Quarterly Report
March 31, 2024
Elfun Tax-Exempt Income Fund
![](https://capedge.com/proxy/NPORT-P/0001752724-24-123922/img37ffbad71.gif)
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2024 (Unaudited)
Principal Amount | Fair Value | ||
Municipal Bonds and Notes - 98.5% † | |||
Alabama - 0.6% | |||
Auburn University, AL Revenue | |||
4.00% 06/01/41 | $2,000,000 | $1,966,319 | |
5.00% 06/01/38 | 1,000,000 | 1,069,352 | |
County of Jefferson Sewer Revenue, AL Revenue | |||
5.00% 10/01/32 - 10/01/33 | 2,250,000 | 2,571,234 | |
5,606,905 | |||
Arizona - 1.8% | |||
Arizona Board of Regents, AZ Revenue | |||
5.00% 07/01/43 | 1,000,000 | 1,114,556 | |
Arizona State University, AZ Revenue | |||
5.00% 07/01/41 | 1,000,000 | 1,015,334 | |
City of Mesa Utility System Revenue, AZ Revenue | |||
5.00% 07/01/43 | 1,500,000 | 1,603,122 | |
City of Phoenix Civic Improvement Corp., AZ Revenue | |||
4.00% 07/01/44 | 1,000,000 | 972,229 | |
5.00% 07/01/31 - 07/01/42 | 4,315,000 | 4,520,971 | |
City of Phoenix Civic Improvement Corp., AZ Revenue (NPFG Insured) | |||
5.50% 07/01/24 | 3,340,000 | 3,354,556 | |
Maricopa County Unified School District No. 80 Chandler, AZ GO, | |||
4.00% 07/01/32 | 2,890,000 | 2,969,388 | |
Salt River Project Agricultural Improvement & Power District, AZ Revenue | |||
5.00% 01/01/50 | 2,000,000 | 2,172,960 | |
17,723,116 | |||
California - 6.7% | |||
Bay Area Toll Authority, CA Revenue | |||
4.13% 04/01/54 | 1,235,000 | 1,224,018 | |
City of Los Angeles Department of Airports, CA Revenue | |||
5.00% 05/15/26 - 05/15/44 | 6,615,000 | 7,058,457 | |
City of Los Angeles Wastewater System Revenue, CA Revenue | |||
5.00% 06/01/48 | 10,000,000 | 10,528,386 | |
Fresno Unified School District, CA GO, | |||
4.00% 08/01/47 (a) | 5,000,000 | 5,008,443 | |
Oakland Unified School District/Alameda County, CA GO, (AGM Insured) | |||
5.00% 08/01/35 | 1,000,000 | 1,192,634 | |
Regents of the University of California Medical Center Pooled Revenue, CA Revenue | |||
5.00% 05/15/41 | 2,000,000 | 2,237,671 | |
Sacramento Municipal Utility District, CA Revenue | |||
4.00% 08/15/45 | 1,565,000 | 1,573,099 | |
5.00% 08/15/53 | 2,000,000 | 2,211,501 | |
San Diego County Regional Airport Authority, CA Revenue | |||
5.00% 07/01/33 | 1,000,000 | 1,138,271 | |
San Diego Unified School District, CA GO, | |||
4.00% 07/01/53 | 1,000,000 | 987,762 | |
San Francisco City & County Airport Comm-San Francisco International Airport, CA Revenue | |||
5.00% 05/01/33 - 05/01/49 | 2,350,000 | 2,572,971 | |
San Francisco City & County Public Utilities Commission Wastewater Revenue, CA Revenue | |||
5.00% 10/01/34 | 1,495,000 | 1,540,595 | |
State of California Department of Water Resources, CA Revenue | |||
5.00% 12/01/29 (a) | 5,000,000 | 5,054,562 | |
State of California, CA GO, | |||
4.00% 08/01/35 - 10/01/39 | 3,000,000 | 3,077,241 | |
5.00% 09/01/28 - 11/01/37 | 10,205,000 | 11,430,984 | |
University of California, CA Revenue | |||
4.00% 05/15/46 - 05/15/51 | 6,800,000 | 6,771,242 | |
5.00% 05/15/34 | 2,000,000 | 2,444,900 | |
66,052,737 | |||
Colorado - 2.3% | |||
Adams & Arapahoe Joint School District 28J Aurora, CO GO, | |||
5.00% 12/01/32 | 2,000,000 | 2,096,565 | |
Arapahoe County School District No. 5 Cherry Creek, CO GO, | |||
5.00% 12/15/36 | 1,255,000 | 1,334,482 | |
Board of Governors of Colorado State University System, CO Revenue | |||
4.00% 03/01/43 | 1,000,000 | 995,936 | |
Cherokee Metropolitan District, CO Revenue (BAM Insured) | |||
4.00% 08/01/45 | 2,700,000 | 2,600,266 |
Principal Amount | Fair Value | ||
City & County of Denver Airport System Revenue, CO Revenue | |||
4.00% 12/01/37 | $1,000,000 | $991,919 | |
5.00% 11/15/41 | 1,000,000 | 1,079,993 | |
City & County of Denver Pledged Excise Tax Revenue, CO Revenue | |||
4.00% 08/01/46 | 2,485,000 | 2,417,311 | |
City of Colorado Springs Utilities System Revenue, CO Revenue | |||
5.00% 11/15/42 - 11/15/47 | 4,085,000 | 4,237,951 | |
Colorado Health Facilities Authority, CO Revenue | |||
4.00% 05/15/52 | 1,500,000 | 1,445,179 | |
5.00% 06/01/47 (a) | 1,750,000 | 1,853,364 | |
Regional Transportation District Sales Tax Revenue, CO Revenue | |||
4.25% 11/01/36 | 3,405,000 | 3,696,344 | |
22,749,310 | |||
Connecticut - 0.6% | |||
Connecticut State Health & Educational Facilities Authority, CT Revenue | |||
2.95% 07/01/49 (b) | 1,000,000 | 985,733 | |
