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: 811-02735
ELFUN TAX-EXEMPT INCOME FUND
(Exact name of registrant as specified in charter)
One Iron Street
Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
(Name and Address of Agent for Service) | Copy to: | |
Sean O’Malley, Esq. Senior Vice President and General Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210 | Timothy W. Diggins, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600 |
Registrant’s telephone number, including area code: (617) 664-1465
Date of fiscal year end: December 31
Date of reporting period: June 30, 2022
Item 1. Shareholder Report.
(a) The Report to Shareholders is attached herewith.
Elfun Funds |
Elfun International Equity Fund |
Elfun Trusts |
Elfun Diversified Fund |
Elfun Tax-Exempt Income Fund |
Elfun Income Fund |
Elfun Government Money Market Fund |
Page | |
1 | |
Fund Information, Understanding Your Fund's Expenses and Schedule of Investments | |
2 | |
8 | |
13 | |
50 | |
60 | |
83 | |
Financial Statements | |
88 | |
94 | |
96 | |
98 | |
101 | |
112 |
Notes to Performance | 1 |
Sector Allocation |
Portfolio composition as a % of Fair Value of $156,050 (in thousands) as of June 30, 2022 (a)(b) |
Top Ten Largest Holdings | |
as of June 30, 2022 (as a % of Fair Value) (a)(b) | |
AstraZeneca PLC | 4.18% |
Nestle S.A. | 4.07% |
Novartis AG | 3.49% |
AIA Group Ltd. | 3.25% |
Roche Holding AG | 3.25% |
LVMH Moet Hennessy Louis Vuitton SE | 3.08% |
Air Liquide S.A. | 2.93% |
ASML Holding N.V. | 2.86% |
London Stock Exchange Group PLC | 2.56% |
Mitsubishi UFJ Financial Group Inc. | 2.36% |
(a) | Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund - Class G Shares and State Street Institutional Treasury Money Market Fund - Premier Class. |
(b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
2 | Elfun International Equity Fund |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value January 1, 2022 | $1,000.00 | $1,000.00 | |
Ending Account value June 30, 2022 | $ 787.50 | $1,020.00 | |
Expenses Paid During Period* | $ 4.25 | $ 4.81 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.96% (for the period January 1, 2022 - June 30, 2022), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Elfun International Equity Fund | 3 |
Number of Shares | Fair Value | |
Common Stock - 98.7% † | ||
Australia - 2.2% | ||
BHP Group Ltd. | 124,722 | $ 3,479,235 |
Brazil - 0.5% | ||
Itau Unibanco Holding S.A. ADR (a) | 176,415 | 755,056 |
Canada - 1.3% | ||
Brookfield Asset Management Inc., Class A | 45,067 | 2,000,493 |
France - 18.0% | ||
Air Liquide S.A. | 34,164 | 4,576,030 |
AXA S.A. | 125,439 | 2,840,497 |
BNP Paribas S.A. | 58,883 | 2,792,634 |
Cie de Saint-Gobain | 54,586 | 2,336,605 |
Dassault Systemes SE | 56,209 | 2,063,487 |
EssilorLuxottica S.A. | 17,567 | 2,624,418 |
LVMH Moet Hennessy Louis Vuitton SE | 7,900 | 4,804,292 |
Safran S.A. | 31,944 | 3,146,223 |
Worldline S.A. (b)(c) | 78,028 | 2,886,101 |
28,070,287 | ||
Germany - 5.2% | ||
adidas AG | 9,490 | 1,674,322 |
HeidelbergCement AG | 26,286 | 1,259,715 |
Infineon Technologies AG | 96,594 | 2,331,725 |
SAP SE | 31,529 | 2,865,386 |
8,131,148 | ||
Hong Kong - 4.6% | ||
AIA Group Ltd. | 468,567 | 5,078,613 |
Prudential PLC | 170,230 | 2,100,436 |
7,179,049 | ||
Ireland - 1.3% | ||
Kerry Group PLC, Class A | 21,205 | 2,024,895 |
Japan - 22.9% | ||
Daikin Industries Ltd. | 18,600 | 2,977,807 |
Disco Corp. | 11,800 | 2,796,806 |
Hoya Corp. | 25,952 | 2,213,050 |
Kao Corp. | 53,700 | 2,162,941 |
Komatsu Ltd. | 154,000 | 3,409,753 |
Mitsubishi UFJ Financial Group Inc. | 685,026 | 3,677,877 |
Murata Manufacturing Company Ltd. | 40,291 | 2,193,458 |
Number of Shares | Fair Value | |
Nidec Corp. | 14,173 | $ 874,239 |
Recruit Holdings Company Ltd. | 95,400 | 2,805,366 |
Secom Company Ltd. | 25,300 | 1,561,149 |
Shimadzu Corp. (a) | 62,957 | 1,988,043 |
Shiseido Company Ltd. | 54,662 | 2,191,228 |
Sony Group Corp. | 41,900 | 3,421,887 |
Tokio Marine Holdings Inc. | 60,498 | 3,519,309 |
35,792,913 | ||
Netherlands - 8.6% | ||
ASML Holding N.V. | 9,374 | 4,467,352 |
ING Groep N.V. | 296,199 | 2,920,415 |
Koninklijke DSM N.V. | 22,072 | 3,163,606 |
Universal Music Group N.V. | 142,519 | 2,850,898 |
13,402,271 | ||
Norway - 2.3% | ||
Equinor ASA | 103,152 | 3,576,479 |
Portugal - 1.1% | ||
Galp Energia SGPS S.A. | 146,491 | 1,712,972 |
Singapore - 1.6% | ||
United Overseas Bank Ltd. | 135,000 | 2,546,346 |
Spain - 3.1% | ||
Cellnex Telecom S.A. (b) | 71,186 | 2,755,824 |
Industria de Diseno Textil S.A. | 91,131 | 2,056,942 |
4,812,766 | ||
Sweden - 2.0% | ||
Assa Abloy AB, Class B | 148,447 | 3,147,875 |
Switzerland - 6.7% | ||
Novartis AG | 64,495 | 5,446,723 |
Roche Holding AG | 15,249 | 5,073,974 |
10,520,697 | ||
Taiwan - 0.8% | ||
Taiwan Semiconductor Manufacturing Company Ltd. | 83,900 | 1,343,145 |
United Kingdom - 10.3% | ||
Ashtead Group PLC | 48,370 | 2,020,170 |
AstraZeneca PLC | 49,743 | 6,524,321 |
London Stock Exchange Group PLC | 43,149 | 3,999,344 |
Rentokil Initial PLC | 170,638 | 983,520 |
4 | Elfun International Equity Fund |
Number of Shares | Fair Value | |
Vodafone Group PLC | 1,634,484 | $ 2,514,200 |
16,041,555 | ||
United States - 6.2% | ||
Nestle S.A. | 54,531 | 6,347,662 |
Schneider Electric SE | 28,890 | 3,409,924 |
9,757,586 | ||
Total Common Stock (Cost $138,389,024) | 154,294,768 | |
Short-Term Investments - 1.1% | ||
State Street Institutional Treasury Money Market Fund - Premier Class 1.15% (d)(e) | 996,662 | 996,662 |
Number of Shares | Fair Value | |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.47% (d)(e) | 758,160 | $ 758,160 |
Total Short-Term Investments (Cost $1,754,822) | 1,754,822 | |
Total Investments (Cost $140,143,846) | 156,049,590 | |
Other Assets and Liabilities, net - 0.2% | 237,817 | |
NET ASSETS - 100.0% | $ 156,287,407 |
The Fund had the following short futures contracts open at June 30, 2022: |
Description | Expiration date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
MSCI EAFE Mini Index Futures | September 2022 | 22 | $ (2,114,679) | $ (2,042,260) | $ 72,419 |
(a) | At June 30, 2022, all or a portion of this security was pledged to cover collateral requirements for futures. |
(b) | Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2022, these securities amounted to $5,641,925 or 3.61% of the net assets of the Elfun International Equity Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees. |
(c) | Non-income producing security. |
(d) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(e) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2022. |
Abbreviations: |
ADR - American Depositary Receipt |
Elfun International Equity Fund | 5 |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Common Stock | $ 154,294,768 | $ — | $ — | $ 154,294,768 | |||
Short-Term Investments | 1,754,822 | — | — | 1,754,822 | |||
Total Investments in Securities | $ 156,049,590 | $ — | $ — | $ 156,049,590 | |||
Other Financial Instruments | |||||||
Short Futures Contracts - Unrealized Appreciation | $ 72,419 | $ — | $ — | $ 72,419 | |||
Total Other Financial Instruments | $ 72,419 | $ — | $ — | $ 72,419 |
Sector | Percentage (based on Fair Value) | ||
Pharmaceuticals | 10.92% | ||
Diversified Banks | 8.13% | ||
Apparel, Accessories & Luxury Goods | 5.83% | ||
Building Products | 5.43% | ||
Packaged Foods & Meats | 5.37% | ||
Semiconductor Equipment | 4.65% | ||
Life & Health Insurance | 4.60% | ||
Integrated Oil & Gas | 3.39% | ||
Application Software | 3.16% | ||
Industrial Gases | 2.93% | ||
Personal Products | 2.79% | ||
Electrical Components & Equipment | 2.74% | ||
Financial Exchanges & Data | 2.56% | ||
Semiconductors | 2.35% | ||
Property & Casualty Insurance | 2.26% | ||
Diversified Metals & Mining | 2.23% | ||
Consumer Electronics | 2.19% | ||
Construction Machinery & Heavy Trucks | 2.18% | ||
Specialty Chemicals | 2.03% | ||
Aerospace & Defense | 2.02% | ||
Data Processing & Outsourced Services | 1.85% | ||
Movies & Entertainment | 1.83% | ||
Multi-Line Insurance | 1.82% | ||
Human Resource & Employment Services | 1.80% | ||
Integrated Telecommunication Services | 1.77% | ||
Wireless Telecommunication Services | 1.61% | ||
Healthcare Supplies | 1.42% | ||
Electronic Components | 1.41% | ||
Apparel Retail | 1.32% | ||
Trading Companies & Distributors | 1.30% | ||
Asset Management & Custody Banks | 1.28% | ||
Electronic Equipment & Instruments | 1.27% | ||
Security & Alarm Services | 1.00% | ||
Construction Materials | 0.81% |
6 | Elfun International Equity Fund |
Sector | Percentage (based on Fair Value) | ||
Environmental & Facilities Services | 0.63% | ||
98.88% | |||
Short-Term Investments | |||
Short-Term Investments | 1.12% | ||
100.00% |
Affiliate Table |
Number of Shares Held at 12/31/21 | Value at 12/31/21 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 6/30/22 | Value at 6/30/22 | Dividend Income | ||||||
State Street Institutional Treasury Money Market Fund - Premier Class | 3,575,026 | $3,575,026 | $ 6,425,029 | $ 9,003,393 | $— | $— | 996,662 | $ 996,662 | $3,089 | |||||
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 3,338,440 | 3,338,440 | 6,423,113 | 9,003,393 | — | — | 758,160 | 758,160 | 3,529 | |||||
TOTAL | $6,913,466 | $12,848,142 | $18,006,786 | $— | $— | $1,754,822 | $6,618 |
Elfun International Equity Fund | 7 |
Sector Allocation |
Portfolio composition as a % of Fair Value of $3,054,918 (in thousands) as of June 30, 2022 (a)(b) |
Top Ten Largest Holdings | |
as of June 30, 2022 (as a % of Fair Value) (a)(b) | |
Microsoft Corp. | 7.53% |
Apple Inc. | 5.29% |
Alphabet Inc., Class C | 4.53% |
Amazon.com Inc. | 4.39% |
Johnson & Johnson | 4.01% |
ConocoPhillips | 3.82% |
UnitedHealth Group Inc. | 3.49% |
Visa Inc., Class A | 3.38% |
Mastercard Inc., Class A | 3.07% |
QUALCOMM Inc. | 2.78% |
(a) | Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund - Class G Shares and State Street Institutional Treasury Money Market Fund - Premier Class. |
(b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
8 | Elfun Trusts |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value January 1, 2022 | $1,000.00 | $1,000.00 | |
Ending Account value June 30, 2022 | $ 790.00 | $1,023.90 | |
Expenses Paid During Period* | $ 0.80 | $ 0.90 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.18% (for the period January 1, 2022 - June 30, 2022), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Elfun Trusts | 9 |
Number of Shares | Fair Value | |
Common Stock - 98.7% † | ||
Apparel Retail - 1.5% | ||
Ross Stores Inc. | 670,500 | $ 47,089,215 |
Application Software - 3.1% | ||
salesforce.com Inc. (a) | 382,349 | 63,102,879 |
Splunk Inc. (a) | 364,022 | 32,201,386 |
95,304,265 | ||
Biotechnology - 1.5% | ||
Vertex Pharmaceuticals Inc. (a) | 166,142 | 46,817,154 |
Cable & Satellite - 1.4% | ||
Charter Communications Inc., Class A (a) | 90,300 | 42,308,259 |
Data Processing & Outsourced Services - 8.5% | ||
Fidelity National Information Services Inc. | 697,949 | 63,980,985 |
Mastercard Inc., Class A | 297,000 | 93,697,560 |
Visa Inc., Class A | 524,900 | 103,347,561 |
261,026,106 | ||
Diversified Banks - 2.1% | ||
JPMorgan Chase & Co. | 570,221 | 64,212,587 |
Electric Utilities - 1.8% | ||
NextEra Energy Inc. | 715,900 | 55,453,614 |
Financial Exchanges & Data - 1.7% | ||
S&P Global Inc. | 151,000 | 50,896,060 |
Healthcare Equipment - 1.9% | ||
Boston Scientific Corp. (a) | 1,564,603 | 58,312,754 |
Home Improvement Retail - 1.7% | ||
Lowe's Companies Inc. | 291,649 | 50,942,331 |
Hotels, Resorts & Cruise Lines - 1.4% | ||
Marriott International Inc., Class A | 311,400 | 42,353,514 |
Industrial Conglomerates - 2.2% | ||
Honeywell International Inc. | 385,200 | 66,951,612 |
Industrial Gases - 1.5% | ||
Air Products & Chemicals Inc. | 196,800 | 47,326,464 |
Industrial Machinery - 2.3% | ||
Parker-Hannifin Corp. | 281,400 | 69,238,470 |
Number of Shares | Fair Value | |
Interactive Media & Services - 9.1% | ||
Alphabet Inc., Class C (a) | 63,300 | $ 138,465,585 |
Alphabet Inc., Class A (a) | 29,300 | 63,852,318 |
Meta Platforms Inc., Class A (a) | 476,792 | 76,882,710 |
279,200,613 | ||
Internet & Direct Marketing Retail - 4.4% | ||
Amazon.com Inc. (a) | 1,263,500 | 134,196,335 |
Investment Banking & Brokerage - 1.9% | ||
The Charles Schwab Corp. | 897,600 | 56,710,368 |
Life Sciences Tools & Services - 2.2% | ||
IQVIA Holdings Inc. (a) | 306,900 | 66,594,231 |
Managed Healthcare - 3.5% | ||
UnitedHealth Group Inc. | 207,856 | 106,761,077 |
Movies & Entertainment - 1.3% | ||
The Walt Disney Co. (a) | 432,500 | 40,828,000 |
Oil & Gas Exploration & Production - 3.8% | ||
ConocoPhillips | 1,298,900 | 116,654,209 |
Packaged Foods & Meats - 2.0% | ||
Mondelez International Inc., Class A | 960,883 | 59,661,225 |
Pharmaceuticals - 7.9% | ||
Elanco Animal Health Inc. (a) | 1,751,685 | 34,385,577 |
Johnson & Johnson | 689,800 | 122,446,398 |
Merck & Company Inc. | 922,976 | 84,147,722 |
240,979,697 | ||
Property & Casualty Insurance - 2.2% | ||
Chubb Ltd. | 337,300 | 66,306,434 |
Regional Banks - 3.7% | ||
First Republic Bank | 463,900 | 66,894,380 |
Regions Financial Corp. | 1,234,700 | 23,150,625 |
SVB Financial Group (a) | 60,100 | 23,738,899 |
113,783,904 | ||
Semiconductor Equipment - 1.6% | ||
Applied Materials Inc. | 523,100 | 47,591,638 |
Semiconductors - 4.8% | ||
Advanced Micro Devices Inc. (a) | 795,500 | 60,831,884 |
10 | Elfun Trusts |
Number of Shares | Fair Value | |
QUALCOMM Inc. | 665,000 | $ 84,947,100 |
145,778,984 | ||
Specialized REITs - 2.7% | ||
American Tower Corp. | 327,829 | 83,789,814 |
Systems Software - 7.5% | ||
Microsoft Corp. | 895,835 | 230,077,303 |
Technology Hardware, Storage & Peripherals - 5.3% | ||
Apple Inc. | 1,181,000 | 161,466,320 |
Trading Companies & Distributors - 1.8% | ||
United Rentals Inc. (a) | 220,867 | 53,650,803 |
Trucking - 0.4% | ||
Lyft Inc., Class A (a) | 942,100 | 12,511,088 |
Total Common Stock (Cost $1,958,849,149) | 3,014,774,448 | |
Short-Term Investments - 1.3% | ||
State Street Institutional Treasury Money Market Fund - Premier Class 1.15% (b)(c) (Cost $20,250,614) | 20,250,614 | 20,250,614 |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.55% (b)(c) | 19,892,898 | 19,892,898 |
Total Short-Term Investments (Cost $40,143,512) | 40,143,512 | |
Total Investments (Cost $1,998,992,661) | 3,054,917,960 | |
Liabilities in Excess of Other Assets, net - (0.0)%* | (179,593) | |
NET ASSETS - 100.0% | $ 3,054,738,367 |
(a) | Non-income producing security. |
(b) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(c) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2022. |
* | Less than 0.05%. |
Abbreviations: |
REIT - Real Estate Investment Trust |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Common Stock | $ 3,014,774,448 | $ — | $ — | $ 3,014,774,448 | |||
Short-Term Investments | 40,143,512 | — | — | 40,143,512 | |||
Total Investments in Securities | $ 3,054,917,960 | $ — | $ — | $ 3,054,917,960 |
Elfun Trusts | 11 |
Affiliate Table |
Number of Shares Held at 12/31/21 | Value at 12/31/21 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 6/30/22 | Value at 6/30/22 | Dividend Income | ||||||
State Street Institutional Treasury Money Market Fund - Premier Class | 7,320,718 | $ 7,320,718 | $105,758,414 | $ 92,828,518 | $— | $— | 20,250,614 | $20,250,614 | $36,263 | |||||
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 6,984,701 | 6,984,701 | 105,736,715 | 92,828,518 | — | — | 19,892,898 | 19,892,898 | 46,822 | |||||
TOTAL | $14,305,419 | $211,495,129 | $185,657,036 | $— | $— | $40,143,512 | $83,085 |
12 | Elfun Trusts |
Sector Allocation |
Portfolio composition as a % of Fair Value of $184,777 (in thousands) as of June 30, 2022 (a)(b) |
Top Ten Largest Equity Holdings | |
as of June 30, 2022 (as a % of Fair Value) (a)(b) | |
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 2.80% |
Apple Inc. | 2.03% |
Microsoft Corp. | 1.86% |
Dreyfus Treasury Cash Management - Institutional Shares | 1.39% |
Amazon.com Inc. | 0.90% |
Alphabet Inc., Class A | 0.63% |
Alphabet Inc., Class C | 0.58% |
Tesla Inc. | 0.55% |
Berkshire Hathaway Inc., Class B | 0.48% |
UnitedHealth Group Inc. | 0.47% |
(a) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
(b) | Fair Value basis is inclusive of short-term investment in affiliated money market funds. |
Elfun Diversified Fund | 13 |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value January 1, 2022 | $1,000.00 | $1,000.00 | |
Ending Account value June 30, 2022 | $ 840.90 | $1,023.20 | |
Expenses Paid During Period* | $ 1.46 | $ 1.61 |
* | Expenses are equal to the Fund's annualized net expense ratio of 0.32% (for the period January 1, 2022 - June 30, 2022), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
14 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Domestic Equity - 32.0% † | ||
Common Stock - 32.0% | ||
Advertising - 0.0%* | ||
Omnicom Group Inc. (a) | 341 | $ 21,691 |
The Interpublic Group of Companies Inc. (a) | 766 | 21,088 |
42,779 | ||
Aerospace & Defense - 0.6% | ||
General Dynamics Corp. (a) | 418 | 92,482 |
Howmet Aerospace Inc. (a) | 619 | 19,468 |
Huntington Ingalls Industries Inc. (a) | 71 | 15,465 |
L3Harris Technologies Inc. (a) | 350 | 84,595 |
Lockheed Martin Corp. (a) | 427 | 183,593 |
Northrop Grumman Corp. (a) | 264 | 126,342 |
Raytheon Technologies Corp. (a) | 2,607 | 250,559 |
Textron Inc. (a) | 398 | 24,306 |
The Boeing Co. (a)(b) | 1,004 | 137,267 |
TransDigm Group Inc. (a)(b) | 86 | 46,154 |
980,231 | ||
Agricultural & Farm Machinery - 0.1% | ||
Deere & Co. (a) | 504 | 150,933 |
Agricultural Products - 0.1% | ||
Archer-Daniels-Midland Co. (a) | 1,009 | 78,298 |
Air Freight & Logistics - 0.2% | ||
CH Robinson Worldwide Inc. (a) | 206 | 20,882 |
Expeditors International of Washington Inc. (a) | 272 | 26,509 |
FedEx Corp. (a) | 432 | 97,939 |
United Parcel Service Inc., Class B (a) | 1,321 | 241,135 |
386,465 | ||
Airlines - 0.1% | ||
Alaska Air Group Inc. (a)(b) | 252 | 10,093 |
American Airlines Group Inc. (a)(b) | 1,294 | 16,408 |
Delta Air Lines Inc. (a)(b) | 1,200 | 34,764 |
Southwest Airlines Co. (a)(b) | 962 | 34,747 |
United Airlines Holdings Inc. (a)(b) | 536 | 18,985 |
114,997 |
Number of Shares | Fair Value | |
Alternative Carriers - 0.0%* | ||
Lumen Technologies Inc. (a) | 1,474 | $ 16,081 |
Apparel Retail - 0.1% | ||
Ross Stores Inc. (a) | 645 | 45,298 |
The TJX Companies Inc. (a) | 2,129 | 118,905 |
164,203 | ||
Apparel, Accessories & Luxury Goods - 0.0%* | ||
PVH Corp. (a) | 134 | 7,624 |
Ralph Lauren Corp. (a) | 75 | 6,724 |
Tapestry Inc. (a) | 536 | 16,359 |
VF Corp. (a) | 524 | 23,145 |
53,852 | ||
Application Software - 0.7% | ||
Adobe Inc. (a)(b) | 849 | 310,785 |
ANSYS Inc. (a)(b) | 141 | 33,740 |
Autodesk Inc. (a)(b) | 396 | 68,096 |
Cadence Design Systems Inc. (a)(b) | 501 | 75,165 |
Ceridian HCM Holding Inc. (b) | 264 | 12,429 |
Citrix Systems Inc. (a) | 197 | 19,143 |
Intuit Inc. (a) | 509 | 196,189 |
Paycom Software Inc. (a)(b) | 77 | 21,569 |
PTC Inc. (b) | 200 | 21,268 |
Roper Technologies Inc. (a) | 193 | 76,168 |
salesforce.com Inc. (a)(b) | 1,785 | 294,596 |
Synopsys Inc. (a)(b) | 278 | 84,429 |
Tyler Technologies Inc. (a)(b) | 78 | 25,933 |
1,239,510 | ||
Asset Management & Custody Banks - 0.2% | ||
Ameriprise Financial Inc. (a) | 202 | 48,011 |
BlackRock Inc. (a) | 257 | 156,523 |
Franklin Resources Inc. (a) | 492 | 11,469 |
Invesco Ltd. (a) | 609 | 9,823 |
Northern Trust Corp. (a) | 336 | 32,417 |
State Street Corp. (a)(c) | 675 | 41,614 |
T Rowe Price Group Inc. (a) | 417 | 47,375 |
The Bank of New York Mellon Corp. (a) | 1,295 | 54,015 |
401,247 | ||
Auto Parts & Equipment - 0.0%* | ||
BorgWarner Inc. (a) | 439 | 14,649 |
Automobile Manufacturers - 0.7% | ||
Ford Motor Co. (a) | 7,215 | 80,303 |
Elfun Diversified Fund | 15 |
Number of Shares | Fair Value | |
General Motors Co. (a)(b) | 2,633 | $ 83,624 |
Tesla Inc. (a)(b) | 1,498 | 1,008,783 |
1,172,710 | ||
Automotive Retail - 0.1% | ||
Advance Auto Parts Inc. (a) | 98 | 16,963 |
AutoZone Inc. (a)(b) | 34 | 73,070 |
CarMax Inc. (a)(b) | 259 | 23,434 |
O'Reilly Automotive Inc. (a)(b) | 119 | 75,180 |
188,647 | ||
Biotechnology - 0.7% | ||
AbbVie Inc. (a) | 3,171 | 485,670 |
Amgen Inc. (a) | 961 | 233,811 |
Biogen Inc. (a)(b) | 268 | 54,656 |
Gilead Sciences Inc. (a) | 2,276 | 140,680 |
Incyte Corp. (a)(b) | 299 | 22,715 |
Moderna Inc. (b) | 628 | 89,710 |
Regeneron Pharmaceuticals Inc. (a)(b) | 195 | 115,270 |
Vertex Pharmaceuticals Inc. (a)(b) | 462 | 130,187 |
1,272,699 | ||
Brewers - 0.0%* | ||
Molson Coors Beverage Co., Class B (a) | 381 | 20,768 |
Broadcasting - 0.0%* | ||
Fox Corp., Class A (a) | 597 | 19,199 |
Fox Corp., Class B (a) | 283 | 8,405 |
Paramount Global, Class B (a) | 1,004 | 24,779 |
52,383 | ||
Building Products - 0.1% | ||
A O Smith Corp. (a) | 200 | 10,936 |
Carrier Global Corp. (a) | 1,413 | 50,388 |
Fortune Brands Home & Security Inc. (a) | 238 | 14,251 |
Johnson Controls International PLC (a) | 1,185 | 56,738 |
Masco Corp. (a) | 373 | 18,874 |
151,187 | ||
Cable & Satellite - 0.2% | ||
Charter Communications Inc., Class A (a)(b) | 210 | 98,391 |
Comcast Corp., Class A (a) | 8,025 | 314,901 |
Number of Shares | Fair Value | |
DISH Network Corp., Class A (a)(b) | 432 | $ 7,746 |
421,038 | ||
Casinos & Gaming - 0.0%* | ||
Caesars Entertainment Inc. (a)(b) | 382 | 14,631 |
Las Vegas Sands Corp. (a)(b) | 671 | 22,539 |
MGM Resorts International (a) | 720 | 20,844 |
Penn National Gaming Inc. (a)(b) | 300 | 9,126 |
Wynn Resorts Ltd. (a)(b) | 178 | 10,142 |
77,282 | ||
Commodity Chemicals - 0.1% | ||
Dow Inc. (a) | 1,322 | 68,229 |
LyondellBasell Industries N.V., Class A (a) | 429 | 37,520 |
105,749 | ||
Communications Equipment - 0.3% | ||
Arista Networks Inc. (a)(b) | 415 | 38,902 |
Cisco Systems Inc. (a) | 7,413 | 316,090 |
F5 Inc. (a)(b) | 117 | 17,906 |
Juniper Networks Inc. (a) | 645 | 18,383 |
Motorola Solutions Inc. (a) | 305 | 63,928 |
455,209 | ||
Computer & Electronics Retail - 0.0%* | ||
Best Buy Company Inc. (a) | 346 | 22,556 |
Construction & Engineering - 0.0%* | ||
Quanta Services Inc. (a) | 229 | 28,703 |
Construction Machinery & Heavy Trucks - 0.2% | ||
Caterpillar Inc. (a) | 961 | 171,788 |
Cummins Inc. (a) | 259 | 50,124 |
PACCAR Inc. (a) | 637 | 52,451 |
Westinghouse Air Brake Technologies Corp. (a) | 299 | 24,542 |
298,905 | ||
Construction Materials - 0.0%* | ||
Martin Marietta Materials Inc. (a) | 101 | 30,223 |
Vulcan Materials Co. (a) | 215 | 30,552 |
60,775 |
16 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Consumer Finance - 0.2% | ||
American Express Co. (a) | 1,100 | $ 152,482 |
Capital One Financial Corp. (a) | 682 | 71,057 |
Discover Financial Services (a) | 470 | 44,453 |
Synchrony Financial (a) | 803 | 22,179 |
290,171 | ||
Copper - 0.0%* | ||
Freeport-McMoRan Inc. (a) | 2,627 | 76,866 |
Data Processing & Outsourced Services - 1.0% | ||
Automatic Data Processing Inc. (a) | 753 | 158,160 |
Broadridge Financial Solutions Inc. (a) | 186 | 26,514 |
Fidelity National Information Services Inc. (a) | 1,106 | 101,387 |
Fiserv Inc. (a)(b) | 1,054 | 93,774 |
FleetCor Technologies Inc. (a)(b) | 131 | 27,525 |
Global Payments Inc. (a) | 514 | 56,869 |
Jack Henry & Associates Inc. (a) | 115 | 20,702 |
Mastercard Inc., Class A (a) | 1,541 | 486,155 |
Paychex Inc. (a) | 585 | 66,614 |
PayPal Holdings Inc. (a)(b) | 2,089 | 145,896 |
Visa Inc., Class A (a) | 2,952 | 581,219 |
1,764,815 | ||
Distillers & Vintners - 0.1% | ||
Brown-Forman Corp., Class B (a) | 362 | 25,398 |
Constellation Brands Inc., Class A (a) | 296 | 68,986 |
94,384 | ||
Distributors - 0.0%* | ||
Genuine Parts Co. (a) | 230 | 30,590 |
LKQ Corp. (a) | 436 | 21,403 |
Pool Corp. (a) | 64 | 22,479 |
74,472 | ||
Diversified Banks - 0.9% | ||
Bank of America Corp. (a) | 12,691 | 395,071 |
Citigroup Inc. (a) | 3,514 | 161,609 |
JPMorgan Chase & Co. (a) | 5,268 | 593,230 |
U.S. Bancorp (a) | 2,453 | 112,887 |
Number of Shares | Fair Value | |
Wells Fargo & Co. (a) | 6,832 | $ 267,609 |
1,530,406 | ||
Diversified Support Services - 0.1% | ||
Cintas Corp. (a) | 159 | 59,391 |
Copart Inc. (a)(b) | 393 | 42,704 |
102,095 | ||
Drug Retail - 0.0%* | ||
Walgreens Boots Alliance Inc. (a) | 1,287 | 48,777 |
Electric Utilities - 0.6% | ||
Alliant Energy Corp. (a) | 434 | 25,437 |
American Electric Power Company Inc. (a) | 932 | 89,416 |
Constellation Energy Corp. | 574 | 32,867 |
Duke Energy Corp. (a) | 1,389 | 148,915 |
Edison International (a) | 643 | 40,663 |
Entergy Corp. (a) | 375 | 42,240 |
Evergy Inc. (a) | 366 | 23,882 |
Eversource Energy (a) | 631 | 53,301 |
Exelon Corp. (a) | 1,723 | 78,086 |
FirstEnergy Corp. (a) | 962 | 36,931 |
NextEra Energy Inc. (a) | 3,532 | 273,589 |
NRG Energy Inc. (a) | 455 | 17,367 |
Pinnacle West Capital Corp. (a) | 200 | 14,624 |
PPL Corp. (a) | 1,255 | 34,048 |
The Southern Co. (a) | 1,906 | 135,917 |
Xcel Energy Inc. (a) | 966 | 68,354 |
1,115,637 | ||
Electrical Components & Equipment - 0.2% | ||
AMETEK Inc. (a) | 424 | 46,593 |
Eaton Corporation PLC (a) | 723 | 91,091 |
Emerson Electric Co. (a) | 1,089 | 86,619 |
Generac Holdings Inc. (a)(b) | 101 | 21,269 |
Rockwell Automation Inc. (a) | 214 | 42,652 |
288,224 | ||
Electronic Components - 0.1% | ||
Amphenol Corp., Class A (a) | 1,087 | 69,981 |
Corning Inc. (a) | 1,440 | 45,374 |
115,355 | ||
Electronic Equipment & Instruments - 0.1% | ||
Keysight Technologies Inc. (a)(b) | 334 | 46,042 |
Elfun Diversified Fund | 17 |
Number of Shares | Fair Value | |
Teledyne Technologies Inc. (a)(b) | 75 | $ 28,133 |
Trimble Inc. (a)(b) | 400 | 23,292 |
Zebra Technologies Corp., Class A (a)(b) | 85 | 24,986 |
122,453 | ||
Environmental & Facilities Services - 0.1% | ||
Republic Services Inc. (a) | 382 | 49,992 |
Rollins Inc. (a) | 425 | 14,841 |
Waste Management Inc. (a) | 692 | 105,862 |
170,695 | ||
Fertilizers & Agricultural Chemicals - 0.1% | ||
CF Industries Holdings Inc. (a) | 401 | 34,378 |
Corteva Inc. (a) | 1,282 | 69,407 |
FMC Corp. (a) | 241 | 25,789 |
The Mosaic Co. (a) | 630 | 29,755 |
159,329 | ||
Financial Exchanges & Data - 0.4% | ||
Cboe Global Markets Inc. (a) | 168 | 19,016 |
CME Group Inc. (a) | 649 | 132,850 |
FactSet Research Systems Inc. | 60 | 23,074 |
Intercontinental Exchange Inc. (a) | 1,011 | 95,074 |
MarketAxess Holdings Inc. (a) | 67 | 17,153 |
Moody's Corp. (a) | 292 | 79,415 |
MSCI Inc. (a) | 148 | 60,998 |
Nasdaq Inc. (a) | 188 | 28,678 |
S&P Global Inc. (a) | 625 | 210,663 |
666,921 | ||
Food Distributors - 0.1% | ||
Sysco Corp. (a) | 928 | 78,611 |
Food Retail - 0.0%* | ||
The Kroger Co. (a) | 1,181 | 55,897 |
Footwear - 0.1% | ||
NIKE Inc., Class B (a) | 2,282 | 233,220 |
Gas Utilities - 0.0%* | ||
Atmos Energy Corp. (a) | 216 | 24,214 |
General Merchandise Stores - 0.2% | ||
Dollar General Corp. (a) | 414 | 101,612 |
Dollar Tree Inc. (a)(b) | 410 | 63,899 |
Number of Shares | Fair Value | |
Target Corp. (a) | 836 | $ 118,068 |
283,579 | ||
Gold - 0.1% | ||
Newmont Corp. (a) | 1,455 | 86,820 |
Health Care REITs - 0.1% | ||
Healthpeak Properties Inc. (a) | 827 | 21,427 |
Ventas Inc. (a) | 718 | 36,927 |
Welltower Inc. (a) | 776 | 63,904 |
122,258 | ||
Healthcare Distributors - 0.1% | ||
AmerisourceBergen Corp. (a) | 278 | 39,331 |
Cardinal Health Inc. (a) | 500 | 26,135 |
Henry Schein Inc. (a)(b) | 264 | 20,259 |
McKesson Corp. (a) | 264 | 86,120 |
171,845 | ||
Healthcare Equipment - 0.7% | ||
Abbott Laboratories (a) | 3,146 | 341,813 |
ABIOMED Inc. (a)(b) | 80 | 19,801 |
Baxter International Inc. (a) | 919 | 59,027 |
Becton Dickinson & Co. (a) | 515 | 126,963 |
Boston Scientific Corp. (a)(b) | 2,599 | 96,865 |
Dexcom Inc. (a)(b) | 718 | 53,513 |
Edwards Lifesciences Corp. (a)(b) | 1,125 | 106,976 |
Hologic Inc. (a)(b) | 402 | 27,859 |
IDEXX Laboratories Inc. (a)(b) | 154 | 54,012 |
Intuitive Surgical Inc. (a)(b) | 648 | 130,060 |
ResMed Inc. (a) | 267 | 55,971 |
STERIS PLC (a) | 162 | 33,396 |
Stryker Corp. (a) | 608 | 120,950 |
Teleflex Inc. (a) | 88 | 21,635 |
Zimmer Biomet Holdings Inc. (a) | 386 | 40,553 |
1,289,394 | ||
Healthcare Facilities - 0.1% | ||
HCA Healthcare Inc. (a) | 394 | 66,216 |
Universal Health Services Inc., Class B (a) | 112 | 11,279 |
77,495 | ||
Healthcare Services - 0.3% | ||
Cigna Corp. (a) | 572 | 150,733 |
CVS Health Corp. (a) | 2,360 | 218,678 |
DaVita Inc. (a)(b) | 138 | 11,035 |
18 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Laboratory Corporation of America Holdings (a) | 151 | $ 35,388 |
Quest Diagnostics Inc. (a) | 189 | 25,133 |
440,967 | ||
Healthcare Supplies - 0.0%* | ||
Align Technology Inc. (a)(b) | 118 | 27,927 |
DENTSPLY SIRONA Inc. (a) | 453 | 16,186 |
The Cooper Companies Inc. (a) | 79 | 24,736 |
68,849 | ||
Home Building - 0.1% | ||
D.R. Horton Inc. (a) | 609 | 40,310 |
Lennar Corp., Class A (a) | 409 | 28,863 |
NVR Inc. (a)(b) | 6 | 24,025 |
PulteGroup Inc. (a) | 399 | 15,812 |
109,010 | ||
Home Furnishings - 0.0%* | ||
Mohawk Industries Inc. (a)(b) | 83 | 10,299 |
Home Improvement Retail - 0.4% | ||
Lowe's Companies Inc. (a) | 1,190 | 207,857 |
The Home Depot Inc. (a) | 1,854 | 508,497 |
716,354 | ||
Hotel & Resort REITs - 0.0%* | ||
Host Hotels & Resorts Inc. (a) | 1,133 | 17,765 |
Hotels, Resorts & Cruise Lines - 0.2% | ||
Booking Holdings Inc. (a)(b) | 73 | 127,676 |
Carnival Corp. (a)(b) | 1,199 | 10,371 |
Expedia Group Inc. (a)(b) | 242 | 22,949 |
Hilton Worldwide Holdings Inc. (a) | 509 | 56,723 |
Marriott International Inc., Class A (a) | 501 | 68,141 |
Norwegian Cruise Line Holdings Ltd. (a)(b) | 948 | 10,542 |
Royal Caribbean Cruises Ltd. (a)(b) | 348 | 12,149 |
308,551 | ||
Household Appliances - 0.0%* | ||
Whirlpool Corp. (a) | 93 | 14,403 |
Household Products - 0.5% | ||
Church & Dwight Company Inc. (a) | 455 | 42,160 |
Number of Shares | Fair Value | |
Colgate-Palmolive Co. (a) | 1,515 | $ 121,412 |
Kimberly-Clark Corp. (a) | 612 | 82,712 |
The Clorox Co. (a) | 197 | 27,773 |
The Procter & Gamble Co. (a) | 4,304 | 618,872 |
892,929 | ||
Housewares & Specialties - 0.0%* | ||
Newell Brands Inc. (a) | 612 | 11,652 |
Human Resource & Employment Services - 0.0%* | ||
Robert Half International Inc. (a) | 209 | 15,652 |
Hypermarkets & Super Centers - 0.4% | ||
Costco Wholesale Corp. (a) | 796 | 381,507 |
Walmart Inc. (a) | 2,523 | 306,746 |
688,253 | ||
Independent Power Producers & Energy Traders - 0.0%* | ||
The AES Corp. (a) | 1,024 | 21,514 |
Industrial Conglomerates - 0.3% | ||
3M Co. (a) | 1,028 | 133,033 |
