0000717854falseN-CSRSELFUN INCOME FUNDN-1A2026-06-300000717854ssga:C000032333Member2026-01-012026-06-3000007178542026-01-012026-06-300000717854ssga:C000032333Member2026-06-300000717854ssga:C000032333Memberssga:AssetUSTreasuriesCTIMember2026-06-300000717854ssga:C000032333Memberssga:AssetCorporateNotesCTIMember2026-06-300000717854ssga:C000032333Memberssga:AssetAgencyMortgageBackedCTIMember2026-06-300000717854ssga:C000032333Memberssga:AssetShortMinusTermInvestmentsCTIMember2026-06-300000717854ssga:C000032333Memberssga:AssetNonMinusAgencyCollateralizedMortgageObligationsCTIMember2026-06-300000717854ssga:C000032333Memberssga:AssetAssetBackedCTIMember2026-06-300000717854ssga:C000032333Memberssga:AssetAgencyCollateralizedMortgageObligationsCTIMember2026-06-300000717854ssga:C000032333Memberssga:AssetMunicipalBondsandNotesCTIMember2026-06-300000717854ssga:C000032333Memberssga:UniformMortgageMinusBackedSecurityTBAFR01F022675CTIMember2026-06-300000717854ssga:C000032333Memberssga:USTreasuryNotesFR91282CNP2CTIMember2026-06-300000717854ssga:C000032333Memberssga:USTreasuryNotesFR91282CPE5CTIMember2026-06-300000717854ssga:C000032333Memberssga:UniformMortgageMinusBackedSecurityTBAFR01F060675CTIMember2026-06-300000717854ssga:C000032333Memberssga:USTreasuryBondsFR912810UM8CTIMember2026-06-300000717854ssga:C000032333Memberssga:UniformMortgageMinusBackedSecurityTBAFR01F030678CTIMember2026-06-300000717854ssga:C000032333Memberssga:USTreasuryNotesFR91282CMZ1CTIMember2026-06-300000717854ssga:C000032333Memberssga:USTreasuryBondsFR912810TU2CTIMember2026-06-300000717854ssga:C000032333Memberssga:BankFR06541XAE0CTIMember2026-06-300000717854ssga:C000032333Memberssga:FederalNationalMortgageAssociationFR3138WLBN2CTIMember2026-06-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dssga:Holding
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: 811-03715
ELFUN INCOME FUND
(Exact name of registrant as specified in charter)
One Congress Street
Boston, Massachusetts 02114
(Address of principal executive offices) (Zip code)
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| (Name and Address of Agent for Service) |
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Copy to: |
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| Andrew J. DeLorme, Esq. Chief Legal Officer c/o SSGA Funds Management, Inc. One Congress Street Boston, Massachusetts 02114 |
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Adam M. Schlichtmann, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600 |
Registrant’s telephone number, including area code: (617) 664-3920
Date of fiscal year end: December 31
Date of reporting period: June 30, 2026
Item 1. Report to Shareholders.
(a) The Report to Shareholders is attached herewith.
Semi-Annual Shareholder Report
June 30, 2026
This semi-annual shareholder report contains important information about the Elfun Income Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-242-0134.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 Investment)
Table Summary
Fund Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
Elfun Income Fund |
$18 |
0.37%Footnote Reference* |
| Footnote |
Description |
Footnote* |
Annualized. |
Key Fund Statistics as of 6/30/2026
- Total Net Assets$110,214,409
- Number of Portfolio Holdings1,040
- Portfolio Turnover Rate16%
What did the Fund invest in as of 6/30/2026? (as a percentage of total net assets)
Table Summary
Assets |
% |
U.S. Treasuries |
27.9% |
Corporate Notes |
27.9% |
Agency Mortgage Backed |
24.0% |
Short-Term Investments |
17.2% |
Non-Agency Collateralized Mortgage Obligations |
12.7% |
Asset Backed |
1.7% |
Agency Collateralized Mortgage Obligations |
1.0% |
Municipal Bonds and Notes |
0.2% |
Table Summary
Holdings |
% |
Uniform Mortgage-Backed Security, TBA, 2.50%, due 07/01/56 |
4.4% |
U.S. Treasury Notes, 3.88%, due 07/31/27 |
3.9% |
U.S. Treasury Notes, 3.50%, due 10/31/27 |
3.8% |
Uniform Mortgage-Backed Security, TBA, 6.00%, due 07/01/56 |
3.5% |
U.S. Treasury Bonds, 4.75%, due 08/15/55 |
2.5% |
Uniform Mortgage-Backed Security, TBA, 3.00%, due 07/01/56 |
2.4% |
U.S. Treasury Notes, 3.88%, due 04/30/30 |
2.4% |
U.S. Treasury Bonds, 4.38%, due 08/15/43 |
2.1% |
Bank, Class A4, 3.18%, due 09/15/60 |
2.1% |
Federal National Mortgage Association, 3.50%, due 07/01/47 |
2.0% |
Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and
proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=mf.
(b) Not applicable.
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.
Item 6. Investments.
(a) Schedules of Investments are included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.
(b) Not applicable to the Registrant.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Registrant’s Financial Statements are attached herewith.
(b) The Registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.
Semi-Annual Financial Statements and Other Information
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Elfun International Equity Fund |
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Elfun Tax-Exempt Income Fund |
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Elfun Government Money Market Fund |
Elfun Funds
Semi-Annual Financial Statements and Other Information
June 30, 2026 (Unaudited)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable
Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not applicable
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above
[This page intentionally left blank]
Elfun International Equity Fund
Schedule of Investments — June 30, 2026 (Unaudited)
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Teck Resources Ltd., Class B (a) |
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LVMH Moet Hennessy Louis Vuitton SE |
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Mitsubishi UFJ Financial Group, Inc. |
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Murata Manufacturing Co. Ltd. |
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Recruit Holdings Co. Ltd. |
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Tokio Marine Holdings, Inc. |
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United Overseas Bank Ltd. |
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Cellnex Telecom SA (b)(c) |
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Industria de Diseno Textil SA |
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Taiwan Semiconductor Manufacturing Co. Ltd. |
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Coca-Cola Europacific Partners PLC |
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London Stock Exchange Group PLC |
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See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun International Equity Fund |
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Elfun International Equity Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
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Sunbelt Rentals Holdings, Inc. |
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Total Common Stock
(Cost $104,305,031) |
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Short-Term Investments - 1.9% |
State Street Institutional Treasury Money Market Fund - Premier Class 3.59% (d)(e) |
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State Street Institutional U.S. Government Money Market Fund - Class G Shares 3.62% (d)(e) |
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Total Short-Term Investments
(Cost $3,380,269) |
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Total Investments
(Cost $107,685,300) |
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Other Assets and Liabilities, net - 0.4% |
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Other Information:
The Fund had the following long futures contracts open at June 30, 2026: |
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Unrealized
Appreciation
(Depreciation) |
MSCI EAFE Mini Index Futures |
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The Fund had the following short futures contracts open at June 30, 2026: |
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Unrealized
Appreciation
(Depreciation) |
MSCI EAFE Mini Index Futures |
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During the period ended June 30, 2026, the average notional values related to long and short futures contracts were $1,619,885 and $155,808, respectively.
Notes to Schedule of Investments – June 30, 2026(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.
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At June 30, 2026, all or a portion of this security was pledged to cover collateral requirements for futures contracts. |
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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, 2026, these securities amounted to $1,980,367 or 1.12% of the net assets of the Elfun International Equity Fund. |
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Non-income producing security. |
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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. |
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Coupon amount represents effective yield. |
See Notes to Schedules of Investments and Notes to Financial Statements.
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Elfun International Equity Fund |
Elfun International Equity Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
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Percentages are based on net assets as of June 30, 2026. |
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ADR - American Depositary Receipt |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2026:
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Investments in Securities |
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Total Investments in Securities |
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Other Financial Instruments |
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Long Futures Contracts - Unrealized Depreciation |
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Short Futures Contracts - Unrealized Appreciation |
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Total Other Financial Instruments |
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Number
of Shares
Held at
12/31/25 |
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Proceeds
from
Shares
Sold |
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Change in
Unrealized
Appreciation
(Depreciation) |
Number of
Shares
Held at
6/30/26 |
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State Street Institutional Treasury Money Market Fund - Premier Class |
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State Street Institutional U.S. Government Money Market Fund - Class G Shares |
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See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun International Equity Fund |
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Elfun Trusts
Schedule of Investments — June 30, 2026 (Unaudited)
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Application Software - 2.4% |
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Construction Materials - 1.3% |
Martin Marietta Materials, Inc. |
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Consumer Staples Merchandise Retail - 1.3% |
BJ's Wholesale Club Holdings, Inc. (a) |
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Electrical Components & Equipment - 3.4% |
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Electronic Components - 2.1% |
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Environmental & Facilities Services - 1.5% |
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Financial Exchanges & Data - 2.9% |
Intercontinental Exchange, Inc. |
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Healthcare Equipment - 2.5% |
Boston Scientific Corp. (a) |
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Home Improvement Retail - 1.7% |
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Industrial Machinery & Supplies & Components - 1.3% |
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Marsh & McLennan Cos., Inc. |
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Integrated Oil & Gas - 2.0% |
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Interactive Media & Services - 11.9% |
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Meta Platforms, Inc., Class A |
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Investment Banking & Brokerage - 0.7% |
Robinhood Markets, Inc., Class A (a) |
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Life Sciences Tools & Services - 1.4% |
Thermo Fisher Scientific, Inc. |
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Movies & Entertainment - 1.5% |
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Passenger Ground Transportation - 1.6% |
Uber Technologies, Inc. (a) |
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Semiconductor Materials & Equipment - 3.4% |
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Advanced Micro Devices, Inc. (a) |
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See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Trusts
Schedule of Investments, continued — June 30, 2026 (Unaudited)
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Technology Hardware, Storage & Peripherals - 5.6% |
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Trading Companies & Distributors - 1.7% |
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Transaction & Payment Processing Services - 3.3% |
Mastercard, Inc., Class A |
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Total Common Stock
(Cost $1,903,392,395) |
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Short-Term Investments - 1.7% |
State Street Institutional Treasury Money Market Fund - Premier Class 3.59% (b)(c) |
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State Street Institutional U.S. Government Money Market Fund - Class G Shares 3.62% (b)(c) |
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Total Short-Term Investments
(Cost $78,560,719) |
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Total Investments
(Cost $1,981,953,114) |
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Liabilities in Excess of
Other Assets, net - (0.0)%* |
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Notes to Schedule of Investments – June 30, 2026(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.
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Non-income producing security. |
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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. |
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Coupon amount represents effective yield. |
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Percentages are based on net assets as of June 30, 2026. |
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REIT - Real Estate Investment Trust |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2026:
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Investments in Securities |
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Total Investments in Securities |
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See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Trusts
Schedule of Investments, continued — June 30, 2026 (Unaudited)
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Number
of Shares
Held at
12/31/25 |
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Proceeds
from
Shares
Sold |
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Change in
Unrealized
Appreciation
(Depreciation) |
Number of
Shares
Held at
6/30/26 |
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State Street Institutional Treasury Money Market Fund - Premier Class |
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State Street Institutional U.S. Government Money Market Fund - Class G Shares |
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See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments — June 30, 2026 (Unaudited)
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Domestic Equity - 42.0% † |
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Trade Desk, Inc., Class A (a) |
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Aerospace & Defense - 1.0% |
Axon Enterprise, Inc. (a) |
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Honeywell Aerospace, Inc. (a) |
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Huntington Ingalls Industries, Inc. |
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L3Harris Technologies, Inc. |
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Agricultural & Farm Machinery - 0.1% |
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Agricultural Products & Services - 0.0%* |
Archer-Daniels-Midland Co. |