State of Connecticut Special Tax Revenue, CT Revenue | |||
4.00% 05/01/36 - 11/01/38 | 2,670,000 | 2,789,665 | |
5.00% 07/01/36 | 635,000 | 747,990 | |
State of Connecticut, CT GO, | |||
4.00% 01/15/44 | 1,000,000 | 1,006,168 | |
5.00% 01/15/26 | 700,000 | 723,047 | |
6,252,603 | |||
Delaware - 0.6% | |||
Delaware Transportation Authority, DE Revenue | |||
3.00% 07/01/28 | 2,000,000 | 1,984,285 | |
5.00% 06/01/55 | 1,000,000 | 1,006,850 | |
State of Delaware, DE GO, | |||
3.50% 03/01/33 | 2,000,000 | 2,006,614 | |
4.00% 05/01/41 | 1,000,000 | 1,027,156 | |
6,024,905 | |||
District of Columbia - 4.6% | |||
District of Columbia Income Tax Revenue, DC Revenue | |||
4.00% 03/01/39 - 05/01/45 | 10,575,000 | 10,628,265 | |
District of Columbia Water & Sewer Authority, DC Revenue | |||
4.00% 10/01/38 | 2,185,000 | 2,199,264 | |
5.00% 10/01/47 | 2,000,000 | 2,172,531 | |
District of Columbia, DC GO, | |||
4.00% 06/01/35 - 10/15/44 | 3,000,000 | 2,999,586 | |
District of Columbia, DC Revenue | |||
5.00% 04/01/42 (a) | 6,250,000 | 6,615,547 | |
Metropolitan Washington Airports Authority Aviation Revenue, DC Revenue | |||
5.00% 10/01/29 - 10/01/47 | 9,070,000 | 9,789,216 | |
Washington Convention & Sports Authority, DC Tax Allocation Revenue., | |||
5.00% 10/01/29 | 750,000 | 830,498 | |
Washington Metropolitan Area Transit Authority Dedicated Revenue, DC Revenue | |||
5.00% 07/15/35 | 500,000 | 589,461 | |
Washington Metropolitan Area Transit Authority, DC Revenue | |||
5.00% 07/01/34 - 07/01/42 | 8,375,000 | 8,741,707 | |
44,566,075 | |||
Florida - 6.0% | |||
City of Cocoa Water & Sewer Revenue, FL Revenue | |||
5.00% 10/01/36 | 1,225,000 | 1,330,506 | |
City of Fort Lauderdale Water & Sewer Revenue, FL Revenue | |||
4.00% 09/01/41 | 1,000,000 | 1,003,451 | |
City of Tampa Water & Wastewater System Revenue, FL Revenue | |||
5.25% 10/01/57 | 7,000,000 | 7,677,522 | |
County of Broward Port Facilities Revenue, FL Revenue | |||
5.00% 09/01/26 | 500,000 | 513,782 | |
County of Hillsborough, FL GO, | |||
5.00% 07/01/53 | 2,825,000 | 3,094,068 | |
County of Miami-Dade Aviation Revenue, FL Revenue | |||
4.00% 10/01/39 | 1,675,000 | 1,679,549 | |
5.00% 10/01/34 - 10/01/36 | 4,500,000 | 4,517,515 | |
County of Miami-Dade Seaport Department, FL Revenue (AGM Insured) | |||
4.00% 10/01/40 | 3,000,000 | 2,958,425 |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 1 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2024 (Unaudited)
Principal Amount | Fair Value | ||
County of Miami-Dade Seaport Department, FL Revenue | |||
4.00% 10/01/50 | $2,485,000 | $2,304,921 | |
County of Miami-Dade Transit System, FL Revenue | |||
4.00% 07/01/45 | 1,290,000 | 1,249,464 | |
County of Miami-Dade Water & Sewer System Revenue, FL Revenue | |||
4.00% 10/01/37 - 10/01/49 | 15,500,000 | 15,330,821 | |
County of Seminole Water & Sewer Revenue, FL Revenue | |||
4.00% 10/01/28 | 925,000 | 934,659 | |
Florida Municipal Power Agency, FL Revenue | |||
4.00% 10/01/30 | 950,000 | 979,320 | |
Florida State Board of Governors University of North Florida Dormitory Revenue, FL Revenue (BAM Insured) | |||
5.00% 11/01/39 | 2,560,000 | 2,870,413 | |
Hillsborough County Aviation Authority, FL Revenue | |||
5.00% 10/01/29 | 2,510,000 | 2,735,407 | |
JEA Water & Sewer System Revenue, FL Revenue | |||
5.00% 10/01/34 | 1,000,000 | 1,190,737 | |
School Board of Miami-Dade County, FL GO, (BAM Insured) | |||
5.00% 03/15/47 | 5,000,000 | 5,397,303 | |
State of Florida Department of Transportation, FL Revenue | |||
4.00% 07/01/41 | 1,000,000 | 1,010,618 | |
5.00% 07/01/38 | 1,000,000 | 1,135,495 | |
Wildwood Utility Dependent District, FL Revenue (AGM Insured) | |||
5.25% 10/01/38 | 1,000,000 | 1,131,757 | |
59,045,733 | |||
Georgia - 3.8% | |||
City of Atlanta Airport Passenger Facility Charge, GA Revenue | |||
4.00% 07/01/37 - 07/01/38 | 2,000,000 | 1,996,791 | |
City of Atlanta Water & Wastewater Revenue, GA Revenue (AGM Insured) | |||
5.75% 11/01/30 | 4,500,000 | 5,339,803 | |
County of DeKalb Water & Sewerage Revenue, GA Revenue | |||
5.00% 10/01/45 | 2,000,000 | 2,197,119 | |
County of Fulton, GA GO, | |||
4.00% 07/01/40 | 1,000,000 | 1,006,457 | |
Development Authority of Gwinnett County, GA Revenue | |||
5.00% 07/01/40 | 7,000,000 | 7,267,975 | |
Georgia Ports Authority, GA Revenue | |||
4.00% 07/01/47 - 07/01/51 | 7,255,000 | 7,082,862 | |
