Elfun Trusts NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-00483

ELFUN TRUSTS

(Exact name of registrant as specified in charter)

One Iron Street

Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

(Name and Address of Agent for Service)

Copy to:

Sean O’Malley, Esq.

Senior Vice President and Deputy General Counsel

c/o SSGA Funds Management, Inc.

One Iron Street

Boston, Massachusetts 02210

Timothy W. Diggins, Esq.

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199-3600

Registrant’s telephone number, including area code: (617) 664-1465

Date of fiscal year end: December 31

Date of reporting period: December 31, 2020

Item 1. Shareholder Report.

(a) The Report to Shareholders is attached herewith.

(b) Not applicable.

Annual Report

December 31, 2020

Elfun Funds

Elfun International Equity Fund

Elfun Trusts

Elfun Diversified Fund

Elfun Tax-Exempt Income Fund

Elfun Income Fund

Elfun Government Money Market Fund

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Elfun Funds

Annual Report

December 31, 2020

Table of Contents


	Page
Notes to Performance		1
Management’s Discussion of Fund Performance, Understanding Your Fund’s Expenses, Performance Summary and Schedule of Investments
Elfun International Equity Fund		2
Elfun Trusts		9
Elfun Diversified Fund		16
Elfun Tax-Exempt Income Fund		57
Elfun Income Fund		70
Elfun Government Money Market Fund		97
Financial Statements
Financial Highlights		104
Statements of Assets and Liabilities		110
Statements of Operations		112
Statements of Changes in Net Assets		114
Notes to Financial Statements		117
Report of Independent Registered Public Accounting Firm		128
Tax Information (Unaudited)		129
Other Information (Unaudited)		130

This report has been prepared for shareholders and may be distributed to others only if accompanied with a current prospectus and/or summary prospectus.

Elfun Funds

Notes to Performance — December 31, 2020 (Unaudited)

Information on the following performance pages relates to the Elfun Funds.

Total returns take into account changes in share price and assume reinvestment of all dividends and capital gains distributions, if any. Total returns shown are net of Fund expenses.

The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call toll-free (800) 242-0134 or visit the Funds’ website at http://www.ssga.com/geam for the most recent month-end performance data.

A portion of the Elfun Tax-Exempt Income Fund’s income may be subject to state, federal and/or alternative minimum tax. Capital gains, if any, are subject to capital gains tax.

An investment in a Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in a Fund is subject to risk, including possible loss of principal invested.

The S&P 500^® Index, MSCI^® Europe, Australasia, Far East Index (“MSCI^® EAFE^® Index”), MSCI^® All-Country World ex USA Investable Market Index (“MSCI^® ACWI ex USA Investable Market Index”), Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. Municipal Bond Index and 90 Day U.S. T-Bill are unmanaged indices and do not reflect the actual cost of investing in the instruments that comprise each index. The results shown for the foregoing indices assume the reinvestment of net dividends or interest and do not reflect the fees, expenses or taxes.

The S&P 500^® Index is an unmanaged, market capitalization-weighted index of stocks of 500 large U.S. companies, which is widely used as a measure of large-cap U.S. stock market performance.

The MSCI^® EAFE^® Index is a market capitalization-weighted index of equity securities of companies domiciled in various countries. The index is designed to represent the performance of developed stock markets outside the U.S. and Canada and excludes certain market segments unavailable to U.S. based investors.

The MSCI ACWI ex USA Investable Market Index captures large, mid and small cap representation across 22 of 23 Developed Markets countries (excluding the United States) and 27 Emerging Markets countries.

The Bloomberg Barclays U.S. Aggregate Bond Index is a market value-weighted index of taxable investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of one year or more. This index is designed to represent the performance of the U.S. investment-grade first-rate bond market.

The Bloomberg Barclays U.S. Municipal Bond Index is an unmanaged index comprised of investment-grade, fixed rate securities with maturities of at least eight years and less than twelve years.

The 90 Day U.S. T-Bill is an unmanaged measure/index of the performance of the most recently auctioned 90 Day U.S. Treasury bills (i.e. having a total maturity of 90 days) currently available in the marketplace.

The views, expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the Elfun Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. for investment advisory and administrative services.


