
| 4.25%, 11/21/49 (a) | 64,000 | 55,147 |
| 4.30%, 05/14/36 (a) | 44,000 | 40,458 |
| 4.40%, 11/06/42 (a) | 30,000 | 26,859 |
| 4.63%, 10/01/42 (a) | 5,000 | 4,517 |
| 4.70%, 05/14/45 (a) | 11,000 | 10,028 |
| 4.88%, 11/14/48 (a) | 8,000 | 7,547 |
| Advance Auto Parts, Inc. | | |
| 3.90%, 04/15/30 (a) | 143,000 | 122,773 |
| 5.95%, 03/09/28 (a) | 160,000 | 157,795 |
| Advanced Micro Devices, Inc. | | |
| 4.39%, 06/01/52 (a) | 55,000 | 50,081 |
| AEP Texas, Inc. | | |
| 3.45%, 05/15/51 (a) | 102,000 | 72,833 |
| AEP Transmission Co. LLC | | |
| 5.40%, 03/15/53 (a) | 46,000 | 47,314 |
| Aetna, Inc. | | |
| 3.50%, 11/15/24 (a) | 41,000 | 39,782 |
| | Principal
Amount | Fair
Value |
| AIA Group Ltd. | | |
| 4.95%, 04/04/33 (a)(g) | $ 200,000 | $ 199,868 |
| Aircastle Ltd. | | |
| 4.25%, 06/15/26 (a) | 62,000 | 58,417 |
| Alcoa Nederland Holding BV | | |
| 5.50%, 12/15/27 (a)(g) | 203,000 | 196,910 |
| Alcon Finance Corp. | | |
| 2.60%, 05/27/30 (a)(g) | 239,000 | 203,857 |
| Alexandria Real Estate Equities, Inc. | | |
| 1.88%, 02/01/33 (a) | 37,000 | 27,077 |
| 2.95%, 03/15/34 (a) | 61,000 | 48,190 |
| 3.55%, 03/15/52 (a) | 50,000 | 34,198 |
| 4.70%, 07/01/30 (a) | 16,000 | 15,206 |
| Allstate Corp. | | |
| 4.20%, 12/15/46 (a) | 53,000 | 43,390 |
| Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) | | |
| 5.75%, 08/15/53 (a)(b) | 77,000 | 76,042 |
| Altria Group, Inc. | | |
| 3.40%, 05/06/30 - 02/04/41 (a) | 44,000 | 32,959 |
| 4.00%, 02/04/61 (a) | 16,000 | 11,030 |
| 4.25%, 08/09/42 (a) | 4,000 | 3,126 |
| 4.45%, 05/06/50 (a) | 22,000 | 16,234 |
| 4.50%, 05/02/43 (a) | 16,000 | 12,746 |
| Amazon.com, Inc. | | |
| 1.50%, 06/03/30 (a) | 26,000 | 21,384 |
| 2.50%, 06/03/50 (a) | 30,000 | 19,921 |
| 2.70%, 06/03/60 (a) | 25,000 | 16,054 |
| 2.88%, 05/12/41 (a) | 54,000 | 41,669 |
| 3.15%, 08/22/27 (a) | 11,000 | 10,351 |
| 3.25%, 05/12/61 (a) | 41,000 | 29,692 |
| 4.05%, 08/22/47 (a) | 12,000 | 10,752 |
| 4.25%, 08/22/57 (a) | 6,000 | 5,412 |
| Ameren Corp. | | |
| 2.50%, 09/15/24 (a) | 146,000 | 140,001 |
| 3.65%, 02/15/26 (a) | 26,000 | 24,773 |
| American Electric Power Co., Inc. | | |
| 2.30%, 03/01/30 (a) | 32,000 | 26,584 |
| 3.25%, 03/01/50 (a) | 13,000 | 8,886 |
| American International Group, Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter) | | |
| 5.75%, 04/01/48 (a)(b) | 6,000 | 5,814 |
| American Tower Corp. | | |
| 1.50%, 01/31/28 (a) | 99,000 | 83,176 |
| 2.90%, 01/15/30 (a) | 36,000 | 31,099 |
| 3.70%, 10/15/49 (a) | 21,000 | 15,080 |
| 3.80%, 08/15/29 (a) | 43,000 | 39,309 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| American Water Capital Corp. | | |
| 2.95%, 09/01/27 (a) | $ 32,000 | $ 29,571 |
| Amgen, Inc. | | |
| 2.00%, 01/15/32 (a) | 70,000 | 55,638 |
| 2.45%, 02/21/30 (a) | 18,000 | 15,406 |
| 3.00%, 01/15/52 (a) | 40,000 | 26,699 |
| 3.15%, 02/21/40 (a) | 69,000 | 52,780 |
| 5.51%, 03/02/26 (a) | 114,000 | 113,723 |
| 5.60%, 03/02/43 (a) | 59,000 | 59,139 |
| 5.65%, 03/02/53 (a) | 54,000 | 54,745 |
| 5.75%, 03/02/63 (a) | 59,000 | 59,967 |
| AngloGold Ashanti Holdings PLC | | |
| 3.38%, 11/01/28 (a) | 200,000 | 174,914 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | | |
| 3.65%, 02/01/26 (a) | 59,000 | 57,150 |
| 4.70%, 02/01/36 (a) | 18,000 | 17,526 |
| 4.90%, 02/01/46 (a) | 39,000 | 37,249 |
| Anheuser-Busch InBev Worldwide, Inc. | | |
| 3.50%, 06/01/30 (a) | 41,000 | 38,163 |
| 4.00%, 04/13/28 (a) | 10,000 | 9,676 |
| 4.35%, 06/01/40 (a) | 40,000 | 36,777 |
| 4.38%, 04/15/38 (a) | 55,000 | 51,050 |
| 4.60%, 04/15/48 (a) | 22,000 | 20,427 |
| 4.75%, 04/15/58 (a) | 18,000 | 16,685 |
| 5.55%, 01/23/49 (a) | 40,000 | 42,128 |
| Aon Corp./Aon Global Holdings PLC | | |
| 2.90%, 08/23/51 (a) | 62,000 | 40,585 |
| Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter) | | |
| 4.95%, 01/14/50 (a)(b)(g) | 46,000 | 38,579 |
| Apple, Inc. | | |
| 2.65%, 02/08/51 (a) | 88,000 | 60,766 |
| 2.80%, 02/08/61 (a) | 42,000 | 28,372 |
| 2.95%, 09/11/49 (a) | 25,000 | 18,606 |
| 3.35%, 02/09/27 (a) | 12,000 | 11,513 |
| 3.45%, 02/09/45 (a) | 54,000 | 45,439 |
| 3.85%, 08/04/46 (a) | 40,000 | 35,150 |
| 3.95%, 08/08/52 (a) | 53,000 | 46,688 |
| 4.85%, 05/10/53 (a) | 150,000 | 153,673 |
| Applied Materials, Inc. | | |
| 4.35%, 04/01/47 (a) | 22,000 | 20,590 |
| Aptiv PLC | | |
| 4.40%, 10/01/46 (a) | 15,000 | 11,680 |
| ArcelorMittal SA | | |
| 4.55%, 03/11/26 (a) | 270,000 | 263,574 |
| 6.80%, 11/29/32 (a) | 78,000 | 80,123 |
| | Principal
Amount | Fair
Value |
| Archer-Daniels-Midland Co. | | |
| 2.50%, 08/11/26 (a) | $ 19,000 | $ 17,815 |
| Ares Capital Corp. | | |
| 2.88%, 06/15/28 (a) | 136,000 | 112,524 |
| 3.25%, 07/15/25 (a) | 278,000 | 257,178 |
| Arthur J Gallagher & Co. | | |
| 3.50%, 05/20/51 (a) | 42,000 | 30,082 |
| Ascension Health | | |
| 4.85%, 11/15/53 (a) | 54,000 | 52,984 |
| Ashtead Capital, Inc. | | |
| 1.50%, 08/12/26 (a)(g) | 200,000 | 175,270 |
| 5.55%, 05/30/33 (a)(g) | 245,000 | 239,250 |
| Astrazeneca Finance LLC | | |
| 1.75%, 05/28/28 (a) | 99,000 | 85,793 |
| AstraZeneca PLC | | |
| 3.00%, 05/28/51 (a) | 47,000 | 34,886 |
| 4.00%, 01/17/29 (a) | 13,000 | 12,570 |
| 4.38%, 08/17/48 (a) | 5,000 | 4,678 |
| AT&T, Inc. | | |
| 2.75%, 06/01/31 (a) | 201,000 | 169,634 |
| 3.65%, 06/01/51 (a) | 156,000 | 114,459 |
| 3.85%, 06/01/60 (a) | 55,000 | 39,896 |
| 4.35%, 03/01/29 (a) | 44,000 | 42,249 |
| 4.50%, 05/15/35 (a) | 41,000 | 37,671 |
| 4.55%, 03/09/49 (a) | 19,000 | 16,114 |
| 4.75%, 05/15/46 (a) | 10,000 | 8,832 |
| 4.85%, 03/01/39 (a) | 32,000 | 29,483 |
| Athene Holding Ltd. | | |
| 4.13%, 01/12/28 (a) | 26,000 | 23,703 |
| 6.15%, 04/03/30 (a) | 61,000 | 61,171 |
| Avangrid, Inc. | | |
| 3.15%, 12/01/24 (a) | 70,000 | 67,245 |
| Bain Capital Specialty Finance, Inc. | | |
| 2.95%, 03/10/26 (a) | 89,000 | 79,015 |
| Bank of America Corp. | | |
| 3.25%, 10/21/27 (a) | 41,000 | 38,197 |
| 4.18%, 11/25/27 (a) | 76,000 | 72,224 |
| 4.25%, 10/22/26 (a) | 60,000 | 57,908 |
| Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) | | |
| 2.09%, 06/14/29 (a)(b) | 125,000 | 106,801 |
| Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | | |
| 2.97%, 07/21/52 (a)(b) | 89,000 | 60,401 |
| Bank of America Corp. (3.37% fixed rate until 01/23/25; 1.07% + 3 month Term SOFR) | | |
| 3.37%, 01/23/26 (a)(b) | 21,000 | 20,164 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.30% + 3 month Term SOFR) | | |
| 3.42%, 12/20/28 (a)(b) | $ 29,000 | $ 26,661 |
| Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.77% + 3 month Term SOFR) | | |
| 3.71%, 04/24/28 (a)(b) | 80,000 | 75,058 |
| Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 year CMT Rate thereafter) | | |
| 3.85%, 03/08/37 (a)(b) | 81,000 | 69,183 |
| Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.45% + 3 month Term SOFR) | | |
| 3.95%, 01/23/49 (a)(b) | 49,000 | 39,616 |
| Bank of America Corp. (4.24% fixed rate until 04/24/37; 2.08% + 3 month Term SOFR) | | |
| 4.24%, 04/24/38 (a)(b) | 40,000 | 35,138 |
| Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.57% + 3 month Term SOFR) | | |
| 4.27%, 07/23/29 (a)(b) | 9,000 | 8,536 |
| Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.93% + 3 month Term SOFR) | | |
| 4.30%, 01/28/25 (a)(b) | 82,000 | 73,272 |
| Bank of America Corp. (5.29% fixed rate until 04/25/33; 1.91% + SOFR thereafter) | | |
| 5.29%, 04/25/34 (a)(b) | 173,000 | 171,414 |
| Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.39% + 3 month Term SOFR) | | |
| 4.63%, 09/20/26 (a)(b) | 40,000 | 35,351 |
| Barrick North America Finance LLC | | |
| 5.70%, 05/30/41 (a) | 5,000 | 5,053 |
| BAT Capital Corp. | | |
| 2.73%, 03/25/31 (a) | 60,000 | 47,776 |
| 4.39%, 08/15/37 (a) | 41,000 | 32,763 |
| 4.54%, 08/15/47 (a) | 16,000 | 11,806 |
| 4.91%, 04/02/30 (a) | 40,000 | 37,826 |
| 7.75%, 10/19/32 (a) | 28,000 | 30,798 |
| Baxter International, Inc. | | |
| 1.92%, 02/01/27 (a) | 191,000 | 169,717 |
| 2.54%, 02/01/32 (a) | 55,000 | 44,554 |
| | Principal
Amount | Fair
Value |
| 3.13%, 12/01/51 (a) | $ 44,000 | $ 29,117 |
| Baylor Scott & White Holdings | | |
| 2.84%, 11/15/50 (a) | 10,000 | 6,762 |
| Becton Dickinson & Co. | | |
| 3.70%, 06/06/27 (a) | 35,000 | 33,269 |
| 4.67%, 06/06/47 (a) | 7,000 | 6,418 |
| 4.69%, 12/15/44 (a) | 5,000 | 4,551 |
| Berkshire Hathaway Energy Co. | | |
| 3.25%, 04/15/28 (a) | 13,000 | 11,960 |
| 3.70%, 07/15/30 (a) | 52,000 | 47,722 |
| 3.80%, 07/15/48 (a) | 16,000 | 12,351 |
| 4.25%, 10/15/50 (a) | 46,000 | 37,204 |
| 6.13%, 04/01/36 (a) | 6,000 | 6,260 |
| Berkshire Hathaway Finance Corp. | | |
| 2.85%, 10/15/50 (a) | 116,000 | 80,794 |
| 4.25%, 01/15/49 (a) | 22,000 | 20,027 |
| Berry Global, Inc. | | |
| 4.88%, 07/15/26 (a)(g) | 115,000 | 110,880 |
| BHP Billiton Finance USA Ltd. | | |
| 4.90%, 02/28/33 (a) | 91,000 | 90,598 |
| 5.00%, 09/30/43 (a) | 6,000 | 5,945 |
| Biogen, Inc. | | |
| 2.25%, 05/01/30 (a) | 19,000 | 15,876 |
| Block Financial LLC | | |
| 2.50%, 07/15/28 (a) | 57,000 | 48,551 |
| 3.88%, 08/15/30 (a) | 17,000 | 14,999 |
| Boardwalk Pipelines LP | | |
| 4.80%, 05/03/29 (a) | 40,000 | 38,377 |
| Boeing Co. | | |
| 2.20%, 02/04/26 (a) | 116,000 | 106,522 |
| 2.70%, 02/01/27 (a) | 99,000 | 90,496 |
| 2.95%, 02/01/30 (a) | 23,000 | 20,011 |
| 3.25%, 03/01/28 (a) | 5,000 | 4,555 |
| 3.55%, 03/01/38 (a) | 4,000 | 3,130 |
| 3.75%, 02/01/50 (a) | 25,000 | 18,773 |
| 5.04%, 05/01/27 (a) | 145,000 | 143,348 |
| 5.15%, 05/01/30 (a) | 80,000 | 79,239 |
| 5.81%, 05/01/50 (a) | 50,000 | 49,729 |
| Boston Properties LP | | |
| 3.40%, 06/21/29 (a) | 96,000 | 80,842 |
| Boston Scientific Corp. | | |
| 4.70%, 03/01/49 (a) | 6,000 | 5,640 |
| BP Capital Markets America, Inc. | | |
| 3.00%, 02/24/50 (a) | 47,000 | 32,805 |
| 3.38%, 02/08/61 (a) | 67,000 | 47,697 |
| 4.81%, 02/13/33 (a) | 83,000 | 81,865 |
| BP Capital Markets PLC (4.38% fixed rate until 06/22/25; 4.04% + 5 year CMT Rate thereafter) | | |
| 4.38%, 06/22/25 (a)(b) | 87,000 | 83,606 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 year CMT Rate thereafter) | | |
| 4.88%, 03/22/30 (a)(b) | $ 61,000 | $ 55,488 |
| Bristol-Myers Squibb Co. | | |
| 1.45%, 11/13/30 (a) | 48,000 | 38,556 |
| 2.35%, 11/13/40 (a) | 24,000 | 16,858 |
| 2.95%, 03/15/32 (a) | 64,000 | 56,529 |
| 3.20%, 06/15/26 (a) | 23,000 | 22,018 |
| 3.40%, 07/26/29 (a) | 14,000 | 12,990 |
| 3.55%, 03/15/42 (a) | 28,000 | 23,189 |
| 4.13%, 06/15/39 (a) | 34,000 | 31,014 |
| 4.25%, 10/26/49 (a) | 34,000 | 30,182 |
| 4.35%, 11/15/47 (a) | 2,000 | 1,813 |
| 4.55%, 02/20/48 (a) | 6,000 | 5,594 |
| Brixmor Operating Partnership LP | | |
| 2.25%, 04/01/28 (a) | 80,000 | 67,434 |
| 3.90%, 03/15/27 (a) | 17,000 | 15,638 |
| Broadcom, Inc. | | |
| 3.14%, 11/15/35 (a)(g) | 24,000 | 18,396 |
| 3.19%, 11/15/36 (a)(g) | 4,000 | 3,023 |
| 3.42%, 04/15/33 (a)(g) | 169,000 | 141,483 |
| 3.47%, 04/15/34 (a)(g) | 6,000 | 4,918 |
| 4.15%, 11/15/30 (a) | 26,000 | 23,893 |
| 4.30%, 11/15/32 (a) | 40,000 | 36,650 |
| 4.93%, 05/15/37 (a)(g) | 32,000 | 28,893 |
| Brooklyn Union Gas Co. | | |
| 4.87%, 08/05/32 (a)(g) | 182,000 | 170,925 |
| Brown-Forman Corp. | | |
| 4.00%, 04/15/38 (a) | 6,000 | 5,299 |
| Bunge Ltd. Finance Corp. | | |
| 3.75%, 09/25/27 (a) | 6,000 | 5,671 |
| Burlington Northern Santa Fe LLC | | |
| 4.15%, 12/15/48 (a) | 37,000 | 32,236 |
| 4.55%, 09/01/44 (a) | 53,000 | 48,731 |
| Cameron LNG LLC | | |
| 3.30%, 01/15/35 (a)(g) | 5,000 | 4,171 |
| Canadian Natural Resources Ltd. | | |
| 3.85%, 06/01/27 (a) | 27,000 | 25,506 |
| 4.95%, 06/01/47 (a) | 21,000 | 18,782 |
| Canadian Pacific Railway Co. | | |
| 1.75%, 12/02/26 (a) | 82,000 | 73,728 |
| 3.10%, 12/02/51 (a) | 26,000 | 18,456 |
| 3.50%, 05/01/50 (a) | 30,000 | 23,133 |
| Cantor Fitzgerald LP | | |
| 4.88%, 05/01/24 (a)(g) | 140,000 | 136,921 |
| Capital One Financial Corp. | | |
| 3.75%, 07/28/26 (a) | 68,000 | 63,333 |
| Cardinal Health, Inc. | | |
| 3.08%, 06/15/24 (a) | 16,000 | 15,597 |
| | Principal
Amount | Fair
Value |
| Carlisle Cos., Inc. | | |
| 2.20%, 03/01/32 (a) | $ 89,000 | $ 70,256 |
| Carrier Global Corp. | | |
| 2.72%, 02/15/30 (a) | 39,000 | 33,611 |
| 3.58%, 04/05/50 (a) | 30,000 | 22,164 |
| Caterpillar, Inc. | | |
| 3.25%, 09/19/49 - 04/09/50 (a) | 61,000 | 48,002 |
| Cenovus Energy, Inc. | | |
| 2.65%, 01/15/32 (a) | 41,000 | 33,103 |
| 3.75%, 02/15/52 (a) | 47,000 | 33,367 |
| Centene Corp. | | |
| 3.00%, 10/15/30 (a) | 40,000 | 33,355 |
| 3.38%, 02/15/30 (a) | 178,000 | 153,055 |
| 4.25%, 12/15/27 (a) | 222,000 | 207,730 |
| CenterPoint Energy, Inc. | | |
| 2.65%, 06/01/31 (a) | 73,000 | 60,994 |
| Charles Schwab Corp. | | |
| 2.45%, 03/03/27 (a) | 493,000 | 442,758 |
| 2.90%, 03/03/32 (a) | 36,000 | 29,731 |
| Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT rate thereafter) | | |
| 4.00%, 12/01/30 (a)(b) | 100,000 | 73,278 |
| Charles Schwab Corp. (5.64% fixed rate until 05/19/28; 2.21% + SOFR thereafter) | | |
| 5.64%, 05/19/29 (a)(b) | 434,000 | 435,849 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | | |
| 3.50%, 06/01/41 (a) | 54,000 | 36,479 |
| 3.70%, 04/01/51 (a) | 180,000 | 114,230 |
| 4.80%, 03/01/50 (a) | 81,000 | 60,953 |
| 5.05%, 03/30/29 (a) | 20,000 | 19,070 |
| 5.75%, 04/01/48 (a) | 22,000 | 18,819 |
| Cheniere Corpus Christi Holdings LLC | | |
| 5.88%, 03/31/25 (a) | 115,000 | 114,549 |
| Cheniere Energy Partners LP | | |
| 4.50%, 10/01/29 (a) | 156,000 | 143,264 |
| Chevron Corp. | | |
| 2.24%, 05/11/30 (a) | 18,000 | 15,691 |
| 3.08%, 05/11/50 (a) | 20,000 | 14,910 |
| Chevron USA, Inc. | | |
| 3.85%, 01/15/28 (a) | 74,000 | 72,225 |
| 3.90%, 11/15/24 (a) | 21,000 | 20,637 |
| Choice Hotels International, Inc. | | |
| 3.70%, 01/15/31 (a) | 42,000 | 35,494 |
| Chubb INA Holdings, Inc. | | |
| 4.35%, 11/03/45 (a) | 28,000 | 25,352 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Church & Dwight Co., Inc. | | |
| 2.30%, 12/15/31 (a) | $ 45,000 | $ 37,189 |
| Cigna Group | | |
| 2.40%, 03/15/30 (a) | 42,000 | 35,683 |
| 3.25%, 04/15/25 (a) | 39,000 | 37,397 |
| 3.40%, 03/01/27 - 03/15/50 (a) | 39,000 | 34,205 |
| 3.88%, 10/15/47 (a) | 7,000 | 5,552 |
| 4.13%, 11/15/25 (a) | 59,000 | 57,455 |
| 4.38%, 10/15/28 (a) | 15,000 | 14,511 |
| 4.80%, 08/15/38 (a) | 13,000 | 12,271 |
| 4.90%, 12/15/48 (a) | 5,000 | 4,650 |