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Air Freight & Logistics - 0.1% |
CH Robinson Worldwide, Inc. |
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Expeditors International of Washington, Inc. |
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United Parcel Service, Inc., Class B |
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Apparel, Accessories & Luxury Goods - 0.0%* |
Lululemon Athletica, Inc. (a) |
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Application Software - 0.7% |
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AppLovin Corp., Class A (a) |
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Cadence Design Systems, Inc. (a) |
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Datadog, Inc., Class A (a) |
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Palantir Technologies, Inc., Class A (a) |
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Tyler Technologies, Inc. (a) |
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Workday, Inc., Class A (a) |
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Asset Management & Custody Banks - 0.4% |
Ameriprise Financial, Inc. |
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ARES Management Corp., Class A |
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Bank of New York Mellon Corp. |
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T. Rowe Price Group, Inc. |
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Automobile Manufacturers - 0.9% |
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Automotive Parts & Equipment - 0.0%* |
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See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
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O'Reilly Automotive, Inc. (a) |
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Regeneron Pharmaceuticals, Inc. |
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Vertex Pharmaceuticals, Inc. (a) |
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Molson Coors Beverage Co., Class B |
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Paramount Skydance Corp., Class B |
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Builders FirstSource, Inc. (a) |
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Johnson Controls International PLC |
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Lennox International, Inc. |
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Cable & Satellite - 0.0%* |
Charter Communications, Inc., Class A (a) |
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EchoStar Corp., Class A (a) |
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Cargo Ground Transportation - 0.1% |
Fedex Freight Holding Co., Inc. (a) |
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JB Hunt Transport Services, Inc. |
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Old Dominion Freight Line, Inc. |
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MGM Resorts International (a) |
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Commodity Chemicals - 0.0%* |
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LyondellBasell Industries NV, Class A |
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Communications Equipment - 0.6% |
Arista Networks, Inc. (a) |
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Lumentum Holdings, Inc. (a) |
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Computer & Electronics Retail - 0.0%* |
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Construction & Engineering - 0.1% |
Comfort Systems USA, Inc. |
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Construction Machinery & Heavy Transportation Equipment - 0.5% |
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|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
Westinghouse Air Brake Technologies Corp. |
|
|
| |
|
|
Construction Materials - 0.1% |
| |
|
|
Martin Marietta Materials, Inc. |
|
|
| |
|
|
| |
|
|
Consumer Electronics - 0.0%* |
| |
|
|
| |
| |
|
|
Capital One Financial Corp. |
|
|
| |
|
|
| |
|
|
Consumer Staples Merchandise Retail - 0.7% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
|
|
| |
Digital Realty Trust, Inc. |
|
|
| |
|
|
| |
|
|
Data Processing & Outsourced Services - 0.0%* |
Broadridge Financial Solutions, Inc. |
|
|
Distillers & Vintners - 0.0%* |
Brown-Forman Corp., Class B |
|
|
Constellation Brands, Inc., Class A |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
PNC Financial Services Group, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
Diversified Financial Services - 0.0%* |
Apollo Global Management, Inc. |
|
|
Diversified Support Services - 0.1% |
| |
|
|
| |
|
|
| |
|
|
Electric Utilities - 0.6% |
| |
|
|
American Electric Power Co., Inc. |
|
|
Constellation Energy Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Pinnacle West Capital Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Electrical Components & Equipment - 0.3% |
| |
|
|
| |
|
|
| |
|
|
Generac Holdings, Inc. (a) |
|
|
| |
|
|
Rockwell Automation, Inc. |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Vertiv Holdings Co., Class A |
|
|
| |
|
|
Electronic Components - 0.3% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Electronic Equipment & Instruments - 0.1% |
Keysight Technologies, Inc. (a) |
|
|
Teledyne Technologies, Inc. (a) |
|
|
Zebra Technologies Corp., Class A (a) |
|
|
| |
|
|
Electronic Manufacturing Services - 0.1% |
| |
|
|
| |
|
|
| |
|
|
Environmental & Facilities Services - 0.1% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Fertilizers & Agricultural Chemicals - 0.1% |
CF Industries Holdings, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
Financial Exchanges & Data - 0.3% |
Cboe Global Markets, Inc. |
|
|
| |
|
|
Coinbase Global, Inc., Class A (a) |
|
|
FactSet Research Systems, Inc. |
|
|
Intercontinental Exchange, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Food Distributors - 0.0%* |
| |
|
|
| |
Casey's General Stores, Inc. |
|
|
| |
|
|
| |
|
|
| |
Deckers Outdoor Corp. (a) |
|
|
| |
|
|
| |
|
|
| |
| |
|
|
| |
| |
|
|
| |
Alexandria Real Estate Equities, Inc. |
|
|
Healthpeak Properties, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
Healthcare Distributors - 0.1% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Healthcare Equipment - 0.6% |
| |
|
|
Baxter International, Inc. |
|
|
| |
|
|
Boston Scientific Corp. (a) |
|
|
| |
|
|
Edwards Lifesciences Corp. (a) |
|
|
GE HealthCare Technologies, Inc. |
|
|
IDEXX Laboratories, Inc. (a) |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Intuitive Surgical, Inc. (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Zimmer Biomet Holdings, Inc. |
|
|
| |
|
|
Healthcare Facilities - 0.0%* |
| |
|
|
Universal Health Services, Inc., Class B |
|
|
| |
|
|
Healthcare Services - 0.2% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Healthcare Supplies - 0.0%* |
Align Technology, Inc. (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
Healthcare Technology - 0.0%* |
Veeva Systems, Inc., Class A (a) |
|
|
Heavy Electrical Equipment - 0.2% |
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Home Furnishing Retail - 0.0%* |
| |
|
|
Home Improvement Retail - 0.3% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Hotel & Resort REITs - 0.0%* |
Host Hotels & Resorts, Inc. |
|
|
Hotels, Resorts & Cruise Lines - 0.3% |
Airbnb, Inc., Class A (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
Hilton Worldwide Holdings, Inc. |
|
|
Marriott International, Inc., Class A |
|
|
Norwegian Cruise Line Holdings Ltd. (a) |
|
|
Royal Caribbean Cruises Ltd. |
|
|
| |
|
|
Household Products - 0.3% |
Church & Dwight Co., Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Human Resource & Employment Services - 0.1% |
Automatic Data Processing, Inc. |
|
|
| |
|
|
| |
|
|
Independent Power Producers & Energy Traders - 0.0%* |
| |
|
|
| |
|
|
| |
|
|
Industrial Conglomerates - 0.1% |
| |
|
|
Honeywell International, Inc. |
|
|
| |
|
|
| |
Air Products & Chemicals, Inc. |
|
|
| |
|
|
| |
|
|
Industrial Machinery & Supplies & Components - 0.3% |
| |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
Illinois Tool Works, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Stanley Black & Decker, Inc. |
|
|
| |
|
|
| |
|
|
| |
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
Marsh & McLennan Cos., Inc. |
|
|
| |
|
|
| |
|
|
Integrated Oil & Gas - 0.6% |
| |
|
|
| |
|
|
Occidental Petroleum Corp. |
|
|
| |
|
|
Integrated Telecommunication Services - 0.3% |
| |
|
|
| |
|
|
Verizon Communications, Inc. |
|
|
| |
|
|
Interactive Home Entertainment - 0.1% |
| |
|
|
Take-Two Interactive Software, Inc. (a) |
|
|
| |
|
|
Interactive Media & Services - 3.3% |
| |
|
|
| |
|
|
Meta Platforms, Inc., Class A |
|
|
| |
|
|
Internet Services & Infrastructure - 0.0%* |
Akamai Technologies, Inc. (a) |
|
|
| |
|
|
GoDaddy, Inc., Class A (a) |
|
|
| |
|
|
| |
|
|
Investment Banking & Brokerage - 0.6% |
| |
|
|
Goldman Sachs Group, Inc. |
|
|
Interactive Brokers Group, Inc., Class A |
|
|
| |
|
|
Raymond James Financial, Inc. |
|
|
Robinhood Markets, Inc., Class A (a) |
|
|
| |
|
|
IT Consulting & Other Services - 0.2% |
| |
|
|
Cognizant Technology Solutions Corp., Class A |
|
|
| |
|
|
International Business Machines Corp. |
|
|
| |
|
|
| |
| |
|
|
Life & Health Insurance - 0.1% |
| |
|
|
| |
|
|
| |
|
|
Principal Financial Group, Inc. |
|
|
Prudential Financial, Inc. |
|
|
| |
|
|
Life Sciences Tools & Services - 0.3% |
Agilent Technologies, Inc. |
|
|
| |
|
|
Charles River Laboratories International, Inc. (a) |
|
|
| |
|
|
| |
|
|
Mettler-Toledo International, Inc. (a) |
|
|
| |
|
|
Thermo Fisher Scientific, Inc. |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
West Pharmaceutical Services, Inc. |
|
|
| |
|
|
Managed Healthcare - 0.4% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Metal, Glass & Plastic Containers - 0.0%* |
| |
|
|
Movies & Entertainment - 0.4% |
Live Nation Entertainment, Inc. (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
Warner Bros Discovery, Inc. (a) |
|
|
| |
|
|
Multi-Family Residential REITs - 0.1% |
AvalonBay Communities, Inc. |
|
|
| |
|
|
| |
|
|
Essex Property Trust, Inc. |
|
|
Mid-America Apartment Communities, Inc. |
|
|
| |
|
|
| |
|
|
Multi-Sector Holdings - 0.6% |
Berkshire Hathaway, Inc., Class B (a) |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
Consolidated Edison, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
Public Service Enterprise Group, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
|
|
Oil & Gas Equipment & Services - 0.1% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Oil & Gas Exploration & Production - 0.2% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Oil & Gas Refining & Marketing - 0.1% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Oil & Gas Storage & Transportation - 0.2% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Other Specialized REITs - 0.0%* |
| |
|
|
| |
|
|
| |
|
|
Other Specialty Retail - 0.0%* |
| |
|
|
| |
|
|
| |
|
|
Packaged Foods & Meats - 0.1% |
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Mondelez International, Inc., Class A |
|
|
Tyson Foods, Inc., Class A |
|
|
| |
|
|
Paper & Plastic Packaging Products & Materials - 0.1% |
| |
|
|
| |
|
|
| |
|
|
Packaging Corp. of America |
|
|
| |
|
|
| |
|
|
Passenger Airlines - 0.1% |
| |
|
|
| |
|
|
United Airlines Holdings, Inc. (a) |
|
|
| |
|
|
Passenger Ground Transportation - 0.1% |
Uber Technologies, Inc. (a) |
|
|
Personal Care Products - 0.0%* |
Estee Lauder Cos., Inc., Class A |
|
|
| |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Property & Casualty Insurance - 0.4% |
| |
|
|
American International Group, Inc. |
|
|
Arch Capital Group Ltd. (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
Cincinnati Financial Corp. |
|
|
Erie Indemnity Co., Class A |
|
|
Hartford Insurance Group, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
Rail Transportation - 0.2% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Real Estate Services - 0.0%* |
CBRE Group, Inc., Class A (a) |
|
|
| |
|
|
| |
|
|
| |
Citizens Financial Group, Inc. |
|
|
Huntington Bancshares, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
|
|
Research & Consulting Services - 0.0%* |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Chipotle Mexican Grill, Inc. (a) |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
DoorDash, Inc., Class A (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Federal Realty Investment Trust |
|
|
| |
|
|
| |
|
|
| |
|
|
Simon Property Group, Inc. |
|
|
| |
|
|
Self Storage REITs - 0.1% |
Extra Space Storage, Inc. |
|
|
| |
|
|
| |
|
|
Semiconductor Materials & Equipment - 1.1% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Advanced Micro Devices, Inc. (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Microchip Technology, Inc. |
|
|
| |
|
|
Monolithic Power Systems, Inc. |
|
|
| |
|
|
ON Semiconductor Corp. (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Single-Family Residential REITs - 0.0%* |
| |
|
|
Soft Drinks & Non-Alcoholic Beverages - 0.4% |
| |
|
|
| |
|
|
Monster Beverage Corp. (a) |
|
|
| |
|
|
| |
|
|
Specialty Chemicals - 0.2% |
| |
|
|
| |
|
|
| |
|
|
International Flavors & Fragrances, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
Crowdstrike Holdings, Inc., Class A (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Palo Alto Networks, Inc. (a) |
|
|
| |
|
|
| |
|
|
Technology Distributors - 0.0%* |
| |
|
|
Technology Hardware, Storage & Peripherals - 3.4% |
| |
|
|
Dell Technologies, Inc., Class C |
|
|
Hewlett Packard Enterprise Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
Seagate Technology Holdings PLC |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Super Micro Computer, Inc. (a) |
|
|
| |
|
|
| |
|
|
Telecom Tower REITs - 0.1% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
|
|
| |
| |
|
|
Philip Morris International, Inc. |
|
|
| |
|
|
Trading Companies & Distributors - 0.1% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Transaction & Payment Processing Services - 0.8% |
| |
|
|
| |
|
|
Fidelity National Information Services, Inc. |
|
|
| |
|
|
| |
|
|
Jack Henry & Associates, Inc. |
|
|
Mastercard, Inc., Class A |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
American Water Works Co., Inc. |
|
|
Wireless Telecommunication Services - 0.1% |
| |
|
|
Total Common Stock
(Cost $39,914,235) |
|
|
Total Domestic Equity
(Cost $39,914,235) |
|
|
| |
|
|
| |
| |
Electronic Manufacturing Services - 0.0%* |
| |
|
|
| |
| |
|
|
Total Common Stock
(Cost $100,596) |
|
|
Total Foreign Equity
(Cost $100,596) |
|
|
| |
|
|
| |
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
3.50% 10/31/27 - 12/15/28 |
|
|
| |
|
|
| |
|
|
3.88% 04/30/30 - 08/15/33 |
|
|
4.00% 07/31/29 - 07/31/32 |
|
|
4.25% 11/15/34 - 08/15/35 |
|
|
4.63% 04/30/29 - 05/31/31 |
|
|
Total U.S. Treasuries
(Cost $25,387,961) |
|
|
Agency Mortgage Backed - 8.0% |
Federal Home Loan Mortgage Corp. |
|
|
3.00% 04/01/43 - 10/01/49 |
|
|
4.50% 06/01/33 - 02/01/35 |
|
|
| |
|
|
5.50% 01/01/38 - 04/01/39 |
|
|
6.00% 06/01/33 - 11/01/37 |
|
|
| |
|
|
7.00% 12/01/29 - 08/01/36 |
|
|
| |
|
|
8.00% 07/01/30 - 11/01/30 |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Federal National Mortgage Association |
|
|
| |
|
|
| |
|
|
3.50% 08/01/45 - 01/01/48 |
|
|
4.00% 01/01/41 - 01/01/50 |
|
|
4.50% 07/01/33 - 12/01/48 |
|
|
5.00% 03/01/34 - 05/01/39 |
|
|
5.50% 07/01/33 - 01/01/39 |
|
|
6.00% 02/01/29 - 05/01/41 |
|
|
6.50% 07/01/29 - 08/01/36 |
|
|
| |
|
|
7.50% 12/01/29 - 03/01/33 |
|
|
| |
|
|
Federal National Mortgage Association 1 yr. USD RFUCCT + 1.60% |
|
|
| |
|
|
Government National Mortgage Association |
|
|
3.00% 12/20/42 - 05/20/45 |
|
|
| |
|
|
4.00% 01/20/41 - 04/20/43 |
|
|
4.50% 08/15/33 - 03/20/41 |
|
|
| |
|
|
6.00% 07/15/33 - 04/15/34 |
|
|
6.50% 06/15/34 - 07/15/36 |
|
|
7.00% 04/15/28 - 08/15/36 |
|
|
| |
|
|
| |
|
|
Government National Mortgage Association REMICS 30 day USD SOFR Average - 5.85% |
|
|
| |
|
|
Uniform Mortgage-Backed Security, TBA |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total Agency Mortgage Backed
(Cost $15,579,909) |
|
|
| |
|
|
Agency Collateralized Mortgage Obligations - 0.2% |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|
|
| |
|
|
| |
|
|
Federal Home Loan Mortgage Corp. REMICS |
|
|
| |
|
|
| |
|
|
Federal Home Loan Mortgage Corp. STRIPS |
|
|
| |
|
|
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|
|
| |
|
|
Federal National Mortgage Association Interest STRIPS |
|
|
4.50% 08/25/35 - 01/25/36 (e) |
|
|
5.00% 03/25/38 - 05/25/38 (e) |
|
|
| |
|
|
| |
|
|
Federal National Mortgage Association REMICS |
|
|
| |
|
|
| |
|
|
Federal National Mortgage Association REMICS 30 day USD SOFR Average - 5.89% |
|
|
| |
|
|
Federal National Mortgage Association REMICS 30 day USD SOFR Average - 6.44% |
|
|
| |
|
|
