Quarterly Report
September 30, 2022
Elfun Tax-Exempt Income Fund
Elfun Tax-Exempt Income Fund
Schedule of Investments
September 30, 2022 (Unaudited)
Principal Amount | Fair Value | ||
Municipal Bonds and Notes - 99.0% † | |||
Arizona - 1.8% | |||
City of Mesa AZ Utility System Revenue (BAM Insured) | |||
5.00% 07/01/29 | $500,000 | $538,959 | |
City of Phoenix Civic Improvement Corp. Revenue | |||
5.00% 07/01/26 | 895,000 | 944,976 | |
5.00% 07/01/30 (a) | 1,475,000 | 1,535,721 | |
City of Phoenix Civic Improvement Corp. Revenue (NPFG Insured) | |||
5.50% 07/01/23 - 07/01/24 | 7,260,000 | 7,459,665 | |
Maricopa County Industrial Development Authority Revenue | |||
4.00% 01/01/41 | 3,000,000 | 2,710,042 | |
The University of Arizona Revenue | |||
5.00% 06/01/46 | 5,000,000 | 5,146,848 | |
18,336,211 | |||
Arkansas - 0.4% | |||
University of Arkansas Revenue | |||
5.00% 11/01/46 - 11/01/47 | 3,580,000 | 3,665,369 | |
California - 9.0% | |||
California Health Facilities Financing Authority Revenue | |||
5.00% 11/15/39 - 11/15/49 | 6,315,000 | 6,308,727 | |
California State Public Works Board Revenue | |||
5.25% 09/01/29 | 10,160,000 | 10,340,551 | |
California State University Revenue | |||
4.00% 11/01/45 | 5,900,000 | 5,324,706 | |
City of Los Angeles CA Wastewater System Revenue | |||
5.00% 06/01/43 | 10,000,000 | 10,469,277 | |
City of Los Angeles Department of Airports Revenue | |||
4.00% 05/15/42 (a) | 1,000,000 | 880,519 | |
5.00% 05/15/26 - 05/15/36 (a) | 705,000 | 726,912 | |
City of Los Angeles Department of Airports | |||
5.50% 05/15/36 | 1,000,000 | 1,084,252 | |
Fresno Unified School District GO, | |||
4.00% 08/01/47 (a) | 5,000,000 | 5,076,354 | |
Los Angeles Department of Water & Power Revenue | |||
5.00% 07/01/48 | 5,500,000 | 5,693,818 | |
Mount San Antonio Community College District GO, | |||
4.00% 08/01/49 | 3,000,000 | 2,656,332 | |
San Diego County Regional Airport Authority | |||
5.00% 07/01/30 | 1,000,000 | 1,032,067 | |
San Francisco Bay Area Rapid Transit District | |||
3.00% 08/01/37 | 2,440,000 | 2,083,088 | |
San Francisco City & County Airport Comm-San Francisco International Airport Revenue | |||
5.00% 05/01/49 | 7,000,000 | 7,193,759 | |
State of California GO, | |||
4.00% 04/01/49 | 700,000 | 635,145 | |
5.00% 02/01/31 - 08/01/46 | 15,055,000 | 15,610,952 | |
State of California Department of Water Resources Revenue | |||
5.00% 12/01/29 (a) | 8,120,000 | 8,437,831 | |
University of California Revenue | |||
5.00% 05/15/38 - 05/15/48 | 9,000,000 | 9,192,001 | |
92,746,291 | |||
Colorado - 1.7% | |||
City & County of Denver Co. Airport System Revenue Series A | |||
5.00% 11/15/26 - 11/15/32 (a) | 1,750,000 | 1,831,740 | |
City & County of Denver Co. Airport System Revenue | |||
5.00% 11/15/27 (a) | 1,700,000 | 1,778,959 | |
Colorado Health Facilities Authority Revenue | |||
5.00% 06/01/47 (a) | 1,750,000 | 1,868,818 | |
Regional Transportation District Sales Tax Revenue | |||
4.25% 11/01/36 | 3,405,000 | 3,501,563 | |
5.00% 11/01/29 | 7,925,000 | 8,747,484 | |
17,728,564 | |||
Connecticut - 4.4% | |||
City of Norwalk | |||
5.00% 08/15/36 | 1,000,000 | 1,075,622 | |
City of Stamford GO, | |||
4.00% 06/15/36 | 1,000,000 | 985,356 | |
Connecticut State Health & Educational Facilities Authority Revenue | |||
1.10% 07/01/48 | 1,000,000 | 990,561 | |
5.00% 07/01/46 | 6,500,000 | 6,613,882 |
Principal Amount | Fair Value | ||
South Central Connecticut Regional Water Authority Revenue | |||
5.00% 08/01/27 - 08/01/28 (a) | $2,195,000 | $2,228,517 | |
State of Connecticut GO, | |||
4.00% 08/01/33 | 1,000,000 | 989,132 | |
