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: December 31, 2023
Item 1. Shareholder Report.
| (a) | The Report to Shareholders is attached herewith. |
Annual Report
December 31, 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
Annual Report
December 31, 2023
| | Page |
| 1 |
Management’s Discussion of Fund Performance,
Understanding Your Fund’s Expenses, Performance Summary and Schedule of Investments | |
| 2 |
| 10 |
| 17 |
| 55 |
| 68 |
| 92 |
| Financial Statements | |
| 100 |
| 106 |
| 108 |
| 110 |
| 113 |
| 124 |
| 125 |
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.
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Elfun Funds
Notes to Performance — December 31, 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.
MSCI® Europe, Australasia, Far East Index (“MSCI® EAFE® Index”), The S&P 500® Index, MSCI ACWI ex-USA, MSCI® All-Country World ex USA Investable Market Index (“MSCI® ACWI ex USA Investable Market Index”), Bloomberg U.S. Municipal Bond Index, Bloomberg U.S. Aggregate Bond Index and Daily linked 90 Day U.S. T-Bill are unmanaged indices and do not reflect the actual cost of investing in the instruments that comprise each index. The results shown for the foregoing indices assume the reinvestment of net dividends or interest and do not reflect the fees, expenses or taxes.
The MSCI® EAFE® Index is an unmanaged, free float-adjusted, market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada.
The S&P 500 Index is an unmanaged, market capitalization-weighted index of 500 widely held U.S. stocks recognized by investors to be representative of the stock market in general.
MSCI ACWI ex-USA is a market-capitalization-weighted index maintained by MSCI and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The index includes both developed and emerging markets.
The MSCI ACWI ex USA Investable Market Index is a free float-adjusted market capitalization index that is designed to measure the combined equity market performance of securities, across all market capitalizations, in developed and emerging market countries excluding the United States.
The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of taxable investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of one year or more. This index is designed to represent the performance of the U.S. investment-grade first-rate bond market.
The Bloomberg U.S. Municipal Bond Index is a market value-weighted index of investment-grade municipal bonds with maturities of one year or more.
The Daily-Linked 90-Day T-Bill is a measure of the performance of U.S. Treasury bills currently available in the market place having a remaining maturity of 90 days.
The views, expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.
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
Management's Discussion of Fund Performance — December 31, 2023 (Unaudited)
The Elfun International Equity Fund (the “Fund”) seeks to provide long-term growth of capital and future income by investing principally in foreign securities consistent with prudent investment management and the preservation of capital. The Fund’s benchmark is the MSCI EAFE Index (the “Index”).
For the 12-month period ended December 31, 2023 (the “Reporting Period”), the total return for the Fund was 20.35%, and the return for the Index was 18.24%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.
Primary drivers of Fund performance during the Reporting Period relative to the Index included outperformance and an overweight position in information technology, outperformance in consumer discretionary, and, on the negative side, underperformance in financials.
2023 was a strong year for technology stocks globally. This provided a significant benefit to the Fund, whose largest sector overweight is in the sector. Even more benefit came from stock selection as the Fund outperformed the Index by nearly 19% in the sector. The biggest contributor was Japanese company Disco Corp., which rose nearly 164% in the year (in U.S. dollar). Disco Corp. is a dominant supplier of semiconductor back-end equipment for the dicing and grinding of chips. The company has benefitted in the short-term from cyclical recovery in semiconductor demand as well as newer demand drivers such as Artificial Intelligence, and longer-term from secular growth in semiconductor demand driven from the proliferation of technologies such as electric vehicles, cloud computing, and electrification.
In consumer discretionary, the Fund benefitted from a number of positions. Spanish specialty retailer Inditex, the parent company of brands such as Zara, was particularly strong as sales and margins surprised higher on strong execution. Other contributors included adidas AG and Sony Group Corp.. The three names were up an average 48.0% in 2023.
In financials, the Fund had more positive contributing positions than detractors, but overall the detractors were larger, leading to underperformance in the sector. The two largest detractors were AIA Group Ltd.(Hong Kong) and Worldline S.A. (France). Insurer AIA’s share price was impacted during China’s COVID-19 lockdown on restrictions on cross-border travel between Hong Kong and China. More recently, the weaker than expected reopening in China has continued to be a drag on AIA’s growth, as well as a mix shift away from more profitable protection products toward savings products, which have more competition. This resulted in lower margins. Worldline, a French payments processor, was hit by weak results as reduced economic activity hit its revenue and guidance. The position was exited.
The Fund used futures in order to efficiently manage cash flows during the Reporting Period. The Fund’s use of futures contributed positively to Fund performance relative to the Index.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Disco Corp., ASML Holding N.V., and SAP SE. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Shiseido Co. Ltd., Worldline S.A., and AIA Group Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
| 2 | Elfun International Equity Fund |
Elfun International Equity Fund
Performance Summary — December 31, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $173,625 (in thousands) as of December 31, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of December 31, 2023 (as a % of Fair Value) (a)(b) |
| AstraZeneca PLC | 3.28% |
| ASML Holding N.V. | 3.19% |
| Novartis AG | 3.17% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.13% |
| Nestle S.A. | 3.09% |
| Schneider Electric SE | 2.83% |
| Disco Corp. | 2.71% |
| SAP SE | 2.64% |
| Sony Group Corp. | 2.63% |
| Air Liquide S.A. | 2.61% |
| Average Annual Total Return for the years ended December 31, 2023 |
| (Inception date: 1/1/88) |
| | One Year | | Five Year | | Ten Year | | Ending Value
of a $10,000
Investment |
| Elfun International Equity Fund | 20.35% | | 10.18% | | 4.33% | | $15,273 |
| MSCI EAFE Index | 18.24% | | 8.17% | | 4.28% | | $15,204 |
|
| (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 International Equity Fund | 3 |
Elfun International Equity Fund
Performance Summary, continued — December 31, 2023 (Unaudited)
Change in Value of a $10,000 Investment
Yearly periods ended December 31
| 4 | Elfun International Equity Fund |
Elfun International Equity Fund
Understanding Your Fund’s Expenses — December 31, 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 December 31, 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
July 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
December 31, 2023 | $1,047.60 | | $1,022.90 |
| Expenses Paid During Period* | $ 2.32 | | $ 2.29 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.45%** (for the period July 1, 2023 - December 31, 2023), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| ** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
| Elfun International Equity Fund | 5 |
Elfun International Equity Fund
Schedule of Investments — December 31, 2023
| | Number
of Shares | Fair
Value |
| Common Stock - 98.4% † |
| Australia - 1.9% |
| BHP Group Ltd., Class DI | 93,363 | $ 3,201,019 |
| Brazil - 0.6% |
| Itau Unibanco Holding S.A. ADR | 149,514 | 1,039,122 |
| Canada - 0.9% |
| Brookfield Corp. | 38,195 | 1,539,560 |
| France - 18.0% |
| Air Liquide S.A. | 23,258 | 4,524,867 |
| AXA S.A. | 106,311 | 3,463,201 |
| BNP Paribas S.A. | 44,009 | 3,042,785 |
| Cie de Saint-Gobain S.A. | 52,694 | 3,880,174 |
| Dassault Systemes SE | 67,137 | 3,280,596 |
| EssilorLuxottica S.A. | 19,274 | 3,866,450 |
| LVMH Moet Hennessy Louis Vuitton SE | 6,695 | 5,425,436 |
| Safran S.A. | 21,876 | 3,853,403 |
| | | 31,336,912 |
| Germany - 6.0% |
| adidas AG | 12,179 | 2,477,603 |
| Infineon Technologies AG | 81,867 | 3,418,420 |
| SAP SE | 29,741 | 4,582,392 |
| | | 10,478,415 |
| Hong Kong - 3.3% |
| AIA Group Ltd. | 397,167 | 3,461,234 |
| Prudential PLC | 199,544 | 2,256,847 |
| | | 5,718,081 |
| Ireland - 0.9% |
| Kerry Group PLC, Class A | 17,972 | 1,561,619 |
| Japan - 21.0% |
| Daikin Industries Ltd. | 15,700 | 2,559,686 |
| Disco Corp. | 19,000 | 4,714,286 |
| Hoya Corp. | 21,852 | 2,731,888 |
| Kao Corp. | 41,300 | 1,699,106 |
| Komatsu Ltd. | 118,800 | 3,107,777 |
| Mitsubishi UFJ Financial Group, Inc. | 449,826 | 3,865,543 |
| Murata Manufacturing Co. Ltd. | 102,373 | 2,173,375 |
| Recruit Holdings Co. Ltd. | 98,000 | 4,145,084 |
| Secom Co. Ltd. | 11,000 | 792,346 |
| Shimadzu Corp. | 27,357 | 764,940 |
| Shiseido Co. Ltd. | 50,962 | 1,537,030 |
| | Number
of Shares | Fair
Value |
| Sony Group Corp. | 48,000 | $ 4,565,754 |
| Tokio Marine Holdings, Inc. | 153,794 | 3,849,759 |
| | | 36,506,574 |
| Netherlands - 7.0% |
| ASML Holding N.V. (a) | 7,362 | 5,543,880 |
| ING Groep N.V. | 216,760 | 3,238,719 |
| Universal Music Group N.V. | 120,783 | 3,443,647 |
| | | 12,226,246 |
| Norway - 1.3% |
| Equinor ASA | 71,445 | 2,266,314 |
| Portugal - 0.8% |
| Galp Energia SGPS S.A. | 94,724 | 1,395,856 |
| Singapore - 1.8% |
| United Overseas Bank Ltd. | 146,100 | 3,151,046 |
| Spain - 3.8% |
| Cellnex Telecom S.A. (b) | 82,720 | 3,258,492 |
| Industria de Diseno Textil S.A. | 77,239 | 3,364,249 |
| | | 6,622,741 |
| Sweden - 2.1% |
| Assa Abloy AB, Class B | 125,811 | 3,624,080 |
| Switzerland - 6.8% |
| DSM-Firmenich AG | 31,388 | 3,189,894 |
| Novartis AG | 54,660 | 5,511,786 |
| Sika AG | 9,264 | 3,012,602 |
| | | 11,714,282 |
| United Kingdom - 12.4% |
| Ashtead Group PLC | 40,995 | 2,854,464 |
| AstraZeneca PLC | 42,157 | 5,696,623 |
| Diageo PLC | 72,667 | 2,645,680 |
| London Stock Exchange Group PLC | 36,569 | 4,323,367 |
| Rentokil Initial PLC | 459,423 | 2,581,643 |
| Spirax-Sarco Engineering PLC | 25,652 | 3,435,257 |
| | | 21,537,034 |
| United States - 9.8% |
| Experian PLC | 66,348 | 2,708,264 |
| Nestle S.A. | 46,216 | 5,354,390 |
| Roche Holding AG | 13,828 | 4,017,045 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 6 | Elfun International Equity Fund |
Elfun International Equity Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Schneider Electric SE | 24,485 | $ 4,916,669 |
| | | 16,996,368 |
Total Common Stock
(Cost $118,105,299) | | 170,915,269 |
| Short-Term Investments - 1.5% |
| State Street Institutional Treasury Money Market Fund - Premier Class 5.28% (c)(d) | 1,533,237 | 1,533,237 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.36% (c)(d)(e) | 1,176,046 | 1,176,046 |
Total Short-Term Investments
(Cost $2,709,283) | | 2,709,283 |
Total Investments
(Cost $120,814,582) | | 173,624,552 |
| Other Assets and Liabilities, net - 0.1% | | 129,482 |
| NET ASSETS - 100.0% | | $ 173,754,034 |
| The Fund had the following long futures contracts open at December 31, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| MSCI EAFE Mini Index Futures | March 2024 | 5 | $ 542,089 | $ 563,100 | $ 21,011 |
During the period ended December 31, 2023, the average notional values related to long and short futures contracts were $940,389 and $572,703, respectively.
Notes to Schedule of Investments – December 31, 2023
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) | 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 December 31, 2023, these securities amounted to $3,258,492 or 1.88% 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. |
| (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. |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun International Equity Fund | 7 |
Elfun International Equity Fund
Schedule of Investments, continued — December 31, 2023
| (e) | At December 31, 2023, all or a portion of this security was pledged to cover collateral requirements for futures. |
| † | Percentages are based on net assets as of December 31, 2023. |
| Abbreviations: |
| ADR - American Depositary Receipt |
The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 170,915,269 | | $ — | | $ — | | $ 170,915,269 |
| Short-Term Investments | 2,709,283 | | — | | — | | 2,709,283 |
| Total Investments in Securities | $ 173,624,552 | | $ — | | $ — | | $ 173,624,552 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $ 21,011 | | $ — | | $ — | | $ 21,011 |
| Total Other Financial Instruments | $ 21,011 | | $ — | | $ — | | $ 21,011 |
The Fund was invested in the following sectors at December 31, 2023 (Unaudited):
| Sector | | Percentage (based
on Fair Value) |
| Pharmaceuticals | | | 8.76% |
| Diversified Banks | | | 8.26% |
| Semiconductor Materials & Equipment | | | 5.90% |
| Building Products | | | 5.79% |
| Apparel, Accessories & Luxury Goods | | | 4.56% |
| Application Software | | | 4.53% |
| Packaged Foods & Meats | | | 3.99% |
| Healthcare Supplies | | | 3.80% |
| Specialty Chemicals | | | 3.58% |
| Life & Health Insurance | | | 3.29% |
| Electrical Components & Equipment | | | 2.83% |
| Consumer Electronics | | | 2.63% |
| Industrial Gases | | | 2.61% |
| Financial Exchanges & Data | | | 2.49% |
| Human Resource & Employment Services | | | 2.39% |
| Property & Casualty Insurance | | | 2.22% |
| Aerospace & Defense | | | 2.22% |
| Integrated Oil & Gas | | | 2.11% |
| Multi-Line Insurance | | | 1.99% |
| Industrial Machinery & Supplies & Components | | | 1.98% |
| Movies & Entertainment | | | 1.98% |
| Semiconductors | | | 1.97% |
| Apparel Retail | | | 1.94% |
| Personal Care Products | | | 1.87% |
| Integrated Telecommunication Services | | | 1.87% |
| Diversified Metals & Mining | | | 1.84% |
| Construction Machinery & Heavy Transportation Equipment | | | 1.79% |
| Trading Companies & Distributors | | | 1.64% |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 8 | Elfun International Equity Fund |
Elfun International Equity Fund
Schedule of Investments, continued — December 31, 2023
| Sector | | Percentage (based
on Fair Value) |
| Research & Consulting Services | | | 1.56% |
| Distillers & Vintners | | | 1.52% |
| Environmental & Facilities Services | | | 1.49% |
| Electronic Components | | | 1.25% |
| Asset Management & Custody Banks | | | 0.89% |
| Security & Alarm Services | | | 0.46% |
| Electronic Equipment & Instruments | | | 0.44% |
| | | | 98.44% |
| Short-Term Investments | | |
| Short-Term Investments | | 1.56% |
| | | | 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
12/31/23 | Value at
12/31/23 | | Dividend
Income |
| State Street Institutional Treasury Money Market Fund - Premier Class | 1,192,777 | $1,192,777 | | $10,660,493 | | $10,320,033 | | $— | | $— | 1,533,237 | $1,533,237 | | $103,351 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 935,166 | 935,166 | | 10,560,913 | | 10,320,033 | | — | | — | 1,176,046 | 1,176,046 | | 89,770 |
| TOTAL | | $2,127,943 | | $21,221,406 | | $20,640,066 | | $— | | $— | | $2,709,283 | | $193,121 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun International Equity Fund | 9 |
Elfun Trusts
Management's Discussion of Fund Performance — December 31, 2023 (Unaudited)
The Elfun Trusts (the “Fund”) seeks to provide long-term growth of capital and future income rather than current income. The Fund’s benchmark is the S&P 500 Index (the “Index”).
For the 12-month period ended December 31, 2023 (the “Reporting Period”), the total return for the Fund was 34.49%, and return for the Index was 26.29%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.
Primary drivers of Fund performance relative to the Index during the Reporting Period included stock selection and overweight in communication services, stock selection in industrials, and, on the negative side, exposure to two companies impacted by the March 2023 banking crisis. Overall, the Fund delivered strong, broad-based outperformance versus the Index in a market that was notable for surprising resilience and narrowness of leadership that most active U.S. Funds found challenging.
In communication services, the Fund benefitted from holding key positions in interactive media, a component of the broader communication services sector that focuses on online platforms. This segment is dominated by Meta Platforms (formerly Facebook) and Alphabet, both of which the Fund is overweight and both of which outperformed significantly during the Reporting Period. These companies have dominant market positions in their respective specialties: Meta in social media, and Alphabet in online search, cloud, and other areas. They compete for online advertising, but between the two, have well over half of the total market. They also have new growth drivers in areas such as generative AI. Their strong performance over the last year should be put in context of the previous few years, where they experienced a massive surge during the early COVID-19 years only to give up much of it in 2022. This was especially the case with Meta, which experienced a particularly volatile two years. Their jump over the Reporting Period brings them close to the previous peak in late 2021. The Fund was further helped by having no holdings in the telecom segments of communication services, which underperformed during the year.
In industrials, we had a broadly positive view of the sector driven by tailwinds such as pent up capex demand, new growth drivers such as electrification and reshoring, and recent U.S. legislation providing incentives for investments in strategically important industries. Within the portfolio, we held several names that were direct beneficiaries of this including United Rentals, Parker Hannifin, and Eaton. The average return of the Fund’s industrials holdings was 44.9% for the year, well ahead of the broader Index.
Negative contribution came from two names in the financial sector that were impaired during the U.S. regional banking crisis early in 2023: First Republic Bank and Charles Schwab Corp. The rise in interest rates in 2022 and 2023 was initially a positive for the financial sector, but turned into a negative as deposit costs rose and asset valuations fell. Our view was that in a slowing economy, credit risk was the biggest potential issue in the sector, leading us to focus on positions with very low exposure in this area, including First Republic Bank and Charles Schwab Corp. The risk we underappreciated was that deposit outflows could threaten solvency in mid-sized banks. The failure of Silicon Valley Bank, which was not held by the Fund, in March of 2023 led rapidly to turmoil in U.S. financials, which First Republic was caught up in. Another portfolio holding, Charles Schwab Corp., while not a bank, was also impacted, raising concerns about the resilience of its business model. Both positions were exited during the Reporting Period.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were NVIDIA Corp., Microsoft Corp., and Meta Platforms, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were First Republic Bank, Charles Schwab Corp., and Johnson & Johnson.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
Elfun Trusts
Performance Summary — December 31, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $3,635,069 (in thousands) as of December 31, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of December 31, 2023 (as a % of Fair Value) (a)(b) |
| Microsoft Corp. | 8.77% |
| Apple, Inc. | 6.26% |
| Amazon.com, Inc. | 5.37% |
| NVIDIA Corp. | 4.87% |
| Meta Platforms, Inc., Class A | 3.89% |
| Alphabet, Inc., Class C | 3.87% |
| JPMorgan Chase & Co. | 2.94% |
| Johnson & Johnson | 2.66% |
| Merck & Co., Inc. | 2.57% |
| UnitedHealth Group, Inc. | 2.46% |
| Average Annual Total Return for the years ended December 31, 2023 |
| (Inception date: 5/27/35) |
| | One Year | | Five Year | | Ten Year | | Ending Value
of a $10,000
Investment |
| Elfun Trusts | 34.49% | | 17.82% | | 12.89% | | $33,629 |
| S&P 500® Index | 26.29% | | 15.69% | | 12.03% | | $31,149 |
|
| (a) | Fair Value basis is inclusive of short-term investment 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
Performance Summary, continued — December 31, 2023 (Unaudited)
Change in Value of a $10,000 Investment
Yearly periods ended December 31
See Notes to Performance beginning on page 1 for further information.
Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares
Elfun Trusts
Understanding Your Fund’s Expenses — December 31, 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 December 31, 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
July 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
December 31, 2023 | $1,114.30 | | $1,024.30 |
| Expenses Paid During Period* | $ 0.91 | | $ 0.87 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.17%** (for the period July 1, 2023 - December 31, 2023), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| ** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
Elfun Trusts
Schedule of Investments — December 31, 2023
| | Number
of Shares | Fair
Value |
| Common Stock - 98.7% † |
| Apparel Retail - 1.7% |
| Ross Stores, Inc. | 434,600 | $ 60,144,294 |
| Application Software - 2.1% |
| Salesforce, Inc. (a) | 295,549 | 77,770,764 |
| Biotechnology - 3.1% |
| BioMarin Pharmaceutical, Inc. (a) | 618,491 | 59,634,902 |
| Vertex Pharmaceuticals, Inc. (a) | 127,042 | 51,692,120 |
| | | 111,327,022 |
| Broadline Retail - 5.4% |
| Amazon.com, Inc. (a) | 1,284,400 | 195,151,736 |
| Cable & Satellite - 1.1% |
| Charter Communications, Inc., Class A (a) | 99,900 | 38,829,132 |
| Consumer Staples Merchandise Retail - 1.8% |
| Costco Wholesale Corp. | 100,312 | 66,213,945 |
| Diversified Banks - 2.9% |
| JPMorgan Chase & Co. | 628,921 | 106,979,462 |
| Electric Utilities - 2.0% |
| NextEra Energy, Inc. | 1,190,800 | 72,329,192 |
| Electrical Components & Equipment - 1.6% |
| Eaton Corp. PLC | 249,100 | 59,988,262 |
| Electronic Components - 1.6% |
| Amphenol Corp., Class A | 594,400 | 58,922,872 |
| Environmental & Facilities Services - 2.1% |
| Waste Management, Inc. | 426,400 | 76,368,240 |
| Financial Exchanges & Data - 2.0% |
| S&P Global, Inc. | 162,700 | 71,672,604 |
| Healthcare Equipment - 2.5% |
| Boston Scientific Corp. (a) | 820,603 | 47,439,059 |
| IDEXX Laboratories, Inc. (a) | 77,400 | 42,960,870 |
| | | 90,399,929 |
| Industrial Gases - 2.4% |
| Linde PLC | 212,700 | 87,358,017 |
| | Number
of Shares | Fair
Value |
| Industrial Machinery & Supplies & Components - 2.1% |
| Parker-Hannifin Corp. | 169,300 | $ 77,996,510 |
| Interactive Media & Services - 10.0% |
| Alphabet, Inc., Class C (a) | 997,200 | 140,535,396 |
| Alphabet, Inc., Class A (a) | 586,000 | 81,858,340 |
| Meta Platforms, Inc., Class A (a) | 399,592 | 141,439,584 |
| | | 363,833,320 |
| Life Sciences Tools & Services - 2.3% |
| Thermo Fisher Scientific, Inc. | 160,300 | 85,085,637 |
| Managed Healthcare - 2.5% |
| UnitedHealth Group, Inc. | 169,856 | 89,424,088 |
| Oil & Gas Exploration & Production - 3.8% |
| ConocoPhillips | 681,000 | 79,043,670 |
| Pioneer Natural Resources Co. | 258,000 | 58,019,040 |
| | | 137,062,710 |
| Packaged Foods & Meats - 1.3% |
| Mondelez International, Inc., Class A | 670,183 | 48,541,355 |
| Personal Care Products - 1.9% |
| Kenvue, Inc. | 3,139,186 | 67,586,675 |
| Pharmaceuticals - 5.2% |
| Johnson & Johnson | 617,928 | 96,854,035 |
| Merck & Co., Inc. | 855,276 | 93,242,189 |
| | | 190,096,224 |
| Property & Casualty Insurance - 2.0% |
| Chubb Ltd. | 329,300 | 74,421,800 |
| Semiconductor Materials & Equipment - 3.0% |
| Applied Materials, Inc. | 358,200 | 58,053,474 |
| ASML Holding N.V. | 66,000 | 49,956,720 |
| | | 108,010,194 |
| Semiconductors - 7.4% |
| ARM Holdings PLC ADR (a) | 86,400 | 6,492,528 |
| Broadcom, Inc. | 60,700 | 67,756,375 |
| NVIDIA Corp. | 357,700 | 177,140,194 |
| ON Semiconductor Corp. (a) | 218,000 | 18,209,540 |
| | | 269,598,637 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Trusts
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Systems Software - 9.6% |
| Microsoft Corp. | 847,135 | $ 318,556,645 |
| ServiceNow, Inc. (a) | 42,800 | 30,237,772 |
| | | 348,794,417 |
| Technology Hardware, Storage & Peripherals - 6.2% |
| Apple, Inc. | 1,181,000 | 227,377,930 |
| Telecom Tower REITs - 2.2% |
| American Tower Corp. | 364,329 | 78,651,345 |
| Trading Companies & Distributors - 2.1% |
| United Rentals, Inc. | 132,667 | 76,073,911 |
| Transaction & Payment Processing Services - 4.8% |
| Mastercard, Inc., Class A | 200,400 | 85,472,604 |
| Visa, Inc., Class A | 335,600 | 87,373,460 |
| | | 172,846,064 |
Total Common Stock
(Cost $1,608,899,978) | | 3,588,856,288 |
| Short-Term Investments - 1.3% |
| State Street Institutional Treasury Money Market Fund - Premier Class 5.28% (b)(c) | 24,256,056 | 24,256,056 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.36% (b)(c) | 21,957,027 | 21,957,027 |
Total Short-Term Investments
(Cost $46,213,083) | | 46,213,083 |
Total Investments
(Cost $1,655,113,061) | | 3,635,069,371 |
| Other Assets and Liabilities, net - 0.0%* | | 1,345,222 |
| NET ASSETS - 100.0% | | $ 3,636,414,593 |
Notes to Schedule of Investments – December 31, 2023
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 December 31, 2023. |
| * | Less than 0.05%. |
| Abbreviations: |
| ADR - American Depositary Receipt |
| REIT - Real Estate Investment Trust |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Trusts
Schedule of Investments, continued — December 31, 2023
The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 3,588,856,288 | | $ — | | $ — | | $ 3,588,856,288 |
| Short-Term Investments | 46,213,083 | | — | | — | | 46,213,083 |
| Total Investments in Securities | $ 3,635,069,371 | | $ — | | $ — | | $ 3,635,069,371 |
| | 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
12/31/23 | Value at
12/31/23 | | Dividend
Income |
| State Street Institutional Treasury Money Market Fund - Premier Class | 19,801,698 | $19,801,698 | | $217,235,400 | | $212,781,042 | | $— | | $— | 24,256,056 | $24,256,056 | | $1,471,317 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 18,975,185 | 18,975,185 | | 215,762,883 | | 212,781,041 | | — | | — | 21,957,027 | 21,957,027 | | 1,419,174 |
| TOTAL | | $38,776,883 | | $432,998,283 | | $425,562,083 | | $— | | $— | | $46,213,083 | | $2,890,491 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Management's Discussion of Fund Performance — December 31, 2023 (Unaudited)
The Elfun Diversified Fund (the “Fund”) seeks the highest total return consistent with prudent investment management and the preservation of capital (total return includes both income and capital appreciation). The Fund’s benchmarks are the S&P 500 Index, Bloomberg U.S. Aggregate Bond Index and the MSCI ACWI ex USA Investable Market Index (the “Indices”).
For the 12-month period ended December 31, 2023 (the “Reporting Period”), the total return for the Fund was 16.13%, and the return for the S&P 500 Index, Bloomberg U.S. Aggregate Bond Index and MSCI ACWI ex USA Investable Market Index, were 26.29%, 5.53% and 16.21% respectively. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.
The biggest drivers of the Fund’s performance were its positions in the S&P 500 Index, the MSCI® ACWI ex USA Investable Market Index, and the Bloomberg U.S. Aggregate Bond Index. All of which posted positive returns for the year.
The Fund began the year with a modest overweight position to U.S. fixed income offset with an underweight to U.S. equity while neutral to the benchmark within non-U.S. equities. In January, the Fund moved to an overweight U.S. equity position as an improvement in risk sentiment observed through an easing of risky debt spreads and a meaningful improvement in implied volatility on currency, signaled a more favorable environment for risk assets. Given the improvement in the macro environment, the Fund added to U.S. equities funded from fixed income. The Regional Bank issues punctuated by the Silicon Valley Bank failure in March reversed much of the gains of the first two months of 2023 as investors grew cautious and worried about the financial stability of the banking sector. However, the Federal Reserve’s (the “Fed”) quick intervention eased investor’s concerns and reignited the optimism around slowing inflation and a resilient U.S. consumer. The Fund remained overweight to U.S. equities and cash throughout the first quarter offset with an underweight to U.S. Fixed Income. The Fund extended the overweight U.S. equity position in the second quarter. Healthy corporate balance sheets, a resilient consumer, and strong labor markets provided support for the positive view on the U.S. equity market. The strength in the macro environment led to improved market sentiment measured by analysts upgrading corporate sales and earnings forecasts. The strengthening market fundamentals taken in tandem with the positive signals from market risk indicators resulted in the Fund extending the equity overweight in the second quarter. The Fund modestly reduced risk exposure in July due to a less constructive outlook for equities driven by weakening in macroeconomic factors and less attractive valuations after June’s positive performance. In the latter half of the third quarter the Fund moved underweight non-U.S. equities as regions such as Europe began to deteriorate from both a long-term price momentum and sentiment standpoint. The Fund used the proceeds from the reduced allocation to non-U.S. equities to further extend the U.S. equity overweight and went into the fourth quarter overweight U.S. equity and cash with an underweight to non-U.S. equity and fixed income. The Fund reduced risk exposure in October after what could be described as a hawkish Fed pause in September, which lead to spikes in yields and volatility, with implied volatility on equities experiencing a particularly sharp move higher. While the environment was not seen as outright negative for equity markets it suggested a more cautious allocation was warranted. As a result, the Fund sold U.S. equity to Fund an increased allocation to cash. However, underwhelming PMI data and another Fed pause in November reignited market views for an accommodative Fed with multiple interest rate cuts in 2024. Risky debt spreads decreased and implied volatility on equity moved lower signaling investor risk appetite had improved. As the market environment became more supportive for risk assets the Fund sold cash to further increase the overweight to U.S. equity. The Fund did not execute any tactical changes to the asset allocation in December as the environment remained supportive for risk assets as inflation continued to moderate and a narrative of peak policy rates gained momentum with market participants. The Fund ended 2023 with an overweight to U.S. equity and cash offset with underweights to non-U.S. equity and fixed income.
Global equity markets proved resilient in the first quarter of 2023. Stocks broadly started the year strong but the collapse of Silicon Valley Bank and broader concerns around the financial sector in March pulled down banking sector stocks. However, investors took comfort as regulators and central banks intervened to stabilize the sector. The global economy expanded in the second quarter, but momentum slowed in June as activity in the services sector showed signs of moderating. On balance, risk assets rallied in the second quarter as the economic data indicated U.S. inflation
Elfun Diversified Fund
Management's Discussion of Fund Performance, continued — December 31, 2023 (Unaudited)
was moving in the right direction while the job markets remained healthy. Through the first half of the year, U.S. markets were driven significantly by a select group of stocks known as the “Magnificent Seven”. These stocks were responsible for the majority of the market rally due to optimism around artificial intelligence (“AI”), while the rest of the market remained relatively flat. Global economic growth remained lackluster in the third quarter, with manufacturing activity contracting and the service sector showing signs of deceleration. Risk assets ended the third quarter down amid a sharp increase in interest rates and risk of financial instability in China. A volatile 2023 ended on a cautiously positive note, as developed market (“DM”) central banks generally signaled an end to their respective tightening cycles. Global economic activity also edged higher with service sector activity expanding. Inflation continued to decline during the quarter. During 2023, global growth slowed at divergent rates across key economies – growth in the United States outpaced expectations but growth disappointed elsewhere. In Q4, risk assets generally rose as rates rallied on the back of anticipated policy easing in 2024. The S&P 500 Index returned 11.69% for Q4 and 26.29% for the Reporting Period. Global equity markets ended 2023 with a rally, as recession concerns eased. The MSCI ACWI ex US Investable Market Index returned 9.87% over the final quarter of 2023 and 16.21% for the Reporting Period.
The tone of the December Federal Open Market Committee (“FOMC”) meeting shifted as Fed Chair, Jerome Powell, did not push against markets pricing of rate cuts in 2024. The Federal Reserve maintained restrictive monetary policy throughout 2023 but now anticipates three 25 basis point cuts to the Federal Funds rate over the course of 2024 as economic conditions are expected to weaken. Investment grade (IG) bonds fared well in 2023 following a difficult year in 2022. Despite higher yields throughout the year of 2023, IG bonds saw healthy issuance. The Bloomberg U.S. Aggregate Index ended the year up 6.80% for the fourth quarter and returned 5.52% for the Reporting Period.
The Fund used equity and treasury futures in order to actively manage equity exposure and duration during the Reporting Period. The Fund’s use of these derivatives contributed to Fund liquidity and exposure management versus utilizing cash instruments only.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
Elfun Diversified Fund
Performance Summary — December 31, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $182,327 (in thousands) as of December 31, 2023 (a)(b) |
| Top Ten Largest Equity Holdings |
| as of December 31, 2023 (as a % of Fair Value) (a)(b) |
| Apple, Inc. | 3.01% |
| Microsoft Corp. | 2.99% |
| Amazon.com, Inc. | 1.48% |
| NVIDIA Corp. | 1.31% |
| Alphabet, Inc., Class A | 0.88% |
| Meta Platforms, Inc., Class A | 0.84% |
| Alphabet, Inc., Class C | 0.75% |
| Tesla, Inc. | 0.74% |
| Berkshire Hathaway, Inc., Class B | 0.69% |
| JPMorgan Chase & Co. | 0.53% |
| Average Annual Total Return for the years ended December 31, 2023 |
| (Inception date: 1/1/88) |
| | One Year | | Five Year | | Ten Year | | Ending Value
of a $10,000
Investment |
| Elfun Diversified Fund | 16.13% | | 8.05% | | 5.79% | | $17,552 |
| S&P 500® Index | 26.29% | | 15.69% | | 12.03% | | $31,149 |
| MSCI ACWI ex USA Investable Market Index | 15.62% | | 7.18% | | 4.11% | | $14,755 |
| Bloomberg U.S. Aggregate Bond Index | 5.53% | | 1.10% | | 1.81% | | $11,964 |
|
| (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
Performance Summary, continued — December 31, 2023 (Unaudited)
Change in Value of a $10,000 Investment
Yearly periods ended December 31
See Notes to Performance beginning on page 1 for further information.
Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares
Elfun Diversified Fund
Understanding Your Fund’s Expenses — December 31, 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 December 31, 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
July 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
December 31, 2023 | $1,058.60 | | $1,023.60 |
| Expenses Paid During Period* | $ 1.61 | | $ 1.58 |
| * | Expenses are equal to the Fund's annualized net expense ratio of 0.31%** (for the period July 1, 2023 - December 31, 2023), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| ** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
Elfun Diversified Fund
Schedule of Investments — December 31, 2023
| | Number
of Shares | Fair
Value |
| Domestic Equity - 44.2% † |
| Common Stock - 44.2% |
| Advertising - 0.0%* |
| Interpublic Group of Cos., Inc. | 766 | $ 25,002 |
| Omnicom Group, Inc. | 341 | 29,500 |
| | | 54,502 |
| Aerospace & Defense - 0.7% |
| Axon Enterprise, Inc. (a) | 149 | 38,491 |
| Boeing Co. (a) | 1,114 | 290,375 |
| General Dynamics Corp. | 433 | 112,437 |
| Howmet Aerospace, Inc. | 719 | 38,912 |
| Huntington Ingalls Industries, Inc. | 71 | 18,435 |
| L3Harris Technologies, Inc. | 381 | 80,246 |
| Lockheed Martin Corp. | 438 | 198,519 |
| Northrop Grumman Corp. | 276 | 129,207 |
| RTX Corp. | 2,780 | 233,909 |
| Textron, Inc. | 398 | 32,007 |
