Quarterly Report
March 31, 2023
Elfun Tax-Exempt Income Fund
![](https://capedge.com/proxy/NPORT-P/0001752724-23-126071/imgbb64c9d01.gif)
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2023 (Unaudited)
Principal Amount | Fair Value | ||
Municipal Bonds and Notes - 98.8% † | |||
Alabama - 0.4% | |||
Auburn University, AL Revenue | |||
4.00% 06/01/41 | $2,000,000 | $2,003,701 | |
Bessemer Governmental Utility Services Corp., AL Revenue (BAM Insured) | |||
5.00% 06/01/30 | 2,070,000 | 2,270,513 | |
4,274,214 | |||
Alaska - 0.1% | |||
Municipality of Anchorage, AK GO, | |||
4.00% 09/01/40 | 1,525,000 | 1,536,081 | |
Arizona - 1.7% | |||
Arizona Board of Regents, AZ Revenue | |||
5.00% 07/01/40 | 1,145,000 | 1,296,312 | |
Arizona State University, AZ Revenue | |||
5.00% 07/01/41 | 1,000,000 | 1,036,470 | |
City of Mesa Utility System, AZ Revenue | |||
5.00% 07/01/43 | 1,500,000 | 1,623,233 | |
City of Phoenix Civic Improvement Corp., AZ Revenue | |||
5.00% 07/01/42 | 1,665,000 | 1,713,588 | |
City of Phoenix Civic Improvement Corp., AZ Revenue (NPFG Insured) | |||
5.50% 07/01/23 - 07/01/24 | 7,260,000 | 7,409,275 | |
University of Arizona, AZ Revenue | |||
5.00% 06/01/46 | 5,000,000 | 5,226,987 | |
18,305,865 | |||
Arkansas - 0.4% | |||
University of Arkansas, AR Revenue | |||
5.00% 11/01/46 - 11/01/47 | 3,580,000 | 3,774,356 | |
California - 7.4% | |||
California Health Facilities Financing Authority, CA Revenue | |||
5.00% 11/15/49 | 5,000,000 | 5,130,938 | |
California State Public Works Board, CA Revenue | |||
5.25% 09/01/29 | 10,160,000 | 10,265,760 | |
California State University, CA Revenue | |||
4.00% 11/01/45 | 2,500,000 | 2,507,788 | |
Chabot-Las Positas Community College District, CA GO, | |||
3.00% 08/01/37 | 2,900,000 | 2,675,743 | |
City of Los Angeles Department of Airports, CA Revenue | |||
5.00% 05/15/26 (a) | 760,000 | 804,569 | |
5.00% 05/15/36 - 05/15/44 | 5,855,000 | 6,309,175 | |
City of Los Angeles Wastewater System, CA Revenue | |||
5.00% 06/01/48 | 10,000,000 | 10,720,475 | |
Fresno Unified School District, CA GO, | |||
4.00% 08/01/47 (b) | 5,000,000 | 5,102,589 | |
Los Angeles Department of Water & Power, CA Revenue | |||
5.00% 07/01/48 | 5,500,000 | 5,877,584 | |
Mount San Antonio Community College District, CA GO, | |||
4.00% 08/01/49 | 3,000,000 | 3,016,562 | |
Sacramento Municipal Utility District, CA Revenue | |||
4.00% 08/15/45 | 1,565,000 | 1,577,670 | |
San Francisco City & County Airport Comm-San Francisco International Airport, CA Revenue | |||
5.00% 05/01/49 | 1,350,000 | 1,440,890 | |
State of California Department of Water Resources, CA Revenue | |||
5.00% 12/01/29 (b) | 8,120,000 | 8,455,430 | |
State of California, CA GO, | |||
5.00% 09/01/30 - 08/01/46 | 8,035,000 | 9,177,499 | |
5.00% 12/01/43 (b) | 450,000 | 457,137 | |
Twin Rivers Unified School District, CA GO, (BAM Insured) | |||
5.00% 08/01/25 | 500,000 | 530,224 | |
University of California, CA Revenue | |||
5.00% 05/15/38 | 4,000,000 | 4,011,138 | |
78,061,171 | |||
Colorado - 2.1% | |||
Board of Governors of Colorado State University System, CO Revenue | |||
4.00% 03/01/43 | 1,000,000 | 985,342 | |
City & County of Denver Dedicated Excise Tax, CO Revenue | |||
4.00% 08/01/46 | 2,485,000 | 2,450,883 | |
City of Colorado SpringsVUtilities System Revenue, CO | |||
4.00% 11/15/30 | 1,000,000 | 1,018,437 | |
5.00% 11/15/42 - 11/15/47 | 3,000,000 | 3,197,097 |
Principal Amount | Fair Value | ||
Colorado Health Facilities Authority, CO Revenue | |||
5.00% 06/01/47 (b) | $1,750,000 | $1,932,057 | |
Regional Transportation District, CO Revenue | |||
4.25% 11/01/36 | 3,405,000 | 3,764,621 | |
5.00% 11/01/29 | 7,925,000 | 9,193,381 | |
22,541,818 | |||
Connecticut - 4.1% | |||
Connecticut State Health & Educational Facilities Authority, CT Revenue | |||
5.00% 07/01/46 | 6,500,000 | 6,663,883 | |
South Central Connecticut Regional Water Authority, CT Revenue | |||
5.00% 08/01/27 - 08/01/28 (b) | 2,195,000 | 2,212,176 | |
State of Connecticut Clean Water Fund - State Revolving Fund, CT Revenue | |||
5.00% 05/01/37 | 7,000,000 | 7,536,638 | |
State of Connecticut, CT GO, | |||
4.00% 08/01/33 | 1,000,000 | 1,023,380 | |
