Quarterly Report
September 30, 2023
Elfun Tax-Exempt Income Fund
![](https://capedge.com/proxy/NPORT-P/0001752724-23-267721/img637b34111.gif)
Elfun Tax-Exempt Income Fund
Schedule of Investments
September 30, 2023 (Unaudited)
Principal Amount | Fair Value | ||
Municipal Bonds and Notes - 98.2% † | |||
Alabama - 0.4% | |||
Auburn University, AL Revenue | |||
4.00% 06/01/41 | $2,000,000 | $1,824,315 | |
Bessemer Governmental Utility Services Corp., AL Revenue (BAM Insured) | |||
5.00% 06/01/30 | 2,070,000 | 2,133,624 | |
3,957,939 | |||
Arizona - 1.4% | |||
Arizona Board of Regents, AZ Revenue | |||
5.00% 07/01/40 - 07/01/43 | 2,145,000 | 2,255,171 | |
Arizona State University, AZ Revenue | |||
5.00% 07/01/41 | 1,000,000 | 1,007,574 | |
City of Mesa Utility System Revenue, AZ Revenue | |||
5.00% 07/01/43 | 1,500,000 | 1,544,094 | |
City of Phoenix Civic Improvement Corp., AZ Revenue | |||
5.00% 07/01/31 - 07/01/42 | 4,315,000 | 4,386,403 | |
City of Phoenix Civic Improvement Corp., AZ Revenue (NPFG Insured) | |||
5.50% 07/01/24 | 3,340,000 | 3,380,948 | |
City of Tempe, AZ GO, | |||
5.00% 07/01/35 | 650,000 | 721,607 | |
13,295,797 | |||
Arkansas - 0.1% | |||
University of Arkansas, AR Revenue | |||
5.00% 11/01/40 | 600,000 | 635,931 | |
California - 7.8% | |||
Bay Area Toll Authority, CA Revenue | |||
4.13% 04/01/54 | 1,235,000 | 1,138,099 | |
California State Public Works Board, CA Revenue | |||
5.25% 09/01/29 | 10,160,000 | 10,174,463 | |
City of Los Angeles Department of Airports, CA Revenue | |||
5.00% 05/15/26 - 05/15/44 | 6,615,000 | 6,826,831 | |
City of Los Angeles Wastewater System Revenue, CA Revenue | |||
5.00% 06/01/48 | 10,000,000 | 10,285,495 | |
Fresno Unified School District, CA GO, | |||
4.00% 08/01/47 (a) | 5,000,000 | 5,017,972 | |
Los Angeles Department of Water & Power, CA Revenue | |||
5.00% 07/01/48 | 3,500,000 | 3,581,637 | |
Mount San Antonio Community College District, CA GO, | |||
4.00% 08/01/49 | 3,000,000 | 2,731,972 | |
Sacramento Municipal Utility District, CA Revenue | |||
4.00% 08/15/45 | 1,565,000 | 1,442,320 | |
5.00% 08/15/53 | 2,000,000 | 2,103,862 | |
San Francisco City & County Airport Comm-San Francisco International Airport, CA Revenue | |||
5.00% 05/01/49 | 1,350,000 | 1,389,750 | |
State of California Department of Water Resources, CA Revenue | |||
5.00% 12/01/29 (a) | 8,120,000 | 8,260,258 | |
State of California, CA GO, | |||
4.00% 10/01/39 | 2,000,000 | 1,933,560 | |
5.00% 08/01/30 - 08/01/46 | 12,705,000 | 13,748,169 | |
5.00% 12/01/43 (a) | 450,000 | 450,783 | |
State of California, CA GO, (AGM Insured) | |||
5.25% 08/01/32 | 2,400,000 | 2,691,218 | |
University of California, CA Revenue | |||
4.00% 05/15/46 - 05/15/51 | 4,300,000 | 3,954,887 | |
75,731,276 | |||
Colorado - 2.5% | |||
Board of Governors of Colorado State University System, CO Revenue | |||
4.00% 03/01/43 | 1,000,000 | 894,226 | |
Cherokee Metropolitan District, CO Revenue (BAM Insured) | |||
4.00% 08/01/45 | 2,700,000 | 2,327,837 | |
City & County of Denver Pledged Excise Tax Revenue, CO Revenue | |||
4.00% 08/01/46 | 2,485,000 | 2,169,230 | |
Colorado Health Facilities Authority, CO Revenue | |||
5.00% 06/01/47 (a) | 1,750,000 | 1,823,407 | |
Denver City & County School District No. 1, CO GO, | |||
5.00% 12/01/45 | 5,000,000 | 5,183,921 | |
Regional Transportation District Sales Tax Revenue, CO Revenue | |||
4.25% 11/01/36 | 3,405,000 | 3,380,920 |
Principal Amount | Fair Value | ||
5.00% 11/01/29 | $7,925,000 | $8,555,153 | |
24,334,694 | |||
Connecticut - 2.6% | |||
City of Norwalk, CT GO, | |||
4.00% 08/15/41 | 750,000 | 685,166 | |
State of Connecticut Special Tax Revenue, CT Special Tax Revenue | |||
5.00% 10/01/27 - 10/01/36 | 23,325,000 | 23,456,019 | |
State of Connecticut, CT GO, | |||
5.00% 01/15/26 | 700,000 | 719,696 | |
Town of Darien, CT GO, | |||
4.00% 04/15/47 | 500,000 | 440,266 | |
25,301,147 | |||
Delaware - 0.7% | |||
Delaware Transportation Authority, DE Revenue | |||
3.00% 07/01/28 | 2,000,000 | 1,891,130 | |
5.00% 06/01/55 | 1,000,000 | 1,001,332 | |
State of Delaware, DE GO, | |||
3.50% 03/01/33 | 2,000,000 | 1,910,223 | |
4.00% 05/01/41 | 1,000,000 | 928,700 | |
5.00% 05/01/39 | 1,125,000 | 1,211,972 | |
6,943,357 | |||
District of Columbia - 4.4% | |||