5.00% 01/15/26 | 700,000 | 735,374 | |
State of Connecticut Special Tax Revenue | |||
4.00% 11/01/38 | 215,000 | 202,331 | |
5.00% 10/01/27 - 10/01/36 | 23,325,000 | 23,845,070 | |
State of Connecticut Clean Water Fund - State Revolving Fund Revenue | |||
5.00% 05/01/37 | 7,000,000 | 7,415,754 | |
45,081,599 | |||
Delaware - 1.2% | |||
Delaware Transportation Authority Revenue | |||
5.00% 09/01/35 - 06/01/55 | 9,360,000 | 9,528,354 | |
State of Delaware GO, | |||
3.00% 02/01/33 | 2,760,000 | 2,591,630 | |
12,119,984 | |||
District of Columbia - 3.5% | |||
District of Columbia GO, | |||
4.00% 10/15/39 - 10/15/44 | 9,485,000 | 8,765,486 | |
5.00% 06/01/38 | 3,000,000 | 3,051,610 | |
District of Columbia Revenue | |||
5.00% 04/01/42 (a) | 6,250,000 | 6,693,681 | |
District of Columbia Water & Sewer Authority Revenue | |||
4.00% 10/01/38 | 2,185,000 | 2,034,326 | |
Metropolitan Washington Airports Authority Aviation Revenue | |||
5.00% 10/01/25 (a) | 500,000 | 517,194 | |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue | |||
5.00% 10/01/44 | 5,000,000 | 5,185,910 | |
Washington Convention & Sports Authority Revenue | |||
5.00% 10/01/28 - 10/01/29 | 710,000 | 771,788 | |
Washington Convention & Sports Authority Tax Allocation Revenue., | |||
5.00% 10/01/29 | 750,000 | 818,941 | |
Washington Metropolitan Area Transit Authority Revenue | |||
5.00% 07/01/34 - 07/01/43 | 8,375,000 | 8,700,096 | |
36,539,032 | |||
Florida - 2.7% | |||
Broward County FL Water & Sewer Utility Revenue | |||
4.00% 10/01/39 | 750,000 | 705,847 | |
Broward County FL Water & Sewer Utility Revenue (AGM Insured) | |||
4.00% 10/01/44 | 1,300,000 | 1,196,511 | |
City of Fort Lauderdale FL Water & Sewer Revenue | |||
4.00% 09/01/41 | 1,000,000 | 919,483 | |
City of Jacksonville | |||
5.00% 10/01/30 | 2,880,000 | 3,123,990 | |
County of Broward FL Port Facilities Revenue | |||
4.00% 09/01/38 (a) | 1,000,000 | 916,805 | |
5.00% 09/01/26 (a) | 500,000 | 522,146 | |
County of Hillsborough FL Utility Revenue | |||
4.00% 08/01/31 | 3,215,000 | 3,296,621 | |
County of Miami-Dade | |||
5.00% 04/01/42 | 1,000,000 | 1,050,154 | |
County of Miami-Dade Seaport Department | |||
4.00% 10/01/40 (a) | 3,000,000 | 2,709,832 | |
County of Miami-Dade Water & Sewer System | |||
4.00% 10/01/37 | 3,000,000 | 2,905,115 | |
5.00% 10/01/43 | 5,000,000 | 5,220,101 | |
Hillsborough County Aviation Authority Revenue | |||
5.00% 10/01/27 (a) | 250,000 | 261,385 | |
Martin County Health Facilities Authority Revenue | |||
4.00% 01/01/46 | 5,000,000 | 4,381,929 | |
State of Florida GO, | |||
4.00% 07/01/33 | 335,000 | 339,476 | |
5.00% 06/01/26 | 520,000 | 552,508 | |
28,101,903 | |||
Georgia - 5.9% | |||
City of Atlanta GA Airport Passenger Facility Charge Revenue | |||
4.00% 07/01/40 (a) | 1,500,000 | 1,339,953 | |
5.00% 01/01/34 | 3,500,000 | 3,542,026 |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 1 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
September 30, 2022 (Unaudited)
Principal Amount | Fair Value | ||
City of Atlanta GA Department of Aviation Revenue | |||
5.00% 07/01/27 - 07/01/35 (a) | $1,500,000 | $1,549,099 | |
City of Atlanta GA Water & Wastewater Revenue | |||
4.00% 11/01/38 | 1,500,000 | 1,419,896 | |
5.00% 11/01/28 - 11/01/41 | 7,070,000 | 7,391,221 | |
5.25% 11/01/30 (a) | 5,690,000 | 5,816,631 | |
City of Atlanta GA Water & Wastewater Revenue (AGM Insured) | |||
5.75% 11/01/30 | 4,500,000 | 5,208,935 | |
County of Brunswick GO, | |||
4.00% 08/01/39 | 2,235,000 | 2,122,270 | |
Development Authority of Gwinnett County Revenue | |||
5.00% 07/01/37 - 07/01/40 | 9,325,000 | 9,583,424 | |
