Elfun Diversified Fund NCSRS Certified semi-annual shareholder report (management investment company)

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: 811-05324

ELFUN DIVERSIFIED 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 Deputy General Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210		Timothy W. Diggins, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600

Registrant’s telephone number, including area code: (617) 664-1465

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

Item 1. Shareholder Report.

Semi-Annual Report

June 30, 2020

Elfun Funds

Elfun International Equity Fund

Elfun Trusts

Elfun Diversified Fund

Elfun Tax-Exempt Income Fund

Elfun Income Fund

Elfun Government Money Market Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.ssga.com/geam), and you will be notified by mail each time a report is posted, and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund by calling
800-242-0134.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 800-242-0134. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.

LOGO

Elfun Funds

Semi-Annual Report

June 30, 2020 (Unaudited)

Table of Contents


	Page
Notes to Performance		1
Understanding Your Fund’s Expenses, Fund Information and Schedule of Investments
Elfun International Equity Fund		2
Elfun Trusts		8
Elfun Diversified Fund		13
Elfun Tax-Exempt Income Fund		50
Elfun Income Fund		61
Elfun Government Money Market Fund		86
Financial Statements
Financial Highlights		93
Statements of Assets and Liabilities		100
Statements of Operations		102
Statements of Changes in Net Assets		104
Notes to Financial Statements		107
Other Information		117

This report has been prepared for shareholders and may be distributed to others only if accompanied with a current prospectus and/or summary prospectus.

Elfun Funds

Notes to Performance — June 30, 2020 (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 http://www.ssga.com/geam for the most recent month-end performance data.

A portion of the Elfun Tax-Exempt Income Fund’s income may be subject to state, federal and/or alternative minimum tax. Capital gains, if any, are subject to capital gains tax.

An investment in a Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in a Fund is subject to risk, including possible loss of principal invested.

State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the Elfun Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. for investment advisory and administrative services.


Notes to Performance			1

Elfun International Equity Fund

Understanding Your Fund’s Expenses (Unaudited)

As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2020.

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)
Account Value at the
Beginning of the Period January 1, 2020	$	1,000.00	$	1,000.00
End of the Period June 30, 2020	$	919.40	$	1,022.87
Expenses Paid During the Period*	$	1.91	$	2.01

*	Expenses are equal to the Fund’s annualized expense ratio of 0.40% (for the period January 1, 2020-June 30, 2020), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


2		Elfun International Equity Fund

Elfun International Equity Fund

Fund Information — June 30, 2020 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $169,893 (in thousands) as of June 30, 2020 ^(a)(b)

LOGO

Top Ten Largest Holdings

as of June 30, 2020 (as a % of Fair Value) ^(a)(b)


Nestle S.A.	4.24	%

Novartis AG	3.75	%

Roche Holding AG	3.52	%

ASML Holding N.V.	3.38	%

AstraZeneca PLC	3.22	%

SAP SE	3.09	%

Schneider Electric SE	3.09	%

Hoya Corp.	3.08	%

Air Liquide S.A.	3.00	%

AIA Group Ltd.	2.92	%

(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 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

Schedule of Investments — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $


Common Stock - 96.6%†
Australia - 1.7%
BHP Group PLC		141,345		2,884,183


Brazil - 1.0%
Itau Unibanco Holding S.A. ADR (a)		376,873		1,767,535


Canada - 1.0%
Brookfield Asset Management Inc., Class A		51,074		1,675,467


China - 1.6%
Alibaba Group Holding Ltd. ADR (a)(b)		12,770		2,754,489


France - 16.5%
Air Liquide S.A.		35,198		5,087,579
AXA S.A.		126,643		2,664,109
BNP Paribas S.A.		74,206		2,963,904
Dassault Systemes SE (b)		10,077		1,748,751
LVMH Moet Hennessy Louis Vuitton SE		8,953		3,951,474
Safran S.A. (b)		35,107		3,530,359
Schneider Electric SE		47,171		5,245,510
Vivendi S.A.		119,862		3,096,233

				28,287,919


Germany - 6.5%
Adidas AG (b)		8,832		2,327,846
Fresenius SE & Company KGaA		31,730		1,576,580
HeidelbergCement AG		37,652		2,014,949
SAP SE		37,604		5,255,005

				11,174,380


Hong Kong - 2.9%
AIA Group Ltd.		530,967		4,968,609


Ireland - 1.8%
Kerry Group PLC, Class A		24,031		2,984,376


Japan - 29.2%
Daikin Industries Ltd.		26,100		4,226,502
Disco Corp.		13,500		3,295,242
FANUC Corp.		12,100		2,170,975
Fast Retailing Company Ltd.		5,620		3,232,910
Hoya Corp.		54,652		5,237,786
Kao Corp.		40,000		3,176,961
Keyence Corp.		6,700		2,810,055
Komatsu Ltd.		114,200		2,340,826
Mitsubishi UFJ Financial Group Inc.		369,726		1,456,279


	Number of Shares		Fair Value $
Mitsui Fudosan Company Ltd.		44,924		798,728
Murata Manufacturing Company Ltd.		67,591		3,987,710
Nidec Corp.		15,973		1,076,979
Recruit Holdings Company Ltd.		75,300		2,591,740
Secom Company Ltd.		28,700		2,520,316
Shimadzu Corp.		110,757		2,959,365
Shiseido Company Ltd.		57,762		3,683,701
SoftBank Group Corp.		43,602		2,200,581
Tokio Marine Holdings Inc.		48,998		2,146,579

				49,913,235


Netherlands - 4.7%
ASML Holding N.V.		15,701		5,741,840
ING Groep N.V.		335,677		2,339,243

				8,081,083


Norway - 1.3%
Equinor ASA		158,259		2,274,687


Portugal - 1.4%
Galp Energia SGPS S.A.		204,515		2,371,632


Sweden - 3.0%
Assa Abloy AB, Class B		168,232		3,443,858
Hexagon AB, Class B (b)		27,694		1,626,617

				5,070,475


Switzerland - 12.8%
Givaudan S.A.		598		2,235,068
Nestle S.A.		65,035		7,209,710
Novartis AG		73,091		6,367,090
Roche Holding AG		17,281		5,986,363

				21,798,231


Taiwan - 1.0%
Taiwan Semiconductor Manufacturing Company Ltd.		165,900		1,771,731


United Kingdom - 10.2%
Ashtead Group PLC (a)		104,730		3,522,884
AstraZeneca PLC		52,666		5,465,701
London Stock Exchange Group PLC		33,354		3,458,857
Prudential PLC		192,919		2,898,704
Vodafone Group PLC		1,325,970		2,102,018

				17,448,164


Total Common Stock (Cost $128,675,460)				165,226,196

See Notes to Schedules of Investments and Notes to Financial Statements.


4		Elfun International Equity Fund

Elfun International Equity Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Short-Term Investments - 2.7%
State Street Institutional Treasury Money Market Fund - Premier Class 0.11% (c)(d)		2,341,399		2,341,399

State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.16% (c)(d)		2,325,059		2,325,059


Total Short-Term Investments (Cost $4,666,458)				4,666,458


Total Investments (Cost $133,341,918)				169,892,654


Other Assets and Liabilities, net - 0.7%				1,221,896


NET ASSETS - 100.0%				171,114,550

Other Information:

The Fund had the following long futures contracts open at June 30, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
MSCI EAFE Mini Index Futures		September 2020		33	$	2,911,155	$	2,934,360	$	23,205

Notes to Schedule of Investments — June 30, 2020 (Unaudited)

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a)	At June 30, 2020, all or a portion of this security was pledged to cover collateral requirements for futures.

(b)	Non-income producing security.

(c)	Coupon amount represents effective yield.

(d)	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.

†	Percentages are based on net assets as of June 30, 2020.

Abbreviations:

ADR American Depositary Receipt

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun International Equity Fund			5

Elfun International Equity Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total


Elfun International Equity Fund	Investments in Securities

	Common Stock	$	6,197,491	$	159,028,705	$	—	$	165,226,196

	Short-Term Investments		4,666,458		—		—		4,666,458


	Total Investments in Securities	$	10,863,949	$	159,028,705	$	—	$	169,892,654


	Other Financial Instruments

	Long Futures Contracts - Unrealized Appreciation	$	23,205	$	—	$	—	$	23,205

The Fund was invested in the following sectors at June 30, 2020 (unaudited):


Sector	Percentage (based on Fair Value)

Pharmaceuticals		10.49%
Packaged Foods & Meats		6.00%
Semiconductor Equipment		5.32%
Diversified Banks		5.02%
Life & Health Insurance		4.63%
Building Products		4.51%
Electronic Equipment & Instruments		4.35%
Application Software		4.12%
Personal Products		4.04%
Electrical Components & Equipment		3.72%
Apparel, Accessories & Luxury Goods		3.70%
Healthcare Supplies		3.08%
Industrial Gases		2.99%
Integrated Oil & Gas		2.73%
Wireless Telecommunication Services		2.53%
Electronic Components		2.35%
Aerospace & Defense		2.08%
Trading Companies & Distributors		2.07%
Financial Exchanges & Data		2.04%
Apparel Retail		1.90%
Movies & Entertainment		1.82%
Diversified Metals & Mining		1.70%


Sector	Percentage (based on Fair Value)
Internet & Direct Marketing Retail		1.62%
Multi-Line Insurance		1.57%
Human Resource & Employment Services		1.53%
Security & Alarm Services		1.48%
Construction Machinery & Heavy Trucks		1.38%
Specialty Chemicals		1.32%
Industrial Machinery		1.28%
Property & Casualty Insurance		1.26%
Construction Materials		1.19%
Semiconductors		1.04%
Asset Management & Custody Banks		0.99%
Healthcare Services		0.93%
Diversified Real Estate Activities		0.47%

		97.25%


Short-Term Investments
Short-Term Investments		2.75%

		2.75%

		100.00%

See Notes to Schedules of Investments and Notes to Financial Statements.


6		Elfun International Equity Fund

Elfun International Equity Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/20		Value at 6/30/20		Dividend Income
State Street Institutional Treasury Money Market Fund - Premier Class		3,100,915	$	3,100,915		9,854,368		10,613,884	$	—	$	—		2,341,399	$	2,341,399	$	10,581
State Street Institutional U.S. Government Money Market Fund, Class G Shares		3,096,155		3,096,155		9,841,518		10,612,614		—		—		2,325,000		2,325,059		10,703


TOTAL			$	6,197,070	$	19,695,886	$	21,226,498	$	—	$	—			$	4,666,458	$	21,284

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun International Equity Fund			7

Elfun Trusts

Understanding Your Fund’s Expenses (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the
Beginning of the Period January 1, 2020	$	1,000.00	$	1,000.00
End of the Period June 30, 2020	$	1,020.60	$	1,023.97
Expenses Paid During the Period*	$	0.90	$	0.91

*	Expenses are equal to the Fund’s annualized expense ratio of 0.18% (for the period January 1, 2020-June 30, 2020), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


8		Elfun Trusts

Elfun Trusts

Fund Information — June 30, 2020 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $2,926,866 (in thousands) as of June 30, 2020 ^(a)(b)

LOGO

Top Ten Largest Holdings

as of June 30, 2020 (as a % of Fair Value) ^(a)(b)



Microsoft Corp.	6.80	%

Amazon.com Inc.	5.93	%

Visa Inc., Class A	4.57	%

Apple Inc.	4.24	%

Alphabet Inc., Class C	4.01	%

Facebook Inc., Class A	3.73	%

Applied Materials Inc.	3.47	%

JPMorgan Chase & Co.	3.40	%

The Walt Disney Co.	2.90	%

salesforce.com Inc.	2.88	%

(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 Treasury Money Market Fund - Premier Class.

(b)


Elfun Trusts			9

Elfun Trusts

Schedule of Investments — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $


Common Stock - 98.4%†
Application Software - 2.9%
salesforce.com Inc. (a)		449,749		84,251,480


Biotechnology - 5.3%
Alexion Pharmaceuticals Inc. (a)		427,700		48,005,048

BioMarin Pharmaceutical Inc. (a)		406,691		50,161,268
Vertex Pharmaceuticals Inc. (a)		200,642		58,248,379

				156,414,695


Building Products - 0.7%
Trane Technologies PLC		244,500		21,755,610


Cable & Satellite - 2.2%
Charter Communications Inc., Class A (a)		124,600		63,550,984


Construction Materials - 0.5%
Martin Marietta Materials Inc.		70,800		14,625,156


Data Processing & Outsourced Services - 7.4%
Fidelity National Information Services Inc.		428,249		57,423,908
Mastercard Inc., Class A		90,000		26,613,000
Visa Inc., Class A		692,300		133,731,591

				217,768,499


Diversified Banks - 3.4%
JPMorgan Chase & Co.		1,058,921		99,602,109


Electronic Components - 1.5%
Corning Inc.		1,647,200		42,662,480


Financial Exchanges & Data - 3.9%
CME Group Inc.		304,357		49,470,187
S&P Global Inc.		197,900		65,204,092

				114,674,279


Healthcare Equipment - 2.6%
Boston Scientific Corp. (a)		2,152,103		75,560,336


Home Improvement Retail - 2.5%
Lowe’s Companies Inc.		537,949		72,687,669


Industrial Conglomerates - 2.2%
Honeywell International Inc.		437,000		63,185,830


Integrated Oil & Gas - 1.7%
Chevron Corp.		566,600		50,557,718


	Number of Shares		Fair Value $

Interactive Media & Services - 9.6%
Alphabet Inc., Class A (a)		38,000		53,885,900
Alphabet Inc., Class C (a)		83,000		117,329,630
Facebook Inc., Class A (a)		480,092		109,014,491

				280,230,021


Internet & Direct Marketing Retail - 7.0%
Alibaba Group Holding Ltd. ADR (a)		151,100		32,592,270
Amazon.com Inc. (a)		62,900		173,529,778

				206,122,048


Managed Healthcare - 2.4%
UnitedHealth Group Inc.		235,156		69,359,262


Movies & Entertainment - 2.9%
The Walt Disney Co.		761,900		84,959,469


Multi-Utilities - 0.9%
Sempra Energy		217,197		25,462,004


Oil & Gas Equipment & Services - 1.1%
Schlumberger Ltd.		1,730,000		31,814,700

Packaged Foods & Meats - 1.1%
Mondelez International Inc., Class A		639,783		32,712,105


Pharmaceuticals - 6.9%
Elanco Animal Health Inc. (a)		2,738,160		58,733,532
Johnson & Johnson		541,300		76,123,019
Merck & Company Inc.		862,576		66,703,002

				201,559,553


Regional Banks - 2.3%
First Republic Bank		640,000		67,833,600


Semiconductor Equipment - 4.9%
Applied Materials Inc.		1,681,300		101,634,585
ASML Holding N.V.		114,800		42,249,844

				143,884,429


Semiconductors - 1.3%
Texas Instruments Inc.		289,561		36,765,560


Soft Drinks - 2.8%
PepsiCo Inc.		626,400		82,847,664


Specialized REITs - 2.4%
American Tower Corp.		271,629		70,226,962

See Notes to Schedules of Investments and Notes to Financial Statements.


10		Elfun Trusts

Elfun Trusts

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Specialty Chemicals - 0.9%
Albemarle Corp.		340,000		26,251,400


Systems Software - 8.1%
Microsoft Corp.		978,135		199,060,254
ServiceNow Inc. (a)		94,870		38,428,042

				237,488,296


Technology Hardware, Storage & Peripherals - 4.2%
Apple Inc.		340,300		124,141,440


Trading Companies & Distributors - 2.2%
United Rentals Inc. (a)		422,667		62,994,290


Trucking - 0.6%
Lyft Inc., Class A (a)		555,800		18,346,958


Total Common Stock (Cost $1,684,030,234)				2,880,296,606


	Number of Shares		Fair Value $
Short-Term Investments - 1.6%
State Street Institutional Treasury Money Market Fund - Premier Class 0.11% (b)(c)		24,126,556		24,126,556
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.16% (b)(c)		22,443,271		22,443,271


Total Short-Term Investments (Cost $46,569,827)				46,569,827


Total Investments (Cost $1,730,600,061)				2,926,866,433


Other Assets and Liabilities, net - 0.0%*				664,760


NET ASSETS - 100.0%				2,927,531,193

Notes to Schedule of Investments — June 30, 2020 (Unaudited)

(a)	Non-income producing security.

(b)	Coupon amount represents effective yield.

(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.

†	Percentages are based on net assets as of June 30, 2020.

*	Less than 0.05%.

Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total


Elfun Trusts	Investments in Securities

	Common Stock	$	2,880,296,606	$	—	$	—	$	2,880,296,606

	Short-Term Investments		46,569,827		—		—		46,569,827


	Total Investments in Securities	$	2,926,866,433	$	—	$	—	$	2,926,866,433

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Trusts			11

Elfun Trusts

Schedule of Investments, continued — June 30, 2020 (Unaudited)

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/20		Value at 6/30/20		Dividend Income
State Street Institutional Treasury Money Market Fund - Premier Class		42,258,371	$	42,258,371	$	87,384,638		105,516,454	$	—	$	—		24,126,555	$	24,126,555	$	130,184
State Street Institutional U.S. Government Money Market Fund, Class G Shares		40,744,978		40,744,978		87,214,747		105,516,454		—		—		22,443,000		22,443,271		126,493


TOTAL			$	83,003,349	$	174,599,385	$	211,032,908	$	—	$	—			$	46,569,826	$	256,677

See Notes to Schedules of Investments and Notes to Financial Statements.


12		Elfun Trusts

Elfun Diversified Fund

Understanding Your Fund’s Expenses (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the
Beginning of the Period January 1, 2020	$	1,000.00	$	1,000.00
End of the Period June 30, 2020	$	979.50	$	1,023.37
Expenses Paid During the Period*	$	1.48	$	1.51

*	Expenses are equal to the Fund’s annualized expense ratio of 0.30% (for the period January 1, 2020-June 30, 2020), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


Elfun Diversified Fund			13

Elfun Diversified Fund

Fund Information — June 30, 2020 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $193,489 (in thousands) as of June 30, 2020 ^(a)(b)

LOGO

Top Ten Largest Equity Holdings

as of June 30, 2020 (as a % of Fair Value) ^(a)(b)



Microsoft Corp.	2.02	%

Apple Inc.	1.94	%

Amazon.com Inc.	1.51	%

Facebook Inc., Class A	0.71	%

Alphabet Inc., Class A	0.56	%

Alphabet Inc., Class C	0.54	%

Johnson & Johnson	0.49	%

Berkshire Hathaway Inc., Class B	0.45	%

Visa Inc., Class A	0.43	%

The Procter & Gamble Co.	0.39	%

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund - Class G Shares, State Street Institutional Treasury Money Market Fund - Premier Class, and State Street Institutional Treasury Money Market Fund - Premier Class.

(b)


14		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $


Domestic Equity - 33.5%†
Common Stock - 33.5%
Advertising - 0.0% *
Omnicom Group Inc. (a)		541		29,538
The Interpublic Group of Companies Inc. (a)		966		16,576

				46,114


Aerospace & Defense - 0.6%
General Dynamics Corp. (a)		595		88,929
Howmet Aerospace Inc. (a)		1,019		16,151
Huntington Ingalls Industries Inc. (a)		97		16,926
L3Harris Technologies Inc. (a)		564		95,694
Lockheed Martin Corp. (a)		623		227,345
Northrop Grumman Corp. (a)		401		123,283
Raytheon Technologies Corp. (a)		3,676		226,515
Teledyne Technologies Inc. (b)		100		31,095
Textron Inc. (a)		598		19,680
The Boeing Co. (a)		1,343		246,172
TransDigm Group Inc. (a)		125		55,256

				1,147,046


Agricultural & Farm Machinery - 0.1%
Deere & Co. (a)		803		126,191


Agricultural Products - 0.0% *
Archer-Daniels-Midland Co. (a)		1,375		54,863


Air Freight & Logistics - 0.2%
CH Robinson Worldwide Inc. (a)		332		26,248
Expeditors International of Washington Inc. (a)		423		32,165
FedEx Corp. (a)		609		85,394
United Parcel Service Inc., Class B (a)		1,756		195,232

				339,039


Airlines - 0.1%
Alaska Air Group Inc. (a)		321		11,639
American Airlines Group Inc. (a)		1,094		14,299
Delta Air Lines Inc. (a)		1,400		39,270
Southwest Airlines Co. (a)		1,394		47,647
United Airlines Holdings Inc. (a)(b)		536		18,551

				131,406


	Number of Shares		Fair Value $
Alternative Carriers - 0.0% *
CenturyLink Inc. (a)		2,674		26,820


Apparel Retail - 0.1%
L Brands Inc. (a)		587		8,787
Ross Stores Inc. (a)		920		78,421
The Gap Inc. (a)		530		6,689
The TJX Companies Inc. (a)		2,996		151,478

				245,375


Apparel, Accessories & Luxury Goods - 0.0% *
Hanesbrands Inc. (a)		996		11,245
PVH Corp. (a)		208		9,994
Ralph Lauren Corp. (a)		113		8,195
Tapestry Inc. (a)		636		8,446
Under Armour Inc., Class A (a)(b)		479		4,665
Under Armour Inc., Class C (a)(b)		482		4,261
VF Corp. (a)		772		47,046

				93,852


Application Software - 0.8%
Adobe Inc. (a)(b)		1,218		530,207
ANSYS Inc. (a)(b)		216		63,014
Autodesk Inc. (a)(b)		561		134,185
Cadence Design Systems Inc. (a)(b)		700		67,172
Citrix Systems Inc. (a)		288		42,598
Intuit Inc. (a)		652		193,116
Paycom Software Inc. (a)(b)		120		37,168
salesforce.com Inc. (a)(b)		2,281		427,300
Synopsys Inc. (a)(b)		380		74,100
Tyler Technologies Inc. (b)		100		34,688

				1,603,548


Asset Management & Custody Banks - 0.3%
Ameriprise Financial Inc. (a)		311		46,662
BlackRock Inc. (a)		390		212,195
Franklin Resources Inc. (a)		792		16,608
Invesco Ltd. (a)		809		8,705
Northern Trust Corp. (a)		530		42,050
State Street Corp. (a,c)		917		58,275
T Rowe Price Group Inc. (a)		519		64,097
The Bank of New York Mellon Corp. (a)		2,095		80,972

				529,564


Auto Parts & Equipment - 0.0% *
BorgWarner Inc. (a)		539		19,027

Automobile Manufacturers - 0.1%
Ford Motor Co. (a)		9,815		59,675

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			15

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

General Motors Co. (a)		3,233		81,795

				141,470


Automotive Retail - 0.1%
Advance Auto Parts Inc. (a)		165		23,504
AutoZone Inc. (a)(b)		60		67,687
CarMax Inc. (a)(b)		403		36,089
O’Reilly Automotive Inc. (a)(b)		192		80,961

				208,241


Biotechnology - 0.8%
AbbVie Inc. (a)		4,434		435,330
Alexion Pharmaceuticals Inc. (a)(b)		559		62,742
Amgen Inc. (a)		1,493		352,139
Biogen Inc. (a)(b)		413		110,498
Gilead Sciences Inc. (a)		3,176		244,361
Incyte Corp. (a)(b)		448		46,579
Regeneron Pharmaceuticals Inc. (a)(b)		251		156,536
Vertex Pharmaceuticals Inc. (a)(b)		641		186,089

				1,594,274


Brewers - 0.0%*
Molson Coors Beverage Co., Class B (a)		481		16,527


Broadcasting - 0.0%*
Discovery Inc., Class A (a)(b)		361		7,617
Discovery Inc., Class C (a)(b)		797		15,350
Fox Corp., Class A (a)		897		24,058
Fox Corp., Class B (a)(b)		483		12,964
ViacomCBS Inc., Class B (a)		1,279		29,826

				89,815


Building Products - 0.1%
AO Smith Corp. (a)		300		14,136
Carrier Global Corp. (a)		2,013		44,729
Fortune Brands Home & Security Inc. (a)		378		24,166
Johnson Controls International PLC (a)		1,880		64,183
Masco Corp. (a)		673		33,791

				181,005


Cable & Satellite - 0.3%
Charter Communications Inc., Class A (a)(b)		381		194,325
Comcast Corp., Class A (a)		11,496		448,114


	Number of Shares		Fair Value $
DISH Network Corp., Class A (a)(b)		632		21,811

				664,250


Casinos & Gaming - 0.0%*
Las Vegas Sands Corp. (a)		800		36,432
MGM Resorts International (a)		1,320		22,176
Wynn Resorts Ltd. (a)		233		17,356

				75,964


Commodity Chemicals - 0.1%
Dow Inc. (a)(b)		1,882		76,710
LyondellBasell Industries N.V., Class A (a)		640		42,061

				118,771


Communications Equipment - 0.3%
Arista Networks Inc. (a)(b)		144		30,244
Cisco Systems Inc. (a)		10,660		497,182
F5 Networks Inc. (a)(b)		168		23,433
Juniper Networks Inc. (a)		845		19,317
Motorola Solutions Inc. (a)		433		60,676

				630,852


Computer & Electronics Retail - 0.0%*
Best Buy Company Inc. (a)		518		45,206


Construction & Engineering - 0.0%*
Jacobs Engineering Group Inc. (a)		356		30,189
Quanta Services Inc. (a)		358		14,044

				44,233


Construction Machinery & Heavy Trucks - 0.2%
Caterpillar Inc. (a)		1,378		174,317
Cummins Inc. (a)		388		67,225
PACCAR Inc. (a)		825		61,751
Westinghouse Air Brake Technologies Corp. (a)		399		22,971

				326,264


Construction Materials - 0.0%*
Martin Marietta Materials Inc. (a)		167		34,497
Vulcan Materials Co. (a)		328		37,999

				72,496


Consumer Electronics - 0.0%*
Garmin Ltd. (a)		390		38,025

See Notes to Schedules of Investments and Notes to Financial Statements.


16		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Consumer Finance - 0.2%
American Express Co. (a)		1,673		159,270
Capital One Financial Corp. (a)		1,181		73,919
Discover Financial Services (a)		827		41,424
Synchrony Financial (a)		1,416		31,378

				305,991


Copper - 0.0%*
Freeport-McMoRan Inc. (a)		3,627		41,964


Data Processing & Outsourced Services - 1.5%
Automatic Data Processing Inc. (a)		1,078		160,503
Broadridge Financial Solutions Inc. (a)		285		35,964
Fidelity National Information Services Inc. (a)		1,541		206,633
Fiserv Inc. (a)(b)		1,422		138,816
FleetCor Technologies Inc. (a)(b)		219		55,085
Global Payments Inc. (a)		768		130,268
Jack Henry & Associates Inc. (a)		192		35,334
Mastercard Inc., Class A (a)		2,235		660,890
Paychex Inc. (a)		751		56,888
PayPal Holdings Inc. (a)(b)		2,954		514,675
The Western Union Co. (a)		991		21,425
Visa Inc., Class A (a)		4,270		824,836

				2,841,317


Department Stores - 0.0%*
Kohl’s Corp. (a)		452		9,388


Distillers & Vintners - 0.1%
Brown-Forman Corp., Class B (a)		462		29,411
Constellation Brands Inc., Class A (a)		425		74,354

				103,765


Distributors - 0.0%*
Genuine Parts Co. (a)		357		31,045
LKQ Corp. (a)(b)		836		21,903

				52,948


Diversified Banks - 1.0%
Bank of America Corp. (a)		19,797		470,179
Citigroup Inc. (a)		5,255		268,530
JPMorgan Chase & Co. (a)		7,712		725,391
U.S. Bancorp (a)		3,441		126,698


	Number of Shares		Fair Value $
Wells Fargo & Co. (a)		9,485		242,816

				1,833,614


Diversified Chemicals - 0.0%*
Eastman Chemical Co. (a)		349		24,304


Diversified Support Services - 0.1%
Cintas Corp. (a)		211		56,202
Copart Inc. (a)(b)		501		41,718

				97,920


Drug Retail - 0.0%*
Walgreens Boots Alliance Inc. (a)		1,901		80,583


Electric Utilities - 0.6%
Alliant Energy Corp. (a)		590		28,226
American Electric Power Company Inc. (a)		1,259		100,267
Duke Energy Corp. (a)		1,816		145,080
Edison International (a)		943		51,214
Entergy Corp. (a)		500		46,905
Evergy Inc. (a)		566		33,558
Eversource Energy (a)		792		65,950
Exelon Corp. (a)		2,510		91,088
FirstEnergy Corp. (a)		1,362		52,818
NextEra Energy Inc. (a)		1,228		294,929
NRG Energy Inc. (a)		655		21,327
Pinnacle West Capital Corp. (a)		273		20,008
PPL Corp. (a)		1,960		50,646
The Southern Co. (a)		2,660		137,921
Xcel Energy Inc. (a)		1,286		80,375

				1,220,312


Electrical Components & Equipment - 0.2%
AMETEK Inc. (a)		575		51,388
Eaton Corporation PLC (a)		996		87,130
Emerson Electric Co. (a)		1,504		93,293
Rockwell Automation Inc. (a)		292		62,196

				294,007


Electronic Components - 0.1%
Amphenol Corp., Class A (a)		751		71,953
Corning Inc. (a)		1,923		49,806

				121,759


Electronic Equipment & Instruments - 0.1%
FLIR Systems Inc. (a)		373		15,133
Keysight Technologies Inc. (a)(b)		472		47,568

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			17

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Zebra Technologies Corp., Class A (a)(b)		134		34,297

				96,998


Electronic Manufacturing Services - 0.0%*
IPG Photonics Corp. (a)(b)		100		16,039


Environmental & Facilities Services - 0.1%
Republic Services Inc. (a)		528		43,322
Rollins Inc. (a)		350		14,837
Waste Management Inc. (a)		995		105,380

				163,539


Fertilizers & Agricultural Chemicals - 0.1%
CF Industries Holdings Inc. (a)		601		16,912
Corteva Inc. (a)(b)		1,882		50,419
FMC Corp. (a)		321		31,978
The Mosaic Co. (a)		864		10,809

				110,118


Financial Exchanges & Data - 0.4%
Cboe Global Markets Inc. (a)		274		25,559
CME Group Inc. (a)		893		145,148
Intercontinental Exchange Inc. (a)		1,370		125,492
MarketAxess Holdings Inc. (a)		100		50,092
Moody’s Corp. (a)		414		113,738
MSCI Inc. (a)		215		71,771
Nasdaq Inc. (a)		308		36,797
S&P Global Inc. (a)		613		201,971

				770,568


Food Distributors - 0.0%*
Sysco Corp. (a)		1,328		72,589


Food Retail - 0.0%*
The Kroger Co. (a)		2,067		69,968


Footwear - 0.2%
NIKE Inc., Class B (a)		3,131		306,995


Gas Utilities - 0.0%*
Atmos Energy Corp. (a)		295		29,376


General Merchandise Stores - 0.2%
Dollar General Corp. (a)		650		123,831
Dollar Tree Inc. (a)(b)		595		55,145
Target Corp. (a)		1,262		151,352

				330,328


	Number of Shares		Fair Value $
Gold - 0.1%
Newmont Corp. (a)		2,000		123,480


Health Care REITs - 0.1%
Healthpeak Properties Inc. (a)		1,327		36,572
Ventas Inc. (a)		918		33,617
Welltower Inc. (a)		1,009		52,216

				122,405


Healthcare Distributors - 0.1%
AmerisourceBergen Corp. (a)		358		36,076
Cardinal Health Inc. (a)		762		39,769
Henry Schein Inc. (a)(b)		364		21,254
McKesson Corp. (a)		408		62,595

				159,694


Healthcare Equipment - 1.0%
Abbott Laboratories (a)		4,444		406,315
ABIOMED Inc. (a)(b)		107		25,847
Baxter International Inc. (a)		1,304		112,274
Becton Dickinson and Co. (a)		738		176,581
Boston Scientific Corp. (a)(b)		3,499		122,850
Danaher Corp. (a)		1,580		279,391
DexCom Inc. (a)(b)		232		94,053
Edwards Lifesciences Corp. (a)(b)		1,599		110,507
Hologic Inc. (a)(b)		651		37,107
IDEXX Laboratories Inc. (a)(b)		217		71,645
Intuitive Surgical Inc. (a)(b)		288		164,111
ResMed Inc. (a)		364		69,888
STERIS PLC (a)		206		31,609
Stryker Corp. (a)		802		144,512
Teleflex Inc. (a)		113		41,130
Varian Medical Systems Inc. (a)(b)		224		27,445
Zimmer Biomet Holdings Inc. (a)		520		62,067

				1,977,332


Healthcare Facilities - 0.0%*
HCA Healthcare Inc. (a)		671		65,127
Universal Health Services Inc., Class B (a)		215		19,972

				85,099


Healthcare Services - 0.3%
Cigna Corp. (a)(b)		936		175,640
CVS Health Corp. (a)		3,263		211,997
DaVita Inc. (a)(b)		211		16,698

See Notes to Schedules of Investments and Notes to Financial Statements.


18		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Laboratory Corporation of America Holdings (a)(b)		243		40,365
Quest Diagnostics Inc. (a)		336		38,291

				482,991


Healthcare Supplies - 0.1%
Align Technology Inc. (a)(b)		179		49,125
DENTSPLY SIRONA Inc. (a)		553		24,365
The Cooper Companies Inc. (a)		124		35,171
West Pharmaceutical Services Inc. (a)		200		45,434

				154,095


Healthcare Technology - 0.0%*
Cerner Corp. (a)		792		54,292


Home Building - 0.1%
D.R. Horton Inc. (a)		853		47,299
Lennar Corp., Class A (a)		656		40,423
NVR Inc. (a)(b)		8		26,070
PulteGroup Inc. (a)		699		23,787

				137,579


Home Furnishings - 0.0%*
Leggett & Platt Inc. (a)		294		10,334
Mohawk Industries Inc. (a)(b)		144		14,654

				24,988


Home Improvement Retail - 0.5%
Lowe’s Companies Inc. (a)		1,923		259,836
The Home Depot Inc. (a)		2,722		681,888

				941,724


Hotel & Resort REITs - 0.0%*
Host Hotels & Resorts Inc. (a)		1,733		18,699


Hotels, Resorts & Cruise Lines - 0.1%
Carnival Corp. (a)		1,099		18,045
Hilton Worldwide Holdings Inc. (a)		710		52,149
Marriott International Inc., Class A (a)		683		58,554
Norwegian Cruise Line Holdings Ltd. (a)(b)		548		9,004
Royal Caribbean Cruises Ltd. (a)		439		22,082

				159,834


	Number of Shares		Fair Value $
Household Appliances - 0.0%*
Whirlpool Corp. (a)		166		21,502

Household Products - 0.6%
Church & Dwight Company Inc. (a)		655		50,631
Colgate-Palmolive Co. (a)		2,135		156,410
Kimberly-Clark Corp. (a)		876		123,823
The Clorox Co. (a)		318		69,760
The Procter & Gamble Co. (a)		6,280		750,900

				1,151,524


Housewares & Specialties - 0.0%*
Newell Brands Inc. (a)		1,012		16,071


Human Resource & Employment Services - 0.0%*
Robert Half International Inc. (a)		266		14,053


Hypermarkets & Super Centers - 0.4%
Costco Wholesale Corp. (a)		1,110		336,563
Walmart Inc. (a)		3,568		427,375

				763,938


Independent Power Producers & Energy Traders - 0.0%*
The AES Corp. (a)		1,555		22,532


Industrial Conglomerates - 0.4%
3M Co. (a)		1,443		225,094
General Electric Co. (a)		21,873	��	149,393
Honeywell International Inc. (a)		1,794		259,394
Roper Technologies Inc. (a)		265		102,889

				736,770


Industrial Gases - 0.1%
Air Products & Chemicals Inc. (a)		564		136,183


Industrial Machinery - 0.3%
Dover Corp. (a)		361		34,858
Flowserve Corp. (a)		322		9,183
Fortive Corp. (a)		741		50,136
IDEX Corp. (a)		200		31,608
Illinois Tool Works Inc. (a)		720		125,892
Ingersoll Rand Inc. (a)(b)		859		24,155
Otis Worldwide Corp. (a)		1,056		60,044
Parker-Hannifin Corp. (a)		324		59,380
Snap-on Inc. (a)		147		20,361
Stanley Black & Decker Inc. (a)		381		53,104
Xylem Inc. (a)		443		28,777

				497,498

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			19

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Industrial REITs - 0.1%
Duke Realty Corp. (a)		980		34,682
Prologis Inc. (a)		1,902		177,514

				212,196


Insurance Brokers - 0.1%
Arthur J Gallagher & Co. (a)		467		45,528
Marsh & McLennan Companies Inc. (a)		1,290		138,507

				184,035


Integrated Oil & Gas - 0.5%
Chevron Corp. (a)		4,707		420,006
Exxon Mobil Corp. (a)		10,650		476,268
Occidental Petroleum Corp. (a)		2,222		40,662

				936,936


Integrated Telecommunication Services - 0.6%
AT&T Inc. (a)		18,034		545,168
Verizon Communications Inc. (a)		10,477		577,597

				1,122,765


Interactive Home Entertainment - 0.1%
Activision Blizzard Inc. (a)		1,925		146,108
Electronic Arts Inc. (a)(b)		743		98,113
Take-Two Interactive Software Inc. (a)(b)		283		39,498

				283,719


Interactive Media & Services - 1.9%
Alphabet Inc., Class A (a)(b)		759		1,076,300
Alphabet Inc., Class C (a)(b)		740		1,046,071
Facebook Inc., Class A (a)(b)		6,086		1,381,948
Twitter Inc. (a)(b)		2,010		59,878

				3,564,197


Internet & Direct Marketing Retail - 1.7%
Amazon.com Inc. (a)(b)		1,060		2,924,349
Booking Holdings Inc. (a)(b)		104		165,603
eBay Inc. (a)		1,650		86,543
Expedia Group Inc. (a)		365		30,003

				3,206,498


Internet Services & Infrastructure - 0.1%
Akamai Technologies Inc. (a)(b)		379		40,587
VeriSign Inc. (a)(b)		261		53,983

				94,570


	Number of Shares		Fair Value $
Investment Banking & Brokerage - 0.2%
E*TRADE Financial Corp. (a)		550		27,351
Morgan Stanley (a)		2,946		142,292
Raymond James Financial Inc. (a)		295		20,305
The Charles Schwab Corp. (a)		2,866		96,699
The Goldman Sachs Group Inc. (a)		794		156,910

				443,557


IT Consulting & Other Services - 0.2%
Cognizant Technology Solutions Corp., Class A (a)		1,361		77,332
DXC Technology Co. (a)		734		12,111
Gartner Inc. (a)(b)		220		26,693
International Business Machines Corp. (a)		2,224		268,592
Leidos Holdings Inc. (a)		300		28,101

				412,829


Leisure Products - 0.0%*
Hasbro Inc. (a)		305		22,860


Life & Health Insurance - 0.1%
Aflac Inc. (a)		1,814		65,359
Globe Life Inc. (a)		236		17,518
Lincoln National Corp. (a)		484		17,806
MetLife Inc. (a)		2,020		73,770
Principal Financial Group Inc. (a)		668		27,749
Prudential Financial Inc. (a)		1,016		61,874
Unum Group (a)		557		9,241

				273,317


Life Sciences Tools & Services - 0.4%
Agilent Technologies Inc. (a)		783		69,194
Bio-Rad Laboratories Inc., Class A (b)		60		27,089
Illumina Inc. (a)(b)		375		138,881
IQVIA Holdings Inc. (a)(b)		457		64,839
Mettler-Toledo International Inc. (a)(b)		61		49,139
PerkinElmer Inc. (a)		273		26,779
Thermo Fisher Scientific Inc. (a)		995		360,528
Waters Corp. (a)(b)		159		28,684

				765,133


Managed Healthcare - 0.6%
Anthem Inc. (a)		635		166,992

See Notes to Schedules of Investments and Notes to Financial Statements.


