Quarterly Report
March 31, 2022
Elfun Tax-Exempt Income Fund
![](https://capedge.com/proxy/NPORT-P/0001752724-22-128008/img897364d31.gif)
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Principal Amount | Fair Value | ||
Municipal Bonds and Notes - 98.3% † | |||
Alabama - 0.5% | |||
City of Montgomery GO, | |||
5.00% 12/01/30 | $550,000 | $661,918 | |
The Health Care Authority of the City of Huntsville Revenue | |||
5.00% 06/01/37 | 2,500,000 | 2,926,075 | |
The Water Works Board of the City of Birmingham Revenue | |||
5.00% 01/01/30 | 1,350,000 | 1,516,738 | |
5,104,731 | |||
Alaska - 0.2% | |||
Alaska Housing Finance Corp. Revenue | |||
5.00% 12/01/27 (a) | 2,115,000 | 2,128,529 | |
Arizona - 1.7% | |||
City of Phoenix Civic Improvement Corp. Revenue | |||
5.00% 07/01/26 - 07/01/30 | 2,370,000 | 2,659,769 | |
City of Phoenix Civic Improvement Corp. Revenue (NPFG Insured) | |||
5.50% 07/01/23 - 07/01/24 | 7,260,000 | 7,710,510 | |
Maricopa County Industrial Development Authority Revenue | |||
4.00% 01/01/41 | 3,000,000 | 3,149,606 | |
Maricopa County Unified School District No 090 Saddle Mountain GO, (AGM Insured) | |||
5.00% 07/01/32 | 775,000 | 906,567 | |
The University of Arizona Revenue | |||
5.00% 06/01/46 | 5,000,000 | 5,515,403 | |
19,941,855 | |||
Arkansas - 0.6% | |||
Springdale School District No 50 GO, | |||
5.00% 06/01/27 | 500,000 | 567,486 | |
University of Arkansas Revenue | |||
4.00% 07/01/46 | 1,500,000 | 1,626,874 | |
5.00% 11/01/46 - 11/01/47 | 3,580,000 | 4,084,248 | |
6,278,608 | |||
California - 10.6% | |||
California Health Facilities Financing Authority Revenue | |||
5.00% 11/15/39 - 11/15/49 | 6,315,000 | 6,905,508 | |
California State Public Works Board Revenue | |||
5.25% 09/01/29 | 10,160,000 | 10,604,703 | |
California State University Revenue | |||
4.00% 11/01/45 | 5,900,000 | 6,178,498 | |
City & County of San Francisco GO, | |||
4.00% 06/15/44 | 2,000,000 | 2,150,160 | |
City of Los Angeles CA Wastewater System Revenue | |||
5.00% 06/01/43 | 10,000,000 | 11,379,495 | |
City of Los Angeles Department of Airports Revenue | |||
4.00% 05/15/42 | 1,000,000 | 1,049,912 | |
5.00% 05/15/26 - 05/15/36 | 2,770,000 | 3,131,486 | |
City of Vernon CA Electric System Revenue Revenue | |||
5.00% 04/01/26 | 500,000 | 544,971 | |
County of Sacramento CA Airport System Revenue Revenue | |||
4.00% 07/01/37 | 2,000,000 | 2,116,270 | |
Fresno Unified School District GO, | |||
4.00% 08/01/47 (a) | 5,000,000 | 5,239,365 | |
Los Angeles Department of Water & Power Power System Revenue | |||
5.00% 07/01/48 | 5,500,000 | 6,223,820 | |
Mount San Antonio Community College District GO, | |||
4.00% 08/01/49 | 3,000,000 | 3,205,164 | |
Norman Y Mineta San Jose International Airport SJC Revenue | |||
5.00% 03/01/30 | 500,000 | 574,917 | |
Palmdale Elementary School District GO, | |||
5.25% 08/01/42 | 1,495,000 | 1,701,988 | |
San Diego County Regional Airport Authority Revenue | |||
5.00% 07/01/30 - 07/01/51 | 3,000,000 | 3,426,629 | |
San Diego Public Facilities Financing Authority Sewer Revenue | |||
5.00% 05/15/39 | 1,750,000 | 1,936,686 | |
San Francisco Bay Area Rapid Transit District GO, | |||
3.00% 08/01/37 | 3,250,000 | 3,237,382 | |
San Francisco City & County Airport Comm-San Francisco International Airport Revenue | |||
5.00% 05/01/36 - 05/01/49 | 11,515,000 | 12,993,462 | |
State of California GO, | |||
4.00% 10/01/35 - 04/01/49 | 1,700,000 | 1,840,790 | |
5.00% 02/01/31 - 08/01/46 | 14,220,000 | 15,304,216 | |
5.25% 04/01/35 | 2,750,000 | 2,752,358 |
Principal Amount | Fair Value | ||
5.00% 04/01/35 | $1,000,000 | $1,161,318 | |