Notes to Performance			1

Elfun International Equity Fund

Management’s Discussion of Fund Performance — December 31, 2020 (Unaudited)

The Elfun International Equity Fund (the “Fund”) seeks to provide long-term growth of capital and future income by investing principally in foreign securities consistent with prudent investment management and the preservation of capital. The Fund’s benchmark is the MSCI EAFE Index (the “Index”).

For the 12-month period ended December 31, 2020 (the “Reporting Period”), the total return for the Fund was 13.31%, and the Index was 7.82%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

After the COVID-19-driven market plunge early in 2020, the market recovered strongly finishing the year up significantly for the full year. The Fund outperformed the Index during the Reporting Period. In a volatile year, the Fund had eight different industries represented in the top ten stock contributors, a testament to strong stock selection across the research and portfolio management team. Primary drivers of Fund performance relative to the Index during the Reporting Period included the positive impact of technology sector selection and allocation, and outperformance in industrials outside of aerospace; while the Fund’s exposure to aerospace detracted. In technology, the Fund benefitted both from a substantial overweight position as investment technology was the top performing sector in the Index and experienced outperformance within the sector. The Fund had a diverse range of outperforming positions in the sector including semiconductor companies like ASML (Netherlands), TSMC (Taiwan), and Disco (Japan); and electronic equipment producers like Murata (Japan), Keyence (Japan), and Hexagon (Sweden). In industrials, Schneider Electric (France) and Daikin Industries (Japan) were among the leading contributors to relative return during the Reporting Period. Both companies have benefitted from optimism on a recovery from the COVID-19 recession, most notably in China. However, the aerospace segment of industrials detracted as the Fund’s holdings in Safran (France) and Airbus (France) lagged. Both companies have been impacted by the COVID-19 related slowdown in air travel. The Fund has reduced its exposure to the industry by exiting Airbus.

The Fund used futures in order to efficiently manage cash flows due to subscriptions and redemptions during the Reporting Period. The Fund’s use of futures had a negligible impact on Fund performance.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were ASML, LVMH, and Daikin Industries. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Airbus, Suzuki Motors, and ING.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.


2		Elfun International Equity Fund

Elfun International Equity Fund

Understanding Your Fund’s Expenses (Unaudited)

As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2020.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the
Beginning of the Period July 1, 2020	$	1,000.00	$	1,000.00
End of the Period December 31, 2020	$	1,232.50	$	1,023.08
Expenses Paid During the Period*	$	2.30	$	2.08

*	Expenses are equal to the Fund’s annualized expense ratio of 0.41%** (for the period July 1, 2020-December 31, 2020), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

**	May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.


Elfun International Equity Fund		3

Elfun International Equity Fund

Performance Summary — December 31, 2020 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2020 (as a % of Fair Value) ^(a)(b)


Nestle S.A.	3.68	%

Novartis AG	3.32	%

Schneider Electric SE	3.28	%

Hoya Corp.	3.27	%

AIA Group Ltd.	3.12	%

ASML Holding N.V.	2.98	%

Murata Manufacturing Company Ltd.	2.92	%

Roche Holding AG	2.90	%

Daikin Industries Ltd.	2.78	%

Air Liquide S.A.	2.77	%

Country Allocation

Portfolio Composition as a % of Fair Value of $200,537 (in thousands) as of December 31, 2020 ^(a)(b)

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Average Annual Total Return for the periods ended December 31, 2020

(Inception date: 01/01/88)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun International Equity Fund		13.31	%		8.51	%		5.55	%	$	17,163

MSCI EAFE Index		7.82	%		7.45	%		5.51	%	$	17,096

(a)	Fair Value basis is inclusive of short-term investments in affiliated money market funds.

(b)

The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.


4		Elfun International Equity Fund

Elfun International Equity Fund

Performance Summary, continued — December 31, 2020 (Unaudited)

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Elfun International Equity Fund			5

Elfun International Equity Fund

Schedule of Investments — December 31, 2020


	Number of Shares		Fair Value $

Common Stock - 97.7%†
Australia - 1.8%
BHP Group PLC		135,987		3,578,331


Brazil - 1.1%
Itau Unibanco Holding S.A. ADR (a)		362,585		2,208,143


Canada - 1.0%
Brookfield Asset Management Inc., Class A		49,138		2,029,546


China - 1.1%
Alibaba Group Holding Ltd. ADR (a)(b)		9,684		2,253,757


France - 18.7%
Air Liquide S.A.		33,864		5,562,554
AXA S.A.		121,841		2,908,820
BNP Paribas S.A. (b)		71,393		3,765,346
Dassault Systemes SE		11,681		2,374,663
LVMH Moet Hennessy Louis Vuitton SE		8,613		5,384,087
Safran S.A. (b)		33,776		4,791,822
Schneider Electric SE		45,383		6,569,006
Vivendi S.A.		115,318		3,722,147
Worldline S.A. (b)(c)		26,557		2,570,261