Metropolitan Atlanta Rapid Transit Authority, GA Revenue | |||
5.00% 07/01/35 | 1,000,000 | 1,043,218 | |
Private Colleges & Universities Authority, GA Revenue | |||
4.00% 10/01/38 - 10/01/46 | 3,855,000 | 3,777,812 | |
State of Georgia, GA GO, | |||
4.00% 07/01/36 | 7,000,000 | 7,259,507 | |
36,971,544 | |||
Hawaii - 0.3% | |||
State of Hawaii, HI GO, | |||
5.00% 01/01/36 | 2,850,000 | 3,123,666 | |
Illinois - 5.1% | |||
Chicago Midway International Airport, IL Revenue (BAM Insured) | |||
5.00% 01/01/33 | 500,000 | 563,610 | |
Chicago O'Hare International Airport, IL Revenue | |||
5.00% 01/01/41 - 01/01/48 | 9,100,000 | 9,471,235 | |
5.25% 01/01/42 | 8,000,000 | 8,309,150 | |
Chicago Park District, IL GO, (BAM Insured) | |||
4.00% 01/01/41 | 1,000,000 | 977,505 | |
Chicago Park District, IL GO, | |||
5.00% 01/01/40 | 1,000,000 | 1,071,827 | |
Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue | |||
4.00% 12/01/49 | 2,000,000 | 1,887,366 | |
City of Chicago Wastewater Transmission Revenue, IL Revenue (AGM Insured) | |||
5.50% 01/01/62 | 5,035,000 | 5,544,187 | |
Cook County Community College District No. 508, IL GO, | |||
5.13% 12/01/38 | 1,000,000 | 1,000,671 | |
Illinois Finance Authority, IL Revenue | |||
4.00% 07/01/32 | 5,000,000 | 5,041,782 | |
Illinois State Toll Highway Authority, IL Revenue | |||
4.00% 01/01/44 | 3,000,000 | 2,953,014 | |
5.00% 01/01/37 - 01/01/46 | 5,885,000 | 6,081,832 | |
Southwestern Illinois Development Authority, IL Revenue | |||
4.00% 04/15/31 | 2,450,000 | 2,540,766 | |
State of Illinois Sales Tax Revenue, IL Revenue | |||
5.00% 06/15/38 | 1,000,000 | 1,144,433 |
Principal Amount | Fair Value | ||
State of Illinois, IL GO, | |||
5.00% 10/01/30 | $1,000,000 | $1,113,764 | |
5.50% 05/01/30 | 2,000,000 | 2,188,478 | |
49,889,620 | |||
Indiana - 1.1% | |||
Indiana Finance Authority, IN Revenue | |||
5.25% 10/01/52 | 2,000,000 | 2,139,071 | |
Indiana Municipal Power Agency, IN Revenue | |||
5.00% 01/01/42 | 2,160,000 | 2,308,692 | |
Indianapolis Local Public Improvement Bond Bank, IN Revenue | |||
4.00% 02/01/44 | 3,500,000 | 3,487,017 | |
5.00% 01/01/30 - 01/01/48 | 3,000,000 | 3,263,532 | |
11,198,312 | |||
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 | 1,120,494 | |
City of Ames, IA GO, | |||
5.00% 06/01/32 | 1,090,000 | 1,243,774 | |
2,364,268 | |||
Kansas - 0.5% | |||
City of Lawrence Water & Sewage System Revenue, KS Revenue | |||
4.00% 11/01/40 | 2,420,000 | 2,488,836 | |
Kansas Turnpike Authority, KS Revenue | |||
5.00% 09/01/37 | 1,980,000 | 2,177,046 | |
4,665,882 | |||
Kentucky - 1.6% | |||
Kentucky State Property & Building Commission, KY Revenue | |||
5.00% 02/01/33 - 04/01/37 | 11,705,000 | 12,185,477 | |
Louisville Water Co., KY Revenue | |||
3.00% 11/15/34 | 1,000,000 | 959,670 | |
University of Kentucky, KY Revenue | |||
4.00% 04/01/44 | 2,210,000 | 2,137,486 | |
15,282,633 | |||
Maine - 0.5% | |||
Maine Health & Higher Educational Facilities Authority, ME Revenue | |||
5.00% 07/01/48 | 1,990,000 | 2,072,131 | |
Maine Municipal Bond Bank, ME Revenue | |||
5.00% 09/01/26 | 500,000 | 522,318 | |
Maine Turnpike Authority, ME Revenue | |||
4.00% 07/01/45 | 2,000,000 | 1,962,895 | |
4,557,344 | |||
Maryland - 4.0% | |||
City of Baltimore, MD Revenue | |||
4.00% 07/01/44 | 3,130,000 | 3,089,311 | |
5.00% 07/01/35 - 07/01/46 | 15,155,000 | 15,507,778 | |
County of Anne Arundel, MD GO, | |||
5.00% 10/01/47 | 1,000,000 | 1,044,612 | |
County of Baltimore, MD GO, | |||
4.00% 03/01/40 - 03/01/41 | 2,385,000 | 2,428,097 | |
5.00% 03/01/45 - 03/01/53 | 10,985,000 | 12,182,971 | |
Maryland State Transportation Authority, MD Revenue | |||
5.00% 07/01/36 | 1,800,000 | 2,113,482 | |
State of Maryland Department of Transportation, MD Revenue | |||
4.00% 12/01/29 | 1,140,000 | 1,167,354 | |
Town of Ocean City, MD GO, | |||
4.00% 01/15/44 | 1,460,000 | 1,463,722 | |
38,997,327 | |||
Massachusetts - 4.4% | |||
Commonwealth of Massachusetts Transportation Fund Revenue, MA Revenue | |||
4.00% 06/01/50 | 2,000,000 | 1,926,482 | |
Commonwealth of Massachusetts, MA GO, | |||
4.00% 11/01/37 | 1,700,000 | 1,777,182 | |
5.00% 11/01/39 - 07/01/45 | 2,990,000 | 3,256,172 | |
5.25% 04/01/42 - 01/01/44 | 3,950,000 | 4,197,407 | |
Commonwealth of Massachusetts, MA Revenue (NPFG Insured) | |||
5.50% 01/01/34 | 3,950,000 | 4,592,769 |
See Notes to Schedule of Investments.