Total Agency Collateralized Mortgage Obligations
(Cost $377,485) |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
Towd Point Mortgage Trust |
|
|
| |
|
|
Total Asset Backed
(Cost $836,144) |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Advanced Micro Devices, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Alexandria Real Estate Equities, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Allstate Corp. (6.85% fixed rate until 07/30/26; 3.20% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
3.40% 05/06/30 - 02/04/41 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
4.25% 03/13/31 - 08/22/57 (c) |
|
|
American Electric Power Co., Inc. |
|
|
| |
|
|
| |
|
|
American Honda Finance Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
American Water Capital Corp. |
|
|
| |
|
|
| |
|
|
Americold Realty Operating Partnership LP |
|
|
| |
|
|
Ameriprise Financial, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
|
|
| |
|
|
| |
|
|
Anheuser-Busch InBev Worldwide, Inc. |
|
|
| |
|
|
| |
|
|
Aon Corp./Aon Global Holdings PLC |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Apollo Debt Solutions BDC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Archer-Daniels-Midland Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.30% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.77% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 yr. CMT thereafter) |
|
|
| |
|
|
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.45% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (4.24% fixed rate until 04/24/37; 2.08% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.57% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Bank of America Corp. (5.29% fixed rate until 04/25/33; 1.91% + SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (5.47% fixed rate until 01/23/34; 1.65% + SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (5.87% fixed rate until 09/15/33; 1.84% + SOFR thereafter) |
|
|
| |
|
|
Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.39% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Bank of Nova Scotia (6.58% fixed rate until 10/12/26; 2.91% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Baxter International, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
Baylor Scott & White Holdings |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Berkshire Hathaway Energy Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Berkshire Hathaway Finance Corp. |
|
|
| |
|
|
| |
|
|
BHP Billiton Finance USA Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
BlackRock TCP Capital Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
BP Capital Markets America, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 yr. CMT thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Brixmor Operating Partnership LP |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Burlington Northern Santa Fe LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Canadian Natural Resources Ltd. |
|
|
| |
|
|
| |
|
|
Canadian Pacific Railway Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Carlyle Secured Lending, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 yr. CMT thereafter) |
|
|
| |
|
|
Charles Schwab Corp. (5.64% fixed rate until 05/19/28; 2.21% + SOFR thereafter) |
|
|
| |
|
|
| |
|
|
Charles Schwab Corp. (6.14% fixed rate until 08/24/33; 2.01% + SOFR thereafter) |
|
|
| |
|
|
Charter Communications Operating LLC/Charter Communications Operating Capital |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
3.40% 03/15/50 - 03/15/51 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Citigroup, Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) |
|
|
| |
|
|
Citigroup, Inc. (3.79% fixed rate until 03/17/32; 1.94% + SOFR thereafter) |
|
|
| |
|
|
Citigroup, Inc. (3.88% fixed rate until 01/24/38; 1.43% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Citigroup, Inc. (6.02% fixed rate until 01/24/35; 1.83% + SOFR thereafter) |
|
|
| |
|
|
Cleveland Electric Illuminating Co. |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Consolidated Edison Co. of New York, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Constellation Brands, Inc. |
|
|
| |
|
|
| |
|
|
Constellation Energy Generation LLC |
|
|
| |
|
|
Continental Resources, Inc. |
|
|
| |
|
|
COPT Defense Properties LP |
|
|
| |
|
|
| |
|
|
Corebridge Financial, Inc. |
|
|
| |
|
|
Crowdstrike Holdings, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
4.50% 03/15/49 - 08/01/54 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
5.30% 06/01/33 - 12/05/43 (c) |
|
|
| |
|
|
| |
|
|
CVS Health Corp. (6.75% fixed rate until 09/10/34; 2.52% + 5 yr. CMT thereafter) |
|
|
| |
|
|
CVS Health Corp. (7.00% fixed rate until 12/10/29; 2.89% + 5 yr. CMT thereafter) |
|
|
| |
|
|
Deutsche Bank AG (2.31% fixed rate until 11/16/26; 1.22% + SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
DH Europe Finance II SARL |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Dick's Sporting Goods, Inc. |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
| |
|
|
Discovery Communications LLC |
|
|
| |
|
|
| |
|
|
Discovery Global Holdings, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Duke Energy Carolinas LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Duquesne Light Holdings, Inc. |
|
|
| |
|
|
Eastern Energy Gas Holdings LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Enbridge Energy Partners LP |
|
|
| |
|
|
| |
|
|
| |
|
|
Enbridge, Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 yr. CMT thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
5.30% 04/01/44 - 04/15/47 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Enterprise Products Operating LLC |
|
|
| |
|
|
| |
|
|
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.29% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Everest Reinsurance Holdings, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Fidelity National Financial, Inc. |
|
|
| |
|
|
Fidelity National Information Services, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
FirstEnergy Transmission LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
Florida Power & Light Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
General Motors Financial Co., Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
GlaxoSmithKline Capital PLC |
|
|
| |
|
|
Goldman Sachs Group, Inc. |
|
|
| |
|
|
Goldman Sachs Group, Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter) |
|
|
| |
|
|
Goldman Sachs Group, Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) |
|
|
| |
|
|
Goldman Sachs Group, Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) |
|
|
| |
|
|
Goldman Sachs Group, Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) |
|
|
| |
|
|
Goldman Sachs Group, Inc. (3.44% fixed rate until 02/24/42; 1.63% + SOFR thereafter) |
|
|
| |
|
|
Goldman Sachs Group, Inc. (3.81% fixed rate until 04/23/28; 1.42% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Goldman Sachs Group, Inc. (4.02% fixed rate until 10/31/37; 1.63% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Goldman Sachs Group, Inc. (4.22% fixed rate until 05/01/28; 1.56% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
Hartford Insurance Group, Inc. (6.04% fixed rate until 07/30/26; 2.39% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Health Care Service Corp. A Mutual Legal Reserve Co. |
|
|
| |
|
|
| |
|
|
Healthcare Realty Holdings LP |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
3.90% 12/06/28 - 06/15/47 (c) |
|
|
| |
|
|
4.95% 06/25/34 - 09/15/52 (c) |
|
|
| |
|
|
| |
|
|
Honeywell Aerospace, Inc. |
|
|
| |
|
|
Honeywell International, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Horseshoe Funding Trust II |
|
|
| |
|
|
Huntington Bancshares, Inc. |
|
|
| |
|
|
Huntington Bancshares, Inc. (5.27% fixed rate until 01/15/30; 1.28% + SOFR thereafter) |
|
|
| |
|
|
Huntington Bancshares, Inc. (6.14% fixed rate until 08/18/34; 1.70% + 5 yr. CMT thereafter) |
|
|
| |
|
|
Huntington Ingalls Industries, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
IBM International Capital Pte. Ltd. |
|
|
| |
|
|
Imperial Brands Finance PLC |
|
|
| |
|
|
Indiana Michigan Power Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Intercontinental Exchange, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
6.50% 11/15/43 - 11/15/53 (c) |
|
|
JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |
|
|
| |
|
|
| |
|
|
| |
|
|
Jefferies Financial Group, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
Johnson Controls International PLC |
|
|
| |
|
|
JPMorgan Chase & Co. (2.96% fixed rate until 01/25/32; 1.26% + SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.62% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.38% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.72% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
| |
|
|
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (5.34% fixed rate until 01/23/34; 1.62% + SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (5.50% fixed rate until 01/24/35; 1.32% + SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Kinder Morgan Energy Partners LP |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
L3Harris Technologies, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Liberty Mutual Group, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
1.70% 09/15/28 - 10/15/30 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
LYB International Finance III LLC |
|
|
| |
|
|
| |
|
|
M&T Bank Corp. (5.05% fixed rate until 01/27/33; 1.85% + SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Marsh & McLennan Cos., Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Massachusetts Mutual Life Insurance Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Medtronic Global Holdings SCA |
|
|
| |
|
|
| |
|
|
| |
|
|
Memorial Sloan-Kettering Cancer Center |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Mid-America Apartments LP |
|
|
| |
|
|
Molson Coors Beverage Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) |
|
|
| |
|
|
Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) |
|
|
| |
|
|
Morgan Stanley (2.94% fixed rate until 01/21/32; 1.29% + SOFR thereafter) |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Morgan Stanley (5.47% fixed rate until 01/18/34; 1.73% + SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
NextEra Energy Capital Holdings, Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
Niagara Mohawk Power Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
NiSource, Inc. (5.75% fixed rate until 04/15/31; 2.04% + 5 yr. CMT thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Northwestern Mutual Life Insurance Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
4.90% 03/27/28 - 06/01/43 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Oklahoma Gas & Electric Co. |
|
|
| |
|
|
Oncor Electric Delivery Co. LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
4.00% 07/15/46 - 11/15/47 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Pacific Gas & Electric Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Packaging Corp. of America |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Patterson-UTI Energy, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Pfizer Investment Enterprises Pte. Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Philip Morris International, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Pioneer Natural Resources Co. |
|
|
| |
|
|
Precision Castparts Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Prudential Financial, Inc. |
|
|
| |
|
|
Prudential Financial, Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Public Service Co. of Colorado |
|
|
| |
|
|
Public Storage Operating Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Regeneron Pharmaceuticals, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
Regions Financial Corp. (5.72% fixed rate until 06/06/29; 1.49% + SOFR thereafter) |
|
|
| |
|
|
RenaissanceRe Holdings Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
Rio Tinto Finance USA Ltd. |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Rio Tinto Finance USA PLC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Rockwell Automation, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Royal Caribbean Cruises Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Schlumberger Holdings Corp. |
|
|
| |
|
|
| |
|
|
Selective Insurance Group, Inc. |
|
|
| |
|
|
Sempra (4.13% fixed rate until 01/01/27; 2.87% + 5 yr. CMT thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
South Bow USA Infrastructure Holdings LLC |
|
|
| |
|
|
Southern California Edison Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Southwestern Electric Power Co. |
|
|
| |
|
|
Spectra Energy Partners LP |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Stellantis Financial Services U.S. Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Sumitomo Mitsui Financial Group, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
Take-Two Interactive Software, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Thermo Fisher Scientific, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + 5 yr. USD Swap thereafter) |
|
|
| |
|
|
TotalEnergies Capital International SA |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Trane Technologies Financing Ltd. |
|
|
| |
|
|
TransCanada PipeLines Ltd. |
|
|
| |
|
|
Transcontinental Gas Pipe Line Co. LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Truist Financial Corp. (6.67% fixed rate until 09/01/26; 3.00% + 5 yr. CMT thereafter) |
|
|
| |
|
|
TWDC Enterprises 18 Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
U.S. Bancorp (4.97% fixed rate until 07/22/32; 2.11% + SOFR thereafter) |
|
|
| |
|
|
U.S. Bancorp (5.68% fixed rate until 01/23/34; 1.86% + SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
United Parcel Service, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
4.75% 07/15/45 - 05/15/52 (c) |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Verizon Communications, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Virginia Electric & Power Co. |
|
|
| |
|
|
Vistra Operations Co. LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) |
|
|
| |
|
|
| |
|
|
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) |
|
|
| |
|
|
Wells Fargo & Co. (5.24% fixed rate until 01/24/30; 1.11% + SOFR thereafter) |
|
|
| |
|
|
Wells Fargo & Co. (5.50% fixed rate until 01/23/34; 1.78% + SOFR thereafter) |
|
|
| |
|
|
Wells Fargo & Co. (6.49% fixed rate until 10/23/33; 2.06% + SOFR thereafter) |
|
|
| |
|
|
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 yr. CMT thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Willis North America, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total Corporate Notes
(Cost $17,429,398) |
|
|
Non-Agency Collateralized Mortgage Obligations - 3.0% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Cantor Commercial Real Estate Lending |
|
|
| |
|
|
| |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Citigroup Commercial Mortgage Trust |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
GS Mortgage Securities Trust |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
JPMBB Commercial Mortgage Securities Trust |
|
|
| |
|
|
MASTR Alternative Loan Trust |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Verus Securitization Trust |
|
|
| |
|
|
| |
|
|
| |
|
|
Total Non-Agency Collateralized Mortgage Obligations
(Cost $5,965,160) |
|
|
Municipal Bonds and Notes - 0.0%* |
| |
|
|
| |
|
|
Total Municipal Bonds and Notes
(Cost $50,546) |
|
|
Total Bonds and Notes
(Cost $65,626,603) |
|
|
| |
|
|
Exchange Traded & Mutual Funds - 21.5% |
State Street Global All Cap Equity ex-U.S. Index Portfolio (l)
(Cost $25,934,417) |
|
|
Total Investments in Securities
(Cost $131,575,851) |
|
|
Short-Term Investments - 8.6% |
Dreyfus Treasury & Agency Cash Management Institutional Shares 3.52% (c) |
|
|
State Street Institutional Treasury Money Market Fund - Premier Class 3.59% (c)(m)(n) |
|
|
State Street Institutional Treasury Plus Money Market Fund - Premier Class 3.58% (c)(m)(n) |
|
|
State Street Institutional U.S. Government Money Market Fund - Class G Shares 3.62% (c)(m)(n) |
|
|
Total Short-Term Investments
(Cost $16,183,453) |
|
|
Total Investments
(Cost $147,759,304) |
|
|
Liabilities in Excess of Other Assets, net - (6.1)% |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
Other Information:
Centrally Cleared Credit Default Swaps: |
| |
|
Notional
Amount
(000s
omitted) |
Contract
Annual
Fixed Rate/
Payment
Frequency |
|
|
Unamortized
Upfront
Payments
Received (Paid) |
Unrealized
Appreciation
(Depreciation) |
| |
|
|
|
|
|
|
|
Markit CDX North America High Yield Index |
Intercontinental Exchange |
|
|
|
|
|
|
The Fund had the following long futures contracts open at June 30, 2026: |
| |
|
|
|
|
Unrealized
Appreciation
(Depreciation) |
5 Yr. U.S. Treasury Notes Futures |
|