				37,648,706


Germany - 5.2%
Adidas AG (a)(b)		8,498		3,097,483
Fresenius SE & Company KGaA		15,230		705,136
HeidelbergCement AG		36,224		2,713,385
SAP SE		29,776		3,906,284

				10,422,288


Hong Kong - 3.1%
AIA Group Ltd.		510,767		6,257,906


Ireland - 1.7%
Kerry Group PLC, Class A		23,120		3,352,184


Japan - 30.0%
Daikin Industries Ltd.		25,100		5,572,105
Disco Corp.		13,000		4,375,515
FANUC Corp.		11,600		2,849,300
Fast Retailing Company Ltd.		6,120		5,481,296
Hoya Corp.		47,452		6,558,575
Kao Corp.		38,500		2,972,008
Keyence Corp.		3,400		1,910,020
Komatsu Ltd.		109,900		2,999,111
Mitsubishi UFJ Financial Group Inc.		355,726		1,571,472


	Number of Shares		Fair Value $
Murata Manufacturing Company Ltd.		64,991		5,866,784
Nidec Corp.		15,373		1,932,699
Recruit Holdings Company Ltd.		96,000		4,017,783
Secom Company Ltd.		27,600		2,544,135
Shimadzu Corp.		106,557		4,138,637
Shiseido Company Ltd.		59,562		4,116,756
Tokio Marine Holdings Inc.		65,998		3,393,069

				60,299,265


Netherlands - 5.8%
ASML Holding N.V.		12,292		5,979,102
ING Groep N.V. (b)		322,951		3,019,316
Koninklijke DSM N.V.		15,929		2,744,182

				11,742,600


Norway - 1.3%
Equinor ASA		152,259		2,577,677


Portugal - 1.0%
Galp Energia SGPS S.A.		196,761		2,107,499


Spain - 1.4%
Industria de Diseno Textil S.A.		89,941		2,865,632


Sweden - 3.0%
Assa Abloy AB, Class B		161,854		3,990,896
Hexagon AB, Class B		21,831		1,993,155

				5,984,051


Switzerland - 10.4%
Givaudan S.A.		256		1,080,242
Nestle S.A.		62,570		7,379,997
Novartis AG		70,320		6,654,526
Roche Holding AG		16,626		5,811,905

				20,926,670


Taiwan - 1.5%
Taiwan Semiconductor Manufacturing Company Ltd.		159,900		3,016,122


United Kingdom - 9.6%
Ashtead Group PLC		100,759		4,735,241
AstraZeneca PLC		50,670		5,072,846
London Stock Exchange Group PLC		32,090		3,951,396
Prudential PLC		185,605		3,417,509
Vodafone Group PLC		1,275,700		2,108,973

				19,285,965


Total Common Stock (Cost $128,652,384)				196,556,342

See Notes to Schedules of Investments and Notes to Financial Statements.


6		Elfun International Equity Fund

Elfun International Equity Fund

Schedule of Investments, continued — December 31, 2020


	Number of Shares		Fair Value $


Short-Term Investments - 2.0%
State Street Institutional Treasury Money Market Fund - Premier Class 0.03% (a)(d)(e)		1,998,676		1,998,676
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.05% (a)(d)(e)		1,981,767		1,981,767


Total Short-Term Investments (Cost $3,980,443)				3,980,443


Total Investments (Cost $132,632,827)				200,536,785

Other Assets and Liabilities, net - 0.3%				662,835


NET ASSETS - 100.0%				201,199,620

Other Information:

The Fund had the following long futures contracts open at December 31, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
MSCI EAFE Mini Index Futures		March 2021		13	$	1,354,312	$	1,385,020	$	30,708

During the period ended December 31, 2020, average notional values related to long and short futures contracts were $1,466,890 and $512,449, respectively.