| TransDigm Group, Inc. | 111 | 112,288 |
| | | 1,284,826 |
| Agricultural & Farm Machinery - 0.1% |
| Deere & Co. | 517 | 206,733 |
| Agricultural Products & Services - 0.1% |
| Archer-Daniels-Midland Co. | 1,079 | 77,925 |
| Bunge Global S.A. | 300 | 30,285 |
| | | 108,210 |
| Air Freight & Logistics - 0.2% |
| CH Robinson Worldwide, Inc. | 194 | 16,760 |
| Expeditors International of Washington, Inc. | 301 | 38,287 |
| FedEx Corp. | 464 | 117,378 |
| United Parcel Service, Inc., Class B | 1,418 | 222,952 |
| | | 395,377 |
| Apparel Retail - 0.2% |
| Ross Stores, Inc. | 644 | 89,123 |
| TJX Cos., Inc. | 2,229 | 209,103 |
| | | 298,226 |
| Apparel, Accessories & Luxury Goods - 0.1% |
| Lululemon Athletica, Inc. (a) | 224 | 114,529 |
| Ralph Lauren Corp. | 75 | 10,815 |
| Tapestry, Inc. | 436 | 16,049 |
| | Number
of Shares | Fair
Value |
| VF Corp. | 724 | $ 13,611 |
| | | 155,004 |
| Application Software - 1.2% |
| Adobe, Inc. (a)(b) | 885 | 527,991 |
| ANSYS, Inc. (a) | 176 | 63,867 |
| Autodesk, Inc. (a) | 430 | 104,696 |
| Cadence Design Systems, Inc. (a) | 530 | 144,356 |
| Fair Isaac Corp. (a) | 50 | 58,201 |
| Intuit, Inc. | 550 | 343,767 |
| PTC, Inc. (a) | 208 | 36,392 |
| Roper Technologies, Inc. | 214 | 116,666 |
| Salesforce, Inc. (a) | 1,891 | 497,598 |
| Synopsys, Inc. (a) | 297 | 152,928 |
| Tyler Technologies, Inc. (a) | 86 | 35,958 |
| | | 2,082,420 |
| Asset Management & Custody Banks - 0.4% |
| Ameriprise Financial, Inc. | 196 | 74,447 |
| Bank of New York Mellon Corp. | 1,495 | 77,815 |
| BlackRock, Inc. | 275 | 223,245 |
| Blackstone, Inc. | 1,400 | 183,288 |
| Franklin Resources, Inc. | 592 | 17,636 |
| Invesco Ltd. | 809 | 14,432 |
| Northern Trust Corp. | 359 | 30,292 |
| State Street Corp. (c) | 591 | 45,779 |
| T Rowe Price Group, Inc. | 455 | 48,999 |
| | | 715,933 |
| Automobile Manufacturers - 0.9% |
| Ford Motor Co. | 7,915 | 96,484 |
| General Motors Co. | 2,733 | 98,169 |
| Tesla, Inc. (a) | 5,391 | 1,339,556 |
| | | 1,534,209 |
| Automotive Parts & Equipment - 0.0%* |
| Aptiv PLC (a) | 574 | 51,499 |
| BorgWarner, Inc. | 439 | 15,738 |
| | | 67,237 |
| Automotive Retail - 0.1% |
| AutoZone, Inc. (a) | 34 | 87,911 |
| CarMax, Inc. (a) | 265 | 20,336 |
| O'Reilly Automotive, Inc. (a) | 117 | 111,159 |
| | | 219,406 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Biotechnology - 0.9% |
| AbbVie, Inc. | 3,432 | $ 531,857 |
| Amgen, Inc. | 1,052 | 302,997 |
| Biogen, Inc. (a) | 292 | 75,561 |
| Gilead Sciences, Inc. | 2,453 | 198,717 |
| Incyte Corp. (a) | 311 | 19,528 |
| Moderna, Inc. (a) | 670 | 66,631 |
| Regeneron Pharmaceuticals, Inc. (a) | 209 | 183,563 |
| Vertex Pharmaceuticals, Inc. (a) | 503 | 204,666 |
| | | 1,583,520 |
| Brewers - 0.0%* |
| Molson Coors Beverage Co., Class B | 297 | 18,179 |
| Broadcasting - 0.0%* |
| Fox Corp., Class A | 397 | 11,779 |
| Fox Corp., Class B | 283 | 7,825 |
| Paramount Global, Class B | 904 | 13,370 |
| | | 32,974 |
| Broadline Retail - 1.6% |
| Amazon.com, Inc. (a)(b) | 17,741 | 2,695,567 |
| eBay, Inc. | 1,079 | 47,066 |
| Etsy, Inc. (a) | 232 | 18,804 |
| | | 2,761,437 |
| Building Products - 0.2% |
| A O Smith Corp. | 200 | 16,488 |
| Allegion PLC | 178 | 22,551 |
| Builders FirstSource, Inc. (a) | 200 | 33,388 |
| Carrier Global Corp. | 1,613 | 92,667 |
| Johnson Controls International PLC | 1,375 | 79,255 |
| Masco Corp. | 373 | 24,984 |
| Trane Technologies PLC | 436 | 106,340 |
| | | 375,673 |
| Cable & Satellite - 0.2% |
| Charter Communications, Inc., Class A (a) | 195 | 75,793 |
| Comcast Corp., Class A | 7,825 | 343,126 |
| | | 418,919 |
| Cargo Ground Transportation - 0.1% |
| JB Hunt Transport Services, Inc. | 167 | 33,357 |
| | Number
of Shares | Fair
Value |
| Old Dominion Freight Line, Inc. | 180 | $ 72,959 |
| | | 106,316 |
| Casinos & Gaming - 0.1% |
| Caesars Entertainment, Inc. (a) | 338 | 15,845 |
| Las Vegas Sands Corp. | 771 | 37,941 |
| MGM Resorts International (a) | 520 | 23,234 |
| Wynn Resorts Ltd. | 160 | 14,578 |
| | | 91,598 |
| Commodity Chemicals - 0.1% |
| Dow, Inc. | 1,422 | 77,983 |
| LyondellBasell Industries N.V., Class A | 518 | 49,251 |
| | | 127,234 |
| Communications Equipment - 0.4% |
| Arista Networks, Inc. (a) | 503 | 118,461 |
| Cisco Systems, Inc. | 7,813 | 394,713 |
| F5, Inc. (a) | 123 | 22,015 |
| Juniper Networks, Inc. | 645 | 19,015 |
| Motorola Solutions, Inc. | 316 | 98,936 |
| | | 653,140 |
| Computer & Electronics Retail - 0.0%* |
| Best Buy Co., Inc. | 378 | 29,590 |
| Construction & Engineering - 0.0%* |
| Quanta Services, Inc. | 294 | 63,445 |
| Construction Machinery & Heavy Transportation Equipment - 0.3% |
| Caterpillar, Inc. | 1,003 | 296,557 |
| Cummins, Inc. | 286 | 68,517 |
| PACCAR, Inc. | 1,050 | 102,532 |
| Westinghouse Air Brake Technologies Corp. | 364 | 46,192 |
| | | 513,798 |
| Construction Materials - 0.1% |
| Martin Marietta Materials, Inc. | 125 | 62,364 |
| Vulcan Materials Co. | 268 | 60,838 |
| | | 123,202 |
| Consumer Electronics - 0.0%* |
| Garmin Ltd. | 312 | 40,104 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Consumer Finance - 0.2% |
| American Express Co. | 1,139 | $ 213,380 |
| Capital One Financial Corp. | 767 | 100,569 |
| Discover Financial Services | 507 | 56,987 |
| Synchrony Financial | 703 | 26,848 |
| | | 397,784 |
| Consumer Staples Merchandise Retail - 0.7% |
| Costco Wholesale Corp. | 861 | 568,329 |
| Dollar General Corp. | 443 | 60,226 |
| Dollar Tree, Inc. (a) | 424 | 60,229 |
| Target Corp. | 899 | 128,036 |
| Walmart, Inc. | 2,770 | 436,690 |
| | | 1,253,510 |
| Copper - 0.1% |
| Freeport-McMoRan, Inc. | 2,727 | 116,088 |
| Data Center REITs - 0.1% |
| Digital Realty Trust, Inc. | 609 | 81,959 |
| Equinix, Inc. | 187 | 150,608 |
| | | 232,567 |
| Data Processing & Outsourced Services - 0.0%* |
| Broadridge Financial Solutions, Inc. | 240 | 49,380 |
| Distillers & Vintners - 0.1% |
| Brown-Forman Corp., Class B | 362 | 20,670 |
| Constellation Brands, Inc., Class A | 325 | 78,569 |
| | | 99,239 |
| Distributors - 0.1% |
| Genuine Parts Co. | 285 | 39,472 |
| LKQ Corp. | 536 | 25,615 |
| Pool Corp. | 74 | 29,505 |
| | | 94,592 |
| Diversified Banks - 1.3% |
| Bank of America Corp. | 13,396 | 451,043 |
| Citigroup, Inc. | 3,714 | 191,048 |
| Comerica, Inc. | 266 | 14,845 |
| Fifth Third Bancorp | 1,386 | 47,803 |
| JPMorgan Chase & Co. | 5,631 | 957,833 |
| KeyCorp | 1,872 | 26,957 |
| PNC Financial Services Group, Inc. | 763 | 118,151 |
| U.S. Bancorp | 3,053 | 132,134 |
| | Number
of Shares | Fair
Value |
| Wells Fargo & Co. | 7,132 | $ 351,037 |
| | | 2,290,851 |
| Diversified Support Services - 0.1% |
| Cintas Corp. | 174 | 104,863 |
| Copart, Inc. (a) | 1,748 | 85,652 |
| | | 190,515 |
| Drug Retail - 0.0%* |
| Walgreens Boots Alliance, Inc. | 1,487 | 38,826 |
| Electric Utilities - 0.7% |
| Alliant Energy Corp. | 434 | 22,264 |
| American Electric Power Co., Inc. | 1,036 | 84,144 |
| Constellation Energy Corp. | 574 | 67,095 |
| Duke Energy Corp. | 1,502 | 145,754 |
| Edison International | 727 | 51,973 |
| Entergy Corp. | 429 | 43,411 |
| Evergy, Inc. | 466 | 24,325 |
| Eversource Energy | 709 | 43,759 |
| Exelon Corp. | 2,023 | 72,626 |
| FirstEnergy Corp. | 1,062 | 38,933 |
| NextEra Energy, Inc. | 3,965 | 240,834 |
| NRG Energy, Inc. | 455 | 23,524 |
| PG&E Corp. | 4,200 | 75,726 |
| Pinnacle West Capital Corp. | 230 | 16,523 |
| PPL Corp. | 1,455 | 39,430 |
| Southern Co. | 2,106 | 147,673 |
| Xcel Energy, Inc. | 1,112 | 68,844 |
| | | 1,206,838 |
| Electrical Components & Equipment - 0.3% |
| AMETEK, Inc. | 465 | 76,674 |
| Eaton Corp. PLC | 779 | 187,599 |
| Emerson Electric Co. | 1,089 | 105,993 |
| Generac Holdings, Inc. (a) | 114 | 14,733 |
| Hubbell, Inc. | 100 | 32,893 |
| Rockwell Automation, Inc. | 232 | 72,031 |
| | | 489,923 |
| Electronic Components - 0.1% |
| Amphenol Corp., Class A | 1,197 | 118,659 |
| Corning, Inc. | 1,540 | 46,893 |
| | | 165,552 |
| Electronic Equipment & Instruments - 0.1% |
| Keysight Technologies, Inc. (a) | 361 | 57,431 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Teledyne Technologies, Inc. (a) | 96 | $ 42,844 |
| Trimble, Inc. (a) | 500 | 26,600 |
| Zebra Technologies Corp., Class A (a) | 97 | 26,513 |
| | | 153,388 |
| Electronic Manufacturing Services - 0.1% |
| Jabil, Inc. | 200 | 25,480 |
| TE Connectivity Ltd. | 602 | 84,581 |
| | | 110,061 |
| Environmental & Facilities Services - 0.1% |
| Republic Services, Inc. | 415 | 68,438 |
| Rollins, Inc. | 525 | 22,927 |
| Veralto Corp. | 443 | 36,441 |
| Waste Management, Inc. | 714 | 127,877 |
| | | 255,683 |
| Fertilizers & Agricultural Chemicals - 0.1% |
| CF Industries Holdings, Inc. | 335 | 26,632 |
| Corteva, Inc. | 1,282 | 61,433 |
| FMC Corp. | 253 | 15,952 |
| Mosaic Co. | 630 | 22,510 |
| | | 126,527 |
| Financial Exchanges & Data - 0.5% |
| Cboe Global Markets, Inc. | 215 | 38,391 |
| CME Group, Inc. | 692 | 145,735 |
| FactSet Research Systems, Inc. | 66 | 31,485 |
| Intercontinental Exchange, Inc. | 1,115 | 143,200 |
| MarketAxess Holdings, Inc. | 62 | 18,157 |
| Moody's Corp. | 306 | 119,511 |
| MSCI, Inc. | 159 | 89,938 |
| Nasdaq, Inc. | 642 | 37,326 |
| S&P Global, Inc. | 627 | 276,206 |
| | | 899,949 |
| Food Distributors - 0.0%* |
| Sysco Corp. | 928 | 67,865 |
| Food Retail - 0.0%* |
| Kroger Co. | 1,281 | 58,555 |
| Footwear - 0.1% |
| NIKE, Inc., Class B | 2,408 | 261,437 |
| | Number
of Shares | Fair
Value |
| Gas Utilities - 0.0%* |
| Atmos Energy Corp. | 255 | $ 29,554 |
| Gold - 0.1% |
| Newmont Corp. | 2,255 | 93,334 |
| Health Care REITs - 0.1% |
| Healthpeak Properties, Inc. | 1,127 | 22,315 |
| Ventas, Inc. | 718 | 35,785 |
| Welltower, Inc. | 1,076 | 97,023 |
| | | 155,123 |
| Healthcare Distributors - 0.1% |
| Cardinal Health, Inc. | 462 | 46,570 |
| Cencora, Inc. | 336 | 69,008 |
| Henry Schein, Inc. (a) | 264 | 19,987 |
| McKesson Corp. | 259 | 119,912 |
| | | 255,477 |
| Healthcare Equipment - 1.1% |
| Abbott Laboratories | 3,411 | 375,448 |
| Baxter International, Inc. | 1,031 | 39,859 |
| Becton Dickinson & Co. | 557 | 135,813 |
| Boston Scientific Corp. (a) | 2,899 | 167,591 |
| Dexcom, Inc. (a) | 735 | 91,206 |
| Edwards Lifesciences Corp. (a) | 1,223 | 93,254 |
| GE HealthCare Technologies, Inc. | 785 | 60,696 |
| Hologic, Inc. (a) | 499 | 35,654 |
| IDEXX Laboratories, Inc. (a) | 167 | 92,693 |
| Insulet Corp. (a) | 133 | 28,858 |
| Intuitive Surgical, Inc. (a) | 688 | 232,104 |
| Medtronic PLC | 2,606 | 214,682 |
| ResMed, Inc. | 298 | 51,262 |
| STERIS PLC | 200 | 43,970 |
| Stryker Corp. | 660 | 197,644 |
| Teleflex, Inc. | 86 | 21,443 |
| Zimmer Biomet Holdings, Inc. | 423 | 51,479 |
| | | 1,933,656 |
| Healthcare Facilities - 0.1% |
| HCA Healthcare, Inc. | 390 | 105,565 |
| Universal Health Services, Inc., Class B | 112 | 17,073 |
| | | 122,638 |
| Healthcare Services - 0.3% |
| Cigna Group | 577 | 172,783 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| CVS Health Corp. | 2,508 | $ 198,032 |
| DaVita, Inc. (a) | 112 | 11,733 |
| Laboratory Corp. of America Holdings | 162 | 36,821 |
| Quest Diagnostics, Inc. | 191 | 26,335 |
| | | 445,704 |
| Healthcare Supplies - 0.0%* |
| Align Technology, Inc. (a) | 123 | 33,702 |
| Cooper Cos., Inc. | 101 | 38,223 |
| DENTSPLY SIRONA, Inc. | 453 | 16,122 |
| | | 88,047 |
| Home Building - 0.1% |
| DR Horton, Inc. | 574 | 87,236 |
| Lennar Corp., Class A | 509 | 75,861 |
| NVR, Inc. (a) | 6 | 42,003 |
| PulteGroup, Inc. | 399 | 41,185 |
| | | 246,285 |
| Home Furnishings - 0.0%* |
| Mohawk Industries, Inc. (a) | 114 | 11,799 |
| Home Improvement Retail - 0.5% |
| Home Depot, Inc. | 1,946 | 674,386 |
| Lowe's Cos., Inc. | 1,129 | 251,259 |
| | | 925,645 |
| Hotel & Resort REITs - 0.0%* |
| Host Hotels & Resorts, Inc. | 1,333 | 25,954 |
| Hotels, Resorts & Cruise Lines - 0.4% |
| Airbnb, Inc., Class A (a) | 856 | 116,536 |
| Booking Holdings, Inc. (a) | 69 | 244,758 |
| Carnival Corp. (a) | 1,699 | 31,499 |
| Expedia Group, Inc. (a) | 254 | 38,555 |
| Hilton Worldwide Holdings, Inc. | 505 | 91,955 |
| Marriott International, Inc., Class A | 486 | 109,598 |
| Norwegian Cruise Line Holdings Ltd. (a) | 848 | 16,994 |
| Royal Caribbean Cruises Ltd. (a) | 446 | 57,753 |
| | | 707,648 |
| Household Appliances - 0.0%* |
| Whirlpool Corp. | 111 | 13,516 |
| | Number
of Shares | Fair
Value |
| Household Products - 0.5% |
| Church & Dwight Co., Inc. | 430 | $ 40,661 |
| Clorox Co. | 252 | 35,933 |
| Colgate-Palmolive Co. | 1,603 | 127,775 |
| Kimberly-Clark Corp. | 680 | 82,627 |
| Procter & Gamble Co. | 4,586 | 672,032 |
| | | 959,028 |
| Human Resource & Employment Services - 0.2% |
| Automatic Data Processing, Inc. | 805 | 187,541 |
| Ceridian HCM Holding, Inc. (a) | 314 | 21,076 |
| Paychex, Inc. | 646 | 76,945 |
| Paycom Software, Inc. | 84 | 17,364 |
| Robert Half, Inc. | 191 | 16,793 |
| | | 319,719 |
| Independent Power Producers & Energy Traders - 0.0%* |
| AES Corp. | 1,124 | 21,637 |
| Industrial Conglomerates - 0.4% |
| 3M Co. | 1,057 | 115,551 |
| General Electric Co. | 2,095 | 267,385 |
| Honeywell International, Inc. | 1,276 | 267,590 |
| | | 650,526 |
| Industrial Gases - 0.3% |
| Air Products & Chemicals, Inc. | 425 | 116,365 |
| Linde PLC | 950 | 390,174 |
| | | 506,539 |
| Industrial Machinery & Supplies & Components - 0.4% |
| Dover Corp. | 284 | 43,682 |
| Fortive Corp. | 713 | 52,498 |
| IDEX Corp. | 129 | 28,007 |
| Illinois Tool Works, Inc. | 534 | 139,876 |
| Ingersoll Rand, Inc. | 759 | 58,701 |
| Nordson Corp. | 93 | 24,567 |
| Otis Worldwide Corp. | 830 | 74,260 |
| Parker-Hannifin Corp. | 257 | 118,400 |
| Pentair PLC | 353 | 25,667 |
| Snap-on, Inc. | 99 | 28,595 |
| Stanley Black & Decker, Inc. | 259 | 25,408 |
| Xylem, Inc. | 488 | 55,808 |
| | | 675,469 |
| Industrial REITs - 0.1% |
| Prologis, Inc. | 1,809 | 241,140 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Insurance Brokers - 0.3% |
| Aon PLC, Class A | 395 | $ 114,953 |
| Arthur J Gallagher & Co. | 432 | 97,148 |
| Brown & Brown, Inc. | 500 | 35,555 |
| Marsh & McLennan Cos., Inc. | 965 | 182,839 |
| Willis Towers Watson PLC | 212 | 51,134 |
| | | 481,629 |
| Integrated Oil & Gas - 0.8% |
| Chevron Corp. | 3,412 | 508,934 |
| Exxon Mobil Corp. | 7,798 | 779,644 |
| Occidental Petroleum Corp. | 1,334 | 79,653 |
| | | 1,368,231 |
| Integrated Telecommunication Services - 0.3% |
| AT&T, Inc. | 14,003 | 234,970 |
| Verizon Communications, Inc. | 8,250 | 311,025 |
| | | 545,995 |
| Interactive Home Entertainment - 0.1% |
| Electronic Arts, Inc. | 497 | 67,995 |
| Take-Two Interactive Software, Inc. (a) | 320 | 51,504 |
| | | 119,499 |
| Interactive Media & Services - 2.6% |
| Alphabet, Inc., Class A (a)(b) | 11,538 | 1,611,743 |
| Alphabet, Inc., Class C (a) | 9,708 | 1,368,149 |
| Match Group, Inc. (a) | 464 | 16,936 |
| Meta Platforms, Inc., Class A (a) | 4,327 | 1,531,585 |
| | | 4,528,413 |
| Internet Services & Infrastructure - 0.0%* |
| Akamai Technologies, Inc. (a) | 264 | 31,244 |
| VeriSign, Inc. (a) | 182 | 37,485 |
| | | 68,729 |
| Investment Banking & Brokerage - 0.4% |
| Charles Schwab Corp. | 2,890 | 198,832 |
| Goldman Sachs Group, Inc. | 631 | 243,421 |
| Morgan Stanley | 2,451 | 228,556 |
| Raymond James Financial, Inc. | 382 | 42,593 |
| | | 713,402 |
| IT Consulting & Other Services - 0.5% |
| Accenture PLC, Class A | 1,219 | 427,759 |
| | Number
of Shares | Fair
Value |
| Cognizant Technology Solutions Corp., Class A | 944 | $ 71,300 |
| EPAM Systems, Inc. (a) | 118 | 35,086 |
| Gartner, Inc. (a) | 159 | 71,727 |
| International Business Machines Corp. | 1,788 | 292,428 |
| | | 898,300 |
| Leisure Products - 0.0%* |
| Hasbro, Inc. | 264 | 13,480 |
| Life & Health Insurance - 0.2% |
| Aflac, Inc. | 1,030 | 84,975 |
| Globe Life, Inc. | 163 | 19,840 |
| MetLife, Inc. | 1,204 | 79,620 |
| Principal Financial Group, Inc. | 380 | 29,895 |
| Prudential Financial, Inc. | 732 | 75,916 |
| | | 290,246 |
| Life Sciences Tools & Services - 0.6% |
| Agilent Technologies, Inc. | 566 | 78,691 |
| Bio-Rad Laboratories, Inc., Class A (a) | 39 | 12,593 |
| Bio-Techne Corp. | 319 | 24,614 |
| Charles River Laboratories International, Inc. (a) | 104 | 24,586 |
| Danaher Corp. | 1,292 | 298,891 |
| Illumina, Inc. (a) | 275 | 38,291 |
| IQVIA Holdings, Inc. (a) | 369 | 85,379 |
| Mettler-Toledo International, Inc. (a) | 44 | 53,370 |
| Revvity, Inc. | 237 | 25,906 |
| Thermo Fisher Scientific, Inc. | 759 | 402,870 |
| Waters Corp. (a) | 101 | 33,252 |
| West Pharmaceutical Services, Inc. | 149 | 52,466 |
| | | 1,130,909 |
| Managed Healthcare - 0.8% |
| Centene Corp. (a) | 1,034 | 76,733 |
| Elevance Health, Inc. | 462 | 217,861 |
| Humana, Inc. | 235 | 107,585 |
| Molina Healthcare, Inc. (a) | 118 | 42,635 |
| UnitedHealth Group, Inc. | 1,801 | 948,172 |
| | | 1,392,986 |
| Metal, Glass & Plastic Containers - 0.0%* |
| Ball Corp. | 549 | 31,578 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Movies & Entertainment - 0.5% |
| Live Nation Entertainment, Inc. (a) | 244 | $ 22,839 |
| Netflix, Inc. (a) | 850 | 413,848 |
| Walt Disney Co. | 3,596 | 324,683 |
| Warner Bros Discovery, Inc. (a) | 4,472 | 50,891 |
| | | 812,261 |
| Multi-Family Residential REITs - 0.1% |
| AvalonBay Communities, Inc. | 287 | 53,732 |
| Camden Property Trust | 178 | 17,674 |
| Equity Residential | 701 | 42,873 |
| Essex Property Trust, Inc. | 109 | 27,025 |
| Mid-America Apartment Communities, Inc. | 239 | 32,136 |
| UDR, Inc. | 617 | 23,625 |
| | | 197,065 |
| Multi-Line Insurance - 0.1% |
| American International Group, Inc. | 1,382 | 93,631 |
| Assurant, Inc. | 92 | 15,501 |
| | | 109,132 |
| Multi-Sector Holdings - 0.7% |
| Berkshire Hathaway, Inc., Class B (a) | 3,546 | 1,264,716 |
| Multi-Utilities - 0.3% |
| Ameren Corp. | 533 | 38,557 |
| CenterPoint Energy, Inc. | 1,240 | 35,427 |
| CMS Energy Corp. | 595 | 34,552 |
| Consolidated Edison, Inc. | 696 | 63,315 |
| Dominion Energy, Inc. | 1,684 | 79,148 |
| DTE Energy Co. | 418 | 46,089 |
| NiSource, Inc. | 692 | 18,373 |
| Public Service Enterprise Group, Inc. | 1,008 | 61,639 |
| Sempra | 1,265 | 94,533 |
| WEC Energy Group, Inc. | 638 | 53,700 |
| | | 525,333 |
| Office REITs - 0.0%* |
| Alexandria Real Estate Equities, Inc. | 267 | 33,847 |
| Boston Properties, Inc. | 222 | 15,578 |
| | | 49,425 |
| | Number
of Shares | Fair
Value |
| Oil & Gas Equipment & Services - 0.2% |
| Baker Hughes Co. | 2,015 | $ 68,873 |
| Halliburton Co. | 1,763 | 63,732 |
| Schlumberger N.V. | 2,750 | 143,110 |
| | | 275,715 |
| Oil & Gas Exploration & Production - 0.5% |
| APA Corp. | 621 | 22,281 |
| ConocoPhillips | 2,298 | 266,729 |
| Coterra Energy, Inc. | 1,495 | 38,152 |
| Devon Energy Corp. | 1,286 | 58,256 |
| Diamondback Energy, Inc. | 361 | 55,984 |
| EOG Resources, Inc. | 1,119 | 135,343 |
| EQT Corp. | 700 | 27,062 |
| Hess Corp. | 556 | 80,153 |
| Marathon Oil Corp. | 999 | 24,136 |
| Pioneer Natural Resources Co. | 468 | 105,244 |
| | | 813,340 |
| Oil & Gas Refining & Marketing - 0.2% |
| Marathon Petroleum Corp. | 748 | 110,973 |
| Phillips 66 | 856 | 113,968 |
| Valero Energy Corp. | 671 | 87,230 |
| | | 312,171 |
| Oil & Gas Storage & Transportation - 0.2% |
| Kinder Morgan, Inc. | 3,904 | 68,866 |
| ONEOK, Inc. | 1,172 | 82,298 |
| Targa Resources Corp. | 400 | 34,748 |
| Williams Cos., Inc. | 2,431 | 84,672 |
| | | 270,584 |
| Other Specialized REITs - 0.1% |
| Iron Mountain, Inc. | 605 | 42,338 |
| VICI Properties, Inc. | 2,000 | 63,760 |
| | | 106,098 |
| Other Specialty Retail - 0.1% |
| Bath & Body Works, Inc. | 487 | 21,019 |
| Tractor Supply Co. | 221 | 47,522 |
| Ulta Beauty, Inc. (a) | 101 | 49,489 |
| | | 118,030 |
| Packaged Foods & Meats - 0.3% |
| Campbell Soup Co. | 365 | 15,779 |
| Conagra Brands, Inc. | 926 | 26,539 |
| General Mills, Inc. | 1,178 | 76,735 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Hershey Co. | 303 | $ 56,491 |
| Hormel Foods Corp. | 548 | 17,596 |
| J M Smucker Co. | 202 | 25,529 |
| Kellanova | 538 | 30,080 |
| Kraft Heinz Co. | 1,563 | 57,800 |
| Lamb Weston Holdings, Inc. | 252 | 27,239 |
| McCormick & Co., Inc. | 512 | 35,031 |
| Mondelez International, Inc., Class A | 2,678 | 193,967 |
| Tyson Foods, Inc., Class A | 507 | 27,251 |
| | | 590,037 |
| Paper & Plastic Packaging Products & Materials - 0.1% |
| Amcor PLC | 2,778 | 26,780 |
| Avery Dennison Corp. | 165 | 33,356 |
| International Paper Co. | 744 | 26,896 |
| Packaging Corp. of America | 175 | 28,509 |
| Westrock Co. | 458 | 19,016 |
| | | 134,557 |
| Passenger Airlines - 0.1% |
| American Airlines Group, Inc. (a) | 1,394 | 19,154 |
| Delta Air Lines, Inc. | 1,300 | 52,299 |
| Southwest Airlines Co. | 1,218 | 35,176 |
| United Airlines Holdings, Inc. (a) | 636 | 26,241 |
| | | 132,870 |
| Passenger Ground Transportation - 0.1% |
| Uber Technologies, Inc. (a) | 4,000 | 246,280 |
| Personal Care Products - 0.1% |
| Estee Lauder Cos., Inc., Class A | 468 | 68,445 |
| Kenvue, Inc. | 3,504 | 75,441 |
| | | 143,886 |
| Pharmaceuticals - 1.7% |
| Bristol-Myers Squibb Co. | 4,010 | 205,753 |
| Catalent, Inc. (a) | 329 | 14,782 |
| Eli Lilly & Co. | 1,553 | 905,275 |
| Johnson & Johnson | 4,685 | 734,327 |
| Merck & Co., Inc. | 4,968 | 541,612 |
| Pfizer, Inc. | 11,095 | 319,425 |
| Viatris, Inc. | 2,210 | 23,934 |
| Zoetis, Inc. | 898 | 177,238 |
| | | 2,922,346 |
| | Number
of Shares | Fair
Value |
| Property & Casualty Insurance - 0.4% |
| Allstate Corp. | 527 | $ 73,769 |
| Arch Capital Group Ltd. (a) | 700 | 51,989 |
| Chubb Ltd. | 802 | 181,252 |
| Cincinnati Financial Corp. | 269 | 27,831 |
| Hartford Financial Services Group, Inc. | 620 | 49,836 |
| Loews Corp. | 311 | 21,642 |
| Progressive Corp. | 1,143 | 182,057 |
| Travelers Cos., Inc. | 461 | 87,816 |
| W R Berkley Corp. | 350 | 24,752 |
| | | 700,944 |
| Publishing - 0.0%* |
| News Corp., Class A | 811 | 19,910 |
| News Corp., Class B | 142 | 3,652 |
| | | 23,562 |
| Rail Transportation - 0.3% |
| CSX Corp. | 3,949 | 136,912 |
| Norfolk Southern Corp. | 432 | 102,116 |
| Union Pacific Corp. | 1,198 | 294,253 |
| | | 533,281 |
| Real Estate Services - 0.1% |
| CBRE Group, Inc., Class A (a) | 627 | 58,367 |
| CoStar Group, Inc. (a) | 779 | 68,077 |
| | | 126,444 |
| Regional Banks - 0.1% |
| Citizens Financial Group, Inc. | 801 | 26,545 |
| Huntington Bancshares, Inc. | 2,934 | 37,321 |
| M&T Bank Corp. | 337 | 46,196 |
| Regions Financial Corp. | 1,597 | 30,950 |
| Truist Financial Corp. | 2,677 | 98,835 |
| Zions Bancorp NA | 252 | 11,055 |
| | | 250,902 |
| Reinsurance - 0.0%* |
| Everest Group Ltd. | 75 | 26,518 |
| Research & Consulting Services - 0.1% |
| Equifax, Inc. | 249 | 61,575 |
| Jacobs Solutions, Inc. | 226 | 29,335 |
| Leidos Holdings, Inc. | 281 | 30,416 |
| Verisk Analytics, Inc. | 292 | 69,747 |
| | | 191,073 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Restaurants - 0.5% |
| Chipotle Mexican Grill, Inc. (a) | 53 | $ 121,209 |
| Darden Restaurants, Inc. | 246 | 40,418 |
| Domino's Pizza, Inc. | 68 | 28,032 |
| McDonald's Corp. | 1,408 | 417,486 |
| Starbucks Corp. | 2,243 | 215,350 |
| Yum! Brands, Inc. | 564 | 73,692 |
| | | 896,187 |
| Retail REITs - 0.1% |
| Federal Realty Investment Trust | 139 | 14,324 |
| Kimco Realty Corp. | 1,110 | 23,654 |
| Realty Income Corp. | 1,427 | 81,939 |
| Regency Centers Corp. | 334 | 22,378 |
| Simon Property Group, Inc. | 658 | 93,857 |
| | | 236,152 |
| Self Storage REITs - 0.1% |
| Extra Space Storage, Inc. | 427 | 68,461 |
| Public Storage | 318 | 96,990 |
| | | 165,451 |
| Semiconductor Materials & Equipment - 0.4% |
| Applied Materials, Inc. | 1,650 | 267,415 |
| Enphase Energy, Inc. (a) | 270 | 35,678 |
| KLA Corp. | 265 | 154,044 |
| Lam Research Corp. | 261 | 204,431 |
| Teradyne, Inc. | 263 | 28,541 |
| | | 690,109 |
| Semiconductors - 3.1% |
| Advanced Micro Devices, Inc. (a) | 3,139 | 462,720 |
| Analog Devices, Inc. | 979 | 194,390 |
| Broadcom, Inc. | 855 | 954,394 |
| First Solar, Inc. (a) | 201 | 34,628 |
| Intel Corp. | 8,226 | 413,356 |
| Microchip Technology, Inc. | 1,050 | 94,689 |
| Micron Technology, Inc. | 2,129 | 181,689 |
| Monolithic Power Systems, Inc. | 97 | 61,186 |
| NVIDIA Corp. | 4,818 | 2,385,970 |
| ON Semiconductor Corp. (a) | 800 | 66,824 |
| Qorvo, Inc. (a) | 191 | 21,509 |
| QUALCOMM, Inc. | 2,194 | 317,318 |
| Skyworks Solutions, Inc. | 273 | 30,691 |
| Texas Instruments, Inc. | 1,785 | 304,271 |
| | | 5,523,635 |
| | Number
of Shares | Fair
Value |
| Single-Family Residential REITs - 0.0%* |
| Invitation Homes, Inc. | 1,200 | $ 40,932 |
| Soft Drinks & Non-alcoholic Beverages - 0.6% |
| Coca-Cola Co. | 7,644 | 450,461 |
| Keurig Dr Pepper, Inc. | 2,000 | 66,640 |
| Monster Beverage Corp. (a) | 1,454 | 83,765 |
| PepsiCo, Inc. | 2,671 | 453,642 |
| | | 1,054,508 |
| Specialty Chemicals - 0.3% |
| Albemarle Corp. | 202 | 29,185 |
| Celanese Corp. | 206 | 32,006 |
| DuPont de Nemours, Inc. | 840 | 64,621 |
| Eastman Chemical Co. | 216 | 19,401 |
| Ecolab, Inc. | 510 | 101,159 |
| International Flavors & Fragrances, Inc. | 519 | 42,024 |
| PPG Industries, Inc. | 475 | 71,036 |
| Sherwin-Williams Co. | 459 | 143,162 |
| | | 502,594 |
| Steel - 0.1% |
| Nucor Corp. | 476 | 82,843 |
| Steel Dynamics, Inc. | 267 | 31,533 |
| | | 114,376 |
| Systems Software - 3.6% |
| Fortinet, Inc. (a) | 1,233 | 72,168 |
| Gen Digital, Inc. | 923 | 21,063 |
| Microsoft Corp. | 14,505 | 5,454,460 |
| Oracle Corp. | 3,095 | 326,306 |
| Palo Alto Networks, Inc. (a) | 598 | 176,338 |
| ServiceNow, Inc. (a) | 400 | 282,596 |
| | | 6,332,931 |
| Technology Distributors - 0.0%* |
| CDW Corp. | 271 | 61,604 |
| Technology Hardware, Storage & Peripherals - 3.2% |
| Apple, Inc. | 28,533 | 5,493,459 |
| Hewlett Packard Enterprise Co. | 2,663 | 45,218 |
| HP, Inc. | 1,779 | 53,530 |
| NetApp, Inc. | 367 | 32,355 |
| Seagate Technology Holdings PLC | 358 | 30,562 |
| Western Digital Corp. (a) | 544 | 28,489 |
| | | 5,683,613 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Telecom Tower REITs - 0.2% |
| American Tower Corp. | 912 | $ 196,882 |
| Crown Castle, Inc. | 872 | 100,446 |
| SBA Communications Corp. | 219 | 55,558 |
| | | 352,886 |
| Timber REITs - 0.0%* |
| Weyerhaeuser Co. | 1,431 | 49,756 |
| Tobacco - 0.2% |
| Altria Group, Inc. | 3,463 | 139,697 |
| Philip Morris International, Inc. | 3,047 | 286,662 |
| | | 426,359 |
| Trading Companies & Distributors - 0.1% |
| Fastenal Co. | 1,087 | 70,405 |
| United Rentals, Inc. | 131 | 75,118 |
| WW Grainger, Inc. | 90 | 74,582 |
| | | 220,105 |
| Transaction & Payment Processing Services - 1.1% |
| Fidelity National Information Services, Inc. | 1,195 | 71,784 |
| Fiserv, Inc. (a) | 1,183 | 157,150 |
| FleetCor Technologies, Inc. (a) | 151 | 42,674 |
| Global Payments, Inc. | 525 | 66,675 |
| Jack Henry & Associates, Inc. | 125 | 20,426 |
| Mastercard, Inc., Class A | 1,611 | 687,108 |
| PayPal Holdings, Inc. (a) | 2,125 | 130,496 |
| Visa, Inc., Class A | 3,103 | 807,866 |
| | | 1,984,179 |
| Water Utilities - 0.0%* |
| American Water Works Co., Inc. | 394 | 52,004 |
| Wireless Telecommunication Services - 0.1% |
| T-Mobile U.S., Inc. | 1,003 | 160,811 |
Total Common Stock
(Cost $54,425,341) | | 78,056,939 |
Total Domestic Equity
(Cost $54,425,341) | | 78,056,939 |
| | Number
of Shares | Fair
Value |
| Foreign Equity - 0.1% |
| Common Stock - 0.1% |
| Semiconductors - 0.1% |
| NXP Semiconductors N.V. | 493 | $ 113,232 |
Total Common Stock
(Cost $87,754) | | 113,232 |
Total Foreign Equity
(Cost $87,754) | | 113,232 |
| | Principal
Amount | |
| Bonds and Notes - 28.5% |
| U.S. Treasuries - 8.5% |
| U.S. Treasury Bonds | | |
| 2.25% 08/15/46 | $ 533,000 | 379,596 |
| 3.00% 08/15/48 | 1,485,600 | 1,211,925 |
| 4.13% 08/15/53 | 254,000 | 257,453 |
| 4.38% 08/15/43 | 694,000 | 709,723 |
| U.S. Treasury Notes | | |
| 0.25% 07/31/25 | 1,225,200 | 1,147,429 |
| 0.75% 01/31/28 | 4,013,000 | 3,538,337 |
| 1.25% 11/30/26 | 100,000 | 92,477 |
| 1.63% 05/15/31 | 691,000 | 592,856 |
| 1.75% 01/31/29 | 246,000 | 221,996 |
| 2.75% 08/15/32 | 427,000 | 391,305 |
| 3.50% 04/30/28 | 1,120,000 | 1,102,412 |
| 3.88% 12/31/27 - 08/15/33 | 1,653,500 | 1,652,145 |
| 4.25% 10/15/25 | 399,000 | 398,299 |
| 4.63% 10/15/26 - 09/30/30 | 2,412,000 | 2,493,575 |
| 5.00% 09/30/25 | 848,000 | 856,712 |
| | | 15,046,240 |
| Agency Mortgage Backed - 7.6% |
| Federal Home Loan Mortgage Corp. | | |
| 3.00% 04/01/43 - 10/01/49 | 1,252,990 | 1,132,646 |
| 4.50% 06/01/33 - 02/01/35 | 669 | 665 |
| 5.00% 07/01/35 | 6,031 | 6,101 |
| 5.50% 01/01/38 - 04/01/39 | 10,908 | 11,290 |
| 6.00% 06/01/33 - 11/01/37 | 26,196 | 27,496 |
| 6.50% 11/01/28 | 269 | 281 |
| 7.00% 12/01/29 - 08/01/36 | 7,012 | 7,539 |
| 7.50% 09/01/33 | 806 | 845 |
| 8.00% 07/01/26 - 11/01/30 | 776 | 811 |
| 8.50% 04/01/30 | 2,374 | 2,606 |
| Federal National Mortgage Association | | |
| 2.50% 03/01/51 | 603,909 | 513,374 |
| 3.00% 03/01/50 | 224,981 | 201,323 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 3.50% 08/01/45 - 01/01/48 | $ 528,559 | $ 494,408 |
| 4.00% 01/01/41 - 01/01/50 | 482,847 | 465,572 |
| 4.50% 07/01/33 - 12/01/48 | 238,322 | 236,903 |
| 5.00% 03/01/34 - 05/01/39 | 18,876 | 19,125 |
| 5.50% 07/01/33 - 01/01/39 | 40,078 | 41,314 |
| 6.00% 02/01/29 - 05/01/41 | 137,416 | 143,447 |
| 6.50% 07/01/29 - 08/01/36 | 3,889 | 4,101 |
| 7.00% 05/01/33 - 12/01/33 | 425 | 453 |
| 7.50% 12/01/26 - 03/01/33 | 1,521 | 1,580 |
| 8.00% 06/01/24 - 12/01/30 | 472 | 477 |
| Federal National Mortgage Association 1.60% + 1 year RFUCCT | | |
| 4.97% 04/01/37 (d) | 271 | 269 |
| Government National Mortgage Association | | |
| 3.00% 12/20/42 - 05/20/45 | 1,195,771 | 1,100,138 |
| 3.50% 08/20/48 | 203,102 | 191,592 |
| 4.00% 01/20/41 - 04/20/43 | 102,573 | 100,138 |
| 4.50% 08/15/33 - 03/20/41 | 42,769 | 42,645 |
| 5.00% 08/15/33 | 2,222 | 2,252 |
| 6.00% 07/15/33 - 04/15/34 | 3,560 | 3,725 |
| 6.50% 06/15/34 - 07/15/36 | 5,288 | 5,574 |
| 7.00% 04/15/28 - 10/15/36 | 1,299 | 1,358 |
| 7.50% 04/15/28 | 2,869 | 2,899 |
| 8.00% 05/15/30 | 110 | 113 |
| Uniform Mortgage-Backed Security, TBA | | |
| 2.00% 01/01/54 (e) | 2,324,752 | 1,899,771 |
| 2.50% 01/01/54 (e) | 2,478,847 | 2,108,773 |
| 3.00% 01/01/54 (e) | 1,774,127 | 1,567,759 |
| 3.50% 01/01/54 (e) | 1,000,000 | 916,634 |
| 4.50% 01/01/54 (e) | 600,000 | 581,689 |
| 5.00% 01/01/54 (e) | 1,137,389 | 1,125,653 |
| 5.50% 01/01/39 (e) | 503,601 | 510,500 |
| | | 13,473,839 |
| Agency Collateralized Mortgage Obligations - 0.2% |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | | |
| 2.51% 07/25/29 | 224,000 | 203,530 |
| 4.05% 09/25/28 (d) | 71,000 | 69,983 |
| Federal Home Loan Mortgage Corp. REMICS | | |
| 5.50% 06/15/33 (f) | 1,813 | 256 |
| 7.50% 07/15/27 (f) | 1,149 | 81 |
| Federal Home Loan Mortgage Corp. STRIPS | | |
| 0.00% 08/01/27 (g) | 57 | 52 |
| | Principal
Amount | Fair
Value |
| 8.00% 07/01/24 (f)** | $ 18 | $ — |
| Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | | |
| 0.08% 09/25/43 (d)(f) | 74,171 | 857 |
| Federal National Mortgage Association Interest STRIPS | | |
| 4.50% 08/25/35 - 01/25/36 (f) | 4,064 | 529 |
| 5.00% 03/25/38 - 05/25/38 (f) | 2,674 | 423 |
| 5.50% 12/25/33 (f) | 978 | 164 |
| 6.00% 01/25/35 (f) | 2,782 | 494 |
| 8.00% 07/25/24 (f) | 33 | 1 |
| Federal National Mortgage Association REMICS | | |
| 1.18% 12/25/42 (d)(f) | 14,449 | 538 |
| 5.00% 09/25/40 (f) | 3,699 | 370 |
| Federal National Mortgage Association REMICS 5.89% + SOFR | | |
| 0.55% 07/25/38 (d)(f) | 3,066 | 275 |
| Federal National Mortgage Association REMICS 6.44% + SOFR | | |
| 1.10% 11/25/41 (d)(f) | 442,872 | 56,995 |
| | | 334,548 |
| Corporate Notes - 10.2% |
| 3M Co. | | |
| 3.13% 09/19/46 | 14,000 | 10,249 |
| 7-Eleven, Inc. | | |
| 0.80% 02/10/24 (h) | 30,000 | 29,834 |
| 0.95% 02/10/26 (h) | 77,000 | 71,164 |
| Abbott Laboratories | | |
| 3.75% 11/30/26 | 16,000 | 15,787 |
| 4.90% 11/30/46 | 13,000 | 13,330 |
| AbbVie, Inc. | | |
| 2.60% 11/21/24 | 26,000 | 25,405 |
| 2.95% 11/21/26 | 28,000 | 26,853 |
| 3.20% 05/14/26 - 11/21/29 | 28,000 | 26,665 |
| 4.05% 11/21/39 | 6,000 | 5,426 |
| 4.25% 11/21/49 | 17,000 | 15,172 |
| 4.30% 05/14/36 | 14,000 | 13,424 |
| 4.40% 11/06/42 | 8,000 | 7,429 |
| 4.63% 10/01/42 | 3,000 | 2,846 |
| 4.70% 05/14/45 | 2,000 | 1,909 |
| 4.88% 11/14/48 | 3,000 | 2,934 |
| Advanced Micro Devices, Inc. | | |
| 4.39% 06/01/52 | 33,000 | 31,297 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| AEP Texas, Inc. | | |
| 3.45% 05/15/51 | $ 26,000 | $ 18,655 |
| AEP Transmission Co. LLC | | |
| 5.40% 03/15/53 | 15,000 | 15,626 |
| Aetna, Inc. | | |
| 3.50% 11/15/24 | 9,000 | 8,855 |
| Aircastle Ltd. | | |
| 4.25% 06/15/26 | 11,000 | 10,642 |
| Alexandria Real Estate Equities, Inc. | | |
| 1.88% 02/01/33 | 22,000 | 17,145 |
| 2.95% 03/15/34 | 20,000 | 16,689 |
| 3.55% 03/15/52 | 16,000 | 11,689 |
| 4.70% 07/01/30 | 4,000 | 3,921 |
| Allstate Corp. | | |
| 4.20% 12/15/46 | 18,000 | 15,286 |
| Allstate Corp. (8.58% fixed rate until 01/29/24; 3.20% + 3-month Term SOFR) | | |
| 8.58% 08/15/53 (d) | 24,000 | 23,920 |
| Ally Financial, Inc. | | |
| 2.20% 11/02/28 | 23,000 | 19,669 |
| Altria Group, Inc. | | |
| 3.40% 05/06/30 - 02/04/41 | 45,000 | 38,596 |
| 4.00% 02/04/61 | 2,000 | 1,462 |
| 4.25% 08/09/42 | 2,000 | 1,631 |
| 4.45% 05/06/50 | 3,000 | 2,384 |
| 4.50% 05/02/43 | 3,000 | 2,501 |
| Amazon.com, Inc. | | |
| 1.50% 06/03/30 | 8,000 | 6,777 |
| 2.50% 06/03/50 | 25,000 | 16,656 |
| 2.70% 06/03/60 | 3,000 | 1,988 |
| 2.88% 05/12/41 | 15,000 | 11,782 |
| 3.15% 08/22/27 | 4,000 | 3,844 |
| 3.25% 05/12/61 | 8,000 | 5,888 |
| 4.05% 08/22/47 | 3,000 | 2,706 |
| 4.25% 08/22/57 | 3,000 | 2,767 |
| Ameren Corp. | | |
| 3.65% 02/15/26 | 6,000 | 5,824 |
| American Electric Power Co., Inc. | | |
| 2.30% 03/01/30 | 26,000 | 22,226 |
| 3.25% 03/01/50 | 2,000 | 1,427 |
| American Honda Finance Corp. | | |
| 5.85% 10/04/30 | 74,000 | 79,049 |
| | Principal
Amount | Fair
Value |
| American International Group, Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3-month USD LIBOR thereafter) | | |
| 5.75% 04/01/48 (d) | $ 2,000 | $ 1,977 |
| American Tower Corp. | | |
| 1.50% 01/31/28 | 38,000 | 33,225 |
| 2.90% 01/15/30 | 5,000 | 4,467 |
| 3.80% 08/15/29 | 23,000 | 21,833 |
| American Water Capital Corp. | | |
| 2.95% 09/01/27 | 12,000 | 11,344 |
| Amgen, Inc. | | |
| 2.00% 01/15/32 | 40,000 | 32,780 |
| 3.00% 01/15/52 | 8,000 | 5,603 |
| 3.15% 02/21/40 | 15,000 | 11,686 |
| 3.38% 02/21/50 | 3,000 | 2,239 |
| 4.66% 06/15/51 | 3,000 | 2,734 |
| 5.51% 03/02/26 | 36,000 | 36,016 |
| 5.60% 03/02/43 | 20,000 | 20,682 |
| 5.65% 03/02/53 | 20,000 | 21,084 |
| 5.75% 03/02/63 | 20,000 | 21,036 |
| AngloGold Ashanti Holdings PLC | | |
| 3.38% 11/01/28 | 200,000 | 180,120 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | | |
| 3.65% 02/01/26 | 1,000 | 982 |
| 4.70% 02/01/36 | 7,000 | 6,986 |
| 4.90% 02/01/46 | 11,000 | 10,853 |
| Anheuser-Busch InBev Worldwide, Inc. | | |
| 3.50% 06/01/30 | 10,000 | 9,531 |
| 4.00% 04/13/28 | 5,000 | 4,942 |
| 4.35% 06/01/40 | 10,000 | 9,358 |
| 4.38% 04/15/38 | 16,000 | 15,199 |
| 4.60% 04/15/48 | 3,000 | 2,846 |
| 4.75% 04/15/58 | 8,000 | 7,616 |
| 5.55% 01/23/49 | 14,000 | 15,099 |
| Aon Corp./Aon Global Holdings PLC | | |
| 2.90% 08/23/51 | 16,000 | 10,478 |
| Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT thereafter) | | |
| 4.95% 01/14/50 (d)(h) | 21,000 | 19,781 |
| Apple, Inc. | | |
| 2.20% 09/11/29 | 14,000 | 12,673 |
| 2.65% 02/08/51 | 44,000 | 30,206 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 2.80% 02/08/61 | $ 17,000 | $ 11,584 |
| 2.95% 09/11/49 | 3,000 | 2,206 |
| 3.35% 02/09/27 | 4,000 | 3,896 |
| 3.45% 02/09/45 | 20,000 | 16,688 |
| 3.85% 08/04/46 | 12,000 | 10,461 |
| 3.95% 08/08/52 | 14,000 | 12,283 |
| 4.85% 05/10/53 | 46,000 | 46,933 |
| Applied Materials, Inc. | | |
| 4.35% 04/01/47 | 2,000 | 1,889 |
| Aptiv PLC | | |
| 4.40% 10/01/46 | 3,000 | 2,427 |
| ArcelorMittal S.A. | | |
| 4.55% 03/11/26 | 71,000 | 69,943 |
| 6.80% 11/29/32 | 18,000 | 19,472 |
| Archer-Daniels-Midland Co. | | |
| 2.50% 08/11/26 | 3,000 | 2,857 |
| ARES Capital Corp. | | |
| 2.88% 06/15/28 | 26,000 | 23,038 |
| 3.25% 07/15/25 | 56,000 | 53,649 |
| Arthur J Gallagher & Co. | | |
| 3.50% 05/20/51 | 10,000 | 7,414 |
| Ascension Health | | |
| 4.85% 11/15/53 | 9,000 | 8,714 |
| Ashtead Capital, Inc. | | |
| 5.55% 05/30/33 (h) | 200,000 | 197,766 |
| Astrazeneca Finance LLC | | |
| 1.75% 05/28/28 | 37,000 | 33,142 |
| AstraZeneca PLC | | |
| 3.00% 05/28/51 | 11,000 | 8,221 |
| 4.00% 01/17/29 | 4,000 | 3,950 |
| 4.38% 08/17/48 | 4,000 | 3,762 |
| AT&T, Inc. | | |
| 2.75% 06/01/31 | 75,000 | 65,709 |
| 3.65% 06/01/51 | 54,000 | 40,758 |
| 3.85% 06/01/60 | 19,000 | 14,196 |
| 4.35% 03/01/29 | 28,000 | 27,643 |
| 4.50% 05/15/35 | 9,000 | 8,537 |
| 4.55% 03/09/49 | 3,000 | 2,630 |
| 4.75% 05/15/46 | 3,000 | 2,720 |
| 4.85% 03/01/39 | 10,000 | 9,564 |
| 5.40% 02/15/34 | 21,000 | 21,669 |
| Athene Holding Ltd. | | |
| 4.13% 01/12/28 | 3,000 | 2,869 |
| 6.15% 04/03/30 | 14,000 | 14,465 |
| Atmos Energy Corp. | | |
| 6.20% 11/15/53 | 17,000 | 19,966 |
| Avangrid, Inc. | | |
| 3.15% 12/01/24 | 20,000 | 19,545 |
| | Principal
Amount | Fair
Value |
| Bain Capital Specialty Finance, Inc. | | |
| 2.95% 03/10/26 | $ 31,000 | $ 28,848 |
| Bank of America Corp. | | |
| 3.25% 10/21/27 | 37,000 | 35,218 |
| 4.18% 11/25/27 | 17,000 | 16,533 |
| 4.25% 10/22/26 | 99,000 | 97,221 |
| Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) | | |
| 2.09% 06/14/29 (d) | 45,000 | 39,685 |
| Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | | |
| 2.97% 07/21/52 (d) | 32,000 | 22,580 |
| Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.30% + 3-month Term SOFR) | | |
| 3.42% 12/20/28 (d) | 30,000 | 28,244 |
| Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.32% + 3-month Term SOFR) | | |
| 3.56% 04/23/27 (d) | 15,000 | 14,442 |
| Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.77% + 3-month Term SOFR) | | |
| 3.71% 04/24/28 (d) | 20,000 | 19,111 |
| Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 year CMT thereafter) | | |
| 3.85% 03/08/37 (d) | 25,000 | 21,956 |
| Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.45% + 3-month Term SOFR) | | |
| 3.95% 01/23/49 (d) | 13,000 | 10,934 |
| Bank of America Corp. (4.24% fixed rate until 04/24/37; 2.08% + 3-month Term SOFR) | | |
| 4.24% 04/24/38 (d) | 12,000 | 10,826 |
| Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.57% + 3-month Term SOFR) | | |
| 4.27% 07/23/29 (d) | 8,000 | 7,720 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.93% + 3-month Term SOFR) | | |
| 4.30% 01/28/25 (d) | $ 26,000 | $ 24,485 |
| Bank of America Corp. (5.29% fixed rate until 04/25/33; 1.91% + SOFR thereafter) | | |
| 5.29% 04/25/34 (d) | 56,000 | 56,157 |
| Bank of America Corp. 1.84% + SOFR | | |
| 5.87% 09/15/34 (d) | 59,000 | 61,826 |
| 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 (d) | 44,000 | 41,881 |
| Bank of Nova Scotia (8.34% fixed rate until 04/12/24; 2.91% + 3-month Term SOFR) | | |
| 8.34% 04/12/24 (d) | 25,000 | 22,722 |
| Barclays PLC (2.65% fixed rate until 06/24/30; 1.90% + 1 year CMT thereafter) | | |
| 2.65% 06/24/31 (d) | 200,000 | 168,824 |
| Barrick North America Finance LLC | | |
| 5.70% 05/30/41 | 2,000 | 2,105 |
| BAT Capital Corp. | | |
| 2.73% 03/25/31 | 15,000 | 12,583 |
| 3.73% 09/25/40 | 6,000 | 4,423 |
| 4.39% 08/15/37 | 8,000 | 6,709 |
| 4.54% 08/15/47 | 3,000 | 2,307 |
| 4.91% 04/02/30 | 6,000 | 5,902 |
| 6.42% 08/02/33 | 14,000 | 14,659 |
| 7.08% 08/02/53 | 13,000 | 13,910 |
| Baxter International, Inc. | | |
| 1.92% 02/01/27 | 57,000 | 52,241 |
| 2.27% 12/01/28 | 20,000 | 17,923 |
| 2.54% 02/01/32 | 14,000 | 11,747 |
| 3.13% 12/01/51 | 13,000 | 8,964 |
| 3.95% 04/01/30 | 17,000 | 16,130 |
| Baylor Scott & White Holdings | | |
| 2.84% 11/15/50 | 4,000 | 2,759 |
| Becton Dickinson & Co. | | |
| 3.70% 06/06/27 | 16,000 | 15,506 |
| 4.67% 06/06/47 | 3,000 | 2,798 |
| 4.69% 12/15/44 | 2,000 | 1,873 |
| | Principal
Amount | Fair
Value |
| Berkshire Hathaway Energy Co. | | |
| 3.25% 04/15/28 | $ 4,000 | $ 3,800 |
| 3.70% 07/15/30 | 52,000 | 49,256 |
| 3.80% 07/15/48 | 4,000 | 3,173 |
| 4.25% 10/15/50 | 32,000 | 27,152 |
| Berkshire Hathaway Finance Corp. | | |
| 2.85% 10/15/50 | 57,000 | 39,996 |
| 4.25% 01/15/49 | 14,000 | 13,082 |
| Berry Global, Inc. | | |
| 4.88% 07/15/26 (h) | 23,000 | 22,664 |
| BHP Billiton Finance USA Ltd. | | |
| 4.90% 02/28/33 | 33,000 | 33,765 |
| 5.00% 09/30/43 | 3,000 | 3,031 |
| 5.25% 09/08/33 | 44,000 | 45,679 |
| 5.50% 09/08/53 | 17,000 | 18,579 |
| Biogen, Inc. | | |
| 2.25% 05/01/30 | 4,000 | 3,415 |
| Block Financial LLC | | |
| 2.50% 07/15/28 | 15,000 | 13,377 |
| 3.88% 08/15/30 | 3,000 | 2,744 |
| Boardwalk Pipelines LP | | |
| 4.80% 05/03/29 | 5,000 | 4,910 |
| Boeing Co. | | |
| 2.20% 02/04/26 | 56,000 | 52,919 |
| 2.70% 02/01/27 | 32,000 | 30,189 |
| 2.95% 02/01/30 | 3,000 | 2,707 |
| 3.25% 03/01/28 | 4,000 | 3,759 |
| 3.55% 03/01/38 | 2,000 | 1,626 |
| 3.75% 02/01/50 | 30,000 | 23,366 |
| 5.04% 05/01/27 | 38,000 | 38,352 |
| 5.15% 05/01/30 | 12,000 | 12,217 |
| 5.81% 05/01/50 | 8,000 | 8,297 |
| Boston Properties LP | | |
| 3.40% 06/21/29 | 28,000 | 25,175 |
| Boston Scientific Corp. | | |
| 4.70% 03/01/49 | 3,000 | 2,888 |
| BP Capital Markets America, Inc. | | |
| 3.00% 02/24/50 | 13,000 | 9,212 |
| 3.38% 02/08/61 | 29,000 | 21,008 |
| 4.81% 02/13/33 | 25,000 | 25,229 |
| BP Capital Markets PLC (4.38% fixed rate until 06/22/25; 4.04% + 5 year CMT thereafter) | | |
| 4.38% 06/22/25 (d) | 26,000 | 25,669 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 year CMT thereafter) | | |
| 4.88% 03/22/30 (d) | $ 20,000 | $ 18,757 |
| Bristol-Myers Squibb Co. | | |
| 1.45% 11/13/30 | 15,000 | 12,326 |
| 2.35% 11/13/40 | 4,000 | 2,792 |
| 3.20% 06/15/26 | 4,000 | 3,882 |
| 3.40% 07/26/29 | 2,000 | 1,896 |
| 3.55% 03/15/42 | 6,000 | 4,909 |
| 4.13% 06/15/39 | 6,000 | 5,411 |
| 4.25% 10/26/49 | 6,000 | 5,206 |
| 4.35% 11/15/47 | 3,000 | 2,642 |
| 4.55% 02/20/48 | 2,000 | 1,820 |
| 6.25% 11/15/53 | 10,000 | 11,456 |
| Brixmor Operating Partnership LP | | |
| 2.25% 04/01/28 | 28,000 | 24,866 |
| 3.90% 03/15/27 | 4,000 | 3,812 |
| Broadcom, Inc. | | |
| 3.19% 11/15/36 (h) | 3,000 | 2,435 |
| 3.42% 04/15/33 (h) | 50,000 | 43,923 |
| 3.47% 04/15/34 (h) | 15,000 | 13,056 |
| 4.15% 11/15/30 | 16,000 | 15,285 |
| 4.30% 11/15/32 | 4,000 | 3,835 |
| 4.93% 05/15/37 (h) | 20,000 | 19,347 |
| Brooklyn Union Gas Co. | | |
| 4.87% 08/05/32 (h) | 65,000 | 60,774 |
| Brown-Forman Corp. | | |
| 4.00% 04/15/38 | 3,000 | 2,719 |
| Bunge Ltd. Finance Corp. | | |
| 3.75% 09/25/27 | 3,000 | 2,892 |
| Burlington Northern Santa Fe LLC | | |
| 4.15% 12/15/48 | 3,000 | 2,644 |
| 4.55% 09/01/44 | 10,000 | 9,333 |
| Cameron LNG LLC | | |
| 3.30% 01/15/35 (h) | 3,000 | 2,557 |
| Canadian Natural Resources Ltd. | | |
| 3.85% 06/01/27 | 5,000 | 4,856 |
| 4.95% 06/01/47 | 4,000 | 3,632 |
| Canadian Pacific Railway Co. | | |
| 1.75% 12/02/26 | 26,000 | 23,997 |
| 3.10% 12/02/51 | 7,000 | 5,067 |
| 3.50% 05/01/50 | 5,000 | 3,835 |
| Capital One Financial Corp. | | |
| 3.75% 07/28/26 | 19,000 | 18,200 |
| | Principal
Amount | Fair
Value |
| Cardinal Health, Inc. | | |
| 3.08% 06/15/24 | $ 4,000 | $ 3,952 |
| Carlisle Cos., Inc. | | |
| 2.20% 03/01/32 | 35,000 | 28,384 |
| Carrier Global Corp. | | |
| 2.72% 02/15/30 | 58,000 | 51,927 |
| 3.58% 04/05/50 | 24,000 | 18,811 |
| 5.90% 03/15/34 (h) | 15,000 | 16,235 |
| Caterpillar, Inc. | | |
| 3.25% 09/19/49 - 04/09/50 | 8,000 | 6,337 |
| Cenovus Energy, Inc. | | |
| 2.65% 01/15/32 | 8,000 | 6,638 |
| 3.75% 02/15/52 | 11,000 | 8,110 |
| Centene Corp. | | |
| 3.00% 10/15/30 | 10,000 | 8,705 |
| 3.38% 02/15/30 | 51,000 | 45,764 |
| 4.25% 12/15/27 | 60,000 | 57,952 |
| CenterPoint Energy, Inc. | | |
| 2.65% 06/01/31 | 22,000 | 18,826 |
| Charles Schwab Corp. | | |
| 2.45% 03/03/27 | 185,000 | 172,226 |
| 2.90% 03/03/32 | 9,000 | 7,761 |
| Charles Schwab Corp. 2.01% + SOFR | | |
| 6.14% 08/24/34 (d) | 39,000 | 41,186 |
| Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT thereafter) | | |
| 4.00% 12/01/30 (d) | 37,000 | 29,324 |
| Charles Schwab Corp. (5.64% fixed rate until 05/19/28; 2.21% + SOFR thereafter) | | |
| 5.64% 05/19/29 (d) | 64,000 | 65,712 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | | |
| 3.50% 06/01/41 | 77,000 | 54,440 |
| 3.70% 04/01/51 | 85,000 | 55,359 |
| 4.80% 03/01/50 | 25,000 | 19,458 |
| 5.05% 03/30/29 | 18,000 | 17,823 |
| 5.75% 04/01/48 | 10,000 | 8,891 |
| Cheniere Corpus Christi Holdings LLC | | |
| 5.88% 03/31/25 | 68,000 | 68,164 |
| Cheniere Energy Partners LP | | |
| 4.50% 10/01/29 | 55,000 | 52,538 |
| Chevron Corp. | | |
| 2.24% 05/11/30 | 3,000 | 2,658 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 3.08% 05/11/50 | $ 4,000 | $ 3,026 |
| Chevron USA, Inc. | | |
| 3.85% 01/15/28 | 19,000 | 18,750 |
| 3.90% 11/15/24 | 5,000 | 4,954 |
| Chubb INA Holdings, Inc. | | |
| 4.35% 11/03/45 | 4,000 | 3,759 |
| Church & Dwight Co., Inc. | | |
| 2.30% 12/15/31 | 10,000 | 8,491 |
| Cigna Group | | |
| 2.40% 03/15/30 | 7,000 | 6,133 |
| 3.25% 04/15/25 | 7,000 | 6,832 |
| 3.40% 03/01/27 - 03/15/51 | 24,000 | 19,775 |
| 4.13% 11/15/25 | 16,000 | 15,801 |
| 4.38% 10/15/28 | 4,000 | 3,968 |
| Cisco Systems, Inc. | | |
| 5.90% 02/15/39 | 4,000 | 4,441 |
| Citibank NA | | |
| 5.80% 09/29/28 | 250,000 | 261,035 |
| Citigroup, Inc. | | |
| 4.45% 09/29/27 | 12,000 | 11,723 |
| 4.65% 07/23/48 | 26,000 | 24,055 |
| Citigroup, Inc. (2.56% fixed rate until 05/01/31; 1.17% + SOFR thereafter) | | |
| 2.56% 05/01/32 (d) | 159,000 | 132,719 |
| Citigroup, Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | | |
| 2.98% 11/05/30 (d) | 39,000 | 34,765 |
| Citigroup, Inc. (3.79% fixed rate until 03/17/32; 1.94% + SOFR thereafter) | | |
| 3.79% 03/17/33 (d) | 109,000 | 98,068 |
| Citigroup, Inc. (3.88% fixed rate until 01/24/38; 1.43% + 3-month Term SOFR) | | |
| 3.88% 01/24/39 (d) | 7,000 | 6,044 |
| Citigroup, Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | | |
| 4.70% 01/30/25 (d) | 22,000 | 20,500 |
| Citigroup, Inc. (6.17% fixed rate until 05/25/33; 2.66% + SOFR thereafter) | | |
| 6.17% 05/25/34 (d) | 24,000 | 24,892 |
| Cleveland Electric Illuminating Co. | | |
| 4.55% 11/15/30 (h) | 31,000 | 29,420 |
| CME Group, Inc. | | |
| 2.65% 03/15/32 | 14,000 | 12,443 |
| 3.75% 06/15/28 | 3,000 | 2,935 |
| | Principal
Amount | Fair
Value |
| CMS Energy Corp. | | |
| 4.88% 03/01/44 | $ 11,000 | $ 10,454 |
| Coca-Cola Co. | | |
| 2.60% 06/01/50 | 8,000 | 5,516 |
| 2.75% 06/01/60 | 3,000 | 2,080 |
| Comcast Corp. | | |
| 2.65% 08/15/62 | 3,000 | 1,846 |
| 2.80% 01/15/51 | 3,000 | 2,000 |
| 2.89% 11/01/51 | 14,000 | 9,481 |
| 2.94% 11/01/56 | 13,000 | 8,569 |
| 2.99% 11/01/63 | 3,000 | 1,938 |
| 3.20% 07/15/36 | 4,000 | 3,366 |
| 3.25% 11/01/39 | 14,000 | 11,373 |
| 3.97% 11/01/47 | 24,000 | 20,174 |
| 4.15% 10/15/28 | 2,000 | 1,972 |
| CommonSpirit Health | | |
| 4.35% 11/01/42 | 24,000 | 20,836 |
| Conagra Brands, Inc. | | |
| 5.30% 11/01/38 | 3,000 | 2,934 |
| 5.40% 11/01/48 | 3,000 | 2,906 |
| ConocoPhillips Co. | | |
| 4.30% 11/15/44 | 5,000 | 4,480 |
| 5.55% 03/15/54 | 21,000 | 22,353 |
| 5.70% 09/15/63 | 26,000 | 28,129 |
| Consolidated Edison Co. of New York, Inc. | | |
| 2.90% 12/01/26 | 14,000 | 13,200 |
| 3.35% 04/01/30 | 4,000 | 3,735 |
| 3.88% 06/15/47 | 4,000 | 3,251 |
| 3.95% 04/01/50 | 14,000 | 11,717 |
| Constellation Brands, Inc. | | |
| 3.15% 08/01/29 | 25,000 | 23,255 |
| 3.70% 12/06/26 | 20,000 | 19,501 |
| 4.50% 05/09/47 | 3,000 | 2,673 |
| Constellation Energy Generation LLC | | |
| 6.50% 10/01/53 | 17,000 | 19,210 |
| Continental Resources, Inc. | | |
| 2.88% 04/01/32 (h) | 20,000 | 16,226 |
| 3.80% 06/01/24 | 117,000 | 115,959 |
| Corebridge Financial, Inc. | | |
| 3.90% 04/05/32 | 92,000 | 83,342 |
| Corning, Inc. | | |
| 4.38% 11/15/57 | 3,000 | 2,621 |
| Corporate Office Properties LP | | |
| 2.00% 01/15/29 | 24,000 | 19,930 |
| 2.25% 03/15/26 | 10,000 | 9,338 |
| 2.75% 04/15/31 | 7,000 | 5,704 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Crown Castle, Inc. | | |
| 2.90% 03/15/27 | $ 45,000 | $ 42,120 |
| 3.30% 07/01/30 | 32,000 | 28,713 |
| 4.15% 07/01/50 | 19,000 | 15,382 |
| 5.20% 02/15/49 | 4,000 | 3,783 |
| CSL Finance PLC | | |
| 4.25% 04/27/32 (h) | 27,000 | 26,276 |
| CSX Corp. | | |
| 4.50% 03/15/49 - 08/01/54 | 18,000 | 16,603 |
| CubeSmart LP | | |
| 2.50% 02/15/32 | 26,000 | 21,602 |
| 4.38% 02/15/29 | 10,000 | 9,707 |
| Cummins, Inc. | | |
| 1.50% 09/01/30 | 8,000 | 6,667 |
| 2.60% 09/01/50 | 8,000 | 5,308 |
| CVS Health Corp. | | |
| 3.00% 08/15/26 | 11,000 | 10,520 |
| 3.25% 08/15/29 | 9,000 | 8,380 |
| 3.63% 04/01/27 | 9,000 | 8,726 |
| 3.75% 04/01/30 | 8,000 | 7,542 |
| 3.88% 07/20/25 | 8,000 | 7,857 |
| 4.25% 04/01/50 | 7,000 | 5,854 |
| 4.30% 03/25/28 | 9,000 | 8,847 |
| 4.78% 03/25/38 | 13,000 | 12,289 |
| 5.00% 12/01/24 | 13,000 | 12,920 |
| 5.13% 07/20/45 | 4,000 | 3,791 |
| 5.30% 06/01/33 - 12/05/43 | 44,000 | 44,588 |
| 5.88% 06/01/53 | 13,000 | 13,697 |
| 6.00% 06/01/63 | 3,000 | 3,195 |
| Dell International LLC/EMC Corp. | | |
| 4.00% 07/15/24 | 14,000 | 13,862 |
| 6.02% 06/15/26 | 3,000 | 3,070 |
| Deutsche Bank AG (2.31% fixed rate until 11/16/26; 1.22% + SOFR thereafter) | | |
| 2.31% 11/16/27 (d) | 150,000 | 137,133 |
| DH Europe Finance II SARL | | |
| 2.60% 11/15/29 | 7,000 | 6,334 |
| 3.25% 11/15/39 | 4,000 | 3,320 |
| 3.40% 11/15/49 | 3,000 | 2,374 |
| Diamondback Energy, Inc. | | |
| 3.13% 03/24/31 | 13,000 | 11,567 |
| 3.25% 12/01/26 | 4,000 | 3,881 |
| 3.50% 12/01/29 | 4,000 | 3,717 |
| 4.40% 03/24/51 | 5,000 | 4,156 |
| Digital Realty Trust LP | | |
| 3.60% 07/01/29 | 17,000 | 15,975 |
| | Principal
Amount | Fair
Value |
| Discovery Communications LLC | | |
| 3.95% 03/20/28 | $ 16,000 | $ 15,240 |
| 4.95% 05/15/42 | 2,000 | 1,634 |
| 5.00% 09/20/37 | 2,000 | 1,793 |
| Dollar General Corp. | | |
| 3.50% 04/03/30 | 29,000 | 26,726 |
| 4.13% 04/03/50 | 4,000 | 3,172 |
| Dollar Tree, Inc. | | |
| 4.00% 05/15/25 | 64,000 | 62,865 |
| Dominion Energy, Inc. | | |
| 3.07% 08/15/24 (i) | 14,000 | 13,760 |
| 3.38% 04/01/30 | 14,000 | 12,900 |
| Dover Corp. | | |
| 2.95% 11/04/29 | 8,000 | 7,241 |
| Dow Chemical Co. | | |
| 2.10% 11/15/30 | 18,000 | 15,416 |
| 3.60% 11/15/50 | 3,000 | 2,320 |
| 4.25% 10/01/34 | 4,000 | 3,831 |
| 5.55% 11/30/48 | 12,000 | 12,295 |
| 6.30% 03/15/33 | 21,000 | 23,174 |
| DTE Energy Co. | | |
| 2.85% 10/01/26 | 19,000 | 17,961 |
| Duke Energy Carolinas LLC | | |
| 3.95% 03/15/48 | 4,000 | 3,309 |
| Duke Energy Corp. | | |
| 2.55% 06/15/31 | 22,000 | 18,774 |
| 3.30% 06/15/41 | 27,000 | 20,707 |
| 3.50% 06/15/51 | 56,000 | 41,210 |
| 3.75% 09/01/46 | 44,000 | 34,066 |
| Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT thereafter) | | |
| 4.88% 09/16/24 (d) | 40,000 | 39,454 |
| Duke Energy Progress LLC | | |
| 4.15% 12/01/44 | 14,000 | 11,955 |
| DuPont de Nemours, Inc. | | |
| 5.42% 11/15/48 | 3,000 | 3,133 |
| Duquesne Light Holdings, Inc. | | |
| 3.62% 08/01/27 (h) | 12,000 | 11,193 |
| Eastman Chemical Co. | | |
| 4.65% 10/15/44 | 5,000 | 4,409 |
| Eaton Corp. | | |
| 3.10% 09/15/27 | 4,000 | 3,829 |
| Edison International | | |
| 4.95% 04/15/25 | 29,000 | 28,803 |
| 5.75% 06/15/27 | 5,000 | 5,111 |
| EIDP, Inc. | | |
| 2.30% 07/15/30 | 28,000 | 24,531 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Elevance Health, Inc. | | |
| 3.60% 03/15/51 | $ 7,000 | $ 5,498 |
| 3.70% 09/15/49 | 6,000 | 4,766 |
| 5.13% 02/15/53 | 4,000 | 4,013 |
| 6.10% 10/15/52 | 11,000 | 12,508 |
| Eli Lilly & Co. | | |
| 4.95% 02/27/63 | 6,000 | 6,230 |
| Emera U.S. Finance LP | | |
| 2.64% 06/15/31 | 26,000 | 21,330 |
| Emerson Electric Co. | | |
| 1.80% 10/15/27 | 37,000 | 33,779 |
| 2.75% 10/15/50 | 45,000 | 30,840 |
| Enbridge Energy Partners LP | | |
| 5.50% 09/15/40 | 2,000 | 1,969 |
| Enbridge, Inc. | | |
| 1.60% 10/04/26 | 61,000 | 55,864 |
| Enbridge, Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT thereafter) | | |
| 5.75% 07/15/80 (d) | 38,000 | 34,960 |
| Energy Transfer LP | | |
| 4.50% 04/15/24 | 16,000 | 15,934 |
| 4.95% 06/15/28 | 9,000 | 8,979 |
| 5.30% 04/01/44 - 04/15/47 | 10,000 | 9,212 |
| 5.35% 05/15/45 | 14,000 | 13,005 |
| 5.75% 02/15/33 | 14,000 | 14,467 |
| 6.10% 12/01/28 | 61,000 | 64,220 |
| 6.13% 12/15/45 | 3,000 | 3,035 |
| 6.40% 12/01/30 | 17,000 | 18,186 |
| 6.50% 02/01/42 | 3,000 | 3,174 |
| Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT thereafter) | | |
| 6.75% 05/15/25 (d) | 85,000 | 81,497 |
| Enterprise Products Operating LLC | | |
| 4.25% 02/15/48 | 20,000 | 17,595 |
| Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.30% + 3-month Term SOFR) | | |
| 5.25% 08/16/77 (d) | 3,000 | 2,881 |
| EOG Resources, Inc. | | |
| 4.15% 01/15/26 | 2,000 | 1,981 |
| 4.95% 04/15/50 | 4,000 | 3,942 |
| 5.10% 01/15/36 | 4,000 | 3,927 |
| Equinix, Inc. | | |
| 1.25% 07/15/25 | 8,000 | 7,533 |
| 2.15% 07/15/30 | 13,000 | 11,041 |
| | Principal
Amount | Fair
Value |
| ERP Operating LP | | |
| 4.50% 07/01/44 | $ 6,000 | $ 5,324 |
| Estee Lauder Cos., Inc. | | |
| 2.38% 12/01/29 | 3,000 | 2,672 |
| Everest Reinsurance Holdings, Inc. | | |
| 3.13% 10/15/52 | 19,000 | 13,031 |
| Eversource Energy | | |
| 3.45% 01/15/50 | 10,000 | 7,230 |
| Exelon Corp. | | |
| 4.05% 04/15/30 | 15,000 | 14,333 |
| 4.45% 04/15/46 | 7,000 | 6,087 |
| 4.70% 04/15/50 | 7,000 | 6,325 |
| Extra Space Storage LP | | |
| 2.20% 10/15/30 | 13,000 | 10,819 |
| 3.90% 04/01/29 | 9,000 | 8,536 |
| 5.90% 01/15/31 | 45,000 | 47,027 |
| Exxon Mobil Corp. | | |
| 2.61% 10/15/30 | 46,000 | 41,090 |
| 3.45% 04/15/51 | 6,000 | 4,722 |
| FedEx Corp. | | |
| 4.10% 02/01/45 | 27,000 | 22,773 |
| Fidelity National Financial, Inc. | | |
| 3.20% 09/17/51 | 16,000 | 10,200 |
| Fidelity National Information Services, Inc. | | |
| 1.65% 03/01/28 | 12,000 | 10,701 |
| 3.10% 03/01/41 | 2,000 | 1,488 |
| FirstEnergy Transmission LLC | | |
| 4.55% 04/01/49 (h) | 18,000 | 15,580 |
| Fiserv, Inc. | | |
| 3.50% 07/01/29 | 32,000 | 30,139 |
| 4.40% 07/01/49 | 2,000 | 1,767 |
| Florida Power & Light Co. | | |
| 2.85% 04/01/25 | 30,000 | 29,288 |
| 4.13% 02/01/42 | 9,000 | 8,106 |
| Flowers Foods, Inc. | | |
| 2.40% 03/15/31 | 12,000 | 10,098 |
| Flowserve Corp. | | |
| 2.80% 01/15/32 | 17,000 | 14,081 |
| Freeport-McMoRan, Inc. | | |
| 4.25% 03/01/30 | 22,000 | 20,665 |
| GA Global Funding Trust | | |
| 1.63% 01/15/26 (h) | 20,000 | 18,397 |
| General Mills, Inc. | | |
| 3.00% 02/01/51 | 14,000 | 9,762 |
| General Motors Co. | | |
| 5.20% 04/01/45 | 3,000 | 2,705 |
| 5.40% 04/01/48 | 4,000 | 3,667 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 6.13% 10/01/25 | $ 53,000 | $ 53,685 |
| 6.80% 10/01/27 | 3,000 | 3,182 |
| General Motors Financial Co., Inc. | | |
| 1.25% 01/08/26 | 110,000 | 101,795 |
| 2.35% 01/08/31 | 8,000 | 6,616 |
| 5.25% 03/01/26 | 26,000 | 26,022 |
| 5.85% 04/06/30 | 86,000 | 88,751 |
| 6.10% 01/07/34 | 68,000 | 69,927 |
| Genuine Parts Co. | | |
| 2.75% 02/01/32 | 13,000 | 10,876 |
| George Washington University | | |
| 4.13% 09/15/48 | 15,000 | 13,364 |
| Georgia-Pacific LLC | | |
| 1.75% 09/30/25 (h) | 25,000 | 23,660 |
| 3.60% 03/01/25 (h) | 66,000 | 64,847 |
| Gilead Sciences, Inc. | | |
| 2.60% 10/01/40 | 6,000 | 4,420 |
| 2.95% 03/01/27 | 3,000 | 2,861 |
| 3.50% 02/01/25 | 6,000 | 5,906 |
| 3.65% 03/01/26 | 4,000 | 3,920 |
| 4.15% 03/01/47 | 5,000 | 4,361 |
| 4.60% 09/01/35 | 13,000 | 12,862 |
| 5.25% 10/15/33 | 38,000 | 39,658 |
| 5.55% 10/15/53 | 8,000 | 8,677 |
| GlaxoSmithKline Capital PLC | | |
| 3.38% 06/01/29 | 10,000 | 9,635 |
| GlaxoSmithKline Capital, Inc. | | |
| 3.63% 05/15/25 | 13,000 | 12,784 |
| Glencore Funding LLC | | |
| 3.88% 04/27/51 (h) | 3,000 | 2,319 |
| Goldman Sachs Group, Inc. | | |
| 3.85% 01/26/27 | 58,000 | 56,460 |
| 4.25% 10/21/25 | 109,000 | 106,998 |
| 5.15% 05/22/45 | 4,000 | 3,869 |
| Goldman Sachs Group, Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter) | | |
| 1.54% 09/10/27 (d) | 22,000 | 19,955 |
| Goldman Sachs Group, Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) | | |
| 2.38% 07/21/32 (d) | 14,000 | 11,511 |
| Goldman Sachs Group, Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) | | |
| 2.91% 07/21/42 (d) | 11,000 | 8,040 |
| | 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 (d) | $ 15,000 | $ 11,480 |
| Goldman Sachs Group, Inc. (3.44% fixed rate until 02/24/42; 1.63% + SOFR thereafter) | | |
| 3.44% 02/24/43 (d) | 26,000 | 20,349 |
| Goldman Sachs Group, Inc. (3.81% fixed rate until 04/23/28; 1.42% + 3-month Term SOFR) | | |
| 3.81% 04/23/29 (d) | 5,000 | 4,750 |
| Goldman Sachs Group, Inc. (4.02% fixed rate until 10/31/37; 1.64% + 3-month Term SOFR) | | |
| 4.02% 10/31/38 (d) | 4,000 | 3,492 |
| Goldman Sachs Group, Inc. (4.22% fixed rate until 05/01/28; 1.56% + 3-month Term SOFR) | | |
| 4.22% 05/01/29 (d) | 15,000 | 14,502 |
| Graphic Packaging International LLC | | |
| 1.51% 04/15/26 (h) | 24,000 | 21,830 |
| Gray Oak Pipeline LLC | | |
| 2.60% 10/15/25 (h) | 25,000 | 23,710 |
| Halliburton Co. | | |
| 3.80% 11/15/25 | 2,000 | 1,961 |
| 5.00% 11/15/45 | 4,000 | 3,878 |
| Hartford Financial Services Group, Inc. (7.77% fixed rate until 01/29/24; 2.39% + 3-month Term SOFR) | | |
| 7.77% 02/12/67 (d)(h) | 10,000 | 8,615 |
| HCA, Inc. | | |
| 3.13% 03/15/27 | 40,000 | 37,926 |
| 3.50% 09/01/30 | 14,000 | 12,699 |
| 3.63% 03/15/32 | 12,000 | 10,734 |
| 4.63% 03/15/52 | 22,000 | 18,776 |
| 5.38% 02/01/25 | 111,000 | 110,954 |
| Health Care Service Corp. A Mutual Legal Reserve Co. | | |
| 2.20% 06/01/30 (h) | 12,000 | 10,237 |
| 3.20% 06/01/50 (h) | 3,000 | 2,129 |
| Healthcare Realty Holdings LP | | |
| 2.00% 03/15/31 | 4,000 | 3,214 |
| Helmerich & Payne, Inc. | | |
| 2.90% 09/29/31 | 8,000 | 6,714 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Hess Corp. | | |
| 5.60% 02/15/41 | $ 3,000 | $ 3,151 |
| 5.80% 04/01/47 | 2,000 | 2,158 |
| Hewlett Packard Enterprise Co. | | |
| 6.35% 10/15/45 | 3,000 | 3,240 |
| Highwoods Realty LP | | |
| 4.13% 03/15/28 | 3,000 | 2,761 |
| 4.20% 04/15/29 | 16,000 | 14,519 |
| 7.65% 02/01/34 | 15,000 | 16,214 |
| Home Depot, Inc. | | |
| 2.70% 04/15/30 | 5,000 | 4,574 |
| 3.35% 04/15/50 | 7,000 | 5,442 |
| 3.50% 09/15/56 | 4,000 | 3,148 |
| 3.90% 12/06/28 - 06/15/47 | 6,000 | 5,537 |
| 4.50% 12/06/48 | 3,000 | 2,835 |
| 4.95% 09/15/52 | 4,000 | 4,055 |
| Honeywell International, Inc. | | |
| 1.75% 09/01/31 | 14,000 | 11,686 |
| 2.70% 08/15/29 | 8,000 | 7,396 |
| Hormel Foods Corp. | | |
| 1.80% 06/11/30 | 26,000 | 22,114 |
| HSBC Holdings PLC (2.87% fixed rate until 11/22/31; 1.41% + SOFR thereafter) | | |
| 2.87% 11/22/32 (d) | 200,000 | 166,444 |
| Humana, Inc. | | |
| 1.35% 02/03/27 | 35,000 | 31,591 |
| 2.15% 02/03/32 | 11,000 | 9,056 |
| Huntington Bancshares, Inc. | | |
| 2.55% 02/04/30 | 17,000 | 14,549 |
| Huntington Ingalls Industries, Inc. | | |
| 2.04% 08/16/28 | 38,000 | 33,476 |
| Hyundai Capital America | | |
| 1.30% 01/08/26 (h) | 53,000 | 48,931 |
| Indiana Michigan Power Co. | | |
| 3.25% 05/01/51 | 11,000 | 7,849 |
| Ingersoll Rand, Inc. | | |
| 5.70% 08/14/33 | 38,000 | 40,206 |
| Intel Corp. | | |
| 2.00% 08/12/31 | 20,000 | 16,906 |
| 2.45% 11/15/29 | 20,000 | 18,012 |
| 2.80% 08/12/41 | 20,000 | 15,015 |
| 3.10% 02/15/60 | 4,000 | 2,761 |
| 5.63% 02/10/43 | 25,000 | 26,783 |
| 5.70% 02/10/53 | 18,000 | 19,479 |
| 5.90% 02/10/63 | 14,000 | 15,600 |
| | Principal
Amount | Fair
Value |
| Intercontinental Exchange, Inc. | | |
| 1.85% 09/15/32 | $ 4,000 | $ 3,210 |
| 2.65% 09/15/40 | 4,000 | 2,985 |
| International Paper Co. | | |
| 4.40% 08/15/47 | 3,000 | 2,604 |
| Intuit, Inc. | | |
| 5.50% 09/15/53 | 21,000 | 23,046 |
| ITC Holdings Corp. | | |
| 2.95% 05/14/30 (h) | 32,000 | 28,182 |
| J M Smucker Co. | | |
| 6.50% 11/15/43 - 11/15/53 | 47,000 | 53,455 |
| Jabil, Inc. | | |
| 3.95% 01/12/28 | 3,000 | 2,860 |
| 4.25% 05/15/27 | 53,000 | 51,639 |
| Jacobs Engineering Group, Inc. | | |
| 5.90% 03/01/33 | 67,000 | 68,408 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | |
| 2.50% 01/15/27 | 200,000 | 184,090 |
| 5.13% 02/01/28 | 39,000 | 38,749 |
| 5.75% 04/01/33 | 12,000 | 11,854 |
| Jefferies Financial Group, Inc. | | |
| 5.88% 07/21/28 | 43,000 | 44,098 |
| John Deere Capital Corp. | | |
| 2.45% 01/09/30 | 26,000 | 23,455 |
| 3.90% 06/07/32 | 11,000 | 10,608 |
| 5.15% 09/08/33 | 79,000 | 83,187 |
| Johnson & Johnson | | |
| 3.63% 03/03/37 | 5,000 | 4,613 |
| Johnson Controls International PLC | | |
| 4.50% 02/15/47 | 4,000 | 3,585 |
| JPMorgan Chase & Co. (1.58% fixed rate until 04/22/26; 0.89% + SOFR thereafter) | | |
| 1.58% 04/22/27 (d) | 48,000 | 44,296 |
| JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + 3-month Term SOFR) | | |
| 2.96% 05/13/31 (d) | 52,000 | 45,741 |
| JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter) | | |
| 3.16% 04/22/42 (d) | 14,000 | 10,863 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.62% + 3-month Term SOFR) | | |
| 3.88% 07/24/38 (d) | $ 8,000 | $ 7,093 |
| JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3-month Term SOFR) | | |
| 3.90% 01/23/49 (d) | 39,000 | 32,451 |
| JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.51% + 3-month Term SOFR) | | |
| 3.96% 01/29/27 (d) | 20,000 | 19,537 |
| JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.38% + 3-month Term SOFR) | | |
| 4.01% 04/23/29 (d) | 5,000 | 4,812 |
| JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.72% + 3-month Term SOFR) | | |
| 4.03% 07/24/48 (d) | 3,000 | 2,558 |
| JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + 3-month Term SOFR) | | |
| 4.49% 03/24/31 (d) | 56,000 | 54,618 |
| JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + 3-month Term SOFR) | | |
| 4.60% 02/01/25 (d) | 36,000 | 34,678 |
| Kaiser Foundation Hospitals | | |
| 3.00% 06/01/51 | 17,000 | 12,129 |
| Kenvue, Inc. | | |
| 4.90% 03/22/33 | 111,000 | 114,318 |
| 5.05% 03/22/53 | 17,000 | 17,589 |
| 5.20% 03/22/63 | 11,000 | 11,511 |
| Keurig Dr Pepper, Inc. | | |
| 3.20% 05/01/30 | 7,000 | 6,435 |
| 3.80% 05/01/50 | 3,000 | 2,434 |
| Kinder Morgan Energy Partners LP | | |
| 4.70% 11/01/42 | 3,000 | 2,577 |
| 5.00% 03/01/43 | 5,000 | 4,477 |
| 6.38% 03/01/41 | 5,000 | 5,135 |
| Kinder Morgan, Inc. | | |
| 1.75% 11/15/26 | 72,000 | 66,246 |
| 5.05% 02/15/46 | 5,000 | 4,475 |
| | Principal
Amount | Fair
Value |
| 5.20% 06/01/33 | $ 14,000 | $ 13,925 |
| KLA Corp. | | |
| 3.30% 03/01/50 | 14,000 | 10,700 |
| Kraft Heinz Foods Co. | | |
| 5.20% 07/15/45 | 19,000 | 18,623 |
| Kroger Co. | | |
| 2.20% 05/01/30 | 4,000 | 3,425 |
| 4.65% 01/15/48 | 3,000 | 2,693 |
| L3Harris Technologies, Inc. | | |
| 3.85% 12/15/26 | 16,000 | 15,690 |
| Lear Corp. | | |
| 4.25% 05/15/29 | 4,000 | 3,848 |
| Leidos, Inc. | | |
| 3.63% 05/15/25 | 3,000 | 2,926 |
| 4.38% 05/15/30 | 50,000 | 47,838 |
| 5.75% 03/15/33 | 25,000 | 26,020 |
| Liberty Mutual Group, Inc. | | |
| 3.95% 05/15/60 (h) | 4,000 | 2,891 |
| Lincoln National Corp. | | |
| 4.35% 03/01/48 | 38,000 | 30,359 |
| Lockheed Martin Corp. | | |
| 3.55% 01/15/26 | 2,000 | 1,965 |
| 3.80% 03/01/45 | 2,000 | 1,723 |
| 4.50% 05/15/36 | 4,000 | 3,961 |
| Lowe's Cos., Inc. | | |
| 1.30% 04/15/28 | 3,000 | 2,636 |
| 1.70% 09/15/28 - 10/15/30 | 23,000 | 19,283 |
| 3.00% 10/15/50 | 3,000 | 2,043 |
| 3.70% 04/15/46 | 3,000 | 2,372 |
| 4.05% 05/03/47 | 7,000 | 5,774 |
| 5.63% 04/15/53 | 20,000 | 21,084 |
| LYB International Finance III LLC | | |
| 3.63% 04/01/51 | 14,000 | 10,221 |
| 3.80% 10/01/60 | 4,000 | 2,848 |
| M&T Bank Corp. (5.05% fixed rate until 01/27/33; 1.85% + SOFR thereafter) | | |
| 5.05% 01/27/34 (d) | 139,000 | 131,686 |
| Marsh & McLennan Cos., Inc. | | |
| 2.90% 12/15/51 | 29,000 | 19,509 |
| Masco Corp. | | |
| 3.50% 11/15/27 | 3,000 | 2,849 |
| McCormick & Co., Inc. | | |
| 1.85% 02/15/31 | 5,000 | 4,114 |
| 3.25% 11/15/25 | 101,000 | 97,627 |
| McDonald's Corp. | | |
| 3.60% 07/01/30 | 20,000 | 18,982 |
| 3.63% 09/01/49 | 6,000 | 4,822 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 4.88% 12/09/45 | $ 5,000 | $ 4,929 |
| Medtronic Global Holdings SCA | | |
| 4.50% 03/30/33 | 83,000 | 83,005 |
| Medtronic, Inc. | | |
| 4.63% 03/15/45 | 2,000 | 1,948 |
| Memorial Sloan-Kettering Cancer Center | | |
| 4.13% 07/01/52 | 14,000 | 12,262 |
| Mercedes-Benz Finance North America LLC | | |
| 5.38% 11/26/25 (h) | 150,000 | 151,468 |
| Merck & Co., Inc. | | |
| 1.90% 12/10/28 | 37,000 | 33,318 |
| 2.45% 06/24/50 | 7,000 | 4,622 |
| 2.75% 12/10/51 | 12,000 | 8,266 |
| 2.90% 12/10/61 | 6,000 | 4,020 |
| 4.00% 03/07/49 | 2,000 | 1,767 |
| 4.50% 05/17/33 | 25,000 | 25,178 |
| 5.00% 05/17/53 | 13,000 | 13,385 |
| Meta Platforms, Inc. | | |
| 3.85% 08/15/32 | 38,000 | 36,138 |
| 4.45% 08/15/52 | 23,000 | 21,164 |
| MetLife, Inc. | | |
| 4.72% 12/15/44 | 8,000 | 7,520 |
| Micron Technology, Inc. | | |
| 3.37% 11/01/41 | 15,000 | 11,268 |
| 3.48% 11/01/51 | 30,000 | 21,885 |
| Microsoft Corp. | | |
| 2.40% 08/08/26 | 19,000 | 18,132 |
| 2.68% 06/01/60 | 8,000 | 5,369 |
| 2.92% 03/17/52 | 38,000 | 27,993 |
| 3.45% 08/08/36 | 2,000 | 1,839 |
| 3.50% 02/12/35 | 4,000 | 3,792 |
| Mid-America Apartments LP | | |
| 2.88% 09/15/51 | 20,000 | 13,115 |
| Mizuho Financial Group, Inc. | | |
| 2.84% 09/13/26 | 200,000 | 189,918 |
| Molson Coors Beverage Co. | | |
| 4.20% 07/15/46 | 3,000 | 2,560 |
| Morgan Stanley | | |
| 3.63% 01/20/27 | 3,000 | 2,910 |
| 3.70% 10/23/24 | 8,000 | 7,894 |
| 3.97% 07/22/38 (d) | 8,000 | 7,014 |
| 4.35% 09/08/26 | 64,000 | 62,849 |
| 4.38% 01/22/47 | 8,000 | 7,211 |
| Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | | |
| 1.51% 07/20/27 (d) | 204,000 | 186,405 |
| | Principal
Amount | Fair
Value |
| Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | | |
| 2.48% 09/16/36 (d) | $ 118,000 | $ 93,665 |
| Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | | |
| 2.80% 01/25/52 (d) | 47,000 | 31,354 |
| MPLX LP | | |
| 2.65% 08/15/30 | 10,000 | 8,638 |
| 5.20% 12/01/47 | 4,000 | 3,656 |
| Mylan, Inc. | | |
| 5.20% 04/15/48 | 3,000 | 2,487 |
| Nasdaq, Inc. | | |
| 5.95% 08/15/53 | 8,000 | 8,614 |
| 6.10% 06/28/63 | 13,000 | 14,111 |
| Nevada Power Co. | | |
| 6.00% 03/15/54 | 13,000 | 14,265 |
| NewMarket Corp. | | |
| 2.70% 03/18/31 | 8,000 | 6,728 |
| Newmont Corp. | | |
| 4.88% 03/15/42 | 3,000 | 2,923 |
| 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 (d) | 6,000 | 5,620 |
| NGPL PipeCo LLC | | |
| 3.25% 07/15/31 (h) | 28,000 | 24,287 |
| NIKE, Inc. | | |
| 3.38% 03/27/50 | 3,000 | 2,459 |
| NiSource, Inc. | | |
| 3.60% 05/01/30 | 10,000 | 9,330 |
| 3.95% 03/30/48 | 2,000 | 1,620 |
| 5.25% 03/30/28 | 100,000 | 102,127 |
| NNN REIT, Inc. | | |
| 4.00% 11/15/25 | 5,000 | 4,898 |
| Norfolk Southern Corp. | | |
| 3.95% 10/01/42 | 3,000 | 2,562 |
| Northern Trust Corp. | | |
| 6.13% 11/02/32 | 25,000 | 26,846 |
| Northwestern Mutual Life Insurance Co. | | |
| 3.45% 03/30/51 (h) | 28,000 | 20,965 |
| NOV, Inc. | | |
| 3.60% 12/01/29 | 14,000 | 12,945 |
| Novant Health, Inc. | | |
| 3.32% 11/01/61 | 12,000 | 8,081 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Novartis Capital Corp. | | |
| 2.20% 08/14/30 | $ 18,000 | $ 15,852 |
| 3.00% 11/20/25 | 2,000 | 1,946 |
| Nutrien Ltd. | | |
| 4.90% 03/27/28 - 06/01/43 | 69,000 | 69,432 |
| NVIDIA Corp. | | |
| 2.85% 04/01/30 | 10,000 | 9,250 |
| 3.50% 04/01/50 | 3,000 | 2,507 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | | |
| 3.25% 11/30/51 | 35,000 | 25,050 |
| Occidental Petroleum Corp. | | |
| 6.13% 01/01/31 | 39,000 | 40,566 |
| Oklahoma Gas & Electric Co. | | |
| 3.25% 04/01/30 | 6,000 | 5,479 |
| Oncor Electric Delivery Co. LLC | | |
| 3.80% 09/30/47 | 4,000 | 3,229 |
| ONEOK, Inc. | | |
| 4.35% 03/15/29 | 5,000 | 4,858 |
| 5.80% 11/01/30 | 92,000 | 95,732 |
| 6.10% 11/15/32 | 21,000 | 22,315 |
| 6.63% 09/01/53 | 25,000 | 28,030 |
| Oracle Corp. | | |
| 1.65% 03/25/26 | 35,000 | 32,635 |
| 2.30% 03/25/28 | 4,000 | 3,643 |
| 2.65% 07/15/26 | 5,000 | 4,743 |
| 2.88% 03/25/31 | 90,000 | 79,702 |
| 2.95% 04/01/30 | 21,000 | 18,954 |
| 3.60% 04/01/50 | 5,000 | 3,703 |
| 3.65% 03/25/41 | 9,000 | 7,156 |
| 3.80% 11/15/37 | 2,000 | 1,702 |
| 3.95% 03/25/51 | 4,000 | 3,144 |
| 4.00% 07/15/46 - 11/15/47 | 9,000 | 7,182 |
| 4.10% 03/25/61 | 13,000 | 9,934 |
| 5.55% 02/06/53 | 9,000 | 9,014 |
| 6.15% 11/09/29 | 49,000 | 52,672 |
| 6.90% 11/09/52 | 9,000 | 10,549 |
| Otis Worldwide Corp. | | |
| 2.06% 04/05/25 | 55,000 | 52,920 |
| 2.57% 02/15/30 | 23,000 | 20,478 |
| 3.36% 02/15/50 | 45,000 | 34,897 |
| Owens Corning | | |
| 3.88% 06/01/30 | 50,000 | 46,986 |
| 4.40% 01/30/48 | 2,000 | 1,741 |
| Pacific Gas & Electric Co. | | |
| 2.10% 08/01/27 | 6,000 | 5,411 |
| 2.50% 02/01/31 | 18,000 | 14,867 |
| 3.00% 06/15/28 | 14,000 | 12,760 |
| | Principal
Amount | Fair
Value |
| 3.30% 08/01/40 | $ 18,000 | $ 13,193 |
| 3.50% 08/01/50 | 5,000 | 3,464 |
| 4.30% 03/15/45 | 14,000 | 10,948 |
| PacifiCorp | | |
| 2.70% 09/15/30 | 11,000 | 9,514 |
| 2.90% 06/15/52 | 77,000 | 49,578 |
| 6.25% 10/15/37 | 10,000 | 10,725 |
| Packaging Corp. of America | | |
| 3.05% 10/01/51 | 20,000 | 13,986 |
| Paramount Global | | |
| 2.90% 01/15/27 | 2,000 | 1,853 |
| 3.70% 06/01/28 | 4,000 | 3,695 |
| 5.25% 04/01/44 | 3,000 | 2,455 |
| Parker-Hannifin Corp. | | |
| 3.25% 06/14/29 | 4,000 | 3,765 |
| 4.50% 09/15/29 | 47,000 | 47,159 |
| Patterson-UTI Energy, Inc. | | |
| 7.15% 10/01/33 | 21,000 | 22,263 |
| PayPal Holdings, Inc. | | |
| 2.65% 10/01/26 | 10,000 | 9,501 |
| 3.25% 06/01/50 | 3,000 | 2,250 |
| PepsiCo, Inc. | | |
| 1.63% 05/01/30 | 4,000 | 3,409 |
| 2.63% 07/29/29 | 10,000 | 9,219 |
| 2.75% 10/21/51 | 30,000 | 21,336 |
| Pfizer Investment Enterprises Pte. Ltd. | | |
| 4.45% 05/19/28 | 72,000 | 72,012 |
| 4.75% 05/19/33 | 59,000 | 59,107 |
| 5.30% 05/19/53 | 6,000 | 6,136 |
| 5.34% 05/19/63 | 16,000 | 16,178 |
| Pfizer, Inc. | | |
| 2.70% 05/28/50 | 31,000 | 21,585 |
| 3.90% 03/15/39 | 5,000 | 4,433 |
| 4.13% 12/15/46 | 3,000 | 2,670 |
| 4.40% 05/15/44 | 2,000 | 1,891 |
| Philip Morris International, Inc. | | |
| 1.50% 05/01/25 | 72,000 | 68,839 |
| 2.10% 05/01/30 | 4,000 | 3,442 |
| 3.38% 08/15/29 | 3,000 | 2,811 |
| 4.13% 03/04/43 | 2,000 | 1,697 |
| 5.13% 02/15/30 | 52,000 | 52,927 |
| 5.38% 02/15/33 | 13,000 | 13,341 |
| 5.63% 11/17/29 | 24,000 | 25,175 |
| Phillips 66 Co. | | |
| 2.15% 12/15/30 | 56,000 | 47,229 |
| 3.15% 12/15/29 | 37,000 | 34,051 |
| 3.30% 03/15/52 | 20,000 | 14,347 |
| 3.75% 03/01/28 | 3,000 | 2,885 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 4.68% 02/15/45 | $ 7,000 | $ 6,364 |
| Pilgrim's Pride Corp. | | |
| 6.25% 07/01/33 | 24,000 | 24,694 |
| Pioneer Natural Resources Co. | | |
| 1.13% 01/15/26 | 44,000 | 40,876 |
| 2.15% 01/15/31 | 10,000 | 8,513 |
| Plains All American Pipeline LP/PAA Finance Corp. | | |
| 3.55% 12/15/29 | 13,000 | 11,968 |
| PPL Capital Funding, Inc. | | |
| 3.10% 05/15/26 | 11,000 | 10,548 |
| Precision Castparts Corp. | | |
| 4.38% 06/15/45 | 3,000 | 2,724 |
| Progressive Corp. | | |
| 3.00% 03/15/32 | 27,000 | 24,098 |
| 3.70% 03/15/52 | 9,000 | 7,304 |
| Prologis LP | | |
| 3.05% 03/01/50 | 4,000 | 2,866 |
| 3.25% 06/30/26 | 4,000 | 3,869 |
| Prospect Capital Corp. | | |
| 3.36% 11/15/26 | 26,000 | 23,386 |
| Prudential Financial, Inc. | | |
| 3.94% 12/07/49 | 13,000 | 10,724 |
| Prudential Financial, Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3-month USD LIBOR thereafter) | | |
| 5.70% 09/15/48 (d) | 8,000 | 7,781 |
| Public Service Co. of Colorado | | |
| 3.70% 06/15/28 | 11,000 | 10,583 |
| Public Storage Operating Co. | | |
| 5.35% 08/01/53 | 13,000 | 13,618 |
| PVH Corp. | | |
| 4.63% 07/10/25 | 31,000 | 30,497 |
| QUALCOMM, Inc. | | |
| 4.30% 05/20/47 | 3,000 | 2,752 |
| 4.50% 05/20/52 | 25,000 | 23,363 |
| Quanta Services, Inc. | | |
| 2.35% 01/15/32 | 20,000 | 16,582 |
| 3.05% 10/01/41 | 23,000 | 16,967 |
| Quest Diagnostics, Inc. | | |
| 2.95% 06/30/30 | 4,000 | 3,580 |
| Realty Income Corp. | | |
| 2.85% 12/15/32 | 8,000 | 6,815 |
| 3.00% 01/15/27 | 3,000 | 2,848 |
| 3.25% 01/15/31 | 4,000 | 3,638 |
| | Principal
Amount | Fair
Value |
| Regeneron Pharmaceuticals, Inc. | | |
| 1.75% 09/15/30 | $ 22,000 | $ 18,089 |
| Regions Financial Corp. | | |
| 1.80% 08/12/28 | 54,000 | 46,260 |
| RenaissanceRe Holdings Ltd. | | |
| 5.75% 06/05/33 | 28,000 | 28,314 |
| Republic Services, Inc. | | |
| 2.38% 03/15/33 | 38,000 | 31,784 |
| 5.00% 04/01/34 | 24,000 | 24,576 |
| Rio Tinto Finance USA Ltd. | | |
| 2.75% 11/02/51 | 6,000 | 4,106 |
| Rio Tinto Finance USA PLC | | |
| 4.13% 08/21/42 | 3,000 | 2,714 |
| Rockwell Automation, Inc. | | |
| 2.80% 08/15/61 | 12,000 | 7,795 |
| 4.20% 03/01/49 | 3,000 | 2,701 |
| Rogers Communications, Inc. | | |
| 5.00% 03/15/44 | 3,000 | 2,812 |
| Roper Technologies, Inc. | | |
| 2.95% 09/15/29 | 6,000 | 5,496 |
| Ross Stores, Inc. | | |
| 4.70% 04/15/27 | 2,000 | 1,979 |
| Royalty Pharma PLC | | |
| 1.20% 09/02/25 | 14,000 | 13,070 |
| 1.75% 09/02/27 | 5,000 | 4,488 |
| 2.20% 09/02/30 | 4,000 | 3,367 |
| 3.30% 09/02/40 | 2,000 | 1,508 |
| RPM International, Inc. | | |
| 3.75% 03/15/27 | 4,000 | 3,846 |
| RTX Corp. | | |
| 1.90% 09/01/31 | 62,000 | 50,446 |
| 2.82% 09/01/51 | 45,000 | 29,711 |
| 3.13% 05/04/27 | 37,000 | 35,200 |
| 3.50% 03/15/27 | 3,000 | 2,891 |
| 3.95% 08/16/25 | 4,000 | 3,943 |
| 4.15% 05/15/45 | 3,000 | 2,560 |
| 4.45% 11/16/38 | 4,000 | 3,684 |
| 6.10% 03/15/34 | 25,000 | 27,108 |
| 6.40% 03/15/54 | 20,000 | 23,177 |
| Ryder System, Inc. | | |
| 2.90% 12/01/26 | 38,000 | 35,859 |
| Salesforce, Inc. | | |
| 1.95% 07/15/31 | 24,000 | 20,500 |
| 2.70% 07/15/41 | 20,000 | 15,286 |
| Schlumberger Holdings Corp. | | |
| 3.90% 05/17/28 (h) | 11,000 | 10,682 |
| Schlumberger Investment S.A. | | |
| 4.85% 05/15/33 | 53,000 | 53,846 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Sealed Air Corp. | | |
| 1.57% 10/15/26 (h) | $ 86,000 | $ 77,431 |
| Selective Insurance Group, Inc. | | |
| 5.38% 03/01/49 | 2,000 | 1,935 |
| Sempra | | |
| 3.80% 02/01/38 | 4,000 | 3,425 |
| 4.00% 02/01/48 | 4,000 | 3,293 |
| Sempra (4.13% fixed rate until 01/01/27; 2.87% + 5 year CMT thereafter) | | |
| 4.13% 04/01/52 (d) | 38,000 | 32,734 |
| Shell International Finance BV | | |
| 2.38% 11/07/29 | 34,000 | 30,600 |
| 3.13% 11/07/49 | 13,000 | 9,566 |
| 3.75% 09/12/46 | 5,000 | 4,158 |
| Shire Acquisitions Investments Ireland DAC | | |
| 3.20% 09/23/26 | 2,000 | 1,925 |
| Simon Property Group LP | | |
| 3.38% 06/15/27 | 3,000 | 2,877 |
| Sonoco Products Co. | | |
| 2.85% 02/01/32 | 22,000 | 18,774 |
| Southern California Edison Co. | | |
| 4.00% 04/01/47 | 24,000 | 19,688 |
| 4.20% 03/01/29 | 18,000 | 17,643 |
| 5.65% 10/01/28 | 124,000 | 129,297 |
| Southern Co. | | |
| 3.25% 07/01/26 | 3,000 | 2,894 |
| 3.70% 04/30/30 | 34,000 | 32,061 |
| Southern Co. Gas Capital Corp. | | |
| 3.95% 10/01/46 | 7,000 | 5,458 |
| 4.40% 05/30/47 | 2,000 | 1,692 |
| Southwest Airlines Co. | | |
| 2.63% 02/10/30 | 21,000 | 18,358 |
| Southwestern Electric Power Co. | | |
| 2.75% 10/01/26 | 5,000 | 4,699 |