2 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2024 (Unaudited)
Principal Amount | Fair Value | ||
Massachusetts Bay Transportation Authority Assessment Revenue, MA Revenue | |||
5.00% 07/01/52 | $5,020,000 | $5,391,462 | |
Massachusetts Bay Transportation Authority Sales Tax Revenue, MA Revenue | |||
4.00% 07/01/48 | 1,250,000 | 1,228,406 | |
5.00% 07/01/33 - 07/01/41 | 5,240,000 | 5,420,141 | |
Massachusetts Development Finance Agency, MA Revenue | |||
4.00% 05/01/45 - 10/01/46 | 4,625,000 | 4,536,767 | |
4.00% 06/01/49 (a) | 1,000,000 | 1,065,338 | |
Massachusetts School Building Authority, MA Revenue | |||
4.00% 08/15/45 | 1,340,000 | 1,311,467 | |
Massachusetts State College Building Authority, MA Revenue | |||
4.00% 05/01/40 - 05/01/43 | 3,015,000 | 3,077,925 | |
Northeast Metropolitan Regional Vocational School District, MA GO, | |||
4.00% 04/15/47 | 1,500,000 | 1,466,788 | |
Town of Andover, MA GO, | |||
4.00% 07/15/52 | 2,605,000 | 2,583,261 | |
University of Massachusetts Building Authority, MA Revenue | |||
4.00% 11/01/46 | 1,395,000 | 1,383,375 | |
43,214,942 | |||
Michigan - 1.6% | |||
City of Kalamazoo, MI GO, (BAM Insured) | |||
5.00% 10/01/36 | 1,015,000 | 1,163,580 | |
City of Lansing, MI GO, (AGM Insured) | |||
5.00% 06/01/43 | 1,000,000 | 1,099,441 | |
Great Lakes Water Authority Sewage Disposal System Revenue, MI Revenue | |||
5.00% 07/01/36 - 07/01/38 | 4,305,000 | 4,705,422 | |
Great Lakes Water Authority Water Supply System Revenue, MI Revenue | |||
5.00% 07/01/49 | 1,300,000 | 1,367,864 | |
Michigan Finance Authority, MI Revenue | |||
5.00% 11/01/31 | 1,395,000 | 1,514,653 | |
State of Michigan Trunk Line Revenue, MI Revenue | |||
4.00% 11/15/38 | 1,485,000 | 1,534,161 | |
University of Michigan, MI Revenue | |||
5.00% 04/01/50 | 3,120,000 | 3,346,138 | |
Warren Consolidated Schools, MI GO, | |||
5.00% 05/01/35 | 715,000 | 734,947 | |
15,466,206 | |||
Minnesota - 3.1% | |||
Alexandria Independent School District No. 206, MN GO, | |||
5.00% 02/01/30 | 2,950,000 | 3,184,945 | |
City of Minneapolis, MN GO, | |||
3.00% 12/01/34 | 1,315,000 | 1,253,166 | |
4.00% 12/01/41 | 1,125,000 | 1,154,051 | |
City of Rochester, MN Revenue | |||
4.00% 11/15/48 | 5,000,000 | 4,894,792 | |
City of St. Paul Water Revenue, MN Revenue | |||
4.00% 12/01/45 | 5,000,000 | 5,015,626 | |
Cloquet Independent School District No. 94, MN GO, | |||
4.00% 02/01/36 | 1,675,000 | 1,680,775 | |
County of St. Louis, MN GO, | |||
3.00% 12/01/31 | 1,545,000 | 1,534,896 | |
Dover & Eyota Independent School District No. 533, MN GO, | |||
4.00% 02/01/40 | 1,285,000 | 1,303,346 | |
Maple River Independent School District No. 2135, MN GO, | |||
5.00% 02/01/28 | 750,000 | 812,354 | |
Redwood Area Schools Independent School District No. 2897, MN GO, | |||
4.00% 02/01/36 | 1,705,000 | 1,778,276 | |
State of Minnesota, MN GO, | |||
5.00% 08/01/33 | 2,050,000 | 2,143,602 | |
Stillwater Independent School District No. 834, MN GO, | |||
4.00% 02/01/41 | 1,000,000 | 1,019,201 | |
University of Minnesota, MN Revenue | |||
5.00% 09/01/39 | 4,350,000 | 4,552,162 | |
30,327,192 | |||
Mississippi - 0.1% | |||
State of Mississippi, MS GO, | |||
4.00% 10/01/41 | 1,000,000 | 1,000,905 |
Principal Amount | Fair Value | ||
Missouri - 0.7% | |||
City of St. Louis, MO GO, | |||
5.00% 02/15/43 | $800,000 | $866,238 | |
Health & Educational Facilities Authority of the State of Missouri, MO Revenue | |||
4.00% 11/15/48 | 2,200,000 | 2,124,016 | |
Metropolitan St. Louis Sewer District, MO Revenue | |||
5.00% 05/01/45 (a) | 480,000 | 488,473 | |
5.00% 05/01/45 | 1,020,000 | 1,037,460 | |
Missouri Joint Municipal Electric Utility Commission, MO Revenue | |||
5.00% 01/01/34 | 1,000,000 | 1,157,776 | |
St. Louis County School District C-2 Parkway, MO GO, | |||
4.00% 03/01/39 | 1,395,000 | 1,419,632 | |
7,093,595 | |||
Montana - 0.2% | |||
Yellowstone County K-12 School District No. 26 Lockwood, MT GO, | |||
5.00% 07/01/35 | 1,570,000 | 1,691,669 | |
New Jersey - 6.4% | |||
New Jersey Economic Development Authority, NJ Revenue | |||
5.00% 06/15/41 (a) | 7,250,000 | 7,640,977 | |
5.00% 06/15/43 | 4,500,000 | 4,709,466 | |
5.25% 06/15/40 (a) | 220,000 | 225,140 | |
New Jersey Educational Facilities Authority, NJ Revenue | |||
4.00% 03/01/53 | 1,000,000 | 984,084 | |