Notes to Schedule of Investments — December 31, 2020

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)	At December 31, 2020, all or a portion of this security was pledged to cover collateral requirements for futures.

(b)	Non-income producing security.

(c)	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 December 31, 2020, these securities amounted to $2,570,261 or 1.28% of the net assets of the Elfun International Equity Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Trustees.

(d)	Coupon amount represents effective yield.

(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.

†	Percentages are based on net assets as of December 31, 2020.

Abbreviations:

ADR - American Depositary Receipt

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun International Equity Fund		7

Elfun International Equity Fund

Schedule of Investments, continued — December 31, 2020

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total


Elfun International Equity Fund	Investments in Securities

	Common Stock	$	196,556,342	$	—	$	—	$	196,556,342

	Short-Term Investments		3,980,443		—		—		3,980,443


	Total Investments in Securities	$	200,536,785	$	—	$	—	$	200,536,785


	Other Financial Instruments

	Long Futures Contracts - Unrealized Appreciation	$	30,708	$	—	$	—	$	30,708

The Fund was invested in the following sectors at December 31, 2020 (unaudited):


Sector	Percentage (based on Fair Value)
Pharmaceuticals		8.75%
Packaged Foods & Meats		5.35%
Diversified Banks		5.27%
Semiconductor Equipment		5.16%
Life & Health Insurance		4.83%
Building Products		4.77%
Electrical Components & Equipment		4.24%
Apparel, Accessories & Luxury Goods		4.23%
Apparel Retail		4.16%
Electronic Equipment & Instruments		4.01%
Personal Products		3.54%
Healthcare Supplies		3.27%
Application Software		3.13%
Electronic Components		2.93%
Industrial Gases		2.77%
Aerospace & Defense		2.39%
Trading Companies & Distributors		2.36%
Integrated Oil & Gas		2.34%
Human Resource & Employment Services		2.00%
Financial Exchanges & Data		1.97%
Specialty Chemicals		1.91%


Sector	Percentage (based on Fair Value)
Movies & Entertainment		1.86%
Diversified Metals & Mining		1.79%
Property & Casualty Insurance		1.69%
Semiconductors		1.50%
Construction Machinery & Heavy Trucks		1.50%
Multi-Line Insurance		1.45%
Industrial Machinery		1.42%
Construction Materials		1.35%
Data Processing & Outsourced Services		1.28%
Security & Alarm Services		1.27%
Internet & Direct Marketing Retail		1.12%
Wireless Telecommunication Services		1.05%
Asset Management & Custody Banks		1.01%
Healthcare Services		0.35%

		98.02%

Short-Term Investments
Short-Term Investments		1.98%

		1.98%

		100.00%

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/20		Value at 12/31/20		Dividend Income
State Street Institutional Treasury Money Market Fund - Premier Class		3,100,915	$	3,100,915	$	15,903,517	$	17,005,756	$	—	$	—		1,998,676	$	1,998,676	$	10,942
State Street Institutional U.S. Government Money Market Fund, Class G Shares		3,096,155		3,096,155		15,890,099		17,004,487		—		—		1,981,767		1,981,767		11,596


TOTAL			$	6,197,070	$	31,793,616	$	34,010,243	$	—	$	—			$	3,980,443	$	22,538

See Notes to Schedules of Investments and Notes to Financial Statements.


8		Elfun International Equity Fund

Elfun Trusts

Management’s Discussion of Fund Performance — December 31, 2020 (Unaudited)

The Elfun Trusts (the “Fund”) seeks to provide long-term growth of capital and future income rather than current income. The Fund’s benchmark is the S&P 500 Index (the “Index”).

For the 12-month period ended December 31, 2020 (the “Reporting Period”), the total return for the Fund was 25.07%, and the Index was 18.40%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