20		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Centene Corp. (a)(b)		1,488		94,562
Humana Inc. (a)		338		131,060
UnitedHealth Group Inc. (a)		2,386		703,751

				1,096,365


Metal & Glass Containers - 0.0%*
Ball Corp. (a)		792		55,036


Movies & Entertainment - 0.5%
Live Nation Entertainment Inc. (a)(b)		400		17,732
Netflix Inc. (a)(b)		1,113		506,459
The Walt Disney Co. (a)		4,537		505,921

				1,030,112


Multi-Line Insurance - 0.1%
American International Group Inc. (a)		2,194		68,409
Assurant Inc. (a)		141		14,564
The Hartford Financial Services Group Inc. (a)		935		36,044

				119,017


Multi-Sector Holdings - 0.5%
Berkshire Hathaway Inc., Class B (a)(b)		4,928		879,697


Multi-Utilities - 0.3%
Ameren Corp. (a)		617		43,412
CenterPoint Energy Inc. (a)		1,391		25,970
CMS Energy Corp. (a)		710		41,478
Consolidated Edison Inc. (a)		841		60,493
Dominion Energy Inc. (a)		2,124		172,426
DTE Energy Co. (a)		483		51,923
NiSource Inc. (a)		992		22,558
Public Service Enterprise Group Inc. (a)		1,308		64,301
Sempra Energy (a)		717		84,054
WEC Energy Group Inc. (a)		799		70,033

				636,648


Office REITs - 0.1%
Alexandria Real Estate Equities Inc. (a)		308		49,973
Boston Properties Inc. (a)		355		32,085
SL Green Realty Corp. (a)		225		11,090
Vornado Realty Trust (a)		427		16,316

				109,464


Oil & Gas Equipment & Services - 0.1%
Baker Hughes Co. (a)		1,615		24,855
Halliburton Co. (a)		2,363		30,672


	Number of Shares		Fair Value $
National Oilwell Varco Inc. (a)		1,105		13,536
Schlumberger Ltd. (a)		3,545		65,192

				134,255


Oil & Gas Exploration & Production - 0.2%
Apache Corp. (a)		921		12,433
Cabot Oil & Gas Corp. (a)		998		17,146
Concho Resources Inc. (a)		539		27,758
ConocoPhillips (a)		2,746		115,387
Devon Energy Corp. (a)		934		10,592
Diamondback Energy Inc. (a)		430		17,983
EOG Resources Inc. (a)		1,476		74,774
Hess Corp. (a)		635		32,899
Marathon Oil Corp. (a)		2,199		13,458
Noble Energy Inc. (a)		1,183		10,600
Pioneer Natural Resources Co. (a)		413		40,350

				373,380


Oil & Gas Refining & Marketing - 0.1%
HollyFrontier Corp. (a)		360		10,512
Marathon Petroleum Corp. (a)		1,589		59,397
Phillips 66 (a)		1,130		81,247
Valero Energy Corp. (a)		1,041		61,231

				212,387


Oil & Gas Storage & Transportation - 0.1%
Kinder Morgan Inc. (a)		4,971		75,410
ONEOK Inc. (a)		1,026		34,084
The Williams Companies Inc. (a)		3,113		59,209

				168,703


Packaged Foods & Meats - 0.4%
Campbell Soup Co. (a)		412		20,447
Conagra Brands Inc. (a)		1,226		43,118
General Mills Inc. (a)		1,564		96,421
Hormel Foods Corp. (a)		717		34,610
Kellogg Co. (a)		613		40,495
Lamb Weston Holdings Inc. (a)		400		25,572
McCormick & Company Inc. (a)		311		55,796
Mondelez International Inc., Class A (a)		3,574		182,739
The Hershey Co. (a)		373		48,348
The JM Smucker Co. (a)		284		30,050
The Kraft Heinz Co. (a)		1,563		49,844
Tyson Foods Inc., Class A (a)		763		45,559

				672,999

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			21

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Paper Packaging - 0.1%
Avery Dennison Corp. (a)		225		25,670
International Paper Co. (a)		999		35,175
Packaging Corporation of America (a)		259		25,848
Sealed Air Corp. (a)		464		15,243
WestRock Co. (a)		700		19,782

				121,718


Personal Products - 0.1%
Coty Inc., Class A (a)		630		2,816
The Estee Lauder Companies Inc., Class A (a)		567		106,982

				109,798


Pharmaceuticals - 1.5%
Bristol-Myers Squibb Co. (a)		5,698		335,042
Eli Lilly & Co. (a)		2,123		348,554
Johnson & Johnson (a)		6,668		937,721
Merck & Company Inc. (a)		6,343		490,504
Mylan N.V. (a)(b)		1,430		22,994
Pfizer Inc. (a)		13,950		456,165
Zoetis Inc. (a)		1,187		162,667

				2,753,647


Property & Casualty Insurance - 0.2%
Chubb Ltd. (a)		1,157		146,499
Cincinnati Financial Corp. (a)		364		23,307
Loews Corp. (a)		611		20,951
The Allstate Corp. (a)		740		71,773
The Progressive Corp. (a)		1,463		117,201
The Travelers Companies Inc. (a)		653		74,475
WR Berkley Corp. (a)		400		22,916

				477,122


Publishing - 0.0%*
News Corp., Class A (a)		1,011		11,990
News Corp., Class B (a)		442		5,282

				17,272


Railroads - 0.3%
CSX Corp. (a)		1,889		131,739
Kansas City Southern (a)		246		36,725
Norfolk Southern Corp. (a)		666		116,930
Union Pacific Corp. (a)		1,708		288,771

				574,165


Real Estate Services - 0.0%*
CBRE Group Inc., Class A (a)(b)		809		36,583


	Number of Shares		Fair Value $
Regional Banks - 0.3%
Citizens Financial Group Inc. (a)		1,101		27,789
Comerica Inc. (a)		366		13,945
Fifth Third Bancorp (a)		1,752		33,779
First Republic Bank (a)		423		44,834
Huntington Bancshares Inc. (a)		2,707		24,458
KeyCorp (a)		2,372		28,891
M&T Bank Corp. (a)		328		34,102
People’s United Financial Inc. (a)		1,150		13,305
Regions Financial Corp. (a)		2,397		26,655
SVB Financial Group (a)(b)		125		26,941
The PNC Financial Services Group Inc. (a)		1,061		111,628
Truist Financial Corp. (a)		3,368		126,468
Zions Bancorp NA (a)		452		15,368

				528,163


Research & Consulting Services - 0.1%
Equifax Inc. (a)		304		52,251
Nielsen Holdings PLC (a)		1,001		14,875
Verisk Analytics Inc. (a)		415		70,633

				137,759


Residential REITs - 0.1%
Apartment Investment & Management Co., Class A (a)		418		15,734
AvalonBay Communities Inc. (a)		352		54,433
Equity Residential (a)		881		51,820
Essex Property Trust Inc. (a)		165		37,813
Mid-America Apartment Communities Inc. (a)		283		32,452
UDR Inc. (a)		717		26,801

				219,053


Restaurants - 0.4%
Chipotle Mexican Grill Inc. (a)(b)		65		68,403
Darden Restaurants Inc. (a)		313		23,716
Domino’s Pizza Inc. (a)		100		36,944
McDonald’s Corp. (a)		1,893		349,202
Starbucks Corp. (a)		2,925		215,251
Yum! Brands Inc. (a)		766		66,573

				760,089


Retail REITs - 0.1%
Federal Realty Investment Trust (a)		177		15,082

See Notes to Schedules of Investments and Notes to Financial Statements.


22		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Kimco Realty Corp. (a)		1,110		14,252
Realty Income Corp. (a)		861		51,230
Regency Centers Corp. (a)		400		18,356
Simon Property Group Inc. (a)		760		51,969

				150,889


Semiconductor Equipment - 0.2%
Applied Materials Inc. (a)		2,362		142,783
KLA Corp. (a)		400		77,792
Lam Research Corp. (a)		370		119,680

				340,255


Semiconductors - 1.5%
Advanced Micro Devices Inc. (a)(b)		2,970		156,252
Analog Devices Inc. (a)		939		115,159
Broadcom Inc. (a)		1,012		319,397
Intel Corp. (a)		10,673		638,565
Maxim Integrated Products Inc. (a)		700		42,427
Microchip Technology Inc. (a)		588		61,922
Micron Technology Inc. (a)(b)		2,812		144,874
NVIDIA Corp. (a)		1,557		591,520
Qorvo Inc. (a)(b)		288		31,833
QUALCOMM Inc. (a)		2,828		257,942
Skyworks Solutions Inc. (a)		425		54,340
Texas Instruments Inc. (a)		2,311		293,428
Xilinx Inc. (a)		643		63,265

				2,770,924


Soft Drinks - 0.5%
Monster Beverage Corp. (a)(b)		977		67,726
PepsiCo Inc. (a)		3,508		463,968
The Coca-Cola Co. (a)		9,757		435,943

				967,637


Specialized Consumer Services - 0.0%*
H&R Block Inc. (a)		525		7,497


Specialized REITs - 0.5%
American Tower Corp. (a)		1,112		287,497
Crown Castle International Corp. (a)		1,037		173,542
Digital Realty Trust Inc. (a)		670		95,214
Equinix Inc. (a)		218		153,101
Extra Space Storage Inc. (a)		320		29,558
Iron Mountain Inc. (a)		805		21,011
Public Storage (a)		381		73,110


	Number of Shares		Fair Value $
SBA Communications Corp. (a)		286		85,205
Weyerhaeuser Co. (a)		1,883		42,292

				960,530


Specialty Chemicals - 0.3%
Albemarle Corp. (a)		252		19,457
Celanese Corp. (a)		295		25,470
DuPont de Nemours Inc. (a)		1,882		99,991
Ecolab Inc. (a)		611		121,558
International Flavors & Fragrances Inc. (a)		259		31,717
PPG Industries Inc. (a)		596		63,212
The Sherwin-Williams Co. (a)		202		116,726

				478,131


Specialty Stores - 0.1%
Tiffany & Co. (a)		258		31,461
Tractor Supply Co. (a)		285		37,560
Ulta Beauty Inc. (a)(b)		152		30,920

				99,941


Steel - 0.0%*
Nucor Corp. (a)		736		30,478


Systems Software - 2.4%
Fortinet Inc. (a)(b)		357		49,005
Microsoft Corp. (a)		19,192		3,905,764
Nortonlifelock Inc. (a)		1,523		30,201
Oracle Corp. (a)		5,259		290,665
ServiceNow Inc. (a)(b)		483		195,644

				4,471,279


Technology Distributors - 0.0%*
CDW Corp. (a)		359		41,709


Technology Hardware, Storage & Peripherals - 2.1%
Apple Inc. (a)		10,300		3,757,440
Hewlett Packard Enterprise Co. (a)		3,163		30,776
HP Inc. (a)		3,779		65,868
NetApp Inc. (a)		567		25,158
Western Digital Corp. (a)		744		32,847
Xerox Holdings Corp. (a) (b)		496		7,584

				3,919,673


Tobacco - 0.2%
Altria Group Inc. (a)		4,763		186,948
Philip Morris International Inc. (a)		3,908		273,794

				460,742

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			23

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Trading Companies & Distributors - 0.1%
Fastenal Co. (a)		1,456		62,375
United Rentals Inc. (a)(b)		201		29,957
WW Grainger Inc. (a)		106		33,301

				125,633


Trucking - 0.0%*
JB Hunt Transport Services Inc. (a)		207		24,910
Old Dominion Freight Line Inc. (a)		239		40,532

				65,442


Water Utilities - 0.0%*
American Water Works Company Inc. (a)		456		58,669


Wireless Telecommunication Services - 0.1%
T-Mobile US Inc. (a)(b)		1,370		142,686


Total Common Stock (Cost $48,456,132)				63,245,070


Preferred Stock - 0.0%*
Diversified Banks - 0.0%*
Wells Fargo & Co. 5.85, 3.09% + 3 month USD LIBOR (a)(d)		1,469		36,373


Total Preferred Stock (Cost $36,725)				36,373


Rights - 0.0%*
Wireless Telecommunication Services - 0.0%*
T-Mobile US Inc. (Expiring 07/27/20) (b)		1,100		185


Total Domestic Equity (Cost $48,493,264)				63,281,628


Foreign Equity - 0.8%
Common Stock - 0.8%
Auto Parts & Equipment - 0.0%*
Aptiv PLC (a)		640		49,869


Building Products - 0.0%*
Allegion PLC (a)		227		23,204
Trane Technologies PLC (a)		603		53,655

				76,859


Electronic Manufacturing Services - 0.0%*
TE Connectivity Ltd. (a)		846		68,991


Healthcare Equipment - 0.2%
Medtronic PLC (a)		3,371		309,121


	Principal Amount ($) or Number of Shares		Fair Value $
Industrial Gases - 0.2%
Linde PLC (a)		1,322		280,409


Industrial Machinery - 0.0%*
Pentair PLC (a)		418		15,880


Insurance Brokers - 0.1%
Aon PLC, Class A (a)		571		109,974
Willis Towers Watson PLC (a)		326		64,206

				174,180


IT Consulting & Other Services - 0.2%
Accenture PLC, Class A (a)		1,596		342,693


Oil & Gas Equipment & Services - 0.0%*
TechnipFMC PLC (a)		1,206		8,249

Paper Packaging - 0.0%*
Amcor PLC (a)(b)		4,085		41,708


Pharmaceuticals - 0.0%*
Perrigo Company PLC (a)		320		17,686


Reinsurance - 0.0%*
Everest Re Group Ltd. (a)		109		22,476


Research & Consulting Services - 0.1%
IHS Markit Ltd. (a)		1,020		77,010


Technology Hardware, Storage & Peripherals - 0.0%*
Seagate Technology PLC (a)		548		26,529


Total Foreign Equity (Cost $1,179,527)				1,511,660


Bonds and Notes - 38.1%
U.S. Treasuries - 6.6%
U.S. Treasury Bonds
1.25% 05/15/50		41,000		39,398
2.25% 08/15/46 (a)		559,000		662,852
3.00% 08/15/48 (a)		1,453,600		1,998,927
3.75% 08/15/41		112,300		165,432
U.S. Treasury Notes
0.50% 03/15/23		420,000		423,741
1.13% 06/30/21		162,000		163,538
1.63% 12/15/22 - 02/15/26 (a)		4,048,300		4,303,638
1.88% 12/15/20 (a)		2,802,300		2,824,302
2.50% 01/31/24 (a)		1,792,000		1,938,720

				12,520,548

See Notes to Schedules of Investments and Notes to Financial Statements.


24		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Agency Mortgage Backed - 11.0%
Federal Home Loan Mortgage Corp.
3.00% 04/01/43 - 05/01/50 (a)		4,442,224		4,787,222
4.05% 09/25/28 (a)(d)		71,000		86,107
4.50% 06/01/33 - 02/01/35 (a)		2,042		2,247
5.00% 07/01/35 (a)		12,354		14,226
5.50% 01/01/38 - 04/01/39 (a)		22,739		26,371
6.00% 06/01/33 - 11/01/37 (a)		58,789		69,391
6.50% 11/01/28 - 06/01/29 (a)		793		901
7.00% 06/01/29 - 08/01/36 (a)		13,430		16,374
7.50% 09/01/33 (a)		1,053		1,208
8.00% 07/01/26 - 11/01/30 (a)		1,530		1,771
8.50% 04/01/30 (a)		3,897		5,051
Federal National Mortgage Assoc.
3.50% 08/01/45 - 07/01/47 (a)		842,126		911,806
3.50% 01/01/48		745,365		786,612
4.00% 01/01/41 - 01/01/50 (a)		1,037,858		1,124,742
4.50% 08/01/20 - 12/01/48 (a)		728,138		800,991
5.00% 03/01/34 - 05/01/39 (a)		41,382		47,459
5.50% 07/01/20 - 01/01/39 (a)		90,219		105,448
6.00% 02/01/29 - 05/01/41 (a)		290,328		342,405
6.50% 10/01/28 - 08/01/36 (a)		7,700		8,739
7.00% 05/01/33 - 12/01/33 (a)		525		593
7.50% 12/01/26 - 03/01/33 (a)		3,878		4,555
8.00% 06/01/24 - 12/01/30 (a)		3,900		4,083
9.00% 12/01/22 (a)		125		129
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR
3.35% 04/01/37 (a)(d)		452		466
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 5.82% 09/25/46 (a)(d)(e)		781,674		186,095


	Principal Amount ($)		Fair Value $
Federal National Mortgage Assoc. TBA
2.00% TBA (f)		2,397,000		2,479,696
4.00% TBA (f)		713,000		755,530
Government National Mortgage Assoc.
3.00% 12/20/42 (a)		1,196,789		1,284,239
3.00% 05/20/45 - 02/20/47		3,065,322		3,258,601
3.50% 08/20/48		825,862		877,004
4.00% 01/20/41 - 04/20/43 (a)		251,226		277,376
4.50% 08/15/33 - 03/20/41 (a)		105,581		118,519
5.00% 08/15/33 (a)		5,376		6,101
6.00% 07/15/33 - 04/15/34 (a)		5,867		6,968
6.50% 04/15/28 - 07/15/36 (a)		9,770		11,352
7.00% 04/15/28 - 10/15/36 (a)		3,368		3,846
7.50% 07/15/23 - 04/15/28 (a)		5,725		6,073
8.00% 05/15/30 (a)		160		179
9.00% 12/15/21 (a)		38		39
2.50% TBA (f)		2,124,000		2,235,446

				20,655,961


Agency Collateralized Mortgage Obligations - 0.6%
Federal Home Loan Mortgage Corp.
0.08% 09/25/43 (a)(d)(e)		114,476		338
2.43% 08/25/29 (a)		415,000		458,940
2.51% 07/25/29 (a)		224,000		249,360
Federal Home Loan Mortgage Corp. REMIC
3.50% 11/15/30 (a)(e)		26,123		1,240
5.50% 06/15/33 (a)(e)		4,280		813
7.50% 07/15/27 (a)(e)		3,928		705
Federal Home Loan Mortgage Corp. REMIC 6.15% - 1 month USD LIBOR
5.97% 10/15/42 (a)(d)(e)		668,301		125,218
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR
6.42% 08/15/25 (a)(d)(e)		10,347		392
Federal Home Loan Mortgage Corp. STRIPS
1.47% 08/01/27 (a)(g)(h)		161		154
8.00% 02/01/23 - 07/01/24 (a)(e)		449		47

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			25

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Federal National Mortgage Assoc. REMIC
1.11% 12/25/42 (a)(d)(e)		24,741		961
5.00% 09/25/40 (a)(e)		15,188		1,834
8.00% 05/25/22 (a)(e)		—		1
Federal National Mortgage Assoc. REMIC 6.00% -1 month USD LIBOR
5.82% 07/25/38 (a)(d)(e)		6,634		1,278
Federal National Mortgage Assoc. REMIC 6.55% -1 month USD LIBOR
6.37% 11/25/41 (a)(d)(e)		938,282		243,598
Federal National Mortgage Assoc. STRIPS
4.50% 08/25/35 - 01/25/36 (a)(e)		10,351		1,481
5.00% 03/25/38 - 05/25/38 (a)(e)		5,990		1,045
5.50% 12/25/33 (a)(e)		2,116		382
6.00% 01/25/35 (a)(e)		5,694		1,214
7.50% 11/25/23 (a)(e)		3,061		250
8.00% 08/25/23 -07/25/24 (a)(e)		865		101
8.50% 07/25/22 (a)(e)		37		2
8.50% 07/25/22 (a)(e)**		1		—
9.00% 05/25/22 (a)(e)		35		1
Government National Mortgage Assoc. REMIC
4.50% 08/16/39 (a)(e)		6,355		71

				1,089,426


Asset Backed - 1.0%
American Express Credit Account Master Trust 2018-8				—
3.18% 04/15/24 (a)		126,000		130,267
BMW Floorplan Master Owner Trust 2018-1
3.15% 05/15/23 (a)(i)		100,000		101,809
Enterprise Fleet Financing 2019-1 LLC
3.07% 10/20/24 (a)(i)		137,000		142,631
Ford Credit Auto Owner Trust 2020-B
0.56% 10/15/24		301,000		301,462
GMF Floorplan Owner Revolving Trust 0.32% + 1 month USD LIBOR
0.50% 09/15/22 (a)(d)(i)		130,000		129,942


	Principal Amount ($)			Fair Value $
Hyundai Auto Lease Securitization Trust 2018-A
2.89% 03/15/22 (a)(i)		242,000			243,468
Nissan Auto Lease Trust 2019-A
2.76% 03/15/22 (a)		85,000			86,325
Santander Retail Auto Lease Trust 2019-B
2.30% 01/20/23 (a)(i)		386,000			394,627
Securitized Term Auto Receivables Trust 2018-1A
3.30% 11/25/22 (a)(i)		100,000			102,520
Trillium Credit Card Trust II
3.04% 01/26/24 (a)(i)		275,000			278,662

					1,911,713


Corporate Notes - 16.7%
3M Co.
3.13% 09/19/46 (a)		41,000			44,239
Abbott Laboratories
3.75% 11/30/26 (a)		21,000			24,433
4.90% 11/30/46 (a)		17,000			24,327
AbbVie Inc.
2.60% 11/21/24 (a)(i)		45,000			47,747
2.95% 11/21/26 (a)(i)		30,000			32,612
3.20% 05/14/26 (a)		31,000			34,069
3.20% 11/21/29 (a)(i)		40,000			43,908
3.25% 10/01/22 (a)(i)		26,000			27,230
3.45% 03/15/22 (a)(i)		57,000			59,279
4.05% 11/21/39 (a)(i)		25,000			29,229
4.25% 11/21/49 (a)(i)		15,000			18,156
4.63% 10/01/42 (a)(i)		5,000			6,122
4.70% 05/14/45 (a)		8,000			9,964
4.88% 11/14/48 (a)		9,000			11,741
5.00% 12/15/21 (a)(i)		62,000			65,120
Advance Auto Parts Inc.
3.90% 04/15/30 (a)(i)		92,000			98,381
4.50% 12/01/23 (a)		58,000			63,154
Aetna Inc.
3.50% 11/15/24 (a)		27,000			29,343
Air Products & Chemicals Inc.
2.80% 05/15/50 (a)		23,000			24,182
Aircastle Ltd.
4.25% 06/15/26 (a)		31,000			28,306
Albemarle Wodgina Pty Ltd.
3.45% 11/15/29 (a)(i)		40,000	��		38,626
Alexandria Real Estate Equities Inc.
4.70% 07/01/30 (a)		16,000			19,583

See Notes to Schedules of Investments and Notes to Financial Statements.


26		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Alimentation Couche-Tard Inc.
2.70% 07/26/22 (a)(i)		36,000		36,919
2.95% 01/25/30 (a)(i)		27,000		27,796
3.80% 01/25/50 (a)(i)		34,000		35,168
Ally Financial Inc.
5.75% 11/20/25 (a)		28,000		29,954
Altria Group Inc.
2.95% 05/02/23 (a)		17,000		17,891
3.40% 05/06/30 (a)		60,000		64,581
3.80% 02/14/24 (a)		16,000		17,509
4.25% 08/09/42 (a)		4,000		4,210
4.45% 05/06/50 (a)		15,000		16,398
4.50% 05/02/43 (a)		15,000		16,080
4.80% 02/14/29 (a)		33,000		38,508
Amazon.com Inc.
1.50% 06/03/30		45,000		45,687
2.50% 06/03/50		70,000		71,595
2.70% 06/03/60		20,000		20,614
3.15% 08/22/27 (a)		14,000		15,990
4.05% 08/22/47 (a)		11,000		14,305
4.25% 08/22/57 (a)		9,000		11,975
Ameren Corp.
2.50% 09/15/24 (a)		65,000		68,975
3.65% 02/15/26 (a)		16,000		17,868
American Campus Communities Operating Partnership LP
4.13% 07/01/24 (a)		14,000		14,677
American Electric Power Company Inc.
3.25% 03/01/50 (a)		15,000		15,428
American Electric Power Company Inc.
2.30% 03/01/30 (a)		20,000		20,503
American Express Co.
3.00% 10/30/24 (a)		143,000		154,616
American International Group Inc.
4.25% 03/15/29 (a)		23,000		26,470
4.50% 07/16/44 (a)		28,000		32,231
6.40% 12/15/20 (a)		15,000		15,396
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)(d)		6,000		6,163
American Tower Corp.
2.90% 01/15/30 (a)		24,000		25,591
3.70% 10/15/49 (a)		14,000		15,271
3.80% 08/15/29 (a)		55,000		62,324


	Principal Amount ($)		Fair Value $
American Water Capital Corp.
2.95% 09/01/27 (a)		26,000		28,707
Amgen Inc.
2.45% 02/21/30 (a)		62,000		65,550
3.15% 02/21/40 (a)		41,000		43,971
3.38% 02/21/50 (a)		41,000		45,328
4.56% 06/15/48 (a)		20,000		25,919
4.66% 06/15/51 (a)		9,000		11,984
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65% 02/01/26 (a)		63,000		70,631
4.70% 02/01/36 (a)		15,000		17,607
4.90% 02/01/46 (a)		58,000		70,332
Anheuser-Busch InBev Worldwide Inc.
3.50% 06/01/30 (a)		29,000		32,606
4.00% 04/13/28 (a)		12,000		13,849
4.35% 06/01/40 (a)		48,000		54,842
4.38% 04/15/38 (a)		68,000		77,058
4.60% 04/15/48 (a)		30,000		35,069
4.75% 04/15/58 (a)		16,000		19,277
5.55% 01/23/49 (a)		48,000		63,741
Anthem Inc.
2.88% 09/15/29 (a)		14,000		15,209
3.30% 01/15/23 (a)		23,000		24,489
3.70% 09/15/49 (a)		14,000		15,887
Apollo Management Holdings LP
2.65% 06/05/30 (i)		97,000		97,112
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter)
4.95% 01/14/50 (a)(d)(i)		35,000		31,586
Apple Inc.
2.20% 09/11/29 (a)		28,000		30,034
2.85% 05/11/24 (a)		27,000		29,147
2.95% 09/11/49 (a)		20,000		21,864
3.35% 02/09/27 (a)		16,000		18,168
3.45% 02/09/45 (a)		42,000		48,877
3.85% 08/04/46 (a)		38,000		47,234
Applied Materials Inc.
1.75% 06/01/30 (a)		60,000		61,309
2.75% 06/01/50 (a)		10,000		10,183
4.35% 04/01/47 (a)		20,000		25,803
Aptiv PLC
4.40% 10/01/46 (a)		17,000		16,366
Archer-Daniels-Midland Co.
2.50% 08/11/26 (a)		19,000		20,639

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			27

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Ares Capital Corp.
3.25% 07/15/25 (a)		138,000		133,952
Ascension Health
4.85% 11/15/53 (a)		13,000		18,718
AstraZeneca PLC
3.50% 08/17/23 (a)		17,000		18,396
4.00% 01/17/29 (a)		14,000		16,717
4.38% 08/17/48 (a)		10,000		13,220
AT&T Inc.
2.30% 06/01/27 (a)		90,000		93,206
2.75% 06/01/31 (a)		84,000		87,489
3.85% 06/01/60 (a)		40,000		42,653
4.35% 03/01/29 (a)		64,000		74,559
4.45% 04/01/24 (a)		19,000		21,293
4.50% 05/15/35 (a)		31,000		36,564
4.55% 03/09/49 (a)		17,000		20,052
4.75% 05/15/46 (a)		15,000		17,673
4.80% 06/15/44 (a)		20,000		23,168
4.85% 03/01/39 (a)		35,000		42,274
5.15% 11/15/46 (a)		5,000		6,149
5.25% 03/01/37 (a)		20,000		24,789
5.35% 12/15/43 (a)		30,000		37,861
5.45% 03/01/47 (a)		37,000		48,482
Athene Holding Ltd.
4.13% 01/12/28 (a)		22,000		22,632
6.15% 04/03/30 (a)		41,000		47,100
AvalonBay Communities Inc.
2.45% 01/15/31 (a)		45,000		48,007
Avangrid Inc.
3.15% 12/01/24 (a)		37,000		40,058
Avery Dennison Corp.
2.65% 04/30/30 (a)		35,000		35,809
Bank of America Corp.
3.25% 10/21/27 (a)		46,000		50,837
3.95% 04/21/25 (a)		27,000		29,894
4.18% 11/25/27 (a)		39,000		44,588
4.25% 10/22/26 (a)		44,000		50,431
Bank of America Corp. (2.59% fixed rate until 04/29/30; 2.15% + SOFR thereafter)
2.59% 04/29/31 (a)(d)		30,000		31,795
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter)
3.12% 01/20/23 (a)(d)		207,000		214,315


	Principal Amount ($)		Fair Value $
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter)
3.37% 01/23/26 (a)(d)		125,000		136,425
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)
3.42% 12/20/28 (a)(d)		62,000		69,038
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter)
3.56% 04/23/27 (a)(d)		69,000		77,069
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.51% + 3 month USD LIBOR thereafter)
3.71% 04/24/28 (a)(d)		53,000		59,942
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95% 01/23/49 (a)(d)		17,000		20,552
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter)
4.24% 04/24/38 (a)(d)		39,000		47,571
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)
4.27% 07/23/29 (a)(d)		30,000		35,270
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.66% + 3 month USD LIBOR thereafter)
4.30% 12/31/99 (a)(d)		55,000		49,031
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)
4.44% 01/20/48 (a)(d)		33,000		42,619

See Notes to Schedules of Investments and Notes to Financial Statements.


28		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)			Fair Value $

Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter)
4.34% 10/05/28 (a)(d)		49,000			52,320
Barrick North America Finance LLC
5.70% 05/30/41 (a)		4,000	��		5,363
BAT Capital Corp.
2.76% 08/15/22 (a)		24,000			24,856
3.56% 08/15/27 (a)		27,000			29,073
4.39% 08/15/37 (a)		30,000			32,721
4.54% 08/15/47 (a)		20,000			21,679
4.70% 04/02/27 (a)		122,000			139,914
4.91% 04/02/30 (a)		28,000			32,770
5.28% 04/02/50 (a)		27,000			32,693
Baxter International Inc.
3.95% 04/01/30 (a)(i)		10,000			11,872
Bayer US Finance II LLC
3.50% 06/25/21 (a)(i)		200,000			204,982
Becton Dickinson and Co.
2.89% 06/06/22 (a)		29,000			30,019
3.70% 06/06/27 (a)		29,000			32,375
3.73% 12/15/24 (a)		3,000			3,312
4.67% 06/06/47 (a)		5,000			6,171
4.69% 12/15/44 (a)		4,000			4,920
Bemis Company Inc.
2.63% 06/19/30		45,000			46,280
Berkshire Hathaway Energy Co.
3.25% 04/15/28 (a)		16,000			18,086
3.70% 07/15/30 (a)(i)		30,000			35,127
3.80% 07/15/48 (a)		14,000			16,306
4.25% 10/15/50 (a)(i)		22,000			27,638
Berkshire Hathaway Finance Corp.
4.25% 01/15/49 (a)		42,000			53,813
Berkshire Hathaway Inc.
4.50% 02/11/43 (a)		6,000			7,949
BHP Billiton Finance USA Ltd.
5.00% 09/30/43 (a)		5,000			6,881
Biogen Inc.
2.25% 05/01/30 (a)		20,000			20,219
3.15% 05/01/50 (a)		30,000			28,939
Boardwalk Pipelines LP
4.80% 05/03/29 (a)		26,000			27,363
Boston Scientific Corp.
4.70% 03/01/49 (a)		12,000			15,289
BP Capital Markets America Inc.
3.00% 02/24/50 (a)		30,000			29,398
3.02% 01/16/27 (a)		53,000			57,444
3.22% 11/28/23 (a)		26,000			27,901


	Principal Amount ($)		Fair Value $
BP Capital Markets PLC (4.38% Fixed rate until 06/22/2025; 4.04% + 5 year CMT Rate thereafter)
4.38% 12/31/99 (d)		44,000		44,818
BP Capital Markets PLC (4.88% Fixed rate until 03/22/2030; 4.40% + 5 year CMT Rate thereafter)
4.88% 12/31/99 (d)		44,000		45,651
Brighthouse Financial Inc.
3.70% 06/22/27 (a)		5,000		5,095
4.70% 06/22/47 (a)		3,000		2,726
Bristol-Myers Squibb Co.
3.20% 06/15/26 (a)(i)		39,000		43,734
3.40% 07/26/29 (a)(i)		24,000		27,712
3.45% 11/15/27 (a)(i)		4,000		4,602
4.13% 06/15/39 (a)(i)		21,000		26,694
4.25% 10/26/49 (a)(i)		21,000		27,685
4.35% 11/15/47 (a)(i)		5,000		6,580
4.55% 02/20/48 (a)(i)		8,000		10,789
Brixmor Operating Partnership LP
3.90% 03/15/27 (a)		12,000		12,266
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65% 01/15/23 (a)		7,000		7,270
3.13% 01/15/25 (a)		8,000		8,542
3.88% 01/15/27 (a)		16,000		17,281
Broadcom Inc.
3.15% 11/15/25 (a)(i)		50,000		53,224
4.15% 11/15/30 (a)(i)		37,000		40,238
4.30% 11/15/32 (a)(i)		23,000		25,389
Brown-Forman Corp.
4.00% 04/15/38 (a)		5,000		5,902
Bunge Limited Finance Corp.
3.75% 09/25/27 (a)		9,000		9,421
Burlington Northern Santa Fe LLC
4.15% 12/15/48 (a)		22,000		27,652
4.55% 09/01/44 (a)		35,000		45,259
Cameron LNG LLC
3.30% 01/15/35 (a)(i)		13,000		14,310
Canadian Natural Resources Ltd.
3.85% 06/01/27 (a)		23,000		24,593
4.95% 06/01/47 (a)		6,000		6,582
Cantor Fitzgerald LP
4.88% 05/01/24 (a)(i)		66,000		71,269

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			29

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


		Principal Amount ($)		Fair Value $

Capital One Financial Corp.
3.75% 07/28/26 (a)			41,000		44,999
4.75% 07/15/21 (a)			156,000		162,639
Cardinal Health Inc.
2.62% 06/15/22 (a)			10,000		10,333
3.08% 06/15/24 (a)			8,000		8,541
Carlisle Companies Inc.
2.75% 03/01/30 (a)			35,000		36,015
Carrier Global Corp.
2.72% 02/15/30 (a)(i)			25,000		25,052
3.38% 04/05/40 (a)(i)			20,000		19,471
3.58% 04/05/50 (a)(i)			25,000		24,409
Caterpillar Inc.
3.25% 09/19/49 (a)			26,000		28,919
3.80% 08/15/42 (a)			6,000		7,108
Centene Corp.
3.38% 02/15/30 (a)			56,000		56,502
4.25% 12/15/27 (a)			68,000		70,142
4.63% 12/15/29 (a)			21,000		22,157
CenterPoint Energy Inc.
2.50% 09/01/22 (a)			62,000		64,083
3.60% 11/01/21 (a)			23,000		23,877
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46% 07/23/22 (a)			87,000		92,806
4.80% 03/01/50 (a)			14,000		15,810
4.91% 07/23/25 (a)			26,000		29,791
5.05% 03/30/29 (a)	��		47,000		55,497
5.75% 04/01/48 (a)			26,000		32,260
6.38% 10/23/35 (a)			5,000		6,586
6.48% 10/23/45 (a)			7,000		9,284
Cheniere Corpus Christi Holdings LLC
5.88% 03/31/25 (a)			105,000		117,893
Chevron Corp.
1.55% 05/11/25 (a)			11,000		11,313
2.24% 05/11/30 (a)			28,000		29,423
2.98% 05/11/40 (a)			20,000		21,442
3.08% 05/11/50 (a)			35,000		37,125
3.19% 06/24/23 (a)			17,000		18,228
Chubb INA Holdings Inc.
4.35% 11/03/45 (a)			16,000		20,825
Cigna Corp.
2.40% 03/15/30 (a)			25,000		25,948
3.25% 04/15/25 (a)(i)			19,000		20,731
3.40% 09/17/21 - 03/15/50 (a)			28,000		29,382
3.40% 03/01/27 (a)(i)			15,000		16,563
3.75% 07/15/23 (a)			12,000		13,026
3.88% 10/15/47 (a)(i)			9,000		10,171


	Principal Amount ($)		Fair Value $
4.13% 11/15/25 (a)		34,000		38,990
4.38% 10/15/28 (a)		14,000		16,579
4.80% 08/15/38 (a)		12,000		15,204
4.90% 12/15/48 (a)		7,000		9,228
Cisco Systems Inc.
5.90% 02/15/39 (a)		16,000		23,909
Citigroup Inc.
2.70% 10/27/22 (a)		2,000		2,085
4.45% 09/29/27 (a)		27,000		30,711
4.65% 07/23/48 (a)		36,000		47,077
4.75% 05/18/46 (a)		18,000		22,789
5.50% 09/13/25 (a)		72,000		85,301
Citigroup Inc. (1.68% fixed rate until 05/15/23; 1.67% + SOFR thereafter)
1.68% 05/15/24 (a)(d)		130,000		132,488
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)
2.88% 07/24/23 (a)(d)		136,000		141,492
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter)
2.98% 11/05/30 (a)(d)		77,000		81,813
Citigroup Inc. (3.11% fixed rate until 04/08/25; 2.75% + SOFR thereafter)
3.11% 04/08/26 (a)(d)		183,000		196,725
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)
3.88% 01/24/39 (a)(d)		15,000		17,367
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter)
4.70% 12/31/99 (a)(d)		55,000		49,113
CME Group Inc.
3.75% 06/15/28 (a)		17,000		20,441
CMS Energy Corp.
4.88% 03/01/44 (a)		34,000		44,301
CNA Financial Corp.
3.45% 08/15/27 (a)		11,000		11,792
3.90% 05/01/29 (a)		26,000		28,510
CNH Industrial Capital LLC
1.95% 07/02/23 (f)		45,000		45,400
4.38% 11/06/20 (a)		20,000		20,155
4.88% 04/01/21 (a)		20,000		20,522
Comcast Corp.
2.80% 01/15/51 (a)		25,000		25,568
3.10% 04/01/25 (a)		15,000		16,498

See Notes to Schedules of Investments and Notes to Financial Statements.