State of California Department of Water Resources Revenue | |||
5.00% 12/01/29 (a) | 8,120,000 | 8,767,927 | |
University of California Revenue | |||
5.00% 05/15/38 - 05/15/48 | 9,000,000 | 9,763,451 | |
122,190,476 | |||
Colorado - 2.3% | |||
Arapahoe County School District No 5 Cherry Creek GO, | |||
5.00% 12/15/38 | 1,325,000 | 1,584,315 | |
City & County of Denver Airport System Revenue | |||
5.00% 12/01/27 | 2,000,000 | 2,242,487 | |
Colorado Health Facilities Authority Revenue | |||
4.00% 08/01/49 | 5,100,000 | 5,288,583 | |
5.00% 06/01/47 (a) | 1,750,000 | 1,985,286 | |
Metro Wastewater Reclamation District Revenue | |||
5.00% 04/01/27 (a) | 1,730,000 | 1,730,000 | |
Regional Transportation District Sales Tax Revenue | |||
4.25% 11/01/36 | 3,405,000 | 3,990,206 | |
5.00% 11/01/29 | 7,925,000 | 9,422,865 | |
26,243,742 | |||
Connecticut - 4.2% | |||
City of Meriden GO, | |||
5.00% 03/15/26 | 350,000 | 388,519 | |
Connecticut State Health & Educational Facilities Authority Revenue | |||
1.10% 07/01/48 | 1,000,000 | 995,293 | |
5.00% 07/01/46 | 6,500,000 | 7,179,504 | |
South Central Connecticut Regional Water Authority Revenue | |||
5.00% 08/01/27 - 08/01/28 (a) | 2,195,000 | 2,290,146 | |
State of Connecticut GO, | |||
3.00% 06/01/38 | 1,850,000 | 1,757,732 | |
4.00% 01/15/30 - 08/01/33 | 1,350,000 | 1,435,347 | |
State of Connecticut Special Tax Revenue | |||
5.00% 10/01/27 - 10/01/36 | 23,325,000 | 24,667,928 | |
State of Connecticut Clean Water Fund - State Revolving Fund Revenue | |||
5.00% 05/01/37 | 7,000,000 | 7,847,083 | |
State of Connecticut Special Tax Revenue Revenue | |||
4.00% 11/01/38 | 215,000 | 230,486 | |
5.00% 01/01/28 | 1,000,000 | 1,146,578 | |
5.00% 05/01/25 | 500,000 | 542,150 | |
University of Connecticut Revenue | |||
5.00% 04/15/30 | 200,000 | 227,407 | |
48,708,173 | |||
Delaware - 0.6% | |||
Delaware Transportation Authority Revenue | |||
5.00% 06/01/45 | 6,680,000 | 7,183,160 | |
District of Columbia - 4.0% | |||
District of Columbia GO, | |||
4.00% 10/15/39 - 10/15/44 | 9,485,000 | 10,214,842 | |
5.00% 06/01/38 - 06/01/41 | 5,610,000 | 6,094,340 | |
District of Columbia Revenue | |||
5.00% 04/01/42 (a) | 6,250,000 | 7,098,103 | |
District of Columbia Water & Sewer Authority Revenue | |||
5.00% 10/01/27 - 10/01/34 | 1,250,000 | 1,455,041 | |
Metropolitan Washington Airports Authority Revenue | |||
5.00% 10/01/32 | 3,000,000 | 3,524,118 | |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue | |||
5.00% 10/01/44 | 5,000,000 | 5,655,533 | |
Washington Convention & Sports Authority Revenue | |||
5.00% 10/01/28 - 10/01/30 | 1,360,000 | 1,604,428 | |
Washington Convention & Sports Authority Tax Allocation Revenue., | |||
5.00% 10/01/29 | 750,000 | 882,123 | |
Washington Metropolitan Area Transit Authority Revenue | |||
5.00% 07/15/29 - 07/01/43 | 8,875,000 | 9,995,998 | |
46,524,526 | |||
Florida - 1.9% | |||
Broward County FL Water & Sewer Utility Revenue Revenue | |||
4.00% 10/01/39 | 750,000 | 826,835 |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 1 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Principal Amount | Fair Value | ||
Broward County FL Water & Sewer Utility Revenue Rev., | |||
4.00% 10/01/44 | $1,300,000 | $1,415,797 | |
Central Florida Expressway Authority Revenue (AGM Insured) | |||
5.00% 07/01/28 | 500,000 | 582,286 | |
County of Broward FL Port Facilities Revenue | |||
4.00% 09/01/38 | 1,000,000 | 1,042,066 | |
County of Miami-Dade FL Water & Sewer System Revenue | |||
5.00% 10/01/28 - 10/01/43 | 6,000,000 | 6,899,672 | |
Escambia County Health Facilities Authority Revenue | |||
4.00% 08/15/50 | 1,000,000 | 1,016,005 | |