District of Columbia Water & Sewer Authority, DC Revenue | |||
4.00% 10/01/38 | 2,185,000 | 2,068,313 | |
5.00% 10/01/47 | 2,000,000 | 2,044,185 | |
District of Columbia, DC GO, | |||
4.00% 06/01/35 - 10/15/44 | 8,000,000 | 7,494,434 | |
5.00% 06/01/38 | 3,000,000 | 3,007,667 | |
District of Columbia, DC Revenue | |||
4.00% 05/01/45 | 1,500,000 | 1,335,202 | |
5.00% 04/01/42 (a) | 6,250,000 | 6,528,231 | |
Metropolitan Washington Airports Authority Aviation Revenue, DC Revenue | |||
5.00% 10/01/29 - 10/01/47 | 9,070,000 | 9,388,850 | |
Washington Convention & Sports Authority, DC Revenue | |||
5.00% 10/01/28 | 310,000 | 328,597 | |
Washington Convention & Sports Authority, DC Tax Allocation Revenue., | |||
5.00% 10/01/29 | 750,000 | 798,921 | |
Washington Metropolitan Area Transit Authority Dedicated Revenue, DC Revenue | |||
5.00% 07/15/35 | 500,000 | 547,344 | |
Washington Metropolitan Area Transit Authority, DC Revenue | |||
5.00% 07/01/34 - 07/01/43 | 8,375,000 | 8,550,207 | |
42,091,951 | |||
Florida - 4.4% | |||
City of Cocoa Water & Sewer Revenue, FL Revenue | |||
5.00% 10/01/36 | 1,225,000 | 1,294,457 | |
City of Fort Lauderdale Water & Sewer Revenue, FL Revenue | |||
4.00% 09/01/41 | 1,000,000 | 916,930 | |
City of Lakeland Department of Electric Utilities, FL Revenue (AGM Insured) | |||
5.25% 10/01/29 | 825,000 | 896,700 | |
City of Miami Beach, FL GO, | |||
5.00% 05/01/36 | 500,000 | 537,066 | |
City of Tampa Water & Wastewater System Revenue, FL Revenue, Series A | |||
5.25% 10/01/57 | 7,000,000 | 7,291,998 | |
County of Broward Port Facilities Revenue, FL Revenue | |||
5.00% 09/01/26 | 500,000 | 510,659 | |
County of Hillsborough Utility Revenue, FL Revenue | |||
4.00% 08/01/31 | 3,215,000 | 3,254,235 | |
County of Miami-Dade Aviation Revenue, FL Revenue | |||
4.00% 10/01/39 | 1,675,000 | 1,562,233 | |
5.00% 10/01/36 | 2,000,000 | 1,996,283 | |
County of Miami-Dade Seaport Department, FL Revenue (AGM Insured) | |||
4.00% 10/01/40 | 3,000,000 | 2,725,678 | |
County of Miami-Dade Transit System, FL Revenue | |||
4.00% 07/01/45 | 1,290,000 | 1,142,246 | |
County of Miami-Dade Water & Sewer System Revenue, FL Revenue | |||
4.00% 10/01/37 - 10/01/49 | 10,500,000 | 9,630,703 |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 1 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
September 30, 2023 (Unaudited)
Principal Amount | Fair Value | ||
5.00% 10/01/43 | $5,000,000 | $5,068,187 | |
Hillsborough County Aviation Authority, FL Revenue, Series A | |||
5.00% 10/01/29 | 2,510,000 | 2,617,608 | |
State of Florida Department of Transportation, FL Revenue | |||
4.00% 07/01/41 | 1,000,000 | 911,878 | |
5.00% 07/01/38 | 1,000,000 | 1,066,468 | |
Wildwood Utility Dependent District, FL Revenue (AGM Insured) | |||
5.25% 10/01/38 | 1,000,000 | 1,064,393 | |
42,487,722 | |||
Georgia - 4.8% | |||
City of Atlanta Airport Passenger Facility Charge, GA Revenue | |||
4.00% 07/01/38 | 1,000,000 | 925,839 | |
5.00% 01/01/34 | 3,500,000 | 3,493,710 | |
City of Atlanta Department of Aviation, GA Revenue | |||
5.00% 07/01/32 (b) | 1,000,000 | 1,098,639 | |
City of Atlanta Water & Wastewater Revenue, GA Revenue | |||
5.25% 11/01/30 (a) | 690,000 | 690,564 | |
City of Atlanta Water & Wastewater Revenue, GA Revenue (AGM Insured) | |||
5.75% 11/01/30 | 4,500,000 | 5,118,535 | |
County of DeKalb Water & Sewerage Revenue, GA Revenue | |||
5.00% 10/01/35 - 10/01/45 | 3,045,000 | 3,220,636 | |
Development Authority of Gwinnett County, GA Revenue | |||
5.00% 07/01/37 - 07/01/40 | 9,325,000 | 9,378,839 | |
Metropolitan Atlanta Rapid Transit Authority, GA Revenue, Series B | |||
5.00% 07/01/35 | 1,000,000 | 1,028,153 | |
Municipal Electric Authority of Georgia, GA Revenue | |||
5.00% 01/01/35 | 5,500,000 | 5,508,188 | |
Private Colleges & Universities Authority, GA Revenue | |||
4.00% 10/01/38 - 10/01/46 | 3,855,000 | 3,591,332 | |
5.00% 09/01/29 | 1,200,000 | 1,296,449 | |
State of Georgia, GA GO, | |||
4.00% 07/01/36 | 10,000,000 | 9,955,398 | |
5.00% 07/01/36 | 1,000,000 | 1,104,229 | |
46,410,511 | |||
Hawaii - 0.3% | |||
State of Hawaii, HI GO, | |||
5.00% 01/01/36 | 2,850,000 | 3,005,913 | |
Illinois - 4.4% | |||
Chicago O'Hare International Airport, IL Revenue | |||
5.00% 01/01/41 - 01/01/48 | 9,100,000 | 9,090,563 | |
5.25% 01/01/42 | 8,000,000 | 8,115,108 | |