5.00% 06/01/26 | 2,350,000 | 2,435,989 | |
5.50% 09/01/30 - 09/01/33 | 14,700,000 | 15,490,430 | |
New Jersey Health Care Facilities Financing Authority, NJ Revenue (AGM Insured) | |||
4.13% 07/01/38 | 3,500,000 | 3,500,716 | |
New Jersey Transportation Trust Fund Authority, NJ Revenue | |||
4.25% 06/15/44 | 1,000,000 | 1,010,609 | |
5.00% 12/15/34 - 06/15/45 | 8,250,000 | 8,807,163 | |
New Jersey Turnpike Authority, NJ Revenue | |||
4.00% 01/01/43 | 5,000,000 | 4,948,533 | |
5.00% 01/01/30 - 01/01/48 | 12,710,000 | 13,079,097 | |
62,832,204 | |||
New Mexico - 0.1% | |||
County of Santa Fe, NM GO, | |||
4.00% 07/01/34 | 1,000,000 | 1,048,765 | |
New York - 10.4% | |||
City of New York, NY GO, | |||
4.00% 08/01/39 | 1,155,000 | 1,180,757 | |
Hudson Yards Infrastructure Corp., NY Revenue | |||
4.00% 02/15/44 | 3,000,000 | 2,935,769 | |
5.00% 02/15/36 - 02/15/42 | 4,635,000 | 4,859,842 | |
Hudson Yards Infrastructure Corp., NY Revenue (AGM Insured) | |||
4.00% 02/15/47 | 5,830,000 | 5,663,906 | |
Metropolitan Transportation Authority, NY Revenue (AGM Insured) | |||
4.00% 11/15/49 | 1,500,000 | 1,426,002 | |
Metropolitan Transportation Authority, NY Revenue | |||
5.25% 11/15/55 | 1,000,000 | 1,048,760 | |
New York City Municipal Water Finance Authority, NY Revenue | |||
4.00% 06/15/41 - 06/15/52 | 12,630,000 | 12,468,077 | |
5.00% 06/15/35 - 06/15/41 | 8,255,000 | 8,668,995 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, NY Revenue | |||
5.00% 11/01/32 | 2,135,000 | 2,442,841 | |
New York City Transitional Finance Authority, NY Revenue | |||
4.00% 11/01/42 | 1,000,000 | 1,005,200 | |
5.00% 05/01/36 - 05/01/46 | 4,685,000 | 5,254,818 | |
5.50% 05/01/53 | 2,500,000 | 2,813,679 | |
New York Power Authority, NY Revenue | |||
4.00% 11/15/50 | 3,355,000 | 3,253,745 | |
New York Power Authority, NY Revenue (AGM Insured) | |||
5.13% 11/15/58 | 2,020,000 | 2,215,578 | |
New York State Dormitory Authority, NY Revenue | |||
4.00% 08/01/38 - 03/15/47 | 8,500,000 | 8,373,623 | |
4.25% 05/01/52 | 1,595,000 | 1,546,090 | |
5.00% 03/15/36 | 1,000,000 | 1,175,464 | |
New York State Environmental Facilities Corp., NY Revenue | |||
5.00% 06/15/42 | 5,000,000 | 5,267,918 | |
New York State Thruway Authority, NY Revenue | |||
4.00% 03/15/44 | 2,000,000 | 1,972,186 |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 3 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2024 (Unaudited)
Principal Amount | Fair Value | ||
5.00% 01/01/32 | $1,340,000 | $1,561,537 | |
New York State Urban Development Corp., NY Revenue | |||
4.00% 03/15/40 - 03/15/52 | 4,470,000 | 4,405,532 | |
5.00% 03/15/33 - 03/15/54 | 3,000,000 | 3,172,690 | |
New York Transportation Development Corp., NY Revenue | |||
5.00% 12/01/31 | 1,200,000 | 1,316,957 | |
5.50% 06/30/39 | 1,000,000 | 1,108,573 | |
Port Authority of New York & New Jersey, NY Revenue | |||
5.00% 12/01/28 - 09/01/48 | 7,000,000 | 7,414,145 | |
Utility Debt Securitization Authority, NY Revenue | |||
5.00% 12/15/33 - 12/15/50 | 8,075,000 | 8,773,423 | |
101,326,107 | |||
North Carolina - 1.1% | |||
City of Charlotte Airport Revenue, NC Revenue | |||
5.00% 07/01/48 | 3,000,000 | 3,289,867 | |
City of Durham, NC Revenue | |||
4.00% 04/01/37 | 3,000,000 | 3,076,307 | |
County of Guilford, NC GO, | |||
4.00% 03/01/40 | 1,000,000 | 1,043,664 | |
County of Wake, NC GO, | |||
3.50% 04/01/32 | 2,250,000 | 2,251,334 | |
North Carolina Turnpike Authority, NC Revenue (AGM Insured) | |||
5.00% 01/01/29 | 1,190,000 | 1,251,022 | |
10,912,194 | |||
North Dakota - 0.0% * | |||
City of Grand Forks, ND Revenue | |||
5.00% 12/01/27 | 250,000 | 254,950 | |
Ohio - 0.7% | |||
City of Cleveland, OH GO, | |||
5.00% 12/01/29 | 1,250,000 | 1,283,041 | |
City of Columbus, OH GO, | |||
5.00% 04/01/35 | 1,020,000 | 1,127,760 | |
Dublin City School District, OH GO, | |||
4.00% 12/01/30 | 1,010,000 | 1,059,829 | |
Ohio Turnpike & Infrastructure Commission, OH Revenue | |||
5.00% 02/15/51 | 1,000,000 | 1,064,747 | |
Ohio Water Development Authority Water Pollution Control Loan Fund, OH Revenue | |||
5.00% 12/01/42 | 2,000,000 | 2,257,776 | |
6,793,153 | |||
Oklahoma - 0.8% | |||
City of Oklahoma City, OK GO, | |||
4.00% 03/01/37 (c) | 1,000,000 | 1,048,809 | |
Oklahoma Water Resources Board, OK Revenue | |||
4.00% 04/01/41 - 04/01/48 | 3,150,000 | 3,116,132 | |