General Electric Co. | 1,995 | 127,022 |
Honeywell International Inc. (a) | 1,225 | 212,917 |
472,972 | ||
Industrial Gases - 0.1% | ||
Air Products & Chemicals Inc. (a) | 402 | 96,673 |
Industrial Machinery - 0.2% | ||
Dover Corp. (a) | 232 | 28,146 |
Fortive Corp. (a) | 580 | 31,540 |
IDEX Corp. (a) | 121 | 21,977 |
Illinois Tool Works Inc. (a) | 514 | 93,676 |
Ingersoll Rand Inc. (a) | 659 | 27,731 |
Nordson Corp. | 100 | 20,244 |
Otis Worldwide Corp. (a) | 756 | 53,427 |
Parker-Hannifin Corp. (a) | 235 | 57,822 |
Snap-on Inc. (a) | 84 | 16,551 |
Stanley Black & Decker Inc. (a) | 263 | 27,578 |
Xylem Inc. (a) | 287 | 22,438 |
401,130 | ||
Industrial REITs - 0.1% | ||
Duke Realty Corp. (a) | 705 | 38,740 |
Elfun Diversified Fund | 19 |
Number of Shares | Fair Value | |
Prologis Inc. (a) | 1,335 | $ 157,062 |
195,802 | ||
Insurance Brokers - 0.2% | ||
Aon PLC, Class A (a) | 385 | 103,827 |
Arthur J Gallagher & Co. (a) | 383 | 62,444 |
Brown & Brown Inc. | 400 | 23,336 |
Marsh & McLennan Companies Inc. (a) | 906 | 140,657 |
330,264 | ||
Integrated Oil & Gas - 0.7% | ||
Chevron Corp. (a) | 3,526 | 510,494 |
Exxon Mobil Corp. (a) | 7,555 | 647,010 |
Occidental Petroleum Corp. (a) | 1,614 | 95,033 |
1,252,537 | ||
Integrated Telecommunication Services - 0.4% | ||
AT&T Inc. (a) | 12,903 | 270,447 |
Verizon Communications Inc. (a) | 7,550 | 383,162 |
653,609 | ||
Interactive Home Entertainment - 0.1% | ||
Activision Blizzard Inc. (a) | 1,415 | 110,172 |
Electronic Arts Inc. (a) | 512 | 62,285 |
Take-Two Interactive Software Inc. (a)(b) | 263 | 32,225 |
204,682 | ||
Interactive Media & Services - 1.7% | ||
Alphabet Inc., Class C (a)(b) | 492 | 1,076,225 |
Alphabet Inc., Class A (a)(b) | 537 | 1,170,263 |
Match Group Inc. (b) | 527 | 36,727 |
Meta Platforms Inc., Class A (a)(b) | 4,113 | 663,221 |
Twitter Inc. (a)(b) | 1,334 | 49,878 |
2,996,314 | ||
Internet & Direct Marketing Retail - 1.0% | ||
Amazon.com Inc. (a)(b) | 15,625 | 1,659,531 |
eBay Inc. (a) | 1,021 | 42,545 |
Etsy Inc. (a)(b) | 198 | 14,496 |
1,716,572 | ||
Internet Services & Infrastructure - 0.0%* | ||
Akamai Technologies Inc. (a)(b) | 259 | 23,655 |
Number of Shares | Fair Value | |
VeriSign Inc. (a)(b) | 155 | $ 25,936 |
49,591 | ||
Investment Banking & Brokerage - 0.3% | ||
Morgan Stanley (a) | 2,451 | 186,423 |
Raymond James Financial Inc. (a) | 351 | 31,383 |
The Charles Schwab Corp. (a) | 2,690 | 169,954 |
The Goldman Sachs Group Inc. (a) | 619 | 183,856 |
571,616 | ||
IT Consulting & Other Services - 0.2% | ||
Cognizant Technology Solutions Corp., Class A (a) | 944 | 63,710 |
DXC Technology Co. (a)(b) | 486 | 14,731 |
EPAM Systems Inc. (b) | 106 | 31,247 |
Gartner Inc. (a)(b) | 133 | 32,163 |
International Business Machines Corp. (a) | 1,619 | 228,587 |
370,438 | ||
Leisure Products - 0.0%* | ||
Hasbro Inc. (a) | 250 | 20,470 |
Life & Health Insurance - 0.2% | ||
Aflac Inc. (a) | 1,014 | 56,105 |
Globe Life Inc. (a) | 143 | 13,938 |
Lincoln National Corp. (a) | 284 | 13,283 |
MetLife Inc. (a) | 1,220 | 76,604 |
Principal Financial Group Inc. (a) | 390 | 26,048 |
Prudential Financial Inc. (a) | 684 | 65,445 |
251,423 | ||
Life Sciences Tools & Services - 0.6% | ||
Agilent Technologies Inc. (a) | 547 | 64,967 |
Bio-Rad Laboratories Inc., Class A (a)(b) | 34 | 16,830 |
Bio-Techne Corp. | 74 | 25,651 |
Charles River Laboratories International Inc. (b) | 100 | 21,397 |
Danaher Corp. (a) | 1,163 | 294,844 |
Illumina Inc. (a)(b) | 287 | 52,911 |
IQVIA Holdings Inc. (a)(b) | 344 | 74,645 |
Mettler-Toledo International Inc. (a)(b) | 42 | 48,248 |
PerkinElmer Inc. (a) | 203 | 28,871 |
Thermo Fisher Scientific Inc. (a) | 703 | 381,926 |
20 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Waters Corp. (a)(b) | 99 | $ 32,767 |
West Pharmaceutical Services Inc. (a) | 136 | 41,122 |
1,084,179 | ||
Managed Healthcare - 0.8% | ||
Centene Corp. (a)(b) | 1,061 | 89,771 |
Elevance Health Inc. (a) | 434 | 209,440 |
Humana Inc. (a) | 229 | 107,188 |
Molina Healthcare Inc. (b) | 93 | 26,004 |
UnitedHealth Group Inc. (a) | 1,682 | 863,925 |
1,296,328 | ||
Metal & Glass Containers - 0.0%* | ||
Ball Corp. (a) | 525 | 36,104 |
Movies & Entertainment - 0.3% | ||
Live Nation Entertainment Inc. (a)(b) | 247 | 20,397 |
Netflix Inc. (a)(b) | 802 | 140,246 |
The Walt Disney Co. (a)(b) | 3,273 | 308,971 |
Warner Bros Discovery Inc. (b) | 4,072 | 54,646 |
524,260 | ||
Multi-Line Insurance - 0.1% | ||
American International Group Inc. (a) | 1,382 | 70,662 |
Assurant Inc. (a) | 90 | 15,556 |
The Hartford Financial Services Group Inc. (a) | 558 | 36,510 |
122,728 | ||
Multi-Sector Holdings - 0.5% | ||
Berkshire Hathaway Inc., Class B (a)(b) | 3,229 | 881,582 |
Multi-Utilities - 0.3% | ||
Ameren Corp. (a) | 476 | 43,012 |
CenterPoint Energy Inc. (a) | 1,040 | 30,763 |
CMS Energy Corp. (a) | 465 | 31,388 |
Consolidated Edison Inc. (a) | 647 | 61,530 |
Dominion Energy Inc. (a) | 1,467 | 117,081 |
DTE Energy Co. (a) | 356 | 45,123 |
NiSource Inc. (a) | 792 | 23,356 |
Public Service Enterprise Group Inc. (a) | 908 | 57,458 |
Sempra Energy (a) | 571 | 85,804 |
WEC Energy Group Inc. (a) | 577 | 58,069 |
553,584 |
Number of Shares | Fair Value | |
Office REITs - 0.0%* | ||
Alexandria Real Estate Equities Inc. (a) | 274 | $ 39,738 |
Boston Properties Inc. (a) | 225 | 20,021 |
Vornado Realty Trust (a) | 312 | 8,920 |
68,679 | ||
Oil & Gas Equipment & Services - 0.1% | ||
Baker Hughes Co. (a) | 1,715 | 49,512 |
Halliburton Co. (a) | 1,663 | 52,152 |
Schlumberger N.V. (a) | 2,550 | 91,188 |
192,852 | ||
Oil & Gas Exploration & Production - 0.4% | ||
APA Corp. (a) | 621 | 21,673 |
ConocoPhillips (a) | 2,340 | 210,155 |
Coterra Energy Inc. (a) | 1,495 | 38,556 |
Devon Energy Corp. (a) | 1,086 | 59,849 |
Diamondback Energy Inc. (a) | 277 | 33,559 |
EOG Resources Inc. (a) | 1,059 | 116,956 |
Hess Corp. (a) | 489 | 51,805 |
Marathon Oil Corp. (a) | 1,299 | 29,201 |
Pioneer Natural Resources Co. (a) | 408 | 91,017 |
652,771 | ||
Oil & Gas Refining & Marketing - 0.1% | ||
Marathon Petroleum Corp. (a) | 968 | 79,579 |
Phillips 66 (a) | 875 | 71,741 |
Valero Energy Corp. (a) | 742 | 78,860 |
230,180 | ||
Oil & Gas Storage & Transportation - 0.1% | ||
Kinder Morgan Inc. (a) | 3,604 | 60,403 |
ONEOK Inc. (a) | 821 | 45,565 |
The Williams Companies Inc. (a) | 2,231 | 69,630 |
175,598 | ||
Packaged Foods & Meats - 0.3% | ||
Campbell Soup Co. (a) | 313 | 15,040 |
Conagra Brands Inc. (a) | 926 | 31,706 |
General Mills Inc. (a) | 1,064 | 80,279 |
Hormel Foods Corp. (a) | 517 | 24,485 |
Kellogg Co. (a) | 438 | 31,247 |
Lamb Weston Holdings Inc. (a) | 262 | 18,722 |
McCormick & Company Inc. (a) | 461 | 38,378 |
Elfun Diversified Fund | 21 |
Number of Shares | Fair Value | |
Mondelez International Inc., Class A (a) | 2,478 | $ 153,859 |
The Hershey Co. (a) | 267 | 57,448 |
The J M Smucker Co. (a) | 172 | 22,018 |
The Kraft Heinz Co. (a) | 1,263 | 48,171 |
Tyson Foods Inc., Class A (a) | 507 | 43,632 |
564,985 | ||
Paper Packaging - 0.1% | ||
Avery Dennison Corp. (a) | 132 | 21,367 |
International Paper Co. (a) | 644 | 26,939 |
Packaging Corp. of America (a) | 151 | 20,762 |
Sealed Air Corp. (a) | 264 | 15,238 |
Westrock Co. (a) | 413 | 16,454 |
100,760 | ||
Personal Products - 0.1% | ||
The Estee Lauder Companies Inc., Class A (a) | 419 | 106,707 |
Pharmaceuticals - 1.6% | ||
Bristol-Myers Squibb Co. (a) | 3,797 | 292,369 |
Catalent Inc. (a)(b) | 289 | 31,007 |
Eli Lilly & Co. (a) | 1,416 | 459,110 |
Johnson & Johnson (a) | 4,717 | 837,315 |
Merck & Company Inc. (a) | 4,472 | 407,712 |
Organon & Co. | 487 | 16,436 |
Pfizer Inc. (a) | 10,039 | 526,345 |
Viatris Inc. (a) | 2,287 | 23,945 |
Zoetis Inc. (a) | 849 | 145,934 |
2,740,173 | ||
Property & Casualty Insurance - 0.2% | ||
Cincinnati Financial Corp. (a) | 240 | 28,555 |
Loews Corp. (a) | 311 | 18,430 |
The Allstate Corp. (a) | 502 | 63,618 |
The Progressive Corp. (a) | 1,058 | 123,014 |
The Travelers Companies Inc. (a) | 437 | 73,910 |
W R Berkley Corp. (a) | 350 | 23,891 |
331,418 | ||
Publishing - 0.0%* | ||
News Corp., Class A (a) | 811 | 12,636 |
News Corp., Class B (a) | 142 | 2,256 |
14,892 |
Number of Shares | Fair Value | |
Railroads - 0.3% | ||
CSX Corp. (a) | 3,949 | $ 114,758 |
Norfolk Southern Corp. (a) | 432 | 98,189 |
Union Pacific Corp. (a) | 1,130 | 241,007 |
453,954 | ||
Real Estate Services - 0.0%* | ||
CBRE Group Inc., Class A (a)(b) | 544 | 40,044 |
Regional Banks - 0.3% | ||
Citizens Financial Group Inc. (a) | 801 | 28,588 |
Comerica Inc. (a) | 266 | 19,519 |
Fifth Third Bancorp (a) | 1,262 | 42,403 |
First Republic Bank (a) | 329 | 47,442 |
Huntington Bancshares Inc. (a) | 2,334 | 28,078 |
KeyCorp (a) | 1,472 | 25,362 |
M&T Bank Corp. (a) | 328 | 52,280 |
Regions Financial Corp. (a) | 1,497 | 28,069 |
Signature Bank | 99 | 17,742 |
SVB Financial Group (a)(b) | 108 | 42,659 |
The PNC Financial Services Group Inc. (a) | 748 | 118,012 |
Truist Financial Corp. (a) | 2,377 | 112,741 |
Zions Bancorp NA (a) | 252 | 12,827 |
575,722 | ||
Research & Consulting Services - 0.1% | ||
Equifax Inc. (a) | 225 | 41,126 |
Jacobs Engineering Group Inc. (a) | 207 | 26,316 |
Leidos Holdings Inc. (a) | 223 | 22,458 |
Nielsen Holdings PLC (a) | 601 | 13,955 |
Verisk Analytics Inc. (a) | 262 | 45,350 |
149,205 | ||
Residential REITs - 0.1% | ||
AvalonBay Communities Inc. (a) | 256 | 49,728 |
Camden Property Trust | 200 | 26,896 |
Equity Residential (a) | 628 | 45,354 |
Essex Property Trust Inc. (a) | 105 | 27,458 |
Mid-America Apartment Communities Inc. (a) | 186 | 32,489 |
UDR Inc. (a) | 517 | 23,803 |
205,728 |
22 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Restaurants - 0.4% | ||
Chipotle Mexican Grill Inc. (a)(b) | 51 | $ 66,670 |
Darden Restaurants Inc. (a) | 203 | 22,963 |
Domino's Pizza Inc. (a) | 65 | 25,331 |
McDonald's Corp. (a) | 1,329 | 328,104 |
Starbucks Corp. (a) | 2,069 | 158,051 |
Yum! Brands Inc. (a) | 521 | 59,139 |
660,258 | ||
Retail REITs - 0.1% | ||
Federal Realty Investment Trust | 139 | 13,308 |
Kimco Realty Corp. (a) | 1,010 | 19,968 |
Realty Income Corp. (a) | 1,094 | 74,676 |
Regency Centers Corp. (a) | 234 | 13,879 |
Simon Property Group Inc. (a) | 600 | 56,952 |
178,783 | ||
Semiconductor Equipment - 0.2% | ||
Applied Materials Inc. (a) | 1,594 | 145,022 |
Enphase Energy Inc. (a)(b) | 247 | 48,224 |
KLA Corp. (a) | 271 | 86,471 |
Lam Research Corp. (a) | 251 | 106,964 |
Teradyne Inc. (a) | 261 | 23,372 |
410,053 | ||
Semiconductors - 1.4% | ||
Advanced Micro Devices Inc. (a)(b) | 2,915 | 222,910 |
Analog Devices Inc. (a) | 945 | 138,055 |
Broadcom Inc. (a) | 733 | 356,099 |
Intel Corp. (a) | 7,326 | 274,066 |
Microchip Technology Inc. (a) | 1,015 | 58,951 |
Micron Technology Inc. (a) | 1,944 | 107,464 |
Monolithic Power Systems Inc. (a) | 70 | 26,883 |
NVIDIA Corp. (a) | 4,490 | 680,639 |
ON Semiconductor Corp. (b) | 800 | 40,248 |
Qorvo Inc. (a)(b) | 196 | 18,487 |
QUALCOMM Inc. (a) | 2,015 | 257,396 |
Skyworks Solutions Inc. (a) | 263 | 24,364 |
Texas Instruments Inc. (a) | 1,658 | 254,752 |
2,460,314 | ||
Soft Drinks - 0.6% | ||
Keurig Dr Pepper Inc. | 1,300 | 46,007 |
Monster Beverage Corp. (a)(b) | 677 | 62,758 |
PepsiCo Inc. (a) | 2,482 | 413,650 |
Number of Shares | Fair Value | |
The Coca-Cola Co. (a) | 6,982 | $ 439,238 |
961,653 | ||
Specialized REITs - 0.5% | ||
American Tower Corp. (a) | 836 | 213,673 |
Crown Castle International Corp. (a) | 782 | 131,673 |
Digital Realty Trust Inc. (a) | 518 | 67,252 |
Equinix Inc. (a) | 165 | 108,408 |
Extra Space Storage Inc. (a) | 247 | 42,020 |
Iron Mountain Inc. (a) | 505 | 24,588 |
Public Storage (a) | 277 | 86,610 |
SBA Communications Corp. (a) | 197 | 63,050 |
VICI Properties Inc. | 1,600 | 47,664 |
Weyerhaeuser Co. (a) | 1,231 | 40,771 |
825,709 | ||
Specialty Chemicals - 0.2% | ||
Albemarle Corp. (a) | 215 | 44,931 |
Celanese Corp. (a) | 173 | 20,347 |
DuPont de Nemours Inc. (a) | 940 | 52,245 |
Eastman Chemical Co. (a) | 205 | 18,403 |
Ecolab Inc. (a) | 452 | 69,499 |
International Flavors & Fragrances Inc. (a) | 466 | 55,510 |
PPG Industries Inc. (a) | 433 | 49,509 |
The Sherwin-Williams Co. (a) | 434 | 97,177 |
407,621 | ||
Specialty Stores - 0.1% | ||
Bath & Body Works Inc. | 487 | 13,110 |
Tractor Supply Co. (a) | 184 | 35,669 |
Ulta Beauty Inc. (a)(b) | 88 | 33,922 |
82,701 | ||
Steel - 0.0%* | ||
Nucor Corp. (a) | 445 | 46,462 |
Systems Software - 2.2% | ||
Fortinet Inc. (a)(b) | 1,213 | 68,631 |
Microsoft Corp. (a) | 13,360 | 3,431,249 |
NortonLifeLock Inc. (a) | 1,123 | 24,661 |
Oracle Corp. (a) | 2,768 | 193,400 |
ServiceNow Inc. (a)(b) | 361 | 171,663 |
3,889,604 | ||
Technology Distributors - 0.0%* | ||
CDW Corp. (a) | 220 | 34,663 |
Elfun Diversified Fund | 23 |
Number of Shares | Fair Value | |
Technology Hardware, Storage & Peripherals - 2.2% | ||
Apple Inc. (a) | 27,467 | $ 3,755,288 |
Hewlett Packard Enterprise Co. (a) | 2,063 | 27,355 |
HP Inc. (a) | 1,779 | 58,316 |
NetApp Inc. (a) | 367 | 23,943 |
Western Digital Corp. (a)(b) | 544 | 24,388 |
3,889,290 | ||
Tobacco - 0.2% | ||
Altria Group Inc. (a) | 3,263 | 136,295 |
Philip Morris International Inc. (a) | 2,786 | 275,090 |
411,385 | ||
Trading Companies & Distributors - 0.1% | ||
Fastenal Co. (a) | 987 | 49,271 |
United Rentals Inc. (a)(b) | 117 | 28,421 |
WW Grainger Inc. (a) | 70 | 31,810 |
109,502 | ||
Trucking - 0.0%* | ||
JB Hunt Transport Services Inc. (a) | 133 | 20,944 |
Old Dominion Freight Line Inc. (a) | 151 | 38,698 |
59,642 | ||
Water Utilities - 0.0%* | ||
American Water Works Company Inc. (a) | 333 | 49,540 |
Wireless Telecommunication Services - 0.1% | ||
T-Mobile US Inc. (a)(b) | 1,063 | 143,016 |
Total Common Stock (Cost $41,701,545) | 55,638,709 | |
Preferred Stock - 0.0% * | ||
Diversified Banks - 0.0%* | ||
Wells Fargo & Co. 5.85%, (5.85% fixed rate until 09/15/23; 3.09% + 3 month USD LIBOR thereafter) (d) | 1,469 | 34,874 |
Total Preferred Stock (Cost $36,725) | 34,874 | |
Total Domestic Equity (Cost $41,738,270) | 55,673,583 |
Number of Shares | Fair Value | |
Foreign Equity - 0.8% | ||
Common Stock - 0.8% | ||
Auto Parts & Equipment - 0.0%* | ||
Aptiv PLC (a)(b) | 497 | $ 44,268 |
Building Products - 0.1% | ||
Allegion PLC (a) | 139 | 13,608 |
Trane Technologies PLC (a) | 428 | 55,584 |
69,192 | ||
Consumer Electronics - 0.0%* | ||
Garmin Ltd. (a) | 243 | 23,875 |
Electronic Manufacturing Services - 0.0%* | ||
TE Connectivity Ltd. (a) | 587 | 66,419 |
Healthcare Equipment - 0.1% | ||
Medtronic PLC (a) | 2,415 | 216,746 |
Industrial Gases - 0.2% | ||
Linde PLC (a)(b) | 905 | 260,215 |
Industrial Machinery - 0.0%* | ||
Pentair PLC (a) | 253 | 11,580 |
Insurance Brokers - 0.0%* | ||
Willis Towers Watson PLC (a) | 198 | 39,083 |
IT Consulting & Other Services - 0.2% | ||
Accenture PLC, Class A (a) | 1,138 | 315,966 |
Paper Packaging - 0.0%* | ||
Amcor PLC (a) | 2,485 | 30,889 |
Property & Casualty Insurance - 0.1% | ||
Chubb Ltd. (a) | 765 | 150,384 |
Reinsurance - 0.0%* | ||
Everest Re Group Ltd. (a) | 76 | 21,301 |
Semiconductor Equipment - 0.0%* | ||
SolarEdge Technologies Inc. (b) | 100 | 27,368 |
Semiconductors - 0.1% | ||
NXP Semiconductors N.V. | 478 | 70,758 |
24 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Technology Hardware, Storage & Peripherals - 0.0%* | ||
Seagate Technology Holdings PLC | 323 | $ 23,075 |
Total Common Stock (Cost $1,083,903) | 1,371,119 | |
Total Foreign Equity (Cost $1,083,903) | 1,371,119 | |
Principal Amount | ||
Bonds and Notes - 39.9% | ||
U.S. Treasuries - 14.4% | ||
U.S. Treasury Bonds | ||
1.13% 05/15/40 | $ 1,327,000 | 923,716 |
1.88% 02/15/41 - 02/15/51 | 2,701,000 | 2,076,108 |
2.25% 08/15/46 | 635,000 | 511,870 |
3.00% 08/15/48 | 1,656,600 | 1,564,969 |
U.S. Treasury Notes | ||
0.25% 07/31/25 | 2,722,200 | 2,498,895 |
0.63% 10/15/24 | 1,271,000 | 1,204,074 |
0.75% 12/31/23 - 01/31/28 | 9,095,000 | 8,230,994 |
1.13% 01/15/25 | 1,270,000 | 1,210,965 |
1.25% 11/30/26 | 785,000 | 726,922 |
1.50% 02/29/24 | 762,000 | 744,051 |
1.63% 05/15/31 | 3,777,000 | 3,374,513 |
1.75% 01/31/29 | 606,000 | 558,846 |
2.88% 05/15/32 | 1,303,000 | 1,288,545 |
24,914,468 | ||
Agency Mortgage Backed - 11.0% | ||
Federal Home Loan Mortgage Corp. | ||
3.00% 04/01/43 - 10/01/49 | 1,474,770 | 1,395,345 |
4.50% 06/01/33 - 02/01/35 | 1,289 | 1,330 |
5.00% 07/01/35 | 8,154 | 8,577 |
5.50% 01/01/38 - 04/01/39 | 15,341 | 16,394 |
6.00% 06/01/33 - 11/01/37 | 36,291 | 39,231 |
6.50% 11/01/28 | 433 | 458 |
7.00% 12/01/29 - 08/01/36 | 9,365 | 10,201 |
7.50% 09/01/33 | 924 | 985 |
8.00% 07/01/26 - 11/01/30 | 1,086 | 1,165 |
8.50% 04/01/30 | 2,791 | 3,229 |
Federal National Mortgage Assoc. | ||
2.50% 02/01/51 - 03/01/51 | 3,438,862 | 3,107,841 |
3.00% 03/01/50 | 256,067 | 240,830 |
3.50% 08/01/45 - 01/01/48 | 605,129 | 590,922 |
4.00% 01/01/41 - 01/01/50 | 590,959 | 590,705 |
4.50% 07/01/33 - 12/01/48 | 300,346 | 306,022 |
Principal Amount | Fair Value | |
5.00% 03/01/34 - 05/01/39 | $ 23,702 | $ 24,923 |
5.50% 07/01/33 - 01/01/39 | 51,263 | 54,739 |
6.00% 02/01/29 - 05/01/41 | 180,984 | 195,563 |
6.50% 07/01/29 - 08/01/36 | 5,296 | 5,606 |
7.00% 05/01/33 - 12/01/33 | 471 | 498 |
7.50% 12/01/26 - 03/01/33 | 2,514 | 2,695 |
8.00% 06/01/24 - 12/01/30 | 2,005 | 2,025 |
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR | ||
2.97% 04/01/37 (d) | 377 | 377 |
Federal National Mortgage Assoc. TBA | ||
3.00% 07/01/52 (e) | 1,280,950 | 1,202,642 |
3.50% 07/01/52 (e) | 1,280,950 | 1,233,765 |
4.00% 07/01/52 (e) | 1,097,957 | 1,083,975 |
4.50% 07/01/52 (e) | 1,250,000 | 1,254,625 |
5.00% 07/01/52 (e) | 5,800,000 | 5,919,654 |
Government National Mortgage Assoc. | ||
3.00% 12/20/42 - 05/20/45 | 1,433,234 | 1,377,976 |
3.50% 08/20/48 | 252,778 | 248,284 |
4.00% 01/20/41 - 04/20/43 | 122,745 | 124,932 |
4.50% 08/15/33 - 03/20/41 | 51,953 | 54,013 |
5.00% 08/15/33 | 2,903 | 3,040 |
6.00% 07/15/33 - 04/15/34 | 4,305 | 4,687 |
6.50% 04/15/28 - 07/15/36 | 6,557 | 7,139 |
7.00% 04/15/28 - 10/15/36 | 2,493 | 2,690 |
7.50% 07/15/23 - 04/15/28 | 3,857 | 3,962 |
8.00% 05/15/30 | 134 | 141 |
19,121,186 | ||
Agency Collateralized Mortgage Obligations - 0.2% | ||
Federal Home Loan Mortgage Corp. | ||
0.08% 09/25/43 (d)(f) | 89,046 | 389 |
2.51% 07/25/29 | 224,000 | 211,356 |
4.05% 09/25/28 (d) | 71,000 | 73,384 |
Federal Home Loan Mortgage Corp. REMIC | ||
3.50% 11/15/30 (f) | 4,431 | 71 |
5.50% 06/15/33 (f) | 2,483 | 398 |
7.50% 07/15/27 (f) | 2,016 | 229 |
Federal Home Loan Mortgage Corp. STRIPS | ||
0.00% 08/01/27 (g) | 92 | 86 |
8.00% 02/01/23 - 07/01/24 (f) | 131 | 7 |
Elfun Diversified Fund | 25 |
Principal Amount | Fair Value | |
Federal National Mortgage Assoc. REMIC | ||
1.12% 12/25/42 (d)(f) | $ 19,264 | $ 617 |
5.00% 09/25/40 (f) | 6,807 | 676 |
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR | ||
4.38% 07/25/38 (d)(f) | 3,816 | 419 |
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR | ||
4.93% 11/25/41 (d)(f) | 568,109 | 85,111 |
Federal National Mortgage Assoc. STRIPS | ||
4.50% 08/25/35 - 01/25/36 (f) | 5,543 | 779 |
5.00% 03/25/38 - 05/25/38 (f) | 3,410 | 636 |
5.50% 12/25/33 (f) | 1,251 | 240 |
6.00% 01/25/35 (f) | 3,554 | 627 |
7.50% 11/25/23 (f) | 615 | 18 |
8.00% 08/25/23 - 07/25/24 (f) | 241 | 14 |
375,057 | ||
Asset Backed - 0.2% | ||
Enterprise Fleet Financing 2019-1 LLC | ||
3.07% 10/20/24 (h) | 120,901 | 120,916 |
Ford Credit Auto Owner Trust 2020-B | ||
0.56% 10/15/24 | 173,997 | 171,917 |
292,833 | ||
Corporate Notes - 12.0% | ||
3M Co. | ||
3.13% 09/19/46 | 20,000 | 15,721 |
7-Eleven Inc. | ||
0.80% 02/10/24 (h) | 42,000 | 39,886 |
0.95% 02/10/26 (h) | 101,000 | 89,245 |
Abbott Laboratories | ||
3.75% 11/30/26 | 21,000 | 21,160 |
4.90% 11/30/46 | 17,000 | 17,866 |
AbbVie Inc. | ||
2.60% 11/21/24 | 33,000 | 31,972 |
2.95% 11/21/26 | 220,000 | 208,525 |
3.20% 05/14/26 - 11/21/29 | 74,000 | 68,863 |
3.25% 10/01/22 | 14,000 | 14,000 |
3.75% 11/14/23 | 42,000 | 42,160 |
4.05% 11/21/39 | 10,000 | 8,912 |
Principal Amount | Fair Value | |
4.25% 11/21/49 | $ 28,000 | $ 24,818 |
4.40% 11/06/42 | 12,000 | 10,910 |
4.63% 10/01/42 | 3,000 | 2,766 |
4.70% 05/14/45 | 4,000 | 3,767 |
4.88% 11/14/48 | 5,000 | 4,818 |
Advance Auto Parts Inc. | ||
3.90% 04/15/30 | 72,000 | 65,560 |
Advanced Micro Devices Inc. | ||
4.39% 06/01/52 | 20,000 | 19,456 |
AEP Texas Inc. | ||
3.45% 05/15/51 | 34,000 | 26,167 |
Aetna Inc. | ||
3.50% 11/15/24 | 15,000 | 14,838 |
Aircastle Ltd. | ||
4.25% 06/15/26 | 17,000 | 15,659 |
Alexandria Real Estate Equities Inc. | ||
1.88% 02/01/33 | 100,000 | 75,224 |
2.95% 03/15/34 | 28,000 | 23,280 |
3.55% 03/15/52 | 23,000 | 17,333 |
4.70% 07/01/30 | 8,000 | 7,881 |
Ally Financial Inc. | ||
2.20% 11/02/28 | 32,000 | 26,075 |
Altria Group Inc. | ||
3.40% 05/06/30 - 02/04/41 | 53,000 | 41,975 |
4.00% 02/04/61 | 6,000 | 3,961 |
4.25% 08/09/42 | 2,000 | 1,470 |
4.45% 05/06/50 | 7,000 | 5,028 |
4.50% 05/02/43 | 7,000 | 5,186 |
Amazon.com Inc. | ||
1.50% 06/03/30 | 96,000 | 79,879 |
2.50% 06/03/50 | 35,000 | 24,783 |
2.70% 06/03/60 | 9,000 | 6,090 |
2.88% 05/12/41 | 22,000 | 17,641 |
3.15% 08/22/27 | 8,000 | 7,793 |
3.25% 05/12/61 | 14,000 | 10,675 |
4.05% 08/22/47 | 7,000 | 6,564 |
4.25% 08/22/57 | 5,000 | 4,695 |
Ameren Corp. | ||
3.65% 02/15/26 | 10,000 | 9,822 |
American Campus Communities Operating Partnership LP | ||
4.13% 07/01/24 | 10,000 | 10,039 |
American Electric Power Company Inc. | ||
3.25% 03/01/50 | 4,000 | 2,881 |
26 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter) | ||
5.75% 04/01/48 (d) | $ 4,000 | $ 3,591 |
American Tower Corp. | ||
1.50% 01/31/28 | 224,000 | 186,216 |
2.90% 01/15/30 | 11,000 | 9,394 |
3.80% 08/15/29 | 32,000 | 29,382 |
American Water Capital Corp. | ||
2.95% 09/01/27 | 15,000 | 14,094 |
Amgen Inc. | ||
2.00% 01/15/32 | 84,000 | 68,347 |
3.00% 01/15/52 | 12,000 | 8,537 |
3.15% 02/21/40 | 20,000 | 15,868 |
3.38% 02/21/50 | 5,000 | 3,833 |
4.20% 02/22/52 | 15,000 | 13,160 |
4.66% 06/15/51 | 5,000 | 4,695 |
AngloGold Ashanti Holdings PLC | ||
3.38% 11/01/28 | 200,000 | 169,984 |
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. | ||
3.65% 02/01/26 | 3,000 | 2,954 |
4.70% 02/01/36 | 10,000 | 9,599 |
4.90% 02/01/46 | 39,000 | 36,784 |
Anheuser-Busch InBev Worldwide Inc. | ||
3.50% 06/01/30 | 120,000 | 112,450 |
4.00% 04/13/28 | 8,000 | 7,901 |
4.35% 06/01/40 | 14,000 | 12,540 |
4.38% 04/15/38 | 23,000 | 21,041 |
4.50% 06/01/50 | 13,000 | 11,680 |
4.60% 04/15/48 | 18,000 | 16,207 |
4.75% 04/15/58 | 11,000 | 9,921 |
5.55% 01/23/49 | 21,000 | 21,459 |
Aon Corp./Aon Global Holdings PLC | ||
2.90% 08/23/51 | 23,000 | 16,024 |
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter) | ||
4.95% 01/14/50 (d)(h) | 23,000 | 19,923 |
Apple Inc. | ||
2.20% 09/11/29 | 120,000 | 107,996 |
2.65% 02/08/51 | 16,000 | 11,825 |
2.80% 02/08/61 | 14,000 | 10,021 |
2.95% 09/11/49 | 9,000 | 7,079 |
Principal Amount | Fair Value | |
3.35% 02/09/27 | $ 8,000 | $ 7,948 |
3.45% 02/09/45 | 27,000 | 23,526 |
3.85% 08/04/46 | 18,000 | 16,505 |
Applied Materials Inc. | ||
4.35% 04/01/47 | 6,000 | 5,801 |
Aptiv PLC | ||
4.40% 10/01/46 | 9,000 | 7,094 |
Archer-Daniels-Midland Co. | ||
2.50% 08/11/26 | 9,000 | 8,619 |
Ares Capital Corp. | ||
2.88% 06/15/28 | 36,000 | 28,638 |
3.25% 07/15/25 | 74,000 | 68,446 |
Arthur J Gallagher & Co. | ||
3.50% 05/20/51 | 28,000 | 21,391 |
Ascension Health | ||
4.85% 11/15/53 | 11,000 | 11,580 |
Astrazeneca Finance LLC | ||
1.75% 05/28/28 | 157,000 | 138,502 |
AstraZeneca PLC | ||
3.00% 05/28/51 | 15,000 | 11,920 |
4.00% 01/17/29 | 8,000 | 7,972 |
4.38% 08/17/48 | 6,000 | 5,901 |
AT&T Inc. | ||
1.70% 03/25/26 | 100,000 | 91,457 |
2.30% 06/01/27 | 137,000 | 125,123 |
2.75% 06/01/31 | 214,000 | 184,937 |
3.85% 06/01/60 | 66,000 | 51,110 |
4.35% 03/01/29 | 39,000 | 38,435 |
4.50% 05/15/35 | 15,000 | 14,221 |
4.55% 03/09/49 | 9,000 | 8,183 |
4.75% 05/15/46 | 7,000 | 6,493 |
4.85% 03/01/39 | 16,000 | 15,265 |
Athene Holding Ltd. | ||
4.13% 01/12/28 | 9,000 | 8,391 |
6.15% 04/03/30 | 20,000 | 19,970 |
Avangrid Inc. | ||
3.15% 12/01/24 | 25,000 | 24,437 |
Bain Capital Specialty Finance Inc. | ||
2.95% 03/10/26 | 43,000 | 38,430 |
Bank of America Corp. | ||
3.25% 10/21/27 | 30,000 | 28,299 |
4.18% 11/25/27 | 24,000 | 23,353 |
4.25% 10/22/26 | 128,000 | 126,262 |
Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) | ||
2.09% 06/14/29 (d) | 153,000 | 131,022 |
Elfun Diversified Fund | 27 |
Principal Amount | Fair Value | |
Bank of America Corp. (2.59% fixed rate until 04/29/30; 2.15% + SOFR thereafter) | ||
2.59% 04/29/31 (d) | $ 246,000 | $ 208,640 |
Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | ||
2.97% 07/21/52 (d) | 25,000 | 17,825 |
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter) | ||
3.42% 12/20/28 (d) | 42,000 | 39,121 |
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter) | ||
3.56% 04/23/27 (d) | 22,000 | 21,100 |
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.51% + 3 month USD LIBOR thereafter) | ||
3.71% 04/24/28 (d) | 29,000 | 27,626 |
Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 year CMT Rate thereafter) | ||
3.85% 03/08/37 (d) | 35,000 | 30,312 |
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter) | ||
3.95% 01/23/49 (d) | 19,000 | 16,220 |
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter) | ||
4.24% 04/24/38 (d) | 18,000 | 16,566 |
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter) | ||
4.27% 07/23/29 (d) | 14,000 | 13,464 |
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.66% + 3 month USD LIBOR thereafter) | ||
4.30% 12/31/99 (d) | 36,000 | 30,515 |
Barrick North America Finance LLC | ||
5.70% 05/30/41 | 2,000 | 2,070 |
BAT Capital Corp. | ||
2.73% 03/25/31 | 22,000 | 17,328 |
Principal Amount | Fair Value | |
4.39% 08/15/37 | $ 14,000 | $ 11,126 |
4.54% 08/15/47 | 9,000 | 6,613 |
4.70% 04/02/27 | 196,000 | 191,619 |
4.91% 04/02/30 | 12,000 | 11,146 |
BAT International Finance PLC | ||
1.67% 03/25/26 | 10,000 | 8,870 |
Baxter International Inc. | ||
1.92% 02/01/27 | 95,000 | 85,079 |
2.27% 12/01/28 | 60,000 | 52,530 |
2.54% 02/01/32 | 27,000 | 22,774 |
3.13% 12/01/51 | 10,000 | 7,276 |
Baylor Scott & White Holdings | ||
2.84% 11/15/50 | 5,000 | 3,645 |
Becton Dickinson & Co. | ||
3.70% 06/06/27 | 21,000 | 20,327 |
4.67% 06/06/47 | 4,000 | 3,736 |
4.69% 12/15/44 | 2,000 | 1,853 |
Berkshire Hathaway Energy Co. | ||
3.25% 04/15/28 | 8,000 | 7,602 |
3.70% 07/15/30 | 64,000 | 61,413 |
3.80% 07/15/48 | 8,000 | 6,724 |
4.25% 10/15/50 | 10,000 | 9,133 |
Berkshire Hathaway Finance Corp. | ||
2.85% 10/15/50 | 15,000 | 10,821 |
3.85% 03/15/52 | 35,000 | 29,954 |
4.25% 01/15/49 | 21,000 | 19,418 |
Berkshire Hathaway Inc. | ||
4.50% 02/11/43 | 4,000 | 3,820 |
Berry Global Inc. | ||
4.88% 07/15/26 (h) | 32,000 | 30,558 |
BHP Billiton Finance USA Ltd. | ||
5.00% 09/30/43 | 3,000 | 3,087 |
Biogen Inc. | ||
2.25% 05/01/30 | 8,000 | 6,560 |
Block Financial LLC | ||
2.50% 07/15/28 | 22,000 | 19,114 |
3.88% 08/15/30 | 7,000 | 6,352 |
Boardwalk Pipelines LP | ||
4.80% 05/03/29 | 11,000 | 10,676 |
Boston Scientific Corp. | ||
4.70% 03/01/49 | 3,000 | 2,867 |
BP Capital Markets America Inc. | ||
3.00% 02/24/50 | 18,000 | 13,098 |
3.38% 02/08/61 | 41,000 | 30,377 |
28 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
BP Capital Markets PLC (4.38% fixed rate until 06/22/25; 4.04% + 5 year CMT Rate thereafter) | ||
4.38% 12/31/99 (d) | $ 36,000 | $ 33,993 |
BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 year CMT Rate thereafter) | ||
4.88% 12/31/99 (d) | 28,000 | 24,500 |
Bristol-Myers Squibb Co. | ||
1.45% 11/13/30 | 140,000 | 114,983 |
2.35% 11/13/40 | 8,000 | 5,933 |
2.95% 03/15/32 | 25,000 | 22,948 |
3.20% 06/15/26 | 6,000 | 5,922 |
3.40% 07/26/29 | 4,000 | 3,864 |
3.55% 03/15/42 | 10,000 | 8,772 |
4.13% 06/15/39 | 10,000 | 9,566 |
4.25% 10/26/49 | 10,000 | 9,396 |
4.35% 11/15/47 | 3,000 | 2,859 |
4.55% 02/20/48 | 4,000 | 3,924 |
Brixmor Operating Partnership LP | ||
2.25% 04/01/28 | 39,000 | 33,461 |
3.90% 03/15/27 | 8,000 | 7,661 |
Broadcom Inc. | ||
3.19% 11/15/36 (h) | 3,000 | 2,279 |
3.42% 04/15/33 (h) | 14,000 | 11,573 |
3.47% 04/15/34 (h) | 22,000 | 17,844 |
4.15% 11/15/30 | 23,000 | 21,091 |
4.30% 11/15/32 | 10,000 | 9,097 |
4.93% 05/15/37 (h) | 29,000 | 26,048 |
Brown-Forman Corp. | ||
4.00% 04/15/38 | 3,000 | 2,715 |
Brunswick Corp. | ||
2.40% 08/18/31 | 90,000 | 66,652 |
Bunge Limited Finance Corp. | ||
3.75% 09/25/27 | 5,000 | 4,809 |
Burlington Northern Santa Fe LLC | ||
4.15% 12/15/48 | 9,000 | 8,286 |
4.55% 09/01/44 | 16,000 | 15,386 |
Cameron LNG LLC | ||
3.30% 01/15/35 (h) | 7,000 | 5,989 |
Canadian Natural Resources Ltd. | ||
3.85% 06/01/27 | 11,000 | 10,565 |
4.95% 06/01/47 | 10,000 | 9,513 |
Canadian Pacific Railway Co. | ||
1.75% 12/02/26 | 36,000 | 32,595 |
Principal Amount | Fair Value | |
2.45% 12/02/31 | $ 31,000 | $ 26,596 |
3.00% 12/02/41 | 13,000 | 10,217 |
3.10% 12/02/51 | 13,000 | 9,578 |
Capital One Financial Corp. | ||
3.75% 07/28/26 | 26,000 | 24,877 |
Cardinal Health Inc. | ||
3.08% 06/15/24 | 8,000 | 7,869 |
Carlisle Companies Inc. | ||
2.20% 03/01/32 | 47,000 | 36,788 |
Carrier Global Corp. | ||
2.72% 02/15/30 | 28,000 | 24,200 |
3.58% 04/05/50 | 10,000 | 7,589 |
Caterpillar Inc. | ||
3.25% 09/19/49 - 04/09/50 | 29,000 | 23,940 |
Cenovus Energy Inc. | ||
2.65% 01/15/32 | 14,000 | 11,595 |
3.75% 02/15/52 | 17,000 | 12,930 |
Centene Corp. | ||
3.00% 10/15/30 | 16,000 | 13,261 |
3.38% 02/15/30 | 68,000 | 57,669 |
4.25% 12/15/27 | 112,000 | 104,581 |
CenterPoint Energy Inc. | ||
2.65% 06/01/31 | 28,000 | 23,879 |
Charter Communications Operating LLC/Charter Communications Operating Capital | ||
3.50% 06/01/41 | 69,000 | 48,566 |
3.70% 04/01/51 | 41,000 | 27,855 |
4.80% 03/01/50 | 34,000 | 26,937 |
5.05% 03/30/29 | 25,000 | 24,109 |
5.75% 04/01/48 | 16,000 | 14,388 |
Cheniere Corpus Christi Holdings LLC | ||
5.88% 03/31/25 | 91,000 | 93,149 |
7.00% 06/30/24 | 101,000 | 104,745 |
Chevron Corp. | ||
2.24% 05/11/30 | 7,000 | 6,159 |
3.08% 05/11/50 | 8,000 | 6,372 |
Chevron USA Inc. | ||
3.85% 01/15/28 | 26,000 | 25,864 |
3.90% 11/15/24 | 11,000 | 11,106 |
Choice Hotels International Inc. | ||
3.70% 01/15/31 | 14,000 | 12,292 |
Chubb INA Holdings Inc. | ||
4.35% 11/03/45 | 8,000 | 7,541 |
Church & Dwight Company Inc. | ||
2.30% 12/15/31 | 16,000 | 13,499 |
Elfun Diversified Fund | 29 |
Principal Amount | Fair Value | |
Cigna Corp. | ||
2.40% 03/15/30 | $ 11,000 | $ 9,445 |
3.25% 04/15/25 | 11,000 | 10,792 |
3.40% 03/01/27 - 03/15/51 | 31,000 | 26,125 |
3.75% 07/15/23 | 6,000 | 6,007 |
3.88% 10/15/47 | 5,000 | 4,117 |
4.13% 11/15/25 | 21,000 | 21,056 |