Chicago Park District, IL GO, | |||
4.00% 01/01/38 | 2,000,000 | 1,750,888 | |
Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue | |||
4.00% 12/01/49 | 2,000,000 | 1,668,715 | |
City of Chicago Wastewater Transmission Revenue, IL Revenue (AGM Insured) | |||
5.50% 01/01/62 | 3,035,000 | 3,168,171 | |
Cook County Community College District No. 508, IL GO, | |||
5.13% 12/01/38 | 1,000,000 | 949,663 | |
DuPage & Cook Counties Community Unit School District No. 205 Elmhurst, IL GO, | |||
4.00% 09/15/42 | 1,000,000 | 887,520 | |
Illinois Finance Authority, IL Revenue | |||
4.00% 07/01/32 | 5,000,000 | 4,910,880 | |
Illinois State Toll Highway Authority, IL Revenue | |||
4.00% 01/01/44 | 1,345,000 | 1,214,436 | |
5.00% 01/01/37 - 01/01/46 | 3,600,000 | 3,634,823 | |
Lake County School District No. 112 North Shore, IL GO, | |||
5.00% 12/01/35 | 1,055,000 | 1,142,839 | |
State of Illinois, IL GO, | |||
5.00% 12/01/25 - 10/01/32 | 6,320,000 | 6,506,181 | |
43,039,787 | |||
Indiana - 0.8% | |||
Indiana Finance Authority, IN Revenue, Series B | |||
5.25% 10/01/52 | 2,000,000 | 2,047,333 | |
Indiana Municipal Power Agency, IN Revenue | |||
5.00% 01/01/42 | 2,160,000 | 2,205,692 | |
Indianapolis Local Public Improvement Bond Bank, IN Revenue | |||
4.00% 02/01/44 | 3,500,000 | 3,134,142 | |
7,387,167 |
Principal Amount | Fair Value | ||
Iowa - 0.3% | |||
Cedar Rapids Community School District Infrastructure Sales Services & Use Tax, IA Revenue (AGM Insured) | |||
4.00% 07/01/34 | $1,055,000 | $1,062,302 | |
Iowa Finance Authority, IA Revenue | |||
5.00% 08/01/40 | 1,750,000 | 1,852,658 | |
2,914,960 | |||
Kansas - 0.2% | |||
Kansas Turnpike Authority, KS Revenue | |||
5.00% 09/01/37 | 1,980,000 | 2,085,775 | |
Kentucky - 1.3% | |||
Kentucky State Property & Building Commission, KY Revenue | |||
5.00% 02/01/33 - 04/01/37 | 11,705,000 | 11,964,948 | |
Louisville Water Co., KY Revenue | |||
3.00% 11/15/34 | 1,000,000 | 893,942 | |
12,858,890 | |||
Maine - 0.5% | |||
Maine Health & Higher Educational Facilities Authority, ME Revenue | |||
5.00% 07/01/48 | 1,990,000 | 2,015,182 | |
Maine Municipal Bond Bank, ME Revenue | |||
5.00% 09/01/26 | 500,000 | 516,750 | |
Maine Turnpike Authority, ME Revenue | |||
4.00% 07/01/45 | 2,000,000 | 1,761,105 | |
Town of Bar Harbor, ME GO, | |||
5.00% 10/15/37 | 700,000 | 759,805 | |
5,052,842 | |||
Maryland - 4.6% | |||
City of Baltimore, MD Revenue | |||
4.00% 07/01/44 | 3,130,000 | 2,795,970 | |
5.00% 07/01/35 - 07/01/46 | 15,155,000 | 15,286,847 | |
5.00% 07/01/38 (a) | 9,375,000 | 9,397,659 | |
County of Anne Arundel, MD GO, | |||
5.00% 10/01/47 | 1,000,000 | 1,014,747 | |
County of Baltimore, MD GO, | |||
4.00% 03/01/40 - 03/01/41 | 3,385,000 | 3,188,869 | |
5.00% 03/01/53 | 5,000,000 | 5,195,143 | |
County of Prince George's, MD GO, | |||
4.00% 07/15/31 | 1,000,000 | 1,016,033 | |
State of Maryland Department of Transportation, MD Revenue | |||
4.00% 12/01/29 | 1,140,000 | 1,143,836 | |
Washington Suburban Sanitary Commission, MD Revenue | |||
5.00% 06/01/31 | 4,950,000 | 5,251,574 | |
44,290,678 | |||
Massachusetts - 3.0% | |||
Commonwealth of Massachusetts Transportation Fund Revenue, MA Revenue | |||
4.00% 06/01/50 | 2,000,000 | 1,755,124 | |
Commonwealth of Massachusetts, MA GO, | |||
5.25% 09/01/43 - 01/01/44 | 9,525,000 | 9,907,686 | |
Massachusetts Bay Transportation Authority Assessment Revenue, MA Revenue | |||
5.00% 07/01/52 | 3,020,000 | 3,113,220 | |
Massachusetts Bay Transportation Authority Sales Tax Revenue, MA Revenue | |||
5.00% 07/01/33 - 07/01/41 | 5,240,000 | 5,351,866 | |
Massachusetts Development Finance Agency, MA Revenue | |||
4.00% 10/01/46 | 625,000 | 550,220 | |
4.00% 06/01/49 (a) | 1,000,000 | 1,024,368 | |
Massachusetts School Building Authority, MA Revenue | |||
4.00% 08/15/45 | 1,340,000 | 1,208,524 | |
Massachusetts State College Building Authority, MA Revenue | |||
4.00% 05/01/40 - 05/01/43 | 3,015,000 | 2,730,296 | |
Town of Andover, MA GO, | |||
4.00% 07/15/52 | 2,605,000 | 2,332,613 | |
University of Massachusetts Building Authority, MA Revenue | |||
4.00% 11/01/46 | 1,395,000 | 1,227,567 | |
29,201,484 | |||
Michigan - 1.1% | |||
City of Kalamazoo, MI GO, (BAM Insured) | |||
5.00% 10/01/36 (b) | 1,015,000 | 1,080,720 |
See Notes to Schedule of Investments.