30		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

3.20% 07/15/36 (a)		23,000		25,490
3.25% 11/01/39 (a)		41,000		45,160
3.38% 08/15/25 (a)		108,000		120,208
3.45% 02/01/50 (a)		20,000		22,667
3.97% 11/01/47 (a)		62,000		73,885
4.15% 10/15/28 (a)		34,000		40,736
4.60% 08/15/45 (a)		16,000		20,763
4.70% 10/15/48 (a)		16,000		21,404
CommonSpirit Health
4.35% 11/01/42 (a)		24,000		24,890
Conagra Brands Inc.
3.80% 10/22/21 (a)		42,000		43,664
5.30% 11/01/38 (a)		15,000		19,606
5.40% 11/01/48 (a)		13,000		17,947
Concho Resources Inc.
3.75% 10/01/27 (a)		5,000		5,338
4.30% 08/15/28 (a)		20,000		21,946
4.88% 10/01/47 (a)		8,000		8,990
ConocoPhillips Co.
4.30% 11/15/44 (a)		24,000		29,380
Consolidated Edison Company of New York Inc.
2.90% 12/01/26 (a)		29,000		31,162
3.35% 04/01/30 (a)		10,000		11,375
3.88% 06/15/47 (a)		16,000		18,488
3.95% 04/01/50 (a)		20,000		24,174
Constellation Brands Inc.
3.15% 08/01/29 (a)		58,000		62,511
3.70% 12/06/26 (a)		45,000		50,395
4.50% 05/09/47 (a)		19,000		22,538
Continental Resources Inc.
4.50% 04/15/23 (a)		96,000		91,888
Corning Inc.
4.38% 11/15/57 (a)		15,000		17,314
CoStar Group Inc.
2.80% 07/15/30 (f,i)		45,000		45,470
Costco Wholesale Corp.
1.75% 04/20/32 (a)		75,000		76,004
Credit Suisse AG
2.95% 04/09/25 (a)		250,000		271,040
Crown Castle International Corp.
3.30% 07/01/30 (a)		74,000		81,395
4.15% 07/01/50 (a)		10,000		11,547
5.20% 02/15/49 (a)		16,000		21,198
CSX Corp.
4.50% 03/15/49 - 08/01/54 (a)		41,000		52,517
CubeSmart LP
4.38% 02/15/29 (a)		30,000		34,914
CVS Health Corp.
3.00% 08/15/26 (a)		27,000		29,470


	Principal Amount ($)		Fair Value $
3.25% 08/15/29 (a)		25,000		27,583
3.35% 03/09/21 (a)		15,000		15,288
3.63% 04/01/27 (a)		25,000		28,174
3.88% 07/20/25 (a)		14,000		15,704
4.10% 03/25/25 (a)		31,000		35,033
4.25% 04/01/50 (a)		5,000		6,020
4.30% 03/25/28 (a)		15,000		17,506
4.78% 03/25/38 (a)		29,000		35,881
5.00% 12/01/24 (a)		23,000		26,251
5.13% 07/20/45 (a)		10,000		12,915
5.30% 12/05/43 (a)		26,000		33,860
D.R. Horton Inc.
2.60% 10/15/25 (a)		115,000		120,829
Dell International LLC/EMC Corp.
4.00% 07/15/24 (a)(i)		32,000		34,529
4.42% 06/15/21 (a)(i)		37,000		38,026
5.45% 06/15/23 (a)(i)		17,000		18,600
6.02% 06/15/26 (a)(i)		7,000		8,008
8.10% 07/15/36 (a)(i)		4,000		5,177
8.35% 07/15/46 (a)(i)		5,000		6,636
Deutsche Bank AG
2.70% 07/13/20 (a)		37,000		37,011
Deutsche Telekom International Finance BV
2.49% 09/19/23 (a)(i)		150,000		156,252
Devon Energy Corp.
5.00% 06/15/45 (a)		8,000		7,148
DH Europe Finance II Sarl
2.60% 11/15/29 (a)		22,000		23,401
3.25% 11/15/39 (a)		14,000		15,442
3.40% 11/15/49 (a)		7,000		7,843
Diamondback Energy Inc.
2.88% 12/01/24 (a)		35,000		35,013
3.25% 12/01/26 (a)		25,000		25,084
3.50% 12/01/29 (a)		21,000		20,323
5.38% 05/31/25 (a)		83,000		85,722
Digital Realty Trust LP
3.60% 07/01/29 (a)		45,000		51,365
Discovery Communications LLC
2.95% 03/20/23 (a)		36,000		37,816
3.95% 03/20/28 (a)		19,000		21,170
4.95% 05/15/42 (a)		6,000		6,823
5.00% 09/20/37 (a)		10,000		11,770
Dollar General Corp.
3.50% 04/03/30 (a)		84,000		94,458
4.13% 04/03/50 (a)		23,000		27,531
Dollar Tree Inc.
4.00% 05/15/25 (a)		100,000		112,445
Dominion Energy Inc.
3.07% 08/15/24 (a)(j)		25,000		26,871
3.38% 04/01/30 (a)		40,000		44,320

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			31

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Dover Corp.
2.95% 11/04/29 (a)		30,000		32,233
DTE Energy Co.
2.85% 10/01/26 (a)		39,000		41,418
3.85% 12/01/23 (a)		17,000		18,462
Duke Energy Carolinas LLC
3.95% 03/15/48 (a)		16,000		19,857
Duke Energy Corp.
1.80% 09/01/21 (a)		33,000		33,436
3.55% 09/15/21 (a)		18,000		18,496
3.75% 09/01/46 (a)		4,000		4,526
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter)
4.88% 12/31/99 (a)(d)		41,000		40,872
Duke Energy Progress LLC
4.15% 12/01/44 (a)		23,000		28,186
Duke Realty LP
3.05% 03/01/50 (a)		10,000		10,459
3.25% 06/30/26 (a)		16,000		17,522
3.38% 12/15/27 (a)		9,000		10,034
DuPont de Nemours Inc.
2.17% 05/01/23 (a)		40,000		40,763
5.32% 11/15/38 (a)		13,000		16,462
5.42% 11/15/48 (a)		13,000		17,103
Duquesne Light Holdings Inc.
3.62% 08/01/27 (a)(i)		35,000		36,204
DXC Technology Co.
4.00% 04/15/23 (a)		49,000		51,401
Eastman Chemical Co.
3.50% 12/01/21 (a)		24,000		24,759
3.60% 08/15/22 (a)		7,000		7,301
4.50% 01/15/21 (a)		53,000		53,330
4.65% 10/15/44 (a)		27,000		31,107
Eaton Corp.
3.10% 09/15/27 (a)		16,000		17,562
Edison International
2.40% 09/15/22 (a)		83,000		83,989
4.95% 04/15/25 (a)		45,000		49,547
5.75% 06/15/27 (a)		10,000		11,494
EI du Pont de Nemours & Co.
2.30% 07/15/30 (a)		73,000		75,790
Eli Lilly & Co.
3.95% 03/15/49 (a)		21,000		26,791
Emera US Finance LP
4.75% 06/15/46 (a)		6,000		7,134
Emerson Electric Co.
1.80% 10/15/27 (a)		115,000		118,732
2.75% 10/15/50 (a)		12,000		12,048


	Principal Amount ($)		Fair Value $
Enbridge Energy Partners LP
5.50% 09/15/40 (a)		6,000		7,267
Energy Transfer Operating LP
4.25% 03/15/23 (a)		23,000		24,206
4.50% 04/15/24 (a)		27,000		29,264
4.95% 06/15/28 (a)		9,000		9,694
6.13% 12/15/45 (a)		7,000		7,279
6.50% 02/01/42 (a)		18,000		19,639
Energy Transfer Operating LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter)
6.75% 12/31/99 (a)(d)		85,000		72,192
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50% 11/01/23 (a)		17,000		18,203
Entergy Louisiana LLC
3.05% 06/01/31 (a)		19,000		21,189
4.00% 03/15/33 (a)		14,000		17,215
Enterprise Products Operating LLC
4.25% 02/15/48 (a)		48,000		52,800
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter)
5.25% 08/16/77 (a)(d)		11,000		10,322
EOG Resources Inc.
4.15% 01/15/26 (a)		6,000		6,903
4.38% 04/15/30 (a)		30,000		35,763
4.95% 04/15/50 (a)		29,000		37,011
5.10% 01/15/36 (a)		12,000		13,984
EPR Properties
4.95% 04/15/28 (a)		16,000		15,274
Equinix Inc.
1.25% 07/15/25		40,000		40,046
2.15% 07/15/30		40,000		39,827
Equinor ASA
3.25% 11/18/49 (a)		15,000		15,988
ERP Operating LP
4.50% 07/01/44 (a)		14,000		18,256
Essex Portfolio LP
2.65% 03/15/32 (a)		15,000		15,872
Eversource Energy
3.45% 01/15/50 (a)		30,000		32,423
Exelon Corp.
3.50% 06/01/22 (a)		22,000		23,003
4.05% 04/15/30 (a)		41,000		47,368

See Notes to Schedules of Investments and Notes to Financial Statements.


32		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

4.45% 04/15/46 (a)		27,000		32,780
4.70% 04/15/50 (a)		27,000		34,484
Exxon Mobil Corp.
2.61% 10/15/30 (a)		77,000		82,503
3.45% 04/15/51 (a)		40,000		44,271
FedEx Corp.
3.80% 05/15/25 (a)		107,000		119,131
4.10% 02/01/45 (a)		33,000		33,421
Fifth Third Bancorp
2.55% 05/05/27 (a)		90,000		96,396
FirstEnergy Corp.
3.90% 07/15/27 (a)		6,000		6,794
FirstEnergy Transmission LLC
4.55% 04/01/49 (a)(i)		23,000		27,978
Fiserv Inc.
3.50% 07/01/29 (a)		20,000		22,472
4.40% 07/01/49 (a)		10,000		12,115
Florida Power & Light Co.
2.85% 04/01/25 (a)		50,000		54,887
4.13% 02/01/42 (a)		19,000		23,784
Ford Motor Co.
4.35% 12/08/26 (a)		38,000		35,372
General Dynamics Corp.
4.25% 04/01/50 (a)		10,000		12,928
General Mills Inc.
2.88% 04/15/30 (a)		65,000		70,785
3.70% 10/17/23 (a)		23,000		25,084
4.55% 04/17/38 (a)		19,000		23,786
4.70% 04/17/48 (a)		14,000		18,553
General Motors Co.
5.20% 04/01/45 (a)		5,000		4,840
5.40% 10/02/23 - 04/01/48 (a)		17,000		17,443
6.13% 10/01/25 (a)		39,000		43,826
6.80% 10/01/27 (a)		20,000		23,299
General Motors Financial Company Inc.
3.45% 01/14/22 - 04/10/22 (a)		139,000		141,501
3.55% 04/09/21 (a)		59,000		59,712
4.20% 11/06/21 (a)		105,000		107,907
5.25% 03/01/26 (a)		47,000		51,221
Georgia-Pacific LLC
1.75% 09/30/25 (a)(i)		49,000		50,526
2.10% 04/30/27 (a)(i)		36,000		37,247
3.60% 03/01/25 (a)(i)		36,000		39,850
Gilead Sciences Inc.
2.95% 03/01/27 (a)		5,000		5,575
3.50% 02/01/25 (a)		14,000		15,583
3.65% 03/01/26 (a)		14,000		16,012
4.15% 03/01/47 (a)		30,000		38,281
4.80% 04/01/44 (a)		12,000		16,129


	Principal Amount ($)		Fair Value $
GlaxoSmithKline Capital Inc.
3.38% 05/15/23 (a)		29,000		31,268
3.63% 05/15/25 (a)		29,000		32,745
GlaxoSmithKline Capital PLC
3.38% 06/01/29 (a)		30,000		34,484
Glencore Finance Canada Ltd.
4.95% 11/15/21 (a)(i)		18,000		18,777
Halliburton Co.
3.80% 11/15/25 (a)		2,000		2,157
5.00% 11/15/45 (a)		14,000		14,444
HCA Inc.
4.13% 06/15/29 (a)		15,000		16,550
4.50% 02/15/27 (a)		27,000		30,066
Health Care Service Corp.
2.20% 06/01/30 (i)		69,000		69,093
3.20% 06/01/50 (i)		15,000		15,266
Hess Corp.
5.60% 02/15/41 (a)		5,000		5,246
5.80% 04/01/47 (a)		4,000		4,335
Hewlett Packard Enterprise Co.
6.35% 10/15/45 (a)		5,000		6,117
Highwoods Realty LP
4.13% 03/15/28 (a)		17,000		18,226
4.20% 04/15/29 (a)		36,000		38,928
Honeywell International Inc.
2.70% 08/15/29 (a)		32,000		35,322
Hormel Foods Corp.
1.80% 06/11/30		75,000		76,548
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 year Mid-Market Swap Rate thereafter)
6.50% 12/31/99 (a)(d)		50,000		51,353
Huntington Bancshares Inc.
2.55% 02/04/30 (a)		45,000		46,549
Hyundai Capital America
3.10% 04/05/22 (a)(i)		14,000		14,259
Infor Inc.
1.45% 07/15/23 (i)		30,000		30,228
1.75% 07/15/25 (i)		40,000		40,280
Ingredion Inc.
2.90% 06/01/30 (a)		65,000		69,322
3.90% 06/01/50 (a)		11,000		12,564
Intel Corp.
2.45% 11/15/29 (a)		82,000		88,517
2.60% 05/19/26 (a)		38,000		41,578
2.88% 05/11/24 (a)		16,000		17,296
3.10% 02/15/60 (a)		40,000		44,268

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			33

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

International Paper Co.
4.40% 08/15/47 (a)		20,000		23,506
Interstate Power & Light Co.
3.40% 08/15/25 (a)		125,000		136,514
Intuit Inc.
0.65% 07/15/23		25,000		25,072
0.95% 07/15/25		25,000		25,086
1.35% 07/15/27		25,000		25,142
1.65% 07/15/30		25,000		25,042
ITC Holdings Corp.
2.95% 05/14/30 (a)(i)		65,000		69,306
Jabil Inc.
3.95% 01/12/28 (a)		20,000		21,402
Jefferies Group LLC
5.13% 01/20/23 (a)		47,000		51,039
John Deere Capital Corp.
2.45% 01/09/30 (a)		20,000		21,689
Johnson & Johnson
3.63% 03/03/37 (a)		17,000		20,488
Johnson Controls International PLC
4.50% 02/15/47 (a)		6,000		6,851
JPMorgan Chase & Co.
3.30% 04/01/26 (a)		176,000		196,085
3.63% 12/01/27 (a)		14,000		15,448
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter)
2.96% 05/13/31 (a)(d)		40,000		42,430
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter)
3.51% 01/23/29 (a)(d)		52,000		58,596
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)
3.88% 07/24/38 (a)(d)		33,000		38,999
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90% 01/23/49 (a)(d)		22,000		26,540
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter)
3.96% 01/29/27 (a)(d)		50,000		56,894


	Principal Amount ($)		Fair Value $
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter)
4.01% 04/23/29 (a)(d)		26,000		29,985
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter)
4.03% 07/24/48 (a)(d)		20,000		24,183
JPMorgan Chase & Co. (4.23% fixed rate until 7/30/20; 3.47% + 3 month USD LIBOR thereafter)
4.23% 12/29/49 (a)(d)		20,000		18,295
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter)
4.60% 12/31/99 (a)(d)		54,000		48,142
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter)
6.10% 10/29/49 (a)(d)		82,000		84,043
Keurig Dr Pepper Inc.
3.20% 05/01/30 (a)		29,000		32,251
3.80% 05/01/50 (a)		42,000		47,523
4.50% 11/15/45 (a)		15,000		18,110
4.60% 05/25/28 (a)		11,000		13,193
KeyCorp
2.25% 04/06/27 (a)		72,000		75,363
Kinder Morgan Energy Partners LP
3.50% 03/01/21 (a)		67,000		67,815
4.70% 11/01/42 (a)		5,000		5,401
5.00% 03/01/43 (a)		11,000		12,194
5.30% 09/15/20 (a)		21,000		21,179
6.38% 03/01/41 (a)		13,000		16,306
Kinder Morgan Inc.
5.05% 02/15/46 (a)		13,000		14,914
KLA Corp.
3.30% 03/01/50 (a)		25,000		25,827
4.10% 03/15/29 (a)		54,000		63,776
4.65% 11/01/24 (a)		28,000		32,063
Kohl’s Corp.
9.50% 05/15/25 (a)		10,000		11,415
Kraft Heinz Foods Co.
2.80% 07/02/20 (a)		4,000		4,000

See Notes to Schedules of Investments and Notes to Financial Statements.


34		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Kreditanstalt fuer Wiederaufbau
2.00% 10/04/22 (a)		46,000		47,794
L3Harris Technologies Inc.
3.85% 12/15/26 (a)		19,000		21,775
Lam Research Corp.
4.00% 03/15/29 (a)		35,000		41,551
Las Vegas Sands Corp.
3.50% 08/18/26 (a)		20,000		19,945
Lear Corp.
4.25% 05/15/29 (a)		31,000		31,792
5.25% 05/15/49 (a)		15,000		15,173
Leidos Inc.
2.95% 05/15/23 (a)(i)		56,000		58,785
3.63% 05/15/25 (a)(i)		15,000		16,337
4.38% 05/15/30 (a)(i)		57,000		64,262
Liberty Mutual Group Inc.
3.95% 05/15/60 (a)(i)		14,000		14,714
Lincoln National Corp.
3.63% 12/12/26 (a)		30,000		33,074
4.35% 03/01/48 (a)		14,000		15,752
Lloyds Banking Group PLC (3.87% fixed rate until 07/09/24; 3.50% + 1 year CMT Rate thereafter)
3.87% 07/09/25 (a,d)		200,000		217,580
Lockheed Martin Corp.
3.55% 01/15/26 (a)		17,000		19,491
3.80% 03/01/45 (a)		6,000		7,296
4.50% 05/15/36 (a)		23,000		29,831
Loews Corp.
3.20% 05/15/30 (a)		15,000		16,293
Lowe’s Companies Inc.
3.70% 04/15/46 (a)		5,000		5,594
4.05% 05/03/47 (a)		13,000		15,276
4.55% 04/05/49 (a)		17,000		21,509
LYB International Finance BV
4.88% 03/15/44 (a)		5,000		5,867
LYB International Finance II BV
3.50% 03/02/27 (a)		7,000		7,630
Marathon Oil Corp.
3.85% 06/01/25 (a)		12,000		12,153
Marsh & McLennan Companies Inc.
2.25% 11/15/30 (a)		72,000		74,884
3.50% 03/10/25 (a)		21,000		23,250
Masco Corp.
3.50% 11/15/27 (a)		5,000		5,123
Mastercard Inc.
3.85% 03/26/50 (a)		10,000		12,443


	Principal Amount ($)		Fair Value $
McCormick & Company Inc.
2.50% 04/15/30 (a)		24,000		25,215
3.25% 11/15/25 (a)		145,000		156,120
McDonald’s Corp.
3.60% 07/01/30 (a)		92,000		105,975
3.63% 09/01/49 (a)		14,000		15,513
3.70% 01/30/26 (a)		25,000		28,403
3.80% 04/01/28 (a)		24,000		28,063
4.20% 04/01/50 (a)		35,000		42,353
4.88% 12/09/45 (a)		13,000		16,702
McKesson Corp.
3.65% 11/30/20 (a)		119,000		120,479
Medtronic Inc.
4.63% 03/15/45 (a)		6,000		8,057
Memorial Sloan-Kettering Cancer Center
4.13% 07/01/52 (a)		24,000		30,536
Merck & Company Inc.
1.45% 06/24/30		40,000		40,083
2.45% 06/24/50		35,000		35,290
2.75% 02/10/25 (a)		44,000		47,766
4.00% 03/07/49 (a)		8,000		10,336
MetLife Inc.
4.05% 03/01/45 (a)		6,000		7,072
4.72% 12/15/44 (a)		20,000		25,224
Microchip Technology Inc.
2.67% 09/01/23 (a)(i)		139,000		143,155
Micron Technology Inc.
2.50% 04/24/23 (a)		135,000		140,304
Microsoft Corp.
2.40% 08/08/26 (a)		23,000		25,102
2.68% 06/01/60		8,000		8,344
3.45% 08/08/36 (a)		14,000		16,868
3.50% 02/12/35 (a)		16,000		19,474
3.70% 08/08/46 (a)		56,000		70,019
3.95% 08/08/56 (a)		17,000		21,895
4.10% 02/06/37 (a)		4,000		5,167
Molson Coors Beverage Co.
2.10% 07/15/21 (a)		42,000		42,562
4.20% 07/15/46 (a)		7,000		6,798
Morgan Stanley
2.75% 05/19/22 (a)		170,000		176,491
3.63% 01/20/27 (a)		5,000		5,632
3.70% 10/23/24 (a)		13,000		14,404
3.95% 04/23/27 (a)		66,000		74,021
4.35% 09/08/26 (a)		55,000		63,310
4.38% 01/22/47 (a)		20,000		25,997
5.00% 11/24/25 (a)		116,000		136,326
Morgan Stanley (2.72% fixed rate until 07/22/24; 1.15% + SOFR thereafter)
2.72% 07/22/25 (a,d)		189,000		200,081

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			35

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter)
3.62% 04/01/31 (a)(d)		35,000		40,006
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter)
3.97% 07/22/38 (a)(d)		20,000		23,718
MPLX LP
3.38% 03/15/23 (a)		15,000		15,665
5.20% 12/01/47 (a)		12,000		12,395
5.25% 01/15/25 (a)		177,000		184,041
6.25% 10/15/22 (a)		44,000		44,018
MPLX LP (1.41% fixed rate until 09/09/20; 1.10% + 3 month USD LIBOR)
1.41% 09/09/22 (a)(d)		55,000		54,182
Mylan Inc.
5.20% 04/15/48 (a)		15,000		18,492
Mylan N.V.
3.15% 06/15/21 (a)		16,000		16,332
3.95% 06/15/26 (a)		7,000		7,820
National Oilwell Varco Inc.
3.60% 12/01/29 (a)		41,000		40,029
National Retail Properties Inc.
4.00% 11/15/25 (a)		23,000		25,005
National Securities Clearing Corp.
1.50% 04/23/25 (a)(i)		250,000		255,490
NetApp Inc.
2.38% 06/22/27		44,000		44,647
2.70% 06/22/30		44,000		44,095
Newfield Exploration Co.
5.63% 07/01/24 (a)		137,000		131,513
Newmont Corp.
2.25% 10/01/30 (a)		35,000		35,429
4.88% 03/15/42 (a)		20,000		25,532
Nexen Inc.
6.40% 05/15/37 (a)		8,000		11,404
NextEra Energy Capital Holdings Inc.
3.25% 04/01/26 (a)		34,000		38,017
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)(d)		23,000		24,973
NIKE Inc.
2.40% 03/27/25 (a)		49,000		52,857
3.38% 03/27/50 (a)		17,000		19,575


	Principal Amount ($)		Fair Value $
NiSource Inc.
3.95% 03/30/48 (a)		8,000		9,242
Noble Energy Inc.
3.85% 01/15/28 (a)		48,000		46,284
3.90% 11/15/24 (a)		17,000		17,069
4.20% 10/15/49 (a)		13,000		10,895
5.05% 11/15/44 (a)		6,000		5,459
Nordstrom Inc.
4.38% 04/01/30 (a)		15,000		11,761
Norfolk Southern Corp.
3.95% 10/01/42 (a)		18,000		20,902
Northrop Grumman Corp.
2.55% 10/15/22 (a)		10,000		10,430
3.85% 04/15/45 (a)		5,000		5,870
4.03% 10/15/47 (a)		4,000		4,811
Novartis Capital Corp.
2.20% 08/14/30 (a)		21,000		22,198
3.00% 11/20/25 (a)		4,000		4,438
Nucor Corp.
3.95% 05/01/28 (a)		25,000		28,628
Nutrien Ltd.
4.00% 12/15/26 (a)		9,000		10,125
4.90% 06/01/43 (a)		14,000		16,408
NVIDIA Corp.
2.85% 04/01/30 (a)		65,000		72,220
3.50% 04/01/50 (a)		20,000		22,912
NXP BV/NXP Funding LLC/NXP USA Inc.
2.70% 05/01/25 (a)(i)		125,000		130,892
Occidental Petroleum Corp.
2.70% 08/15/22 (a)		35,000		32,586
2.90% 08/15/24 (a)		18,000		15,383
4.85% 03/15/21 (a)		4,000		3,995
Oklahoma Gas & Electric Co.
3.25% 04/01/30 (a)		25,000		27,365
Omnicom Group Inc./Omnicom Capital Inc.
3.63% 05/01/22 (a)		17,000		17,923
Oncor Electric Delivery Company LLC
3.80% 09/30/47 (a)		8,000		9,650
ONEOK Inc.
4.35% 03/15/29 (a)		26,000		27,237
5.20% 07/15/48 (a)		35,000		35,523
Oracle Corp.
2.40% 09/15/23 (a)		14,000		14,733
2.65% 07/15/26 (a)		26,000		28,122
2.95% 04/01/30 (a)		41,000		45,662
3.60% 04/01/50 (a)		27,000		30,275
3.80% 11/15/37 (a)		8,000		9,263
4.00% 07/15/46 - 11/15/47 (a)		43,000		50,654

See Notes to Schedules of Investments and Notes to Financial Statements.


36		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Otis Worldwide Corp.
2.06% 04/05/25 (a)(i)		35,000		36,698
2.57% 02/15/30 (a)(i)		15,000		15,753
3.36% 02/15/50 (a)(i)		15,000		15,805
Owens Corning
4.40% 01/30/48 (a)		10,000		10,300
Pacific Gas & Electric Co.
2.50% 02/01/31		44,000		43,174
Pacific Gas & Electric Co.
2.10% 08/01/27		25,000		24,806
3.30% 08/01/40		44,000		43,065
3.50% 08/01/50		20,000		19,413
PacifiCorp
2.70% 09/15/30 (a)		125,000		136,371
6.25% 10/15/37 (a)		33,000		47,837
Parker-Hannifin Corp.
3.25% 06/14/29 (a)		25,000		27,578
PayPal Holdings Inc.
2.65% 10/01/26 (a)		35,000		38,083
3.25% 06/01/50 (a)		19,000		20,559
PepsiCo Inc.
1.63% 05/01/30 (a)		25,000		25,466
2.63% 07/29/29 (a)		35,000		38,730
3.45% 10/06/46 (a)		7,000		8,118
Petroleos Mexicanos
5.35% 02/12/28 (a)		15,000		12,590
5.63% 01/23/46 (a)		19,000		13,541
6.35% 02/12/48 (a)		15,000		11,136
6.49% 01/23/27 (a)(i)		15,000		13,691
6.50% 03/13/27 (a)		40,000		36,393
7.69% 01/23/50 (a)(i)		22,000		18,261
Pfizer Inc.
2.63% 04/01/30 (a)		20,000		22,010
2.70% 05/28/50 (a)		65,000		67,101
3.45% 03/15/29 (a)		11,000		12,832
3.60% 09/15/28 (a)		34,000		40,078
3.90% 03/15/39 (a)		17,000		20,937
4.13% 12/15/46 (a)		11,000		14,159
4.40% 05/15/44 (a)		6,000		7,854
Philip Morris International Inc.
1.50% 05/01/25 (a)		145,000		148,291
2.10% 05/01/30 (a)		20,000		20,638
3.38% 08/15/29 (a)		19,000		21,587
4.13% 03/04/43 (a)		8,000		9,411
Phillips 66
2.15% 12/15/30		140,000		136,371
Phillips 66 Partners LP
3.75% 03/01/28 (a)		19,000		20,293
4.68% 02/15/45 (a)		17,000		18,041
Plains All American Pipeline LP/PAA Finance Corp.
3.55% 12/15/29 (a)		69,000		66,951
3.65% 06/01/22 (a)		37,000		37,781


	Principal Amount ($)		Fair Value $
PPL Capital Funding Inc.
3.10% 05/15/26 (a)		29,000		31,394
Precision Castparts Corp.
4.38% 06/15/45 (a)		11,000		13,135
Prologis LP
4.38% 02/01/29 (a)		24,000		29,387
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter)
5.70% 09/15/48 (a)(d)		33,000		36,883
Public Service Company of Colorado
3.70% 06/15/28 (a)		31,000		36,052
Public Service Electric & Gas Co.
2.38% 05/15/23 (a)		46,000		48,095
QUALCOMM Inc.
2.90% 05/20/24 (a)		8,000		8,610
3.00% 05/20/22 (a)		7,000		7,324
3.25% 05/20/27 (a)		4,000		4,535
4.30% 05/20/47 (a)		5,000		6,266
Quest Diagnostics Inc.
2.95% 06/30/30 (a)		10,000		10,610
Ralph Lauren Corp.
1.70% 06/15/22		10,000		10,177
Raytheon Technologies Corp.
3.13% 05/04/27 (a)		66,000		73,389
4.15% 05/15/45 (a)		17,000		20,363
Raytheon Technologies Corp.
3.50% 03/15/27 (i)		22,000		24,774
3.65% 08/16/23 (a)		2,000		2,167
3.95% 08/16/25 (a)		14,000		15,953
4.13% 11/16/28 (a)		6,000		7,062
4.45% 11/16/38 (a)		16,000		19,540
4.50% 06/01/42 (a)		12,000		14,919
Realty Income Corp.
3.00% 01/15/27 (a)		9,000		9,532
3.25% 01/15/31 (a)		25,000		27,130
Reinsurance Group of America Inc.
3.15% 06/15/30		50,000		52,035
Reynolds American Inc.
4.45% 06/12/25 (a)		5,000		5,634
Rio Tinto Finance USA PLC
4.13% 08/21/42 (a)		11,000		13,840
Rockwell Automation Inc.
4.20% 03/01/49 (a)		18,000		22,594
Rogers Communications Inc.
5.00% 03/15/44 (a)		5,000		6,438

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			37

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Roper Technologies Inc.
2.95% 09/15/29 (a)		28,000		30,504
Ross Stores Inc.
4.70% 04/15/27 (a)		54,000		62,659
RPM International Inc.
3.75% 03/15/27 (a)		16,000		16,906
Ryder System Inc.
2.90% 12/01/26 (a)		50,000		51,339
Sabine Pass Liquefaction LLC
4.20% 03/15/28 (a)		18,000		19,331
4.50% 05/15/30 (a)(i)		15,000		16,636
5.00% 03/15/27 (a)		6,000		6,701
5.88% 06/30/26 (a)		41,000		48,189
Santander Holdings USA Inc.
3.70% 03/28/22 (a)		57,000		58,760
4.40% 07/13/27 (a)		15,000		16,241
Schlumberger Holdings Corp.
3.90% 05/17/28 (a)(i)		36,000		38,735
Selective Insurance Group Inc.
5.38% 03/01/49 (a)		8,000		8,996
Sempra Energy
3.80% 02/01/38 (a)		10,000		10,806
4.00% 02/01/48 (a)		12,000		13,609
Shell International Finance BV
2.38% 08/21/22 (a)		38,000		39,614
3.13% 11/07/49 (a)		55,000		57,645
3.75% 09/12/46 (a)		12,000		13,801
4.13% 05/11/35 (a)		15,000		18,182
Shire Acquisitions Investments Ireland DAC
2.40% 09/23/21 (a)		24,000		24,462
2.88% 09/23/23 (a)		21,000		22,254
3.20% 09/23/26 (a)		6,000		6,664
Simon Property Group LP
3.38% 06/15/27 (a)		20,000		21,197
Southern California Edison Co.
2.40% 02/01/22 (a)		28,000		28,428
2.90% 03/01/21 (a)		46,000		46,739
4.00% 04/01/47 (a)		51,000		58,391
4.20% 03/01/29 (a)		38,000		44,037
Southern Company Gas Capital Corp.
3.95% 10/01/46 (a)		27,000		29,190
4.40% 05/30/47 (a)		4,000		4,723
Southern Copper Corp.
5.88% 04/23/45 (a)		12,000		15,331


	Principal Amount ($)		Fair Value $
Southwest Airlines Co.
2.63% 02/10/30 (a)		41,000		36,935
Southwestern Electric Power Co.
2.75% 10/01/26 (a)		19,000		20,190
Spectra Energy Partners LP
3.38% 10/15/26 (a)		5,000		5,433
4.50% 03/15/45 (a)		4,000		4,542
Spirit Realty LP
4.00% 07/15/29 (a)		30,000		29,450
Starbucks Corp.
4.00% 11/15/28 (a)		16,000		18,792
Steel Dynamics Inc.
3.45% 04/15/30 (a)		20,000		20,961
4.13% 09/15/25 (a)		117,000		119,294
Stryker Corp.
1.95% 06/15/30 (a)		55,000		55,356
2.90% 06/15/50 (a)		75,000		75,113
Sumitomo Mitsui Financial Group Inc.
2.78% 07/12/22 (a)		46,000		47,905
Suncor Energy Inc.
4.00% 11/15/47 (a)		5,000		5,149
Sunoco Logistics Partners Operations LP
5.30% 04/01/44 (a)		19,000		18,341
Sysco Corp.
3.25% 07/15/27 (a)		17,000		17,985
5.95% 04/01/30 (a)		10,000		12,566
6.60% 04/01/50 (a)		5,000		6,912
T-Mobile USA Inc.
3.75% 04/15/27 (a)(i)		36,000		39,910
3.88% 04/15/30 (a)(i)		3,000		3,339
4.50% 04/15/50 (a)(i)		10,000		11,782
Takeda Pharmaceutical Company Ltd.
4.00% 11/26/21 (a)		200,000		208,604
Tampa Electric Co.
4.35% 05/15/44 (a)		32,000		37,734
Target Corp.
2.50% 04/15/26 (a)		18,000		19,757
Teck Resources Ltd.
3.90% 07/15/30 (i)		45,000		45,124
5.40% 02/01/43 (a)		8,000		7,942
Telefonica Emisiones S.A.
4.10% 03/08/27 (a)		150,000		171,463
Texas Instruments Inc.
3.88% 03/15/39 (a)		19,000		23,553
The Allstate Corp.
4.20% 12/15/46 (a)		10,000		12,416

See Notes to Schedules of Investments and Notes to Financial Statements.


38		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75% 08/15/53 (a)(d)		39,000		40,364
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter)
4.63% 12/29/49 (a)(d)		71,000		69,929
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter)
4.65% 12/31/99 (a)(d)		42,000		39,589
The Boeing Co.
2.70% 02/01/27 (a)		50,000		48,732
2.95% 02/01/30 (a)		15,000		14,683
3.25% 03/01/28 (a)		14,000		13,810
3.55% 03/01/38 (a)		10,000		8,757
3.75% 02/01/50 (a)		15,000		13,468
4.88% 05/01/25 (a)		135,000		147,170
5.04% 05/01/27 (a)		114,000		125,734
5.15% 05/01/30		107,000		119,228
5.81% 05/01/50		46,000		54,450
The Cleveland Electric Illuminating Co.
4.55% 11/15/30 (a)(i)		64,000		77,842
The Clorox Co.
1.80% 05/15/30 (a)		85,000		86,004
The Coca-Cola Co.
1.65% 06/01/30 (a)		25,000		25,468
2.60% 06/01/50 (a)		51,000		51,470
2.75% 06/01/60 (a)		51,000		51,432
The Dow Chemical Co.
4.25% 10/01/34 (a)		20,000		22,323
5.55% 11/30/48 (a)		17,000		22,162
The Estee Lauder Companies Inc.
2.38% 12/01/29 (a)		20,000		21,457
3.13% 12/01/49 (a)		15,000		16,346
The George Washington University
4.13% 09/15/48 (a)		25,000		30,579
The Goldman Sachs Group Inc.
2.60% 02/07/30 (a)		25,000		26,213
3.50% 04/01/25 - 11/16/26 (a)		82,000		90,022
3.85% 01/26/27 (a)		115,000		129,243
4.25% 10/21/25 (a)		164,000		184,539
5.15% 05/22/45 (a)		25,000		32,574


	Principal Amount ($)		Fair Value $
The Goldman Sachs Group Inc. (2.88% fixed rate until 10/31/21; 0.82% + 3 month USD LIBOR thereafter)
2.88% 10/31/22 (a)(d)		61,000		62,573
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter)
2.91% 06/05/23 (a)(d)		271,000		280,891
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter)
3.81% 04/23/29 (a)(d)		26,000		29,376
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)
4.02% 10/31/38 (a)(d)		16,000		18,496
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter)
4.22% 05/01/29 (a)(d)		43,000		49,860
The Hartford Financial Services Group Inc.
2.80% 08/19/29 (a)		110,000		116,680
The Hartford Financial Services Group Inc. (2.52% fixed rate until 07/31/20; 2.13% + 3 month USD LIBOR)
2.52% 02/12/47 (a)(d)(i)		30,000		23,448
The Home Depot Inc.
2.70% 04/15/30 (a)		17,000		18,688
3.35% 04/15/50 (a)		29,000		33,400
3.50% 09/15/56 (a)		12,000		13,915
3.90% 12/06/28 - 06/15/47 (a)		28,000		33,740
4.50% 12/06/48 (a)		15,000		20,057
The Interpublic Group of Companies Inc.
3.75% 10/01/21 (a)		46,000		47,664
The Kroger Co.
2.20% 05/01/30 (a)		26,000		27,016
2.95% 11/01/21 (a)		40,000		41,145
4.65% 01/15/48 (a)		9,000		11,224

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			39

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

The Mosaic Co.
5.63% 11/15/43 (a)		4,000		4,305
The Procter & Gamble Co.
2.45% 03/25/25 (a)		15,000		16,280
3.60% 03/25/50 (a)		10,000		12,564
The Sherwin-Williams Co.
3.45% 06/01/27 (a)		6,000		6,718
4.50% 06/01/47 (a)		17,000		20,631
The Southern Co.
3.25% 07/01/26 (a)		9,000		10,002
4.40% 07/01/46 (a)		4,000		4,775
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter)
3.63% 09/15/31 (a)(d)		60,000		67,289
The Travelers Companies Inc.
2.55% 04/27/50 (a)		128,000		126,269
The Walt Disney Co.
2.65% 01/13/31 (a)		40,000		42,521
3.38% 11/15/26 (a)		4,000		4,494
3.60% 01/13/51 (a)		35,000		38,846
4.00% 10/01/23 (a)		61,000		67,274
4.75% 11/15/46 (a)		6,000		7,591
6.65% 11/15/37 (a)		35,000		52,167
The Williams Companies Inc.
3.75% 06/15/27 (a)		4,000		4,278
4.85% 03/01/48 (a)		17,000		18,559
5.40% 03/04/44 (a)		5,000		5,530
Thermo Fisher Scientific Inc.
4.13% 03/25/25 (a)		3,000		3,422
4.50% 03/25/30 (a)		10,000		12,322
Time Warner Cable LLC
4.50% 09/15/42 (a)		5,000		5,334
6.55% 05/01/37 (a)		16,000		20,937
TJX Companies Inc.
4.50% 04/15/50 (a)		7,000		9,018
Total Capital International S.A.
3.46% 02/19/29 (a)		54,000		61,087
Trane Technologies Luxembourg Finance S.A.
3.55% 11/01/24 (a)		25,000		27,527
3.80% 03/21/29 (a)		34,000		38,404
TransCanada PipeLines Ltd.
4.25% 05/15/28 (a)		47,000		53,736
4.88% 01/15/26 (a)		9,000		10,589


	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)(d)		50,000		49,224
Transcontinental Gas Pipe Line Company LLC
4.00% 03/15/28 (a)		19,000		21,087
Trinity Health Corp.
3.43% 12/01/48 (a)		11,000		11,490
Truist Bank (3.50% fixed rate until 08/02/21; 0.59% + 3 month USD LIBOR thereafter)
3.50% 08/02/22 (a)(d)		28,000		28,810
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter)
4.80% 12/31/99 (a)(d)		73,000		67,291
TWDC Enterprises 18 Corp.
4.13% 06/01/44 (a)		8,000		9,647
Tyco Electronics Group S.A.
3.13% 08/15/27 (a)		19,000		20,713
Tyson Foods Inc.
4.00% 03/01/26 (a)		53,000		60,645
4.55% 06/02/47 (a)		4,000		4,801
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter)
5.13% 12/29/49 (a)(d)		64,000		62,102
UDR Inc.
3.00% 08/15/31 (a)		20,000		21,330
Union Pacific Corp.
3.50% 06/08/23 (a)		37,000		40,171
3.60% 09/15/37 (a)		8,000		8,904
4.10% 09/15/67 (a)		14,000		16,750
4.30% 03/01/49 (a)		16,000		20,425
UnitedHealth Group Inc.
2.00% 05/15/30 (a)		45,000		47,104
4.45% 12/15/48 (a)		31,000		40,909
4.75% 07/15/45 (a)		28,000		37,482
Unum Group
4.50% 03/15/25 (a)		11,000		11,827
Vale S.A.
5.63% 09/11/42 (a)		8,000		9,235
Valero Energy Corp.
2.85% 04/15/25 (a)		23,000		24,300
4.00% 04/01/29 (a)		34,000		37,916
Ventas Realty LP
3.25% 10/15/26 (a)		29,000		29,710

See Notes to Schedules of Investments and Notes to Financial Statements.