4.38% 10/15/28 | 8,000 | 7,927 |
4.80% 08/15/38 | 8,000 | 7,790 |
4.90% 12/15/48 | 5,000 | 4,800 |
Cintas Corp. No 2 | ||
4.00% 05/01/32 | 52,000 | 51,104 |
Cisco Systems Inc. | ||
5.90% 02/15/39 | 8,000 | 9,107 |
Citigroup Inc. | ||
4.45% 09/29/27 | 16,000 | 15,731 |
4.65% 07/23/48 | 18,000 | 16,745 |
Citigroup Inc. (0.98% fixed rate until 05/01/24; 0.67% + SOFR thereafter) | ||
0.98% 05/01/25 (d) | 29,000 | 27,172 |
Citigroup Inc. (2.56% fixed rate until 05/01/31; 1.17% + SOFR thereafter) | ||
2.56% 05/01/32 (d) | 191,000 | 157,529 |
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter) | ||
2.88% 07/24/23 (d) | 127,000 | 126,939 |
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | ||
2.98% 11/05/30 (d) | 53,000 | 46,252 |
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter) | ||
3.88% 01/24/39 (d) | 10,000 | 8,655 |
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | ||
4.70% 12/31/99 (d) | 22,000 | 18,173 |
CME Group Inc. | ||
2.65% 03/15/32 | 20,000 | 17,662 |
3.75% 06/15/28 | 9,000 | 8,875 |
CMS Energy Corp. | ||
4.88% 03/01/44 | 15,000 | 14,291 |
CNA Financial Corp. | ||
3.45% 08/15/27 | 7,000 | 6,621 |
3.90% 05/01/29 | 11,000 | 10,341 |
Principal Amount | Fair Value | |
CNH Industrial Capital LLC | ||
1.95% 07/02/23 | $ 33,000 | $ 32,252 |
Comcast Corp. | ||
2.65% 08/15/62 | 9,000 | 5,792 |
2.80% 01/15/51 | 9,000 | 6,361 |
2.89% 11/01/51 | 11,000 | 7,867 |
2.94% 11/01/56 | 9,000 | 6,246 |
2.99% 11/01/63 | 9,000 | 6,149 |
3.20% 07/15/36 | 10,000 | 8,483 |
3.25% 11/01/39 | 20,000 | 16,440 |
3.97% 11/01/47 | 33,000 | 28,539 |
4.15% 10/15/28 | 4,000 | 3,990 |
CommonSpirit Health | ||
4.35% 11/01/42 | 24,000 | 21,522 |
Conagra Brands Inc. | ||
5.30% 11/01/38 | 7,000 | 6,611 |
5.40% 11/01/48 | 7,000 | 6,616 |
ConocoPhillips Co. | ||
4.30% 11/15/44 | 11,000 | 10,110 |
Consolidated Edison Company of New York Inc. | ||
2.90% 12/01/26 | 18,000 | 17,048 |
3.35% 04/01/30 | 6,000 | 5,588 |
3.88% 06/15/47 | 8,000 | 6,698 |
3.95% 04/01/50 | 9,000 | 7,845 |
Constellation Brands Inc. | ||
3.15% 08/01/29 | 34,000 | 30,626 |
3.70% 12/06/26 | 28,000 | 27,273 |
4.50% 05/09/47 | 9,000 | 7,995 |
Continental Resources Inc. | ||
2.88% 04/01/32 (h) | 27,000 | 21,116 |
3.80% 06/01/24 | 146,000 | 144,632 |
4.50% 04/15/23 | 86,000 | 86,307 |
Corebridge Financial Inc. | ||
3.90% 04/05/32 (h) | 120,000 | 107,681 |
Corning Inc. | ||
4.38% 11/15/57 | 7,000 | 5,756 |
Corporate Office Properties LP | ||
2.00% 01/15/29 | 33,000 | 26,613 |
2.25% 03/15/26 | 16,000 | 14,496 |
2.75% 04/15/31 | 13,000 | 10,546 |
Crown Castle International Corp. | ||
2.90% 03/15/27 | 60,000 | 55,518 |
3.30% 07/01/30 | 139,000 | 122,658 |
4.15% 07/01/50 | 16,000 | 13,226 |
5.20% 02/15/49 | 8,000 | 7,685 |
30 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
CSL Finance PLC | ||
4.25% 04/27/32 (h) | $ 35,000 | $ 34,222 |
CSX Corp. | ||
4.50% 03/15/49 - 08/01/54 | 26,000 | 24,137 |
CubeSmart LP | ||
2.50% 02/15/32 | 36,000 | 29,240 |
4.38% 02/15/29 | 16,000 | 15,430 |
Cummins Inc. | ||
1.50% 09/01/30 | 14,000 | 11,348 |
2.60% 09/01/50 | 14,000 | 9,582 |
CVS Health Corp. | ||
3.00% 08/15/26 | 13,000 | 12,456 |
3.25% 08/15/29 | 11,000 | 10,046 |
3.63% 04/01/27 | 11,000 | 10,713 |
3.75% 04/01/30 | 10,000 | 9,355 |
3.88% 07/20/25 | 10,000 | 9,960 |
4.25% 04/01/50 | 9,000 | 7,738 |
4.30% 03/25/28 | 204,000 | 201,978 |
4.78% 03/25/38 | 15,000 | 14,198 |
5.00% 12/01/24 | 15,000 | 15,323 |
5.13% 07/20/45 | 6,000 | 5,792 |
5.30% 12/05/43 | 12,000 | 11,912 |
Daimler Trucks Finance North America LLC | ||
2.00% 12/14/26 (h) | 150,000 | 134,714 |
Danaher Corp. | ||
2.80% 12/10/51 | 48,000 | 34,577 |
Dell International LLC/EMC Corp. | ||
4.00% 07/15/24 | 20,000 | 19,944 |
5.45% 06/15/23 | 3,000 | 3,035 |
6.02% 06/15/26 | 5,000 | 5,186 |
Deutsche Bank AG (2.31% fixed rate until 11/16/26; 1.22% + SOFR thereafter) | ||
2.31% 11/16/27 (d) | 150,000 | 129,404 |
Devon Energy Corp. | ||
5.00% 06/15/45 | 4,000 | 3,715 |
DH Europe Finance II SARL | ||
2.60% 11/15/29 | 11,000 | 9,852 |
3.25% 11/15/39 | 8,000 | 6,637 |
3.40% 11/15/49 | 5,000 | 4,041 |
Diamondback Energy Inc. | ||
3.13% 03/24/31 | 19,000 | 16,550 |
3.25% 12/01/26 | 10,000 | 9,760 |
3.50% 12/01/29 | 10,000 | 9,162 |
4.40% 03/24/51 | 11,000 | 9,404 |
Digital Realty Trust LP | ||
3.60% 07/01/29 | 24,000 | 21,747 |
Principal Amount | Fair Value | |
Discovery Communications LLC | ||
2.95% 03/20/23 | $ 24,000 | $ 23,851 |
3.95% 03/20/28 | 23,000 | 21,509 |
4.95% 05/15/42 | 4,000 | 3,398 |
5.00% 09/20/37 | 6,000 | 5,396 |
Dollar General Corp. | ||
3.50% 04/03/30 | 40,000 | 36,856 |
4.13% 04/03/50 | 10,000 | 8,393 |
Dollar Tree Inc. | ||
4.00% 05/15/25 | 86,000 | 85,685 |
Dominion Energy Inc. | ||
3.07% 08/15/24 (i) | 19,000 | 18,555 |
3.38% 04/01/30 | 19,000 | 17,375 |
Dover Corp. | ||
2.95% 11/04/29 | 14,000 | 12,728 |
DTE Energy Co. | ||
2.85% 10/01/26 | 24,000 | 22,702 |
Duke Energy Carolinas LLC | ||
3.95% 03/15/48 | 8,000 | 7,045 |
Duke Energy Corp. | ||
2.55% 06/15/31 | 28,000 | 23,279 |
3.30% 06/15/41 | 35,000 | 27,097 |
3.50% 06/15/51 | 35,000 | 26,399 |
3.75% 09/01/46 | 53,000 | 41,800 |
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter) | ||
4.88% 12/31/99 (d) | 40,000 | 36,434 |
Duke Energy Progress LLC | ||
4.15% 12/01/44 | 17,000 | 15,229 |
Duke Realty LP | ||
3.05% 03/01/50 | 6,000 | 4,431 |
3.25% 06/30/26 | 8,000 | 7,697 |
DuPont de Nemours Inc. | ||
5.42% 11/15/48 | 7,000 | 6,958 |
Duquesne Light Holdings Inc. | ||
3.62% 08/01/27 (h) | 16,000 | 14,854 |
Eastman Chemical Co. | ||
4.65% 10/15/44 | 11,000 | 9,541 |
Eaton Corp. | ||
3.10% 09/15/27 | 8,000 | 7,641 |
Ecolab Inc. | ||
1.30% 01/30/31 | 14,000 | 11,224 |
Edison International | ||
4.95% 04/15/25 | 37,000 | 37,124 |
5.75% 06/15/27 | 7,000 | 7,118 |
EI du Pont de Nemours & Co. | ||
2.30% 07/15/30 | 39,000 | 33,772 |
Elfun Diversified Fund | 31 |
Principal Amount | Fair Value | |
Elevance Health Inc. | ||
2.88% 09/15/29 | $ 120,000 | $ 108,151 |
3.30% 01/15/23 | 13,000 | 13,000 |
3.60% 03/15/51 | 10,000 | 8,105 |
3.70% 09/15/49 | 9,000 | 7,451 |
Emera US Finance LP | ||
2.64% 06/15/31 | 33,000 | 27,339 |
Emerson Electric Co. | ||
1.80% 10/15/27 | 49,000 | 43,898 |
2.75% 10/15/50 | 8,000 | 5,767 |
Empower Finance 2020 LP | ||
1.36% 09/17/27 (h) | 24,000 | 20,642 |
1.78% 03/17/31 (h) | 35,000 | 28,070 |
Enbridge Energy Partners LP | ||
5.50% 09/15/40 | 4,000 | 3,989 |
Enbridge Inc. | ||
1.60% 10/04/26 | 81,000 | 72,152 |
Enbridge Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter) | ||
5.75% 07/15/80 (d) | 52,000 | 47,446 |
Energy Transfer LP | ||
4.25% 03/15/23 | 13,000 | 12,985 |
4.50% 04/15/24 | 23,000 | 23,023 |
4.95% 06/15/28 | 9,000 | 8,868 |
5.30% 04/01/44 - 04/15/47 | 22,000 | 19,052 |
5.35% 05/15/45 | 21,000 | 18,372 |
6.13% 12/15/45 | 5,000 | 4,791 |
6.50% 02/01/42 | 9,000 | 9,023 |
Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter) | ||
6.75% 12/31/99 (d) | 85,000 | 70,983 |
Energy Transfer LP/Regency Energy Finance Corp. | ||
4.50% 11/01/23 | 11,000 | 11,044 |
Enstar Group Ltd. | ||
3.10% 09/01/31 | 22,000 | 17,440 |
Enterprise Products Operating LLC | ||
4.25% 02/15/48 | 27,000 | 22,757 |
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter) | ||
5.25% 08/16/77 (d) | 7,000 | 5,882 |
EOG Resources Inc. | ||
4.15% 01/15/26 | 4,000 | 4,035 |
Principal Amount | Fair Value | |
4.95% 04/15/50 | $ 8,000 | $ 8,272 |
5.10% 01/15/36 | 8,000 | 7,999 |
Equinix Inc. | ||
1.25% 07/15/25 | 14,000 | 12,725 |
2.15% 07/15/30 | 19,000 | 15,429 |
ERP Operating LP | ||
4.50% 07/01/44 | 9,000 | 8,562 |
Everest Reinsurance Holdings Inc. | ||
3.13% 10/15/52 | 26,000 | 18,115 |
Eversource Energy | ||
3.45% 01/15/50 | 14,000 | 10,811 |
Exelon Corp. | ||
4.05% 04/15/30 | 20,000 | 19,193 |
4.45% 04/15/46 | 11,000 | 9,926 |
4.70% 04/15/50 | 11,000 | 10,259 |
Extra Space Storage LP | ||
3.90% 04/01/29 | 15,000 | 14,068 |
Exxon Mobil Corp. | ||
2.61% 10/15/30 | 61,000 | 54,823 |
3.45% 04/15/51 | 12,000 | 9,853 |
FedEx Corp. | ||
4.10% 02/01/45 | 38,000 | 31,909 |
Fidelity National Financial Inc. | ||
3.20% 09/17/51 | 23,000 | 14,629 |
Fidelity National Information Services Inc. | ||
1.65% 03/01/28 | 18,000 | 15,376 |
3.10% 03/01/41 | 6,000 | 4,388 |
FirstEnergy Transmission LLC | ||
4.55% 04/01/49 (h) | 23,000 | 18,716 |
Fiserv Inc. | ||
3.50% 07/01/29 | 44,000 | 40,133 |
4.40% 07/01/49 | 6,000 | 5,171 |
Florida Power & Light Co. | ||
2.85% 04/01/25 | 38,000 | 37,380 |
4.13% 02/01/42 | 11,000 | 10,358 |
Flowers Foods Inc. | ||
2.40% 03/15/31 | 18,000 | 14,737 |
Flowserve Corp. | ||
2.80% 01/15/32 | 24,000 | 18,648 |
Ford Motor Co. | ||
4.35% 12/08/26 | 38,000 | 35,151 |
Fox Corp. | ||
3.50% 04/08/30 | 30,000 | 27,227 |
Freeport-McMoRan Inc. | ||
4.25% 03/01/30 | 31,000 | 28,427 |
GA Global Funding Trust | ||
1.63% 01/15/26 (h) | 28,000 | 25,215 |
32 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
General Mills Inc. | ||
3.00% 02/01/51 | $ 20,000 | $ 14,515 |
General Motors Co. | ||
5.20% 04/01/45 | 3,000 | 2,527 |
5.40% 10/02/23 - 04/01/48 | 13,000 | 12,082 |
6.13% 10/01/25 | 70,000 | 72,382 |
6.80% 10/01/27 | 9,000 | 9,466 |
General Motors Financial Company Inc. | ||
1.25% 01/08/26 | 138,000 | 121,292 |
2.35% 01/08/31 | 14,000 | 10,874 |
5.25% 03/01/26 | 37,000 | 37,062 |
Genuine Parts Co. | ||
2.75% 02/01/32 | 19,000 | 15,734 |
Georgia-Pacific LLC | ||
1.75% 09/30/25 (h) | 34,000 | 31,517 |
3.60% 03/01/25 (h) | 89,000 | 88,558 |
Gilead Sciences Inc. | ||
2.60% 10/01/40 | 10,000 | 7,336 |
2.80% 10/01/50 | 15,000 | 10,497 |
2.95% 03/01/27 | 3,000 | 2,840 |
3.50% 02/01/25 | 10,000 | 9,889 |
3.65% 03/01/26 | 8,000 | 7,881 |
4.15% 03/01/47 | 9,000 | 7,941 |
GlaxoSmithKline Capital Inc. | ||
3.38% 05/15/23 | 17,000 | 17,072 |
3.63% 05/15/25 | 17,000 | 17,047 |
GlaxoSmithKline Capital PLC | ||
3.38% 06/01/29 | 14,000 | 13,500 |
Glencore Funding LLC | ||
3.88% 04/27/51 (h) | 5,000 | 3,755 |
Graphic Packaging International LLC | ||
1.51% 04/15/26 (h) | 33,000 | 29,565 |
Gray Oak Pipeline LLC | ||
2.00% 09/15/23 (h) | 59,000 | 57,338 |
2.60% 10/15/25 (h) | 35,000 | 32,726 |
Halliburton Co. | ||
3.80% 11/15/25 | 2,000 | 1,978 |
5.00% 11/15/45 | 8,000 | 7,339 |
HCA Inc. | ||
3.13% 03/15/27 (h) | 50,000 | 45,701 |
3.50% 09/01/30 | 19,000 | 16,202 |
3.63% 03/15/32 (h) | 28,000 | 23,633 |
4.38% 03/15/42 (h) | 20,000 | 15,872 |
4.63% 03/15/52 (h) | 10,000 | 8,000 |
5.38% 02/01/25 | 133,000 | 132,745 |
Health Care Service Corp. | ||
2.20% 06/01/30 (h) | 18,000 | 15,245 |
Principal Amount | Fair Value | |
3.20% 06/01/50 (h) | $ 7,000 | $ 5,348 |
Healthcare Trust of America Holdings LP | ||
2.00% 03/15/31 | 10,000 | 7,757 |
Helmerich & Payne Inc. | ||
2.90% 09/29/31 | 14,000 | 11,988 |
Hess Corp. | ||
5.60% 02/15/41 | 3,000 | 2,923 |
5.80% 04/01/47 | 2,000 | 2,002 |
Hewlett Packard Enterprise Co. | ||
6.35% 10/15/45 | 3,000 | 3,018 |
Highwoods Realty LP | ||
4.13% 03/15/28 | 9,000 | 8,605 |
4.20% 04/15/29 | 23,000 | 21,511 |
Honeywell International Inc. | ||
1.75% 09/01/31 | 21,000 | 17,376 |
2.70% 08/15/29 | 14,000 | 12,865 |
Hormel Foods Corp. | ||
1.80% 06/11/30 | 36,000 | 30,197 |
Humana Inc. | ||
1.35% 02/03/27 | 47,000 | 41,154 |
2.15% 02/03/32 | 17,000 | 13,764 |
Huntington Bancshares Inc. | ||
2.55% 02/04/30 | 24,000 | 20,423 |
Huntington Ingalls Industries Inc. | ||
2.04% 08/16/28 | 51,000 | 43,415 |
Hyundai Capital America | ||
1.30% 01/08/26 (h) | 70,000 | 62,413 |
Indiana Michigan Power Co. | ||
3.25% 05/01/51 | 15,000 | 11,391 |
Intel Corp. | ||
2.00% 08/12/31 | 174,000 | 145,730 |
2.45% 11/15/29 | 29,000 | 25,867 |
2.60% 05/19/26 | 23,000 | 22,256 |
2.80% 08/12/41 | 27,000 | 20,545 |
2.88% 05/11/24 | 10,000 | 9,964 |
3.10% 02/15/60 | 10,000 | 7,160 |
Intercontinental Exchange Inc. | ||
1.85% 09/15/32 | 8,000 | 6,264 |
2.65% 09/15/40 | 8,000 | 5,856 |
International Business Machines Corp. | ||
2.95% 05/15/50 | 100,000 | 72,234 |
International Paper Co. | ||
4.40% 08/15/47 | 9,000 | 8,020 |
ITC Holdings Corp. | ||
2.95% 05/14/30 (h) | 40,000 | 35,251 |
Elfun Diversified Fund | 33 |
Principal Amount | Fair Value | |
Jabil Inc. | ||
3.95% 01/12/28 | $ 9,000 | $ 8,596 |
4.25% 05/15/27 | 70,000 | 67,925 |
John Deere Capital Corp. | ||
2.45% 01/09/30 | 82,000 | 73,493 |
3.90% 06/07/32 | 15,000 | 14,823 |
Johnson & Johnson | ||
3.63% 03/03/37 | 9,000 | 8,549 |
Johnson Controls International PLC | ||
4.50% 02/15/47 | 4,000 | 3,497 |
JPMorgan Chase & Co. (1.58% fixed rate until 04/22/26; 0.89% + SOFR thereafter) | ||
1.58% 04/22/27 (d) | 200,000 | 178,512 |
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter) | ||
2.96% 05/13/31 (d) | 69,000 | 59,711 |
JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter) | ||
3.16% 04/22/42 (d) | 21,000 | 16,309 |
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter) | ||
3.88% 07/24/38 (d) | 14,000 | 12,347 |
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter) | ||
3.90% 01/23/49 (d) | 16,000 | 13,491 |
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter) | ||
3.96% 01/29/27 (d) | 28,000 | 27,393 |
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter) | ||
4.01% 04/23/29 (d) | 11,000 | 10,547 |
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter) | ||
4.03% 07/24/48 (d) | 9,000 | 7,764 |
Principal Amount | Fair Value | |
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + SOFR thereafter) | ||
4.49% 03/24/31 (d) | $ 75,000 | $ 73,247 |
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter) | ||
4.60% 12/31/99 (d) | 48,000 | 40,704 |
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter) | ||
6.10% 10/29/49 (d) | 75,000 | 70,173 |
Kaiser Foundation Hospitals | ||
3.00% 06/01/51 | 22,000 | 16,449 |
Kansas City Southern | ||
3.50% 05/01/50 | 11,000 | 8,585 |
Keurig Dr Pepper Inc. | ||
3.20% 05/01/30 | 13,000 | 11,626 |
3.80% 05/01/50 | 9,000 | 7,132 |
Kinder Morgan Energy Partners LP | ||
4.70% 11/01/42 | 3,000 | 2,542 |
5.00% 03/01/43 | 8,000 | 7,002 |
6.38% 03/01/41 | 8,000 | 8,011 |
Kinder Morgan Inc. | ||
1.75% 11/15/26 | 95,000 | 84,261 |
5.05% 02/15/46 | 8,000 | 7,149 |
KLA Corp. | ||
3.30% 03/01/50 | 10,000 | 7,928 |
4.65% 11/01/24 | 16,000 | 16,199 |
Kohl's Corp. | ||
3.38% 05/01/31 | 10,000 | 8,656 |
Kraft Heinz Foods Co. | ||
5.20% 07/15/45 | 26,000 | 24,112 |
L3Harris Technologies Inc. | ||
3.85% 12/15/26 | 23,000 | 22,557 |
Lear Corp. | ||
4.25% 05/15/29 | 8,000 | 7,403 |
Leidos Inc. | ||
3.63% 05/15/25 | 9,000 | 8,815 |
4.38% 05/15/30 | 66,000 | 60,752 |
Liberty Mutual Group Inc. | ||
3.95% 05/15/60 (h) | 8,000 | 5,733 |
Life Storage LP | ||
2.20% 10/15/30 | 19,000 | 15,244 |
Lincoln National Corp. | ||
4.35% 03/01/48 | 8,000 | 6,778 |
34 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
Lockheed Martin Corp. | ||
3.55% 01/15/26 | $ 4,000 | $ 4,007 |
3.80% 03/01/45 | 4,000 | 3,531 |
4.50% 05/15/36 | 10,000 | 9,992 |
Lowe's Companies Inc. | ||
1.30% 04/15/28 | 9,000 | 7,608 |
1.70% 09/15/28 - 10/15/30 | 35,000 | 29,491 |
3.00% 10/15/50 | 9,000 | 6,275 |
3.70% 04/15/46 | 3,000 | 2,410 |
4.05% 05/03/47 | 13,000 | 10,888 |
LYB International Finance III LLC | ||
3.63% 04/01/51 | 20,000 | 14,788 |
3.80% 10/01/60 | 8,000 | 5,671 |
Magallanes Inc. | ||
5.05% 03/15/42 (h) | 22,000 | 18,710 |
5.14% 03/15/52 (h) | 10,000 | 8,395 |
5.39% 03/15/62 (h) | 10,000 | 8,387 |
Marsh & McLennan Companies Inc. | ||
2.38% 12/15/31 | 13,000 | 10,959 |
2.90% 12/15/51 | 16,000 | 11,380 |
Masco Corp. | ||
3.50% 11/15/27 | 3,000 | 2,843 |
McCormick & Company Inc. | ||
1.85% 02/15/31 | 11,000 | 8,741 |
3.25% 11/15/25 | 69,000 | 66,642 |
McDonald's Corp. | ||
3.60% 07/01/30 | 27,000 | 25,711 |
3.63% 09/01/49 | 9,000 | 7,378 |
4.88% 12/09/45 | 8,000 | 7,848 |
Medtronic Inc. | ||
4.63% 03/15/45 | 4,000 | 4,012 |
Memorial Sloan-Kettering Cancer Center | ||
4.13% 07/01/52 | 18,000 | 16,714 |
Merck & Company Inc. | ||
1.90% 12/10/28 | 46,000 | 40,873 |
2.45% 06/24/50 | 11,000 | 7,752 |
2.75% 02/10/25 - 12/10/51 | 48,000 | 43,442 |
2.90% 12/10/61 | 10,000 | 7,119 |
4.00% 03/07/49 | 4,000 | 3,696 |
MetLife Inc. | ||
4.72% 12/15/44 | 11,000 | 10,523 |
Microchip Technology Inc. | ||
2.67% 09/01/23 | 99,000 | 97,340 |
Micron Technology Inc. | ||
3.37% 11/01/41 | 22,000 | 15,962 |
3.48% 11/01/51 | 32,000 | 22,175 |
Principal Amount | Fair Value | |
Microsoft Corp. | ||
2.40% 08/08/26 | $ 26,000 | $ 25,068 |
2.68% 06/01/60 | 4,000 | 2,875 |
2.92% 03/17/52 | 50,000 | 39,475 |
3.45% 08/08/36 | 4,000 | 3,777 |
3.50% 02/12/35 | 10,000 | 9,606 |
Mid-America Apartments LP | ||
2.88% 09/15/51 | 27,000 | 18,776 |
Molson Coors Beverage Co. | ||
4.20% 07/15/46 | 5,000 | 4,094 |
Morgan Stanley | ||
3.63% 01/20/27 | 4,000 | 3,882 |
3.70% 10/23/24 | 11,000 | 10,976 |
4.35% 09/08/26 | 86,000 | 85,119 |
4.38% 01/22/47 | 11,000 | 9,982 |
Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | ||
1.51% 07/20/27 (d) | 28,000 | 24,617 |
Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | ||
2.48% 09/16/36 (d) | 148,000 | 113,802 |
Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | ||
2.80% 01/25/52 (d) | 25,000 | 17,301 |
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) | ||
3.97% 07/22/38 (d) | 11,000 | 9,837 |
MPLX LP | ||
2.65% 08/15/30 | 16,000 | 13,358 |
3.38% 03/15/23 | 9,000 | 8,979 |
5.20% 12/01/47 | 8,000 | 7,182 |
Mylan Inc. | ||
5.20% 04/15/48 | 7,000 | 5,561 |
National Retail Properties Inc. | ||
4.00% 11/15/25 | 11,000 | 10,941 |
NewMarket Corp. | ||
2.70% 03/18/31 | 14,000 | 11,531 |
Newmont Corp. | ||
4.88% 03/15/42 | 9,000 | 8,619 |
NextEra Energy Capital Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter) | ||
5.65% 05/01/79 (d) | 10,000 | 8,818 |
Elfun Diversified Fund | 35 |
Principal Amount | Fair Value | |
NGPL PipeCo LLC | ||
3.25% 07/15/31 (h) | $ 39,000 | $ 32,566 |
NIKE Inc. | ||
3.38% 03/27/50 | 9,000 | 7,654 |
NiSource Inc. | ||
3.60% 05/01/30 | 14,000 | 12,829 |
3.95% 03/30/48 | 4,000 | 3,314 |
Norfolk Southern Corp. | ||
3.95% 10/01/42 | 9,000 | 7,871 |
NOV Inc. | ||
3.60% 12/01/29 | 20,000 | 17,945 |
Novant Health Inc. | ||
3.32% 11/01/61 | 15,000 | 11,423 |
Novartis Capital Corp. | ||
2.20% 08/14/30 | 23,000 | 20,283 |
3.00% 11/20/25 | 4,000 | 3,947 |
Nutrien Ltd. | ||
4.90% 06/01/43 | 8,000 | 7,710 |
NVIDIA Corp. | ||
2.85% 04/01/30 | 16,000 | 14,654 |
3.50% 04/01/50 | 9,000 | 7,648 |
NXP BV/NXP Funding LLC/NXP USA Inc. | ||
3.25% 11/30/51 | 35,000 | 24,520 |
Oklahoma Gas & Electric Co. | ||
3.25% 04/01/30 | 10,000 | 9,208 |
Oncor Electric Delivery Company LLC | ||
3.80% 09/30/47 | 6,000 | 5,284 |
ONEOK Inc. | ||
4.35% 03/15/29 | 11,000 | 10,344 |
Oracle Corp. | ||
1.65% 03/25/26 | 47,000 | 42,097 |
2.30% 03/25/28 | 10,000 | 8,608 |
2.40% 09/15/23 | 10,000 | 9,847 |
2.65% 07/15/26 | 11,000 | 10,142 |
2.88% 03/25/31 | 115,000 | 94,753 |
2.95% 04/01/30 | 30,000 | 25,608 |
3.60% 04/01/50 | 11,000 | 7,677 |
3.65% 03/25/41 | 15,000 | 11,178 |
3.80% 11/15/37 | 4,000 | 3,112 |
3.95% 03/25/51 | 8,000 | 5,874 |
4.00% 07/15/46 - 11/15/47 | 19,000 | 14,110 |
4.10% 03/25/61 | 19,000 | 13,613 |
Otis Worldwide Corp. | ||
2.06% 04/05/25 | 72,000 | 68,175 |
2.57% 02/15/30 | 7,000 | 6,052 |
3.36% 02/15/50 | 7,000 | 5,269 |
Principal Amount | Fair Value | |
Owens Corning | ||
4.40% 01/30/48 | $ 6,000 | $ 4,953 |
Pacific Gas & Electric Co. | ||
2.10% 08/01/27 | 10,000 | 8,399 |
2.50% 02/01/31 | 23,000 | 17,678 |
3.00% 06/15/28 | 19,000 | 16,441 |
3.30% 08/01/40 | 23,000 | 15,895 |
3.50% 08/01/50 | 9,000 | 6,011 |
4.30% 03/15/45 | 19,000 | 13,826 |
PacifiCorp | ||
2.70% 09/15/30 | 15,000 | 13,246 |
2.90% 06/15/52 | 43,000 | 31,475 |
6.25% 10/15/37 | 14,000 | 15,686 |
Packaging Corp. of America | ||
3.05% 10/01/51 | 28,000 | 19,811 |
Paramount Global | ||
2.90% 01/15/27 | 7,000 | 6,450 |
3.70% 06/01/28 | 8,000 | 7,456 |
5.25% 04/01/44 | 3,000 | 2,567 |
Parker-Hannifin Corp. | ||
3.25% 06/14/29 | 10,000 | 9,145 |
4.50% 09/15/29 | 63,000 | 62,684 |
PartnerRe Finance B LLC (4.50% fixed rate until 04/01/30; 3.82% + 5 year CMT Rate thereafter) | ||
4.50% 10/01/50 (d) | 25,000 | 20,810 |
PayPal Holdings Inc. | ||
2.65% 10/01/26 | 16,000 | 15,176 |
3.25% 06/01/50 | 9,000 | 6,796 |
PepsiCo Inc. | ||
1.63% 05/01/30 | 10,000 | 8,480 |
2.63% 07/29/29 | 16,000 | 14,817 |
2.75% 10/21/51 | 42,000 | 32,282 |
Pfizer Inc. | ||
2.70% 05/28/50 | 39,000 | 29,836 |
3.45% 03/15/29 | 7,000 | 6,809 |
3.60% 09/15/28 | 15,000 | 14,920 |
3.90% 03/15/39 | 9,000 | 8,490 |
4.13% 12/15/46 | 7,000 | 6,723 |
4.40% 05/15/44 | 4,000 | 3,920 |
Philip Morris International Inc. | ||
1.50% 05/01/25 | 102,000 | 95,447 |
2.10% 05/01/30 | 8,000 | 6,535 |
3.38% 08/15/29 | 9,000 | 8,113 |
4.13% 03/04/43 | 4,000 | 3,222 |
Phillips 66 Co. | ||
2.15% 12/15/30 | 74,000 | 60,414 |
3.15% 12/15/29 (h) | 49,000 | 43,899 |
36 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
3.30% 03/15/52 | $ 29,000 | $ 21,629 |
3.75% 03/01/28 (h) | 9,000 | 8,554 |
4.68% 02/15/45 (h) | 9,000 | 8,285 |
Pioneer Natural Resources Co. | ||
1.13% 01/15/26 | 57,000 | 50,977 |
2.15% 01/15/31 | 14,000 | 11,537 |
Plains All American Pipeline LP/PAA Finance Corp. | ||
3.55% 12/15/29 | 19,000 | 16,765 |
PPL Capital Funding Inc. | ||
3.10% 05/15/26 | 15,000 | 14,276 |
Precision Castparts Corp. | ||
4.38% 06/15/45 | 7,000 | 6,680 |
Prospect Capital Corp. | ||
3.36% 11/15/26 | 36,000 | 30,553 |
Prudential Financial Inc. | ||
3.94% 12/07/49 | 18,000 | 15,508 |
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter) | ||
5.70% 09/15/48 (d) | 14,000 | 13,637 |
Public Service Company of Colorado | ||
3.70% 06/15/28 | 15,000 | 14,769 |
Public Service Electric & Gas Co. | ||
2.38% 05/15/23 | 39,000 | 38,581 |
PVH Corp. | ||
4.63% 07/10/25 | 43,000 | 42,928 |
QUALCOMM Inc. | ||
1.30% 05/20/28 | 5,000 | 4,330 |
4.30% 05/20/47 | 3,000 | 2,875 |
Quanta Services Inc. | ||
2.35% 01/15/32 | 27,000 | 20,807 |
3.05% 10/01/41 | 32,000 | 22,200 |
Quest Diagnostics Inc. | ||
2.95% 06/30/30 | 6,000 | 5,286 |
Raytheon Technologies Corp. | ||
1.90% 09/01/31 | 82,000 | 67,166 |
2.82% 09/01/51 | 15,000 | 10,712 |
3.13% 05/04/27 | 49,000 | 46,885 |
3.50% 03/15/27 | 9,000 | 8,795 |
3.95% 08/16/25 | 10,000 | 10,042 |
4.15% 05/15/45 | 9,000 | 7,997 |
4.45% 11/16/38 | 8,000 | 7,696 |
Realty Income Corp. | ||
2.85% 12/15/32 | 14,000 | 11,998 |
Principal Amount | Fair Value | |
3.00% 01/15/27 | $ 5,000 | $ 4,734 |
3.25% 01/15/31 | 10,000 | 9,106 |
Regeneron Pharmaceuticals Inc. | ||
1.75% 09/15/30 | 28,000 | 22,459 |
Regions Financial Corp. | ||
1.80% 08/12/28 | 71,000 | 60,379 |
Republic Services Inc. | ||
2.38% 03/15/33 | 25,000 | 20,400 |
Reynolds American Inc. | ||
4.45% 06/12/25 | 5,000 | 4,981 |
Rio Tinto Finance USA Ltd. | ||
2.75% 11/02/51 | 12,000 | 8,688 |
Rio Tinto Finance USA PLC | ||
4.13% 08/21/42 | 7,000 | 6,453 |
Rockwell Automation Inc. | ||
2.80% 08/15/61 | 8,000 | 5,241 |
4.20% 03/01/49 | 9,000 | 8,329 |
Rogers Communications Inc. | ||
5.00% 03/15/44 | 3,000 | 2,787 |
Roper Technologies Inc. | ||
2.95% 09/15/29 | 12,000 | 10,571 |
Ross Stores Inc. | ||
4.70% 04/15/27 | 6,000 | 6,035 |
Royalty Pharma PLC | ||
0.75% 09/02/23 | 15,000 | 14,441 |
1.20% 09/02/25 | 18,000 | 16,127 |
1.75% 09/02/27 | 9,000 | 7,677 |
2.15% 09/02/31 | 17,000 | 13,272 |
2.20% 09/02/30 | 8,000 | 6,456 |
3.30% 09/02/40 | 2,000 | 1,478 |
RPM International Inc. | ||
3.75% 03/15/27 | 8,000 | 7,676 |
Ryder System Inc. | ||
2.90% 12/01/26 | 50,000 | 46,584 |
Sabine Pass Liquefaction LLC | ||
4.20% 03/15/28 | 9,000 | 8,655 |
4.50% 05/15/30 | 7,000 | 6,724 |
5.00% 03/15/27 | 4,000 | 4,017 |
5.88% 06/30/26 | 26,000 | 26,862 |
Salesforce Inc. | ||
1.95% 07/15/31 | 33,000 | 28,045 |
2.70% 07/15/41 | 28,000 | 21,676 |
Schlumberger Holdings Corp. | ||
3.90% 05/17/28 (h) | 17,000 | 16,079 |
Sealed Air Corp. | ||
1.57% 10/15/26 (h) | 114,000 | 99,209 |
Elfun Diversified Fund | 37 |
Principal Amount | Fair Value | |
Selective Insurance Group Inc. | ||
5.38% 03/01/49 | $ 4,000 | $ 3,794 |
Sempra Energy | ||
3.80% 02/01/38 | 6,000 | 5,060 |
4.00% 02/01/48 | 8,000 | 6,625 |
Sempra Energy (4.13% fixed rate until 01/01/27; 2.87% + 5 year CMT Rate thereafter) | ||
4.13% 04/01/52 (d) | 47,000 | 37,741 |
Shell International Finance BV | ||
3.13% 11/07/49 | 18,000 | 13,866 |
3.75% 09/12/46 | 8,000 | 6,799 |
Shire Acquisitions Investments Ireland DAC | ||
2.88% 09/23/23 | 3,000 | 2,967 |
3.20% 09/23/26 | 4,000 | 3,841 |
Simon Property Group LP | ||
3.38% 06/15/27 | 9,000 | 8,527 |
Sonoco Products Co. | ||
2.85% 02/01/32 | 31,000 | 25,914 |
Southern California Edison Co. | ||
4.00% 04/01/47 | 30,000 | 24,333 |
4.20% 03/01/29 | 23,000 | 22,150 |
Southern Company Gas Capital Corp. | ||
3.95% 10/01/46 | 11,000 | 8,983 |
4.40% 05/30/47 | 2,000 | 1,746 |
Southwest Airlines Co. | ||
2.63% 02/10/30 | 30,000 | 25,305 |
Southwestern Electric Power Co. | ||
2.75% 10/01/26 | 9,000 | 8,430 |
Spectra Energy Partners LP | ||
3.38% 10/15/26 | 3,000 | 2,859 |
4.50% 03/15/45 | 2,000 | 1,739 |
Spirit Realty LP | ||
4.00% 07/15/29 | 14,000 | 12,741 |
Stanley Black & Decker Inc. | ||
3.00% 05/15/32 | 40,000 | 35,318 |
Starbucks Corp. | ||
4.00% 11/15/28 | 8,000 | 7,818 |
Stryker Corp. | ||
1.95% 06/15/30 | 34,000 | 28,279 |
Suncor Energy Inc. | ||
4.00% 11/15/47 | 3,000 | 2,559 |
Sysco Corp. | ||
3.25% 07/15/27 | 9,000 | 8,571 |
5.95% 04/01/30 | 4,000 | 4,267 |
Principal Amount | Fair Value | |
6.60% 04/01/50 | $ 3,000 | $ 3,458 |
Take-Two Interactive Software Inc. | ||
3.70% 04/14/27 | 75,000 | 72,770 |
4.00% 04/14/32 | 15,000 | 14,083 |
Tampa Electric Co. | ||
2.40% 03/15/31 | 34,000 | 29,366 |
3.45% 03/15/51 | 19,000 | 15,110 |
4.35% 05/15/44 | 20,000 | 18,254 |
Tapestry Inc. | ||
4.13% 07/15/27 | 3,000 | 2,883 |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||
5.00% 01/15/28 | 85,000 | 81,205 |
Target Corp. | ||
2.50% 04/15/26 | 9,000 | 8,636 |
Teck Resources Ltd. | ||
5.40% 02/01/43 | 4,000 | 3,743 |
Telefonica Emisiones S.A. | ||
4.10% 03/08/27 | 150,000 | 146,948 |
Texas Instruments Inc. | ||
3.88% 03/15/39 | 9,000 | 8,474 |
The Allstate Corp. | ||
4.20% 12/15/46 | 6,000 | 5,461 |
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) | ||
5.75% 08/15/53 (d) | 33,000 | 29,303 |
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter) | ||
4.63% 12/29/49 (d) | 57,000 | 49,587 |
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter) | ||
4.65% 12/31/99 (d) | 35,000 | 30,592 |
The Boeing Co. | ||
2.20% 02/04/26 | 73,000 | 65,880 |
2.70% 02/01/27 | 149,000 | 132,614 |
2.95% 02/01/30 | 7,000 | 5,809 |
3.25% 03/01/28 | 8,000 | 7,183 |
3.55% 03/01/38 | 6,000 | 4,375 |
3.75% 02/01/50 | 7,000 | 4,936 |
5.04% 05/01/27 | 52,000 | 51,369 |
5.15% 05/01/30 | 18,000 | 17,269 |
5.81% 05/01/50 | 14,000 | 12,892 |
38 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
The Charles Schwab Corp. | ||
2.45% 03/03/27 | $ 45,000 | $ 41,991 |
2.90% 03/03/32 | 15,000 | 13,193 |
The Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT Rate thereafter) | ||
4.00% 12/31/99 (d) | 49,000 | 37,903 |
The Cleveland Electric Illuminating Co. | ||
4.55% 11/15/30 (h) | 39,000 | 38,493 |
The Coca-Cola Co. | ||
2.60% 06/01/50 | 14,000 | 10,442 |
2.75% 06/01/60 | 7,000 | 5,039 |
The Dow Chemical Co. | ||
2.10% 11/15/30 | 25,000 | 20,594 |
3.60% 11/15/50 | 9,000 | 6,871 |
4.25% 10/01/34 | 8,000 | 7,583 |
5.55% 11/30/48 | 50,000 | 50,587 |
The Estee Lauder Companies Inc. | ||
2.38% 12/01/29 | 9,000 | 8,010 |
The George Washington University | ||
4.13% 09/15/48 | 15,000 | 13,761 |
The Goldman Sachs Group Inc. | ||
3.50% 04/01/25 | 15,000 | 14,738 |
3.85% 01/26/27 | 200,000 | 193,490 |
4.25% 10/21/25 | 137,000 | 136,157 |
5.15% 05/22/45 | 10,000 | 9,516 |
The Goldman Sachs Group Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter) | ||
1.54% 09/10/27 (d) | 31,000 | 27,209 |
The Goldman Sachs Group Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) | ||
2.38% 07/21/32 (d) | 19,000 | 15,378 |
The Goldman Sachs Group Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) | ||
2.91% 07/21/42 (d) | 15,000 | 10,939 |
The Goldman Sachs Group Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) | ||
3.21% 04/22/42 (d) | 22,000 | 16,786 |
Principal Amount | Fair Value | |
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter) | ||
3.81% 04/23/29 (d) | $ 11,000 | $ 10,371 |
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter) | ||
4.02% 10/31/38 (d) | 8,000 | 6,987 |
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter) | ||
4.22% 05/01/29 (d) | 22,000 | 21,117 |
The Hartford Financial Services Group Inc. | ||
2.80% 08/19/29 | 74,000 | 66,003 |
The Hartford Financial Services Group Inc. (3.54% fixed rate until 07/01/22; 2.13% + 3 month USD LIBOR thereafter) | ||
3.54% 02/12/67 (d)(h) | 16,000 | 12,743 |
The Home Depot Inc. | ||
2.70% 04/15/30 | 120,000 | 108,929 |
3.35% 04/15/50 | 13,000 | 10,533 |
3.50% 09/15/56 | 8,000 | 6,531 |
3.90% 12/06/28 - 06/15/47 | 16,000 | 15,269 |
4.50% 12/06/48 | 7,000 | 6,830 |
The Kroger Co. | ||
2.20% 05/01/30 | 10,000 | 8,430 |
4.65% 01/15/48 | 5,000 | 4,647 |
The Northwestern Mutual Life Insurance Co. | ||
3.45% 03/30/51 (h) | 16,000 | 12,105 |
The Progressive Corp. | ||
2.50% 03/15/27 | 45,000 | 42,462 |
3.00% 03/15/32 | 20,000 | 18,028 |
3.70% 03/15/52 | 5,000 | 4,229 |
The Southern Co. | ||
3.25% 07/01/26 | 5,000 | 4,789 |
The Toronto-Dominion Bank | ||
3.20% 03/10/32 | 71,000 | 63,336 |
4.46% 06/08/32 | 35,000 | 34,609 |
Elfun Diversified Fund | 39 |
Principal Amount | Fair Value | |
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter) | ||
3.63% 09/15/31 (d) | $ 36,000 | $ 34,645 |
The Travelers Companies Inc. | ||
2.55% 04/27/50 | 65,000 | 45,193 |
The Walt Disney Co. | ||
2.65% 01/13/31 | 123,000 | 108,281 |
3.38% 11/15/26 | 2,000 | 1,954 |
3.60% 01/13/51 | 11,000 | 9,184 |
4.75% 11/15/46 | 4,000 | 3,917 |
6.65% 11/15/37 | 16,000 | 19,063 |
The Williams Companies Inc. | ||
3.75% 06/15/27 | 2,000 | 1,913 |
4.85% 03/01/48 | 9,000 | 8,151 |
4.90% 01/15/45 | 16,000 | 14,317 |
5.40% 03/04/44 | 3,000 | 2,859 |
Thermo Fisher Scientific Inc. | ||
2.80% 10/15/41 | 17,000 | 13,333 |
Time Warner Cable LLC | ||
6.55% 05/01/37 | 8,000 | 8,010 |
T-Mobile USA Inc. | ||
3.75% 04/15/27 | 203,000 | 195,282 |
3.88% 04/15/30 | 3,000 | 2,801 |
4.50% 04/15/50 | 6,000 | 5,331 |
TotalEnergies Capital International S.A. | ||
3.46% 02/19/29 | 30,000 | 28,590 |
Trane Technologies Luxembourg Finance S.A. | ||
3.55% 11/01/24 | 15,000 | 14,797 |
3.80% 03/21/29 | 15,000 | 14,079 |
TransCanada PipeLines Ltd. | ||
4.25% 05/15/28 | 31,000 | 30,159 |
4.88% 01/15/26 | 8,000 | 8,128 |
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter) | ||
5.63% 05/20/75 (d) | 44,000 | 41,399 |