2 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments
September 30, 2023 (Unaudited)
Principal Amount | Fair Value | ||
City of Lansing, MI GO, (AGM Insured) | |||
5.00% 06/01/43 | $1,000,000 | $1,031,626 | |
Great Lakes Water Authority Sewage Disposal System Revenue, MI Revenue | |||
5.00% 07/01/36 | 2,280,000 | 2,325,463 | |
Michigan Finance Authority, MI Revenue | |||
5.00% 11/01/31 | 1,395,000 | 1,457,112 | |
State of Michigan Trunk Line Revenue, MI Revenue | |||
4.00% 11/15/38 | 2,985,000 | 2,879,707 | |
University of Michigan, MI Revenue | |||
5.00% 04/01/46 (a) | 1,000,000 | 1,031,952 | |
Warren Consolidated Schools, MI GO, | |||
5.00% 05/01/35 | 715,000 | 724,201 | |
10,530,781 | |||
Minnesota - 3.0% | |||
Alexandria Independent School District No. 206, MN GO, | |||
5.00% 02/01/30 | 2,950,000 | 3,099,302 | |
City of Minneapolis, MN GO, | |||
3.00% 12/01/34 | 1,315,000 | 1,160,994 | |
City of Rochester, MN Revenue | |||
4.00% 11/15/48 | 5,330,000 | 4,619,317 | |
City of St. Paul Sales & Use Tax Revenue, MN Revenue | |||
5.00% 11/01/31 | 1,400,000 | 1,412,123 | |
City of St. Paul Water Revenue, MN Revenue | |||
4.00% 12/01/45 | 5,000,000 | 4,551,800 | |
Cloquet Independent School District No. 94, MN GO, | |||
4.00% 02/01/36 | 1,675,000 | 1,649,328 | |
County of St. Louis, MN GO, | |||
3.00% 12/01/31 | 1,545,000 | 1,420,422 | |
Dover & Eyota Independent School District No. 533, MN GO, | |||
4.00% 02/01/40 | 1,285,000 | 1,183,002 | |
Maple River Independent School District No. 2135, MN GO, | |||
5.00% 02/01/28 | 750,000 | 797,518 | |
Metropolitan Council, MN GO, | |||
5.00% 03/01/35 | 1,665,000 | 1,851,791 | |
Minneapolis-St. Paul Metropolitan Airports Commission, MN Revenue | |||
5.00% 01/01/25 | 1,000,000 | 1,002,048 | |
Redwood Area Schools Independent School District No. 2897, MN GO, | |||
4.00% 02/01/36 | 1,705,000 | 1,669,202 | |
University of Minnesota, MN Revenue | |||
5.00% 09/01/39 | 4,350,000 | 4,454,369 | |
28,871,216 | |||
Missouri - 0.8% | |||
City of St. Louis, MO GO, | |||
5.00% 02/15/43 | 800,000 | 810,479 | |
Health & Educational Facilities Authority of the State of Missouri, MO Revenue | |||
4.00% 11/15/48 | 2,200,000 | 1,847,031 | |
Metropolitan St. Louis Sewer District, MO Revenue | |||
5.00% 05/01/45 (a) | 480,000 | 487,739 | |
5.00% 05/01/45 - 05/01/46 | 2,520,000 | 2,564,543 | |
Missouri Joint Municipal Electric Utility Commission, MO Revenue | |||
5.00% 01/01/34 | 1,000,000 | 1,086,410 | |
St. Louis County School District C-2 Parkway, MO GO, | |||
4.00% 03/01/39 | 1,395,000 | 1,300,716 | |
8,096,918 | |||
Nebraska - 0.1% | |||
Omaha Public Power District, NE Revenue | |||
5.00% 02/01/35 | 500,000 | 550,329 | |
New Hampshire - 0.1% | |||
New Hampshire Business Finance Authority, NH Revenue | |||
5.00% 08/15/27 | 250,000 | 255,840 | |
New Hampshire Health & Education Facilities Authority Act, NH Revenue (BAM Insured) | |||
5.00% 07/01/34 | 1,000,000 | 1,083,569 | |
1,339,409 | |||
New Jersey - 6.4% | |||
New Jersey Economic Development Authority, NJ Revenue | |||
5.00% 06/15/41 (a) | 7,250,000 | 7,559,823 | |
5.00% 06/15/43 | 4,500,000 | 4,521,400 | |
5.25% 06/15/40 (a) | 220,000 | 225,272 |
Principal Amount | Fair Value | ||
New Jersey Educational Facilities Authority, NJ Revenue | |||
5.50% 09/01/30 - 09/01/33 | $14,700,000 | $15,160,745 | |
New Jersey Health Care Facilities Financing Authority, NJ Revenue (AGM Insured) | |||
4.13% 07/01/38 | 6,215,000 | 5,706,063 | |
New Jersey Transportation Trust Fund Authority, NJ Revenue | |||
4.25% 06/15/44 | 1,000,000 | 919,252 | |
5.00% 12/15/34 - 06/15/45 | 7,250,000 | 7,393,673 | |
New Jersey Turnpike Authority, NJ Revenue | |||
4.00% 01/01/35 | 1,090,000 | 1,033,258 | |
5.00% 01/01/30 - 01/01/45 | 14,400,000 | 14,535,011 | |
New Jersey Turnpike Authority, NJ Revenue, Series G | |||
4.00% 01/01/43 | 5,000,000 | 4,612,734 | |
State of New Jersey, NJ GO, | |||
2.00% 06/01/34 | 1,000,000 | 750,741 | |
62,417,972 | |||
New Mexico - 0.3% | |||
State of New Mexico Severance Tax Permanent Fund, NM Revenue | |||
5.00% 07/01/29 | 2,420,000 | 2,603,178 | |
New York - 9.2% | |||
City of New York, NY GO, | |||
5.00% 08/01/26 - 08/01/33 | 2,500,000 | 2,645,636 | |
Hudson Yards Infrastructure Corp., NY Revenue (AGM Insured) | |||
4.00% 02/15/47 | 5,830,000 | 5,232,068 | |
Hudson Yards Infrastructure Corp., NY Revenue | |||