| Cisco Systems, Inc. | | |
| 5.90%, 02/15/39 (a) | 19,000 | 21,026 |
| Citigroup, Inc. | | |
| 4.45%, 09/29/27 (a) | 10,000 | 9,549 |
| 4.65%, 07/23/48 (a) | 82,000 | 74,311 |
| 6.17%, 05/25/34 (a)(b) | 77,000 | 77,536 |
| Citigroup, Inc. (2.56% fixed rate until 05/01/31; 1.17% + SOFR thereafter) | | |
| 2.56%, 05/01/32 (a)(b) | 61,000 | 49,806 |
| Citigroup, Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | | |
| 2.98%, 11/05/30 (a)(b) | 29,000 | 25,183 |
| Citigroup, Inc. (3.88% fixed rate until 01/24/38; 1.43% + 3 month Term SOFR) | | |
| 3.88%, 01/24/39 (a)(b) | 18,000 | 15,070 |
| Citigroup, Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | | |
| 4.70%, 01/30/25 (a)(b) | 94,000 | 80,876 |
| Cleveland Electric Illuminating Co. | | |
| 4.55%, 11/15/30 (a)(g) | 112,000 | 105,678 |
| Clorox Co. | | |
| 1.80%, 05/15/30 (a) | 55,000 | 45,044 |
| CME Group, Inc. | | |
| 2.65%, 03/15/32 (a) | 44,000 | 37,404 |
| CMS Energy Corp. | | |
| 4.88%, 03/01/44 (a) | 74,000 | 67,324 |
| CNH Industrial Capital LLC | | |
| 1.95%, 07/02/23 (a) | 91,000 | 91,000 |
| Coca-Cola Co. | | |
| 2.60%, 06/01/50 (a) | 41,000 | 28,736 |
| 2.75%, 06/01/60 (a) | 30,000 | 20,694 |
| Comcast Corp. | | |
| 2.65%, 08/15/62 (a) | 29,000 | 17,250 |
| 2.80%, 01/15/51 (a) | 34,000 | 22,484 |
| 2.89%, 11/01/51 (a) | 30,000 | 20,122 |
| 2.94%, 11/01/56 (a) | 43,000 | 28,011 |
| 2.99%, 11/01/63 (a) | 30,000 | 19,008 |
| | Principal
Amount | Fair
Value |
| 3.20%, 07/15/36 (a) | $ 37,000 | $ 30,404 |
| 3.25%, 11/01/39 (a) | 49,000 | 38,876 |
| 3.97%, 11/01/47 (a) | 44,000 | 36,548 |
| 4.15%, 10/15/28 (a) | 34,000 | 32,945 |
| CommonSpirit Health | | |
| 4.35%, 11/01/42 | 130,000 | 111,422 |
| Conagra Brands, Inc. | | |
| 5.30%, 11/01/38 (a) | 15,000 | 14,413 |
| 5.40%, 11/01/48 (a) | 7,000 | 6,672 |
| ConocoPhillips Co. | | |
| 4.30%, 11/15/44 (a) | 36,000 | 31,760 |
| Consolidated Edison Co. of New York, Inc. | | |
| 2.90%, 12/01/26 (a) | 41,000 | 37,408 |
| 3.35%, 04/01/30 (a) | 18,000 | 16,388 |
| 3.88%, 06/15/47 (a) | 20,000 | 15,707 |
| 3.95%, 04/01/50 (a) | 16,000 | 13,047 |
| Constellation Brands, Inc. | | |
| 3.15%, 08/01/29 (a) | 81,000 | 73,132 |
| 3.70%, 12/06/26 (a) | 36,000 | 34,302 |
| 4.50%, 05/09/47 (a) | 28,000 | 24,179 |
| Continental Resources, Inc. | | |
| 2.88%, 04/01/32 (a)(g) | 64,000 | 49,265 |
| 3.80%, 06/01/24 (a) | 290,000 | 284,194 |
| Corebridge Financial, Inc. | | |
| 3.90%, 04/05/32 (a) | 191,000 | 166,336 |
| Corning, Inc. | | |
| 4.38%, 11/15/57 (a) | 18,000 | 14,636 |
| Corporate Office Properties LP | | |
| 2.00%, 01/15/29 (a) | 68,000 | 51,956 |
| 2.25%, 03/15/26 (a) | 54,000 | 47,660 |
| 2.75%, 04/15/31 (a) | 33,000 | 25,096 |
| Crown Castle, Inc. | | |
| 2.90%, 03/15/27 (a) | 135,000 | 123,582 |
| 3.30%, 07/01/30 (a) | 112,000 | 99,172 |
| 4.15%, 07/01/50 (a) | 25,000 | 19,833 |
| 5.20%, 02/15/49 (a) | 26,000 | 24,039 |
| CSL Finance PLC | | |
| 4.25%, 04/27/32 (a)(g) | 94,000 | 89,170 |
| CSX Corp. | | |
| 4.50%, 03/15/49 - 08/01/54 (a) | 63,000 | 56,170 |
| CubeSmart LP | | |
| 2.50%, 02/15/32 (a) | 76,000 | 60,360 |
| 4.38%, 02/15/29 (a) | 53,000 | 49,774 |
| Cummins, Inc. | | |
| 1.50%, 09/01/30 (a) | 41,000 | 33,207 |
| 2.60%, 09/01/50 (a) | 41,000 | 26,444 |
| CVS Health Corp. | | |
| 3.00%, 08/15/26 (a) | 51,000 | 47,811 |
| 3.25%, 08/15/29 (a) | 40,000 | 35,900 |
| 3.63%, 04/01/27 (a) | 49,000 | 46,499 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 3.75%, 04/01/30 (a) | $ 35,000 | $ 32,101 |
| 3.88%, 07/20/25 (a) | 24,000 | 23,337 |
| 4.25%, 04/01/50 (a) | 23,000 | 19,024 |
| 4.30%, 03/25/28 (a) | 4,000 | 3,857 |
| 4.78%, 03/25/38 (a) | 26,000 | 23,968 |
| 5.00%, 12/01/24 (a) | 59,000 | 58,251 |
| 5.13%, 07/20/45 (a) | 27,000 | 24,950 |
| 5.30%, 06/01/33 - 12/05/43 (a) | 166,000 | 163,568 |
| 5.88%, 06/01/53 (a) | 40,000 | 41,092 |
| 6.00%, 06/01/63 (a) | 20,000 | 20,558 |
| Daimler Truck Finance North America LLC | | |
| 2.38%, 12/14/28 (a)(g) | 155,000 | 134,211 |
| 2.50%, 12/14/31 (a)(g) | 155,000 | 125,958 |
| Dell International LLC/EMC Corp. | | |
| 4.00%, 07/15/24 (a) | 66,000 | 64,894 |
| 6.02%, 06/15/26 (a) | 7,000 | 7,100 |
| 8.35%, 07/15/46 (a) | 2,000 | 2,449 |
| Deutsche Bank AG (2.31% fixed rate until 11/16/26; 1.22% +SOFR thereafter) | | |
| 2.31%, 11/16/27 (a)(b) | 320,000 | 275,264 |
| Deutsche Telekom AG | | |
| 3.63%, 01/21/50 (a)(g) | 191,000 | 144,522 |
| DH Europe Finance II Sarl | | |
| 2.60%, 11/15/29 (a) | 41,000 | 36,093 |
| 3.25%, 11/15/39 (a) | 22,000 | 17,924 |
| 3.40%, 11/15/49 (a) | 8,000 | 6,266 |
| Diamondback Energy, Inc. | | |
| 3.13%, 03/24/31 (a) | 54,000 | 46,235 |
| 3.25%, 12/01/26 (a) | 34,000 | 31,973 |
| 3.50%, 12/01/29 (a) | 28,000 | 25,237 |
| 4.40%, 03/24/51 (a) | 20,000 | 15,860 |
| Digital Realty Trust LP | | |
| 3.60%, 07/01/29 (a) | 64,000 | 56,960 |
| Discovery Communications LLC | | |
| 3.95%, 03/20/28 (a) | 23,000 | 21,412 |
| 4.95%, 05/15/42 (a) | 5,000 | 3,944 |
| 5.00%, 09/20/37 (a) | 6,000 | 5,129 |
| Dollar General Corp. | | |
| 3.50%, 04/03/30 (a) | 24,000 | 21,496 |
| 4.13%, 04/03/50 (a) | 35,000 | 27,422 |
| Dollar Tree, Inc. | | |
| 4.00%, 05/15/25 (a) | 41,000 | 39,724 |
| Dominion Energy, Inc. | | |
| 3.07%, 08/15/24 (a)(f) | 60,000 | 57,969 |
| 3.38%, 04/01/30 (a) | 69,000 | 61,763 |
| Dover Corp. | | |
| 2.95%, 11/04/29 (a) | 41,000 | 36,044 |
| Dow Chemical Co. | | |
| 2.10%, 11/15/30 (a) | 30,000 | 24,788 |
| | Principal
Amount | Fair
Value |
| 3.60%, 11/15/50 (a) | $ 30,000 | $ 22,338 |
| 4.25%, 10/01/34 (a) | 18,000 | 16,389 |
| 5.55%, 11/30/48 (a) | 19,000 | 18,481 |
| 6.30%, 03/15/33 (a) | 72,000 | 77,372 |
| DTE Energy Co. | | |
| 2.85%, 10/01/26 (a) | 20,000 | 18,424 |
| Duke Energy Carolinas LLC | | |
| 3.95%, 03/15/48 (a) | 24,000 | 19,574 |
| Duke Energy Corp. | | |
| 2.55%, 06/15/31 (a) | 104,000 | 86,100 |
| 3.30%, 06/15/41 (a) | 93,000 | 68,642 |
| 3.50%, 06/15/51 (a) | 79,000 | 57,288 |
| 3.75%, 09/01/46 (a) | 134,000 | 101,786 |
| Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter) | | |
| 4.88%, 09/16/24 (a)(b) | 130,000 | 125,000 |
| Duke Energy Progress LLC | | |
| 4.15%, 12/01/44 (a) | 30,000 | 24,953 |
| DuPont de Nemours, Inc. | | |
| 5.42%, 11/15/48 (a) | 6,000 | 5,929 |
| Duquesne Light Holdings, Inc. | | |
| 3.62%, 08/01/27 (a)(g) | 58,000 | 52,030 |
| Eastman Chemical Co. | | |
| 4.65%, 10/15/44 (a) | 40,000 | 33,682 |
| Eaton Corp. | | |
| 3.10%, 09/15/27 (a) | 19,000 | 17,823 |
| Edison International | | |
| 4.95%, 04/15/25 (a) | 111,000 | 108,991 |
| 5.75%, 06/15/27 (a) | 15,000 | 15,031 |
| EIDP, Inc. | | |
| 2.30%, 07/15/30 (a) | 28,000 | 23,418 |
| Electronic Arts, Inc. | | |
| 1.85%, 02/15/31 (a) | 49,000 | 39,620 |
| Elevance Health, Inc. | | |
| 2.88%, 09/15/29 (a) | 21,000 | 18,523 |
| 3.60%, 03/15/51 (a) | 22,000 | 16,840 |
| 3.70%, 09/15/49 (a) | 21,000 | 16,272 |
| 5.13%, 02/15/53 (a) | 17,000 | 16,452 |
| 6.10%, 10/15/52 (a) | 32,000 | 35,062 |
| Eli Lilly & Co. | | |
| 4.95%, 02/27/63 (a) | 18,000 | 18,360 |
| Emera U.S. Finance LP | | |
| 2.64%, 06/15/31 (a) | 102,000 | 81,675 |
| Emerson Electric Co. | | |
| 1.80%, 10/15/27 (a) | 26,000 | 23,050 |
| 2.75%, 10/15/50 (a) | 26,000 | 17,316 |
| Enbridge Energy Partners LP | | |
| 5.50%, 09/15/40 (a) | 4,000 | 3,775 |
| Enbridge, Inc. | | |
| 1.60%, 10/04/26 (a) | 169,000 | 150,618 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Enbridge, Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter) | | |
| 5.75%, 07/15/80 (a)(b) | $ 103,000 | $ 93,228 |
| Energy Transfer LP | | |
| 4.50%, 04/15/24 (a) | 37,000 | 36,549 |
| 4.95%, 06/15/28 (a) | 17,000 | 16,530 |
| 5.30%, 04/01/44 - 04/15/47 (a) | 67,000 | 58,131 |
| 5.35%, 05/15/45 (a) | 54,000 | 47,172 |
| 5.75%, 02/15/33 (a) | 36,000 | 36,229 |
| 6.13%, 12/15/45 (a) | 6,000 | 5,715 |
| 6.50%, 02/01/42 (a) | 33,000 | 33,364 |
| Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter) | | |
| 6.75%, 05/15/25 (a)(b) | 285,000 | 256,195 |
| Energy Transfer LP/Regency Energy Finance Corp. | | |
| 4.50%, 11/01/23 (a) | 25,000 | 24,888 |
| Enterprise Products Operating LLC | | |
| 4.25%, 02/15/48 (a) | 49,000 | 41,540 |
| Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.29% + 3 month Term SOFR) | | |
| 5.25%, 08/16/77 (a)(b) | 16,000 | 13,995 |
| EOG Resources, Inc. | | |
| 4.15%, 01/15/26 (a) | 3,000 | 2,938 |
| 4.95%, 04/15/50 (a) | 19,000 | 18,763 |
| 5.10%, 01/15/36 (a) | 11,000 | 10,596 |
| Equinix, Inc. | | |
| 1.25%, 07/15/25 (a) | 76,000 | 69,402 |
| 2.15%, 07/15/30 (a) | 57,000 | 46,124 |
| Equinor ASA | | |
| 3.25%, 11/18/49 (a) | 50,000 | 37,544 |
| ERP Operating LP | | |
| 4.50%, 07/01/44 (a) | 18,000 | 15,755 |
| Estee Lauder Cos., Inc. | | |
| 2.38%, 12/01/29 (a) | 28,000 | 24,202 |
| Everest Reinsurance Holdings, Inc. | | |
| 3.13%, 10/15/52 (a) | 23,000 | 15,223 |
| Eversource Energy | | |
| 3.45%, 01/15/50 (a) | 45,000 | 33,060 |
| Exelon Corp. | | |
| 4.05%, 04/15/30 (a) | 69,000 | 64,676 |
| 4.45%, 04/15/46 (a) | 46,000 | 39,184 |
| 4.70%, 04/15/50 (a) | 46,000 | 40,733 |
| Extra Space Storage LP | | |
| 3.90%, 04/01/29 (a) | 36,000 | 32,796 |
| Exxon Mobil Corp. | | |
| 2.61%, 10/15/30 (a) | 64,000 | 56,216 |
| | Principal
Amount | Fair
Value |
| 3.45%, 04/15/51 (a) | $ 64,000 | $ 49,946 |
| FedEx Corp. | | |
| 4.10%, 02/01/45 (a) | 79,000 | 63,819 |
| Fidelity National Financial, Inc. | | |
| 3.20%, 09/17/51 (a) | 62,000 | 36,190 |
| Fidelity National Information Services, Inc. | | |
| 1.15%, 03/01/26 (a) | 50,000 | 44,630 |
| 1.65%, 03/01/28 (a) | 45,000 | 38,041 |
| 3.10%, 03/01/41 (a) | 7,000 | 4,822 |
| FirstEnergy Transmission LLC | | |
| 4.55%, 04/01/49 (a)(g) | 76,000 | 63,142 |
| Fiserv, Inc. | | |
| 3.50%, 07/01/29 (a) | 15,000 | 13,727 |
| 4.40%, 07/01/49 (a) | 15,000 | 12,618 |
| Florida Power & Light Co. | | |
| 2.85%, 04/01/25 (a) | 121,000 | 116,348 |
| 4.13%, 02/01/42 (a) | 32,000 | 28,081 |
| Flowers Foods, Inc. | | |
| 2.40%, 03/15/31 (a) | 47,000 | 38,428 |
| Flowserve Corp. | | |
| 2.80%, 01/15/32 (a) | 63,000 | 50,189 |
| Freeport-McMoRan, Inc. | | |
| 4.25%, 03/01/30 (a) | 69,000 | 63,594 |
| GA Global Funding Trust | | |
| 1.63%, 01/15/26 (a)(g) | 74,000 | 65,640 |
| General Dynamics Corp. | | |
| 4.25%, 04/01/50 (a) | 28,000 | 25,673 |
| General Mills, Inc. | | |
| 3.00%, 02/01/51 (a) | 26,000 | 18,400 |
| General Motors Co. | | |
| 5.20%, 04/01/45 (a) | 4,000 | 3,411 |
| 5.40%, 04/01/48 (a) | 8,000 | 6,901 |
| 6.13%, 10/01/25 (a) | 77,000 | 77,502 |
| 6.80%, 10/01/27 (a) | 30,000 | 31,159 |
| General Motors Financial Co., Inc. | | |
| 1.25%, 01/08/26 (a) | 92,000 | 82,186 |
| 2.35%, 01/08/31 (a) | 40,000 | 31,398 |
| 5.25%, 03/01/26 (a) | 30,000 | 29,533 |
| 5.85%, 04/06/30 (a) | 255,000 | 252,784 |
| Genuine Parts Co. | | |
| 2.75%, 02/01/32 (a) | 41,000 | 33,673 |
| George Washington University | | |
| 4.13%, 09/15/48 | 100,000 | 86,251 |
| Georgia-Pacific LLC | | |
| 1.75%, 09/30/25 (a)(g) | 104,000 | 95,476 |
| 3.60%, 03/01/25 (a)(g) | 169,000 | 163,124 |
| Gilead Sciences, Inc. | | |
| 2.60%, 10/01/40 (a) | 32,000 | 23,179 |
| 2.95%, 03/01/27 (a) | 6,000 | 5,634 |
| 3.50%, 02/01/25 (a) | 19,000 | 18,423 |
| 3.65%, 03/01/26 (a) | 19,000 | 18,290 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| �� | Principal
Amount | Fair
Value |
| 4.15%, 03/01/47 (a) | $ 18,000 | $ 15,630 |
| 4.60%, 09/01/35 (a) | 44,000 | 42,471 |
| GlaxoSmithKline Capital PLC | | |
| 3.38%, 06/01/29 (a) | 52,000 | 48,284 |
| GlaxoSmithKline Capital, Inc. | | |
| 3.63%, 05/15/25 (a) | 53,000 | 51,542 |
| Glencore Funding LLC | | |
| 3.88%, 04/27/51 (a)(g) | 51,000 | 37,843 |
| Goldman Sachs Group, Inc. | | |
| 3.85%, 01/26/27 (a) | 175,000 | 166,621 |
| 4.25%, 10/21/25 (a) | 3,000 | 2,892 |
| 5.15%, 05/22/45 (a) | 19,000 | 17,702 |
| Goldman Sachs Group, Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter) | | |
| 1.54%, 09/10/27 (a)(b) | 75,000 | 65,959 |
| Goldman Sachs Group, Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) | | |
| 2.38%, 07/21/32 (a)(b) | 41,000 | 32,794 |
| Goldman Sachs Group, Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) | | |
| 2.91%, 07/21/42 (a)(b) | 31,000 | 21,866 |
| Goldman Sachs Group, Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) | | |
| 3.21%, 04/22/42 (a)(b) | 49,000 | 36,198 |
| Goldman Sachs Group, Inc. (3.44% fixed rate until 02/24/42; 1.63% + SOFR thereafter) | | |
| 3.44%, 02/24/43 (a)(b) | 77,000 | 58,485 |
| Goldman Sachs Group, Inc. (3.81% fixed rate until 04/23/28; 1.42% + 3 month Term SOFR) | | |
| 3.81%, 04/23/29 (a)(b) | 19,000 | 17,656 |
| Goldman Sachs Group, Inc. (4.02% fixed rate until 10/31/37; 1.63% + 3 month Term SOFR) | | |
| 4.02%, 10/31/38 (a)(b) | 22,000 | 18,623 |
| Goldman Sachs Group, Inc. (4.22% fixed rate until 05/01/28; 1.56% + 3 month Term SOFR) | | |
| 4.22%, 05/01/29 (a)(b) | 35,000 | 33,066 |
| Graphic Packaging International LLC | | |
| 1.51%, 04/15/26 (a)(g) | 61,000 | 54,447 |
| | Principal
Amount | Fair
Value |
| Gray Oak Pipeline LLC | | |
| 2.00%, 09/15/23 (a)(g) | $ 144,000 | $ 142,841 |
| 2.60%, 10/15/25 (a)(g) | 95,000 | 87,219 |
| Haleon U.S. Capital LLC | | |
| 3.38%, 03/24/27 (a) | 250,000 | 234,040 |
| 3.63%, 03/24/32 (a) | 250,000 | 224,202 |
| Halliburton Co. | | |
| 3.80%, 11/15/25 (a) | 2,000 | 1,932 |
| 5.00%, 11/15/45 (a) | 17,000 | 15,387 |
| Hartford Financial Services Group, Inc. | | |
| 2.80%, 08/19/29 (a) | 86,000 | 74,271 |
| Hartford Financial Services Group, Inc. (7.45% fixed rate until 07/31/23; 2.13% + 3 month USD LIBOR thereafter) | | |
| 7.45%, 02/12/67 (a)(b)(g) | 54,000 | 45,139 |
| HCA, Inc. | | |
| 3.13%, 03/15/27 (a)(g) | 133,000 | 122,137 |
| 3.50%, 09/01/30 (a) | 45,000 | 39,418 |
| 3.63%, 03/15/32 (a)(g) | 40,000 | 34,731 |
| 4.63%, 03/15/52 (a)(g) | 45,000 | 36,951 |
| 5.38%, 02/01/25 (a) | 341,000 | 338,071 |
| Health Care Service Corp. A Mutual Legal Reserve Co. | | |
| 2.20%, 06/01/30 (a)(g) | 56,000 | 46,261 |
| 3.20%, 06/01/50 (a)(g) | 20,000 | 14,153 |
| Healthcare Realty Holdings LP | | |
| 2.00%, 03/15/31 (a) | 30,000 | 23,026 |
| Helmerich & Payne, Inc. | | |
| 2.90%, 09/29/31 (a) | 31,000 | 25,011 |
| Hess Corp. | | |
| 5.60%, 02/15/41 | 5,000 | 4,783 |
| 5.80%, 04/01/47 (a) | 4,000 | 3,889 |