40		Elfun Diversified Fund

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Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Verizon Communications Inc.
3.00% 03/22/27		97,000		107,529
4.33% 09/21/28 (a)		24,000		28,937
4.40% 11/01/34 (a)		43,000		53,313
4.52% 09/15/48 (a)		17,000		22,471
4.67% 03/15/55 (a)		16,000		21,783
4.86% 08/21/46 (a)		91,000		123,377
5.25% 03/16/37 (a)		16,000		21,739
ViacomCBS Inc.
2.90% 01/15/27 (a)		11,000		11,507
3.45% 10/04/26 (a)		11,000		11,551
3.70% 06/01/28 (a)		14,000		15,213
5.25% 04/01/44 (a)		5,000		5,591
Virginia Electric & Power Co.
4.00% 11/15/46 (a)		31,000		36,969
Visa Inc.
2.05% 04/15/30 (a)		25,000		26,219
2.70% 04/15/40 (a)		28,000		30,046
Vistra Operations Company LLC
3.55% 07/15/24 (a)(i)		68,000		70,336
Vodafone Group PLC
4.38% 05/30/28 (a)		25,000		29,711
5.25% 05/30/48 (a)		12,000		15,564
Vornado Realty LP
3.50% 01/15/25 (a)		14,000		13,836
Vulcan Materials Co.
3.90% 04/01/27 (a)		6,000		6,578
Walmart Inc.
3.63% 12/15/47 (a)		14,000		17,166
3.70% 06/26/28 (a)		29,000		34,266
3.95% 06/28/38 (a)		14,000		17,760
4.05% 06/29/48 (a)		16,000		20,998
WEC Energy Group Inc.
3.55% 06/15/25 (a)		45,000		50,195
Wells Fargo & Co.
4.15% 01/24/29 (a)		47,000		55,161
4.75% 12/07/46 (a)		77,000		98,669
Wells Fargo & Co. (1.65% fixed rate until 06/02/23; 1.60% + SOFR thereafter)
1.65% 06/02/24 (a)(d)		35,000		35,540
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter)
2.19% 04/30/26 (a)(d)		90,000		93,063
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter)
2.39% 06/02/28 (a)(d)		95,000		98,152


	Principal Amount ($)		Fair Value $
Wells Fargo & Co. (2.88% fixed rate until 10/30/29; 1.17% + 3 month USD LIBOR thereafter)
2.88% 10/30/30 (a)(d)		14,000		14,945
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter)
3.07% 04/30/41 (a)(d)		55,000		57,406
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter)
3.20% 06/17/27 (a)(d)		140,000		151,593
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)
5.88% 12/29/49 (a)(d)		41,000		42,560
Western Midstream Operating LP
5.38% 06/01/21 (a)		46,000		46,001
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter)
2.89% 02/04/30 (a)(d)		54,000		54,914
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter)
4.11% 07/24/34 (a)(d)		31,000		34,163
Willis North America Inc.
3.60% 05/15/24 (a)		22,000		23,816
3.88% 09/15/49		30,000		33,142
WPP Finance 2010
3.75% 09/19/24 (a)		24,000		25,867
WRKCo Inc.
3.00% 09/15/24 (a)		17,000		18,028
Xcel Energy Inc.
3.40% 06/01/30 (a)		35,000		39,890
Xilinx Inc.
2.95% 06/01/24 (a)		14,000		15,040
Xylem Inc.
1.95% 01/30/28		35,000		35,367
Zoetis Inc.
3.00% 09/12/27 (a)		7,000		7,725
3.90% 08/20/28 (a)		17,000		20,044

				31,408,527

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			41

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Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Non-Agency Collateralized Mortgage Obligations - 1.9%
Banc of America Commercial Mortgage Trust 2016-UBS10
5.07% 07/15/49 (a)(d)		82,000		78,719
BANK 2019-BNK17
4.67% 04/15/52 (a)(d)		34,000		32,000
BX Commercial Mortgage Trust 2018-IND 0.75% + 1 month USD LIBOR
0.93% 11/15/35 (a)(d)(i)		85,580		84,692
Cantor Commercial Real Estate Lending 2019-CF3
3.01% 01/15/53 (a)		139,000		151,709
CD 2019-CD8 Mortgage Trust
2.91% 08/15/57 (a)		246,000		267,088
Citigroup Commercial Mortgage Trust 2015-GC33
3.78% 09/10/58 (a)		100,000		110,702
Citigroup Commercial Mortgage Trust 2015-P1
3.72% 09/15/48		403,000		443,433
Citigroup Commercial Mortgage Trust 2016-P5
2.94% 10/10/49 (a)		90,682		96,873
Citigroup Commercial Mortgage Trust 2016-P6
3.72% 12/10/49 (a)(d)		119,583		133,518
4.03% 12/10/49 (a)(d)		78,331		84,731
Citigroup Commercial Mortgage Trust 2018-C5
4.51% 06/10/51 (a)(d)		64,000		68,775
COMM 2014-CR14 Mortgage Trust
4.53% 02/10/47 (a)(d)		55,000		59,144
GS Mortgage Securities Trust 2016-GS3
2.85% 10/10/49 (a)		72,000		76,473
GS Mortgage Securities Trust 2017-GS5
3.67% 03/10/50 (a)		240,062		268,075
GS Mortgage Securities Trust 2017-GS8
3.47% 11/10/50 (a)		184,426		204,718
GS Mortgage Securities Trust 2018-GS9
4.14% 03/10/51 (a)(d)		73,000		81,115
GS Mortgage Securities Trust 2019-GC42
2.75% 09/01/52		419,000		453,705


	Principal Amount ($)		Fair Value $
GS Mortgage Securities Trust 2019-GSA1
3.05% 11/10/52		403,000		444,720
JPMBB Commercial Mortgage Securities Trust 2013-C12
4.18% 07/15/45 (a)(d)		25,000		26,229
JPMBB Commercial Mortgage Securities Trust 2015-C32
4.80% 11/15/48 (a)(d)		71,000		60,703
MASTR Alternative Loan Trust 2003-5
5.00% 08/25/18 (a)(e)		232		1
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21
1.02% 03/15/48 (a)(d)(e)		781,385		25,475
Morgan Stanley Capital I Trust 2006-IQ11
6.05% 10/15/42 (a)(d)		21,360		20,885
UBS Commercial Mortgage Trust 2018-C12
4.79% 08/15/51 (a)(d)		54,000		54,068
Wells Fargo Commercial Mortgage Trust 2015-C26
1.35% 02/15/48 (a)(d)(e)		825,172		36,621
Wells Fargo Commercial Mortgage Trust 2019-C50
4.35% 05/15/52 (a)		45,000		36,952
WFRBS Commercial Mortgage Trust 2013-C17
4.26% 12/15/46 (a)		55,000		58,373
WFRBS Commercial Mortgage Trust 2014-LC14
4.35% 03/15/47 (a)(d)		123,000		131,208

				3,590,705


Sovereign Bonds - 0.2%
Government of Colombia
2.63% 03/15/23 (a)		200,000		202,698
Government of Mexico
4.00% 10/02/23 (a)		24,000		25,552
4.75% 03/08/44 (a)		56,000		58,730
Government of Peru
5.63% 11/18/50 (a)		26,000		41,062
Government of Uruguay
5.10% 06/18/50 (a)		29,803		38,493

				366,535

See Notes to Schedules of Investments and Notes to Financial Statements.


42		Elfun Diversified Fund

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Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Number of Shares		Fair Value $

Municipal Bonds and Notes - 0.1%
American Municipal Power Inc.
6.27% 02/15/50 (a)		25,000		35,015
Port Authority of New York & New Jersey
4.46% 10/01/62 (a)		30,000		39,826
State of California
4.60% 04/01/38 (a)		50,000		58,428
State of Illinois
5.10% 06/01/33 (a)		25,000		25,361
The University of Texas System
3.35% 08/15/47 (a)		25,000		29,260

				187,890


Total Bonds and Notes (Cost $67,403,103)				71,731,305


Exchange Traded & Mutual Funds - 23.9%
Exchange Traded & Mutual Funds - 23.9%
State Street Global All Cap Equity ex-U.S. Index Portfolio (Cost $45,372,926) (a)		5,449,009		45,009,570


Total Investments in Securities (Cost $162,448,820)				181,534,163


	Number of Shares		Fair Value $
Short-Term Investments - 6.3%
Dreyfus Treasury Cash Management - Institutional Shares 0.00% (a)(h)		650,120		650,120
State Street Institutional Treasury Money Market Fund - Premier Class 0.11% (a)(h)(k)		5,164,087		5,164,087
State Street Institutional Treasury Plus Fund - Premier Class 0.14% (a)(h)(k)		650,121		650,121
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.12% (a)(h)(k)		5,490,795		5,490,795


Total Short-Term Investments (Cost $11,955,123)				11,955,123


Total Investments (Cost $174,403,943)				193,489,286

Liabilities in Excess of Other Assets, net - (2.6)%				(4,888,089	)


NET ASSETS - 100.0%				188,601,197

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	$	2,772	��		1.00%/Quarterly		12/20/24	$	32,064		$	(41,019	)	$	73,083
Markit CDX North America High Yield Index	Intercontinental Exchange		3,272			5.00%/Quarterly		06/20/25		(23,833	)		(182,991	)		159,158

															$	232,241

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			43

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Schedule of Investments, continued — June 30, 2020 (Unaudited)

Centrally Cleared Interest Rate Swaps


Counterparty	Notional Amount (000s omitted)		Fund Pays/ Receives Fixed Rate/ Payment Frequency	Floating Rate	Contract Annual Fixed Rate		Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)		Unrealized Depreciation
CME Group, Inc.	$	2,751	Pays/ Quarterly	3 Month U.S. Dollar LIBOR		3.06%		11/19/21	$	(107,086	)	$	—	$	(107,086	)

The Fund had the following long futures contracts open at June 30, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
S&P 500 E-mini Index Futures		September 2020		3	$	459,902	$	463,530	$	3,628
Ultra Long-Term U.S. Treasury Bond Futures		September 2020		11		2,388,821		2,399,719		10,898
2 Yr. U.S. Treasury Notes Futures		September 2020		40		8,829,724		8,833,125		3,401
10 Yr. U.S. Treasury Notes Futures		September 2020		10		1,384,033		1,391,719		7,686
U.S. Long Bond Futures		September 2020		3		530,630		535,688		5,058

									$	30,671

The Fund had the following short futures contracts open at June 30, 2020:


Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Depreciation
5 Yr. U.S. Treasury Notes Futures		September 2020		15	$	(1,878,256	)	$	(1,886,133	)	$	(7,877	)
10 Yr. U.S. Treasury Ultra Futures		September 2020		26		(4,064,109	)		(4,094,594	)		(30,485	)

											$	(38,362	)

											$	(7,691	)

During the period ended June 30, 2020, average notional values related to derivative contracts were as follows:

Purchased

Put

Options

Purchased

Call

Options

Written

Put

Options

Written

Call

Options

Long

Futures

Contracts

Short

Futures

Contracts

Credit

Default

Swap

Contracts

Interest

Rate

Swap

Contracts

Average Notional Value

—

20,478

—

12,474,482

4,351,767

5,451,870

3,929,065

Notes to Schedule of Investments — June 30, 2020 (Unaudited)

(a)	At June 30, 2020, all or a portion of this security was pledged to cover collateral requirements for futures, options, swaps and/or TBAs.

(b)	Non-income producing security.

(c)	State Street Corporation is the parent company of SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and 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 June 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(e)	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.

See Notes to Schedules of Investments and Notes to Financial Statements.


44		Elfun Diversified Fund

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Schedule of Investments, continued — June 30, 2020 (Unaudited)

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

(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)	Coupon amount represents effective yield.

(i)

Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, these securities amounted to $4,819,065 or 2.56% 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.

(j)	Step coupon bond.

(k)	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.

†	Percentages are based on net assets as of June 30, 2020.

*	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

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2020:


Fund	Investments	Level 1			Level 2			Level 3		Total

Elfun Diversified Fund	Investments in Securities

	Domestic Equity	$	63,281,628		$	—		$	—	$	63,281,628

	Foreign Equity		1,511,660			—			—		1,511,660

	U.S. Treasuries		—			12,520,548			—		12,520,548

	Agency Mortgage Backed		—			20,655,961			—		20,655,961

	Agency Collateralized Mortgage Obligations		—			1,089,426			—		1,089,426

	Asset Backed		—			1,911,713			—		1,911,713

	Corporate Notes		—			31,408,527			—		31,408,527

	Non-Agency Collateralized Mortgage Obligations		—			3,590,705			—		3,590,705

	Sovereign Bonds		—			366,535			—		366,535

	Municipal Bonds and Notes		—			187,890			—		187,890

	Exchange Traded & Mutual Funds		45,009,570			—			—		45,009,570

	Short-Term Investments		11,955,123			—			—		11,955,123


	Total Investments in Securities	$	121,757,981		$	71,731,305		$	—	$	193,489,286


	Other Financial Instruments

	Credit Default Swap Contracts - Unrealized Appreciation	$	—		$	232,241		$	—	$	232,241

	Interest Rate Swap Contracts - Unrealized Depreciation		—			(107,086	)		—		(107,086	)

	Long Futures Contracts - Unrealized Appreciation		30,671			—			—		30,671

	Short Futures Contracts - Unrealized Depreciation		(38,362	)		—			—		(38,362	)


	Total Other Financial Instruments	$	(7,691	)	$	125,155		$	—	$	117,464

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			45

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)

The Fund was invested in the following countries/territories at June 30, 2020 (unaudited):


Country/Territory	Percentage (based on Fair Value)
United States		97.22%
United Kingdom		0.59%
Canada		0.46%
Ireland		0.42%
Switzerland		0.27%
Netherlands		0.23%
Japan		0.13%
Colombia		0.11%
Mexico		0.10%
Spain		0.09%
Australia		0.07%
Luxembourg		0.07%


Country/Territory	Percentage (based on Fair Value)
Bermuda		0.06%
Germany		0.04%
France		0.03%
Jersey		0.03%
Peru		0.02%
Uruguay		0.02%
India		0.02%
Norway		0.01%
China		0.01%
Brazil		0.00%


		100.00%

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2020 (unaudited):


Industry	Domestic		Foreign		Total
Exchange Traded Funds		23.26%		0.00%		23.26%
Systems Software		2.31%		0.00%		2.31%
Technology Hardware, Storage & Peripherals		2.02%		0.02%		2.04%
Interactive Media & Services		1.84%		0.00%		1.84%
Internet & Direct Marketing Retail		1.66%		0.00%		1.66%
Data Processing & Outsourced Services		1.47%		0.00%		1.47%
Pharmaceuticals		1.41%		0.02%		1.43%
Semiconductors		1.43%		0.00%		1.43%
Healthcare Equipment		1.01%		0.17%		1.18%
Diversified Banks		0.97%		0.00%		0.97%
Application Software		0.83%		0.00%		0.83%
Biotechnology		0.82%		0.00%		0.82%
Electric Utilities		0.63%		0.00%		0.63%
Household Products		0.60%		0.00%		0.60%
Aerospace & Defense		0.59%		0.00%		0.59%
Integrated Telecommunication Services		0.58%		0.00%		0.58%
Managed Healthcare		0.57%		0.00%		0.57%
Movies & Entertainment		0.53%		0.00%		0.53%
Soft Drinks		0.50%		0.00%		0.50%
Specialized REITs		0.50%		0.00%		0.50%
Home Improvement Retail		0.49%		0.00%		0.49%
Integrated Oil & Gas		0.48%		0.00%		0.48%
Multi-Sector Holdings		0.45%		0.00%		0.45%
Financial Exchanges & Data		0.40%		0.00%		0.40%
Life Sciences Tools & Services		0.40%		0.00%		0.40%
Hypermarkets & Super Centers		0.39%		0.00%		0.39%
Restaurants		0.39%		0.00%		0.39%
IT Consulting & Other Services		0.21%		0.18%		0.39%
Industrial Conglomerates		0.38%		0.00%		0.38%
Packaged Foods & Meats		0.35%		0.00%		0.35%
Cable & Satellite		0.34%		0.00%		0.34%
Multi-Utilities		0.33%		0.00%		0.33%
Communications Equipment		0.33%		0.00%		0.33%
Railroads		0.30%		0.00%		0.30%
Asset Management & Custody Banks		0.27%		0.00%		0.27%

See Notes to Schedules of Investments and Notes to Financial Statements.


46		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


Industry	Domestic		Foreign		Total
Regional Banks		0.27%		0.00%		0.27%
Industrial Machinery		0.26%		0.01%		0.27%
Healthcare Services		0.25%		0.00%		0.25%
Specialty Chemicals		0.25%		0.00%		0.25%
Property & Casualty Insurance		0.25%		0.00%		0.25%
Tobacco		0.24%		0.00%		0.24%
Investment Banking & Brokerage		0.23%		0.00%		0.23%
Industrial Gases		0.07%		0.15%		0.22%
Oil & Gas Exploration & Production		0.19%		0.00%		0.19%
Insurance Brokers		0.09%		0.10%		0.19%
Semiconductor Equipment		0.18%		0.00%		0.18%
Air Freight & Logistics		0.18%		0.00%		0.18%
General Merchandise Stores		0.17%		0.00%		0.17%
Construction Machinery & Heavy Trucks		0.17%		0.00%		0.17%
Footwear		0.16%		0.00%		0.16%
Consumer Finance		0.16%		0.00%		0.16%
Electrical Components & Equipment		0.15%		0.00%		0.15%
Interactive Home Entertainment		0.15%		0.00%		0.15%
Life & Health Insurance		0.14%		0.00%		0.14%
Building Products		0.09%		0.04%		0.13%
Apparel Retail		0.13%		0.00%		0.13%
Residential REITs		0.11%		0.00%		0.11%
Research & Consulting Services		0.08%		0.03%		0.11%
Oil & Gas Refining & Marketing		0.11%		0.00%		0.11%
Industrial REITs		0.11%		0.00%		0.11%
Automotive Retail		0.11%		0.00%		0.11%
Oil & Gas Storage & Transportation		0.09%		0.00%		0.09%
Environmental & Facilities Services		0.08%		0.00%		0.08%
Paper Packaging		0.06%		0.02%		0.08%
Hotels, Resorts & Cruise Lines		0.08%		0.00%		0.08%
Healthcare Distributors		0.08%		0.00%		0.08%
Healthcare Supplies		0.08%		0.00%		0.08%
Retail REITs		0.08%		0.00%		0.08%
Wireless Telecommunication Services		0.07%		0.00%		0.07%
Oil & Gas Equipment & Services		0.07%		0.00%		0.07%
Automobile Manufacturers		0.07%		0.00%		0.07%
Home Building		0.07%		0.00%		0.07%
Airlines		0.07%		0.00%		0.07%
Agricultural & Farm Machinery		0.07%		0.00%		0.07%
Trading Companies & Distributors		0.07%		0.00%		0.07%
Gold		0.06%		0.00%		0.06%
Health Care REITs		0.06%		0.00%		0.06%
Electronic Components		0.06%		0.00%		0.06%
Multi-Line Insurance		0.06%		0.00%		0.06%
Commodity Chemicals		0.06%		0.00%		0.06%
Fertilizers & Agricultural Chemicals		0.06%		0.00%		0.06%
Personal Products		0.06%		0.00%		0.06%
Office REITs		0.06%		0.00%		0.06%
Distillers & Vintners		0.05%		0.00%		0.05%
Specialty Stores		0.05%		0.00%		0.05%
Diversified Support Services		0.05%		0.00%		0.05%
Electronic Equipment & Instruments		0.05%		0.00%		0.05%
Internet Services & Infrastructure		0.05%		0.00%		0.05%
Apparel, Accessories & Luxury Goods		0.05%		0.00%		0.05%
Broadcasting		0.05%		0.00%		0.05%

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			47

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


Industry	Domestic		Foreign		Total
Healthcare Facilities		0.04%		0.00%		0.04%
Electronic Manufacturing Services		0.01%		0.03%		0.04%
Drug Retail		0.04%		0.00%		0.04%
Casinos & Gaming		0.04%		0.00%		0.04%
Food Distributors		0.04%		0.00%		0.04%
Construction Materials		0.04%		0.00%		0.04%
Food Retail		0.04%		0.00%		0.04%
Auto Parts & Equipment		0.01%		0.03%		0.04%
Trucking		0.03%		0.00%		0.03%
Water Utilities		0.03%		0.00%		0.03%
Metal & Glass Containers		0.03%		0.00%		0.03%
Agricultural Products		0.03%		0.00%		0.03%
Healthcare Technology		0.03%		0.00%		0.03%
Distributors		0.03%		0.00%		0.03%
Advertising		0.02%		0.00%		0.02%
Computer & Electronics Retail		0.02%		0.00%		0.02%
Construction & Engineering		0.02%		0.00%		0.02%
Copper		0.02%		0.00%		0.02%
Technology Distributors		0.02%		0.00%		0.02%
Consumer Electronics		0.02%		0.00%		0.02%
Real Estate Services		0.02%		0.00%		0.02%
Steel		0.02%		0.00%		0.02%
Gas Utilities		0.02%		0.00%		0.02%
Alternative Carriers		0.01%		0.00%		0.01%
Home Furnishings		0.01%		0.00%		0.01%
Diversified Chemicals		0.01%		0.00%		0.01%
Leisure Products		0.01%		0.00%		0.01%
Independent Power Producers & Energy Traders		0.01%		0.00%		0.01%
Reinsurance		0.00%		0.01%		0.01%
Household Appliances		0.01%		0.00%		0.01%
Hotel & Resort REITs		0.01%		0.00%		0.01%
Publishing		0.01%		0.00%		0.01%
Brewers		0.01%		0.00%		0.01%
Housewares & Specialties		0.01%		0.00%		0.01%
Human Resource & Employment Services		0.01%		0.00%		0.01%
Department Stores		0.00%		0.00%		0.00%
Specialized Consumer Services		0.00%		0.00%		0.00%


						56.75%


Sector	Percentage (based on Fair Value)
Corporate Notes		16.23%
Agency Mortgage Backed		10.67%
U.S. Treasuries		6.47%
Non-Agency Collateralized Mortgage Obligations		1.86%
Asset Backed		0.99%
Agency Collateralized Mortgage Obligations		0.56%
Sovereign Bonds		0.19%
Municipal Bonds and Notes		0.10%

		37.07%


Sector	Percentage (based on Fair Value)
Short-Term Investments
Short-Term Investments		6.18%

		100.00%

See Notes to Schedules of Investments and Notes to Financial Statements.


48		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 6/30/20		Value at 6/30/20		Dividend Income
State Street Corp.		984	$	77,835	$	5,105	$	10,263	$	(1,952	)	$	(12,450	)	$	917	$	58,275	$	1,006
State Street Global All Cap Equity ex-U.S. Index Portfolio		4,975,074		53,034,284		1,940,002		4,290,000		(198,846	)		(5,475,870	)		5,449,009		45,009,570		—
State Street Institutional Treasury Money Market Fund - Premier Class		8,797,356		8,797,356		15,396,157		19,029,426		—			—			5,164,087		5,164,087		26,991
State Street Institutional Treasury Plus Fund - Premier Class		2,789,007		2,789,007		703,143		2,842,029		—			—			650,121		650,121		7,927
State Street Institutional U.S. Government Money Market Fund -Class G Shares		9,178,722		9,178,722		23,944,352		27,632,279		—			—			5,490,795		5,490,795		28,009


TOTAL			$	73,877,204	$	41,988,759	$	53,803,997	$	(200,798	)	$	(5,488,320	)			$	56,372,848	$	63,933

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund			49

Elfun Tax-Exempt Income Fund

Understanding Your Fund’s Expenses (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the
Beginning of the Period January 1, 2020	$	1,000.00	$	1,000.00
End of the Period June 30, 2020	$	1,016.50	$	1,023.87
Expenses Paid During the Period*	$	1.00	$	1.01

*	Expenses are equal to the Fund’s annualized expense ratio of 0.20% (for the period January 1, 2020-June 30, 2020), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


50		Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Fund Information — June 30, 2020 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $1,368,043 (in thousands) as of June 30, 2020 ^(a)(b)

LOGO

Quality Ratings

as of June 30, 2020 as a % of Fair Value ^(a)(b)


Moody’s / S&P / Rating*	Percentage of Fair Value
Aaa / AAA		19.30	%

Aa / AA		42.50	%

A / A		26.20	%

Baa / BBB		9.60	%

Ba / BB and lower		2.40	%

		100.00	%

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional Treasury Plus Fund—Premier Class

(b)

Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical ratingorganizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of therating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Creditquality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by arating agency are subject to change periodically and are not absolute standard of quality. In formulating investment decisionsfor the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associatedwith individual debt instruments, rather than relying exclusively on rating agency ratings.


Elfun Tax-Exempt Income Fund			51

Elfun Tax-Exempt Income Fund

Schedule of Investments — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $


Municipal Bonds and Notes - 99.7%†
Alaska - 0.1%
Alaska Housing Finance Corp.
5.00% 12/01/27 (a)		2,115,000		2,303,277


Arizona - 2.3%
Maricopa County Industrial Development Authority
4.00% 01/01/41		3,000,000		3,243,600
Phoenix Civic Improvement Corp.
5.00% 07/01/30		4,680,000		5,607,249
Phoenix Civic Improvement Corp. (NPFG Insured)
5.50% 07/01/23 - 07/01/24 (b)		7,260,000		8,528,162
Salt River Project Agricultural Improvement & Power District
5.00% 12/01/21		7,500,000		7,645,650
University of Arizona
5.00% 06/01/46		5,000,000		5,918,000

				30,942,661


Arkansas - 0.3%
University of Arkansas
5.00% 11/01/46 - 11/01/47		3,580,000		4,310,694

				4,310,694


California - 10.5%
California Educational Facilities Authority
5.00% 05/01/49		1,380,000		2,295,354
6.13% 10/01/36 (a)		1,500,000		1,606,920
California Health Facilities Financing Authority
5.00% 11/15/39 - 11/15/49		6,315,000		7,296,132
California Infrastructure & Economic Development Bank Rev., Series 2020 B,
5.00% 11/01/29 (c)		1,000,000		1,314,340
California State Department of Water Resources
5.00% 05/01/21 - 12/01/29		14,700,000		16,599,473
5.00% 12/01/21 (d)		5,000		5,334


	Principal Amount ($)		Fair Value $
California State Public Works Board
5.00% 10/01/28		1,500,000		1,582,965
5.13% 10/01/31		2,000,000		2,107,020
5.25% 09/01/29		10,160,000		11,539,626
California State University
4.00% 11/01/45		5,900,000		6,582,984
City of Los Angeles Wastewater System Revenue
5.00% 06/01/43		10,000,000		12,386,700
Fresno Unified School District
4.00% 08/01/47		5,000,000		5,418,250
Los Angeles Department of Water & Power Power System Revenue
5.00% 07/01/48		5,500,000		6,866,915
Metropolitan Water District of Southern California Rev., Series 2020 C,
5.00% 07/01/38 (c)		5,000,000		6,711,500
Mount San Antonio Community College District
4.00% 08/01/49		3,000,000		3,499,530
San Diego County Water Authority
5.00% 05/01/28		1,815,000		2,198,800
San Diego Public Facilities Financing Authority Rev., Series 2020 A,
4.00% 08/01/39		2,620,000		3,192,077
San Francisco City & County Airport Commission-San Francisco International Airport
5.00% 05/01/49		10,000,000		12,179,900
State of California
4.00% 04/01/49		700,000		808,731
5.00% 02/01/31 - 08/01/46		21,720,000		24,524,284
5.25% 04/01/35		2,750,000		2,958,890
University of California
5.00% 05/15/38 - 05/15/48		9,000,000		10,591,100

See Notes to Schedules of Investments and Notes to Financial Statements.


52		Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

West Sonoma County Union High School District
5.00% 08/01/49		1,000,000		1,223,080

				143,489,905


Colorado - 2.3%
Colorado Health Facilities Authority
4.00% 08/01/49		5,100,000		5,466,282
5.00% 06/01/47 (a)		1,750,000		2,251,550
Metro Wastewater Reclamation District
5.00% 04/01/27 (a)		1,730,000		1,872,535
Regional Transportation District
4.25% 11/01/36		3,405,000		4,302,864
5.00% 11/01/27 - 11/01/29		13,760,000		16,885,547

				30,778,778


Connecticut - 4.3%
Connecticut State Health & Educational Facilities Authority
1.10% 07/01/48		1,000,000		1,017,610
5.00% 07/01/46		6,500,000		7,314,125
South Central Connecticut Regional Water Authority
5.00% 08/01/27 - 08/01/28 (a)		2,195,000		2,506,009
State of Connecticut
4.00% 06/01/27 - 08/01/33		1,250,000		1,396,013
5.00% 01/01/22 - 05/01/37		16,600,000		18,670,554
State of Connecticut Special Tax Revenue
5.00% 10/01/27 - 10/01/36		23,325,000		26,661,213
Town of Fairfield
5.00% 08/01/21		1,000,000		1,051,780

				58,617,304

Delaware - 1.1%
Delaware State Health Facilities Authority
5.00% 10/01/40 (a)		6,300,000		6,373,899
Delaware Transportation Authority
5.00% 06/01/45		6,680,000		7,564,833


	Principal Amount ($)		Fair Value $
State of Delaware
5.00% 07/01/28 (a)		825,000		825,000
5.00% 07/01/28		175,000		175,325

				14,939,057


District of Columbia - 3.3%
District of Columbia
4.00% 03/01/37 - 03/01/45		12,485,000		14,791,511
5.00% 06/01/38		3,000,000		3,430,830
5.00% 04/01/42 (a)		6,250,000		8,039,691
District of Columbia Water & Sewer Authority
5.00% 10/01/27 - 10/01/37		2,250,000		2,800,627
Metropolitan Washington Airports Authority Dulles Toll Road Revenue
5.00% 10/01/44		5,000,000		5,824,700
Washington Metropolitan Area Transit Authority
4.00% 07/15/40		500,000		592,355
5.00% 07/01/34 - 07/01/43		8,375,000		10,102,389

				45,582,103


Florida - 1.7%
City of Tampa Water & Wastewater System Revenue
5.00% 10/01/27		8,560,000		9,044,582
County of Miami-Dade FL Water & Sewer System Revenue
4.00% 10/01/49		2,000,000		2,316,080
5.00% 10/01/43		5,000,000		6,217,800
Escambia County Health Facilities Authority
5.00% 08/15/31		300,000		370,164
Martin County Health Facilities Authority
4.00% 01/01/46		5,000,000		5,580,850

				23,529,476


Georgia - 6.2%
Atlanta Development Authority
5.25% 07/01/40		8,925,000		9,558,586

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Tax-Exempt Income Fund			53

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

City of Atlanta Department of Aviation
5.00% 01/01/25 - 01/01/34		18,500,000		19,732,165
City of Atlanta Water & Wastewater Revenue
5.00% 11/01/41		5,000,000		6,213,500
5.25% 11/01/30		5,690,000		6,548,564
City of Atlanta Water & Wastewater Revenue (AGMC Insured)
5.75% 11/01/27 - 11/01/30 (b)		9,500,000		13,270,240
County of Wheeler School District of Georgia
5.00% 08/01/50		530,000		662,595
Gwinnett County Development Authority
5.00% 07/01/37 - 07/01/40		9,325,000		10,829,751
Municipal Electric Authority of Georgia
5.00% 01/01/35		5,500,000		6,160,220
State of Georgia
4.00% 07/01/36		10,000,000		11,928,200

				84,903,821


Hawaii - 1.6%
State of Hawaii
5.00% 01/01/36		4,850,000		6,194,808
State of Hawaii Airports System Revenue
5.25% 07/01/24		15,800,000		15,800,000

				21,994,808


Illinois - 4.2%
City of Chicago O’Hare International Airport Revenue
5.00% 01/01/46 - 01/01/48		7,000,000		8,247,910
5.25% 01/01/42		8,000,000		9,376,160
5.63% 01/01/35 (a)		4,035,000		4,142,694
5.63% 01/01/35		965,000		984,647
5.75% 01/01/39 (a)		9,655,000		9,918,678
5.75% 01/01/39		1,845,000		1,881,845
Metropolitan Pier & Exposition Authority (NPFG Insured)
5.65% 06/15/22 (b)(d)		785,000		863,783
5.65% 06/15/22 (b)		3,520,000		3,731,376


	Principal Amount ($)		Fair Value $
Southwestern Illinois Development Authority (NPFG Insured)
5.00% 10/01/21 (b)(d)		195,000		206,248
5.00% 10/01/21 (b)		3,805,000		4,014,161
State of Illinois
4.00% 09/01/27		170,000		170,008
5.00% 11/01/26 - 03/01/31		13,000,000		13,746,877
5.13% 05/01/22		500,000		519,945

				57,804,332


Indiana - 0.6%
Indianapolis Local Public Improvement Bond Bank
4.00% 02/01/44		6,500,000		7,694,895


Kentucky - 2.1%
Kentucky State Property & Building Commission
5.00% 02/01/33 - 04/01/37		11,705,000		13,244,586
Louisville & Jefferson County Metropolitan Sewer District
5.00% 05/15/30		14,340,000		15,183,909

				28,428,495


Maine - 0.3%
Maine Health & Higher Educational Facilities Authority
5.25% 07/01/21		1,475,000		1,479,941
5.25% 07/01/21 (a)		270,000		270,000
Maine Turnpike Authority
5.00% 07/01/42		1,000,000		1,065,900
State of Maine GO, Series 2020 B,
5.00% 06/01/30		1,000,000		1,375,750

				4,191,591


Maryland - 2.8%
City of Baltimore
5.00% 07/01/38 - 07/01/46		23,375,000		26,848,260
County of Anne Arundel GO,
5.00% 10/01/40		995,000		1,295,440
County of Prince George’s
5.00% 09/15/24 - 09/15/25 (a)		8,790,000		9,289,975

See Notes to Schedules of Investments and Notes to Financial Statements.