|
|
|
|
10 Yr. U.S. Treasury Ultra Futures |
|
|
|
|
|
S&P 500 E-mini Index Futures |
|
|
|
|
|
| |
|
|
|
|
|
Ultra Long-Term U.S. Treasury Bond Futures |
|
|
|
|
|
| |
|
|
|
|
|
The Fund had the following short futures contracts open at June 30, 2026: |
| |
|
|
|
|
Unrealized
Appreciation
(Depreciation) |
2 Yr. U.S. Treasury Notes Futures |
|
|
|
|
|
10 Yr. U.S. Treasury Notes Futures |
|
|
|
|
|
| |
|
|
|
|
|
During the period ended June 30, 2026, the average notional values related to derivative contracts were as follows: |
| |
|
|
Credit
Default
Swap
Contracts |
| |
|
|
|
Notes to Schedule of Investments
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory
prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| |
Non-income producing security. |
| |
State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund's sub- administrator, custodian and accounting agent. |
| |
At June 30, 2026, all or a portion of this security was pledged to cover collateral requirements for futures contracts, swaps and/or TBAs. |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
Variable Rate Security - Interest rate shown is rate in effect at June 30, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
| |
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. |
| |
Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
| |
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. |
| |
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, 2026, these securities amounted to $5,195,203 or 2.75% of the net assets of the Elfun Diversified Fund. |
| |
|
| |
|
| |
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. |
| |
The financial statements of the State Street Global All Cap Equity ex-U.S. Index Portfolio can be found on www.sec.gov. |
| |
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. |
| |
Coupon amount represents effective yield. |
| |
Percentages are based on net assets as of June 30, 2026. |
| |
|
| |
CMT - Constant Maturity Treasury |
REIT - Real Estate Investment Trust |
REMICS - Real Estate Mortgage Investment Conduits |
RFUCCT - Refinitiv USD IBOR Cons. Cash F/B Term |
SOFR - Secured Overnight Financing Rate |
STRIPS - Separate Trading of Registered Interest and Principal of Security |
| |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2026:
| |
|
|
|
|
Investments in Securities |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Agency Collateralized Mortgage Obligations |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Non-Agency Collateralized Mortgage Obligations |
|
|
|
|
Municipal Bonds and Notes |
|
|
|
|
Exchange Traded & Mutual Funds |
|
|
|
|
| |
|
|
|
|
Total Investments in Securities |
|
|
|
|
Other Financial Instruments |
|
|
|
|
Credit Default Swap Contracts - Unrealized Depreciation |
|
|
|
|
Long Futures Contracts - Unrealized Appreciation |
|
|
|
|
Short Futures Contracts - Unrealized Appreciation |
|
|
|
|
Short Futures Contracts - Unrealized Depreciation |
|
|
|
|
Total Other Financial Instruments |
|
|
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2026 (Unaudited):
| |
|
|
|
| |
|
|
|
| |
|
|
|
Technology Hardware, Storage & Peripherals |
|
|
|
Interactive Media & Services |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Semiconductor Materials & Equipment |
|
|
|
| |
|
|
|
| |
|
|
|
Transaction & Payment Processing Services |
|
|
|
| |
|
|
|
| |
|
|
|
Consumer Staples Merchandise Retail |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Investment Banking & Brokerage |
|
|
|
Construction Machinery & Heavy Transportation Equipment |
|
|
|
Soft Drinks & Non-Alcoholic Beverages |
|
|
|
Property & Casualty Insurance |
|
|
|
Asset Management & Custody Banks |
|
|
|
| |
|
|
|
| |
|
|
|
Electrical Components & Equipment |
|
|
|
Life Sciences Tools & Services |
|
|
|
| |
|
|
|
Hotels, Resorts & Cruise Lines |
|
|
|
| |
|
|
|
Financial Exchanges & Data |
|
|
|
| |
|
|
|
| |
|
|
|
Integrated Telecommunication Services |
|
|
|
Industrial Machinery & Supplies & Components |
|
|
|
| |
|
|
|
| |
|
|
|
IT Consulting & Other Services |
|
|
|
Oil & Gas Exploration & Production |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Heavy Electrical Equipment |
|
|
|
| |
|
|
|
Oil & Gas Storage & Transportation |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Oil & Gas Refining & Marketing |
|
|
|
| |
|
|
|
| |
|
|
|
Construction & Engineering |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
|
Trading Companies & Distributors |
|
|
|
| |
|
|
|
Agricultural & Farm Machinery |
|
|
|
| |
|
|
|
Electronic Manufacturing Services |
|
|
|
| |
|
|
|
Environmental & Facilities Services |
|
|
|
| |
|
|
|
| |
|
|
|
Oil & Gas Equipment & Services |
|
|
|
Passenger Ground Transportation |
|
|
|
| |
|
|
|
Human Resource & Employment Services |
|
|
|
| |
|
|
|
| |
|
|
|
Multi-Family Residential REITs |
|
|
|
| |
|
|
|
Paper & Plastic Packaging Products & Materials |
|
|
|
| |
|
|
|
Electronic Equipment & Instruments |
|
|
|
| |
|
|
|
Fertilizers & Agricultural Chemicals |
|
|
|
Diversified Support Services |
|
|
|
Interactive Home Entertainment |
|
|
|
| |
|
|
|
| |
|
|
|
Wireless Telecommunication Services |
|
|
|
Cargo Ground Transportation |
|
|
|
Independent Power Producers & Energy Traders |
|
|
|
Research & Consulting Services |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Apparel, Accessories & Luxury Goods |
|
|
|
Agricultural Products & Services |
|
|
|
| |
|
|
|
| |
|
|
|
Internet Services & Infrastructure |
|
|
|
Diversified Financial Services |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Metal, Glass & Plastic Containers |
|
|
|
Data Processing & Outsourced Services |
|
|
|
Computer & Electronics Retail |
|
|
|
| |
|
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
|
| |
|
|
|
| |
|
|
|
Single-Family Residential REITs |
|
|
|
| |
|
|
|
Automotive Parts & Equipment |
|
|
|
| |
|
|
|
| |
|
|
|
| |
Percentage (based
on Fair Value) |
| |
|
|
|
| |
|
|
|
| |
|
|
|
Non-Agency Collateralized Mortgage Obligations |
|
|
|
| |
|
|
|
Agency Collateralized Mortgage Obligations |
|
|
|
Municipal Bonds and Notes |
|
|
|
| |
|
|
|
| |
Percentage (based on Fair Value) |
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
Number
of Shares
Held at
12/31/25 |
|
|
Proceeds
from
Shares
Sold |
|
Change in
Unrealized
Appreciation
(Depreciation) |
Number of
Shares
Held at
6/30/26 |
|
|
| |
|
|
|
|
|
|
|
|
|
State Street Global All Cap Equity ex-U.S. Index Portfolio |
|
|
|
|
|
|
|
|
|
State Street Institutional Treasury Money Market Fund - Premier Class |
|
|
|
|
|
|
|
|
|
State Street Institutional Treasury Plus Money Market Fund - Premier Class |
|
|
|
|
|
|
|
|
|
State Street Institutional U.S. Government Money Market Fund - Class G Shares |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Tax-Exempt Income Fund
Schedule of Investments — June 30, 2026 (Unaudited)
| |
|
|
Municipal Bonds and Notes - 99.2% † |
| |
Alabama Corrections Institution Finance Authority, AL Revenue |
| |
|
|
County of Jefferson Sewer Revenue, AL Revenue |
| |
|
|
| |
|
|
| |
City of Mesa Utility System Revenue, AZ Revenue, AG |
| |
|
|
City of Phoenix Civic Improvement Corp., AZ Revenue |
| |
|
|
| |
|
|
Maricopa County Unified School District No. 80 Chandler, AZ GO |
| |
|
|
Maricopa County Union High School District No. 216 Agua Fria, AZ GO |
| |
|
|
Scottsdale Municipal Property Corp., AZ Revenue |
| |
|
|
| |
|
|
| |
University of Arkansas, AR Revenue |
| |
|
|
| |
Bay Area Toll Authority, CA Revenue |
| |
|
|
Burbank Unified School District, CA GO |
| |
|
|
East Bay Municipal Utility District Water System Revenue, CA Revenue |
| |
|
|
Metropolitan Water District of Southern California, CA Revenue |
| |
|
|
Oakland Unified School District/Alameda County, CA GO, AG |
| |
|
|
Sacramento Municipal Utility District, CA Revenue |
| |
|
|
San Diego County Regional Airport Authority, CA Revenue |
| |
|
|
San Diego Unified School District, CA GO |
| |
|
|
San Francisco City & County Airport Commission-San Francisco International Airport, CA Revenue |
5.00% 05/01/33 - 05/01/36 |
|
|
San Francisco City & County Public Utilities Commission Wastewater Revenue, CA Revenue |
| |
|
|
| |
|
|
San Lorenzo Valley Water District Water Revenue, CA COP, AG |
| |
|
|
Santa Cruz City High School District, CA GO |
| |
|
|
Southern California Public Power Authority, CA Revenue |
| |
|
|
State of California, CA GO |
| |
|
|
| |
|
|
5.00% 03/01/27 - 08/01/30 |
|
|
University of California, CA Revenue |
| |
|
|
| |
|
|
| |
|
|
| |
Adams & Arapahoe Counties Joint School District 28J Aurora, CO GO, State Aid Withholding |
| |
|
|
Adams & Arapahoe Counties Joint School District 28J Aurora, CO COP, BAM |
| |
|
|
Board of Governors of Colorado State University System, CO Revenue |
| |
|
|
Cherokee Metropolitan District, CO Revenue, BAM |
| |
|
|
City & County of Denver Airport System Revenue, CO Revenue |
| |
|
|
City & County of Denver Pledged Excise Tax Revenue, CO Revenue |
| |
|
|
City of Colorado Springs Utilities System Revenue, CO Revenue |
| |
|
|
Colorado Health Facilities Authority, CO Revenue |
4.00% 08/01/38 - 05/15/52 |
|
|
5.00% 05/15/34 - 05/15/35 |
|
|
E-470 Public Highway Authority, CO Revenue |
| |
|
|
| |
|
|
| |
City of New Haven, CT GO, AG |
| |
|
|
Connecticut State Health & Educational Facilities Authority, CT Revenue |
| |
|
|
| |
|
|
Connecticut State Health & Educational Facilities Authority, CT Revenue, AG |
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Tax-Exempt Income Fund |
|
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
State of Connecticut Special Tax Revenue, CT Revenue |
4.00% 05/01/36 - 11/01/38 |
|
|
5.00% 01/01/33 - 07/01/36 |
|
|
State of Connecticut, CT GO, AG |
| |
|
|
State of Connecticut, CT GO |
5.00% 09/15/26 - 09/15/45 |
|
|
| |
|
|
| |
Delaware State Health Facilities Authority, DE Revenue |
| |
|
|
Delaware Transportation Authority, DE Revenue |
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
District of Columbia - 2.5% |
District of Columbia Income Tax Revenue, DC Revenue |
4.00% 03/01/39 - 05/01/45 |
|
|
Metropolitan Washington Airports Authority Aviation Revenue, DC Revenue |
5.00% 10/01/30 - 10/01/33 |
|
|
Washington Metropolitan Area Transit Authority, DC Revenue |
| |
|
|
| |
|
|
| |
Central Florida Tourism Oversight District, FL GO |
| |
|
|
City of Cocoa Water & Sewer Revenue, FL Revenue |
| |
|
|
City of Fort Lauderdale Water & Sewer Revenue, FL Revenue |
| |
|
|
City of Fort Lauderdale, FL Revenue |
| |
|
|
City of Miami, FL Revenue |
| |
|
|
City of St. Petersburg Public Utility Revenue, FL Revenue |
| |
|
|
City of Tallahassee Energy System Revenue, FL Revenue |
| |
|
|
City of Tampa Water & Wastewater System Revenue, FL Revenue |
| |
|
|
| |
|
|
County of Hillsborough, FL GO |
| |
|
|
County of Miami-Dade Aviation Revenue, FL Revenue |
| |
|
|
| |
|
|
County of Miami-Dade Seaport Department, FL Revenue, AG |
| |
|
|
County of Miami-Dade Transit System, FL Revenue |
| |
|
|
5.00% 07/01/51 - 07/01/52 |
|
|
County of Miami-Dade Water & Sewer System Revenue, FL Revenue |
4.00% 10/01/38 - 10/01/44 |
|
|
| |
|
|
County of Pasco Sales Tax Revenue, FL Revenue |
| |
|
|
Florida Development Finance Corp., FL Revenue, AG |
| |
|
|
Florida Municipal Power Agency, FL Revenue |
| |
|
|
Florida State Board of Governors University of North Florida Dormitory Revenue, FL Revenue, BAM |
| |
|
|
JEA Electric System Revenue, FL Revenue |
| |
|
|
JEA Water & Sewer System Revenue, FL Revenue |
| |
|
|
Miami-Dade County Educational Facilities Authority, FL Revenue |
| |
|
|
School Board of Miami-Dade County, FL GO, BAM |
| |
|
|
School District of Broward County, FL COP |
| |
|
|
State of Florida Department of Transportation, FL Revenue |
| |
|
|
| |
|
|
Sumter County School Board, FL COP, AG |
| |
|
|
Tampa Bay Water, FL Revenue |
| |
|
|
West Palm Beach Community Redevelopment Agency, FL Tax Allocation Revenue, AG |
| |
|
|
| |
|
|
| |
Augusta Water & Sewer Revenue, GA Revenue, BAM |
| |
|
|
City of Atlanta Airport Passenger Facility Charge, GA Revenue |
| |
|
|
City of Atlanta Department of Aviation, GA Revenue |
| |
|
|
City of Atlanta Water & Wastewater Revenue, GA Revenue |
| |
|
|
City of Atlanta Water & Wastewater Revenue, GA Revenue, AG |
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
| |
Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
City of Griffin Public Utility Revenue, GA Revenue, BAM |
| |
|
|
| |
| |
|
|
Georgia Ports Authority, GA Revenue |
| |
|
|
Municipal Electric Authority of Georgia, GA Revenue |
| |
|
|
Municipal Electric Authority of Georgia, GA Revenue, AG |
5.00% 07/01/42 - 07/01/64 |
|
|
| |
|
|
| |
Chicago O'Hare International Airport, IL Revenue |
| |
|
|
5.00% 01/01/35 - 01/01/48 |
|
|
Chicago Park District, IL GO, BAM |
| |
|
|
Chicago Park District, IL GO |
5.00% 01/01/40 - 01/01/46 |
|
|
Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue |
| |
|
|
City of Chicago Wastewater Transmission Revenue, IL Revenue, BAM |
| |
|
|
City of Chicago Wastewater Transmission Revenue, IL Revenue, AG |
| |
|
|
Illinois Finance Authority, IL Revenue |
| |
|
|
5.00% 04/01/35 - 10/01/41 |
|
|
Illinois State Toll Highway Authority, IL Revenue |
| |
|
|
5.00% 01/01/37 - 01/01/46 |
|
|
Lake County School District No. 112 North Shore, IL GO |
| |
|
|
Sales Tax Securitization Corp., IL Revenue |
| |
|
|
Southwestern Illinois Development Authority, IL Revenue |
| |
|
|
State of Illinois Sales Tax Revenue, IL Revenue |
| |
|
|
| |
5.00% 10/01/30 - 02/01/38 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
City of Kokomo Sewage Works Revenue, IN Revenue, BAM |
| |
|
|
| |
|
|
Indianapolis Local Public Improvement Bond Bank, IN Revenue |
5.00% 01/01/30 - 01/01/48 |
|
|
| |
|
|
| |
Cedar Rapids Community School District Infrastructure Sales Services & Use Tax, IA Revenue, AG |
| |
|
|
| |
| |
|
|
Iowa Finance Authority, IA Revenue |
| |
|
|
| |
|
|
| |
|
|
Pleasant Valley Community School District, IA Revenue, BAM |
| |
|
|
| |
|
|
| |
County of Finney, KS GO, BAM |
| |
|
|
| |
Kentucky State Property & Building Commission, KY Revenue |
| |
|
|
Louisville & Jefferson County Metropolitan Sewer District, KY Revenue |
| |
|
|
Louisville Water Co., KY Revenue |
| |
|
|
Northern Kentucky University, KY Revenue, State Intercept |
| |
|
|
University of Kentucky, KY Revenue, State Intercept |
| |
|
|
| |
|
|
| |
Maine Turnpike Authority, ME Revenue |
| |
|
|
Regional School Unit No. 14, ME GO |
| |
|
|
| |
|
|
| |
City of Baltimore, MD Revenue |
| |
|
|
5.00% 07/01/33 - 07/01/35 |
|
|
County of Baltimore, MD GO |
| |
|
|
5.00% 03/01/46 - 03/01/53 |
|
|
| |
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Tax-Exempt Income Fund |
|
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
County of Prince George's, MD GO |
| |
|
|
| |
5.00% 08/01/28 - 03/01/33 |
|
|
Washington Suburban Sanitary Commission, MD Revenue |
| |
|
|
| |
|
|
| |
| |
| |
|
|
Commonwealth of Massachusetts Transportation Fund Revenue, MA Revenue |
| |
|
|
5.00% 06/01/53 - 06/01/55 |
|
|
Commonwealth of Massachusetts, MA GO |
5.00% 08/01/33 - 02/01/56 |
|
|
Commonwealth of Massachusetts, MA Revenue, NATL |
| |
|
|
Massachusetts Bay Transportation Authority Assessment Revenue, MA Revenue |
| |
|
|
Massachusetts Bay Transportation Authority Sales Tax Revenue, MA Revenue |
| |
|
|
| |
|
|
| |
|
|
Massachusetts Development Finance Agency, MA Revenue |
4.00% 10/01/44 - 05/01/45 |
|
|
| |
|
|
Massachusetts State College Building Authority, MA Revenue, State Intercept |
| |
|
|
Massachusetts State College Building Authority, MA Revenue |
4.00% 05/01/40 - 05/01/43 |
|
|
Northeast Metropolitan Regional Vocational School District, MA GO |
| |
|
|
| |
| |
|
|
Town of East Longmeadow, MA GO |
| |
|
|
| |
|
|
| |
Ann Arbor School District, MI GO |
| |
|
|
City of Kalamazoo, MI GO, BAM |
| |
|
|
Garden City School District, MI GO, Q-SBLF |
| |
|
|
| |
|
|
Great Lakes Water Authority Sewage Disposal System Revenue, MI Revenue |
5.00% 07/01/33 - 07/01/36 |
|
|
Great Lakes Water Authority Water Supply System Revenue, MI Revenue |
| |
|
|
Michigan Finance Authority, MI Revenue |
| |
|
|
State of Michigan Trunk Line Revenue, MI Revenue |
| |
|
|
University of Michigan, MI Revenue |
| |
|
|
| |
|
|
| |
City of Minneapolis, MN GO |
| |
|
|
| |
|
|
City of Rochester, MN Revenue |
| |
|
|
County of St. Louis, MN GO |
| |
|
|
Dover & Eyota Independent School District No. 533, MN GO, School District Credit Enhancement Program |
| |
|
|
Maple River Independent School District No. 2135, MN GO, School District Credit Enhancement Program |
| |
|
|
Minneapolis-St. Paul Metropolitan Airports Commission, MN Revenue |
| |
|
|
State of Minnesota Department of Iron Range Resources & Rehabilitation, MN Revenue |
| |
|
|
State of Minnesota, MN GO |
| |
|
|
Stillwater Independent School District No. 834, MN GO, School District Credit Enhancement Program |