5.00% 02/15/36 - 02/15/37 | 3,635,000 | 3,740,451 | |
Metropolitan Transportation Authority, NY Revenue (AGM Insured) | |||
4.00% 11/15/49 | 2,500,000 | 2,167,084 | |
Metropolitan Transportation Authority, NY Revenue | |||
5.25% 11/15/55 | 1,000,000 | 1,006,125 | |
New York City Municipal Water Finance Authority, NY Revenue | |||
4.00% 06/15/45 - 06/15/52 | 5,605,000 | 4,913,644 | |
5.00% 06/15/30 - 06/15/49 | 7,495,000 | 7,707,871 | |
New York City Transitional Finance Authority Building Aid Revenue, NY Revenue | |||
5.00% 07/15/36 | 6,000,000 | 6,234,598 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, NY Revenue | |||
4.00% 11/01/42 | 4,650,000 | 4,229,897 | |
5.00% 02/01/41 - 05/01/43 | 10,500,000 | 10,566,179 | |
New York City Transitional Finance Authority, NY Revenue | |||
5.00% 05/01/28 | 500,000 | 529,124 | |
New York Power Authority, NY Revenue | |||
4.00% 11/15/50 | 1,775,000 | 1,572,261 | |
New York State Dormitory Authority, NY Revenue | |||
4.00% 08/01/38 - 03/15/47 | 6,500,000 | 5,931,687 | |
5.00% 03/15/32 - 03/15/45 | 11,250,000 | 11,572,285 | |
5.00% 07/01/46 (a) | 4,000,000 | 4,209,932 | |
New York State Dormitory Authority, NY Revenue (BAM Insured) | |||
5.00% 10/01/32 | 5,045,000 | 5,423,185 | |
New York State Thruway Authority, NY Revenue | |||
4.00% 03/15/44 | 2,000,000 | 1,791,607 | |
Port Authority of New York & New Jersey, NY Revenue | |||
5.00% 12/01/28 - 09/01/48 | 8,760,000 | 8,960,558 | |
Triborough Bridge & Tunnel Authority, NY Revenue | |||
5.00% 11/15/34 | 820,000 | 897,125 | |
89,331,317 | |||
North Carolina - 0.9% | |||
County of Forsyth, NC GO, | |||
5.00% 06/01/35 | 1,000,000 | 1,113,505 | |
County of Wake, NC GO, | |||
3.50% 04/01/32 | 3,305,000 | 3,121,253 | |
County of Wake, NC Revenue | |||
5.00% 04/01/35 | 1,765,000 | 1,958,864 | |
North Carolina Turnpike Authority, NC Revenue (AGM Insured) | |||
5.00% 01/01/29 | 1,190,000 | 1,228,482 | |
Orange Water & Sewer Authority, NC Revenue | |||
4.00% 07/01/29 | 1,060,000 | 1,055,024 | |
8,477,128 | |||
North Dakota - 0.0% * | |||
City of Grand Forks, ND Revenue | |||
5.00% 12/01/27 | 250,000 | 248,953 |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 3 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
September 30, 2023 (Unaudited)
Principal Amount | Fair Value | ||
Ohio - 0.9% | |||
City of Cleveland, OH GO, | |||
5.00% 12/01/29 | $1,250,000 | $1,280,652 | |
County of Summit, OH GO, | |||
5.00% 12/01/43 | 1,000,000 | 1,037,823 | |
Dublin City School District, OH GO, | |||
4.00% 12/01/30 | 1,010,000 | 1,027,284 | |
Northeast Ohio Regional Sewer District, OH Revenue | |||
3.00% 11/15/34 | 1,385,000 | 1,219,946 | |
Ohio Turnpike & Infrastructure Commission, OH Revenue | |||
5.00% 02/15/51 | 1,000,000 | 1,025,519 | |
Ohio Water Development Authority Water Pollution Control Loan Fund, OH Revenue | |||
5.00% 12/01/42 | 2,000,000 | 2,102,583 | |
Worthington City School District, OH GO, | |||
5.00% 12/01/43 | 1,370,000 | 1,419,037 | |
9,112,844 | |||
Oklahoma - 1.3% | |||
City of Oklahoma City, OK GO, | |||
4.00% 03/01/38 | 1,000,000 | 941,542 | |
Oklahoma Capitol Improvement Authority, OK Revenue | |||
5.00% 07/01/28 - 07/01/29 | 5,000,000 | 5,032,597 | |
Oklahoma Water Resources Board, OK Revenue | |||
4.00% 04/01/41 - 04/01/48 | 3,150,000 | 2,905,330 | |
4.25% 10/01/48 | 1,000,000 | 952,194 | |
Washington County Rural Water District No. 3, OK Revenue | |||
3.00% 09/15/41 | 3,000,000 | 2,228,591 | |
12,060,254 | |||
Oregon - 1.5% | |||
City of Portland Water System Revenue, OR Revenue | |||
4.00% 05/01/30 | 2,435,000 | 2,435,409 | |
Clackamas County School District No. 7J Lake Oswego, OR GO, | |||
4.00% 06/01/33 | 1,000,000 | 1,001,439 | |
Multnomah County School District No. 1 Portland, OR GO, | |||
5.00% 06/15/37 | 3,230,000 | 3,499,040 | |
Oregon State University, OR Revenue | |||
5.00% 04/01/45 | 2,000,000 | 2,008,684 | |
Port of Portland Airport Revenue, OR Revenue | |||
5.00% 07/01/27 - 07/01/38 | 3,520,000 | 3,583,592 | |
Port of Portland Airport Revenue, OR Revenue, Series 24-B | |||
5.00% 07/01/29 | 1,000,000 | 1,018,449 | |
State of Oregon Department of Transportation, OR Revenue | |||
5.00% 11/15/35 | 1,000,000 | 1,096,956 | |
14,643,569 | |||
Pennsylvania - 6.5% | |||
Allegheny County Sanitary Authority, PA Revenue | |||
5.00% 06/01/43 | 1,245,000 | 1,266,048 | |