54		Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Maryland Health & Higher Educational Facilities Authority
5.00% 07/01/34		105,000		105,082
5.00% 08/15/41 (a)		1,250,000		1,315,463

				38,854,220

Massachusetts - 4.1%
Commonwealth of Massachusetts
4.00% 05/01/44		3,045,000		3,491,854
5.00% 07/01/34 (c)		600,000		802,890
5.00% 03/01/46		7,000,000		7,865,340
5.25% 09/01/43 - 01/01/44		17,825,000		22,711,907
Massachusetts Bay Transportation Authority
5.25% 07/01/30		5,000,000		6,689,250
Massachusetts Development Finance Agency
4.00% 06/01/49		1,000,000		1,033,030
Massachusetts School Building Authority
5.00% 08/15/28		5,000,000		5,458,400
Massachusetts Water Resources Authority
5.00% 08/01/32		4,140,000		4,678,780
5.00% 08/01/41 (a)		3,000,000		3,151,650

				55,883,101


Michigan - 1.4%
Lansing Board of Water & Light
5.00% 07/01/37 (a)		3,500,000		3,665,130
Michigan Finance Authority
4.00% 02/15/39		500,000		566,275
5.00% 12/01/47 (a)		4,000,000		4,441,560
5.00% 11/15/48		3,500,000		4,206,755
State of Michigan
5.00% 03/15/27		4,415,000		5,548,551
University of Michigan Revenue
5.00% 04/01/46		1,000,000		1,184,810

				19,613,081


Minnesota - 1.2%
City of Minneapolis
4.00% 11/15/48		1,000,000		1,071,650
City of Rochester
4.00% 11/15/48		5,330,000		5,968,854


	Principal Amount ($)		Fair Value $
City of St. Cloud
5.00% 05/01/48		2,000,000		2,353,240
Housing & Redevelopment Authority of The City of Saint Paul Minnesota
4.00% 11/15/43		1,000,000		1,075,790
University of Minnesota
5.00% 09/01/39		4,350,000		5,336,101

				15,805,635


Missouri - 1.6%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District
5.00% 10/01/44		8,010,000		8,774,074
Health & Educational Facilities Authority of the State of Missouri
4.00% 11/15/48		2,200,000		2,405,700
Kansas City Sanitary Sewer System Revenue
4.00% 01/01/40		1,725,000		1,902,002
Metropolitan St Louis Sewer District Prerefunded @ 100% of Par
5.00% 05/01/45 (a)		480,000		582,706
5.00% 05/01/45 - 05/01/46		2,520,000		2,998,619
Missouri Highway & Transportation Commission
5.00% 05/01/21		4,610,000		4,627,610
Missouri State Environmental Improvement & Energy Resources Authority
5.00% 01/01/24		525,000		527,000

				21,817,711


New Hampshire - 0.3%
State of New Hampshire
5.00% 12/01/29		3,220,000		4,403,060


New Jersey - 6.2%
New Jersey Economic Development Authority
5.00% 11/01/29 - 06/15/43		12,750,000		13,945,560

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Tax-Exempt Income Fund			55

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

5.25% 06/15/40 (a)		220,000		272,151
5.25% 06/15/40		3,780,000		4,069,283
New Jersey Educational Facilities Authority
5.50% 09/01/30 - 09/01/33		14,700,000		16,632,049
New Jersey Health Care Facilities Financing Authority (AGMC Insured)
4.13% 07/01/38 (b)		6,215,000		6,529,231
New Jersey State Turnpike Authority
5.00% 01/01/33 - 01/01/45		15,400,000		17,593,219
5.00% 01/01/38 (a)		4,000,000		4,374,920
New Jersey Transportation Trust Fund Authority
5.00% 12/15/34 - 06/15/45		7,250,000		8,006,990
5.25% 06/15/36		7,350,000		7,476,420
New Jersey Turnpike Authority
4.00% 01/01/48		5,000,000		5,408,150

				84,307,973


New Mexico - 0.1%
New Mexico Finance Authority
5.00% 06/15/23		1,750,000		1,756,633


New York - 11.7%
City of New York
4.00% 03/01/36		2,500,000		2,942,150
5.00% 08/01/26 - 04/01/43		7,500,000		9,099,615
Hudson Yards Infrastructure Corp.
4.00% 02/15/44		5,830,000		6,337,735
5.00% 02/15/39 - 02/15/45		11,000,000		12,849,990
Metropolitan Transportation Authority
5.00% 09/01/22 - 11/15/37		10,960,000		11,820,157
5.25% 11/15/55		1,000,000		1,144,910
Metropolitan Transportation Authority (AGMC Insured)
4.00% 11/15/49 (b)		5,000,000		5,444,900


	Principal Amount ($)		Fair Value $
New York City Transitional Finance Authority Building Aid Revenue
5.00% 07/15/36		6,000,000		7,445,460
New York City Transitional Finance Authority Future Tax Secured Revenue
4.00% 11/01/42		5,000,000		5,714,100
5.00% 11/01/21 - 02/01/43		32,500,000		35,914,325
New York City Water & Sewer System
3.00% 06/15/50		5,000,000		5,218,400
5.00% 06/15/49		6,460,000		7,945,219
New York Liberty Development Corp.
5.00% 11/15/44		5,000,000		5,186,700
New York State Dormitory Authority
4.00% 08/01/38 - 07/01/50		8,655,000		9,936,094
5.00% 03/15/45 - 07/01/46		16,500,000		19,990,235
New York State Urban Development Corp. Rev., Series 2020 A,
5.00% 03/15/36		1,000,000		1,310,920
Onondaga Civic Development Corp. Rev., Series 2020 A,
5.00% 12/01/35		450,000		592,357
Port Authority of New York & New Jersey
5.00% 11/15/47 - 09/01/48		6,500,000		7,818,855
Westchester County Healthcare Corp.
6.13% 11/01/37 (a)		2,220,000		2,261,181
6.13% 11/01/37		280,000		284,732

				159,258,035


North Carolina - 0.9%
County of Brunswick NC Enterprise Systems Revenue Rev.,
3.00% 04/01/46		1,350,000		1,428,556
North Carolina Capital Facilities Finance Agency
4.00% 10/01/44		2,000,000		2,257,540

See Notes to Schedules of Investments and Notes to Financial Statements.


56		Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

North Carolina State University at Raleigh Rev., Series 2020 A,
5.00% 10/01/35 (c)		500,000		659,705
Raleigh Durham Airport Authority
5.00% 05/01/28 - 05/01/29		2,000,000		2,524,850
The University of North Carolina at Charlotte
4.00% 02/01/45		650,000		712,927
5.00% 10/01/47		3,545,000		4,231,525

				11,815,103


Ohio - 5.4%
City of Columbus
5.00% 07/01/26 - 08/15/30 (a)		18,055,000		20,590,018
Cleveland Public Library
4.00% 12/01/49		4,000,000		4,623,000
County of Franklin
5.00% 12/01/47		1,125,000		1,337,074
Miami University/Oxford Rev., Series 2020 A,
4.00% 09/01/45 (c)		500,000		581,230
Northeast Ohio Regional Sewer District
4.00% 11/15/43		7,550,000		8,672,760
5.00% 11/15/38 (a)		12,000,000		13,584,360
Ohio State Turnpike Commission
5.25% 02/15/39		18,250,000		19,937,760
The Ohio State University Rev., Series 2020 A,
5.00% 12/01/29		500,000		682,625
University of Cincinnati
5.00% 06/01/45		3,500,000		4,180,610

				74,189,437


Oklahoma - 0.7%
Oklahoma Capital Improvement Authority
5.00% 07/01/28 - 07/01/29		5,000,000		5,770,240
Oklahoma Turnpike Authority
5.00% 01/01/28		3,500,000		3,574,760

				9,345,000


Oregon - 0.4%
City of Eugene OR Electric Utility System Revenue
4.00% 08/01/45		1,600,000		1,890,832


	Principal Amount ($)		Fair Value $
Eugene Water Revenue
4.00% 08/01/45		1,000,000		1,120,050
Oregon State Lottery
5.00% 04/01/35		1,630,000		2,116,522

				5,127,404


Pennsylvania - 5.9%
Allegheny County Hospital Development Authority
4.00% 07/15/39		1,500,000		1,675,890
City of Philadelphia
5.00% 02/01/24 - 08/01/36		8,605,000		10,314,600
City of Philadelphia Water & Wastewater Revenue
5.00% 01/01/36 - 10/01/47		23,000,000		26,315,160
Delaware River Joint Toll Bridge Commission
5.00% 07/01/26		1,000,000		1,254,190
Delaware River Port Authority
5.00% 01/01/29 - 01/01/40		11,600,000		13,303,219
General Authority of Southcentral Pennsylvania
4.00% 06/01/49		3,015,000		3,404,176
Montgomery County Higher Education & Health Authority
4.00% 09/01/49		3,000,000		3,219,270
Pennsylvania Economic Development Financing Authority
4.00% 11/15/42		5,000,000		5,452,000
Pennsylvania Turnpike Commission
6.00% 12/01/34 (a)		12,000,000		12,281,640
Philadelphia Authority for Industrial Development
4.00% 11/01/39		1,500,000		1,635,360
Pittsburgh Water & Sewer Authority (AGMC Insured)
5.00% 09/01/32 (b)		1,050,000		1,447,593

				80,303,098

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Tax-Exempt Income Fund			57

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Rhode Island - 0.8%
Rhode Island Health & Educational Building Corp.
4.00% 09/15/34		1,030,000		1,163,406
5.00% 09/01/43		5,000,000		5,620,000
Rhode Island Infrastructure Bank Water Pollution Control Revenue
5.00% 10/01/28		2,200,000		2,693,570

				9,476,976


South Carolina - 1.6%
Piedmont Municipal Power Agency
5.00% 01/01/25		2,315,000		2,453,877
Piedmont Municipal Power Agency (AGC Insured)
5.75% 01/01/34 (b)		5,500,000		5,724,620
South Carolina State Public Service Authority
5.00% 12/01/37 - 12/01/38		12,000,000		13,797,660

				21,976,157


Tennessee - 0.8%
City of Memphis
4.00% 05/01/39 - 06/01/46		8,650,000		9,776,150
The Metropolitan Nashville Airport Authority
5.00% 07/01/30		1,310,000		1,695,507

				11,471,657


Texas - 8.0%
Barbers Hill Independent School District GO,
3.00% 02/15/38 (c)		2,000,000		2,213,520
City of Austin Airport System Revenue
5.00% 11/15/46		3,000,000		3,480,150
City of Austin Water & Wastewater System Revenue
5.00% 11/15/42		13,595,000		14,755,333
City of Dallas Waterworks & Sewer System Revenue
5.00% 10/01/46		3,550,000		4,344,384


	Principal Amount ($)		Fair Value $
City of Houston TX Combined Utility System Revenue, Rev., Series 2020 C,
4.00% 11/15/35 - 11/15/49 (c)		2,000,000		2,406,960
City of Houston Utility System Revenue
5.00% 05/15/28 - 11/15/33		10,470,000		11,375,460
5.25% 11/15/30 - 11/15/31 (a)		12,000,000		12,216,840
Dallas Area Rapid Transit
4.00% 12/01/34		1,220,000		1,472,760
Dallas/Fort Worth International Airport
5.25% 11/01/29		5,000,000		5,658,850
Harris County-Houston Sports Authority
5.00% 11/15/30		2,000,000		2,057,920
Lower Colorado River Authority
5.00% 05/15/44		2,000,000		2,391,820
North Texas Tollway Authority
5.00% 01/01/26 - 01/01/48		8,000,000		9,582,965
5.00% 09/01/31 (a)		3,500,000		3,688,440
6.00% 01/01/38 (a)		5,000,000		5,142,250
State of Texas GO, Series 2020 A,
4.50% 08/01/28 (c)		2,000,000		2,511,520
Texas Transportation Commission State Highway Fund
5.00% 04/01/23		10,750,000		12,111,165
The University of Texas System
5.00% 08/15/26 - 08/15/31		11,000,000		14,034,120

				109,444,457


Utah - 0.9%
Utah State Board of Regents
5.00% 11/01/30		4,000,000		4,053,520
Utah Transit Authority
5.00% 06/15/42 (a)		7,500,000		8,182,633

				12,236,153

See Notes to Schedules of Investments and Notes to Financial Statements.


58		Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Vermont - 0.1%
University of Vermont & State Agricultural College
5.00% 10/01/37		1,195,000		1,678,939


Virginia - 2.0%
County of Fairfax
4.00% 10/01/35		6,645,000		7,965,029
University of Virginia
5.00% 04/01/47		6,000,000		7,313,400
Virginia College Building Authority Rev., Series 2019 A,
3.00% 02/01/38		2,985,000		3,227,770
Virginia Resources Authority
4.00% 11/01/41		5,585,000		6,294,798
5.00% 11/01/46		1,720,000		2,078,087

				26,879,084


Washington - 1.3%
City of Seattle WA Municipal Light & Power Revenue
5.00% 04/01/41		2,625,000		3,352,650
King & Snohomish Counties School District No. 417 Northshore
4.00% 12/01/38		5,000,000		5,930,650
State of Washington
5.00% 08/01/34 - 02/01/43		6,280,000		8,042,132


	Principal Amount ($)		Fair Value $
University of Washington
4.00% 04/01/34		800,000		969,064

				18,294,496


Wisconsin - 0.6%
Neenah Joint School District GO,
3.00% 03/01/31 (c)		1,955,000		2,165,749
State of Wisconsin Environmental Improvement Fund Revenue
5.00% 06/01/37		5,000,000		6,518,800

				8,684,549


Total Municipal Bonds and Notes (Cost $1,280,218,075)				1,362,133,156


Short-Term Investments - 0.4%
State Street Institutional Treasury Plus Fund - Premier Class 0.14% (Cost $5,909,872) (e)(f)		5,909,872		5,909,872

Total Investments (Cost $1,286,127,947)				1,368,043,028

Liabilities in Excess of Other Assets, net - (0.2)%				(1,406,501	)


NET ASSETS - 100.0%				1,366,636,527

Notes to Schedule of Investments — June 30, 2020 (Unaudited)

(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)	The security is insured by AGC, AGMC, or NPFG. The Elfun Tax-Exempt Income Fund had no

insurance concentrations of 5% or greater as of June 30, 2020 (as a percentage of net assets).

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

(d)	Escrowed to maturity 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 such bonds.

(e)	Coupon amount represents effective yield.

(f)	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.

†	Percentages are based on net assets as of June 30, 2020.

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 — June 30, 2020 (Unaudited)

Abbreviations:

AGC - Assured Guaranty Corporation

AGMC - Assured Guaranty Municipal Company

NPFG - National Public Finance Guaranty Corporation

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total

Elfun Tax-Exempt Income Fund	Investments in Securities

	Municipal Bonds and Notes	$	—	$	1,362,133,156	$	—	$	1,362,133,156

	Short-Term Investments		5,909,872		—		—		5,909,872


	Total Investments in Securities	$	5,909,872	$	1,362,133,156	$	—	$	1,368,043,028

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/20		Value at 6/30/20		Dividend Income
State Street Institutional Treasury Plus Fund - Premier Class		—	$	—	$	131,699,062	$	125,789,190	$	—	$	—		5,909,872	$	5,909,872	$	38,901
State Street Institutional U.S. Government Money Market Fund, Class G Shares		17,584,856		17,584,856		11,195,102		28,779,958		—		—		—		—		7,589


TOTAL			$	17,584,856	$	142,894,164	$	154,569,148	$	—	$	—			$	5,909,872	$	46,490

See Notes to Schedules of Investments and Notes to Financial Statements.


60		Elfun Tax-Exempt Income Fund

Elfun Income Fund

Understanding Your Fund’s Expenses (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the
Beginning of the Period January 1, 2020	$	1,000.00	$	1,000.00
End of the Period June 30, 2020	$	1,051.10	$	1,023.57
Expenses Paid During Period*	$	1.33	$	1.31

*	Expenses are equal to the Fund’s annualized expense ratio of 0.26% (for the period January 1, 2020-June 30, 2020), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


Elfun Income Fund			61

Elfun Income Fund

Fund Information — June 30, 2020 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $245,064 (in thousands) as of June 30, 2020 ^(a)(b)

LOGO

Quality Ratings

as of June 30, 2020 as a % of Fair Value ^(a)(b)


Moody’s / S&P / Rating*	Percentage of Fair Value

Aaa / AAA		21.56	%

Aa / AA		32.81	%

A / A		11.17	%

Baa / BBB		28.74	%

Ba / BB and lower		4.12	%

NR / Other		1.60	%

		100.00	%

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund - Class G Shares.

(b)

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.


62		Elfun Income Fund

Elfun Income Fund

Schedule of Investments — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $


Bonds and Notes - 93.9%†
U.S. Treasuries - 16.2%
U.S. Treasury Bonds
1.25% 05/15/50		137,000		131,648
2.25% 08/15/46 (a)		1,602,000		1,899,621
3.00% 08/15/48 (a)		3,000,000		4,125,469
3.75% 08/15/41		494,500		728,460
4.50% 08/15/39 (a)		114,000		181,474
U.S. Treasury Notes
0.50% 03/15/23		1,327,000		1,338,819
1.13% 06/30/21		508,000		512,822
1.38% 01/31/22 (a)		1,000,000		1,019,101
1.63% 12/15/22 - 02/15/26 (a)		11,177,800		11,887,644
1.88% 12/15/20 (a)		8,612,900		8,680,525
2.50% 01/31/24 (a)		6,187,600		6,694,210
2.63% 02/15/29 (a)		1,602,000		1,877,344

				39,077,137


Agency Mortgage Backed - 25.5%
Federal Home Loan Mortgage Corp.
3.00% 04/01/43 - 05/01/50 (a)		15,741,016		16,967,072
4.05% 09/25/28 (a)(b)		300,000		363,832
4.50% 06/01/33 - 02/01/35 (a)		11,713		12,790
5.00% 07/01/35 (a)		82,979		95,540
5.50% 01/01/38 - 04/01/39 (a)		141,474		164,067
6.00% 08/01/29 - 11/01/37 (a)		321,706		378,373
7.00% 01/01/27 - 08/01/36 (a)		69,918		84,039
7.50% 11/01/29 - 09/01/33 (a)		6,814		7,770
8.00% 11/01/30 (a)		3,090		3,572
Federal National Mortgage Assoc.
3.50% 08/01/45 - 07/01/47 (a)		8,072,119		8,748,471
3.50% 01/01/48		582,584		614,823
4.00% 01/01/41 - 01/01/50 (a)		3,720,823		4,036,923
4.50% 08/01/20 - 12/01/48 (a)		2,687,991		2,964,147
5.00% 03/01/34 - 05/01/39 (a)		209,110		239,643
5.50% 07/01/20 - 01/01/39 (a)		539,221		629,820
6.00% 03/01/21 - 05/01/41 (a)		1,191,865		1,402,704


	Principal Amount ($)		Fair Value $
6.50% 05/01/21 - 08/01/36 (a)		57,836		65,602
7.00% 10/01/32 - 02/01/34 (a)		8,599		9,741
7.50% 12/01/26 - 03/01/33 (a)		37,060		42,990
8.00% 06/01/24 - 10/01/31 (a)		9,393		10,445
8.50% 04/01/30 (a)		2,078		2,526
9.00% 12/01/22 (a)		501		516
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR
3.35% 04/01/37 (a)(b)		2,358		2,429
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
5.82% 09/25/46 (a)(b)(c)		2,361,813		562,283
Federal National Mortgage Assoc. TBA
2.00% TBA (d)		1,047,000		1,083,121
4.00% TBA (d)		116,000		122,919
Government National Mortgage Assoc.
3.00% 12/20/42 (a)		4,234,920		4,544,367
3.00% 05/20/45 - 02/20/47		9,599,402		10,204,678
3.50% 08/20/48		2,579,906		2,739,669
4.00% 01/20/41 - 04/20/43 (a)		1,354,316		1,495,316
4.50% 08/15/33 - 03/20/41 (a)		615,681		690,793
5.00% 08/15/33 (a)		33,661		38,200
6.00% 04/15/27 - 09/15/36 (a)		174,100		203,921
6.50% 03/15/24 - 09/15/36 (a)		57,327		64,913
7.00% 11/15/27 - 10/15/36 (a)		37,249		42,849
7.50% 03/15/23 - 11/15/31 (a)		12,528		13,416
8.00% 09/15/27 - 06/15/30 (a)		23,065		25,101
9.00% 12/15/21 (a)		159		162
2.50% TBA (d)		2,705,000		2,846,931

				61,526,474


Agency Collateralized Mortgage Obligations - 1.5%
Federal Home Loan Mortgage Corp.
0.08% 09/25/43 (a)(b)(c)		781,962		2,311
2.43% 08/25/29 (a)		1,392,000		1,539,383
2.51% 07/25/29 (a)		745,000		829,345

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund			63

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Federal Home Loan Mortgage Corp. REMIC
3.50% 11/15/30 (a)(c)		138,003		6,552
5.50% 06/15/33 (a)(c)		30,435		5,780
Federal Home Loan Mortgage Corp. REMIC 6.15% - 1 month USD LIBOR
5.97% 10/15/42 (a)(b)(c)		2,119,489		397,123
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR
6.42% 08/15/25 (a)(b)(c)		48,810		1,848
Federal Home Loan Mortgage Corp. STRIPS
1.47% 08/01/27 (a)(e)(f)		583		557
8.00% 02/01/23 - 07/01/24 (a)(c)		1,868		187
Federal National Mortgage Assoc. REMIC
1.11% 12/25/42 (a)(b)(c)		173,188		6,728
5.00% 02/25/40 - 09/25/40 (a)(c)		88,365		10,639
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
5.82% 07/25/38 (a)(b)(c)		31,671		6,103
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR
6.37% 11/25/41 (a)(b)(c)		3,159,579		820,292
Federal National Mortgage Assoc. STRIPS
1.87% 12/25/34 (a)(e)(f)		31,783		29,660
4.50% 08/25/35 -01/25/36 (a)(c)		71,507		10,262
5.00% 03/25/38 - 05/25/38 (a)(c)		36,339		6,342
5.50% 12/25/33 (a)(c)		10,193		1,838
6.00% 01/25/35 (a)(c)		39,727		8,473
7.50% 11/25/23 (a)(c)		3,140		257
8.00% 08/25/23 -07/25/24 (a)(c)		2,934		340
8.50% 07/25/22 (a)(c)		281		13
8.50% 07/25/22 (a)(c)(g)		8		—
9.00% 05/25/22 (a)(c)		202		8
Government National Mortgage Assoc. REMIC
4.50% 08/16/39 (a)(c)		31,446		353

				3,684,394


	Principal Amount ($)			Fair Value $
Asset Backed - 2.8%
Ally Auto Receivables Trust
2.35% 06/15/22 (a)		96,380			97,013
American Express Credit Account Master Trust 2018-8
3.18% 04/15/24 (a)		664,000			686,487
BMW Floorplan Master Owner Trust 2018-1
3.15% 05/15/23 (a)(h)		333,000			339,025
CarMax Auto Owner Trust
3.13% 06/15/23 (a)		196,842			201,073
Chase Funding Trust 2004-1
4.99% 11/25/33 (a)(i)		131,470			131,470
Enterprise Fleet Financing 2019-1 LLC
3.07% 10/20/24 (a)(h)		487,000			507,018
Ford Credit Auto Owner Trust 2020-B
0.56% 10/15/24		941,000			942,443
GMF Floorplan Owner Revolving Trust 0.32% + 1 month USD LIBOR
0.50% 09/15/22 (a)(b)(h)		460,000			459,793
Hyundai Auto Lease Securitization Trust 2018-A
2.89% 03/15/22 (a)(h)		663,000			667,021
Nissan Auto Lease Trust 2019-A
2.76% 03/15/22 (a)		385,000			391,004
Nissan Auto Lease Trust 2020-A
1.80% 05/16/22 (a)		320,000			322,535
Santander Retail Auto Lease Trust 2019-B
2.30% 01/20/23 (a)(h)		918,000			938,517
Securitized Term Auto Receivables Trust 2018-1A
3.30% 11/25/22 (a)(h)		135,000			138,402
Trillium Credit Card Trust II
3.04% 01/26/24 (a)(h)		932,000			944,412

					6,766,213


Corporate Notes - 41.8%
3M Co.			��
3.13% 09/19/46 (a)		39,000			42,081
Abbott Laboratories
3.75% 11/30/26 (a)		28,000			32,577
4.90% 11/30/46 (a)		68,000			97,309

See Notes to Schedules of Investments and Notes to Financial Statements.


64		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

AbbVie Inc.
2.60% 11/21/24 (a)(h)		145,000		153,851
2.95% 11/21/26 (a)(h)		200,000		217,414
3.20% 05/14/26 (a)		70,000		76,930
3.20% 11/21/29 (a)(h)		130,000		142,700
3.25% 10/01/22 (a)(h)		84,000		87,972
3.45% 03/15/22 (a)(h)		207,000		215,278
4.05% 11/21/39 (a)(h)		85,000		99,379
4.25% 11/21/49 (a)(h)		55,000		66,574
4.63% 10/01/42 (a)(h)		13,000		15,917
4.70% 05/14/45 (a)		31,000		38,609
4.88% 11/14/48 (a)		23,000		30,004
5.00% 12/15/21 (a)(h)		194,000		203,764
Advance Auto Parts Inc.
3.90% 04/15/30 (a)(h)		330,000		352,889
4.50% 12/01/23 (a)		198,000		215,594
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.50% 05/15/21 (a)		150,000		150,877
Aetna Inc.
3.50% 11/15/24 (a)		68,000		73,902
Air Products & Chemicals Inc.
2.80% 05/15/50 (a)		95,000		99,880
Aircastle Ltd.
4.25% 06/15/26 (a)		112,000		102,267
Albemarle Wodgina Pty Ltd.
3.45% 11/15/29 (a)(h)		165,000		159,331
Alcon Finance Corp.
2.60% 05/27/30 (a)(h)		239,000		245,427
3.80% 09/23/49 (a)(h)		207,000		229,344
Alexandria Real Estate Equities Inc.
4.70% 07/01/30 (a)		43,000		52,628
Alibaba Group Holding Ltd.
4.00% 12/06/37 (a)		200,000		230,376
Alimentation Couche-Tard Inc.
2.70% 07/26/22 (a)(h)		116,000		118,961
2.95% 01/25/30 (a)(h)		95,000		97,802
3.80% 01/25/50 (a)(h)		117,000		121,018
Ally Financial Inc.
5.75% 11/20/25 (a)		95,000		101,629
Altria Group Inc.
2.95% 05/02/23 (a)		54,000		56,829
3.40% 05/06/30 (a)		35,000		37,672
3.80% 02/14/24 (a)		45,000		49,244
4.25% 08/09/42 (a)		10,000		10,524
4.45% 05/06/50 (a)		55,000		60,126
4.50% 05/02/43 (a)		44,000		47,167
4.80% 02/14/29 (a)		107,000		124,858


	Principal Amount ($)		Fair Value $
Amazon.com Inc.
1.50% 06/03/30		160,000		162,443
2.50% 06/03/50		75,000		76,709
2.70% 06/03/60		60,000		61,843
3.15% 08/22/27 (a)		34,000		38,832
4.05% 08/22/47 (a)		35,000		45,517
4.25% 08/22/57 (a)		23,000		30,604
Ameren Corp.
2.50% 09/15/24 (a)		206,000		218,597
3.65% 02/15/26 (a)		45,000		50,254
America Movil SAB de C.V.
3.13% 07/16/22 (a)		205,000		212,031
4.38% 04/22/49 (a)		200,000		243,818
American Campus Communities Operating Partnership LP
4.13% 07/01/24 (a)		36,000		37,741
American Electric Power Company Inc.
3.25% 03/01/50 (a)		60,000		61,711
American Electric Power Company Inc.
2.30% 03/01/30 (a)		70,000		71,761
American Express Co.
3.00% 10/30/24 (a)		56,000		60,549
American International Group Inc.
4.25% 03/15/29 (a)		82,000		94,373
4.50% 07/16/44 (a)		88,000		101,299
6.40% 12/15/20 (a)		57,000		58,505
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)		23,000		23,625
American Tower Corp.
2.90% 01/15/30 (a)		84,000		89,568
3.70% 10/15/49 (a)		48,000		52,357
3.80% 08/15/29 (a)		101,000		114,450
American Water Capital Corp.
2.95% 09/01/27 (a)		65,000		71,768
Amgen Inc.
2.45% 02/21/30 (a)		281,000		297,090
2.65% 05/11/22 (a)		125,000		129,777
3.15% 02/21/40 (a)		140,000		150,146
3.38% 02/21/50 (a)		140,000		154,777
4.56% 06/15/48 (a)		74,000		95,901
4.66% 06/15/51 (a)		23,000		30,626

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund			65

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65% 02/01/26 (a)		107,000		119,960
4.70% 02/01/36 (a)		39,000		45,778
4.90% 02/01/46 (a)		89,000		107,923
Anheuser-Busch InBev Worldwide Inc.
3.50% 06/01/30 (a)		94,000		105,688
4.00% 04/13/28 (a)		23,000		26,545
4.35% 06/01/40 (a)		165,000		188,519
4.38% 04/15/38 (a)		133,000		150,717
4.50% 06/01/50 (a)		72,000		85,545
4.60% 04/15/48 (a)		48,000		56,110
4.75% 04/15/58 (a)		43,000		51,807
5.55% 01/23/49 (a)		141,000		187,238
Anthem Inc.
2.88% 09/15/29 (a)		47,000		51,060
3.30% 01/15/23 (a)		67,000		71,337
3.70% 09/15/49 (a)		47,000		53,335
Apollo Management Holdings LP
2.65% 06/05/30 (h)		330,000		330,379
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter)
4.95% 01/14/50 (a)(b)(h)		90,000		81,220
Apple Inc.
2.20% 09/11/29 (a)		68,000		72,940
2.85% 05/11/24 (a)		68,000		73,407
2.95% 09/11/49 (a)		60,000		65,593
3.35% 02/09/27 (a)		35,000		39,743
3.45% 02/09/45 (a)		129,000		150,121
3.85% 08/04/46 (a)		92,000		114,357
Applied Materials Inc.
1.75% 06/01/30 (a)		30,000		30,654
2.75% 06/01/50 (a)		30,000		30,550
4.35% 04/01/47 (a)		53,000		68,377
Aptiv PLC
4.40% 10/01/46 (a)		39,000		37,546
Archer-Daniels-Midland Co.
2.50% 08/11/26 (a)		48,000		52,140
Ares Capital Corp.
3.25% 07/15/25 (a)		467,000		453,303
Ascension Health
4.85% 11/15/53 (a)		84,000		120,944
AstraZeneca PLC
3.50% 08/17/23 (a)		53,000		57,352
4.00% 01/17/29 (a)		34,000		40,597
4.38% 08/17/48 (a)		19,000		25,118


	Principal Amount ($)		Fair Value $
AT&T Inc.
2.30% 06/01/27 (a)		140,000		144,987
2.75% 06/01/31 (a)		283,000		294,756
3.85% 06/01/60 (a)		130,000		138,623
4.35% 03/01/29 (a)		103,000		119,993
4.45% 04/01/24 (a)		52,000		58,275
4.50% 05/15/35 (a)		96,000		113,229
4.55% 03/09/49 (a)		49,000		57,796
4.75% 05/15/46 (a)		33,000		38,881
4.80% 06/15/44 (a)		76,000		88,040
4.85% 03/01/39 (a)		78,000		94,211
5.15% 11/15/46 (a)		13,000		15,988
5.25% 03/01/37 (a)		67,000		83,044
5.35% 12/15/43 (a)		52,000		65,626
5.45% 03/01/47 (a)		128,000		167,721
Athene Holding Ltd.
4.13% 01/12/28 (a)		62,000		63,782
6.15% 04/03/30 (a)		141,000		161,978
AvalonBay Communities Inc.
2.45% 01/15/31 (a)		165,000		176,025
Avangrid Inc.
3.15% 12/01/24 (a)		100,000		108,266
Avery Dennison Corp.
2.65% 04/30/30 (a)		120,000		122,774
Baidu Inc.
2.88% 07/06/22 (a)		255,000		261,140
Bank of America Corp.
3.25% 10/21/27 (a)		3,000		3,315
3.95% 04/21/25 (a)		73,000		80,825
4.18% 11/25/27 (a)		137,000		156,628
4.25% 10/22/26 (a)		108,000		123,784
Bank of America Corp. (2.59% fixed rate until 04/29/30; 2.15% + SOFR thereafter)
2.59% 04/29/31 (a)(b)		115,000		121,879
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter)
3.12% 01/20/23 (a)(b)		84,000		86,969
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter)
3.37% 01/23/26 (a)(b)		42,000		45,839
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)
3.42% 12/20/28 (a)(b)		67,000		74,606

See Notes to Schedules of Investments and Notes to Financial Statements.


66		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter)
3.56% 04/23/27 (a)(b)		233,000		260,247
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.51% + 3 month USD LIBOR thereafter)
3.71% 04/24/28 (a)(b)		188,000		212,624
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95% 01/23/49 (a)(b)		44,000		53,195
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter)
4.24% 04/24/38 (a)(b)		91,000		110,998
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)
4.27% 07/23/29 (a)(b)		31,000		36,445
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.66% + 3 month USD LIBOR thereafter)
4.30% 12/31/99 (a)(b)		190,000		169,381
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)
4.44% 01/20/48 (a)(b)		85,000		109,777
Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter)
4.34% 10/05/28 (a)(b)		150,000		160,164
Barclays PLC
4.84% 05/09/28 (a)		200,000		219,180
Barclays PLC (2.65% fixed rate until 06/24/30; 1.90% + 1 year CMT Rate thereafter)
2.65% 06/24/31 (b)		238,000		237,184


	Principal Amount ($)		Fair Value $
Barclays PLC (2.85% fixed rate until 05/07/25; 2.45% + 3 month USD LIBOR therefter)
2.85% 05/07/26 (a)(b)		200,000		208,630
Barrick North America Finance LLC
5.70% 05/30/41 (a)		14,000		18,772
BAT Capital Corp.
2.76% 08/15/22 (a)		93,000		96,318
3.56% 08/15/27 (a)		47,000		50,609
4.39% 08/15/37 (a)		96,000		104,708
4.54% 08/15/47 (a)		43,000		46,609
4.70% 04/02/27 (a)		70,000		80,279
4.91% 04/02/30 (a)		94,000		110,014
5.28% 04/02/50 (a)		94,000		113,822
Baxter International Inc.
3.95% 04/01/30 (a)(h)		40,000		47,486
Bayer US Finance II LLC
3.50% 06/25/21 (a)(h)		416,000		426,363
Becton Dickinson and Co.
2.89% 06/06/22 (a)		89,000		92,128
3.70% 06/06/27 (a)		55,000		61,401
3.73% 12/15/24 (a)		3,000		3,312
4.67% 06/06/47 (a)		13,000		16,045
4.69% 12/15/44 (a)		11,000		13,530
Bemis Company Inc.
2.63% 06/19/30		135,000		138,841
Berkshire Hathaway Energy Co.
3.25% 04/15/28 (a)		34,000		38,433
3.70% 07/15/30 (a)(h)		105,000		122,946
3.80% 07/15/48 (a)		37,000		43,095
4.25% 10/15/50 (a)(h)		73,000		91,707
6.13% 04/01/36 (a)		21,000		30,272
Berkshire Hathaway Finance Corp.
4.25% 01/15/49 (a)		56,000		71,751
Berkshire Hathaway Inc.
4.50% 02/11/43 (a)		3,000		3,974
BHP Billiton Finance USA Ltd.
5.00% 09/30/43 (a)		23,000		31,653
Biogen Inc.
2.25% 05/01/30 (a)		70,000		70,767
3.15% 05/01/50 (a)		110,000		106,111
BNP Paribas S.A. (2.82% fixed rate until 11/19/24; 1.11% + 3 month USD LIBOR thereafter)
2.82% 11/19/25 (a)(b)(h)		289,000		302,280

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund			67

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

BNP Paribas S.A. (5.13% fixed rate until 11/15/27; 2.84% + USD 5 year Swap Rate thereafter)
5.13% 12/31/99 (a)(b)(h)		200,000		190,796
Boardwalk Pipelines LP
4.80% 05/03/29 (a)		91,000		95,771
Boston Scientific Corp.
4.70% 03/01/49 (a)		35,000		44,594
BP Capital Markets America Inc.
3.00% 02/24/50 (a)		110,000		107,791
3.02% 01/16/27 (a)		114,000		123,558
3.22% 11/28/23 (a)		55,000		59,022
BP Capital Markets PLC (4.38% Fixed rate until 06/22/2025; 4.04% + 5 year CMT Rate thereafter)
4.38% 12/31/99 (b)		141,000		143,621
BP Capital Markets PLC (4.88% Fixed rate until 03/22/2030; 4.40% + 5 year CMT Rate thereafter)
4.88% 12/31/99 (b)		141,000		146,290
BPCE S.A.
4.50% 03/15/25 (a)(h)		238,000		260,874
Brighthouse Financial Inc.
3.70% 06/22/27 (a)		8,000		8,153
4.70% 06/22/47 (a)		4,000		3,635
Bristol-Myers Squibb Co.
3.20% 06/15/26 (a)(h)		136,000		152,509
3.40% 07/26/29 (a)(h)		91,000		105,073
3.45% 11/15/27 (a)(h)		3,000		3,451
4.13% 06/15/39 (a)(h)		72,000		91,521
4.25% 10/26/49 (a)(h)		72,000		94,920
4.35% 11/15/47 (a)(h)		4,000		5,264
4.55% 02/20/48 (a)(h)		26,000		35,065
5.00% 08/15/45 (a)(h)		32,000		45,030
Brixmor Operating Partnership LP
3.90% 03/15/27 (a)		36,000		36,798
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65% 01/15/23 (a)		16,000		16,617
3.13% 01/15/25 (a)		16,000		17,084
3.88% 01/15/27 (a)		31,000		33,482
Broadcom Inc.
3.15% 11/15/25 (a)(h)		185,000		196,931
4.15% 11/15/30 (a)(h)		142,000		154,426
4.30% 11/15/32 (a)(h)		94,000		103,762


	Principal Amount ($)		Fair Value $
Brown-Forman Corp.
4.00% 04/15/38 (a)		15,000		17,706
Bunge Limited Finance Corp.
3.75% 09/25/27 (a)		25,000		26,170
Burlington Northern Santa Fe LLC
4.15% 12/15/48 (a)		85,000		106,839
4.55% 09/01/44 (a)		124,000		160,347
Cameron LNG LLC
3.30% 01/15/35 (a)(h)		22,000		24,216
Canadian Natural Resources Ltd.
3.85% 06/01/27 (a)		77,000		82,333
4.95% 06/01/47 (a)		16,000		17,552
Cantor Fitzgerald LP
4.88% 05/01/24 (a)(h)		227,000		245,121
Capital One Financial Corp.
3.75% 07/28/26 (a)		124,000		136,094
4.75% 07/15/21 (a)		181,000		188,703
Cardinal Health Inc.
2.62% 06/15/22 (a)		45,000		46,497
3.08% 06/15/24 (a)		26,000		27,759
Carlisle Companies Inc.
2.75% 03/01/30 (a)		125,000		128,624
Carrier Global Corp.
2.72% 02/15/30 (a)(h)		90,000		90,188
3.38% 04/05/40 (a)(h)		60,000		58,412
3.58% 04/05/50 (a)(h)		90,000		87,871
Caterpillar Inc.
3.25% 09/19/49 - 04/09/50 (a)		136,000		151,360
3.80% 08/15/42 (a)		26,000		30,800
Celulosa Arauco y Constitucion S.A.
4.20% 01/29/30 (a)(h)		209,000		212,935
Centene Corp.
3.38% 02/15/30 (a)		194,000		195,738
4.25% 12/15/27 (a)		227,000		234,150
4.63% 12/15/29 (a)		70,000		73,857
CenterPoint Energy Inc.
2.50% 09/01/22 (a)		178,000		183,979
3.60% 11/01/21 (a)		83,000		86,165
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46% 07/23/22 (a)		132,000		140,808
4.80% 03/01/50 (a)		47,000		53,076
5.05% 03/30/29 (a)		51,000		60,220
5.75% 04/01/48 (a)		101,000		125,317
6.38% 10/23/35 (a)		13,000		17,123
6.48% 10/23/45 (a)		30,000		39,790

See Notes to Schedules of Investments and Notes to Financial Statements.