Greater Orlando Aviation Authority Rev., | |||
5.00% 10/01/28 | 1,625,000 | 1,844,121 | |
Hillsborough County Aviation Authority Revenue | |||
5.00% 10/01/27 | 250,000 | 279,942 | |
Martin County Health Facilities Authority Revenue | |||
4.00% 01/01/46 | 5,000,000 | 5,187,544 | |
Miami Beach Health Facilities Authority Revenue | |||
5.00% 11/15/33 | 1,180,000 | 1,382,262 | |
4.00% 07/01/33 | 535,000 | 572,279 | |
University of Florida Department of Housing & Residence Education Hsg Sys Revenue | |||
5.00% 07/01/29 | 1,000,000 | 1,171,033 | |
22,219,842 | |||
Georgia - 5.7% | |||
City of Atlanta GA Airport Passenger Facility Charge Revenue | |||
5.00% 01/01/32 - 01/01/34 | 8,500,000 | 8,934,030 | |
City of Atlanta GA Department of Aviation Revenue | |||
5.00% 07/01/30 - 07/01/32 | 1,590,000 | 1,872,683 | |
City of Atlanta GA Water & Wastewater Revenue | |||
5.00% 11/01/40 - 11/01/41 | 6,070,000 | 6,823,872 | |
5.25% 11/01/30 (a) | 5,690,000 | 5,998,597 | |
City of Atlanta GA Water & Wastewater Revenue (AGM Insured) | |||
5.75% 11/01/27 - 11/01/30 | 9,500,000 | 11,642,259 | |
City of Atlanta GA Water & Wastewater Revenue Rev., | |||
4.00% 11/01/38 | 500,000 | 534,397 | |
Development Authority of Gwinnett County Revenue | |||
5.00% 07/01/37 - 07/01/40 | 9,325,000 | 10,472,791 | |
Georgia Ports Authority Revenue | |||
4.00% 07/01/37 | 2,250,000 | 2,470,044 | |
Municipal Electric Authority of Georgia Revenue | |||
5.00% 01/01/35 | 5,500,000 | 5,887,776 | |
Private Colleges & Universities Authority Revenue | |||
5.00% 10/01/29 | 550,000 | 627,463 | |
State of Georgia GO, | |||
4.00% 07/01/36 | 10,000,000 | 10,861,703 | |
66,125,615 | |||
Hawaii - 0.5% | |||
State of Hawaii GO, | |||
5.00% 01/01/36 | 4,850,000 | 5,616,468 | |
Illinois - 4.0% | |||
Chicago O'Hare International Airport Revenue | |||
5.00% 01/01/46 - 01/01/48 | 7,000,000 | 7,698,240 | |
5.25% 01/01/42 | 8,000,000 | 8,837,370 | |
Chicago Transit Authority Capital Grant Receipts Revenue | |||
5.00% 06/01/29 | 250,000 | 292,750 | |
Illinois Finance Authority Revenue | |||
5.00% 07/01/35 | 2,000,000 | 2,394,464 | |
Illinois Finance Authority Revenue | |||
5.00% 07/01/37 | 3,000,000 | 3,493,514 | |
Metropolitan Pier & Exposition Authority Revenue (NPFG Insured) | |||
5.65% 06/15/22 (b) | 4,305,000 | 4,343,494 | |
State of Illinois GO, | |||
5.00% 03/01/26 - 12/01/32 | 15,750,000 | 16,846,159 | |
5.13% 05/01/22 | 500,000 | 501,429 | |
State of Illinois Sales Tax Revenue | |||
4.00% 06/15/27 | 1,000,000 | 1,061,599 | |
5.00% 06/15/28 | 500,000 | 558,301 | |
Will County School District No 122 GO, | |||
4.00% 10/01/32 (c) | 500,000 | 551,224 | |
46,578,544 | |||
Indiana - 0.7% | |||
Ball State University Revenue | |||
5.00% 07/01/29 | 500,000 | 589,153 |
Principal Amount | Fair Value | ||
Indianapolis Local Public Improvement Bond Bank Revenue | |||
4.00% 02/01/44 | $6,500,000 | $6,986,026 | |
7,575,179 | |||
Iowa - 0.2% | |||
Board Of Regents State Of Iowa Revenue | |||
3.00% 09/01/30 | 1,000,000 | 1,033,459 | |
State of Iowa GO, | |||
5.00% 06/01/29 | 290,000 | 343,150 | |
West Des Moines Community School District GO, | |||
5.00% 05/01/28 | 1,000,000 | 1,156,722 | |
2,533,331 | |||
Kentucky - 1.2% | |||
Kentucky State Property & Building Commission Revenue | |||
5.00% 02/01/33 - 04/01/37 | 11,705,000 | 12,969,114 | |
University of Louisville Revenue (BAM Insured) | |||
5.00% 09/01/28 | 1,045,000 | 1,214,545 | |
14,183,659 | |||
Louisiana - 0.2% | |||
City of New Orleans GO, | |||
5.00% 12/01/32 | 1,000,000 | 1,188,399 | |
Jefferson Parish Consolidated Waterworks District No 2 Rev., (BAM Insured) | |||