4.25% 10/01/48 | 1,000,000 | 1,007,066 | |
Washington County Rural Water District No. 3, OK Revenue | |||
3.00% 09/15/41 | 3,000,000 | 2,569,721 | |
7,741,728 | |||
Oregon - 2.1% | |||
City of Eugene Water Utility System Revenue, OR Revenue | |||
5.00% 08/01/48 | 4,900,000 | 5,409,534 | |
City of Portland Water System Revenue, OR Revenue | |||
4.00% 05/01/30 | 2,435,000 | 2,436,198 | |
Clackamas County School District No. 7J Lake Oswego, OR GO, | |||
4.00% 06/01/33 | 1,000,000 | 1,026,530 | |
Multnomah-Clackamas Counties Centennial School District No. 28JT, OR GO, | |||
5.00% 06/15/45 | 5,000,000 | 5,359,313 | |
Oregon State University, OR Revenue | |||
5.00% 04/01/45 | 2,000,000 | 2,022,825 | |
Port of Portland Airport Revenue, OR Revenue | |||
5.00% 07/01/27 - 07/01/38 | 4,520,000 | 4,721,549 | |
20,975,949 | |||
Pennsylvania - 7.0% | |||
Allegheny County Sanitary Authority, PA Revenue | |||
5.00% 06/01/43 | 1,245,000 | 1,309,292 | |
Bucks County Water & Sewer Authority, PA Revenue (AGM Insured) | |||
5.25% 12/01/47 | 1,700,000 | 1,860,396 | |
City of Philadelphia Airport Revenue, PA Revenue | |||
4.00% 07/01/40 | 3,000,000 | 3,015,475 |
Principal Amount | Fair Value | ||
5.00% 07/01/28 - 07/01/35 | $3,475,000 | $3,740,091 | |
City of Philadelphia Water & Wastewater Revenue, PA Revenue | |||
4.00% 10/01/31 | 4,980,000 | 5,066,940 | |
5.00% 10/01/43 - 10/01/47 | 15,000,000 | 15,709,980 | |
City of Philadelphia Water & Wastewater Revenue, PA Revenue (AGM Insured) | |||
5.00% 09/01/30 | 1,000,000 | 1,138,557 | |
City of Philadelphia, PA GO, | |||
5.00% 08/01/36 | 5,000,000 | 5,258,010 | |
City of Pittsburgh, PA GO, | |||
5.00% 09/01/32 | 750,000 | 841,347 | |
Commonwealth of Pennsylvania, PA GO, | |||
3.50% 03/01/31 | 2,000,000 | 2,018,769 | |
4.00% 09/15/34 - 09/01/43 | 3,575,000 | 3,612,622 | |
Council Rock School District, PA GO, | |||
4.00% 11/15/52 | 3,000,000 | 2,862,056 | |
Delaware River Port Authority, PA Revenue | |||
5.00% 01/01/26 | 500,000 | 514,989 | |
Middletown Area School District, PA GO, (AGM Insured) | |||
4.00% 03/01/36 | 1,000,000 | 1,014,556 | |
Pennsylvania Higher Educational Facilities Authority, PA Revenue | |||
4.00% 08/15/49 | 2,000,000 | 1,909,057 | |
5.00% 05/01/41 | 1,000,000 | 1,013,101 | |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA Revenue | |||
4.00% 12/01/51 | 2,500,000 | 2,369,145 | |
5.25% 12/01/44 | 7,500,000 | 7,927,489 | |
Pennsylvania Turnpike Commission, PA Revenue | |||
5.00% 12/01/32 | 1,110,000 | 1,230,840 | |
Philadelphia Gas Works Co., PA Revenue | |||
5.00% 08/01/33 | 3,300,000 | 3,468,862 | |
Pittsburgh Water & Sewer Authority, PA Revenue (AGM Insured) | |||
5.00% 09/01/32 | 1,855,000 | 2,162,551 | |
68,044,125 | |||
Rhode Island - 0.0% * | |||
Rhode Island Health & Educational Building Corp., RI Revenue (BAM Insured) | |||
5.00% 05/15/29 | 200,000 | 220,336 | |
South Carolina - 1.4% | |||
Anderson County School District No. 5, SC GO, | |||
5.00% 03/01/30 | 2,000,000 | 2,079,982 | |
Beaufort County School District, SC GO, | |||
4.00% 03/01/33 | 2,200,000 | 2,343,805 | |
City of Aiken, SC Revenue | |||
4.00% 08/01/49 | 500,000 | 487,916 | |
City of Columbia Waterworks & Sewer System Revenue, SC Revenue | |||
5.00% 02/01/47 - 02/01/48 | 3,525,000 | 3,903,654 | |
South Carolina Ports Authority, SC Revenue | |||
5.00% 07/01/33 | 1,800,000 | 1,924,240 | |
Spartanburg County School District No. 4, SC GO, | |||
5.00% 03/01/47 | 2,745,000 | 2,987,780 | |
13,727,377 | |||
Tennessee - 1.1% | |||
City of Memphis, TN GO, | |||
4.00% 05/01/38 | 2,345,000 | 2,377,603 | |
County of Montgomery, TN GO, | |||
4.00% 06/01/36 | 1,250,000 | 1,309,063 | |
County of Rutherford, TN GO, | |||
3.00% 04/01/35 | 2,000,000 | 1,936,671 | |
Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue, TN Revenue | |||
5.00% 07/01/46 | 2,000,000 | 2,063,764 | |
Tennessee State School Bond Authority, TN Revenue | |||
5.00% 11/01/52 | 3,280,000 | 3,539,544 | |
11,226,645 | |||
Texas - 4.3% | |||
Arlington Higher Education Finance Corp., TX Revenue | |||
5.00% 02/15/35 | 1,550,000 | 1,560,342 | |
Azle Independent School District, TX GO, | |||
5.00% 02/15/32 | 1,000,000 | 1,156,832 | |
City of Austin Airport System Revenue, TX Revenue | |||
5.00% 11/15/33 | 1,000,000 | 1,125,053 |
See Notes to Schedule of Investments.