Transcontinental Gas Pipe Line Company LLC | ||
4.00% 03/15/28 | 9,000 | 8,736 |
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter) | ||
4.80% 12/31/99 (d) | 65,000 | 58,206 |
TWDC Enterprises 18 Corp. | ||
4.13% 06/01/44 | 4,000 | 3,628 |
Principal Amount | Fair Value | |
Tyco Electronics Group S.A. | ||
3.13% 08/15/27 | $ 9,000 | $ 8,639 |
Tyson Foods Inc. | ||
4.00% 03/01/26 | 38,000 | 37,633 |
UDR Inc. | ||
2.10% 08/01/32 | 16,000 | 12,477 |
3.00% 08/15/31 | 9,000 | 7,689 |
Union Pacific Corp. | ||
3.55% 05/20/61 | 21,000 | 16,567 |
3.60% 09/15/37 | 6,000 | 5,365 |
3.80% 04/06/71 | 11,000 | 8,828 |
4.10% 09/15/67 | 9,000 | 7,665 |
UnitedHealth Group Inc. | ||
2.00% 05/15/30 | 150,000 | 128,574 |
4.20% 05/15/32 | 25,000 | 25,006 |
4.45% 12/15/48 | 15,000 | 14,369 |
4.75% 07/15/45 - 05/15/52 | 72,000 | 72,109 |
Utah Acquisition Sub Inc. | ||
3.95% 06/15/26 | 5,000 | 4,714 |
Valero Energy Corp. | ||
2.85% 04/15/25 | 7,000 | 6,767 |
4.00% 04/01/29 | 15,000 | 14,158 |
Ventas Realty LP | ||
3.25% 10/15/26 | 18,000 | 16,996 |
Verizon Communications Inc. | ||
2.10% 03/22/28 | 200,000 | 177,640 |
2.36% 03/15/32 | 96,000 | 79,637 |
2.55% 03/21/31 | 195,000 | 166,766 |
3.00% 03/22/27 | 52,000 | 49,420 |
3.40% 03/22/41 | 19,000 | 15,463 |
3.55% 03/22/51 | 14,000 | 11,225 |
3.70% 03/22/61 | 19,000 | 14,920 |
4.40% 11/01/34 | 48,000 | 46,064 |
4.86% 08/21/46 | 21,000 | 20,695 |
Virginia Electric & Power Co. | ||
4.00% 11/15/46 | 15,000 | 13,243 |
Visa Inc. | ||
2.70% 04/15/40 | 12,000 | 9,688 |
Vistra Operations Company LLC | ||
3.55% 07/15/24 (h) | 55,000 | 53,081 |
Viterra Finance BV | ||
2.00% 04/21/26 (h) | 200,000 | 176,834 |
Vodafone Group PLC | ||
4.38% 05/30/28 | 14,000 | 13,920 |
5.25% 05/30/48 | 4,000 | 3,803 |
Vontier Corp. | ||
2.40% 04/01/28 | 42,000 | 34,629 |
2.95% 04/01/31 | 39,000 | 30,391 |
40 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
Vornado Realty LP | ||
2.15% 06/01/26 | $ 48,000 | $ 42,711 |
3.50% 01/15/25 | 10,000 | 9,683 |
Vulcan Materials Co. | ||
3.90% 04/01/27 | 4,000 | 3,936 |
Walgreens Boots Alliance Inc. | ||
4.10% 04/15/50 | 3,000 | 2,367 |
Walmart Inc. | ||
1.80% 09/22/31 | 17,000 | 14,452 |
2.50% 09/22/41 | 17,000 | 13,170 |
2.65% 09/22/51 | 8,000 | 6,027 |
Waste Connections Inc. | ||
2.20% 01/15/32 | 42,000 | 34,437 |
2.95% 01/15/52 | 27,000 | 19,344 |
WEC Energy Group Inc. | ||
3.55% 06/15/25 | 9,000 | 8,835 |
Wells Fargo & Co. | ||
4.15% 01/24/29 | 31,000 | 29,970 |
4.75% 12/07/46 | 28,000 | 25,530 |
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | ||
2.39% 06/02/28 (d) | 108,000 | 96,787 |
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | ||
3.07% 04/30/41 (d) | 36,000 | 28,058 |
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter) | ||
3.20% 06/17/27 (d) | 253,000 | 239,821 |
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter) | ||
5.88% 12/29/49 (d) | 34,000 | 33,104 |
Westlake Corp. | ||
2.88% 08/15/41 | 11,000 | 7,792 |
3.13% 08/15/51 | 11,000 | 7,671 |
3.38% 08/15/61 | 10,000 | 6,755 |
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter) | ||
2.89% 02/04/30 (d) | 24,000 | 22,744 |
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter) | ||
4.11% 07/24/34 (d) | 15,000 | 13,723 |
Principal Amount | Fair Value | |
Weyerhaeuser Co. | ||
4.00% 03/09/52 | $ 25,000 | $ 20,511 |
Willis North America Inc. | ||
3.60% 05/15/24 | 12,000 | 11,825 |
3.88% 09/15/49 | 14,000 | 10,911 |
Workday Inc. | ||
3.50% 04/01/27 | 69,000 | 66,104 |
3.70% 04/01/29 | 55,000 | 51,550 |
WPP Finance 2010 | ||
3.75% 09/19/24 | 18,000 | 17,594 |
Xcel Energy Inc. | ||
3.40% 06/01/30 | 16,000 | 14,716 |
Yamana Gold Inc. | ||
2.63% 08/15/31 | 34,000 | 27,330 |
Zoetis Inc. | ||
3.00% 09/12/27 | 5,000 | 4,717 |
3.90% 08/20/28 | 9,000 | 8,723 |
20,903,052 | ||
Non-Agency Collateralized Mortgage Obligations - 2.0% | ||
BANK 2017-BNK7 | ||
3.18% 09/15/60 | 617,000 | 585,284 |
BANK 2018-BNK15 | ||
4.41% 11/15/61 (d) | 320,000 | 322,233 |
BPR Trust 2022-OANA 1.90% + 1 month USD LIBOR | ||
3.18% 04/15/37 (d)(h) | 117,967 | 115,422 |
Cantor Commercial Real Estate Lending 2019-CF3 | ||
3.01% 01/15/53 | 139,000 | 126,723 |
CD 2019-CD8 Mortgage Trust | ||
2.91% 08/15/57 | 246,000 | 223,899 |
Citigroup Commercial Mortgage Trust 2015-GC33 | ||
3.78% 09/10/58 | 100,000 | 99,097 |
Citigroup Commercial Mortgage Trust 2016-P6 | ||
3.72% 12/10/49 (d) | 119,583 | 116,822 |
4.03% 12/10/49 (d) | 78,331 | 75,234 |
COMM 2012-CCRE3 Mortgage Trust | ||
3.92% 10/15/45 (h) | 100,000 | 95,712 |
COMM 2014-CR14 Mortgage Trust | ||
4.53% 02/10/47 (d) | 55,000 | 54,829 |
GS Mortgage Securities Trust 2015-GS1 | ||
4.57% 11/10/48 (d) | 117,000 | 96,456 |
Elfun Diversified Fund | 41 |
Principal Amount | Fair Value | |
GS Mortgage Securities Trust 2017-GS5 | ||
3.67% 03/10/50 | $ 240,062 | $ 233,725 |
GS Mortgage Securities Trust 2018-GS9 | ||
4.14% 03/10/51 (d) | 73,000 | 70,276 |
GS Mortgage Securities Trust 2019-GC42 | ||
2.75% 09/01/52 | 419,000 | 377,605 |
GS Mortgage Securities Trust 2019-GSA1 | ||
3.05% 11/10/52 | 493,000 | 452,342 |
JPMBB Commercial Mortgage Securities Trust 2013-C12 | ||
4.17% 07/15/45 (d) | 25,000 | 24,771 |
JPMBB Commercial Mortgage Securities Trust 2015-C32 | ||
4.81% 11/15/48 (d) | 71,000 | 55,825 |
MASTR Alternative Loan Trust 2003-5 | ||
5.00% 08/25/18 (f) | 227 | 2 |
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 | ||
0.99% 03/15/48 (d)(f) | 725,088 | 12,385 |
Wells Fargo Commercial Mortgage Trust 2014-LC16 | ||
4.32% 08/15/50 | 129,943 | 111,245 |
Wells Fargo Commercial Mortgage Trust 2015-C26 | ||
1.34% 02/15/48 (d)(f) | 764,975 | 19,145 |
WFRBS Commercial Mortgage Trust 2013-C17 | ||
4.26% 12/15/46 | 55,000 | 54,806 |
WFRBS Commercial Mortgage Trust 2014-LC14 | ||
4.35% 03/15/47 (d) | 123,000 | 121,934 |
3,445,772 | ||
Municipal Bonds and Notes - 0.1% | ||
American Municipal Power Inc. | ||
6.27% 02/15/50 | 25,000 | 28,879 |
Board of Regents of the University of Texas System | ||
3.35% 08/15/47 | 25,000 | 21,722 |
Principal Amount | Fair Value | |
Port Authority of New York & New Jersey | ||
4.46% 10/01/62 | $ 70,000 | $ 68,062 |
State of California | ||
4.60% 04/01/38 | 50,000 | 50,557 |
State of Illinois | ||
5.10% 06/01/33 | 25,000 | 25,152 |
194,372 | ||
Total Bonds and Notes (Cost $74,613,037) | 69,246,740 | |
Number of Shares | ||
Exchange Traded & Mutual Funds - 24.9% | ||
State Street Global All Cap Equity ex-U.S. Index Portfolio (a)(j) (Cost $43,912,200) | 433,717 | 43,258,931 |
Total Investments in Securities (Cost $161,347,410) | 169,550,373 | |
Short-Term Investments - 8.8% | ||
Dreyfus Treasury Cash Management - Institutional Shares 0.01% (j) | 2,568,270 | 2,568,270 |
State Street Institutional Treasury Money Market Fund - Premier Class 1.15% (j)(k) | 4,925,995 | 4,925,995 |
State Street Institutional Treasury Plus Fund - Premier Class 1.46% (j)(k) | 2,565,533 | 2,565,533 |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.47% (j)(k) | 5,167,189 | 5,167,189 |
Total Short-Term Investments (Cost $15,226,987) | 15,226,987 | |
Total Investments (Cost $176,574,397) | 184,777,360 | |
Liabilities in Excess of Other Assets, net - (6.4)% | (11,113,592) | |
NET ASSETS - 100.0% | $ 173,663,768 |
42 | Elfun Diversified Fund |
Centrally Cleared Credit Default Swaps |
Reference Entity | Counterparty | Notional Amount (000s omitted) | Contract Annual Fixed Rate/ Payment Frequency | Termination Date | Market Value | Unamortized Upfront Payments Received (Paid) | Unrealized Appreciation (Depreciation) |
Sell Protection | |||||||
Markit CDX North America High Yield Index | Intercontinental Exchange | $485 | 1.00%/ Quarterly | 12/20/26 | $ (939) | $ (8,668) | $ 7,729 |
Buy Protection | |||||||
Markit CDX North America High Yield Index | Intercontinental Exchange | 753 | 5.00%/ Quarterly | 06/20/27 | (22,875) | 27,917 | (50,794) |
$(43,065) |
The Fund had the following long futures contracts open at June 30, 2022: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
2 Yr. U.S. Treasury Notes Futures | September 2022 | 36 | $ 7,576,371 | $ 7,560,562 | $ (15,809) |
Ultra Long-Term U.S. Treasury Bond Futures | September 2022 | 9 | 1,417,814 | 1,389,095 | (28,719) |
U.S. Long Bond Futures | September 2022 | 13 | 1,818,079 | 1,802,125 | (15,954) |
S&P 500 E-Mini Index Futures | September 2022 | 2 | 374,036 | 378,950 | 4,914 |
$ (55,568) |
The Fund had the following short futures contracts open at June 30, 2022: |
Description | Expiration date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
10 Yr. U.S. Treasury Notes Futures | September 2022 | 19 | $ (2,273,015) | $ (2,252,094) | $ 20,921 |
5 Yr. U.S. Treasury Notes Futures | September 2022 | 24 | (2,715,306) | (2,694,000) | 21,306 |
10 Yr. U.S. Treasury Ultra Futures | September 2022 | 13 | (1,649,790) | (1,655,875) | (6,085) |
$ 36,142 |
During the fiscal year ended June 30, 2022, average notional values related to derivative contracts were as follows: | |||
Long Futures Contracts | Short Futures Contracts | Credit Default Swap Contracts | |
Average Notional Value | $12,141,740 | $6,578,319 | $1,696,172 |
Elfun Diversified Fund | 43 |
(a) | At June 30, 2022, all or a portion of this security was pledged to cover collateral requirements for futures. |
(b) | Non-income producing security. |
(c) | State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund's sub-administrator, custodian and accounting agent. |
(d) | Variable Rate Security - Interest rate shown is rate in effect at June 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
(e) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
(f) | Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding. |
(g) | Principal only security. These securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the "principal only" holder. |
(h) | Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2022, these securities amounted to $1,978,620 or 1.14% of the net assets of the Elfun Diversified Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees. |
(i) | Step coupon bond. |
(j) | Coupon amount represents effective yield. |
(k) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
† | Percentages are based on net assets as of June 30, 2022. |
* | Less than 0.05%. |
Abbreviations: |
CMT - Constant Maturity Treasury |
LIBOR - London Interbank Offered Rate |
REIT - Real Estate Investment Trust |
REMIC - Real Estate Mortgage Investment Conduit |
SOFR - Secured Overnight Financing Rate |
STRIPS - Separate Trading of Registered Interest and Principal of Security |
TBA - To Be Announced |
44 | Elfun Diversified Fund |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Domestic Equity | $ 55,673,583 | $ — | $ — | $ 55,673,583 | |||
Foreign Equity | 1,371,119 | — | — | 1,371,119 | |||
U.S. Treasuries | — | 24,914,468 | — | 24,914,468 | |||
Agency Mortgage Backed | — | 19,121,186 | — | 19,121,186 | |||
Agency Collateralized Mortgage Obligations | — | 375,057 | — | 375,057 | |||
Asset Backed | — | 292,833 | — | 292,833 | |||
Corporate Notes | — | 20,903,052 | — | 20,903,052 | |||
Non-Agency Collateralized Mortgage Obligations | — | 3,445,772 | — | 3,445,772 | |||
Municipal Bonds and Notes | — | 194,372 | — | 194,372 | |||
Exchange Traded & Mutual Funds | 43,258,931 | — | — | 43,258,931 | |||
Short-Term Investments | 15,226,987 | — | — | 15,226,987 | |||
Total Investments in Securities | $ 115,530,620 | $ 69,246,740 | $ — | $ 184,777,360 | |||
Other Financial Instruments | |||||||
Credit Default Swap Contracts - Unrealized Appreciation | $ — | $ 7,729 | $ — | $ 7,729 | |||
Credit Default Swap Contracts - Unrealized Depreciation | — | (50,794) | — | (50,794) | |||
Long Futures Contracts - Unrealized Appreciation | $4,914 | $— | $— | $4,914 | |||
Long Futures Contracts - Unrealized Depreciation | (60,482) | — | — | (60,482) | |||
Short Futures Contracts - Unrealized Appreciation | 42,227 | — | — | 42,227 | |||
Short Futures Contracts - Unrealized Depreciation | (6,085) | — | — | (6,085) | |||
Total Other Financial Instruments | $ (19,426) | $ (43,065) | $ — | $ (62,491) |
Elfun Diversified Fund | 45 |
Country/Territory | Percentage (based on Fair Value) |
United States | 98.33% |
Ireland | 0.37% |
Canada | 0.32% |
United Kingdom | 0.32% |
Netherlands | 0.16% |
Switzerland | 0.13% |
Isle Of Man | 0.09% |
Spain | 0.08% |
Germany | 0.07% |
Bermuda | 0.04% |
Country/Territory | Percentage (based on Fair Value) |
Luxembourg | 0.03% |
Australia | 0.03% |
France | 0.02% |
Israel | 0.01% |
Jersey | 0.00%*** |
100.00% |
*** | Less than 0.005%. |
Industry | Domestic | Foreign | Total |
Exchange Traded Funds | 23.41% | 0.00% | 23.41% |
Technology Hardware, Storage & Peripherals | 2.10% | 0.01% | 2.11% |
Systems Software | 2.10% | 0.00% | 2.10% |
Interactive Media & Services | 1.62% | 0.00% | 1.62% |
Pharmaceuticals | 1.48% | 0.00% | 1.48% |
Semiconductors | 1.33% | 0.04% | 1.37% |
Data Processing & Outsourced Services | 0.95% | 0.00% | 0.95% |
Internet & Direct Marketing Retail | 0.93% | 0.00% | 0.93% |
Diversified Banks | 0.85% | 0.00% | 0.85% |
Healthcare Equipment | 0.70% | 0.12% | 0.82% |
Managed Healthcare | 0.70% | 0.00% | 0.70% |
Biotechnology | 0.69% | 0.00% | 0.69% |
Integrated Oil & Gas | 0.68% | 0.00% | 0.68% |
Application Software | 0.67% | 0.00% | 0.67% |
Automobile Manufacturers | 0.63% | 0.00% | 0.63% |
Electric Utilities | 0.60% | 0.00% | 0.60% |
Life Sciences Tools & Services | 0.59% | 0.00% | 0.59% |
Aerospace & Defense | 0.53% | 0.00% | 0.53% |
Soft Drinks | 0.52% | 0.00% | 0.52% |
Household Products | 0.48% | 0.00% | 0.48% |
Multi-Sector Holdings | 0.48% | 0.00% | 0.48% |
Specialized REITs | 0.45% | 0.00% | 0.45% |
Home Improvement Retail | 0.39% | 0.00% | 0.39% |
Hypermarkets & Super Centers | 0.37% | 0.00% | 0.37% |
IT Consulting & Other Services | 0.20% | 0.17% | 0.37% |
Financial Exchanges & Data | 0.36% | 0.00% | 0.36% |
Restaurants | 0.36% | 0.00% | 0.36% |
Integrated Telecommunication Services | 0.35% | 0.00% | 0.35% |
Oil & Gas Exploration & Production | 0.35% | 0.00% | 0.35% |
Regional Banks | 0.31% | 0.00% | 0.31% |
Investment Banking & Brokerage | 0.31% | 0.00% | 0.31% |
Packaged Foods & Meats | 0.31% | 0.00% | 0.31% |
Multi-Utilities | 0.30% | 0.00% | 0.30% |
Movies & Entertainment | 0.28% | 0.00% | 0.28% |
Property & Casualty Insurance | 0.18% | 0.08% | 0.26% |
Industrial Conglomerates | 0.26% | 0.00% | 0.26% |
46 | Elfun Diversified Fund |
Industry | Domestic | Foreign | Total |
Communications Equipment | 0.25% | 0.00% | 0.25% |
Railroads | 0.25% | 0.00% | 0.25% |
Healthcare Services | 0.24% | 0.00% | 0.24% |
Semiconductor Equipment | 0.22% | 0.01% | 0.23% |
Cable & Satellite | 0.23% | 0.00% | 0.23% |
Industrial Machinery | 0.22% | 0.01% | 0.23% |
Tobacco | 0.22% | 0.00% | 0.22% |
Specialty Chemicals | 0.22% | 0.00% | 0.22% |
Asset Management & Custody Banks | 0.22% | 0.00% | 0.22% |
Air Freight & Logistics | 0.21% | 0.00% | 0.21% |
Insurance Brokers | 0.18% | 0.02% | 0.20% |
Industrial Gases | 0.05% | 0.14% | 0.19% |
Hotels, Resorts & Cruise Lines | 0.17% | 0.00% | 0.17% |
Construction Machinery & Heavy Trucks | 0.16% | 0.00% | 0.16% |
Consumer Finance | 0.16% | 0.00% | 0.16% |
Electrical Components & Equipment | 0.16% | 0.00% | 0.16% |
General Merchandise Stores | 0.15% | 0.00% | 0.15% |
Life & Health Insurance | 0.14% | 0.00% | 0.14% |
Footwear | 0.13% | 0.00% | 0.13% |
Oil & Gas Refining & Marketing | 0.12% | 0.00% | 0.12% |
Building Products | 0.08% | 0.04% | 0.12% |
Residential REITs | 0.11% | 0.00% | 0.11% |
Interactive Home Entertainment | 0.11% | 0.00% | 0.11% |
Industrial REITs | 0.11% | 0.00% | 0.11% |
Oil & Gas Equipment & Services | 0.10% | 0.00% | 0.10% |
Automotive Retail | 0.10% | 0.00% | 0.10% |
Retail REITs | 0.10% | 0.00% | 0.10% |
Oil & Gas Storage & Transportation | 0.09% | 0.00% | 0.09% |
Healthcare Distributors | 0.09% | 0.00% | 0.09% |
Environmental & Facilities Services | 0.09% | 0.00% | 0.09% |
Apparel Retail | 0.09% | 0.00% | 0.09% |
Fertilizers & Agricultural Chemicals | 0.09% | 0.00% | 0.09% |
Agricultural & Farm Machinery | 0.08% | 0.00% | 0.08% |
Research & Consulting Services | 0.08% | 0.00% | 0.08% |
Wireless Telecommunication Services | 0.08% | 0.00% | 0.08% |
Paper Packaging | 0.05% | 0.02% | 0.07% |
Multi-Line Insurance | 0.07% | 0.00% | 0.07% |
Electronic Equipment & Instruments | 0.07% | 0.00% | 0.07% |
Health Care REITs | 0.07% | 0.00% | 0.07% |
Electronic Components | 0.06% | 0.00% | 0.06% |
Airlines | 0.06% | 0.00% | 0.06% |
Trading Companies & Distributors | 0.06% | 0.00% | 0.06% |
Home Building | 0.06% | 0.00% | 0.06% |
Personal Products | 0.06% | 0.00% | 0.06% |
Commodity Chemicals | 0.06% | 0.00% | 0.06% |
Diversified Support Services | 0.05% | 0.00% | 0.05% |
Distillers & Vintners | 0.05% | 0.00% | 0.05% |
Gold | 0.05% | 0.00% | 0.05% |
Specialty Stores | 0.04% | 0.00% | 0.04% |
Food Distributors | 0.04% | 0.00% | 0.04% |
Agricultural Products | 0.04% | 0.00% | 0.04% |
Healthcare Facilities | 0.04% | 0.00% | 0.04% |
Casinos & Gaming | 0.04% | 0.00% | 0.04% |
Copper | 0.04% | 0.00% | 0.04% |
Elfun Diversified Fund | 47 |
Industry | Domestic | Foreign | Total |
Distributors | 0.04% | 0.00% | 0.04% |
Healthcare Supplies | 0.04% | 0.00% | 0.04% |
Office REITs | 0.04% | 0.00% | 0.04% |
Electronic Manufacturing Services | 0.00% | 0.04% | 0.04% |
Construction Materials | 0.03% | 0.00% | 0.03% |
Trucking | 0.03% | 0.00% | 0.03% |
Auto Parts & Equipment | 0.01% | 0.02% | 0.03% |
Food Retail | 0.03% | 0.00% | 0.03% |
Apparel, Accessories & Luxury Goods | 0.03% | 0.00% | 0.03% |
Broadcasting | 0.03% | 0.00% | 0.03% |
Internet Services & Infrastructure | 0.03% | 0.00% | 0.03% |
Water Utilities | 0.03% | 0.00% | 0.03% |
Drug Retail | 0.03% | 0.00% | 0.03% |
Steel | 0.02% | 0.00% | 0.02% |
Advertising | 0.02% | 0.00% | 0.02% |
Real Estate Services | 0.02% | 0.00% | 0.02% |
Metal & Glass Containers | 0.02% | 0.00% | 0.02% |
Technology Distributors | 0.02% | 0.00% | 0.02% |
Construction & Engineering | 0.02% | 0.00% | 0.02% |
Gas Utilities | 0.01% | 0.00% | 0.01% |
Consumer Electronics | 0.00% | 0.01% | 0.01% |
Computer & Electronics Retail | 0.01% | 0.00% | 0.01% |
Independent Power Producers & Energy Traders | 0.01% | 0.00% | 0.01% |
Reinsurance | 0.00% | 0.01% | 0.01% |
Brewers | 0.01% | 0.00% | 0.01% |
Leisure Products | 0.01% | 0.00% | 0.01% |
Hotel & Resort REITs | 0.01% | 0.00% | 0.01% |
Alternative Carriers | 0.01% | 0.00% | 0.01% |
Human Resource & Employment Services | 0.01% | 0.00% | 0.01% |
Publishing | 0.01% | 0.00% | 0.01% |
Household Appliances | 0.01% | 0.00% | 0.01% |
Housewares & Specialties | 0.01% | 0.00% | 0.01% |
Home Furnishings | 0.01% | 0.00% | 0.01% |
54.28% |
Sector | Percentage (based on Fair Value) | ||
U.S. Treasuries | 13.48% | ||
Corporate Notes | 11.31% | ||
Agency Mortgage Backed | 10.35% | ||
Non-Agency Collateralized Mortgage Obligations | 1.87% | ||
Agency Collateralized Mortgage Obligations | 0.20% | ||
Asset Backed | 0.16% |
Sector | Percentage (based on Fair Value) | ||
Municipal Bonds and Notes | 0.11% | ||
37.48% | |||
Short-Term Investments | 8.24% | ||
8.24% | |||
100.00% |
48 | Elfun Diversified Fund |
Affiliate Table |
Number of Shares Held at 12/31/21 | Value at 12/31/21 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 6/30/22 | Value at 6/30/22 | Dividend Income | ||||||
State Street Corp. | 712 | $ 66,216 | $ 11,146 | $ 13,698 | $ (1,356) | $ (20,694) | 675 | $ 41,614 | $ 799 | |||||
State Street Global All Cap Equity ex-U.S. Index Portfolio | 439,650 | 54,037,441 | 7,060,000 | 8,300,000 | 951,486 | (10,489,996) | 433,717 | 43,258,931 | — | |||||
State Street Institutional Treasury Money Market Fund - Premier Class | 5,372,404 | 5,372,404 | 13,461,124 | 13,907,533 | — | — | 4,925,995 | 4,925,995 | 6,253 | |||||
State Street Institutional Treasury Plus Fund - Premier Class | 2,309,897 | 2,309,897 | 2,478,860 | 2,223,224 | — | — | 2,565,533 | 2,565,533 | 4,939 | |||||
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 5,658,078 | 5,658,078 | 31,127,667 | 31,618,556 | — | — | 5,167,189 | 5,167,189 | 8,922 | |||||
TOTAL | $67,444,036 | $54,138,797 | $56,063,011 | $950,130 | $(10,510,690) | $55,959,262 | $20,913 |
Elfun Diversified Fund | 49 |
Sector Allocation |
Portfolio composition as a % of Fair Value of $1,080,203 (in thousands) as of June 30, 2022 (a)(b) |
Quality Ratings | ||
as of June 30, 2022 as a % of Fair Value (a)(b)* | ||
Moody’s / S&P / Rating | Percentage of Fair Value | |
Aaa / AAA | 12.87% | |
Aa / AA | 50.70% | |
A / A | 28.52% | |
Baa / BBB | 5.98% | |
NR / Other | 1.93% | |
100.00% |
(a) | Fair Value basis is inclusive of short-term investment in State Street Institutional Treasury Plus Fund — Premier Class. |
(b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
* | Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standard of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. |
50 | Elfun Tax-Exempt Income Fund |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value January 1, 2022 | $1,000.00 | $1,000.00 | |
Ending Account value June 30, 2022 | $ 913.40 | $1,023.80 | |
Expenses Paid During Period* | $ 1.00 | $ 1.05 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.21% (for the period January 1, 2022 - June 30, 2022), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Elfun Tax-Exempt Income Fund | 51 |
Principal Amount | Fair Value | |
Municipal Bonds and Notes - 98.7% † | ||
Alabama - 0.4% | ||
City of Montgomery GO, | ||
5.00% 12/01/30 | $ 550,000 | $ 634,941 |
The Health Care Authority of the City of Huntsville Revenue | ||
5.00% 06/01/37 | 2,500,000 | 2,658,084 |
The Water Works Board of the City of Birmingham Revenue | ||
5.00% 01/01/30 | 1,350,000 | 1,477,950 |
4,770,975 | ||
Arizona - 1.8% | ||
City of Mesa AZ Utility System Revenue (BAM Insured) | ||
5.00% 07/01/29 | 500,000 | 562,719 |
City of Phoenix Civic Improvement Corp. Revenue | ||
5.00% 07/01/26 - 07/01/30 | 2,370,000 | 2,590,808 |
City of Phoenix Civic Improvement Corp. Revenue (NPFG Insured) | ||
5.50% 07/01/23 - 07/01/24 | 7,260,000 | 7,634,855 |
Maricopa County Industrial Development Authority Revenue | ||
4.00% 01/01/41 | 3,000,000 | 2,925,169 |
Maricopa County Unified School District No 090 Saddle Mountain Revenue | ||
5.00% 07/01/32 | 775,000 | 876,784 |
The University of Arizona Revenue | ||
5.00% 06/01/46 | 5,000,000 | 5,277,144 |
19,867,479 | ||
Arkansas - 0.4% | ||
Springdale School District No 50 GO, | ||
5.00% 06/01/27 | 500,000 | 557,359 |
University of Arkansas Revenue | ||
5.00% 11/01/46 - 11/01/47 | 3,580,000 | 3,819,017 |
4,376,376 | ||
California - 9.2% | ||
California Health Facilities Financing Authority Revenue | ||
5.00% 11/15/39 - 11/15/49 | 6,315,000 | 6,441,388 |
California State Public Works Board Revenue | ||
5.25% 09/01/29 | 10,160,000 | 10,515,694 |
California State University Revenue | ||
4.00% 11/01/45 | 5,900,000 | 5,795,386 |
City of Los Angeles CA Wastewater System Revenue | ||
5.00% 06/01/43 | 10,000,000 | 10,898,484 |
City of Los Angeles Department of Airports Revenue | ||
4.00% 05/15/42 | 1,000,000 | 970,818 |
5.00% 05/15/26 - 05/15/36 | 2,770,000 | 3,052,459 |
Fresno Unified School District GO, | ||
4.00% 08/01/47 (a) | 5,000,000 | 5,204,453 |
Los Angeles Department of Water & Power Power System Revenue | ||
5.00% 07/01/48 | 5,500,000 | 5,920,465 |
Mount San Antonio Community College District GO, | ||
4.00% 08/01/49 | 3,000,000 | 2,926,018 |
Principal Amount | Fair Value | |
Oakland Unified School District/Alameda County | ||
4.00% 08/01/34 | $ 1,000,000 | $ 1,006,792 |
San Diego County Regional Airport Authority Revenue | ||
5.00% 07/01/30 | 2,000,000 | 2,206,654 |
San Francisco City & County Airport Comm-San Francisco International Airport Revenue | ||
5.00% 05/01/49 | 7,000,000 | 7,378,733 |
San Francisco City & County Public Utilities Commission Wastewater Revenue | ||
5.00% 10/01/26 (b) | 500,000 | 556,145 |
State of California GO, | ||
4.00% 04/01/49 | 700,000 | 688,393 |
5.00% 02/01/31 - 08/01/46 | 15,255,000 | 16,183,194 |
State of California Department of Water Resources Revenue | ||
5.00% 12/01/29 (a) | 8,120,000 | 8,693,034 |
University of California Revenue | ||
3.25% 05/15/29 | 2,105,000 | 2,123,145 |
5.00% 05/15/38 - 05/15/48 | 9,000,000 | 9,438,512 |
99,999,767 | ||
Colorado - 2.1% | ||
Arapahoe County School District No 5 Cherry Creek GO, | ||
5.00% 12/15/38 | 1,325,000 | 1,495,997 |
City & County of Denver Co. Airport System Revenue | ||
5.00% 11/15/27 | 1,700,000 | 1,874,209 |
Colorado Health Facilities Authority Revenue | ||
4.00% 08/01/49 | 5,100,000 | 4,568,913 |
5.00% 06/01/47 (a) | 1,750,000 | 1,950,755 |
Regional Transportation District Sales Tax Revenue | ||
4.25% 11/01/36 | 3,405,000 | 3,745,333 |
5.00% 11/01/29 | 7,925,000 | 9,158,702 |
22,793,909 | ||
Connecticut - 4.1% | ||
Connecticut State Health & Educational Facilities Authority Revenue | ||
1.10% 07/01/48 | 1,000,000 | 993,536 |
5.00% 07/01/46 | 6,500,000 | 6,724,034 |
South Central Connecticut Regional Water Authority Revenue | ||
5.00% 08/01/27 - 08/01/28 (a) | 2,195,000 | 2,271,918 |
State of Connecticut GO, | ||
3.00% 06/01/38 | 1,850,000 | 1,592,819 |
4.00% 08/01/33 | 1,000,000 | 1,014,787 |
State of Connecticut Special Tax Revenue | ||
4.00% 11/01/38 | 215,000 | 215,147 |
5.00% 10/01/27 - 10/01/36 | 23,325,000 | 24,270,679 |
State of Connecticut Clean Water Fund - State Revolving Fund Revenue | ||
5.00% 05/01/37 | 7,000,000 | 7,657,987 |
44,740,907 |
52 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
Delaware - 0.9% | ||
Delaware Transportation Authority Revenue | ||
5.00% 06/01/45 | $ 6,680,000 | $ 6,887,565 |
State of Delaware GO, | ||
3.00% 02/01/33 | 2,760,000 | 2,747,124 |
9,634,689 | ||
District of Columbia - 3.9% | ||
District of Columbia GO, | ||
4.00% 10/15/39 - 10/15/44 | 9,485,000 | 9,520,762 |
5.00% 06/01/38 - 06/01/41 | 5,610,000 | 5,881,654 |
District of Columbia Revenue | ||
5.00% 04/01/42 (a) | 6,250,000 | 6,983,644 |
District of Columbia Water & Sewer Authority Revenue | ||
4.00% 10/01/38 | 2,185,000 | 2,190,969 |
Metropolitan Washington Airports Authority Aviation Revenue | ||
5.00% 10/01/25 (b) | 500,000 | 536,539 |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue | ||
5.00% 10/01/44 | 5,000,000 | 5,388,167 |
Washington Convention & Sports Authority Revenue | ||
5.00% 10/01/28 - 10/01/30 | 1,360,000 | 1,556,548 |
Washington Convention & Sports Authority Tax Allocation Revenue., | ||
5.00% 10/01/29 | 750,000 | 856,911 |
Washington Metropolitan Area Transit Authority Revenue | ||
5.00% 07/15/29 - 07/01/43 | 8,875,000 | 9,638,782 |
42,553,976 | ||
Florida - 2.4% | ||
Broward County FL Water & Sewer Utility Revenue | ||
4.00% 10/01/39 | 750,000 | 759,902 |
Broward County FL Water & Sewer Utility Revenue (AGM Insured) | ||
4.00% 10/01/44 | 1,300,000 | 1,286,961 |
City of Fort Lauderdale FL Water & Sewer Revenue | ||
4.00% 09/01/41 | 1,000,000 | 1,008,533 |
City of Jacksonville | ||
5.00% 10/01/30 | 2,880,000 | 3,261,544 |
County of Broward FL Port Facilities Revenue | ||
4.00% 09/01/38 - 09/01/49 | 3,500,000 | 3,245,492 |
5.00% 09/01/26 (b) | 500,000 | 540,551 |
County of Miami-Dade FL Water & Sewer System Revenue | ||
4.00% 10/01/37 | 3,000,000 | 3,016,218 |
5.00% 10/01/43 | 5,000,000 | 5,427,964 |
Greater Orlando Aviation Authority Revenue (AGM Insured) | ||
5.00% 10/01/28 | 1,625,000 | 1,800,648 |
Hillsborough County Aviation Authority Revenue | ||
5.00% 10/01/27 | 250,000 | 275,304 |
Martin County Health Facilities Authority Revenue | ||
4.00% 01/01/46 | 5,000,000 | 4,862,279 |
State of Florida GO, | ||
4.00% 07/01/33 | 535,000 | 555,895 |
Principal Amount | Fair Value | |
5.00% 06/01/26 | $ 520,000 | $ 575,854 |
26,617,145 | ||
Georgia - 5.3% | ||
City of Atlanta GA Airport Passenger Facility Charge Revenue | ||
4.00% 07/01/40 | 1,500,000 | 1,466,274 |
5.00% 01/01/32 - 01/01/34 | 8,500,000 | 8,755,334 |
City of Atlanta GA Department of Aviation Revenue | ||
5.00% 07/01/27 - 07/01/35 | 1,500,000 | 1,650,096 |
City of Atlanta GA Water & Wastewater Revenue | ||
4.00% 11/01/38 | 1,500,000 | 1,505,608 |
5.00% 11/01/40 - 11/01/41 | 6,070,000 | 6,535,653 |
5.25% 11/01/30 (a) | 5,690,000 | 5,947,833 |
City of Atlanta GA Water & Wastewater Revenue (AGM Insured) | ||
5.75% 11/01/30 | 4,500,000 | 5,457,270 |
Development Authority of Gwinnett County Revenue | ||
5.00% 07/01/37 - 07/01/40 | 9,325,000 | 10,046,054 |
Municipal Electric Authority of Georgia Revenue | ||
5.00% 01/01/35 | 5,500,000 | 5,701,183 |
Private Colleges & Universities Authority Revenue | ||
5.00% 10/01/29 | 550,000 | 611,638 |
State of Georgia GO, | ||
4.00% 07/01/36 | 10,000,000 | 10,364,676 |
58,041,619 | ||
Hawaii - 0.6% | ||
State of Hawaii GO, | ||
5.00% 01/01/36 | 4,850,000 | 5,375,567 |
State of Hawaii State Highway Fund Revenue | ||
5.00% 01/01/26 | 900,000 | 981,532 |
6,357,099 | ||
Illinois - 3.1% | ||
Chicago O'Hare International Airport Revenue | ||
5.00% 01/01/46 - 01/01/48 | 7,000,000 | 7,283,201 |
5.25% 01/01/42 | 8,000,000 | 8,411,133 |
Illinois Finance Authority Revenue | ||
5.00% 07/01/35 | 2,000,000 | 2,243,870 |
Northern Illinois Municipal Power Agency Revenue | ||
4.00% 12/01/36 | 1,000,000 | 1,000,000 |
State of Illinois GO, | ||
5.00% 03/01/25 - 12/01/32 | 12,150,000 | 12,988,278 |
State of Illinois Sales Tax Revenue | ||
4.00% 06/15/27 | 1,000,000 | 1,031,463 |
5.00% 06/15/28 | 500,000 | 541,479 |
Will County School District No 122 GO, | ||
4.00% 10/01/32 | 500,000 | 521,573 |
34,020,997 |
Elfun Tax-Exempt Income Fund | 53 |
Principal Amount | Fair Value | |
Indiana - 0.7% | ||
Ball State University Revenue | ||
5.00% 07/01/29 | $ 500,000 | $ 569,477 |
Indianapolis Local Public Improvement Bond Bank Revenue | ||
4.00% 02/01/44 | 6,500,000 | 6,500,352 |
7,069,829 | ||
Iowa - 0.1% | ||
Board Of Regents State Of Iowa Revenue | ||
3.00% 09/01/30 | 1,000,000 | 1,003,630 |
State of Iowa GO, | ||
5.00% 06/01/29 | 360,000 | 414,041 |
1,417,671 | ||
Kentucky - 1.4% | ||
Kentucky State Property & Building Commission Revenue | ||
5.00% 02/01/33 - 04/01/37 | 11,705,000 | 12,565,296 |
Louisville Water Co. Revenue | ||
3.00% 11/15/34 | 1,000,000 | 941,944 |
University of Louisville Revenue (BAM Insured) | ||
5.00% 09/01/28 | 1,045,000 | 1,160,136 |
14,667,376 | ||
Louisiana - 0.1% | ||
City of New Orleans GO, | ||
5.00% 12/01/32 | 1,000,000 | 1,143,389 |
Maine - 0.1% | ||
Maine Turnpike Authority Revenue | ||
5.00% 07/01/42 | 1,000,000 | 1,000,000 |
Maryland - 2.8% | ||