4.00% 02/01/29 | 500,000 | 547,165 | |
1,735,564 | |||
Maine - 0.1% | |||
City of South Portland GO, | |||
5.00% 10/01/30 (c) | 500,000 | 604,076 | |
Maine Turnpike Authority Revenue | |||
5.00% 07/01/42 | 1,000,000 | 1,009,586 | |
1,613,662 | |||
Maryland - 2.2% | |||
City of Baltimore Revenue | |||
5.00% 07/01/35 - 07/01/46 | 14,415,000 | 15,923,844 | |
5.00% 07/01/38 (a) | 9,375,000 | 9,887,292 | |
25,811,136 | |||
Massachusetts - 3.5% | |||
City of Cambridge GO, | |||
5.00% 02/15/26 | 1,840,000 | 2,050,892 | |
Commonwealth of Massachusetts GO, | |||
4.00% 05/01/44 | 3,045,000 | 3,233,992 | |
5.00% 03/01/46 | 7,000,000 | 7,378,650 | |
5.25% 09/01/43 - 01/01/44 | 17,950,000 | 20,760,642 | |
Massachusetts Development Finance Agency Revenue | |||
4.00% 06/01/49 | 1,000,000 | 1,031,743 | |
Massachusetts Municipal Wholesale Electric Co. Revenue | |||
4.00% 07/01/27 | 500,000 | 542,180 | |
Massachusetts Port Authority Revenue | |||
5.00% 07/01/31 | 500,000 | 582,993 | |
Massachusetts Water Resources Authority Revenue | |||
5.00% 08/01/32 (a) | 4,140,000 | 4,319,454 | |
5.00% 08/01/37 | 535,000 | 647,518 | |
40,548,064 | |||
Michigan - 1.4% | |||
Bloomfield Hills School District GO, | |||
4.00% 05/01/45 | 1,000,000 | 1,080,439 | |
Michigan Finance Authority Revenue | |||
5.00% 12/01/47 (a) | 4,000,000 | 4,095,308 | |
5.00% 11/15/48 | 3,500,000 | 3,962,527 | |
State of Michigan Revenue | |||
5.00% 03/15/27 | 4,415,000 | 5,026,857 | |
State of Michigan Trunk Line Revenue | |||
5.00% 11/15/35 | 750,000 | 899,324 | |
University of Michigan Revenue | |||
5.00% 04/01/46 | 1,000,000 | 1,102,713 | |
16,167,168 | |||
Minnesota - 1.1% | |||
City of Rochester Revenue | |||
4.00% 11/15/48 | 5,330,000 | 5,630,340 |
See Notes to Schedule of Investments.
2 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Principal Amount | Fair Value | ||
City of St Cloud Revenue | |||
5.00% 05/01/48 | $2,000,000 | $2,264,895 | |
University of Minnesota Revenue | |||
5.00% 09/01/39 | 4,350,000 | 4,945,088 | |
12,840,323 | |||
Mississippi - 0.3% | |||
State of Mississippi GO, | |||
5.00% 10/01/36 | 3,000,000 | 3,479,238 | |
Missouri - 1.7% | |||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue | |||
5.00% 10/01/44 (a) | 8,010,000 | 8,160,058 | |
City of Kansas City MO Sanitary Sewer System Revenue | |||
4.00% 01/01/40 | 1,725,000 | 1,789,765 | |
Health & Educational Facilities Authority of the State of Missouri Revenue | |||
4.00% 07/01/28 - 11/15/48 | 2,700,000 | 2,872,964 | |
Kansas City Industrial Development Authority Revenue | |||
5.00% 03/01/30 | 2,605,000 | 2,974,926 | |
Metropolitan St Louis Sewer District Revenue | |||
5.00% 05/01/45 (a) | 480,000 | 522,122 | |
5.00% 05/01/45 - 05/01/46 | 2,520,000 | 2,774,814 | |
Platte County Reorganized School District No R-3 GO, | |||
5.00% 03/01/32 | 785,000 | 967,883 | |
20,062,532 | |||
Nebraska - 0.2% | |||
Nebraska Public Power District Revenue | |||
5.00% 01/01/32 | 500,000 | 601,653 | |
Omaha School District GO, | |||
3.00% 12/15/32 | 1,000,000 | 1,036,691 | |
1,638,344 | |||
New Hampshire - 0.0% * | |||
New Hampshire Business Finance Authority Revenue | |||
5.00% 08/15/27 | 250,000 | 283,298 | |
New Jersey - 6.8% | |||
New Hampshire Municipal Bond Bank Revenue | |||
3.00% 02/15/32 | 1,000,000 | 1,026,867 | |
New Jersey Economic Development Authority Revenue | |||
5.00% 11/01/29 - 06/15/43 | 12,750,000 | 13,963,933 | |
5.25% 06/15/40 (a) | 220,000 | 241,718 | |
5.00% 07/01/32 (c) | 500,000 | 607,807 | |
New Jersey Educational Facilities Authority Revenue | |||
5.50% 09/01/30 - 09/01/33 | 14,700,000 | 16,469,412 | |
New Jersey Health Care Facilities Financing Authority Revenue | |||