Forsyth County Water & Sewerage Authority Rev., | |||
5.00% 04/01/31 | 1,250,000 | 1,373,018 | |
Georgia Ports Authority | |||
5.00% 07/01/42 | 1,000,000 | 1,054,407 | |
Municipal Electric Authority of Georgia Revenue | |||
5.00% 01/01/35 | 5,500,000 | 5,581,890 | |
State of Georgia GO, | |||
4.00% 07/01/36 | 10,000,000 | 9,883,168 | |
State of Georgia | |||
4.00% 07/01/38 | 3,795,000 | 3,696,670 | |
5.00% 07/01/29 | 955,000 | 1,059,476 | |
60,622,084 | |||
Hawaii - 0.6% | |||
State of Hawaii GO, | |||
5.00% 01/01/36 | 4,850,000 | 5,164,862 | |
State of Hawaii State Highway Fund Revenue | |||
5.00% 01/01/26 | 900,000 | 948,387 | |
6,113,249 | |||
Illinois - 3.6% | |||
Chicago O'Hare International Airport | |||
5.00% 01/01/29 - 01/01/44 (b) | 1,000,000 | 1,019,363 | |
5.00% 01/01/38 | 2,105,000 | 2,139,664 | |
Chicago O'Hare International Airport Revenue | |||
5.00% 01/01/46 - 01/01/48 | 7,000,000 | 7,081,019 | |
5.25% 01/01/42 | 8,000,000 | 8,188,647 | |
Cook County Forest Preserve District | |||
5.00% 12/15/36 | 1,000,000 | 1,046,775 | |
Illinois Finance Authority Revenue | |||
5.00% 07/01/35 | 1,000,000 | 1,089,550 | |
Illinois State Toll Highway Authority Rev., | |||
5.00% 01/01/46 | 500,000 | 511,702 | |
Metropolitan Water Reclamation District of Greater Chicago | |||
5.00% 12/01/30 | 620,000 | 680,886 | |
Metropolitan Water Reclamation District of Greater Chicago GO, | |||
5.00% 12/01/35 | 975,000 | 1,010,321 | |
State of Illinois | |||
4.00% 02/01/30 | 1,500,000 | 1,462,692 | |
5.00% 10/01/30 | 1,000,000 | 1,023,675 | |
State of Illinois GO, | |||
5.00% 03/01/25 - 03/01/30 | 10,400,000 | 10,597,648 | |
State of Illinois Sales Tax Revenue | |||
5.00% 06/15/28 | 500,000 | 528,204 | |
Will County School District No 122 GO, | |||
4.00% 10/01/32 | 500,000 | 499,805 | |
36,879,951 | |||
Indiana - 0.6% | |||
Indianapolis Local Public Improvement Bond Bank Revenue | |||
4.00% 02/01/44 | 6,500,000 | 5,866,257 | |
Iowa - 0.1% | |||
State of Iowa GO, | |||
5.00% 06/01/29 | 360,000 | 395,794 | |
State of Iowa Board of Regents Revenue | |||
3.00% 09/01/30 | 1,000,000 | 942,341 | |
1,338,135 | |||
Kansas - 0.1% | |||
Johnson County Unified School District No 233 Olathe GO, | |||
4.00% 09/01/36 | 1,000,000 | 975,589 |
Principal Amount | Fair Value | ||
Kentucky - 1.3% | |||
Kentucky State Property & Building Commission Revenue | |||
5.00% 02/01/33 - 04/01/37 | $11,705,000 | $12,140,909 | |
Louisville Water Co. Revenue | |||
3.00% 11/15/34 | 1,000,000 | 864,421 | |
13,005,330 | |||
Maryland - 2.9% | |||
City of Baltimore Revenue | |||
4.00% 07/01/34 - 07/01/44 | 4,400,000 | 4,102,472 | |
5.00% 07/01/35 - 07/01/46 | 15,155,000 | 15,647,268 | |
5.00% 07/01/38 (a) | 9,375,000 | 9,586,244 | |
County of Prince George's GO, | |||
4.00% 07/15/31 | 1,000,000 | 1,030,287 | |
30,366,271 | |||
Massachusetts - 3.5% | |||
Commonwealth of Massachusetts GO, | |||
4.00% 05/01/44 | 1,545,000 | 1,411,596 | |
5.00% 03/01/46 | 7,000,000 | 7,091,408 | |
5.25% 09/01/43 - 01/01/44 | 17,950,000 | 18,935,950 | |
Massachusetts Bay Transportation Authority Sales Tax Revenue, Series A-1 | |||
4.00% 07/01/38 | 1,150,000 | 1,090,770 | |
Massachusetts Development Finance Agency Revenue | |||
4.00% 06/01/49 (a) | 1,000,000 | 1,031,689 | |
Massachusetts Port Authority Revenue | |||
5.00% 07/01/31 (a) | 500,000 | 529,324 | |
Massachusetts Water Resources Authority Revenue (BAM Insured) | |||
4.00% 08/01/36 | 1,490,000 | 1,461,433 | |
Massachusetts Water Resources Authority Revenue | |||
5.00% 08/01/32 (a) | 4,140,000 | 4,203,218 | |
5.00% 08/01/37 | 535,000 | 581,876 | |
36,337,264 | |||
Michigan - 1.3% | |||