After the COVID-19-driven market plunge early in 2020, the market recovered strongly finishing the year up significantly for the full year. The Fund outperformed the Index during the Reporting Period. In a volatile year, the Fund added value in nine of eleven sectors and had eight different industries represented in the top ten stock contributors, a testament to strong stock-picks across the research and portfolio management team. The primary drivers of the outperformance came from stock selection in the consumer discretionary, industrials and financials sectors, while healthcare stock selection detracted from performance. In consumer discretionary, long-time Fund holding Amazon.com was a key beneficiary of pandemic driven lockdowns, which drove an increase in online spending. In addition, the Fund’s holdings in higher quality retailers like Lowes and Ross Stores did well in the market recovery. The Fund also largely avoided the worst-hit consumer segments such as cruise lines. In industrials, the Fund benefitted from positions in quality cyclical names such as United Rentals, Trane Technologies, and Honeywell, while avoiding the hard-hit aerospace segment. Bank stocks were particularly weak during the Reporting Period as they were impacted by falling rates and economic headwinds. The Fund is overweight banks but has exposure to the specialty regional bank First Republic Bank, which significantly outperformed the weak performing major banks. The positive financials attribution was also helped by significant outperformance of holdings in S&P Global and Chubb. In healthcare, Merck and Boston Scientific dragged on performance. Both companies were negatively impacted by COVID-19 as they experienced pandemic related declines across drugs and medical device sales that we would expect to recover as pent-up demand for these products return. Within healthcare, these negatives were offset by a positive contribution from Gilead, which benefited from the COVID-19 treatment Remdesivir.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Amazon.com, Apple, and Microsoft. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Schlumberger, Chevron, and JPMorgan Chase.

The Fund did not invest in derivatives during the Reporting Period.


Elfun Trusts			9

Elfun Trusts

Understanding Your Fund’s Expenses (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the
Beginning of the Period July 1, 2020	$	1,000.00	$	1,000.00
End of the Period December 31, 2020	$	1,225.40	$	1,024.23
Expenses Paid During the Period*	$	1.01	$	0.92

*	Expenses are equal to the Fund’s annualized expense ratio of 0.18%** (for the period July 1, 2020-December 31, 2020), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

**	May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.


10		Elfun Trusts

Elfun Trusts

Performance Summary — December 31, 2020 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2020 (as a % of Fair Value) ^(a)(b)


Microsoft Corp.	6.27	%

Apple Inc.	5.29	%

Amazon.com Inc.	5.12	%

Visa Inc., Class A	4.43	%

JPMorgan Chase & Co.	4.18	%

Alphabet Inc., Class C	4.11	%

Facebook Inc., Class A	3.63	%

Applied Materials Inc.	3.19	%

The Walt Disney Co.	2.94	%

Honeywell International Inc.	2.85	%

Sector Allocation as of December 31, 2020

Portfolio composition as a % of Fair Value of $3,415,906 (in thousands) as of December 31, 2020 ^(a)(b)

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Average Annual Total Return for the periods ended December 31, 2020

(Inception date: 5/27/35)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun Trusts		25.07	%		16.89	%		15.33	%	$	41,649

S&P 500^® Index		18.40	%		15.22	%		13.89	%	$	36,700

(a)	Fair Value basis is inclusive of short-term investments in affiliated money market funds.

(b)


Elfun Trusts			11

Elfun Trusts

Performance Summary, continued — December 31, 2020 (Unaudited)

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See Notes to Performance beginning on page 1 for further information.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.


12		Elfun Trusts

Elfun Trusts

Schedule of Investments — December 31, 2020


	Number of Shares		Fair Value $


Common Stock - 98.5%†
Apparel Retail - 1.8%
Ross Stores Inc.		509,900		62,620,819


Application Software - 2.0%
salesforce.com Inc. (a)		208,749		46,452,915
Splunk Inc. (a)		138,145		23,469,454

				69,922,369


Biotechnology - 2.7%
Alexion Pharmaceuticals Inc. (a)		246,000		38,435,040
Vertex Pharmaceuticals Inc. (a)		222,942		52,690,112

				91,125,152


Building Products - 1.0%
Trane Technologies PLC		244,500		35,491,620


Cable & Satellite - 1.9%
Charter Communications Inc., Class A (a)		96,500		63,839,575


Construction Materials - 1.1%
Martin Marietta Materials Inc.		132,800		37,711,216


Data Processing & Outsourced Services - 7.2%
Fidelity National Information Services Inc.		430,849		60,947,900
Mastercard Inc., Class A		90,000		32,124,600
Visa Inc., Class A		692,300		151,426,779

				244,499,279


Diversified Banks - 4.2%
JPMorgan Chase & Co.		1,123,421		142,753,106


Electronic Components - 1.6%
Corning Inc.		1,557,400		56,066,400


Financial Exchanges & Data - 3.1%
CME Group Inc.		304,357		55,408,192
S&P Global Inc.		153,600		50,492,928