5.00% 01/15/26 - 08/15/32 | 1,700,000 | 1,756,390 | |
State of Connecticut, CT Special Tax Revenue | |||
5.00% 10/01/27 - 10/01/36 | 23,325,000 | 23,875,036 | |
43,067,503 | |||
Delaware - 1.4% | |||
Delaware Transportation Authority, DE Revenue | |||
3.00% 07/01/28 | 2,000,000 | 2,018,376 | |
5.00% 06/01/45 - 06/01/55 | 7,680,000 | 7,866,521 | |
State of Delaware, DE GO, | |||
3.50% 03/01/33 | 2,000,000 | 2,022,062 | |
5.00% 02/01/30 | 2,745,000 | 3,226,984 | |
15,133,943 | |||
District of Columbia - 4.3% | |||
District of Columbia Water & Sewer Authority, DC Revenue | |||
4.00% 10/01/38 | 2,185,000 | 2,207,930 | |
5.00% 10/01/47 | 2,000,000 | 2,194,731 | |
District of Columbia Water & Sewer Authority, DC Revenue, Series B | |||
5.00% 10/01/49 | 1,045,000 | 1,106,405 | |
District of Columbia, DC GO, | |||
4.00% 06/01/35 - 10/15/44 | 10,485,000 | 10,612,293 | |
5.00% 06/01/38 | 3,000,000 | 3,061,067 | |
District of Columbia, DC Revenue | |||
4.00% 05/01/45 | 1,500,000 | 1,501,153 | |
5.00% 04/01/42 (b) | 6,250,000 | 6,887,329 | |
Metropolitan Washington Airports Authority Aviation, DC Revenue | |||
5.00% 10/01/25 - 10/01/47 | 2,130,000 | 2,192,262 | |
Metropolitan Washington Airports Authority Dulles Toll Road, DC Revenue | |||
5.00% 10/01/44 | 5,000,000 | 5,273,503 | |
Washington Convention & Sports Authority, DC Revenue | |||
5.00% 10/01/28 | 310,000 | 349,556 | |
Washington Convention & Sports Authority, DC Tax Allocation Revenue., | |||
5.00% 10/01/29 | 750,000 | 857,569 | |
Washington Metropolitan Area Transit Authority Dedicated Revenue, DC | |||
5.00% 07/15/37 | 500,000 | 585,804 | |
Washington Metropolitan Area Transit Authority, DC Revenue | |||
5.00% 07/01/34 - 07/01/43 | 8,375,000 | 8,981,356 | |
45,810,958 | |||
Florida - 3.9% | |||
Broward County Water & Sewer Utility, FL Revenue | |||
4.00% 10/01/44 | 1,300,000 | 1,304,251 | |
City of Fort Lauderdale Water & Sewer, FL Revenue | |||
4.00% 09/01/41 | 1,000,000 | 1,010,360 | |
City of Lakeland Department of Electric Utilities, FL Revenue (AGM Insured) | |||
5.25% 10/01/29 | 825,000 | 975,581 | |
City of Tampa Water & Wastewater System, FL Revenue, Series A | |||
5.25% 10/01/57 | 2,000,000 | 2,252,685 | |
County of Broward Port Facilities, FL Revenue | |||
4.00% 09/01/38 | 1,000,000 | 1,001,383 | |
5.00% 09/01/26 | 500,000 | 534,380 |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 1 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2023 (Unaudited)
Principal Amount | Fair Value | ||
County of Hillsborough Utility, FL Revenue | |||
4.00% 08/01/31 | $3,215,000 | $3,502,824 | |
County of Miami-Dade Aviation, FL Revenue | |||
4.00% 10/01/39 | 1,675,000 | 1,693,826 | |
5.00% 10/01/36 | 2,000,000 | 2,013,175 | |
County of Miami-Dade Seaport Department, FL Revenue (AGM Insured) | |||
4.00% 10/01/40 | 3,000,000 | 3,001,649 | |
County of Miami-Dade Seaport Department, FL Revenue | |||
5.00% 10/01/38 | 500,000 | 541,772 | |
County of Miami-Dade Seaport, FL Revenue (AGM Insured) | |||
4.00% 10/01/49 | 3,290,000 | 3,181,551 | |
County of Miami-Dade Transit System, FL Revenue | |||
4.00% 07/01/45 | 1,290,000 | 1,273,663 | |
County of Miami-Dade Water & Sewer System, FL Revenue | |||
4.00% 10/01/37 | 4,705,000 | 4,759,525 | |
5.00% 10/01/43 | 5,000,000 | 5,332,801 | |
Hillsborough County Aviation Authority, FL Revenue, Series A | |||
5.00% 10/01/29 | 2,510,000 | 2,787,578 | |
Martin County Health Facilities Authority, FL Revenue | |||
4.00% 01/01/46 | 5,000,000 | 4,819,742 | |
State of Florida Department of Transportation, FL Revenue | |||
5.00% 07/01/38 (a) | 1,000,000 | 1,156,410 | |
State of Florida, FL GO, | |||
5.00% 06/01/26 | 520,000 | 563,372 | |
41,706,528 | |||
Georgia - 5.4% | |||
City of Atlanta Airport Passenger Facility Charge, GA Revenue | |||
4.00% 07/01/38 | 1,000,000 | 998,075 | |
5.00% 01/01/34 | 3,500,000 | 3,551,356 | |
City of Atlanta Water & Wastewater, GA Revenue | |||
5.00% 11/01/28 - 11/01/41 | 7,500,000 | 7,953,964 | |
5.25% 11/01/30 (b) | 5,690,000 | 5,777,014 | |
City of Atlanta Water & Wastewater, GA Revenue (AGM Insured) | |||
5.75% 11/01/30 | 4,500,000 | 5,548,378 | |
County of DeKalb Water & Sewerage, GA Revenue | |||
5.00% 10/01/45 | 2,000,000 | 2,237,589 | |