| Hewlett Packard Enterprise Co. | | |
| 6.35%, 10/15/45 (a) | 6,000 | 6,247 |
| Highwoods Realty LP | | |
| 4.13%, 03/15/28 (a) | 21,000 | 18,398 |
| 4.20%, 04/15/29 (a) | 55,000 | 46,688 |
| Home Depot, Inc. | | |
| 2.70%, 04/15/30 (a) | 22,000 | 19,548 |
| 3.35%, 04/15/50 (a) | 40,000 | 30,535 |
| 3.50%, 09/15/56 (a) | 25,000 | 19,257 |
| 3.90%, 12/06/28 - 06/15/47 (a) | 34,000 | 31,020 |
| 4.50%, 12/06/48 (a) | 15,000 | 13,909 |
| 4.95%, 09/15/52 (a) | 25,000 | 24,814 |
| Honeywell International, Inc. | | |
| 1.75%, 09/01/31 (a) | 61,000 | 48,943 |
| 2.70%, 08/15/29 (a) | 3,000 | 2,671 |
| Hormel Foods Corp. | | |
| 1.80%, 06/11/30 (a) | 81,000 | 67,667 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| HSBC Holdings PLC (2.01% fixed rate until 09/22/27; 1.73% +SOFR thereafter) | | |
| 2.01%, 09/22/28 (a)(b) | $ 330,000 | $ 282,688 |
| HSBC Holdings PLC (2.25% fixed rate until 11/22/26; 1.10% + SOFR thereafter) | | |
| 2.25%, 11/22/27 (a)(b) | 200,000 | 177,452 |
| HSBC Holdings PLC (2.87% fixed rate until 11/22/31; 1.41% + SOFR thereafter) | | |
| 2.87%, 11/22/32 (a)(b) | 200,000 | 161,574 |
| HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.61% + 3 month Term SOFR) | | |
| 4.29%, 09/12/26 (a)(b) | 423,000 | 406,757 |
| HSBC Holdings PLC (6.00% fixed rate until 05/22/27; 3.75% + 5 year US ISDA thereafter) | | |
| 6.00%, 05/22/27 (a)(b) | 465,000 | 412,581 |
| Humana, Inc. | | |
| 1.35%, 02/03/27 (a) | 99,000 | 86,165 |
| 2.15%, 02/03/32 (a) | 52,000 | 41,030 |
| Huntington Bancshares, Inc. | | |
| 2.55%, 02/04/30 (a) | 80,000 | 64,121 |
| Huntington Ingalls Industries, Inc. | | |
| 2.04%, 08/16/28 (a) | 77,000 | 64,774 |
| Huntsman International LLC | | |
| 4.50%, 05/01/29 (a) | 79,000 | 72,332 |
| Hyundai Capital America | | |
| 1.30%, 01/08/26 (a)(g) | 155,000 | 138,657 |
| Imperial Brands Finance PLC | | |
| 3.13%, 07/26/24 (a)(g) | 264,000 | 255,074 |
| 3.50%, 07/26/26 (a)(g) | 200,000 | 185,632 |
| Indiana Michigan Power Co. | | |
| 3.25%, 05/01/51 (a) | 47,000 | 32,870 |
| ING Groep NV (6.10% fixed rate until 04/01/26; 1.01% + SOFR thereafter) | | |
| 6.10%, 04/01/27 (a)(b) | 470,000 | 462,593 |
| Ingredion, Inc. | | |
| 3.90%, 06/01/50 (a) | 18,000 | 13,373 |
| Intel Corp. | | |
| 2.00%, 08/12/31 (a) | 62,000 | 50,557 |
| 2.80%, 08/12/41 (a) | 71,000 | 50,628 |
| 3.10%, 02/15/60 (a) | 26,000 | 16,641 |
| 5.63%, 02/10/43 (a) | 77,000 | 78,251 |
| 5.70%, 02/10/53 (a) | 55,000 | 56,025 |
| 5.90%, 02/10/63 (a) | 44,000 | 45,377 |
| Intercontinental Exchange, Inc. | | |
| 2.65%, 09/15/40 (a) | 19,000 | 13,513 |
| | Principal
Amount | Fair
Value |
| International Business Machines Corp. | | |
| 3.45%, 02/19/26 (a) | $ 254,000 | $ 243,370 |
| 4.15%, 05/15/39 (a) | 150,000 | 131,551 |
| 4.25%, 05/15/49 (a) | 150,000 | 127,839 |
| International Paper Co. | | |
| 4.40%, 08/15/47 (a) | 28,000 | 23,568 |
| Interstate Power & Light Co. | | |
| 3.40%, 08/15/25 (a) | 169,000 | 160,041 |
| ITC Holdings Corp. | | |
| 2.95%, 05/14/30 (a)(g) | 116,000 | 99,760 |
| JAB Holdings BV | | |
| 2.20%, 11/23/30 (a)(g) | 250,000 | 196,620 |
| Jabil, Inc. | | |
| 4.25%, 05/15/27 (a) | 163,000 | 155,409 |
| Jacobs Engineering Group, Inc. | | |
| 5.90%, 03/01/33 (a) | 191,000 | 187,438 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | |
| 5.13%, 02/01/28 (a)(g) | 118,000 | 113,215 |
| 5.75%, 04/01/33 (a)(g) | 40,000 | 37,671 |
| John Deere Capital Corp. | | |
| 2.45%, 01/09/30 (a) | 101,000 | 88,682 |
| 3.90%, 06/07/32 (a) | 32,000 | 30,220 |
| Johnson & Johnson | | |
| 3.63%, 03/03/37 (a) | 20,000 | 17,998 |
| Johnson Controls International PLC | | |
| 4.50%, 02/15/47 (a) | 6,000 | 5,240 |
| JPMorgan Chase & Co. (1.58% fixed rate until 04/22/26; 0.89% + SOFR thereafter) | | |
| 1.58%, 04/22/27 (a)(b) | 113,000 | 101,505 |
| JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + 3 month Term SOFR) | | |
| 2.96%, 05/13/31 (a)(b) | 66,000 | 56,476 |
| JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter) | | |
| 3.16%, 04/22/42 (a)(b) | 54,000 | 40,753 |
| JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.62% + 3 month Term SOFR) | | |
| 3.88%, 07/24/38 (a)(b) | 23,000 | 19,845 |
| JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3 month Term SOFR) | | |
| 3.90%, 01/23/49 (a)(b) | 124,000 | 100,208 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.51% + 3 month Term SOFR) | | |
| 3.96%, 01/29/27 (a)(b) | $ 68,000 | $ 65,455 |
| JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.38% + 3 month Term SOFR) | | |
| 4.01%, 04/23/29 (a)(b) | 26,000 | 24,512 |
| JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.72% + 3 month Term SOFR) | | |
| 4.03%, 07/24/48 (a)(b) | 16,000 | 13,302 |
| JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + 3 month Term SOFR) | | |
| 4.49%, 03/24/31 (a)(b) | 99,000 | 95,095 |
| JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + 3 month Term SOFR) | | |
| 4.60%, 02/01/25 (a)(b) | 118,000 | 110,136 |
| Kaiser Foundation Hospitals | | |
| 3.00%, 06/01/51 (a) | 63,000 | 44,174 |
| 3.27%, 11/01/49 (a) | 154,000 | 114,519 |
| Kenvue, Inc. | | |
| 4.90%, 03/22/33 (a)(g) | 428,000 | 432,776 |
| 5.05%, 03/22/53 (a)(g) | 110,000 | 112,135 |
| 5.20%, 03/22/63 (a)(g) | 32,000 | 32,754 |
| Keurig Dr Pepper, Inc. | | |
| 3.20%, 05/01/30 (a) | 46,000 | 41,262 |
| 3.80%, 05/01/50 (a) | 33,000 | 26,047 |
| KeyBank NA (5.41% fixed rate until 07/31/23; 0.32% + SOFR thereafter) | | |
| 5.41%, 06/14/24 (a)(b) | 300,000 | 291,303 |
| Kinder Morgan Energy Partners LP | | |
| 4.70%, 11/01/42 (a) | 5,000 | 4,153 |
| 5.00%, 03/01/43 (a) | 18,000 | 15,520 |
| 6.38%, 03/01/41 (a) | 18,000 | 18,074 |
| Kinder Morgan, Inc. | | |
| 1.75%, 11/15/26 (a) | 189,000 | 167,441 |
| 5.05%, 02/15/46 (a) | 17,000 | 14,548 |
| 5.20%, 06/01/33 (a) | 40,000 | 38,743 |
| KLA Corp. | | |
| 3.30%, 03/01/50 (a) | 41,000 | 30,870 |
| Kraft Heinz Foods Co. | | |
| 5.20%, 07/15/45 (a) | 61,000 | 57,866 |
| Kroger Co. | | |
| 2.20%, 05/01/30 (a) | 35,000 | 28,967 |
| 4.65%, 01/15/48 (a) | 10,000 | 8,796 |
| | Principal
Amount | Fair
Value |
| Kyndryl Holdings, Inc. | | |
| 2.05%, 10/15/26 (a) | $ 76,000 | $ 66,009 |
| 2.70%, 10/15/28 (a) | 155,000 | 126,144 |
| L3Harris Technologies, Inc. | | |
| 3.85%, 12/15/26 (a) | 29,000 | 27,654 |
| Lear Corp. | | |
| 4.25%, 05/15/29 (a) | 26,000 | 24,403 |
| Leidos, Inc. | | |
| 3.63%, 05/15/25 (a) | 32,000 | 30,685 |
| 4.38%, 05/15/30 (a) | 143,000 | 131,740 |
| 5.75%, 03/15/33 (a) | 72,000 | 71,647 |
| Liberty Mutual Group, Inc. | | |
| 3.95%, 05/15/60 (a)(g) | 18,000 | 12,713 |
| Life Storage LP | | |
| 2.20%, 10/15/30 (a) | 55,000 | 43,908 |
| Lincoln National Corp. | | |
| 4.35%, 03/01/48 (a) | 62,000 | 44,767 |
| Lincoln National Corp. (9.25% fixed rate until 12/01/27; 5.32% + 5 year CMT Rate thereafter) | | |
| 9.25%, 12/01/27 (a)(b) | 77,000 | 81,397 |
| Lockheed Martin Corp. | | |
| 3.55%, 01/15/26 (a) | 6,000 | 5,825 |
| 4.50%, 05/15/36 (a) | 37,000 | 35,714 |
| Lowe's Cos., Inc. | | |
| 1.30%, 04/15/28 (a) | 25,000 | 21,147 |
| 1.70%, 09/15/28 - 10/15/30 (a) | 83,000 | 69,697 |
| 3.00%, 10/15/50 (a) | 39,000 | 25,550 |
| 3.70%, 04/15/46 (a) | 6,000 | 4,581 |
| 4.05%, 05/03/47 (a) | 29,000 | 23,313 |
| 5.63%, 04/15/53 (a) | 58,000 | 57,912 |
| LYB International Finance III LLC | | |
| 1.25%, 10/01/25 (a) | 28,000 | 25,332 |
| 3.63%, 04/01/51 (a) | 40,000 | 27,758 |
| 3.80%, 10/01/60 (a) | 17,000 | 11,476 |
| M&T Bank Corp. (5.05% fixed rate until 01/27/33; 1.85% +SOFR thereafter) | | |
| 5.05%, 01/27/34 (a)(b) | 262,000 | 239,046 |
| Marsh & McLennan Cos., Inc. | | |
| 2.90%, 12/15/51 (a) | 41,000 | 27,494 |
| McCormick & Co., Inc. | | |
| 1.85%, 02/15/31 (a) | 26,000 | 20,603 |
| 3.25%, 11/15/25 (a) | 286,000 | 270,364 |
| McDonald's Corp. | | |
| 3.60%, 07/01/30 (a) | 61,000 | 56,757 |
| 3.63%, 09/01/49 (a) | 13,000 | 10,258 |
| 4.88%, 12/09/45 (a) | 17,000 | 16,250 |
| Medtronic Global Holdings SCA | | |
| 4.50%, 03/30/33 (a) | 261,000 | 255,814 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Medtronic, Inc. | | |
| 4.63%, 03/15/45 (a) | $ 6,000 | $ 5,830 |
| Memorial Sloan-Kettering Cancer Center | | |
| 4.13%, 07/01/52 (a) | 80,000 | 67,852 |
| Mercedes-Benz Finance North America LLC | | |
| 5.38%, 11/26/25 (a)(g) | 245,000 | 245,088 |
| Merck & Co., Inc. | | |
| 1.90%, 12/10/28 (a) | 121,000 | 105,692 |
| 2.45%, 06/24/50 (a) | 58,000 | 37,988 |
| 2.75%, 12/10/51 (a) | 38,000 | 26,224 |
| 2.90%, 12/10/61 (a) | 19,000 | 12,624 |
| 4.00%, 03/07/49 (a) | 12,000 | 10,609 |
| 4.50%, 05/17/33 (a) | 156,000 | 154,824 |
| 5.00%, 05/17/53 (a) | 44,000 | 44,550 |
| Meta Platforms, Inc. | | |
| 3.85%, 08/15/32 (a) | 118,000 | 109,597 |
| 4.45%, 08/15/52 (a) | 77,000 | 67,054 |
| MetLife, Inc. | | |
| 4.72%, 12/15/44 (a) | 26,000 | 23,112 |
| Microchip Technology, Inc. | | |
| 2.67%, 09/01/23 (a) | 281,000 | 279,491 |
| Micron Technology, Inc. | | |
| 3.37%, 11/01/41 (a) | 52,000 | 36,272 |
| 3.48%, 11/01/51 (a) | 71,000 | 47,310 |
| Microsoft Corp. | | |
| 2.40%, 08/08/26 (a) | 28,000 | 26,278 |
| 2.68%, 06/01/60 (a) | 10,000 | 6,698 |
| 2.92%, 03/17/52 (a) | 76,000 | 56,482 |
| 3.45%, 08/08/36 (a) | 6,000 | 5,470 |
| 3.50%, 02/12/35 (a) | 24,000 | 22,459 |
| Mid-America Apartments LP | | |
| 2.88%, 09/15/51 (a) | 61,000 | 39,580 |
| Mizuho Financial Group, Inc. | | |
| 2.84%, 09/13/26 (a) | 489,000 | 447,792 |
| Molson Coors Beverage Co. | | |
| 4.20%, 07/15/46 (a) | 10,000 | 8,239 |
| Morgan Stanley | | |
| 3.70%, 10/23/24 (a) | 18,000 | 17,573 |
| 3.97%, 07/22/38 (a)(b) | 26,000 | 22,056 |
| 4.35%, 09/08/26 (a) | 81,000 | 78,234 |
| 4.38%, 01/22/47 (a) | 25,000 | 22,332 |
| Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | | |
| 1.51%, 07/20/27 (a)(b) | 62,000 | 54,938 |
| Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | | |
| 2.48%, 09/16/36 (a)(b) | 242,000 | 183,170 |
| | Principal
Amount | Fair
Value |
| Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | | |
| 2.80%, 01/25/52 (a)(b) | $ 120,000 | $ 78,818 |
| MPLX LP | | |
| 2.65%, 08/15/30 (a) | 47,000 | 39,366 |
| 5.20%, 12/01/47 (a) | 10,000 | 8,760 |
| Mylan, Inc. | | |
| 5.20%, 04/15/48 (a) | 18,000 | 14,003 |
| Nasdaq, Inc. | | |
| 5.95%, 08/15/53 (a) | 30,000 | 30,704 |
| 6.10%, 06/28/63 (a) | 40,000 | 40,931 |
| National Australia Bank Ltd. (3.35% fixed rate until 01/12/32; 1.70% + 5 year CMT Rate thereafter) | | |
| 3.35%, 01/12/37 (a)(b)(g) | 254,000 | 200,386 |
| NewMarket Corp. | | |
| 2.70%, 03/18/31 (a) | 40,000 | 32,730 |
| Newmont Corp. | | |
| 4.88%, 03/15/42 (a) | 26,000 | 24,159 |
| NextEra Energy Capital Holdings, Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter) | | |
| 5.65%, 05/01/79 (a)(b) | 41,000 | 38,138 |
| NGPL PipeCo LLC | | |
| 3.25%, 07/15/31 (a)(g) | 80,000 | 66,006 |
| NIKE, Inc. | | |
| 3.38%, 03/27/50 (a) | 16,000 | 12,960 |
| NiSource, Inc. | | |
| 3.60%, 05/01/30 (a) | 48,000 | 43,240 |
| 3.95%, 03/30/48 (a) | 8,000 | 6,420 |
| 5.25%, 03/30/28 (a) | 302,000 | 302,302 |
| NNN REIT, Inc. | | |
| 4.00%, 11/15/25 (a) | 35,000 | 33,316 |
| Norfolk Southern Corp. | | |
| 3.95%, 10/01/42 (a) | 26,000 | 21,313 |
| Northwestern Mutual Life Insurance Co. | | |
| 3.45%, 03/30/51 (a)(g) | 100,000 | 71,531 |
| NOV, Inc. | | |
| 3.60%, 12/01/29 (a) | 61,000 | 54,396 |
| Novant Health, Inc. | | |
| 3.32%, 11/01/61 (a) | 48,000 | 33,195 |
| Novartis Capital Corp. | | |
| 2.20%, 08/14/30 (a) | 69,000 | 59,726 |
| 3.00%, 11/20/25 (a) | 6,000 | 5,741 |
| Nutrien Ltd. | | |
| 4.90%, 03/27/28 - 06/01/43 (a) | 230,000 | 223,910 |
| NVIDIA Corp. | | |
| 3.50%, 04/01/50 (a) | 28,000 | 22,744 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | | |
| 3.25%, 11/30/51 (a) | $ 100,000 | $ 66,938 |
| Occidental Petroleum Corp. | | |
| 6.13%, 01/01/31 (a) | 133,000 | 135,036 |
| Oklahoma Gas & Electric Co. | | |
| 3.25%, 04/01/30 (a) | 40,000 | 35,602 |
| Oncor Electric Delivery Co. LLC | | |
| 3.80%, 09/30/47 (a) | 8,000 | 6,432 |
| ONEOK, Inc. | | |
| 4.35%, 03/15/29 (a) | 37,000 | 34,428 |
| 6.10%, 11/15/32 (a) | 55,000 | 55,948 |
| Oracle Corp. | | |
| 2.30%, 03/25/28 (a) | 26,000 | 22,937 |
| 2.65%, 07/15/26 (a) | 40,000 | 37,037 |
| 2.88%, 03/25/31 (a) | 41,000 | 34,943 |
| 2.95%, 04/01/30 (a) | 61,000 | 53,251 |
| 3.60%, 04/01/50 (a) | 40,000 | 28,562 |
| 3.65%, 03/25/41 (a) | 43,000 | 33,121 |
| 3.80%, 11/15/37 (a) | 5,000 | 4,089 |
| 3.95%, 03/25/51 (a) | 24,000 | 18,121 |
| 4.00%, 07/15/46 - 11/15/47 (a) | 51,000 | 39,251 |
| 4.10%, 03/25/61 (a) | 53,000 | 39,000 |
| 5.55%, 02/06/53 (a) | 36,000 | 34,880 |
| 6.15%, 11/09/29 (a) | 135,000 | 140,628 |
| 6.90%, 11/09/52 (a) | 36,000 | 40,341 |
| Otis Worldwide Corp. | | |
| 2.06%, 04/05/25 (a) | 71,000 | 66,944 |
| 2.57%, 02/15/30 (a) | 25,000 | 21,559 |
| 3.36%, 02/15/50 (a) | 26,000 | 19,033 |
| Pacific Gas & Electric Co. | | |
| 2.10%, 08/01/27 (a) | 40,000 | 34,306 |
| 2.50%, 02/01/31 (a) | 69,000 | 54,128 |
| 3.00%, 06/15/28 (a) | 65,000 | 56,297 |
| 3.30%, 08/01/40 (a) | 69,000 | 46,568 |
| 3.50%, 08/01/50 (a) | 28,000 | 17,858 |
| 4.30%, 03/15/45 (a) | 46,000 | 32,792 |
| PacifiCorp | | |
| 2.70%, 09/15/30 (a) | 42,000 | 34,990 |
| 2.90%, 06/15/52 (a) | 88,000 | 54,922 |
| 6.25%, 10/15/37 (a) | 2,000 | 1,999 |
| Packaging Corp. of America | | |
| 3.05%, 10/01/51 (a) | 54,000 | 35,763 |
| Paramount Global | | |
| 2.90%, 01/15/27 (a) | 17,000 | 15,292 |
| 3.70%, 06/01/28 (a) | 16,000 | 14,240 |
| 5.25%, 04/01/44 (a) | 4,000 | 3,039 |
| Parker-Hannifin Corp. | | |
| 3.25%, 06/14/29 (a) | 35,000 | 31,849 |
| 4.50%, 09/15/29 (a) | 60,000 | 58,341 |
| | Principal
Amount | Fair
Value |
| PayPal Holdings, Inc. | | |
| 2.65%, 10/01/26 (a) | $ 53,000 | $ 49,285 |
| 3.25%, 06/01/50 (a) | 28,000 | 20,264 |
| PepsiCo, Inc. | | |
| 1.63%, 05/01/30 (a) | 39,000 | 32,469 |
| 2.63%, 07/29/29 (a) | 53,000 | 47,755 |
| 2.75%, 10/21/51 (a) | 93,000 | 66,816 |
| Pfizer Investment Enterprises Pte. Ltd. | | |
| 4.45%, 05/19/28 (a) | 239,000 | 235,073 |
| 4.75%, 05/19/33 (a) | 142,000 | 141,524 |
| 5.30%, 05/19/53 (a) | 28,000 | 29,155 |
| 5.34%, 05/19/63 (a) | 88,000 | 89,057 |
| Pfizer, Inc. | | |
| 2.70%, 05/28/50 (a) | 84,000 | 59,145 |
| 3.90%, 03/15/39 (a) | 23,000 | 20,592 |
| 4.13%, 12/15/46 (a) | 19,000 | 17,081 |