4.00% 07/01/35 | 750,000 | 824,328 | |
New Jersey Health Care Facilities Financing Authority Revenue (AGM Insured) | |||
4.13% 07/01/38 | 6,215,000 | 6,413,611 | |
New Jersey Transportation Trust Fund Authority Revenue | |||
5.00% 06/15/30 - 06/15/45 | 11,750,000 | 13,040,210 | |
New Jersey Turnpike Authority Revenue | |||
4.00% 01/01/48 | 5,000,000 | 5,260,986 | |
5.00% 01/01/33 - 01/01/45 | 15,400,000 | 16,570,056 | |
State of New Jersey GO, | |||
5.00% 06/01/27 - 06/01/40 | 3,500,000 | 3,932,872 | |
78,351,800 | |||
New York - 10.6% | |||
City of New York GO, | |||
5.00% 08/01/26 - 04/01/43 | 7,500,000 | 8,374,643 | |
Hudson Yards Infrastructure Corp. Revenue | |||
4.00% 02/15/44 | 5,830,000 | 6,106,274 | |
5.00% 02/15/34 - 02/15/45 | 12,000,000 | 13,419,722 | |
Metropolitan Transportation Authority Revenue | |||
4.00% 11/15/48 | 1,000,000 | 1,020,256 | |
5.00% 11/15/29 - 11/15/37 | 7,960,000 | 8,319,594 | |
5.25% 11/15/55 | 1,000,000 | 1,105,143 | |
Metropolitan Transportation Authority Revenue (AGM Insured) | |||
4.00% 11/15/49 | 5,000,000 | 5,137,351 | |
New York City Transitional Finance Authority Building Aid Revenue | |||
5.00% 07/15/36 | 6,000,000 | 6,877,726 |
Principal Amount | Fair Value | ||
New York City Transitional Finance Authority Future Tax Secured Revenue | |||
4.00% 11/01/42 | $5,000,000 | $5,202,482 | |
5.00% 02/01/41 - 02/01/43 | 17,500,000 | 18,954,651 | |
New York City Water & Sewer System Revenue | |||
5.00% 06/15/49 | 6,460,000 | 7,234,150 | |
New York Liberty Development Corp. Revenue | |||
3.00% 09/15/43 | 2,000,000 | 1,867,286 | |
4.00% 02/15/43 | 1,000,000 | 1,047,852 | |
New York State Dormitory Authority Revenue | |||
4.00% 08/01/38 - 07/01/41 | 6,655,000 | 7,080,593 | |
5.00% 03/15/45 | 12,500,000 | 13,966,041 | |
5.00% 07/01/46 (a) | 4,000,000 | 4,576,503 | |
Port Authority of New York & New Jersey Revenue | |||
3.00% 10/01/28 | 1,000,000 | 1,017,159 | |
5.00% 07/15/33 - 09/01/48 | 7,000,000 | 7,939,914 | |
St Lawrence County Industrial Development Agency Revenue | |||
5.00% 09/01/32 | 250,000 | 287,109 | |
The New York City Trust for Cultural Resources Revenue | |||
4.00% 12/01/35 | 500,000 | 539,381 | |
Utility Debt Securitization Authority Rev., | |||
5.00% 12/15/35 | 2,000,000 | 2,200,400 | |
122,274,230 | |||
North Carolina - 0.6% | |||
County of Mecklenburg GO, | |||
5.00% 03/01/28 | 1,050,000 | 1,221,137 | |
North Carolina Capital Facilities Finance Agency Revenue | |||
4.00% 10/01/44 | 2,000,000 | 2,112,101 | |
The University of North Carolina at Charlotte Revenue | |||
5.00% 10/01/47 | 3,545,000 | 4,032,238 | |
7,365,476 | |||
North Dakota - 0.0% * | |||
City of Grand Forks Revenue | |||
5.00% 12/01/27 | 250,000 | 281,289 | |
Ohio - 6.3% | |||
City of Akron OH Income Tax Revenue Revenue | |||
4.00% 12/01/24 | 1,085,000 | 1,138,397 | |
City of Columbus GO, | |||
5.00% 07/01/26 - 08/15/30 (a) | 18,055,000 | 18,804,657 | |
County of Franklin GO, | |||
5.00% 12/01/31 | 1,500,000 | 1,652,874 | |
County of Franklin Revenue | |||
5.00% 12/01/47 | 1,125,000 | 1,253,269 | |
Northeast Ohio Regional Sewer District Revenue | |||
3.00% 11/15/34 | 1,385,000 | 1,406,036 | |
4.00% 11/15/43 | 7,550,000 | 8,120,059 | |
5.00% 11/15/38 (a) | 12,000,000 | 12,440,305 | |
Ohio Turnpike & Infrastructure Commission Revenue | |||
5.25% 02/15/39 | 18,250,000 | 18,835,498 | |
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue | |||
3.00% 12/01/34 | 1,770,000 | 1,803,066 | |
4.00% 12/01/37 | 1,000,000 | 1,108,799 | |
5.00% 06/15/36 | 1,450,000 | 1,697,873 | |
University of Cincinnati Revenue | |||