68		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Cheniere Corpus Christi Holdings LLC
5.88% 03/31/25 (a)		185,000		207,716
Chevron Corp.
1.55% 05/11/25 (a)		48,000		49,368
2.24% 05/11/30 (a)		92,000		96,675
2.98% 05/11/40 (a)		70,000		75,046
3.08% 05/11/50 (a)		120,000		127,285
3.19% 06/24/23 (a)		50,000		53,611
Chubb INA Holdings Inc.
4.35% 11/03/45 (a)		67,000		87,203
Cigna Corp.
2.40% 03/15/30 (a)		85,000		88,225
3.25% 04/15/25 (a)(h)		55,000		60,012
3.40% 09/17/21 - 03/15/50 (a)		99,000		103,644
3.40% 03/01/27 (a)(h)		54,000		59,628
3.75% 07/15/23 (a)		36,000		39,078
3.88% 10/15/47 (a)(h)		22,000		24,863
4.13% 11/15/25 (a)		93,000		106,650
4.38% 10/15/28 (a)		34,000		40,264
4.80% 08/15/38 (a)		32,000		40,544
4.90% 12/15/48 (a)		19,000		25,047
Cisco Systems Inc.
5.90% 02/15/39 (a)		49,000		73,222
Citigroup Inc.
2.70% 10/27/22 (a)		84,000		87,580
4.45% 09/29/27 (a)		22,000		25,024
4.65% 07/23/48 (a)		129,000		168,693
4.75% 05/18/46 (a)		53,000		67,100
5.50% 09/13/25 (a)		238,000		281,966
Citigroup Inc. (1.68% fixed rate until 05/15/23; 1.67% + SOFR thereafter)
1.68% 05/15/24 (a)(b)		472,000		481,034
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)
2.88% 07/24/23 (a)(b)		56,000		58,261
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter)
2.98% 11/05/30 (a)(b)		68,000		72,251
Citigroup Inc. (3.11% fixed rate until 04/08/25; 2.75% + SOFR thereafter)
3.11% 04/08/26 (a)(b)		471,000		506,325
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)
3.88% 01/24/39 (a)(b)		41,000		47,469


	Principal Amount ($)			Fair Value $
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter)
4.70% 12/31/99 (a)(b)		191,000	��		170,557
CME Group Inc.
3.75% 06/15/28 (a)		42,000			50,501
CMS Energy Corp.
4.88% 03/01/44 (a)		151,000			196,747
CNA Financial Corp.
3.45% 08/15/27 (a)		33,000			35,377
3.90% 05/01/29 (a)		89,000			97,591
CNH Industrial Capital LLC
1.95% 07/02/23(d)		150,000			151,333
4.38% 11/06/20 (a)		68,000			68,526
4.88% 04/01/21 (a)		84,000			86,192
CNOOC Finance 2014 ULC
4.25% 04/30/24 (a)		423,000			464,962
Comcast Corp.
2.80% 01/15/51 (a)		80,000			81,817
3.10% 04/01/25 (a)		80,000			87,991
3.20% 07/15/36 (a)		85,000			94,202
3.25% 11/01/39 (a)		115,000			126,668
3.38% 08/15/25 (a)		4,000			4,452
3.45% 02/01/50 (a)		70,000			79,335
3.97% 11/01/47 (a)		150,000			178,753
4.15% 10/15/28 (a)		80,000			95,849
4.60% 08/15/45 (a)		53,000			68,778
4.70% 10/15/48 (a)		44,000			58,860
CommonSpirit Health
4.35% 11/01/42 (a)		130,000			134,819
Conagra Brands Inc.
3.80% 10/22/21 (a)		157,000			163,219
5.30% 11/01/38 (a)		38,000			49,668
5.40% 11/01/48 (a)		29,000			40,036
Concho Resources Inc.
4.30% 08/15/28 (a)		50,000			54,865
4.88% 10/01/47 (a)		32,000			35,961
ConocoPhillips Co.
4.30% 11/15/44 (a)		84,000			102,831
Consolidated Edison Company of New York Inc.
2.90% 12/01/26 (a)		81,000			87,039
3.35% 04/01/30 (a)		40,000			45,499
3.88% 06/15/47 (a)		46,000			53,152
3.95% 04/01/50 (a)		65,000			78,566
Constellation Brands Inc.
3.15% 08/01/29 (a)		191,000			205,854
3.70% 12/06/26 (a)		71,000			79,512
4.50% 05/09/47 (a)		68,000			80,662
Continental Resources Inc.
4.50% 04/15/23 (a)		254,000			243,121

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund			69

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Corning Inc.
4.38% 11/15/57 (a)		46,000		53,097
CoStar Group Inc.
2.80% 07/15/30 (d)(h)		144,000		145,505
Costco Wholesale Corp.
1.75% 04/20/32 (a)		94,000		95,259
Credit Suisse AG
2.95% 04/09/25 (a)		250,000		271,040
Credit Suisse Group AG (4.19% fixed rate until 04/01/30; 3.73% + SOFR thereafter)
4.19% 04/01/31 (a)(b)(h)		272,000		309,963
Crown Castle International Corp.
3.30% 07/01/30 (a)		259,000		284,882
4.15% 07/01/50 (a)		40,000		46,186
5.20% 02/15/49 (a)		61,000		80,818
CSX Corp.
4.50% 03/15/49 - 08/01/54 (a)		143,000		183,516
CubeSmart LP
4.38% 02/15/29 (a)		97,000		112,889
CVS Health Corp.
3.00% 08/15/26 (a)		94,000		102,598
3.25% 08/15/29 (a)		75,000		82,749
3.35% 03/09/21 (a)		59,000		60,133
3.63% 04/01/27 (a)		90,000		101,428
3.75% 04/01/30 (a)		65,000		74,575
3.88% 07/20/25 (a)		34,000		38,137
4.10% 03/25/25 (a)		90,000		101,708
4.25% 04/01/50 (a)		45,000		54,176
4.30% 03/25/28 (a)		26,000		30,343
4.78% 03/25/38 (a)		50,000		61,865
5.00% 12/01/24 (a)		75,000		85,600
5.13% 07/20/45 (a)		54,000		69,740
5.30% 12/05/43 (a)		94,000		122,418
D.R. Horton Inc.
2.60% 10/15/25 (a)		236,000		247,963
Dell International LLC/EMC Corp.
4.00% 07/15/24 (a)(h)		109,000		117,615
4.42% 06/15/21 (a)(h)		132,000		135,660
5.45% 06/15/23 (a)(h)		50,000		54,707
6.02% 06/15/26 (a)(h)		24,000		27,457
8.10% 07/15/36 (a)(h)		11,000		14,236
8.35% 07/15/46 (a)(h)		17,000		22,564
Deutsche Bank AG
2.70% 07/13/20 (a)		117,000		117,034
3.30% 11/16/22 (a)		205,000		210,353
Deutsche Telekom AG
3.63% 01/21/50 (a)(h)		191,000		211,666


	Principal Amount ($)		Fair Value $
Devon Energy Corp.
5.00% 06/15/45 (a)		34,000		30,378
DH Europe Finance II Sarl
2.60% 11/15/29 (a)		82,000		87,223
3.25% 11/15/39 (a)		47,000		51,841
3.40% 11/15/49 (a)		23,000		25,769
Diamondback Energy Inc.
2.88% 12/01/24 (a)		115,000		115,043
3.25% 12/01/26 (a)		80,000		80,270
3.50% 12/01/29 (a)		69,000		66,777
5.38% 05/31/25 (a)		278,000		287,116
Digital Realty Trust LP
3.60% 07/01/29 (a)		149,000		170,075
Discover Bank
2.70% 02/06/30 (a)		250,000		251,052
Discovery Communications LLC
2.95% 03/20/23 (a)		123,000		129,204
3.95% 03/20/28 (a)		57,000		63,511
4.95% 05/15/42 (a)		17,000		19,333
5.00% 09/20/37 (a)		23,000		27,072
Dollar General Corp.
3.50% 04/03/30 (a)		121,000		136,064
4.13% 04/03/50 (a)		82,000		98,155
Dollar Tree Inc.
4.00% 05/15/25 (a)		67,000		75,338
Dominion Energy Inc.
3.07% 08/15/24 (a)(i)		85,000		91,362
3.38% 04/01/30 (a)		140,000		155,119
Dover Corp.
2.95% 11/04/29 (a)		95,000		102,071
DTE Energy Co.
2.85% 10/01/26 (a)		40,000		42,480
3.85% 12/01/23 (a)		40,000		43,441
Duke Energy Carolinas LLC
3.95% 03/15/48 (a)		52,000		64,535
Duke Energy Corp.
1.80% 09/01/21 (a)		111,000		112,465
3.55% 09/15/21 (a)		66,000		67,818
3.75% 09/01/46 (a)		16,000		18,105
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter)
4.88% 12/31/99 (a)(b)		137,000		136,574
Duke Energy Progress LLC
4.15% 12/01/44 (a)		58,000		71,078
Duke Realty LP
3.05% 03/01/50 (a)		40,000		41,835
3.25% 06/30/26 (a)		44,000		48,186
3.38% 12/15/27 (a)		37,000		41,252

See Notes to Schedules of Investments and Notes to Financial Statements.


70		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

DuPont de Nemours Inc.
2.17% 05/01/23 (a)		140,000		142,671
5.32% 11/15/38 (a)		28,000		35,456
5.42% 11/15/48 (a)		28,000		36,838
Duquesne Light Holdings Inc.
3.62% 08/01/27 (a)(h)		120,000		124,127
DXC Technology Co.
4.00% 04/15/23 (a)		189,000		198,261
Eastman Chemical Co.
3.50% 12/01/21 (a)		89,000		91,813
3.60% 08/15/22 (a)		35,000		36,506
4.50% 01/15/21 (a)		181,000		182,128
4.65% 10/15/44 (a)		94,000		108,298
Eaton Corp.
3.10% 09/15/27 (a)		48,000		52,687
Edison International
2.40% 09/15/22 (a)		279,000		282,323
4.95% 04/15/25 (a)		155,000		170,661
5.75% 06/15/27 (a)		29,000		33,334
EI du Pont de Nemours & Co.
2.30% 07/15/30 (a)		69,000		71,637
Eli Lilly & Co.
3.95% 03/15/49 (a)		86,000		109,714
Emera US Finance LP
4.75% 06/15/46 (a)		16,000		19,025
Emerson Electric Co.
1.80% 10/15/27 (a)		60,000		61,947
2.75% 10/15/50 (a)		49,000		49,196
Enbridge Energy Partners LP
5.50% 09/15/40 (a)		12,000		14,533
Enel Finance International N.V.
3.63% 05/25/27 (a)(h)		273,000		298,233
Energy Transfer Operating LP
4.25% 03/15/23 (a)		89,000		93,667
4.50% 04/15/24 (a)		58,000		62,863
4.95% 06/15/28 (a)		28,000		30,160
6.13% 12/15/45 (a)		21,000		21,837
6.50% 02/01/42 (a)		79,000		86,192
Energy Transfer Operating LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter)
6.75% 12/31/99 (a)(b)		285,000		242,056
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50% 11/01/23 (a)		43,000		46,042


	Principal Amount ($)		Fair Value $
Entergy Louisiana LLC
3.05% 06/01/31 (a)		64,000		71,375
4.00% 03/15/33 (a)		33,000		40,578
Enterprise Products Operating LLC
4.25% 02/15/48 (a)		112,000		123,200
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter)
5.25% 08/16/77 (a)(b)		44,000		41,289
EOG Resources Inc.
4.15% 01/15/26 (a)		7,000		8,053
4.38% 04/15/30 (a)		105,000		125,169
4.95% 04/15/50 (a)		94,000		119,967
5.10% 01/15/36 (a)		34,000		39,620
EPR Properties
4.95%04/15/28 (a)		46,000		43,914
Equinix Inc.
1.25%07/15/25		125,000		125,145
2.15%07/15/30		135,000		134,415
Equinor ASA
3.25%11/18/49 (a)		50,000		53,294
ERP Operating LP
4.50%07/01/44 (a)		37,000		48,248
Essex Portfolio LP
2.65%03/15/32 (a)		50,000		52,907
Eversource Energy
3.45%01/15/50 (a)		92,000		99,432
Exelon Corp.
3.50%06/01/22 (a)		71,000		74,235
4.05%04/15/30 (a)		141,000		162,899
4.45%04/15/46 (a)		94,000		114,123
4.70%04/15/50 (a)		94,000		120,057
Exxon Mobil Corp.
2.61% 10/15/30 (a)		283,000		303,226
3.45% 04/15/51 (a)		150,000		166,017
FedEx Corp.
3.80% 05/15/25 (a)		377,000		419,740
4.10% 02/01/45 (a)		91,000		92,160
Fifth Third Bancorp
2.55% 05/05/27 (a)		140,000		149,950
FirstEnergy Corp.
3.90% 07/15/27 (a)		16,000		18,119
FirstEnergy Transmission LLC
4.55% 04/01/49 (a)(h)		84,000		102,180
Fiserv Inc.
3.50% 07/01/29 (a)		38,000		42,697
4.40% 07/01/49 (a)		38,000		46,038

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund			71

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Florida Power & Light Co.
2.85% 04/01/25 (a)		170,000		186,617
4.13% 02/01/42 (a)		65,000		81,366
Ford Motor Co.
4.35% 12/08/26 (a)		54,000		50,265
Ford Motor Credit Company LLC
3.10% 05/04/23 (a)		237,000		224,510
3.22% 01/09/22 (a)		215,000		209,087
3.34% 03/28/22 (a)		200,000		194,482
5.88% 08/02/21 (a)		302,000		304,993
General Dynamics Corp.
4.25% 04/01/50 (a)		70,000		90,499
General Mills Inc.
2.88% 04/15/30 (a)		55,000		59,895
3.70% 10/17/23 (a)		67,000		73,072
4.55% 04/17/38 (a)		34,000		42,564
4.70% 04/17/48 (a)		13,000		17,227
General Motors Co.
5.20% 04/01/45 (a)		12,000		11,615
5.40% 10/02/23 - 04/01/48 (a)		55,000		57,142
6.13% 10/01/25 (a)		142,000		159,571
6.80% 10/01/27 (a)		75,000		87,370
General Motors Financial Company Inc.
3.45% 01/14/22 - 04/10/22 (a)		300,000		305,280
3.55% 04/09/21 (a)		196,000		198,366
4.20% 11/06/21 (a)		359,000		368,941
5.25% 03/01/26 (a)		55,000		59,940
Georgia-Pacific LLC
1.75% 09/30/25 (a)(h)		189,000		194,885
2.10% 04/30/27 (a)(h)		142,000		146,917
3.60% 03/01/25 (a)(h)		272,000		301,088
Gilead Sciences Inc.
2.95% 03/01/27 (a)		12,000		13,380
3.50% 02/01/25 (a)		33,000		36,732
3.65% 03/01/26 (a)		34,000		38,886
4.15% 03/01/47 (a)		78,000		99,530
4.80% 04/01/44 (a)		32,000		43,010
GlaxoSmithKline Capital Inc.
3.38% 05/15/23 (a)		80,000		86,255
3.63% 05/15/25 (a)		75,000		84,685
GlaxoSmithKline Capital PLC
3.38% 06/01/29 (a)		105,000		120,693
Glencore Finance Canada Ltd.
4.25% 10/25/22 (a)(h)		182,000		192,205
4.95% 11/15/21 (a)(h)		69,000		71,977


	Principal Amount ($)		Fair Value $
Grupo Televisa SAB
5.00% 05/13/45 (a)		204,000		225,112
Halliburton Co.
3.80% 11/15/25 (a)		4,000		4,314
5.00% 11/15/45 (a)		45,000		46,428
HCA Inc.
4.13% 06/15/29 (a)		48,000		52,961
4.50% 02/15/27 (a)		94,000		104,676
Health Care Service Corp.
2.20% 06/01/30 (h)		236,000		236,319
3.20% 06/01/50 (h)		50,000		50,887
Hess Corp.
5.60% 02/15/41 (a)		19,000		19,934
5.80% 04/01/47 (a)		12,000		13,005
Hewlett Packard Enterprise Co.
6.35% 10/15/45 (a)		20,000		24,466
Highwoods Realty LP
4.13% 03/15/28 (a)		52,000		55,750
4.20% 04/15/29 (a)		132,000		142,734
Honeywell International Inc.
2.70% 08/15/29 (a)		5,000		5,519
Hormel Foods Corp.
1.80% 06/11/30		260,000		265,366
HSBC Holdings PLC
4.25% 03/14/24 (a)		222,000		239,356
HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.35% + 3 month USD LIBOR thereafter)
4.29% 09/12/26 (a)(b)		423,000		471,641
HSBC Holdings PLC (6.00% fixed rate until 05/22/27; 3.75% + USD 5 year Mid-Market Swap Rate thereafter)
6.00% 12/31/99 (a)(b)		465,000		463,340
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 year Mid-Market Swap Rate thereafter)
6.50% 12/31/99 (a)(b)		205,000		210,547
Huntington Bancshares Inc.
2.55% 02/04/30 (a)		187,000		193,437
Hyundai Capital America
3.10% 04/05/22 (a)(h)		57,000		58,056
Imperial Brands Finance PLC
3.13% 07/26/24 (a)(h)		264,000		274,196
3.50% 02/11/23 - 07/26/26 (a)(h)		490,000		513,333

See Notes to Schedules of Investments and Notes to Financial Statements.


72		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Infor Inc.
1.45% 07/15/23 (h)		95,000		95,721
1.75% 07/15/25 (h)		140,000		140,981
ING Groep N.V.
4.10% 10/02/23 (a)		287,000		314,690
Ingredion Inc.
2.90% 06/01/30 (a)		236,000		251,694
3.90% 06/01/50 (a)		47,000		53,683
Intel Corp.
2.45% 11/15/29 (a)		280,000		302,252
2.88% 05/11/24 (a)		18,000		19,458
3.10% 02/15/60 (a)		135,000		149,406
International Business Machines Corp.
3.45% 02/19/26 (a)		254,000		286,885
4.15% 05/15/39 (a)		150,000		181,540
4.25% 05/15/49 (a)		150,000		186,315
International Paper Co.
4.40% 08/15/47 (a)		69,000		81,096
Interstate Power & Light Co.
3.40% 08/15/25 (a)		238,000		259,922
Intuit Inc.
0.65% 07/15/23		75,000		75,215
0.95% 07/15/25		80,000		80,276
1.35% 07/15/27		80,000		80,453
1.65% 07/15/30		80,000		80,135
ITC Holdings Corp.
2.95% 05/14/30 (a)(h)		236,000		251,633
Jabil Inc.
3.95% 01/12/28 (a)		63,000		67,416
Jefferies Group LLC
5.13% 01/20/23 (a)		53,000		57,554
John Deere Capital Corp.
2.45% 01/09/30 (a)		235,000		254,843
Johnson & Johnson
3.63% 03/03/37 (a)		46,000		55,437
Johnson Controls International PLC
4.50% 02/15/47 (a)		26,000		29,689
JPMorgan Chase & Co.
3.30% 04/01/26 (a)		174,000		193,857
3.63% 12/01/27 (a)		35,000		38,619
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter)
2.96% 05/13/31 (a)(b)		155,000		164,416
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter)
3.51% 01/23/29 (a)(b)		42,000		47,327


	Principal Amount ($)		Fair Value $
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)
3.88% 07/24/38 (a)(b)		57,000		67,361
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90% 01/23/49 (a)(b)		105,000		126,667
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter)
3.96% 01/29/27 (a)(b)		158,000		179,787
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter)
4.01% 04/23/29 (a)(b)		61,000		70,349
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter)
4.03% 07/24/48 (a)(b)		67,000		81,014
JPMorgan Chase & Co. (4.23% fixed rate until 7/30/20; 3.47% + 3 month USD LIBOR thereafter)
4.23% 12/29/49 (a)(b)		64,000		58,543
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter)
4.60% 12/31/99 (a)(b)		187,000		166,712
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter)
6.10% 10/29/49 (a)(b)		145,000		148,612
Kaiser Foundation Hospitals
3.27% 11/01/49 (a)		154,000		172,848
Keurig Dr Pepper Inc.
3.20% 05/01/30 (a)		106,000		117,884

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund			73

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

3.80% 05/01/50 (a)		148,000		167,462
4.50% 11/15/45 (a)		40,000		48,294
4.60% 05/25/28 (a)		12,000		14,393
KeyCorp
2.25% 04/06/27 (a)		281,000		294,126
Kinder Morgan Energy Partners LP
3.50% 03/01/21 (a)		206,000		208,507
4.70% 11/01/42 (a)		13,000		14,043
5.00% 03/01/43 (a)		37,000		41,016
5.30% 09/15/20 (a)		71,000		71,604
6.38% 03/01/41 (a)		37,000		46,409
Kinder Morgan Inc.
5.05% 02/15/46 (a)		35,000		40,153
KLA Corp.
3.30% 03/01/50 (a)		95,000		98,144
4.10% 03/15/29 (a)		189,000		223,215
4.65% 11/01/24 (a)		94,000		107,641
Kohl’s Corp.
9.50% 05/15/25 (a)		47,000		53,650
Kraft Heinz Foods Co.
2.80% 07/02/20 (a)		15,000		15,000
L3Harris Technologies Inc.
3.85% 12/15/26 (a)		71,000		81,370
Lam Research Corp.
4.00% 03/15/29 (a)		127,000		150,771
Lear Corp.
4.25% 05/15/29 (a)		107,000		109,735
5.25% 05/15/49 (a)		47,000		47,541
Leidos Inc.
2.95% 05/15/23 (a)(h)		189,000		198,401
3.63% 05/15/25 (a)(h)		55,000		59,904
4.38% 05/15/30 (a)(h)		186,000		209,698
Liberty Mutual Group Inc.
3.95% 05/15/60 (a)(h)		46,000		48,345
Lincoln National Corp.
3.63% 12/12/26 (a)		35,000		38,586
4.35% 03/01/48 (a)		49,000		55,133
Lloyds Banking Group PLC (2.44% fixed rate until 02/05/25; 1.00% + 1 year CMT Rate thereafter)
2.44% 02/05/26 (a)(b)		200,000		206,276
Lloyds Banking Group PLC (2.91% fixed rate until 11/07/22; 0.81% + 3 month USD LIBOR thereafter)
2.91% 11/07/23 (a)(b)		203,000		210,937
Lloyds Banking Group PLC (3.87% fixed rate until 07/09/24; 3.50% + 1 year CMT Rate thereafter)
3.87% 07/09/25 (a)(b)		285,000		310,051


	Principal Amount ($)		Fair Value $
Lockheed Martin Corp.
3.55% 01/15/26 (a)		36,000		41,274
4.50% 05/15/36 (a)		85,000		110,244
Loews Corp.
3.20% 05/15/30 (a)		55,000		59,743
Lowe’s Companies Inc.
3.70% 04/15/46 (a)		15,000		16,781
4.05% 05/03/47 (a)		36,000		42,303
4.55% 04/05/49 (a)		55,000		69,588
LYB International Finance BV
4.88% 03/15/44 (a)		20,000		23,468
LYB International Finance II BV
3.50% 03/02/27 (a)		18,000		19,621
Marathon Oil Corp.
3.85% 06/01/25 (a)		29,000		29,370
Marsh & McLennan Companies Inc.
2.25% 11/15/30 (a)		88,000		91,524
3.50% 03/10/25 (a)		55,000		60,892
Masco Corp.
3.50% 11/15/27 (a)		16,000		16,393
Mastercard Inc.
3.30% 03/26/27 (a)		80,000		90,783
3.85% 03/26/50 (a)		30,000		37,328
McCormick & Company Inc.
2.50% 04/15/30 (a)		86,000		90,353
3.25% 11/15/25 (a)		534,000		574,952
McDonald’s Corp.
3.60% 07/01/30 (a)		141,000		162,418
3.63% 09/01/49 (a)		29,000		32,135
3.70% 01/30/26 (a)		14,000		15,906
3.80% 04/01/28 (a)		65,000		76,003
4.20% 04/01/50 (a)		120,000		145,210
4.88% 12/09/45 (a)		35,000		44,966
McKesson Corp.
3.65% 11/30/20 (a)		354,000		358,400
Medtronic Inc.
4.63% 03/15/45 (a)		12,000		16,113
Memorial Sloan-Kettering Cancer Center
4.13% 07/01/52 (a)		118,000		150,137
Merck & Company Inc.
1.45% 06/24/30		125,000		125,260
2.45% 06/24/50		120,000		120,996
2.75% 02/10/25 (a)		52,000		56,451
4.00% 03/07/49 (a)		32,000		41,342
MetLife Inc.
4.05% 03/01/45 (a)		16,000		18,857
4.72% 12/15/44 (a)		59,000		74,412
Microchip Technology Inc.
2.67% 09/01/23 (a)(h)		472,000		486,108

See Notes to Schedules of Investments and Notes to Financial Statements.


74		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Micron Technology Inc.
2.50% 04/24/23 (a)		135,000		140,304
Microsoft Corp.
2.40% 08/08/26 (a)		67,000		73,122
2.53% 06/01/50		6,000		6,257
2.68% 06/01/60		32,000		33,377
3.45% 08/08/36 (a)		40,000		48,195
3.50% 02/12/35 (a)		46,000		55,988
3.70% 08/08/46 (a)		129,000		161,294
3.95% 08/08/56 (a)		57,000		73,412
4.10% 02/06/37 (a)		12,000		15,500
Mitsubishi UFJ Financial Group Inc.
2.80% 07/18/24 (a)		264,000		279,518
Mizuho Financial Group Inc. (3.92% fixed rate until 09/11/23; 1.00% + 3 month USD LIBOR thereafter)
3.92% 09/11/24 (a)(b)		220,000		237,314
Molson Coors Beverage Co.
2.10% 07/15/21 (a)		142,000		143,899
4.20% 07/15/46 (a)		32,000		31,078
Morgan Stanley
2.75% 05/19/22 (a)		189,000		196,216
3.70% 10/23/24 (a)		28,000		31,025
3.95% 04/23/27 (a)		128,000		143,556
4.35% 09/08/26 (a)		188,000		216,407
4.38% 01/22/47 (a)		56,000		72,790
5.00% 11/24/25 (a)		425,000		499,468
Morgan Stanley (2.72% fixed rate until 07/22/24; 1.15% + SOFR thereafter)
2.72% 07/22/25 (a)(b)		301,000		318,648
Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter)
3.62% 04/01/31 (a)(b)		120,000		137,165
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter)
3.97% 07/22/38 (a)(b)		58,000		68,782
MPLX LP
3.38% 03/15/23 (a)		34,000		35,506
5.20% 12/01/47 (a)		33,000		34,086
5.25% 01/15/25 (a)		598,000		621,788
6.25% 10/15/22 (a)		170,000		170,068


	Principal Amount ($)		Fair Value $
MPLX LP (1.41% fixed rate until 09/09/20; 1.10% + 3 month USD LIBOR)
1.41% 09/09/22 (a)(b)		180,000		177,322
Mylan Inc.
5.20% 04/15/48 (a)		44,000		54,243
Mylan N.V.
3.15% 06/15/21 (a)		61,000		62,268
3.95% 06/15/26 (a)		15,000		16,758
National Oilwell Varco Inc.
3.60% 12/01/29 (a)		140,000		136,685
National Retail Properties Inc.
4.00% 11/15/25 (a)		65,000		70,667
National Securities Clearing Corp.
1.50% 04/23/25 (a)(h)		465,000		475,211
NetApp Inc.
2.38% 06/22/27		141,000		143,074
2.70% 06/22/30		141,000		141,303
Newfield Exploration Co.
5.63% 07/01/24 (a)		439,000		421,418
Newmont Corp.
2.25% 10/01/30 (a)		115,000		116,411
4.88% 03/15/42 (a)		62,000		79,150
Nexen Inc.
6.40% 05/15/37 (a)		59,000		84,102
NextEra Energy Capital Holdings Inc.
3.25% 04/01/26 (a)		123,000		137,532
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)		84,000		91,206
NIKE Inc.
2.40% 03/27/25 (a)		164,000		176,908
3.38% 03/27/50 (a)		43,000		49,513
NiSource Inc.
3.60% 05/01/30 (a)		98,000		112,283
3.95% 03/30/48 (a)		28,000		32,345
Noble Energy Inc.
3.85% 01/15/28 (a)		169,000		162,960
3.90% 11/15/24 (a)		36,000		36,145
4.20% 10/15/49 (a)		49,000		41,065
5.05% 11/15/44 (a)		16,000		14,559
Nomura Holdings Inc.
2.65% 01/16/25 (a)		230,000		239,874
3.10% 01/16/30 (a)		208,000		216,609
Nordstrom Inc.
4.38% 04/01/30 (a)		50,000		39,202

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund			75

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Norfolk Southern Corp.
3.95% 10/01/42 (a)		61,000		70,835
Northrop Grumman Corp.
2.55% 10/15/22 (a)		32,000		33,377
3.85% 04/15/45 (a)		14,000		16,437
4.03% 10/15/47 (a)		12,000		14,433
Novartis Capital Corp.
2.20% 08/14/30 (a)		141,000		149,043
3.00% 11/20/25 (a)		8,000		8,876
Nucor Corp.
3.95% 05/01/28 (a)		71,000		81,304
Nutrien Ltd.
4.00% 12/15/26 (a)		32,000		36,000
4.90% 06/01/43 (a)		60,000		70,319
NVIDIA Corp.
2.85% 04/01/30 (a)		45,000		49,998
3.50% 04/01/50 (a)		115,000		131,742
NXP BV/NXP Funding LLC
4.13% 06/01/21 (a)(h)		502,000		516,834
NXP BV/NXP Funding LLC/NXP USA Inc.
2.70% 05/01/25 (a)(h)		95,000		99,478
Occidental Petroleum Corp.
2.70% 08/15/22 (a)		115,000		107,068
2.90% 08/15/24 (a)		57,000		48,712
4.85% 03/15/21 (a)		10,000		9,988
Oklahoma Gas & Electric Co.
3.25% 04/01/30 (a)		80,000		87,570
Omnicom Group Inc./Omnicom Capital Inc.
3.63% 05/01/22 (a)		79,000		83,289
Oncor Electric Delivery Company LLC
3.80% 09/30/47 (a)		18,000		21,712
ONEOK Inc.
4.35% 03/15/29 (a)		88,000		92,188
5.20% 07/15/48 (a)		116,000		117,732
Oracle Corp.
2.40% 09/15/23 (a)		34,000		35,780
2.65% 07/15/26 (a)		91,000		98,426
2.95% 04/01/30 (a)		141,000		157,033
3.60% 04/01/50 (a)		94,000		105,403
3.80% 11/15/37 (a)		22,000		25,473
4.00% 07/15/46 - 11/15/47 (a)		125,000		147,228
4.13% 05/15/45 (a)		30,000		35,715
Otis Worldwide Corp.
2.06% 04/05/25 (a)(h)		115,000		120,580
2.57% 02/15/30 (a)(h)		60,000		63,013
3.36% 02/15/50 (a)(h)		55,000		57,952
Owens Corning
4.40% 01/30/48 (a)		36,000		37,080


	Principal Amount ($)		Fair Value $
Pacific Gas & Electric Co.
2.50% 02/01/31		141,000		138,352
Pacific Gas & Electric Co.
2.10% 08/01/27		80,000		79,378
3.30% 08/01/40		141,000		138,004
3.50% 08/01/50		60,000		58,240
PacifiCorp
2.70% 09/15/30 (a)		85,000		92,732
6.25% 10/15/37 (a)		4,000		5,798
Parker-Hannifin Corp.
3.25% 06/14/29 (a)		82,000		90,456
PayPal Holdings Inc.
2.65% 10/01/26 (a)		125,000		136,011
3.25% 06/01/50 (a)		68,000		73,578
PepsiCo Inc.
1.63% 05/01/30 (a)		90,000		91,678
2.63% 07/29/29 (a)		121,000		133,896
3.45% 10/06/46 (a)		33,000		38,268
Perrigo Finance Unlimited Co.
3.50% 03/15/21 (a)		227,000		231,209
4.38% 03/15/26 (a)		200,000		218,470
Petroleos Mexicanos
5.35% 02/12/28 (a)		48,000		40,288
5.63% 01/23/46 (a)		33,000		23,519
6.35% 02/12/48 (a)		60,000		44,542
6.49% 01/23/27 (a)(h)		55,000		50,201
6.50% 03/13/27 (a)		110,000		100,080
7.69% 01/23/50 (a)(h)		94,000		78,024
Pfizer Inc.
2.63% 04/01/30 (a)		95,000		104,547
2.70% 05/28/50 (a)		215,000		221,951
3.45% 03/15/29 (a)		39,000		45,497
3.60% 09/15/28 (a)		93,000		109,626
3.90% 03/15/39 (a)		51,000		62,811
4.13% 12/15/46 (a)		42,000		54,062
4.40% 05/15/44 (a)		19,000		24,870
Philip Morris International Inc.
1.50% 05/01/25 (a)		165,000		168,745
2.10% 05/01/30 (a)		65,000		67,073
3.38% 08/15/29 (a)		66,000		74,986
4.13% 03/04/43 (a)		37,000		43,526
Phillips 66
2.15% 12/15/30		472,000		459,766
Phillips 66 Partners LP
3.75% 03/01/28 (a)		26,000		27,770
4.68% 02/15/45 (a)		48,000		50,940
Plains All American Pipeline LP/PAA Finance Corp.
3.55% 12/15/29 (a)		203,000		196,973
3.65% 06/01/22 (a)		132,000		134,787

See Notes to Schedules of Investments and Notes to Financial Statements.


76		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

PPL Capital Funding Inc.
3.10% 05/15/26 (a)		79,000		85,521
Precision Castparts Corp.
4.38% 06/15/45 (a)		60,000		71,645
Prologis LP
4.38% 02/01/29 (a)		77,000		94,284
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)		86,000		96,120
Public Service Company of Colorado
3.70% 06/15/28 (a)		84,000		97,689
Public Service Electric & Gas Co.
2.38% 05/15/23 (a)		135,000		141,149
QUALCOMM Inc.
2.90% 05/20/24 (a)		3,000		3,229
3.00% 05/20/22 (a)		30,000		31,387
3.25% 05/20/27 (a)		4,000		4,535
4.30% 05/20/47 (a)		16,000		20,050
Quest Diagnostics Inc.
2.95% 06/30/30 (a)		35,000		37,134
Ralph Lauren Corp.
1.70% 06/15/22		35,000		35,618
Raytheon Technologies Corp.
3.13% 05/04/27 (a)		142,000		157,898
4.15% 05/15/45 (a)		56,000		67,080
Raytheon Technologies Corp.
3.50% 03/15/27 (h)		50,000		56,306
3.65% 08/16/23 (a)		3,000		3,251
3.95% 08/16/25 (a)		34,000		38,742
4.13% 11/16/28 (a)		10,000		11,770
4.45% 11/16/38 (a)		45,000		54,956
4.50% 06/01/42 (a)		39,000		48,488
Realty Income Corp.
3.00% 01/15/27 (a)		29,000		30,713
3.25% 01/15/31 (a)		90,000		97,670
Reinsurance Group of America Inc.
3.15% 06/15/30		165,000		171,715
Reynolds American Inc.
4.45% 06/12/25 (a)		4,000		4,508
Rio Tinto Finance USA PLC
4.13% 08/21/42 (a)		37,000		46,554
Rockwell Automation Inc.
4.20% 03/01/49 (a)		66,000		82,846


	Principal Amount ($)		Fair Value $
Rogers Communications Inc.
5.00% 03/15/44 (a)		25,000		32,190
Roper Technologies Inc.
2.95% 09/15/29 (a)		97,000		105,674
Ross Stores Inc.
4.70% 04/15/27 (a)		189,000		219,306
Royal Bank of Scotland Group PLC (4.52% fixed rate until 06/25/23; 1.55% + 3 month USD LIBOR thereafter)
4.52% 06/25/24 (a)(b)		201,000		218,272
RPM International Inc.
3.75% 03/15/27 (a)		40,000		42,265
Ryder System Inc.
2.90% 12/01/26 (a)		245,000		251,564
Sabine Pass Liquefaction LLC
4.20% 03/15/28 (a)		44,000		47,253
4.50% 05/15/30 (a)(h)		55,000		60,997
5.00% 03/15/27 (a)		16,000		17,868
5.88% 06/30/26 (a)		141,000		165,722
Santander Holdings USA Inc.
3.70% 03/28/22 (a)		196,000		202,051
4.40% 07/13/27 (a)		40,000		43,310
Santander UK Group Holdings PLC
4.75% 09/15/25 (a)(h)		200,000		217,056
Saudi Arabian Oil Co.
3.50% 04/16/29 (a)(h)		254,000		274,719
4.38% 04/16/49 (a)(h)		254,000		286,017
Schlumberger Holdings Corp.
3.90% 05/17/28 (a)(h)		76,000		81,773
Selective Insurance Group Inc.
5.38% 03/01/49 (a)		38,000		42,733
Sempra Energy
3.80% 02/01/38 (a)		26,000		28,097
4.00% 02/01/48 (a)		35,000		39,694
Shell International Finance BV
2.38% 08/21/22 (a)		119,000		124,054
3.13% 11/07/49 (a)		112,000		117,386
3.75% 09/12/46 (a)		29,000		33,353
4.13% 05/11/35 (a)		37,000		44,849
Shire Acquisitions Investments Ireland DAC
2.88% 09/23/23 (a)		13,000		13,776
3.20% 09/23/26 (a)		21,000		23,326

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund			77

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)			Fair Value $

Simon Property Group LP
3.38% 06/15/27 (a)		55,000			58,292
Southern California Edison Co.
2.40% 02/01/22 (a)		104,000			105,589
2.90% 03/01/21 (a)		143,000			145,297
4.00% 04/01/47 (a)		166,000			190,058
4.20% 03/01/29 (a)		123,000			142,541
Southern Company Gas Capital Corp.
3.95% 10/01/46 (a)		91,000			98,380
4.40% 05/30/47 (a)		13,000			15,349
Southern Copper Corp.
5.88% 04/23/45 (a)		64,000			81,766
Southwest Airlines Co.
2.63% 02/10/30 (a)		140,000			126,119
Southwestern Electric Power Co.			��
2.75% 10/01/26 (a)		62,000			65,883
Spectra Energy Partners LP
3.38% 10/15/26 (a)		15,000			16,300
4.50% 03/15/45 (a)		13,000			14,761
Spirit Realty LP
4.00% 07/15/29 (a)		106,000			104,056
Standard Chartered PLC (2.82% fixed rate until 01/30/25; 1.21% + 3 month USD LIBOR thereafter)
2.82% 01/30/26 (a)(b)(h)		287,000			293,653
Starbucks Corp.
4.00% 11/15/28 (a)		40,000			46,979
Steel Dynamics Inc.
3.45% 04/15/30 (a)		70,000			73,364
4.13% 09/15/25 (a)		404,000			411,922
Stryker Corp.
1.95% 06/15/30 (a)		189,000			190,223
2.90% 06/15/50 (a)		85,000			85,128
Sumitomo Mitsui Financial Group Inc.
1.47% 07/08/25 (d)		200,000			200,308
2.13% 07/08/30		238,000			238,614
2.35% 01/15/25 (a)		448,000			468,263
2.78% 07/12/22 (a)		159,000			165,584
Suncor Energy Inc.
4.00% 11/15/47 (a)		15,000			15,446
Sunoco Logistics Partners Operations LP
5.30% 04/01/44 (a)		62,000			59,850
Suzano Austria GmbH
6.00% 01/15/29 (a)		244,000			264,137


	Principal Amount ($)		Fair Value $
Syngenta Finance N.V.
3.93% 04/23/21 (a)(h)		330,000		332,016
4.44% 04/24/23 (a)(h)		200,000		209,628
Sysco Corp.
3.25% 07/15/27 (a)		46,000		48,666
5.95% 04/01/30 (a)		30,000		37,699
6.60% 04/01/50 (a)		25,000		34,559
T-Mobile USA Inc.
3.50% 04/15/25 (a)(h)		117,000		127,510
3.75% 04/15/27 (a)(h)		212,000		235,027
3.88% 04/15/30 (a)(h)		57,000		63,444
4.50% 04/15/50 (a)(h)		30,000		35,345
Takeda Pharmaceutical Company Ltd.
3.03% 07/09/40		200,000		202,228
3.38% 07/09/60		200,000		200,016
Takeda Pharmaceutical Company Ltd.
2.05% 03/31/30		200,000		200,218
3.18% 07/09/50 (d)		200,000		200,456
4.00% 11/26/21 (a)		310,000		323,336
Tampa Electric Co.
4.35% 05/15/44 (a)		118,000		139,143
Target Corp.
2.50% 04/15/26 (a)		54,000		59,272
Teck Resources Ltd.
3.90% 07/15/30 (h)		150,000		150,414
5.40% 02/01/43 (a)		51,000		50,630
Telefonica Emisiones S.A.
4.10% 03/08/27 (a)		300,000		342,927
Texas Instruments Inc.
3.88% 03/15/39 (a)		71,000		88,014
The Allstate Corp.
4.20% 12/15/46 (a)		36,000		44,698
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75% 08/15/53 (a)(b)		127,000		131,442
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter)
4.63% 12/29/49 (a)(b)		71,000		69,929
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter)
4.65% 12/31/99 (a)(b)		101,000		95,203

See Notes to Schedules of Investments and Notes to Financial Statements.