Michigan Finance Authority Revenue | |||
5.00% 12/01/47 (a) | 4,000,000 | 4,012,504 | |
5.00% 11/15/48 | 3,500,000 | 3,479,845 | |
State of Michigan Revenue | |||
5.00% 03/15/27 | 4,415,000 | 4,723,514 | |
University of Michigan Revenue | |||
5.00% 04/01/46 (a) | 1,000,000 | 1,059,279 | |
13,275,142 | |||
Minnesota - 1.5% | |||
City of Duluth GO, | |||
5.00% 02/01/32 | 590,000 | 614,522 | |
City of Minneapolis GO, | |||
3.00% 12/01/34 | 1,315,000 | 1,140,406 | |
City of Rochester Revenue | |||
4.00% 11/15/48 | 5,330,000 | 4,636,619 | |
City of St Cloud Revenue | |||
5.00% 05/01/48 | 2,000,000 | 1,988,629 | |
Cloquet Independent School District No 94 GO, | |||
4.00% 02/01/36 | 1,675,000 | 1,663,803 | |
Maple River Independent School District No 2135 GO, | |||
5.00% 02/01/28 | 750,000 | 813,353 | |
University of Minnesota Revenue | |||
5.00% 09/01/39 | 4,350,000 | 4,566,688 | |
15,424,020 | |||
Missouri - 1.6% | |||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue | |||
5.00% 10/01/44 (a) | 8,010,000 | 8,010,000 | |
City of Kansas City MO Sanitary Sewer System Revenue | |||
4.00% 01/01/40 | 1,725,000 | 1,633,044 | |
City of St Louis MO Airport Revenue Revenue | |||
5.00% 07/01/24 (a) | 565,000 | 576,214 | |
Health & Educational Facilities Authority of the State of Missouri Revenue | |||
4.00% 11/15/48 | 2,200,000 | 1,859,818 | |
Metropolitan St Louis Sewer District Revenue | |||
5.00% 05/01/45 (a) | 480,000 | 493,203 | |
5.00% 05/01/45 - 05/01/46 | 2,520,000 | 2,602,893 |
See Notes to Schedule of Investments.
2 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments
September 30, 2022 (Unaudited)
Principal Amount | Fair Value | ||
Missouri Joint Municipal Electric Utility Commission Revenue | |||
5.00% 12/01/27 | $1,715,000 | $1,780,668 | |
16,955,840 | |||
Nebraska - 0.2% | |||
Nebraska Public Power District Revenue | |||
5.00% 01/01/32 | 500,000 | 548,292 | |
Omaha Public Power District Revenue | |||
5.00% 02/01/35 (b) | 500,000 | 550,203 | |
Omaha School District GO, | |||
3.00% 12/15/32 | 1,000,000 | 912,225 | |
2,010,720 | |||
New Hampshire - 0.0% * | |||
New Hampshire Business Finance Authority Revenue | |||
5.00% 08/15/27 | 250,000 | 265,214 | |
New Jersey - 6.8% | |||
New Hampshire Municipal Bond Bank Revenue | |||
3.00% 02/15/32 | 1,000,000 | 909,658 | |
5.00% 08/15/33 | 500,000 | 551,032 | |
New Jersey Economic Development Authority Revenue | |||
5.00% 11/01/29 - 06/15/43 | 12,750,000 | 12,686,275 | |
5.25% 06/15/40 (a) | 220,000 | 231,161 | |
New Jersey Educational Facilities Authority Revenue | |||
5.50% 09/01/30 - 09/01/33 | 14,700,000 | 15,204,807 | |
New Jersey Health Care Facilities Financing Authority Revenue (AGM Insured) | |||
4.13% 07/01/38 | 6,215,000 | 5,701,396 | |
New Jersey Transportation Trust Fund Authority | |||
5.00% 12/15/32 | 1,000,000 | 1,026,783 | |
New Jersey Transportation Trust Fund Authority Revenue | |||
5.00% 12/15/34 - 06/15/45 | 7,250,000 | 7,280,125 | |
New Jersey Turnpike Authority Rev., | |||
4.00% 01/01/35 | 1,090,000 | 1,082,644 | |
5.00% 01/01/28 | 1,000,000 | 1,044,667 | |
New Jersey Turnpike Authority Revenue | |||
4.00% 01/01/48 | 5,000,000 | 4,457,607 | |
5.00% 01/01/33 - 01/01/45 | 15,400,000 | 15,782,723 | |
State of New Jersey GO, | |||
5.00% 06/01/28 - 06/01/40 | 3,770,000 | 4,012,952 | |
69,971,830 | |||
New York - 11.9% | |||
Battery Park City Authority Revenue | |||
4.00% 11/01/44 | 1,590,000 | 1,434,965 | |
Build NYC Resource Corp. | |||
5.00% 07/01/41 | 2,000,000 | 1,920,678 | |
City of New York GO, | |||
5.00% 08/01/26 - 08/01/43 | 10,500,000 | 10,822,706 | |
City of New York | |||