City of Baltimore Revenue | ||
4.00% 07/01/44 | 3,130,000 | 3,121,527 |
5.00% 07/01/35 - 07/01/46 | 15,920,000 | 16,978,492 |
5.00% 07/01/38 (a) | 9,375,000 | 9,811,224 |
29,911,243 | ||
Massachusetts - 3.6% | ||
City of Cambridge GO, | ||
5.00% 02/15/26 | 550,000 | 604,216 |
Commonwealth of Massachusetts GO, | ||
4.00% 05/01/44 | 3,045,000 | 3,041,065 |
5.00% 03/01/46 | 7,000,000 | 7,184,736 |
5.25% 09/01/43 - 01/01/44 | 17,950,000 | 19,808,464 |
Massachusetts Development Finance Agency Revenue | ||
4.00% 06/01/49 (a) | 1,000,000 | 1,081,387 |
Massachusetts Port Authority Revenue | ||
5.00% 07/01/31 | 500,000 | 556,788 |
Massachusetts Water Resources Authority Revenue (BAM Insured) | ||
4.00% 08/01/36 | 1,490,000 | 1,506,375 |
Massachusetts Water Resources Authority Revenue | ||
5.00% 08/01/32 (a) | 4,140,000 | 4,285,526 |
Principal Amount | Fair Value | |
5.00% 08/01/37 | $ 535,000 | $ 615,001 |
38,683,558 | ||
Michigan - 1.3% | ||
Michigan Finance Authority Revenue | ||
5.00% 12/01/47 (a) | 4,000,000 | 4,057,388 |
5.00% 11/15/48 | 3,500,000 | 3,616,620 |
State of Michigan Revenue | ||
5.00% 03/15/27 | 4,415,000 | 4,931,244 |
University of Michigan Revenue | ||
5.00% 04/01/46 (a) | 1,000,000 | 1,100,276 |
13,705,528 | ||
Minnesota - 1.5% | ||
City of Minneapolis GO, | ||
3.00% 12/01/34 | 1,315,000 | 1,243,201 |
City of Rochester Revenue | ||
4.00% 11/15/48 | 5,330,000 | 5,185,078 |
City of St Cloud Revenue | ||
5.00% 05/01/48 | 2,000,000 | 2,067,468 |
Cloquet Independent School District No 94 GO, | ||
4.00% 02/01/36 | 1,675,000 | 1,699,872 |
Maple River Independent School District No 2135 GO, | ||
5.00% 02/01/28 | 1,325,000 | 1,494,798 |
University of Minnesota Revenue | ||
5.00% 09/01/39 | 4,350,000 | 4,695,976 |
16,386,393 | ||
Mississippi - 0.3% | ||
State of Mississippi GO, | ||
5.00% 10/01/36 | 3,000,000 | 3,322,442 |
Missouri - 1.7% | ||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue | ||
5.00% 10/01/44 (a) | 8,010,000 | 8,080,897 |
City of Kansas City MO Sanitary Sewer System Revenue | ||
4.00% 01/01/40 | 1,725,000 | 1,733,968 |
City of St Louis MO Airport Revenue Revenue | ||
5.00% 07/01/24 | 565,000 | 590,619 |
Health & Educational Facilities Authority of the State of Missouri Revenue | ||
4.00% 07/01/28 - 11/15/48 | 2,700,000 | 2,596,775 |
Metropolitan St Louis Sewer District Revenue | ||
5.00% 05/01/45 (a) | 480,000 | 516,749 |
5.00% 05/01/45 - 05/01/46 | 2,520,000 | 2,718,233 |
Missouri Joint Municipal Electric Utility Commission Revenue | ||
5.00% 12/01/27 | 1,715,000 | 1,837,494 |
18,074,735 | ||
Nebraska - 0.1% | ||
Nebraska Public Power District Revenue | ||
5.00% 01/01/32 | 500,000 | 575,564 |
54 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
Omaha School District GO, | ||
3.00% 12/15/32 | $ 1,000,000 | $ 983,210 |
1,558,774 | ||
New Hampshire - 0.0%* | ||
New Hampshire Business Finance Authority Revenue | ||
5.00% 08/15/27 | 250,000 | 276,713 |
New Jersey - 6.6% | ||
New Hampshire Municipal Bond Bank Revenue | ||
3.00% 02/15/32 | 1,000,000 | 968,289 |
5.00% 08/15/33 (b) | 500,000 | 579,503 |
New Jersey Economic Development Authority Revenue | ||
5.00% 11/01/29 - 06/15/43 | 12,750,000 | 13,266,932 |
5.25% 06/15/40 (a) | 220,000 | 239,369 |
New Jersey Educational Facilities Authority Revenue | ||
5.00% 07/01/32 | 500,000 | 571,389 |
5.50% 09/01/30 - 09/01/33 | 14,700,000 | 15,635,859 |
New Jersey Health Care Facilities Financing Authority Revenue (AGM Insured) | ||
4.13% 07/01/38 | 6,215,000 | 6,231,321 |
New Jersey Transportation Trust Fund Authority Revenue | ||
5.00% 06/15/30 - 06/15/45 | 8,250,000 | 8,672,690 |
New Jersey Turnpike Authority Revenue | ||
4.00% 01/01/48 | 5,000,000 | 4,897,538 |
5.00% 01/01/33 - 01/01/45 | 15,400,000 | 16,204,468 |
State of New Jersey GO, | ||
5.00% 06/01/28 - 06/01/40 | 3,770,000 | 4,157,735 |
71,425,093 | ||
New York - 12.0% | ||
Battery Park City Authority Revenue | ||
4.00% 11/01/44 | 1,590,000 | 1,580,949 |
Build NYC Resource Corp. | ||
5.00% 07/01/41 | 2,000,000 | 2,018,113 |
City of New York GO, | ||
5.00% 08/01/26 - 08/01/43 | 10,500,000 | 11,276,981 |
Hudson Yards Infrastructure Corp. Revenue | ||
4.00% 02/15/43 - 02/15/44 | 6,830,000 | 6,585,105 |
5.00% 02/15/39 - 02/15/45 | 11,000,000 | 11,751,165 |
Metropolitan Transportation Authority Revenue | ||
4.00% 11/15/48 | 1,000,000 | 885,117 |
5.00% 11/15/29 - 11/15/37 | 7,960,000 | 8,116,220 |
5.25% 11/15/55 | 1,000,000 | 1,039,167 |
Metropolitan Transportation Authority Revenue (AGM Insured) | ||
4.00% 11/15/49 | 5,000,000 | 4,596,801 |
New York City Transitional Finance Authority Building Aid Revenue | ||
4.00% 07/15/38 | 2,190,000 | 2,144,124 |
5.00% 07/15/36 | 6,000,000 | 6,520,990 |
New York City Transitional Finance Authority Future Tax Secured Revenue | ||
4.00% 11/01/42 | 5,000,000 | 4,925,764 |
5.00% 02/01/41 - 02/01/43 | 17,500,000 | 18,315,355 |
Principal Amount | Fair Value | |
New York City Water & Sewer System Revenue | ||
5.00% 06/15/49 | $ 6,460,000 | $ 6,946,284 |
New York Liberty Development Corp. Revenue | ||
3.00% 09/15/43 | 2,000,000 | 1,647,843 |
4.00% 02/15/43 | 1,000,000 | 961,629 |
New York State Dormitory Authority Revenue | ||
4.00% 08/01/38 - 07/01/41 | 6,655,000 | 6,550,188 |
5.00% 03/15/45 | 12,500,000 | 13,278,682 |
5.00% 07/01/46 (a) | 4,000,000 | 4,496,892 |
New York State Dormitory Authority (BAM Insured) | ||
4.25% 10/01/51 | 610,000 | 595,312 |
New York State Urban Development Corp. Revenue | ||
4.00% 03/15/42 - 03/15/45 | 2,000,000 | 1,942,991 |
New York Transportation Development Corp. | ||
5.00% 12/01/28 | 500,000 | 530,133 |
Port Authority of New York & New Jersey Revenue | ||
3.00% 10/01/28 | 1,000,000 | 988,316 |
4.00% 12/01/27 | 250,000 | 268,240 |
5.00% 07/15/33 - 09/01/48 | 7,000,000 | 7,577,502 |
St Lawrence County Industrial Development Agency Revenue | ||
5.00% 09/01/32 | 250,000 | 271,817 |
The New York City Trust for Cultural Resources Revenue | ||
4.00% 12/01/35 | 500,000 | 507,164 |
Town of Oyster Bay NY | ||
5.00% 08/01/24 | 500,000 | 526,578 |
Triborough Bridge & Tunnel Authority Revenue | ||
5.25% 05/15/41 | 1,000,000 | 1,143,468 |
Utility Debt Securitization Authority Revenue | ||
5.00% 12/15/35 | 2,000,000 | 2,125,286 |
130,114,176 | ||
North Carolina - 0.6% | ||
City of Charlotte NC Airport Revenue | ||
5.00% 07/01/28 | 375,000 | 422,188 |
Greater Asheville Regional Airport Authority | ||
5.00% 07/01/27 | 550,000 | 598,839 |
North Carolina Capital Facilities Finance Agency Revenue | ||
4.00% 10/01/44 | 2,000,000 | 1,971,295 |
The University of North Carolina at Charlotte Revenue | ||
5.00% 10/01/47 | 3,545,000 | 3,787,074 |
6,779,396 | ||
North Dakota - 0.0%* | ||
City of Grand Forks Revenue | ||
5.00% 12/01/27 | 250,000 | 270,924 |
Ohio - 6.0% | ||
City of Columbus GO, | ||
5.00% 07/01/26 - 08/15/30 (a) | 13,055,000 | 13,491,542 |
5.00% 04/01/32 | 1,000,000 | 1,128,386 |
County of Franklin GO, | ||
5.00% 12/01/31 | 1,500,000 | 1,626,022 |
Elfun Tax-Exempt Income Fund | 55 |
Principal Amount | Fair Value | |
County of Franklin Revenue | ||
5.00% 12/01/47 | $ 1,125,000 | $ 1,175,901 |
Northeast Ohio Regional Sewer District Revenue | ||
3.00% 11/15/34 | 1,385,000 | 1,294,324 |
4.00% 11/15/43 | 7,550,000 | 7,526,215 |
5.00% 11/15/38 (a) | 12,000,000 | 12,342,560 |
Ohio Higher Educational Facility Commission Revenue | ||
4.00% 10/01/47 | 750,000 | 715,672 |
Ohio Turnpike & Infrastructure Commission Revenue | ||
5.25% 02/15/39 | 18,250,000 | 18,655,634 |
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue | ||
3.00% 12/01/34 | 1,770,000 | 1,686,734 |
State of Ohio | ||
5.00% 06/15/36 | 1,450,000 | 1,620,692 |
University of Cincinnati Revenue | ||
5.00% 06/01/45 | 3,500,000 | 3,710,560 |
64,974,242 | ||
Oklahoma - 0.8% | ||
City of Bixby OK | ||
4.00% 06/01/32 | 1,790,000 | 1,924,072 |
Oklahoma Capitol Improvement Authority Revenue | ||
5.00% 07/01/28 - 07/01/29 | 5,000,000 | 5,257,129 |
Oklahoma City Zoological Trust OK Sales Tax Revenue | ||
4.00% 06/01/29 | 1,340,000 | 1,452,574 |
8,633,775 | ||
Oregon - 1.0% | ||
City of Eugene OR Water Utility System Revenue | ||
4.00% 08/01/45 | 1,000,000 | 997,179 |
City of Portland OR Sewer System Revenue | ||
3.00% 03/01/37 | 860,000 | 772,536 |
Clackamas County School District No 7J Lake Oswego GO, | ||
4.00% 06/01/33 | 1,000,000 | 1,035,560 |
Clackamas County School District No 86 Canby | ||
4.00% 06/15/40 | 3,470,000 | 3,474,852 |
Port of Portland OR Airport Revenue | ||
5.00% 07/01/28 - 07/01/39 | 3,890,000 | 4,046,566 |
10,326,693 | ||
Pennsylvania - 5.4% | ||
Allegheny County Hospital Development Authority Revenue | ||
4.00% 07/15/39 | 1,500,000 | 1,453,384 |
City of Philadelphia GO, | ||
5.00% 02/01/24 - 08/01/36 | 10,105,000 | 10,888,487 |
City of Philadelphia PA Airport Revenue | ||
5.00% 07/01/31 | 1,395,000 | 1,540,986 |
City of Philadelphia PA Water & Wastewater Revenue | ||
5.00% 10/01/33 - 10/01/47 | 16,450,000 | 17,898,523 |
City of Pittsburgh GO, | ||
5.00% 09/01/32 | 250,000 | 285,277 |
Principal Amount | Fair Value | |
Commonwealth of Pennsylvania GO, | ||
5.00% 07/15/27 | $ 640,000 | $ 718,606 |
Delaware River Joint Toll Bridge Commission Revenue | ||
5.00% 07/01/26 | 1,000,000 | 1,101,207 |
Delaware River Port Authority Revenue | ||
5.00% 01/01/29 (a) | 5,000,000 | 5,232,653 |
5.00% 01/01/39 - 01/01/40 | 3,600,000 | 3,826,637 |
Erie City Water Authority Revenue (BAM Insured) | ||
5.00% 12/01/33 | 1,110,000 | 1,265,210 |
General Authority of Southcentral Pennsylvania Revenue | ||
4.00% 06/01/49 | 3,015,000 | 2,847,438 |
Montgomery County Higher Education and Health Authority Revenue | ||
4.00% 09/01/49 | 3,000,000 | 2,796,194 |
Pennsylvania Economic Development Financing Authority Revenue | ||
4.00% 11/15/42 | 5,000,000 | 4,753,222 |
The School District of Philadelphia GO, | ||
4.00% 09/01/38 | 1,750,000 | 1,763,969 |
5.00% 09/01/28 | 840,000 | 938,550 |
Upper Merion Area School District GO, | ||
3.00% 01/15/42 | 2,000,000 | 1,691,153 |
59,001,496 | ||
Rhode Island - 0.8% | ||
Rhode Island Health and Educational Building Corp. Revenue | ||
4.00% 05/15/34 | 1,400,000 | 1,439,057 |
5.00% 09/01/43 | 5,000,000 | 5,123,272 |
Rhode Island Health and Educational Building Corp. Revenue (BAM Insured) | ||
5.00% 05/15/29 | 200,000 | 226,537 |
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund Revenue | ||
5.00% 10/01/28 (a) | 2,200,000 | 2,396,066 |
9,184,932 | ||
South Carolina - 2.0% | ||
Beaufort County School District GO, | ||
4.00% 03/01/33 | 2,200,000 | 2,334,500 |
South Carolina Public Service Authority Revenue | ||
5.00% 12/01/37 - 12/01/38 | 12,000,000 | 12,384,129 |
Spartanburg County School District No 5 GO, | ||
3.00% 03/01/35 | 2,200,000 | 2,013,443 |
State of South Carolina GO, | ||
5.00% 04/01/35 | 3,890,000 | 4,563,835 |
21,295,907 | ||
Tennessee - 1.1% | ||
City of Memphis GO, | ||
4.00% 06/01/44 - 06/01/46 | 7,575,000 | 7,443,777 |
City of Murfreesboro GO, | ||
3.00% 06/01/35 | 1,000,000 | 913,189 |
56 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
County of Hamblen GO, | ||
4.00% 05/01/40 | $ 780,000 | $ 777,107 |
County of Shelby GO, | ||
3.13% 04/01/32 | 1,500,000 | 1,478,727 |
Memphis-Shelby County Airport Authority Revenue | ||
5.00% 07/01/31 | 375,000 | 414,244 |
The Metropolitan Nashville Airport Authority Revenue | ||
5.00% 07/01/54 | 1,000,000 | 1,038,725 |
12,065,769 | ||
Texas - 8.6% | ||
Arlington Higher Education Finance Corp. Revenue | ||
5.00% 08/15/28 | 500,000 | 563,161 |
Arlington Independent School District | ||
4.00% 02/15/36 | 1,220,000 | 1,253,215 |
Board of Regents of the University of Texas System Revenue | ||
5.00% 08/15/26 | 10,000,000 | 11,107,928 |
City of Austin TX Airport System Revenue | ||
5.00% 11/15/46 | 3,000,000 | 3,134,052 |
City of Austin TX Water & Wastewater System Revenue | ||
5.00% 11/15/33 - 11/15/42 | 14,345,000 | 14,576,148 |
City of Dallas TX Waterworks & Sewer System Revenue | ||
5.00% 10/01/46 | 3,550,000 | 3,861,989 |
City of Houston GO, | ||
5.00% 03/01/30 | 300,000 | 346,833 |
City of Houston TX Airport System Revenue | ||
5.00% 07/01/28 - 07/01/30 | 2,300,000 | 2,534,490 |
City of Houston TX Combined Utility System Revenue | ||
5.00% 05/15/28 | 5,000,000 | 5,256,103 |
City of Temple TX Utility System Revenue | ||
3.00% 08/01/35 | 1,000,000 | 944,174 |
Community Independent School District | ||
5.00% 02/15/32 | 500,000 | 572,670 |
Conroe Independent School District GO, | ||
5.00% 02/15/33 (b) | 500,000 | 582,256 |
County of Harris GO, | ||
5.00% 10/01/30 | 1,000,000 | 1,150,052 |
Dallas Fort Worth International Airport Revenue | ||
5.00% 11/01/32 | 2,000,000 | 2,040,208 |
5.25% 11/01/29 | 5,000,000 | 5,175,783 |
Dallas Independent School District GO, | ||
5.00% 02/15/34 | 885,000 | 993,458 |
Grand Parkway Transportation Corp. Rev., | ||
5.00% 10/01/48 | 1,050,000 | 1,119,897 |
Greater Texoma Utility Authority | ||
5.00% 10/01/35 | 600,000 | 693,726 |
Love Field Airport Modernization Corp. Revenue | ||
5.00% 11/01/29 | 1,500,000 | 1,631,348 |
Lower Colorado River Authority Revenue | ||
5.00% 05/15/44 | 2,000,000 | 2,101,113 |
North Texas Municipal Water District Water System Revenue | ||
3.00% 09/01/34 | 1,500,000 | 1,469,453 |
Principal Amount | Fair Value | |
North Texas Tollway Authority Revenue | ||
5.00% 01/01/26 - 01/01/48 | $ 8,000,000 | $ 8,572,821 |
Port Authority of Houston of Harris County Texas Revenue | ||
5.00% 10/01/29 | 500,000 | 574,806 |
Round Rock Independent School District GO, | ||
5.00% 08/01/32 | 2,725,000 | 3,040,775 |
San Antonio Water System Revenue | ||
5.00% 05/15/31 | 750,000 | 866,780 |
State of Texas GO, | ||
4.00% 10/01/44 | 1,985,000 | 1,977,060 |
Texas Municipal Power Agency Revenue (AGM Insured) | ||
3.00% 09/01/28 | 275,000 | 276,640 |
Texas Transportation Commission State Highway Fund Revenue | ||
5.00% 04/01/23 | 10,750,000 | 11,026,339 |
Texas Water Development Board Revenue | ||
3.00% 10/15/33 | 1,000,000 | 950,804 |
The Harris County Toll Road Authority Revenue | ||
4.00% 08/15/37 | 1,000,000 | 1,014,762 |
Tyler Independent School District | ||
5.00% 02/15/32 | 500,000 | 574,556 |
University of Houston | ||
5.00% 02/15/33 | 1,000,000 | 1,185,430 |
Upper Trinity Regional Water District Revenue (BAM Insured) | ||
4.00% 08/01/29 | 400,000 | 428,352 |
West Harris County Regional Water Authority Revenue | ||
4.00% 12/15/33 | 1,000,000 | 1,058,049 |
Willis Independent School District GO, | ||
5.00% 02/15/32 (b) | 500,000 | 576,164 |
93,231,395 | ||
Utah - 0.7% | ||
Alpine School District GO, | ||
3.00% 03/15/32 | 2,475,000 | 2,445,407 |
Central Valley Water Reclamation Facility Revenue | ||
3.00% 03/01/30 | 1,145,000 | 1,153,682 |
City of Salt Lake City Public Utiities Revenue | ||
4.00% 02/01/45 | 1,530,000 | 1,525,741 |
City of Salt Lake City UT Airport Revenue | ||
5.00% 07/01/27 | 2,500,000 | 2,726,829 |
7,851,659 | ||
Virginia - 2.7% | ||
County of Fairfax GO, | ||
4.00% 10/01/35 | 6,645,000 | 7,030,547 |
County of Loudoun GO, | ||
4.00% 12/01/37 | 2,000,000 | 2,091,517 |
University of Virginia Revenue | ||
5.00% 04/01/47 | 6,000,000 | 6,449,623 |
Virginia Commonwealth Transportation Board Revenue | ||
4.00% 05/15/30 | 3,000,000 | 3,161,824 |
Virginia Independent School District No 706 GO, | ||
5.00% 02/01/30 | 2,500,000 | 2,798,465 |
Elfun Tax-Exempt Income Fund | 57 |
Principal Amount | Fair Value | |
Virginia Resources Authority Revenue | ||
4.00% 11/01/41 | $ 5,585,000 | $ 5,658,877 |
5.00% 11/01/46 | 1,720,000 | 1,860,987 |
29,051,840 | ||
Washington - 2.2% | ||
Auburn School District No 408 of King & Pierce Counties GO, | ||
5.00% 12/01/35 | 1,040,000 | 1,146,527 |
City of Seattle WA Drainage & Wastewater Revenue | ||
4.00% 09/01/38 | 1,000,000 | 1,016,810 |
City of Seattle WA Municipal Light & Power Revenue Revenue | ||
4.00% 07/01/37 | 1,000,000 | 1,028,502 |
City of Seattle WA Solid Waste Revenue | ||
5.00% 08/01/29 | 1,695,000 | 1,949,769 |
Clark County Washington School District GO, | ||
4.00% 12/01/32 | 475,000 | 499,664 |
5.00% 12/01/28 | 665,000 | 738,042 |
County of King WA Sewer Revenue | ||
4.00% 01/01/44 | 1,400,000 | 1,401,016 |
Pierce & King Counties School District No 417 Fife GO, | ||
4.00% 12/01/35 | 1,450,000 | 1,526,947 |
Port of Seattle Revenue | ||
5.00% 09/01/25 - 09/01/26 | 2,800,000 | 3,023,324 |
Port of Seattle GO, | ||
5.00% 12/01/26 | 1,955,000 | 2,151,561 |
Spokane County School District No 81 Spokane GO, | ||
4.00% 12/01/39 | 1,000,000 | 1,014,330 |
State of Washington GO, | ||
5.00% 08/01/35 - 02/01/39 | 6,200,000 | 6,745,591 |
Washington Higher Education Facilities Authority Rev., | ||
4.00% 05/01/38 | 1,890,000 | 1,833,646 |
Yakima County School District No 208 West Valley GO, | ||
5.00% 12/01/30 | 300,000 | 341,945 |
24,417,674 | ||
Wisconsin - 0.3% | ||
State of Wisconsin GO, | ||
4.00% 05/01/40 | 2,000,000 | 2,022,820 |
University of Wisconsin Hospitals & Clinics Revenue | ||
5.00% 04/01/28 | 500,000 | 562,892 |
Wisconsin Health & Educational Facilities Authority Series MTN | ||
5.00% 10/01/27 (b) | 1,000,000 | 1,100,868 |
3,686,580 | ||
Total Municipal Bonds and Notes (Cost $1,095,581,880) | 1,073,304,140 |
Principal Amount | Fair Value | |
Short-Term Investments - 0.6% | ||
State Street Institutional Treasury Plus Fund - Premier Class 1.56% (c)(d) | 6,898,726 | $ 6,898,726 |
Total Investments (Cost $1,102,480,606) | 1,080,202,866 | |
Other Assets and Liabilities, net - 0.7% | 7,798,651 | |
NET ASSETS - 100.0% | $ 1,088,001,517 |
(a) | Pre-refunded bonds are collateralized by U.S. Treasury securities, which are held in escrow by a trustee and are used to pay principal and interest on the tax-exempt issue to retire the bonds at the earliest refunding date. |
(b) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
(c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(d) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2022. |
* | Less than 0.05%. |
Abbreviations: |
BAM - Build America Mutual Assurance Company |
NPFG - National Public Finance Guaranty Corporation |
58 | Elfun Tax-Exempt Income Fund |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Municipal Bonds and Notes | $ — | $ 1,073,304,140 | $ — | $ 1,073,304,140 | |||
Short-Term Investments | 6,898,726 | — | — | 6,898,726 | |||
Total Investments in Securities | $ 6,898,726 | $ 1,073,304,140 | $ — | $ 1,080,202,866 |
Affiliate Table |
Number of Shares Held at 12/31/21 | Value at 12/31/21 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 6/30/22 | Value at 6/30/22 | Dividend Income | |
State Street Institutional Treasury Plus Fund - Premier Class | 3,950,909 | $3,950,909 | $92,376,789 | $89,428,972 | $— | $— | 6,898,726 | $6,898,726 | $19,400 |
Elfun Tax-Exempt Income Fund | 59 |
Sector Allocation |
Portfolio composition as a % of Fair Value of $207,455 (in thousands) as of June 30, 2022 (a) |
Quality Ratings | ||
as of June 30, 2022 as a % of Fair Value (a)(b)* | ||
Moody’s / S&P / Rating | Percentage of Fair Value | |
Aaa / AAA | 4.58% | |
Aa / AA | 59.38% | |
A / A | 6.15% | |
Baa / BBB | 18.85% | |
Ba / BB and lower | 1.63% | |
NR / Other | 9.41% | |
100.00% |
(a) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
(b) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund Class G Shares. |
* | Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standard of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. |
60 | Elfun Income Fund |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value January 1, 2022 | $1,000.00 | $1,000.00 | |
Ending Account value June 30, 2022 | $ 888.90 | $1,023.30 | |
Expenses Paid During Period* | $ 1.45 | $ 1.56 |
* | Expenses are equal to the Fund's annualized net expense ratio of 0.31% (for the period January 1, 2022 - June 30, 2022), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Elfun Income Fund | 61 |
Principal Amount | Fair Value | |
Bonds and Notes - 104.9% † | ||
U.S. Treasuries - 37.3% | ||
U.S. Treasury Bonds | ||
1.13%, 05/15/40 (a) | $ 3,079,000 | $ 2,143,273 |
1.88%, 02/15/41 | 4,044,000 | 3,171,381 |
1.88%, 02/15/51 (a) | 2,799,000 | 2,099,687 |
2.25%, 08/15/46 (a) | 1,518,000 | 1,223,650 |
3.00%, 08/15/48 (a) | 2,843,000 | 2,685,747 |
U.S. Treasury Notes | ||
0.25%, 07/31/25 (a) | 6,424,400 | 5,897,399 |
0.63%, 10/15/24 (a) | 2,555,000 | 2,420,463 |
0.75%, 12/31/23 | 6,679,000 | 6,460,628 |
0.75%, 01/31/28 (a) | 18,915,000 | 16,659,977 |
1.13%, 01/15/25 | 3,658,000 | 3,487,960 |
1.25%, 11/30/26 | 2,570,000 | 2,379,860 |
1.50%, 02/29/24 | 4,713,000 | 4,601,987 |
1.63%, 05/15/31 (a) | 12,204,000 | 10,903,511 |
1.75%, 01/31/29 | 1,116,000 | 1,029,161 |
2.63%, 02/15/29 (a) | 1,518,000 | 1,477,678 |
2.88%, 05/15/32 | 626,000 | 619,055 |
67,261,417 | ||
Agency Mortgage Backed - 29.0% | ||
Federal Home Loan Mortgage Corp. | ||
3.00%, 04/01/43 - 10/01/49 (a) | 4,726,055 | 4,471,198 |
4.50%, 06/01/33 - 02/01/35 (a) | 7,264 | 7,503 |
5.00%, 07/01/35 (a) | 55,761 | 58,661 |
5.50%, 01/01/38 - 04/01/39 (a) | 95,165 | 101,701 |
6.00%, 06/01/33 - 11/01/37 (a) | 201,737 | 217,560 |
7.00%, 01/01/27 - 08/01/36 (a) | 46,363 | 50,400 |
7.50%, 11/01/29 - 09/01/33 (a) | 5,861 | 6,240 |
8.00%, 11/01/30 (a) | 2,222 | 2,384 |
Federal National Mortgage Assoc. | ||
2.50%, 02/01/51 - 03/01/51 (a) | 8,002,541 | 7,229,247 |
3.50%, 08/01/45 - 01/01/48 (a) | 3,784,959 | 3,695,864 |
4.00%, 01/01/41 - 01/01/50 (a) | 2,100,216 | 2,101,117 |
4.50%, 07/01/33 - 12/01/48 (a) | 1,120,798 | 1,143,931 |
5.00%, 03/01/34 - 05/01/39 (a) | 117,653 | 123,729 |
5.50%, 12/01/32 - 01/01/39 (a) | 311,710 | 332,744 |
6.00%, 01/01/29 - 05/01/41 (a) | 735,922 | 794,009 |
Principal Amount | Fair Value | |
6.50%, 08/01/28 - 08/01/36 (a) | $ 35,497 | $ 37,532 |
7.00%, 10/01/32 - 02/01/34 (a) | 7,528 | 7,971 |
7.50%, 12/01/26 - 03/01/33 (a) | 22,752 | 24,222 |
8.00%, 06/01/24 - 10/01/31 (a) | 5,551 | 5,829 |
8.50%, 04/01/30 (a) | 1,220 | 1,360 |
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR | ||
2.97%, 04/01/37 (a)(b) | 1,964 | 1,969 |
Federal National Mortgage Assoc. TBA | ||
3.00%, 07/01/52 (c) | 3,514,034 | 3,276,768 |
3.50%, 07/01/52 (c) | 3,514,034 | 3,384,591 |
4.00%, 07/01/52 (c) | 3,012,029 | 2,973,673 |
5.00%, 07/01/52 (c) | 16,000,000 | 16,330,080 |
Government National Mortgage Assoc. | ||
3.00%, 12/20/42 - 05/20/45 (a) | 4,051,809 | 3,895,758 |
3.50%, 08/20/48 (a) | 789,652 | 775,612 |
4.00%, 01/20/41 - 04/20/43 (a) | 661,444 | 673,236 |
4.50%, 08/15/33 - 03/20/41 (a) | 309,679 | 321,913 |
5.00%, 08/15/33 (a) | 18,177 | 19,035 |
6.00%, 04/15/27 - 04/15/35 (a) | 102,596 | 110,994 |
6.50%, 03/15/24 - 09/15/36 (a) | 36,765 | 39,535 |
7.00%, 11/15/27 - 10/15/36 (a) | 29,119 | 31,319 |
7.50%, 03/15/23 - 10/15/28 (a) | 6,688 | 6,973 |
8.00%, 09/15/27 - 06/15/30 (a) | 17,513 | 18,160 |
52,272,818 | ||
Agency Collateralized Mortgage Obligations - 0.7% | ||
Federal Home Loan Mortgage Corp. | ||
0.08%, 09/25/43 (b)(d) | 608,252 | 2,660 |
2.51%, 07/25/29 | 745,000 | 702,948 |
4.05%, 09/25/28 (b) | 300,000 | 310,073 |
Federal Home Loan Mortgage Corp. REMIC | ||
3.50%, 11/15/30 (d) | 23,408 | 374 |
5.50%, 06/15/33 (d) | 17,659 | 2,831 |
Federal Home Loan Mortgage Corp. STRIPS | ||
0.00%, 08/01/27 (e) | 330 | 309 |
62 | Elfun Income Fund |
Principal Amount | Fair Value | |
8.00%, 02/01/23 - 07/01/24 (d) | $ 431 | $ 25 |
Federal National Mortgage Assoc. REMIC | ||
1.12%, 12/25/42 (b)(d) | 134,852 | 4,322 |
5.00%, 02/25/40 - 09/25/40 (d) | 40,038 | 4,056 |
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR | ||
4.38%, 07/25/38 (b)(d) | 18,217 | 2,000 |
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR | ||
4.93%, 11/25/41 (b)(d) | 1,913,054 | 286,603 |
Federal National Mortgage Assoc. STRIPS | ||
0.00%, 12/25/34 (e) | 18,621 | 15,411 |
4.50%, 08/25/35 - 01/25/36 (d) | 33,928 | 4,809 |
5.00%, 03/25/38 - 05/25/38 (d) | 20,214 | 3,773 |
5.50%, 12/25/33 (d) | 6,028 | 1,156 |
6.00%, 01/25/35 (d) | 23,627 | 4,170 |
7.50%, 11/25/23 (d) | 631 | 19 |
8.00%, 08/25/23 - 07/25/24 (d) | 794 | 47 |
1,345,586 | ||
Asset Backed - 0.6% | ||
Chase Funding Trust 2004-1 | ||
4.99%, 11/25/33 | 74,712 | 74,712 |
Enterprise Fleet Financing 2019-1 LLC | ||
3.07%, 10/20/24 (f) | 429,770 | 429,825 |
Ford Credit Auto Owner Trust 2020-B | ||
0.56%, 10/15/24 | 543,958 | 537,454 |
1,041,991 | ||
Corporate Notes - 30.3% | ||
3M Co. | ||
3.13%, 09/19/46 (a) | 19,000 | 14,935 |
7-Eleven Inc. | ||
0.95%, 02/10/26 (a)(f) | 263,000 | 232,389 |
Abbott Laboratories | ||
3.75%, 11/30/26 (a) | 28,000 | 28,213 |
4.90%, 11/30/46 (a) | 66,000 | 69,364 |
AbbVie Inc. | ||
2.60%, 11/21/24 (a) | 111,000 | 107,541 |
3.20%, 05/14/26 - 11/21/29 (a) | 148,000 | 138,378 |
3.25%, 10/01/22 (a) | 64,000 | 64,000 |
4.05%, 11/21/39 (a) | 46,000 | 40,996 |
Principal Amount | Fair Value | |
4.25%, 11/21/49 (a) | $ 93,000 | $ 82,432 |
4.40%, 11/06/42 | 33,000 | 30,001 |
4.63%, 10/01/42 (a) | 7,000 | 6,454 |
4.70%, 05/14/45 (a) | 13,000 | 12,244 |
4.88%, 11/14/48 (a) | 10,000 | 9,636 |
Advance Auto Parts Inc. | ||
3.90%, 04/15/30 (a) | 179,000 | 162,990 |
Advanced Micro Devices Inc. | ||
4.39%, 06/01/52 | 70,000 | 68,097 |
AEP Texas Inc. | ||
3.45%, 05/15/51 (a) | 112,000 | 86,199 |
Aetna Inc. | ||
3.50%, 11/15/24 (a) | 51,000 | 50,448 |
Aircastle Ltd. | ||
4.25%, 06/15/26 (a) | 78,000 | 71,848 |
Alcoa Nederland Holding BV | ||
5.50%, 12/15/27 (a)(f) | 203,000 | 192,353 |
Alcon Finance Corp. | ||
2.60%, 05/27/30 (a)(f) | 239,000 | 203,740 |
Alexandria Real Estate Equities Inc. | ||
1.88%, 02/01/33 (a) | 46,000 | 34,603 |
2.95%, 03/15/34 | 77,000 | 64,019 |
3.55%, 03/15/52 | 62,000 | 46,724 |
4.70%, 07/01/30 (a) | 20,000 | 19,702 |
Altria Group Inc. | ||
3.40%, 05/06/30 - 02/04/41 (a) | 56,000 | 40,214 |
4.00%, 02/04/61 (a) | 20,000 | 13,202 |
4.25%, 08/09/42 (a) | 6,000 | 4,410 |
4.45%, 05/06/50 (a) | 27,000 | 19,395 |
4.50%, 05/02/43 (a) | 20,000 | 14,818 |
Amazon.com Inc. | ||
1.50%, 06/03/30 (a) | 33,000 | 27,458 |
2.50%, 06/03/50 (a) | 38,000 | 26,907 |
2.70%, 06/03/60 (a) | 30,000 | 20,299 |
2.88%, 05/12/41 (a) | 67,000 | 53,725 |
3.15%, 08/22/27 (a) | 15,000 | 14,611 |
3.25%, 05/12/61 (a) | 51,000 | 38,886 |
4.05%, 08/22/47 (a) | 16,000 | 15,004 |
4.25%, 08/22/57 (a) | 10,000 | 9,389 |
Ameren Corp. | ||
2.50%, 09/15/24 (a) | 159,000 | 154,225 |
3.65%, 02/15/26 (a) | 28,000 | 27,500 |
American Campus Communities Operating Partnership LP | ||
4.13%, 07/01/24 (a) | 24,000 | 24,094 |
American Electric Power Company Inc. | ||
2.30%, 03/01/30 (a) | 35,000 | 29,449 |
3.25%, 03/01/50 (a) | 15,000 | 10,804 |
Elfun Income Fund | 63 |
Principal Amount | Fair Value | |
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter) | ||
5.75%, 04/01/48 (a)(b) | $ 10,000 | $ 8,976 |
American Tower Corp. | ||
1.50%, 01/31/28 (a) | 124,000 | 103,084 |
2.90%, 01/15/30 (a) | 45,000 | 38,430 |
3.70%, 10/15/49 (a) | 26,000 | 19,613 |
3.80%, 08/15/29 (a) | 54,000 | 49,582 |
American Water Capital Corp. | ||
2.95%, 09/01/27 (a) | 35,000 | 32,887 |
Amgen Inc. | ||
2.00%, 01/15/32 (a) | 126,000 | 102,521 |
2.45%, 02/21/30 (a) | 20,000 | 17,459 |
3.00%, 01/15/52 (a) | 43,000 | 30,591 |
3.15%, 02/21/40 (a) | 76,000 | 60,298 |
4.20%, 02/22/52 | 40,000 | 35,094 |
AngloGold Ashanti Holdings PLC | ||
3.38%, 11/01/28 (a) | 200,000 | 169,984 |
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. | ||
3.65%, 02/01/26 (a) | 74,000 | 72,877 |
4.70%, 02/01/36 (a) | 22,000 | 21,118 |
4.90%, 02/01/46 (a) | 48,000 | 45,272 |
Anheuser-Busch InBev Worldwide Inc. | ||
3.50%, 06/01/30 (a) | 51,000 | 47,791 |
4.00%, 04/13/28 (a) | 12,000 | 11,851 |
4.35%, 06/01/40 (a) | 50,000 | 44,787 |
4.38%, 04/15/38 (a) | 70,000 | 64,038 |
4.60%, 04/15/48 (a) | 27,000 | 24,311 |
4.75%, 04/15/58 (a) | 23,000 | 20,744 |
5.55%, 01/23/49 (a) | 50,000 | 51,093 |
Aon Corp./Aon Global Holdings PLC | ||
2.90%, 08/23/51 (a) | 78,000 | 54,342 |
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter) | ||
4.95%, 01/14/50 (a)(b)(f) | 53,000 | 45,909 |
Apple Inc. | ||
2.65%, 02/08/51 (a) | 61,000 | 45,084 |
2.80%, 02/08/61 (a) | 53,000 | 37,937 |
2.95%, 09/11/49 (a) | 30,000 | 23,596 |
3.35%, 02/09/27 (a) | 16,000 | 15,896 |
3.45%, 02/09/45 (a) | 69,000 | 60,121 |
3.85%, 08/04/46 (a) | 49,000 | 44,932 |
Applied Materials Inc. | ||
4.35%, 04/01/47 (a) | 27,000 | 26,104 |
Principal Amount | Fair Value | |
Aptiv PLC | ||
4.40%, 10/01/46 (a) | $ 19,000 | $ 14,976 |
Archer-Daniels-Midland Co. | ||
2.50%, 08/11/26 (a) | 24,000 | 22,985 |
Ares Capital Corp. | ||
2.88%, 06/15/28 (a) | 171,000 | 136,032 |
3.25%, 07/15/25 (a) | 352,000 | 325,582 |
Arthur J Gallagher & Co. | ||
3.50%, 05/20/51 (a) | 83,000 | 63,409 |
Ascension Health | ||
4.85%, 11/15/53 (a) | 59,000 | 62,109 |
Ashtead Capital Inc. | ||
1.50%, 08/12/26 (a)(f) | 200,000 | 174,146 |
Astrazeneca Finance LLC | ||
1.75%, 05/28/28 (a) | 109,000 | 96,158 |
AstraZeneca PLC | ||
3.00%, 05/28/51 (a) | 51,000 | 40,528 |
4.00%, 01/17/29 (a) | 15,000 | 14,947 |
4.38%, 08/17/48 (a) | 7,000 | 6,885 |
AT&T Inc. | ||
1.70%, 03/25/26 (a) | 292,000 | 267,054 |
2.30%, 06/01/27 (a) | 76,000 | 69,412 |
2.75%, 06/01/31 (a) | 154,000 | 133,085 |
3.85%, 06/01/60 (a) | 45,000 | 34,848 |
4.35%, 03/01/29 (a) | 55,000 | 54,202 |
4.50%, 05/15/35 (a) | 51,000 | 48,352 |
4.55%, 03/09/49 (a) | 24,000 | 21,821 |
4.75%, 05/15/46 (a) | 14,000 | 12,985 |
4.85%, 03/01/39 (a) | 41,000 | 39,117 |
Athene Holding Ltd. | ||
4.13%, 01/12/28 (a) | 32,000 | 29,834 |
6.15%, 04/03/30 (a) | 76,000 | 75,885 |
Avangrid Inc. | ||
3.15%, 12/01/24 (a) | 77,000 | 75,267 |
Bain Capital Specialty Finance Inc. | ||
2.95%, 03/10/26 (a) | 112,000 | 100,098 |
Bank of America Corp. | ||
3.25%, 10/21/27 (a) | 3,000 | 2,830 |
4.18%, 11/25/27 (a) | 95,000 | 92,439 |
4.25%, 10/22/26 (a) | 75,000 | 73,981 |
Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) | ||
2.09%, 06/14/29 (a)(b) | 156,000 | 133,591 |
Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | ||
2.97%, 07/21/52 (a)(b) | 63,000 | 44,918 |
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter) | ||
3.37%, 01/23/26 (a)(b) | 26,000 | 25,176 |
64 | Elfun Income Fund |
Principal Amount | Fair Value | |
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter) | ||
3.42%, 12/20/28 (a)(b) | $ 36,000 | $ 33,532 |
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.51% + 3 month USD LIBOR thereafter) | ||
3.71%, 04/24/28 (a)(b) | 101,000 | 96,215 |
Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 year CMT Rate thereafter) | ||
3.85%, 03/08/37 (b) | 102,000 | 88,339 |
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter) | ||