| 4.40%, 05/15/44 (a) | 5,000 | 4,745 |
| Philip Morris International, Inc. | | |
| 1.50%, 05/01/25 (a) | 45,000 | 42,090 |
| 2.10%, 05/01/30 (a) | 18,000 | 14,900 |
| 3.38%, 08/15/29 (a) | 27,000 | 24,387 |
| 4.13%, 03/04/43 (a) | 14,000 | 11,432 |
| 5.13%, 02/15/30 (a) | 233,000 | 230,449 |
| 5.38%, 02/15/33 (a) | 77,000 | 76,862 |
| 5.63%, 11/17/29 (a) | 60,000 | 61,135 |
| Phillips 66 Co. | | |
| 2.15%, 12/15/30 (a) | 223,000 | 182,022 |
| 3.15%, 12/15/29 (a) | 110,000 | 96,017 |
| 3.30%, 03/15/52 (a) | 66,000 | 45,391 |
| 3.75%, 03/01/28 (a) | 6,000 | 5,625 |
| 4.68%, 02/15/45 (a) | 24,000 | 20,499 |
| Pilgrim's Pride Corp. | | |
| 6.25%, 07/01/33 (a) | 77,000 | 74,907 |
| Pioneer Natural Resources Co. | | |
| 1.13%, 01/15/26 (a) | 62,000 | 55,895 |
| 2.15%, 01/15/31 (a) | 35,000 | 28,661 |
| Plains All American Pipeline LP/PAA Finance Corp. | | |
| 3.55%, 12/15/29 (a) | 47,000 | 41,390 |
| PPL Capital Funding, Inc. | | |
| 3.10%, 05/15/26 (a) | 50,000 | 47,230 |
| Precision Castparts Corp. | | |
| 4.38%, 06/15/45 (a) | 25,000 | 22,347 |
| Progressive Corp. | | |
| 3.00%, 03/15/32 (a) | 78,000 | 68,166 |
| 3.70%, 03/15/52 (a) | 20,000 | 15,760 |
| Prologis LP | | |
| 3.05%, 03/01/50 (a) | 17,000 | 11,730 |
| 3.25%, 06/30/26 (a) | 16,000 | 15,165 |
| Prospect Capital Corp. | | |
| 3.36%, 11/15/26 (a) | 74,000 | 62,328 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Prudential Financial, Inc. | | |
| 3.94%, 12/07/49 (a) | $ 41,000 | $ 32,664 |
| Prudential Financial, Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter) | | |
| 5.70%, 09/15/48 (a)(b) | 37,000 | 35,547 |
| Public Service Co. of Colorado | | |
| 3.70%, 06/15/28 (a) | 41,000 | 38,889 |
| PVH Corp. | | |
| 4.63%, 07/10/25 (a) | 115,000 | 111,112 |
| QUALCOMM, Inc. | | |
| 4.30%, 05/20/47 (a) | 5,000 | 4,527 |
| 4.50%, 05/20/52 (a) | 77,000 | 70,072 |
| Quanta Services, Inc. | | |
| 2.35%, 01/15/32 (a) | 67,000 | 52,737 |
| 3.05%, 10/01/41 (a) | 74,000 | 51,360 |
| Quest Diagnostics, Inc. | | |
| 2.95%, 06/30/30 (a) | 16,000 | 14,075 |
| Raytheon Technologies Corp. | | |
| 1.90%, 09/01/31 (a) | 76,000 | 60,735 |
| 2.82%, 09/01/51 (a) | 52,000 | 34,920 |
| 3.13%, 05/04/27 (a) | 61,000 | 57,092 |
| 3.50%, 03/15/27 (a) | 20,000 | 19,021 |
| 3.95%, 08/16/25 (a) | 18,000 | 17,635 |
| 4.15%, 05/15/45 (a) | 22,000 | 18,757 |
| 4.45%, 11/16/38 (a) | 18,000 | 16,600 |
| Realty Income Corp. | | |
| 2.85%, 12/15/32 (a) | 37,000 | 30,160 |
| 3.00%, 01/15/27 (a) | 7,000 | 6,467 |
| 3.25%, 01/15/31 (a) | 39,000 | 34,102 |
| Regeneron Pharmaceuticals, Inc. | | |
| 1.75%, 09/15/30 (a) | 81,000 | 64,560 |
| Regions Financial Corp. | | |
| 1.80%, 08/12/28 (a) | 156,000 | 127,031 |
| RenaissanceRe Holdings Ltd. | | |
| 5.75%, 06/05/33 (a) | 145,000 | 142,016 |
| Republic Services, Inc. | | |
| 2.38%, 03/15/33 (a) | 108,000 | 87,947 |
| 5.00%, 04/01/34 (a) | 73,000 | 72,768 |
| Reynolds American, Inc. | | |
| 4.45%, 06/12/25 (a) | 4,000 | 3,889 |
| Rio Tinto Finance USA Ltd. | | |
| 2.75%, 11/02/51 (a) | 100,000 | 68,367 |
| Rio Tinto Finance USA PLC | | |
| 4.13%, 08/21/42 (a) | 14,000 | 12,299 |
| Rockwell Automation, Inc. | | |
| 2.80%, 08/15/61 (a) | 21,000 | 13,720 |
| 4.20%, 03/01/49 (a) | 27,000 | 24,151 |
| Rogers Communications, Inc. | | |
| 5.00%, 03/15/44 (a) | 6,000 | 5,312 |
| Roper Technologies, Inc. | | |
| 2.95%, 09/15/29 (a) | 41,000 | 36,280 |
| | Principal
Amount | Fair
Value |
| Ross Stores, Inc. | | |
| 4.70%, 04/15/27 (a) | $ 12,000 | $ 11,696 |
| Royalty Pharma PLC | | |
| 0.75%, 09/02/23 (a) | 53,000 | 52,495 |
| 1.20%, 09/02/25 (a) | 70,000 | 63,215 |
| 1.75%, 09/02/27 (a) | 34,000 | 29,271 |
| 2.20%, 09/02/30 (a) | 11,000 | 8,849 |
| 3.30%, 09/02/40 (a) | 5,000 | 3,560 |
| RPM International, Inc. | | |
| 3.75%, 03/15/27 (a) | 16,000 | 15,019 |
| Ryder System, Inc. | | |
| 2.90%, 12/01/26 (a) | 107,000 | 97,921 |
| Salesforce, Inc. | | |
| 1.95%, 07/15/31 (a) | 50,000 | 41,277 |
| 2.70%, 07/15/41 (a) | 66,000 | 48,356 |
| Saudi Arabian Oil Co. | | |
| 3.50%, 04/16/29 (a)(g) | 254,000 | 234,297 |
| 4.38%, 04/16/49 (a)(g) | 254,000 | 216,797 |
| Schlumberger Holdings Corp. | | |
| 3.90%, 05/17/28 (a)(g) | 31,000 | 29,204 |
| Schlumberger Investment SA | | |
| 4.85%, 05/15/33 (a) | 164,000 | 161,663 |
| Sealed Air Corp. | | |
| 1.57%, 10/15/26 (a)(g) | 278,000 | 242,010 |
| Selective Insurance Group, Inc. | | |
| 5.38%, 03/01/49 (a) | 15,000 | 13,833 |
| Sempra Energy | | |
| 3.80%, 02/01/38 (a) | 8,000 | 6,628 |
| 4.00%, 02/01/48 (a) | 14,000 | 10,888 |
| Sempra Energy (4.13% fixed rate until 01/01/27; 2.87% + 5 year CMT Rate thereafter) | | |
| 4.13%, 04/01/52 (a)(b) | 111,000 | 89,869 |
| Shell International Finance BV | | |
| 3.13%, 11/07/49 (a) | 39,000 | 28,406 |
| 3.75%, 09/12/46 (a) | 13,000 | 10,612 |
| Shire Acquisitions Investments Ireland DAC | | |
| 2.88%, 09/23/23 (a) | 4,000 | 3,972 |
| 3.20%, 09/23/26 (a) | 6,000 | 5,631 |
| Simon Property Group LP | | |
| 3.38%, 06/15/27 (a) | 22,000 | 20,450 |
| Sonoco Products Co. | | |
| 2.85%, 02/01/32 (a) | 76,000 | 63,316 |
| Southern California Edison Co. | | |
| 4.00%, 04/01/47 (a) | 83,000 | 66,149 |
| 4.20%, 03/01/29 (a) | 60,000 | 57,045 |
| Southern Co. | | |
| 3.25%, 07/01/26 (a) | 8,000 | 7,532 |
| 3.70%, 04/30/30 (a) | 88,000 | 80,817 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Southern Co. Gas Capital Corp. | | |
| 3.95%, 10/01/46 (a) | $ 45,000 | $ 34,726 |
| 4.40%, 05/30/47 (a) | 5,000 | 4,154 |
| Southwest Airlines Co. | | |
| 2.63%, 02/10/30 (a) | 61,000 | 51,951 |
| Southwestern Electric Power Co. | | |
| 2.75%, 10/01/26 (a) | 30,000 | 27,609 |
| Spectra Energy Partners LP | | |
| 3.38%, 10/15/26 (a) | 6,000 | 5,638 |
| 4.50%, 03/15/45 (a) | 5,000 | 4,117 |
| Stanley Black & Decker, Inc. | | |
| 3.00%, 05/15/32 (a) | 87,000 | 73,949 |
| Starbucks Corp. | | |
| 4.00%, 11/15/28 (a) | 16,000 | 15,358 |
| STERIS Irish FinCo UnLtd Co. | | |
| 2.70%, 03/15/31 (a) | 198,000 | 165,312 |
| Stryker Corp. | | |
| 1.95%, 06/15/30 (a) | 93,000 | 77,736 |
| Sumitomo Mitsui Financial Group, Inc. | | |
| 4.44%, 04/02/24 (a)(g) | 466,000 | 459,224 |
| Sumitomo Mitsui Trust Bank Ltd. | | |
| 1.35%, 09/16/26 (a)(g) | 484,000 | 424,763 |
| Suncor Energy, Inc. | | |
| 4.00%, 11/15/47 (a) | 6,000 | 4,643 |
| Svenska Handelsbanken AB (1.42% fixed rate until 06/11/26; 0.63% + 1 year CMT Rate thereafter) | | |
| 1.42%, 06/11/27 (a)(b)(g) | 250,000 | 219,215 |
| Sysco Corp. | | |
| 3.25%, 07/15/27 (a) | 18,000 | 16,821 |
| 5.95%, 04/01/30 (a) | 6,000 | 6,276 |
| 6.60%, 04/01/50 (a) | 7,000 | 7,981 |
| Takeda Pharmaceutical Co. Ltd. | | |
| 2.05%, 03/31/30 (a) | 200,000 | 166,284 |
| 3.18%, 07/09/50 (a) | 200,000 | 140,704 |
| Take-Two Interactive Software, Inc. | | |
| 3.70%, 04/14/27 (a) | 187,000 | 177,156 |
| 4.00%, 04/14/32 (a) | 40,000 | 36,647 |
| Tampa Electric Co. | | |
| 2.40%, 03/15/31 (a) | 87,000 | 71,309 |
| 3.45%, 03/15/51 (a) | 54,000 | 38,745 |
| 4.35%, 05/15/44 (a) | 58,000 | 48,903 |
| Tapestry, Inc. | | |
| 4.13%, 07/15/27 (a) | 5,000 | 4,698 |
| | Principal
Amount | Fair
Value |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | |
| 5.00%, 01/15/28 (a) | $ 182,000 | $ 174,290 |
| Target Corp. | | |
| 1.95%, 01/15/27 (a) | 27,000 | 24,720 |
| Teck Resources Ltd. | | |
| 5.40%, 02/01/43 (a) | 20,000 | 18,181 |
| Texas Instruments, Inc. | | |
| 3.88%, 03/15/39 (a) | 29,000 | 26,007 |
| Thermo Fisher Scientific, Inc. | | |
| 2.80%, 10/15/41 (a) | 52,000 | 38,708 |
| Time Warner Cable LLC | | |
| 6.55%, 05/01/37 (a) | 17,000 | 16,349 |
| T-Mobile USA, Inc. | | |
| 3.50%, 04/15/31 (a) | 232,000 | 204,619 |
| 3.75%, 04/15/27 (a) | 90,000 | 85,261 |
| 4.50%, 04/15/50 (a) | 18,000 | 15,465 |
| 4.80%, 07/15/28 (a) | 219,000 | 214,959 |
| Toronto-Dominion Bank | | |
| 3.20%, 03/10/32 (a) | 163,000 | 140,927 |
| 4.46%, 06/08/32 (a) | 83,000 | 78,850 |
| Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + 5 year Swap Rate thereafter) | | |
| 3.63%, 09/15/31 (a)(b) | 30,000 | 27,633 |
| TotalEnergies Capital International SA | | |
| 3.46%, 02/19/29 (a) | 42,000 | 39,217 |
| Tractor Supply Co. | | |
| 5.25%, 05/15/33 (a) | 77,000 | 76,331 |
| Trane Technologies Luxembourg Finance SA | | |
| 3.55%, 11/01/24 (a) | 39,000 | 37,837 |
| 3.80%, 03/21/29 (a) | 6,000 | 5,652 |
| TransCanada PipeLines Ltd. | | |
| 4.25%, 05/15/28 (a) | 54,000 | 51,537 |
| 4.88%, 01/15/26 (a) | 11,000 | 10,875 |
| Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter) | | |
| 5.63%, 05/20/75 (a)(b) | 116,000 | 110,988 |
| Transcontinental Gas Pipe Line Co. LLC | | |
| 4.00%, 03/15/28 (a) | 22,000 | 20,715 |
| Travelers Cos., Inc. | | |
| 2.55%, 04/27/50 (a) | 81,000 | 52,175 |
| Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter) | | |
| 4.80%, 09/01/24 (a)(b) | 158,000 | 133,897 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| TWDC Enterprises 18 Corp. | | |
| 4.13%, 06/01/44 (a) | $ 5,000 | $ 4,389 |
| Tyco Electronics Group SA | | |
| 3.13%, 08/15/27 (a) | 21,000 | 19,643 |
| Tyson Foods, Inc. | | |
| 4.00%, 03/01/26 (a) | 98,000 | 94,671 |
| U.S. Bancorp (4.97% fixed rate until 07/22/32; 2.11% + SOFR thereafter) | | |
| 4.97%, 07/22/33 (a)(b) | 175,000 | 158,676 |
| UDR, Inc. | | |
| 2.10%, 08/01/32 (a) | 52,000 | 39,541 |
| 3.00%, 08/15/31 (a) | 30,000 | 25,491 |
| Union Pacific Corp. | | |
| 3.55%, 05/20/61 (a) | 47,000 | 34,780 |
| 3.60%, 09/15/37 (a) | 8,000 | 6,831 |
| 3.80%, 04/06/71 (a) | 24,000 | 18,396 |
| 4.10%, 09/15/67 (a) | 18,000 | 14,913 |
| UnitedHealth Group, Inc. | | |
| 2.00%, 05/15/30 (a) | 64,000 | 53,896 |
| 4.20%, 05/15/32 (a) | 64,000 | 61,073 |
| 4.45%, 12/15/48 (a) | 40,000 | 36,456 |
| 4.75%, 07/15/45 - 05/15/52 (a) | 68,000 | 64,609 |
| 5.05%, 04/15/53 (a) | 88,000 | 87,360 |
| 5.20%, 04/15/63 (a) | 88,000 | 87,783 |
| 6.05%, 02/15/63 (a) | 25,000 | 28,260 |
| Utah Acquisition Sub, Inc. | | |
| 3.95%, 06/15/26 (a) | 323,000 | 306,730 |
| Vale Overseas Ltd. | | |
| 6.13%, 06/12/33 (a) | 110,000 | 110,265 |
| Ventas Realty LP | | |
| 3.25%, 10/15/26 (a) | 29,000 | 26,585 |
| Verizon Communications, Inc. | | |
| 2.36%, 03/15/32 (a) | 110,000 | 88,481 |
| 2.55%, 03/21/31 (a) | 76,000 | 63,474 |
| 3.00%, 03/22/27 (a) | 144,000 | 134,542 |
| 3.40%, 03/22/41 (a) | 54,000 | 41,653 |
| 3.55%, 03/22/51 (a) | 40,000 | 29,871 |
| 3.70%, 03/22/61 (a) | 60,000 | 43,639 |
| 4.40%, 11/01/34 (a) | 41,000 | 37,819 |
| 4.86%, 08/21/46 (a) | 90,000 | 82,471 |
| Viatris, Inc. | | |
| 1.65%, 06/22/25 (a) | 276,000 | 254,072 |
| 4.00%, 06/22/50 (a) | 32,000 | 21,168 |
| Virginia Electric & Power Co. | | |
| 4.00%, 11/15/46 (a) | 51,000 | 40,540 |
| Visa, Inc. | | |
| 2.70%, 04/15/40 (a) | 41,000 | 31,459 |
| Vistra Operations Co. LLC | | |
| 3.55%, 07/15/24 (a)(g) | 163,000 | 157,429 |
| Viterra Finance BV | | |
| 2.00%, 04/21/26 (a)(g) | 373,000 | 332,891 |
| | Principal
Amount | Fair
Value |
| Volkswagen Group of America Finance LLC | | |
| 1.63%, 11/24/27 (a)(g) | $ 232,000 | $ 198,353 |
| Vontier Corp. | | |
| 2.40%, 04/01/28 (a) | 106,000 | 88,497 |
| 2.95%, 04/01/31 (a) | 81,000 | 64,773 |
| Vornado Realty LP | | |
| 2.15%, 06/01/26 (a) | 96,000 | 81,318 |
| 3.50%, 01/15/25 (a) | 18,000 | 16,951 |
| Walgreens Boots Alliance, Inc. | | |
| 4.10%, 04/15/50 (a) | 4,000 | 2,848 |
| Walmart, Inc. | | |
| 1.80%, 09/22/31 (a) | 52,000 | 43,182 |
| 2.50%, 09/22/41 (a) | 52,000 | 38,738 |
| 2.65%, 09/22/51 (a) | 26,000 | 18,492 |
| Walt Disney Co. | | |
| 2.65%, 01/13/31 (a) | 61,000 | 53,082 |
| 3.38%, 11/15/26 (a) | 5,000 | 4,758 |
| 3.60%, 01/13/51 (a) | 39,000 | 31,035 |
| 4.75%, 11/15/46 (a) | 5,000 | 4,714 |
| 6.65%, 11/15/37 (a) | 40,000 | 46,316 |
| Warnermedia Holdings, Inc. | | |
| 4.28%, 03/15/32 (a) | 232,000 | 205,568 |
| 5.05%, 03/15/42 (a) | 20,000 | 16,779 |
| 5.14%, 03/15/52 (a) | 20,000 | 16,309 |
| 5.39%, 03/15/62 (a) | 20,000 | 16,255 |
| Waste Connections, Inc. | | |
| 2.20%, 01/15/32 (a) | 71,000 | 57,411 |
| 2.95%, 01/15/52 (a) | 71,000 | 48,673 |
| WEC Energy Group, Inc. | | |
| 3.55%, 06/15/25 (a) | 9,000 | 8,607 |
| Wells Fargo & Co. | | |
| 4.15%, 01/24/29 (a) | 69,000 | 65,386 |
| 4.75%, 12/07/46 (a) | 69,000 | 58,691 |
| 5.88%, 06/15/25 (a)(b) | 132,000 | 129,530 |
| Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter) | | |
| 2.19%, 04/30/26 (a)(b) | 91,000 | 85,291 |
| Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | | |
| 2.39%, 06/02/28 (a)(b) | 166,000 | 148,039 |
| Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | | |
| 3.07%, 04/30/41 (a)(b) | 83,000 | 60,900 |
| Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.43% + 1 month Term SOFR) | | |
| 3.20%, 06/17/27 (a)(b) | 190,000 | 178,494 |
| Westlake Corp. | | |
| 2.88%, 08/15/41 (a) | 28,000 | 18,675 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 3.13%, 08/15/51 (a) | $ 32,000 | $ 20,063 |
| 3.38%, 08/15/61 (a) | 31,000 | 18,896 |
| Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter) | | |
| 2.89%, 02/04/30 (a)(b) | 64,000 | 59,825 |
| Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter) | | |
| 4.11%, 07/24/34 (a)(b) | 46,000 | 40,133 |
| Weyerhaeuser Co. | | |
| 4.00%, 03/09/52 (a) | 55,000 | 43,900 |
| Williams Cos., Inc. | | |
| 3.75%, 06/15/27 (a) | 5,000 | 4,722 |
| 4.85%, 03/01/48 (a) | 18,000 | 15,665 |
| 4.90%, 01/15/45 (a) | 47,000 | 41,113 |
| 5.30%, 08/15/52 (a) | 32,000 | 29,568 |
| 5.40%, 03/04/44 (a) | 5,000 | 4,616 |
| Willis North America, Inc. | | |
| 3.88%, 09/15/49 (a) | 41,000 | 29,823 |
| Workday, Inc. | | |
| 3.50%, 04/01/27 (a) | 68,000 | 64,453 |
| 3.70%, 04/01/29 (a) | 135,000 | 125,253 |
| WPP Finance 2010 | | |
| 3.75%, 09/19/24 (a) | 26,000 | 25,220 |
| Xcel Energy, Inc. | | |
| 3.40%, 06/01/30 (a) | 55,000 | 49,002 |
| Yamana Gold, Inc. | | |
| 2.63%, 08/15/31 (a) | 81,000 | 63,142 |
| Zoetis, Inc. | | |
| 3.00%, 09/12/27 (a) | 5,000 | 4,658 |
| 3.90%, 08/20/28 (a) | 25,000 | 23,993 |
| 5.60%, 11/16/32 (a) | 147,000 | 153,662 |
| | | 52,292,369 |
| Non-Agency Collateralized Mortgage Obligations - 6.1% |
| Bank | | |
| 3.18%, 09/15/60 (a) | 2,398,000 | 2,162,656 |
| 4.41%, 11/15/61 (a)(b) | 1,001,000 | 949,536 |
| BPR Trust 1.90% + 1 month Term SOFR | | |
| 7.05%, 04/15/37 (a)(b)(g) | 372,398 | 362,566 |