5.00% 09/01/36 | 1,000,000 | 1,069,658 | |
Hudson Yards Infrastructure Corp. Revenue | |||
4.00% 02/15/43 | 1,000,000 | 896,418 | |
5.00% 02/15/39 - 02/15/45 | 11,000,000 | 11,257,235 | |
Hudson Yards Infrastructure Corp. | |||
4.00% 02/15/47 | 5,830,000 | 5,164,188 | |
Metropolitan Transportation Authority Revenue | |||
4.00% 11/15/48 | 1,000,000 | 815,292 | |
5.00% 11/15/29 - 11/15/37 | 7,960,000 | 7,935,506 | |
5.25% 11/15/55 | 1,000,000 | 983,081 | |
Metropolitan Transportation Authority Revenue (AGM Insured) | |||
4.00% 11/15/49 | 5,000,000 | 4,394,722 | |
New York City Transitional Finance Authority Building Aid Revenue | |||
4.00% 07/15/38 | 2,190,000 | 2,060,609 | |
5.00% 07/15/36 | 6,000,000 | 6,305,753 | |
New York City Transitional Finance Authority Future Tax Secured Revenue | |||
4.00% 11/01/42 | 5,000,000 | 4,603,651 | |
5.00% 02/01/41 - 02/01/43 | 17,500,000 | 17,770,546 | |
New York City Water & Sewer System Revenue | |||
5.00% 06/15/49 | 6,460,000 | 6,630,693 | |
New York Liberty Development Corp. Revenue | |||
3.00% 09/15/43 | 2,000,000 | 1,466,626 | |
4.00% 02/15/43 | 1,000,000 | 894,617 | |
New York State Dormitory Authority Revenue | |||
4.00% 08/01/38 - 07/01/41 | 6,655,000 | 5,994,396 |
Principal Amount | Fair Value | ||
5.00% 03/15/45 | $12,500,000 | $12,841,236 | |
5.00% 07/01/46 (a) | 4,000,000 | 4,295,770 | |
New York State Dormitory Authority | |||
4.00% 03/15/47 | 1,000,000 | 887,268 | |
New York State Dormitory Authority (BAM Insured) | |||
4.25% 10/01/51 | 610,000 | 539,788 | |
New York State Urban Development Corp. Revenue | |||
4.00% 03/15/42 | 1,000,000 | 906,713 | |
New York Transportation Development Corp. | |||
4.00% 07/01/35 (a) | 2,000,000 | 1,840,205 | |
5.00% 12/01/28 (a) | 500,000 | 510,938 | |
Port Authority of New York & New Jersey Revenue | |||
4.00% 12/01/27 | 250,000 | 257,037 | |
5.00% 07/15/33 (a) | 500,000 | 519,542 | |
5.00% 11/15/47 - 09/01/48 | 6,500,000 | 6,696,184 | |
Town of Oyster Bay NY | |||
5.00% 08/01/24 | 500,000 | 515,894 | |
Triborough Bridge & Tunnel Authority Revenue | |||
5.25% 05/15/41 | 1,000,000 | 1,072,106 | |
123,304,021 | |||
North Carolina - 0.7% | |||
City of Charlotte NC Water & Sewer System | |||
5.00% 07/01/34 | 1,000,000 | 1,117,428 | |
Greater Asheville Regional Airport Authority | |||
5.00% 07/01/27 (a) | 550,000 | 569,629 | |
North Carolina Capital Facilities Finance Agency Revenue | |||
4.00% 10/01/44 | 2,000,000 | 1,812,007 | |
The University of North Carolina at Charlotte Revenue | |||
5.00% 10/01/47 | 3,545,000 | 3,639,831 | |
7,138,895 | |||
North Dakota - 0.0% * | |||
City of Grand Forks Revenue | |||
5.00% 12/01/27 | 250,000 | 259,804 | |
Ohio - 6.0% | |||
City of Columbus GO, | |||
5.00% 07/01/26 - 08/15/30 (a) | 13,055,000 | 13,242,169 | |
Columbus Metropolitan Library Rev., | |||
4.00% 12/01/30 | 995,000 | 1,030,287 | |
County of Franklin Revenue | |||
5.00% 12/01/47 | 1,125,000 | 1,125,067 | |
County of Summit | |||
5.00% 12/01/43 | 1,000,000 | 1,053,805 | |
Northeast Ohio Regional Sewer District Revenue | |||
3.00% 11/15/34 | 1,385,000 | 1,188,281 | |
4.00% 11/15/43 | 7,550,000 | 6,890,424 | |
5.00% 11/15/38 (a) | 12,000,000 | 12,136,900 | |
Ohio Higher Educational Facility Commission Revenue | |||
4.00% 10/01/47 | 750,000 | 655,102 | |
Ohio Turnpike & Infrastructure Commission Revenue | |||
5.25% 02/15/39 | 18,250,000 | 18,376,598 | |
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue | |||
3.00% 12/01/34 | 1,770,000 | 1,586,352 | |
State of Ohio | |||
5.00% 06/15/36 | 1,450,000 | 1,553,666 | |
University of Cincinnati Revenue | |||