City of Philadelphia Airport Revenue, PA Revenue | |||
4.00% 07/01/40 | 3,000,000 | 2,787,136 | |
5.00% 07/01/28 - 07/01/31 | 2,900,000 | 3,000,091 | |
City of Philadelphia Water & Wastewater Revenue, PA Revenue | |||
4.00% 10/01/31 | 4,980,000 | 4,982,838 | |
5.00% 10/01/43 - 10/01/47 | 15,000,000 | 15,204,143 | |
City of Philadelphia Water & Wastewater Revenue, PA Revenue (AGM Insured) | |||
5.00% 09/01/30 | 1,000,000 | 1,077,549 | |
City of Philadelphia, PA GO, | |||
5.00% 02/01/24 - 08/01/36 | 6,105,000 | 6,282,437 | |
City of Philadelphia, PA GO, (BAM Insured) | |||
5.00% 02/01/34 | 1,970,000 | 2,066,421 | |
City of Pittsburgh, PA GO, | |||
5.00% 09/01/32 | 250,000 | 269,735 | |
Commonwealth of Pennsylvania, PA GO, | |||
3.50% 03/01/31 | 2,000,000 | 1,912,840 | |
4.00% 09/15/34 | 1,475,000 | 1,452,646 | |
5.00% 07/15/27 - 03/01/32 | 5,995,000 | 6,268,552 | |
Council Rock School District, PA GO, | |||
4.00% 11/15/52 | 3,000,000 | 2,547,060 | |
County of Montgomery, PA GO, | |||
5.00% 01/01/38 | 945,000 | 1,012,271 | |
Delaware River Port Authority, PA Revenue | |||
5.00% 01/01/26 - 01/01/40 | 3,725,000 | 3,849,497 | |
Middletown Area School District, PA GO, (AGM Insured) | |||
4.00% 03/01/36 | 1,000,000 | 978,130 |
Principal Amount | Fair Value | ||
Pennsylvania Higher Educational Facilities Authority, PA Revenue | |||
5.00% 05/01/41 | $1,000,000 | $996,266 | |
Pennsylvania State University, PA Revenue | |||
5.00% 09/01/47 | 2,000,000 | 2,023,986 | |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA Revenue | |||
4.00% 12/01/51 | 1,500,000 | 1,271,108 | |
Pittsburgh Water & Sewer Authority, PA Revenue (AGM Insured) | |||
5.00% 09/01/38 | 675,000 | 716,561 | |
Swarthmore Borough Authority, PA Revenue | |||
5.00% 09/15/45 | 2,000,000 | 2,081,658 | |
Upper Darby School District, PA GO, (BAM Insured) | |||
4.00% 04/01/51 | 1,000,000 | 844,181 | |
62,891,154 | |||
Rhode Island - 0.3% | |||
Rhode Island Health & Educational Building Corp., RI Revenue (BAM Insured) | |||
5.00% 05/15/29 | 200,000 | 213,693 | |
Rhode Island Infrastructure Bank State Revolving Fund, RI Revenue | |||
5.00% 10/01/36 | 500,000 | 546,912 | |
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund, RI Revenue | |||
5.00% 10/01/28 (a) | 2,200,000 | 2,254,388 | |
3,014,993 | |||
South Carolina - 1.2% | |||
Anderson County School District No. 5, SC GO, | |||
5.00% 03/01/30 | 2,000,000 | 2,055,419 | |
Beaufort County School District, SC GO, | |||
4.00% 03/01/33 | 2,200,000 | 2,214,556 | |
City of Columbia Waterworks & Sewer System Revenue, SC Revenue | |||
5.00% 02/01/47 | 2,425,000 | 2,523,581 | |
South Carolina Ports Authority, SC Revenue | |||
5.00% 07/01/33 | 1,800,000 | 1,858,516 | |
Spartanburg County School District No. 4, SC GO, | |||
5.00% 03/01/47 | 2,745,000 | 2,832,042 | |
11,484,114 | |||
Tennessee - 1.4% | |||
City of Memphis, TN GO, | |||
4.00% 05/01/38 - 06/01/46 | 9,920,000 | 9,036,170 | |
County of Knox, TN GO, | |||
3.00% 06/01/30 | 1,255,000 | 1,155,158 | |
County of Rutherford, TN GO, | |||
3.00% 04/01/35 | 2,000,000 | 1,739,450 | |
Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue, TN Revenue | |||
5.00% 07/01/46 | 2,000,000 | 2,015,546 | |
13,946,324 | |||
Texas - 6.9% | |||
Aledo Independent School District, TX GO, | |||
5.00% 02/15/33 | 500,000 | 546,836 | |
Argyle Independent School District, TX GO, | |||
5.00% 08/15/43 | 800,000 | 834,122 | |
Arlington Independent School District, TX GO, | |||
5.00% 02/15/38 | 500,000 | 529,829 | |
Austin Independent School District, TX GO, | |||
5.00% 08/01/43 | 2,750,000 | 2,871,549 | |
Bastrop Independent School District, TX GO, | |||
5.00% 02/15/36 | 1,000,000 | 1,082,934 | |
City of Austin Airport System Revenue, TX Revenue | |||
5.00% 11/15/33 | 1,000,000 | 1,048,614 | |
City of Dallas Waterworks & Sewer System Revenue, TX Revenue | |||
4.00% 10/01/52 | 2,500,000 | 2,147,481 | |
City of Fort Worth Water & Sewer System Revenue, TX Revenue | |||
4.00% 02/15/35 | 2,530,000 | 2,510,542 | |
City of Houston Airport System Revenue, TX Revenue | |||
5.00% 07/01/28 | 1,500,000 | 1,543,361 | |
City of Houston Combined Utility System Revenue, TX Revenue | |||
5.00% 05/15/28 | 5,000,000 | 5,028,358 | |
City of North Richland Hills, TX GO, | |||
4.00% 02/15/27 | 1,045,000 | 1,050,622 |
See Notes to Schedule of Investments.