| |
|
|
| |
|
|
| |
Mississippi Development Bank, MS Revenue |
| |
|
|
| |
Health & Educational Facilities Authority of the State of Missouri, MO Revenue |
| |
|
|
Kansas City Industrial Development Authority, MO Revenue |
| |
|
|
Missouri Joint Municipal Electric Utility Commission, MO Revenue |
5.00% 01/01/34 - 01/01/38 |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
| |
Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
St. Louis County School District C-2 Parkway, MO GO |
| |
|
|
| |
|
|
| |
Yellowstone County K-12 School District No. 26 Lockwood, MT GO |
| |
|
|
| |
Omaha Public Power District Nebraska City Station Unit 2, NE Revenue |
| |
|
|
Omaha Public Power District, NE Revenue |
5.00% 02/01/50 - 02/01/55 |
|
|
| |
|
|
| |
|
|
| |
Clark County School District, NV GO, BAM |
| |
|
|
| |
| |
|
|
| |
|
|
| |
New Hampshire Municipal Bond Bank, NH Revenue |
| |
|
|
| |
Cherry Hill Township School District, NJ GO |
| |
|
|
New Jersey Economic Development Authority, NJ Revenue |
5.00% 06/15/35 - 06/15/41 (a) |
|
|
| |
|
|
| |
|
|
New Jersey Educational Facilities Authority, NJ Revenue |
5.50% 09/01/31 - 09/01/33 |
|
|
New Jersey Transportation Trust Fund Authority, NJ Revenue |
| |
|
|
5.00% 12/15/34 - 06/15/45 |
|
|
New Jersey Turnpike Authority, NJ Revenue |
5.00% 01/01/29 - 01/01/31 |
|
|
| |
|
|
| |
|
|
| |
County of Santa Fe, NM GO |
| |
|
|
State of New Mexico, NM GO |
| |
|
|
| |
|
|
| |
|
|
| |
Battery Park City Authority, NY Revenue |
| |
|
|
| |
| |
|
|
5.00% 08/01/27 - 10/01/37 |
|
|
Empire State Development Corp., NY Revenue |
| |
|
|
| |
|
|
Hudson Yards Infrastructure Corp., NY Revenue |
| |
|
|
5.00% 02/15/36 - 02/15/42 |
|
|
Hudson Yards Infrastructure Corp., NY Revenue, AG |
| |
|
|
Long Island Power Authority, NY Revenue |
5.00% 09/01/31 - 09/01/49 |
|
|
Metropolitan Transportation Authority Dedicated Tax Fund, NY Special Tax |
| |
|
|
Metropolitan Transportation Authority, NY Revenue |
| |
|
|
New York City Municipal Water Finance Authority, NY Revenue |
4.00% 06/15/41 - 06/15/45 |
|
|
New York City Transitional Finance Authority Future Tax Secured Revenue, NY Revenue |
5.00% 11/01/29 - 11/01/47 |
|
|
New York Liberty Development Corp., NY Revenue |
| |
|
|
New York Power Authority, NY Revenue, AG |
| |
|
|
New York State Dormitory Authority, NY Revenue |
| |
|
|
| |
|
|
| |
|
|
New York State Dormitory Authority, NY Revenue, AG |
| |
|
|
New York State Dormitory Authority, NY Revenue, AG, State Aid Withholding |
| |
|
|
New York State Thruway Authority, NY Revenue |
| |
|
|
| |
|
|
New York Transportation Development Corp., NY Revenue |
5.00% 12/01/37 - 06/30/60 |
|
|
| |
|
|
Onondaga County Trust for Cultural Resources, NY Revenue |
| |
|
|
Port Authority of New York & New Jersey, NY Revenue |
| |
|
|
Troy Capital Resource Corp., NY Revenue |
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Tax-Exempt Income Fund |
|
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Utility Debt Securitization Authority, NY Revenue |
| |
|
|
| |
|
|
| |
City of Durham, NC Revenue |
| |
|
|
| |
| |
|
|
County of Wake, NC Revenue |
| |
|
|
North Carolina Turnpike Authority, NC Revenue, AG |
| |
|
|
State of North Carolina, NC Revenue |
| |
|
|
| |
|
|
| |
| |
| |
|
|
Dublin City School District, OH GO |
| |
|
|
Ohio Turnpike & Infrastructure Commission, OH Revenue |
| |
|
|
Ohio Water Development Authority, OH Revenue |
| |
|
|
| |
|
|
Shaker Heights City School District, OH GO |
| |
|
|
State of Ohio, OH Revenue |
| |
|
|
Worthington City School District, OH GO |
| |
|
|
| |
|
|
| |
City of Oklahoma City, OK GO |
5.00% 03/01/28 - 03/01/35 |
|
|
Grand River Dam Authority, OK Revenue |
| |
|
|
Oklahoma Capitol Improvement Authority, OK Revenue |
| |
|
|
Oklahoma Turnpike Authority, OK Revenue |
| |
|
|
Oklahoma Water Resources Board, OK Revenue |
| |
|
|
University of Oklahoma, OK Revenue, BAM |
| |
|
|
Washington County Rural Water District No. 3, OK Revenue |
| |
|
|
| |
|
|
| |
|
|
| |
| |
| |
|
|
City of Eugene Water Utility System Revenue, OR Revenue |
| |
|
|
State of Oregon Department of Transportation, OR Revenue |
| |
|
|
| |
| |
|
|
Tri-County Metropolitan Transportation District of Oregon, OR Revenue |
| |
|
|
| |
|
|
| |
Allegheny County Sanitary Authority, PA Revenue |
| |
|
|
Bucks County Water & Sewer Authority, PA Revenue, AG |
| |
|
|
Chester County Industrial Development Authority, PA Revenue, BAM |
| |
|
|
City of Philadelphia Airport Revenue, PA Revenue |
| |
|
|
5.00% 07/01/28 - 07/01/31 |
|
|
City of Philadelphia Water & Wastewater Revenue, PA Revenue |
| |
|
|
City of Philadelphia, PA GO |
| |
|
|
City of Pittsburgh, PA GO |
| |
|
|
Commonwealth of Pennsylvania, PA GO |
4.00% 09/15/34 - 09/01/43 |
|
|
County of Delaware, PA GO |
| |
|
|
Middletown Area School District, PA GO, AG, State Aid Withholding |
| |
|
|
Muhlenberg School District, PA GO, State Aid Withholding |
| |
|
|
Pennsylvania Higher Educational Facilities Authority, PA Revenue |
4.00% 06/15/43 - 08/15/49 |
|
|
5.00% 05/01/41 - 08/15/49 |
|
|
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA Revenue |
| |
|
|
Pennsylvania Turnpike Commission, PA Revenue |
| |
|
|
| |
|
|
Philadelphia Gas Works Co., PA Revenue |
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
| |
Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Redevelopment Authority of the City of Philadelphia, PA Revenue |
| |
|
|
Scranton-Lackawanna Health & Welfare Authority, PA Revenue |
| |
|
|
Swarthmore Borough Authority, PA Revenue |
| |
|
|
William Penn School District, PA GO, State Aid Withholding |
| |
|
|
| |
|
|
| |
Rhode Island Health & Educational Building Corp., RI Revenue, BAM |
| |
|
|
| |
Beaufort County School District, SC GO |
| |
|
|
City of Florence Combined Waterworks & Sewerage System Revenue, SC Revenue |
| |
|
|
| |
|
|
Clemson University, SC Revenue |
| |
|
|
South Carolina Ports Authority, SC Revenue |
| |
|
|
Spartanburg County School District No. 4, SC GO |
| |
|
|
| |
|
|
| |
Lennox School District Lincoln Minnehaha & Turner Counties No. 41-4, SD GO, State Aid Withholding |
| |
|
|
| |
City of Knoxville Electric System Revenue, TN Revenue |
5.00% 07/01/43 - 07/01/53 |
|
|
City of Knoxville Wastewater System Revenue, TN Revenue |
| |
|
|
City of Memphis Memphis Light Gas & Water Division Electric System Revenue, TN Revenue |
| |
|
|
| |
| |
|
|
County of Montgomery, TN GO |
| |
|
|
Metropolitan Government of Nashville & Davidson County Electric Revenue, TN Revenue |
| |
|
|
Metropolitan Government of Nashville & Davidson County, TN GO |
| |
|
|
| |
|
|
Metropolitan Nashville Airport Authority, TN Revenue |
| |
|
|
Tennessee State School Bond Authority, TN Revenue, State Intercept |
5.00% 11/01/32 - 11/01/52 |
|
|
| |
|
|
| |
Arlington Higher Education Finance Corp., TX Revenue, Permanent School Fund |
| |
|
|
Arlington Independent School District, TX GO, Permanent School Fund |
| |
|
|
Azle Independent School District, TX GO, Permanent School Fund |
| |
|
|
Board of Regents of the University of Texas System, TX Revenue |
| |
|
|
Central Texas Turnpike System, TX Revenue |
5.00% 08/15/32 - 08/15/38 |
|
|
City of Austin Airport System Revenue, TX Revenue |
| |
|
|
City of Austin Electric Utility Revenue, TX Revenue |
| |
|
|
City of Galveston Wharves & Terminal Revenue, TX Revenue |
| |
|
|
City of Garland Electric Utility System Revenue, TX Revenue, AG |
| |
|
|
City of Grey Forest, TX Revenue, BAM |
| |
|
|
City of Houston Airport System Revenue, TX Revenue |
| |
|
|
City of Houston Combined Utility System Revenue, TX Revenue |
| |
|
|
City of Tyler Water & Sewer System Revenue, TX Revenue |
| |
|
|
Conroe Independent School District, TX GO, Permanent School Fund |
| |
|
|
County of Harris Toll Road Revenue, TX Revenue |
| |
|
|
Dallas Fort Worth International Airport, TX Revenue |
5.00% 11/01/27 - 11/01/40 |
|
|
Dickinson Independent School District, TX GO, Permanent School Fund |
| |
|
|
Forney Independent School District, TX GO, Permanent School Fund |
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Tax-Exempt Income Fund |
|
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Fort Bend Independent School District, TX GO, Permanent School Fund |
| |
|
|
Greenwood Independent School District, TX GO, Permanent School Fund |
| |
|
|
Hays Consolidated Independent School District, TX GO, Permanent School Fund |
| |
|
|
Katy Independent School District, TX GO, Permanent School Fund |
| |
|
|
Lamar Consolidated Independent School District, TX GO, Permanent School Fund |
| |
|
|
5.00% 02/15/37 - 02/15/58 |
|
|
Lower Colorado River Authority, TX Revenue |
5.00% 05/15/32 - 05/15/37 |
|
|
Lower Colorado River Authority, TX Revenue, AG |
5.00% 05/15/38 - 05/15/49 |
|
|
Lower Colorado River Authority, TX Revenue, BAM |
| |
|
|
Mount Vernon Independent School District, TX GO, Permanent School Fund |
| |
|
|
North Texas Municipal Water District, TX Revenue |
| |
|
|
Port Authority of Houston of Harris County Texas, TX Revenue |
| |
|
|
Red River Education Finance Corp., TX Revenue |
| |
|
|
San Antonio Water System, TX Revenue |
| |
|
|
Spring Independent School District, TX GO, Permanent School Fund |
| |
|
|
| |
| |
|
|
Texas A&M University, TX Revenue |
5.00% 05/15/28 - 05/15/37 |
|
|
Texas State University System, TX Revenue |
| |
|
|
Texas Water Development Board, TX Revenue |
| |
|
|
5.00% 08/01/34 - 10/15/58 |
|
|
| |
|
|
Tomball Independent School District, TX GO, Permanent School Fund |
| |
|
|
University of North Texas System, TX Revenue |
| |
|
|
| |
|
|
| |
|
|
| |
Central Valley Water Reclamation Facility, UT Revenue |
3.00% 03/01/30 - 03/01/35 |
|
|
| |
|
|
City of Salt Lake City Airport Revenue, UT Revenue |
| |
|
|
City of Salt Lake City Public Utilities Revenue, UT Revenue |
| |
|
|
County of Utah, UT Revenue |
| |
|
|
| |
|
|
Intermountain Power Agency, UT Revenue |
5.00% 07/01/32 - 07/01/40 |
|
|
Ogden City Redevelopment Agency, UT Revenue |
5.00% 01/15/48 - 01/15/53 |
|
|
University of Utah, UT Revenue |
| |
|
|
Weber School District, UT GO, School Bond Guaranty |
| |
|
|
| |
|
|
| |
Chesapeake Bay Bridge & Tunnel District, VA Revenue |
| |
|
|
County of Fairfax Sewer Revenue, VA Revenue |
| |
|
|
County of Fairfax, VA GO, State Aid Withholding |
| |
|
|
Fairfax County Water Authority, VA Revenue |
| |
|
|
Hampton Roads Transportation Accountability Commission, VA Revenue |
| |
|
|
Virginia College Building Authority, VA Revenue, State Intercept |
| |
|
|
Virginia Commonwealth Transportation Board, VA Revenue |
| |
|
|
Virginia Small Business Financing Authority, VA Revenue |
| |
|
|
| |
|
|
| |
| |
| |
|
|
| |
| |
|
|
City of Seattle Drainage & Wastewater Revenue, WA Revenue |
| |
|
|
City of Seattle Municipal Light & Power Revenue, WA Revenue |
4.00% 01/01/39 - 07/01/41 |
|
|
City of Tacoma Electric System Revenue, WA Revenue |
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
| |
Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
County of King Sewer Revenue, WA Revenue |
| |
|
|
| |
| |
|
|
Energy Northwest, WA Revenue |
5.00% 07/01/38 - 07/01/39 |
|
|
Grant County Public Utility District No. 2 Electric Revenue, WA Revenue |
| |
|
|
King County School District No. 401 Highline, WA GO, School Bond Guaranty |
| |
|
|
King County School District No. 414 Lake Washington, WA GO, School Bond Guaranty |
| |
|
|
Port of Seattle, WA Revenue |
5.00% 08/01/28 - 08/01/36 |
|
|
Spokane County School District No. 356 Central Valley, WA GO, School Bond Guaranty |
| |
|
|
State of Washington, WA GO |
5.00% 08/01/30 - 02/01/48 |
|
|
Vancouver Library Capital Facilities Area, WA GO |
| |
|
|
Washington Health Care Facilities Authority, WA Revenue |
5.00% 08/01/35 - 10/01/35 |
|
|
| |
|
|
| |
|
|
| |
City of Milwaukee, WI GO, AG |
| |
|
|
| |
| |
|
|
Oshkosh Area School District, WI GO |
| |
|
|
State of Wisconsin, WI GO |
| |
|
|
University of Wisconsin Hospitals & Clinics, WI Revenue |
| |
|
|
| |
|
|
Total Municipal Bonds and Notes
(Cost $777,120,051) |
|
| |
|
|
Short-Term Investment - 0.4% |
State Street Institutional Treasury Plus Money Market Fund - Premier Class 3.58% (d)(e)
(Cost $3,333,632) |
|
|
Total Investments
(Cost $780,453,683) |
|
Other Assets and Liabilities, net - 0.4% |
|
| |
|
Notes to Schedule of Investments – June 30, 2026(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.
| |
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. |
| |
Variable Rate Security - Interest rate shown is rate in effect at June 30, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
| |
Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
| |
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. |
| |
Coupon amount represents effective yield. |
| |
Percentages are based on net assets as of June 30, 2026. |
| |
AG - Assured Guaranty, Inc |
BAM - Build America Mutual Assurance Company |
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Tax-Exempt Income Fund |
|
Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2026:
| |
|
|
|
|
Investments in Securities |
|
|
|
|
Municipal Bonds and Notes |
|
|
|
|
| |
|
|
|
|
Total Investments in Securities |
|
|
|
|
| |
Number
of Shares
Held at
12/31/25 |
|
|
Proceeds
from
Shares
Sold |
|
Change in
Unrealized
Appreciation
(Depreciation) |
Number of
Shares
Held at
6/30/26 |
|
|
State Street Institutional Treasury Plus Money Market Fund - Premier Class |
|
|
|
|
|
|
|
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
| |
Elfun Tax-Exempt Income Fund |
Elfun Income Fund
Schedule of Investments — June 30, 2026 (Unaudited)
| |
|
|
Bonds and Notes - 95.4% † |
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
3.50%, 10/31/27 - 12/15/28 (a) |
|
|
| |
|
|
3.88%, 07/31/27 - 08/15/33 (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Agency Mortgage Backed - 24.0% |
Federal Home Loan Mortgage Corp. |
|
|
3.00%, 04/01/43 - 10/01/49 (a) |
|
|
4.50%, 06/01/33 - 02/01/35 (a) |
|
|
| |
|
|
5.50%, 01/01/38 - 04/01/39 (a) |
|
|
6.00%, 06/01/33 - 11/01/37 (a) |
|
|
7.00%, 01/01/30 - 08/01/36 (a) |
|
|
7.50%, 11/01/29 - 09/01/33 (a) |
|
|
| |
|
|
Federal National Mortgage Association |
|
|
| |
|
|
3.50%, 08/01/45 - 01/01/48 (a) |
|
|
4.00%, 01/01/41 - 01/01/50 (a) |
|
|
4.50%, 07/01/33 - 12/01/48 (a) |
|
|
5.00%, 03/01/34 - 05/01/39 (a) |
|
|
5.50%, 12/01/32 - 01/01/39 (a) |
|
|
6.00%, 01/01/29 - 05/01/41 (a) |
|
|
| |
|
|
6.50%, 08/01/28 - 08/01/36 (a) |
|
|
7.00%, 10/01/32 - 12/01/33 (a) |
|
|
7.50%, 06/01/29 - 03/01/33 (a) |
|
|
8.00%, 09/01/30 - 10/01/31 (a) |
|
|
| |
|
|
Federal National Mortgage Association 1 yr. USD RFUCCT + 1.60% |
|
|
| |
|
|
Government National Mortgage Association |
|
|
3.00%, 12/20/42 - 05/20/45 (a) |
|
|
| |
|
|
4.00%, 01/20/41 - 04/20/43 (a) |
|
|
4.50%, 08/15/33 - 03/20/41 (a) |
|
|
| |
|
|
6.00%, 04/15/27 - 04/15/35 (a) |
|
|
6.50%, 04/15/28 - 09/15/36 (a) |
|
|
7.00%, 03/15/28 - 10/15/36 (a) |
|
|
| |
|
|
8.00%, 09/15/27 - 06/15/30 (a) |
|
|
Government National Mortgage Association REMICS 30 day USD SOFR Average - 5.85% |
|
|
2.24%, 05/20/64 (a)(b)(c) |
|
|
Uniform Mortgage-Backed Security, TBA |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Agency Collateralized Mortgage Obligations - 1.0% |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|
|
| |
|
|
| |
|
|
Federal Home Loan Mortgage Corp. REMICS |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Federal Home Loan Mortgage Corp. STRIPS |
|
|
| |
|
|
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|
|
0.09%, 09/25/43 (a)(b)(c) |
|
|
Federal National Mortgage Association Interest STRIPS |
|
|
| |
|
|
4.50%, 08/25/35 - 01/25/36 (a)(c) |
|
|
5.00%, 03/25/38 - 05/25/38 (a)(c) |
|
|
| |
|
|
| |
|
|
Federal National Mortgage Association REMICS |
|
|
1.15%, 12/25/42 (a)(b)(c) |
|
|
5.00%, 02/25/40 - 09/25/40 (a)(c) |
|
|
Federal National Mortgage Association REMICS 30 day USD SOFR Average - 5.89% |
|
|
2.26%, 07/25/38 (a)(b)(c) |
|
|
Federal National Mortgage Association REMICS 30 day USD SOFR Average - 6.44% |
|
|
2.81%, 11/25/41 (a)(b)(c) |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
4.89%, 11/25/55 (a)(f)(g) |
|
|
4.97%, 11/25/55 (a)(f)(g) |
|
|
Towd Point Mortgage Trust |
|
|
5.09%, 10/25/65 (a)(f)(g) |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Advanced Micro Devices, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Alexandria Real Estate Equities, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Allstate Corp. (6.85% fixed rate until 07/30/26; 3.20% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
3.40%, 05/06/30 - 02/04/41 (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
4.25%, 03/13/31 - 08/22/57 (a) |
|
|
American Electric Power Co., Inc. |
|
|
| |
|
|
American Honda Finance Corp. |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
American Water Capital Corp. |
|
|
| |
|
|
| |
|
|
Americold Realty Operating Partnership LP |