3.95%, 01/23/49 (a)(b) | 61,000 | 52,074 |
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter) | ||
4.24%, 04/24/38 (a)(b) | 49,000 | 45,097 |
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter) | ||
4.27%, 07/23/29 (a)(b) | 13,000 | 12,502 |
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.66% + 3 month USD LIBOR thereafter) | ||
4.30%, 12/31/99 (a)(b) | 103,000 | 87,308 |
Barrick North America Finance LLC | ||
5.70%, 05/30/41 (a) | 7,000 | 7,244 |
BAT Capital Corp. | ||
2.73%, 03/25/31 (a) | 75,000 | 59,074 |
4.39%, 08/15/37 (a) | 51,000 | 40,531 |
4.54%, 08/15/47 (a) | 20,000 | 14,696 |
4.70%, 04/02/27 (a) | 48,000 | 46,927 |
4.91%, 04/02/30 (a) | 50,000 | 46,441 |
BAT International Finance PLC | ||
1.67%, 03/25/26 (a) | 48,000 | 42,574 |
Baxter International Inc. | ||
1.92%, 02/01/27 | 244,000 | 218,519 |
2.27%, 12/01/28 | 148,000 | 129,574 |
2.54%, 02/01/32 | 61,000 | 51,452 |
3.13%, 12/01/51 | 34,000 | 24,739 |
Baylor Scott & White Holdings | ||
2.84%, 11/15/50 (a) | 11,000 | 8,020 |
Becton Dickinson & Co. | ||
3.70%, 06/06/27 (a) | 38,000 | 36,783 |
Principal Amount | Fair Value | |
4.67%, 06/06/47 (a) | $ 8,000 | $ 7,472 |
4.69%, 12/15/44 (a) | 5,000 | 4,632 |
Berkshire Hathaway Energy Co. | ||
3.25%, 04/15/28 (a) | 15,000 | 14,254 |
3.70%, 07/15/30 (a) | 56,000 | 53,736 |
3.80%, 07/15/48 (a) | 18,000 | 15,128 |
4.25%, 10/15/50 (a) | 50,000 | 45,667 |
6.13%, 04/01/36 (a) | 8,000 | 8,821 |
Berkshire Hathaway Finance Corp. | ||
2.85%, 10/15/50 (a) | 37,000 | 26,693 |
3.85%, 03/15/52 | 103,000 | 88,149 |
4.25%, 01/15/49 (a) | 27,000 | 24,966 |
Berry Global Inc. | ||
4.88%, 07/15/26 (a)(f) | 144,000 | 137,511 |
BHP Billiton Finance USA Ltd. | ||
5.00%, 09/30/43 (a) | 10,000 | 10,290 |
Biogen Inc. | ||
2.25%, 05/01/30 (a) | 21,000 | 17,219 |
Block Financial LLC | ||
2.50%, 07/15/28 (a) | 72,000 | 62,555 |
3.88%, 08/15/30 (a) | 21,000 | 19,055 |
Boardwalk Pipelines LP | ||
4.80%, 05/03/29 (a) | 49,000 | 47,557 |
Boston Scientific Corp. | ||
4.70%, 03/01/49 (a) | 6,000 | 5,734 |
BP Capital Markets America Inc. | ||
3.00%, 02/24/50 (a) | 59,000 | 42,931 |
3.38%, 02/08/61 (a) | 84,000 | 62,236 |
BP Capital Markets PLC (4.38% fixed rate until 06/22/25; 4.04% + 5 year CMT Rate thereafter) | ||
4.38%, 12/31/99 (a)(b) | 109,000 | 102,923 |
BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 year CMT Rate thereafter) | ||
4.88%, 12/31/99 (a)(b) | 76,000 | 66,500 |
Bristol-Myers Squibb Co. | ||
1.45%, 11/13/30 (a) | 52,000 | 42,708 |
2.35%, 11/13/40 (a) | 26,000 | 19,283 |
2.95%, 03/15/32 | 70,000 | 64,255 |
3.20%, 06/15/26 (a) | 25,000 | 24,674 |
3.40%, 07/26/29 (a) | 16,000 | 15,456 |
3.55%, 03/15/42 | 30,000 | 26,317 |
4.13%, 06/15/39 (a) | 37,000 | 35,393 |
4.25%, 10/26/49 (a) | 37,000 | 34,766 |
4.35%, 11/15/47 (a) | 2,000 | 1,906 |
4.55%, 02/20/48 (a) | 8,000 | 7,849 |
Elfun Income Fund | 65 |
Principal Amount | Fair Value | |
Brixmor Operating Partnership LP | ||
2.25%, 04/01/28 (a) | $ 101,000 | $ 86,655 |
3.90%, 03/15/27 (a) | 21,000 | 20,110 |
Broadcom Inc. | ||
3.14%, 11/15/35 (a)(f) | 29,000 | 22,152 |
3.19%, 11/15/36 (a)(f) | 4,000 | 3,038 |
3.42%, 04/15/33 (a)(f) | 66,000 | 54,560 |
3.47%, 04/15/34 (a)(f) | 8,000 | 6,489 |
4.15%, 11/15/30 (a) | 31,000 | 28,427 |
4.30%, 11/15/32 (a) | 50,000 | 45,486 |
4.93%, 05/15/37 (f) | 41,000 | 36,826 |
Brown-Forman Corp. | ||
4.00%, 04/15/38 (a) | 8,000 | 7,239 |
Brunswick Corp. | ||
2.40%, 08/18/31 (a) | 187,000 | 138,488 |
Bunge Limited Finance Corp. | ||
3.75%, 09/25/27 (a) | 10,000 | 9,617 |
Burlington Northern Santa Fe LLC | ||
4.15%, 12/15/48 (a) | 46,000 | 42,352 |
4.55%, 09/01/44 (a) | 66,000 | 63,469 |
Cameron LNG LLC | ||
3.30%, 01/15/35 (a)(f) | 9,000 | 7,701 |
Canadian Natural Resources Ltd. | ||
3.85%, 06/01/27 (a) | 34,000 | 32,654 |
4.95%, 06/01/47 (a) | 26,000 | 24,735 |
Canadian Pacific Railway Co. | ||
1.75%, 12/02/26 | 103,000 | 93,257 |
2.45%, 12/02/31 | 89,000 | 76,356 |
3.00%, 12/02/41 | 31,000 | 24,364 |
3.10%, 12/02/51 | 31,000 | 22,840 |
Cantor Fitzgerald LP | ||
4.88%, 05/01/24 (a)(f) | 176,000 | 178,013 |
Capital One Financial Corp. | ||
3.75%, 07/28/26 (a) | 86,000 | 82,284 |
Cardinal Health Inc. | ||
3.08%, 06/15/24 (a) | 18,000 | 17,705 |
Carlisle Companies Inc. | ||
2.20%, 03/01/32 (a) | 112,000 | 87,665 |
Carrier Global Corp. | ||
2.72%, 02/15/30 (a) | 48,000 | 41,485 |
3.58%, 04/05/50 (a) | 48,000 | 36,425 |
Caterpillar Inc. | ||
3.25%, 09/19/49 - 04/09/50 (a) | 70,000 | 57,675 |
Cenovus Energy Inc. | ||
2.65%, 01/15/32 (a) | 52,000 | 43,068 |
3.75%, 02/15/52 (a) | 59,000 | 44,875 |
Centene Corp. | ||
3.00%, 10/15/30 (a) | 49,000 | 40,613 |
3.38%, 02/15/30 (a) | 223,000 | 189,122 |
4.25%, 12/15/27 (a) | 370,000 | 345,491 |
Principal Amount | Fair Value | |
CenterPoint Energy Inc. | ||
2.65%, 06/01/31 (a) | $ 80,000 | $ 68,225 |
Charter Communications Operating LLC/Charter Communications Operating Capital | ||
3.50%, 06/01/41 (a) | 68,000 | 47,862 |
3.70%, 04/01/51 (a) | 102,000 | 69,297 |
4.80%, 03/01/50 (a) | 102,000 | 80,811 |
5.05%, 03/30/29 (a) | 25,000 | 24,109 |
5.75%, 04/01/48 (a) | 27,000 | 24,280 |
Cheniere Corpus Christi Holdings LLC | ||
5.88%, 03/31/25 (a) | 144,000 | 147,401 |
7.00%, 06/30/24 (a) | 282,000 | 292,457 |
Chevron Corp. | ||
2.24%, 05/11/30 (a) | 23,000 | 20,236 |
3.08%, 05/11/50 (a) | 25,000 | 19,914 |
Chevron USA Inc. | ||
3.85%, 01/15/28 (a) | 92,000 | 91,518 |
3.90%, 11/15/24 (a) | 26,000 | 26,251 |
Choice Hotels International Inc. | ||
3.70%, 01/15/31 (a) | 53,000 | 46,532 |
Chubb INA Holdings Inc. | ||
4.35%, 11/03/45 (a) | 35,000 | 32,990 |
Church & Dwight Company Inc. | ||
2.30%, 12/15/31 | 56,000 | 47,247 |
Cigna Corp. | ||
2.40%, 03/15/30 (a) | 46,000 | 39,497 |
3.25%, 04/15/25 (a) | 42,000 | 41,205 |
3.40%, 03/01/27 - 03/15/50 (a) | 44,000 | 39,553 |
3.75%, 07/15/23 (a) | 12,000 | 12,014 |
3.88%, 10/15/47 (a) | 9,000 | 7,410 |
4.13%, 11/15/25 (a) | 65,000 | 65,174 |
4.38%, 10/15/28 (a) | 17,000 | 16,845 |
4.80%, 08/15/38 (a) | 15,000 | 14,605 |
4.90%, 12/15/48 (a) | 7,000 | 6,720 |
Cintas Corp. No 2 | ||
4.00%, 05/01/32 | 155,000 | 152,329 |
Cisco Systems Inc. | ||
5.90%, 02/15/39 (a) | 24,000 | 27,321 |
Citigroup Inc. | ||
4.45%, 09/29/27 (a) | 12,000 | 11,798 |
4.65%, 07/23/48 (a) | 54,000 | 50,234 |
Citigroup Inc. (0.98% fixed rate until 05/01/24; 0.67% + SOFR thereafter) | ||
0.98%, 05/01/25 (a)(b) | 75,000 | 70,271 |
66 | Elfun Income Fund |
Principal Amount | Fair Value | |
Citigroup Inc. (2.56% fixed rate until 05/01/31; 1.17% + SOFR thereafter) | ||
2.56%, 05/01/32 (a)(b) | $ 77,000 | $ 63,507 |
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter) | ||
2.88%, 07/24/23 (a)(b) | 43,000 | 42,979 |
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | ||
2.98%, 11/05/30 (a)(b) | 36,000 | 31,416 |
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter) | ||
3.88%, 01/24/39 (a)(b) | 22,000 | 19,042 |
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | ||
4.70%, 12/31/99 (a)(b) | 94,000 | 77,649 |
CME Group Inc. | ||
2.65%, 03/15/32 | 55,000 | 48,572 |
CMS Energy Corp. | ||
4.88%, 03/01/44 (a) | 81,000 | 77,170 |
CNA Financial Corp. | ||
3.45%, 08/15/27 (a) | 14,000 | 13,242 |
3.90%, 05/01/29 (a) | 47,000 | 44,186 |
CNH Industrial Capital LLC | ||
1.95%, 07/02/23 (a) | 115,000 | 112,393 |
CNOOC Finance 2014 ULC | ||
4.25%, 04/30/24 (a) | 423,000 | 428,935 |
CNOOC Petroleum North America ULC | ||
6.40%, 05/15/37 (a) | 59,000 | 65,635 |
Comcast Corp. | ||
2.65%, 08/15/62 (a) | 36,000 | 23,167 |
2.80%, 01/15/51 (a) | 43,000 | 30,394 |
2.89%, 11/01/51 | 37,000 | 26,460 |
2.94%, 11/01/56 | 29,000 | 20,125 |
2.99%, 11/01/63 | 37,000 | 25,277 |
3.20%, 07/15/36 (a) | 46,000 | 39,020 |
3.25%, 11/01/39 (a) | 61,000 | 50,143 |
3.97%, 11/01/47 (a) | 55,000 | 47,566 |
4.15%, 10/15/28 (a) | 43,000 | 42,891 |
CommonSpirit Health | ||
4.35%, 11/01/42 | 130,000 | 116,577 |
Conagra Brands Inc. | ||
5.30%, 11/01/38 (a) | 19,000 | 17,944 |
5.40%, 11/01/48 (a) | 11,000 | 10,397 |
ConocoPhillips Co. | ||
4.30%, 11/15/44 (a) | 45,000 | 41,357 |
Principal Amount | Fair Value | |
Consolidated Edison Company of New York Inc. | ||
2.90%, 12/01/26 (a) | $ 44,000 | $ 41,673 |
3.35%, 04/01/30 (a) | 20,000 | 18,625 |
3.88%, 06/15/47 (a) | 22,000 | 18,419 |
3.95%, 04/01/50 (a) | 18,000 | 15,691 |
Constellation Brands Inc. | ||
3.15%, 08/01/29 (a) | 102,000 | 91,876 |
3.70%, 12/06/26 (a) | 45,000 | 43,832 |
4.50%, 05/09/47 (a) | 35,000 | 31,092 |
Continental Resources Inc. | ||
2.88%, 04/01/32 (f) | 80,000 | 62,565 |
3.80%, 06/01/24 (a) | 368,000 | 364,552 |
Corebridge Financial Inc. | ||
3.90%, 04/05/32 (f) | 240,000 | 215,362 |
Corning Inc. | ||
4.38%, 11/15/57 (a) | 22,000 | 18,091 |
Corporate Office Properties LP | ||
2.00%, 01/15/29 (a) | 85,000 | 68,549 |
2.25%, 03/15/26 (a) | 69,000 | 62,516 |
2.75%, 04/15/31 (a) | 42,000 | 34,073 |
Crown Castle International Corp. | ||
2.90%, 03/15/27 | 170,000 | 157,301 |
3.30%, 07/01/30 (a) | 141,000 | 124,423 |
4.15%, 07/01/50 (a) | 20,000 | 16,533 |
5.20%, 02/15/49 (a) | 31,000 | 29,780 |
CSL Finance PLC | ||
4.25%, 04/27/32 (f) | 103,000 | 100,711 |
CSX Corp. | ||
4.50%, 03/15/49 - 08/01/54 (a) | 79,000 | 73,487 |
CubeSmart LP | ||
2.50%, 02/15/32 | 94,000 | 76,348 |
4.38%, 02/15/29 (a) | 66,000 | 63,647 |
Cummins Inc. | ||
1.50%, 09/01/30 (a) | 51,000 | 41,339 |
2.60%, 09/01/50 (a) | 51,000 | 34,907 |
CVS Health Corp. | ||
3.00%, 08/15/26 (a) | 51,000 | 48,867 |
3.25%, 08/15/29 (a) | 40,000 | 36,532 |
3.63%, 04/01/27 (a) | 49,000 | 47,723 |
3.75%, 04/01/30 (a) | 35,000 | 32,741 |
3.88%, 07/20/25 (a) | 24,000 | 23,905 |
4.25%, 04/01/50 (a) | 23,000 | 19,775 |
4.30%, 03/25/28 (a) | 4,000 | 3,960 |
4.78%, 03/25/38 (a) | 26,000 | 24,610 |
5.00%, 12/01/24 (a) | 59,000 | 60,268 |
5.13%, 07/20/45 (a) | 27,000 | 26,065 |
5.30%, 12/05/43 (a) | 51,000 | 50,624 |
Daimler Trucks Finance North America LLC | ||
2.00%, 12/14/26 (f) | 274,000 | 246,077 |
Elfun Income Fund | 67 |
Principal Amount | Fair Value | |
2.38%, 12/14/28 (f) | $ 155,000 | $ 133,491 |
2.50%, 12/14/31 (f) | 155,000 | 126,322 |
Danaher Corp. | ||
2.80%, 12/10/51 | 130,000 | 93,647 |
Dell International LLC/EMC Corp. | ||
4.00%, 07/15/24 (a) | 83,000 | 82,766 |
5.45%, 06/15/23 (a) | 11,000 | 11,127 |
6.02%, 06/15/26 (a) | 11,000 | 11,409 |
8.35%, 07/15/46 (a) | 2,000 | 2,492 |
Deutsche Bank AG (2.31% fixed rate until 11/16/26; 1.22% + SOFR thereafter) | ||
2.31%, 11/16/27 (b) | 320,000 | 276,061 |
Deutsche Telekom AG | ||
3.63%, 01/21/50 (a)(f) | 191,000 | 150,229 |
Devon Energy Corp. | ||
5.00%, 06/15/45 (a) | 15,000 | 13,930 |
DH Europe Finance II SARL | ||
2.60%, 11/15/29 (a) | 45,000 | 40,302 |
3.25%, 11/15/39 (a) | 24,000 | 19,910 |
3.40%, 11/15/49 (a) | 10,000 | 8,083 |
Diamondback Energy Inc. | ||
3.13%, 03/24/31 (a) | 69,000 | 60,102 |
3.25%, 12/01/26 (a) | 43,000 | 41,969 |
3.50%, 12/01/29 (a) | 35,000 | 32,068 |
4.40%, 03/24/51 (a) | 25,000 | 21,372 |
Digital Realty Trust LP | ||
3.60%, 07/01/29 (a) | 80,000 | 72,489 |
Discover Bank | ||
2.70%, 02/06/30 (a) | 250,000 | 208,170 |
Discovery Communications LLC | ||
2.95%, 03/20/23 (a) | 94,000 | 93,416 |
3.95%, 03/20/28 (a) | 28,000 | 26,185 |
4.95%, 05/15/42 (a) | 7,000 | 5,946 |
5.00%, 09/20/37 (a) | 10,000 | 8,993 |
Dollar General Corp. | ||
3.50%, 04/03/30 (a) | 29,000 | 26,721 |
4.13%, 04/03/50 (a) | 44,000 | 36,931 |
Dollar Tree Inc. | ||
4.00%, 05/15/25 (a) | 51,000 | 50,813 |
Dominion Energy Inc. | ||
3.07%, 08/15/24 (a)(g) | 66,000 | 64,454 |
3.38%, 04/01/30 (a) | 76,000 | 69,500 |
Dover Corp. | ||
2.95%, 11/04/29 (a) | 51,000 | 46,367 |
DTE Energy Co. | ||
2.85%, 10/01/26 (a) | 22,000 | 20,810 |
Duke Energy Carolinas LLC | ||
3.95%, 03/15/48 (a) | 26,000 | 22,897 |
Duke Energy Corp. | ||
2.55%, 06/15/31 (a) | 114,000 | 94,778 |
3.30%, 06/15/41 (a) | 102,000 | 78,969 |
Principal Amount | Fair Value | |
3.50%, 06/15/51 (a) | $ 87,000 | $ 65,620 |
3.75%, 09/01/46 (a) | 146,000 | 115,147 |
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter) | ||
4.88%, 12/31/99 (a)(b) | 130,000 | 118,412 |
Duke Energy Progress LLC | ||
4.15%, 12/01/44 (a) | 33,000 | 29,562 |
Duke Realty LP | ||
3.05%, 03/01/50 (a) | 20,000 | 14,770 |
3.25%, 06/30/26 (a) | 20,000 | 19,243 |
DuPont de Nemours Inc. | ||
5.42%, 11/15/48 (a) | 10,000 | 9,940 |
Duquesne Light Holdings Inc. | ||
3.62%, 08/01/27 (a)(f) | 64,000 | 59,414 |
Eastman Chemical Co. | ||
4.65%, 10/15/44 (a) | 50,000 | 43,367 |
Eaton Corp. | ||
3.10%, 09/15/27 (a) | 24,000 | 22,922 |
Ecolab Inc. | ||
1.30%, 01/30/31 (a) | 51,000 | 40,886 |
Edison International | ||
4.95%, 04/15/25 (a) | 121,000 | 121,405 |
5.75%, 06/15/27 (a) | 16,000 | 16,271 |
EI du Pont de Nemours & Co. | ||
2.30%, 07/15/30 (a) | 35,000 | 30,308 |
Electronic Arts Inc. | ||
1.85%, 02/15/31 (a) | 61,000 | 49,603 |
Elevance Health Inc. | ||
2.88%, 09/15/29 (a) | 26,000 | 23,433 |
3.30%, 01/15/23 (a) | 51,000 | 50,999 |
3.60%, 03/15/51 (a) | 27,000 | 21,883 |
3.70%, 09/15/49 (a) | 26,000 | 21,526 |
Emera US Finance LP | ||
2.64%, 06/15/31 | 112,000 | 92,788 |
Emerson Electric Co. | ||
1.80%, 10/15/27 (a) | 33,000 | 29,564 |
2.75%, 10/15/50 (a) | 27,000 | 19,465 |
Empower Finance 2020 LP | ||
1.36%, 09/17/27 (a)(f) | 76,000 | 65,366 |
1.78%, 03/17/31 (a)(f) | 58,000 | 46,515 |
Enbridge Energy Partners LP | ||
5.50%, 09/15/40 (a) | 6,000 | 5,983 |
Enbridge Inc. | ||
1.60%, 10/04/26 (a) | 211,000 | 187,950 |
Enbridge Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter) | ||
5.75%, 07/15/80 (a)(b) | 129,000 | 117,702 |
Energy Transfer LP | ||
4.25%, 03/15/23 (a) | 67,000 | 66,925 |
4.50%, 04/15/24 (a) | 46,000 | 46,046 |
4.95%, 06/15/28 (a) | 19,000 | 18,722 |
68 | Elfun Income Fund |
Principal Amount | Fair Value | |
5.30%, 04/01/44 - 04/15/47 (a) | $ 83,000 | $ 71,876 |
5.35%, 05/15/45 (a) | 67,000 | 58,616 |
6.13%, 12/15/45 (a) | 8,000 | 7,666 |
6.50%, 02/01/42 (a) | 42,000 | 42,109 |
Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter) | ||
6.75%, 12/31/99 (a)(b) | 285,000 | 238,001 |
Energy Transfer LP/Regency Energy Finance Corp. | ||
4.50%, 11/01/23 (a) | 30,000 | 30,120 |
Enstar Group Ltd. | ||
3.10%, 09/01/31 (a) | 72,000 | 57,077 |
Enterprise Products Operating LLC | ||
4.25%, 02/15/48 (a) | 61,000 | 51,415 |
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter) | ||
5.25%, 08/16/77 (a)(b) | 20,000 | 16,805 |
EOG Resources Inc. | ||
4.15%, 01/15/26 (a) | 5,000 | 5,044 |
4.95%, 04/15/50 (a) | 24,000 | 24,815 |
5.10%, 01/15/36 (a) | 15,000 | 14,998 |
Equinix Inc. | ||
1.25%, 07/15/25 (a) | 95,000 | 86,346 |
2.15%, 07/15/30 (a) | 72,000 | 58,468 |
Equinor ASA | ||
3.25%, 11/18/49 (a) | 50,000 | 39,703 |
ERP Operating LP | ||
4.50%, 07/01/44 (a) | 21,000 | 19,978 |
Everest Reinsurance Holdings Inc. | ||
3.13%, 10/15/52 (a) | 28,000 | 19,508 |
Eversource Energy | ||
3.45%, 01/15/50 (a) | 49,000 | 37,837 |
Exelon Corp. | ||
4.05%, 04/15/30 (a) | 76,000 | 72,933 |
4.45%, 04/15/46 (a) | 50,000 | 45,119 |
4.70%, 04/15/50 (a) | 50,000 | 46,634 |
Extra Space Storage LP | ||
3.90%, 04/01/29 | 45,000 | 42,205 |
Exxon Mobil Corp. | ||
2.61%, 10/15/30 (a) | 80,000 | 71,899 |
3.45%, 04/15/51 (a) | 80,000 | 65,688 |
FedEx Corp. | ||
4.10%, 02/01/45 (a) | 100,000 | 83,972 |
Fidelity National Financial Inc. | ||
3.20%, 09/17/51 (a) | 78,000 | 49,611 |
Principal Amount | Fair Value | |
Fidelity National Information Services Inc. | ||
1.15%, 03/01/26 (a) | $ 62,000 | $ 55,005 |
1.65%, 03/01/28 (a) | 56,000 | 47,835 |
3.10%, 03/01/41 (a) | 11,000 | 8,045 |
FirstEnergy Transmission LLC | ||
4.55%, 04/01/49 (a)(f) | 84,000 | 68,354 |
Fiserv Inc. | ||
3.50%, 07/01/29 (a) | 19,000 | 17,330 |
4.40%, 07/01/49 (a) | 19,000 | 16,373 |
Florida Power & Light Co. | ||
2.85%, 04/01/25 (a) | 132,000 | 129,847 |
4.13%, 02/01/42 (a) | 35,000 | 32,958 |
Flowers Foods Inc. | ||
2.40%, 03/15/31 (a) | 58,000 | 47,486 |
Flowserve Corp. | ||
2.80%, 01/15/32 (a) | 79,000 | 61,384 |
Ford Motor Co. | ||
4.35%, 12/08/26 (a) | 54,000 | 49,951 |
Ford Motor Credit Company LLC | ||
2.90%, 02/10/29 | 200,000 | 156,800 |
Fox Corp. | ||
3.50%, 04/08/30 (a) | 51,000 | 46,286 |
Freeport-McMoRan Inc. | ||
4.25%, 03/01/30 | 87,000 | 79,779 |
GA Global Funding Trust | ||
1.63%, 01/15/26 (a)(f) | 92,000 | 82,849 |
General Dynamics Corp. | ||
4.25%, 04/01/50 (a) | 35,000 | 33,620 |
General Mills Inc. | ||
3.00%, 02/01/51 | 32,000 | 23,224 |
General Motors Co. | ||
5.20%, 04/01/45 (a) | 6,000 | 5,053 |
5.40%, 10/02/23 - 04/01/48 (a) | 29,000 | 27,768 |
6.13%, 10/01/25 (a) | 98,000 | 101,335 |
6.80%, 10/01/27 (a) | 38,000 | 39,968 |
General Motors Financial Company Inc. | ||
1.25%, 01/08/26 (a) | 116,000 | 101,956 |
2.35%, 01/08/31 (a) | 49,000 | 38,059 |
5.25%, 03/01/26 (a) | 38,000 | 38,064 |
Genuine Parts Co. | ||
2.75%, 02/01/32 | 51,000 | 42,232 |
Georgia-Pacific LLC | ||
1.75%, 09/30/25 (a)(f) | 131,000 | 121,433 |
3.60%, 03/01/25 (a)(f) | 213,000 | 211,941 |
Gilead Sciences Inc. | ||
2.60%, 10/01/40 (a) | 35,000 | 25,677 |
2.80%, 10/01/50 (a) | 54,000 | 37,790 |
2.95%, 03/01/27 (a) | 6,000 | 5,680 |
3.50%, 02/01/25 (a) | 21,000 | 20,768 |
3.65%, 03/01/26 (a) | 21,000 | 20,687 |
Elfun Income Fund | 69 |
Principal Amount | Fair Value | |
4.15%, 03/01/47 (a) | $ 20,000 | $ 17,647 |
GlaxoSmithKline Capital Inc. | ||
3.38%, 05/15/23 (a) | 60,000 | 60,254 |
3.63%, 05/15/25 (a) | 57,000 | 57,157 |
GlaxoSmithKline Capital PLC | ||
3.38%, 06/01/29 (a) | 56,000 | 54,001 |
Glencore Finance Canada Ltd. | ||
4.25%, 10/25/22 (a)(f) | 141,000 | 141,282 |
Glencore Funding LLC | ||
3.88%, 04/27/51 (a)(f) | 63,000 | 47,309 |
Graphic Packaging International LLC | ||
1.51%, 04/15/26 (a)(f) | 76,000 | 68,088 |
Gray Oak Pipeline LLC | ||
2.00%, 09/15/23 (a)(f) | 180,000 | 174,929 |
2.60%, 10/15/25 (a)(f) | 119,000 | 111,269 |
GSK Consumer Healthcare Capital US LLC | ||
3.38%, 03/24/27 (f) | 250,000 | 239,237 |
3.63%, 03/24/32 (f) | 250,000 | 230,680 |
Halliburton Co. | ||
3.80%, 11/15/25 (a) | 2,000 | 1,978 |
5.00%, 11/15/45 (a) | 21,000 | 19,265 |
HCA Inc. | ||
3.13%, 03/15/27 (f) | 145,000 | 132,531 |
3.50%, 09/01/30 (a) | 49,000 | 41,784 |
3.63%, 03/15/32 (f) | 77,000 | 64,990 |
4.38%, 03/15/42 (f) | 50,000 | 39,680 |
4.63%, 03/15/52 (f) | 25,000 | 20,001 |
5.38%, 02/01/25 (a) | 381,000 | 380,268 |
Health Care Service Corp. | ||
2.20%, 06/01/30 (a)(f) | 71,000 | 60,135 |
3.20%, 06/01/50 (a)(f) | 25,000 | 19,101 |
Healthcare Trust of America Holdings LP | ||
2.00%, 03/15/31 (a) | 38,000 | 29,476 |
Helmerich & Payne Inc. | ||
2.90%, 09/29/31 | 39,000 | 33,396 |
Hess Corp. | ||
5.60%, 02/15/41 (a) | 7,000 | 6,821 |
5.80%, 04/01/47 (a) | 6,000 | 6,006 |
Hewlett Packard Enterprise Co. | ||
6.35%, 10/15/45 (a) | 8,000 | 8,048 |
Highwoods Realty LP | ||
4.13%, 03/15/28 (a) | 26,000 | 24,860 |
4.20%, 04/15/29 (a) | 70,000 | 65,470 |
Honeywell International Inc. | ||
1.75%, 09/01/31 (a) | 77,000 | 63,711 |
2.70%, 08/15/29 (a) | 3,000 | 2,757 |
Hormel Foods Corp. | ||
1.80%, 06/11/30 (a) | 102,000 | 85,559 |
Principal Amount | Fair Value | |
HSBC Holdings PLC (2.01% fixed rate until 09/22/27; 1.73% + SOFR thereafter) | ||
2.01%, 09/22/28 (a)(b) | $ 330,000 | $ 282,371 |
HSBC Holdings PLC (2.25% fixed rate until 11/22/26; 1.10% + SOFR thereafter) | ||
2.25%, 11/22/27 (b) | 200,000 | 178,196 |
HSBC Holdings PLC (2.87% fixed rate until 11/22/31; 1.41% + SOFR thereafter) | ||
2.87%, 11/22/32 (b) | 200,000 | 163,824 |
HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.35% + 3 month USD LIBOR thereafter) | ||
4.29%, 09/12/26 (a)(b) | 423,000 | 413,779 |
HSBC Holdings PLC (6.00% fixed rate until 05/22/27; 3.75% + USD 5 year Mid-Market Swap Rate thereafter) | ||
6.00%, 12/31/99 (a)(b) | 465,000 | 416,779 |
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 year Mid-Market Swap Rate thereafter) | ||
6.50%, 12/31/99 (a)(b) | 205,000 | 186,228 |
Humana Inc. | ||
1.35%, 02/03/27 (a) | 124,000 | 108,576 |
2.15%, 02/03/32 (a) | 64,000 | 51,817 |
Huntington Bancshares Inc. | ||
2.55%, 02/04/30 (a) | 101,000 | 85,945 |
Huntington Ingalls Industries Inc. | ||
2.04%, 08/16/28 | 98,000 | 83,425 |
Hyundai Capital America | ||
1.30%, 01/08/26 (a)(f) | 194,000 | 172,972 |
Imperial Brands Finance PLC | ||
3.13%, 07/26/24 (a)(f) | 264,000 | 255,592 |
3.50%, 02/11/23 - 07/26/26 (a)(f) | 490,000 | 475,826 |
Indiana Michigan Power Co. | ||
3.25%, 05/01/51 (a) | 51,000 | 38,729 |
ING Groep N.V. (2.52% fixed rate until 04/01/26; 1.01% + SOFR thereafter) | ||
2.52%, 04/01/27 (a)(b) | 470,000 | 448,643 |
Ingredion Inc. | ||
3.90%, 06/01/50 (a) | 23,000 | 18,504 |
Intel Corp. | ||
2.00%, 08/12/31 (a) | 78,000 | 65,327 |
2.80%, 08/12/41 (a) | 89,000 | 67,723 |
2.88%, 05/11/24 (a) | 10,000 | 9,964 |
3.10%, 02/15/60 (a) | 31,000 | 22,196 |
70 | Elfun Income Fund |
Principal Amount | Fair Value | |
Intercontinental Exchange Inc. | ||
2.65%, 09/15/40 (a) | $ 24,000 | $ 17,567 |
International Business Machines Corp. | ||
3.45%, 02/19/26 (a) | 254,000 | 250,716 |
4.15%, 05/15/39 (a) | 150,000 | 135,232 |
4.25%, 05/15/49 (a) | 150,000 | 132,537 |
International Paper Co. | ||
4.40%, 08/15/47 (a) | 35,000 | 31,190 |
Interstate Power & Light Co. | ||
3.40%, 08/15/25 (a) | 185,000 | 180,517 |
ITC Holdings Corp. | ||
2.95%, 05/14/30 (a)(f) | 127,000 | 111,923 |
JAB HOLDINGS BV | ||
2.20%, 11/23/30 (a)(f) | 250,000 | 196,137 |
Jabil Inc. | ||
4.25%, 05/15/27 | 205,000 | 198,924 |
John Deere Capital Corp. | ||
2.45%, 01/09/30 (a) | 127,000 | 113,824 |
3.90%, 06/07/32 | 40,000 | 39,528 |
Johnson & Johnson | ||
3.63%, 03/03/37 (a) | 22,000 | 20,898 |
Johnson Controls International PLC | ||
4.50%, 02/15/47 (a) | 10,000 | 8,743 |
JPMorgan Chase & Co. (1.58% fixed rate until 04/22/26; 0.89% + SOFR thereafter) | ||
1.58%, 04/22/27 (a)(b) | 142,000 | 126,744 |
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter) | ||
2.96%, 05/13/31 (a)(b) | 83,000 | 71,827 |
JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter) | ||
3.16%, 04/22/42 (a)(b) | 68,000 | 52,809 |
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter) | ||
3.88%, 07/24/38 (a)(b) | 28,000 | 24,694 |
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter) | ||
3.90%, 01/23/49 (a)(b) | 57,000 | 48,063 |
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter) | ||
3.96%, 01/29/27 (a)(b) | 85,000 | 83,157 |
Principal Amount | Fair Value | |
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter) | ||
4.01%, 04/23/29 (a)(b) | $ 31,000 | $ 29,722 |
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter) | ||
4.03%, 07/24/48 (a)(b) | 20,000 | 17,254 |
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + SOFR thereafter) | ||
4.49%, 03/24/31 (a)(b) | 124,000 | 121,102 |
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter) | ||
4.60%, 12/31/99 (a)(b) | 147,000 | 124,657 |
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter) | ||
6.10%, 10/29/49 (a)(b) | 112,000 | 104,792 |
Kaiser Foundation Hospitals | ||
3.00%, 06/01/51 (a) | 69,000 | 51,591 |
3.27%, 11/01/49 (a) | 154,000 | 121,149 |
Kansas City Southern | ||
3.50%, 05/01/50 (a) | 37,000 | 28,878 |
Keurig Dr Pepper Inc. | ||
3.20%, 05/01/30 (a) | 57,000 | 50,976 |
3.80%, 05/01/50 (a) | 42,000 | 33,282 |
Kinder Morgan Energy Partners LP | ||
4.70%, 11/01/42 (a) | 7,000 | 5,931 |
5.00%, 03/01/43 (a) | 21,000 | 18,380 |
6.38%, 03/01/41 (a) | 21,000 | 21,028 |
Kinder Morgan Inc. | ||
1.75%, 11/15/26 (a) | 237,000 | 210,210 |
5.05%, 02/15/46 (a) | 20,000 | 17,873 |
KLA Corp. | ||
3.30%, 03/01/50 (a) | 51,000 | 40,430 |
4.65%, 11/01/24 (a) | 71,000 | 71,881 |
Kohl's Corp. | ||
3.38%, 05/01/31 (a) | 26,000 | 22,504 |
Kraft Heinz Foods Co. | ||
5.20%, 07/15/45 | 77,000 | 71,407 |
Kyndryl Holdings Inc. | ||
2.05%, 10/15/26 (a)(f) | 96,000 | 81,180 |
2.70%, 10/15/28 (a)(f) | 193,000 | 153,823 |
L3Harris Technologies Inc. | ||
3.85%, 12/15/26 (a) | 36,000 | 35,306 |
Lear Corp. | ||
4.25%, 05/15/29 (a) | 31,000 | 28,685 |
Elfun Income Fund | 71 |
Principal Amount | Fair Value | |
Leidos Inc. | ||
2.95%, 05/15/23 (a) | $ 146,000 | $ 144,563 |
3.63%, 05/15/25 (a) | 40,000 | 39,180 |
4.38%, 05/15/30 (a) | 179,000 | 164,768 |
Liberty Mutual Group Inc. | ||
3.95%, 05/15/60 (a)(f) | 22,000 | 15,767 |
Life Storage LP | ||
2.20%, 10/15/30 (a) | 70,000 | 56,161 |
Lincoln National Corp. | ||
4.35%, 03/01/48 (a) | 24,000 | 20,335 |
Lloyds Banking Group PLC (2.44% fixed rate until 02/05/25; 1.00% + 1 year CMT thereafter) | ||
2.44%, 02/05/26 (a)(b) | 200,000 | 189,468 |
Lockheed Martin Corp. | ||
3.55%, 01/15/26 (a) | 10,000 | 10,017 |
4.50%, 05/15/36 (a) | 46,000 | 45,965 |
Lowe's Companies Inc. | ||
1.30%, 04/15/28 (a) | 30,000 | 25,361 |
1.70%, 09/15/28 - 10/15/30 (a) | 104,000 | 87,571 |
3.00%, 10/15/50 (a) | 48,000 | 33,468 |
3.70%, 04/15/46 (a) | 8,000 | 6,427 |
4.05%, 05/03/47 (a) | 36,000 | 30,152 |
LYB International Finance III LLC | ||
1.25%, 10/01/25 (a) | 35,000 | 31,672 |
3.63%, 04/01/51 (a) | 49,000 | 36,231 |
3.80%, 10/01/60 (a) | 21,000 | 14,886 |
Magallanes Inc. | ||
5.05%, 03/15/42 (f) | 25,000 | 21,261 |
5.14%, 03/15/52 (f) | 25,000 | 20,989 |
5.39%, 03/15/62 (f) | 25,000 | 20,967 |
Marsh & McLennan Companies Inc. | ||
2.38%, 12/15/31 | 36,000 | 30,348 |
2.90%, 12/15/51 | 46,000 | 32,718 |
McCormick & Company Inc. | ||
1.85%, 02/15/31 (a) | 33,000 | 26,222 |
3.25%, 11/15/25 (a) | 363,000 | 350,593 |
McDonald's Corp. | ||
3.60%, 07/01/30 (a) | 76,000 | 72,372 |
3.63%, 09/01/49 (a) | 16,000 | 13,117 |
4.88%, 12/09/45 (a) | 20,000 | 19,620 |
Medtronic Inc. | ||
4.63%, 03/15/45 (a) | 6,000 | 6,019 |
Memorial Sloan-Kettering Cancer Center | ||
4.13%, 07/01/52 (a) | 88,000 | 81,713 |
Merck & Company Inc. | ||
1.90%, 12/10/28 | 132,000 | 117,287 |
2.45%, 06/24/50 (a) | 64,000 | 45,103 |
2.75%, 02/10/25 (a) | 37,000 | 36,520 |
Principal Amount | Fair Value | |
2.75%, 12/10/51 | $ 41,000 | $ 30,384 |
2.90%, 12/10/61 | 21,000 | 14,950 |
4.00%, 03/07/49 (a) | 14,000 | 12,935 |
MetLife Inc. | ||
4.72%, 12/15/44 (a) | 32,000 | 30,612 |
Microchip Technology Inc. | ||
2.67%, 09/01/23 (a) | 356,000 | 350,030 |
Micron Technology Inc. | ||
3.37%, 11/01/41 (a) | 64,000 | 46,436 |
3.48%, 11/01/51 (a) | 89,000 | 61,673 |
Microsoft Corp. | ||
2.40%, 08/08/26 (a) | 35,000 | 33,745 |
2.68%, 06/01/60 (a) | 14,000 | 10,062 |
2.92%, 03/17/52 (a) | 95,000 | 75,002 |
3.45%, 08/08/36 (a) | 10,000 | 9,443 |
3.50%, 02/12/35 (a) | 29,000 | 27,858 |
Mid-America Apartments LP | ||
2.88%, 09/15/51 (a) | 77,000 | 53,547 |
Molson Coors Beverage Co. | ||
4.20%, 07/15/46 (a) | 14,000 | 11,463 |
Morgan Stanley | ||
3.70%, 10/23/24 (a) | 22,000 | 21,951 |
4.35%, 09/08/26 (a) | 102,000 | 100,956 |
4.38%, 01/22/47 (a) | 30,000 | 27,223 |
Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | ||
1.51%, 07/20/27 (a)(b) | 78,000 | 68,575 |
Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | ||
2.48%, 09/16/36 (a)(b) | 305,000 | 234,524 |
Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | ||
2.80%, 01/25/52 (a)(b) | 52,000 | 35,987 |
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) | ||
3.97%, 07/22/38 (a)(b) | 32,000 | 28,617 |
MPLX LP | ||
2.65%, 08/15/30 (a) | 58,000 | 48,423 |
3.38%, 03/15/23 (a) | 22,000 | 21,948 |
5.20%, 12/01/47 (a) | 14,000 | 12,569 |
Mylan Inc. | ||
5.20%, 04/15/48 (a) | 20,000 | 15,888 |
National Australia Bank Ltd. (3.35% fixed rate until 01/12/32; 1.70% + 5 year CMT Rate thereafter) | ||
3.35%, 01/12/37 (b)(f) | 254,000 | 213,820 |
National Retail Properties Inc. | ||
4.00%, 11/15/25 (a) | 44,000 | 43,765 |
72 | Elfun Income Fund |
Principal Amount | Fair Value | |
NewMarket Corp. | ||
2.70%, 03/18/31 (a) | $ 50,000 | $ 41,182 |
Newmont Corp. | ||
4.88%, 03/15/42 (a) | 32,000 | 30,647 |
NextEra Energy Capital Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter) | ||
5.65%, 05/01/79 (a)(b) | 45,000 | 39,683 |
NGPL PipeCo LLC | ||
3.25%, 07/15/31 (a)(f) | 101,000 | 84,337 |
NIKE Inc. | ||
3.38%, 03/27/50 (a) | 20,000 | 17,009 |
NiSource Inc. | ||
3.60%, 05/01/30 (a) | 52,000 | 47,652 |
3.95%, 03/30/48 (a) | 10,000 | 8,285 |
Norfolk Southern Corp. | ||
3.95%, 10/01/42 (a) | 31,000 | 27,110 |
NOV Inc. | ||
3.60%, 12/01/29 (a) | 76,000 | 68,189 |
Novant Health Inc. | ||
3.32%, 11/01/61 (a) | 52,000 | 39,599 |
Novartis Capital Corp. | ||
2.20%, 08/14/30 (a) | 76,000 | 67,024 |
3.00%, 11/20/25 (a) | 6,000 | 5,921 |
Nutrien Ltd. | ||
4.90%, 06/01/43 (a) | 30,000 | 28,913 |
NVIDIA Corp. | ||
3.50%, 04/01/50 (a) | 35,000 | 29,744 |
NXP BV/NXP Funding LLC/NXP USA Inc. | ||
3.25%, 11/30/51 | 100,000 | 70,057 |
Oklahoma Gas & Electric Co. | ||
3.25%, 04/01/30 (a) | 43,000 | 39,595 |
Oncor Electric Delivery Company LLC | ||
3.80%, 09/30/47 (a) | 10,000 | 8,806 |
ONEOK Inc. | ||
4.35%, 03/15/29 (a) | 46,000 | 43,255 |
Oracle Corp. | ||
2.30%, 03/25/28 (a) | 33,000 | 28,406 |
2.65%, 07/15/26 (a) | 49,000 | 45,178 |
2.88%, 03/25/31 (a) | 51,000 | 42,021 |
2.95%, 04/01/30 (a) | 76,000 | 64,874 |
3.60%, 04/01/50 (a) | 50,000 | 34,896 |
3.65%, 03/25/41 (a) | 54,000 | 40,240 |
3.80%, 11/15/37 (a) | 9,000 | 7,002 |
3.95%, 03/25/51 (a) | 29,000 | 21,293 |
4.00%, 07/15/46 - 11/15/47 (a) | 63,000 | 46,782 |
4.10%, 03/25/61 (a) | 65,000 | 46,572 |
Otis Worldwide Corp. | ||
2.06%, 04/05/25 (a) | 89,000 | 84,272 |
Principal Amount | Fair Value | |
2.57%, 02/15/30 (a) | $ 30,000 | $ 25,936 |
3.36%, 02/15/50 (a) | 27,000 | 20,325 |
Pacific Gas & Electric Co. | ||
2.10%, 08/01/27 (a) | 43,000 | 36,114 |
2.50%, 02/01/31 (a) | 76,000 | 58,414 |
3.00%, 06/15/28 (a) | 72,000 | 62,301 |
3.30%, 08/01/40 (a) | 76,000 | 52,522 |
3.50%, 08/01/50 (a) | 30,000 | 20,037 |
4.30%, 03/15/45 (a) | 50,000 | 36,385 |
PacifiCorp | ||
2.70%, 09/15/30 (a) | 46,000 | 40,620 |
2.90%, 06/15/52 (a) | 97,000 | 71,002 |
6.25%, 10/15/37 (a) | 2,000 | 2,241 |
Packaging Corp. of America | ||
3.05%, 10/01/51 (a) | 68,000 | 48,113 |
Paramount Global | ||
2.90%, 01/15/27 (a) | 21,000 | 19,349 |
3.70%, 06/01/28 (a) | 20,000 | 18,640 |
5.25%, 04/01/44 (a) | 6,000 | 5,135 |
Parker-Hannifin Corp. | ||
3.25%, 06/14/29 (a) | 44,000 | 40,237 |
4.50%, 09/15/29 | 75,000 | 74,624 |
PartnerRe Finance B LLC (4.50% fixed rate until 04/01/30; 3.82% + 5 year CMT Rate thereafter) | ||
4.50%, 10/01/50 (a)(b) | 40,000 | 33,296 |
PayPal Holdings Inc. | ||
2.65%, 10/01/26 (a) | 66,000 | 62,600 |
3.25%, 06/01/50 (a) | 35,000 | 26,430 |
PepsiCo Inc. | ||
1.63%, 05/01/30 (a) | 48,000 | 40,705 |
2.63%, 07/29/29 (a) | 65,000 | 60,195 |
2.75%, 10/21/51 (a) | 117,000 | 89,927 |
Pfizer Inc. | ||
2.70%, 05/28/50 (a) | 92,000 | 70,383 |
3.45%, 03/15/29 (a) | 19,000 | 18,480 |
3.60%, 09/15/28 (a) | 49,000 | 48,739 |