Development Authority of Gwinnett County, GA Revenue | |||
5.00% 07/01/37 - 07/01/40 | 9,325,000 | 9,738,628 | |
Metropolitan Atlanta Rapid Transit Authority, GA Revenue, Series B | |||
5.00% 07/01/35 | 1,000,000 | 1,066,707 | |
Municipal Electric Authority of Georgia, GA Revenue | |||
5.00% 01/01/35 | 5,500,000 | 5,648,703 | |
Private Colleges & Universities Authority, GA Revenue | |||
4.00% 10/01/38 - 10/01/46 | 3,855,000 | 3,853,945 | |
State of Georgia, GA GO, | |||
4.00% 07/01/36 | 10,000,000 | 10,517,863 | |
56,892,222 | |||
Hawaii - 0.5% | |||
State of Hawaii, HI GO, | |||
5.00% 01/01/36 | 4,850,000 | 5,406,640 | |
Illinois - 2.5% | |||
Chicago O'Hare International Airport, IL Revenue | |||
5.00% 01/01/38 - 01/01/48 | 10,605,000 | 11,017,741 | |
5.25% 01/01/42 | 8,000,000 | 8,352,478 | |
Cook County Community College District No. 508, IL GO, | |||
5.13% 12/01/38 | 1,000,000 | 1,001,617 | |
Illinois State Toll Highway Authority, IL Revenue | |||
4.00% 01/01/44 | 1,345,000 | 1,330,575 | |
5.00% 01/01/46 | 500,000 | 541,211 | |
State of Illinois, IL GO, | |||
5.00% 11/01/26 - 10/01/30 | 3,900,000 | 4,226,649 | |
26,470,271 | |||
Indiana - 0.8% | |||
Indiana Finance Authority, IN Revenue, Series B | |||
5.25% 10/01/52 | 2,000,000 | 2,189,193 | |
Indianapolis Local Public Improvement Bond Bank, IN Revenue | |||
4.00% 02/01/44 | 6,500,000 | 6,508,339 | |
8,697,532 |
Principal Amount | Fair Value | ||
Iowa - 0.2% | |||
Cedar Rapids Community School District Infrastructure Sales Services & Use Tax, IA Revenue (AGM Insured) | |||
4.00% 07/01/34 | $1,055,000 | $1,137,528 | |
State of Iowa Board of Regents, IA Revenue | |||
3.00% 09/01/30 | 1,000,000 | 1,019,968 | |
2,157,496 | |||
Kansas - 0.1% | |||
Johnson County Unified School District No. 512 Shawnee Mission, KS GO, | |||
5.00% 10/01/38 | 500,000 | 581,291 | |
Kentucky - 1.3% | |||
Kentucky State Property & Building Commission, KY Revenue | |||
5.00% 02/01/33 - 04/01/37 | 11,705,000 | 12,418,722 | |
Louisville Water Co., KY Revenue | |||
3.00% 11/15/34 | 1,000,000 | 964,659 | |
13,383,381 | |||
Louisiana - 0.1% | |||
Lafayette Parish School Board Sale Tax, LA Revenue | |||
5.00% 04/01/38 | 500,000 | 571,089 | |
Maine - 0.4% | |||
Maine Health & Higher Educational Facilities Authority, ME Revenue | |||
5.00% 07/01/48 | 1,990,000 | 2,110,974 | |
Maine Municipal Bond Bank, ME Revenue | |||
5.00% 09/01/26 | 500,000 | 541,314 | |
Maine Turnpike Authority, ME Revenue | |||
4.00% 07/01/45 | 2,000,000 | 1,997,888 | |
4,650,176 | |||
Maryland - 3.2% | |||
City of Baltimore, MD Revenue | |||
4.00% 07/01/44 | 3,130,000 | 3,132,000 | |
5.00% 07/01/35 - 07/01/46 | 15,155,000 | 15,816,175 | |
5.00% 07/01/38 (b) | 9,375,000 | 9,544,386 | |
County of Anne Arundel, MD GO, | |||
5.00% 10/01/47 | 1,000,000 | 1,063,717 | |
County of Baltimore, MD GO, | |||
4.00% 02/01/31 | 1,580,000 | 1,595,006 | |
County of Prince George's, MD GO, | |||
4.00% 07/15/31 | 1,000,000 | 1,093,877 | |
State of Maryland Department of Transportation, MD Revenue | |||
4.00% 12/01/29 | 1,140,000 | 1,196,967 | |
33,442,128 | |||
Massachusetts - 2.3% | |||
Commonwealth of Massachusetts, MA GO, | |||
4.00% 09/01/42 - 05/01/44 | 3,005,000 | 3,008,122 | |
5.25% 09/01/43 - 01/01/44 | 12,525,000 | 13,686,383 | |
Massachusetts Development Finance Agency, MA Revenue | |||
4.00% 06/01/49 (b) | 1,000,000 | 1,102,626 | |
Massachusetts School Building Authority, MA Revenue | |||
4.00% 11/15/35 | 1,990,000 | 2,032,086 | |
Massachusetts Water Resources Authority, MA Revenue | |||
5.00% 08/01/32 (b) | 4,140,000 | 4,172,396 | |
24,001,613 | |||
Michigan - 0.8% | |||
Michigan Finance Authority, MI Revenue | |||
5.00% 11/01/31 | 1,395,000 | 1,554,028 | |
State of Michigan, MI Revenue | |||
5.00% 03/15/27 | 4,415,000 | 4,849,532 | |
University of Michigan, MI Revenue | |||
5.00% 04/01/46 (b) | 1,000,000 | 1,079,252 | |
Warren Consolidated Schools, MI GO, | |||
5.00% 05/01/35 | 715,000 | 754,703 | |
8,237,515 | |||
Minnesota - 2.5% | |||
City of Minneapolis, MN GO, | |||
3.00% 12/01/34 | 1,315,000 | 1,292,679 | |
City of Rochester, MN Revenue | |||
4.00% 11/15/48 | 5,330,000 | 5,277,628 |
See Notes to Schedule of Investments.