4 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments
September 30, 2023 (Unaudited)
Principal Amount | Fair Value | ||
Comal Independent School District, TX GO, | |||
4.00% 02/01/33 | $1,875,000 | $1,896,094 | |
Community Independent School District, TX GO, | |||
5.00% 02/15/38 | 750,000 | 795,340 | |
Corpus Christi Independent School District, TX GO, | |||
5.00% 08/15/39 | 1,000,000 | 1,058,492 | |
Dallas Area Rapid Transit, TX Revenue | |||
4.00% 12/01/38 | 500,000 | 465,614 | |
Dallas Fort Worth International Airport, TX Revenue | |||
5.00% 11/01/27 (b) | 500,000 | 524,847 | |
Dallas Independent School District, TX GO, | |||
5.00% 02/15/34 | 560,000 | 592,722 | |
Del Valle Independent School District, TX GO, | |||
4.00% 06/15/37 | 500,000 | 474,113 | |
Denison Independent School District, TX GO, | |||
5.00% 08/01/37 | 500,000 | 536,740 | |
Denton Independent School District, TX GO, | |||
5.00% 08/15/35 | 1,000,000 | 1,099,003 | |
Dickinson Independent School District, TX GO, | |||
4.00% 02/15/43 | 1,000,000 | 894,471 | |
Forney Independent School District, TX GO, | |||
5.00% 08/15/36 - 08/15/39 | 1,500,000 | 1,602,272 | |
Galveston Independent School District, TX GO, | |||
4.00% 02/01/42 | 3,175,000 | 2,851,246 | |
Greater Texoma Utility Authority, TX Revenue (AGM Insured) | |||
5.00% 10/01/35 | 600,000 | 636,927 | |
Harris County Flood Control District, TX GO, | |||
5.00% 09/15/38 | 500,000 | 531,308 | |
Irving Independent School District, TX GO, | |||
5.00% 02/15/33 | 1,750,000 | 1,927,794 | |
Klein Independent School District, TX GO, | |||
5.00% 02/01/43 | 500,000 | 511,715 | |
Lamar Consolidated Independent School District, TX GO, | |||
5.00% 02/15/37 | 500,000 | 532,621 | |
Lower Colorado River Authority, TX Revenue | |||
5.00% 05/15/44 | 1,000,000 | 1,005,483 | |
Magnolia Independent School District, TX GO, | |||
5.00% 08/15/30 | 1,000,000 | 1,084,042 | |
McCamey Independent School District, TX GO, (AGM Insured) | |||
5.00% 02/15/28 | 1,000,000 | 1,054,027 | |
Medina Valley Independent School District, TX GO, | |||
5.00% 02/15/37 | 500,000 | 534,222 | |
Mount Vernon Independent School District, TX GO, | |||
5.00% 08/15/30 (b) | 500,000 | 539,812 | |
North Texas Tollway Authority, TX Revenue | |||
5.00% 01/01/48 | 4,000,000 | 3,995,763 | |
Paradise Independent School District, TX GO, | |||
5.00% 08/15/41 | 1,810,000 | 1,906,074 | |
Port Authority of Houston of Harris County Texas, TX GO, | |||
5.00% 10/01/27 | 1,000,000 | 1,052,394 | |
Princeton Independent School District, TX GO, | |||
5.00% 02/15/35 | 500,000 | 546,187 | |
San Antonio Water System, TX Revenue | |||
5.00% 05/15/36 | 1,395,000 | 1,488,523 | |
Sherman Independent School District, TX GO, | |||
5.00% 02/15/33 | 1,250,000 | 1,383,663 | |
Splendora Independent School District, TX GO, | |||
5.00% 02/15/39 | 1,000,000 | 1,059,453 | |
State of Texas, TX GO, | |||
4.00% 10/01/44 | 1,985,000 | 1,770,638 | |
5.00% 08/01/32 | 2,000,000 | 2,077,389 | |
Texas A&M University, TX Revenue | |||
5.00% 05/15/28 | 500,000 | 530,489 | |
Texas City Independent School District, TX GO, | |||
4.00% 08/15/40 | 1,085,000 | 991,169 | |
Texas Municipal Power Agency, TX Revenue (AGM Insured) | |||
3.00% 09/01/28 | 275,000 | 258,088 | |
Texas Public Finance Authority, TX Revenue (BAM Insured) | |||
5.25% 05/01/35 | 500,000 | 526,106 | |
Texas Water Development Board, TX Revenue | |||
5.00% 10/15/47 | 5,815,000 | 6,032,009 | |
Trinity River Authority, TX Revenue | |||
5.00% 02/01/30 | 1,000,000 | 1,073,572 | |
Waco Independent School District, TX GO, | |||
5.00% 08/15/39 | 1,000,000 | 1,057,733 | |
Waller Consolidated Independent School District, TX GO, | |||
5.00% 02/15/36 | 500,000 | 539,434 | |
66,631,837 |
Principal Amount | Fair Value | ||
Utah - 1.7% | |||
Alpine School District, UT GO, | |||
4.00% 03/15/31 | $1,500,000 | $1,508,052 | |
Central Valley Water Reclamation Facility, UT Revenue | |||
3.00% 03/01/30 - 03/01/35 | 2,225,000 | 2,015,497 | |
Central Weber Sewer Improvement District, UT Revenue | |||
5.00% 03/01/32 | 500,000 | 548,501 | |
City of Salt Lake City Airport Revenue, UT Revenue | |||
4.00% 07/01/51 | 2,500,000 | 2,044,265 | |
5.00% 07/01/48 | 2,000,000 | 2,000,447 | |
City of Salt Lake City Public Utilities Revenue, UT Revenue | |||
4.00% 02/01/45 | 1,220,000 | 1,100,133 | |
5.00% 02/01/50 | 4,080,000 | 4,169,071 | |
Salt Lake City Corp., UT GO, | |||
3.00% 06/15/37 | 1,055,000 | 867,768 | |