3.90%, 03/15/39 (a) | 25,000 | 23,583 |
4.13%, 12/15/46 (a) | 21,000 | 20,170 |
4.40%, 05/15/44 (a) | 7,000 | 6,860 |
Philip Morris International Inc. | ||
1.50%, 05/01/25 (a) | 56,000 | 52,402 |
2.10%, 05/01/30 (a) | 23,000 | 18,789 |
3.38%, 08/15/29 (a) | 34,000 | 30,647 |
4.13%, 03/04/43 (a) | 18,000 | 14,498 |
Phillips 66 Co. | ||
2.15%, 12/15/30 (a) | 279,000 | 227,778 |
3.15%, 12/15/29 (f) | 137,000 | 122,738 |
3.30%, 03/15/52 | 83,000 | 61,903 |
3.75%, 03/01/28 (f) | 10,000 | 9,505 |
4.68%, 02/15/45 (f) | 24,000 | 22,092 |
Elfun Income Fund | 73 |
Principal Amount | Fair Value | |
Pioneer Natural Resources Co. | ||
1.13%, 01/15/26 (a) | $ 78,000 | $ 69,759 |
2.15%, 01/15/31 (a) | 44,000 | 36,259 |
Plains All American Pipeline LP/PAA Finance Corp. | ||
3.55%, 12/15/29 (a) | 59,000 | 52,060 |
PPL Capital Funding Inc. | ||
3.10%, 05/15/26 (a) | 54,000 | 51,394 |
Precision Castparts Corp. | ||
4.38%, 06/15/45 (a) | 30,000 | 28,629 |
Prospect Capital Corp. | ||
3.36%, 11/15/26 (a) | 92,000 | 78,080 |
Prudential Financial Inc. | ||
3.94%, 12/07/49 (a) | 52,000 | 44,802 |
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter) | ||
5.70%, 09/15/48 (a)(b) | 46,000 | 44,809 |
Public Service Company of Colorado | ||
3.70%, 06/15/28 (a) | 45,000 | 44,307 |
Public Service Electric & Gas Co. | ||
2.38%, 05/15/23 (a) | 103,000 | 101,894 |
PVH Corp. | ||
4.63%, 07/10/25 (a) | 144,000 | 143,758 |
QUALCOMM Inc. | ||
1.30%, 05/20/28 (a) | 13,000 | 11,259 |
4.30%, 05/20/47 (a) | 7,000 | 6,707 |
Quanta Services Inc. | ||
2.35%, 01/15/32 (a) | 84,000 | 64,732 |
3.05%, 10/01/41 (a) | 92,000 | 63,824 |
Quest Diagnostics Inc. | ||
2.95%, 06/30/30 (a) | 18,000 | 15,858 |
Raytheon Technologies Corp. | ||
1.90%, 09/01/31 (a) | 96,000 | 78,634 |
2.82%, 09/01/51 (a) | 59,000 | 42,134 |
3.13%, 05/04/27 (a) | 77,000 | 73,677 |
3.50%, 03/15/27 (a) | 25,000 | 24,431 |
3.95%, 08/16/25 (a) | 22,000 | 22,092 |
4.15%, 05/15/45 (a) | 27,000 | 23,991 |
4.45%, 11/16/38 (a) | 23,000 | 22,127 |
Realty Income Corp. | ||
2.85%, 12/15/32 | 46,000 | 39,422 |
3.00%, 01/15/27 (a) | 11,000 | 10,416 |
3.25%, 01/15/31 (a) | 48,000 | 43,711 |
Regeneron Pharmaceuticals Inc. | ||
1.75%, 09/15/30 (a) | 89,000 | 71,389 |
Regions Financial Corp. | ||
1.80%, 08/12/28 (a) | 195,000 | 165,830 |
Principal Amount | Fair Value | |
Republic Services Inc. | ||
2.38%, 03/15/33 (a) | $ 135,000 | $ 110,157 |
Reynolds American Inc. | ||
4.45%, 06/12/25 (a) | 4,000 | 3,985 |
Rio Tinto Finance USA Ltd. | ||
2.75%, 11/02/51 (a) | 126,000 | 91,221 |
Rio Tinto Finance USA PLC | ||
4.13%, 08/21/42 (a) | 18,000 | 16,594 |
Rockwell Automation Inc. | ||
2.80%, 08/15/61 (a) | 26,000 | 17,032 |
4.20%, 03/01/49 (a) | 34,000 | 31,463 |
Rogers Communications Inc. | ||
5.00%, 03/15/44 (a) | 10,000 | 9,291 |
Roper Technologies Inc. | ||
2.95%, 09/15/29 (a) | 51,000 | 44,927 |
Ross Stores Inc. | ||
4.70%, 04/15/27 (a) | 16,000 | 16,093 |
Royalty Pharma PLC | ||
0.75%, 09/02/23 (a) | 57,000 | 54,877 |
1.20%, 09/02/25 (a) | 77,000 | 68,986 |
1.75%, 09/02/27 (a) | 37,000 | 31,561 |
2.15%, 09/02/31 (a) | 64,000 | 49,967 |
2.20%, 09/02/30 (a) | 13,000 | 10,492 |
3.30%, 09/02/40 (a) | 7,000 | 5,173 |
RPM International Inc. | ||
3.75%, 03/15/27 (a) | 20,000 | 19,189 |
Ryder System Inc. | ||
2.90%, 12/01/26 (a) | 134,000 | 124,844 |
Sabine Pass Liquefaction LLC | ||
4.20%, 03/15/28 (a) | 20,000 | 19,234 |
4.50%, 05/15/30 (a) | 27,000 | 25,937 |
5.00%, 03/15/27 (a) | 7,000 | 7,029 |
5.88%, 06/30/26 (a) | 97,000 | 100,217 |
Salesforce Inc. | ||
1.95%, 07/15/31 (a) | 62,000 | 52,691 |
2.70%, 07/15/41 (a) | 83,000 | 64,254 |
Santander UK Group Holdings PLC | ||
4.75%, 09/15/25 (a)(f) | 200,000 | 197,276 |
Saudi Arabian Oil Co. | ||
3.50%, 04/16/29 (a)(f) | 254,000 | 242,156 |
4.38%, 04/16/49 (a)(f) | 254,000 | 225,720 |
Schlumberger Holdings Corp. | ||
3.90%, 05/17/28 (a)(f) | 39,000 | 36,887 |
Sealed Air Corp. | ||
1.57%, 10/15/26 (a)(f) | 352,000 | 306,328 |
Selective Insurance Group Inc. | ||
5.38%, 03/01/49 (a) | 19,000 | 18,021 |
Sempra Energy | ||
3.80%, 02/01/38 (a) | 10,000 | 8,434 |
4.00%, 02/01/48 (a) | 16,000 | 13,251 |
74 | Elfun Income Fund |
Principal Amount | Fair Value | |
Sempra Energy (4.13% fixed rate until 01/01/27; 2.87% + 5 year CMT Rate thereafter) | ||
4.13%, 04/01/52 (b) | $ 122,000 | $ 97,966 |
Shell International Finance BV | ||
3.13%, 11/07/49 (a) | 48,000 | 36,976 |
3.75%, 09/12/46 (a) | 16,000 | 13,599 |
Shire Acquisitions Investments Ireland DAC | ||
2.88%, 09/23/23 (a) | 4,000 | 3,956 |
3.20%, 09/23/26 (a) | 8,000 | 7,682 |
Simon Property Group LP | ||
3.38%, 06/15/27 (a) | 27,000 | 25,581 |
Sonoco Products Co. | ||
2.85%, 02/01/32 | 94,000 | 78,576 |
Southern California Edison Co. | ||
4.00%, 04/01/47 (a) | 91,000 | 73,811 |
4.20%, 03/01/29 (a) | 66,000 | 63,560 |
Southern Company Gas Capital Corp. | ||
3.95%, 10/01/46 (a) | 49,000 | 40,017 |
4.40%, 05/30/47 (a) | 7,000 | 6,112 |
Southwest Airlines Co. | ||
2.63%, 02/10/30 (a) | 76,000 | 64,107 |
Southwestern Electric Power Co. | ||
2.75%, 10/01/26 (a) | 32,000 | 29,974 |
Spectra Energy Partners LP | ||
3.38%, 10/15/26 (a) | 8,000 | 7,624 |
4.50%, 03/15/45 (a) | 7,000 | 6,085 |
Spirit Realty LP | ||
4.00%, 07/15/29 (a) | 57,000 | 51,876 |
Stanley Black & Decker Inc. | ||
3.00%, 05/15/32 | 109,000 | 96,240 |
Starbucks Corp. | ||
4.00%, 11/15/28 (a) | 20,000 | 19,546 |
STERIS Irish FinCo UnLtd Co. | ||
2.70%, 03/15/31 (a) | 198,000 | 167,144 |
Stryker Corp. | ||
1.95%, 06/15/30 (a) | 102,000 | 84,837 |
Sumitomo Mitsui Financial Group Inc. | ||
4.44%, 04/02/24 (a)(f) | 466,000 | 466,578 |
Sumitomo Mitsui Trust Bank Ltd. | ||
1.35%, 09/16/26 (a)(f) | 484,000 | 430,213 |
Suncor Energy Inc. | ||
4.00%, 11/15/47 (a) | 8,000 | 6,824 |
Svenska Handelsbanken AB (1.42% fixed rate until 06/11/26; 0.63% + 1 year CMT thereafter) | ||
1.42%, 06/11/27 (a)(b)(f) | 250,000 | 222,935 |
Principal Amount | Fair Value | |
Sysco Corp. | ||
3.25%, 07/15/27 (a) | $ 22,000 | $ 20,951 |
5.95%, 04/01/30 (a) | 8,000 | 8,535 |
6.60%, 04/01/50 (a) | 11,000 | 12,680 |
Takeda Pharmaceutical Company Ltd. | ||
2.05%, 03/31/30 (a) | 200,000 | 167,276 |
3.18%, 07/09/50 (a) | 200,000 | 148,842 |
Take-Two Interactive Software Inc. | ||
3.70%, 04/14/27 | 235,000 | 228,013 |
4.00%, 04/14/32 | 50,000 | 46,943 |
Tampa Electric Co. | ||
2.40%, 03/15/31 (a) | 95,000 | 82,053 |
3.45%, 03/15/51 (a) | 54,000 | 42,945 |
4.35%, 05/15/44 (a) | 64,000 | 58,413 |
Tapestry Inc. | ||
4.13%, 07/15/27 (a) | 9,000 | 8,649 |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||
5.00%, 01/15/28 | 230,000 | 219,730 |
Target Corp. | ||
2.50%, 04/15/26 (a) | 26,000 | 24,950 |
Teck Resources Ltd. | ||
5.40%, 02/01/43 (a) | 25,000 | 23,392 |
Texas Instruments Inc. | ||
3.88%, 03/15/39 (a) | 36,000 | 33,896 |
The Allstate Corp. | ||
4.20%, 12/15/46 (a) | 17,000 | 15,472 |
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) | ||
5.75%, 08/15/53 (a)(b) | 98,000 | 87,022 |
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter) | ||
4.63%, 12/29/49 (a)(b) | 50,000 | 43,497 |
The Boeing Co. | ||
2.20%, 02/04/26 (a) | 145,000 | 130,858 |
2.70%, 02/01/27 (a) | 124,000 | 110,364 |
2.95%, 02/01/30 (a) | 28,000 | 23,235 |
3.25%, 03/01/28 (a) | 7,000 | 6,285 |
3.55%, 03/01/38 (a) | 6,000 | 4,375 |
3.75%, 02/01/50 (a) | 25,000 | 17,629 |
5.04%, 05/01/27 (a) | 181,000 | 178,803 |
5.15%, 05/01/30 (a) | 101,000 | 96,898 |
5.81%, 05/01/50 (a) | 62,000 | 57,091 |
The Charles Schwab Corp. | ||
2.45%, 03/03/27 | 80,000 | 74,650 |
2.90%, 03/03/32 | 45,000 | 39,579 |
Elfun Income Fund | 75 |
Principal Amount | Fair Value | |
The Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT Rate thereafter) | ||
4.00%, 12/31/99 (a)(b) | $ 126,000 | $ 97,465 |
The Cleveland Electric Illuminating Co. | ||
4.55%, 11/15/30 (a)(f) | 123,000 | 121,402 |
The Clorox Co. | ||
1.80%, 05/15/30 (a) | 70,000 | 57,233 |
The Coca-Cola Co. | ||
2.60%, 06/01/50 (a) | 51,000 | 38,039 |
2.75%, 06/01/60 (a) | 38,000 | 27,357 |
The Dow Chemical Co. | ||
2.10%, 11/15/30 (a) | 37,000 | 30,479 |
3.60%, 11/15/50 (a) | 37,000 | 28,247 |
4.25%, 10/01/34 (a) | 23,000 | 21,801 |
5.55%, 11/30/48 (a) | 24,000 | 24,282 |
The Estee Lauder Companies Inc. | ||
2.38%, 12/01/29 (a) | 35,000 | 31,149 |
The George Washington University | ��� | |
4.13%, 09/15/48 | 100,000 | 91,740 |
The Goldman Sachs Group Inc. | ||
3.50%, 04/01/25 - 11/16/26 (a) | 185,000 | 179,072 |
3.85%, 01/26/27 (a) | 219,000 | 211,872 |
4.25%, 10/21/25 (a) | 5,000 | 4,969 |
5.15%, 05/22/45 (a) | 24,000 | 22,839 |
The Goldman Sachs Group Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter) | ||
1.54%, 09/10/27 (a)(b) | 93,000 | 81,627 |
The Goldman Sachs Group Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) | ||
2.38%, 07/21/32 (a)(b) | 52,000 | 42,088 |
The Goldman Sachs Group Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) | ||
2.91%, 07/21/42 (a)(b) | 39,000 | 28,441 |
The Goldman Sachs Group Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) | ||
3.21%, 04/22/42 (a)(b) | 61,000 | 46,543 |
Principal Amount | Fair Value | |
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter) | ||
3.81%, 04/23/29 (a)(b) | $ 24,000 | $ 22,628 |
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter) | ||
4.02%, 10/31/38 (a)(b) | 27,000 | 23,581 |
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter) | ||
4.22%, 05/01/29 (a)(b) | 44,000 | 42,234 |
The Hartford Financial Services Group Inc. | ||
2.80%, 08/19/29 (a) | 108,000 | 96,328 |
The Hartford Financial Services Group Inc. (3.54% fixed rate until 07/01/22; 2.13% + 3 month USD LIBOR thereafter) | ||
3.54%, 02/12/67 (a)(b)(f) | 67,000 | 53,361 |
The Home Depot Inc. | ||
2.70%, 04/15/30 (a) | 27,000 | 24,509 |
3.35%, 04/15/50 (a) | 50,000 | 40,510 |
3.50%, 09/15/56 (a) | 30,000 | 24,490 |
3.90%, 12/06/28 - 06/15/47 (a) | 42,000 | 39,912 |
4.50%, 12/06/48 (a) | 19,000 | 18,538 |
The Kroger Co. | ||
2.20%, 05/01/30 (a) | 44,000 | 37,093 |
4.65%, 01/15/48 (a) | 14,000 | 13,011 |
The Northwestern Mutual Life Insurance Co. | ||
3.45%, 03/30/51 (a)(f) | 60,000 | 45,393 |
The Progressive Corp. | ||
2.50%, 03/15/27 | 130,000 | 122,669 |
3.00%, 03/15/32 | 50,000 | 45,070 |
3.70%, 03/15/52 | 20,000 | 16,915 |
The Southern Co. | ||
3.25%, 07/01/26 (a) | 10,000 | 9,578 |
The Toronto-Dominion Bank | ||
3.20%, 03/10/32 | 205,000 | 182,872 |
4.46%, 06/08/32 | 105,000 | 103,827 |
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter) | ||
3.63%, 09/15/31 (a)(b) | 38,000 | 36,569 |
The Travelers Companies Inc. | ||
2.55%, 04/27/50 (a) | 81,000 | 56,317 |
76 | Elfun Income Fund |
Principal Amount | Fair Value | |
The Walt Disney Co. | ||
2.65%, 01/13/31 (a) | $ 76,000 | $ 66,905 |
3.38%, 11/15/26 (a) | 7,000 | 6,840 |
3.60%, 01/13/51 (a) | 48,000 | 40,076 |
4.75%, 11/15/46 (a) | 7,000 | 6,855 |
6.65%, 11/15/37 (a) | 50,000 | 59,570 |
The Williams Companies Inc. | ||
3.75%, 06/15/27 (a) | 7,000 | 6,694 |
4.85%, 03/01/48 (a) | 22,000 | 19,924 |
4.90%, 01/15/45 (a) | 58,000 | 51,900 |
5.40%, 03/04/44 (a) | 7,000 | 6,672 |
Thermo Fisher Scientific Inc. | ||
2.80%, 10/15/41 (a) | 56,000 | 43,920 |
Time Warner Cable LLC | ||
6.55%, 05/01/37 (a) | 21,000 | 21,028 |
T-Mobile USA Inc. | ||
3.50%, 04/15/25 (a) | 90,000 | 88,119 |
3.75%, 04/15/27 (a) | 114,000 | 109,666 |
3.88%, 04/15/30 (a) | 28,000 | 26,142 |
4.50%, 04/15/50 (a) | 12,000 | 10,661 |
TotalEnergies Capital International S.A. | ||
3.46%, 02/19/29 (a) | 53,000 | 50,509 |
Trane Technologies Luxembourg Finance S.A. | ||
3.55%, 11/01/24 (a) | 48,000 | 47,350 |
3.80%, 03/21/29 (a) | 10,000 | 9,386 |
TransCanada PipeLines Ltd. | ||
4.25%, 05/15/28 (a) | 67,000 | 65,183 |
4.88%, 01/15/26 (a) | 14,000 | 14,225 |
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter) | ||
5.63%, 05/20/75 (a)(b) | 145,000 | 136,428 |
Transcontinental Gas Pipe Line Company LLC | ||
4.00%, 03/15/28 (a) | 27,000 | 26,208 |
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter) | ||
4.80%, 12/31/99 (a)(b) | 197,000 | 176,410 |
TWDC Enterprises 18 Corp. | ||
4.13%, 06/01/44 (a) | 7,000 | 6,349 |
Tyco Electronics Group S.A. | ||
3.13%, 08/15/27 (a) | 26,000 | 24,956 |
Tyson Foods Inc. | ||
4.00%, 03/01/26 (a) | 123,000 | 121,813 |
UBS Group AG (2.86% fixed rate until 08/15/22; 0.95% + 3 month USD LIBOR thereafter) | ||
2.86%, 08/15/23 (a)(b)(f) | 284,000 | 283,898 |
Principal Amount | Fair Value | |
UBS Group AG (3.13% fixed rate until 08/13/29; 1.47% + 3 month USD LIBOR thereafter) | ||
3.13%, 08/13/30 (a)(b)(f) | $ 259,000 | $ 229,391 |
UDR Inc. | ||
2.10%, 08/01/32 (a) | 64,000 | 49,907 |
3.00%, 08/15/31 (a) | 38,000 | 32,465 |
UniCredit S.p.A. (2.57% fixed rate until 09/22/25; 2.30% + 1 year CMT thereafter) | ||
2.57%, 09/22/26 (a)(b)(f) | 360,000 | 322,981 |
Union Pacific Corp. | ||
3.55%, 05/20/61 (a) | 59,000 | 46,546 |
3.60%, 09/15/37 (a) | 10,000 | 8,942 |
3.80%, 04/06/71 (a) | 29,000 | 23,275 |
4.10%, 09/15/67 (a) | 21,000 | 17,885 |
UnitedHealth Group Inc. | ||
2.00%, 05/15/30 (a) | 80,000 | 68,573 |
4.20%, 05/15/32 | 80,000 | 80,019 |
4.45%, 12/15/48 (a) | 49,000 | 46,937 |
4.75%, 07/15/45 (a) | 11,000 | 11,090 |
4.75%, 05/15/52 | 77,000 | 77,014 |
Utah Acquisition Sub Inc. | ||
3.95%, 06/15/26 (a) | 8,000 | 7,543 |
Valero Energy Corp. | ||
2.85%, 04/15/25 (a) | 18,000 | 17,402 |
4.00%, 04/01/29 (a) | 63,000 | 59,463 |
Ventas Realty LP | ||
3.25%, 10/15/26 (a) | 36,000 | 33,992 |
Verizon Communications Inc. | ||
2.10%, 03/22/28 (a) | 101,000 | 89,708 |
2.36%, 03/15/32 | 137,000 | 113,648 |
2.55%, 03/21/31 (a) | 95,000 | 81,245 |
3.00%, 03/22/27 (a) | 180,000 | 171,068 |
3.40%, 03/22/41 (a) | 69,000 | 56,156 |
3.55%, 03/22/51 (a) | 50,000 | 40,088 |
3.70%, 03/22/61 (a) | 50,000 | 39,263 |
4.40%, 11/01/34 (a) | 52,000 | 49,903 |
4.86%, 08/21/46 (a) | 114,000 | 112,342 |
Virginia Electric & Power Co. | ||
4.00%, 11/15/46 (a) | 55,000 | 48,558 |
Visa Inc. | ||
2.70%, 04/15/40 (a) | 51,000 | 41,173 |
Vistra Operations Company LLC | ||
3.55%, 07/15/24 (a)(f) | 179,000 | 172,755 |
Viterra Finance BV | ||
2.00%, 04/21/26 (a)(f) | 373,000 | 329,795 |
Vodafone Group PLC | ||
4.38%, 05/30/28 (a) | 28,000 | 27,841 |
5.25%, 05/30/48 (a) | 21,000 | 19,968 |
Elfun Income Fund | 77 |
Principal Amount | Fair Value | |
Volkswagen Group of America Finance LLC | ||
1.63%, 11/24/27 (a)(f) | $ 232,000 | $ 197,840 |
Vontier Corp. | ||
2.40%, 04/01/28 | 133,000 | 109,660 |
2.95%, 04/01/31 | 102,000 | 79,485 |
Vornado Realty LP | ||
2.15%, 06/01/26 (a) | 120,000 | 106,778 |
3.50%, 01/15/25 (a) | 23,000 | 22,270 |
Walgreens Boots Alliance Inc. | ||
4.10%, 04/15/50 (a) | 6,000 | 4,735 |
Walmart Inc. | ||
1.80%, 09/22/31 (a) | 64,000 | 54,408 |
2.50%, 09/22/41 (a) | 64,000 | 49,581 |
2.65%, 09/22/51 (a) | 31,000 | 23,354 |
Waste Connections Inc. | ||
2.20%, 01/15/32 (a) | 89,000 | 72,975 |
2.95%, 01/15/52 (a) | 89,000 | 63,762 |
WEC Energy Group Inc. | ||
3.55%, 06/15/25 (a) | 10,000 | 9,817 |
Wells Fargo & Co. | ||
4.15%, 01/24/29 (a) | 87,000 | 84,111 |
4.75%, 12/07/46 (a) | 87,000 | 79,324 |
Wells Fargo & Co. (1.65% fixed rate until 06/02/23; 1.60% + SOFR thereafter) | ||
1.65%, 06/02/24 (a)(b) | 96,000 | 93,775 |
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter) | ||
2.19%, 04/30/26 (a)(b) | 115,000 | 107,808 |
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | ||
2.39%, 06/02/28 (a)(b) | 208,000 | 186,405 |
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | ||
3.07%, 04/30/41 (a)(b) | 105,000 | 81,836 |
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter) | ||
3.20%, 06/17/27 (a)(b) | 238,000 | 225,603 |
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter) | ||
5.88%, 12/29/49 (a)(b) | 67,000 | 65,234 |
Westlake Corp. | ||
2.88%, 08/15/41 (a) | 35,000 | 24,791 |
3.13%, 08/15/51 (a) | 40,000 | 27,894 |
3.38%, 08/15/61 (a) | 39,000 | 26,344 |
Principal Amount | Fair Value | |
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter) | ||
2.89%, 02/04/30 (a)(b) | $ 80,000 | $ 75,814 |
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter) | ||
4.11%, 07/24/34 (a)(b) | 57,000 | 52,148 |
Weyerhaeuser Co. | ||
4.00%, 03/09/52 | 70,000 | 57,431 |
Willis North America Inc. | ||
3.60%, 05/15/24 (a) | 47,000 | 46,314 |
3.88%, 09/15/49 (a) | 51,000 | 39,746 |
Workday Inc. | ||
3.50%, 04/01/27 | 85,000 | 81,433 |
3.70%, 04/01/29 | 170,000 | 159,338 |
WPP Finance 2010 | ||
3.75%, 09/19/24 (a) | 31,000 | 30,301 |
Xcel Energy Inc. | ||
3.40%, 06/01/30 (a) | 61,000 | 56,105 |
Yamana Gold Inc. | ||
2.63%, 08/15/31 | 102,000 | 81,991 |
Zoetis Inc. | ||
3.00%, 09/12/27 (a) | 7,000 | 6,604 |
3.90%, 08/20/28 (a) | 27,000 | 26,170 |
54,629,946 | ||
Non-Agency Collateralized Mortgage Obligations - 5.6% | ||
BANK 2017-BNK7 | ||
3.18%, 09/15/60 | 2,398,000 | 2,274,733 |
BANK 2018-BNK15 | ||
4.41%, 11/15/61 (b) | 1,001,000 | 1,007,987 |
BPR Trust 2022-OANA 1.90% + 1 month USD LIBOR | ||
3.18%, 04/15/37 (b)(f) | 372,398 | 364,363 |
Cantor Commercial Real Estate Lending 2019-CF3 | ||
3.01%, 01/15/53 | 460,000 | 419,371 |
CD 2019-CD8 Mortgage Trust | ||
2.91%, 08/15/57 | 839,000 | 763,624 |
Citigroup Commercial Mortgage Trust 2016-P6 | ||
4.03%, 12/10/49 (b) | 336,823 | 323,506 |
COMM 2012-CCRE3 Mortgage Trust | ||
3.92%, 10/15/45 (f) | 191,000 | 182,810 |
COMM 2013-LC13 Mortgage Trust | ||
4.56%, 08/10/46 (b)(f) | 170,000 | 170,841 |
COMM 2014-CR14 Mortgage Trust | ||
4.53%, 02/10/47 (b) | 240,000 | 239,252 |
78 | Elfun Income Fund |
Principal Amount | Fair Value | |
GS Mortgage Securities Trust 2012-GCJ9 | ||
2.04%, 11/10/45 (b)(d) | $ 503,761 | $ 716 |
GS Mortgage Securities Trust 2015-GS1 | ||
4.57%, 11/10/48 (b) | 380,000 | 313,276 |
GS Mortgage Securities Trust 2018-GS9 | ||
4.14%, 03/10/51 (b) | 291,000 | 280,143 |
GS Mortgage Securities Trust 2019-GC42 | ||
2.75%, 09/01/52 | 1,523,000 | 1,372,535 |
GS Mortgage Securities Trust 2019-GSA1 | ||
3.05%, 11/10/52 | 743,000 | 681,725 |
Impac CMB Trust 2004-5 (2.34% fixed rate until 07/25/22; 0.72% + 1 month USD LIBOR thereafter) | ||
2.34%, 10/25/34 (b) | 18,349 | 17,754 |
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9 | ||
1.53%, 12/15/47 (b)(d) | 449,983 | 494 |
JPMBB Commercial Mortgage Securities Trust 2013-C12 | ||
4.17%, 07/15/45 (b) | 125,000 | 123,853 |
JPMBB Commercial Mortgage Securities Trust 2015-C32 | ||
4.81%, 11/15/48 (b) | 250,000 | 196,568 |
MASTR Alternative Loan Trust 2003-5 | ||
5.00%, 08/25/18 (d) | 1,535 | 16 |
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 | ||
0.99%, 03/15/48 (b)(d) | 3,121,655 | 53,319 |
Wells Fargo Commercial Mortgage Trust 2014-LC16 | ||
4.32%, 08/15/50 | 485,082 | 415,282 |
Wells Fargo Commercial Mortgage Trust 2015-C26 | ||
1.34%, 02/15/48 (b)(d) | 2,460,767 | 61,585 |
WFRBS Commercial Mortgage Trust 2013-C17 | ||
4.26%, 12/15/46 | 235,000 | 234,172 |
WFRBS Commercial Mortgage Trust 2014-LC14 | ||
4.35%, 03/15/47 (b) | 533,000 | 528,379 |
10,026,304 | ||
Sovereign Bonds - 1.0% | ||
Government of Chile | ||
2.55%, 01/27/32 (a) | 290,000 | 246,419 |
3.86%, 06/21/47 (a) | 200,000 | 166,904 |
Principal Amount | Fair Value | |
Government of Mexico | ||
4.75%, 03/08/44 (a) | $ 200,000 | $ 165,672 |
Government of Panama | ||
3.16%, 01/23/30 (a) | 200,000 | 178,054 |
3.87%, 07/23/60 (a) | 200,000 | 142,112 |
Government of Peru | ||
1.86%, 12/01/32 (a) | 140,000 | 106,639 |
2.78%, 12/01/60 (a) | 230,000 | 142,326 |
5.63%, 11/18/50 (a) | 105,000 | 108,992 |
Government of Philippines | ||
3.95%, 01/20/40 (a) | 200,000 | 173,496 |
Government of Qatar | ||
4.82%, 03/14/49 (a)(f) | 258,000 | 260,214 |
Government of Uruguay | ||
5.10%, 06/18/50 (a) | 105,744 | 105,926 |
1,796,754 | ||
Municipal Bonds and Notes - 0.4% | ||
American Municipal Power Inc. | ||
6.27%, 02/15/50 | 130,000 | 150,168 |
Board of Regents of the University of Texas System | ||
3.35%, 08/15/47 | 115,000 | 99,922 |
Port Authority of New York & New Jersey | ||
4.46%, 10/01/62 | 220,000 | 213,910 |
State of California | ||
4.60%, 04/01/38 | 200,000 | 202,229 |
State of Illinois | ||
5.10%, 06/01/33 | 95,000 | 95,579 |
761,808 | ||
Total Bonds and Notes (Cost $205,597,157) | 189,136,624 | |
Number of Shares | ||
Domestic Equity - 0.1% | ||
Preferred Stock - 0.1% | ||
Wells Fargo & Co. 5.85%, (5.85% fixed rate until 09/15/23; 3.09% + 3 month USD LIBOR thereafter) (Cost $186,475) (b) | 7,459 | 177,077 |
Total Investments in Securities (Cost $205,783,632) | 189,313,701 |
Elfun Income Fund | 79 |
Number of Shares | Fair Value | |
Short-Term Investments - 10.0% | ||
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.47% (h)(i) (Cost $18,141,754) | 18,141,754 | $ 18,141,754 |
Total Investments (Cost $223,925,386) | 207,455,455 | |
Liabilities in Excess of Other Assets, net - (15.0)% | (27,131,822) | |
NET ASSETS - 100.0% | $ 180,323,633 |
Centrally Cleared Credit Default Swaps |
Reference Entity | Counterparty | Notional Amount (000s omitted) | Contract Annual Fixed Rate/ Payment Frequency | Termination Date | Market Value | Unamortized Upfront Payments Received (Paid) | Unrealized Appreciation (Depreciation) |
Sell Protection | |||||||
Markit CDX North America High Yield Index | Intercontinental Exchange | $4,146 | 1.00%/ Quarterly | 12/20/26 | $ (8,040) | $(73,190) | $ 65,150 |
Buy Protection | |||||||
Markit CDX North America High Yield Index | Intercontinental Exchange | 2,321 | 5.00%/ Quarterly | 06/20/27 | (70,484) | 85,906 | (156,390) |
$ (91,240) |
The Fund had the following long futures contracts open at June 30, 2022: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
2 Yr. U.S. Treasury Notes Futures | September 2022 | 79 | $ 16,635,549 | $ 16,591,234 | $ (44,315) |
Ultra Long-Term U.S. Treasury Bond Futures | September 2022 | 27 | 4,294,020 | 4,167,281 | (126,739) |
U.S. Long Bond Futures | September 2022 | 28 | 3,953,163 | 3,881,500 | (71,663) |
$ (242,717) |
The Fund had the following short futures contracts open at June 30, 2022: |
Description | Expiration date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
10 Yr. U.S. Treasury Notes Futures | September 2022 | 58 | $ (6,957,919) | $ (6,874,812) | $ 83,107 |
5 Yr. U.S. Treasury Notes Futures | September 2022 | 61 | (6,864,114) | (6,847,250) | 16,864 |
10 Yr. U.S. Treasury Ultra Futures | September 2022 | 24 | (3,112,454) | (3,057,000) | 55,454 |
$ 155,425 |
80 | Elfun Income Fund |
During the fiscal year ended June 30, 2022, average notional values related to derivative contracts were as follows: | |||
Long Futures Contracts | Short Futures Contracts | Credit Default Swap Contracts | |
Average Notional Value | $31,827,632 | $16,227,018 | $7,673,903 |
(a) | At June 30, 2022, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs. |
(b) | Variable Rate Security - Interest rate shown is rate in effect at June 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
(c) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
(d) | Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding. |
(e) | Principal only security. These securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the "principal only" holder. |
(f) | 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, 2022, these securities amounted to $11,606,579 or 6.44% of the net assets of the Elfun Income Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees. |
(g) | Step coupon bond. |
(h) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(i) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2022. |
Abbreviations: |
CMT - Constant Maturity Treasury |
LIBOR - London Interbank Offered Rate |
REMIC - Real Estate Mortgage Investment Conduit |
SOFR - Secured Overnight Financing Rate |
STRIPS - Separate Trading of Registered Interest and Principal of Security |
TBA - To Be Announced |
Elfun Income Fund | 81 |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
U.S. Treasuries | $ — | $ 67,261,417 | $ — | $ 67,261,417 | |||
Agency Mortgage Backed | — | 52,272,818 | — | 52,272,818 | |||
Agency Collateralized Mortgage Obligations | — | 1,345,586 | — | 1,345,586 | |||
Asset Backed | — | 1,041,991 | — | 1,041,991 | |||
Corporate Notes | — | 54,629,946 | — | 54,629,946 | |||
Non-Agency Collateralized Mortgage Obligations | — | 10,026,304 | — | 10,026,304 | |||
Sovereign Bonds | — | 1,796,754 | — | 1,796,754 | |||
Municipal Bonds and Notes | — | 761,808 | — | 761,808 | |||
Preferred Stock | 177,077 | — | — | 177,077 | |||
Short-Term Investments | 18,141,754 | — | — | 18,141,754 | |||
Total Investments in Securities | $ 18,318,831 | $ 189,136,624 | $ — | $ 207,455,455 | |||
Other Financial Instruments | |||||||
Credit Default Swap Contracts - Unrealized Appreciation | $ — | $ 65,150 | $ — | $ 65,150 | |||
Credit Default Swap Contracts - Unrealized Depreciation | — | (156,390) | — | (156,390) | |||
Long Futures Contracts - Unrealized Depreciation | (242,717) | — | — | (242,717) | |||
Short Futures Contracts - Unrealized Appreciation | 155,425 | — | — | 155,425 | |||
Total Other Financial Instruments | $ (87,292) | $ (91,240) | $ — | $ (178,532) |
Affiliate Table |
Number of Shares Held at 12/31/21 | Value at 12/31/21 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 6/30/22 | Value at 6/30/22 | Dividend Income | |
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 25,377,841 | $25,377,841 | $43,268,043 | $50,504,130 | $— | $— | 18,141,754 | $18,141,754 | $37,404 |
82 | Elfun Income Fund |
Sector Allocation |
Portfolio composition as a % of Fair Value of $153,638 (in thousands) as of June 30, 2022 (a) |
(a) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
Elfun Government Money Market Fund | 83 |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value January 1, 2022 | $1,000.00 | $1,000.00 | |
Ending Account value June 30, 2022 | $1,001.30 | $1,023.90 | |
Expenses Paid During Period* | $ 0.94 | $ 0.95 |
* | Expenses are equal to the Fund's annualized net expense ratio of 0.19% (for the period January 1, 2022 - June 30, 2022), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
84 | Elfun Government Money Market Fund |
Principal Amount | Fair Value | |
Short-Term Investments - 98.9% † | ||
U.S. Treasuries - 12.7% | ||
U.S. Cash Management Bills | ||
0.85% 09/20/22 (a) | $ 360,000 | $ 359,311 |
U.S. Treasury Bills | ||
0.66% 07/19/22 (a) | 100,000 | 99,967 |
0.82% 09/15/22 (a) | 540,000 | 539,066 |
0.86% 09/22/22 (a) | 1,650,000 | 1,646,742 |
1.13% 02/23/23 (a) | 500,000 | 496,278 |
1.87% 04/20/23 (a) | 500,000 | 492,411 |
2.10% 05/18/23 (a) | 1,000,000 | 981,275 |
U.S. Treasury Notes | ||
0.13% 03/31/23 | 812,000 | 804,059 |
U.S. Treasury Notes 0.02% + 3 month Treasury Money Market Yield | ||
1.74% 01/31/24 (b) | 60,000 | 60,034 |
U.S. Treasury Notes 0.03% + 3 month Treasury Money Market Yield | ||
1.79% 04/30/23 (b) | 1,226,000 | 1,226,053 |
1.79% 07/31/23 (b) | 3,721,000 | 3,721,085 |
U.S. Treasury Notes 0.04% + 3 month Treasury Money Market Yield | ||
1.79% 10/31/23 (b) | 1,100,000 | 1,100,000 |
U.S. Treasury Notes 0.05% + 3 month Treasury Money Market Yield | ||
1.81% 01/31/23 (b) | 1,356,000 | 1,356,233 |
U.S. Treasury Notes 0.06% + 3 month Treasury Money Market Yield | ||
1.81% 07/31/22 - 10/31/22 (b) | 3,805,000 | 3,805,156 |
U.S. Treasury Notes 0.08% + 3 month Treasury Money Market Yield | ||
1.68% 04/30/24 (b) | 3,050,000 | 3,046,182 |
19,733,852 | ||
U.S. Government Agency Obligations - 13.8% | ||
Federal Farm Credit Banks Funding Corp. | ||
0.21% 12/02/22 | 600,000 | 599,993 |
2.10% 05/25/23 | 500,000 | 499,743 |
Federal Farm Credit Banks Funding Corp. 0.01% + SOFR | ||
1.52% 09/07/22 (b) | 500,000 | 499,983 |
1.52% 09/13/22 (b) | 420,000 | 419,998 |
Principal Amount | Fair Value | |
Federal Farm Credit Banks Funding Corp. 0.02% + SOFR | ||
1.53% 10/27/22 - 08/21/23 (b) | $ 1,941,000 | $ 1,940,997 |
1.53% 07/14/23 (b) | 200,000 | 199,994 |
Federal Farm Credit Banks Funding Corp. 0.03% + SOFR | ||
1.54% 01/12/23 (b) | 750,000 | 749,980 |
1.54% 06/14/23 (b) | 300,000 | 300,058 |
Federal Farm Credit Banks Funding Corp. 0.04% + 3 month Treasury Money Market Yield | ||
1.79% 05/03/23 (b) | 520,000 | 520,000 |
Federal Farm Credit Banks Funding Corp. 0.04% + SOFR | ||
1.55% 07/08/22 - 07/11/22 (b) | 1,500,000 | 1,500,001 |
Federal Farm Credit Banks Funding Corp. 0.05% + SOFR | ||
1.56% 05/09/24 (a)(b) | 200,000 | 200,000 |
1.56% 05/24/24 - 06/03/24 (a)(b) | 500,000 | 500,000 |
Federal Farm Credit Banks Funding Corp. 0.06% + SOFR | ||
1.57% 05/13/24 (b) | 80,000 | 80,019 |
Federal Farm Credit Banks Funding Corp. 0.07% + SOFR | ||
1.58% 11/18/22 (b) | 750,000 | 750,000 |
Federal Farm Credit Banks Funding Corp. 0.09% + SOFR | ||
1.60% 10/07/22 (b) | 500,000 | 500,000 |
Federal Home Loan Bank Discount Notes | ||
0.76% 07/19/22 (a) | 100,000 | 99,962 |
0.79% 07/20/22 (a) | 800,000 | 799,668 |
1.16% 09/14/22 (a) | 500,000 | 498,792 |
1.19% 12/28/22 (a) | 500,000 | 497,025 |
1.94% 09/16/22 (a) | 331,000 | 329,630 |
2.10% 05/12/23 (a) | 500,000 | 490,812 |
2.16% 05/18/23 (a) | 200,000 | 196,148 |
Federal Home Loan Banks | ||
0.13% 11/29/22 | 300,000 | 299,891 |
1.55% 09/15/22 (b) | 4,900,000 | 4,900,000 |
Federal Home Loan Banks 0.01% + SOFR | ||
1.52% 08/05/22 - 10/17/22 (b) | 2,590,000 | 2,590,000 |
Elfun Government Money Market Fund | 85 |
Principal Amount | Fair Value | |
Federal Home Loan Banks 0.09% + SOFR | ||
1.60% 08/12/22 (b) | $ 1,500,000 | $ 1,500,137 |
21,462,831 | ||
Repurchase Agreements - 72.4% | ||
BNP Paribas Securities Corp. U.S. Treasury Repo 1.470% dated 06/30/22, to be repurchased $20,000,000 on 07/01/22, Collateralized by $104,082 U.S. Treasury Note, 1.875% Maturing on 02/28/2029, Collateralized by $10,935,176 U.S. Treasury Strips, 0.00% Maturing from 05/15/2027 - 11/15/2048, Collateralized by $8,900,781 U.S. Treasury Inflation Index Bond, 1.000% Maturing on 02/15/2048, Collateralized by $460,075 U.S. Treasury Inflation Index Note, 0.625% Maturing on 01/15/2024 07/01/22 | 20,000,000 | 20,000,000 |
Citigroup Global Markets, Inc. U.S. Treasury Repo 1.50% dated 06/30/22, to be repurchased $20,000,000 on 07/01/2022, Collateralized by $20,581,576 U.S. Treasury Inflation Index Note, 0.125% to 0.25% Maturing from 07/15/2029 - 07/15/2030, Collateralized by $7,986 U.S. Treasury Note, 2.3750% to 3.250% Maturing from 05/15/2029 - 06/30/2029 07/01/22 | 20,000,000 | 20,000,000 |
Principal Amount | Fair Value | |