2 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2023 (Unaudited)
Principal Amount | Fair Value | ||
City of St Paul Sales & Use Tax, MN Revenue | |||
5.00% 11/01/31 | $1,400,000 | $1,445,142 | |
City of St. Paul Sales & Use Tax Revenue, MN | |||
4.00% 12/01/45 (a) | 5,000,000 | 5,081,183 | |
Cloquet Independent School District No 94, MN GO, | |||
4.00% 02/01/36 | 1,675,000 | 1,700,053 | |
County of St. Louis, MN GO, | |||
3.00% 12/01/31 | 1,545,000 | 1,552,985 | |
Dover & Eyota Independent School District No 533, MN GO, | |||
4.00% 02/01/40 | 1,285,000 | 1,313,863 | |
Maple River Independent School District No 2135, MN GO, | |||
5.00% 02/01/28 | 750,000 | 844,642 | |
Minneapolis-St Paul Metropolitan Airports Commission, MN Revenue | |||
5.00% 01/01/25 | 1,000,000 | 1,014,127 | |
University of Minnesota, MN Revenue | |||
5.00% 09/01/39 | 4,350,000 | 4,677,586 | |
Virginia Independent School District No 706, MN GO, | |||
5.00% 02/01/30 | 2,500,000 | 2,765,149 | |
26,965,037 | |||
Missouri - 0.8% | |||
City of Kansas City Sanitary Sewer System, MO Revenue | |||
4.00% 01/01/40 | 1,725,000 | 1,731,916 | |
Health & Educational Facilities Authority of the State of Missouri, MO Revenue | |||
4.00% 11/15/48 | 2,200,000 | 2,039,391 | |
Metropolitan St Louis Sewer District, MO Revenue | |||
5.00% 05/01/45 (b) | 480,000 | 504,175 | |
5.00% 05/01/45 - 05/01/46 | 2,520,000 | 2,655,897 | |
St. Louis County School District C-2 Parkway, MO | |||
4.00% 03/01/39 | 1,395,000 | 1,423,862 | |
St. Louis School District, MO GO, (AGM Insured) | |||
5.00% 04/01/36 (a) | 500,000 | 574,271 | |
8,929,512 | |||
Nebraska - 0.1% | |||
Omaha Public Power District, NE Revenue | |||
5.00% 02/01/35 | 500,000 | 590,380 | |
New Hampshire - 0.0% * | |||
New Hampshire Business Finance Authority, NH Revenue | |||
5.00% 08/15/27 | 250,000 | 274,005 | |
New Jersey - 6.2% | |||
New Jersey Economic Development Authority, NJ Revenue | |||
5.00% 06/15/41 (b) | 7,250,000 | 7,905,889 | |
5.00% 06/15/43 | 4,500,000 | 4,707,993 | |
5.25% 06/15/40 (b) | 220,000 | 233,188 | |
New Jersey Educational Facilities Authority, NJ Revenue | |||
5.50% 09/01/30 - 09/01/33 | 14,700,000 | 15,883,595 | |
New Jersey Health Care Facilities Financing Authority, NJ Revenue (AGM Insured) | |||
4.13% 07/01/38 | 6,215,000 | 6,221,063 | |
New Jersey Transportation Trust Fund Authority, NJ Revenue | |||
5.00% 12/15/34 - 06/15/45 | 7,250,000 | 7,722,177 | |
5.25% 06/15/32 | 500,000 | 588,269 | |
New Jersey Turnpike Authority, NJ Revenue | |||
4.00% 01/01/35 | 1,090,000 | 1,100,227 | |
5.00% 01/01/28 - 01/01/45 | 14,400,000 | 14,842,709 | |
New Jersey Turnpike Authority, NJ Revenue, Series G | |||
4.00% 01/01/43 | 5,000,000 | 5,001,537 | |
State of New Jersey, NJ GO, | |||
2.00% 06/01/34 | 1,000,000 | 850,422 | |
65,057,069 | |||
New York - 10.2% | |||
City of New York, NY GO, | |||
5.00% 08/01/26 | 1,500,000 | 1,629,336 | |
Hudson Yards Infrastructure Corp., NY Revenue (AGM Insured) | |||
4.00% 02/15/47 | 5,830,000 | 5,641,261 | |
Hudson Yards Infrastructure Corp., NY Revenue | |||
5.00% 02/15/39 - 02/15/45 | 11,000,000 | 11,644,178 | |
Metropolitan Transportation Authority, NY Revenue (AGM Insured) | |||
4.00% 11/15/49 | 5,000,000 | 4,725,782 | |
Metropolitan Transportation Authority, NY Revenue | |||
5.00% 11/15/37 | 2,960,000 | 3,064,603 | |
5.25% 11/15/55 | 1,000,000 | 1,047,662 |
Principal Amount | Fair Value | ||
New York City Municipal Water Finance Authority, NY Revenue | |||
5.00% 06/15/49 | $6,460,000 | $6,897,538 | |
New York City Transitional Finance Authority Building Aid, NY Revenue | |||
5.00% 07/15/36 | 6,000,000 | 6,590,506 | |
New York City Transitional Finance Authority Future Tax Secured, NY Revenue | |||
4.00% 11/01/42 | 4,650,000 | 4,619,064 | |
5.00% 02/01/41 - 02/01/43 | 17,500,000 | 18,263,868 | |
New York Liberty Development Corp., NY Revenue | |||
3.00% 09/15/43 | 2,000,000 | 1,659,863 | |
New York Power Authority, NY Revenue | |||