|
|
| |
|
|
Ameriprise Financial, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
|
|
| |
|
|
| |
|
|
Anheuser-Busch InBev Worldwide, Inc. |
|
|
| |
|
|
| |
|
|
Aon Corp./Aon Global Holdings PLC |
|
|
| |
|
|
Apollo Debt Solutions BDC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Archer-Daniels-Midland Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.30% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.77% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 yr. CMT thereafter) |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.45% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (4.24% fixed rate until 04/24/37; 2.08% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.57% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (5.29% fixed rate until 04/25/33; 1.91% + SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (5.47% fixed rate until 01/23/34; 1.65% + SOFR thereafter) |
|
|
| |
|
|
Bank of America Corp. (5.87% fixed rate until 09/15/33; 1.84% + SOFR thereafter) |
|
|
| |
|
|
Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.39% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Baxter International, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Baylor Scott & White Holdings |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Berkshire Hathaway Energy Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
Berkshire Hathaway Finance Corp. |
|
|
| |
|
|
| |
|
|
BlackRock TCP Capital Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
BP Capital Markets America, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 yr. CMT thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Brixmor Operating Partnership LP |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Burlington Northern Santa Fe LLC |
|
|
| |
|
|
| |
|
|
Canadian Natural Resources Ltd. |
|
|
| |
|
|
| |
|
|
Canadian Pacific Railway Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Carlyle Secured Lending, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 yr. CMT thereafter) |
|
|
| |
|
|
Charles Schwab Corp. (5.64% fixed rate until 05/19/28; 2.21% + SOFR thereafter) |
|
|
| |
|
|
Charles Schwab Corp. (6.14% fixed rate until 08/24/33; 2.01% + SOFR thereafter) |
|
|
| |
|
|
Charter Communications Operating LLC/Charter Communications Operating Capital |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Church & Dwight Co., Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Citigroup, Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) |
|
|
| |
|
|
Cleveland Electric Illuminating Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Consolidated Edison Co. of New York, Inc. |
|
|
| |
|
|
| |
|
|
Constellation Brands, Inc. |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
Constellation Energy Generation LLC |
|
|
| |
|
|
Continental Resources, Inc. |
|
|
| |
|
|
COPT Defense Properties LP |
|
|
| |
|
|
| |
|
|
Corebridge Financial, Inc. |
|
|
| |
|
|
Crowdstrike Holdings, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
4.50%, 03/15/49 - 08/01/54 (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
5.30%, 06/01/33 - 12/05/43 (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
CVS Health Corp. (6.75% fixed rate until 09/10/34; 2.52% + 5 yr. CMT thereafter) |
|
|
| |
|
|
CVS Health Corp. (7.00% fixed rate until 12/10/29; 2.89% + 5 yr. CMT thereafter) |
|
|
| |
|
|
Daimler Truck Finance North America LLC |
|
|
| |
|
|
Deutsche Bank AG (2.31% fixed rate until 11/16/26; 1.22% + SOFR thereafter) |
|
|
| |
|
|
Deutsche Bank AG (6.82% fixed rate until 11/20/28; 2.51% + SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
DH Europe Finance II SARL |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Dick's Sporting Goods, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
Discovery Communications LLC |
|
|
| |
|
|
Discovery Global Holdings, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
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| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Duke Energy Carolinas LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Duquesne Light Holdings, Inc. |
|
|
| |
|
|
Eastern Energy Gas Holdings LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Enbridge, Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 yr. CMT thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
5.30%, 04/01/44 - 04/15/47 (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Enterprise Products Operating LLC |
|
|
| |
|
|
| |
|
|
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.29% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Everest Reinsurance Holdings, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
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| |
|
|
| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
|
|
Fidelity National Financial, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
FirstEnergy Transmission LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
Florida Power & Light Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
General Motors Financial Co., Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
GlaxoSmithKline Capital PLC |
|
|
| |
|
|
Goldman Sachs Group, Inc. |
|
|
| |
|
|
Goldman Sachs Group, Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter) |
|
|
| |
|
|
Goldman Sachs Group, Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) |
|
|
| |
|
|
Goldman Sachs Group, Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) |
|
|
| |
|
|
Goldman Sachs Group, Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) |
|
|
| |
|
|
Goldman Sachs Group, Inc. (3.44% fixed rate until 02/24/42; 1.63% + SOFR thereafter) |
|
|
| |
|
|
Goldman Sachs Group, Inc. (3.81% fixed rate until 04/23/28; 1.42% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Goldman Sachs Group, Inc. (4.02% fixed rate until 10/31/37; 1.63% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Goldman Sachs Group, Inc. (4.22% fixed rate until 05/01/28; 1.56% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Hartford Insurance Group, Inc. (6.04% fixed rate until 07/30/26; 2.39% + 3 mo. Term SOFR thereafter) |
|
|
6.04%, 02/12/67 (a)(b)(g) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Health Care Service Corp. A Mutual Legal Reserve Co. |
|
|
| |
|
|
| |
|
|
Healthcare Realty Holdings LP |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
4.95%, 06/25/34 - 09/15/52 (a) |
|
|
| |
|
|
| |
|
|
Honeywell Aerospace, Inc. |
|
|
| |
|
|
Honeywell International, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Horseshoe Funding Trust II |
|
|
| |
|
|
HSBC Holdings PLC (2.87% fixed rate until 11/22/31; 1.41% + SOFR thereafter) |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
HSBC Holdings PLC (6.00% fixed rate until 05/22/27; 3.75% + 5 yr. USD ICE Swap thereafter) |
|
|
| |
|
|
HSBC Holdings PLC (6.88% fixed rate until 09/11/29; 3.30% + 5 yr. CMT thereafter) |
|
|
| |
|
|
Huntington Bancshares, Inc. |
|
|
| |
|
|
Huntington Bancshares, Inc. (5.27% fixed rate until 01/15/30; 1.28% + SOFR thereafter) |
|
|
| |
|
|
Huntington Bancshares, Inc. (6.14% fixed rate until 08/18/34; 1.70% + 5 yr. CMT thereafter) |
|
|
| |
|
|
Huntington Ingalls Industries, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
Imperial Brands Finance PLC |
|
|
| |
|
|
| |
|
|
| |
|
|
Indiana Michigan Power Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Intercontinental Exchange, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
6.50%, 11/15/43 - 11/15/53 (a) |
|
|
JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |
|
|
| |
|
|
| |
|
|
| |
|
|
Jefferies Financial Group, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.62% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.38% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.72% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
JPMorgan Chase & Co. (5.34% fixed rate until 01/23/34; 1.62% + SOFR thereafter) |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
JPMorgan Chase & Co. (5.50% fixed rate until 01/24/35; 1.32% + SOFR thereafter) |
|
|
| |
|
|
Kaiser Foundation Hospitals |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Kinder Morgan Energy Partners LP |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
L3Harris Technologies, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Liberty Mutual Group, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
1.70%, 09/15/28 - 10/15/30 (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
M&T Bank Corp. (5.05% fixed rate until 01/27/33; 1.85% + SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Marsh & McLennan Cos., Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
Massachusetts Mutual Life Insurance Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Medtronic Global Holdings SCA |
|
|
| |
|
|
| |
|
|
| |
|
|
Memorial Sloan-Kettering Cancer Center |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Mid-America Apartments LP |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Mizuho Financial Group, Inc. |
|
|
| |
|
|
Molson Coors Beverage Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) |
|
|
| |
|
|
Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) |
|
|
| |
|
|
Morgan Stanley (2.94% fixed rate until 01/21/32; 1.29% + SOFR thereafter) |
|
|
| |
|
|
Morgan Stanley (5.47% fixed rate until 01/18/34; 1.73% + SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
NextEra Energy Capital Holdings, Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
Niagara Mohawk Power Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
NiSource, Inc. (5.75% fixed rate until 04/15/31; 2.04% + 5 yr. CMT thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
Northwestern Mutual Life Insurance Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
4.90%, 03/27/28 - 06/01/43 (a) |
|
|
| |
|
|
Oklahoma Gas & Electric Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
4.00%, 07/15/46 - 11/15/47 (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Pacific Gas & Electric Co. |
|
|
| |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Packaging Corp. of America |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Patterson-UTI Energy, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Pfizer Investment Enterprises Pte. Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Philip Morris International, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Pioneer Natural Resources Co. |
|
|
| |
|
|
| |
|
|
Precision Castparts Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Prudential Financial, Inc. |
|
|
| |
|
|
Prudential Financial, Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 mo. Term SOFR thereafter) |
|
|
| |
|
|
Public Service Co. of Colorado |
|
|
| |
|
|
Public Storage Operating Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Regeneron Pharmaceuticals, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
Regions Financial Corp. (5.72% fixed rate until 06/06/29; 1.49% + SOFR thereafter) |
|
|
| |
|
|
RenaissanceRe Holdings Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
Rio Tinto Finance USA Ltd. |
|
|
| |
|
|
Rio Tinto Finance USA PLC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Rockwell Automation, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Royal Caribbean Cruises Ltd. |
|
|
| |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
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| |
|
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| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Schlumberger Holdings Corp. |
|
|
| |
|
|
| |
|
|
Sempra (4.13% fixed rate until 01/01/27; 2.87% + 5 yr. CMT thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
South Bow USA Infrastructure Holdings LLC |
|
|
| |
|
|
Southern California Edison Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Southwestern Electric Power Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Stellantis Financial Services U.S. Corp. |
|
|
| |
|
|
STERIS Irish FinCo UnLtd Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Sumitomo Mitsui Financial Group, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Takeda Pharmaceutical Co. Ltd. |
|
|
| |
|
|
Take-Two Interactive Software, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
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| |
|
|
| |
|
|
| |
|
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| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
Thermo Fisher Scientific, Inc. |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + 5 yr. USD Swap thereafter) |
|
|
| |
|
|
Toronto-Dominion Bank (7.25% fixed rate until 07/31/29; 2.98% + 5 yr. CMT thereafter) |
|
|
| |
|
|
TotalEnergies Capital International SA |
|
|
| |
|
|
| |
|
|
| |
|
|
TransCanada PipeLines Ltd. |
|
|
| |
|
|
Transcontinental Gas Pipe Line Co. LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Truist Financial Corp. (6.67% fixed rate until 09/01/26; 3.00% + 5 yr. CMT thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
U.S. Bancorp (4.97% fixed rate until 07/22/32; 2.11% + SOFR thereafter) |
|
|
| |
|
|
U.S. Bancorp (5.68% fixed rate until 01/23/34; 1.86% + SOFR thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
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| |
|
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| |
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| |
|
|
| |
|
|
| |
|
|
| |
|
|
Verizon Communications, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Virginia Electric & Power Co. |
|
|
| |
|
|
Vistra Operations Co. LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) |
|
|
| |
|
|
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) |
|
|
| |
|
|
Wells Fargo & Co. (5.24% fixed rate until 01/24/30; 1.11% + SOFR thereafter) |
|
|
| |
|
|
Wells Fargo & Co. (5.50% fixed rate until 01/23/34; 1.78% + SOFR thereafter) |
|
|
| |
|
|
Wells Fargo & Co. (6.49% fixed rate until 10/23/33; 2.06% + SOFR thereafter) |
|
|
| |
|
|
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 yr. CMT thereafter) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Willis North America, Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Non-Agency Collateralized Mortgage Obligations - 12.7% |
| |
|
|
5.23%, 10/25/70 (a)(f)(g) |
|
|
| |
|
|
4.96%, 09/25/70 (a)(b)(g) |
|
|
| |
|
|
| |
|
|
| |
|
|
Cantor Commercial Real Estate Lending |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Citigroup Commercial Mortgage Trust |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
4.93%, 09/25/70 (a)(b)(g) |
|
|
GS Mortgage Securities Trust |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
JPMBB Commercial Mortgage Securities Trust |
|
|
| |
|
|
MASTR Alternative Loan Trust |
|
|
5.00%, 08/25/18 (a)(c)(h) |
|
|
| |
|
|
4.87%, 10/25/65 (a)(b)(g) |
|
|
5.02%, 10/25/65 (a)(b)(g) |
|
|
5.06%, 09/25/65 (a)(b)(g) |
|
|
| |
|
|
5.10%, 10/25/60 (a)(b)(g) |
|
|
Verus Securitization Trust |
|
|
4.87%, 09/25/70 (a)(b)(g) |
|
|
4.91%, 11/25/70 (a)(b)(g) |
|
|
4.94%, 10/27/70 (a)(b)(g) |
|
|
| |
|
|
Municipal Bonds and Notes - 0.2% |
| |
|
|
| |
|
|
Total Bonds and Notes
(Cost $110,808,205) |
|
|
Total Investments in Securities
(Cost $110,808,205) |
|
|
| |
|
|
Short-Term Investment - 17.2% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 3.62% (j)(k)
(Cost $18,966,031) |
|
|
Total Investments
(Cost $129,774,236) |
|
|
Liabilities in Excess of Other Assets, net - (12.6)% |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
Other Information:
Centrally Cleared Credit Default Swaps: |
| |
|
Notional
Amount
(000s
omitted) |
Contract
Annual
Fixed Rate/
Payment
Frequency |
|
|
Unamortized
Upfront
Payments
Received (Paid) |
Unrealized
Appreciation
(Depreciation) |
| |
|
|
|
|
|
|
|
Markit CDX North America High Yield Index |
Intercontinental Exchange |
|
|
|
|
|
|
The Fund had the following long futures contracts open at June 30, 2026: |
| |
|
|
|
|
Unrealized
Appreciation
(Depreciation) |
5 Yr. U.S. Treasury Notes Futures |
|
|
|
|
|
10 Yr. U.S. Treasury Ultra Futures |
|
|
|
|
|
10 Yr. U.S. Treasury Notes Futures |
|
|
|
|
|
Ultra Long-Term U.S. Treasury Bond Futures |
|
|
|
|
|
| |
|
|
|
|
|
The Fund had the following short futures contracts open at June 30, 2026: |
| |
|
|
|
|
Unrealized
Appreciation
(Depreciation) |
2 Yr. U.S. Treasury Notes Futures |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
During the period ended June 30, 2026, the average notional values related to derivative contracts were as follows: |
| |
|
|
Credit
Default
Swap
Contracts |
| |
|
|
|
Notes to Schedule of Investments – June 30, 2026(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.
| |
At June 30, 2026, all or a portion of this security was pledged to cover collateral requirements for futures contracts, swaps and/or TBAs. |
| |
Variable Rate Security - Interest rate shown is rate in effect at June 30, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
| |
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.