University of Utah, UT Revenue | |||
5.00% 08/01/42 | 1,685,000 | 1,759,190 | |
16,012,924 | |||
Virginia - 3.4% | |||
Chesapeake Bay Bridge & Tunnel District, VA Revenue | |||
5.00% 07/01/51 | 2,000,000 | 2,008,731 | |
City of Charlottesville, VA GO, | |||
3.00% 09/15/39 - 09/15/40 | 1,830,000 | 1,434,137 | |
City of Richmond Public Utility Revenue, VA Revenue | |||
4.00% 01/15/36 | 4,350,000 | 4,261,537 | |
County of Fairfax Sewer Revenue, VA Revenue, Series A | |||
4.00% 07/15/40 | 2,245,000 | 2,097,106 | |
County of Fairfax, VA GO, | |||
4.00% 10/01/35 | 6,645,000 | 6,664,061 | |
University of Virginia, VA Revenue | |||
5.00% 04/01/47 | 6,000,000 | 6,112,455 | |
Virginia College Building Authority, VA Revenue | |||
4.00% 09/01/35 | 1,000,000 | 999,897 | |
5.00% 02/01/30 | 1,990,000 | 2,091,528 | |
Virginia Commonwealth Transportation Board, VA Revenue | |||
4.00% 05/15/44 | 1,000,000 | 902,329 | |
Virginia Public School Authority, VA Revenue | |||
5.00% 08/01/43 | 3,475,000 | 3,688,072 | |
Virginia Resources Authority, VA Revenue | |||
4.00% 11/01/41 | 3,000,000 | 2,778,480 | |
33,038,333 | |||
Washington - 5.6% | |||
City of Seattle Drainage & Wastewater Revenue, WA Revenue | |||
4.00% 07/01/36 - 09/01/51 | 5,000,000 | 4,684,580 | |
City of Seattle Municipal Light & Power Revenue, WA Revenue | |||
4.00% 09/01/35 - 09/01/40 | 6,090,000 | 5,828,121 | |
5.00% 07/01/52 | 3,000,000 | 3,071,479 | |
City of Seattle, WA GO, | |||
4.00% 12/01/31 | 2,500,000 | 2,513,560 | |
City of Spokane, WA GO, | |||
3.13% 12/01/33 | 1,260,000 | 1,115,090 | |
City of Tacoma Electric System Revenue, WA Revenue | |||
5.00% 01/01/46 | 2,000,000 | 2,049,562 | |
County of King Sewer Revenue, WA Revenue | |||
5.00% 07/01/28 | 1,060,000 | 1,067,205 | |
County of King, WA GO, | |||
4.00% 12/01/31 - 12/01/34 | 3,950,000 | 3,951,758 | |
Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project, WA Revenue | |||
5.00% 01/01/36 | 500,000 | 544,559 | |
Port of Seattle, WA Revenue | |||
5.00% 08/01/28 - 08/01/42 | 6,985,000 | 7,154,230 | |
Port of Tacoma, WA GO, | |||
5.00% 12/01/28 | 790,000 | 820,335 | |
Spokane County School District No. 356 Central Valley, WA GO, | |||
4.00% 12/01/31 | 2,605,000 | 2,611,367 | |
State of Washington, WA GO, | |||
4.00% 07/01/27 - 06/01/34 | 2,505,000 | 2,534,355 | |
5.00% 07/01/24 - 02/01/48 | 14,670,000 | 15,476,268 | |
Vancouver Library Capital Facilities Area, WA GO, | |||
4.00% 12/01/27 | 1,000,000 | 1,004,882 | |
54,427,351 | |||
Wisconsin - 1.1% | |||
County of Dane, WI GO, | |||
5.00% 06/01/28 (b) | 2,340,000 | 2,415,012 |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 5 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
September 30, 2023 (Unaudited)
Principal Amount | Fair Value | ||
Public Finance Authority, WI Revenue | |||
5.00% 07/01/27 | $500,000 | $502,485 | |
State of Wisconsin, WI GO, | |||
4.00% 05/01/30 - 05/01/40 | 2,675,000 | 2,578,416 | |
5.00% 05/01/33 - 05/01/38 | 4,575,000 | 4,669,447 | |
Wisconsin Department of Transportation, WI Revenue | |||
5.00% 07/01/38 | 500,000 | 537,799 | |
10,703,159 | |||
Total Municipal Bonds and Notes (Cost $992,721,277) | 951,461,878 | ||
Short-Term Investments - 0.3% | |||
State Street Institutional Treasury Plus Fund - Premier Class 5.29% (c)(d) (Cost $3,312,675) | 3,312,675 | 3,312,675 | |
Total Investments (Cost $996,033,952) | 954,774,553 | ||
Other Assets and Liabilities, net - 1.5% | 14,627,521 | ||
NET ASSETS - 100.0% | $969,402,074 |
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, 2023. |
* | 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, 2023:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||
Investments in Securities | ||||||||
Municipal Bonds and Notes | $— | $951,461,878 | $— | $951,461,878 | ||||
Short-Term Investments | 3,312,675 | — | — | 3,312,675 | ||||
Total Investments in Securities | $3,312,675 | $951,461,878 | $— | $954,774,553 |
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 9/30/23 | Value at 9/30/23 | Dividend Income | |||||||||
State Street Institutional Treasury Plus Fund - Premier Class | 15,874,392 | $15,874,392 | $185,383,895 | $197,945,612 | $— | $— | 3,312,675 | $3,312,675 | $386,494 |
See Notes to Schedule of Investments.
6 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Notes to Schedule of Investments
September 30, 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 September 30, 2023 is disclosed in the Fund’s Schedule of Investments.
7