4.00% 11/15/50 | 1,775,000 | 1,717,987 | |
New York State Dormitory Authority, NY Revenue | |||
4.00% 08/01/38 - 03/15/47 | 6,500,000 | 6,423,489 | |
5.00% 03/15/39 - 03/15/45 | 18,500,000 | 19,743,047 | |
5.00% 07/01/46 (b) | 4,000,000 | 4,434,530 | |
New York State Dormitory Authority, NY Revenue (BAM Insured) | |||
4.25% 10/01/51 | 610,000 | 612,174 | |
Port Authority of New York & New Jersey, NY Revenue | |||
5.00% 01/15/36 - 09/01/48 | 6,760,000 | 7,237,743 | |
Triborough Bridge & Tunnel Authority, NY Revenue | |||
5.00% 11/15/24 | 500,000 | 520,080 | |
Utility Debt Securitization Authority, NY Revenue | |||
5.00% 12/15/40 | 1,000,000 | 1,086,674 | |
107,559,385 | |||
North Carolina - 1.0% | |||
County of Wake, NC GO, | |||
3.50% 04/01/32 | 3,305,000 | 3,334,930 | |
Greater Asheville Regional Airport Authority, NC Revenue (AGM Insured) | |||
5.00% 07/01/27 | 550,000 | 587,450 | |
North Carolina Capital Facilities Finance Agency, NC Revenue | |||
4.00% 10/01/44 | 2,000,000 | 2,021,816 | |
Orange Water & Sewer Authority, NC Revenue | |||
4.00% 07/01/29 | 1,060,000 | 1,079,288 | |
University of North Carolina at Charlotte, NC Revenue | |||
5.00% 10/01/47 | 3,545,000 | 3,739,170 | |
10,762,654 | |||
North Dakota - 0.0% * | |||
City of Grand Forks, ND Revenue | |||
5.00% 12/01/27 | 250,000 | 264,004 | |
Ohio - 5.1% | |||
City of Cleveland, OH GO, | |||
5.00% 12/01/29 | 1,250,000 | 1,330,202 | |
City of Columbus, OH GO, | |||
5.00% 07/01/26 - 08/15/30 (b) | 13,055,000 | 13,139,454 | |
City of Toledo Water System, OH Revenue | |||
5.00% 11/15/27 - 11/15/28 (b) | 2,000,000 | 2,005,453 | |
5.00% 11/15/31 | 1,000,000 | 1,175,420 | |
County of Summit, OH GO, | |||
5.00% 12/01/43 | 1,000,000 | 1,119,007 | |
Dublin City School District, OH GO, | |||
4.00% 12/01/30 | 1,010,000 | 1,096,556 | |
Northeast Ohio Regional Sewer District, OH Revenue | |||
3.00% 11/15/34 | 1,385,000 | 1,355,638 | |
4.00% 11/15/43 | 7,550,000 | 7,559,667 | |
5.00% 11/15/38 (b) | 12,000,000 | 12,031,326 | |
Ohio Higher Educational Facility Commission, OH Revenue | |||
4.00% 10/01/47 | 750,000 | 719,427 | |
Ohio Turnpike & Infrastructure Commission, OH Revenue | |||
5.00% 02/15/51 | 5,460,000 | 5,942,555 | |
Ohio Water Development Authority Water Pollution Control Loan Fund, OH Revenue, Series A | |||
4.00% 12/01/46 | 1,000,000 | 1,000,796 | |
University of Cincinnati, OH Revenue | |||
5.00% 06/01/45 | 3,500,000 | 3,657,640 | |
Worthington City School District, OH GO, | |||
5.00% 12/01/43 | 1,370,000 | 1,540,549 | |
53,673,690 | |||
Oklahoma - 1.0% | |||
City of Oklahoma City, OK GO, | |||
4.00% 03/01/38 | 1,000,000 | 1,034,495 |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 3 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2023 (Unaudited)
Principal Amount | Fair Value | ||
Oklahoma Capitol Improvement Authority, OK Revenue | |||
5.00% 07/01/28 - 07/01/29 | $5,000,000 | $5,136,713 | |
Oklahoma City Zoological Trust, OK Revenue | |||
4.00% 06/01/29 | 1,340,000 | 1,462,824 | |
Washington County Rural Water District No. 3, OK Revenue | |||
3.00% 09/15/41 | 3,000,000 | 2,555,832 | |
10,189,864 | |||
Oregon - 1.6% | |||
City of Eugene Water Utility System, OR Revenue | |||
4.00% 08/01/45 | 1,000,000 | 1,001,489 | |
City of Portland Water System, OR Revenue | |||
4.00% 05/01/30 | 2,435,000 | 2,465,745 | |
Clackamas County School District No 7J Lake Oswego, OR GO, | |||
4.00% 06/01/33 | 1,000,000 | 1,047,032 | |
Clackamas County School District No 86 Canby, OR GO, | |||
4.00% 06/15/40 | 3,470,000 | 3,533,651 | |
Hillsboro School District No 1J, OR GO, | |||
4.00% 06/15/40 | 1,000,000 | 1,015,182 | |
Jackson County School District No. 5 Ashland, OR GO, | |||
5.00% 06/15/31 | 565,000 | 648,072 | |
Oregon State University, OR Revenue | |||
5.00% 04/01/45 | 2,000,000 | 2,062,800 | |
Port of Portland Airport, OR Revenue | |||
5.00% 07/01/27 - 07/01/38 | 3,520,000 | 3,749,025 | |
Port of Portland Airport, OR Revenue, Series 24-B | |||