Elfun Income Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
| |
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. |
| |
|
| |
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, 2026, these securities amounted to $12,789,005 or 11.60% of the net assets of the Elfun Income Fund. |
| |
|
| |
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. |
| |
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. |
| |
Coupon amount represents effective yield. |
| |
Percentages are based on net assets as of June 30, 2026. |
| |
CMT - Constant Maturity Treasury |
REMICS - Real Estate Mortgage Investment Conduits |
RFUCCT - Refinitiv USD IBOR Cons. Cash F/B Term |
SOFR - Secured Overnight Financing Rate |
STRIPS - Separate Trading of Registered Interest and Principal of Security |
| |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2026:
| |
|
|
|
|
Investments in Securities |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Agency Collateralized Mortgage Obligations |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Non-Agency Collateralized Mortgage Obligations |
|
|
|
|
Municipal Bonds and Notes |
|
|
|
|
| |
|
|
|
|
Total Investments in Securities |
|
|
|
|
Other Financial Instruments |
|
|
|
|
Credit Default Swap Contracts - Unrealized Depreciation |
|
|
|
|
Long Futures Contracts - Unrealized Appreciation |
|
|
|
|
Short Futures Contracts - Unrealized Appreciation |
|
|
|
|
Short Futures Contracts - Unrealized Depreciation |
|
|
|
|
Total Other Financial Instruments |
|
|
|
|
| |
Number
of Shares
Held at
12/31/25 |
|
|
Proceeds
from
Shares
Sold |
|
Change in
Unrealized
Appreciation
(Depreciation) |
Number of
Shares
Held at
6/30/26 |
|
|
State Street Institutional U.S. Government Money Market Fund - Class G Shares |
|
|
|
|
|
|
|
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Government Money Market Fund
Schedule of Investments — June 30, 2026 (Unaudited)
| |
|
|
Short-Term Investments - 102.0% † |
| |
| |
|
|
| |
|
|
3.50% 07/02/26 - 08/20/26 (a) |
|
|
3.53% 07/30/26 - 08/27/26 (a) |
|
|
| |
|
|
| |
|
|
3.61% 07/23/26 - 11/12/26 (a) |
|
|
| |
|
|
| |
|
|
3.62% 09/15/26 - 11/19/26 (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
U.S. Treasury Floating Rate Notes 3 mo. Treasury money market yield + 0.10% |
|
|
| |
|
|
| |
|
|
U.S. Treasury Floating Rate Notes 3 mo. Treasury money market yield + 0.16% |
|
|
| |
|
|
| |
|
|
U.S. Treasury Floating Rate Notes 3 mo. Treasury money market yield + 0.18% |
|
|
| |
|
|
U.S. Treasury Floating Rate Notes 3 mo. Treasury money market yield + 0.19% |
|
|
| |
|
|
U.S. Treasury Floating Rate Notes 3 mo. Treasury money market yield + 0.21% |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
U.S. Government Agency Obligations - 14.0% |
Federal Farm Credit Banks Funding Corp. Fed Funds Rate + 0.05% |
|
|
| |
|
|
Federal Farm Credit Banks Funding Corp. Fed Funds Rate + 0.07% |
|
|
| |
|
|
Federal Farm Credit Banks Funding Corp. Fed Funds Rate + 0.13% |
|
|
| |
|
|
Federal Farm Credit Banks Funding Corp. Fed Funds Rate + 0.18% |
|
|
| |
|
|
Federal Farm Credit Banks Funding Corp. SOFR + 0.05% |
|
|
3.67%
05/20/27 - 07/20/27 (b) |
|
|
| |
|
|
Federal Farm Credit Banks Funding Corp. SOFR + 0.06% |
|
|
| |
|
|
| |
|
|
Federal Farm Credit Banks Funding Corp. SOFR + 0.07% |
|
|
3.69%
12/07/26 - 04/01/27 (b) |
|
|
Federal Farm Credit Banks Funding Corp. SOFR + 0.08% |
|
|
| |
|
|
| |
|
|
Federal Farm Credit Banks Funding Corp. SOFR + 0.09% |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
| |
Elfun Government Money Market Fund |
Elfun Government Money Market Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
3.71%
03/13/28 - 03/27/28 (b) |
|
|
Federal Farm Credit Banks Funding Corp. SOFR + 0.10% |
|
|
| |
|
|
| |
|
|
Federal Farm Credit Banks Funding Corp. SOFR + 0.11% |
|
|
| |
|
|
Federal Farm Credit Banks Funding Corp. SOFR + 0.12% |
|
|
| |
|
|
Federal Farm Credit Banks Funding Corp. SOFR + 0.13% |
|
|
3.75%
07/09/26 - 08/18/27 (b) |
|
|
| |
|
|
Federal Farm Credit Banks Funding Corp. SOFR + 0.14% |
|
|
3.76%
09/04/26 - 11/25/26 (b) |
|
|
3.76%
12/18/26 - 10/01/27 (b) |
|
|
Federal Home Loan Bank Discount Notes |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Federal Home Loan Banks SOFR + 0.04% |
|
|
3.66%
11/25/26 - 02/18/27 (b) |
|
|
Federal Home Loan Banks SOFR + 0.05% |
|
|
| |
|
|
Federal Home Loan Banks SOFR + 0.06% |
|
|
| |
|
|
| |
|
|
Federal Home Loan Banks SOFR + 0.07% |
|
|
| |
|
|
| |
|
|
Federal Home Loan Banks SOFR + 0.08% |
|
|
| |
|
|
| |
|
|
Federal Home Loan Banks SOFR + 0.09% |
|
|
3.71%
12/03/27 - 02/11/28 (b) |
|
|
3.71%
01/20/28 - 03/06/28 (b) |
|
|
Federal Home Loan Banks SOFR + 0.11% |
|
|
3.73%
01/03/28 - 01/05/28 (b) |
|
|
Federal Home Loan Banks SOFR + 0.13% |
|
|
| |
|
|
Federal Home Loan Banks SOFR + 0.14% |
|
|
3.76%
01/19/27 - 01/21/27 (b) |
|
|
Federal Home Loan Mortgage Corp. SOFR + 0.12% |
|
|
| |
|
|
Federal Home Loan Mortgage Corp. SOFR + 0.14% |
|
|
3.76%
09/04/26 - 10/06/27 (b) |
|
|
Federal National Mortgage Association SOFR + 0.08% |
|
|
| |
|
|
Federal National Mortgage Association SOFR + 0.09% |
|
|
| |
|
|
| |
|
|
Federal National Mortgage Association SOFR + 0.12% |
|
|
| |
|
|
Federal National Mortgage Association SOFR + 0.14% |
|
|
| |
|
|
3.76%
09/11/26 - 12/11/26 (b) |
|
|
| |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Government Money Market Fund |
|
Elfun Government Money Market Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Repurchase Agreements - 54.5% |
Banco Bilbao Vizcaya Argentaria SA U.S. Treasury Repo 3.64% dated 06/30/26, to be repurchased $5,000,000 on 07/01/2026 Collateralized by $2,082, a U.S. Treasury Inflation Index Bond 2.375%, Maturing on 02/15/2055, Collateralized by $2,480, U.S. Treasury Inflation Index Notes 0.500% to 2.125%, Maturing from 01/15/2028 - 01/15/2035 and Collateralized by $5,095,442, U.S. Treasury Notes 0.625% to 4.250%, Maturing from 12/31/2026 - 02/15/2031
07/01/26 |
|
|
BNP Paribas Securities Corp. U.S. Government Repo 3.65% dated 06/30/26, to be repurchased $10,000,000 on 07/01/2026 Collateralized by $10,200,000, U.S. Government Obligations 2.000% to 7.000%, Maturing from 09/01/2030 - 04/20/2065
07/01/26 |
|
|
Citigroup Global Markets, Inc. U.S. Treasury Repo 3.64% dated 06/30/26, to be repurchased $10,000,000 on 07/01/2026 Collateralized by $10,200,000, a U.S. Treasury Strip 0.000%, Maturing on 11/15/2026
07/01/26 |
|
|
| |
|
|
Fixed Income Clearing Corp. U.S. Treasury Repo 3.64% dated 06/30/26, to be repurchased $10,000,000 on 07/01/2026 Collateralized by $297, a U.S. Treasury Bill 0.000%, Maturing on 10/08/2026, Collateralized by $64, a U.S. Treasury Bond 1.125%, Maturing on 05/15/2040 and Collateralized by $10,199,646, U.S. Treasury Notes 3.500% to 4.500%, Maturing from 05/31/2029 - 02/28/2031
07/01/26 |
|
|
Fixed Income Clearing Corp. U.S. Treasury Repo 3.64% dated 06/30/26, to be repurchased $5,000,000 on 07/01/2026 Collateralized by $5,100,535, a U.S. Treasury Note 4.000%, Maturing on 01/31/2033
07/01/26 |
|
|
HSBC Securities USA, Inc. U.S. Treasury Repo 3.64% dated 06/30/26, to be repurchased $10,000,000 on 07/01/2026 Collateralized by $10,200,000, a U.S. Treasury Strip 0.000%, Maturing on 05/15/2036
07/01/26 |
|
|
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 3.64% dated 06/30/26, to be repurchased $4,178,000 on 07/01/2026 Collateralized by $1,820, a U.S. Treasury Inflation Index Bond 0.750%, Maturing on 02/15/2042, Collateralized by $4,254,834, a U.S. Treasury Inflation Index Note 0.125%, Maturing on 10/15/2026, Collateralized by $99, a U.S. Treasury Note 3.500%, Maturing on 11/15/2028 and Collateralized by $4,807, U.S. Treasury Strips 0.000%, Maturing from 11/15/2027 - 11/15/2054
07/01/26 |
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
| |
Elfun Government Money Market Fund |
Elfun Government Money Market Fund
Schedule of Investments, continued — June 30, 2026 (Unaudited)
| |
|
|
Standard Chartered U.S. Government Repo 3.64% dated 06/30/26, to be repurchased $5,000,000 on 07/01/2026 Collateralized by $4,087,169, U.S. Government Obligations 2.000% to 7.000%, Maturing from 09/01/2046 - 03/01/2056, Collateralized by $202,565, U.S. Treasury Bonds 1.875% to 4.750%, Maturing from 02/15/2041 - 05/15/2055, Collateralized by $6,394, U.S. Treasury Inflation Index Notes 0.125% to 1.625%, Maturing from 04/15/2027 - 07/15/2033 and Collateralized by $803,931, a U.S. Treasury Note 4.125%, Maturing on 03/31/2031
07/01/26 |
|
|
| |
|
|
Total Short-Term Investments
(Cost $110,718,546) |
|
|
Liabilities in Excess of Other Assets, net - (2.0)% |
|
|
| |
|
|
Notes to Schedule of Investments – June 30, 2026(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.
| |
Coupon amount represents effective yield. |
| |
Variable Rate Security - Interest rate shown is rate in effect at June 30, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
| |
Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
| |
Percentages are based on net assets as of June 30, 2026. |
| |
SOFR - Secured Overnight Financing Rate |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2026:
| |
|
|
|
|
Investments in Securities |
|
|
|
|
| |
|
|
|
|
U.S. Government Agency Obligations |
|
|
|
|
| |
|
|
|
|
Total Investments in Securities |
|
|
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Government Money Market Fund |
|
Elfun International Equity Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| |
|
|
|
|
|
|
| |
|
|
Net asset value, beginning of period |
|
|
|
|
|
|
Income/(loss) from investment operations: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Net realized and unrealized gains/(losses) on investments |
|
|
|
|
|
|
Total income/(loss) from investment operations |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Net asset value, end of period |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
Net assets, end of period (in thousands) |
|
|
|
|
|
|
Ratios to average net assets: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Notes to Financial Highlights |
| |
|
| |
Per share values have been calculated using the average shares method. |
| |
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. |
| |
Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
Elfun Trusts
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| |
|
|
|
|
|
|
| |
|
|
Net asset value, beginning of period |
|
|
|
|
|
|
Income/(loss) from investment operations: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Net realized and unrealized gains/(losses) on investments |
|
|
|
|
|
|
Total income/(loss) from investment operations |
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| |
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Net asset value, end of period |
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| |
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Ratios/Supplemental Data: |
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|
|
Net assets, end of period (in thousands) |
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Ratios to average net assets: |
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|
Notes to Financial Highlights |
| |
|
| |
Per share values have been calculated using the average shares method. |
| |
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. |
| |
Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
Elfun Diversified Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| |
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| |
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|
Net asset value, beginning of period |
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|
Income/(loss) from investment operations: |
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| |
|
|
|
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|
|
Net realized and unrealized gains/(losses) on investments |
|
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|
|
Total income/(loss) from investment operations |
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| |
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| |
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Net asset value, end of period |
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| |
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Ratios/Supplemental Data: |
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|
Net assets, end of period (in thousands) |
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Ratios to average net assets: |
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| |
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|
Notes to Financial Highlights |
| |
|
| |
Per share values have been calculated using the average shares method. |
| |
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. |
| |
Annualized for periods less than one year. |
| |
The portfolio turnover calculated for the period ended 6/30/26 and fiscal years ended 12/31/25, 12/31/24, 12/31/23, 12/31/22 and 12/31/21 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 62%, 137%, 96%, 125%, 116%, and 90%, respectively. |
The accompanying Notes are an integral part of these financial statements.
Elfun Tax-Exempt Income Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| |
|
|
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|
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| |
|
|
Net asset value, beginning of period |
|
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|
|
Income/(loss) from investment operations: |
|
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|
|
| |
|
|
|
|
|
|
Net realized and unrealized gains/(losses) on investments |
|
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|
|
|
|
Total income/(loss) from investment operations |
|
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|
|
Contribution from affiliate |
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| |
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| |
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|
Net asset value, end of period |
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| |
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|
|
Ratios/Supplemental Data: |
|
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|
|
Net assets, end of period (in thousands) |
|
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|
|
Ratios to average net assets: |
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| |
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| |
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| |
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|
|
Notes to Financial Highlights |
| |
|
| |
Per share values have been calculated using the average shares method. |
| |
Rounds to less than $0.005. |
| |
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. |
| |
Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
Elfun Income Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| |
|
|
|
|
|
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| |
|
|
Net asset value, beginning of period |
|
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|
|
|
|
Income/(loss) from investment operations: |
|
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|
|
|
|
| |
|
|
|
|
|
|
Net realized and unrealized gains/(losses) on investments |
|
|
|
|
|
|
Total income/(loss) from investment operations |
|
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| |
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| |
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|
Net asset value, end of period |
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| |
|
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|
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|
|
Ratios/Supplemental Data: |
|
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|
|
Net assets, end of period (in thousands) |
|
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|
|
Ratios to average net assets: |
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| |
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| |
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| |
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|
|
| |
|
|
|
|
|
|
Notes to Financial Highlights |
| |
|
| |
Per share values have been calculated using the average shares method. |
| |
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. |
| |
Annualized for periods less than one year. |
| |
The portfolio turnover calculated for the period ended 6/30/2026 and fiscal years ended 12/31/25, 12/31/24, 12/31/23, 12/31/22 and 12/31/21 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 98%, 259%, 233%, 268%, 187%, and 184%, respectively. |
The accompanying Notes are an integral part of these financial statements.
Elfun Government Money Market Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| |
|
|
|
|
|
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| |
|
|
Net asset value, beginning of period |
|
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|
|
|
|
Income/(loss) from investment operations: |
|
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|
|
|
| |
|
|
|
|
|
|
Total income from investment operations |
|
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|
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| |
|
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| |
|
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|
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|
|
Net asset value, end of period |
|
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|
|
|
| |
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
Net assets, end of period (in thousands) |
|
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|
|
|
|
Ratios to average net assets: |
|
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| |
|
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| |
|
|
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|
|
|
| |
|
|
|
|
|
|
Notes to Financial Highlights |
| |
|
| |
Per share values have been calculated using the average shares method. |
| |
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. |
| |
Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
Elfun Funds
Statements of Assets and Liabilities — June 30, 2026 (Unaudited)
| |
Elfun
International
Equity Fund |
|
| |
|
|
Investments in unaffiliated securities, at fair value (cost $104,305,031; $1,903,392,395; $105,829,634; $777,120,051; $110,808,205 and $0, respectively) |
|
|
Short-term investments, at fair value (cost $0; $0; $0; $0; $0 and $51,540,546, respectively) |
|
|
Investments in affiliated securities, at fair value (cost $3,380,269; $78,560,719; $41,929,670; $3,333,632; $18,966,031 and $0, respectively) |
|
|
| |
|
|
| |
|
|
Net cash collateral on deposit with broker for future contracts |
|
|
Net cash collateral on deposit with broker for swap contracts |
|
|
Foreign currency (cost $429,749, $0, $32,613, $0, $0 and $0, respectively) |
|
|
Receivable for investments sold |
|
|
| |
|
|
Receivable for fund shares sold |
|
|
Income receivable from affiliated investments |
|
|
Receivable for accumulated variation margin on futures contracts |
|
|
| |
|
|
| |
|
|
Distribution payable to shareholders |
|
|
Net cash collateral on futures contracts due to broker |
|
|
Payable for investments purchased |
|
|
Payable for fund shares redeemed |
|
|
Payable for accumulated variation margin on swap contracts |
|
|
Payable for accumulated variation margin on futures contracts |
|
|
| |
|
|
Payable for custody, fund accounting and sub-administration fees |
|
|
| |
|
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| |
|
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| |
| |
|
|
| |
|
|
| |
|
|
Total distributable earnings (loss) |
|
|
| |
|
|
Shares outstanding (Par value $10; $10; $10; $10; $10; and $1, respectively; unlimited shares authorized) |
|
|
Net asset value, offering and redemption price per share |
|
|
The accompanying Notes are an integral part of these financial statements.
| |
Statements of Assets and Liabilities |
| |
Elfun
Tax-Exempt
Income Fund |
|
Elfun
Government
Money Market
Fund |
| |
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|
The accompanying Notes are an integral part of these financial statements.
Statements of Assets and Liabilities |
|
Elfun Funds
Statements of Operations — For the period ended June 30, 2026 (Unaudited)
| |
Elfun
International
Equity Fund |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Income from affiliated investments |
|
|
Less: Foreign taxes withheld |
|
|
| |
|
|
| |
|
|
Advisory and administration fees |
|
|
| |
|
|
| |
|
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| |
|
|
Custody, fund accounting and sub-administration fees |
|
|
| |
|
|
Printing and shareholder reports |
|
|
| |
|
|
| |
|
|
Total expenses before waivers |
|
|
Fees waived and/or reimbursed by the adviser |
|
|
| |
|
|
| |
|
|
Net Realized and Unrealized Gain (Loss) on Investments |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Foreign currency transactions |
|
|
Increase (decrease) in unrealized appreciation/depreciation on: |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Foreign currency translations |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
Net Increase in Net Assets Resulting from Operations |
|
|
The accompanying Notes are an integral part of these financial statements.
| |
Elfun
Tax-Exempt
Income Fund |
|
Elfun
Government
Money Market
Fund |
| |
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| |
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|
|
The accompanying Notes are an integral part of these financial statements.