| Cantor Commercial Real Estate Lending | | |
| 3.01%, 01/15/53 (a) | 460,000 | 394,576 |
| CD Mortgage Trust | | |
| 2.91%, 08/15/57 (a) | 839,000 | 716,829 |
| Citigroup Commercial Mortgage Trust | | |
| 4.03%, 12/10/49 (a)(b) | 336,823 | 306,851 |
| COMM Mortgage Trust | | |
| 3.92%, 10/15/45 (a)(g) | 191,000 | 156,604 |
| | Principal
Amount | Fair
Value |
| 4.53%, 02/10/47 (a)(b) | $ 240,000 | $ 234,143 |
| 4.56%, 08/10/46 (a)(b)(g) | 170,000 | 169,298 |
| GS Mortgage Securities Trust | | |
| 2.75%, 09/10/52 (a) | 1,523,000 | 1,295,158 |
| 3.05%, 11/10/52 (a) | 743,000 | 641,403 |
| 4.14%, 03/10/51 (a)(b) | 291,000 | 261,558 |
| 4.56%, 11/10/48 (a)(b) | 380,000 | 285,677 |
| Impac CMB Trust 0.72% + 1 month USD LIBOR | | |
| 5.87%, 10/25/34 (b) | 15,466 | 15,024 |
| JPMBB Commercial Mortgage Securities Trust | | |
| 4.81%, 11/15/48 (a)(b) | 250,000 | 189,687 |
| MASTR Alternative Loan Trust | | |
| 5.00%, 08/25/18 (d) | 1,526 | 83 |
| Morgan Stanley Bank of America Merrill Lynch Trust | | |
| 0.98%, 03/15/48 (a)(b)(d) | 2,967,468 | 26,802 |
| Wells Fargo Commercial Mortgage Trust | | |
| 1.32%, 02/15/48 (a)(b)(d) | 2,303,947 | 29,825 |
| 4.32%, 08/15/50 (a) | 485,082 | 369,154 |
| WFRBS Commercial Mortgage Trust | | |
| 4.26%, 12/15/46 (a) | 235,000 | 232,720 |
| 4.35%, 03/15/47 (a)(b) | 533,000 | 522,150 |
| | | 9,322,300 |
| Sovereign Bonds - 1.1% |
| Chile Government International Bonds | | |
| 2.55%, 01/27/32 (a) | 290,000 | 248,104 |
| 3.86%, 06/21/47 (a) | 200,000 | 163,894 |
| Mexico Government International Bonds | | |
| 4.75%, 03/08/44 (a) | 200,000 | 171,668 |
| Panama Government International Bonds | | |
| 3.16%, 01/23/30 (a) | 200,000 | 175,044 |
| 3.87%, 07/23/60 (a) | 200,000 | 132,322 |
| Peruvian Government International Bonds | | |
| 1.86%, 12/01/32 (a) | 140,000 | 107,856 |
| 2.78%, 12/01/60 (a) | 230,000 | 140,102 |
| 5.63%, 11/18/50 (a) | 105,000 | 107,667 |
| Philippines Government International Bonds | | |
| 3.95%, 01/20/40 (a) | 200,000 | 173,722 |
| Qatar Government International Bonds | | |
| 4.82%, 03/14/49 (a)(g) | 258,000 | 248,093 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Uruguay Government International Bonds | | |
| 5.10%, 06/18/50 (a) | $ 105,744 | $ 105,618 |
| | | 1,774,090 |
| Municipal Bonds and Notes - 0.5% |
| American Municipal Power, Inc., OH | | |
| 6.27%, 02/15/50 | 125,000 | 137,107 |
| Board of Regents of the University of Texas System, TX | | |
| 3.35%, 08/15/47 | 115,000 | 92,550 |
| Port Authority of New York & New Jersey, NY | | |
| 4.46%, 10/01/62 | 220,000 | 200,958 |
| State of California, CA | | |
| 4.60%, 04/01/38 | 200,000 | 191,722 |
| State of Illinois, IL | | |
| 5.10%, 06/01/33 | 95,000 | 93,357 |
| | | 715,694 |
Total Bonds and Notes
(Cost $163,542,965) | | 149,615,755 |
| | Number
of Shares | Fair
Value |
| Domestic Equity - 0.1% |
| Preferred Stock - 0.1% |
Wells Fargo & Co. 5.85%, (5.85% fixed rate until 09/15/23; 3.09% + 3 month USD LIBOR thereafter)
(Cost $186,475) (b) | 7,459 | $ 186,550 |
Total Investments in Securities
(Cost $163,729,440) | | 149,802,305 |
| Short-Term Investments - 18.1% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.07% (h)(i)
(Cost $27,651,163) | 27,651,163 | 27,651,163 |
Total Investments
(Cost $191,380,603) | | 177,453,468 |
| Liabilities in Excess of Other Assets, net - (16.3)% | | (24,920,432) |
| NET ASSETS - 100.0% | | $ 152,533,036 |
Other Information:
| Centrally Cleared Credit Default Swaps |
| Reference Entity | Counterparty | Notional
Amount
(000s
omitted) | Contract
Annual
Fixed Rate/
Payment
Frequency | Termination
Date | Market
Value | Unamortized
Upfront
Payments
Received (Paid) | Unrealized
Appreciation
(Depreciation) |
| Buy Protection | | | | | | | |
| Markit CDX North America High Yield Index | Intercontinental Exchange | $6,121 | 5.00%/
Quarterly | 12/20/27 | $198,885 | $(218,307) | $417,192 |
| The Fund had the following long futures contracts open at June 30, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| 2 Yr. U.S. Treasury Notes Futures | September 2023 | 57 | $ 11,747,052 | $ 11,590,594 | $ (156,458) |
| 5 Yr. U.S. Treasury Notes Futures | September 2023 | 92 | 10,005,144 | 9,852,625 | (152,519) |
| Ultra Long-Term U.S. Treasury Bond Futures | September 2023 | 8 | 1,079,757 | 1,089,750 | 9,993 |
| 10 Yr. U.S. Treasury Ultra Futures | September 2023 | 130 | 15,538,008 | 15,396,754 | (141,254) |
| U.S. Long Bond Futures | September 2023 | 17 | 2,162,723 | 2,157,406 | (5,317) |
| | | | | | $ (445,555) |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| The Fund had the following short futures contracts open at June 30, 2023: |
| Description | Expiration
date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| 10 Yr. U.S. Treasury Notes Futures | September 2023 | 58 | $ (6,631,754) | $ (6,511,406) | $ 120,348 |
| During the fiscal year ended June 30, 2023, average notional values related to derivative contracts were as follows: |
| | Long
Futures
Contracts | Short
Futures
Contracts | Credit
Default
Swap
Contracts |
| Average Notional Value | $30,219,808 | $10,299,902 | $6,164,773 |
Notes to Schedule of Investments – June 30, 2023 (Unaudited)
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund's future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund's summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| (a) | At June 30, 2023, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs. |
| (b) | Variable Rate Security - Interest rate shown is rate in effect at June 30, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
| (c) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
| (d) | Interest only security. These 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. |
| (e) | Principal only security. These 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. |
| (f) | Step coupon bond. |
| (g) | Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, these securities amounted to $9,221,650 or 6.05% of the net assets of the Elfun Income Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees. |
| (h) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (i) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of June 30, 2023. |
| ** | Amount is less than $0.50. |
| Abbreviations: |
| CMT - Constant Maturity Treasury |
| ISDA - International Swaps and Derivatives Association |
| LIBOR - London Interbank Offered Rate |
| REIT - Real Estate Investment Trust |
| REMIC - Real Estate Mortgage Investment Conduit |
| SOFR - Secured Overnight Financing Rate |
| STRIPS - Separate Trading of Registered Interest and Principal of Security |
| TBA - To Be Announced |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| U.S. Treasuries | $ — | | $ 41,227,217 | | $ — | | $ 41,227,217 |
| Agency Mortgage Backed | — | | 43,003,729 | | — | | 43,003,729 |
| Agency Collateralized Mortgage Obligations | — | | 1,181,838 | | — | | 1,181,838 |
| Asset Backed | — | | 98,518 | | — | | 98,518 |
| Corporate Notes | — | | 52,292,369 | | — | | 52,292,369 |
| Non-Agency Collateralized Mortgage Obligations | — | | 9,322,300 | | — | | 9,322,300 |
| Sovereign Bonds | — | | 1,774,090 | | — | | 1,774,090 |
| Municipal Bonds and Notes | — | | 715,694 | | — | | 715,694 |
| Preferred Stock | 186,550 | | — | | — | | 186,550 |
| Short-Term Investments | 27,651,163 | | — | | — | | 27,651,163 |
| Total Investments in Securities | $ 27,837,713 | | $ 149,615,755 | | $ — | | $ 177,453,468 |
| Other Financial Instruments | | | | | | | |
| Credit Default Swap Contracts - Unrealized Appreciation | $ — | | $ 417,192 | | $ — | | $ 417,192 |
| Long Futures Contracts - Unrealized Appreciation | 9,993 | | — | | — | | 9,993 |
| Long Futures Contracts - Unrealized Depreciation | (455,548) | | — | | — | | (455,548) |
| Short Futures Contracts - Unrealized Appreciation | 120,348 | | — | | — | | 120,348 |
| Total Other Financial Instruments | $ (325,207) | | $ 417,192 | | $ — | | $ 91,985 |
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/23 | Value at
6/30/23 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 33,943,475 | $33,943,475 | $29,490,586 | $35,782,898 | $— | $— | 27,651,163 | $27,651,163 | $710,321 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Government Money Market Fund
Fund Information — June 30, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $152,549 (in thousands) as of June 30, 2023 (a) |
|
| (a) | The securities information regarding holdings, allocations and other characteristics is 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. |
| 82 | Elfun Government Money Market Fund |
Elfun Government Money Market Fund
Understanding Your Fund’s Expenses — June 30, 2023 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2023.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Beginning Account Value
January 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
June 30, 2023 | $1,022.30 | | $1,023.50 |
| Expenses Paid During Period* | $ 1.35 | | $ 1.35 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.27% (for the period January 1, 2023 - June 30, 2023), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| Elfun Government Money Market Fund | 83 |
Elfun Government Money Market Fund
Schedule of Investments — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Short-Term Investments - 101.6% † |
| U.S. Treasuries - 24.7% |
| U.S. Treasury Bills | | |
| 3.17% 07/13/23 (a) | $ 150,000 | $ 149,874 |
| 3.23% 08/10/23 (a) | 100,000 | 99,674 |
| 4.97% 10/12/23 (a) | 635,000 | 626,475 |
| 4.98% 10/12/23 (a) | 860,000 | 848,431 |
| 5.06% 10/19/23 (a) | 165,000 | 162,589 |
| 5.08% 11/09/23 (a) | 1,000,000 | 982,477 |
5.09%
11/09/23 (a) | 400,000 | 392,979 |
| 5.11% 07/13/23 (a) | 450,000 | 449,377 |
5.15%
07/11/23 - 07/27/23 (a) | 3,300,000 | 3,295,168 |
| 5.17% 09/12/23 (a) | 200,000 | 198,022 |
5.18%
07/11/23 (a) | 1,200,000 | 1,198,644 |
| 5.26% 09/19/23 (a) | 1,700,000 | 1,681,213 |
| 5.27% 09/19/23 (a) | 600,000 | 593,354 |
| 5.31% 10/17/23 (a) | 600,000 | 590,902 |
5.32%
09/28/23 (a) | 600,000 | 592,490 |
5.33%
07/13/23 - 09/28/23 (a) | 1,800,000 | 1,782,984 |
| 5.34% 10/24/23 (a) | 500,000 | 491,870 |
| 5.36% 10/24/23 (a) | 200,000 | 196,736 |
5.37%
10/24/23 (a) | 600,000 | 590,204 |
5.38%
10/10/23 - 10/24/23 (a) | 1,000,000 | 985,464 |
5.39%
08/24/23 - 10/31/23 (a) | 5,050,000 | 4,980,509 |
| 5.40% 10/31/23 (a) | 400,000 | 393,139 |
| 5.41% 09/26/23 (a) | 600,000 | 592,577 |
| 5.49% 10/03/23 (a) | 700,000 | 690,483 |
| U.S. Treasury Floating Rate Notes 0.02% - 3 month Treasury Money Market Yield | | |
| 5.23% 01/31/24 (b) | 160,000 | 160,002 |
| U.S. Treasury Floating Rate Notes 0.03% + 3 month Treasury Money Market Yield | | |
| 5.28% 07/31/23 (b) | 3,839,000 | 3,839,002 |
| U.S. Treasury Floating Rate Notes 0.04% + 3 month Treasury Money Market Yield | | |
| 5.28% 10/31/23 (b) | 6,475,000 | 6,475,139 |
| 5.29% 07/31/24 (b) | 1,000,000 | 999,411 |
| U.S. Treasury Floating Rate Notes 0.08% - 3 month Treasury Money Market Yield | | |
| 5.17% 04/30/24 (b) | 3,050,000 | 3,048,276 |
| | Principal
Amount | Fair
Value |
| U.S. Treasury Floating Rate Notes 0.14% + 3 month Treasury Money Market Yield | | |
| 5.39% 10/31/24 (b) | $ 15,000 | $ 14,994 |
| | | 37,102,459 |
| U.S. Government Agency Obligations - 19.1% |
| Federal Farm Credit Banks Funding Corp. | | |
| 5.15% 07/03/24 | 200,000 | 200,000 |
| Federal Farm Credit Banks Funding Corp. 0.02% + SOFR | | |
5.08%
07/14/23 - 08/21/23 (b) | 750,000 | 749,998 |
| Federal Farm Credit Banks Funding Corp. 0.04% + SOFR | | |
| 5.10% 02/05/24 (b) | 125,000 | 124,973 |
| Federal Farm Credit Banks Funding Corp. 0.05% + SOFR | | |
5.11%
05/09/24 - 06/03/24 (b) | 700,000 | 700,000 |
| Federal Farm Credit Banks Funding Corp. 0.06% + SOFR | | |
5.12%
02/06/24 - 05/13/24 (b) | 780,000 | 779,992 |
| Federal Home Loan Bank Discount Notes | | |
3.22%
07/13/23 (a) | 900,000 | 899,229 |
| 3.30% 08/11/23 (a) | 400,000 | 398,633 |
| 4.90% 08/02/23 (a) | 469,000 | 467,143 |
5.08%
11/03/23 - 01/12/24 (a) | 800,000 | 782,148 |
5.09%
10/18/23 - 02/08/24 (a) | 1,500,000 | 1,470,830 |
| 5.10% 07/21/23 (a) | 560,000 | 558,617 |
| 5.11% 08/04/23 (a) | 700,000 | 696,901 |
| 5.14% 09/01/23 (a) | 1,000,000 | 991,692 |
| 5.18% 09/19/23 (a) | 1,500,000 | 1,483,815 |
| Federal Home Loan Banks | | |
| 3.20% 08/10/23 (b)(c) | 1,000,000 | 1,000,000 |
| 5.08% 10/03/23 (b) | 200,000 | 200,000 |
5.09%
09/25/23 - 11/10/23 (b) | 3,400,000 | 3,400,000 |
| 5.12% 09/05/23 (b) | 500,000 | 500,000 |
| 5.12% 05/10/24 | 700,000 | 700,000 |
| 5.14% 02/26/24 | 1,800,000 | 1,800,158 |
| 5.15% 12/01/23 (a)(b) | 500,000 | 500,000 |
| 5.18% 05/28/24 (b) | 2,100,000 | 2,100,000 |
| 5.33% 04/26/24 | 500,000 | 500,000 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 84 | Elfun Government Money Market Fund |
Elfun Government Money Market Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 5.41% 06/07/24 | $ 1,300,000 | $ 1,300,000 |
| Federal Home Loan Banks 0.06% + SOFR | | |
| 5.12% 07/27/23 (b) | 200,000 | 200,000 |
| Federal Home Loan Banks 0.08% + SOFR | | |
| 5.14% 11/03/23 (b) | 600,000 | 600,000 |
| Federal Home Loan Banks 0.09% + SOFR | | |
| 5.15% 08/15/23 (b) | 2,400,000 | 2,400,000 |
| Federal Home Loan Banks 0.11% + SOFR | �� | |
5.17%
07/24/23 - 08/18/23 (b) | 1,600,000 | 1,600,000 |
| Federal National Mortgage Association | | |
| 5.06% 03/28/24 | 400,000 | 400,000 |
| 5.07% 04/26/24 | 400,000 | 400,000 |
| 5.26% 05/10/24 | 700,000 | 700,000 |
| | | 28,604,129 |
| Repurchase Agreements - 57.8% |
BNP Paribas Securities Corp. U.S. Treasury Repo 5.05% dated 06/30/23, to be repurchased $10,000,000 on 07/03/2023, Collateralized by $2,780,624 U.S. Treasury Bills, 0.000% Maturing on 10/12/2023, Collateralized by $170,112 U.S. Treasury Bond, 3.375% Maturing on 11/15/2048, Collateralized by $148,064 U.S. Treasury Note, 0.375% to 2.750% Maturing on 08/31/2023 - 04/30/2035, Collateralized by $11,785 U.S. Treasury Inflation Index Note, 0.000% Maturing on 02/15/2040, Collateralized by $2,593,124 U.S. Treasury Inflation Index Bond, 2.375% Maturing from 01/15/2025 - 01/15/2027, Collateralized by $4,499,304 U.S. Treasury Inflation Index Note, 0.125% Maturing from 07/15/2024 - 07/15/2031.