| Spectra Energy Partners LP | | |
| 3.38% 10/15/26 | 3,000 | 2,889 |
| 4.50% 03/15/45 | 2,000 | 1,715 |
| Starbucks Corp. | | |
| 4.00% 11/15/28 | 4,000 | 3,940 |
| Stryker Corp. | | |
| 1.95% 06/15/30 | 26,000 | 22,235 |
| Sumitomo Mitsui Financial Group, Inc. | | |
| 6.18% 07/13/43 | 44,000 | 49,017 |
| | Principal
Amount | Fair
Value |
| Suncor Energy, Inc. | | |
| 4.00% 11/15/47 | $ 3,000 | $ 2,377 |
| Sysco Corp. | | |
| 3.25% 07/15/27 | 3,000 | 2,870 |
| 5.95% 04/01/30 | 2,000 | 2,129 |
| 6.60% 04/01/50 | 3,000 | 3,514 |
| Take-Two Interactive Software, Inc. | | |
| 3.70% 04/14/27 | 56,000 | 54,245 |
| 4.00% 04/14/32 | 9,000 | 8,561 |
| Tampa Electric Co. | | |
| 2.40% 03/15/31 | 26,000 | 21,946 |
| 3.45% 03/15/51 | 16,000 | 11,634 |
| 4.35% 05/15/44 | 15,000 | 12,800 |
| Tapestry, Inc. | | |
| 4.13% 07/15/27 | 3,000 | 2,857 |
| 7.35% 11/27/28 | 105,000 | 110,199 |
| 7.85% 11/27/33 | 20,000 | 21,356 |
| Targa Resources Corp. | | |
| 6.50% 03/30/34 | 68,000 | 73,543 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | |
| 5.00% 01/15/28 | 64,000 | 63,255 |
| Target Corp. | | |
| 1.95% 01/15/27 | 6,000 | 5,598 |
| Teck Resources Ltd. | | |
| 5.40% 02/01/43 | 2,000 | 1,912 |
| Texas Instruments, Inc. | | |
| 3.88% 03/15/39 | 3,000 | 2,775 |
| Thermo Fisher Scientific, Inc. | | |
| 2.80% 10/15/41 | 13,000 | 9,871 |
| Time Warner Cable LLC | | |
| 6.55% 05/01/37 | 4,000 | 3,944 |
| T-Mobile USA, Inc. | | |
| 3.50% 04/15/31 | 81,000 | 74,091 |
| 3.75% 04/15/27 | 32,000 | 31,053 |
| 4.50% 04/15/50 | 10,000 | 8,853 |
| 4.80% 07/15/28 | 69,000 | 69,553 |
| Toronto-Dominion Bank | | |
| 3.20% 03/10/32 | 54,000 | 47,834 |
| 4.46% 06/08/32 | 25,000 | 24,293 |
| Toronto-Dominion Bank (3.63% fixed rate until 9/15/26; 2.21% + 5 year swap Rate thereafter) | | |
| 3.63% 09/15/31 (d) | 26,000 | 24,978 |
| Tractor Supply Co. | | |
| 5.25% 05/15/33 | 20,000 | 20,524 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Trane Technologies Financing Ltd. | | |
| 3.55% 11/01/24 | $ 9,000 | $ 8,834 |
| 3.80% 03/21/29 | 9,000 | 8,720 |
| TransCanada PipeLines Ltd. | | |
| 4.25% 05/15/28 | 22,000 | 21,437 |
| 4.88% 01/15/26 | 5,000 | 4,988 |
| Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3-month USD LIBOR thereafter) | | |
| 5.63% 05/20/75 (d) | 32,000 | 30,204 |
| Transcontinental Gas Pipe Line Co. LLC | | |
| 4.00% 03/15/28 | 3,000 | 2,909 |
| Travelers Cos., Inc. | | |
| 2.55% 04/27/50 | 33,000 | 21,830 |
| Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT thereafter) | | |
| 4.80% 09/01/24 (d) | 49,000 | 44,998 |
| TWDC Enterprises 18 Corp. | | |
| 4.13% 06/01/44 | 2,000 | 1,786 |
| Tyco Electronics Group S.A. | | |
| 3.13% 08/15/27 | 3,000 | 2,863 |
| U.S. Bancorp (4.97% fixed rate until 07/22/32; 2.11% + SOFR thereafter) | | |
| 4.97% 07/22/33 (d) | 47,000 | 44,605 |
| UDR, Inc. | | |
| 2.10% 08/01/32 | 10,000 | 7,860 |
| 3.00% 08/15/31 | 3,000 | 2,654 |
| Union Pacific Corp. | | |
| 3.55% 05/20/61 | 14,000 | 10,564 |
| 3.60% 09/15/37 | 4,000 | 3,556 |
| 3.80% 04/06/71 | 8,000 | 6,333 |
| 4.10% 09/15/67 | 6,000 | 4,988 |
| UnitedHealth Group, Inc. | | |
| 2.00% 05/15/30 | 16,000 | 13,834 |
| 4.20% 05/15/32 | 18,000 | 17,602 |
| 4.45% 12/15/48 | 9,000 | 8,253 |
| 4.75% 07/15/45 - 05/15/52 | 62,000 | 59,676 |
| 5.05% 04/15/53 | 14,000 | 14,162 |
| 5.20% 04/15/63 | 26,000 | 26,574 |
| 6.05% 02/15/63 | 4,000 | 4,625 |
| Utah Acquisition Sub, Inc. | | |
| 3.95% 06/15/26 | 102,000 | 98,746 |
| Vale Overseas Ltd. | | |
| 6.13% 06/12/33 | 40,000 | 41,442 |
| | Principal
Amount | Fair
Value |
| Ventas Realty LP | | |
| 3.25% 10/15/26 | $ 13,000 | $ 12,312 |
| Verizon Communications, Inc. | | |
| 2.36% 03/15/32 | 102,000 | 84,913 |
| 2.55% 03/21/31 | 18,000 | 15,524 |
| 3.00% 03/22/27 | 38,000 | 36,132 |
| 3.40% 03/22/41 | 13,000 | 10,378 |
| 3.55% 03/22/51 | 8,000 | 6,172 |
| 3.70% 03/22/61 | 20,000 | 15,308 |
| 4.40% 11/01/34 | 58,000 | 55,856 |
| 4.86% 08/21/46 | 14,000 | 13,375 |
| Viatris, Inc. | | |
| 1.65% 06/22/25 | 83,000 | 78,602 |
| 4.00% 06/22/50 | 9,000 | 6,334 |
| Virginia Electric & Power Co. | | |
| 4.00% 11/15/46 | 11,000 | 9,120 |
| Visa, Inc. | | |
| 2.70% 04/15/40 | 6,000 | 4,639 |
| Vistra Operations Co. LLC | | |
| 3.55% 07/15/24 (h) | 45,000 | 44,320 |
| Vontier Corp. | | |
| 2.40% 04/01/28 | 30,000 | 26,491 |
| 2.95% 04/01/31 | 28,000 | 23,562 |
| Vornado Realty LP | | |
| 2.15% 06/01/26 | 36,000 | 32,462 |
| 3.50% 01/15/25 | 4,000 | 3,874 |
| Vulcan Materials Co. | | |
| 3.90% 04/01/27 | 2,000 | 1,934 |
| Walmart, Inc. | | |
| 1.80% 09/22/31 | 11,000 | 9,327 |
| 2.50% 09/22/41 | 11,000 | 8,142 |
| 2.65% 09/22/51 | 4,000 | 2,792 |
| Walt Disney Co. | | |
| 2.65% 01/13/31 | 22,000 | 19,585 |
| 3.38% 11/15/26 | 2,000 | 1,942 |
| 3.60% 01/13/51 | 5,000 | 4,023 |
| 4.75% 11/15/46 | 2,000 | 1,918 |
| 6.65% 11/15/37 | 10,000 | 11,752 |
| Warnermedia Holdings, Inc. | | |
| 4.28% 03/15/32 | 81,000 | 74,104 |
| 5.05% 03/15/42 | 15,000 | 13,225 |
| 5.14% 03/15/52 | 4,000 | 3,442 |
| 5.39% 03/15/62 | 4,000 | 3,440 |
| Waste Connections, Inc. | | |
| 2.20% 01/15/32 | 57,000 | 47,598 |
| 2.95% 01/15/52 | 26,000 | 18,327 |
| WEC Energy Group, Inc. | | |
| 3.55% 06/15/25 | 7,000 | 6,816 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Wells Fargo & Co. | | |
| 4.15% 01/24/29 | $ 22,000 | $ 21,403 |
| 4.75% 12/07/46 | 20,000 | 17,666 |
| 5.88% 06/15/25 (d) | 54,000 | 53,463 |
| Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | | |
| 2.39% 06/02/28 (d) | 83,000 | 76,016 |
| Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | | |
| 3.07% 04/30/41 (d) | 26,000 | 19,658 |
| Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.43% + 3-month Term SOFR) | | |
| 3.20% 06/17/27 (d) | 208,000 | 198,873 |
| Wells Fargo & Co. (6.49% fixed rate until 10/23/33; 2.06% + SOFR thereafter) | | |
| 6.49% 10/23/34 (d) | 36,000 | 39,207 |
| Westlake Corp. | | |
| 2.88% 08/15/41 | 5,000 | 3,538 |
| 3.13% 08/15/51 | 5,000 | 3,318 |
| 3.38% 08/15/61 | 4,000 | 2,588 |
| Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT thereafter) | | |
| 2.89% 02/04/30 (d) | 17,000 | 16,382 |
| Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT thereafter) | | |
| 4.11% 07/24/34 (d) | 9,000 | 8,250 |
| Weyerhaeuser Co. | | |
| 4.00% 03/09/52 | 18,000 | 14,800 |
| Williams Cos., Inc. | | |
| 3.75% 06/15/27 | 2,000 | 1,928 |
| 4.85% 03/01/48 | 3,000 | 2,729 |
| 4.90% 01/15/45 | 10,000 | 9,104 |
| 5.30% 08/15/52 | 9,000 | 8,736 |
| 5.40% 03/04/44 | 3,000 | 2,924 |
| Willis North America, Inc. | | |
| 3.88% 09/15/49 | 8,000 | 6,190 |
| Workday, Inc. | | |
| 3.50% 04/01/27 | 22,000 | 21,274 |
| 3.70% 04/01/29 | 42,000 | 40,336 |
| WPP Finance 2010 | | |
| 3.75% 09/19/24 | 13,000 | 12,766 |
| | Principal
Amount | Fair
Value |
| Xcel Energy, Inc. | | |
| 3.40% 06/01/30 | $ 12,000 | $ 11,065 |
| Zoetis, Inc. | | |
| 3.00% 09/12/27 | 3,000 | 2,848 |
| 3.90% 08/20/28 | 5,000 | 4,895 |
| 5.60% 11/16/32 | 49,000 | 52,537 |
| | | 17,968,520 |
| Non-Agency Collateralized Mortgage Obligations - 1.9% |
| Bank | | |
| 3.18% 09/15/60 | 617,000 | 574,827 |
| 4.41% 11/15/61 (d) | 320,000 | 310,883 |
| BPR Trust 1.90% + 3-month Term SOFR | | |
| 7.26% 04/15/37 (d)(h) | 117,967 | 116,039 |
| Cantor Commercial Real Estate Lending | | |
| 3.01% 01/15/53 | 139,000 | 123,414 |
| CD Mortgage Trust | | |
| 2.91% 08/15/57 | 246,000 | 218,641 |
| Citigroup Commercial Mortgage Trust | | |
| 3.72% 12/10/49 (d) | 119,583 | 112,773 |
| 3.78% 09/10/58 | 100,000 | 95,938 |
| 4.03% 12/10/49 (d) | 78,331 | 71,559 |
| COMM Mortgage Trust | | |
| 3.92% 10/15/45 (h) | 100,000 | 82,362 |
| 4.53% 02/10/47 (d) | 55,000 | 53,620 |
| GS Mortgage Securities Trust | | |
| 2.75% 09/10/52 | 419,000 | 369,475 |
| 3.05% 11/10/52 | 493,000 | 440,381 |
| 3.67% 03/10/50 | 240,062 | 224,689 |
| 4.14% 03/10/51 (d) | 73,000 | 68,386 |
| 4.42% 11/10/48 (d) | 117,000 | 93,598 |
| JPMBB Commercial Mortgage Securities Trust | | |
| 4.65% 11/15/48 (d) | 71,000 | 36,336 |
| MASTR Alternative Loan Trust | | |
| 5.00% 08/25/18 (f) | 134 | 12 |
| Morgan Stanley Bank of America Merrill Lynch Trust | | |
| 0.84% 03/15/48 (d)(f) | 680,882 | 4,881 |
| Wells Fargo Commercial Mortgage Trust | | |
| 1.18% 02/15/48 (d)(f) | 698,236 | 6,863 |
| 4.32% 08/15/50 | 129,943 | 110,353 |
| WFRBS Commercial Mortgage Trust | | |
| 4.35% 03/15/47 (d) | 123,000 | 120,809 |
| | | 3,235,839 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Municipal Bonds and Notes - 0.1% |
| American Municipal Power, Inc., OH | | |
| 6.27% 02/15/50 | $ 25,000 | $ 27,254 |
| Board of Regents of the University of Texas System, TX | | |
| 3.35% 08/15/47 | 25,000 | 19,805 |
| Port Authority of New York & New Jersey, NY | | |
| 4.46% 10/01/62 | 70,000 | 63,872 |
| State of California, CA | | |
| 4.60% 04/01/38 | 50,000 | 48,205 |
| State of Illinois, IL | | |
| 5.10% 06/01/33 | 25,000 | 24,736 |
| | | 183,872 |
Total Bonds and Notes
(Cost $52,132,837) | | 50,242,858 |
| | Number
of Shares | |
| Exchange Traded & Mutual Funds - 23.0% |
State Street Global All Cap Equity ex-U.S. Index Portfolio (b)
(Cost $35,037,739) | 360,372 | 40,606,701 |
Total Investments in Securities
(Cost $141,683,671) | | 169,019,730 |
| | Number
of Shares | Fair
Value |
| Short-Term Investments - 7.5% |
Dreyfus Treasury & Agency Cash Management Institutional Shares 5.24% (b)
| 1,901,514 | $ 1,901,514 |
State Street Institutional Treasury Money Market Fund - Premier Class 5.28% (j)(k)
| 4,589,093 | 4,589,093 |
| State Street Institutional Treasury Plus Fund - Premier Class 5.31% (j)(k) | 1,901,514 | 1,901,514 |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.36% (j)(k)
| 4,914,929 | 4,914,929 |
Total Short-Term Investments
(Cost $13,307,050) | | 13,307,050 |
Total Investments
(Cost $154,990,721) | | 182,326,780 |
| Liabilities in Excess of Other Assets, net - (3.3)% | | (5,788,659) |
| NET ASSETS - 100.0% | | $ 176,538,121 |
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) |
| Sell Protection | | | | | | | |
| Markit CDX North America High Yield Index | Intercontinental Exchange | $1,257 | 5.00%/
Quarterly | 12/20/28 | $73,304 | $151 | $73,153 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| The Fund had the following long futures contracts open at December 31, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| U.S. Long Bond Futures | March 2024 | 7 | $ 812,712 | $ 874,762 | $ 62,050 |
| 10 Yr. U.S. Treasury Ultra Futures | March 2024 | 63 | 7,078,451 | 7,434,984 | 356,533 |
| 2 Yr. U.S. Treasury Notes Futures | March 2024 | 10 | 2,038,229 | 2,059,141 | 20,912 |
| Ultra Long-Term U.S. Treasury Bond Futures | March 2024 | 5 | 616,692 | 667,969 | 51,277 |
| 5 Yr. U.S. Treasury Notes Futures | March 2024 | 33 | 3,503,729 | 3,589,524 | 85,795 |
| S&P 500 E-mini Index Futures | March 2024 | 2 | 464,148 | 482,000 | 17,852 |
| | | | | | $ 594,419 |
| The Fund had the following short futures contracts open at December 31, 2023: |
| Description | Expiration
date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| 10 Yr. U.S. Treasury Notes Futures | March 2024 | 29 | $ (3,168,144) | $ (3,273,828) | $ (105,684) |
| During the year ended December 31, 2023, average notional values related to derivative contracts were as follows: |
| | Long
Futures
Contracts | Short
Futures
Contracts | Credit
Default
Swap
Contracts |
| Average Notional Value | $12,241,322 | $3,001,958 | $1,952,012 |
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) | At December 31, 2023, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs. |
| (c) | State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund's sub-administrator, custodian and accounting agent. |
| (d) | Variable Rate Security - Interest rate shown is rate in effect at December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
| (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 December 31, 2023, these securities amounted to $1,381,533 or 0.78% 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 — December 31, 2023
| (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 December 31, 2023. |
| * | Less than 0.05%. |
| ** | Amount is less than $0.50. |
| Abbreviations: |
| CMT - Constant Maturity Treasury |
| LIBOR - London Interbank Offered Rate |
| REIT - Real Estate Investment Trust |
| REMICS - Real Estate Mortgage Investment Conduits |
| RFUCCT - Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| 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 December 31, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Domestic Equity | $ 78,056,939 | | $ — | | $ — | | $ 78,056,939 |
| Foreign Equity | 113,232 | | — | | — | | 113,232 |
| U.S. Treasuries | — | | 15,046,240 | | — | | 15,046,240 |
| Agency Mortgage Backed | — | | 13,473,839 | | — | | 13,473,839 |
| Agency Collateralized Mortgage Obligations | — | | 334,548 | | — | | 334,548 |
| Corporate Notes | — | | 17,968,520 | | — | | 17,968,520 |
| Non-Agency Collateralized Mortgage Obligations | — | | 3,235,839 | | — | | 3,235,839 |
| Municipal Bonds and Notes | — | | 183,872 | | — | | 183,872 |
| Exchange Traded & Mutual Funds | 40,606,701 | | — | | — | | 40,606,701 |
| Short-Term Investments | 13,307,050 | | — | | — | | 13,307,050 |
| Total Investments in Securities | $ 132,083,922 | | $ 50,242,858 | | $ — | | $ 182,326,780 |
| Other Financial Instruments | | | | | | | |
| Credit Default Swap Contracts - Unrealized Appreciation | $ — | | $ 73,153 | | $ — | | $ 73,153 |
| Long Futures Contracts - Unrealized Appreciation | 594,419 | | — | | — | | 594,419 |
| Short Futures Contracts - Unrealized Depreciation | (105,684) | | — | | — | | (105,684) |
| Total Other Financial Instruments | $ 488,735 | | $ 73,153 | | $ — | | $ 561,888 |
The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at December 31, 2023 (unaudited):
| Industry | Domestic | Foreign | Total |
| Exchange Traded Funds | 22.27% | 0.00% | 22.27% |
| Systems Software | 3.47% | 0.00% | 3.47% |
| Technology Hardware, Storage & Peripherals | 3.12% | 0.00% | 3.12% |
| Semiconductors | 3.03% | 0.06% | 3.09% |
| Interactive Media & Services | 2.48% | 0.00% | 2.48% |
| Pharmaceuticals | 1.60% | 0.00% | 1.60% |
| Broadline Retail | 1.51% | 0.00% | 1.51% |
| Diversified Banks | 1.26% | 0.00% | 1.26% |
| Application Software | 1.14% | 0.00% | 1.14% |
| Transaction & Payment Processing Services | 1.09% | 0.00% | 1.09% |
| Healthcare Equipment | 1.06% | 0.00% | 1.06% |
| Biotechnology | 0.87% | 0.00% | 0.87% |
| Automobile Manufacturers | 0.84% | 0.00% | 0.84% |
| Managed Healthcare | 0.76% | 0.00% | 0.76% |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| Industry | Domestic | Foreign | Total |
| Integrated Oil & Gas | 0.75% | 0.00% | 0.75% |
| Aerospace & Defense | 0.70% | 0.00% | 0.70% |
| Multi-Sector Holdings | 0.69% | 0.00% | 0.69% |
| Consumer Staples Merchandise Retail | 0.69% | 0.00% | 0.69% |
| Electric Utilities | 0.66% | 0.00% | 0.66% |
| Life Sciences Tools & Services | 0.62% | 0.00% | 0.62% |
| Soft Drinks & Non-alcoholic Beverages | 0.58% | 0.00% | 0.58% |
| Household Products | 0.53% | 0.00% | 0.53% |
| Home Improvement Retail | 0.51% | 0.00% | 0.51% |
| Financial Exchanges & Data | 0.49% | 0.00% | 0.49% |
| IT Consulting & Other Services | 0.49% | 0.00% | 0.49% |
| Restaurants | 0.49% | 0.00% | 0.49% |
| Oil & Gas Exploration & Production | 0.45% | 0.00% | 0.45% |
| Movies & Entertainment | 0.45% | 0.00% | 0.45% |
| Asset Management & Custody Banks | 0.39% | 0.00% | 0.39% |
| Investment Banking & Brokerage | 0.39% | 0.00% | 0.39% |
| Hotels, Resorts & Cruise Lines | 0.39% | 0.00% | 0.39% |
| Property & Casualty Insurance | 0.38% | 0.00% | 0.38% |
| Semiconductor Materials & Equipment | 0.38% | 0.00% | 0.38% |
| Industrial Machinery & Supplies & Components | 0.37% | 0.00% | 0.37% |
| Communications Equipment | 0.36% | 0.00% | 0.36% |
| Industrial Conglomerates | 0.36% | 0.00% | 0.36% |
| Packaged Foods & Meats | 0.32% | 0.00% | 0.32% |
| Integrated Telecommunication Services | 0.30% | 0.00% | 0.30% |
| Rail Transportation | 0.29% | 0.00% | 0.29% |
| Multi-Utilities | 0.29% | 0.00% | 0.29% |
| Construction Machinery & Heavy Transportation Equipment | 0.28% | 0.00% | 0.28% |
| Industrial Gases | 0.28% | 0.00% | 0.28% |
| Specialty Chemicals | 0.28% | 0.00% | 0.28% |
| Electrical Components & Equipment | 0.27% | 0.00% | 0.27% |
| Insurance Brokers | 0.26% | 0.00% | 0.26% |
| Healthcare Services | 0.24% | 0.00% | 0.24% |
| Tobacco | 0.23% | 0.00% | 0.23% |
| Cable & Satellite | 0.23% | 0.00% | 0.23% |
| Consumer Finance | 0.22% | 0.00% | 0.22% |
| Air Freight & Logistics | 0.22% | 0.00% | 0.22% |
| Building Products | 0.21% | 0.00% | 0.21% |
| Telecom Tower REITs | 0.19% | 0.00% | 0.19% |
| Human Resource & Employment Services | 0.18% | 0.00% | 0.18% |
| Oil & Gas Refining & Marketing | 0.17% | 0.00% | 0.17% |
| Apparel Retail | 0.16% | 0.00% | 0.16% |
| Life & Health Insurance | 0.16% | 0.00% | 0.16% |
| Oil & Gas Equipment & Services | 0.15% | 0.00% | 0.15% |
| Oil & Gas Storage & Transportation | 0.15% | 0.00% | 0.15% |
| Footwear | 0.14% | 0.00% | 0.14% |
| Environmental & Facilities Services | 0.14% | 0.00% | 0.14% |
| Healthcare Distributors | 0.14% | 0.00% | 0.14% |
| Regional Banks | 0.14% | 0.00% | 0.14% |
| Home Building | 0.14% | 0.00% | 0.14% |
| Passenger Ground Transportation | 0.14% | 0.00% | 0.14% |
| Industrial REITs | 0.13% | 0.00% | 0.13% |
| Retail REITs | 0.13% | 0.00% | 0.13% |
| Data Center REITs | 0.13% | 0.00% | 0.13% |
| Trading Companies & Distributors | 0.12% | 0.00% | 0.12% |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| Industry | Domestic | Foreign | Total |
| Automotive Retail | 0.12% | 0.00% | 0.12% |
| Agricultural & Farm Machinery | 0.11% | 0.00% | 0.11% |
| Multi-Family Residential REITs | 0.11% | 0.00% | 0.11% |
| Research & Consulting Services | 0.10% | 0.00% | 0.10% |
| Diversified Support Services | 0.10% | 0.00% | 0.10% |
| Electronic Components | 0.09% | 0.00% | 0.09% |
| Self Storage REITs | 0.09% | 0.00% | 0.09% |
| Wireless Telecommunication Services | 0.09% | 0.00% | 0.09% |
| Health Care REITs | 0.09% | 0.00% | 0.09% |
| Apparel, Accessories & Luxury Goods | 0.09% | 0.00% | 0.09% |
| Electronic Equipment & Instruments | 0.08% | 0.00% | 0.08% |
| Personal Care Products | 0.08% | 0.00% | 0.08% |
| Paper & Plastic Packaging Products & Materials | 0.07% | 0.00% | 0.07% |
| Passenger Airlines | 0.07% | 0.00% | 0.07% |
| Commodity Chemicals | 0.07% | 0.00% | 0.07% |
| Fertilizers & Agricultural Chemicals | 0.07% | 0.00% | 0.07% |
| Real Estate Services | 0.07% | 0.00% | 0.07% |
| Construction Materials | 0.07% | 0.00% | 0.07% |
| Healthcare Facilities | 0.07% | 0.00% | 0.07% |
| Interactive Home Entertainment | 0.07% | 0.00% | 0.07% |
| Other Specialty Retail | 0.06% | 0.00% | 0.06% |
| Copper | 0.06% | 0.00% | 0.06% |
| Steel | 0.06% | 0.00% | 0.06% |
| Electronic Manufacturing Services | 0.06% | 0.00% | 0.06% |
| Multi-Line Insurance | 0.06% | 0.00% | 0.06% |
| Agricultural Products & Services | 0.06% | 0.00% | 0.06% |
| Cargo Ground Transportation | 0.06% | 0.00% | 0.06% |
| Other Specialized REITs | 0.06% | 0.00% | 0.06% |
| Distillers & Vintners | 0.05% | 0.00% | 0.05% |
| Distributors | 0.05% | 0.00% | 0.05% |
| Gold | 0.05% | 0.00% | 0.05% |
| Casinos & Gaming | 0.05% | 0.00% | 0.05% |
| Healthcare Supplies | 0.05% | 0.00% | 0.05% |
| Internet Services & Infrastructure | 0.04% | 0.00% | 0.04% |
| Food Distributors | 0.04% | 0.00% | 0.04% |
| Automotive Parts & Equipment | 0.04% | 0.00% | 0.04% |
| Construction & Engineering | 0.04% | 0.00% | 0.04% |
| Technology Distributors | 0.03% | 0.00% | 0.03% |
| Food Retail | 0.03% | 0.00% | 0.03% |
| Advertising | 0.03% | 0.00% | 0.03% |
| Water Utilities | 0.03% | 0.00% | 0.03% |
| Timber REITs | 0.03% | 0.00% | 0.03% |
| Office REITs | 0.03% | 0.00% | 0.03% |
| Data Processing & Outsourced Services | 0.03% | 0.00% | 0.03% |
| Single-Family Residential REITs | 0.02% | 0.00% | 0.02% |
| Consumer Electronics | 0.02% | 0.00% | 0.02% |
| Drug Retail | 0.02% | 0.00% | 0.02% |
| Broadcasting | 0.02% | 0.00% | 0.02% |
| Metal, Glass & Plastic Containers | 0.02% | 0.00% | 0.02% |
| Computer & Electronics Retail | 0.02% | 0.00% | 0.02% |
| Gas Utilities | 0.02% | 0.00% | 0.02% |
| Reinsurance | 0.01% | 0.00% | 0.01% |
| Hotel & Resort REITs | 0.01% | 0.00% | 0.01% |
| Publishing | 0.01% | 0.00% | 0.01% |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — December 31, 2023
| Industry | Domestic | Foreign | Total |
| Independent Power Producers & Energy Traders | 0.01% | 0.00% | 0.01% |
| Brewers | 0.01% | 0.00% | 0.01% |
| Household Appliances | 0.01% | 0.00% | 0.01% |
| Leisure Products | 0.01% | 0.00% | 0.01% |
| Home Furnishings | 0.01% | 0.00% | 0.01% |
| | | | 65.14% |
| Sector | Percentage (based
on Fair Value) |
| Corporate Notes | | | 9.86% |
| U.S. Treasuries | | | 8.25% |
| Agency Mortgage Backed | | | 7.39% |
| Non-Agency Collateralized Mortgage Obligations | | | 1.78% |
| Agency Collateralized Mortgage Obligations | | | 0.18% |
| Municipal Bonds and Notes | | | 0.10% |
| | | | 27.56% |
| Sector | Percentage (based
on Fair Value) |
| Short-Term Investments | | | 7.30% |
| | | | 7.30% |
| | | | 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
12/31/23 | Value at
12/31/23 | | Dividend
Income |
| State Street Corp. | 592 | $ 45,921 | | $ 24,864 | | $ 23,154 | | $ (2,727) | | $ 875 | 591 | $ 45,779 | | $ 1,697 |
| State Street Global All Cap Equity ex-U.S. Index Portfolio | 425,386 | 42,695,979 | | 7,447,970 | | 14,535,000 | | (127,198) | | 5,124,950 | 360,372 | 40,606,701 | | 1,167,971 |
| State Street Institutional Treasury Money Market Fund - Premier Class | 8,599,525 | 8,599,525 | | 20,153,867 | | 24,164,299 | | — | | — | 4,589,093 | 4,589,093 | | 282,789 |
| State Street Institutional Treasury Plus Fund - Premier Class | 116,548 | 116,548 | | 12,369,729 | | 10,584,763 | | — | | — | 1,901,514 | 1,901,514 | | 89,281 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 8,748,612 | 8,748,612 | | 50,963,971 | | 54,797,654 | | — | | — | 4,914,929 | 4,914,929 | | 308,584 |
| TOTAL | | $60,206,585 | | $90,960,401 | | $104,104,870 | | $(129,925) | | $5,125,825 | | $52,058,016 | | $1,850,322 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Tax-Exempt Income Fund
Management's Discussion of Fund Performance — December 31, 2023 (Unaudited)
The Elfun Tax-Exempt Income Fund (the “Fund”) seeks as high a level of current interest income exempt from federal income taxation as is available from a concentration of investments in municipal bonds consistent with prudent investment management and the preservation of capital. The Fund’s benchmark is the Bloomberg U.S. Municipal Bond Index (the “Index”).
For the 12-month period ended December 31, 2023 (the “Reporting Period”), the total return for the Fund was 5.31% and the return for the Index was 6.40%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.
The Fund, which is an income oriented Fund ended the year with a book yield of 3.78%, 47 bps above the start of the year and our 12-month distribution yield was 3.99%.
The past year was one of resilience and adaptation for economies and markets worldwide. With the central banks fine tuning monetary policy, balancing growth concerns and inflation pressures, market narratives changed dramatically, resulting in multiple selloffs and rallies. It was a difficult year for municipals as the rate volatility negatively affected the asset class for most of the year. Index returns moved up and down throughout the year. The asset class performed well in the early part of the year, with 2022’s rally continuing to mid-February. Tax-exempts were on track for a solid year through the first half of 2023. However, August to October was extremely difficult, with returns moving into negative territory. The year-end rally pulled returns back into positive territory. We expect the strength in the municipal market to continue in 2024 but caution that it will be data dependent. We expect yields to decline helping tax-exempts perform with returns driven by coupon income and spread compression.
During the past year, performance of the Fund was once again influenced by its defensive credit profile as well as curve positioning. We started the year by shortening the overall portfolio duration in response to the U.S. Federal Reserve’s (the “Fed”) continued path toward higher rates. During the 4th quarter, as the Federal Reserve’s pivot to a dovish posture, pausing their rate hikes, we extended duration in anticipation of lower rates in 2024. The Tax-Exempt curve which saw an inversion in the front part of the curve during late 2022 experienced significant volatility in the entire yield curve throughout 2023 as the 10 year maturity reach a 14 year high. The Fund used every opportunity to increase book yield, while also significantly increasing the overall portfolio quality.
We remain focused on managing the Fund’s credit risk while maximizing tax-exempt income during the past year. The continued liquidity pressures and market volatility experienced during the past year led us to be more defensive in the Fund’s composition. We believe the Fund is well positioned for the current market conditions. Tax-exempt ratios remained at multi-year tights.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
| Elfun Tax-Exempt Income Fund | 55 |
Elfun Tax-Exempt Income Fund
Performance Summary — December 31, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $1,014,376 (in thousands) as of December 31, 2023 (a)(b) |
| Quality Ratings |
| as of December 31, 2023 as a % of Fair Value (a)(b) |
| Moody’s / S&P / Rating* | | Percentage of
Fair Value |
| Aaa / AAA | | 13.25% |
| Aa / AA | | 54.63% |
| A / A | | 25.17% |
| Baa / BBB | | 0.79% |
| NR / Other | | 6.16% |
| | | 100.00% |
| Average Annual Total Return for the years ended December 31, 2023 |
| (Inception date: 1/1/80) |
| | One Year | | Five Year | | Ten Year | | Ending Value
of a $10,000
Investment |
| Elfun Tax-Exempt Income Fund | 5.31% | | 1.88% | | 2.82% | | $13,204 |
| Bloomberg U.S. Municipal Bond Index | 6.40% | | 2.25% | | 3.03% | | $13,483 |
|
| (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. |
| 56 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Performance Summary, continued — December 31, 2023 (Unaudited)
Change in Value of a $10,000 Investment
Yearly periods ended December 31
| Elfun Tax-Exempt Income Fund | 57 |
Elfun Tax-Exempt Income Fund
Understanding Your Fund’s Expenses — December 31, 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 December 31, 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
July 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
December 31, 2023 | $1,029.00 | | $1,024.10 |
| Expenses Paid During Period* | $ 1.07 | | $ 1.07 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.21%** (for the period July 1, 2023 - December 31, 2023), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| ** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
| 58 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments — December 31, 2023
| | Principal
Amount | Fair
Value |
| Municipal Bonds and Notes - 100.0% † |
| Alabama - 0.5% |
| Auburn University, AL Revenue |
| 4.00% 06/01/41 | $ 2,000,000 | $ 2,006,196 |
| 5.00% 06/01/38 | 1,000,000 | 1,076,152 |
| Bessemer Governmental Utility Services Corp., AL Revenue (BAM Insured) |
| 5.00% 06/01/30 | 2,070,000 | 2,217,040 |
| | | 5,299,388 |
| Arizona - 1.8% |
| Arizona Board of Regents, AZ Revenue |
| 5.00% 07/01/43 | 1,000,000 | 1,138,528 |
| Arizona State University, AZ Revenue |
| 5.00% 07/01/41 | 1,000,000 | 1,022,021 |
| City of Mesa Utility System Revenue, AZ Revenue |
| 5.00% 07/01/43 | 1,500,000 | 1,626,626 |
| City of Phoenix Civic Improvement Corp., AZ Revenue |
| 4.00% 07/01/44 | 1,000,000 | 992,838 |
| 5.00% 07/01/31 - 07/01/42 | 4,315,000 | 4,572,646 |
| City of Phoenix Civic Improvement Corp., AZ Revenue (NPFG Insured) |
| 5.50% 07/01/24 | 3,340,000 | 3,382,926 |
| Maricopa County Unified School District No. 80 Chandler, AZ GO, |
| 4.00% 07/01/32 | 2,890,000 | 2,977,900 |
| Salt River Project Agricultural Improvement & Power District, AZ Revenue |
| 5.00% 01/01/50 | 2,000,000 | 2,223,740 |
| | | 17,937,225 |
| California - 6.7% |
| Bay Area Toll Authority, CA Revenue |
| 4.13% 04/01/54 | 1,235,000 | 1,249,213 |
| California State Public Works Board, CA Revenue |
| 5.25% 09/01/29 | 10,160,000 | 10,160,000 |
| City of Los Angeles Department of Airports, CA Revenue |
| 5.00% 05/15/26 - 05/15/44 | 6,615,000 | 7,116,367 |
| City of Los Angeles Wastewater System Revenue, CA Revenue |
| 5.00% 06/01/48 | 10,000,000 | 10,626,960 |
| Fresno Unified School District, CA GO, |
| 4.00% 08/01/47 (a) | 5,000,000 | 5,037,561 |
| Oakland Unified School District/Alameda County, CA GO, (AGM Insured) |
| 5.00% 08/01/35 | 1,000,000 | 1,218,838 |
| Sacramento Municipal Utility District, CA Revenue |
| 4.00% 08/15/45 | 1,565,000 | 1,597,106 |
| 5.00% 08/15/53 | 2,000,000 | 2,265,041 |
| San Diego County Regional Airport Authority, CA Revenue |
| 5.00% 07/01/33 | 1,000,000 | 1,148,447 |
| | Principal
Amount | Fair
Value |
| San Francisco City & County Airport Comm-San Francisco International Airport, CA Revenue |
| 5.00% 05/01/33 - 05/01/49 | $ 2,350,000 | $ 2,588,741 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, CA Revenue |
| 5.00% 10/01/34 | 1,495,000 | 1,552,913 |
| State of California Department of Water Resources, CA Revenue |
| 5.00% 12/01/29 (a) | 8,120,000 | 8,282,145 |
| State of California, CA GO, |
| 4.00% 10/01/39 | 2,000,000 | 2,081,389 |
| 5.00% 09/01/28 - 03/01/35 | 7,680,000 | 8,686,724 |
| University of California, CA Revenue |
| 4.00% 05/15/46 - 05/15/51 | 4,300,000 | 4,348,452 |
| | | 67,959,897 |
| Colorado - 1.9% |
| Adams & Arapahoe Joint School District 28J Aurora, CO GO, |
| 5.00% 12/01/32 | 2,000,000 | 2,112,901 |
| Board of Governors of Colorado State University System, CO Revenue |
| 4.00% 03/01/43 | 1,000,000 | 1,005,979 |
| Cherokee Metropolitan District, CO Revenue (BAM Insured) |
| 4.00% 08/01/45 | 2,700,000 | 2,663,270 |
| City & County of Denver Airport System Revenue, CO Revenue |
| 5.00% 11/15/41 | 1,000,000 | 1,093,715 |
| City & County of Denver Pledged Excise Tax Revenue, CO Revenue |
| 4.00% 08/01/46 | 2,485,000 | 2,451,926 |
| City of Colorado Springs Utilities System Revenue, CO Revenue |
| 5.00% 11/15/42 - 11/15/47 | 4,085,000 | 4,295,616 |
| Colorado Health Facilities Authority, CO Revenue |
| 5.00% 06/01/47 (a) | 1,750,000 | 1,883,523 |
| Regional Transportation District Sales Tax Revenue, CO Revenue |
| 4.25% 11/01/36 | 3,405,000 | 3,789,406 |
| | | 19,296,336 |
| Connecticut - 2.5% |
| City of New Haven, CT GO, (BAM Insured) |
| 5.00% 08/01/33 | 500,000 | 587,355 |
| State of Connecticut Special Tax Revenue, CT Revenue |
| 4.00% 05/01/36 - 11/01/38 | 2,670,000 | 2,812,690 |
| 5.00% 10/01/27 - 07/01/36 | 19,900,000 | 20,055,878 |
| State of Connecticut, CT GO, |
| 4.00% 01/15/44 (b) | 1,000,000 | 1,015,538 |
| 5.00% 01/15/26 | 700,000 | 732,408 |
| | | 25,203,869 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun Tax-Exempt Income Fund | 59 |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Delaware - 0.6% |
| Delaware Transportation Authority, DE Revenue |
| 3.00% 07/01/28 | $ 2,000,000 | $ 2,006,481 |
| 5.00% 06/01/55 | 1,000,000 | 1,013,433 |
| State of Delaware, DE GO, |
| 3.50% 03/01/33 | 2,000,000 | 2,010,953 |
| 4.00% 05/01/41 | 1,000,000 | 1,047,464 |
| | | 6,078,331 |
| District of Columbia - 4.5% |
| District of Columbia Income Tax Revenue, DC Revenue |
| 4.00% 03/01/39 - 05/01/45 | 10,575,000 | 10,790,164 |
| District of Columbia Water & Sewer Authority, DC Revenue |
| 4.00% 10/01/38 | 2,185,000 | 2,213,335 |
| 5.00% 10/01/47 | 2,000,000 | 2,213,031 |
| District of Columbia, DC GO, |
| 4.00% 06/01/35 - 10/15/44 | 3,000,000 | 3,041,935 |
| District of Columbia, DC Revenue |
| 5.00% 04/01/42 (a) | 6,250,000 | 6,732,066 |
| Metropolitan Washington Airports Authority Aviation Revenue, DC Revenue |
| 5.00% 10/01/29 - 10/01/47 | 9,070,000 | 9,926,747 |
| Washington Convention & Sports Authority, DC Tax Allocation Revenue., |
| 5.00% 10/01/29 | 750,000 | 850,048 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, DC Revenue |
| 5.00% 07/15/35 | 500,000 | 603,834 |
| Washington Metropolitan Area Transit Authority, DC Revenue |
| 5.00% 07/01/34 - 07/01/42 | 8,375,000 | 8,853,572 |
| | | 45,224,732 |
| Florida - 6.4% |
| City of Cape Coral Water & Sewer Revenue, FL Special Assessment Revenue (BAM Insured) |
| 5.00% 03/01/35 | 375,000 | 413,731 |
| City of Cocoa Water & Sewer Revenue, FL Revenue |
| 5.00% 10/01/36 | 1,225,000 | 1,351,965 |
| City of Fort Lauderdale Water & Sewer Revenue, FL Revenue |
| 4.00% 09/01/41 | 1,000,000 | 1,012,039 |
| City of Miami Beach, FL GO, |
| 5.00% 05/01/36 | 500,000 | 584,306 |
| City of Tampa Water & Wastewater System Revenue, FL Revenue, Series A |
| 5.25% 10/01/57 | 7,000,000 | 7,795,932 |
| County of Broward Port Facilities Revenue, FL Revenue |
| 5.00% 09/01/26 | 500,000 | 520,218 |
| County of Hillsborough, FL GO, |
| 5.00% 07/01/53 | 2,825,000 | 3,130,043 |
| County of Miami-Dade Aviation Revenue, FL Revenue |
| 4.00% 10/01/39 | 1,675,000 | 1,708,924 |
| 5.00% 10/01/34 - 10/01/36 | 4,500,000 | 4,516,302 |
| | Principal
Amount | Fair
Value |
| County of Miami-Dade Seaport Department, FL Revenue (AGM Insured) |
| 4.00% 10/01/40 | $ 3,000,000 | $ 3,025,068 |
| County of Miami-Dade Seaport Department, FL Revenue |
| 4.00% 10/01/50 | 2,485,000 | 2,343,836 |
| County of Miami-Dade Transit System, FL Revenue |
| 4.00% 07/01/45 | 1,290,000 | 1,292,597 |
| County of Miami-Dade Water & Sewer System Revenue, FL Revenue |
| 4.00% 10/01/37 - 10/01/49 | 15,500,000 | 15,544,011 |
| 5.00% 10/01/43 | 5,000,000 | 5,302,892 |
| County of Seminole Water & Sewer Revenue, FL Revenue |
| 4.00% 10/01/28 | 925,000 | 942,248 |
| Florida Municipal Power Agency, FL Revenue |
| 4.00% 10/01/30 | 950,000 | 988,593 |
| Florida State Board of Governors University of North Florida Dormitory Revenue, FL Revenue |
| 5.00% 11/01/39 | 2,560,000 | 2,887,781 |
| Hillsborough County Aviation Authority, FL Revenue, Series A |
| 5.00% 10/01/29 | 2,510,000 | 2,771,235 |
| School Board of Miami-Dade County, FL GO, (BAM Insured) |
| 5.00% 03/15/47 | 5,000,000 | 5,500,147 |
| State of Florida Department of Transportation, FL Revenue |
| 4.00% 07/01/41 | 1,000,000 | 1,025,602 |
| 5.00% 07/01/38 | 1,000,000 | 1,158,756 |
| Wildwood Utility Dependent District, FL Revenue (AGM Insured) |
| 5.25% 10/01/38 | 1,000,000 | 1,153,320 |
| | | 64,969,546 |
| Georgia - 4.6% |
| City of Atlanta Airport Passenger Facility Charge, GA Revenue |
| 4.00% 07/01/38 | 1,000,000 | 1,006,351 |
| 5.00% 01/01/34 | 3,500,000 | 3,500,000 |
| City of Atlanta Water & Wastewater Revenue, GA Revenue (AGM Insured) |
| 5.75% 11/01/30 | 4,500,000 | 5,439,870 |
| County of DeKalb Water & Sewerage Revenue, GA Revenue |
| 5.00% 10/01/45 | 2,000,000 | 2,233,976 |
| County of Fulton, GA GO, |
| 4.00% 07/01/40 | 1,000,000 | 1,009,491 |
| Development Authority of Gwinnett County, GA Revenue |
| 5.00% 07/01/37 - 07/01/40 | 9,325,000 | 9,703,963 |
| Georgia Ports Authority, GA Revenue |
| 4.00% 07/01/51 | 5,400,000 | 5,429,364 |
| Metropolitan Atlanta Rapid Transit Authority, GA Revenue, Series B |
| 5.00% 07/01/35 | 1,000,000 | 1,055,601 |
| Municipal Electric Authority of Georgia, GA Revenue |
| 5.00% 01/01/35 | 5,500,000 | 5,575,205 |
| Private Colleges & Universities Authority, GA Revenue |
| 4.00% 10/01/38 - 10/01/46 | 3,855,000 | 3,851,313 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 60 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| State of Georgia, GA GO, |
| 4.00% 07/01/36 | $ 7,000,000 | $ 7,327,559 |
| | | 46,132,693 |
| Hawaii - 0.3% |
| State of Hawaii, HI GO, |
| 5.00% 01/01/36 | 2,850,000 | 3,176,375 |
| Illinois - 5.0% |
| Chicago Midway International Airport, IL Revenue (BAM Insured) |
| 5.00% 01/01/33 | 500,000 | 568,194 |
| Chicago O'Hare International Airport, IL Revenue |
| 5.00% 01/01/41 - 01/01/48 | 9,100,000 | 9,509,323 |
| 5.25% 01/01/42 | 8,000,000 | 8,370,535 |
| Chicago Park District, IL GO, (BAM Insured) |
| 4.00% 01/01/41 | 1,000,000 | 1,001,192 |
| Chicago Park District, IL GO, |
| 5.00% 01/01/40 | 1,000,000 | 1,090,135 |
| Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue |
| 4.00% 12/01/49 | 2,000,000 | 1,941,943 |
| City of Chicago Wastewater Transmission Revenue, IL Revenue (AGM Insured) |
| 5.50% 01/01/62 | 5,035,000 | 5,612,286 |
| Cook County Community College District No. 508, IL GO, |
| 5.13% 12/01/38 | 1,000,000 | 1,000,039 |
| Illinois Finance Authority, IL Revenue |
| 4.00% 07/01/32 | 5,000,000 | 5,069,880 |
| Illinois State Toll Highway Authority, IL Revenue |
| 4.00% 01/01/44 | 3,000,000 | 3,007,377 |
| 5.00% 01/01/37 - 01/01/46 | 5,885,000 | 6,153,444 |
| 5.00% 01/01/39 (b) | 1,000,000 | 1,175,169 |
| Southwestern Illinois Development Authority, IL Revenue |
| 4.00% 04/15/31 | 2,450,000 | 2,599,161 |
| State of Illinois, IL GO, |
| 5.00% 10/01/30 | 1,000,000 | 1,120,390 |
| 5.50% 05/01/30 | 2,000,000 | 2,242,402 |
| | | 50,461,470 |
| Indiana - 0.8% |
| Indiana Finance Authority, IN Revenue, Series B |
| 5.25% 10/01/52 | 2,000,000 | 2,163,497 |
| Indiana Municipal Power Agency, IN Revenue |
| 5.00% 01/01/42 | 2,160,000 | 2,309,557 |