5.00% 06/01/45 | 3,500,000 | 3,613,919 | |
62,452,570 | |||
Oklahoma - 0.7% | |||
City of Bixby OK | |||
4.00% 06/01/32 | 1,000,000 | 1,019,575 | |
Oklahoma Capitol Improvement Authority Revenue | |||
5.00% 07/01/28 - 07/01/29 | 5,000,000 | 5,142,996 | |
Oklahoma City Zoological Trust OK Sales Tax Revenue | |||
4.00% 06/01/29 | 1,340,000 | 1,394,390 | |
7,556,961 | |||
Oregon - 1.0% | |||
City of Eugene OR Water Utility System Revenue | |||
4.00% 08/01/45 | 1,000,000 | 897,815 | |
City of Portland OR Sewer System Revenue | |||
3.00% 03/01/37 | 860,000 | 701,616 |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 3 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
September 30, 2022 (Unaudited)
Principal Amount | Fair Value | ||
Clackamas County School District No 7J Lake Oswego GO, | |||
4.00% 06/01/33 | $1,000,000 | $1,008,894 | |
Clackamas County School District No 86 Canby | |||
4.00% 06/15/40 | 3,470,000 | 3,189,116 | |
Oregon State University Rev., | |||
5.00% 04/01/45 | 2,000,000 | 2,039,617 | |
Port of Portland OR Airport Revenue | |||
5.00% 07/01/39 (a) | 2,890,000 | 2,896,703 | |
10,733,761 | |||
Pennsylvania - 5.8% | |||
Allegheny County Hospital Development Authority Revenue | |||
4.00% 07/15/39 | 1,500,000 | 1,357,068 | |
City of Philadelphia GO, | |||
5.00% 02/01/24 - 08/01/36 | 9,105,000 | 9,454,508 | |
City of Philadelphia PA Airport Revenue, Series A | |||
4.00% 07/01/40 | 3,000,000 | 2,683,191 | |
City of Philadelphia PA Airport Revenue | |||
5.00% 07/01/31 - 07/01/33 (a) | 2,395,000 | 2,490,228 | |
City of Philadelphia PA Water & Wastewater Revenue | |||
5.00% 10/01/33 - 10/01/47 | 16,450,000 | 17,047,376 | |
City of Pittsburgh GO, | |||
5.00% 09/01/32 | 250,000 | 273,631 | |
Commonwealth of Pennsylvania GO, | |||
5.00% 07/15/27 | 640,000 | 687,959 | |
Delaware River Joint Toll Bridge Commission Revenue | |||
5.00% 07/01/26 | 1,000,000 | 1,069,633 | |
Delaware River Port Authority Revenue | |||
5.00% 01/01/29 (a) | 5,000,000 | 5,113,893 | |
5.00% 01/01/39 - 01/01/40 | 3,600,000 | 3,681,050 | |
Erie City Water Authority Revenue (BAM Insured) | |||
5.00% 12/01/33 | 1,110,000 | 1,210,950 | |
General Authority of Southcentral Pennsylvania Revenue | |||
4.00% 06/01/49 | 3,015,000 | 2,584,903 | |
Montgomery County Higher Education and Health Authority Revenue | |||
4.00% 09/01/49 | 3,000,000 | 2,527,514 | |
Pennsylvania Economic Development Financing Authority Revenue | |||
4.00% 11/15/42 | 5,000,000 | 4,387,843 | |
Pennsylvania Turnpike Commission | |||
5.00% 12/01/34 | 1,000,000 | 1,048,957 | |
The School District of Philadelphia GO, | |||
4.00% 09/01/38 | 1,750,000 | 1,595,618 | |
5.00% 09/01/28 | 840,000 | 882,682 | |
Upper Merion Area School District GO, | |||
3.00% 01/15/42 | 2,000,000 | 1,512,911 | |
59,609,915 | |||
Rhode Island - 0.9% | |||
Rhode Island Health and Educational Building Corp. Revenue | |||
4.00% 05/15/34 | 1,400,000 | 1,381,929 | |
5.00% 09/01/43 | 5,000,000 | 5,034,861 | |
Rhode Island Health and Educational Building Corp. Revenue (BAM Insured) | |||
5.00% 05/15/29 | 200,000 | 219,152 | |
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund Revenue | |||
5.00% 10/01/28 (a) | 2,200,000 | 2,313,817 | |
8,949,759 | |||
South Carolina - 1.8% | |||
Beaufort County School District GO, | |||
4.00% 03/01/33 | 2,200,000 | 2,236,382 | |
South Carolina Public Service Authority Revenue | |||
5.00% 12/01/37 - 12/01/38 | 12,000,000 | 12,037,583 | |
State of South Carolina GO, | |||
5.00% 04/01/35 | 3,890,000 | 4,317,915 | |
18,591,880 | |||
Tennessee - 1.2% | |||
City of Memphis GO, | |||
4.00% 05/01/38 - 06/01/46 | 9,920,000 | 8,997,865 | |