07/03/23 | 10,000,000 | 10,000,000 |
| | Principal
Amount | Fair
Value |
Citigroup Global Markets, Inc. U.S. Treasury Repo 5.05% dated 06/30/23, to be repurchased $5,000,000 on 07/03/2023, Collateralized by $5,100,084 U.S. Treasury Note, 0.250% Maturing on 09/30/2023.
07/03/23 | $ 5,000,000 | $ 5,000,000 |
Citigroup Global Markets, Inc. U.S. Treasury Repo 5.06% dated 06/30/23, to be repurchased $10,000,000 on 07/03/2023, Collateralized by $10,200,051 U.S. Treasury Note, 0.250% to 3.875% Maturing from 04/30/2025 - 08/15/2025, Collateralized by $112 U.S. Treasury Inflation Index Note, 0.125% Maturing on 04/15/2025.
07/03/23 | 10,000,000 | 10,000,000 |
Goldman Sachs & Co., U.S. Treasury Repo 5.06% dated 06/30/23, to be repurchased $5,000,000 on 07/03/2023, Collateralized by $5,100,006 U.S. Treasury Bond, 1.875% Maturing on 02/15/2051.
07/03/23 | 5,000,000 | 5,000,000 |
HSBC Securities USA, Inc. U.S. Treasury Repo 5.05% dated 06/30/23, to be repurchased $10,000,000 on 07/03/2023, Collateralized by $10,200,000 U.S. Treasury Strips, 0.000% Maturing on 02/15/2031.
07/03/23 | 10,000,000 | 10,000,000 |
HSBC Securities USA, Inc. U.S. Treasury Repo 6.00% dated 06/30/23, to be repurchased $5,000,000 on 07/03/2023, Collateralized by $5,100,000 U.S. Government Obligation, 6.000% Maturing on 05/01/2023.
07/03/23 | 5,000,000 | 5,000,000 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun Government Money Market Fund | 85 |
Elfun Government Money Market Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 5.05% dated 06/30/23, to be repurchased $1,842,000 on 07/03/2023, Collateralized by $1,878,893 U.S. Treasury Inflation Index Note, 0.250% to 1.625% Maturing from 01/15/2025 - 10/15/2027.
07/03/23 | $ 1,842,000 | $ 1,842,000 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 5.06% dated 06/30/23, to be repurchased $10,000,000 on 07/03/2023, Collateralized by $10,200,059 U.S. Treasury Note, 1.375% Maturing on 10/31/2028.
07/03/23 | 10,000,000 | 10,000,000 |
Mitsubishi UFJ U.S. Treasury Repo 5.06% dated 06/30/23, to be repurchased $20,000,000 on 07/03/2023, Collateralized by $20,400,000 U.S. Government Obligation, 2.000% to 6.500% Maturing from 11/01/2034 - 07/01/2053.
07/03/23 | 20,000,000 | 20,000,000 |
Standard Chartered U.S. Treasury Repo 5.06% dated 06/30/23, to be repurchased $10,000,000 on 07/03/2023, Collateralized by $25,597 U.S. Treasury Bond, 5.5000% Maturing on 08/15/2028, Collateralized by $7,905,336 U.S. Treasury Note, 1.625% to 3.875% Maturing on 01/15/2026 - 05/31/2026, Collateralized by $2,269,096 U.S. Treasury Inflation Index Note, 1.250% Maturing on 04/15/2028.
07/03/23 | 10,000,000 | 10,000,000 |
| | | 86,842,000 |
Total Short-Term Investments
(Cost $152,548,588) | | 152,548,588 |
| Liabilities in Excess of Other Assets, net - (1.6)% | | (2,408,967) |
| NET ASSETS - 100.0% | | $ 150,139,621 |
Notes to Schedule of Investments – June 30, 2023 (Unaudited)
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund's future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund's summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| (a) | Coupon amount represents effective yield. |
| (b) | Variable Rate Security - Interest rate shown is rate in effect at June 30, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
| (c) | Step coupon bond. |
| † | Percentages are based on net assets as of June 30, 2023. |
| Abbreviations: |
| SOFR - Secured Overnight Financing Rate |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 86 | Elfun Government Money Market Fund |
Elfun Government Money Market Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| U.S. Treasuries | $ — | | $ 37,102,459 | | $ — | | $ 37,102,459 |
| U.S. Government Agency Obligations | — | | 28,604,129 | | — | | 28,604,129 |
| Repurchase Agreements | — | | 86,842,000 | | — | | 86,842,000 |
| Total Investments in Securities | $ — | | $ 152,548,588 | | $ — | | $ 152,548,588 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun Government Money Market Fund | 87 |
Elfun International Equity Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/23 (a) | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 | | 12/31/18 |
| Inception date | | | 1/1/88 |
| Net asset value, beginning of period | $ 20.97 | | $ 26.73 | | $ 26.53 | | $ 23.69 | | $ 18.51 | | $ 22.68 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income(b) | 0.35 | | 0.56 | | 0.83 | | 0.29 | | 0.43 | | 0.45 |
| Net realized and unrealized gains/(losses) on investments | 2.77 | | (4.86) | | 1.57 | | 2.86 | | 5.15 | | (4.16) |
| Total income/(loss) from investment operations | 3.12 | | (4.30) | | 2.40 | | 3.15 | | 5.58 | | (3.71) |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | — | | (0.55) | | (0.86) | | (0.31) | | (0.40) | | (0.46) |
| Net realized gains | — | | (0.91) | | (1.34) | | — | | — | | — |
| Total distributions | — | | (1.46) | | (2.20) | | (0.31) | | (0.40) | | (0.46) |
| Net asset value, end of period | $ 24.09 | | $ 20.97 | | $ 26.73 | | $ 26.53 | | $ 23.69 | | $ 18.51 |
| Total Return(c) | 14.88% | | (16.11)% | | 9.05% | | 13.31% | | 30.14% | | (16.33)% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $171,780 | | $153,897 | | $204,799 | | $201,200 | | $199,123 | | $183,982 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 0.42% (d) | | 0.44% | | 0.37% | | 0.40% | | 0.38% | | 0.36% |
| Gross expenses | 0.42% (d) | | 0.44% | | 0.37% | | 0.40% | | 0.38% | | 0.36% |
| Net investment income | 3.10% (d) | | 2.46% | | 2.93% | | 1.31% | | 2.02% | | 2.06% |
| Portfolio turnover rate | 4% | | 16% | | 17% | | 20% | | 15% | | 27% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
Elfun Trusts
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/23 (a) | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 | | 12/31/18 |
| Inception date | | | 5/27/35 |
| Net asset value, beginning of period | $ 58.58 | | $ 79.73 | | $ 71.55 | | $ 62.16 | | $ 50.14 | | $ 60.36 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income(b) | 0.39 | | 0.72 | | 0.72 | | 0.64 | | 0.71 | | 0.74 |
| Net realized and unrealized gains/(losses) on investments | 11.73 | | (16.59) | | 16.72 | | 14.90 | | 17.15 | | (2.85) |
| Total income/(loss) from investment operations | 12.12 | | (15.87) | | 17.44 | | 15.54 | | 17.86 | | (2.11) |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | — | | (0.75) | | (0.74) | | (0.69) | | (0.67) | | (0.76) |
| Net realized gains | — | | (4.53) | | (8.52) | | (5.46) | | (5.17) | | (7.35) |
| Total distributions | — | | (5.28) | | (9.26) | | (6.15) | | (5.84) | | (8.11) |
| Net asset value, end of period | $ 70.70 | | $ 58.58 | | $ 79.73 | | $ 71.55 | | $ 62.16 | | $ 50.14 |
| Total Return(c) | 20.69% | | (19.87)% | | 24.28% | | 25.07% | | 35.57% | | (3.39)% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $3,394,857 | | $2,912,901 | | $3,965,156 | | $3,419,765 | | $2,979,222 | | $2,427,667 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 0.18% (d) | | 0.18% | | 0.18% | | 0.18% | | 0.18% | | 0.19% |
| Gross expenses | 0.18% (d) | | 0.18% | | 0.18% | | 0.18% | | 0.18% | | 0.19% |
| Net investment income | 1.23% (d) | | 1.03% | | 0.89% | | 0.99% | | 1.20% | | 1.17% |
| Portfolio turnover rate | 12% | | 29% | | 26% | | 25% | | 17% | | 18% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
Elfun Diversified Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/23 (a) | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 | | 12/31/18 |
| Inception date | | | 1/1/88 |
| Net asset value, beginning of period | $ 17.02 | | $ 21.68 | | $ 20.97 | | $ 19.54 | | $ 17.02 | | $ 18.60 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income(b) | 0.16 | | 0.35 | | 0.34 | | 0.37 | | 0.41 | | 0.42 |
| Net realized and unrealized gains/(losses) on investments | 1.49 | | (3.67) | | 2.08 | | 2.02 | | 2.93 | | (1.45) |
| Total income/(loss) from investment operations | 1.65 | | (3.32) | | 2.42 | | 2.39 | | 3.34 | | (1.03) |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | — | | (0.42) | | (0.42) | | (0.38) | | (0.42) | | (0.43) |
| Net realized gains | — | | (0.92) | | (1.29) | | (0.58) | | (0.40) | | (0.12) |
| Total distributions | — | | (1.34) | | (1.71) | | (0.96) | | (0.82) | | (0.55) |
| Net asset value, end of period | $ 18.67 | | $ 17.02 | | $ 21.68 | | $ 20.97 | | $ 19.54 | | $ 17.02 |
| Total Return(c) | 9.69% | | (15.31)% | | 11.56% | | 12.23% | | 19.58% | | (5.51)% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $177,433 | | $166,006 | | $211,716 | | $205,144 | | $199,011 | | $181,943 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 0.33% (d) | | 0.33% | | 0.30% | | 0.31% | | 0.30% | | 0.33% |
| Gross expenses | 0.35% (d) | | 0.34% | | 0.30% | | 0.31% | | 0.30% | | 0.33% |
| Net investment income | 1.76% (d) | | 1.83% | | 1.53% | | 1.88% | | 2.20% | | 2.26% |
| Portfolio turnover rate | 25% (e) | | 49% (e) | | 41% (e) | | 56% (e) | | 162% | | 72% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
| (d) | Annualized for periods less than one year. |
| (e) | The portfolio turnover calculated for the periods ended 6/30/23, 12/31/22, 12/31/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 68%, 116%, 90% and 136%, respectively. |
The accompanying Notes are an integral part of these financial statements.
Elfun Tax-Exempt Income Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/23 (a) | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 | | 12/31/18 |
| Inception date | | | 1/1/80 |
| Net asset value, beginning of period | $ 10.13 | | $ 11.47 | | $ 11.67 | | $ 11.54 | | $ 11.19 | | $ 11.55 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income(b) | 0.20 | | 0.31 | | 0.31 | | 0.37 | | 0.38 | | 0.46 |
| Net realized and unrealized gains/(losses) on investments | 0.04 | | (1.28) | | (0.14) | | 0.17 | | 0.41 | | (0.36) |
| Total income/(loss) from investment operations | 0.24 | | (0.97) | | 0.17 | | 0.54 | | 0.79 | | 0.10 |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | (0.20) | | (0.37) | | (0.37) | | (0.41) | | (0.44) | | (0.46) |
| Total distributions | (0.20) | | (0.37) | | (0.37) | | (0.41) | | (0.44) | | (0.46) |
| Net asset value, end of period | $ 10.17 | | $ 10.13 | | $ 11.47 | | $ 11.67 | | $ 11.54 | | $ 11.19 |
| Total Return(c) | 2.34% | | (8.44)% | | 1.44% | | 4.77% | | 7.13% | | 0.90% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $1,036,223 | | $1,047,236 | | $1,250,501 | | $1,341,617 | | $1,377,821 | | $1,376,980 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 0.21% (d) | | 0.21% | | 0.21% | | 0.21% | | 0.20% | | 0.21% |
| Gross expenses | 0.21% (d) | | 0.21% | | 0.21% | | 0.21% | | 0.20% | | 0.21% |
| Net investment income | 3.87% (d) | | 2.96% | | 2.65% | | 3.24% | | 3.35% | | 4.06% |
| Portfolio turnover rate | 34% | | 43% | | 42% | | 41% | | 25% | | 18% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
Elfun Income Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/23 (a) | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 | | 12/31/18 |
| Inception date | | | 12/31/84 |
| Net asset value, beginning of period | $ 9.68 | | $ 11.67 | | $ 12.25 | | $ 11.74 | | $ 11.02 | | $ 11.44 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income(b) | 0.16 | | 0.25 | | 0.24 | | 0.29 | | 0.32 | | 0.32 |
| Net realized and unrealized gains/(losses) on investments | 0.04 | | (1.80) | | (0.38) | | 0.63 | | 0.73 | | (0.41) |
| Total income/(loss) from investment operations | 0.20 | | (1.55) | | (0.14) | | 0.92 | | 1.05 | | (0.09) |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | (0.18) | | (0.27) | | (0.27) | | (0.34) | | (0.33) | | (0.33) |
| Net realized gains | — | | (0.17) | | (0.17) | | (0.07) | | — | | — |
| Total distributions | (0.18) | | (0.44) | | (0.44) | | (0.41) | | (0.33) | | (0.33) |
| Net asset value, end of period | $ 9.70 | | $ 9.68 | | $ 11.67 | | $ 12.25 | | $ 11.74 | | $ 11.02 |
| Total Return(c) | 2.15% | | (13.47)% | | (1.19)% | | 8.03% | | 9.50% | | (0.80)% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $152,533 | | $160,286 | | $218,824 | | $244,329 | | $233,663 | | $229,477 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 0.33% (d) | | 0.32% | | 0.29% | | 0.27% | | 0.29% | | 0.34% |
| Gross expenses | 0.35% (d) | | 0.32% | | 0.29% | | 0.27% | | 0.29% | | 0.34% |
| Net investment income | 3.36% (d) | | 2.41% | | 2.03% | | 2.44% | | 2.77% | | 2.88% |
| Portfolio turnover rate | 30% (e) | | 40% (e) | | 71% (e) | | 108% (e) | | 107% | | 207% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
| (d) | Annualized for periods less than one year. |
| (e) | The portfolio turnover calculated for the period ended 6/30/23 and fiscal years ended 12/31/22, 12/31/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 138%, 187%, 184% and 255%, respectively. |
The accompanying Notes are an integral part of these financial statements.