78		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

The Boeing Co.
2.70% 02/01/27 (a)		178,000		173,486
2.95% 02/01/30 (a)		57,000		55,796
3.25% 03/01/28 (a)		14,000		13,810
3.55% 03/01/38 (a)		12,000		10,508
3.75% 02/01/50 (a)		50,000		44,893
4.88% 05/01/25 (a)		135,000		147,170
5.04% 05/01/27 (a)		401,000		442,275
5.15% 05/01/30		378,000		421,198
5.81% 05/01/50		165,000		195,310
The Cleveland Electric Illuminating Co.
4.55% 11/15/30 (a)(h)		227,000		276,096
The Clorox Co.
1.80% 05/15/30 (a)		130,000		131,535
The Coca-Cola Co.
1.65% 06/01/30 (a)		93,000		94,740
2.60% 06/01/50 (a)		189,000		190,741
2.75% 06/01/60 (a)		189,000		190,603
The Dow Chemical Co.
4.25% 10/01/34 (a)		66,000		73,667
5.55% 11/30/48 (a)		48,000		62,575
The Estee Lauder Companies Inc.
2.38% 12/01/29 (a)		70,000		75,100
3.13% 12/01/49 (a)		55,000		59,935
The George Washington University
4.13% 09/15/48 (a)		100,000		122,317
The Goldman Sachs Group Inc.
2.60% 02/07/30 (a)		85,000		89,126
3.50% 04/01/25 - 11/16/26 (a)		261,000		286,533
3.85% 01/26/27 (a)		313,000		351,765
4.25% 10/21/25 (a)		5,000		5,626
5.15% 05/22/45 (a)		49,000		63,846
The Goldman Sachs Group Inc. (2.88% fixed rate until 10/31/21; 0.82% + 3 month USD LIBOR thereafter)
2.88% 10/31/22 (a)(b)		124,000		127,197
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter)
2.91% 06/05/23 (a)(b)		129,000		133,708
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter)
3.81% 04/23/29 (a)(b)		48,000		54,233


	Principal Amount ($)		Fair Value $
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)
4.02% 10/31/38 (a)(b)		56,000		64,737
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter)
4.22% 05/01/29 (a)(b)		82,000		95,082
The Hartford Financial Services Group Inc.
2.80% 08/19/29 (a)		200,000		212,146
The Hartford Financial Services Group Inc. (2.52% fixed rate until 07/31/20; 2.13% + 3 month USD LIBOR)
2.52% 02/12/47 (a)(b)(h)		120,000		93,791
The Home Depot Inc.
2.70% 04/15/30 (a)		53,000		58,263
3.35% 04/15/50 (a)		94,000		108,262
3.50% 09/15/56 (a)		60,000		69,575
3.90% 12/06/28 - 06/15/47 (a)		90,000		108,589
4.50% 12/06/48 (a)		39,000		52,148
The Interpublic Group of Companies Inc.
3.75% 10/01/21 (a)		163,000		168,897
The Kroger Co.
2.20% 05/01/30 (a)		92,000		95,596
2.95% 11/01/21 (a)		149,000		153,266
4.65% 01/15/48 (a)		33,000		41,156
The Mosaic Co.
5.63% 11/15/43 (a)		14,000		15,066
The Procter & Gamble Co.
2.45% 03/25/25 (a)		47,000		51,011
3.60% 03/25/50 (a)		40,000		50,254
The Sherwin-Williams Co.
2.75% 06/01/22 (a)		2,000		2,059
3.45% 06/01/27 (a)		4,000		4,479
4.50% 06/01/47 (a)		11,000		13,349
The Southern Co.
3.25% 07/01/26 (a)		28,000		31,116
4.40% 07/01/46 (a)		15,000		17,905
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter)
3.63% 09/15/31 (a)(b)		75,000		84,111

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund			79

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

The Travelers Companies Inc.
2.55% 04/27/50 (a)		85,000		83,851
The Walt Disney Co.
2.65% 01/13/31 (a)		140,000		148,823
3.38% 11/15/26 (a)		16,000		17,976
3.60% 01/13/51 (a)		115,000		127,638
4.00% 10/01/23 (a)		220,000		242,629
4.75% 11/15/46 (a)		13,000		16,447
6.65% 11/15/37 (a)		94,000		140,105
The Williams Companies Inc.
3.75% 06/15/27 (a)		16,000		17,113
4.85% 03/01/48 (a)		46,000		50,219
5.40% 03/04/44 (a)		14,000		15,483
Thermo Fisher Scientific Inc.
4.13% 03/25/25 (a)		3,000		3,422
4.50% 03/25/30 (a)		30,000		36,965
Time Warner Cable LLC
4.50% 09/15/42 (a)		12,000		12,801
6.55% 05/01/37 (a)		42,000		54,959
TJX Companies Inc.
4.50% 04/15/50 (a)		21,000		27,054
Total Capital International S.A.
3.46% 02/19/29 (a)		99,000		111,993
Trane Technologies Luxembourg Finance S.A.
3.55% 11/01/24 (a)		63,000		69,369
3.80% 03/21/29 (a)		26,000		29,368
TransCanada PipeLines Ltd.
4.25% 05/15/28 (a)		124,000		141,770
4.88% 01/15/26 (a)		20,000		23,531
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter)
5.63% 05/20/75 (a)(b)		184,000		181,146
Transcontinental Gas Pipe Line Company LLC
4.00% 03/15/28 (a)		55,000		61,041
Trinity Health Corp.
3.43% 12/01/48 (a)		37,000		38,649
Truist Bank (3.50% fixed rate until 08/02/21; 0.59% + 3 month USD LIBOR thereafter)
3.50% 08/02/22 (a)(b)		93,000		95,690
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter)
4.80% 12/31/99 (a)(b)		252,000		232,294


	Principal Amount ($)		Fair Value $
TWDC Enterprises 18 Corp.
4.13% 06/01/44 (a)		18,000		21,706
Tyco Electronics Group S.A.
3.13% 08/15/27 (a)		52,000		56,689
Tyson Foods Inc.
4.00% 03/01/26 (a)		175,000		200,244
4.55% 06/02/47 (a)		16,000		19,202
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter)
5.13% 12/29/49 (a)(b)		166,000		161,078
UBS Group AG (2.86% fixed rate until 08/15/22; 0.95% + 3 month USD LIBOR thereafter)
2.86% 08/15/23 (a)(b)(h)		284,000		294,201
UBS Group AG (3.13% fixed rate until 08/13/29; 1.47% + 3 month USD LIBOR thereafter)
3.13% 08/13/30 (a)(b)(h)		259,000		279,075
UDR Inc.
3.00% 08/15/31 (a)		75,000		79,988
Union Pacific Corp.
3.50% 06/08/23 (a)		87,000		94,455
3.60% 09/15/37 (a)		18,000		20,034
4.10% 09/15/67 (a)		37,000		44,268
4.30% 03/01/49 (a)		51,000		65,106
UnitedHealth Group Inc.
2.00% 05/15/30 (a)		150,000		157,014
4.45% 12/15/48 (a)		92,000		121,406
4.75% 07/15/45 (a)		29,000		38,820
Unum Group
4.50% 03/15/25 (a)		45,000		48,381
Vale S.A.
5.63% 09/11/42 (a)		29,000		33,477
Valero Energy Corp.
2.85% 04/15/25 (a)		92,000		97,202
4.00% 04/01/29 (a)		118,000		131,591
Ventas Realty LP
3.25% 10/15/26 (a)		67,000		68,642
Verizon Communications Inc.
3.00% 03/22/27		331,000		366,930
4.33% 09/21/28 (a)		42,000		50,639
4.40% 11/01/34 (a)		98,000		121,504
4.52% 09/15/48 (a)		54,000		71,377
4.67% 03/15/55 (a)		52,000		70,793
4.86% 08/21/46 (a)		212,000		287,427
5.25% 03/16/37 (a)		42,000		57,064

See Notes to Schedules of Investments and Notes to Financial Statements.


80		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

ViacomCBS Inc.
2.90% 01/15/27 (a)		34,000		35,567
3.45% 10/04/26 (a)		47,000		49,354
3.70% 06/01/28 (a)		41,000		44,553
4.38% 03/15/43 (a)		48,000		49,542
5.25% 04/01/44 (a)		12,000		13,417
Virginia Electric & Power Co.
4.00% 11/15/46 (a)		102,000		121,640
Visa Inc.
2.05% 04/15/30 (a)		90,000		94,389
2.70% 04/15/40 (a)		97,000		104,087
Vistra Operations Company LLC
3.55% 07/15/24 (a)(h)		232,000		239,972
Vodafone Group PLC
4.38% 05/30/28 (a)		53,000		62,987
5.25% 05/30/48 (a)		37,000		47,990
Volkswagen Group of America Finance LLC
4.00% 11/12/21 (a)(h)		400,000		416,400
Vornado Realty LP
3.50% 01/15/25 (a)		35,000		34,591
Vulcan Materials Co.
3.90% 04/01/27 (a)		18,000		19,735
Walmart Inc.
3.63% 12/15/47 (a)		43,000		52,724
3.70% 06/26/28 (a)		80,000		94,527
3.95% 06/28/38 (a)		34,000		43,132
4.05% 06/29/48 (a)		56,000		73,492
WEC Energy Group Inc.
3.55% 06/15/25 (a)		57,000		63,580
Wells Fargo & Co.
4.15% 01/24/29 (a)		160,000		187,781
4.75% 12/07/46 (a)		162,000		207,590
Wells Fargo & Co. (1.65% fixed rate until 06/02/23; 1.60% + SOFR thereafter)
1.65% 06/02/24 (a)(b)		125,000		126,927
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter)
2.19% 04/30/26 (a)(b)		150,000		155,104
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter)
2.39% 06/02/28 (a)(b)		150,000		154,977
Wells Fargo & Co. (2.88% fixed rate until 10/30/29; 1.17% + 3 month USD LIBOR thereafter)
2.88% 10/30/30 (a)(b)		46,000		49,105


	Principal Amount ($)		Fair Value $
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter)
3.07% 04/30/41 (a)(b)		195,000		203,529
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter)
3.20% 06/17/27 (a)(b)		432,000		467,774
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)
5.88% 12/29/49 (a)(b)		88,000		91,348
Western Midstream Operating LP
5.38% 06/01/21 (a)		166,000		166,005
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter)
2.89% 02/04/30 (a)(b)		188,000		191,183
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter)
4.11% 07/24/34 (a)(b)		106,000		116,815
Willis North America Inc.
3.60% 05/15/24 (a)		62,000		67,117
3.88% 09/15/49		96,000		106,056
WPP Finance 2010
3.75% 09/19/24 (a)		40,000		43,111
WRKCo Inc.
3.00% 09/15/24 (a)		48,000		50,903
Xcel Energy Inc.
3.40% 06/01/30 (a)		115,000		131,067
Xilinx Inc.
2.95% 06/01/24 (a)		37,000		39,747
Xylem Inc.
1.95% 01/30/28		110,000		111,153
Zoetis Inc.
3.00% 09/12/27 (a)		17,000		18,761
3.90% 08/20/28 (a)		53,000		62,491

				100,989,511


Non-Agency Collateralized Mortgage Obligations - 4.6%
Banc of America Commercial Mortgage Trust 2016-UBS10
5.07% 07/15/49 (a)(b)		290,000		278,396

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund			81

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)			Fair Value $

BANK 2019-BNK17
4.67% 04/15/52 (a)(b)		122,000			114,823
BX Commercial Mortgage Trust 2018-IND 0.75% + 1 month USD LIBOR
0.93% 11/15/35 (a)(b)(h)		303,275			300,127
Cantor Commercial Real Estate Lending 2019-CF3
3.01% 01/15/53 (a)		460,000			502,058
CD 2019-CD8 Mortgage Trust
2.91% 08/15/57 (a)		839,000			910,923
Citigroup Commercial Mortgage Trust 2015-P1
3.72% 09/15/48 (a)		1,403,000			1,543,764
Citigroup Commercial Mortgage Trust 2016-P5
2.94% 10/10/49 (a)		399,397			426,666
Citigroup Commercial Mortgage Trust 2016-P6
4.03% 12/10/49 (a)(b)		336,823			364,344
Citigroup Commercial Mortgage Trust 2018-C5
4.51% 06/10/51 (a)(b)		250,000			268,651
COMM 2013-LC13 Mortgage Trust
4.56% 08/10/46 (a)(b)(h)		170,000			181,724
COMM 2014-CR14 Mortgage Trust			��
4.53% 02/10/47 (a)(b)		240,000			258,083
GS Mortgage Securities Trust 2012-GCJ9
2.10% 11/10/45 (a)(b)(c)		688,855			25,256
GS Mortgage Securities Trust 2016-GS3
2.85% 10/10/49 (a)		333,000			353,686
GS Mortgage Securities Trust 2017-GS8
3.47% 11/10/50 (a)		767,075			851,476
GS Mortgage Securities Trust 2018-GS9
4.14% 03/10/51 (a)(b)		291,000			323,350
GS Mortgage Securities Trust 2019-GC42
2.75% 09/01/52 (a)		1,523,000			1,649,147
GS Mortgage Securities Trust 2019-GSA1
3.05% 11/10/52 (a)		743,000			819,918
Impac CMB Trust 2004-5 0.72% + 1 month USD LIBOR
0.90% 10/25/34 (a)(b)		39,731			37,911


	Principal Amount ($)		Fair Value $
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9
1.65% 12/15/47 (a)(b)(c)		577,767		16,351
JPMBB Commercial Mortgage Securities Trust 2013-C12
4.18% 07/15/45 (a)(b)		125,000		131,144
JPMBB Commercial Mortgage Securities Trust 2015-C32
4.80% 11/15/48 (a)(b)		250,000		213,745
MASTR Alternative Loan Trust 2003-5
5.00% 08/25/18 (a,c)		1,569		5
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21
1.02% 03/15/48 (a)(b)(c)		3,364,022		109,676
Morgan Stanley Capital I Trust 2006-IQ11
6.05% 10/15/42 (a)(b)		133,503		130,529
UBS Commercial Mortgage Trust 2018-C12
4.79% 08/15/51 (a)(b)		213,000		213,270
Wells Fargo Commercial Mortgage Trust 2015-C26
1.35% 02/15/48 (a)(b)(c)		2,654,407		117,802
Wells Fargo Commercial Mortgage Trust 2019-C50
4.35% 05/15/52 (a)		175,000		143,702
WFRBS Commercial Mortgage Trust 2013-C17
4.26% 12/15/46 (a)		235,000		249,410
WFRBS Commercial Mortgage Trust 2014-LC14
4.35% 03/15/47 (a)(b)		533,000		568,570

				11,104,507


Sovereign Bonds - 1.1%
Government of Chile
2.55% 01/27/32 (a)		290,000		302,070
3.86% 06/21/47 (a)		200,000		237,278
Government of Colombia
5.00% 06/15/45 (a)		200,000		225,610
Government of Mexico
4.00% 10/02/23 (a)		86,000		91,560
4.75% 03/08/44 (a)		200,000		209,750
Government of Panama
3.16% 01/23/30 (a)		200,000		215,514
3.87% 07/23/60 (a)		200,000		226,978

See Notes to Schedules of Investments and Notes to Financial Statements.


82		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Government of Peru
5.63% 11/18/50 (a)		105,000		165,828
Government of Philippines
3.95% 01/20/40 (a)		200,000		232,364
Government of Qatar
3.38% 03/14/24 (a)(h)		200,000		214,292
4.82% 03/14/49 (a)(h)		258,000		339,427
Government of Uruguay
5.10% 06/18/50 (a)		105,744		136,579

				2,597,250


Municipal Bonds and Notes - 0.4%
American Municipal Power Inc.
6.27% 02/15/50 (a)		135,000		189,081
Port Authority of New York & New Jersey
4.46% 10/01/62 (a)		220,000		292,056
State of California
4.60% 04/01/38 (a)		200,000		233,714
State of Illinois
5.10% 06/01/33 (a)		95,000		96,373
The University of Texas System
3.35% 08/15/47 (a)		115,000		134,595

				945,819


Total Bonds and Notes (Cost $213,052,132)				226,691,305


	Number or Shares		Fair Value $

Domestic Equity - 0.1%
Preferred Stock - 0.1%
Wells Fargo & Co. 5.85, 3.09% + 3 month USD LIBOR (Cost $186,475) (a)(b)		7,459		184,685


Total Investments in Securities (Cost $213,238,607)				226,875,990


Short-Term Investments - 7.5%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.16% (Cost $18,188,147) (a)(e)(j)		18,188,147		18,188,147

Total Investments (Cost $231,426,754)				245,064,137

Liabilities in Excess of Other Assets, net - (1.5)%				(3,547,987	)


NET ASSETS - 100.0%				241,516,150

Other Information:

Centrally Cleared Credit Default Swaps - Buy Protection


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	$	6,283		1.00%/ Quarterly		12/20/24	$	72,680		$	(92,977	)	$	165,657
Markit CDX North America High Yield Index	Intercontinental Exchange		11,970		5.00%/ Quarterly		06/20/25		(87,196	)		(669,497	)		582,301

														$	747,958

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund			83

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)

Centrally Cleared Interest Rate Swaps


Counterparty	Notional Amount (000s omitted)	Fund Pays/ Receives Fixed Rate/ Payment Frequency	Floating Rate		Contract Annual Fixed Rate		Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)		Unrealized Depreciation
CME Group, Inc.	$ 8,784	Pays/Quarterly		3 Month U.S. Dollar LIBOR		3.06%		11/19/21	$	(341,997	)	$	—	$	(341,997	)

The Fund had the following long futures contracts open at June 30, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
Ultra Long-Term U.S. Treasury Bond Futures		September 2020		35	$	7,581,933	$	7,635,469	$	53,536
2 Yr. U.S. Treasury Notes Futures		September 2020		126		27,812,145		27,824,344		12,199
10 Yr. U.S. Treasury Notes Futures		September 2020		36		4,988,605		5,010,188		21,583
U.S. Long Bond Futures		September 2020		6		1,066,947		1,071,375		4,428

									$	91,746

The Fund had the following short futures contracts open at June 30, 2020:


Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Depreciation
5 Yr. U.S. Treasury Notes Futures		September 2020		31	$	(3,884,741	)	$	(3,898,008	)	$	(13,267	)
10 Yr. U.S. Treasury Ultra Futures		September 2020		109		(17,055,362	)		(17,165,797	)		(110,435	)

											$	(123,702	)

During the period ended June 30, 2020, average notional values related to derivative contracts were as follows:

Purchased

Put

Options

Purchased

Call

Options

Written

Put

Options

Written

Call

Options

Long

Futures

Contracts

Short

Futures

Contracts

Credit

Default

Swap

Contracts

Interest

Rate

Swap

Contracts

Average Notional Value

—

67,842

—

44,702,707

18,351,724

18,541,229

14,956,246

Notes to Schedule of Investments — June 30, 2020 (Unaudited)

(a)	At June 30, 2020, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs.

(b)	Variable Rate Security - Interest rate shown is rate in effect at June 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c)	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.

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

(e)	Coupon amount represents effective yield.

(f)	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.

(g)	Amount is less than $0.50.

(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

See Notes to Schedules of Investments and Notes to Financial Statements.


84		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)

qualified institutional buyers. At June 30, 2020, these securities amounted to $21,841,928 or 9.04% 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.

(i)	Step coupon bond.

(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.

†	Percentages are based on net assets as of June 30, 2020.

Abbreviations:

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2020:


Fund	Investments	Level 1			Level 2			Level 3		Total
Elfun Income Fund	Investments in Securities

	U.S. Treasuries	$	—		$	39,077,137		$	—	$	39,077,137

	Agency Mortgage Backed		—			61,526,474			—		61,526,474

	Agency Collateralized Mortgage Obligations		—			3,684,394			—		3,684,394

	Asset Backed		—			6,766,213			—		6,766,213

	Corporate Notes		—			100,989,511			—		100,989,511

	Non-Agency Collateralized Mortgage Obligations		—			11,104,507			—		11,104,507

	Sovereign Bonds		—			2,597,250			—		2,597,250

	Municipal Bonds and Notes		—			945,819			—		945,819

	Preferred Stock		184,685			—			—		184,685

	Short-Term Investments		18,188,147			—			—		18,188,147

	Total Investments in Securities	$	18,372,832		$	226,691,305		$	—	$	245,064,137

	Other Financial Instruments

	Credit Default Swap Contracts -Unrealized Appreciation	$	—		$	747,958			—	$	747,958

	Interest Rate Swap Contracts -Unrealized Depreciation		—			(341,997	)		—		(341,997	)

	Long Futures Contracts -Unrealized Appreciation		91,746			—			—		91,746

	Short Futures Contracts -Unrealized Depreciation		(123,702	)		—			—		(123,702	)


	Total Other Financial Instruments	$	(31,956	)	$	405,961		$	—	$	374,005

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/20		Value at 6/30/20		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		35,778,498	$	35,778,498	$	112,610,261	$	130,200,612	$	—	$	—		18,188,147	$	18,188,147	$	109,829

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund			85

Elfun Government Money Market Fund

Understanding Your Fund’s Expenses (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the
Beginning of the Period January 1, 2020	$	1,000.00	$	1,000.00
End of the Period June 30, 2020	$	1,003.20	$	1,023.67
Expenses Paid During the Period*	$	1.20	$	1.21

*	Expenses are equal to the Fund’s annualized expense ratio of 0.24% (for the period January 1, 2020-June 30, 2020), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


86		Elfun Government Money Market Fund

Elfun Government Money Market Fund

Fund Information — June 30, 2020 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $149,669 (in thousands) as of June 30, 2020 ^(a)

LOGO

(a)


Elfun Government Money Market Fund			87

Elfun Government Money Market Fund

Schedule of Investments — June 30, 2020 (Unaudited)


	Principal Amount ($)		Amortized Cost $


Short-Term Investments - 100.9%†
U.S. Treasuries - 38.8%
U.S. Cash Management Bills
0.13% 09/29/20 (a)		375,000		374,883
0.14% 09/08/20 - 09/29/20 (a)		1,375,000		1,374,610
0.15% 09/08/20 - 10/27/20 (a)		2,125,000		2,124,125
0.16% 10/20/20 (a)		375,000		374,821
0.17% 09/15/20 - 12/01/20 (a)		2,375,000		2,373,677
0.18% 11/10/20 (a)		500,000		499,670
0.25% 09/15/20 (a)		500,000		499,736
U.S. Treasury Bills
0.11% 07/02/20 - 08/20/20 (a)		4,500,000		4,499,671
0.12% 07/09/20 - 08/18/20 (a)		2,375,000		2,374,755
0.13% 07/14/20 - 09/03/20 (a)		5,625,000		5,624,187
0.14% 07/28/20 - 11/05/20 (a)		4,275,000		4,273,955
0.14% 09/01/20 (a)(b)		750,000		749,819
0.15% 07/30/20 - 11/19/20 (a)		2,875,000		2,874,035
0.15% 10/29/20 (a)(b)		750,000		749,625
0.16% 08/11/20 - 11/27/20 (a)		1,750,000		1,749,349
0.16% 10/29/20 (a)(b)		1,000,000		999,488
0.17% 07/28/20 - 01/28/21 (a)		2,250,000		2,248,869
0.17% 12/31/20 (a)(b)		750,000		749,374
0.18% 10/15/20 - 02/25/21 (a)		1,375,000		1,374,022
0.19% 12/10/20 (a)		375,000		374,688
0.20% 07/21/20 (a)		500,000		499,944
0.22% 08/13/20 (a)		375,000		374,901
0.28% 07/16/20 (a)		1,000,000		999,883
0.29% 10/15/20 (a)		500,000		499,573
1.47% 08/27/20 (a)		500,000		498,861
1.54% 08/20/20 (a)		650,000		648,637
1.55% 08/20/20 (a)		650,000		648,629
U.S. Treasury Notes
1.38% 08/31/20 (a)		1,339,000		1,338,559
2.63% 08/15/20		500,000		500,648
2.88% 10/31/20 (a)		1,000,000		1,004,083
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.04%
0.19% 07/31/20 (c)		4,100,000		4,099,868


	Principal Amount ($)		Amortized Cost $
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.05%
0.20% 10/31/20 (c)		2,250,000		2,249,630
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.12%
0.27% 01/31/21 (c)		400,000		400,035
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.14%
0.29% 04/30/21 (c)		600,000		599,585
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.22%
0.37% 07/31/21 (c)		1,380,000		1,381,471
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.30%
0.45% 10/31/21 (c)		1,500,000		1,504,658
United States Cash Management Bill
0.13% 10/06/20 (a)		750,000		749,747
0.14% 10/13/20 (a)		1,000,000		999,591
United States Treasury Bill
0.11% 07/07/20 (a)		750,000		749,986
0.13% 07/23/20 (a)		750,000		749,943
0.17% 09/24/20 (a)		750,000		749,699

				57,511,290


U.S. Government Agency Obligations - 31.3%
Federal Farm Credit Banks 1 month USD LIBOR - 0.00%
0.19% 11/12/20 (c)		600,000		599,978
Federal Farm Credit Banks 1 month USD LIBOR - 0.05%
0.15% 09/16/20 (c)		300,000		299,997
Federal Farm Credit Banks 3 month USD LIBOR + 0.11%
0.26% 12/28/20 (c)		1,000,000		999,653
Federal Farm Credit Banks Funding Corp. 3 month USD LIBOR + 0.13% 0.13% - 3 Month Treasuy money market yield
0.28% 02/28/22 (c)		400,000		400,000

See Notes to Schedules of Investments and Notes to Financial Statements.


88		Elfun Government Money Market Fund

Elfun Government Money Market Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Amortized Cost $

Federal Farm Credit Banks Funding Corp. 3 month USD LIBOR - 0.12% 0.12% - 3 month USD LIBOR
0.98% 07/22/21 (c)		300,000		300,000
Federal Farm Credit Banks Funding Corp. FCPR Daily -3.03%
0.22% 06/23/21 (c)		700,000		699,930
Federal Farm Credit Banks Funding Corp. SOFR + 0.04%
0.12% 02/09/21 (c)		250,000		250,000
Federal Farm Credit Banks Funding Corp. SOFR + 0.08%
0.16% 01/14/21 (c)		200,000		200,000
Federal Farm Credit Banks Funding Corp. SOFR + 0.16%
0.24% 05/07/21 (c)		1,100,000		1,100,000
Federal Farm Credit Banks Funding Corp. SOFR + 0.26%
0.34% 12/30/20 (c)		500,000		500,277
Federal Farm Credit Banks SOFR + 0.04%
0.12% 09/11/20 (c)		300,000		300,000
Federal Farm Credit Discount Notes
0.45% 07/13/20 (a)		200,000		199,971
1.56% 09/04/20 (a)		1,000,000		997,238
Federal Home Loan Bank Discount Notes
0.12% 07/29/20 (a)		700,000		699,938
0.15% 08/28/20 (a)		1,500,000		1,499,642
0.16% 11/12/20 (a)		750,000		749,559
0.24% 08/07/20 (a)		725,000		724,821
0.31% 07/10/20 (a)		700,000		699,946
1.50% 08/13/20 (a)		1,800,000		1,796,850
1.58% 07/16/20 (a)		500,000		499,677
1.59% 07/29/20 (a)		1,200,000		1,198,545
1.60% 07/31/20 (a)		1,000,000		998,692
Federal Home Loan Banks 1 month USD LIBOR - 0.03%
0.15% 08/07/20 (c)		1,000,000		1,000,000
0.16% 01/11/21 (c)		500,000		500,000
0.17% 04/16/21 (c)		1,000,000		1,000,000


	Principal Amount ($)		Amortized Cost $
Federal Home Loan Banks 1 month USD LIBOR - 0.04%
0.15% 12/17/20 (c)		500,000		500,000
Federal Home Loan Banks 3 month USD LIBOR - 0.22%
0.09% 09/15/20 (c)		1,000,000		1,000,000
Federal Home Loan Banks SOFR + 0.02%
0.10% 08/19/20 - 08/28/20 (c)		2,300,000		2,300,000
Federal Home Loan Banks SOFR + 0.03%
0.11% 09/04/20 - 11/06/20 (c)		2,500,000		2,500,000
Federal Home Loan Banks SOFR + 0.04% 0.04% - Update Replacements.xls: SOFRRATE
0.12% 02/25/21 (c)		600,000		600,000
Federal Home Loan Banks SOFR + 0.05%
0.13% 09/28/20 (c)		1,500,000		1,499,944
Federal Home Loan Banks SOFR + 0.08%
0.16% 03/04/21 (c)		700,000		700,000
Federal Home Loan Banks SOFR + 0.10%
0.18% 12/23/20 (c)		500,000		500,000
Federal Home Loan Banks SOFR + 0.12%
0.20% 10/07/20 (c)		500,000		500,000
Federal Home Loan Banks SOFR + 0.13%
0.21% 10/16/20 (c)		1,500,000		1,500,000
Federal Home Loan Banks SOFR + 0.16%
0.24% 01/07/21 (c)		900,000		900,000
Federal Home Loan Banks SOFR + 0.23%
0.31% 04/13/21 (c)		1,000,000		1,000,000
Federal Home Loan Mortgage Corp.
1.88% 11/17/20		1,000,000		1,000,852
Federal Home Loan Mortgage Corp. SOFR + 0.01%
0.09% 08/25/20 (c)		800,000		800,000

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Government Money Market Fund			89

Elfun Government Money Market Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Amortized Cost $


Federal Home Loan Mortgage Corp. SOFR + 0.02%
0.10% 07/08/20 - 11/20/20 (c)		2,500,000		2,499,992
Federal Home Loan Mortgage Corp. SOFR + 0.03% 0.03% - Update Replacements.xls: SOFRRATE
0.11% 02/26/21 (c)		1,000,000		1,000,000
0.11% 02/24/21 (c)		800,000		800,000
Federal Home Loan Mortgage Corp. SOFR + 0.04%
0.12% 09/10/20 - 12/04/20 (c)		1,500,000		1,500,000
Federal Home Loan Mortgage Corp. SOFR + 0.19%
0.27% 06/02/22 (c)		750,000		750,000
Federal Home Loan Mortgage Corp. SOFR + 0.24%
0.32% 07/23/21 (c)		400,000		400,000
Federal Home Loan Mortgage Corp. SOFR + 0.30%
0.38% 10/25/21 (c)		300,000		300,000
Federal National Mortgage Assoc. SOFR + 0.04%
0.12% 09/11/20 - 01/29/21 (c)		2,500,000		2,500,014
Federal National Mortgage Assoc. SOFR + 0.08%
0.16% 10/30/20 (c)		450,000		450,000
Federal National Mortgage Assoc. SOFR + 0.20%
0.28% 06/15/22 (c)		700,000		700,000
Federal National Mortgage Assoc. SOFR + 0.32%
0.40% 10/22/21 (c)		350,000		350,000
Federal National Mortgage Assoc. SOFR + 0.33%
0.41% 10/15/21 (c)		400,000		400,000
Federal National Mortgage Assoc. SOFR + 0.35%
0.43% 10/15/21 (c)		400,000		400,000
Freddie Mac Discount Notes
0.12% 08/19/20 (a)		850,000		849,861

				46,415,377


	Principal Amount ($)		Amortized Cost $

Repurchase Agreements - 30.8%
BNP Paribas S.A. U.S. Treasury Repo 0.07% dated 06/30/20, to be repurchased at $10,000,000 on 07/01/20, collateralized by $6,000,340 U.S. Treasury Notes, 0.13% maturing from 06/30/22, collateralized by $4,199,738 U.S. Treasury Strips, 0.00% maturing from 08/15/25 to 15/15/49. 07/01/20		10,000,000		10,000,000
Citigroup Global Markets, Inc. U.S. Treasury Repo 0.07% dated 06/30/20, to be repurchased at $10,000,000 on 07/01/20, collateralized by $10,199,939 U.S. Treasury Bill, 0.00% maturing from 07/14/20 to 07/21/20, collateralized by $103 U.S. Treasury Note, 2.13% maturing on 09/30/21. 07/01/20		10,000,000		10,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 0.07% dated 06/30/20, to be repurchased at $15,742,000 on 07/01/20, collateralized by $5,856,963 U.S. Treasury Bonds, 3.88% maturing from 08/15/40, collateralized by $10,200,022 U.S. Treasury Notes, 1.38% maturing from 09/30/20. 07/01/20		15,742,000		15,742,000

See Notes to Schedules of Investments and Notes to Financial Statements.


90		Elfun Government Money Market Fund

Elfun Government Money Market Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($)		Amortized Cost $

Standard Chartered PLC U.S. Treasury Repo 0.07% dated 06/30/20, to be repurchased at $10,000,000 on 07/01/20, collateralized by $81,510 U.S. Treasury Bond, 2.25% to 3.13% maturing from 11/15/41 to 08/15/49, collateralized by $300 U.S. Treasury Bill, 0.00% maturing on 01/28/21, collateralized by $9,801,831 U.S. Treasury Note, 0.38% to 2.88% maturing from 10/31/20 to 08/15/26, collateralized by $316,424 U.S. Treasury Strips, 0.50% maturing on 01/15/28. 07/01/20		10,000,000		10,000,000

				45,742,000


Total Short-Term Investments (Cost $149,668,667)				149,668,667

Liabilities in Excess of Other Assets, net - (0.9)%				(1,358,401	)


NET ASSETS – 100.0%				148,310,266

Notes to Schedule of Investments — June 30, 2020 (Unaudited)

(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 June 30, 2020. 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 June 30, 2020.

Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

FCPR - Federal Reserve Bank Prime Loan Rate U.S.

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Government Money Market Fund			91

Elfun Government Money Market Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total

Elfun Government Money Market Fund	Investments in Securities

	U.S. Treasuries	$	—	$	57,511,290	$	—	$	57,511,290

	U.S. Government Agency Obligations		—		46,415,377		—		46,415,377

	Repurchase Agreements		—		45,742,000		—		45,742,000


	Total Investments in Securities	$	—	$	149,668,667	$	—	$	149,668,667

See Notes to Schedules of Investments and Notes to Financial Statements.


92		Elfun Government Money Market Fund

Elfun International Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	6/30/20^†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date																	1/1/88

Net asset value, beginning of period	$	23.69		$	18.51		$	22.68		$	18.73		$	19.31		$	19.70


Income/(loss) from investment operations:
Net investment income		0.22	^(a)		0.43	^(a)		0.45	^(a)		0.34	^(a)		0.41			0.34
Net realized and unrealized gains/(losses) on investments		(2.13	)		5.15			(4.16	)		3.96			(0.58	)		(0.37	)

Total income/(loss) from investment operations		(1.91	)		5.58			(3.71	)		4.30			(0.17	)		(0.03	)


Less distributions from:
Net investment income		—			0.40			0.46			0.35			0.41			0.36

Total distributions		—			0.40			0.46			0.35			0.41			0.36

Net asset value, end of period	$	21.78		$	23.69		$	18.51		$	22.68		$	18.73		$	19.31

Total Return^(b)		(8.06	)%		30.14	%		(16.33	)%		22.99	%		(0.86	)%		(0.18	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	171,115		$	199,123		$	183,982		$	237,769		$	208,044		$	234,448

Ratios to average net assets:
Net expenses		0.40	%^**		0.38	%		0.36	%		0.36	%		0.37	%^(c)(d)		0.35	%
Gross expenses		0.40	%^**		0.38	%		0.36	%		0.36	%		0.43	%^(c)(d)		0.35	%
Net investment income		2.06	%^**		2.02	%		2.06	%		1.64	%		2.11	%		1.59	%
Portfolio turnover rate		14	%		15	%		27	%		30	%		33	%		24	%

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)

Reflects a voluntary reimbursement of other operating expenses by GE Asset Management, Inc., the Fund’s investment adviser and administrator prior to July 1, 2016.

(d)

The net and gross expense ratios include the refunded custody expense. Without the effect of the refunded custody expense, the net and gross ratio would have been 0.40% and 0.47%, respectively.

†

Unaudited.

Beginning with the year ended December 31, 2016, the Funds were audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

Annualized for periods less than one year.

The accompanying Notes are an integral part of these financial statements.


Financial Highlights			93

Elfun Trusts

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	6/30/20^†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date																	5/27/35

Net asset value, beginning of period	$	62.16		$	50.14		$	60.36		$	53.23		$	54.59		$	58.02


Income/(loss) from investment operations:
Net investment income		0.31	^(a)		0.71	^(a)		0.74	^(a)		0.76	^(a)		0.81			0.80
Net realized and unrealized gains/(losses) on investments		0.97			17.15			(2.85	)		12.88			2.54			0.25

Total income/(loss) from investment operations		1.28			17.86			(2.11	)		13.65			3.35			1.05


Less distributions from:
Net investment income		—			0.67			0.76			0.78			0.79			0.80
Net realized gains		—			5.17			7.35			5.74			3.92			3.68

Total distributions		—			5.84			8.11			6.52			4.71			4.48

Net asset value, end of period	$	63.44		$	62.16		$	50.14		$	60.36		$	53.23		$	54.59

Total Return^(b)		2.06	%		35.57	%		(3.39	)%		25.61	%		6.08	%		1.70	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	2,927,531		$	2,979,222		$	2,427,667		$	2,737,919		$	2,331,966		$	2,364,319

Ratios to average net assets:
Net expenses		0.18	%^**		0.18	%		0.19	%		0.18	%		0.18	%		0.16	%
Gross expenses		0.18	%^**		0.18	%		0.19	%		0.18	%		0.18	%		0.16	%
Net investment income		1.05	%^**		1.20	%		1.17	%		1.25	%		1.43	%		1.32	%
Portfolio turnover rate		15	%		17	%		18	%		16	%		15	%		11	%

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.

†

Unaudited.

Beginning with the year ended December 31, 2016, the Funds were audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

Annualized for periods less than one year.

The accompanying Notes are an integral part of these financial statements.