				105,901,120


Healthcare Equipment - 2.4%
Boston Scientific Corp. (a)		2,283,003		82,073,958


Home Improvement Retail - 2.4%
Lowe’s Companies Inc.		502,749		80,696,242


	Number of Shares		Fair Value $
Industrial Conglomerates - 2.8%
Honeywell International Inc.		457,400		97,288,980


Industrial Gases - 0.3%
Air Products & Chemicals Inc.		37,700		10,300,394


Interactive Media & Services - 9.6%
Alphabet Inc., Class A (a)		35,900		62,919,776
Alphabet Inc., Class C (a)		80,200		140,500,776
Facebook Inc., Class A (a)		454,292		124,094,403

				327,514,955


Internet & Direct Marketing Retail - 5.9%
Alibaba Group Holding Ltd. ADR (a)		114,200		26,577,766
Amazon.com Inc. (a)		53,700		174,897,141

				201,474,907


Managed Healthcare - 2.4%
UnitedHealth Group Inc.		235,156		82,464,506


Movies & Entertainment - 2.9%
The Walt Disney Co. (a)		554,200		100,409,956


Multi-Utilities - 1.1%
Sempra Energy		307,897		39,229,157


Oil & Gas Equipment & Services - 1.1%
Schlumberger N.V.		1,730,000		37,765,900


Oil & Gas Exploration & Production - 1.2%
ConocoPhillips		1,037,500		41,489,625


Packaged Foods & Meats - 1.5%
Mondelez International Inc., Class A		861,983		50,400,146


Pharmaceuticals - 6.5%
Elanco Animal Health Inc. (a)		2,324,185		71,282,754
Johnson & Johnson		508,000		79,949,040
Merck & Company Inc.		862,576		70,558,717

				221,790,511


Property & Casualty Insurance - 1.6%
Chubb Ltd.		366,100		56,350,112


Regional Banks - 2.5%
First Republic Bank		590,200		86,718,086

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Trusts		13

Elfun Trusts

Schedule of Investments, continued — December 31, 2020


	Number of Shares		Fair Value $

Semiconductor Equipment - 3.2%
Applied Materials Inc.		1,261,200		108,841,560


Semiconductors - 4.1%
QUALCOMM Inc.		610,700		93,034,038
Texas Instruments Inc.		289,561		47,525,647

				140,559,685


Soft Drinks - 2.5%
PepsiCo Inc.		579,200		85,895,360


Specialized REITs - 1.8%
American Tower Corp.		271,629		60,969,845


Systems Software - 7.5%
Microsoft Corp.		963,035		214,198,245
ServiceNow Inc. (a)		75,670		41,651,038

				255,849,283


Technology Hardware, Storage & Peripherals - 5.3%
Apple Inc.		1,361,200		180,617,628


Trading Companies & Distributors - 2.5%
United Rentals Inc. (a)		361,467		83,827,811


Trucking - 0.8%
Lyft Inc., Class A (a)		555,800		27,306,454


Total Common Stock (Cost $1,670,065,650)				3,369,765,717


	Number of Shares		Fair Value $

Short-Term Investments - 1.4%
State Street Institutional Treasury Money Market Fund - Premier Class 0.01% (b)(c)		23,915,719		23,915,719
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.05% (b)(c)		22,224,983		22,224,983


Total Short-Term Investments (Cost $46,140,702)				46,140,702


Total Investments (Cost $1,716,206,352)				3,415,906,419

Other Assets and Liabilities, net - 0.1%				3,858,149


NET ASSETS - 100.0%				3,419,764,568

Notes to Schedule of Investments — December 31, 2020

(a)	Non-income producing security.

(b)	Coupon amount represents effective yield.

(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.

†	Percentages are based on net assets as of December 31, 2020.

Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

See Notes to Schedules of Investments and Notes to Financial Statements.