Elfun Government Money Market Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/23 (a) | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 | | 12/31/18 |
| Inception date | | | 6/13/90 |
| Net asset value, beginning of period | $ 1.00 | | $ 1.00 | | $ 1.00 | | $ 1.00 | | $ 1.00 | | $ 1.00 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income(b) | 0.02 | | 0.01 | | — | | 0.00 (c) | | 0.02 | | 0.02 |
| Total income from investment operations | 0.02 | | 0.01 | | — | | 0.00 (c) | | 0.02 | | 0.02 |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | (0.02) | | (0.01) | | — | | (0.00) (c) | | (0.02) | | (0.02) |
| Total distributions | (0.02) | | (0.01) | | — | | (0.00) (c) | | (0.02) | | (0.02) |
| Net asset value, end of period | $ 1.00 | | $ 1.00 | | $ 1.00 | | $ 1.00 | | $ 1.00 | | $ 1.00 |
| Total Return(d) | 2.23% | | 1.45% | | —% | | 0.32% | | 1.99% | | 1.55% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $150,140 | | $159,127 | | $142,430 | | $153,251 | | $128,561 | | $104,275 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 0.27% (e) | | 0.24% | | 0.09% | | 0.19% | | 0.26% | | 0.32% |
| Gross expenses | 0.27% (e) | | 0.27% | | 0.26% | | 0.25% | | 0.26% | | 0.32% |
| Net investment income | 4.46% (e) | | 1.50% | | —% | | 0.30% | | 1.96% | | 1.53% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Rounds to less than $0.005. |
| (d) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
| (e) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
Elfun Funds
Statements of Assets and Liabilities — June 30, 2023 (Unaudited)
| | Elfun
International
Equity Fund | | Elfun
Trusts |
| Assets | | | |
| Investments in securities, at fair value (cost $123,506,629; $1,620,521,805; $110,584,893; $1,019,446,803; $163,729,440 and $0, respectively) | $ 168,700,472 | | $ 3,331,120,349 |
| Investments in affiliated securities, at fair value (cost $0; $0; $39,052,592; $0; $0 and $0, respectively) | — | | — |
| Short-term investments, at fair value (cost $0; $0; $1,644,548; $0; $0 and $0, respectively) | — | | — |
| Short-term affiliated investments, at fair value (cost $2,469,454; $62,363,003; $12,958,922; $10,193,992; $27,651,163 and $0, respectively) | 2,469,454 | | 62,363,003 |
| Repurchase agreements | — | | — |
| Cash | — | | — |
| Net cash collateral on deposit with broker for future contracts | — | | — |
| Foreign currency (cost $258,782, $0, $32,020, $0, $0 and $0, respectively) | 257,337 | | — |
| Receivable for investments sold | — | | — |
| Income receivables | 918,994 | | 2,336,512 |
| Receivable for fund shares sold | 1,347 | | 119,452 |
| Income receivable from affiliated investments | 17,647 | | 260,765 |
| Receivable for accumulated variation margin on swap contracts | — | | — |
| Total assets | 172,365,251 | | 3,396,200,081 |
| Liabilities | | | |
| Distribution payable to shareholders | — | | — |
| Net cash collateral on swap contracts due to broker | — | | — |
| Payable for investments purchased | — | | — |
| Payable for fund shares redeemed | 1,577 | | 691,575 |
| Payable for accumulated variation margin on futures contracts | — | | — |
| Payable to the Adviser | 24,353 | | 361,625 |
| Payable for custody, fund accounting and sub-administration fees | 15,026 | | 65,103 |
| Accrued other expenses | 544,763 | | 224,750 |
| Total liabilities | 585,719 | | 1,343,053 |
|
| Net Assets | $ 171,779,532 | | $ 3,394,857,028 |
| Net Assets Consist of: | | | |
| Capital paid in | $ 125,541,339 | | $ 1,662,865,172 |
| Total distributable earnings (loss) | 46,238,193 | | 1,731,991,856 |
| Net Assets | $ 171,779,532 | | $ 3,394,857,028 |
| Shares outstanding (Par value $10; $10; $10; $10; $10; and $1, respectively; unlimited shares authorized) | 7,129,532 | | 48,016,657 |
| Net asset value, offering and redemption price per share | $ 24.09 | | $ 70.70 |
The accompanying Notes are an integral part of these financial statements.
| 94 | Statements of Assets and Liabilities |
Elfun
Diversified
Fund | | Elfun
Tax-Exempt
Income Fund | | Elfun Income
Fund | | Elfun
Government
Money Market
Fund |
| | | | | | | |
| $ 128,046,752 | | $ 1,023,575,540 | | $ 149,802,305 | | $ — |
| 44,144,079 | | — | | — | | — |
| 1,644,548 | | — | | — | | 65,706,588 |
| 12,958,922 | | 10,193,992 | | 27,651,163 | | — |
| — | | — | | — | | 86,842,000 |
| 7,368 | | 1,295,553 | | 17,031 | | 212 |
| 142,738 | | — | | 640,869 | | — |
| 34,969 | | — | | — | | — |
| 1,633,516 | | — | | 5,390,550 | | — |
| 350,067 | | 14,023,681 | | 907,384 | | — |
| 882 | | 24,624 | | 26,824 | | 136,724 |
| 62,608 | | 62,118 | | 136,461 | | 319,642 |
| 84,724 | | — | | 209,937 | | — |
| 189,111,173 | | 1,049,175,508 | | 184,782,524 | | 153,005,166 |
| | | | | | | |
| — | | 881,239 | | 110,920 | | 65,628 |
| 65,695 | | — | | 161,447 | | — |
| 11,407,051 | | 11,786,586 | | 31,507,057 | | 2,706,315 |
| 1,959 | | 9,000 | | 49,407 | | 14,035 |
| 95,691 | | — | | 324,420 | | — |
| 22,122 | | 136,374 | | 19,825 | | 13,167 |
| 11,584 | | 21,601 | | 6,264 | | 9,847 |
| 73,757 | | 117,500 | | 70,148 | | 56,553 |
| 11,677,859 | | 12,952,300 | | 32,249,488 | | 2,865,545 |
|
| $ 177,433,314 | | $ 1,036,223,208 | | $ 152,533,036 | | $ 150,139,621 |
| | | | | | | |
| $ 157,783,583 | | $ 1,137,682,530 | | $ 183,167,114 | | $ 150,139,344 |
| 19,649,731 | | (101,459,322) | | (30,634,078) | | 277 |
| $ 177,433,314 | | $ 1,036,223,208 | | $ 152,533,036 | | $ 150,139,621 |
| 9,502,742 | | 101,858,382 | | 15,720,479 | | 150,139,324 |
| $ 18.67 | | $ 10.17 | | $ 9.70 | | $ 1.00 |
The accompanying Notes are an integral part of these financial statements.
| Statements of Assets and Liabilities | 95 |
Elfun Funds
Statements of Operations — For the period ended June 30, 2023 (Unaudited)
| | Elfun
International
Equity Fund | | Elfun
Trusts |
| Investment Income | | | |
| Income | | | |
| Dividend | $ 2,799,528 | | $ 20,250,705 |
| Interest | — | | — |
| Income from affiliated investments | 100,840 | | 1,471,251 |
| Less: Foreign taxes withheld | (9,536) | | (15,633) |
| Total income | 2,890,832 | | 21,706,323 |
| Expenses | | | |
| Advisory and administration fees | 172,364 | | 2,158,792 |
| Blue Sky fees | 24,048 | | 29,501 |
| Transfer agent fees | 61,626 | | 289,601 |
| Trustees' fees | 11,550 | | 23,949 |
| Custody, fund accounting and sub-administration fees | 32,095 | | 201,765 |
| Professional fees | 18,957 | | 25,610 |
| Printing and shareholder reports | 4,833 | | 23,374 |
| Registration fees | — | | 2,215 |
| Other expenses | 21,579 | | 29,992 |
| Total expenses before waivers | 347,052 | | 2,784,799 |
| Fees waived and/or reimbursed by the adviser | — | | — |
| Net expenses | 347,052 | | 2,784,799 |
| Net investment income | $ 2,543,780 | | $ 18,921,524 |
| Net Realized and Unrealized Gain (Loss) on Investments | | | |
| Realized gain (loss) on: | | | |
| Unaffiliated investments | $ 1,533,845 | | $ (23,092,825) |
| Affiliated investments | — | | — |
| Futures | (84,313) | | — |
| Swap contracts | — | | — |
| Foreign currency transactions | (35,215) | | — |
| Increase (decrease) in unrealized appreciation/depreciation on: | | | |
| Unaffiliated investments | 18,682,478 | | 594,723,922 |
| Affiliated investments | — | | — |
| Futures | 5,991 | | — |
| Swap contracts | — | | — |
| Foreign currency translations | 17,472 | | — |
| Net realized and unrealized gain (loss) on investments | 20,120,258 | | 571,631,097 |
| Net Increase in Net Assets Resulting from Operations | $ 22,664,038 | | $ 590,552,621 |
The accompanying Notes are an integral part of these financial statements.
| 96 | Statements of Operations |
Elfun
Diversified
Fund | | Elfun
Tax-Exempt
Income Fund | | Elfun Income
Fund | | Elfun
Government
Money Market
Fund |
| | | | | | | |
| | | | | | | |
| $ 617,098 | | $ — | | $ 1,158 | | $ — |
| 842,638 | | 21,005,189 | | 2,202,990 | | 3,588,246 |
| 336,345 | | 264,642 | | 710,321 | | — |
| (157) | | — | | — | | — |
| 1,795,924 | | 21,269,831 | | 2,914,469 | | 3,588,246 |
| | | | | | | |
| 146,233 | | 833,071 | | 134,259 | | 75,830 |
| 22,890 | | 23,113 | | 20,853 | | 20,611 |
| 53,250 | | 113,950 | | 58,509 | | 38,483 |
| 11,609 | | 15,150 | | 11,704 | | 11,855 |
| 38,468 | | 77,118 | | 23,055 | | 28,783 |
| 23,030 | | 20,816 | | 19,540 | | 13,399 |
| 2,322 | | 7,677 | | 2,541 | | 12,420 |
| — | | 628 | | — | | — |
| 2,240 | | 10,543 | | 2,166 | | 1,767 |
| 300,042 | | 1,102,066 | | 272,627 | | 203,148 |
| (14,451) | | — | | (11,136) | | — |
| 285,591 | | 1,102,066 | | 261,491 | | 203,148 |
| $ 1,510,333 | | $ 20,167,765 | | $ 2,652,978 | | $ 3,385,098 |
| | | | | | | |
| | | | | | | |
| $ (1,042,673) | | $ (15,657,662) | | $ (3,113,119) | | $ 11 |
| (635,535) | | — | | — | | — |
| (75,938) | | — | | (211,354) | | — |
| 46,803 | | — | | 113,637 | | — |
| — | | — | | — | | — |
| | | | | | | |
| 11,464,910 | | 19,647,101 | | 4,221,420 | | — |
| 4,643,765 | | — | | — | | — |
| (78,998) | | — | | (371,747) | | — |
| 55,373 | | — | | 136,100 | | — |
| 1,154 | | — | | — | | — |
| 14,378,861 | | 3,989,439 | | 774,937 | | 11 |
| $ 15,889,194 | | $ 24,157,204 | | $ 3,427,915 | | $ 3,385,109 |
The accompanying Notes are an integral part of these financial statements.
| Statements of Operations | 97 |
Elfun Funds
Statements of Changes in Net Assets
| | Elfun International Equity Fund | | Elfun Trusts |
| | Six Months
Ended
June 30,
2023(a) | | Year Ended
December 31,
2022 | | Six Months
Ended
June 30,
2023(a) | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | | | | | |
| Operations: | | | | | | | |
| Net investment income | $ 2,543,780 | | $ 4,093,389 | | $ 18,921,524 | | $ 34,301,058 |
| Net realized gain (loss) on investments, futures, swap contracts and foreign currency transactions | 1,414,317 | | 1,012,444 | | (23,092,825) | | 29,082,241 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations | 18,705,941 | | (38,191,968) | | 594,723,922 | | (838,339,517) |
| Net increase (decrease) from operations | 22,664,038 | | (33,086,135) | | 590,552,621 | | (774,956,218) |
| Distributions to shareholders: | | | | | | | |
| Total distributions | — | | (10,109,923) | | — | | (244,921,749) |
| Increase (decrease) in assets from operations and distributions | 22,664,038 | | (43,196,058) | | 590,552,621 | | (1,019,877,967) |
| Share transactions: | | | | | | | |
| Proceeds from sale of shares | 736,070 | | 1,319,728 | | 12,036,697 | | 46,867,193 |
| Value of distributions reinvested | — | | 8,739,289 | | — | | 199,361,109 |
| Cost of shares redeemed | (5,517,327) | | (17,765,665) | | (120,633,768) | | (278,604,671) |
| Net increase (decrease) from share transactions | (4,781,257) | | (7,706,648) | | (108,597,071) | | (32,376,369) |
| Total increase (decrease) in net assets | 17,882,781 | | (50,902,706) | | 481,955,550 | | (1,052,254,336) |
| Net Assets | | | | | | | |
| Beginning of period | 153,896,751 | | 204,799,457 | | 2,912,901,478 | | 3,965,155,814 |
| End of period | $ 171,779,532 | | $ 153,896,751 | | $ 3,394,857,028 | | $ 2,912,901,478 |
| Changes in Fund Shares | | | | | | | |
| Shares sold | 32,114 | | 57,624 | | 186,532 | | 682,298 |
| Issued for distributions reinvested | — | | 414,965 | | — | | 3,419,573 |
| Shares redeemed | (240,787) | | (796,024) | | (1,891,639) | | (4,109,858) |
| Net decrease in fund shares | (208,673) | | (323,435) | | (1,705,107) | | (7,987) |
The accompanying Notes are an integral part of these financial statements.
| 98 | Statements of Changes in Net Assets |
| Elfun Diversified Fund | | Elfun Tax-Exempt Income Fund |
Six Months
Ended
June 30,
2023(a) | | Year Ended
December 31,
2022 | | Six Months
Ended
June 30,
2023(a) | | Year Ended
December 31,
2022 |
| | | | | | | |
| | | | | | | |
| $ 1,510,333 | | $ 3,341,934 | | $ 20,167,765 | | $ 32,745,446 |
| (1,707,343) | | 2,862,030 | | (15,657,662) | | (38,399,737) |
| 16,086,204 | | (38,242,543) | | 19,647,101 | | (97,949,642) |
| 15,889,194 | | (32,038,579) | | 24,157,204 | | (103,603,933) |
| | | | | | | |
| — | | (12,253,898) | | (20,160,068) | | (39,613,148) |
| 15,889,194 | | (44,292,477) | | 3,997,136 | | (143,217,081) |
| | | | | | | |
| 2,451,140 | | 4,806,152 | | 9,811,393 | | 27,813,701 |
| — | | 10,857,841 | | 14,505,997 | | 28,329,020 |
| (6,912,964) | | (17,081,582) | | (39,327,752) | | (116,189,891) |
| (4,461,824) | | (1,417,589) | | (15,010,362) | | (60,047,170) |
| 11,427,370 | | (45,710,066) | | (11,013,226) | | (203,264,251) |
| | | | | | | |
| 166,005,944 | | 211,716,010 | | 1,047,236,434 | | 1,250,500,685 |
| $ 177,433,314 | | $ 166,005,944 | | $ 1,036,223,208 | | $ 1,047,236,434 |
| | | | | | | |
| 135,973 | | 245,078 | | 956,265 | | 2,667,177 |
| — | | 637,197 | | 1,420,920 | | 2,728,399 |
| (384,279) | | (896,699) | | (3,851,265) | | (11,098,604) |
| (248,306) | | (14,424) | | (1,474,080) | | (5,703,028) |
The accompanying Notes are an integral part of these financial statements.
| Statements of Changes in Net Assets | 99 |
Elfun Funds
Statements of Changes in Net Assets
| | Elfun Income Fund | | Elfun Government Money
Market Fund |
| | Six Months
Ended
June 30,
2023(a) | | Year Ended
December 31,
2022 | | Six Months
Ended
June 30,
2023(a) | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | | | | | |
| Operations: | | | | | | | |
| Net investment income | $ 2,652,978 | | $ 4,480,057 | | $ 3,385,098 | | $ 2,245,052 |
| Net realized gain (loss) on investments, futures and swap contracts | (3,210,836) | | (10,985,019) | | 11 | | 211 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts | 3,985,773 | | (22,359,867) | | — | | — |
| Net increase (decrease) from operations | 3,427,915 | | (28,864,829) | | 3,385,109 | | 2,245,263 |
| Distributions to shareholders: | | | | | | | |
| Total distributions | (2,890,692) | | (7,501,246) | | (3,385,098) | | (2,245,052) |
| Increase (decrease) in assets from operations and distributions | 537,223 | | (36,366,075) | | 11 | | 211 |
| Share transactions: | | | | | | | |
| Proceeds from sale of shares | 1,488,554 | | 10,181,575 | | 22,879,948 | | 76,139,491 |
| Value of distributions reinvested | 2,277,011 | | 6,014,489 | | 3,212,730 | | 2,101,565 |
| Cost of shares redeemed | (12,056,012) | | (38,368,027) | | (35,080,534) | | (61,544,131) |
| Net increase (decrease) from share transactions | (8,290,447) | | (22,171,963) | | (8,987,856) | | 16,696,925 |
| Total increase (decrease) in net assets | (7,753,224) | | (58,538,038) | | (8,987,845) | | 16,697,136 |
| Net Assets | | | | | | | |
| Beginning of period | 160,286,260 | | 218,824,298 | | 159,127,466 | | 142,430,330 |
| End of period | $ 152,533,036 | | $ 160,286,260 | | $ 150,139,621 | | $ 159,127,466 |
| Changes in Fund Shares | | | | | | | |
| Shares sold | 152,174 | | 943,220 | | 22,879,947 | | 76,139,492 |
| Issued for distributions reinvested | 231,799 | | 598,767 | | 3,212,730 | | 2,101,565 |
| Shares redeemed | (1,229,337) | | (3,722,118) | | (35,080,534) | | (61,544,131) |
| Net increase (decrease) in fund shares | (845,364) | | (2,180,131) | | (8,987,857) | | 16,696,926 |
The accompanying Notes are an integral part of these financial statements.
| 100 | Statements of Changes in Net Assets |
Elfun Funds
Notes to Financial Statements — June 30, 2023 (Unaudited)
1. Organization of the Funds
The Elfun International Equity Fund, Elfun Trusts, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund (each, a “Fund” and collectively, the “Funds”) are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. Each Fund is a diversified investment company within the meaning of the 1940 Act.
Under each Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
2.Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation Each Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board of Trustees (the “Board”). The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
| • | Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. |
| • | Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit. |
| • | Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income. |
| • | Debt obligations (including short term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices. |
| Notes to Financial Statements | 101 |
Elfun Funds
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
| • | Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value. |
| • | Options on futures are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options on futures are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with the valuation policy and procedures approved by the Board. |
| • | Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third-party valuation the agreements will be fair valued. |
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
A “significant event” is an event that the Board believes, with a reasonably high degree of certainty, has caused the closing market prices of a Fund’s portfolio securities to no longer reflect their value at the time of the Fund’s NAV calculation. Fair value may be determined using an independent fair value service under valuation procedures approved by the Board. The independent fair value service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of foreign securities exchanges. The use of the independent fair value service or alternative fair valuation methods would result in the investments being classified within Level 2 of the fair value hierarchy.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
| • | Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability; |
| • | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| • | Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments. |
The value of each Fund’s investments according to the fair value hierarchy as of June 30, 2023 is disclosed in each Fund’s Schedule of Investments.
| 102 | Notes to Financial Statements |
Elfun Funds
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
Investment Transactions and Income Recognition Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
Certain Funds may invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds’ policy is to record all REIT distributions initially as dividend income and re-designate the prior calendar year’s to return of capital or capital gains distributions at year end based on information provided by the REITs and/or the Adviser’s estimates of such re-designations for which actual information has not yet been reported.
Expenses Fund specific expenses are charged to the Fund that incurs such expenses. Such expenses may include custodial fees, legal and accounting fees, printing costs and registration fees. Expenses that are not Fund specific are allocated pro rata across the Funds.
Foreign Currency Translation The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Distributions Distributions from net investment income, if any, are declared daily and paid monthly for the Elfun Tax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund and declared and paid annually for the Eflun International Equity Fund, Elfun Trusts and Elfun Diversified Income Fund.
Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.Securities and Other Investments
Delayed Delivery Transactions and When-Issued Securities During the period, the Elfun Diversified Fund and Elfun Income Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the applicable Fund’s Schedule of Investments. A Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, a Fund identifies securities as
| Notes to Financial Statements | 103 |
Elfun Funds
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.