5.00% 06/01/45 | 3,500,000 | 3,937,788 | |
72,198,621 | |||
Oklahoma - 0.5% | |||
Oklahoma Capitol Improvement Authority Revenue | |||
5.00% 07/01/28 - 07/01/29 | 5,000,000 | 5,317,372 | |
Oklahoma State University Revenue | |||
5.00% 09/01/29 | 250,000 | 294,603 | |
5,611,975 | |||
Oregon - 0.8% | |||
City of Eugene OR Water Utility System Revenue | |||
4.00% 08/01/45 | 1,000,000 | 1,040,692 | |
City of Portland OR Sewer System Revenue | |||
3.00% 03/01/37 | 860,000 | 858,789 | |
5.00% 04/01/28 | 1,000,000 | 1,159,810 | |
Oregon Health & Science University Revenue | |||
5.00% 07/01/29 | 750,000 | 885,374 |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 3 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Principal Amount | Fair Value | ||
Port of Portland OR Airport Revenue Revenue | |||
5.00% 07/01/28 | $1,000,000 | $1,130,876 | |
State of Oregon GO, | |||
4.00% 05/01/41 | 3,500,000 | 3,862,213 | |
8,937,754 | |||
Pennsylvania - 6.0% | |||
Allegheny County Airport Authority Revenue | |||
4.00% 01/01/39 | 2,000,000 | 2,078,428 | |
5.00% 01/01/35 | 3,000,000 | 3,413,922 | |
Allegheny County Hospital Development Authority Revenue | |||
4.00% 07/15/39 | 1,500,000 | 1,569,840 | |
Avon Grove School District Chester County GO, | |||
4.00% 11/15/35 | 500,000 | 548,895 | |
City of Philadelphia GO, | |||
5.00% 02/01/24 - 08/01/36 | 10,105,000 | 11,153,981 | |
City of Philadelphia PA Water & Wastewater Revenue | |||
5.00% 10/01/43 - 10/01/47 | 15,000,000 | 17,025,126 | |
City of Philadelphia PA Water & Wastewater Revenue Revenue | |||
5.00% 10/01/33 | 300,000 | 348,240 | |
City of Philadelphia PA Water & Wastewater Revenue Rev., | |||
5.00% 10/01/33 | 1,150,000 | 1,363,900 | |
City of Pittsburgh GO, | |||
5.00% 09/01/32 | 250,000 | 293,812 | |
Delaware River Joint Toll Bridge Commission Revenue | |||
5.00% 07/01/26 | 1,000,000 | 1,118,579 | |
Delaware River Port Authority Revenue | |||
5.00% 01/01/29 - 01/01/40 | 9,600,000 | 10,566,057 | |
Erie City Water Authority Revenue (BAM Insured) | |||
5.00% 12/01/33 | 1,110,000 | 1,313,267 | |
General Authority of Southcentral Pennsylvania Revenue | |||
4.00% 06/01/49 | 3,015,000 | 3,198,976 | |
Montgomery County Higher Education and Health Authority Revenue | |||
4.00% 09/01/49 | 3,000,000 | 3,090,276 | |
Pennsylvania Economic Development Financing Authority Revenue | |||
4.00% 11/15/42 | 5,000,000 | 5,226,960 | |
Pittsburgh School District GO, | |||
3.00% 09/01/38 | 1,995,000 | 1,986,349 | |
The School District of Philadelphia GO, | |||
4.00% 09/01/38 | 1,750,000 | 1,879,447 | |
5.00% 09/01/27 | 1,000,000 | 1,129,168 | |
Upper Merion Area School District GO, | |||
3.00% 01/15/42 | 2,000,000 | 2,013,165 | |
69,318,388 | |||
Rhode Island - 1.0% | |||
Rhode Island Health and Educational Building Corp. Revenue | |||
4.00% 05/15/34 | 1,400,000 | 1,542,025 | |
5.00% 09/01/43 | 5,000,000 | 5,189,546 | |
Rhode Island Health and Educational Building Corp. Revenue, (BAM Insured) | |||
4.00% 05/15/38 | 2,350,000 | 2,568,748 | |
Rhode Island Health and Educational Building Corp. Revenue (BAM Insured) | |||
5.00% 05/15/29 | 200,000 | 235,472 | |
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund Revenue | |||
5.00% 10/01/28 (a) | 2,200,000 | 2,425,027 | |
11,960,818 | |||
South Carolina - 1.4% | |||
County of Charleston GO, | |||
3.00% 11/01/33 | 1,000,000 | 1,037,217 | |
South Carolina Public Service Authority Revenue | |||
5.00% 12/01/37 - 12/01/38 | 12,000,000 | 13,191,109 | |
Spartanburg County School District No 5 GO, | |||
3.00% 03/01/35 | 2,200,000 | 2,222,228 | |
16,450,554 | |||
Tennessee - 1.2% | |||
City of Memphis GO, | |||