14		Elfun Trusts

Elfun Trusts

Schedule of Investments, continued — December 31, 2020

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total

Elfun Trusts	Investments in Securities

	Common Stock	$	3,369,765,717	$	—	$	—	$	3,369,765,717

	Short-Term Investments		46,140,702		—		—		46,140,702


	Total Investments in Securities	$	3,415,906,419	$	—	$	—	$	3,415,906,419

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/20		Value at 12/31/20		Dividend Income
State Street Institutional Treasury Money Market Fund - Premier Class		42,258,371	$	42,258,371	$	190,492,759	$	208,835,411	$	—	$	—		23,915,719	$	23,915,719	$	135,345
State Street Institutional U.S. Government Money Market Fund, Class G Shares		40,744,978		40,744,978		190,315,416		208,835,410		—		—		22,224,983		22,224,983		138,904


TOTAL			$	83,003,349	$	380,808,175	$	417,670,821	$	—	$	—			$	46,140,702	$	274,249

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Trusts		15

Elfun Diversified Fund

Management’s Discussion of Fund Performance — December 31, 2020 (Unaudited)

The Elfun Diversified Fund (the “Fund”) seeks the highest total return consistent with prudent investment management and the preservation of capital (total return includes both income and capital appreciation). The Fund’s benchmarks are the S&P 500 Index, MSCI ACWI ex USA Investable Market Index and the Bloomberg Barclays U.S. Aggregate Bond Index (the “Indices”).

For the 12-month period ended December 31, 2020 (the “Reporting Period”), the total return for the Fund was 12.23%, and the returns for the S&P 500 Index, the MSCI ACWI ex USA Investable Market Index and the Bloomberg Barclays U.S. Aggregate Bond Index were 18.40%, 11.12% and 7.51%, respectively. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Indices are unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The biggest drivers of the Fund’s performance were its positions in the S&P 500^® Index and the MSCI ACWI ex USA Investable Market Index both of which posted strong positive returns for the year. Additionally, investments in fixed income securities also produced positive absolute returns.

The Fund began the year with an overweight to cash and U.S. and international equities offset with an underweight to fixed income. The pandemic induced equity selloff in the latter half of the first quarter resulted in an underweight in the portfolio to both U.S. and International equities and an overweight to fixed income. In March, amid the equity drawdown, the Fund reduced its overweight to cash to increase equity exposure while keeping the underweight to fixed income. The strong rebound in the second quarter resulted in the equity overweight increasing further. A tactical reduction in equity was implemented in May to position the portfolio in line with benchmark weights. Toward the end of the third quarter the reduced the fixed income exposure, opening a modest underweight, while using the proceeds to increase the equity allocation. In November, as the fourth quarter rally gained steam, the Fund further reduced the fixed income exposure increasing the underweight to the asset class while opening an overweight to U.S. equities. The equity markets posted strong returns to close the year, and the Fund finished the year with an overweight to International and U.S. equity, and an underweight to fixed income.

2020 was an unprecedented year for global markets. Little in the way of diagnostics are needed to ascertain the source of the havoc that was wreaked upon capital markets during the first quarter of 2020. The spread of COVID-19 served as the proximate source, but it was the treatment in the form of social distancing, temporary lock-downs and quarantines and other mobility restrictions that inflicted significant harm to the global economy and financial markets. Amid the shock to markets and economies in March, policy makers globally responded with unprecedented monetary and fiscal stimulus, which helped stem the fallout and led to a recovery over the final nine months. Despite a tumultuous ride which included the shortest bear market in history, 2020 delivered positive returns for every asset class in the Fund.

In the U.S., equity markets built upon their late 2019 momentum through the first half of January. Relatively upbeat fourth quarter earnings alongside rebounding December retails sales and a big positive surprise from the Philly Fed Business Outlook Survey helped lift US large cap equities to new highs in the middle of the month. However, the optimism was derailed amidst increased risk-aversion over concerns surrounding the spreading coronavirus. By March 11^th, the WHO declared the coronavirus outbreak a global pandemic and the Dow Jones Industrial Index had fallen by 20%, technically entering a bear market. Significant monetary and fiscal policies would be announced boosting sentiment, but it would not be enough to prevent equities from posting some of the worst quarterly returns in recent memory. For the first quarter the S&P 500 was down 19.69%, and small cap stocks as represented by the Russell 2000 were down 30.61%.

Equity markets would rebound strongly in the second and third quarters bolstered by the unprecedented action of Congress and the Federal Reserve (the “Fed”), which injected trillions of dollars into the economy to provide emergency income for unemployed workers and to help keep businesses afloat. Encouraging economic data also contributed to the strong equity performance as U.S. labor market, retail sales and manufacturing data rebounded strongly in May. Markets showed no signs of slowing through most of the summer. In August, at the annual conference in Jackson Hole, the Fed introduced flexible average inflation targeting — allowing for higher inflation than traditionally targeted in order to drive a stronger labor market. Trading in equities got choppier into fall as fiscal support waned and services growth remained restricted given persistent and rising coronavirus cases.