To-Be-Announced Transactions Certain Funds may seek to obtain exposure to U.S. agency mortgage pass-through securities through the use of “to-be-announced” or “TBA transactions.” “TBA” refers to a commonly used mechanism for the forward settlement of U.S. agency mortgage pass-through securities. In a TBA transaction, the buyer and seller decide on general trade parameters, such as agency, settlement date, coupon, and price.
A Fund may use TBA transactions to “roll over” such agreements prior to the settlement date. This type of TBA transaction is sometimes known as a “TBA roll”. In a TBA roll, a Fund generally will sell the obligation to purchase the pools stipulated in the TBA agreement prior to the settlement date and will enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities. A Fund may also enter into TBA agreements and settle such transactions on the stipulated settlement date by accepting actual receipt or delivery of the pools of mortgage pass-through securities.
Default by or bankruptcy of a counterparty to a TBA transaction would expose a Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. To minimize this risk, a Fund will enter into TBA transactions only with established counterparties. A Fund’s use of “TBA rolls” may impact portfolio turnover, transaction costs and capital gain distributions to shareholders.
Repurchase Agreements Certain Funds may enter into repurchase agreements under the terms of a Master Repurchase Agreement. A repurchase agreement customarily obligates the seller at the time it sells securities to a Fund to repurchase the securities at a mutually agreed upon price and time. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest.
The applicable Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the Fund’s the principal amount of the repurchase agreement (including accrued interest). The underlying securities are ordinarily United States Government or Government Agency securities, but may consist of other securities. The use of repurchase agreements involves certain risks including counterparty risks. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which the value of the collateral may decline.
As of June 30, 2023, the Elfun Government Money Market Fund had invested in repurchase agreements with the gross values of $86,842,000 and associated collateral equal to $88,579,248.
4.Derivative Financial Instruments
Futures Contracts Certain Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is shown as Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
| 104 | Notes to Financial Statements |
Elfun Funds
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
During the period ended June 30, 2023, the following Funds entered into futures contracts for the strategies listed below:
| Fund | Strategies |
| Elfun International Equity Fund | Equitization of Cash |
| Elfun Diversified Fund | Management of Interest Rate Risk and Equitization of Cash |
| Elfun Income Fund | Management of Interest Rate Risk |
Credit Default Swaps During the period ended June 30, 2023, the Elfun Diversified Fund and Elfun Income Fund engaged in credit default swaps to manage credit risk. When a Fund is the buyer in a credit default swap contract, a Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (“CCP”) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, a Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, a Fund loses its investment and recovers nothing. However, if a credit event occurs, a Fund receives full notional value for a referenced debt obligation that may have little or no value. When a Fund is the seller of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, a Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that a Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by a Fund for the same referenced obligation.
As the seller, a Fund may create economic leverage to its portfolio because, in addition to its total net assets, a Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. A Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swaps to determine the market value of swaps. A Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. A Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if a Fund had invested in the referenced debt obligation directly. If a Fund is a buyer of a credit default swap and no credit event occurs, a Fund will not earn any return on its investment. If a Fund is a seller of a credit default swap, a Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject a Fund to the risk that the counterparty to the transaction may not fulfill its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.
| Notes to Financial Statements | 105 |
Elfun Funds
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
The following tables summarize the value of the Funds’ derivative instruments as of June 30, 2023 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:
| Asset Derivatives |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| Elfun Diversified Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 14,441 | $ — | $ 14,441 |
| Swap Contracts | — | — | 84,724 | — | — | 84,724 |
| Elfun Income Fund | | | | | | |
| Swap Contracts | $ — | $ — | $ 209,937 | $ — | $ — | $ 209,937 |
| Liability Derivatives |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| Elfun Diversified Fund | | | | | | |
| Futures Contracts | $ 110,132 | $ — | $ — | $ — | $ — | $ 110,132 |
| Elfun Income Fund | | | | | | |
| Futures Contracts | $ 324,420 | $ — | $ — | $ — | $ — | $ 324,420 |
| Realized Gain (Loss) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| Elfun International Equity Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ (84,313) | $ — | $ (84,313) |
| Elfun Diversified Fund | | | | | | |
| Futures Contracts | $ (102,741) | $ — | $ — | $ 26,803 | $ — | $ (75,938) |
| Swap Contracts | — | — | 46,803 | — | — | 46,803 |
| Elfun Income Fund | | | | | | |
| Futures Contracts | $ (211,354) | $ — | $ — | $ — | $ — | $ (211,354) |
| Swap Contracts | — | — | 113,637 | — | — | 113,637 |
| Net Change in Unrealized Appreciation/Depreciation |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| Elfun International Equity Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 5,991 | $ — | $ 5,991 |
| Elfun Diversified Fund | | | | | | |
| Futures Contracts | $ (107,022) | $ — | $ — | $ 28,024 | $ — | $ (78,998) |
| Swap Contracts | — | — | 55,373 | — | — | 55,373 |
| Elfun Income Fund | | | | | | |
| Futures Contracts | $ (371,747) | $ — | $ — | $ — | $ — | $ (371,747) |
| Swap Contracts | — | — | 136,100 | — | — | 136,100 |
| 106 | Notes to Financial Statements |
Elfun Funds
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
5.Fees and Transactions with Affiliates
Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of each Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of each Fund. The Management Fee is stated in the following schedule:
| Fund | Management Fee |
| Elfun International Equity Fund | 0.21% |
| Elfun Trusts | 0.14% |
| Elfun Diversified Fund | 0.17% |
| Elfun Tax-Exempt Income Fund | 0.16% |
| Elfun Income Fund | 0.17% |
| Elfun Government Money Market Fund | 0.10% |
SSGA FM is contractually obligated until April 30, 2024 to waive its Management Fee and/or reimburse certain expenses for the Elfun Diversified Fund and Elfun Income Fund, in an amount equal to any acquired fund fees and expenses (“AFFEs”), excluding AFFEs derived from each Fund’s holdings in acquired funds for cash management purposes, if any. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to April 30, 2024 except with approval of the Board.
Amounts waived or reimbursed are included in the respective Statement of Operations.
Each of the Adviser and certain of its affiliates (each a “Service Provider”) also may voluntarily reduce all or a portion of its fees and/or reimburse expenses for the Elfun Government Money Market Fund to the extent necessary to attempt to maintain a certain minimum net yield, which may vary from time to time, in SSGA FM's sole discretion (any such waiver or reimbursement of expenses by a Service Provider being referred to herein as a ”Voluntary Reduction”). Under an agreement with the Service Providers relating to the Voluntary Reduction, the Elfun Government Money Market Fund has agreed to reimburse the Service Providers for the full dollar amount of any Voluntary Reduction beginning on May 1, 2020, subject to certain limitations. Each Service Provider may, in its sole discretion, irrevocably waive receipt of any or all reimbursement amounts due from the Elfun Government Money Market Fund. A reimbursement to the Service Provider would increase fund expenses and may negatively impact the Elfun Government Money Market Fund’s yield during such period. There is no guarantee that the Voluntary Reduction will be in effect at any given time or that the Elfun Government Money Market Fund will be able to avoid a negative yield. The Elfun Government Money Market Fund has agreed, subject to certain limitations, to reimburse the applicable Service Provider for the full dollar amount of any Voluntary Reduction incurred after May 1, 2020. Any such future reimbursement of an applicable Service Provider may result in the total annual operating expenses of the Fund exceeding the amount of the expense cap under the contractual expense limitation agreement because the expense is not covered by the agreement.
As of June 30, 2023, SSGA FM has not recouped any expenses from the Elfun Government Money Market Fund. Waived/reduced fees subject to potential recovery by year of expiration are as follows:
| Expiration Date | Amount |
| 12/31/2023 | $ 78,761 |
| 12/31/2024 | $233,832 |
| 12/31/2025 | $ 43,973 |
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Funds. Amounts paid by the Funds to State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statements of Operations.
Other Transactions with Affiliates The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more
| Notes to Financial Statements | 107 |
Elfun Funds
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended June 30, 2023 are disclosed in the Schedules of Investments.
6.Trustees' Fees
The fees and expenses of each Fund’s trustees who are not “interested persons” of the Fund, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
7.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2023 were as follows:
| | U.S. Government
Obligations | | Other
Securities |
| Fund | Purchases | Sales | | Purchases | Sales |
| Elfun International Equity Fund | $ — | $ — | | $ 6,155,307 | $ 9,076,332 |
| Elfun Trusts | — | — | | 361,865,968 | 474,537,920 |
| Elfun Diversified Fund | 9,945,238 | 14,010,388 | | 29,212,227 | 24,855,653 |
| Elfun Tax-Exempt Income Fund | — | — | | 356,658,315 | 360,297,040 |
| Elfun Income Fund | 204,295,596 | 208,614,915 | | 12,174,504 | 15,123,429 |
8.Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each Fund will not be subject to the federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of December 31, 2022, SSGA FM analyzed the Funds' tax positions and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of June 30, 2023, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
| Fund | Tax
Cost | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net
Unrealized
Appreciation
(Depreciation) |
| Elfun International Equity Fund | $ 126,944,077 | $ 53,320,381 | $ 9,094,532 | $ 44,225,849 |
| Elfun Trusts | 1,689,668,487 | 1,718,731,548 | 14,923,716 | 1,703,807,832 |
| Elfun Diversified Fund | 167,777,207 | 27,991,012 | 8,899,777 | 19,091,235 |
| Elfun Tax-Exempt Income Fund | 1,056,233,297 | 33,398,791 | 55,862,556 | (22,463,765) |
| Elfun Income Fund | 192,172,032 | 739,650 | 15,366,230 | (14,626,580) |
| Elfun Government Money Market Fund | 152,548,588 | — | — | — |
| 108 | Notes to Financial Statements |
Elfun Funds
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
9.Line of Credit
The Funds (excluding the Elfun Government Money Market Fund) and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $1.275 billion revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2023 unless extended or renewed.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.
The Funds had no outstanding loans as of June 30, 2023.
10.Risks
Concentration Risk As a result of a Fund's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of a Fund's investments more than if a Fund was more broadly diversified.
Interest Rate Risk Is the risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of a Fund’s investments. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.
Foreign and Emerging Markets Risk Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which a Fund invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.
Russian Sanctions Risk Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian
| Notes to Financial Statements | 109 |
Elfun Funds
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund’s Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.
Credit Risk A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.
Market Risk A Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on a Fund and its investments.
11.Recent Accounting Pronouncement
In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2206 Reference Rate Reform (Topic 848). ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.
12.Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| 110 | Notes to Financial Statements |
Elfun Funds
Other Information — June 30, 2023 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds, excluding the Elfun Government Money Market Fund, have adopted and implemented a liquidity risk management program (the “Program”). SSGA FM has been designated by the Board to administer the Funds' Program. The Program's principal objectives include assessing, managing and periodically reviewing each Fund's liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors' interests in the Fund. During the course of the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period December 31, 2021 through December 31, 2022. SSGA FM reported that the Program operated adequately to meet the requirements of Rule 22e-4 and that the implementation of the Program has been effective.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Proxy Voting Policies and Procedures and Record
The Funds have adopted the proxy voting policies of the Adviser. A description of the Funds' proxy voting policies and procedures that are used by the Funds' Adviser to vote proxies relating to Funds' portfolio of securities are available (i) without charge, upon request, by calling 1-800-242-0134 (toll free) and (ii) on the SEC’s website at www.sec.gov. Information regarding how the Funds voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number and on the SEC's website, at www.sec.gov, and on the Funds' website at www.ssga.com.
Quarterly Portfolio Schedule
With the exception of the Elfun Government Money Market Fund, following the Funds’ first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the SEC’s website at www.sec.gov and on the Funds’ website at www.ssga.com. The Funds’ Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
Monthly Portfolio Schedule
The Elfun Government Money Market Fund files its monthly portfolio holdings with the SEC on Form N-MFP. The Fund’s Form N-MFP is available on the SEC’s website at www.sec.gov. The Fund’s monthly portfolio holdings are available at the Fund’s website at www.ssga.com.
Elfun Funds
Other Information, continued — June 30, 2023 (Unaudited)
Trustee Considerations in Approving Continuation of Investment Advisory Agreements1,2
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees or its shareholders, and by a vote of a majority of those trustees who are not “interested persons” of the fund (the “Independent Trustees”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Trustees (the “Board”) of the Elfun Funds, met in person on April 5, 2023 and May 10-11, 2023, including in executive sessions attended by the Independent Trustees, to consider a proposal to approve, with respect to each Fund, the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Trustees reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Trustees were separately represented by counsel who are independent of the Adviser (“Independent Counsel”) in connection with their consideration of approval of the Advisory Agreement. Following the April 5, 2023 meeting, the Independent Trustees submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 10-11, 2023 meeting. The Independent Trustees considered, among other things, the following:
Information about Performance, Expenses and Fees
| • | A report prepared by an independent third-party provider of investment company data, which includes for each Fund: |
| ○ | Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2022, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
___________________________________________
1The “Elfun Funds” include the Elfun Trusts, Elfun International Equity Fund, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun Government Money Market Fund (each, a “Fund” and collectively, the “Funds”).
2The Independent Trustees have identified numerous relevant issues, factors and concerns (“issues, factors and concerns”) that they consider each year in connection with the proposed continuation of the advisory agreements, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Trustees may not change substantially from year to year. However, the information requested by, and provided to, the Independent Trustees with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Trustees schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Trustees take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Trustees before the annual review process is completed and prior to the Independent Trustees voting on proposals to approve continuation of the agreements and plans.
Elfun Funds
Other Information, continued — June 30, 2023 (Unaudited)
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Funds, as applicable; and |
| • | Profitability analyses for (a) the Adviser with respect to each Fund and (b) affiliates of the Adviser that provide services to the Funds (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Funds. |
Information about the Adviser
| • | Reports detailing the financial results and condition of the Adviser and its affiliates; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolios of the Funds and for Fund operations; |
| • | Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser; |
| • | Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser to overseeing compliance by the Funds and their service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Funds; |
| • | A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
| • | A description of the business continuity and disaster recovery plans of the Adviser; and |
| • | Information regarding the Adviser’s risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Funds by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Funds by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Funds, as applicable, and the role of the Adviser in managing the Funds’ relationship with these service providers; |
| • | Copies of the Advisory Agreement and agreements with other service providers of the Funds; |
| • | Responses to a request for information reviewed prior to the April 5, 2023 and May 10-11, 2023 meetings by Independent Counsel, requesting specific information from each of: |
| ○ | SSGA FM, in its capacity as the Funds’ Adviser and Administrator, with respect to its operations relating to the Funds and its approximate profit margins from such operations for the calendar year ended December 31, 2022; and the relevant operations of other Affiliated Service Providers to the Funds, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2022; |
Elfun Funds
Other Information, continued — June 30, 2023 (Unaudited)
| ○ | State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Funds, with respect to its operations relating to the Funds; and |
| ○ | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Funds (the “Distributor”), with respect to its operations relating to the Funds; |
| • | Information from SSGA FM, State Street and the Distributor with respect to the Funds providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 10-11, 2023; and |
| • | Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser, and other service providers of the Funds throughout the year at meetings of the Board and its committees. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Funds and the investment strategies used in pursuing each Fund’s investment objective.
The Independent Trustees were assisted throughout the contract review process by their Independent Counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 10-11, 2023 the Board, including a majority of the Independent Trustees, voted to approve the continuation of the Advisory Agreement effective June 1, 2023, for an additional year with respect to all Funds.
Nature, Extent and Quality of Services
In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to each Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing various Funds that invest primarily in equity securities or money market instruments. With respect to those Funds that invest primarily in fixed-income securities, the Board considered the extensive experience and resources committed by the Adviser to the evaluation of a portfolio’s quality distribution and sector and interest rate exposure. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Trustees also considered the significant risks assumed by the Adviser in connection with the services provided to the Funds, including reputational and entrepreneurial risks. With respect to the Fund that operates as a money market mutual fund with a stable net asset value, the Board considered the Adviser’s success in maintaining the constant dollar value of the Fund through extraordinary market conditions. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Funds by senior management, as well as the Adviser’s succession planning process.
Elfun Funds
Other Information, continued — June 30, 2023 (Unaudited)
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Funds.
Fund Performance
The Board compared each Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2022. For purposes of these comparisons the Independent Trustees relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of each Fund:
Elfun Trusts. The Board considered that the Fund’s performance was below the medians of its Performance Group and Performance Universe for the 1-year period and was above the medians of its Performance Group and Performance Universe for the 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1- and 3-year periods and was above the Benchmark for the 5- and 10-year periods.
Elfun International Equity Fund. The Board considered that the Fund’s performance was above the median of its Performance Group for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the median of its Performance Universe for the 1-year period and was above the median of its Performance Universe for the 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was above the Benchmark for the 3- and 5-year periods and was below the Benchmark for the 1- and 10-year periods.
Elfun Diversified Fund. The Board considered that the Fund’s performance was below the median of its Performance Group for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the median of the Performance Universe for the 1-year period and was above the median of its Performance Universe for the 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was above the Benchmark for the 1-year period and was below the Benchmark for the 3-, 5- and 10-year periods. The Board also took into account management’s discussion of the Fund’s performance, including certain differences between the Fund and the Fund’s Performance Group.
Elfun Government Money Market Fund. The Board considered that the Fund’s performance was above the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1-, 3-, 5- and 10-year periods.
Elfun Income Fund. The Board considered that the Fund’s performance was above the median of its Performance Group for the 1-year period, was equal to the median of the Performance Group for the 3-year period, and was above the median of the Performance Group for the 5- and 10-year periods. The Board also considered that the Fund’s performance was above the median of the Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1-year period and was above the Benchmark for the 3-, 5- and 10-year periods.
Elfun Tax-Exempt Income Fund. The Board considered that the Fund’s performance was above the medians of Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was above the Benchmark for the 1-year period and was below the Benchmark for the 3-, 5- and 10-year periods.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of each Fund is satisfactory or is being appropriately monitored and/or addressed by management.
Elfun Funds
Other Information, continued — June 30, 2023 (Unaudited)
Management Fees and Expenses
The Board reviewed the contractual investment advisory fee rates payable by each Fund and actual fees paid by each Fund, net of waivers. As part of its review, the Board considered each Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for each of the Funds. The Board also considered the comparability of the fees charged and the services provided to each Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. In addition, the Board considered the willingness of the Adviser to provide undertakings from time to time to waive fees or pay expenses of various Funds to limit the total expenses borne by shareholders of such Funds. Among other information, the Board considered the following expense information in its evaluation of each Fund:
Elfun Trusts. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.
Elfun International Equity Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.
Elfun Diversified Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.
Elfun Government Money Market Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the median of its Expense Group and above the median of its Expense Universe.
Elfun Income Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.
Elfun Tax-Exempt Income Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.
On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of each Fund compare favorably to the fees and expenses of the Expense Group and Expense Universe and are reasonable in relation to the services provided.
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to each Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Funds, including, where applicable, soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Funds and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Funds, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to each of the Funds, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Funds, were reasonable in relation to the services provided.
Elfun Funds
Other Information, continued — June 30, 2023 (Unaudited)
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of each Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to each Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of each Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Funds to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for any Fund at this time.
Conclusions
In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Trustee may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Trustees, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.
Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of each Fund and its respective shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
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Trustees
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Richard D. Shirk
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Sean O'Malley, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
(b) Not applicable.
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.
Item 6. Investments.
(a) Schedules of Investments are included as part of the report to shareholders filed under Item 1 of this Form N-CSR.
(b) Not applicable to the Registrant.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the “1940 Act”)) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable to the Registrant.
(b) Not applicable to the Registrant.
Item 13. Exhibits.
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.
Registrant: ELFUN INTERNATIONAL EQUITY FUND
| | |
| By: | | /s/ Ann M. Carpenter |
| | Ann M. Carpenter |
| | President (Principal Executive Officer) |
Date: September 6, 2023
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/ Ann M. Carpenter |
| | Ann M. Carpenter |
| | President (Principal Executive Officer) |
Date: September 6, 2023
| | |
| By: | | /s/ Bruce S. Rosenberg |
| | Bruce S. Rosenberg |
| | Treasurer (Principal Financial and Accounting Officer) |
Date: September 6, 2023