5.00% 07/01/29 | 1,000,000 | 1,060,775 | |
16,583,771 | |||
Pennsylvania - 6.9% | |||
Allegheny County Hospital Development Authority, PA Revenue | |||
4.00% 07/15/39 | 1,500,000 | 1,484,699 | |
City of Philadelphia Airport, PA Revenue | |||
4.00% 07/01/40 | 3,000,000 | 3,007,984 | |
5.00% 07/01/28 | 1,000,000 | 1,081,602 | |
City of Philadelphia Water & Wastewater, PA Revenue | |||
4.00% 10/01/31 | 4,980,000 | 5,164,798 | |
5.00% 10/01/43 - 10/01/47 | 15,000,000 | 15,856,377 | |
City of Philadelphia, PA GO, | |||
5.00% 02/01/24 - 08/01/36 | 7,105,000 | 7,546,421 | |
City of Pittsburgh, PA GO, | |||
5.00% 09/01/32 | 250,000 | 288,513 | |
Commonwealth of Pennsylvania, PA GO, | |||
3.50% 03/01/31 | 2,000,000 | 2,042,635 | |
4.00% 09/15/34 | 1,475,000 | 1,517,374 | |
5.00% 07/15/27 | 995,000 | 1,102,777 | |
County of Montgomery, PA GO, | |||
5.00% 01/01/38 | 1,945,000 | 2,223,921 | |
Delaware River Joint Toll Bridge Commission, PA Revenue | |||
5.00% 07/01/26 | 500,000 | 540,379 | |
Delaware River Port Authority, PA Revenue | |||
5.00% 01/01/26 - 01/01/40 | 4,100,000 | 4,442,958 | |
General Authority of Southcentral Pennsylvania, PA Revenue | |||
4.00% 06/01/49 | 3,265,000 | 3,011,611 | |
Middletown Area School District, PA GO, (AGM Insured) | |||
4.00% 03/01/36 | 1,000,000 | 1,025,697 | |
Montgomery County Higher Education and Health Authority, PA Revenue | |||
4.00% 09/01/49 | 3,000,000 | 2,778,284 | |
Pennsylvania Economic Development Financing Authority, PA Revenue | |||
4.00% 11/15/42 | 5,000,000 | 4,880,579 | |
Pennsylvania Higher Educational Facilities Authority, PA Revenue | |||
4.00% 08/15/41 | 2,000,000 | 2,004,740 | |
5.00% 05/01/41 | 1,000,000 | 1,037,495 | |
Pennsylvania State University, PA Revenue | |||
5.00% 09/01/41 - 09/01/47 | 4,000,000 | 4,235,826 | |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA | |||
4.00% 12/01/51 | 1,500,000 | 1,451,666 | |
Pennsylvania Turnpike Commission, PA Revenue | |||
5.00% 12/01/43 | 1,000,000 | 1,062,555 | |
School District of Philadelphia, PA GO, | |||
4.00% 09/01/38 | 1,750,000 | 1,750,458 | |
5.00% 09/01/28 | 840,000 | 931,698 | |
Springfield School District/Delaware County, PA GO, | |||
4.00% 03/01/43 | 1,000,000 | 994,767 |
Principal Amount | Fair Value | ||
Upper Darby School District, PA GO, (BAM Insured) | |||
4.00% 04/01/51 | $1,000,000 | $961,816 | |
72,427,630 | |||
Rhode Island - 0.8% | |||
Rhode Island Health and Educational Building Corp., RI Revenue | |||
4.00% 05/15/34 | 1,200,000 | 1,291,162 | |
5.00% 09/01/43 | 5,000,000 | 5,033,121 | |
Rhode Island Health and Educational Building Corp., RI Revenue (BAM Insured) | |||
5.00% 05/15/29 | 200,000 | 228,703 | |
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund, RI Revenue | |||
5.00% 10/01/28 (b) | 2,200,000 | 2,338,848 | |
8,891,834 | |||
South Carolina - 1.6% | |||
Beaufort County School District, SC GO, | |||
4.00% 03/01/33 | 2,200,000 | 2,393,616 | |
City of Columbia Waterworks & Sewer System, SC Revenue | |||
5.00% 02/01/47 | 2,425,000 | 2,717,345 | |
South Carolina Public Service Authority, SC Revenue | |||
5.00% 12/01/37 - 12/01/38 | 12,000,000 | 12,318,382 | |
17,429,343 | |||
Tennessee - 1.4% | |||
City of Memphis, TN GO, | |||
4.00% 05/01/38 - 06/01/46 | 9,920,000 | 9,923,965 | |
County of Knox, TN GO, | |||
3.00% 06/01/30 | 1,255,000 | 1,249,488 | |
County of Rutherford, TN GO, | |||
3.00% 04/01/35 | 2,000,000 | 1,941,821 | |
Metropolitan Government of Nashville & Davidson County TN Water & Sewer, TN Revenue | |||
5.00% 07/01/46 | 2,000,000 | 2,114,089 | |
15,229,363 | |||
Texas - 6.1% | |||
Arlington Higher Education Finance Corp., TX Revenue | |||
5.00% 08/15/28 | 500,000 | 560,765 | |
Board of Regents of the University of Texas System, TX Revenue | |||
5.00% 08/15/26 | 10,000,000 | 10,838,807 | |
City of Dallas Waterworks & Sewer System, TX Revenue | |||
5.00% 10/01/46 | 3,550,000 | 3,766,751 | |
City of Fort Worth Water & Sewer System, TX Revenue | |||