94		Financial Highlights

Elfun Diversified Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	6/30/20^†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date																	1/1/88

Net asset value, beginning of period	$	19.54		$	17.02		$	18.60		$	17.91		$	17.50		$	18.78


Income/(loss) from investment operations:
Net investment income		0.10	^(a)		0.41	^(a)		0.42	^(a)		0.43	^(a)		0.38			0.34
Net realized and unrealized gains/(losses) on investments		(0.51	)		2.93			(1.45	)		2.32			0.58			(0.57	)

Total income/(loss) from investment operations		(0.41	)		3.34			(1.03	)		2.75			0.96			(0.23	)


Less distributions from:
Net investment income		—			0.42			0.43			0.46			0.36			0.34
Net realized gains		—			0.40			0.12			1.60			0.19			0.71

Total distributions		—			0.82			0.55			2.06			0.55			1.05

Net asset value, end of period	$	19.13		$	19.54		$	17.02		$	18.60		$	17.91		$	17.50

Total Return^(b)		(2.05	)%		19.58	%		(5.51	)%		15.40	%		5.48	%		(1.25	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	188,601		$	199,011		$	181,943		$	209,939		$	198,938		$	209,688

Ratios to average net assets:
Net expenses		0.30	%^**		0.30	%		0.33	%		0.40	%		0.39	%^(c)		0.37	%
Gross expenses		0.31	%^**		0.30	%		0.33	%		0.40	%		0.39	%^(c)		0.37	%
Net investment income		1.09	%^**		2.20	%		2.26	%		2.23	%		1.98	%		1.69	%
Portfolio turnover rate		30	%^(d)		162	%		72	%		186	%		116	%		123	%

Notes to Financial Highlights

(a)

Per share values have been calculated using the average shares method.

(b)

(c)

The net and gross expense ratios include the refunded custody expense. Without the effect of the refunded custody expense, the ratios would have been 0.45%.

(d)

The portfolio turnover calculated for the period ended 6/30/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 95%.

†

Unaudited.

Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

Annualized for periods less than one year.

The accompanying Notes are an integral part of these financial statements.


Financial Highlights			95

Elfun Tax-Exempt Income Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	6/30/20^†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date																	1/1/80

Net asset value, beginning of period	$	11.54		$	11.19		$	11.55		$	11.48		$	11.88		$	11.97


Income/(loss) from investment operations:
Net investment income		0.18	^(a)		0.38	^(a)		0.46	^(a)		0.46	^(a)		0.46			0.46
Net realized and unrealized gains/(losses) on investments		0.01			0.41			(0.36	)		0.07			(0.40	)		(0.09	)

Total income from investment operations		0.19			0.79			0.10			0.53			0.06			0.37


Less distributions from:
Net investment income		0.21			0.44			0.46			0.46			0.46			0.46

Total distributions		0.21			0.44			0.46			0.46			0.46			0.46

Net asset value, end of period	$	11.52		$	11.54		$	11.19		$	11.55		$	11.48		$	11.88

Total Return^(b)		1.65	%		7.13	%		0.90	%		4.71	%		0.42	%		3.21	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,366,637		$	1,377,821		$	1,376,980		$	1,471,350		$	1,495,248		$	1,588,272

Ratios to average net assets:
Net expenses		0.20	%^**		0.20	%		0.21	%		0.20	%		0.20	%		0.18	%
Gross expenses		0.20	%^**		0.20	%		0.21	%		0.20	%		0.20	%		0.18	%
Net investment income		3.23	%^**		3.35	%		4.06	%		4.00	%		3.84	%		3.92	%
Portfolio turnover rate		17	%		25	%		18	%		26	%		31	%		22	%

Notes to Financial Highlights

(a)

Per share values have been calculated using the average shares method.

(b)

†

Unaudited.

Beginning with the year ended December 31, 2016, the Funds were audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

Annualized for periods less than one year.

The accompanying Notes are an integral part of these financial statements.


96		Financial Highlights

Elfun Income Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	6/30/20^†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date																	12/31/84

Net asset value, beginning of period	$	11.74		$	11.02		$	11.44		$	11.28		$	11.26		$	11.57


Income/(loss) from investment operations:
Net investment income		0.15	^(a)		0.32	^(a)		0.32	^(a)		0.29	^(a)		0.30			0.32
Net realized and unrealized gains/(losses) on investments		0.44			0.73			(0.41	)		0.15			0.09			(0.29	)

Total income/(loss) from investment operations		0.59			1.05			(0.09	)		0.44			0.39			0.03


Less distributions from:
Net investment income		0.17			0.33			0.33			0.28			0.28			0.32
Net realized gains		—			—			—			—			0.09			0.02

Total distributions		0.17			0.33			0.33			0.28			0.37			0.34

Net asset value, end of period	$	12.16		$	11.74		$	11.02		$	11.44		$	11.28		$	11.26

Total Return^(b)		5.11	%		9.50	%		(0.80	)%		3.90	%		3.52	%		0.22	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	241,516		$	233,663		$	229,477		$	261,189		$	276,142		$	289,872

Ratios to average net assets:
Net expenses		0.26	%^**		0.29	%		0.34	%		0.33	%		0.31	%		0.28	%
Gross expenses		0.27	%^**		0.29	%		0.34	%		0.33	%		0.31	%		0.28	%
Net investment income		2.47	%^**		2.77	%		2.88	%		2.54	%		2.63	%		2.71	%
Portfolio turnover rate		61	%^(c)		107	%^(d)		207	%		299	%		238	%		278	%

Notes to Financial Highlights

(a)

Per share values have been calculated using the average shares method.

(b)

(c)

The portfolio turnover calculated for the period ended 6/30/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 181%.

(d)

The portfolio turnover calculated for the period ended 12/31/19 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 406%.

†

Unaudited.

Beginning with the year ended December 31, 2016, the Funds were audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

Annualized for periods less than one year.

The accompanying Notes are an integral part of these financial statements.


Financial Highlights			97

Elfun Government Money Market Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	6/30/20^†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date																	6/13/90

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Income/(loss) from investment operations:
Net investment income		0.00	^(a)(b)		0.02	^(a)		0.02	^(a)		0.01	^(a)		0.00	^(b)		—

Total income from investment operations		0.00	^(b)		0.02			0.02			0.01			0.00	^(b)		—


Less distributions from:
Net investment income		0.00	^(b)		0.02			0.02			0.01			0.00	^(b)		0.00	^(b)
Net realized gains		—			—			—			0.00	^(b)		—			—

Total distributions		0.00	^(b)		0.02			0.02			0.01			0.00	^(b)		0.00	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Return^(c)		0.32	%		1.99	%		1.55	%		0.58	%		0.06	%		0.08	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	148,310		$	128,561		$	104,275		$	109,828		$	111,339		$	129,039

Ratios to average net assets:
Net expenses		0.24	%^**		0.26	%		0.32	%		0.34	%		0.49	%^(e)		0.09	%^(d)
Gross expenses		0.24	%^**		0.26	%		0.32	%		0.34	%		0.49	%^(e)		0.25	%
Net investment income (loss)		0.61	%^**		1.96	%		1.53	%		0.56	%		(0.11	)%^(e)		—	%

Notes to Financial Highlights

(a)

Per share values have been calculated using the average shares method.

(b)

Rounds to less than $0.005.

(c)

(d)

Reflects a voluntary waiver of management fees and/or subsidy of certain expenses by GEAM, the adviser and administrator of the Fund prior to July 1, 2016.

(e)

Ratio includes income tax expense. Without this expense, the net and gross expense ratios would have been 0.33% and the net investment income ratio would have been 0.05%.

†

Unaudited.

Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

Annualized for periods less than one year.

The accompanying Notes are an integral part of these financial statements.


98		Financial Highlights

This page has been intentionally left blank.

Elfun Funds

Statements of Assets and Liabilities — June 30, 2020 (Unaudited)


	Elfun International Equity Fund		Elfun Trusts
Assets
Investments in securities, at fair value (cost $128,675,460; $1,684,030,234; $117,006,447; $1,280,218,075; $213,238,607 and $0, respectively)	$	165,226,196	$	2,880,296,606
Investments in affiliated securities, at fair value (cost $0; $0; $45,442,373; $0; $0 and $0, respectively)		—		—
Short-term investments, at fair value (cost $0; $0; $650,120; $0; $0 and $103,926,667, respectively)		—		—
Short-term affiliated investments, at fair value		4,666,458		46,569,827
Repurchase agreements		—		—
Cash		—		—
Net Cash collateral on deposit with broker for future contracts		290,517		—
Net Cash collateral on deposit with broker for swap contracts		—		—
Foreign currency (cost $413,518; $0; $33,338; $0; $0 and $0, respectively)		412,027		—
Receivable for investments sold		19		—
Income receivables		671,832		1,592,840
Receivable for fund shares sold		4,137		40,275
Income receivable from affiliated investments		539		5,873
Receivable for accumulated variation margin on swap contracts		—		—
Receivable for accumulated variation margin on futures contracts		23,300		—


Total assets		171,295,025		2,928,505,421


Liabilities
Distribution payable to shareholders		—		—
Due to custodian		—		—
Payable for investments purchased		—		—
Payable for fund shares redeemed		101,699		497,683
Payable for accumulated variation margin on swap contracts		—		—
Payable for accumulated variation margin on futures contracts		—		—
Payable to the Adviser		30,258		336,625
Payable for custody, fund accounting and sub-administration fees		18,439		58,379
Accrued other expenses		30,079		81,541


Total liabilities		180,475		974,228



Net Assets	$	171,114,550	$	2,927,531,193


Net Assets Consist of:
Capital paid in	$	142,775,403	$	1,534,058,678
Total distributable earnings (loss)	$	28,339,147	$	1,393,472,515


Net Assets	$	171,114,550	$	2,927,531,193


Shares outstanding (Par value $10; $10; $10; $10; $10; and $1, respectively; unlimited shares authorized)		7,854,715		46,144,242
Net asset value, offering and redemption price per share	$	21.78	$	63.44

The accompanying Notes are an integral part of these financial statements.


100		Statements of Assets and Liabilities


Elfun Diversified Fund		Elfun Tax-Exempt Income Fund		Elfun Income Fund		Elfun Government Money Market Fund

$	136,466,318	$	1,362,133,156	$	226,875,990	$	—
	45,067,845		—		—		—
	650,120		—		—		103,926,667
	11,305,003		5,909,872		18,188,147		—
	—		—		—		45,742,000
	—		—		—		402
	35,571		—		195,033		—
	97,409		—		349,669		—
	34,400		—		—		—
	4,791,126		5,179,603		6,189,083		—
	448,366		16,793,977		1,328,607		—
	1,426		95,203		58,876		467,243
	1,667		1,619		1,874		29,699
	63,819		—		177,819		—
	—		—		—		—


	198,963,070		1,390,113,430		253,365,098		150,166,011



	—		1,210,394		132,060		1,461
	33,127		—		93,213		—
	10,113,949		21,619,018		10,962,857		1,748,862
	12,701		388,795		134,224		72,773
	115,406		—		368,568		—
	7,488		—		31,204		—
	24,766		178,877		31,517		11,921
	16,837		27,765		17,981		3,987
	37,599		52,054		77,324		16,741


	10,361,873		23,476,903		11,848,948		1,855,745



$	188,601,197	$	1,366,636,527	$	241,516,150	$	148,310,266



$	165,271,235	$	1,324,002,240	$	226,876,512	$	148,309,534
$	23,329,962	$	42,634,287	$	14,639,638	$	732


$	188,601,197	$	1,366,636,527	$	241,516,150	$	148,310,266


	9,856,847		118,658,127		19,859,506		148,310,247
$	19.13	$	11.52	$	12.16	$	1.00

The accompanying Notes are an integral part of these financial statements.


Statements of Assets and Liabilities			101

Elfun Funds

Statements of Operations — For the period ended June 30, 2020 (Unaudited)


	Elfun International Equity Fund			Elfun Trusts
Investment Income
Income
Dividend	$	2,381,834		$	16,952,657
Interest		—			—
Income from affiliated investments		21,284			256,677
Less: Foreign taxes withheld		(275,945	)		(28,666	)

Total income		2,127,173			17,180,668


Expenses
Advisory and administration fees		181,423			1,952,216
Blue Sky fees		24,670			29,419
Transfer agent fees		52,153			227,717
Trustees’ fees		9,545			21,134
Custody, fund accounting and sub-administration fees		44,908			182,403
Professional fees		21,662			35,056
Printing and shareholder reports		6,353			29,844
Other expenses		5,686			41,578

Total expenses before waivers		346,400			2,519,367

Fees waived and/or recouped by the adviser		—			—

Total expenses		346,400			2,519,367

Net investment income	$	1,780,773		$	14,661,301


Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	857,431		$	169,580,194
Affiliated investments		—			—
Futures		(822,150	)		—
Swap contracts		—			—
Foreign currency transactions		(6,669	)		—
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(18,272,426	)		(130,660,006	)
Affiliated investments		—			—
Futures		16,416			—
Swap contracts		—			—
Foreign currency translations		1,476			—


Net realized and unrealized gain (loss) on investments		(18,225,922	)		38,920,188


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(16,445,149	)	$	53,581,489

The accompanying Notes are an integral part of these financial statements.


102		Statements of Operations


Elfun Diversified Fund			Elfun Tax-Exempt Income Fund			Elfun Income Fund			Elfun Government Money Market Fund


$	669,899		$	—		$	3,130		$	—
	552,154			23,244,419			3,085,425			598,869
	63,933			46,490			109,829			—
	—			—			—			—

	1,285,986			23,290,909			3,198,384			598,869



	156,965			1,085,885			199,026			70,020
	24,160			28,228			26,598			27,567
	44,350			97,118			24,370			27,086
	9,643			14,666			9,655			9,218
	13,490			95,137			17,531			18,984
	25,971			28,519			22,659			15,315
	9,224			17,922			10,975			—
	3,222			20,943			3,786			1,653

	287,025			1,388,418			314,600			169,843

	(9,233	)		—			(11,707	)		(206	)

	277,792			1,388,418			302,893			169,637

$	1,008,194		$	21,902,491		$	2,895,491		$	429,232




$	3,568,981		$	1,447,148		$	5,676,823		$	732
	(200,798	)		—			—			—
	(39,994	)		—			(773,712	)		—
	(716,948	)		—			(2,490,330	)		—
	657			—			—			—

	(2,562,673	)		(2,192,110	)		5,874,734			—
	(5,488,320	)		—			—			—
	(63	)		—			(162,433	)		—
	166,045			—			635,091			—
	331			—			—			—


	(5,272,782	)		(744,962	)		8,760,173			732


$	(4,264,588	)	$	21,157,529		$	11,655,664		$	429,964

The accompanying Notes are an integral part of these financial statements.


Statements of Operations			103

Elfun Funds

Statements of Changes in Net Assets


	Elfun International Equity Fund						Elfun Trusts
	Six Months Ended June 30, 2020*			Year Ended December 31, 2019			Six Months Ended June 30, 2020*			Year Ended December 31, 2019
Increase (Decrease) in Net Assets

Operations:
Net investment income	$	1,780,773		$	3,969,147		$	14,661,301		$	32,932,781
Net realized gain (loss) on investments, futures, swap contracts, options contracts, and foreign currency related transactions		28,612			(2,878,941	)		169,580,194			239,548,391
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations		(18,254,534	)		49,826,474			(130,660,006	)		557,369,993

Net increase (decrease) from operations		(16,445,149	)		50,916,680			53,581,489			829,851,165


Distributions to shareholders:
Total distributions		—			(3,308,378	)		—			(260,239,907	)

Increase (decrease) in assets from operations and distributions		(16,445,149	)		47,608,302			53,581,489			569,611,258


Share transactions:
Proceeds from sale of shares		1,232,674			1,338,896			21,711,545			33,246,104
Value of distributions reinvested		—			2,803,168			—			209,686,670
Cost of shares redeemed		(12,796,330	)		(36,608,980	)		(126,984,224	)		(260,989,132	)

Net increase (decrease) from share transactions		(11,563,656	)		(32,466,916	)		(105,272,679	)		(18,056,358	)


Total increase (decrease) in net assets		(28,008,805	)		15,141,386			(51,691,190	)		551,554,900

Net Assets
Beginning of period		199,123,355			183,981,969			2,979,222,383			2,427,667,483


End of period	$	171,114,550		$	199,123,355		$	2,927,531,193		$	2,979,222,383


Changes in Fund Shares
Shares sold		57,522			61,930			376,668			559,128
Issued for distributions reinvested		—			117,978			—			3,359,088
Shares redeemed		(606,560	)		(1,714,834	)		(2,161,400	)		(4,408,014	)

Net decrease in fund shares		(549,038	)		(1,534,926	)		(1,784,732	)		(489,798	)

Unaudited.

The accompanying Notes are an integral part of these financial statements.


104		Statements of Changes in Net Assets


Elfun Diversified Fund						Elfun Tax-Exempt Income Fund
Six Months Ended June 30, 2020*			Year Ended December 31, 2019			Six Months Ended June 30, 2020*			Year Ended December 31, 2019



$	1,008,194		$	4,244,670		$	21,902,491		$	46,592,260
	2,611,898			4,351,881			1,447,148			2,504,987
	(7,884,680	)		25,794,322			(2,192,110	)		46,694,908

	(4,264,588	)		34,390,873			21,157,529			95,792,155



	—			(8,007,411	)		(24,771,238	)		(53,093,761	)

	(4,264,588	)		26,383,462			(3,613,709	)		42,698,394



	1,857,770			6,924,567			20,043,046			37,744,180
	—			7,016,606			17,130,361			36,589,427
	(8,002,533	)		(23,257,310	)		(44,743,740	)		(116,191,472	)

	(6,144,763	)		(9,316,137	)		(7,570,333	)		(41,857,865	)


	(10,409,351	)		17,067,325			(11,184,042	)		840,529


	199,010,548			181,943,223			1,377,820,569			1,376,980,040


$	188,601,197		$	199,010,548		$	1,366,636,527		$	1,377,820,569



	102,380			362,413			1,746,965			3,301,456
	—			358,356			1,490,151			3,188,172
	(432,721	)		(1,226,639	)		(3,949,136	)		(10,136,364	)

	(330,341	)		(505,870	)		(712,020	)		(3,646,736	)

Unaudited.

The accompanying Notes are an integral part of these financial statements.


Statements of Changes in Net Assets			105

Elfun Funds

Statements of Changes in Net Assets


	Elfun Income Fund						Elfun Government Money Market Fund
	Six Months Ended June 30, 2020*			Year Ended December 31, 2019			Six Months Ended June 30, 2020*			Year Ended December 31, 2019
Increase (Decrease) in Net Assets

Operations:
Net investment income	$	2,895,491		$	6,465,319		$	429,232		$	2,279,157
Net realized gain (loss) on investments, futures, swap contracts, options contracts, and foreign currency related transactions		2,412,781			5,557,493			732			72
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts		6,347,392			9,113,054			—			—

Net increase (decrease) from operations		11,655,664			21,135,866			429,964			2,279,229


Distributions to shareholders:
Total distributions		(3,290,361	)		(6,631,821	)		(429,232	)		(2,279,939	)

Increase (decrease) in assets from operations and distributions		8,365,303			14,504,045			732			(710	)


Share transactions:
Proceeds from sale of shares		11,483,115			10,978,969			50,351,881			75,378,874
Value of distributions reinvested		2,497,287			5,078,985			411,938			2,130,041
Cost of shares redeemed		(14,492,174	)		(26,376,400	)		(31,014,952	)		(53,222,553	)

Net increase (decrease) from share transactions		(511,772	)		(10,318,446	)		19,748,867			24,286,362


Total increase (decrease) in net assets		7,853,531			4,185,599			19,749,599			24,285,652

Net Assets
Beginning of period		233,662,619			229,477,020			128,560,667			104,275,015


End of period	$	241,516,150		$	233,662,619		$	148,310,266		$	128,560,667


Changes in Fund Shares
Shares sold		969,066			949,477			50,351,881			75,378,874
Issued for distributions reinvested		208,810			440,756			411,938			2,130,041
Shares redeemed		(1,229,079	)		(2,296,448	)		(31,014,952	)		(53,222,553	)

Net increase (decrease) in fund shares		(51,203	)		(906,215	)		19,748,867			24,286,362

Unaudited.

The accompanying Notes are an integral part of these financial statements.


106		Statements of Changes in Net Assets

Elfun Funds

Notes to Financial Statements — June 30, 2020 (Unaudited)

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.

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) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.

•

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


Notes to Financial Statements			107

Elfun Funds

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

•

Options on futures are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options on futures are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with the valuation policy and procedures approved by the Board.

•

Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third-party valuation the agreements will be fair valued.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

A “significant event” is an event that the Board believes, with a reasonably high degree of certainty, has caused the closing market prices of a Fund’s portfolio securities to no longer reflect their value at the time of the Fund’s NAV calculation. Fair value may be determined using an independent fair value service under valuation procedures approved by the Board. The independent fair value service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of foreign securities exchanges. The use of the independent fair value service or alternative fair valuation methods would result in the investments being classified within Level 2 of the fair value hierarchy.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

•

Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;

•

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

•

Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of each Fund’s investments according to the fair value hierarchy as of June 30, 2020 is disclosed in each Fund’s Schedule of Investments.

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.


108		Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

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.

Expenses Fund specific expenses are charged to the Fund that incurs such expenses. Such expenses may include custodial fees, legal and accounting fees, printing costs and registration fees. Expenses that are not Fund specific are allocated pro rata across the Funds.

Foreign Currency Translation The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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 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


Notes to Financial Statements			109

Elfun Funds

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

transactions only with established counterparties. A Fund’s use of “TBA rolls” may impact portfolio turnover, transaction costs and capital gain distributions to shareholders.

Repurchase Agreements Certain Funds may enter into repurchase agreements under the terms of a Master Repurchase Agreement. A repurchase agreement customarily obligates the seller at the time it sells securities to a Fund to repurchase the securities at a mutually agreed upon price and time. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest.

The applicable Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the Fund’s the principal amount of the repurchase agreement (including accrued interest). The underlying securities are ordinarily United States Government or Government Agency securities, but may consist of other securities. The use of repurchase agreements involves certain risks including counterparty risks. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which the value of the collateral may decline.

As of June 30, 2020, the Elfun Government Money Market Fund had invested in repurchase agreements with the gross values of $45,742,000 and associated collateral equal to $46,657,170.

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 Cash at Broker 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 the movement of the assets underlying such contracts.

During the period ended June 30, 2020, the following Funds entered into futures contracts for strategies listed below:


Funds		Strategies
Elfun International Equity Fund		Equitization of Cash
Elfun Diversified Fund		Management of Interest Rate Risk and Equitization of Cash
Elfun Income Fund		Management of Interest Rate Risk

Credit Default Swaps During the period ended June 30, 2020, 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


110		Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

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.

Interest Rate Swaps Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments.

During the period ended June 30, 2020, the Elfun Diversified Fund and Elfun Income Fund entered into interest rate swaps in order to manage exposure to interest rates.

Options on Exchanged-Traded Futures Contracts Certain Funds may purchase and write options, including options on exchanged-traded futures contracts, subject to certain limitations. Writing puts and buying calls tend to increase a Fund’s exposure to the underlying instrument while buying puts and writing calls tend to decrease a Fund’s exposure to the underlying instrument. A Fund will not enter into a transaction involving options for speculative purposes. A Fund’s risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts.

When a Fund writes an option, the amount of the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss. When an option is exercised, the proceeds from the sale of the underlying instrument or the cost basis of the securities purchased is adjusted by the original premium received or paid. In return for a premium paid, call and put options on futures contracts give the holder the right, but not the


Notes to Financial Statements			111

Elfun Funds

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

obligation, to purchase or sell, respectively, a position in a particular futures contract at a specified exercise price.

During the period ended June 30, 2020, the Elfun Diversified Fund and the Elfun Income Fund purchased and wrote options in order to manage interest rate risk.

The following tables summarize the value of the Funds’ derivative instruments as of June 30, 2020 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 Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Elfun International Equity Fund
Futures Contracts	$	—	$	—	$	—	$	23,300	$	—	$	23,300
Elfun Diversified Fund
Swap Contracts		—		—		63,819		—		—		63,819
Elfun Income Fund
Swap Contracts		—		—		177,819		—		—		177,819

Liability Derivatives


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Elfun Diversified Fund
Futures Contracts	$	(11,116	)	$	—	$	—	$	3,628	$	—	$	(7,488	)
Swap Contracts		(115,406	)		—		—		—		—		(115,406	)
Elfun Income Fund
Futures Contracts	$	(31,204	)	$	—	$	—	$	—	$	—	$	(31,204	)
Swap Contracts		(368,568	)		—		—		—		—		(368,568	)

Realized Gain/Loss


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk			Commodity Contracts Risk		Total
Elfun International Equity Fund
Futures Contracts	$	—		$	—	$	—		$	(822,150	)	$	—	$	(822,150	)
Elfun Diversified Fund
Futures Contracts	$	(26,344	)	$	—	$	—		$	(13,650	)	$	—	$	(39,994	)
Swap Contracts		(145,350	)		—		(571,598	)		—			—		(716,948	)
Purchased Option Contracts^(a)		51,669			—		—			—			—		51,669
Elfun Income Fund
Futures Contracts	$	(773,712	)	$	—	$	—		$	—		$	—	$	(773,712	)
Swap Contracts		(635,118	)		—		(1,855,212	)		—			—		(2,490,330	)
Purchased Option Contracts^(a)		172,832			—		—			—			—		172,832

(a)

Purchased options are included in net realized gain (loss) from investments.


112		Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Net Change in Unrealized Appreciation (Depreciation)


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
Elfun International Equity Fund
Futures Contracts	$	—		$	—	$	—	$	16,416		$	—	$	16,416
Elfun Diversified Fund
Futures Contracts	$	3,955		$	—	$	—	$	(4,018	)	$	—	$	(63	)
Swap Contracts		31,442			—		134,603		—			—		166,045
Elfun Income Fund
Futures Contracts	$	(162,433	)	$	—	$	—	$	—		$	—	$	(162,433	)
Swap Contracts		194,754			—		440,337		—			—		635,091

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, 2021 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, 2021 except with approval of the Board.

Amounts waived or reimbursed are included in the respective Statement of Operations.

Each of the Adviser and State Street Global Advisors Funds Distributors, LLC (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 avoid a negative yield. 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. Reimbursement payments by the Elfun Government Money Market Fund to the Service Providers in connection with the Voluntary Reduction are considered “extraordinary expenses” and are not subject to any contractual expense limitation agreement in effect for the Fund at the time of such payment. Fees reduced or expenses reimbursed for the Elfun Government Money Market Fund by the Service Providers in connection with the Voluntary Reduction for the period ended June 30, 2020 were $206.

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.


Notes to Financial Statements			113

Elfun Funds

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

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 period ended June 30, 2020 are disclosed in the Schedules of Investments.

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.

Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2020 were as follows:


	U.S. Government Obligations				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Elfun International Equity Fund	$	—	$	—	$	23,330,403	$	32,904,288
Elfun Trusts		—		—		402,234,618		453,687,736
Elfun Diversified Fund		30,755,039		26,502,280		28,496,012		23,550,305
Elfun Tax-Exempt Income Fund		—		—		239,804,258		224,083,384
Elfun Income Fund		95,954,820		93,760,106		60,506,374		29,262,057

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.

As of June 30, 2020, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:


	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Elfun International Equity Fund	$	134,744,045	$	44,936,766	$	9,764,952	$	35,171,814
Elfun Trusts		1,730,600,060		1,324,934,877		128,668,504		1,196,266,373
Elfun Diversified Fund		174,413,689		24,910,516		5,717,455		19,193,061
Elfun Tax-Exempt Income Fund		1,306,898,957		85,918,574		24,774,503		61,144,071
Elfun Income Fund		231,627,915		14,386,973		576,746		13,810,227
Elfun Government Money Market Fund		149,668,667		—		—		—


114		Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Line of Credit

The Funds (excluding the Elfun Government Money Market Fund) and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires October 2020 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% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The Funds had no outstanding loans as of June 30, 2020.

10.

Risks

Concentration Risk As a result of a Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of a Fund’s investments more than if a Fund was more broadly diversified.

Interest Rate Risk Is the risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of a Fund’s investments.

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.

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 or other public health issues, or other events could have a significant impact on a Fund and its investments.

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and


Notes to Financial Statements			115

Elfun Funds

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

11.

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.


116		Notes to Financial Statements

Elfun Funds

Other Information — June 30, 2020 (Unaudited)

Proxy Voting Policies and Procedures and Record

The Funds have adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Funds have adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Funds’ website at http://www.ssga.com/geam, and (iii) on the SEC’s website at www.sec.gov. Information regarding how the Funds voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

Following the Funds’ first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit to their reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov. The Funds’ schedules of investments are available upon request, without charge, by calling 1-800-242-0134.


Other Information			117

Elfun Funds¹

Other Information — June 30, 2020, continued (Unaudited)

Trustee Considerations in Approving Continuation of Investment Advisory Agreements²

Overview of the Contract Review Process

Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees or its shareholders, and by a vote of a majority of those trustees who are not “interested persons” of the fund (commonly referred to as, the “Independent Trustees”) cast in person at a meeting called for the purpose of considering such approval.³

Consistent with these requirements, the Board of Trustees (the “Board”) of the Elfun Funds, met telephonically on April 7, 2020 and May 13-14, 2020 (in reliance on the Order), including in executive sessions attended by the Independent Trustees, to consider a proposal to approve, with respect to each Fund, the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Trustees, as well as the Trustees who are “interested persons” of the Adviser, reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Trustees were separately represented by counsel who are independent of the Adviser in connection with their consideration of approval of the Advisory Agreement. Following the April 7, 2020 meeting, the Independent Trustees submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 13-14, 2020 meeting. The Independent Trustees considered, among other things, the following:

Information about Performance, Expenses and Fees

•

A report prepared by an independent third-party provider of investment company data, which includes for each Fund:

^¡

Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2019, to the performance of an appropriate benchmark constructed by Broadridge Financial

¹	The “Elfun Funds” include the Elfun Trusts, Elfun International Equity Fund, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun Government Money Market Fund (each, a “Fund” and collectively, the “Funds”).

The Independent Trustees have identified numerous relevant issues, factors and concerns (“issues, factors and concerns”) that they consider each year in connection with the proposed continuation of the advisory agreements, the distribution agreement and various related-party service agreements (the “annual review process”). The statement of issues, factors and concerns and the related conclusions of the Independent Trustees may not change substantially from year to year. However, the information requested by, and provided to, the Independent Trustees with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Trustees schedule annually a separate in-person meeting that is dedicated to the annual review process (the “special meeting”). Due to the ongoing Coronavirus Disease 2019 (also known as “COVID-19” pandemic, the special meeting for calendar year 2020 was held telephonically. At the special meeting and throughout the annual review process, the Independent Trustees take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Trustees before the annual review process is completed and prior to the Independent Trustees voting on proposals to approve continuation of the agreements and plans.

On March 25, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the “Order”) pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board of the Elfun Funds determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the May 13-14, 2020 meeting was held telephonically in reliance on the Order.


118		Other Information

Elfun Funds

Other Information — June 30, 2020, continued (Unaudited)

Solutions, Inc., the successor to Lipper, Inc. (“Broadridge”) for the Fund (the “Lipper Index”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”);

^¡

Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”);

^¡

A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and

^¡

Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.

•

Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Funds, as applicable; and

•

Profitability analyses for (a) the Adviser with respect to each Fund and (b) affiliates of the Adviser that provide services to the Funds (“Affiliated Service Providers”).

Information about Portfolio Management

•

Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes;

•

Information concerning the allocation of brokerage; and

•

Information regarding the procedures and processes used to value the assets of the Funds.

Information about the Adviser

•

Reports detailing the financial results and condition of the Adviser and its affiliates;

•

Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolios of the Funds and for Fund operations;

•

Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser;

•

Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors;

•

Information concerning the resources devoted by the Adviser to overseeing compliance by the Funds and their service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Funds;

•

A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year;

•

A description of the business continuity and disaster recovery plans of the Adviser; and

•

Information regarding the Adviser’s risk management processes.

Other Relevant Information

•

Information concerning the nature, extent, quality and cost of services provided to the Funds by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”);

•

Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Funds by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Funds, as applicable, and the role of the Adviser in managing the Funds’ relationship with these service providers;


Other Information			119

Elfun Funds

Other Information — June 30, 2020, continued (Unaudited)

•

Copies of the Advisory Agreement and agreements with other service providers of the Funds;

•

Responses to a letter from independent legal counsel to the Independent Trustees (“Independent Counsel”), reviewed prior to such date by Independent Counsel, requesting specific information from each of:

^¡

SSGA FM, in its capacity as the Funds’ Adviser and Administrator, with respect to its operations relating to the Funds and its approximate profit margins from such operations for the calendar year ended December 31, 2019; and the relevant operations of other affiliated service providers to the Funds, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2019;

^¡

State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Funds, with respect to its operations relating to the Funds; and

^¡

State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Funds (the “Distributor”), with respect to its operations relating to the Funds;

•

Information from SSGA FM, State Street and the Distributor with respect to the Funds providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 13, 2020;

•

Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel; and

•

A summary of the foregoing materials prepared by Independent Counsel.

In addition to the information identified above, the Board considered information provided from time to time by the Adviser, and other service providers of the Funds throughout the year at meetings of the Board and its committees. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Funds and the investment strategies used in pursuing each Fund’s investment objective.

The Independent Trustees were assisted throughout the contract review process by their Independent Counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund.

Results of the Process

Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, on May 14, 2020 the Board, including a majority of the Independent Trustees, voted to approve the continuation of the Advisory Agreement effective June 1, 2020, for an additional year with respect to all Funds.

Nature, Extent and Quality of Services

In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to each Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing various Funds that invest primarily in equity securities or money market instruments. With respect to those Funds that invest primarily in fixed-income securities, the Board considered the extensive experience and resources committed by the Adviser to the evaluation of a portfolio’s quality distribution and sector and interest rate exposure. The Board


120		Other Information

Elfun Funds

Other Information — June 30, 2020, continued (Unaudited)

considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Trustees also considered the significant risks assumed by the Adviser in connection with the services provided to the Funds, including reputational and entrepreneurial risks. With respect to the Fund that operates as a money market mutual fund with a stable net asset value, the Board considered the Adviser’s success in maintaining the constant dollar value of the Fund through extraordinary market conditions. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Funds by senior management, as well as the Adviser’s succession planning process.

The Board had previously reviewed the compliance programs of SSGA FM and various affiliated service providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies. The Board also considered the performance of certain portions of the business continuity plan which have been invoked in response to the COVID-19 pandemic.

On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Funds.

Fund Performance

The Board compared each Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2019. For purposes of these comparisons the Independent Trustees relied extensively on the Performance Group, Performance Universe and Lipper Index and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of each Fund:

Elfun Trusts. The Board considered that the Fund’s performance was above the median of its Performance Group for the 1-year period, below the median of its Performance Group for the 3- and 5-year periods and equal to the median of its Performance Group for the 10-year period. The Board also considered that the Fund’s performance was above the median of its Performance Universe and above its Lipper Index for the 1- and 10-year periods and below the median of its Performance Universe and below its Lipper Index for the 3- and 5-year periods. The Board took into account management’s discussion of the Fund’s performance.

Elfun International Equity Fund. The Board considered that the Fund’s performance was above the median of its Performance Group for the 1-year period, below the median of its Performance Group for the 3- and 10-year periods and equal to the median of its Performance Group for the 5-year period. The Board also considered that the Fund’s performance was above the median of its Performance Universe and above its Lipper Index for the 1-year period and below the median of its Performance Universe and below its Lipper Index for the 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance.

Elfun Diversified Fund. The Board considered that the Fund’s performance was above the median of its Performance Group for the 1-, 3- and 5-year periods and below the median of the Performance Group for the 10-year period. The Board also considered that the Fund’s performance was above the median of the Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board further considered that the Fund’s performance was below the Lipper Index for the 1-, 5- and 10-year periods and above the Lipper Index for the 3-year period. The Board took into account management’s discussion of the Fund’s performance.

Elfun Government Money Market Fund. The Board considered that the Fund’s performance was above the medians of its Performance Group and Performance Universe and above its Lipper Index for the 1-, 3-, 5- and 10-year periods.

Elfun Income Fund. The Board considered that the Fund’s performance was above the medians of each of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that


Other Information			121

Elfun Funds

Other Information — June 30, 2020, continued (Unaudited)

the Fund’s performance was above its Lipper Index for the 1- and 10-year periods and was below its Lipper Index for the 3- and 5-year periods. The Board took into account management’s discussion of the Fund’s performance.

Elfun Tax-Exempt Income Fund. The Board considered that the Fund’s performance was below the medians of each of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods and below its Lipper Index for the 1-, 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance.

On the basis of the foregoing and other relevant information, the Board concluded that the performance of each Fund is satisfactory.

Management Fees and Expenses

The Board reviewed the contractual investment advisory fee rates payable by each Fund and actual fees paid by each Fund, net of waivers. As part of its review, the Board considered each Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for each of the Funds. The Board also considered the comparability of the fees charged and the services provided to each Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. In addition, the Board considered the willingness of the Adviser to provide undertakings from time to time to waive fees or pay expenses of various Funds to limit the total expenses borne by shareholders of such Funds. Among other information, the Board considered the following expense information in its evaluation of each Fund:

Elfun Trusts. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.

Elfun International Equity Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.

Elfun Diversified Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.

Elfun Government Money Market Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.

Elfun Income Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.

Elfun Tax-Exempt Income Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.

On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of each Fund compare favorably to the fees and expenses of the Expense Group and Expense Universe and are reasonable in relation to the services provided.

Profitability

The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to each Fund and to all funds within the fund complex. The Board considered other direct and indirect


122		Other Information

Elfun Funds

Other Information — June 30, 2020, continued (Unaudited)

benefits received by SSGA FM and Affiliated Service Providers in connection with their relationships with the Funds, including, where applicable, soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Funds and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Funds, including reputational and entrepreneurial risks.

The Board concluded that the profitability of the Adviser with respect to each of the Funds, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Funds, were reasonable in relation to the services provided.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund and all Funds as a group, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific Fund or the Funds taken as a whole. The Board concluded that, in light of the current size of each Fund and all Funds as a group, the level of profitability of the Adviser and its affiliates with respect to each Fund and all Funds as a group over various time periods, and the comparative management fee and expense ratio of each Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Funds to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for any Fund at this time.

Conclusions

In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Trustee may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Trustees, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.

Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of each Fund and its respective shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.


Other Information			123

Trustees

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Richard D. Shirk

Rina K. Spence

Michael A. Jessee

Ellen M. Needham

Jeanne M. La Porta

Officers

Ellen M. Needham, President

Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, 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 Lincoln Street

Boston, Massachusetts 02111

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.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Elfun Diversified Fund (the “Fund” or “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)(1) Not applicable; this Form N-CSR is a Semi-Annual Report.

(a)(2) Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3) Not applicable to the Registrant.

(a)(4) Not applicable.

(b) Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant:		ELFUN DIVERSIFIED FUND

		By: /s/ Ellen M. Needham
		Ellen M. Needham
		President

Date:		September 4, 2020

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/ Ellen M. Needham
		Ellen M. Needham
		President (Principal Executive Officer)

Date:		September 4, 2020

		By: /s/ Bruce S. Rosenberg
		Bruce S. Rosenberg
		Treasurer (Principal Financial and Accounting Officer)

Date:		September 4, 2020

Elfun Diversified Fund (ELDFX) N-CSRSCertified semi-annual shareholder report (management investment company)