4.00% 05/01/35 - 06/01/46 | 7,400,000 | 7,910,349 | |
City of Murfreesboro GO, | |||
3.00% 06/01/35 | 1,000,000 | 1,007,345 | |
County of Shelby GO, | |||
3.13% 04/01/32 | 1,500,000 | 1,557,625 |
Principal Amount | Fair Value | ||
Memphis-Shelby County Airport Authority Revenue | |||
5.00% 07/01/31 | $375,000 | $436,585 | |
The Metropolitan Nashville Airport Authority Revenue | |||
5.00% 07/01/33 - 07/01/54 | 2,250,000 | 2,526,640 | |
13,438,544 | |||
Texas - 8.5% | |||
Arlington Higher Education Finance Corp. Revenue | |||
5.00% 08/15/28 | 500,000 | 576,826 | |
Board of Regents of the University of Texas System Revenue | |||
5.00% 08/15/26 | 10,000,000 | 11,233,559 | |
City of Austin TX Airport System Revenue | |||
5.00% 11/15/46 | 3,000,000 | 3,313,452 | |
City of Austin TX Water & Wastewater System Revenue | |||
5.00% 11/15/33 - 11/15/42 | 14,345,000 | 14,785,780 | |
City of Dallas GO, | |||
5.00% 02/15/29 | 860,000 | 1,009,579 | |
City of Dallas TX Waterworks & Sewer System Revenue | |||
5.00% 10/01/46 | 3,550,000 | 4,000,310 | |
City of Fort Worth GO, | |||
4.00% 03/01/31 | 1,000,000 | 1,117,184 | |
City of Houston GO, | |||
5.00% 03/01/30 | 300,000 | 356,623 | |
City of Houston TX Airport System Revenue | |||
5.00% 07/01/28 - 07/01/30 | 2,300,000 | 2,633,263 | |
City of Houston TX Combined Utility System Revenue | |||
5.00% 05/15/28 | 5,000,000 | 5,299,089 | |
City of Temple TX Utility System Revenue | |||
3.00% 08/01/35 | 1,000,000 | 1,019,406 | |
Comal Independent School District GO, | |||
4.00% 02/01/35 | 750,000 | 836,659 | |
County of Harris GO, | |||
5.00% 10/01/26 - 10/01/37 | 4,350,000 | 4,859,332 | |
Dallas Fort Worth International Airport Revenue | |||
4.00% 11/01/35 | 1,445,000 | 1,535,459 | |
5.25% 11/01/29 | 5,000,000 | 5,245,604 | |
Dallas Independent School District GO, | |||
5.00% 02/15/34 | 885,000 | 1,035,622 | |
Forney Independent School District GO, | |||
3.00% 02/15/32 | 1,000,000 | 1,036,966 | |
Fort Bend Independent School District GO, | |||
5.00% 08/15/30 | 300,000 | 361,031 | |
Love Field Airport Modernization Corp. Revenue | |||
5.00% 11/01/29 | 1,500,000 | 1,709,542 | |
Lower Colorado River Authority Revenue | |||
5.00% 05/15/44 | 2,000,000 | 2,204,969 | |
North Texas Municipal Water District Water System Revenue | |||
3.00% 09/01/34 | 1,500,000 | 1,551,072 | |
North Texas Tollway Authority Revenue | |||
5.00% 01/01/26 - 01/01/48 | 8,000,000 | 8,947,571 | |
Port Authority of Houston of Harris County Texas Revenue | |||
5.00% 10/01/29 | 500,000 | 590,334 | |
Round Rock Independent School District GO, | |||
5.00% 08/01/32 | 2,725,000 | 3,176,476 | |
San Antonio Water System Revenue | |||
5.00% 05/15/31 | 750,000 | 909,929 | |
Southwest Independent School District GO, | |||
3.00% 02/01/34 | 500,000 | 515,727 | |
Tarrant County College District, Texas General Obligation Bond, Series 2020 GO, | |||
5.00% 08/15/28 | 1,000,000 | 1,168,443 | |
Texas Municipal Power Agency Revenue (AGM Insured) | |||
3.00% 09/01/28 | 275,000 | 281,334 | |
Texas Transportation Commission State Highway Fund Revenue | |||
5.00% 04/01/23 | 10,750,000 | 11,113,784 | |
Texas Water Development Board Revenue | |||
3.00% 10/15/33 | 1,000,000 | 1,024,547 | |
The Harris County Toll Road Authority Revenue | |||
4.00% 08/15/37 | 1,000,000 | 1,098,162 | |
Upper Trinity Regional Water District Revenue (BAM Insured) | |||
4.00% 08/01/29 | 400,000 | 440,037 | |
Waco Educational Finance Corp. Revenue | |||
5.00% 03/01/30 | 400,000 | 474,864 | |
West Harris County Regional Water Authority Revenue(BAM Insured) | |||
4.00% 12/15/33 | 1,000,000 | 1,119,162 |
See Notes to Schedule of Investments.