Elfun Funds
Statements of Changes in Net Assets
| |
Elfun International Equity Fund |
|
| |
Six Months
Ended
June 30,
2026(a) |
Year Ended
December 31,
2025 |
Six Months
Ended
June 30,
2026(a) |
Year Ended
December 31,
2025 |
Increase (Decrease) in Net Assets |
|
|
|
|
| |
|
|
|
|
Net investment income (loss) |
|
|
|
|
Net realized gain (loss) on investments, futures, swap contracts and foreign currency transactions |
|
|
|
|
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations |
|
|
|
|
Net increase (decrease) from operations |
|
|
|
|
Distributions to shareholders: |
|
|
|
|
| |
|
|
|
|
Increase (decrease) in assets from operations and distributions |
|
|
|
|
| |
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
Value of distributions reinvested |
|
|
|
|
| |
|
|
|
|
Net increase (decrease) from share transactions |
|
|
|
|
Total increase (decrease) in net assets |
|
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|
|
| |
|
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| |
|
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| |
|
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| |
|
|
|
|
| |
|
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|
|
Issued for distributions reinvested |
|
|
|
|
| |
|
|
|
|
Net increase (decrease) in fund shares |
|
|
|
|
The accompanying Notes are an integral part of these financial statements.
| |
Statements of Changes in Net Assets |
| |
Elfun Tax-Exempt Income Fund |
Six Months
Ended
June 30,
2026(a) |
Year Ended
December 31,
2025 |
Six Months
Ended
June 30,
2026(a) |
Year Ended
December 31,
2025 |
| |
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| |
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| |
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|
|
The accompanying Notes are an integral part of these financial statements.
Statements of Changes in Net Assets |
|
Elfun Funds
Statements of Changes in Net Assets
| |
|
Elfun Government Money
Market Fund |
| |
Six Months
Ended
June 30,
2026(a) |
Year Ended
December 31,
2025 |
Six Months
Ended
June 30,
2026(a) |
Year Ended
December 31,
2025 |
Increase (Decrease) in Net Assets |
|
|
|
|
| |
|
|
|
|
Net investment income (loss) |
|
|
|
|
Net realized gain (loss) on investments, futures and swap contracts |
|
|
|
|
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts |
|
|
|
|
Net increase (decrease) from operations |
|
|
|
|
Distributions to shareholders: |
|
|
|
|
| |
|
|
|
|
Increase (decrease) in assets from operations and distributions |
|
|
|
|
| |
|
|
|
|
Proceeds from sale of shares |
|
|
|
|
Value of distributions reinvested |
|
|
|
|
| |
|
|
|
|
Net increase (decrease) from share transactions |
|
|
|
|
Total increase (decrease) in net assets |
|
|
|
|
| |
|
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|
|
| |
|
|
|
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| |
|
|
|
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| |
|
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|
|
| |
|
|
|
|
Issued for distributions reinvested |
|
|
|
|
| |
|
|
|
|
Net increase (decrease) in fund shares |
|
|
|
|
The accompanying Notes are an integral part of these financial statements.
| |
Statements of Changes in Net Assets |
Elfun Funds
Notes to Financial Statements — June 30, 2026 (Unaudited)
1.Organization of the Funds
The Elfun International Equity Fund, Elfun Trusts, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund (each, a “Fund” and collectively, the “Funds”) are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. Each Fund is a diversified investment company within the meaning of the 1940 Act.
Under each Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through Fund’s investments in accordance with its investment objective. Each Fund’s chief operating decision maker (“CODM”) is the President of the Trust. The CODM assesses performance based on the Fund’s Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund’s Total Return is utilized by the CODM to compare results, including the impact of a Fund’s costs, to a Fund’s competitors and to a Fund’s benchmark index.
3.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.
Notes to Financial Statements |
|
Elfun Funds
Notes to Financial Statements, continued — June 30, 2026 (Unaudited)
•
Fixed income assets are generally valued at the mean of the bid and ask prices for bank loans and inflation protected securities, and at the bid price for all other fixed income assets as provided by independent pricing services or brokers.
•
Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.
•
Options on futures are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options on futures are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with the valuation policy and procedures approved by the Board.
•
Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third-party valuation the agreements will be fair valued.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
A “significant event” is an event that the Board believes, with a reasonably high degree of certainty, has caused the closing market prices of a Fund’s portfolio securities to no longer reflect their value at the time of the Fund’s NAV calculation. Fair value may be determined using an independent fair value service under valuation procedures approved by the Board. The independent fair value service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of foreign securities exchanges. The use of the independent fair value service or alternative fair valuation methods would result in the investments being classified within Level 2 of the fair value hierarchy.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
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Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;
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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
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Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
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Notes to Financial Statements |
Elfun Funds
Notes to Financial Statements, continued — June 30, 2026 (Unaudited)
The value of each Fund’s investments according to the fair value hierarchy as of June 30, 2026 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.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
Certain Funds may invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds’ policy is to record all REIT distributions initially as dividend income and re-designate the prior calendar year’s to return of capital or capital gains distributions at year end based on information provided by the REITs and/or the Adviser’s estimates of such re-designations for which actual information has not yet been reported.
Expenses Fund specific expenses are charged to the Fund that incurs such expenses. Such expenses may include custodial fees, legal and accounting fees, printing costs and registration fees. Expenses that are not Fund specific are allocated pro rata across the Funds.
Foreign Currency Translation The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2026, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Distributions Distributions from net investment income, if any, are declared daily and paid monthly for the Elfun Tax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund and declared and paid annually for the Elfun International Equity Fund, Elfun Trusts and Elfun Diversified Fund.
Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
4.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
Notes to Financial Statements |
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Elfun Funds
Notes to Financial Statements, continued — June 30, 2026 (Unaudited)
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 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 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, 2026, the Elfun Government Money Market Fund had invested in repurchase agreements with the gross values of $59,178,000 and associated collateral equal to $60,362,165.
5.Derivative Financial Instruments
Futures Contracts Certain Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is shown as Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates and/or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed.
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Notes to Financial Statements |
Elfun Funds
Notes to Financial Statements, continued — June 30, 2026 (Unaudited)
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
During the period ended June 30, 2026, the following Funds entered into futures contracts for the strategies listed below:
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Elfun International Equity Fund |
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Management of Interest Rate Risk and Equitization of Cash |
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Management of Interest Rate Risk |
Credit Default Swaps During the period ended June 30, 2026, the Elfun Diversified Fund and Elfun Income Fund engaged in credit default swaps to manage credit risk. When a Fund is the buyer in a credit default swap contract, a Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (“CCP”) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, a Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, a Fund loses its investment and recovers nothing. However, if a credit event occurs, a Fund receives full notional value for a referenced debt obligation that may have little or no value. When a Fund is the seller of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, a Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that a Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by a Fund for the same referenced obligation.
As the seller, a Fund may create economic leverage to its portfolio because, in addition to its total net assets, a Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. A Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swaps to determine the market value of swaps. A Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. A Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if a Fund had invested in the referenced debt obligation directly. If a Fund is a buyer of a credit default swap and no credit event occurs, a Fund will not earn any return on its investment. If a Fund is a seller of a credit default swap, a Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject a Fund to the risk that the counterparty to the transaction may not fulfill its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.
Notes to Financial Statements |
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Elfun Funds
Notes to Financial Statements, continued — June 30, 2026 (Unaudited)
The following tables summarize the value of the Funds’ derivative instruments as of June 30, 2026 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:
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Elfun International Equity Fund |
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Elfun International Equity Fund |
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Net Change in Unrealized Appreciation/Depreciation |
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Elfun International Equity Fund |
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Notes to Financial Statements |
Elfun Funds
Notes to Financial Statements, continued — June 30, 2026 (Unaudited)
6.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:
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Elfun International Equity Fund |
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Elfun Tax-Exempt Income Fund |
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Elfun Government Money Market Fund |
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SSGA FM is contractually obligated until April 30, 2027 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, 2027 except with approval of the Board.
Amounts waived or reimbursed are included in the respective Statement of Operations.
Each of the Adviser and certain of its affiliates (each a “Service Provider”) also may voluntarily reduce all or a portion of its fees and/or reimburse expenses for the Elfun Government Money Market Fund to the extent necessary to attempt to maintain a certain minimum net yield, which may vary from time to time, in SSGA FM's sole discretion (any such waiver or reimbursement of expenses by a Service Provider being referred to herein as a “Voluntary Reduction”). Under an agreement with the Service Providers relating to the Voluntary Reduction, the Elfun Government Money Market Fund has agreed to reimburse the Service Providers for the full dollar amount of any Voluntary Reduction beginning on May 1, 2020, subject to certain limitations. Each Service Provider may, in its sole discretion, irrevocably waive receipt of any or all reimbursement amounts due from the Elfun Government Money Market Fund. A reimbursement to the Service Provider would increase fund expenses and may negatively impact the Elfun Government Money Market Fund’s yield during such period. There is no guarantee that the Voluntary Reduction will be in effect at any given time or that the Elfun Government Money Market Fund will be able to avoid a negative yield. Fees reduced or expenses reimbursed by the Service Providers in connection with the Voluntary Reduction for the period ended June 30, 2026 were $0.
As of June 30, 2026, SSGA FM has not recouped any expenses from the Elfun Government Money Market Fund and there are no previously waived/reduced fees subject to recoupment.
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Funds. Amounts paid by the Funds to State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statements of Operations.
Other Transactions with Affiliates The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended June 30, 2026 are disclosed in the Schedules of Investments.
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.
Notes to Financial Statements |
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Elfun Funds
Notes to Financial Statements, continued — June 30, 2026 (Unaudited)
8.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2026 were as follows:
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U.S. Government
Obligations |
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Elfun International Equity Fund |
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Elfun Tax-Exempt Income Fund |
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The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each Fund will not be subject to the federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of December 31, 2025, SSGA FM analyzed the Funds' tax positions and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of June 30, 2026, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
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Gross
Unrealized
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Appreciation
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Elfun International Equity Fund |
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Elfun Tax-Exempt Income Fund |
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Elfun Government Money Market Fund |
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The Funds (excluding Elfun Trusts and the Elfun Government Money Market Fund) and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $210 million of a $1.425 billion revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2026 unless extended or renewed.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.
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Notes to Financial Statements |
Elfun Funds
Notes to Financial Statements, continued — June 30, 2026 (Unaudited)
The Funds had no outstanding loans as of June 30, 2026.
Concentration Risk As a result of a Fund's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of a Fund's investments more than if a Fund was more broadly diversified.
Interest Rate Risk The risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of a Fund’s investments. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.
Foreign and Emerging Markets Risk Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which a Fund invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.
Russian Sanctions Risk Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund’s Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.
Credit Risk A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.
Market Risk A Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on a Fund and its investments.
Notes to Financial Statements |
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Elfun Funds
Notes to Financial Statements, continued — June 30, 2026 (Unaudited)
New or escalation of hostilities in the Middle East region could disrupt energy production or transportation, including through key shipping routes, which may lead to increased volatility in energy and other commodity prices. The extent and duration of these conflicts, and others around the world, are impossible to predict but could continue to be significant. Market disruption caused by these conflicts, and any countermeasures or responses thereto (including international sanctions, a downgrade in a country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could continue to have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund's performance.
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.
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Notes to Financial Statements |
Elfun Funds
Statement Regarding Basis for Approval of Investment Advisory Contract —
June 30, 2026 (Unaudited)
Trustee Considerations in Approving Continuation of Investment Advisory Agreements1,2
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees or its shareholders, and by a vote of a majority of those trustees who are not “interested persons” of the fund (the “Independent Trustees”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Trustees (the “Board”) of the Elfun Funds, met in person on April 1, 2026 and May 13-14, 2026, including in executive sessions attended by the Independent Trustees, to consider a proposal to approve, with respect to each Fund, the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Trustees reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Trustees were separately represented by counsel who are independent of the Adviser (“Independent Counsel”) in connection with their consideration of approval of the Advisory Agreement. In advance of the meetings held on April 1, 2026 and May 13-14, 2026, the Independent Trustees met with their Independent Counsel on March 27, 2026, in a private session to review and discuss the information provided by the Adviser in connection with the proposal. Following the April 1, 2026 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, 2026 meeting. The Independent Trustees considered, among other things, the following:
Information about Performance, Expenses and Fees
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A report prepared by an independent third-party provider of investment company data, which includes for each Fund:
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Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2025, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge;
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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”);
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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”).
2 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”). At the special meeting and throughout the annual review process, the Independent Trustees take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Trustees before the annual review process is completed and prior to the Independent Trustees voting on proposals to approve continuation of the agreements and plans.
Elfun Funds
Statement Regarding Basis for Approval of Investment Advisory Contract,
continued — June 30, 2026 (Unaudited)
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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
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Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.
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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
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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 investment strategies and processes;
•
Information concerning the allocation of brokerage; and
•
Information regarding the procedures and processes used to value the assets of the Funds.
Information about the Adviser
•
Reports detailing the financial results and condition of the Adviser and its affiliates;
•
Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolios of the Funds and for Fund operations;
•
Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser;
•
Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors;
•
Information concerning the resources devoted by the Adviser to overseeing compliance by the Funds and their service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Funds;
•
A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year;
•
A description of the business continuity and disaster recovery plans of the Adviser; and
•
Information regarding the Adviser’s risk management processes.
Other Relevant Information
•
Information concerning the nature, extent, quality and cost of services provided to the Funds by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”);
•
Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Funds by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Funds, as applicable, and the role of the Adviser in managing the Funds’ relationship with these service providers;
•
Copies of the Advisory Agreement and agreements with other service providers of the Funds;
•
Responses to a request for information reviewed prior to the April 1, 2026 and May 13-14, 2026 meetings by Independent Counsel, requesting specific information from each of:
Elfun Funds
Statement Regarding Basis for Approval of Investment Advisory Contract,
continued — June 30, 2026 (Unaudited)
○
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, 2025; 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, 2025;
○
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 13-14, 2026; and
•
Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel.
In addition to the information identified above, the Board considered information provided from time to time by the Adviser, and other service providers of the Funds throughout the year at meetings of the Board and its committees. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Funds and the investment strategies used in pursuing each Fund’s investment objective.
The Independent Trustees were assisted throughout the contract review process by their Independent Counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the
Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund.
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 13-14, 2026, the Board, including a majority of the Independent Trustees, voted to approve the continuation of the Advisory Agreement effective June 1, 2026, for an additional year with respect to all Funds.
Nature, Extent and Quality of Services
In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to each Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing various Funds that invest primarily in equity securities or money market instruments. With respect to those Funds that invest primarily in fixed-income securities, the Board considered the extensive experience and resources committed by the Adviser to the evaluation of a portfolio’s quality distribution and sector and interest rate exposure. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Trustees also considered the significant risks assumed by the Adviser in connection with the services provided to the Funds, including reputational and
Elfun Funds
Statement Regarding Basis for Approval of Investment Advisory Contract,
continued — June 30, 2026 (Unaudited)
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.
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.
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, 2025. For purposes of these comparisons the Independent Trustees relied on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing the Fund’s performance against its benchmark and against the Fund’s peers. The Board also considered the Fund’s performance in light of overall financial market conditions. 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 medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1-year period and was above the Benchmark for the 3-, 5- and 10-year periods.
Elfun International Equity Fund. The Board considered that the Fund’s performance was below the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1-, 3-, 5- and 10-year periods.
Elfun Diversified Fund. The Board considered that the Fund’s performance was above the median of its Performance Group for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1-, 3-, 5- and 10-year periods.
Elfun Government Money Market Fund. The Board considered that the Fund’s performance was above the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was equal to the Benchmark for the 1-year period and was below the Benchmark for the 3-, 5- and 10-year periods.
Elfun Income Fund. The Board considered that the Fund’s performance was below the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was above the Benchmark for the 1- and 10-year periods and was below the Benchmark 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 above the medians of its Performance Group and Performance Universe for the 1-year period and was below the medians of its Performance Group and Performance Universe for the 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1-, 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance.
Elfun Funds
Statement Regarding Basis for Approval of Investment Advisory Contract,
continued — June 30, 2026 (Unaudited)
On the basis of the foregoing and other relevant information, the Board concluded that the performance of each Fund is satisfactory or is being appropriately monitored and/or addressed by management.
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.
The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to each Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Funds, including, where applicable, soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Funds and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Funds, including reputational and entrepreneurial risks.
Elfun Funds
Statement Regarding Basis for Approval of Investment Advisory Contract,
continued — June 30, 2026 (Unaudited)
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.
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of each Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to each Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of each Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Funds to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for any Fund at this time.
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.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The Registrant’s Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable to the Registrant.
(b) Not applicable to the Registrant.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the Registrant.
Item 19. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| ELFUN INCOME FUND |
| By: |
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/s/ Ann M. Carpenter |
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Ann M. Carpenter |
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President (Principal Executive Officer) |
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| Date: |
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September 3, 2026 |
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.
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| By: |
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/s/ Ann M. Carpenter |
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Ann M. Carpenter |
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President (Principal Executive Officer) |
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| Date: |
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September 3, 2026 |
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| By: |
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/s/ Bruce S. Rosenberg |
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Bruce S. Rosenberg |
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Treasurer (Principal Financial and Accounting Officer) |
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| Date: |
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September 3, 2026 |