4.00% 02/15/35 | 2,530,000 | 2,640,051 | |
City of Houston Combined Utility System, TX Revenue | |||
5.00% 05/15/28 | 5,000,000 | 5,129,847 | |
City of North Richland Hills, TX GO, | |||
4.00% 02/15/27 | 1,045,000 | 1,107,262 | |
Dallas Area Rapid Transit, TX Revenue | |||
4.00% 12/01/38 | 500,000 | 504,956 | |
Dallas Fort Worth International Airport, TX Revenue | |||
5.25% 11/01/29 | 5,000,000 | 5,070,493 | |
Dallas Independent School District, TX GO, | |||
5.00% 02/15/34 | 560,000 | 634,060 | |
Del Valle Independent School District, TX GO, | |||
4.00% 06/15/37 | 500,000 | 518,725 | |
Forney Independent School District, TX GO, | |||
5.00% 08/15/39 | 500,000 | 566,902 | |
Greater Texoma Utility Authority, TX Revenue (AGM Insured) | |||
5.00% 10/01/35 | 600,000 | 687,662 | |
Klein Independent School District, TX GO, | |||
5.00% 02/01/43 | 500,000 | 541,069 | |
Lower Colorado River Authority, TX Revenue (AGM Insured) | |||
5.00% 05/15/30 | 1,000,000 | 1,164,238 | |
Lower Colorado River Authority, TX Revenue | |||
5.00% 05/15/44 | 2,000,000 | 2,095,633 | |
Lubbock Independent School District, TX GO, | |||
4.00% 02/15/31 | 1,205,000 | 1,266,326 | |
Magnolia Independent School District, TX GO, | |||
5.00% 08/15/30 | 1,000,000 | 1,171,571 | |
McCamey Independent School District, TX GO, (AGM Insured) | |||
5.00% 02/15/28 | 1,000,000 | 1,111,581 | |
North Texas Tollway Authority, TX Revenue | |||
5.00% 01/01/38 - 01/01/48 | 6,095,000 | 6,314,765 | |
Port Authority of Houston of Harris County Texas, TX GO, | |||
5.00% 10/01/27 | 1,000,000 | 1,111,782 |
See Notes to Schedule of Investments.
4 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2023 (Unaudited)
Principal Amount | Fair Value | ||
Sands Consolidated Independent School District, TX GO, (BAM Insured) | |||
5.00% 02/15/38 | $1,250,000 | $1,402,266 | |
Splendora Independent School District, TX GO, | |||
5.00% 02/15/39 | 1,000,000 | 1,148,822 | |
State of Texas, TX GO, | |||
4.00% 10/01/44 | 1,985,000 | 1,985,158 | |
Texas A&M University, TX Revenue | |||
5.00% 05/15/28 | 500,000 | 564,449 | |
Texas Municipal Power Agency, TX Revenue (AGM Insured) | |||
3.00% 09/01/28 | 275,000 | 276,354 | |
Texas Transportation Commission State Highway Fund, TX Revenue | |||
5.00% 04/01/23 | 5,750,000 | 5,750,000 | |
Texas Water Development Board, TX Revenue | |||
5.00% 10/15/47 | 5,815,000 | 6,468,689 | |
64,398,984 | |||
Utah - 1.5% | |||
Alpine School District, UT GO, | |||
4.00% 03/15/31 | 1,500,000 | 1,582,075 | |
Central Valley Water Reclamation Facility, UT Revenue | |||
3.00% 03/01/30 | 1,145,000 | 1,175,347 | |
Central Valley Water Reclamation Facility, UT | |||
3.00% 03/01/35 | 1,080,000 | 1,038,328 | |
City of Salt Lake City Airport, UT Revenue | |||
4.00% 07/01/51 | 2,500,000 | 2,314,690 | |
5.00% 07/01/48 | 2,000,000 | 2,093,431 | |
City of Salt Lake City Public Utilities, UT Revenue | |||
4.00% 02/01/45 | 1,220,000 | 1,222,650 | |
5.00% 02/01/50 | 3,080,000 | 3,325,222 | |
Jordan Valley Water Conservancy District, UT Revenue, Series A | |||
5.00% 10/01/46 | 1,540,000 | 1,615,640 | |
University of Utah, UT Revenue | |||
5.00% 08/01/42 | 1,685,000 | 1,896,050 | |
16,263,433 | |||
Virginia - 3.0% | |||
Chesapeake Bay Bridge & Tunnel District, VA Revenue | |||
5.00% 07/01/51 | 2,000,000 | 2,024,658 | |
City of Richmond Public Utility, VA Revenue | |||
4.00% 01/15/36 | 4,350,000 | 4,453,877 | |
County of Fairfax Sewer, VA Revenue, Series A | |||
4.00% 07/15/40 | 2,245,000 | 2,304,402 | |
County of Fairfax, VA GO, | |||
4.00% 10/01/35 | 6,645,000 | 7,002,887 | |
University of Virginia, VA Revenue | |||
5.00% 04/01/47 | 6,000,000 | 6,384,038 | |
Virginia College Building Authority, VA Revenue | |||
4.00% 09/01/35 | 1,000,000 | 1,045,813 | |
Virginia Commonwealth Transportation Board, VA Revenue | |||
4.00% 05/15/44 | 1,000,000 | 999,364 | |
Virginia Resources Authority, VA Revenue | |||
4.00% 11/01/41 | 5,585,000 | 5,673,780 | |