County of Hamblen GO, | |||
4.00% 05/01/40 | 780,000 | 711,919 | |
Memphis-Shelby County Airport Authority Revenue | |||
5.00% 07/01/31 (a) | 375,000 | 392,241 |
Principal Amount | Fair Value | ||
State of Tennessee | |||
5.00% 02/01/35 | $1,500,000 | $1,612,491 | |
The Metropolitan Nashville Airport Authority Revenue | |||
5.00% 07/01/54 (a) | 1,000,000 | 985,244 | |
12,699,760 | |||
Texas - 8.2% | |||
Arlington Higher Education Finance Corp. Revenue | |||
5.00% 08/15/28 | 500,000 | 539,594 | |
Arlington Independent School District | |||
4.00% 02/15/36 | 1,220,000 | 1,188,733 | |
Aubrey Independent School District | |||
5.00% 02/15/36 | 500,000 | 538,183 | |
Board of Regents of the University of Texas System Revenue | |||
5.00% 08/15/26 | 10,000,000 | 10,623,216 | |
City of Austin TX Airport System Revenue | |||
5.00% 11/15/46 | 3,000,000 | 3,006,010 | |
City of Austin TX Water & Wastewater System Revenue | |||
5.00% 11/15/33 - 11/15/42 | 9,345,000 | 9,423,655 | |
City of Dallas TX Waterworks & Sewer System Revenue | |||
5.00% 10/01/46 | 3,550,000 | 3,682,488 | |
City of Houston GO, | |||
5.00% 03/01/30 | 300,000 | 330,006 | |
City of Houston TX Airport System Revenue | |||
5.00% 07/01/28 - 07/01/30 (a) | 3,430,000 | 3,590,424 | |
City of Houston TX Combined Utility System Revenue | |||
5.00% 05/15/28 | 5,000,000 | 5,121,747 | |
City of Temple TX Utility System Revenue | |||
3.00% 08/01/35 | 1,000,000 | 863,525 | |
Community Independent School District | |||
5.00% 02/15/32 | 500,000 | 550,159 | |
Conroe Independent School District GO, | |||
5.00% 02/15/33 | 500,000 | 552,717 | |
Dallas Area Rapid Transit | |||
4.00% 12/01/38 | 1,700,000 | 1,606,651 | |
Dallas Fort Worth International Airport Revenue | |||
5.25% 11/01/29 | 5,000,000 | 5,087,655 | |
Dallas Independent School District GO, | |||
5.00% 02/15/34 | 885,000 | 954,808 | |
Del Valle Independent School District | |||
4.00% 06/15/37 | 500,000 | 491,066 | |
Forney Independent School District | |||
5.00% 08/15/39 | 500,000 | 535,634 | |
Grand Parkway Transportation Corp. Rev., | |||
5.00% 10/01/48 | 1,050,000 | 1,082,009 | |
Greater Texoma Utility Authority | |||
5.00% 10/01/35 | 600,000 | 643,335 | |
Hays Consolidated Independent School District | |||
4.00% 02/15/38 | 550,000 | 520,389 | |
Love Field Airport Modernization Corp. Revenue | |||
5.00% 11/01/29 (a) | 1,500,000 | 1,568,040 | |
Lower Colorado River Authority Revenue | |||
5.00% 05/15/44 | 2,000,000 | 2,047,040 | |
North Texas Municipal Water District Water System Revenue | |||
3.00% 09/01/34 | 1,500,000 | 1,309,877 | |
North Texas Tollway Authority Revenue | |||
5.00% 01/01/26 - 01/01/48 | 8,000,000 | 8,238,509 | |
Port Authority of Houston of Harris County Texas | |||
5.00% 10/01/27 (a) | 1,000,000 | 1,069,816 | |
San Antonio Independent School District GO, | |||
5.00% 08/15/33 | 500,000 | 554,520 | |
State of Texas GO, | |||
4.00% 10/01/44 | 1,985,000 | 1,829,957 | |
Temple Independent School District | |||
5.00% 02/01/32 | 1,000,000 | 1,103,877 | |
Texas A&M University Rev., | |||
5.00% 05/15/28 (b) | 500,000 | 541,854 | |
Texas Municipal Power Agency Revenue (AGM Insured) | |||
3.00% 09/01/28 | 275,000 | 260,875 | |
Texas Transportation Commission State Highway Fund Revenue | |||
5.00% 04/01/23 | 10,750,000 | 10,853,696 | |
The Harris County Toll Road Authority Revenue | |||
4.00% 08/15/37 | 1,000,000 | 948,357 | |
Tyler Independent School District | |||
5.00% 02/15/32 | 500,000 | 551,678 | |
Upper Trinity Regional Water District Revenue (BAM Insured) | |||
4.00% 08/01/29 | 400,000 | 411,738 |
See Notes to Schedule of Investments.