| Indianapolis Local Public Improvement Bond Bank, IN Revenue |
| 4.00% 02/01/44 | 3,500,000 | 3,526,340 |
| 5.00% 01/01/48 | 500,000 | 547,137 |
| | | 8,546,531 |
| | Principal
Amount | Fair
Value |
| Iowa - 0.2% |
| Cedar Rapids Community School District Infrastructure Sales Services & Use Tax, IA Revenue (AGM Insured) |
| 4.00% 07/01/34 | $ 1,055,000 | $ 1,141,117 |
| City of Ames, IA GO, |
| 5.00% 06/01/32 | 1,090,000 | 1,268,595 |
| | | 2,409,712 |
| Kansas - 0.5% |
| City of Lawrence Water & Sewage System Revenue, KS Revenue |
| 4.00% 11/01/40 | 2,420,000 | 2,536,671 |
| Kansas Turnpike Authority, KS Revenue |
| 5.00% 09/01/37 | 1,980,000 | 2,214,226 |
| | | 4,750,897 |
| Kentucky - 1.3% |
| Kentucky State Property & Building Commission, KY Revenue |
| 5.00% 02/01/33 - 04/01/37 | 11,705,000 | 12,289,328 |
| Louisville Water Co., KY Revenue |
| 3.00% 11/15/34 | 1,000,000 | 973,118 |
| | | 13,262,446 |
| Maine - 0.6% |
| Maine Health & Higher Educational Facilities Authority, ME Revenue |
| 5.00% 07/01/48 | 1,990,000 | 2,094,730 |
| Maine Municipal Bond Bank, ME Revenue |
| 4.50% 11/01/38 | 850,000 | 933,545 |
| 5.00% 09/01/26 | 500,000 | 530,563 |
| Maine Turnpike Authority, ME Revenue |
| 4.00% 07/01/45 | 2,000,000 | 2,004,468 |
| Town of Bar Harbor, ME GO, |
| 5.00% 10/15/37 | 700,000 | 835,582 |
| | | 6,398,888 |
| Maryland - 4.5% |
| City of Baltimore, MD Revenue |
| 4.00% 07/01/44 | 3,130,000 | 3,168,251 |
| 5.00% 07/01/35 - 07/01/46 | 15,155,000 | 15,658,394 |
| 5.00% 07/01/38 (a) | 9,375,000 | 9,375,000 |
| County of Anne Arundel, MD GO, |
| 5.00% 10/01/47 | 1,000,000 | 1,046,806 |
| County of Baltimore, MD GO, |
| 4.00% 03/01/40 - 03/01/41 | 2,385,000 | 2,455,333 |
| 5.00% 03/01/45 - 03/01/53 | 10,985,000 | 12,400,136 |
| State of Maryland Department of Transportation, MD Revenue |
| 4.00% 12/01/29 | 1,140,000 | 1,179,477 |
| | | 45,283,397 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun Tax-Exempt Income Fund | 61 |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Massachusetts - 3.8% |
| Commonwealth of Massachusetts Transportation Fund Revenue, MA Revenue |
| 4.00% 06/01/50 | $ 2,000,000 | $ 2,012,737 |
| Commonwealth of Massachusetts, MA GO, |
| 5.00% 07/01/45 | 2,490,000 | 2,716,043 |
| 5.25% 04/01/42 - 01/01/44 | 3,950,000 | 4,242,065 |
| Commonwealth of Massachusetts, MA Revenue (NPFG Insured) |
| 5.50% 01/01/34 | 3,950,000 | 4,670,073 |
| Massachusetts Bay Transportation Authority Assessment Revenue, MA Revenue |
| 5.00% 07/01/52 | 3,020,000 | 3,328,111 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue, MA Revenue |
| 5.00% 07/01/33 - 07/01/41 | 5,240,000 | 5,461,632 |
| Massachusetts Development Finance Agency, MA Revenue |
| 4.00% 05/01/45 - 10/01/46 | 4,625,000 | 4,640,633 |
| 4.00% 06/01/49 (a) | 1,000,000 | 1,080,678 |
| Massachusetts School Building Authority, MA Revenue |
| 4.00% 08/15/45 | 1,340,000 | 1,359,516 |
| Massachusetts State College Building Authority, MA Revenue |
| 4.00% 05/01/40 - 05/01/43 | 3,015,000 | 3,082,743 |
| Northeast Metropolitan Regional Vocational School District, MA GO, |
| 4.00% 04/15/47 | 1,500,000 | 1,515,085 |
| Town of Andover, MA GO, |
| 4.00% 07/15/52 | 2,605,000 | 2,636,183 |
| University of Massachusetts Building Authority, MA Revenue |
| 4.00% 11/01/46 | 1,395,000 | 1,411,297 |
| | | 38,156,796 |
| Michigan - 1.3% |
| City of Kalamazoo, MI GO, (BAM Insured) |
| 5.00% 10/01/36 | 1,015,000 | 1,188,954 |
| City of Lansing, MI GO, (AGM Insured) |
| 5.00% 06/01/43 | 1,000,000 | 1,114,320 |
| Great Lakes Water Authority Sewage Disposal System Revenue, MI Revenue |
| 5.00% 07/01/36 - 07/01/38 | 3,280,000 | 3,547,180 |
| Michigan Finance Authority, MI Revenue |
| 5.00% 11/01/31 | 1,395,000 | 1,540,848 |
| State of Michigan Trunk Line Revenue, MI Revenue |
| 4.00% 11/15/38 | 1,485,000 | 1,555,250 |
| University of Michigan, MI Revenue |
| 5.00% 04/01/50 | 3,120,000 | 3,376,335 |
| Warren Consolidated Schools, MI GO, |
| 5.00% 05/01/35 | 715,000 | 745,068 |
| | | 13,067,955 |
| Minnesota - 2.9% |
| Alexandria Independent School District No. 206, MN GO, |
| 5.00% 02/01/30 | 2,950,000 | 3,237,002 |
| | Principal
Amount | Fair
Value |
| City of Minneapolis, MN GO, |
| 3.00% 12/01/34 | $ 1,315,000 | $ 1,256,952 |
| 4.00% 12/01/41 | 1,125,000 | 1,165,819 |
| City of Rochester, MN Revenue |
| 4.00% 11/15/48 | 5,330,000 | 5,271,028 |
| City of St. Paul Water Revenue, MN Revenue |
| 4.00% 12/01/45 | 5,000,000 | 5,114,992 |
| Cloquet Independent School District No. 94, MN GO, |
| 4.00% 02/01/36 | 1,675,000 | 1,686,800 |
| County of St. Louis, MN GO, |
| 3.00% 12/01/31 | 1,545,000 | 1,548,736 |
| Dover & Eyota Independent School District No. 533, MN GO, |
| 4.00% 02/01/40 | 1,285,000 | 1,322,928 |
| Maple River Independent School District No. 2135, MN GO, |
| 5.00% 02/01/28 | 750,000 | 828,531 |
| Minneapolis-St. Paul Metropolitan Airports Commission, MN Revenue |
| 5.00% 01/01/25 | 1,000,000 | 1,000,000 |
| Redwood Area Schools Independent School District No. 2897, MN GO, |
| 4.00% 02/01/36 | 1,705,000 | 1,806,591 |
| University of Minnesota, MN Revenue |
| 5.00% 09/01/39 | 4,350,000 | 4,619,988 |
| | | 28,859,367 |
| Mississippi - 0.1% |
| State of Mississippi, MS GO, |
| 4.00% 10/01/41 | 1,000,000 | 1,011,709 |
| Missouri - 0.7% |
| City of St. Louis, MO GO, |
| 5.00% 02/15/43 | 800,000 | 875,269 |
| Health & Educational Facilities Authority of the State of Missouri, MO Revenue |
| 4.00% 11/15/48 | 2,200,000 | 2,162,135 |
| Metropolitan St. Louis Sewer District, MO Revenue |
| 5.00% 05/01/45 (a) | 480,000 | 493,764 |
| 5.00% 05/01/45 | 1,020,000 | 1,047,229 |
| Missouri Joint Municipal Electric Utility Commission, MO Revenue |
| 5.00% 01/01/34 | 1,000,000 | 1,184,560 |
| St. Louis County School District C-2 Parkway, MO GO, |
| 4.00% 03/01/39 | 1,395,000 | 1,439,770 |
| | | 7,202,727 |
| Montana - 0.2% |
| Yellowstone County K-12 School District No. 26 Lockwood, MT GO, |
| 5.00% 07/01/35 | 1,570,000 | 1,702,767 |
| Nebraska - 0.1% |
| Omaha Public Power District, NE Revenue |
| 5.00% 02/01/35 | 500,000 | 590,710 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 62 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| New Jersey - 6.0% |
| New Jersey Economic Development Authority, NJ Revenue |
| 5.00% 06/15/41 (a) | $ 7,250,000 | $ 7,774,592 |
| 5.00% 06/15/43 | 4,500,000 | 4,742,738 |
| 5.25% 06/15/40 (a) | 220,000 | 227,711 |
| New Jersey Educational Facilities Authority, NJ Revenue |
| 5.50% 09/01/30 - 09/01/33 | 14,700,000 | 15,659,982 |
| New Jersey Health Care Facilities Financing Authority, NJ Revenue (AGM Insured) |
| 4.13% 07/01/38 | 3,500,000 | 3,507,644 |
| New Jersey Transportation Trust Fund Authority, NJ Revenue |
| 4.25% 06/15/44 | 1,000,000 | 1,019,079 |
| 5.00% 12/15/34 - 06/15/45 | 8,250,000 | 8,897,703 |
| New Jersey Turnpike Authority, NJ Revenue, Series G |
| 4.00% 01/01/43 | 5,000,000 | 4,983,801 |
| New Jersey Turnpike Authority, NJ Revenue |
| 5.00% 01/01/30 - 01/01/48 | 12,710,000 | 13,195,832 |
| State of New Jersey, NJ GO, |
| 2.00% 06/01/34 | 1,000,000 | 857,424 |
| | | 60,866,506 |
| New Mexico - 0.1% |
| County of Santa Fe, NM GO, |
| 4.00% 07/01/34 | 1,000,000 | 1,066,477 |
| New York - 11.3% |
| City of New York, NY GO, |
| 4.00% 08/01/39 | 1,155,000 | 1,195,675 |
| Hudson Yards Infrastructure Corp., NY Revenue (AGM Insured) |
| 4.00% 02/15/47 | 5,830,000 | 5,836,939 |
| Hudson Yards Infrastructure Corp., NY Revenue |
| 5.00% 02/15/36 - 02/15/37 | 3,635,000 | 3,846,412 |
| Metropolitan Transportation Authority, NY Revenue (AGM Insured) |
| 4.00% 11/15/49 | 1,500,000 | 1,462,135 |
| Metropolitan Transportation Authority, NY Revenue |
| 5.25% 11/15/55 | 1,000,000 | 1,059,762 |
| New York City Municipal Water Finance Authority, NY Revenue |
| 4.00% 06/15/41 - 06/15/52 | 8,105,000 | 8,143,736 |
| 5.00% 06/15/35 - 06/15/49 | 13,255,000 | 14,061,176 |
| New York City Transitional Finance Authority Building Aid Revenue, NY Revenue |
| 5.00% 07/15/36 | 6,000,000 | 6,572,402 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, NY Revenue |
| 5.00% 11/01/32 - 02/01/41 | 12,135,000 | 12,633,083 |
| New York City Transitional Finance Authority, NY Revenue |
| 4.00% 11/01/42 (b) | 1,000,000 | 1,020,900 |
| 5.00% 05/01/36 | 1,000,000 | 1,213,419 |
| 5.50% 05/01/53 | 2,500,000 | 2,916,176 |
| New York Power Authority, NY Revenue |
| 4.00% 11/15/50 | 1,775,000 | 1,775,525 |
| | Principal
Amount | Fair
Value |
| New York Power Authority, NY Revenue (BAM Insured) |
| 5.13% 11/15/58 | $ 2,020,000 | $ 2,248,207 |
| New York State Dormitory Authority, NY Revenue |
| 4.00% 08/01/38 - 03/15/47 | 8,500,000 | 8,534,966 |
| 5.00% 03/15/31 - 03/15/39 | 7,835,000 | 8,414,608 |
| 5.00% 07/01/46 (a) | 4,000,000 | 4,349,587 |
| New York State Environmental Facilities Corp., NY Revenue |
| 5.00% 06/15/42 | 5,000,000 | 5,299,354 |
| New York State Thruway Authority, NY Revenue |
| 4.00% 03/15/44 | 2,000,000 | 2,023,310 |
| New York State Urban Development Corp., NY Revenue |
| 4.00% 03/15/40 - 03/15/52 | 3,470,000 | 3,541,272 |
| New York Transportation Development Corp., NY Revenue |
| 5.50% 06/30/39 | 1,000,000 | 1,105,972 |
| Port Authority of New York & New Jersey, NY Revenue |
| 5.00% 12/01/28 - 09/01/48 | 8,260,000 | 8,809,392 |
| Triborough Bridge & Tunnel Authority, NY Revenue |
| 5.00% 11/15/36 | 500,000 | 603,514 |
| Utility Debt Securitization Authority, NY Revenue |
| 5.00% 12/15/33 - 12/15/40 | 7,075,000 | 7,759,993 |
| | | 114,427,515 |
| North Carolina - 1.2% |
| City of Charlotte Airport Revenue, NC Revenue |
| 5.00% 07/01/48 | 3,000,000 | 3,344,132 |
| City of Durham, NC Revenue |
| 4.00% 04/01/37 | 3,000,000 | 3,073,362 |
| County of Wake, NC GO, |
| 3.50% 04/01/32 | 3,305,000 | 3,312,768 |
| North Carolina Turnpike Authority, NC Revenue (AGM Insured) |
| 5.00% 01/01/29 | 1,190,000 | 1,268,267 |
| Orange Water & Sewer Authority, NC Revenue |
| 4.00% 07/01/29 | 1,020,000 | 1,022,220 |
| | | 12,020,749 |
| North Dakota - 0.0%* |
| City of Grand Forks, ND Revenue |
| 5.00% 12/01/27 | 250,000 | 258,999 |
| Ohio - 0.8% |
| City of Cleveland, OH GO, |
| 5.00% 12/01/29 | 1,250,000 | 1,300,167 |
| City of Columbus, OH GO, |
| 5.00% 04/01/35 | 1,020,000 | 1,145,145 |
| Dublin City School District, OH GO, |
| 4.00% 12/01/30 | 1,010,000 | 1,080,028 |
| Ohio Turnpike & Infrastructure Commission, OH Revenue |
| 5.00% 02/15/51 | 1,000,000 | 1,083,322 |
| Ohio Water Development Authority Water Pollution Control Loan Fund, OH Revenue |
| 5.00% 12/01/42 | 2,000,000 | 2,289,746 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun Tax-Exempt Income Fund | 63 |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Worthington City School District, OH GO, |
| 5.00% 12/01/43 | $ 1,370,000 | $ 1,538,841 |
| | | 8,437,249 |
| Oklahoma - 0.7% |
| Oklahoma Water Resources Board, OK Revenue |
| 4.00% 04/01/41 - 04/01/48 | 3,150,000 | 3,223,544 |
| 4.25% 10/01/48 | 1,000,000 | 1,035,778 |
| Washington County Rural Water District No. 3, OK Revenue |
| 3.00% 09/15/41 | 3,000,000 | 2,604,291 |
| | | 6,863,613 |
| Oregon - 2.1% |
| City of Eugene Water Utility System Revenue, OR Revenue |
| 5.00% 08/01/48 | 4,900,000 | 5,449,280 |
| City of Portland Water System Revenue, OR Revenue |
| 4.00% 05/01/30 | 2,435,000 | 2,443,879 |
| Clackamas County School District No. 7J Lake Oswego, OR GO, |
| 4.00% 06/01/33 | 1,000,000 | 1,037,172 |
| Multnomah-Clackamas Counties Centennial School District No. 28JT, OR GO, |
| 5.00% 06/15/45 | 5,000,000 | 5,418,113 |
| Oregon State University, OR Revenue |
| 5.00% 04/01/45 | 2,000,000 | 2,032,054 |
| Port of Portland Airport Revenue, OR Revenue |
| 5.00% 07/01/27 - 07/01/38 | 3,520,000 | 3,702,874 |
| Port of Portland Airport Revenue, OR Revenue, Series 24-B |
| 5.00% 07/01/29 | 1,000,000 | 1,053,605 |
| | | 21,136,977 |
| Pennsylvania - 7.1% |
| Allegheny County Sanitary Authority, PA Revenue |
| 5.00% 06/01/43 | 1,245,000 | 1,325,748 |
| Bucks County Water & Sewer Authority, PA Revenue (AGM Insured) |
| 5.25% 12/01/47 | 1,700,000 | 1,898,856 |
| City of Philadelphia Airport Revenue, PA Revenue |
| 4.00% 07/01/40 | 3,000,000 | 3,060,595 |
| 5.00% 07/01/28 - 07/01/35 | 3,475,000 | 3,792,040 |
| City of Philadelphia Water & Wastewater Revenue, PA Revenue |
| 4.00% 10/01/31 | 4,980,000 | 5,100,250 |
| 5.00% 10/01/43 - 10/01/47 | 15,000,000 | 15,791,216 |
| City of Philadelphia Water & Wastewater Revenue, PA Revenue (AGM Insured) |
| 5.00% 09/01/30 | 1,000,000 | 1,154,401 |
| City of Philadelphia, PA GO, |
| 5.00% 08/01/36 | 5,000,000 | 5,355,340 |
| City of Pittsburgh, PA GO, |
| 5.00% 09/01/32 | 750,000 | 857,315 |
| Commonwealth of Pennsylvania, PA GO, |
| 3.50% 03/01/31 | 2,000,000 | 2,033,325 |
| | Principal
Amount | Fair
Value |
| 4.00% 09/15/34 - 09/01/43 | $ 3,575,000 | $ 3,657,518 |
| Council Rock School District, PA GO, |
| 4.00% 11/15/52 | 3,000,000 | 2,952,829 |
| Delaware River Port Authority, PA Revenue |
| 5.00% 01/01/26 | 500,000 | 522,750 |
| Middletown Area School District, PA GO, (AGM Insured) |
| 4.00% 03/01/36 | 1,000,000 | 1,022,526 |
| Montgomery County Higher Education & Health Authority, PA Revenue |
| 5.00% 09/01/51 | 2,485,000 | 2,545,187 |
| Pennsylvania Higher Educational Facilities Authority, PA Revenue |
| 4.00% 08/15/49 | 2,000,000 | 1,960,583 |
| 5.00% 05/01/41 | 1,000,000 | 1,021,664 |
| Pennsylvania State University, PA Revenue |
| 5.00% 09/01/47 | 2,000,000 | 2,091,119 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA Revenue |
| 4.00% 12/01/51 | 1,500,000 | 1,459,567 |
| 5.25% 12/01/44 | 7,500,000 | 8,036,176 |
| Pennsylvania Turnpike Commission, PA Revenue |
| 5.00% 12/01/32 | 1,110,000 | 1,252,643 |
| Philadelphia Gas Works Co., PA Revenue |
| 5.00% 08/01/33 | 3,300,000 | 3,499,077 |
| Upper Darby School District, PA GO, (BAM Insured) |
| 4.00% 04/01/51 | 1,000,000 | 970,642 |
| | | 71,361,367 |
| Rhode Island - 0.3% |
| Rhode Island Health & Educational Building Corp., RI Revenue (BAM Insured) |
| 5.00% 05/15/29 | 200,000 | 225,167 |
| Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund, RI Revenue |
| 5.00% 10/01/28 (a) | 2,200,000 | 2,287,430 |
| | | 2,512,597 |
| South Carolina - 1.3% |
| Anderson County School District No. 5, SC GO, |
| 5.00% 03/01/30 | 2,000,000 | 2,102,086 |
| Beaufort County School District, SC GO, |
| 4.00% 03/01/33 | 2,200,000 | 2,368,775 |
| City of Columbia Waterworks & Sewer System Revenue, SC Revenue |
| 5.00% 02/01/47 - 02/01/48 | 3,525,000 | 3,931,065 |
| South Carolina Ports Authority, SC Revenue |
| 5.00% 07/01/33 | 1,800,000 | 1,962,388 |
| Spartanburg County School District No. 4, SC GO, |
| 5.00% 03/01/47 | 2,745,000 | 3,033,003 |
| | | 13,397,317 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 64 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Tennessee - 1.7% |
| City of Memphis, TN GO, |
| 4.00% 05/01/38 - 06/01/46 | $ 9,920,000 | $ 9,961,034 |
| County of Montgomery, TN GO, |
| 4.00% 06/01/36 | 1,250,000 | 1,331,198 |
| County of Rutherford, TN GO, |
| 3.00% 04/01/35 | 2,000,000 | 1,969,999 |
| Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue, TN Revenue |
| 5.00% 07/01/46 | 2,000,000 | 2,080,306 |
| Tennessee State School Bond Authority, TN Revenue |
| 5.00% 11/01/52 | 1,250,000 | 1,388,042 |
| | | 16,730,579 |
| Texas - 3.7% |
| Aledo Independent School District, TX GO, |
| 5.00% 02/15/33 | 500,000 | 592,044 |
| Arlington Higher Education Finance Corp., TX Revenue |
| 5.00% 02/15/35 | 1,550,000 | 1,573,447 |
| City of Austin Airport System Revenue, TX Revenue |
| 5.00% 11/15/33 | 1,000,000 | 1,137,830 |
| City of Dallas Waterworks & Sewer System Revenue, TX Revenue |
| 4.00% 10/01/52 | 2,500,000 | 2,507,774 |
| City of Fort Worth Water & Sewer System Revenue, TX Revenue |
| 4.00% 02/15/35 | 2,530,000 | 2,632,064 |
| City of Houston Airport System Revenue, TX Revenue |
| 5.00% 07/01/28 | 1,500,000 | 1,614,543 |
| City of Houston, TX GO, |
| 5.00% 03/01/38 | 500,000 | 581,121 |
| City of Mansfield Waterworks & Sewer System Revenue, TX Revenue |
| 5.00% 08/01/44 | 500,000 | 560,397 |
| City of North Richland Hills, TX GO, |
| 4.00% 02/15/27 | 1,045,000 | 1,086,015 |
| City of Tyler Water & Sewer System Revenue, TX Revenue |
| 5.00% 09/01/30 | 1,245,000 | 1,434,752 |
| Crowley Independent School District, TX GO, |
| 5.25% 02/01/53 | 1,500,000 | 1,694,237 |
| Dallas Area Rapid Transit, TX Revenue |
| 4.00% 12/01/38 | 500,000 | 500,506 |
| Dallas Fort Worth International Airport, TX Revenue |
| 5.00% 11/01/27 | 500,000 | 545,107 |
| Dallas Independent School District, TX GO, |
| 5.00% 02/15/34 | 560,000 | 625,471 |
| Dickinson Independent School District, TX GO, |
| 4.00% 02/15/43 | 1,000,000 | 1,020,544 |
| Fort Bend County Texas Public Facility Corp., TX Revenue |
| 5.00% 03/01/42 | 1,500,000 | 1,683,190 |
| Klein Independent School District, TX GO, |
| 5.00% 02/01/43 | 500,000 | 536,084 |
| | Principal
Amount | Fair
Value |
| Lamar Consolidated Independent School District, TX GO, |
| 5.00% 02/15/37 | $ 500,000 | $ 589,765 |
| Lower Colorado River Authority, TX Revenue |
| 5.00% 05/15/37 - 05/15/44 | 2,500,000 | 2,627,196 |
| Mount Vernon Independent School District, TX GO, |
| 5.00% 08/15/30 | 500,000 | 574,114 |
| North Texas Tollway Authority, TX Revenue |
| 5.00% 01/01/48 | 4,000,000 | 4,182,391 |
| Pasadena Independent School District, TX GO, |
| 5.00% 02/15/35 | 500,000 | 598,680 |
| Port Authority of Houston of Harris County Texas, TX GO, |
| 5.00% 10/01/27 | 1,000,000 | 1,063,398 |
| Port Authority of Houston of Harris County Texas, TX Revenue |
| 5.00% 10/01/51 | 1,025,000 | 1,115,779 |
| State of Texas, TX GO, |
| 4.00% 10/01/44 | 1,985,000 | 1,970,577 |
| Texas A&M University, TX Revenue |
| 5.00% 05/15/28 | 500,000 | 555,982 |
| Texas City Independent School District, TX GO, |
| 4.00% 08/15/40 | 1,085,000 | 1,122,724 |
| Texas Municipal Power Agency, TX Revenue (AGM Insured) |
| 3.00% 09/01/28 | 275,000 | 273,069 |
| Texas Public Finance Authority, TX Revenue (BAM Insured) |
| 5.25% 05/01/35 | 500,000 | 570,964 |
| Tomball Independent School District, TX GO, |
| 5.00% 02/15/48 | 1,700,000 | 1,898,300 |
| | | 37,468,065 |
| Utah - 1.6% |
| Alpine School District, UT GO, |
| 4.00% 03/15/31 | 1,500,000 | 1,559,404 |
| Central Valley Water Reclamation Facility, UT Revenue |
| 3.00% 03/01/30 - 03/01/35 | 2,225,000 | 2,220,696 |
| City of Salt Lake City Airport Revenue, UT Revenue |
| 5.00% 07/01/46 - 07/01/48 | 4,000,000 | 4,190,937 |
| City of Salt Lake City Public Utilities Revenue, UT Revenue |
| 4.00% 02/01/45 | 1,220,000 | 1,232,494 |
| 5.00% 02/01/50 | 4,080,000 | 4,335,295 |
| Ogden City Redevelopment Agency, UT Revenue |
| 5.00% 01/15/48 | 1,000,000 | 1,095,064 |
| University of Utah, UT Revenue |
| 5.00% 08/01/42 | 1,685,000 | 1,921,950 |
| | | 16,555,840 |
| Virginia - 4.4% |
| Chesapeake Bay Bridge & Tunnel District, VA Revenue |
| 5.00% 07/01/46 - 07/01/51 | 4,000,000 | 4,043,941 |
| City of Alexandria, VA GO, |
| 4.00% 12/15/48 | 2,500,000 | 2,552,755 |
| City of Charlottesville, VA GO, |
| 3.00% 09/15/39 - 09/15/40 | 1,830,000 | 1,670,254 |
| City of Richmond Public Utility Revenue, VA Revenue |
| 4.00% 01/15/36 | 4,350,000 | 4,442,893 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun Tax-Exempt Income Fund | 65 |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 4.25% 01/15/53 | $ 2,500,000 | $ 2,554,037 |
| County of Fairfax, VA GO, |
| 4.00% 10/01/35 | 5,145,000 | 5,401,910 |
| County of Loudoun, VA GO, |
| 4.00% 12/01/33 | 5,765,000 | 5,840,180 |
| University of Virginia, VA Revenue |
| 5.00% 04/01/47 | 6,000,000 | 6,301,227 |
| Virginia College Building Authority, VA Revenue |
| 4.00% 09/01/35 | 1,000,000 | 1,047,675 |
| 5.00% 02/01/30 | 1,990,000 | 2,195,805 |
| Virginia Commonwealth Transportation Board, VA Revenue |
| 4.00% 05/15/44 | 1,000,000 | 1,024,333 |
| Virginia Public School Authority, VA Revenue |
| 5.00% 08/01/43 | 3,475,000 | 3,959,898 |
| Virginia Resources Authority, VA Revenue |
| 4.00% 11/01/41 | 3,000,000 | 3,031,243 |
| | | 44,066,151 |
| Washington - 4.9% |
| City of Seattle Drainage & Wastewater Revenue, WA Revenue |
| 4.00% 07/01/36 - 09/01/51 | 5,000,000 | 5,070,107 |
| City of Seattle Municipal Light & Power Revenue, WA Revenue |
| 4.00% 09/01/35 - 09/01/40 | 6,190,000 | 6,334,214 |
| 5.00% 07/01/52 | 3,000,000 | 3,269,354 |
| City of Seattle, WA GO, |
| 4.00% 12/01/31 | 2,500,000 | 2,537,868 |
| City of Spokane, WA GO, |
| 3.13% 12/01/33 | 1,260,000 | 1,240,595 |
| City of Tacoma Electric System Revenue, WA Revenue |
| 5.00% 01/01/46 | 2,000,000 | 2,189,473 |
| County of King Sewer Revenue, WA Revenue |
| 5.00% 07/01/28 (a) | 1,060,000 | 1,070,152 |
| County of King, WA GO, |
| 4.00% 12/01/31 - 12/01/34 | 3,950,000 | 4,019,186 |
| Grant County Public Utility District No. 2 Electric Revenue, WA Revenue |
| 5.00% 01/01/44 | 1,345,000 | 1,510,366 |
| Port of Seattle, WA Revenue |
| 5.00% 08/01/28 - 08/01/42 | 6,985,000 | 7,473,891 |
| Port of Tacoma, WA GO, |
| 5.00% 12/01/28 | 790,000 | 844,166 |
| Spokane County School District No. 356 Central Valley, WA GO, |
| 4.00% 12/01/31 | 2,605,000 | 2,717,512 |
| State of Washington, WA GO, |
| 4.00% 07/01/27 - 06/01/34 | 2,505,000 | 2,680,538 |
| 5.00% 07/01/24 - 02/01/48 | 6,345,000 | 6,890,704 |
| Vancouver Library Capital Facilities Area, WA GO, |
| 4.00% 12/01/27 | 1,000,000 | 1,037,272 |
| Washington Health Care Facilities Authority, WA Revenue |
| 5.00% 08/01/35 | 750,000 | 814,632 |
| | | 49,700,030 |
| | Principal
Amount | Fair
Value |
| Wisconsin - 1.0% |
| County of Dane, WI GO, |
| 5.00% 06/01/28 | $ 2,340,000 | $ 2,520,109 |
| Public Finance Authority, WI Revenue |
| 5.00% 07/01/27 | 500,000 | 519,648 |
| State of Wisconsin, WI GO, |
| 4.00% 05/01/30 - 05/01/40 | 2,675,000 | 2,747,916 |
| 5.00% 05/01/33 - 05/01/38 | 4,075,000 | 4,156,805 |
| | | 9,944,478 |
Total Municipal Bonds and Notes
(Cost $986,086,424) | 1,009,798,273 |
| Short-Term Investments - 0.4% |
State Street Institutional Treasury Plus Fund - Premier Class 5.31% (c)(d)
(Cost $4,577,263) | 4,577,263 | 4,577,263 |
Total Investments
(Cost $990,663,687) | 1,014,375,536 |
| Liabilities in Excess of Other Assets, net - (0.4)% | (4,467,945) |
| NET ASSETS - 100.0% | $ 1,009,907,591 |
Notes to Schedule of Investments – December 31, 2023
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 December 31, 2023. |
| * | Less than 0.05%. |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 66 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — December 31, 2023
| Abbreviations: |
| BAM - Build America Mutual Assurance Company |
| NPFG - National Public Finance Guaranty Corporation |
The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Municipal Bonds and Notes | $ — | | $ 1,009,798,273 | | $ — | | $ 1,009,798,273 |
| Short-Term Investments | 4,577,263 | | — | | — | | 4,577,263 |
| Total Investments in Securities | $ 4,577,263 | | $ 1,009,798,273 | | $ — | | $ 1,014,375,536 |
| | 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
12/31/23 | Value at
12/31/23 | Dividend
Income |
| State Street Institutional Treasury Plus Fund - Premier Class | 15,874,392 | $15,874,392 | $285,432,118 | $296,729,247 | $— | $— | 4,577,263 | $4,577,263 | $568,445 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun Tax-Exempt Income Fund | 67 |
Elfun Income Fund
Management's Discussion of Fund Performance — December 31, 2023 (Unaudited)
The Elfun Income Fund (the “Fund”) seeks to provide a high level of income consistent with prudent investment management and the preservation of capital. The Fund’s benchmark is the Bloomberg U.S. Aggregate Bond Index (the “Index”).
For the 12-month period ended December 31, 2023 (the “Reporting Period”), the total return for the Fund’s Investment Class was 5.78%, and the return for the Index was 5.53%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.
Sector allocation and security selection were the primary drivers of Fund performance during the Reporting Period relative to the Index, while duration was a detractor of Fund performance during the Reporting Period relative to the Index. Modest allocation over-weights to investment-grade and high-yield corporate credit, and a modest allocation under-weight to U.S. Treasury securities, explains the Fund’s out-performance relative to the Index.
Our view in the fourth quarter of 2022 was that after an increase in the U.S. Federal Reserve (the “Fed”) Funds rate of 425 bps during the prior Reporting Period, there was value in fixed income as compared to long-term fair value estimates, both in the form of Treasury rates and credit spreads, and that modest allocation over-weights were warranted in duration and credit. During the Reporting Period, the Fed raised the Fed Funds rate by an additional 100 bps. In the first quarter of the Reporting Period several regional banks failed, which caused the Fed to offer emergency liquidity and attractive terms in order to reduce the risk of a sharp decline in deposits and further bank failures. The Fed’s measures proved effective and the sharp decline in rates and widening in credit spreads largely reversed during the second quarter of the Reporting Period. In the fourth quarter of the Reporting Period the U.S. Treasury announced lower than expected auctions with a shift to shorter maturities, and the Fed signaled additional rate cuts in 2024. These announcements led to a sharp decline in interest rates and credit spreads. The Fund’s modest over-weight to both investment-grade and high-yield credit generated positive excess returns relative to the Index as each sector produced positive excess returns relative to duration-neutral Treasury equivalents during the Reporting Period.
The Fund used treasury futures and index credit default swaps in order to actively manage duration and credit spread duration during the Reporting Period. The Fund’s use of index credit default swaps contributed to Fund performance relative to the Index, while its use of treasury futures detracted from Fund performance.
Security selection in the investment-grade credit allocation generated positive excess returns as our bottom-up fundamental underwriting assisted our portfolio construction process to select higher value securities, while security selection in the commercial mortgage-backed securities allocation detracted from Fund performance relative to the Index.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
Elfun Income Fund
Performance Summary — December 31, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $156,647 (in thousands) as of December 31, 2023 (a)(b) |
| Quality Ratings |
| as of December 31, 2023 as a % of Fair Value (a)(b) |
| Moody’s / S&P / Rating* | | Percentage of
Fair Value |
| Aaa / AAA | | 4.90% |
| Aa / AA | | 49.77% |
| A / A | | 8.67% |
| Baa / BBB | | 19.33% |
| Ba / BB and lower | | 2.01% |
| NR / Other | | 15.32% |
| | | 100.00% |
| Average Annual Total Return for the years ended December 31, 2023 |
| (Inception date: 12/31/84) |
| | One Year | | Five Year | | Ten Year | | Ending Value
of a $10,000
Investment |
| Elfun Income Fund | 5.78% | | 1.36% | | 1.92% | | $12,099 |
| Bloomberg U.S. Aggregate Bond Index | 5.53% | | 1.10% | | 1.81% | | $11,964 |
|
| (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
Performance Summary, continued — December 31, 2023 (Unaudited)
Change in Value of a $10,000 Investment
Yearly periods ended December 31
See Notes to Performance beginning on page 1 for further information.
Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares
Elfun Income Fund
Understanding Your Fund’s Expenses — December 31, 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 December 31, 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
July 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
December 31, 2023 | $1,035.60 | | $1,023.50 |
| Expenses Paid During Period* | $ 1.69 | | $ 1.68 |
| * | Expenses are equal to the Fund's annualized net expense ratio of 0.33%** (for the period July 1, 2023 - December 31, 2023), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| ** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
Elfun Income Fund
Schedule of Investments — December 31, 2023
| | Principal
Amount | Fair
Value |
| Bonds and Notes - 93.1% † |
| U.S. Treasuries - 26.5% |
| U.S. Treasury Bonds | | |
| 2.25%, 08/15/46 (a) | $ 1,502,000 | $ 1,069,706 |
| 3.00%, 08/15/48 (a) | 2,814,000 | 2,295,608 |
| 4.13%, 08/15/53 (a) | 664,000 | 673,026 |
| 4.38%, 08/15/43 (a) | 2,207,000 | 2,257,002 |
| U.S. Treasury Notes | | |
| 0.25%, 07/31/25 (a) | 1,863,400 | 1,745,118 |
| 0.75%, 01/31/28 (a) | 9,735,000 | 8,583,532 |
| 1.25%, 11/30/26 (a) | 300,000 | 277,430 |
| 1.63%, 05/15/31 (a) | 854,000 | 732,705 |
| 2.63%, 02/15/29 (a) | 1,502,000 | 1,414,814 |
| 2.75%, 08/15/32 (a) | 1,299,500 | 1,190,870 |
| 3.50%, 04/30/28 (a) | 140,000 | 137,802 |
| 3.88%, 12/31/27 - 08/15/33 (a) | 4,954,200 | 4,950,074 |
| 4.25%, 10/15/25 (a) | 1,874,900 | 1,871,604 |
| 4.63%, 10/15/26 - 09/30/30 (a) | 8,226,000 | 8,485,213 |
| 5.00%, 09/30/25 (a) | 3,022,000 | 3,053,046 |
| | | 38,737,550 |
| Agency Mortgage Backed - 24.6% |
| Federal Home Loan Mortgage Corp. | | |
| 3.00%, 04/01/43 - 10/01/49 | 4,014,801 | 3,628,939 |
| 4.50%, 06/01/33 - 02/01/35 | 3,333 | 3,313 |
| 5.00%, 07/01/35 | 40,946 | 41,421 |
| 5.50%, 01/01/38 - 04/01/39 | 67,536 | 69,896 |
| 6.00%, 06/01/33 - 11/01/37 | 148,686 | 155,938 |
| 7.00%, 01/01/27 - 08/01/36 | 32,863 | 35,160 |
| 7.50%, 11/01/29 - 09/01/33 | 5,016 | 5,234 |
| 8.00%, 11/01/30 | 1,611 | 1,686 |
| Federal National Mortgage Association | | |
| 2.50%, 03/01/51 | 3,019,544 | 2,566,870 |
| 3.50%, 08/01/45 - 01/01/48 | 3,347,496 | 3,139,410 |
| 4.00%, 01/01/41 - 01/01/50 | 1,717,149 | 1,656,554 |
| 4.50%, 07/01/33 - 12/01/48 | 890,670 | 885,639 |
| 5.00%, 03/01/34 - 05/01/39 | 95,422 | 96,752 |
| 5.50%, 12/01/32 - 01/01/39 | 245,039 | 252,464 |
| 6.00%, 01/01/29 - 05/01/41 | 560,183 | 584,690 |
| 6.50%, 08/01/28 - 08/01/36 | 27,235 | 28,675 |
| 7.00%, 10/01/32 - 02/01/34 | 6,769 | 7,212 |
| 7.50%, 12/01/26 - 03/01/33 | 16,146 | 16,738 |
| 8.00%, 06/01/24 - 10/01/31 | 2,624 | 2,674 |
| 8.50%, 04/01/30 | 799 | 856 |
| Federal National Mortgage Association 1.60% + 1 year RFUCCT | | |
| 4.97%, 04/01/37 (b) | 1,413 | 1,405 |
| | Principal
Amount | Fair
Value |
| Government National Mortgage Association | | |
| 3.00%, 12/20/42 - 05/20/45 | $ 3,388,703 | $ 3,118,679 |
| 3.50%, 08/20/48 | 634,468 | 598,514 |
| 4.00%, 01/20/41 - 04/20/43 | 552,716 | 539,601 |
| 4.50%, 08/15/33 - 03/20/41 | 254,789 | 253,792 |
| 5.00%, 08/15/33 | 13,910 | 14,097 |
| 6.00%, 04/15/27 - 04/15/35 | 83,706 | 87,250 |
| 6.50%, 03/15/24 - 09/15/36 | 30,074 | 31,424 |
| 7.00%, 11/15/27 - 10/15/36 | 21,365 | 22,370 |
| 7.50%, 10/15/28 | 4,665 | 4,760 |
| 8.00%, 09/15/27 - 06/15/30 | 12,923 | 13,130 |
| Uniform Mortgage-Backed Security, TBA | | |
| 2.00%, 01/01/54 (c) | 4,401,092 | 3,596,542 |
| 2.50%, 01/01/54 (c) | 6,931,253 | 5,896,465 |
| 3.00%, 01/01/54 (c) | 2,731,754 | 2,413,994 |
| 3.50%, 01/01/54 (c) | 2,483,779 | 2,276,716 |
| 5.00%, 01/01/54 (c) | 2,425,522 | 2,400,495 |
| 5.50%, 01/01/39 (c) | 1,455,313 | 1,475,251 |
| | | 35,924,606 |
| Agency Collateralized Mortgage Obligations - 0.8% |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | | |
| 2.51%, 07/25/29 (a) | 745,000 | 676,920 |
| 4.05%, 09/25/28 (a)(b) | 300,000 | 295,701 |
| Federal Home Loan Mortgage Corp. REMICS | | |
| 5.50%, 06/15/33 (d) | 12,889 | 1,823 |
| Federal Home Loan Mortgage Corp. STRIPS | | |
| 0.00%, 08/01/27 (e) | 204 | 188 |
| 8.00%, 07/01/24 (d) | 59 | 1 |
| Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | | |
| 0.08%, 09/25/43 (b)(d) | 506,644 | 5,853 |
| Federal National Mortgage Association Interest STRIPS | | |
| 0.01%, 12/25/34 (e) | 14,418 | 11,854 |
| 4.50%, 08/25/35 - 01/25/36 (d) | 24,843 | 3,250 |
| 5.00%, 03/25/38 - 05/25/38 (d) | 15,859 | 2,510 |
| 5.50%, 12/25/33 (d) | 4,713 | 791 |
| 6.00%, 01/25/35 (d) | 18,473 | 3,273 |
| 8.00%, 07/25/24 (d) | 111 | 2 |
| Federal National Mortgage Association REMICS | | |
| 1.18%, 12/25/42 (b)(d) | 101,140 | 3,769 |
| 5.00%, 02/25/40 - 09/25/40 (d) | 22,881 | 2,188 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Federal National Mortgage Association REMICS 5.89% + SOFR | | |
| 0.55%, 07/25/38 (b)(d) | $ 14,638 | $ 1,314 |
| Federal National Mortgage Association REMICS 6.44% + SOFR | | |
| 1.10%, 11/25/41 (b)(d) | 1,491,333 | 191,924 |
| | | 1,201,361 |
| Asset Backed - 0.0%* |
| Chase Funding Trust | | |
| 4.99%, 11/25/33 (f) | 49,618 | 48,305 |
| | | 48,305 |
| Corporate Notes - 33.2% |
| 3M Co. | | |
| 3.13%, 09/19/46 (a) | 13,000 | 9,517 |
| 7-Eleven, Inc. | | |
| 0.95%, 02/10/26 (a)(g) | 172,000 | 158,964 |
| Abbott Laboratories | | |
| 3.75%, 11/30/26 (a) | 22,000 | 21,707 |
| 4.90%, 11/30/46 (a) | 49,000 | 50,242 |
| AbbVie, Inc. | | |
| 2.60%, 11/21/24 (a) | 83,000 | 81,100 |
| 3.20%, 05/14/26 - 11/21/29 (a) | 112,000 | 106,084 |
| 4.05%, 11/21/39 (a) | 34,000 | 30,749 |
| 4.25%, 11/21/49 (a) | 53,000 | 47,301 |
| 4.30%, 05/14/36 (a) | 36,000 | 34,518 |
| 4.40%, 11/06/42 (a) | 24,000 | 22,288 |
| 4.63%, 10/01/42 (a) | 3,000 | 2,846 |
| 4.70%, 05/14/45 (a) | 9,000 | 8,590 |
| 4.88%, 11/14/48 (a) | 6,000 | 5,867 |
| Advanced Micro Devices, Inc. | | |
| 4.39%, 06/01/52 (a) | 45,000 | 42,677 |
| AEP Texas, Inc. | | |
| 3.45%, 05/15/51 (a) | 83,000 | 59,553 |
| AEP Transmission Co. LLC | | |
| 5.40%, 03/15/53 (a) | 38,000 | 39,587 |
| Aetna, Inc. | | |
| 3.50%, 11/15/24 (a) | 33,000 | 32,468 |
| AIA Group Ltd. | | |
| 4.95%, 04/04/33 (a)(g) | 200,000 | 201,160 |
| Aircastle Ltd. | | |
| 4.25%, 06/15/26 (a) | 51,000 | 49,341 |
| Alcoa Nederland Holding BV | | |
| 5.50%, 12/15/27 (a)(g) | 203,000 | 197,819 |
| Alcon Finance Corp. | | |
| 2.60%, 05/27/30 (a)(g) | 239,000 | 207,165 |
| Alexandria Real Estate Equities, Inc. | | |
| 1.88%, 02/01/33 (a) | 30,000 | 23,379 |
| | Principal
Amount | Fair
Value |
| 2.95%, 03/15/34 (a) | $ 50,000 | $ 41,722 |
| 3.55%, 03/15/52 (a) | 41,000 | 29,954 |
| 4.70%, 07/01/30 (a) | 13,000 | 12,744 |
| Allstate Corp. | | |
| 4.20%, 12/15/46 (a) | 43,000 | 36,516 |
| Allstate Corp. (8.58% fixed rate until 01/29/24; 3.20% + 3-month Term SOFR) | | |
| 8.58%, 08/15/53 (a)(b) | 63,000 | 62,790 |
| Altria Group, Inc. | | |
| 3.40%, 05/06/30 - 02/04/41 (a) | 36,000 | 28,220 |
| 4.00%, 02/04/61 (a) | 13,000 | 9,501 |
| 4.25%, 08/09/42 (a) | 2,000 | 1,631 |
| 4.45%, 05/06/50 (a) | 18,000 | 14,303 |
| 4.50%, 05/02/43 (a) | 13,000 | 10,839 |
| Amazon.com, Inc. | | |
| 1.50%, 06/03/30 (a) | 22,000 | 18,637 |
| 2.50%, 06/03/50 (a) | 24,000 | 15,990 |
| 2.70%, 06/03/60 (a) | 21,000 | 13,915 |
| 2.88%, 05/12/41 (a) | 44,000 | 34,559 |
| 3.15%, 08/22/27 (a) | 9,000 | 8,649 |
| 3.25%, 05/12/61 (a) | 33,000 | 24,287 |
| 4.05%, 08/22/47 (a) | 10,000 | 9,019 |
| 4.25%, 08/22/57 (a) | 4,000 | 3,689 |
| Ameren Corp. | | |
| 2.50%, 09/15/24 (a) | 120,000 | 117,356 |
| 3.65%, 02/15/26 (a) | 22,000 | 21,356 |
| American Electric Power Co., Inc. | | |
| 2.30%, 03/01/30 (a) | 26,000 | 22,226 |
| 3.25%, 03/01/50 (a) | 11,000 | 7,851 |
| American Honda Finance Corp. | | |
| 5.85%, 10/04/30 (a) | 182,000 | 194,418 |
| 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) | 4,000 | 3,954 |
| American Tower Corp. | | |
| 1.50%, 01/31/28 (a) | 81,000 | 70,822 |
| 2.90%, 01/15/30 (a) | 29,000 | 25,907 |
| 3.70%, 10/15/49 (a) | 18,000 | 13,673 |
| 3.80%, 08/15/29 (a) | 35,000 | 33,223 |
| American Water Capital Corp. | | |
| 2.95%, 09/01/27 (a) | 26,000 | 24,578 |
| Amgen, Inc. | | |
| 2.00%, 01/15/32 (a) | 58,000 | 47,531 |
| 2.45%, 02/21/30 (a) | 15,000 | 13,301 |
| 3.00%, 01/15/52 (a) | 33,000 | 23,111 |
| 3.15%, 02/21/40 (a) | 57,000 | 44,408 |
| 5.51%, 03/02/26 (a) | 93,000 | 93,042 |
| 5.60%, 03/02/43 (a) | 48,000 | 49,636 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 5.65%, 03/02/53 (a) | $ 44,000 | $ 46,384 |
| 5.75%, 03/02/63 (a) | 48,000 | 50,486 |
| AngloGold Ashanti Holdings PLC | | |
| 3.38%, 11/01/28 (a) | 200,000 | 180,120 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | | |
| 3.65%, 02/01/26 (a) | 15,000 | 14,723 |
| 4.70%, 02/01/36 (a) | 15,000 | 14,971 |
| 4.90%, 02/01/46 (a) | 32,000 | 31,572 |
| Anheuser-Busch InBev Worldwide, Inc. | | |
| 3.50%, 06/01/30 (a) | 33,000 | 31,452 |
| 4.00%, 04/13/28 (a) | 8,000 | 7,907 |
| 4.35%, 06/01/40 (a) | 33,000 | 30,880 |
| 4.38%, 04/15/38 (a) | 45,000 | 42,747 |
| 4.60%, 04/15/48 (a) | 4,000 | 3,795 |
| 4.75%, 04/15/58 (a) | 15,000 | 14,281 |
| 5.55%, 01/23/49 (a) | 33,000 | 35,591 |
| Aon Corp./Aon Global Holdings PLC | | |
| 2.90%, 08/23/51 (a) | 51,000 | 33,398 |
| Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT thereafter) | | |
| 4.95%, 01/14/50 (a)(b)(g) | 46,000 | 43,329 |
| Apple, Inc. | | |
| 2.65%, 02/08/51 (a) | 73,000 | 50,114 |
| 2.80%, 02/08/61 (a) | 34,000 | 23,168 |
| 2.95%, 09/11/49 (a) | 21,000 | 15,443 |
| 3.35%, 02/09/27 (a) | 10,000 | 9,740 |
| 3.45%, 02/09/45 (a) | 44,000 | 36,714 |
| 3.85%, 08/04/46 (a) | 33,000 | 28,769 |
| 3.95%, 08/08/52 (a) | 43,000 | 37,726 |
| 4.85%, 05/10/53 (a) | 123,000 | 125,494 |
| Applied Materials, Inc. | | |
| 4.35%, 04/01/47 (a) | 18,000 | 17,003 |
| Aptiv PLC | | |
| 4.40%, 10/01/46 (a) | 13,000 | 10,518 |
| ArcelorMittal S.A. | | |
| 4.55%, 03/11/26 (a) | 183,000 | 180,275 |
| 6.80%, 11/29/32 (a) | 24,000 | 25,963 |
| Archer-Daniels-Midland Co. | | |