5.00% 11/01/46 | 1,720,000 | 1,824,378 | |
31,713,197 | |||
Washington - 4.8% | |||
City of Seattle Drainage & Wastewater Revenue, WA | |||
4.00% 07/01/36 | 3,000,000 | 3,078,015 | |
City of Seattle Drainage & Wastewater, WA Revenue | |||
4.00% 10/01/35 - 09/01/51 | 5,590,000 | 5,610,168 | |
5.00% 07/01/52 | 1,000,000 | 1,100,276 | |
City of Seattle Municipal Light & Power Revenue, WA | |||
4.00% 09/01/35 | 1,000,000 | 1,033,545 | |
City of Spokane, WA GO, | |||
3.13% 12/01/33 | 1,260,000 | 1,257,292 | |
City of Tacoma Electric System, WA Revenue | |||
5.00% 01/01/46 | 2,000,000 | 2,192,297 | |
County of King Sewer, WA Revenue | |||
5.00% 07/01/28 | 1,060,000 | 1,090,927 | |
County of King, WA GO, | |||
4.00% 12/01/31 - 12/01/34 | 3,950,000 | 4,071,020 | |
King & Snohomish Counties School District No 417 Northshore, WA GO, | |||
5.00% 12/01/34 | 1,500,000 | 1,570,847 |
Principal Amount | Fair Value | ||
King County School District No 410 Snoqualmie Valley, WA GO, | |||
4.00% 12/01/36 | $1,000,000 | $1,019,584 | |
King County School District No 414 Lake Washington, WA GO, | |||
4.00% 12/01/33 | 3,650,000 | 3,815,798 | |
Port of Seattle, WA Revenue | |||
5.00% 04/01/29 - 08/01/42 | 5,485,000 | 5,894,580 | |
Port of Tacoma, WA GO, | |||
5.00% 12/01/28 | 1,290,000 | 1,406,951 | |
Spokane County School District No 356 Central Valley, WA GO, | |||
4.00% 12/01/31 | 2,605,000 | 2,763,566 | |
State of Washington, WA GO, | |||
4.00% 07/01/27 | 1,175,000 | 1,256,894 | |
5.00% 07/01/24 - 02/01/48 | 8,845,000 | 9,656,635 | |
State of Washington, WA | |||
5.00% 08/01/30 | 2,325,000 | 2,572,333 | |
Vancouver Library Capital Facilities Area, WA GO, | |||
4.00% 12/01/27 | 1,000,000 | 1,048,362 | |
50,439,090 | |||
Wisconsin - 0.8% | |||
Public Finance Authority, WI Revenue | |||
5.00% 07/01/27 | 500,000 | 525,140 | |
State of Wisconsin, WI GO, | |||
4.00% 05/01/30 - 05/01/40 | 2,675,000 | 2,744,743 | |
5.00% 05/01/33 - 05/01/38 | 4,075,000 | 4,248,257 | |
Wisconsin Department of Transportation, WI Revenue | |||
5.00% 07/01/38 (a) | 500,000 | 586,756 | |
8,104,896 | |||
Total Municipal Bonds and Notes (Cost $1,065,631,585) | 1,044,450,932 | ||
Short-Term Investments - 0.6% | |||
State Street Institutional Treasury Plus Fund - Premier Class 4.69% (c)(d) (Cost $5,920,446) | 5,920,446 | 5,920,446 | |
Total Investments (Cost $1,071,552,031) | 1,050,371,378 | ||
Other Assets and Liabilities, net - 0.6% | 6,861,949 | ||
NET ASSETS - 100.0% | $1,057,233,327 |
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) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
(b) | 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. |
(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 March 31, 2023. |
* | Less than 0.05%. |
Abbreviations: |
BAM - Build America Mutual Assurance Company |
NPFG - National Public Finance Guaranty Corporation |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 5 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2023 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2023:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||
Investments in Securities | ||||||||
Municipal Bonds and Notes | $— | $1,044,450,932 | $— | $1,044,450,932 | ||||
Short-Term Investments | 5,920,446 | — | — | 5,920,446 | ||||
Total Investments in Securities | $5,920,446 | $1,044,450,932 | $— | $1,050,371,378 |
Affiliate Table |
Number of Shares Held at 12/31/22 | Value at 12/31/22 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 3/31/23 | Value at 3/31/23 | Dividend Income | |||||||||
State Street Institutional Treasury Plus Fund - Premier Class | 15,874,392 | $15,874,392 | $43,785,424 | $53,739,370 | $— | $— | 5,920,446 | $5,920,446 | $89,078 |
See Notes to Schedule of Investments.
6 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Notes to Schedule of Investments
March 31, 2023 (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, 2023 is disclosed in the Fund’s Schedule of Investments.
7