4 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2024 (Unaudited)
Principal Amount | Fair Value | ||
City of Dallas Waterworks & Sewer System Revenue, TX Revenue | |||
4.00% 10/01/52 | $2,500,000 | $2,408,063 | |
City of Fort Worth Water & Sewer System Revenue, TX Revenue | |||
4.00% 02/15/35 | 2,530,000 | 2,597,768 | |
5.00% 02/15/28 | 1,760,000 | 1,900,194 | |
City of Houston Airport System Revenue, TX Revenue | |||
5.00% 07/01/28 | 1,500,000 | 1,594,833 | |
City of Mansfield Waterworks & Sewer System Revenue, TX Revenue | |||
5.00% 08/01/44 | 500,000 | 550,674 | |
City of North Richland Hills, TX GO, | |||
4.00% 02/15/27 | 1,045,000 | 1,067,449 | |
City of Tyler Water & Sewer System Revenue, TX Revenue | |||
5.00% 09/01/30 | 1,245,000 | 1,406,975 | |
Conroe Independent School District, TX GO, | |||
5.00% 02/15/44 | 1,075,000 | 1,191,997 | |
Crowley Independent School District, TX GO, | |||
5.25% 02/01/53 | 1,500,000 | 1,645,035 | |
Dallas Area Rapid Transit, TX Revenue | |||
4.00% 12/01/38 | 500,000 | 490,561 | |
Dallas Fort Worth International Airport, TX Revenue | |||
5.00% 11/01/27 | 500,000 | 535,330 | |
Dallas Independent School District, TX GO, | |||
5.00% 02/15/34 | 560,000 | 615,415 | |
Del Valle Independent School District, TX GO, | |||
5.00% 06/15/39 | 720,000 | 829,841 | |
Dickinson Independent School District, TX GO, | |||
4.00% 02/15/43 | 1,000,000 | 1,000,117 | |
Fort Bend County Texas Public Facility Corp., TX Revenue | |||
5.00% 03/01/42 | 1,500,000 | 1,639,239 | |
Fort Worth Independent School District, TX GO, | |||
5.00% 02/15/37 | 500,000 | 582,138 | |
Lamar Consolidated Independent School District, TX GO, | |||
5.00% 02/15/37 | 500,000 | 576,148 | |
Lewisville Independent School District, TX GO, | |||
5.00% 08/15/44 | 1,000,000 | 1,118,505 | |
Lower Colorado River Authority, TX Revenue | |||
5.00% 05/15/37 - 05/15/44 | 2,500,000 | 2,606,383 | |
Mount Vernon Independent School District, TX GO, | |||
5.00% 08/15/30 | 500,000 | 563,077 | |
North Texas Tollway Authority, TX Revenue | |||
5.00% 01/01/48 | 4,000,000 | 4,110,330 | |
Permanent University Fund - University of Texas System, TX Revenue | |||
4.00% 07/01/41 | 1,000,000 | 1,015,419 | |
Port Authority of Houston of Harris County Texas, TX GO, | |||
5.00% 10/01/27 | 1,000,000 | 1,045,049 | |
Port Authority of Houston of Harris County Texas, TX Revenue | |||
5.00% 10/01/51 | 1,025,000 | 1,096,816 | |
Prosper Independent School District, TX GO, | |||
5.00% 02/15/41 | 1,000,000 | 1,133,354 | |
State of Texas, TX GO, | |||
4.00% 10/01/44 | 1,985,000 | 1,916,304 | |
Texas A&M University, TX Revenue | |||
5.00% 05/15/28 | 500,000 | 543,968 | |
Texas Municipal Power Agency, TX Revenue (AGM Insured) | |||
3.00% 09/01/28 | 275,000 | 270,398 | |
Tomball Independent School District, TX GO, | |||
5.00% 02/15/48 | 1,700,000 | 1,851,089 | |
41,744,696 | |||
Utah - 2.3% | |||
Alpine School District, UT GO, | |||
4.00% 03/15/31 | 1,500,000 | 1,543,830 | |
Central Valley Water Reclamation Facility, UT Revenue | |||
3.00% 03/01/30 - 03/01/35 | 2,225,000 | 2,177,612 | |
City of Salt Lake City Airport Revenue, UT Revenue | |||
5.00% 07/01/46 - 07/01/48 | 4,000,000 | 4,185,085 | |
City of Salt Lake City Public Utilities Revenue, UT Revenue | |||
4.00% 02/01/45 | 1,220,000 | 1,207,410 | |
5.00% 02/01/50 | 4,080,000 | 4,301,574 | |
County of Utah, UT Revenue | |||
4.00% 05/15/47 | 1,255,000 | 1,212,622 | |
Ogden City Redevelopment Agency, UT Revenue | |||
5.00% 01/15/48 - 01/15/53 | 2,925,000 | 3,140,112 | |
University of Utah, UT Revenue | |||
4.00% 08/01/51 | 1,500,000 | 1,450,183 |
Principal Amount | Fair Value | ||
5.00% 08/01/42 | $1,685,000 | $1,878,813 | |
Weber School District, UT GO, | |||
4.00% 06/15/43 | 1,000,000 | 1,008,487 | |
22,105,728 | |||
Virginia - 4.9% | |||
Chesapeake Bay Bridge & Tunnel District, VA Revenue | |||
5.00% 07/01/46 - 07/01/51 | 4,000,000 | 4,020,357 | |
City of Alexandria, VA GO, | |||
4.00% 12/15/48 - 12/15/53 | 7,500,000 | 7,354,063 | |
City of Richmond Public Utility Revenue, VA Revenue | |||
4.00% 01/15/36 | 4,350,000 | 4,413,326 | |
4.25% 01/15/53 | 2,500,000 | 2,523,644 | |
County of Fairfax, VA GO, | |||
4.00% 10/01/35 | 6,145,000 | 6,426,721 | |
County of Loudoun, VA GO, | |||
4.00% 12/01/33 | 5,765,000 | 5,808,172 | |
University of Virginia, VA Revenue | |||
5.00% 04/01/47 | 6,000,000 | 6,248,703 | |
Virginia College Building Authority, VA Revenue | |||