| 2.50%, 08/11/26 (a) | 16,000 | 15,236 |
| ARES Capital Corp. | | |
| 2.88%, 06/15/28 (a) | 112,000 | 99,240 |
| 3.25%, 07/15/25 (a) | 228,000 | 218,426 |
| Arthur J Gallagher & Co. | | |
| 3.50%, 05/20/51 (a) | 34,000 | 25,206 |
| Ascension Health | | |
| 4.85%, 11/15/53 (a) | 44,000 | 42,603 |
| | Principal
Amount | Fair
Value |
| Ashtead Capital, Inc. | | |
| 1.50%, 08/12/26 (a)(g) | $ 200,000 | $ 181,378 |
| 5.55%, 05/30/33 (a)(g) | 245,000 | 242,263 |
| Astrazeneca Finance LLC | | |
| 1.75%, 05/28/28 (a) | 81,000 | 72,554 |
| AstraZeneca PLC | | |
| 3.00%, 05/28/51 (a) | 38,000 | 28,401 |
| 4.00%, 01/17/29 (a) | 11,000 | 10,861 |
| 4.38%, 08/17/48 (a) | 3,000 | 2,822 |
| AT&T, Inc. | | |
| 2.75%, 06/01/31 (a) | 165,000 | 144,560 |
| 3.65%, 06/01/51 (a) | 128,000 | 96,612 |
| 3.85%, 06/01/60 (a) | 45,000 | 33,623 |
| 4.35%, 03/01/29 (a) | 36,000 | 35,541 |
| 4.50%, 05/15/35 (a) | 33,000 | 31,301 |
| 4.55%, 03/09/49 (a) | 16,000 | 14,026 |
| 4.75%, 05/15/46 (a) | 8,000 | 7,253 |
| 4.85%, 03/01/39 (a) | 26,000 | 24,865 |
| 5.40%, 02/15/34 (a) | 59,000 | 60,879 |
| Athene Holding Ltd. | | |
| 4.13%, 01/12/28 (a) | 22,000 | 21,039 |
| 6.15%, 04/03/30 (a) | 50,000 | 51,661 |
| Atmos Energy Corp. | | |
| 6.20%, 11/15/53 (a) | 49,000 | 57,548 |
| Avangrid, Inc. | | |
| 3.15%, 12/01/24 (a) | 58,000 | 56,681 |
| Bain Capital Specialty Finance, Inc. | | |
| 2.95%, 03/10/26 (a) | 73,000 | 67,933 |
| Bank of America Corp. | | |
| 3.25%, 10/21/27 (a) | 33,000 | 31,411 |
| 4.18%, 11/25/27 (a) | 63,000 | 61,269 |
| 4.25%, 10/22/26 (a) | 49,000 | 48,119 |
| Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) | | |
| 2.09%, 06/14/29 (a)(b) | 103,000 | 90,835 |
| Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | | |
| 2.97%, 07/21/52 (a)(b) | 73,000 | 51,510 |
| 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) | 18,000 | 17,581 |
| 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) | 24,000 | 22,595 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 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) | $ 66,000 | $ 63,065 |
| Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 year CMT thereafter) | | |
| 3.85%, 03/08/37 (a)(b) | 67,000 | 58,841 |
| 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) | 40,000 | 33,642 |
| 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) | 33,000 | 29,773 |
| 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) | 7,000 | 6,755 |
| 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) | 68,000 | 64,038 |
| Bank of America Corp. (5.29% fixed rate until 04/25/33; 1.91% + SOFR thereafter) | | |
| 5.29%, 04/25/34 (a)(b) | 142,000 | 142,399 |
| Bank of America Corp. 1.84% + SOFR | | |
| 5.87%, 09/15/34 (a)(b) | 158,000 | 165,567 |
| 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) | 33,000 | 31,411 |
| Barrick North America Finance LLC | | |
| 5.70%, 05/30/41 (a) | 3,000 | 3,158 |
| BAT Capital Corp. | | |
| 2.73%, 03/25/31 (a) | 49,000 | 41,103 |
| 3.73%, 09/25/40 (a) | 20,000 | 14,742 |
| 4.39%, 08/15/37 (a) | 33,000 | 27,675 |
| 4.54%, 08/15/47 (a) | 13,000 | 9,998 |
| 4.91%, 04/02/30 (a) | 33,000 | 32,459 |
| 6.42%, 08/02/33 (a) | 39,000 | 40,837 |
| 7.08%, 08/02/53 (a) | 41,000 | 43,870 |
| Baxter International, Inc. | | |
| 1.92%, 02/01/27 (a) | 157,000 | 143,892 |
| 2.27%, 12/01/28 (a) | 57,000 | 51,081 |
| | Principal
Amount | Fair
Value |
| 2.54%, 02/01/32 (a) | $ 24,000 | $ 20,137 |
| 3.13%, 12/01/51 (a) | 36,000 | 24,825 |
| 3.95%, 04/01/30 (a) | 47,000 | 44,594 |
| Baylor Scott & White Holdings | | |
| 2.84%, 11/15/50 (a) | 8,000 | 5,517 |
| Becton Dickinson & Co. | | |
| 3.70%, 06/06/27 (a) | 28,000 | 27,136 |
| 4.67%, 06/06/47 (a) | 6,000 | 5,596 |
| 4.69%, 12/15/44 (a) | 3,000 | 2,810 |
| Berkshire Hathaway Energy Co. | | |
| 3.25%, 04/15/28 (a) | 11,000 | 10,450 |
| 3.70%, 07/15/30 (a) | 43,000 | 40,731 |
| 3.80%, 07/15/48 (a) | 13,000 | 10,313 |
| 4.25%, 10/15/50 (a) | 38,000 | 32,243 |
| 6.13%, 04/01/36 (a) | 4,000 | 4,335 |
| Berkshire Hathaway Finance Corp. | �� | |
| 2.85%, 10/15/50 (a) | 95,000 | 66,661 |
| 4.25%, 01/15/49 (a) | 18,000 | 16,819 |
| Berry Global, Inc. | | |
| 4.88%, 07/15/26 (a)(g) | 94,000 | 92,629 |
| BHP Billiton Finance USA Ltd. | | |
| 4.90%, 02/28/33 (a) | 74,000 | 75,715 |
| 5.00%, 09/30/43 (a) | 4,000 | 4,042 |
| 5.25%, 09/08/33 (a) | 119,000 | 123,542 |
| 5.50%, 09/08/53 (a) | 45,000 | 49,179 |
| Biogen, Inc. | | |
| 2.25%, 05/01/30 (a) | 16,000 | 13,659 |
| Block Financial LLC | | |
| 2.50%, 07/15/28 (a) | 47,000 | 41,915 |
| 3.88%, 08/15/30 (a) | 14,000 | 12,804 |
| Boardwalk Pipelines LP | | |
| 4.80%, 05/03/29 (a) | 33,000 | 32,409 |
| Boeing Co. | | |
| 2.20%, 02/04/26 (a) | 95,000 | 89,773 |
| 2.70%, 02/01/27 (a) | 81,000 | 76,415 |
| 2.95%, 02/01/30 (a) | 19,000 | 17,147 |
| 3.25%, 03/01/28 (a) | 3,000 | 2,820 |
| 3.55%, 03/01/38 (a) | 2,000 | 1,626 |
| 3.75%, 02/01/50 (a) | 21,000 | 16,356 |
| 5.04%, 05/01/27 (a) | 119,000 | 120,102 |
| 5.15%, 05/01/30 (a) | 66,000 | 67,196 |
| 5.81%, 05/01/50 (a) | 41,000 | 42,524 |
| Boston Properties LP | | |
| 3.40%, 06/21/29 (a) | 78,000 | 70,131 |
| Boston Scientific Corp. | | |
| 4.70%, 03/01/49 (a) | 4,000 | 3,850 |
| BP Capital Markets America, Inc. | | |
| 3.00%, 02/24/50 (a) | 38,000 | 26,929 |
| 3.38%, 02/08/61 (a) | 55,000 | 39,842 |
| 4.81%, 02/13/33 (a) | 69,000 | 69,631 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| BP Capital Markets PLC (4.38% fixed rate until 06/22/25; 4.04% + 5 year CMT thereafter) | | |
| 4.38%, 06/22/25 (a)(b) | $ 72,000 | $ 71,083 |
| BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 year CMT thereafter) | | |
| 4.88%, 03/22/30 (a)(b) | 50,000 | 46,894 |
| Bristol-Myers Squibb Co. | | |
| 1.45%, 11/13/30 (a) | 39,000 | 32,047 |
| 2.35%, 11/13/40 (a) | 20,000 | 13,961 |
| 3.20%, 06/15/26 (a) | 19,000 | 18,441 |
| 3.40%, 07/26/29 (a) | 12,000 | 11,379 |
| 3.55%, 03/15/42 (a) | 23,000 | 18,818 |
| 4.13%, 06/15/39 (a) | 27,000 | 24,351 |
| 4.25%, 10/26/49 (a) | 27,000 | 23,428 |
| 4.35%, 11/15/47 (a) | 2,000 | 1,761 |
| 4.55%, 02/20/48 (a) | 4,000 | 3,641 |
| 6.25%, 11/15/53 (a) | 28,000 | 32,077 |
| Brixmor Operating Partnership LP | | |
| 2.25%, 04/01/28 (a) | 66,000 | 58,612 |
| 3.90%, 03/15/27 (a) | 14,000 | 13,341 |
| Broadcom, Inc. | | |
| 3.14%, 11/15/35 (a)(g) | 20,000 | 16,426 |
| 3.19%, 11/15/36 (a)(g) | 2,000 | 1,623 |
| 3.42%, 04/15/33 (a)(g) | 139,000 | 122,106 |
| 3.47%, 04/15/34 (a)(g) | 4,000 | 3,482 |
| 4.15%, 11/15/30 (a) | 22,000 | 21,017 |
| 4.30%, 11/15/32 (a) | 33,000 | 31,640 |
| 4.93%, 05/15/37 (a)(g) | 26,000 | 25,151 |
| Brooklyn Union Gas Co. | | |
| 4.87%, 08/05/32 (a)(g) | 182,000 | 170,166 |
| Brown-Forman Corp. | | |
| 4.00%, 04/15/38 (a) | 4,000 | 3,625 |
| Bunge Ltd. Finance Corp. | | |
| 3.75%, 09/25/27 (a) | 4,000 | 3,856 |
| Burlington Northern Santa Fe LLC | | |
| 4.15%, 12/15/48 (a) | 30,000 | 26,437 |
| 4.55%, 09/01/44 (a) | 43,000 | 40,130 |
| Cameron LNG LLC | | |
| 3.30%, 01/15/35 (a)(g) | 3,000 | 2,557 |
| Canadian Natural Resources Ltd. | | |
| 3.85%, 06/01/27 (a) | 23,000 | 22,339 |
| 4.95%, 06/01/47 (a) | 18,000 | 16,345 |
| Canadian Pacific Railway Co. | | |
| 1.75%, 12/02/26 (a) | 68,000 | 62,761 |
| 3.10%, 12/02/51 (a) | 22,000 | 15,924 |
| 3.50%, 05/01/50 (a) | 24,000 | 18,407 |
| | Principal
Amount | Fair
Value |
| Cantor Fitzgerald LP | | |
| 4.88%, 05/01/24 (a)(g) | $ 115,000 | $ 113,659 |
| Capital One Financial Corp. | | |
| 3.75%, 07/28/26 (a) | 56,000 | 53,642 |
| Cardinal Health, Inc. | | |
| 3.08%, 06/15/24 (a) | 13,000 | 12,842 |
| Carlisle Cos., Inc. | | |
| 2.20%, 03/01/32 (a) | 73,000 | 59,202 |
| Carrier Global Corp. | | |
| 2.72%, 02/15/30 (a) | 32,000 | 28,650 |
| 3.58%, 04/05/50 (a) | 66,000 | 51,729 |
| 5.90%, 03/15/34 (a)(g) | 35,000 | 37,882 |
| Caterpillar, Inc. | | |
| 3.25%, 09/19/49 - 04/09/50 (a) | 50,000 | 39,606 |
| Cenovus Energy, Inc. | | |
| 2.65%, 01/15/32 (a) | 33,000 | 27,382 |
| 3.75%, 02/15/52 (a) | 38,000 | 28,016 |
| Centene Corp. | | |
| 3.00%, 10/15/30 (a) | 33,000 | 28,725 |
| 3.38%, 02/15/30 (a) | 146,000 | 131,010 |
| 4.25%, 12/15/27 (a) | 182,000 | 175,787 |
| CenterPoint Energy, Inc. | | |
| 2.65%, 06/01/31 (a) | 60,000 | 51,344 |
| Charles Schwab Corp. | | |
| 2.45%, 03/03/27 (a) | 405,000 | 377,035 |
| 2.90%, 03/03/32 (a) | 29,000 | 25,006 |
| Charles Schwab Corp. 2.01% + SOFR | | |
| 6.14%, 08/24/34 (a)(b) | 119,000 | 125,670 |
| Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT thereafter) | | |
| 4.00%, 12/01/30 (a)(b) | 82,000 | 64,988 |
| Charles Schwab Corp. (5.64% fixed rate until 05/19/28; 2.21% + SOFR thereafter) | | |
| 5.64%, 05/19/29 (a)(b) | 152,000 | 156,066 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | | |
| 3.50%, 06/01/41 (a) | 44,000 | 31,108 |
| 3.70%, 04/01/51 (a) | 148,000 | 96,389 |
| 4.80%, 03/01/50 (a) | 67,000 | 52,148 |
| 5.05%, 03/30/29 (a) | 17,000 | 16,833 |
| 5.75%, 04/01/48 (a) | 18,000 | 16,003 |
| Cheniere Corpus Christi Holdings LLC | | |
| 5.88%, 03/31/25 (a) | 94,000 | 94,227 |
| Cheniere Energy Partners LP | | |
| 4.50%, 10/01/29 (a) | 128,000 | 122,269 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Chevron Corp. | | |
| 2.24%, 05/11/30 (a) | $ 15,000 | $ 13,288 |
| 3.08%, 05/11/50 (a) | 17,000 | 12,862 |
| Chevron USA, Inc. | | |
| 3.85%, 01/15/28 (a) | 61,000 | 60,197 |
| 3.90%, 11/15/24 (a) | 18,000 | 17,834 |
| Chubb INA Holdings, Inc. | | |
| 4.35%, 11/03/45 (a) | 23,000 | 21,616 |
| Church & Dwight Co., Inc. | | |
| 2.30%, 12/15/31 (a) | 37,000 | 31,417 |
| Cigna Group | | |
| 2.40%, 03/15/30 (a) | 34,000 | 29,788 |
| 3.25%, 04/15/25 (a) | 32,000 | 31,233 |
| 3.40%, 03/01/27 - 03/15/50 (a) | 33,000 | 29,563 |
| 4.13%, 11/15/25 (a) | 48,000 | 47,403 |
| 4.38%, 10/15/28 (a) | 13,000 | 12,898 |
| Cisco Systems, Inc. | | |
| 5.90%, 02/15/39 (a) | 16,000 | 17,765 |
| Citibank NA | | |
| 5.80%, 09/29/28 (a) | 473,000 | 493,878 |
| Citigroup, Inc. | | |
| 4.45%, 09/29/27 (a) | 8,000 | 7,815 |
| 4.65%, 07/23/48 (a) | 68,000 | 62,914 |
| Citigroup, Inc. (2.56% fixed rate until 05/01/31; 1.17% + SOFR thereafter) | | |
| 2.56%, 05/01/32 (a)(b) | 50,000 | 41,736 |
| Citigroup, Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | | |
| 2.98%, 11/05/30 (a)(b) | 24,000 | 21,394 |
| Citigroup, Inc. (3.88% fixed rate until 01/24/38; 1.43% + 3-month Term SOFR) | | |
| 3.88%, 01/24/39 (a)(b) | 15,000 | 12,951 |
| Citigroup, Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | | |
| 4.70%, 01/30/25 (a)(b) | 94,000 | 87,591 |
| Citigroup, Inc. (6.17% fixed rate until 05/25/33; 2.66% + SOFR thereafter) | | |
| 6.17%, 05/25/34 (a)(b) | 63,000 | 65,341 |
| Cleveland Electric Illuminating Co. | | |
| 4.55%, 11/15/30 (a)(g) | 92,000 | 87,311 |
| Clorox Co. | | |
| 1.80%, 05/15/30 (a) | 45,000 | 37,577 |
| CME Group, Inc. | | |
| 2.65%, 03/15/32 (a) | 36,000 | 31,996 |
| CMS Energy Corp. | | |
| 4.88%, 03/01/44 (a) | 61,000 | 57,972 |
| Coca-Cola Co. | | |
| 2.60%, 06/01/50 (a) | 33,000 | 22,752 |
| | Principal
Amount | Fair
Value |
| 2.75%, 06/01/60 (a) | $ 24,000 | $ 16,638 |
| Comcast Corp. | | |
| 2.65%, 08/15/62 (a) | 24,000 | 14,767 |
| 2.80%, 01/15/51 (a) | 27,000 | 17,998 |
| 2.89%, 11/01/51 (a) | 24,000 | 16,253 |
| 2.94%, 11/01/56 (a) | 35,000 | 23,071 |
| 2.99%, 11/01/63 (a) | 24,000 | 15,508 |
| 3.20%, 07/15/36 (a) | 30,000 | 25,242 |
| 3.25%, 11/01/39 (a) | 40,000 | 32,493 |
| 3.97%, 11/01/47 (a) | 36,000 | 30,261 |
| 4.15%, 10/15/28 (a) | 27,000 | 26,626 |
| CommonSpirit Health | | |
| 4.35%, 11/01/42 | 130,000 | 112,863 |
| Conagra Brands, Inc. | | |
| 5.30%, 11/01/38 (a) | 13,000 | 12,715 |
| 5.40%, 11/01/48 (a) | 5,000 | 4,844 |
| ConocoPhillips Co. | | |
| 4.30%, 11/15/44 (a) | 29,000 | 25,986 |
| 5.55%, 03/15/54 (a) | 62,000 | 65,995 |
| 5.70%, 09/15/63 (a) | 70,000 | 75,733 |
| Consolidated Edison Co. of New York, Inc. | | |
| 2.90%, 12/01/26 (a) | 33,000 | 31,114 |
| 3.35%, 04/01/30 (a) | 15,000 | 14,006 |
| 3.88%, 06/15/47 (a) | 17,000 | 13,817 |
| 3.95%, 04/01/50 (a) | 13,000 | 10,880 |
| Constellation Brands, Inc. | | |
| 3.15%, 08/01/29 (a) | 67,000 | 62,323 |
| 3.70%, 12/06/26 (a) | 29,000 | 28,276 |
| 4.50%, 05/09/47 (a) | 23,000 | 20,492 |
| Constellation Energy Generation LLC | | |
| 6.50%, 10/01/53 (a) | 41,000 | 46,330 |
| Continental Resources, Inc. | | |
| 2.88%, 04/01/32 (a)(g) | 53,000 | 43,000 |
| 3.80%, 06/01/24 (a) | 238,000 | 235,882 |
| Corebridge Financial, Inc. | | |
| 3.90%, 04/05/32 (a) | 157,000 | 142,225 |
| Corning, Inc. | | |
| 4.38%, 11/15/57 (a) | 15,000 | 13,107 |
| Corporate Office Properties LP | | |
| 2.00%, 01/15/29 (a) | 56,000 | 46,504 |
| 2.25%, 03/15/26 (a) | 44,000 | 41,087 |
| 2.75%, 04/15/31 (a) | 27,000 | 21,999 |
| Crown Castle, Inc. | | |
| 2.90%, 03/15/27 (a) | 111,000 | 103,896 |
| 3.30%, 07/01/30 (a) | 92,000 | 82,549 |
| 4.15%, 07/01/50 (a) | 21,000 | 17,001 |
| 5.20%, 02/15/49 (a) | 22,000 | 20,806 |
| CSL Finance PLC | | |
| 4.25%, 04/27/32 (a)(g) | 77,000 | 74,936 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| CSX Corp. | | |
| 4.50%, 03/15/49 - 08/01/54 (a) | $ 52,000 | $ 47,746 |
| CubeSmart LP | | |
| 2.50%, 02/15/32 (a) | 63,000 | 52,343 |
| 4.38%, 02/15/29 (a) | 43,000 | 41,740 |
| Cummins, Inc. | | |
| 1.50%, 09/01/30 (a) | 33,000 | 27,501 |
| 2.60%, 09/01/50 (a) | 33,000 | 21,895 |
| CVS Health Corp. | | |
| 3.00%, 08/15/26 (a) | 42,000 | 40,168 |
| 3.25%, 08/15/29 (a) | 33,000 | 30,728 |
| 3.63%, 04/01/27 (a) | 40,000 | 38,781 |
| 3.75%, 04/01/30 (a) | 28,000 | 26,397 |
| 3.88%, 07/20/25 (a) | 20,000 | 19,643 |
| 4.25%, 04/01/50 (a) | 19,000 | 15,888 |
| 4.30%, 03/25/28 (a) | 2,000 | 1,966 |
| 4.78%, 03/25/38 (a) | 22,000 | 20,797 |
| 5.00%, 12/01/24 (a) | 48,000 | 47,703 |
| 5.13%, 07/20/45 (a) | 23,000 | 21,798 |
| 5.30%, 06/01/33 - 12/05/43 (a) | 136,000 | 137,178 |
| 5.88%, 06/01/53 (a) | 33,000 | 34,769 |
| 6.00%, 06/01/63 (a) | 17,000 | 18,106 |
| Daimler Truck Finance North America LLC | | |
| 2.38%, 12/14/28 (a)(g) | 155,000 | 137,838 |
| 2.50%, 12/14/31 (a)(g) | 155,000 | 128,594 |
| Dell International LLC/EMC Corp. | | |
| 4.00%, 07/15/24 (a) | 54,000 | 53,469 |
| 6.02%, 06/15/26 (a) | 2,000 | 2,047 |
| 8.35%, 07/15/46 (a) | 2,000 | 2,636 |
| Deutsche Bank AG (2.31% fixed rate until 11/16/26; 1.22% + SOFR thereafter) | | |
| 2.31%, 11/16/27 (a)(b) | 320,000 | 292,550 |
| Deutsche Bank AG (6.82% fixed rate until 11/20/28; 2.51% + SOFR thereafter) | | |
| 6.82%, 11/20/29 (a)(b) | 150,000 | 157,803 |
| Deutsche Telekom AG | | |
| 3.63%, 01/21/50 (a)(g) | 191,000 | 152,974 |
| DH Europe Finance II SARL | | |
| 2.60%, 11/15/29 (a) | 33,000 | 29,858 |
| 3.25%, 11/15/39 (a) | 18,000 | 14,941 |
| 3.40%, 11/15/49 (a) | 6,000 | 4,749 |
| Diamondback Energy, Inc. | | |
| 3.13%, 03/24/31 (a) | 44,000 | 39,149 |
| 3.25%, 12/01/26 (a) | 27,000 | 26,196 |
| 3.50%, 12/01/29 (a) | 23,000 | 21,372 |
| 4.40%, 03/24/51 (a) | 17,000 | 14,132 |
| Digital Realty Trust LP | | |
| 3.60%, 07/01/29 (a) | 53,000 | 49,806 |
| | Principal
Amount | Fair
Value |
| Discovery Communications LLC | | |
| 3.95%, 03/20/28 (a) | $ 19,000 | $ 18,098 |
| 4.95%, 05/15/42 (a) | 3,000 | 2,452 |
| 5.00%, 09/20/37 (a) | 4,000 | 3,587 |
| Dollar General Corp. | | |
| 3.50%, 04/03/30 (a) | 20,000 | 18,431 |
| 4.13%, 04/03/50 (a) | 28,000 | 22,204 |
| Dollar Tree, Inc. | | |
| 4.00%, 05/15/25 (a) | 33,000 | 32,415 |
| Dominion Energy, Inc. | | |
| 3.07%, 08/15/24 (a)(f) | 49,000 | 48,160 |
| 3.38%, 04/01/30 (a) | 57,000 | 52,521 |
| Dover Corp. | | |
| 2.95%, 11/04/29 (a) | 33,000 | 29,870 |
| Dow Chemical Co. | | |
| 2.10%, 11/15/30 (a) | 24,000 | 20,554 |
| 3.60%, 11/15/50 (a) | 24,000 | 18,563 |
| 4.25%, 10/01/34 (a) | 15,000 | 14,367 |
| 5.55%, 11/30/48 (a) | 16,000 | 16,393 |
| 6.30%, 03/15/33 (a) | 59,000 | 65,107 |
| DTE Energy Co. | | |
| 2.85%, 10/01/26 (a) | 17,000 | 16,070 |
| Duke Energy Carolinas LLC | | |
| 3.95%, 03/15/48 (a) | 20,000 | 16,546 |
| Duke Energy Corp. | | |
| 2.55%, 06/15/31 (a) | 85,000 | 72,536 |
| 3.30%, 06/15/41 (a) | 76,000 | 58,287 |
| 3.50%, 06/15/51 (a) | 65,000 | 47,834 |
| 3.75%, 09/01/46 (a) | 110,000 | 85,165 |
| Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT thereafter) | | |
| 4.88%, 09/16/24 (a)(b) | 130,000 | 128,224 |
| Duke Energy Progress LLC | | |
| 4.15%, 12/01/44 (a) | 24,000 | 20,494 |
| DuPont de Nemours, Inc. | | |
| 5.42%, 11/15/48 (a) | 4,000 | 4,178 |
| Duquesne Light Holdings, Inc. | | |
| 3.62%, 08/01/27 (a)(g) | 48,000 | 44,770 |
| Eastman Chemical Co. | | |
| 4.65%, 10/15/44 (a) | 33,000 | 29,098 |
| Eaton Corp. | | |
| 3.10%, 09/15/27 (a) | 16,000 | 15,318 |
| Edison International | | |
| 4.95%, 04/15/25 (a) | 91,000 | 90,380 |
| 5.75%, 06/15/27 (a) | 13,000 | 13,290 |
| EIDP, Inc. | | |
| 2.30%, 07/15/30 (a) | 23,000 | 20,150 |
| Electronic Arts, Inc. | | |
| 1.85%, 02/15/31 (a) | 40,000 | 33,392 |
| Elevance Health, Inc. | | |
| 2.88%, 09/15/29 (a) | 18,000 | 16,504 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 3.60%, 03/15/51 (a) | $ 18,000 | $ 14,138 |
| 3.70%, 09/15/49 (a) | 18,000 | 14,298 |
| 5.13%, 02/15/53 (a) | 14,000 | 14,044 |
| 6.10%, 10/15/52 (a) | 26,000 | 29,565 |
| Eli Lilly & Co. | | |
| 4.95%, 02/27/63 (a) | 15,000 | 15,576 |
| Emera U.S. Finance LP | | |
| 2.64%, 06/15/31 (a) | 83,000 | 68,092 |
| Emerson Electric Co. | | |
| 1.80%, 10/15/27 (a) | 22,000 | 20,085 |
| 2.75%, 10/15/50 (a) | 22,000 | 15,077 |
| Enbridge Energy Partners LP | | |
| 5.50%, 09/15/40 (a) | 2,000 | 1,969 |
| Enbridge, Inc. | | |
| 1.60%, 10/04/26 (a) | 139,000 | 127,296 |
| Enbridge, Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT thereafter) | | |
| 5.75%, 07/15/80 (a)(b) | 84,000 | 77,280 |
| Energy Transfer LP | | |
| 4.50%, 04/15/24 (a) | 30,000 | 29,877 |
| 4.95%, 06/15/28 (a) | 14,000 | 13,967 |
| 5.30%, 04/01/44 - 04/15/47 (a) | 55,000 | 50,669 |
| 5.35%, 05/15/45 (a) | 44,000 | 40,872 |
| 5.75%, 02/15/33 (a) | 29,000 | 29,968 |
| 6.10%, 12/01/28 (a) | 169,000 | 177,922 |
| 6.13%, 12/15/45 (a) | 4,000 | 4,046 |
| 6.40%, 12/01/30 (a) | 49,000 | 52,418 |
| 6.50%, 02/01/42 (a) | 27,000 | 28,565 |
| Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT thereafter) | | |
| 6.75%, 05/15/25 (a)(b) | 285,000 | 273,255 |
| Enterprise Products Operating LLC | | |
| 4.25%, 02/15/48 (a) | 40,000 | 35,191 |
| Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.30% + 3-month Term SOFR) | | |
| 5.25%, 08/16/77 (a)(b) | 13,000 | 12,485 |
| EOG Resources, Inc. | | |
| 4.15%, 01/15/26 (a) | 3,000 | 2,972 |
| 4.95%, 04/15/50 (a) | 16,000 | 15,768 |
| 5.10%, 01/15/36 (a) | 9,000 | 8,835 |
| Equinix, Inc. | | |
| 1.25%, 07/15/25 (a) | 63,000 | 59,323 |
| 2.15%, 07/15/30 (a) | 47,000 | 39,919 |
| ERP Operating LP | | |
| 4.50%, 07/01/44 (a) | 15,000 | 13,309 |
| Estee Lauder Cos., Inc. | | |
| 2.38%, 12/01/29 (a) | 23,000 | 20,483 |
| | Principal
Amount | Fair
Value |
| Everest Reinsurance Holdings, Inc. | | |
| 3.13%, 10/15/52 (a) | $ 19,000 | $ 13,031 |
| Eversource Energy | | |
| 3.45%, 01/15/50 (a) | 37,000 | 26,750 |
| Exelon Corp. | | |
| 4.05%, 04/15/30 (a) | 57,000 | 54,467 |
| 4.45%, 04/15/46 (a) | 38,000 | 33,044 |
| 4.70%, 04/15/50 (a) | 38,000 | 34,335 |
| Extra Space Storage LP | | |
| 2.20%, 10/15/30 (a) | 45,000 | 37,450 |
| 3.90%, 04/01/29 (a) | 29,000 | 27,506 |
| 5.90%, 01/15/31 (a) | 130,000 | 135,856 |
| Exxon Mobil Corp. | | |
| 2.61%, 10/15/30 (a) | 53,000 | 47,343 |
| 3.45%, 04/15/51 (a) | 53,000 | 41,714 |
| FedEx Corp. | | |
| 4.10%, 02/01/45 (a) | 65,000 | 54,825 |
| Fidelity National Financial, Inc. | | |
| 3.20%, 09/17/51 (a) | 51,000 | 32,513 |
| Fidelity National Information Services, Inc. | | |
| 1.15%, 03/01/26 (a) | 41,000 | 37,900 |
| 1.65%, 03/01/28 (a) | 37,000 | 32,994 |
| 3.10%, 03/01/41 (a) | 5,000 | 3,719 |
| FirstEnergy Transmission LLC | | |
| 4.55%, 04/01/49 (a)(g) | 63,000 | 54,532 |
| Fiserv, Inc. | | |
| 3.50%, 07/01/29 (a) | 13,000 | 12,244 |
| 4.40%, 07/01/49 (a) | 13,000 | 11,485 |
| Florida Power & Light Co. | | |
| 2.85%, 04/01/25 (a) | 99,000 | 96,652 |
| 4.13%, 02/01/42 (a) | 26,000 | 23,416 |
| Flowers Foods, Inc. | | |
| 2.40%, 03/15/31 (a) | 38,000 | 31,976 |
| Flowserve Corp. | | |
| 2.80%, 01/15/32 (a) | 52,000 | 43,071 |
| Freeport-McMoRan, Inc. | | |
| 4.25%, 03/01/30 (a) | 57,000 | 53,541 |
| GA Global Funding Trust | | |
| 1.63%, 01/15/26 (a)(g) | 61,000 | 56,110 |
| General Dynamics Corp. | | |
| 4.25%, 04/01/50 (a) | 23,000 | 21,356 |
| General Mills, Inc. | | |
| 3.00%, 02/01/51 (a) | 22,000 | 15,341 |
| General Motors Co. | | |
| 5.20%, 04/01/45 (a) | 2,000 | 1,803 |
| 5.40%, 04/01/48 (a) | 6,000 | 5,500 |
| 6.13%, 10/01/25 (a) | 63,000 | 63,814 |
| 6.80%, 10/01/27 (a) | 24,000 | 25,459 |
| General Motors Financial Co., Inc. | | |
| 1.25%, 01/08/26 (a) | 75,000 | 69,406 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 2.35%, 01/08/31 (a) | $ 33,000 | $ 27,291 |
| 5.25%, 03/01/26 (a) | 24,000 | 24,020 |
| 5.85%, 04/06/30 (a) | 210,000 | 216,718 |
| 6.10%, 01/07/34 (a) | 188,000 | 193,328 |
| Genuine Parts Co. | | |
| 2.75%, 02/01/32 (a) | 33,000 | 27,609 |
| George Washington University | | |
| 4.13%, 09/15/48 | 100,000 | 89,096 |
| Georgia-Pacific LLC | | |
| 1.75%, 09/30/25 (a)(g) | 85,000 | 80,442 |
| 3.60%, 03/01/25 (a)(g) | 139,000 | 136,572 |
| Gilead Sciences, Inc. | | |
| 2.60%, 10/01/40 (a) | 26,000 | 19,154 |
| 2.95%, 03/01/27 (a) | 4,000 | 3,815 |
| 3.50%, 02/01/25 (a) | 16,000 | 15,750 |
| 3.65%, 03/01/26 (a) | 16,000 | 15,679 |
| 4.15%, 03/01/47 (a) | 15,000 | 13,084 |
| 4.60%, 09/01/35 (a) | 36,000 | 35,618 |
| 5.25%, 10/15/33 (a) | 99,000 | 103,319 |
| 5.55%, 10/15/53 (a) | 24,000 | 26,032 |
| GlaxoSmithKline Capital PLC | | |
| 3.38%, 06/01/29 (a) | 43,000 | 41,431 |
| GlaxoSmithKline Capital, Inc. | | |
| 3.63%, 05/15/25 (a) | 43,000 | 42,286 |
| Glencore Funding LLC | | |
| 3.88%, 04/27/51 (a)(g) | 42,000 | 32,463 |
| Goldman Sachs Group, Inc. | | |
| 3.85%, 01/26/27 (a) | 144,000 | 140,175 |
| 4.25%, 10/21/25 (a) | 3,000 | 2,945 |
| 5.15%, 05/22/45 (a) | 16,000 | 15,477 |
| Goldman Sachs Group, Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter) | | |
| 1.54%, 09/10/27 (a)(b) | 62,000 | 56,236 |
| Goldman Sachs Group, Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) | | |
| 2.38%, 07/21/32 (a)(b) | 33,000 | 27,134 |
| Goldman Sachs Group, Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) | | |
| 2.91%, 07/21/42 (a)(b) | 25,000 | 18,272 |
| Goldman Sachs Group, Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) | | |
| 3.21%, 04/22/42 (a)(b) | 40,000 | 30,613 |
| Goldman Sachs Group, Inc. (3.44% fixed rate until 02/24/42; 1.63% + SOFR thereafter) | | |
| 3.44%, 02/24/43 (a)(b) | 63,000 | 49,308 |
| | Principal
Amount | Fair
Value |
| 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) | $ 16,000 | $ 15,199 |
| Goldman Sachs Group, Inc. (4.02% fixed rate until 10/31/37; 1.64% + 3-month Term SOFR) | | |
| 4.02%, 10/31/38 (a)(b) | 18,000 | 15,713 |
| 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) | 28,000 | 27,071 |
| Graphic Packaging International LLC | | |
| 1.51%, 04/15/26 (a)(g) | 50,000 | 45,479 |
| Gray Oak Pipeline LLC | | |
| 2.60%, 10/15/25 (a)(g) | 78,000 | 73,974 |
| Haleon U.S. Capital LLC | | |
| 3.38%, 03/24/27 (a) | 250,000 | 240,592 |
| Halliburton Co. | | |
| 3.80%, 11/15/25 (a) | 2,000 | 1,961 |
| 5.00%, 11/15/45 (a) | 14,000 | 13,573 |
| Hartford Financial Services Group, Inc. (7.77% fixed rate until 01/29/24; 2.39% + 3-month Term SOFR) | | |
| 7.77%, 02/12/67 (a)(b)(g) | 44,000 | 37,908 |
| HCA, Inc. | | |
| 3.13%, 03/15/27 (a) | 109,000 | 103,349 |
| 3.50%, 09/01/30 (a) | 37,000 | 33,561 |
| 3.63%, 03/15/32 (a) | 33,000 | 29,519 |
| 4.63%, 03/15/52 (a) | 61,000 | 52,060 |
| 5.38%, 02/01/25 (a) | 280,000 | 279,885 |
| Health Care Service Corp. A Mutual Legal Reserve Co. | | |
| 2.20%, 06/01/30 (a)(g) | 46,000 | 39,244 |
| 3.20%, 06/01/50 (a)(g) | 17,000 | 12,066 |
| Healthcare Realty Holdings LP | | |
| 2.00%, 03/15/31 (a) | 24,000 | 19,281 |
| Helmerich & Payne, Inc. | | |
| 2.90%, 09/29/31 (a) | 25,000 | 20,982 |
| Hess Corp. | | |
| 5.60%, 02/15/41 (a) | 3,000 | 3,151 |
| 5.80%, 04/01/47 (a) | 2,000 | 2,158 |
| Hewlett Packard Enterprise Co. | | |
| 6.35%, 10/15/45 (a) | 4,000 | 4,320 |
| Highwoods Realty LP | | |
| 4.13%, 03/15/28 (a) | 18,000 | 16,565 |
| 4.20%, 04/15/29 (a) | 45,000 | 40,836 |
| 7.65%, 02/01/34 (a) | 40,000 | 43,237 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Home Depot, Inc. | | |
| 2.70%, 04/15/30 (a) | $ 18,000 | $ 16,466 |
| 3.35%, 04/15/50 (a) | 33,000 | 25,656 |
| 3.50%, 09/15/56 (a) | 21,000 | 16,527 |
| 3.90%, 12/06/28 - 06/15/47 (a) | 28,000 | 25,964 |
| 4.50%, 12/06/48 (a) | 13,000 | 12,284 |
| 4.95%, 09/15/52 (a) | 21,000 | 21,287 |
| Honeywell International, Inc. | | |
| 1.75%, 09/01/31 (a) | 50,000 | 41,737 |
| 2.70%, 08/15/29 (a) | 3,000 | 2,773 |
| Hormel Foods Corp. | | |
| 1.80%, 06/11/30 (a) | 67,000 | 56,987 |
| HSBC Holdings PLC (2.01% fixed rate until 09/22/27; 1.73% + SOFR thereafter) | | |
| 2.01%, 09/22/28 (a)(b) | 330,000 | 293,766 |
| HSBC Holdings PLC (2.25% fixed rate until 11/22/26; 1.10% + SOFR thereafter) | | |
| 2.25%, 11/22/27 (a)(b) | 200,000 | 183,612 |
| HSBC Holdings PLC (2.87% fixed rate until 11/22/31; 1.41% + SOFR thereafter) | | |
| 2.87%, 11/22/32 (a)(b) | 200,000 | 166,444 |
| 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 | 414,134 |
| HSBC Holdings PLC (6.00% fixed rate until 5/22/27; 3.75% + 5 year US ISDA thereafter) | | |
| 6.00%, 05/22/27 (a)(b) | 465,000 | 443,247 |
| Humana, Inc. | | |
| 1.35%, 02/03/27 (a) | 81,000 | 73,111 |
| 2.15%, 02/03/32 (a) | 43,000 | 35,402 |
| Huntington Bancshares, Inc. | | |
| 2.55%, 02/04/30 (a) | 66,000 | 56,485 |
| Huntington Ingalls Industries, Inc. | | |
| 2.04%, 08/16/28 (a) | 63,000 | 55,500 |
| Hyundai Capital America | | |
| 1.30%, 01/08/26 (a)(g) | 127,000 | 117,250 |
| Imperial Brands Finance PLC | | |
| 3.13%, 07/26/24 (a)(g) | 264,000 | 259,699 |
| 3.50%, 07/26/26 (a)(g) | 200,000 | 190,934 |
| Indiana Michigan Power Co. | | |
| 3.25%, 05/01/51 (a) | 38,000 | 27,114 |
| ING Groep N.V. (6.44% fixed rate until 04/01/26; 1.01% + SOFR thereafter) | | |
| 6.44%, 04/01/27 (a)(b) | 470,000 | 464,139 |
| | Principal
Amount | Fair
Value |
| Ingersoll Rand, Inc. | | |
| 5.70%, 08/14/33 (a) | $ 99,000 | $ 104,746 |
| Ingredion, Inc. | | |
| 3.90%, 06/01/50 (a) | 15,000 | 11,105 |
| Intel Corp. | | |
| 2.00%, 08/12/31 (a) | 51,000 | 43,110 |
| 2.80%, 08/12/41 (a) | 58,000 | 43,543 |
| 3.10%, 02/15/60 (a) | 22,000 | 15,187 |
| 5.63%, 02/10/43 (a) | 63,000 | 67,494 |
| 5.70%, 02/10/53 (a) | 45,000 | 48,698 |
| 5.90%, 02/10/63 (a) | 36,000 | 40,115 |
| Intercontinental Exchange, Inc. | | |
| 2.65%, 09/15/40 (a) | 16,000 | 11,942 |
| International Business Machines Corp. | | |
| 3.45%, 02/19/26 (a) | 254,000 | 247,513 |
| 4.25%, 05/15/49 (a) | 150,000 | 131,776 |
| International Paper Co. | | |
| 4.40%, 08/15/47 (a) | 23,000 | 19,966 |
| Interstate Power & Light Co. | | |
| 3.40%, 08/15/25 (a) | 139,000 | 135,044 |
| Intuit, Inc. | | |
| 5.50%, 09/15/53 (a) | 62,000 | 68,040 |
| ITC Holdings Corp. | | |
| 2.95%, 05/14/30 (a)(g) | 95,000 | 83,667 |
| J M Smucker Co. | | |
| 6.50%, 11/15/43 - 11/15/53 (a) | 123,000 | 139,969 |
| Jabil, Inc. | | |
| 4.25%, 05/15/27 (a) | 134,000 | 130,559 |
| Jacobs Engineering Group, Inc. | | |
| 5.90%, 03/01/33 (a) | 157,000 | 160,300 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | |
| 2.50%, 01/15/27 (a) | 279,000 | 256,806 |
| 5.13%, 02/01/28 (a) | 97,000 | 96,375 |
| 5.75%, 04/01/33 (a) | 33,000 | 32,599 |
| Jefferies Financial Group, Inc. | | |
| 5.88%, 07/21/28 (a) | 119,000 | 122,039 |
| John Deere Capital Corp. | | |
| 2.45%, 01/09/30 (a) | 83,000 | 74,877 |
| 3.90%, 06/07/32 (a) | 26,000 | 25,074 |
| 5.15%, 09/08/33 (a) | 235,000 | 247,455 |
| Johnson & Johnson | | |
| 3.63%, 03/03/37 (a) | 17,000 | 15,683 |
| Johnson Controls International PLC | | |
| 4.50%, 02/15/47 (a) | 6,000 | 5,378 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| JPMorgan Chase & Co. (1.58% fixed rate until 04/22/26; 0.89% + SOFR thereafter) | | |
| 1.58%, 04/22/27 (a)(b) | $ 93,000 | $ 85,823 |
| JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + 3-month Term SOFR) | | |
| 2.96%, 05/13/31 (a)(b) | 54,000 | 47,500 |
| JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter) | | |
| 3.16%, 04/22/42 (a)(b) | 44,000 | 34,142 |
| JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.62% + 3-month Term SOFR) | | |
| 3.88%, 07/24/38 (a)(b) | 19,000 | 16,845 |
| JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3-month Term SOFR) | | |
| 3.90%, 01/23/49 (a)(b) | 102,000 | 84,872 |
| JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.51% + 3-month Term SOFR) | | |
| 3.96%, 01/29/27 (a)(b) | 56,000 | 54,705 |
| JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.38% + 3-month Term SOFR) | | |
| 4.01%, 04/23/29 (a)(b) | 22,000 | 21,173 |
| JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.72% + 3-month Term SOFR) | | |
| 4.03%, 07/24/48 (a)(b) | 13,000 | 11,084 |
| JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + 3-month Term SOFR) | | |
| 4.49%, 03/24/31 (a)(b) | 81,000 | 79,002 |
| JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + 3-month Term SOFR) | | |
| 4.60%, 02/01/25 (a)(b) | 97,000 | 93,438 |
| Kaiser Foundation Hospitals | | |
| 3.00%, 06/01/51 (a) | 52,000 | 37,101 |
| 3.27%, 11/01/49 (a) | 154,000 | 115,842 |
| Kenvue, Inc. | | |
| 4.90%, 03/22/33 (a) | 144,000 | 148,304 |
| 5.05%, 03/22/53 (a) | 39,000 | 40,351 |
| 5.20%, 03/22/63 (a) | 26,000 | 27,207 |
| | Principal
Amount | Fair
Value |
| Keurig Dr Pepper, Inc. | | |
| 3.20%, 05/01/30 (a) | $ 38,000 | $ 34,932 |
| 3.80%, 05/01/50 (a) | 27,000 | 21,907 |
| KeyBank NA (5.74% fixed rate until 01/29/24; 0.32% + SOFR thereafter) | | |
| 5.74%, 06/14/24 (a)(b) | 300,000 | 297,663 |
| Kinder Morgan Energy Partners LP | | |
| 4.70%, 11/01/42 (a) | 3,000 | 2,577 |
| 5.00%, 03/01/43 (a) | 15,000 | 13,430 |
| 6.38%, 03/01/41 (a) | 15,000 | 15,405 |
| Kinder Morgan, Inc. | | |
| 1.75%, 11/15/26 (a) | 155,000 | 142,612 |
| 5.05%, 02/15/46 (a) | 14,000 | 12,530 |
| 5.20%, 06/01/33 (a) | 33,000 | 32,822 |
| KLA Corp. | | |
| 3.30%, 03/01/50 (a) | 33,000 | 25,223 |
| Kraft Heinz Foods Co. | | |
| 5.20%, 07/15/45 (a) | 50,000 | 49,009 |
| Kroger Co. | | |
| 2.20%, 05/01/30 (a) | 28,000 | 23,976 |
| 4.65%, 01/15/48 (a) | 8,000 | 7,180 |
| Kyndryl Holdings, Inc. | | |
| 2.05%, 10/15/26 (a) | 63,000 | 57,394 |
| 2.70%, 10/15/28 (a) | 127,000 | 111,991 |
| L3Harris Technologies, Inc. | | |
| 3.85%, 12/15/26 (a) | 24,000 | 23,535 |
| Lear Corp. | | |
| 4.25%, 05/15/29 (a) | 22,000 | 21,163 |
| Leidos, Inc. | | |
| 3.63%, 05/15/25 (a) | 26,000 | 25,360 |
| 4.38%, 05/15/30 (a) | 118,000 | 112,898 |
| 5.75%, 03/15/33 (a) | 59,000 | 61,408 |
| Liberty Mutual Group, Inc. | | |
| 3.95%, 05/15/60 (a)(g) | 15,000 | 10,843 |
| Lincoln National Corp. | | |
| 4.35%, 03/01/48 (a) | 51,000 | 40,745 |
| Lockheed Martin Corp. | | |
| 3.55%, 01/15/26 (a) | 4,000 | 3,930 |
| 4.50%, 05/15/36 (a) | 30,000 | 29,709 |
| Lowe's Cos., Inc. | | |
| 1.30%, 04/15/28 (a) | 21,000 | 18,451 |
| 1.70%, 09/15/28 - 10/15/30 (a) | 68,000 | 59,366 |
| 3.00%, 10/15/50 (a) | 32,000 | 21,794 |
| 3.70%, 04/15/46 (a) | 4,000 | 3,163 |
| 4.05%, 05/03/47 (a) | 24,000 | 19,796 |
| 5.63%, 04/15/53 (a) | 48,000 | 50,601 |
| LYB International Finance III LLC | | |
| 1.25%, 10/01/25 (a) | 23,000 | 21,490 |
| 3.63%, 04/01/51 (a) | 33,000 | 24,092 |
| 3.80%, 10/01/60 (a) | 14,000 | 9,968 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| M&T Bank Corp. (5.05% fixed rate until 01/27/33; 1.85% + SOFR thereafter) | | |
| 5.05%, 01/27/34 (a)(b) | $ 215,000 | $ 203,687 |
| Marsh & McLennan Cos., Inc. | | |
| 2.90%, 12/15/51 (a) | 33,000 | 22,199 |
| McCormick & Co., Inc. | | |
| 1.85%, 02/15/31 (a) | 22,000 | 18,102 |
| 3.25%, 11/15/25 (a) | 235,000 | 227,151 |
| McDonald's Corp. | | |
| 3.60%, 07/01/30 (a) | 50,000 | 47,454 |
| 3.63%, 09/01/49 (a) | 11,000 | 8,840 |
| 4.88%, 12/09/45 (a) | 14,000 | 13,801 |
| Medtronic Global Holdings SCA | | |
| 4.50%, 03/30/33 (a) | 215,000 | 215,013 |
| Medtronic, Inc. | | |
| 4.63%, 03/15/45 (a) | 4,000 | 3,896 |
| Memorial Sloan-Kettering Cancer Center | | |
| 4.13%, 07/01/52 (a) | 66,000 | 57,807 |
| Mercedes-Benz Finance North America LLC | | |
| 5.38%, 11/26/25 (a)(g) | 245,000 | 247,399 |
| Merck & Co., Inc. | | |
| 1.90%, 12/10/28 (a) | 99,000 | 89,149 |
| 2.45%, 06/24/50 (a) | 48,000 | 31,695 |
| 2.75%, 12/10/51 (a) | 31,000 | 21,355 |
| 2.90%, 12/10/61 (a) | 16,000 | 10,719 |
| 4.00%, 03/07/49 (a) | 10,000 | 8,835 |
| 4.50%, 05/17/33 (a) | 66,000 | 66,471 |
| 5.00%, 05/17/53 (a) | 36,000 | 37,065 |
| Meta Platforms, Inc. | ��� | |
| 3.85%, 08/15/32 (a) | 97,000 | 92,246 |
| 4.45%, 08/15/52 (a) | 63,000 | 57,972 |
| MetLife, Inc. | | |
| 4.72%, 12/15/44 (a) | 22,000 | 20,680 |
| Micron Technology, Inc. | | |
| 3.37%, 11/01/41 (a) | 43,000 | 32,300 |
| 3.48%, 11/01/51 (a) | 58,000 | 42,312 |
| Microsoft Corp. | | |
| 2.40%, 08/08/26 (a) | 23,000 | 21,950 |
| 2.68%, 06/01/60 (a) | 8,000 | 5,369 |
| 2.92%, 03/17/52 (a) | 63,000 | 46,410 |
| 3.45%, 08/08/36 (a) | 4,000 | 3,678 |
| 3.50%, 02/12/35 (a) | 20,000 | 18,962 |
| Mid-America Apartments LP | | |
| 2.88%, 09/15/51 (a) | 50,000 | 32,788 |
| Mizuho Financial Group, Inc. | | |
| 2.84%, 09/13/26 (a) | 489,000 | 464,350 |
| Molson Coors Beverage Co. | | |
| 4.20%, 07/15/46 (a) | 8,000 | 6,827 |
| Morgan Stanley | | |
| 3.70%, 10/23/24 (a) | 15,000 | 14,801 |
| | Principal
Amount | Fair
Value |
| 3.97%, 07/22/38 (a)(b) | $ 22,000 | $ 19,288 |
| 4.35%, 09/08/26 (a) | 67,000 | 65,795 |
| 4.38%, 01/22/47 (a) | 21,000 | 18,928 |
| Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | | |
| 1.51%, 07/20/27 (a)(b) | 51,000 | 46,601 |
| Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | | |
| 2.48%, 09/16/36 (a)(b) | 199,000 | 157,960 |
| Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | | |
| 2.80%, 01/25/52 (a)(b) | 99,000 | 66,043 |
| MPLX LP | | |
| 2.65%, 08/15/30 (a) | 38,000 | 32,826 |
| 5.20%, 12/01/47 (a) | 8,000 | 7,312 |
| Mylan, Inc. | | |
| 5.20%, 04/15/48 (a) | 15,000 | 12,433 |
| Nasdaq, Inc. | | |
| 5.95%, 08/15/53 (a) | 24,000 | 25,843 |
| 6.10%, 06/28/63 (a) | 33,000 | 35,821 |
| National Australia Bank Ltd. (3.35% fixed rate until 01/12/32; 1.70% + 5 year CMT thereafter) | | |
| 3.35%, 01/12/37 (a)(b)(g) | 254,000 | 210,401 |
| Nevada Power Co. | | |
| 6.00%, 03/15/54 (a) | 37,000 | 40,600 |
| NewMarket Corp. | | |
| 2.70%, 03/18/31 (a) | 33,000 | 27,753 |
| Newmont Corp. | | |
| 4.88%, 03/15/42 (a) | 22,000 | 21,437 |
| 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) | 33,000 | 30,912 |
| NGPL PipeCo LLC | | |
| 3.25%, 07/15/31 (a)(g) | 66,000 | 57,249 |
| NIKE, Inc. | | |
| 3.38%, 03/27/50 (a) | 13,000 | 10,654 |
| NiSource, Inc. | | |
| 3.60%, 05/01/30 (a) | 39,000 | 36,387 |
| 3.95%, 03/30/48 (a) | 6,000 | 4,859 |
| 5.25%, 03/30/28 (a) | 248,000 | 253,275 |
| NNN REIT, Inc. | | |
| 4.00%, 11/15/25 (a) | 28,000 | 27,426 |
| Norfolk Southern Corp. | | |
| 3.95%, 10/01/42 (a) | 22,000 | 18,785 |
| Northwestern Mutual Life Insurance Co. | | |
| 3.45%, 03/30/51 (a)(g) | 82,000 | 61,397 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| NOV, Inc. | | |
| 3.60%, 12/01/29 (a) | $ 50,000 | $ 46,233 |
| Novant Health, Inc. | | |
| 3.32%, 11/01/61 (a) | 39,000 | 26,262 |
| Novartis Capital Corp. | | |
| 2.20%, 08/14/30 (a) | 57,000 | 50,196 |
| 3.00%, 11/20/25 (a) | 4,000 | 3,892 |
| Nutrien Ltd. | | |
| 4.90%, 03/27/28 - 06/01/43 (a) | 190,000 | 190,459 |
| NVIDIA Corp. | | |
| 3.50%, 04/01/50 (a) | 23,000 | 19,218 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | | |
| 3.25%, 11/30/51 (a) | 100,000 | 71,571 |
| Occidental Petroleum Corp. | | |
| 6.13%, 01/01/31 (a) | 109,000 | 113,376 |
| Oklahoma Gas & Electric Co. | | |
| 3.25%, 04/01/30 (a) | 33,000 | 30,132 |
| Oncor Electric Delivery Co. LLC | | |
| 3.80%, 09/30/47 (a) | 6,000 | 4,843 |
| ONEOK, Inc. | | |
| 4.35%, 03/15/29 (a) | 30,000 | 29,150 |
| 5.80%, 11/01/30 (a) | 246,000 | 255,980 |
| 6.10%, 11/15/32 (a) | 45,000 | 47,817 |
| 6.63%, 09/01/53 (a) | 78,000 | 87,453 |
| Oracle Corp. | | |
| 2.30%, 03/25/28 (a) | 22,000 | 20,037 |
| 2.65%, 07/15/26 (a) | 33,000 | 31,303 |
| 2.88%, 03/25/31 (a) | 33,000 | 29,224 |
| 2.95%, 04/01/30 (a) | 50,000 | 45,128 |
| 3.60%, 04/01/50 (a) | 33,000 | 24,440 |
| 3.65%, 03/25/41 (a) | 35,000 | 27,828 |
| 3.80%, 11/15/37 (a) | 3,000 | 2,553 |
| 3.95%, 03/25/51 (a) | 20,000 | 15,721 |
| 4.00%, 07/15/46 - 11/15/47 (a) | 42,000 | 33,521 |
| 4.10%, 03/25/61 (a) | 43,000 | 32,858 |
| 5.55%, 02/06/53 (a) | 29,000 | 29,046 |
| 6.15%, 11/09/29 (a) | 111,000 | 119,317 |
| 6.90%, 11/09/52 (a) | 29,000 | 33,990 |
| Otis Worldwide Corp. | | |
| 2.06%, 04/05/25 (a) | 58,000 | 55,807 |
| 2.57%, 02/15/30 (a) | 21,000 | 18,697 |
| 3.36%, 02/15/50 (a) | 22,000 | 17,061 |
| Owens Corning | | |
| 3.88%, 06/01/30 (a) | 142,000 | 133,440 |
| Pacific Gas & Electric Co. | | |
| 2.10%, 08/01/27 (a) | 33,000 | 29,760 |
| 2.50%, 02/01/31 (a) | 57,000 | 47,080 |
| 3.00%, 06/15/28 (a) | 53,000 | 48,307 |
| 3.30%, 08/01/40 (a) | 57,000 | 41,779 |
| 3.50%, 08/01/50 (a) | 23,000 | 15,936 |
| | Principal
Amount | Fair
Value |
| 4.30%, 03/15/45 (a) | $ 38,000 | $ 29,715 |
| PacifiCorp | | |
| 2.70%, 09/15/30 (a) | 34,000 | 29,408 |
| 2.90%, 06/15/52 (a) | 73,000 | 47,003 |
| 6.25%, 10/15/37 (a) | 2,000 | 2,145 |
| Packaging Corp. of America | | |
| 3.05%, 10/01/51 (a) | 44,000 | 30,769 |