4 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Principal Amount | Fair Value | ||
West Harris County Regional Water Authority Revenue | |||
5.00% 12/15/30 | $1,300,000 | $1,546,634 | |
98,128,331 | |||
Utah - 0.4% | |||
Central Valley Water Reclamation Facility Revenue | |||
3.00% 03/01/30 | 1,145,000 | 1,188,592 | |
City of Salt Lake City Public Utiities Revenue | |||
4.00% 02/01/45 | 1,530,000 | 1,652,546 | |
City of Salt Lake City UT Airport Revenue | |||
5.00% 07/01/29 | 1,000,000 | 1,105,941 | |
3,947,079 | |||
Virginia - 2.3% | |||
City of Alexandria GO, | |||
3.00% 07/15/38 | 1,500,000 | 1,513,843 | |
County of Arlington GO, | |||
5.00% 08/01/28 | 1,760,000 | 2,059,550 | |
County of Fairfax GO, | |||
4.00% 10/01/35 | 6,645,000 | 7,266,297 | |
Norfolk Airport Authority Revenue | |||
5.00% 07/01/28 | 455,000 | 519,601 | |
University of Virginia Revenue | |||
5.00% 04/01/47 | 6,000,000 | 6,732,767 | |
Virginia Commonwealth University Health System Authority Revenue | |||
5.00% 07/01/46 | 1,000,000 | 1,124,545 | |
Virginia Resources Authority Revenue | |||
4.00% 11/01/41 | 5,585,000 | 5,917,226 | |
5.00% 11/01/46 | 1,720,000 | 1,906,207 | |
27,040,036 | |||
Washington - 1.9% | |||
Auburn School District No 408 of King & Pierce Counties GO, | |||
5.00% 12/01/35 | 1,040,000 | 1,188,392 | |
City of Bellevue GO, | |||
4.00% 12/01/42 | 1,000,000 | 1,107,875 | |
City of Seattle WA Drainage & Wastewater Revenue | |||
4.00% 09/01/38 | 1,000,000 | 1,108,791 | |
Clark County Washington School District GO, | |||
4.00% 12/01/32 | 475,000 | 519,972 | |
5.00% 12/01/28 | 665,000 | 753,704 | |
County of King WA Sewer Revenue Revenue | |||
4.00% 01/01/44 | 1,400,000 | 1,498,151 | |
Pierce & King Counties School District No 417 Fife GO, | |||
4.00% 12/01/35 | 1,450,000 | 1,602,562 | |
Port of Seattle Revenue | |||
5.00% 09/01/25 | 1,000,000 | 1,091,707 | |
Port of Seattle GO, | |||
5.00% 12/01/26 | 1,955,000 | 2,189,070 | |
Snohomish County School District No 6 Mukilteo GO, | |||
3.00% 12/01/37 | 2,000,000 | 1,984,703 | |
Spokane County School District No 81 Spokane GO, | |||
4.00% 12/01/39 | 1,000,000 | 1,104,368 | |
State of Washington GO, | |||
4.00% 06/01/33 - 02/01/38 | 3,245,000 | 3,629,433 | |
5.00% 08/01/34 - 08/01/35 | 3,500,000 | 4,138,821 | |
Yakima County School District No 208 West Valley GO, | |||
5.00% 12/01/30 | 300,000 | 352,068 | |
22,269,617 | |||
Wisconsin - 0.4% | |||
Public Finance Authority Revenue | |||
5.00% 06/01/29 - 06/01/30 | 425,000 | 491,872 |
Principal Amount | Fair Value | ||
State of Wisconsin GO, | |||
4.00% 05/01/40 | $1,975,000 | $2,142,141 | |
University of Wisconsin Hospitals & Clinics Revenue | |||
5.00% 04/01/28 | 500,000 | 576,895 | |
Wisconsin Department of Transportation Revenue | |||
5.00% 07/01/32 | 1,000,000 | 1,204,218 | |
4,415,126 | |||
Total Municipal Bonds and Notes (Cost $1,156,856,842) | 1,135,305,405 | ||
Short-Term Investments - 1.2% | |||
State Street Institutional Treasury Plus Fund - Premier Class 0.26% (d)(e) (Cost $14,165,625) | 14,165,625 | 14,165,625 | |
Total Investments (Cost $1,171,022,467) | 1,149,471,030 | ||
Other Assets and Liabilities, net - 0.5% | 5,286,543 | ||
NET ASSETS - 100.0% | $1,154,757,573 |
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) | Pre-refunded bonds are collateralized by U.S. Treasury securities, which are held in escrow by a trustee and are used to pay principal and interest on the tax-exempt issue to retire the bonds at the earliest refunding date. |
(b) | Escrowed to maturity bonds are collateralized by U.S. Treasury securities which are held in escrow by a Trustee and are used to pay principal and interest on such bonds. |
(c) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
(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 March 31, 2022. |
* | Less than 0.05%. |
Abbreviations: |
BAM - Build America Mutual Assurance Company |
NPFG - National Public Finance Guaranty Corporation |
The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2022:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||
Investments in Securities | ||||||||
Municipal Bonds and Notes | $— | $1,135,305,405 | $— | $1,135,305,405 | ||||
Short-Term Investments | 14,165,625 | — | — | 14,165,625 | ||||
Total Investments in Securities | $14,165,625 | $1,135,305,405 | $— | $1,149,471,030 |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 5 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2022 (Unaudited)
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 3/31/22 | Value at 3/31/22 | Dividend Income | |||||||||
State Street Institutional Treasury Plus Fund - Premier Class | 3,950,909 | $3,950,909 | $51,486,614 | $41,271,898 | $— | $— | 14,165,625 | $14,165,625 | $12,360,386 |
See Notes to Schedule of Investments.
6 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Notes to Schedule of Investments
March 31, 2022 (Unaudited)
Security Valuation
The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board of Trustees of the Trust (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value the Fund’s investments by major category are as follows:
•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.
•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.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
•Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;
•Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of the Fund’s investments according to the fair value hierarchy as of March 31, 2022 is disclosed in the Fund’s Schedule of Investments.
7