4 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments
September 30, 2022 (Unaudited)
Principal Amount | Fair Value | ||
Upper Trinity Regional Water District Rev., (BAM Insured) | |||
5.00% 08/01/28 | $500,000 | $541,283 | |
Waco Independent School District | |||
5.00% 08/15/33 | 500,000 | 551,430 | |
West Harris County Regional Water Authority Revenue | |||
4.00% 12/15/33 | 1,000,000 | 1,002,687 | |
Willis Independent School District GO, | |||
5.00% 02/15/32 | 500,000 | 551,298 | |
84,868,536 | |||
Utah - 0.7% | |||
Alpine School District GO, | |||
3.00% 03/15/32 | 2,475,000 | 2,280,014 | |
Central Valley Water Reclamation Facility Revenue | |||
3.00% 03/01/30 | 1,145,000 | 1,096,037 | |
City of Salt Lake City UT Airport Revenue | |||
5.00% 07/01/27 (a) | 2,500,000 | 2,589,221 | |
City of Salt Lake City UT Public Utilities Revenue | |||
5.00% 02/01/50 | 1,080,000 | 1,131,993 | |
7,097,265 | |||
Virginia - 2.7% | |||
County of Fairfax GO, | |||
4.00% 10/01/35 | 6,645,000 | 6,728,637 | |
County of Fairfax Sewer Revenue, Series A | |||
4.00% 07/15/40 | 2,245,000 | 2,159,847 | |
County of Loudoun GO, | |||
4.00% 12/01/37 | 2,000,000 | 1,981,885 | |
University of Virginia Revenue | |||
5.00% 04/01/47 | 6,000,000 | 6,282,814 | |
Virginia College Building Authority Rev., | |||
4.00% 09/01/35 | 1,000,000 | 974,171 | |
Virginia Independent School District No 706 GO, | |||
5.00% 02/01/30 | 2,500,000 | 2,701,661 | |
Virginia Resources Authority Revenue | |||
4.00% 11/01/41 | 5,585,000 | 5,357,944 | |
5.00% 11/01/46 | 1,720,000 | 1,790,454 | |
27,977,413 | |||
Washington - 2.2% | |||
City of Seattle WA Drainage & Wastewater Revenue | |||
4.00% 09/01/38 | 1,000,000 | 944,253 | |
City of Seattle WA Municipal Light & Power Revenue Revenue | |||
4.00% 10/01/35 - 07/01/37 | 1,650,000 | 1,604,112 | |
5.00% 07/01/52 | 1,000,000 | 1,058,127 | |
City of Seattle WA Municipal Light & Power Revenue Revenue, Series A | |||
4.00% 07/01/39 | 1,975,000 | 1,862,267 | |
City of Seattle WA Solid Waste Revenue | |||
5.00% 08/01/29 | 1,695,000 | 1,866,010 | |
City of Spokane GO, | |||
3.13% 12/01/33 | 1,260,000 | 1,101,798 | |
County of King WA Sewer | |||
5.00% 07/01/28 | 1,060,000 | 1,090,243 | |
County of King WA Sewer Revenue | |||
4.00% 01/01/44 | 1,400,000 | 1,271,782 | |
Pierce & King Counties School District No 417 Fife GO, | |||
4.00% 12/01/35 | 1,450,000 | 1,460,793 | |
Port of Seattle Revenue | |||
5.00% 09/01/25 - 09/01/26 (a) | 2,800,000 | 2,918,458 | |
5.00% 04/01/29 | 1,000,000 | 1,029,274 | |
Port of Seattle | |||
5.00% 08/01/42 | 500,000 | 502,691 |
Principal Amount | Fair Value | ||
Spokane County School District No 81 Spokane GO, | |||
4.00% 12/01/39 | $1,000,000 | $929,939 | |
State of Washington GO, | |||
5.00% 02/01/31 - 06/01/44 | 3,640,000 | 3,888,439 | |
Washington Higher Education Facilities Authority Rev., | |||
4.00% 05/01/38 | 1,890,000 | 1,673,237 | |
23,201,423 | |||
Wisconsin - 0.5% | |||
State of Wisconsin | |||
4.00% 05/01/30 | 475,000 | 485,230 | |
State of Wisconsin GO, | |||
4.00% 05/01/39 - 05/01/40 | 3,500,000 | 3,358,385 | |
Wisconsin Health & Educational Facilities Authority Series MTN | |||
5.00% 10/01/27 | 1,000,000 | 1,065,567 | |
4,909,182 | |||
Total Municipal Bonds and Notes (Cost $1,105,254,479) | 1,023,076,994 | ||
Short-Term Investments - 0.7% | |||
State Street Institutional Treasury Plus Fund - Premier Class 2.95% (c)(d) (Cost $7,254,156) | 7,254,156 | 7,254,156 | |
Total Investments (Cost $1,112,508,635) | 1,030,331,150 | ||
Other Assets and Liabilities, net - 0.3% | 2,600,402 | ||
NET ASSETS - 100.0% | $1,032,931,552 |
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) | Pre-refunded bonds are collateralized by U.S. Treasury securities, which are held in escrow by a trustee and are used to pay principal and interest on the tax-exempt issue to retire the bonds at the earliest refunding date. |
(b) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
(c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(d) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of September 30, 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 September 30, 2022:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||
Investments in Securities | ||||||||
Municipal Bonds and Notes | $— | $1,023,076,994 | $— | $1,023,076,994 | ||||
Short-Term Investments | 7,254,156 | — | — | 7,254,156 | ||||
Total Investments in Securities | $7,254,156 | $1,023,076,994 | $— | $1,030,331,150 |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 5 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
September 30, 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 9/30/22 | Value at 9/30/22 | Dividend Income | |||||||||
State Street Institutional Treasury Plus Fund - Premier Class | 3,950,909 | $3,950,909 | $135,258,644 | $131,955,397 | $— | $— | 7,254,156 | $7,254,156 | $82,770 |
See Notes to Schedule of Investments.
6 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Notes to Schedule of Investments
September 30, 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 September 30, 2022 is disclosed in the Fund’s Schedule of Investments.
7