| Paramount Global | | |
| 2.90%, 01/15/27 (a) | 8,000 | 7,411 |
| 3.70%, 06/01/28 (a) | 13,000 | 12,007 |
| 5.25%, 04/01/44 (a) | 2,000 | 1,637 |
| Parker-Hannifin Corp. | | |
| 3.25%, 06/14/29 (a) | 28,000 | 26,356 |
| 4.50%, 09/15/29 (a) | 49,000 | 49,166 |
| Patterson-UTI Energy, Inc. | | |
| 7.15%, 10/01/33 (a) | 62,000 | 65,729 |
| PayPal Holdings, Inc. | | |
| 2.65%, 10/01/26 (a) | 43,000 | 40,854 |
| 3.25%, 06/01/50 (a) | 23,000 | 17,252 |
| PepsiCo, Inc. | | |
| 1.63%, 05/01/30 (a) | 32,000 | 27,270 |
| 2.63%, 07/29/29 (a) | 43,000 | 39,641 |
| 2.75%, 10/21/51 (a) | 76,000 | 54,050 |
| Pfizer Investment Enterprises Pte. Ltd. | | |
| 4.45%, 05/19/28 (a) | 196,000 | 196,033 |
| 4.75%, 05/19/33 (a) | 66,000 | 66,119 |
| 5.30%, 05/19/53 (a) | 23,000 | 23,523 |
| 5.34%, 05/19/63 (a) | 45,000 | 45,502 |
| Pfizer, Inc. | | |
| 2.70%, 05/28/50 (a) | 69,000 | 48,044 |
| 3.90%, 03/15/39 (a) | 19,000 | 16,844 |
| 4.13%, 12/15/46 (a) | 16,000 | 14,238 |
| 4.40%, 05/15/44 (a) | 3,000 | 2,837 |
| Philip Morris International, Inc. | | |
| 1.50%, 05/01/25 (a) | 37,000 | 35,376 |
| 2.10%, 05/01/30 (a) | 15,000 | 12,906 |
| 3.38%, 08/15/29 (a) | 23,000 | 21,549 |
| 4.13%, 03/04/43 (a) | 12,000 | 10,184 |
| 5.13%, 02/15/30 (a) | 97,000 | 98,729 |
| 5.38%, 02/15/33 (a) | 25,000 | 25,655 |
| 5.63%, 11/17/29 (a) | 48,000 | 50,349 |
| Phillips 66 Co. | | |
| 2.15%, 12/15/30 (a) | 183,000 | 154,339 |
| 3.15%, 12/15/29 (a) | 90,000 | 82,827 |
| 3.30%, 03/15/52 (a) | 54,000 | 38,737 |
| 3.75%, 03/01/28 (a) | 4,000 | 3,846 |
| 4.68%, 02/15/45 (a) | 20,000 | 18,184 |
| Pilgrim's Pride Corp. | | |
| 6.25%, 07/01/33 (a) | 63,000 | 64,822 |
| Pioneer Natural Resources Co. | | |
| 1.13%, 01/15/26 (a) | 51,000 | 47,379 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 2.15%, 01/15/31 (a) | $ 28,000 | $ 23,837 |
| Plains All American Pipeline LP/PAA Finance Corp. | | |
| 3.55%, 12/15/29 (a) | 38,000 | 34,984 |
| PPL Capital Funding, Inc. | | |
| 3.10%, 05/15/26 (a) | 41,000 | 39,317 |
| Precision Castparts Corp. | | |
| 4.38%, 06/15/45 (a) | 21,000 | 19,065 |
| Progressive Corp. | | |
| 3.00%, 03/15/32 (a) | 64,000 | 57,121 |
| 3.70%, 03/15/52 (a) | 17,000 | 13,796 |
| Prologis LP | | |
| 3.05%, 03/01/50 (a) | 14,000 | 10,032 |
| 3.25%, 06/30/26 (a) | 13,000 | 12,574 |
| Prospect Capital Corp. | | |
| 3.36%, 11/15/26 (a) | 61,000 | 54,866 |
| Prudential Financial, Inc. | | |
| 3.94%, 12/07/49 (a) | 33,000 | 27,222 |
| 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) | 30,000 | 29,179 |
| Public Service Co. of Colorado | | |
| 3.70%, 06/15/28 (a) | 33,000 | 31,748 |
| Public Storage Operating Co. | | |
| 5.35%, 08/01/53 (a) | 28,000 | 29,331 |
| PVH Corp. | | |
| 4.63%, 07/10/25 (a) | 94,000 | 92,475 |
| QUALCOMM, Inc. | | |
| 4.30%, 05/20/47 (a) | 3,000 | 2,752 |
| 4.50%, 05/20/52 (a) | 63,000 | 58,874 |
| Quanta Services, Inc. | | |
| 2.35%, 01/15/32 (a) | 55,000 | 45,601 |
| 3.05%, 10/01/41 (a) | 61,000 | 45,000 |
| Quest Diagnostics, Inc. | | |
| 2.95%, 06/30/30 (a) | 13,000 | 11,636 |
| Realty Income Corp. | | |
| 2.85%, 12/15/32 (a) | 30,000 | 25,556 |
| 3.00%, 01/15/27 (a) | 5,000 | 4,746 |
| 3.25%, 01/15/31 (a) | 32,000 | 29,105 |
| Regeneron Pharmaceuticals, Inc. | | |
| 1.75%, 09/15/30 (a) | 67,000 | 55,089 |
| Regions Financial Corp. | | |
| 1.80%, 08/12/28 (a) | 128,000 | 109,654 |
| RenaissanceRe Holdings Ltd. | | |
| 5.75%, 06/05/33 (a) | 79,000 | 79,885 |
| Republic Services, Inc. | | |
| 2.38%, 03/15/33 (a) | 88,000 | 73,604 |
| 5.00%, 04/01/34 (a) | 60,000 | 61,441 |
| Rio Tinto Finance USA Ltd. | | |
| 2.75%, 11/02/51 (a) | 82,000 | 56,116 |
| | Principal
Amount | Fair
Value |
| Rio Tinto Finance USA PLC | | |
| 4.13%, 08/21/42 (a) | $ 12,000 | $ 10,857 |
| Rockwell Automation, Inc. | | |
| 2.80%, 08/15/61 (a) | 18,000 | 11,692 |
| 4.20%, 03/01/49 (a) | 23,000 | 20,711 |
| Rogers Communications, Inc. | | |
| 5.00%, 03/15/44 (a) | 4,000 | 3,749 |
| Roper Technologies, Inc. | | |
| 2.95%, 09/15/29 (a) | 33,000 | 30,230 |
| Ross Stores, Inc. | | |
| 4.70%, 04/15/27 (a) | 10,000 | 9,895 |
| Royalty Pharma PLC | | |
| 1.20%, 09/02/25 (a) | 58,000 | 54,149 |
| 1.75%, 09/02/27 (a) | 27,000 | 24,237 |
| 2.20%, 09/02/30 (a) | 9,000 | 7,575 |
| 3.30%, 09/02/40 (a) | 3,000 | 2,262 |
| RPM International, Inc. | | |
| 3.75%, 03/15/27 (a) | 13,000 | 12,499 |
| RTX Corp. | | |
| 1.90%, 09/01/31 (a) | 63,000 | 51,260 |
| 2.82%, 09/01/51 (a) | 43,000 | 28,391 |
| 3.13%, 05/04/27 (a) | 50,000 | 47,568 |
| 3.50%, 03/15/27 (a) | 17,000 | 16,384 |
| 3.95%, 08/16/25 (a) | 15,000 | 14,788 |
| 4.15%, 05/15/45 (a) | 18,000 | 15,360 |
| 4.45%, 11/16/38 (a) | 15,000 | 13,816 |
| 6.10%, 03/15/34 (a) | 70,000 | 75,902 |
| 6.40%, 03/15/54 (a) | 50,000 | 57,942 |
| Ryder System, Inc. | | |
| 2.90%, 12/01/26 (a) | 88,000 | 83,041 |
| Salesforce, Inc. | | |
| 1.95%, 07/15/31 (a) | 41,000 | 35,021 |
| 2.70%, 07/15/41 (a) | 54,000 | 41,272 |
| Schlumberger Holdings Corp. | | |
| 3.90%, 05/17/28 (a)(g) | 25,000 | 24,277 |
| Schlumberger Investment S.A. | | |
| 4.85%, 05/15/33 (a) | 134,000 | 136,140 |
| Sealed Air Corp. | | |
| 1.57%, 10/15/26 (a)(g) | 228,000 | 205,282 |
| Selective Insurance Group, Inc. | | |
| 5.38%, 03/01/49 (a) | 13,000 | 12,577 |
| Sempra | | |
| 3.80%, 02/01/38 (a) | 6,000 | 5,138 |
| 4.00%, 02/01/48 (a) | 12,000 | 9,880 |
| Sempra (4.13% fixed rate until 01/01/27; 2.87% + 5 year CMT thereafter) | | |
| 4.13%, 04/01/52 (a)(b) | 91,000 | 78,388 |
| Shell International Finance BV | | |
| 2.38%, 11/07/29 (a) | 94,000 | 84,601 |
| 3.13%, 11/07/49 (a) | 32,000 | 23,546 |
| 3.75%, 09/12/46 (a) | 11,000 | 9,147 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Shire Acquisitions Investments Ireland DAC | | |
| 3.20%, 09/23/26 (a) | $ 4,000 | $ 3,849 |
| Simon Property Group LP | | |
| 3.38%, 06/15/27 (a) | 18,000 | 17,262 |
| Sonoco Products Co. | | |
| 2.85%, 02/01/32 (a) | 63,000 | 53,763 |
| Southern California Edison Co. | | |
| 4.00%, 04/01/47 (a) | 69,000 | 56,603 |
| 4.20%, 03/01/29 (a) | 49,000 | 48,029 |
| 5.65%, 10/01/28 (a) | 320,000 | 333,670 |
| Southern Co. | | |
| 3.25%, 07/01/26 (a) | 6,000 | 5,788 |
| 3.70%, 04/30/30 (a) | 73,000 | 68,836 |
| Southern Co. Gas Capital Corp. | | |
| 3.95%, 10/01/46 (a) | 37,000 | 28,849 |
| 4.40%, 05/30/47 (a) | 3,000 | 2,538 |
| Southwest Airlines Co. | | |
| 2.63%, 02/10/30 (a) | 50,000 | 43,709 |
| Southwestern Electric Power Co. | | |
| 2.75%, 10/01/26 (a) | 24,000 | 22,557 |
| Spectra Energy Partners LP | | |
| 3.38%, 10/15/26 (a) | 4,000 | 3,852 |
| 4.50%, 03/15/45 (a) | 3,000 | 2,572 |
| Starbucks Corp. | | |
| 4.00%, 11/15/28 (a) | 13,000 | 12,804 |
| STERIS Irish FinCo UnLtd Co. | | |
| 2.70%, 03/15/31 (a) | 198,000 | 170,250 |
| Stryker Corp. | | |
| 1.95%, 06/15/30 (a) | 76,000 | 64,996 |
| Sumitomo Mitsui Financial Group, Inc. | | |
| 4.44%, 04/02/24 (a)(g) | 466,000 | 464,369 |
| 6.18%, 07/13/43 (a) | 119,000 | 132,570 |
| Sumitomo Mitsui Trust Bank Ltd. | | |
| 1.35%, 09/16/26 (a)(g) | 484,000 | 439,946 |
| Suncor Energy, Inc. | | |
| 4.00%, 11/15/47 (a) | 4,000 | 3,169 |
| Svenska Handelsbanken AB (1.42% fixed rate until 06/11/26; 0.63% + 1 year CMT thereafter) | | |
| 1.42%, 06/11/27 (a)(b)(g) | 250,000 | 227,195 |
| Sysco Corp. | | |
| 3.25%, 07/15/27 (a) | 15,000 | 14,348 |
| 5.95%, 04/01/30 (a) | 4,000 | 4,257 |
| 6.60%, 04/01/50 (a) | 5,000 | 5,856 |
| Takeda Pharmaceutical Co. Ltd. | | |
| 2.05%, 03/31/30 (a) | 200,000 | 171,468 |
| | Principal
Amount | Fair
Value |
| Take-Two Interactive Software, Inc. | | |
| 3.70%, 04/14/27 (a) | $ 154,000 | $ 149,174 |
| 4.00%, 04/14/32 (a) | 33,000 | 31,392 |
| Tampa Electric Co. | | |
| 2.40%, 03/15/31 (a) | 72,000 | 60,772 |
| 3.45%, 03/15/51 (a) | 44,000 | 31,992 |
| 4.35%, 05/15/44 (a) | 48,000 | 40,959 |
| Tapestry, Inc. | | |
| 4.13%, 07/15/27 (a) | 3,000 | 2,857 |
| 7.35%, 11/27/28 (a) | 295,000 | 309,605 |
| 7.85%, 11/27/33 (a) | 60,000 | 64,069 |
| Targa Resources Corp. | | |
| 6.50%, 03/30/34 (a) | 188,000 | 203,324 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | |
| 5.00%, 01/15/28 (a) | 149,000 | 147,266 |
| Target Corp. | | |
| 1.95%, 01/15/27 (a) | 23,000 | 21,460 |
| Teck Resources Ltd. | | |
| 5.40%, 02/01/43 (a) | 17,000 | 16,253 |
| Texas Instruments, Inc. | | |
| 3.88%, 03/15/39 (a) | 24,000 | 22,203 |
| Thermo Fisher Scientific, Inc. | | |
| 2.80%, 10/15/41 (a) | 43,000 | 32,652 |
| Time Warner Cable LLC | | |
| 6.55%, 05/01/37 (a) | 14,000 | 13,803 |
| T-Mobile USA, Inc. | | |
| 3.50%, 04/15/31 (a) | 190,000 | 173,793 |
| 3.75%, 04/15/27 (a) | 73,000 | 70,839 |
| 4.50%, 04/15/50 (a) | 15,000 | 13,280 |
| 4.80%, 07/15/28 (a) | 179,000 | 180,434 |
| Toronto-Dominion Bank | | |
| 3.20%, 03/10/32 (a) | 134,000 | 118,699 |
| 4.46%, 06/08/32 (a) | 69,000 | 67,049 |
| Toronto-Dominion Bank (3.63% fixed rate until 9/15/26; 2.21% + 5 year swap Rate thereafter) | | |
| 3.63%, 09/15/31 (a)(b) | 24,000 | 23,057 |
| Tractor Supply Co. | | |
| 5.25%, 05/15/33 (a) | 63,000 | 64,649 |
| Trane Technologies Financing Ltd. | | |
| 3.55%, 11/01/24 (a) | 32,000 | 31,408 |
| 3.80%, 03/21/29 (a) | 4,000 | 3,875 |
| TransCanada PipeLines Ltd. | | |
| 4.25%, 05/15/28 (a) | 44,000 | 42,874 |
| 4.88%, 01/15/26 (a) | 9,000 | 8,978 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3-month USD LIBOR thereafter) | | |
| 5.63%, 05/20/75 (a)(b) | $ 95,000 | $ 89,667 |
| Transcontinental Gas Pipe Line Co. LLC | | |
| 4.00%, 03/15/28 (a) | 18,000 | 17,455 |
| Travelers Cos., Inc. | | |
| 2.55%, 04/27/50 (a) | 81,000 | 53,582 |
| Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT thereafter) | | |
| 4.80%, 09/01/24 (a)(b) | 129,000 | 118,465 |
| TWDC Enterprises 18 Corp. | | |
| 4.13%, 06/01/44 (a) | 3,000 | 2,679 |
| Tyco Electronics Group S.A. | | |
| 3.13%, 08/15/27 (a) | 18,000 | 17,179 |
| U.S. Bancorp (4.97% fixed rate until 07/22/32; 2.11% + SOFR thereafter) | | |
| 4.97%, 07/22/33 (a)(b) | 144,000 | 136,662 |
| UBS Group AG (9.25% fixed rate until 11/13/28; 4.75% + 5 year CMT thereafter) | | |
| 9.25%, 11/13/28 (a)(b)(g) | 200,000 | 215,500 |
| UDR, Inc. | | |
| 2.10%, 08/01/32 (a) | 43,000 | 33,798 |
| 3.00%, 08/15/31 (a) | 24,000 | 21,229 |
| Union Pacific Corp. | | |
| 3.55%, 05/20/61 (a) | 38,000 | 28,673 |
| 3.60%, 09/15/37 (a) | 7,000 | 6,222 |
| 3.80%, 04/06/71 (a) | 20,000 | 15,832 |
| 4.10%, 09/15/67 (a) | 15,000 | 12,469 |
| UnitedHealth Group, Inc. | | |
| 2.00%, 05/15/30 (a) | 53,000 | 45,825 |
| 4.20%, 05/15/32 (a) | 53,000 | 51,827 |
| 4.45%, 12/15/48 (a) | 33,000 | 30,262 |
| 4.75%, 07/15/45 - 05/15/52 (a) | 55,000 | 52,936 |
| 5.05%, 04/15/53 (a) | 39,000 | 39,451 |
| 5.20%, 04/15/63 (a) | 73,000 | 74,612 |
| 6.05%, 02/15/63 (a) | 21,000 | 24,283 |
| Utah Acquisition Sub, Inc. | | |
| 3.95%, 06/15/26 (a) | 266,000 | 257,515 |
| Vale Overseas Ltd. | | |
| 6.13%, 06/12/33 (a) | 110,000 | 113,965 |
| Ventas Realty LP | | |
| 3.25%, 10/15/26 (a) | 24,000 | 22,730 |
| Verizon Communications, Inc. | | |
| 2.36%, 03/15/32 (a) | 90,000 | 74,923 |
| 2.55%, 03/21/31 (a) | 43,000 | 37,084 |
| 3.00%, 03/22/27 (a) | 119,000 | 113,150 |
| 3.40%, 03/22/41 (a) | 44,000 | 35,125 |
| | Principal
Amount | Fair
Value |
| 3.55%, 03/22/51 (a) | $ 33,000 | $ 25,459 |
| 3.70%, 03/22/61 (a) | 49,000 | 37,505 |
| 4.40%, 11/01/34 (a) | 93,000 | 89,563 |
| 4.86%, 08/21/46 (a) | 73,000 | 69,741 |
| Viatris, Inc. | | |
| 1.65%, 06/22/25 (a) | 226,000 | 214,024 |
| 4.00%, 06/22/50 (a) | 26,000 | 18,298 |
| Virginia Electric & Power Co. | | |
| 4.00%, 11/15/46 (a) | 42,000 | 34,822 |
| Visa, Inc. | | |
| 2.70%, 04/15/40 (a) | 33,000 | 25,514 |
| Vistra Operations Co. LLC | | |
| 3.55%, 07/15/24 (a)(g) | 134,000 | 131,974 |
| Viterra Finance BV | | |
| 2.00%, 04/21/26 (a)(g) | 373,000 | 345,831 |
| Volkswagen Group of America Finance LLC | | |
| 1.63%, 11/24/27 (a)(g) | 232,000 | 204,478 |
| Vontier Corp. | | |
| 2.40%, 04/01/28 (a) | 87,000 | 76,825 |
| 2.95%, 04/01/31 (a) | 67,000 | 56,380 |
| Vornado Realty LP | | |
| 2.15%, 06/01/26 (a) | 78,000 | 70,333 |
| 3.50%, 01/15/25 (a) | 15,000 | 14,526 |
| Walmart, Inc. | | |
| 1.80%, 09/22/31 (a) | 43,000 | 36,462 |
| 2.50%, 09/22/41 (a) | 43,000 | 31,829 |
| 2.65%, 09/22/51 (a) | 22,000 | 15,359 |
| Walt Disney Co. | | |
| 2.65%, 01/13/31 (a) | 50,000 | 44,511 |
| 3.38%, 11/15/26 (a) | 3,000 | 2,913 |
| 3.60%, 01/13/51 (a) | 32,000 | 25,748 |
| 4.75%, 11/15/46 (a) | 3,000 | 2,877 |
| 6.65%, 11/15/37 (a) | 33,000 | 38,782 |
| Warnermedia Holdings, Inc. | | |
| 4.28%, 03/15/32 (a) | 190,000 | 173,825 |
| 5.05%, 03/15/42 (a) | 17,000 | 14,989 |
| 5.14%, 03/15/52 (a) | 17,000 | 14,627 |
| 5.39%, 03/15/62 (a) | 17,000 | 14,620 |
| Waste Connections, Inc. | | |
| 2.20%, 01/15/32 (a) | 58,000 | 48,433 |
| 2.95%, 01/15/52 (a) | 58,000 | 40,884 |
| WEC Energy Group, Inc. | | |
| 3.55%, 06/15/25 (a) | 8,000 | 7,790 |
| Wells Fargo & Co. | | |
| 4.15%, 01/24/29 (a) | 57,000 | 55,453 |
| 4.75%, 12/07/46 (a) | 57,000 | 50,347 |
| 5.88%, 06/15/25 (a)(b) | 109,000 | 107,917 |
| Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter) | | |
| 2.19%, 04/30/26 (a)(b) | 74,000 | 70,925 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | | |
| 2.39%, 06/02/28 (a)(b) | $ 136,000 | $ 124,556 |
| Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | | |
| 3.07%, 04/30/41 (a)(b) | 69,000 | 52,168 |
| Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.43% + 3-month Term SOFR) | | |
| 3.20%, 06/17/27 (a)(b) | 156,000 | 149,155 |
| Wells Fargo & Co. (6.49% fixed rate until 10/23/33; 2.06% + SOFR thereafter) | | |
| 6.49%, 10/23/34 (a)(b) | 90,000 | 98,018 |
| Westlake Corp. | | |
| 2.88%, 08/15/41 (a) | 23,000 | 16,274 |
| 3.13%, 08/15/51 (a) | 26,000 | 17,254 |
| 3.38%, 08/15/61 (a) | 25,000 | 16,177 |
| Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT thereafter) | | |
| 2.89%, 02/04/30 (a)(b) | 53,000 | 51,075 |
| Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT thereafter) | | |
| 4.11%, 07/24/34 (a)(b) | 38,000 | 34,832 |
| Weyerhaeuser Co. | | |
| 4.00%, 03/09/52 (a) | 45,000 | 37,000 |
| Williams Cos., Inc. | | |
| 3.75%, 06/15/27 (a) | 3,000 | 2,892 |
| 4.85%, 03/01/48 (a) | 15,000 | 13,647 |
| 4.90%, 01/15/45 (a) | 38,000 | 34,593 |
| 5.30%, 08/15/52 (a) | 26,000 | 25,236 |
| 5.40%, 03/04/44 (a) | 3,000 | 2,924 |
| Willis North America, Inc. | | |
| 3.88%, 09/15/49 (a) | 33,000 | 25,535 |
| Workday, Inc. | | |
| 3.50%, 04/01/27 (a) | 56,000 | 54,153 |
| 3.70%, 04/01/29 (a) | 111,000 | 106,603 |
| WPP Finance 2010 | | |
| 3.75%, 09/19/24 (a) | 22,000 | 21,603 |
| Xcel Energy, Inc. | | |
| 3.40%, 06/01/30 (a) | 45,000 | 41,495 |
| Zoetis, Inc. | | |
| 3.00%, 09/12/27 (a) | 3,000 | 2,848 |
| 3.90%, 08/20/28 (a) | 21,000 | 20,560 |
| 5.60%, 11/16/32 (a) | 121,000 | 129,734 |
| | | 48,406,978 |
| | Principal
Amount | Fair
Value |
| Non-Agency Collateralized Mortgage Obligations - 6.3% |
| Bank | | |
| 3.18%, 09/15/60 (a) | $ 2,398,000 | $ 2,234,092 |
| 4.41%, 11/15/61 (a)(b) | 1,001,000 | 972,480 |
| BPR Trust 1.90% + 3-month Term SOFR | | |
| 7.26%, 04/15/37 (a)(b)(g) | 372,398 | 366,313 |
| Cantor Commercial Real Estate Lending | | |
| 3.01%, 01/15/53 (a) | 460,000 | 408,420 |
| CD Mortgage Trust | | |
| 2.91%, 08/15/57 (a) | 839,000 | 745,689 |
| Citigroup Commercial Mortgage Trust | | |
| 4.03%, 12/10/49 (a)(b) | 336,823 | 307,704 |
| COMM Mortgage Trust | | |
| 3.92%, 10/15/45 (a)(g) | 191,000 | 157,312 |
| 4.53%, 02/10/47 (a)(b) | 240,000 | 233,977 |
| GS Mortgage Securities Trust | | |
| 2.75%, 09/10/52 (a) | 1,523,000 | 1,342,984 |
| 3.05%, 11/10/52 (a) | 743,000 | 663,697 |
| 4.14%, 03/10/51 (a)(b) | 291,000 | 272,608 |
| 4.42%, 11/10/48 (a)(b) | 380,000 | 303,994 |
| Impac CMB Trust (6.19% fixed rate until 01/25/24; 0.83% + 1-month Term SOFR) | | |
| 6.19%, 10/25/34 (b) | 11,691 | 11,496 |
| JPMBB Commercial Mortgage Securities Trust | | |
| 4.65%, 11/15/48 (a)(b) | 250,000 | 127,943 |
| MASTR Alternative Loan Trust | | |
| 5.00%, 08/25/18 (d) | 912 | 83 |
| Morgan Stanley Bank of America Merrill Lynch Trust | | |
| 0.84%, 03/15/48 (a)(b)(d) | 2,931,335 | 21,012 |
| Wells Fargo Commercial Mortgage Trust | | |
| 1.18%, 02/15/48 (a)(b)(d) | 2,246,081 | 22,076 |
| 4.32%, 08/15/50 (a) | 485,082 | 411,953 |
| WFRBS Commercial Mortgage Trust | | |
| 4.35%, 03/15/47 (a)(b) | 533,000 | 523,504 |
| | | 9,127,337 |
| Sovereign Bonds - 1.2% |
| Chile Government International Bonds | | |
| 2.55%, 01/27/32 (a) | 290,000 | 248,890 |
| 3.86%, 06/21/47 (a) | 200,000 | 163,596 |
| Mexico Government International Bonds | | |
| 4.75%, 03/08/44 (a) | 200,000 | 171,600 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Panama Government International Bonds | | |
| 3.16%, 01/23/30 (a) | $ 200,000 | $ 170,514 |
| 3.87%, 07/23/60 (a) | 200,000 | 119,652 |
| Peru Government International Bonds | | |
| 1.86%, 12/01/32 (a) | 140,000 | 109,544 |
| 2.78%, 12/01/60 (a) | 230,000 | 143,246 |
| 5.63%, 11/18/50 (a) | 105,000 | 109,404 |
| Philippines Government International Bonds | | |
| 3.95%, 01/20/40 (a) | 200,000 | 181,028 |
| Qatar Government International Bonds | | |
| 4.82%, 03/14/49 (a)(g) | 258,000 | 251,344 |
| Uruguay Government International Bonds | | |
| 5.10%, 06/18/50 (a) | 105,744 | 106,011 |
| | | 1,774,829 |
| Municipal Bonds and Notes - 0.5% |
| American Municipal Power, Inc., OH | | |
| 6.27%, 02/15/50 | 125,000 | 136,268 |
| Board of Regents of the University of Texas System, TX | | |
| 3.35%, 08/15/47 | 115,000 | 91,103 |
| Port Authority of New York & New Jersey, NY | | |
| 4.46%, 10/01/62 | 220,000 | 200,742 |
| | Principal
Amount | Fair
Value |
| State of California, CA | | |
| 4.60%, 04/01/38 | $ 200,000 | $ 192,820 |
| State of Illinois, IL | | |
| 5.10%, 06/01/33 | 95,000 | 93,997 |
| | | 714,930 |
Total Bonds and Notes
(Cost $144,162,041) | | 135,935,896 |
Total Investments in Securities
(Cost $144,162,041) | | 135,935,896 |
| | Number
of Shares | |
| Short-Term Investments - 14.2% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.36% (h)(i)
(Cost $20,710,832) | 20,710,832 | 20,710,832 |
Total Investments
(Cost $164,872,873) | | 156,646,728 |
| Liabilities in Excess of Other Assets, net - (7.3)% | | (10,603,625) |
| NET ASSETS - 100.0% | | $ 146,043,103 |
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) |
| Sell Protection | | | | | | | |
| Markit CDX North America High Yield Index | Intercontinental Exchange | $3,472 | 5.00%/
Quarterly | 12/20/28 | $202,508 | $417 | $202,091 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| The Fund had the following long futures contracts open at December 31, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| U.S. Long Bond Futures | March 2024 | 12 | $ 1,400,996 | $ 1,499,129 | $ 98,133 |
| 10 Yr. U.S. Treasury Ultra Futures | March 2024 | 176 | 19,773,218 | 20,770,750 | 997,532 |
| 2 Yr. U.S. Treasury Notes Futures | March 2024 | 25 | 5,095,572 | 5,147,851 | 52,279 |
| Ultra Long-Term U.S. Treasury Bond Futures | March 2024 | 16 | 1,933,387 | 2,137,500 | 204,113 |
| 5 Yr. U.S. Treasury Notes Futures | March 2024 | 91 | 9,655,310 | 9,898,383 | 243,073 |
| | | | | | $ 1,595,130 |
| The Fund had the following short futures contracts open at December 31, 2023: |
| Description | Expiration
date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| 10 Yr. U.S. Treasury Notes Futures | March 2024 | 57 | $ (6,228,627) | $ (6,434,766) | $ (206,139) |
| During the year ended December 31, 2023, average notional values related to derivative contracts were as follows: |
| | Long
Futures
Contracts | Short
Futures
Contracts | Credit
Default
Swap
Contracts |
| Average Notional Value | $34,158,859 | $8,580,187 | $5,002,508 |
Notes to Schedule of Investments – December 31, 2023
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 December 31, 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 December 31, 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 December 31, 2023, these securities amounted to $7,328,632 or 5.02% 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 December 31, 2023. |
| * | Less than 0.05%. |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — December 31, 2023
| Abbreviations: |
| CMT - Constant Maturity Treasury |
| ISDA - International Swaps and Derivatives Association |
| LIBOR - London Interbank Offered Rate |
| REIT - Real Estate Investment Trust |
| REMICS - Real Estate Mortgage Investment Conduits |
| RFUCCT - Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| 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 December 31, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| U.S. Treasuries | $ — | | $ 38,737,550 | | $ — | | $ 38,737,550 |
| Agency Mortgage Backed | — | | 35,924,606 | | — | | 35,924,606 |
| Agency Collateralized Mortgage Obligations | — | | 1,201,361 | | — | | 1,201,361 |
| Asset Backed | — | | 48,305 | | — | | 48,305 |
| Corporate Notes | — | | 48,406,978 | | — | | 48,406,978 |
| Non-Agency Collateralized Mortgage Obligations | — | | 9,127,337 | | — | | 9,127,337 |
| Sovereign Bonds | — | | 1,774,829 | | — | | 1,774,829 |
| Municipal Bonds and Notes | — | | 714,930 | | — | | 714,930 |
| Short-Term Investments | 20,710,832 | | — | | — | | 20,710,832 |
| Total Investments in Securities | $ 20,710,832 | | $ 135,935,896 | | $ — | | $ 156,646,728 |
| Other Financial Instruments | | | | | | | |
| Credit Default Swap Contracts - Unrealized Appreciation | $ — | | $ 202,091 | | $ — | | $ 202,091 |
| Long Futures Contracts - Unrealized Appreciation | 1,595,130 | | — | | — | | 1,595,130 |
| Short Futures Contracts - Unrealized Depreciation | (206,139) | | — | | — | | (206,139) |
| Total Other Financial Instruments | $ 1,388,991 | | $ 202,091 | | $ — | | $ 1,591,082 |
| | 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
12/31/23 | Value at
12/31/23 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 33,943,475 | $33,943,475 | $51,271,000 | $64,503,643 | $— | $— | 20,710,832 | $20,710,832 | $1,394,546 |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Government Money Market Fund
Management's Discussion of Fund Performance — December 31, 2023 (Unaudited)
The Elfun Government Money Market Fund (the “Fund”) seeks a high level of current income consistent with prudent investment management and the preservation of capital. The Fund’s benchmark is the Daily-Linked 90-Day T-Bill (the “Index”).
For the 12-month period ended December 31, 2023 (the “Reporting Period”), the total return for the Fund was 4.89%, while the benchmark returned 5.01%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.
Over the course of 2023 the Fund adhered to its primary objective of principle preservation and liquidity while generating a market rate of return. Allocations to agencies and overnight repo as well as duration differences were primary drivers of Fund performance during the Reporting Period relative to the Index.
Over the course of 2023 the Fund adhered to its primary objective of principle preservation and liquidity while generating a market rate of return. In order to reign in persistent inflation and an overheated economy, the U.S. Federal Reserve’s (the “Fed”) began an about-face on the previous easy monetary policy in 2022 by embarking on an aggressive rate hiking cycle. The Central Bank raised interest rates by a total of 5.25% over the past two years. This hawkish pivot roiled markets and sent yields soaring, providing a boon for the cash markets, which had seen ultra-low interest rates in prior years.
The duration of the Fund was managed in order to maximize safety and liquidity while still allowing for competitive returns. Treasury Bill yields plunged in March and April during the height of the banking crisis after a number of U.S. regional banks as well as Credit Suisse were downgraded by ratings agencies and ultimately either failed or were bought by other large banks. The incident sent shockwaves through global markets as investors feared contagion into other sectors of the global economy. Investors fled to safe-haven assets sending yields plummeting. Ultimately, the contagion story did not play out, and market volatility was calmed as early as April. In the second half of the year, short term yields held steady with one-month Bills yielding between 5.30-5.40%.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
| 92 | Elfun Government Money Market Fund |
Elfun Government Money Market Fund
Performance Summary — December 31, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $149,980 (in thousands) as of December 31, 2023 (a) |
| Average Annual Total Return for the years ended December 31, 2023 |
| (Inception date: 6/13/90) |
| | One Year | | Five Year | | Ten Year | | Ending Value
of a $10,000
Investment |
| Elfun Government Money Market Fund | 4.89% | | 1.72% | | 1.09% | | $11,142 |
| Daily-linked 90-Day T-Bill | 5.01% | | 1.79% | | 1.23% | | $11,300 |
|
| (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. |
| Elfun Government Money Market Fund | 93 |
Elfun Government Money Market Fund
Performance Summary, continued — December 31, 2023 (Unaudited)
Change in Value of a $10,000 Investment
Yearly periods ended December 31
See Notes to Performance beginning on page 1 for further information.
Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares
An investment in the Elfun Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any other Government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per unit, it is possible to lose money by investing in the Fund.
| 94 | Elfun Government Money Market Fund |
Elfun Government Money Market Fund
Understanding Your Fund’s Expenses — December 31, 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 December 31, 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
July 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
December 31, 2023 | $1,026.00 | | $1,023.90 |
| Expenses Paid During Period* | $ 1.28 | | $ 1.28 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.25%** (for the period July 1, 2023 - December 31, 2023), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| ** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
| Elfun Government Money Market Fund | 95 |
Elfun Government Money Market Fund
Schedule of Investments — December 31, 2023
| | Principal
Amount | Fair
Value |
| Short-Term Investments - 102.0% † |
| U.S. Treasuries - 43.8% |
| U.S. Treasury Bills | | |
| 5.15% 11/29/24 (a) | $ 750,000 | $ 716,558 |
| 5.23% 01/30/24 (a)(b) | 400,000 | 400,000 |
| 5.28% 02/15/24 (a) | 1,800,000 | 1,799,480 |
| 5.30% 07/05/24 (a) | 1,000,000 | 974,950 |
| 5.31% 06/27/24 (a) | 125,000 | 121,866 |
5.34%
01/16/24 - 06/20/24 (a) | 1,800,000 | 1,774,144 |
| 5.37% 04/30/24 (a) | 500,000 | 491,389 |
5.38%
02/15/24 - 07/05/24 (a) | 5,350,000 | 5,261,762 |
5.39%
01/04/24 - 04/23/24 (a) | 5,900,000 | 5,879,445 |
5.40%
04/09/24 - 06/13/24 (a) | 1,900,000 | 1,859,109 |
| 5.41% 01/02/24 (a)(b) | 2,600,000 | 2,600,000 |
5.41%
04/02/24 - 04/09/24 (a) | 2,150,000 | 2,121,367 |
| 5.42% 01/02/24 (a)(b) | 1,400,000 | 1,400,000 |
5.42%
03/19/24 - 08/08/24 (a) | 3,530,000 | 3,466,003 |
5.43%
02/08/24 - 08/08/24 (a) | 3,400,000 | 3,345,849 |
5.45%
03/12/24 - 05/23/24 (a) | 2,050,000 | 2,018,063 |
| 5.46% 05/30/24 (a) | 2,500,000 | 2,445,781 |
5.47%
02/15/24 - 09/05/24 (a) | 2,600,000 | 2,552,534 |
5.48%
01/04/24 - 10/31/24 (a) | 2,850,000 | 2,803,694 |
5.49%
01/04/24 - 07/11/24 (a) | 3,380,000 | 3,345,802 |
| 5.49% 01/25/24 (a) | 220,000 | 219,259 |
| 5.49% 02/08/24 (a) | 200,000 | 198,917 |
| 5.50% 01/02/24 (a)(b) | 1,000,000 | 1,000,000 |
5.50%
01/02/24 - 06/13/24 (a) | 2,730,000 | 2,715,222 |
5.51%
01/30/24 (a) | 600,000 | 597,507 |
5.52%
01/30/24 - 04/04/24 (a) | 1,700,000 | 1,689,141 |
5.53%
03/28/24 (a) | 1,300,000 | 1,283,522 |
5.54%
03/28/24 - 10/03/24 (a) | 2,100,000 | 2,046,652 |
5.56%
04/04/24 (a) | 800,000 | 788,967 |
5.57%
02/29/24 - 10/03/24 (a) | 1,275,000 | 1,235,993 |
| 5.58% 02/29/24 (a) | 350,000 | 346,983 |
| | Principal
Amount | Fair
Value |
| U.S. Treasury Floating Rate Notes (6.00% fixed rate until 5/22/27; 3.75% + 5 year US ISDA thereafter) | | |
| 5.26% 04/30/24 (c) | $ 3,050,000 | $ 3,049,321 |
| 5.32% 01/31/24 (c) | 160,000 | 160,000 |
| 5.37% 07/31/24 (c) | 3,300,000 | 3,299,968 |
| 5.47% 10/31/24 (c) | 15,000 | 14,996 |
| 5.49% 10/31/25 | 430,000 | 429,378 |
| | | 64,453,622 |
| U.S. Government Agency Obligations - 16.6% |
| Federal Farm Credit Banks Funding Corp. 0.04% + SOFR | | |
| 5.44% 02/05/24 (c) | 125,000 | 124,996 |
| Federal Farm Credit Banks Funding Corp. 0.05% + SOFR | | |
5.45%
02/23/24 - 05/09/24 (c) | 350,000 | 349,999 |
5.45%
03/08/24 - 06/03/24 (c) | 600,000 | 600,000 |
| Federal Farm Credit Banks Funding Corp. 0.06% + SOFR | | |
5.46%
02/06/24 - 05/13/24 (c) | 780,000 | 780,001 |
| Federal Farm Credit Banks Funding Corp. 0.08% + SOFR | | |
5.48%
08/14/24 - 09/27/24 (c) | 500,000 | 500,000 |
| Federal Farm Credit Banks Funding Corp. 0.09% + SOFR | | |
| 5.49% 07/03/24 (c) | 200,000 | 200,000 |
| 5.49% 09/16/24 (c) | 60,000 | 60,000 |
| Federal Farm Credit Banks Funding Corp. 0.10% + SOFR | | |
| 5.50% 10/11/24 (c) | 500,000 | 500,000 |
| Federal Farm Credit Banks Funding Corp. 0.11% + SOFR | | |
| 5.51% 11/15/24 (c) | 150,000 | 150,000 |
| 5.51% 11/22/24 (c) | 100,000 | 100,000 |
| Federal Farm Credit Banks Funding Corp. 0.12% + SOFR | | |
| 5.52% 12/03/24 (c) | 200,000 | 200,000 |
| Federal Home Loan Bank Discount Notes | | |
| 5.08% 01/12/24 (a) | 500,000 | 499,335 |
| 5.09% 02/08/24 (a) | 500,000 | 497,544 |
| 5.50% 08/01/24 (a) | 700,000 | 678,729 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 96 | Elfun Government Money Market Fund |
Elfun Government Money Market Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 5.56% 09/25/24 (a) | $ 1,000,000 | $ 961,470 |
| Federal Home Loan Banks | | |
| 5.12% 05/10/24 | 700,000 | 700,000 |
| 5.33% 04/26/24 | 500,000 | 500,000 |
| 5.41% 06/07/24 | 1,300,000 | 1,300,000 |
| 5.64% 09/13/24 | 1,100,000 | 1,100,000 |
| Federal Home Loan Banks 0.03% + SOFR | | |
5.43%
01/17/24 - 01/22/24 (c) | 1,000,000 | 1,000,000 |
| Federal Home Loan Banks 0.04% + SOFR | | |
| 5.44% 01/26/24 (c) | 500,000 | 500,000 |
| Federal Home Loan Banks 0.05% + SOFR | | |
5.45%
03/01/24 - 05/10/24 (c) | 2,800,000 | 2,800,000 |
| 5.45% 03/25/24 (c) | 200,000 | 200,000 |
| Federal Home Loan Banks 0.07% + SOFR | | |
| 5.47% 07/05/24 (c) | 500,000 | 500,000 |
| Federal Home Loan Banks 0.08% + SOFR | | |
5.48%
02/26/24 - 08/16/24 (c) | 2,600,000 | 2,600,036 |
| Federal Home Loan Banks 0.11% + SOFR | | |
5.51%
11/21/24 - 12/19/24 (c) | 1,800,000 | 1,800,000 |
| Federal Home Loan Banks 0.12% + SOFR | | |
| 5.52% 05/28/24 (c) | 2,100,000 | 2,100,000 |
| 5.52% 11/01/24 (c) | 800,000 | 800,000 |
| Federal Home Loan Banks 0.13% + SOFR | | |
| 5.53% 01/27/25 (c) | 800,000 | 800,000 |
| 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 |
| | | 24,402,110 |
| | Principal
Amount | Fair
Value |
| Repurchase Agreements - 41.6% |
BNP Paribas Securities Corp. U.S. Treasury Repo 5.34% dated 12/29/23, to be repurchased $5,000,000 on 01/02/2024, Collateralized by $219 U.S. Treasury Bond, 1.250% Maturing on 05/15/2050, Collateralized by $5,020,726 U.S. Treasury Inflation Index Note, 0.125% Maturing on 10/15/2026, Collateralized by $79,085 U.S. Treasury Strips, 0.000% Maturing on 02/15/2040
01/02/24 | $ 5,000,000 | $ 5,000,000 |
Citigroup Global Markets, Inc. U.S. Treasury Repo 5.35% dated 12/29/23, to be repurchased $8,000,000 on 01/02/2024, Collateralized by $8,160,953 U.S. Government Obligation, 5.000% to 7.500% Maturing on 06/20/2053
01/02/24 | 8,000,000 | 8,000,000 |
Goldman Sachs & Co. U.S. Treasury Repo 5.37% dated 12/29/23, to be repurchased $10,000,000 on 01/02/2024, Collateralized by $10,200,000 U.S. Government Obligation, 3.000% to 7.000% Maturing from 04/01/2027 - 03/15/2061
01/02/24 | 10,000,000 | 10,000,000 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun Government Money Market Fund | 97 |
Elfun Government Money Market Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
HSBC Securities USA, Inc. U.S. Treasury Repo 5.33% dated 12/29/23, to be repurchased $5,000,000 on 01/02/2024, Collateralized by $4,454 849 U.S. Treasury Bill, 0.000% Maturing from 03/07/2024 - 10/03/2024, Collateralized by $333,696 U.S. Treasury Bond, 2.750% to 3.000% Maturing from 08/15/2042 - 08/15/2048, Collateralized by $808 U.S. Treasury Note, 4.125% Maturing on 01/31/2025, Collateralized by $310,118 U.S. Treasury Inflation Index Bond, 0.150% Maturing on 02/15/2053, Collateralized by $196 U.S. Treasury Inflation Index Note, 0.125% Maturing on 01/15/2032, Collateralized by $333 U.S. Treasury Strips, 0.000% Maturing from 05/15/2024 - 02/15/2032
01/02/24 | $ 5,000,000 | $ 5,000,000 |
HSBC Securities USA, Inc. U.S. Treasury Repo 5.35% dated 12/29/23, to be repurchased $5,000,000 on 01/02/2024, Collateralized by $5,100,000 U.S. Government Obligation, 1.770% Maturing on 09/01/2051
01/02/24 | 5,000,000 | 5,000,000 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 5.31% dated 12/29/23, to be repurchased $124,000 on 01/02/2024, Collateralized by $126,480 U.S. Treasury Strips, 0.000% Maturing from 08/15/2027 - 08/15/2049
01/02/24 | 124,000 | 124,000 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 5.35% dated 12/29/23, to be repurchased $3,000,000 on 01/02/2024, Collateralized by $3,060,000 U.S. Government Obligation, 2.000% to 6.000% Maturing from 10/01/2033 - 04/01/2051
01/02/24 | 3,000,000 | 3,000,000 |
| | Principal
Amount | Fair
Value |
Mitsubishi UFJ U.S. Treasury Repo 5.35% dated 12/29/23, to be repurchased $10,000,000 on 01/02/2024, Collateralized by $10,150,772 U.S. Government Obligation, 2.000% to 5.000% Maturing from 02/01/2042 - 06/01/2053, Collateralized by $218 U.S. Treasury Bond, 2.375% Maturing on 11/15/2049, Collateralized by $49,011 U.S. Treasury Note, 0.375% to 5.000% Maturing from 10/31/2025 - 08/15/2030
01/02/24 | $ 10,000,000 | $ 10,000,000 |
Standard Chartered U.S. Treasury Repo 5.33% dated 12/29/23, to be repurchased $15,000,000 on 01/02/2024, Collateralized by $15,295,411 U.S. Treasury Note, 1.125% to 4.625% Maturing from 01/31/2025 - 02/15/2031, Collateralized by $4,626 U.S. Treasury Bond, 5.000% Maturing on 05/15/2037
01/02/24 | 15,000,000 | 15,000,000 |
| | | 61,124,000 |
Total Short-Term Investments
(Cost $149,979,732) | | 149,979,732 |
| Liabilities in Excess of Other Assets, net - (2.0)% | | (2,918,150) |
| NET ASSETS - 100.0% | | $ 147,061,582 |
Notes to Schedule of Investments – December 31, 2023
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.
See Notes to Schedules of Investments and Notes to Financial Statements.
| 98 | Elfun Government Money Market Fund |
Elfun Government Money Market Fund
Schedule of Investments, continued — December 31, 2023
| (a) | Coupon amount represents effective yield. |
| (b) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
| (c) | Variable Rate Security - Interest rate shown is rate in effect at December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
| † | Percentages are based on net assets as of December 31, 2023. |
| Abbreviations: |
| ISDA - International Swaps and Derivatives Association |
| SOFR - Secured Overnight Financing Rate |
The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| U.S. Treasuries | $ — | | $ 64,453,622 | | $ — | | $ 64,453,622 |
| U.S. Government Agency Obligations | — | | 24,402,110 | | — | | 24,402,110 |
| Repurchase Agreements | — | | 61,124,000 | | — | | 61,124,000 |
| Total Investments in Securities | $ — | | $ 149,979,732 | | $ — | | $ 149,979,732 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| Elfun Government Money Market Fund | 99 |
Elfun International Equity Fund
Financial Highlights
Selected data based on a share outstanding throughout the fiscal years indicated
| | 12/31/23 | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 |
| Inception date | | | 1/1/88 |
| Net asset value, beginning of period | $ 20.97 | | $ 26.73 | | $ 26.53 | | $ 23.69 | | $ 18.51 |
| Income/(loss) from investment operations: | | | | | | | | | |
| Net investment income(a) | 0.46 | | 0.56 | | 0.83 | | 0.29 | | 0.43 |
| Net realized and unrealized gains/(losses) on investments | 3.80 | | (4.86) | | 1.57 | | 2.86 | | 5.15 |
| Total income/(loss) from investment operations | 4.26 | | (4.30) | | 2.40 | | 3.15 | | 5.58 |
| Less distributions from: | | | | | | | | | |
| Net investment income | (0.48) | | (0.55) | | (0.86) | | (0.31) | | (0.40) |
| Net realized gains | — | | (0.91) | | (1.34) | | — | | — |
| Total distributions | (0.48) | | (1.46) | | (2.20) | | (0.31) | | (0.40) |
| Net asset value, end of period | $ 24.75 | | $ 20.97 | | $ 26.73 | | $ 26.53 | | $ 23.69 |
| Total Return(b) | 20.35% | | (16.11)% | | 9.05% | | 13.31% | | 30.14% |
| Ratios/Supplemental Data: | | | | | | | | | |
| Net assets, end of period (in thousands) | $173,754 | | $153,897 | | $204,799 | | $201,200 | | $199,123 |
| Ratios to average net assets: | | | | | | | | | |
| Net expenses | 0.44% | | 0.44% | | 0.37% | | 0.40% | | 0.38% |
| Gross expenses | 0.44% | | 0.44% | | 0.37% | | 0.40% | | 0.38% |
| Net investment income | 1.99% | | 2.46% | | 2.93% | | 1.31% | | 2.02% |
| Portfolio turnover rate | 9% | | 16% | | 17% | | 20% | | 15% |
| Notes to Financial Highlights |
| (a) | Per share values have been calculated using the average shares method. |
| (b) | 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. |
The accompanying Notes are an integral part of these financial statements.