4.00% 09/01/35 | 1,000,000 | 1,028,458 | |
5.00% 02/01/30 | 1,990,000 | 2,156,218 | |
Virginia Commonwealth Transportation Board, VA Revenue | |||
4.00% 05/15/44 | 1,000,000 | 1,003,353 | |
Virginia Public School Authority, VA Revenue | |||
5.00% 08/01/43 | 3,475,000 | 3,879,064 | |
Virginia Resources Authority, VA Revenue | |||
4.00% 11/01/41 | 3,000,000 | 3,007,870 | |
47,869,949 | |||
Washington - 4.9% | |||
City of Seattle Drainage & Wastewater Revenue, WA Revenue | |||
4.00% 07/01/36 - 09/01/51 | 5,000,000 | 4,979,127 | |
City of Seattle Municipal Light & Power Revenue, WA Revenue | |||
4.00% 09/01/35 - 09/01/40 | 6,190,000 | 6,286,428 | |
5.00% 07/01/52 | 3,000,000 | 3,213,935 | |
City of Seattle, WA GO, | |||
4.00% 12/01/31 | 2,500,000 | 2,521,342 | |
City of Spokane, WA GO, | |||
3.13% 12/01/33 | 1,260,000 | 1,238,773 | |
City of Tacoma Electric System Revenue, WA Revenue | |||
5.00% 01/01/36 - 01/01/46 | 2,500,000 | 2,745,727 | |
County of King, WA GO, | |||
4.00% 12/01/31 - 12/01/34 | 3,950,000 | 3,992,200 | |
Grant County Public Utility District No. 2 Electric Revenue, WA Revenue | |||
5.00% 01/01/44 | 1,345,000 | 1,488,907 | |
Port of Seattle, WA Revenue | |||
5.00% 08/01/28 - 08/01/42 | 6,985,000 | 7,366,160 | |
Port of Tacoma, WA GO, | |||
5.00% 12/01/28 | 790,000 | 828,350 | |
Spokane County School District No. 356 Central Valley, WA GO, | |||
4.00% 12/01/31 | 2,605,000 | 2,689,172 | |
State of Washington, WA GO, | |||
4.00% 07/01/27 - 06/01/34 | 2,505,000 | 2,630,618 | |
5.00% 02/01/36 - 02/01/48 | 5,300,000 | 5,865,334 | |
Vancouver Library Capital Facilities Area, WA GO, | |||
4.00% 12/01/27 | 1,000,000 | 1,022,265 | |
Washington Health Care Facilities Authority, WA Revenue | |||
5.00% 08/01/35 | 750,000 | 813,023 | |
47,681,361 | |||
Wisconsin - 0.6% | |||
County of Dane, WI GO, | |||
5.00% 06/01/28 | 2,340,000 | 2,473,943 | |
Public Finance Authority, WI Revenue | |||
5.00% 07/01/27 | 500,000 | 511,734 | |
State of Wisconsin, WI GO, | |||
4.00% 05/01/40 | 2,000,000 | 2,008,465 | |
Wisconsin Health & Educational Facilities Authority, WI Revenue | |||
5.00% 08/01/27 (d) | 500,000 | 511,295 | |
5,505,437 | |||
Total Municipal Bonds and Notes (Cost $952,568,030) | 963,877,193 |
See Notes to Schedule of Investments.
Elfun Tax-Exempt Income Fund | 5 |
Elfun Tax-Exempt Income Fund
Schedule of Investments
March 31, 2024 (Unaudited)
Principal Amount | Fair Value | ||
Short-Term Investments - 0.5% | |||
State Street Institutional Treasury Plus Fund - Premier Class 7.81% (e)(f) (Cost $4,451,698) | $4,451,698 | $4,451,698 | |
Total Investments (Cost $957,019,728) | 968,328,891 | ||
Other Assets and Liabilities, net - 1.0% | 10,172,827 | ||
NET ASSETS - 100.0% | $978,501,718 |
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) | Variable Rate Security - Interest rate shown is rate in effect at March 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
(c) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
(d) | Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2024, these securities amounted to $511,295 or 0.05% of the net assets of the Elfun Tax-Exempt Income Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees. |
(e) | 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. |
(f) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of March 31, 2024. |
* | Less than 0.05%. |
Abbreviations: |
BAM - Build America Mutual Assurance Company |
NPFG - National Public Finance Guaranty Corporation |
The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2024:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||
Investments in Securities | ||||||||
Municipal Bonds and Notes | $— | $963,877,193 | $— | $963,877,193 | ||||
Short-Term Investments | 4,451,698 | — | — | 4,451,698 | ||||
Total Investments in Securities | $4,451,698 | $963,877,193 | $— | $968,328,891 |
Affiliate Table |
Number of Shares Held at 12/31/23 | Value at 12/31/23 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 3/31/24 | Value at 3/31/24 | Dividend Income | |||||||||
State Street Institutional Treasury Plus Fund - Premier Class | 4,577,263 | $4,577,263 | $73,631,070 | $73,756,635 | $— | $— | 4,451,698 | $4,451,698 | $147,071 |
See Notes to Schedule of Investments.
6 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund
Notes to Schedule of Investments
March 31, 2024 (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, 2024 is disclosed in the Fund’s Schedule of Investments.
7