HSBC Securities USA, Inc. U.S. Treasury Repo 1.50% dated 06/30/22, to be repurchased $15,000,000 on 07/01/2022, Collateralized by $3,533,855 U.S. Treasury Note, 1.125% Maturing on 02/28/2025, Collateralized by $892,681 U.S. Treasury Strips, 0.000% Maturing from 08/15/2025, Collateralized by $10,873,513 U.S. Treasury Inflation Index Note,0.250% Maturing on 01/15/2025 07/01/22 | $ 15,000,000 | $ 15,000,000 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 1.46% dated 06/30/22, to be repurchased $12,441,000 on 07/01/2022, Collateralized by $12,689,849 U.S. Treasury Note, 1.625% Maturing from 05/15/2031 07/01/22 | 12,441,000 | 12,441,000 |
Mitsubishi UFJ U.S. Treasury Repo 1.43% dated 06/30/22, to be repurchased $30,000,000 on 07/01/2022, Collateralized by $28,071,678 U.S. Government Obligation, 2.202% to 4.50% Maturing from 04/01/2040 - 04/01/2052, Collateralized by $2,528,222 U.S. Treasury Note, 0.125% to 2.625% Maturing from 07/31/2023 - 05/15/2030, Collateralized by $100 U.S. Treasury Strips, 0.000% Maturing on 08/15/2022 07/01/22 | 30,000,000 | 30,000,000 |
86 | Elfun Government Money Market Fund |
Principal Amount | Fair Value | |
Standard Chartered U.S. Treasury Repo 1.48% dated 06/30/22, to be repurchased $15,000,000 on 07/01/22, Collateralized by $3,409,568 U.S. Agency, 2.00% Maturing from 11/01/2050 - 01/01/2051, Collateralized by $11,886,912 U.S. Treasury Note, 1.875% Maturing on 08/31/2024, Collateralized by $3,560 U.S. Treasury Bond, 1.480% Maturing from 08/15/2049 - 05/15/2052 07/01/22 | $ 15,000,000 | $ 15,000,000 |
112,441,000 | ||
Total Short-Term Investments (Cost $153,637,683) | 153,637,683 | |
Other Assets and Liabilities, net - 1.1% | 1,735,618 | |
NET ASSETS - 100.0% | $ 155,373,301 |
(a) | Coupon amount represents effective yield. |
(b) | Variable Rate Security - Interest rate shown is rate in effect at June 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
† | Percentages are based on net assets as of June 30, 2022. |
Abbreviations: |
SOFR - Secured Overnight Financing Rate |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
U.S. Treasuries | $ — | $ 19,733,852 | $ — | $ 19,733,852 | |||
U.S. Government Agency Obligations | — | 21,462,831 | — | 21,462,831 | |||
Repurchase Agreements | — | 112,441,000 | — | 112,441,000 | |||
Total Investments in Securities | $ — | $ 153,637,683 | $ — | $ 153,637,683 |
Elfun Government Money Market Fund | 87 |
6/30/22 (a) | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | ||||||
Inception date | 1/1/88 | ||||||||||
Net asset value, beginning of period | $ 26.73 | $ 26.53 | $ 23.69 | $ 18.51 | $ 22.68 | $ 18.73 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income(b) | 0.40 | 0.83 | 0.29 | 0.43 | 0.45 | 0.34 | |||||
Net realized and unrealized gains/(losses) on investments | (6.08) | 1.57 | 2.86 | 5.15 | (4.16) | 3.96 | |||||
Total income/(loss) from investment operations | (5.68) | 2.40 | 3.15 | 5.58 | (3.71) | 4.30 | |||||
Less distributions from: | |||||||||||
Net investment income | — | 0.86 | 0.31 | 0.40 | 0.46 | 0.35 | |||||
Net realized gains | — | 1.34 | — | — | — | — | |||||
Total distributions | — | 2.20 | 0.31 | 0.40 | 0.46 | 0.35 | |||||
Net asset value, end of period | $ 21.05 | $ 26.73 | $ 26.53 | $ 23.69 | $ 18.51 | $ 22.68 | |||||
Total Return(c) | (21.25)% | 9.05% | 13.31% | 30.14% | (16.33)% | 22.99% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $156,287 | $204,799 | $201,200 | $199,123 | $183,982 | $237,769 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.40% (d) | 0.37% | 0.40% | 0.38% | 0.36% | 0.36% | |||||
Gross expenses | 0.40% (d) | 0.37% | 0.40% | 0.38% | 0.36% | 0.36% | |||||
Net investment income | 3.33% (d) | 2.93% | 1.31% | 2.02% | 2.06% | 1.64% | |||||
Portfolio turnover rate | 8% | 17% | 20% | 15% | 27% | 30% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
(d) | Annualized for periods less than one year. |
88 | Financial Highlights |
6/30/22 (a) | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | ||||||
Inception date | 5/27/35 | ||||||||||
Net asset value, beginning of period | $ 79.73 | $ 71.55 | $ 62.16 | $ 50.14 | $ 60.36 | $ 53.23 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income(b) | 0.34 | 0.72 | 0.64 | 0.71 | 0.74 | 0.76 | |||||
Net realized and unrealized gains/(losses) on investments | (17.08) | 16.72 | 14.90 | 17.15 | (2.85) | 12.88 | |||||
Total income/(loss) from investment operations | (16.74) | 17.44 | 15.54 | 17.86 | (2.11) | 13.65 | |||||
Less distributions from: | |||||||||||
Net investment income | — | 0.74 | 0.69 | 0.67 | 0.76 | 0.78 | |||||
Net realized gains | — | 8.52 | 5.46 | 5.17 | 7.35 | 5.74 | |||||
Total distributions | — | 9.26 | 6.15 | 5.84 | 8.11 | 6.52 | |||||
Net asset value, end of period | $ 62.99 | $ 79.73 | $ 71.55 | $ 62.16 | $ 50.14 | $ 60.36 | |||||
Total Return(c) | (21.00)% | 24.28% | 25.07% | 35.57% | (3.39)% | 25.61% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $3,054,738 | $3,965,156 | $3,419,765 | $2,979,222 | $2,427,667 | $2,737,919 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.18% (d) | 0.18% | 0.18% | 0.18% | 0.19% | 0.18% | |||||
Gross expenses | 0.18% (d) | 0.18% | 0.18% | 0.18% | 0.19% | 0.18% | |||||
Net investment income | 0.94% (d) | 0.89% | 0.99% | 1.20% | 1.17% | 1.25% | |||||
Portfolio turnover rate | 12% | 26% | 25% | 17% | 18% | 16% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
(d) | Annualized for periods less than one year. |
Financial Highlights | 89 |
6/30/22 (a) | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | ||||||
Inception date | 1/1/88 | ||||||||||
Net asset value, beginning of period | $ 21.68 | $ 20.97 | $ 19.54 | $ 17.02 | $ 18.60 | $ 17.91 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income(b) | 0.10 | 0.34 | 0.37 | 0.41 | 0.42 | 0.43 | |||||
Net realized and unrealized gains/(losses) on investments | (3.54) | 2.08 | 2.02 | 2.93 | (1.45) | 2.32 | |||||
Total income/(loss) from investment operations | (3.44) | 2.42 | 2.39 | 3.34 | (1.03) | 2.75 | |||||
Less distributions from: | |||||||||||
Net investment income | — | 0.42 | 0.38 | 0.42 | 0.43 | 0.46 | |||||
Net realized gains | — | 1.29 | 0.58 | 0.40 | 0.12 | 1.60 | |||||
Total distributions | — | 1.71 | 0.96 | 0.82 | 0.55 | 2.06 | |||||
Net asset value, end of period | $ 18.24 | $ 21.68 | $ 20.97 | $ 19.54 | $ 17.02 | $ 18.60 | |||||
Total Return(c) | (15.91)% | 11.56% | 12.23% | 19.58% | (5.51)% | 15.40% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $173,664 | $211,716 | $205,144 | $199,011 | $181,943 | $209,939 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.32% (d) | 0.30% | 0.31% | 0.30% | 0.33% | 0.40% | |||||
Gross expenses | 0.32% (d) | 0.30% | 0.31% | 0.30% | 0.33% | 0.40% | |||||
Net investment income | 1.00% (d) | 1.53% | 1.88% | 2.20% | 2.26% | 2.23% | |||||
Portfolio turnover rate | 28% (e) | 41% (e) | 56% (e) | 162% | 72% | 186% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
(d) | Annualized for periods less than one year. |
(e) | The portfolio turnover calculated for the periods ended 6/30/2022, 12/31/2021 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 53%, 90% and 136%, respectively. |
90 | Financial Highlights |
6/30/22 (a) | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | ||||||
Inception date | 1/1/80 | ||||||||||
Net asset value, beginning of period | $ 11.47 | $ 11.67 | $ 11.54 | $ 11.19 | $ 11.55 | $ 11.48 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income(b) | 0.18 | 0.31 | 0.37 | 0.38 | 0.46 | 0.46 | |||||
Net realized and unrealized gains/(losses) on investments | (1.17) | (0.14) | 0.17 | 0.41 | (0.36) | 0.07 | |||||
Total income/(loss) from investment operations | (0.99) | 0.17 | 0.54 | 0.79 | 0.10 | 0.53 | |||||
Less distributions from: | |||||||||||
Net investment income | 0.18 | 0.37 | 0.41 | 0.44 | 0.46 | 0.46 | |||||
Total distributions | 0.18 | 0.37 | 0.41 | 0.44 | 0.46 | 0.46 | |||||
Net asset value, end of period | $ 10.30 | $ 11.47 | $ 11.67 | $ 11.54 | $ 11.19 | $ 11.55 | |||||
Total Return(c) | (8.66)% | 1.44% | 4.77% | 7.13% | 0.90% | 4.71% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $1,088,002 | $1,250,501 | $1,341,617 | $1,377,821 | $1,376,980 | $1,471,350 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.21% (d) | 0.21% | 0.21% | 0.20% | 0.21% | 0.20% | |||||
Gross expenses | 0.21% (d) | 0.21% | 0.21% | 0.20% | 0.21% | 0.20% | |||||
Net investment income | 3.40% (d) | 2.65% | 3.24% | 3.35% | 4.06% | 4.00% | |||||
Portfolio turnover rate | 19% | 42% | 41% | 25% | 18% | 26% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
(d) | Annualized for periods less than one year. |
Financial Highlights | 91 |
6/30/22 (a) | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | ||||||
Inception date | 12/31/84 | ||||||||||
Net asset value, beginning of period | $ 11.67 | $ 12.25 | $ 11.74 | $ 11.02 | $ 11.44 | $ 11.28 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income(b) | 0.11 | 0.24 | 0.29 | 0.32 | 0.32 | 0.29 | |||||
Net realized and unrealized gains/(losses) on investments | (1.40) | (0.38) | 0.63 | 0.73 | (0.41) | 0.15 | |||||
Total income/(loss) from investment operations | (1.29) | (0.14) | 0.92 | 1.05 | (0.09) | 0.44 | |||||
Less distributions from: | |||||||||||
Net investment income | 0.12 | 0.27 | 0.34 | 0.33 | 0.33 | 0.28 | |||||
Net realized gains | — | 0.17 | 0.07 | — | — | — | |||||
Total distributions | 0.12 | 0.44 | 0.41 | 0.33 | 0.33 | 0.28 | |||||
Net asset value, end of period | $ 10.26 | $ 11.67 | $ 12.25 | $ 11.74 | $ 11.02 | $ 11.44 | |||||
Total Return(c) | (11.11)% | (1.19)% | 8.03% | 9.50% | (0.80)% | 3.90% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $180,324 | $218,824 | $244,329 | $233,663 | $229,477 | $261,189 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.31% (d) | 0.29% | 0.27% | 0.29% | 0.34% | 0.33% | |||||
Gross expenses | 0.32% (d) | 0.29% | 0.27% | 0.29% | 0.34% | 0.33% | |||||
Net investment income | 2.10% (d) | 2.03% | 2.44% | 2.77% | 2.88% | 2.54% | |||||
Portfolio turnover rate | 29% (e) | 71% (e) | 108% (e) | 107% | 207% | 299% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
(d) | Annualized for periods less than one year. |
(e) | The portfolio turnover calculated for the period ended 6/30/2022, 12/31/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 87%, 184% and 255%, respectively. |
92 | Financial Highlights |
6/30/22 (a) | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | ||||||
Inception date | 6/13/90 | ||||||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income(b) | 0.00 (c) | — | 0.00 (c) | 0.02 | 0.02 | 0.01 | |||||
Total income from investment operations | 0.00 (c) | — | 0.00 (c) | 0.02 | 0.02 | 0.01 | |||||
Less distributions from: | |||||||||||
Net investment income | 0.00 (c) | — | 0.00 (c) | 0.02 | 0.02 | 0.01 | |||||
Net realized gains | — | — | — | — | — | 0.00 (c) | |||||
Total distributions | 0.00 (c) | — | 0.00 (c) | 0.02 | 0.02 | 0.01 | |||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||||
Total Return(d) | 0.13% | —% | 0.32% | 1.99% | 1.55% | 0.58% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $155,373 | $142,430 | $153,251 | $128,561 | $104,275 | $109,828 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.19% (e) | 0.09% | 0.19% | 0.26% | 0.32% | 0.34% | |||||
Gross expenses | 0.25% (e) | 0.26% | 0.25% | 0.26% | 0.32% | 0.34% | |||||
Net investment income | 0.27% (e) | —% | 0.30% | 1.96% | 1.53% | 0.56% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Rounds to less than $0.005. |
(d) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
(e) | Annualized for periods less than one year. |
Financial Highlights | 93 |
Elfun International Equity Fund | Elfun Trusts | ||
Assets | |||
Investments in securities, at fair value (cost $138,389,024; $1,958,849,149; $117,384,881; $1,095,581,880; $205,783,632 and $0, respectively) | $ 154,294,768 | $ 3,014,774,448 | |
Investments in affiliated securities, at fair value (cost $0; $0; $43,962,529; $0; $0 and $0, respectively) | — | — | |
Short-term investments, at fair value (cost $0; $0; $2,568,270; $0; $0 and $41,196,683, respectively) | — | — | |
Investments in affiliated securities, at fair value | 1,754,822 | 40,143,512 | |
Repurchase agreements | — | — | |
Cash | — | — | |
Net cash collateral on deposit with broker for future contracts | 28,945 | — | |
Net cash collateral on deposit with broker for swap contracts | — | — | |
Foreign currency (cost $0, $0, $32,153, $0, $0 and $0, respectively) | — | — | |
Receivable from Adviser | — | — | |
Receivable for investments sold | — | 3,067,557 | |
Income receivables | 1,244,614 | 3,205,808 | |
Receivable for fund shares sold | 1,148 | 9,770 | |
Income receivable from affiliated investments | 2,422 | 33,144 | |
Receivable for accumulated variation margin on futures contracts | 72,470 | — | |
Total assets | 157,399,189 | 3,061,234,239 | |
Liabilities | |||
Distribution payable to shareholders | — | — | |
Due to custodian | — | — | |
Foreign currency overdraft payable, at value | 59,403 | — | |
Payable for investments purchased | 393,855 | 4,653,861 | |
Payable for fund shares redeemed | 17,656 | 1,022,346 | |
Payable for accumulated variation margin on swap contracts | — | — | |
Payable for accumulated variation margin on futures contracts | — | — | |
Payable to the Adviser | 28,081 | 366,069 | |
Payable for custody, fund accounting and sub-administration fees | 32,280 | 143,814 | |
Accrued other expenses | 580,507 | 309,782 | |
Total liabilities | 1,111,782 | 6,495,872 | |
Net Assets | $ 156,287,407 | $ 3,054,738,367 | |
Net Assets Consist of: | |||
Capital paid in | $ 132,331,293 | $ 1,715,406,558 | |
Total distributable earnings (loss) | 23,956,114 | 1,339,331,809 | |
Net Assets | $ 156,287,407 | $ 3,054,738,367 | |
Shares outstanding (Par value $10; $10; $10; $10; $10; and $1, respectively; unlimited shares authorized) | 7,425,500 | 48,493,719 | |
Net asset value, offering and redemption price per share | $ 21.05 | $ 62.99 |
94 | Statements of Assets and Liabilities |
Elfun Diversified Fund | Elfun Tax-Exempt Income Fund | Elfun Income Fund | Elfun Government Money Market Fund | |||
$ 126,249,828 | $ 1,073,304,140 | $ 189,313,701 | $ — | |||
43,300,545 | — | — | — | |||
2,568,270 | — | — | 41,196,683 | |||
12,658,717 | 6,898,726 | 18,141,754 | — | |||
— | — | — | 112,441,000 | |||
1,133 | — | 2,713 | 883 | |||
48,141 | — | 117,474 | — | |||
23,470 | — | 76,674 | — | |||
32,818 | — | — | — | |||
— | — | — | 2,150 | |||
7,644,004 | 8,366,901 | 14,182,924 | — | |||
349,220 | 14,098,437 | 956,150 | — | |||
289 | 11,958 | 31,707 | 1,857,887 | |||
12,939 | 10,482 | 16,807 | 55,938 | |||
— | — | — | — | |||
192,889,374 | 1,102,690,644 | 222,839,904 | 155,554,541 | |||
— | 919,113 | 75,577 | 5,108 | |||
— | 80,379 | — | — | |||
— | — | — | — | |||
19,034,641 | 13,134,302 | 42,045,853 | — | |||
36,514 | 208,137 | 110,066 | 97,060 | |||
22,922 | — | 76,501 | — | |||
19,210 | — | 86,651 | — | |||
24,129 | 143,682 | 23,793 | 12,333 | |||
8,432 | 50,541 | 14,303 | 15,789 | |||
79,758 | 152,973 | 83,527 | 50,950 | |||
19,225,606 | 14,689,127 | 42,516,271 | 181,240 | |||
$ 173,663,768 | $ 1,088,001,517 | $ 180,323,633 | $ 155,373,301 | |||
$ 158,806,976 | $ 1,176,768,227 | $ 201,437,830 | $ 155,373,158 | |||
14,856,792 | (88,766,710) | (21,114,197) | 143 | |||
$ 173,663,768 | $ 1,088,001,517 | $ 180,323,633 | $ 155,373,301 | |||
9,523,354 | 105,672,933 | 17,568,597 | 155,373,139 | |||
$ 18.24 | $ 10.30 | $ 10.26 | $ 1.00 |
Statements of Assets and Liabilities | 95 |
Elfun International Equity Fund | Elfun Trusts | ||
Investment Income | |||
Income | |||
Dividend | $ 4,205,215 | $ 19,569,109 | |
Interest | — | — | |
Income from affiliated investments | 6,618 | 83,085 | |
Less: Foreign taxes withheld | (371,808) | — | |
Total income | 3,840,025 | 19,652,194 | |
Expenses | |||
Advisory and administration fees | 188,076 | 2,458,471 | |
Blue Sky fees | 20,878 | 27,787 | |
Transfer agent fees | 62,895 | 287,099 | |
Trustees' fees | 11,095 | 21,190 | |
Custody, fund accounting and sub-administration fees | 541,906 | 227,304 | |
Professional fees | 24,334 | 29,138 | |
Printing and shareholder reports | 4,319 | 38,101 | |
Registration fees | — | 15,491 | |
Other expenses | 2,594 | 39,046 | |
Total expenses before waivers | 856,097 | 3,143,627 | |
Fees waived and/or reimbursed by the adviser | — | — | |
Net expenses | 856,097 | 3,143,627 | |
Net investment income | $ 2,983,928 | $ 16,508,567 | |
Net Realized and Unrealized Gain (Loss) on Investments | |||
Realized gain (loss) on: | |||
Unaffiliated investments | $ 3,139,798 | $ 59,794,880 | |
Affiliated investments | — | — | |
Futures | (114,108) | — | |
Swap contracts | — | — | |
Foreign currency transactions | (142,074) | — | |
Increase (decrease) in unrealized appreciation/depreciation on: | |||
Unaffiliated investments | (48,693,927) | (898,288,840) | |
Affiliated investments | — | — | |
Futures | 33,692 | — | |
Swap contracts | — | — | |
Foreign currency translations | (79,308) | — | |
Net realized and unrealized gain (loss) on investments | (45,855,927) | (838,493,960) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ (42,871,999) | $ (821,985,393) |
96 | Statements of Operations |
Elfun Diversified Fund | Elfun Tax-Exempt Income Fund | Elfun Income Fund | Elfun Government Money Market Fund | |||
$ 540,725 | $ — | $ 4,822 | $ — | |||
700,683 | 20,675,415 | 2,356,014 | 331,778 | |||
20,913 | 19,400 | 37,404 | — | |||
(122) | — | — | — | |||
1,262,199 | 20,694,815 | 2,398,240 | 331,778 | |||
162,701 | 916,416 | 169,044 | 71,474 | |||
21,007 | 25,468 | 22,703 | 21,205 | |||
53,628 | 117,733 | 58,726 | 38,577 | |||
11,108 | 14,034 | 11,127 | 10,795 | |||
22,767 | 81,196 | 24,313 | 22,997 | |||
24,335 | 22,478 | 20,469 | 13,514 | |||
7,514 | 17,766 | 4,895 | 2,189 | |||
— | 449 | — | — | |||
2,449 | 12,043 | 2,613 | 1,311 | |||
305,509 | 1,207,583 | 313,890 | 182,062 | |||
(2,393) | — | (4,375) | (43,973) | |||
303,116 | 1,207,583 | 309,515 | 138,089 | |||
$ 959,083 | $ 19,487,232 | $ 2,088,725 | $ 193,689 | |||
$ 1,941,354 | $ (21,819,454) | $ (3,565,951) | $ 88 | |||
950,130 | — | — | — | |||
(343,127) | — | (1,154,549) | — | |||
(98,868) | — | (302,413) | — | |||
(18,976) | — | — | — | |||
(26,086,764) | (104,709,018) | (21,078,611) | — | |||
(10,510,690) | — | — | — | |||
(7,695) | — | (38,169) | — | |||
(38,795) | — | (70,627) | — | |||
(1,692) | — | — | — | |||
(34,215,123) | (126,528,472) | (26,210,320) | 88 | |||
$ (33,256,040) | $ (107,041,240) | $ (24,121,595) | $ 193,777 |
Statements of Operations | 97 |
Elfun International Equity Fund | Elfun Trusts | ||||||
Six Months Ended June 30, 2022(a) | Year Ended December 31, 2021 | Six Months Ended June 30, 2022(a) | Year Ended December 31, 2021 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations: | |||||||
Net investment income | $ 2,983,928 | $ 6,120,473 | $ 16,508,567 | $ 33,815,592 | |||
Net realized gain (loss) on investments, futures, swap contracts and foreign currency transactions | 2,883,616 | 15,203,963 | 59,794,880 | 526,019,203 | |||
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations | (48,739,543) | (3,340,021) | (898,288,840) | 254,514,072 | |||
Net increase (decrease) from operations | (42,871,999) | 17,984,415 | (821,985,393) | 814,348,867 | |||
Distributions to shareholders: | |||||||
Total distributions | — | (15,724,016) | — | (421,275,229) | |||
Increase (decrease) in assets from operations and distributions | (42,871,999) | 2,260,399 | (821,985,393) | 393,073,638 | |||
Share transactions: | |||||||
Proceeds from sale of shares | 716,727 | 2,858,069 | 25,601,674 | 73,991,073 | |||
Value of distributions reinvested | — | 13,507,831 | — | 344,793,733 | |||
Cost of shares redeemed | (6,356,778) | (15,026,462) | (114,033,728) | (266,467,198) | |||
Net increase (decrease) from share transactions | (5,640,051) | 1,339,438 | (88,432,054) | 152,317,608 | |||
Total increase (decrease) in net assets | (48,512,050) | 3,599,837 | (910,417,447) | 545,391,246 | |||
Net Assets | |||||||
Beginning of period | 204,799,457 | 201,199,620 | 3,965,155,814 | 3,419,764,568 | |||
End of period | $ 156,287,407 | $ 204,799,457 | $ 3,054,738,367 | $ 3,965,155,814 | |||
Changes in Fund Shares | |||||||
Shares sold | 29,757 | 102,485 | 355,437 | 924,232 | |||
Issued for distributions reinvested | — | 505,533 | — | 4,291,874 | |||
Shares redeemed | (265,897) | (531,166) | (1,591,469) | (3,281,753) | |||
Net increase (decrease) in fund shares | (236,140) | 76,852 | (1,236,032) | 1,934,353 |
(a) | Unaudited. |
98 | Statements of Changes in Net Assets |
Elfun Diversified Fund | Elfun Tax-Exempt Income Fund | |||||
Six Months Ended June 30, 2022(a) | Year Ended December 31, 2021 | Six Months Ended June 30, 2022(a) | Year Ended December 31, 2021 | |||
$ 959,083 | $ 3,224,928 | $ 19,487,232 | $ 34,533,678 | |||
2,430,513 | 14,601,462 | (21,819,454) | (312,845) | |||
(36,645,636) | 5,260,848 | (104,709,018) | (15,370,341) | |||
(33,256,040) | 23,087,238 | (107,041,240) | 18,850,492 | |||
— | (15,754,251) | (19,486,093) | (41,209,578) | |||
(33,256,040) | 7,332,987 | (126,527,333) | (22,359,086) | |||
2,979,668 | 4,772,080 | 10,853,576 | 40,093,917 | |||
— | 13,873,358 | 13,946,277 | 29,155,146 | |||
(7,775,870) | (19,406,904) | (60,771,688) | (138,005,800) | |||
(4,796,202) | (761,466) | (35,971,835) | (68,756,737) | |||
(38,052,242) | 6,571,521 | (162,499,168) | (91,115,823) | |||
211,716,010 | 205,144,489 | 1,250,500,685 | 1,341,616,508 | |||
$ 173,663,768 | $ 211,716,010 | $ 1,088,001,517 | $ 1,250,500,685 | |||
144,860 | 216,554 | 1,001,431 | 3,462,715 | |||
— | 635,917 | 1,306,619 | 2,525,649 | |||
(386,978) | (871,621) | (5,670,607) | (11,950,926) | |||
(242,118) | (19,150) | (3,362,557) | (5,962,562) |
Statements of Changes in Net Assets | 99 |
Elfun Income Fund | Elfun Government Money Market Fund | ||||||
Six Months Ended June 30, 2022(a) | Year Ended December 31, 2021 | Six Months Ended June 30, 2022(a) | Year Ended December 31, 2021 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations: | |||||||
Net investment income | $ 2,088,725 | $ 4,752,937 | $ 193,689 | $ — | |||
Net realized gain (loss) on investments, futures and swap contracts | (5,022,913) | 2,980,049 | 88 | 55 | |||
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts | (21,187,407) | (10,560,616) | — | — | |||
Net increase (decrease) from operations | (24,121,595) | (2,827,630) | 193,777 | 55 | |||
Distributions to shareholders: | |||||||
Total distributions | (2,187,376) | (8,337,782) | (193,689) | — | |||
Increase (decrease) in assets from operations and distributions | (26,308,971) | (11,165,412) | 88 | 55 | |||
Share transactions: | |||||||
Proceeds from sale of shares | 6,563,775 | 18,127,991 | 45,342,170 | 50,569,988 | |||
Value of distributions reinvested | 1,718,541 | 6,571,744 | 183,971 | 422 | |||
Cost of shares redeemed | (20,474,010) | (39,039,271) | (32,583,258) | (61,391,100) | |||
Net increase (decrease) from share transactions | (12,191,694) | (14,339,536) | 12,942,883 | (10,820,690) | |||
Total increase (decrease) in net assets | (38,500,665) | (25,504,948) | 12,942,971 | (10,820,635) | |||
Net Assets | |||||||
Beginning of period | 218,824,298 | 244,329,246 | 142,430,330 | 153,250,965 | |||
End of period | $ 180,323,633 | $ 218,824,298 | $ 155,373,301 | $ 142,430,330 | |||
Changes in Fund Shares | |||||||
Shares sold | 580,827 | 1,518,468 | 45,342,170 | 50,569,987 | |||
Issued for distributions reinvested | 159,933 | 555,624 | 183,972 | 422 | |||
Shares redeemed | (1,918,137) | (3,276,520) | (32,583,258) | (61,391,100) | |||
Net increase (decrease) in fund shares | (1,177,377) | (1,202,428) | 12,942,884 | (10,820,691) |
(a) | Unaudited. |
100 | Statements of Changes in Net Assets |
• | Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. |
• | Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit. |
• | Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income. |
• | Debt obligations (including short term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices. |
Notes to Financial Statements | 101 |
• | 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. |
• | Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments. |
102 | Notes to Financial Statements |
Notes to Financial Statements | 103 |
104 | Notes to Financial Statements |
Fund | Strategies |
Elfun International Equity Fund | Equitization of Cash |
Elfun Diversified Fund | Management of Interest Rate Risk and Equitization of Cash |
Elfun Income Fund | Management of Interest Rate Risk |
Notes to Financial Statements | 105 |
Asset Derivatives | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun International Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 72,470 | $ — | $ 72,470 |
Liability Derivatives | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun Diversified Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 22,922 | $ — | $ 22,922 |
Swap Contracts | — | — | 19,210 | — | — | 19,210 |
Elfun Income Fund | ||||||
Futures Contracts | $ 86,651 | $ — | $ — | $ — | $ — | $ 86,651 |
Swap Contracts | — | — | 76,501 | — | — | 76,501 |
Realized Gain/Loss | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun International Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | (114,108) | $ — | $ (114,108) |
Elfun Diversified Fund | ||||||
Futures Contracts | $ (247,297) | $ — | $ — | $ (95,830) | $ — | $ (343,127) |
Swap Contracts | — | — | (98,868) | — | — | (98,868) |
Elfun Income Fund | ||||||
Futures Contracts | $ (1,154,549) | $ — | $ — | $ — | $ — | $ (1,154,549) |
Swap Contracts | — | — | (302,413) | — | — | (302,413) |
Net Change in Unrealized Appreciation (Depreciation) | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun International Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 33,692 | $ — | $ 33,692 |
106 | Notes to Financial Statements |
Net Change in Unrealized Appreciation (Depreciation) | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun Diversified Fund | ||||||
Futures Contracts | $ (24,340) | $ — | $ — | $ 16,645 | $ — | $ (7,695) |
Swap Contracts | — | — | (38,795) | — | — | (38,795) |
Elfun Income Fund | ||||||
Futures Contracts | $ (38,169) | $ — | $ — | $ — | $ — | $ (38,169) |
Swap Contracts | — | — | (70,627) | — | — | (70,627) |
Fund | Management Fee |
Elfun International Equity Fund | 0.21% |
Elfun Trusts | 0.14% |
Elfun Diversified Fund | 0.17% |
Elfun Tax-Exempt Income Fund | 0.16% |
Elfun Income Fund | 0.17% |
Elfun Government Money Market Fund | 0.10% |
Notes to Financial Statements | 107 |
Expiration Date | Amount |
12/31/2023 | $ 78,761 |
12/31/2024 | $233,832 |
12/31/2025 | $ 43,973 |
U.S. Government Obligations | Other Securities | ||||
Fund | Purchases | Sales | Purchases | Sales | |
Elfun International Equity Fund | $ — | $ — | $ 16,835,558 | $ 13,443,141 | |
Elfun Trusts | — | — | 417,926,442 | 512,994,691 | |
Elfun Diversified Fund | 20,536,127 | 15,795,084 | 29,807,426 | 35,986,304 | |
Elfun Tax-Exempt Income Fund | — | — | 215,681,270 | 248,713,698 | |
Elfun Income Fund | 44,560,338 | 37,706,629 | 6,830,998 | 14,408,924 |
108 | Notes to Financial Statements |
Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) |
Elfun International Equity Fund | $ 139,482,971 | $ 35,662,327 | $ 19,023,289 | $ 16,639,038 |
Elfun Trusts | 1,999,065,040 | 1,230,816,765 | 174,963,845 | 1,055,852,920 |
Elfun Diversified Fund | 177,110,332 | 15,351,137 | 7,746,600 | 7,604,537 |
Elfun Tax-Exempt Income Fund | 1,126,151,603 | 5,722,033 | 51,670,770 | (45,948,737) |
Elfun Income Fund | 224,568,493 | 9,403 | 17,300,973 | (17,291,570) |
Elfun Government Money Market Fund | 153,637,683 | — | — | — |
Notes to Financial Statements | 109 |
110 | Notes to Financial Statements |
Notes to Financial Statements | 111 |
112 | Other Information |
• | A report prepared by an independent third-party provider of investment company data, which includes for each Fund: |
○ | Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2021, to the performance of an appropriate benchmark constructed by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Lipper Index”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”); |
○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
Other Information | 113 |
○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
• | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Funds, as applicable; and |
• | Profitability analyses for (a) the Adviser with respect to each Fund and (b) affiliates of the Adviser that provide services to the Funds (“Affiliated Service Providers”). |
• | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
• | Information concerning the allocation of brokerage; and |
• | Information regarding the procedures and processes used to value the assets of the Funds. |
• | 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. |
• | 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 6, 2022 and May 11-12, 2022 meetings by Independent Counsel, requesting specific information from each of: |
○ | SSGA FM, in its capacity as the Funds’ Adviser and Administrator, with respect to its operations relating to the Funds and its approximate profit margins from such operations for the calendar year ended December 31, 2021; 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, 2021; |
114 | Other Information |
○ | 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 11-12, 2022; and |
• | Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel. |
Other Information | 115 |
116 | Other Information |
Other Information | 117 |
118 | Other Information |
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.
Item 6. Investments.
(a) | Schedules of Investments are included as part of the report to shareholders filed under Item 1 of this Form N-CSR. |
(b) | Not applicable to the Registrant. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the “1940 Act”)) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable to the Registrant.
(b) Not applicable to the Registrant.
Item 13. Exhibits.
(a)(1) Not applicable; this Form N-CSR is a Semi-Annual Report.
(a)(3) Not applicable to the Registrant.
(a)(4) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | ELFUN TAX-EXEMPT INCOME FUND | |
By: | /s/ Ellen M. Needham | |
Ellen M. Needham | ||
President | ||
Date: | September 7, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Ellen M. Needham | |
Ellen M. Needham | ||
President (Principal Executive Officer) | ||
Date: | September 7, 2022 | |
By: | /s/ Bruce S. Rosenberg | |
Bruce S. Rosenberg | ||
Treasurer (Principal Financial and Accounting Officer) | ||
Date: | September 7, 2022 |