Elfun Trusts
Financial Highlights
Selected data based on a share outstanding throughout the fiscal years indicated
| | 12/31/23 | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 |
| Inception date | | | 5/27/35 |
| Net asset value, beginning of period | $ 58.58 | | $ 79.73 | | $ 71.55 | | $ 62.16 | | $ 50.14 |
| Income/(loss) from investment operations: | | | �� | | | | | | |
| Net investment income(a) | 0.80 | | 0.72 | | 0.72 | | 0.64 | | 0.71 |
| Net realized and unrealized gains/(losses) on investments | 19.40 | | (16.59) | | 16.72 | | 14.90 | | 17.15 |
| Total income/(loss) from investment operations | 20.20 | | (15.87) | | 17.44 | | 15.54 | | 17.86 |
| Less distributions from: | | | | | | | | | |
| Net investment income | (0.82) | | (0.75) | | (0.74) | | (0.69) | | (0.67) |
| Net realized gains | (1.40) | | (4.53) | | (8.52) | | (5.46) | | (5.17) |
| Total distributions | (2.22) | | (5.28) | | (9.26) | | (6.15) | | (5.84) |
| Net asset value, end of period | $ 76.56 | | $ 58.58 | | $ 79.73 | | $ 71.55 | | $ 62.16 |
| Total Return(b) | 34.49% | | (19.87)% | | 24.28% | | 25.07% | | 35.57% |
| Ratios/Supplemental Data: | | | | | | | | | |
| Net assets, end of period (in thousands) | $3,636,415 | | $2,912,901 | | $3,965,156 | | $3,419,765 | | $2,979,222 |
| Ratios to average net assets: | | | | | | | | | |
| Net expenses | 0.18% | | 0.18% | | 0.18% | | 0.18% | | 0.18% |
| Gross expenses | 0.18% | | 0.18% | | 0.18% | | 0.18% | | 0.18% |
| Net investment income | 1.18% | | 1.03% | | 0.89% | | 0.99% | | 1.20% |
| Portfolio turnover rate | 22% | | 29% | | 26% | | 25% | | 17% |
| Notes to Financial Highlights |
| (a) | Per share values have been calculated using the average shares method. |
| (b) | 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. |
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 fiscal years indicated
| | 12/31/23 | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 |
| Inception date | | | 1/1/88 |
| Net asset value, beginning of period | $ 17.02 | | $ 21.68 | | $ 20.97 | | $ 19.54 | | $ 17.02 |
| Income/(loss) from investment operations: | | | | | | | | | |
| Net investment income(a) | 0.45 | | 0.35 | | 0.34 | | 0.37 | | 0.41 |
| Net realized and unrealized gains/(losses) on investments | 2.29 | | (3.67) | | 2.08 | | 2.02 | | 2.93 |
| Total income/(loss) from investment operations | 2.74 | | (3.32) | | 2.42 | | 2.39 | | 3.34 |
| Less distributions from: | | | | | | | | | |
| Net investment income | (0.41) | | (0.42) | | (0.42) | | (0.38) | | (0.42) |
| Net realized gains | (0.08) | | (0.92) | | (1.29) | | (0.58) | | (0.40) |
| Total distributions | (0.49) | | (1.34) | | (1.71) | | (0.96) | | (0.82) |
| Net asset value, end of period | $ 19.27 | | $ 17.02 | | $ 21.68 | | $ 20.97 | | $ 19.54 |
| Total Return(b) | 16.13% | | (15.31)% | | 11.56% | | 12.23% | | 19.58% |
| Ratios/Supplemental Data: | | | | | | | | | |
| Net assets, end of period (in thousands) | $176,538 | | $166,006 | | $211,716 | | $205,144 | | $199,011 |
| Ratios to average net assets: | | | | | | | | | |
| Net expenses | 0.32% | | 0.33% | | 0.30% | | 0.31% | | 0.30% |
| Gross expenses | 0.34% | | 0.34% | | 0.30% | | 0.31% | | 0.30% |
| Net investment income | 2.47% | | 1.83% | | 1.53% | | 1.88% | | 2.20% |
| Portfolio turnover rate | 45% (c) | | 49% (c) | | 41% (c) | | 56% (c) | | 162% |
| Notes to Financial Highlights |
| (a) | Per share values have been calculated using the average shares method. |
| (b) | 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. |
| (c) | The portfolio turnover calculated for the fiscal years ended 12/31/23, 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 125%, 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 fiscal years indicated
| | | 12/31/23 | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 |
| Inception date | | | | 1/1/80 |
| Net asset value, beginning of period | | $ 10.13 | | $ 11.47 | | $ 11.67 | | $ 11.54 | | $ 11.19 |
| Income/(loss) from investment operations: | | | | | | | | | | |
| Net investment income(a) | | 0.34 | | 0.31 | | 0.31 | | 0.37 | | 0.38 |
| Net realized and unrealized gains/(losses) on investments | | 0.18 | | (1.28) | | (0.14) | | 0.17 | | 0.41 |
| Total income/(loss) from investment operations | | 0.52 | | (0.97) | | 0.17 | | 0.54 | | 0.79 |
| Contribution from affiliate (Note 5) | | 0.00 (b) | | — | | — | | — | | — |
| Less distributions from: | | | | | | | | | | |
| Net investment income | | (0.39) | | (0.37) | | (0.37) | | (0.41) | | (0.44) |
| Total distributions | | (0.39) | | (0.37) | | (0.37) | | (0.41) | | (0.44) |
| Net asset value, end of period | | $ 10.26 | | $ 10.13 | | $ 11.47 | | $ 11.67 | | $ 11.54 |
| Total Return(c) | | 5.31% | | (8.44)% | | 1.44% | | 4.77% | | 7.13% |
| Ratios/Supplemental Data: | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $1,009,908 | | $1,047,236 | | $1,250,501 | | $1,341,617 | | $1,377,821 |
| Ratios to average net assets: | | | | | | | | | | |
| Net expenses | | 0.21% | | 0.21% | | 0.21% | | 0.21% | | 0.20% |
| Gross expenses | | 0.21% | | 0.21% | | 0.21% | | 0.21% | | 0.20% |
| Net investment income | | 3.37% | | 2.96% | | 2.65% | | 3.24% | | 3.35% |
| Portfolio turnover rate | | 79% | | 43% | | 42% | | 41% | | 25% |
| Notes to Financial Highlights |
| (a) | Per share values have been calculated using the average shares method. |
| (b) | Rounds to less than $0.005. |
| (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. |
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 fiscal years indicated
| | 12/31/23 | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 |
| Inception date | | | 12/31/84 |
| Net asset value, beginning of period | $ 9.68 | | $ 11.67 | | $ 12.25 | | $ 11.74 | | $ 11.02 |
| Income/(loss) from investment operations: | | | | | | | | | |
| Net investment income(a) | 0.34 | | 0.25 | | 0.24 | | 0.29 | | 0.32 |
| Net realized and unrealized gains/(losses) on investments | 0.19 | | (1.80) | | (0.38) | | 0.63 | | 0.73 |
| Total income/(loss) from investment operations | 0.53 | | (1.55) | | (0.14) | | 0.92 | | 1.05 |
| Less distributions from: | | | | | | | | | |
| Net investment income | (0.36) | | (0.27) | | (0.27) | | (0.34) | | (0.33) |
| Net realized gains | — | | (0.17) | | (0.17) | | (0.07) | | — |
| Total distributions | (0.36) | | (0.44) | | (0.44) | | (0.41) | | (0.33) |
| Net asset value, end of period | $ 9.85 | | $ 9.68 | | $ 11.67 | | $ 12.25 | | $ 11.74 |
| Total Return(b) | 5.78% | | (13.47)% | | (1.19)% | | 8.03% | | 9.50% |
| Ratios/Supplemental Data: | | | | | | | | | |
| Net assets, end of period (in thousands) | $146,043 | | $160,286 | | $218,824 | | $244,329 | | $233,663 |
| Ratios to average net assets: | | | | | | | | | |
| Net expenses | 0.33% | | 0.32% | | 0.29% | | 0.27% | | 0.29% |
| Gross expenses | 0.34% | | 0.32% | | 0.29% | | 0.27% | | 0.29% |
| Net investment income | 3.51% | | 2.41% | | 2.03% | | 2.44% | | 2.77% |
| Portfolio turnover rate | 53% (c) | | 40% (c) | | 71% (c) | | 108% (c) | | 107% |
| Notes to Financial Highlights |
| (a) | Per share values have been calculated using the average shares method. |
| (b) | 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. |
| (c) | The portfolio turnover calculated for the fiscal years ended 12/31/23, 12/31/22 and 12/31/21 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 268%, 187%, and 184%, 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 fiscal years indicated
| | 12/31/23 | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 |
| Inception date | | | 6/13/90 |
| Net asset value, beginning of period | $ 1.00 | | $ 1.00 | | $ 1.00 | | $ 1.00 | | $ 1.00 |
| Income/(loss) from investment operations: | | | | | | | | | |
| Net investment income(a) | 0.05 | | 0.01 | | — | | 0.00 (b) | | 0.02 |
| Total income from investment operations | 0.05 | | 0.01 | | — | | 0.00 (b) | | 0.02 |
| Less distributions from: | | | | | | | | | |
| Net investment income | (0.05) | | (0.01) | | — | | (0.00) (b) | | (0.02) |
| Total distributions | (0.05) | | (0.01) | | — | | (0.00) (b) | | (0.02) |
| Net asset value, end of period | $ 1.00 | | $ 1.00 | | $ 1.00 | | $ 1.00 | | $ 1.00 |
| Total Return(c) | 4.89% | | 1.45% | | —% | | 0.32% | | 1.99% |
| Ratios/Supplemental Data: | | | | | | | | | |
| Net assets, end of period (in thousands) | $147,062 | | $159,127 | | $142,430 | | $153,251 | | $128,561 |
| Ratios to average net assets: | | | | | | | | | |
| Net expenses | 0.26% | | 0.24% | | 0.09% | | 0.19% | | 0.26% |
| Gross expenses | 0.26% | | 0.27% | | 0.26% | | 0.25% | | 0.26% |
| Net investment income | 4.77% | | 1.50% | | —% | | 0.30% | | 1.96% |
| Notes to Financial Highlights |
| (a) | Per share values have been calculated using the average shares method. |
| (b) | Rounds to less than $0.005. |
| (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. |
The accompanying Notes are an integral part of these financial statements.
Elfun Funds
Statements of Assets and Liabilities — December 31, 2023
| | Elfun
International
Equity Fund | | Elfun
Trusts |
| Assets | | | |
| Investments in unaffiliated securities, at fair value (cost $118,105,299; $1,608,899,978; $108,506,252; $986,086,424; $144,162,041 and $0, respectively) | $ 170,915,269 | | $ 3,588,856,288 |
| Short-term investments, at fair value (cost $0; $0; $0; $0; $0 and $88,855,732, respectively) | — | | — |
| Investments in affiliated securities, at fair value (cost $2,709,283; $46,213,083; $46,484,469; $4,577,263; $20,710,832 and $0, respectively) | 2,709,283 | | 46,213,083 |
| Repurchase agreements | — | | — |
| Cash | — | | — |
| Net cash collateral on deposit with broker for future contracts | 2,372 | | — |
| Foreign currency (cost $2,306, $0, $32,020, $0, $0 and $0, respectively) | 2,306 | | — |
| Receivable for investments sold | — | | — |
| Income receivables | 484,406 | | 3,797,921 |
| Receivable for fund shares sold | 1,239 | | 387,698 |
| Income receivable from affiliated investments | 19,300 | | 164,266 |
| Receivable for accumulated variation margin on swap contracts | — | | — |
| Receivable for accumulated variation margin on futures contracts | 21,025 | | — |
| Prepaid expenses and other assets | 464 | | 9,162 |
| Total assets | 174,155,664 | | 3,639,428,418 |
| Liabilities | | | |
| Distribution payable to shareholders | — | | — |
| Net cash collateral on futures contracts due to broker | — | | — |
| Net cash collateral on swap contracts due to broker | — | | — |
| Payable for investments purchased | — | | — |
| Payable for fund shares redeemed | 220,273 | | 2,328,472 |
| Payable to the Adviser | 24,489 | | 407,857 |
| Payable for custody, fund accounting and sub-administration fees | 9,493 | | 72,781 |
| Accrued other expenses | 147,375 | | 204,715 |
| Total liabilities | 401,630 | | 3,013,825 |
|
| Net Assets | $ 173,754,034 | | $ 3,636,414,593 |
| Net Assets Consist of: | | | |
| Capital paid in | $ 123,137,919 | | $ 1,628,813,590 |
| Total distributable earnings (loss) | 50,616,115 | | 2,007,601,003 |
| Net Assets | $ 173,754,034 | | $ 3,636,414,593 |
| Shares outstanding (Par value $10; $10; $10; $10; $10; and $1, respectively; unlimited shares authorized) | 7,021,303 | | 47,497,079 |
| Net asset value, offering and redemption price per share | $ 24.75 | | $ 76.56 |
The accompanying Notes are an integral part of these financial statements.
| 106 | Statements of Assets and Liabilities |
Elfun
Diversified
Fund | | Elfun
Tax-Exempt
Income Fund | | Elfun Income
Fund | | Elfun
Government
Money Market
Fund |
| | | | | | | |
| $ 130,268,764 | | $ 1,009,798,273 | | $ 135,935,896 | | $ — |
| — | | — | | — | | 88,855,732 |
| 52,058,016 | | 4,577,263 | | 20,710,832 | | — |
| — | | — | | — | | 61,124,000 |
| — | | — | | — | | 328 |
| — | | — | | — | | — |
| 37,171 | | — | | — | | — |
| 3,143,406 | | — | | 10,476,430 | | — |
| 434,125 | | 13,335,526 | | 1,045,165 | | — |
| 1,135 | | 58,764 | | 24,589 | | 242,493 |
| 62,550 | | 54,797 | | 101,358 | | 280,821 |
| 75,398 | | — | | 208,293 | | — |
| 488,656 | | — | | 1,389,405 | | — |
| 481 | | 2,827 | | 416 | | 407 |
| 186,569,702 | | 1,027,827,450 | | 169,892,384 | | 150,503,781 |
| | | | | | | |
| — | | 920,947 | | 108,930 | | 48,266 |
| 469,721 | | — | | 1,674,526 | | — |
| 75,946 | | — | | 169,302 | | — |
| 9,277,237 | | 16,064,739 | | 21,742,316 | | 2,948,300 |
| 80,748 | | 648,445 | | 43,279 | | 351,630 |
| 23,358 | | 136,448 | | 19,494 | | 12,688 |
| 10,256 | | 21,095 | | 4,040 | | 12,519 |
| 94,315 | | 128,185 | | 87,394 | | 68,796 |
| 10,031,581 | | 17,919,859 | | 23,849,281 | | 3,442,199 |
|
| $ 176,538,121 | | $ 1,009,907,591 | | $ 146,043,103 | | $ 147,061,582 |
| | | | | | | |
| $ 151,622,592 | | $ 1,103,546,200 | | $ 174,759,902 | | $ 147,061,550 |
| 24,915,529 | | (93,638,609) | | (28,716,799) | | 32 |
| $ 176,538,121 | | $ 1,009,907,591 | | $ 146,043,103 | | $ 147,061,582 |
| 9,162,431 | | 98,429,229 | | 14,829,968 | | 147,061,530 |
| $ 19.27 | | $ 10.26 | | $ 9.85 | | $ 1.00 |
The accompanying Notes are an integral part of these financial statements.
| Statements of Assets and Liabilities | 107 |
Elfun Funds
Statements of Operations — For the year ended December 31, 2023
| | Elfun
International
Equity Fund | | Elfun
Trusts |
| Investment Income | | | |
| Income | | | |
| Dividend | $ 3,930,153 | | $ 41,436,234 |
| Interest | — | | — |
| Income from affiliated investments | 193,121 | | 2,890,491 |
| Less: Foreign taxes withheld | (120,979) | | (38,256) |
| Total income | 4,002,295 | | 44,288,469 |
| Expenses | | | |
| Advisory and administration fees | 346,858 | | 4,574,863 |
| Blue Sky fees | 33,186 | | 36,970 |
| Transfer agent fees | 121,110 | | 550,928 |
| Trustees' fees | 22,405 | | 48,221 |
| Custody, fund accounting and sub-administration fees | 56,622 | | 426,037 |
| Professional fees | 102,910 | | 50,317 |
| Printing and shareholder reports | 3,528 | | 19,539 |
| Registration fees | — | | 2,567 |
| Other expenses | 35,021 | | 58,704 |
| Total expenses before waivers | 721,640 | | 5,768,146 |
| Fees waived and/or reimbursed by the adviser | — | | — |
| Net expenses | 721,640 | | 5,768,146 |
| Net investment income (loss) | $ 3,280,655 | | $ 38,520,323 |
| Net Realized and Unrealized Gain (Loss) on Investments | | | |
| Realized gain (loss) on: | | | |
| Unaffiliated investments | $ 608,838 | | $ 66,873,485 |
| Affiliated investments | — | | — |
| Futures | 166,377 | | — |
| Swap contracts | — | | — |
| Foreign currency transactions | (80,969) | | — |
| Increase (decrease) in unrealized appreciation/depreciation on: | | | |
| Unaffiliated investments | 26,298,605 | | 864,081,688 |
| Affiliated investments | — | | — |
| Futures | 27,002 | | — |
| Swap contracts | — | | — |
| Foreign currency translations | 76,855 | | — |
| Net realized and unrealized gain (loss) on investments | 27,096,708 | | 930,955,173 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ 30,377,363 | | $ 969,475,496 |
The accompanying Notes are an integral part of these financial statements.
| 108 | Statements of Operations |
Elfun
Diversified
Fund | | Elfun
Tax-Exempt
Income Fund | | Elfun Income
Fund | | Elfun
Government
Money Market
Fund |
| | | | | | | |
| | | | | | | |
| $ 1,273,905 | | $ — | | $ 8,544 | | $ — |
| 1,696,750 | | 36,040,105 | | 4,432,765 | | 7,539,874 |
| 1,850,322 | | 568,445 | | 1,394,546 | | — |
| (349) | | — | | (114) | | — |
| 4,820,628 | | 36,608,550 | | 5,835,741 | | 7,539,874 |
| | | | | | | |
| 293,012 | | 1,636,828 | | 258,174 | | 149,600 |
| 32,555 | | 31,672 | | 31,386 | | 27,093 |
| 102,803 | | 226,745 | | 111,610 | | 78,946 |
| 22,486 | | 29,971 | | 22,366 | | 22,245 |
| 78,513 | | 152,026 | | 51,550 | | 67,439 |
| 46,238 | | 44,447 | | 39,031 | | 26,566 |
| 460 | | 5,214 | | 368 | | 14,277 |
| — | | 730 | | — | | — |
| 8,576 | | 20,643 | | 9,434 | | 2,540 |
| 584,643 | | 2,148,276 | | 523,919 | | 388,706 |
| (27,233) | | — | | (20,958) | | — |
| 557,410 | | 2,148,276 | | 502,961 | | 388,706 |
| $ 4,263,218 | | $ 34,460,274 | | $ 5,332,780 | | $ 7,151,168 |
| | | | | �� | | |
| | | | | | | |
| $ 487,194 | | $ (22,004,512) | | $ (7,135,536) | | $ 28 |
| (129,925) | | — | | — | | — |
| (583,911) | | — | | (1,701,442) | | — |
| 210,019 | | — | | 509,179 | | — |
| — | | — | | — | | — |
| | | | | | | |
| 15,765,563 | | 39,230,213 | | 9,922,410 | | — |
| 5,125,825 | | — | | — | | — |
| 505,446 | | — | | 1,342,451 | | — |
| (41,324) | | — | | (79,001) | | — |
| 3,356 | | — | | — | | — |
| 21,342,243 | | 17,225,701 | | 2,858,061 | | 28 |
| $ 25,605,461 | | $ 51,685,975 | | $ 8,190,841 | | $ 7,151,196 |
The accompanying Notes are an integral part of these financial statements.
| Statements of Operations | 109 |
Elfun Funds
Statements of Changes in Net Assets
| | Elfun International Equity Fund | | Elfun Trusts |
| | Year Ended
December 31,
2023 | | Year Ended
December 31,
2022 | | Year Ended
December 31,
2023 | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | | | | | |
| Operations: | | | | | | | |
| Net investment income (loss) | $ 3,280,655 | | $ 4,093,389 | | $ 38,520,323 | | $ 34,301,058 |
| Net realized gain (loss) on investments, futures, swap contracts and foreign currency transactions | 694,246 | | 1,012,444 | | 66,873,485 | | 29,082,241 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations | 26,402,462 | | (38,191,968) | | 864,081,688 | | (838,339,517) |
| Net increase (decrease) from operations | 30,377,363 | | (33,086,135) | | 969,475,496 | | (774,956,218) |
| Distributions to shareholders: | | | | | | | |
| Total distributions | (3,335,403) | | (10,109,923) | | (103,313,728) | | (244,921,749) |
| Increase (decrease) in assets from operations and distributions | 27,041,960 | | (43,196,058) | | 866,161,768 | | (1,019,877,967) |
| Share transactions: | | | | | | | |
| Proceeds from sale of shares | 1,123,363 | | 1,319,728 | | 29,812,242 | | 46,867,193 |
| Value of distributions reinvested | 2,845,714 | | 8,739,289 | | 83,869,293 | | 199,361,109 |
| Cost of shares redeemed | (11,153,754) | | (17,765,665) | | (256,330,188) | | (278,604,671) |
| Net increase (decrease) from share transactions | (7,184,677) | | (7,706,648) | | (142,648,653) | | (32,376,369) |
| Contribution from affiliate (Note 5) | — | | — | | — | | — |
| Total increase (decrease) in net assets | 19,857,283 | | (50,902,706) | | 723,513,115 | | (1,052,254,336) |
| Net Assets | | | | | | | |
| Beginning of year | 153,896,751 | | 204,799,457 | | 2,912,901,478 | | 3,965,155,814 |
| End of year | $ 173,754,034 | | $ 153,896,751 | | $ 3,636,414,593 | | $ 2,912,901,478 |
| Changes in Fund Shares | | | | | | | |
| Shares sold | 48,534 | | 57,624 | | 431,748 | | 682,298 |
| Issued for distributions reinvested | 116,342 | | 414,965 | | 1,095,731 | | 3,419,573 |
| Shares redeemed | (481,778) | | (796,024) | | (3,752,164) | | (4,109,858) |
| Net increase (decrease) in fund shares | (316,902) | | (323,435) | | (2,224,685) | | (7,987) |
The accompanying Notes are an integral part of these financial statements.
| 110 | Statements of Changes in Net Assets |
| Elfun Diversified Fund | | Elfun Tax-Exempt Income Fund |
Year Ended
December 31,
2023 | | Year Ended
December 31,
2022 | | Year Ended
December 31,
2023 | | Year Ended
December 31,
2022 |
| | | | | | | |
| | | | | | | |
| $ 4,263,218 | | $ 3,341,934 | | $ 34,460,274 | | $ 32,745,446 |
| (16,623) | | 2,862,030 | | (22,004,512) | | (38,399,737) |
| 21,358,866 | | (38,242,543) | | 39,230,213 | | (97,949,642) |
| 25,605,461 | | (32,038,579) | | 51,685,975 | | (103,603,933) |
| | | | | | | |
| (4,450,469) | | (12,253,898) | | (39,868,126) | | (39,613,148) |
| 21,154,992 | | (44,292,477) | | 11,817,849 | | (143,217,081) |
| | | | | | | |
| 3,675,600 | | 4,806,152 | | 17,516,652 | | 27,813,701 |
| 3,924,811 | | 10,857,841 | | 28,676,526 | | 28,329,020 |
| (18,223,226) | | (17,081,582) | | (95,357,812) | | (116,189,891) |
| (10,622,815) | | (1,417,589) | | (49,164,634) | | (60,047,170) |
| — | | — | | 17,942 | | — |
| 10,532,177 | | (45,710,066) | | (37,328,843) | | (203,264,251) |
| | | | | | | |
| 166,005,944 | | 211,716,010 | | 1,047,236,434 | | 1,250,500,685 |
| $ 176,538,121 | | $ 166,005,944 | | $ 1,009,907,591 | | $ 1,047,236,434 |
| | | | | | | |
| 200,733 | | 245,078 | | 1,723,651 | | 2,667,177 |
| 204,524 | | 637,197 | | 2,844,784 | | 2,728,399 |
| (993,874) | | (896,699) | | (9,471,668) | | (11,098,604) |
| (588,617) | | (14,424) | | (4,903,233) | | (5,703,028) |
The accompanying Notes are an integral part of these financial statements.
| Statements of Changes in Net Assets | 111 |
Elfun Funds
Statements of Changes in Net Assets
| | Elfun Income Fund | | Elfun Government Money
Market Fund |
| | Year Ended
December 31,
2023 | | Year Ended
December 31,
2022 | | Year Ended
December 31,
2023 | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | | | | | |
| Operations: | | | | | | | |
| Net investment income (loss) | $ 5,332,780 | | $ 4,480,057 | | $ 7,151,168 | | $ 2,245,052 |
| Net realized gain (loss) on investments, futures and swap contracts | (8,327,799) | | (10,985,019) | | 28 | | 211 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts | 11,185,860 | | (22,359,867) | | — | | — |
| Net increase (decrease) from operations | 8,190,841 | | (28,864,829) | | 7,151,196 | | 2,245,263 |
| Distributions to shareholders: | | | | | | | |
| Total distributions | (5,736,339) | | (7,501,246) | | (7,151,430) | | (2,245,052) |
| Increase (decrease) in assets from operations and distributions | 2,454,502 | | (36,366,075) | | (234) | | 211 |
| Share transactions: | | | | | | | |
| Proceeds from sale of shares | 3,850,491 | | 10,181,575 | | 49,228,579 | | 76,139,491 |
| Value of distributions reinvested | 4,551,271 | | 6,014,489 | | 6,813,329 | | 2,101,565 |
| Cost of shares redeemed | (25,099,421) | | (38,368,027) | | (68,107,558) | | (61,544,131) |
| Net increase (decrease) from share transactions | (16,697,659) | | (22,171,963) | | (12,065,650) | | 16,696,925 |
| Total increase (decrease) in net assets | (14,243,157) | | (58,538,038) | | (12,065,884) | | 16,697,136 |
| Net Assets | | | | | | | |
| Beginning of year | 160,286,260 | | 218,824,298 | | 159,127,466 | | 142,430,330 |
| End of year | $ 146,043,103 | | $ 160,286,260 | | $ 147,061,582 | | $ 159,127,466 |
| Changes in Fund Shares | | | | | | | |
| Shares sold | 402,137 | | 943,220 | | 49,228,578 | | 76,139,492 |
| Issued for distributions reinvested | 472,181 | | 598,767 | | 6,813,329 | | 2,101,565 |
| Shares redeemed | (2,610,193) | | (3,722,118) | | (68,107,558) | | (61,544,131) |
| Net increase (decrease) in fund shares | (1,735,875) | | (2,180,131) | | (12,065,651) | | 16,696,926 |
The accompanying Notes are an integral part of these financial statements.
| 112 | Statements of Changes in Net Assets |
Elfun Funds
Notes to Financial Statements — December 31, 2023
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 | 113 |
Elfun Funds
Notes to Financial Statements, continued — December 31, 2023
| • | 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 December 31, 2023 is disclosed in each Fund’s Schedule of Investments.
| 114 | Notes to Financial Statements |
Elfun Funds
Notes to Financial Statements, continued — December 31, 2023
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 December 31, 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 | 115 |
Elfun Funds
Notes to Financial Statements, continued — December 31, 2023
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 December 31, 2023, the Elfun Government Money Market Fund had invested in repurchase agreements with the gross values of $61,124,000 and associated collateral equal to $62,347,501.
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.
| 116 | Notes to Financial Statements |
Elfun Funds
Notes to Financial Statements, continued — December 31, 2023
During the fiscal year ended December 31, 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 fiscal year ended December 31, 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 | 117 |
Elfun Funds
Notes to Financial Statements, continued — December 31, 2023
The following tables summarize the value of the Funds’ derivative instruments as of December 31, 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 International Equity Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 21,025 | $ — | $ 21,025 |
| Elfun Diversified Fund | | | | | | |
| Futures Contracts | $ 470,804 | $ — | $ — | $ 17,852 | $ — | $ 488,656 |
| Swap Contracts | — | — | 75,398 | — | — | 75,398 |
| Elfun Income Fund | | | | | | |
| Futures Contracts | $ 1,389,405 | $ — | $ — | $ — | $ — | $ 1,389,405 |
| Swap Contracts | — | — | 208,293 | — | — | 208,293 |
| Realized Gain (Loss) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| Elfun International Equity Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 166,377 | $ — | $ 166,377 |
| Elfun Diversified Fund | | | | | | |
| Futures Contracts | $ (630,155) | $ — | $ — | $ 46,244 | $ — | $ (583,911) |
| Swap Contracts | — | — | 210,019 | — | — | 210,019 |
| Elfun Income Fund | | | | | | |
| Futures Contracts | $ (1,701,442) | $ — | $ — | $ — | $ — | $ (1,701,442) |
| Swap Contracts | — | — | 509,179 | — | — | 509,179 |
| 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 | $ — | $ — | $ — | $ 27,002 | $ — | $ 27,002 |
| Elfun Diversified Fund | | | | | | |
| Futures Contracts | $ 474,011 | $ — | $ — | $ 31,435 | $ — | $ 505,446 |
| Swap Contracts | — | — | (41,324) | — | — | (41,324) |
| Elfun Income Fund | | | | | | |
| Futures Contracts | $ 1,342,451 | $ — | $ — | $ — | $ — | $ 1,342,451 |
| Swap Contracts | — | — | (79,001) | — | — | (79,001) |
| 118 | Notes to Financial Statements |
Elfun Funds
Notes to Financial Statements, continued — December 31, 2023
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. Fees reduced or expenses reimbursed by the Service Providers in connection with the Voluntary Reduction for the year ended December 31, 2023 were $0.
As of December 31, 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 |
| 12/31/2024 | $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 than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the fiscal year ended December 31, 2023 are disclosed in the Schedules of Investments.
During the fiscal year ended December 31, 2023, SSGA FM made a contribution of $17,942 to the Elfun Tax-Exempt Income Fund related to a trading matter.
| Notes to Financial Statements | 119 |
Elfun Funds
Notes to Financial Statements, continued — December 31, 2023
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 year ended December 31, 2023 were as follows:
| | U.S. Government
Obligations | | Other
Securities |
| Fund | Purchases | Sales | | Purchases | Sales |
| Elfun International Equity Fund | $ — | $ — | | $ 14,023,758 | $ 21,421,076 |
| Elfun Trusts | — | — | | 714,721,437 | 928,974,544 |
| Elfun Diversified Fund | 17,464,780 | 21,732,111 | | 52,598,136 | 57,554,857 |
| Elfun Tax-Exempt Income Fund | — | — | | 793,508,338 | 817,171,032 |
| Elfun Income Fund | 381,073,547 | 395,504,055 | | 19,091,609 | 27,550,764 |
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. SSGA FM has 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.
Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAVs or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, paydown gains and losses, futures contracts, swap contracts, straddle loss deferrals, return of capital adjustments, wash sale loss deferrals, and amortization and accretion of premium and discount for financial statement purposes.
The tax character of distributions paid during the fiscal year ended December 31, 2023 were as follows:
| Fund | Exempt
Income | Ordinary
Income | Long-Term
Capital Gains | Total |
| Elfun International Equity Fund | $ — | $ 3,335,403 | $ — | $ 3,335,403 |
| Elfun Trusts | — | 56,486,542 | 46,827,186 | 103,313,728 |
| Elfun Diversified Fund | — | 3,740,490 | 709,979 | 4,450,469 |
| Elfun Tax-Exempt Income Fund | 39,197,233 | 670,893 | — | 39,868,126 |
| Elfun Income Fund | — | 5,736,339 | — | 5,736,339 |
| Elfun Government Money Market Fund | — | 7,151,430 | — | 7,151,430 |
| 120 | Notes to Financial Statements |
Elfun Funds
Notes to Financial Statements, continued — December 31, 2023
The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:
| Fund | Exempt
Income | Ordinary
Income | Long-Term
Capital Gains | Total |
| Elfun International Equity Fund | $ — | $ 4,234,360 | $ 5,875,563 | $ 10,109,923 |
| Elfun Trusts | — | 41,029,943 | 203,891,806 | 244,921,749 |
| Elfun Diversified Fund | — | 4,049,986 | 8,203,912 | 12,253,898 |
| Elfun Tax-Exempt Income Fund | 39,349,026 | 264,122 | — | 39,613,148 |
| Elfun Income Fund | — | 5,213,578 | 2,287,668 | 7,501,246 |
| Elfun Government Money Market Fund | — | 2,245,052 | — | 2,245,052 |
At December 31, 2023, the components of distributable earnings on a tax basis were as follows:
| Fund | Undistributed
Ordinary
Income | Tax Exempt
Income | Capital Loss
Carryforwards | Undistributed
long term
gain | Net
Unrealized
Gains
(Losses) | Qualified
Late-Year
Losses | Total |
| Elfun International Equity Fund | $ 58,234 | $ — | $ (1,127,928) | $ — | $ 51,685,809 | $— | $ 50,616,115 |
| Elfun Trusts | 4,563,844 | — | — | 28,663,863 | 1,974,373,296 | — | 2,007,601,003 |
| Elfun Diversified Fund | 652,785 | — | — | 1,193,506 | 23,069,238 | — | 24,915,529 |
| Elfun Tax-Exempt Income Fund | — | 60,437 | (103,997,585) | — | 10,298,539 | — | (93,638,609) |
| Elfun Income Fund | 16,758 | — | (19,805,726) | — | (8,927,831) | — | (28,716,799) |
| Elfun Government Money Market Fund | 32 | — | — | — | — | — | 32 |
As of December 31, 2023, the Funds had capital loss carryforwards available to offset future realized capital gains as follows:
| Fund | Non-Expiring
Short Term | Non-Expiring
Long Term |
| Elfun International Equity Fund | $ — | $ 1,127,928 |
| Elfun Tax-Exempt Income Fund | 47,192,459 | 56,805,126 |
| Elfun Income Fund | 7,189,579 | 12,616,147 |
As of December 31, 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 | $ 121,983,542 | $ 56,013,765 | $ 4,351,744 | $ 51,662,021 |
| Elfun Trusts | 1,660,696,076 | 1,987,000,244 | 12,626,949 | 1,974,373,295 |
| Elfun Diversified Fund | 159,824,579 | 27,137,917 | 4,073,828 | 23,064,089 |
| Elfun Tax-Exempt Income Fund | 1,004,076,997 | 22,949,226 | 12,650,687 | 10,298,539 |
| Elfun Income Fund | 167,165,641 | 1,991,793 | 10,919,624 | (8,927,831) |
| Elfun Government Money Market Fund | 149,979,732 | — | — | — |
| Notes to Financial Statements | 121 |
Elfun Funds
Notes to Financial Statements, continued — December 31, 2023
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 $180 million of a $960 million ($200 million of $1.275 billion prior to October 5, 2023) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2024 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 December 31, 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 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
| 122 | Notes to Financial Statements |
Elfun Funds
Notes to Financial Statements, continued — December 31, 2023
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.
| Notes to Financial Statements | 123 |
Elfun Funds
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of Elfun International Equity Fund, Elfun Trusts, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Elfun International Equity Fund, Elfun Trusts, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund (collectively referred to as the “Funds”), including the schedules of investments, as of December 31, 2023, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds at December 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.
Boston, Massachusetts
February 23, 2024
| 124 | Report of Independent Registered Public Accounting Firm |
Elfun Funds
Other Information — December 31, 2023 (Unaudited)
Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Funds for their fiscal year ended December 31, 2023.
Dividends Received Deduction
The Funds report the maximum amount allowable of their net taxable income as eligible for the corporate dividends received deduction.
Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year ended December 31, 2023 is considered qualified dividend income and are eligible for reduced tax rates. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Long Term Capital Gains Distributions
Long term capital gain dividends were paid from the Funds during the year ended December 31, 2023:
| | Amount |
| Elfun Trusts | $46,827,186 |
| Elfun Diversified Fund | 709,979 |
Foreign Tax Credit
The Funds have made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by each Fund to its shareholders. For the year ended December 31, 2023, the total amount of foreign taxes that will be passed through are:
| | Amount |
| Elfun International Equity Fund | $107,789 |
The amount of foreign source income earned on the following Fund during the year ended December 31, 2023 was as follows:
| | Amount |
| Elfun International Equity Fund | $3,939,298 |
Tax-Exempt Income
For the fiscal year ended December 31, 2023, the following Fund hereby designates as exempt-interest dividends the amounts set forth, or the amount ultimately treated as exempt-interest dividends:
| | Amount |
| Elfun Tax-Exempt Income Fund | $39,197,233 |
Elfun Funds
Other Information, continued — December 31, 2023 (Unaudited)
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 portfolio holdings monthly 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 — December 31, 2023 (Unaudited)
TRUSTEES AND OFFICERS
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years
and Relevant Experience | Number
of
Funds
in Fund
Complex
Overseen
by
Trustee† | Other Directorships
Held by Trustee
During Past Five Years |
| INDEPENDENT TRUSTEES |
Patrick J. Riley
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1948 | Trustee
and
Chairperson
of the Board | Term:
Indefinite
Appointed: 4/16
Elected: 6/16 | Associate
Justice of the Superior Court,
Commonwealth of
Massachusetts (2002 – May 2010); Partner, Riley, Burke
& Donahue, L.L.P. (law firm)
(1985 – 2002); Independent
Director, State Street Global
Advisors Europe
(investment company) (1998 –
2023); Independent Director, SSGA Liquidity plc (formerly,
SSGA Cash Management
Fund plc) (1998 –
2023); Independent Director,
SSGA Fixed Income plc
(January 2009 – present);
and Independent Director, SSGA Qualified Funds plc (January 2009 – 2019). | 54 | Board Director and Chairman,
SSGA SPDR ETFs Europe I, plc Board (2011 – March 2023); Board Director and Chairman, SPDR Europe II, plc (2013 – March 2023). Board Director,
State Street Liquidity plc
(1998 – March 2023). |
| | | | | | |
John R. Costantino
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1946 | Trustee
and
Chairperson of
the Qualified Legal
Compliance
Committee | Term:
Indefinite
Elected: 12/18 | Executive, Kleinfeld Bridal Corp. (January 2023 – present);
Senior Advisor to NGN Capital
LLC (January 2020 –
present); Managing General
Partner, NGN Capital LLC
(2006 – December 2019). | 54 | Director of Kleinfeld Bridal
Corp. (January 2016 – present);
Trustee of Neuroscience
Research Institute (1986 – 2017); Trustee of Fordham
University (1989 – 1995 and
2001 – 2007) and Trustee
Emeritus (2007 – present);
Trustee and Independent Chairperson of GE Funds (1993 – February 2011); Director, Muscular Dystrophy Association (2019-present);
Trustee of Gregorian
University Foundation (1992 –
2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 – present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 – present); Trustee, Gallim Dance (December 2021 – present). |
Elfun Funds
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years
and Relevant Experience | Number
of
Funds
in Fund
Complex
Overseen
by
Trustee† | Other Directorships
Held by Trustee
During Past Five Years |
| INDEPENDENT TRUSTEES (continued) |
| | | | | |
Donna M. Rapaccioli
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1962 | Trustee,
Chairperson of
the Audit Committee,
Vice-Chairperson
of the Nominating Committee and Vice-Chairperson
of the Governance
Committee | Term:
Indefinite
Elected: 12/18 | Dean of the Gabelli School of
Business (2007 – present) and
Accounting Professor (1987 –
present) at Fordham
University. | 54 | Director- Graduate
Management Admissions
Council (2015 – present);
Trustee of Emmanuel College
(2010 – 2019). |
| | | | | | |
Michael A. Jessee
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1946 | Trustee
and
Chairperson of the
Valuation Committee | Term:
Indefinite
Appointed: 7/16
Elected: 12/18 | Retired; formerly, President
and Chief Executive Officer of
the Federal Home Loan Bank
of Boston (1989 – 2009);
Trustee, Randolph-Macon
College (2004 – 2016). | 54 | None. |
| | | | | | |
Margaret McLaughlin
c/o SSGA Funds
Management,Inc.
One Iron Street
Boston,MA 02210
YOB: 1967 | Trustee,
Vice-Chairperson of the Audit
Committee and Vice-Chairperson
of the Qualified Legal
Compliance Committee | Term:
Indefinite
Appointed: 9/22 | Consultant,Bates Group(consultants)(September 2020 – January 2023)
consultant,Madison Dearborn Partners (private equity)(2019 – 2020)
General Counsel/CCO,
kramer Van Krik Credit strategies L.P./Mariana Systems LLC
(Investment Adviser/SaaS Technology)(2011 – 2019) | 54 | Director,Manning & Naiper
Fund Inc(2021 – 2022) |
George M. Pereira
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1964 | Trustee,
Chairperson of the Nominating
Committee and
Chairperson of the
Governance Committee | Term:
Indefinite
Appointed: 9/22 | Chief Operating Officer
(January 2011 – September 2020) and
Chief Financial Officer
(November 2004 – September 2020),
Charles Schwab Investment Management. | 54 | Director, Pave Finance Inc. (May 2023 – present);
Director, Pacific Premier
Bancorp,Pacific Premier Bank(2021 – present)
Director, Charles Schwab
Asset Management (Ireland) Ltd.,
& Charles Schwab Worldwide Funds plc. (2005 – 2020);
Director, Rotaplast International, Inc.
. (non-profit providing free medical services to children worldwide) (2012 – 2018). |
Elfun Funds
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years
and Relevant Experience | Number
of
Funds
in Fund
Complex
Overseen
by
Trustee† | Other Directorships
Held by Trustee
During Past Five Years |
| INDEPENDENT TRUSTEES (continued) |
Mark E. Swanson
c/o SSGA Funds
Management, Inc.
One Iron Street Boston, MA 02210
YOB: 1963 | Trustee and
Vice-Chairperson of the Valuation
Committee | Term:
Indefinite
Appointed:
3/23 | Treasurer, Chief Accounting Officer and Chief Financial Officer, Russell Investment Funds (“RIF”) (1998 – 2022); Global Head of Fund Services, Russell Investments (2013 – 2022); Treasurer, Chief Accounting Officer and Chief Financial Officer, Russell Investment Company (“RIC”) (1998 – 2022); President and Chief Executive Officer, RIF (2016 – 2017 and 2020 – 2022); President and Chief Executive Officer, RIC (2016 – 2017 and 2020 – 2022). | 54 | Director and President, Russell Investments Fund Services, LLC (2010 – 2023); Director, Russell Investment Management, LLC, Russell Investments Trust Company and Russell Investments Financial Services, LLC (2010 – 2023). |
| | | | | |
| † | For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA FM serves as investment adviser. |
Elfun Funds
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS |
Ann M. Carpenter
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1966 | President and
Principal Executive
Officer; Deputy
Treasurer | Term:
Indefinite Served:
since 10/12
Term:
Indefinite
Served:
since 5/23 | Chief Operating Officer, SSGA Funds
Management, Inc. (April 2005 – present)*;
Managing Director, State Street Global Advisors
(April 2005 – present).* |
| | | | |
Bruce S. Rosenberg
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1961 | Treasurer | Term:
Indefinite
served:since 7/16 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015). |
| | | | |
Chad C. Hallett
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1969 | Deputy
Treasurer | Term:
Indefinite
served: since7/16 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President. |
| | | | |
Darlene Anderson-Vasquez
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1968 | Deputy
Treasurer | Term:
Indefinite
served:since 11/16 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016). |
| | | | |
Arthur A. Jensen
SSGA Funds Management, Inc.
1600 Summer Street
Stamford, CT 06905
YOB: 1966 | Deputy
Treasurer | Term:
Indefinite
served:since 7/16 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present). |
| | | | |
David K. Lancaster
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Treasurer | Term:
Indefinite
served: since 11/20 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 – present); Assistant Vice President, State Street Bank and Trust Company (November 2011 – July 2017).* |
| | | | |
John Bettencourt
SSGA Funds Management, Inc.
One Iron Street
Boston MA 02210
YOB:1976 | Assistant Treasurer | Term:
Indefinite
served: since 5/22 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc.(March 2020 – present); Assistant Vice President, State Street Global Advisors (June 2007 – March 2020). |
Elfun Funds
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS (continued) |
| | | |
Vedran Vukovic
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant Treasurer | Term:
Indefinite
Served: since
2/24 | Vice President, State Street Global Advisors (2023 – present); Assistant Vice President, Brown Brothers Harriman & Co. (2011 – 2023). |
| | | | |
Brian Harris
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1973 | Chief Compliance
Officer, Anti-Money
Laundering Officer
and Code of Ethics
Compliance Officer | Term:
Indefinite served: since 7/16
| Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present).* |
| | | | |
Andrew J. DeLorme
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1975 | Chief Legal Officer | Term:
Indefinite
Served: since
2/24 | Managing Director and Managing Counsel, State Street Global Advisors (March 2023 – present); Counsel, K&L Gates (February 2021 – March 2023); Vice President and Senior Counsel, State Street Global Advisors (August 2014 – February 2021). |
| | | | |
David Barr
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1974 | Secretary | Term:
Indefinite
served: since 9/20 | Vice President and Senior Counsel, State Street Global Advisors (October 2019 – present); Vice President and Counsel, Eaton Vance Corp. (October 2010 – October 2019). |
| | | | |
E. Gerard Maiorana, Jr.
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Secretary | Term:
Indefinite Served:
since 5/23 | Assistant Vice President, State Street Global Advisors (July 2014 – present). |
| | | | |
David Urman
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant
Secretary | Term:
Indefinite
Elected: 8/19 | Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (August 2015 – April 2019); Associate, Ropes & Gray LLP (November 2012 – August 2015). |
| | | |
| * | Served in various capacities and/or with various affiliated entities during noted time period. |
Trustees
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
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
Vedran Vukovic, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Andrew J. DeLorme, 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
Item 2. Code of Ethics.
As of the end of the period covered by this report, the Elfun International Equity Fund (the “Fund,” “Fund Entity” or “Registrant”) has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code”). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the “SEC”) and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. The Code is combined with other mutual funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of Form N-CSR during the covered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Code is filed as Exhibit 13(a)(1) to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
The Fund’s Board of Trustees (the “Board”) has determined that the Fund has the following “audit committee financial experts” as defined in Item 3(b) of Form N-CSR serving on its audit committee (the “Audit Committee”): Mr. John R. Costantino, Mr. George M. Pereira, Mr. Mark E. Swanson and Ms. Donna M. Rapaccioli. Each of the “audit committee financial experts” is “independent” as that term is defined in Item 3(a)(2) of Form N-CSR.
An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.
Item 4. Principal Accountant Fees and Services.
For the fiscal years ended December 31, 2023 and December 31, 2022, the aggregate audit fees billed for professional services rendered by Ernst & Young LLP (“E&Y”), the Registrant’s principal accountant, for the audit of the Registrant’s annual financial statements or services normally provided by E&Y in connection with the Registrant’s statutory and regulatory filings and engagements were $34,996 and $34,996, respectively.
For the fiscal years ended December 31, 2023 and December 31, 2022, there were no fees for assurance and related services by E&Y that were reasonably related to the performance of the audit of the Registrant’s financial statements that were not reported under paragraph (a) of this Item.
For the fiscal years ending December 31, 2023 and December 31, 2022 the aggregate tax fees billed for professional services rendered by E&Y for the review of year-end distribution requirements were $2,159 and $2,159, respectively.
For the fiscal years ended December 31, 2023 and December 31, 2022, there were no fees billed for professional services rendered by E&Y for products and services provided by E&Y to the Registrant, other than the services reported in paragraphs (a) through (c).
For the fiscal years ended December 31, 2023 and December 31, 2022, the aggregate fees for professional services rendered by E&Y for products and services provided by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant that (i) relate directly to the operations and financial reporting of the Registrant and (ii) were pre-approved by the Registrant’s Audit Committee were approximately $9,540,002 and $9,327,125, respectively.
| (e)(1) | Audit Committee Pre-Approval Policies and Procedures |
The Fund’s Audit Committee Charter states the following with respect to pre-approval procedures:
The Audit Committee shall have the following duties and powers:
| | • | | To pre-approve engagements by a Fund Entity’s independent auditor for non-audit services to be rendered to the Fund’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund, if the engagement relates directly to the operations and financial reporting of the Fund; |
| | • | | To establish, if deemed necessary or appropriate as an alternative to Audit Committee pre-approval of services to be provided by the independent auditor as required by paragraph (b) above, policies and procedures to permit such services to be pre-approved by other means, such as by action of a designated member or members of the Audit Committee, subject to the requirement that the decision of any member to whom authority is delegated to pre-approve an activity shall be presented to the full Audit Committee at its next scheduled meeting; |
Alternate Pre-Approval Procedure:
| | • | | The Chairperson, or a Co-Chairperson, of the Audit Committee is authorized to pre-approve any engagement involving the Fund Entity’s independent auditors to the same extent as the Audit Committee. Any pre-approval decision by the Chairperson, or a Co-Chairperson, under the foregoing authority shall be presented to the Audit Committee at its next scheduled meeting. |
| (e)(2) | Percentages of Services |
None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the period of time for which such rule was effective.
| (g) | Total Fees Paid By Adviser and Certain Affiliates |
For the fiscal years ended December 31, 2023 and December 31, 2022, the aggregate non-audit fees billed by E&Y for services rendered to the Registrant and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Registrant were approximately $39,000,000 and $38,000,000, respectively.
| (h) | E&Y notified the Fund’s Audit Committee of all non-audit services that were rendered by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the Fund, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the Fund’s Audit Committee to consider whether such services were compatible with maintaining E&Y’s independence. |
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.
| (a)(3) | Not applicable to the Registrant. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ELFUN INTERNATIONAL EQUITY FUND
| | |
| By: | | /s/ Ann M. Carpenter |
| | Ann M. Carpenter |
| | President (Principal Executive Officer) |
| |
| Date: | | March 7, 2024 |
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: | | March 7, 2024 |
| |
| By: | | /s/ Bruce S. Rosenberg |
| | Bruce S. Rosenberg |
| | Treasurer (Principal Financial and Accounting Officer) |
| |
| Date: | | March 7, 2024 |