16		Elfun Diversified Fund

Elfun Diversified Fund

Management’s Discussion of Fund Performance, continued — December 31, 2020 (Unaudited)

The final quarter of the year saw housing and personal spending register robust gains. Risk assets rallied to close the year on positive news flow on vaccines and U.S. election results. Cyclical sectors registered strong gains with defensive sectors posting modest growth and small cap equities performed spectacularly erasing their underperformance versus large caps for the year. The S&P 500 Index gained 12.15% during the 4th quarter and gained 18.4% for the Reporting Period. The Russell 2000 Index returned an eye popping 31.37% during the fourth quarter and returned 19.96% for the Reporting Period.

Outside of the U.S., international equity markets posted positive annual performance boosted by a 4th quarter which yielded encouraging vaccine data, and U.S. dollar depreciation. European equity performance was negative through the first three quarters of 2020 but rallied in the final quarter on the back of positive vaccine news. The MSCI Europe Index posted a gain of 15.66% for the fourth quarter and returned 5.93% for the entirety of the Reporting Period. Emerging market equities had a particularly strong fourth quarter benefiting from a falling U.S. dollar and increasing global trade activity. The U.S. dollar declined by nearly 4% in the quarter, its weakest fourth quarter performance since 2003, amid increased risk appetite and continued monetary support. Meanwhile China continued its sustained economic recovery, led by growth in exports and manufacturing. The MSCI Emerging Markets Index, was up 19.77% for the quarter and returned 18.69% for the Reporting Period. Overall, international equity markets as measured by the MSCI ACWI ex USA Investable Market Index posted a gain of 17.22% for the final quarter and was up 11.12% for the Reporting Period.

Within fixed income, momentum from the coronavirus outbreak and sudden oil price war between Saudi Arabia and Russia pressured U.S. rates in March, with the yield on the 10-Year U.S. Treasury note sliding below 1% for the first time ever (as would the yield on the 30-Year U.S. Treasury bond for a brief period). Bond yields remained low through the second quarter as central banks introduced massive stimulus measures and cut policy rates. Against the backdrop of a risk-on sentiment, lower equity volatility and loosening financial conditions, spread products broadly outperformed government bonds during the second quarter. The U.S. Treasury curve initially flattened in the third quarter, but as the Average Inflation Targeting framework was announced by the Fed, it steepened again, ending the quarter roughly where it started. Spreads in credit saw modest tightening overall in the third quarter, albeit with bouts of volatility, in particular with a risk-off wave seen over the last few weeks of September.

The final quarter of the year saw the short end of the U.S. Treasury curve remain unchanged but yields on longer maturities drift higher. U.S. 10-year Treasury yields moved up by 24 bp to end at 0.93% for the year. On the year, the Bloomberg Barclays U.S. Aggregate Bond Index returned 7.51%.

The Fund used equity and treasury futures, interest rate swaps and other derivatives in order to actively manage equity exposure and duration during the Reporting Period. The Fund’s use of these derivatives contributed to Fund liquidity and exposure management versus utilizing cash instruments only.


Elfun Diversified Fund		17

Elfun Diversified Fund

Understanding Your Fund’s Expenses (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the
Beginning of the Period July 1, 2020	$	1,000.00	$	1,000.00
End of the Period December 31, 2020	$	1,145.70	$	1,023.53
Expenses Paid During the Period*	$	1.73	$	1.63

*	Expenses are equal to the Fund’s annualized expense ratio of 0.32%** (for the period July 1, 2020-December 31, 2020), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

**	May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.


18		Elfun Diversified Fund

Elfun Diversified Fund

Performance Summary — December 31, 2020 (Unaudited)

Top Ten Largest Equity Holdings

as of December 31, 2020 (as a % of Fair Value) ^(a)(b)


Apple Inc.	2.39	%

Microsoft Corp.	1.89	%

Amazon.com Inc.	1.57	%

Facebook Inc., Class A	0.74	%

Tesla Inc.	0.60	%

Alphabet Inc., Class A	0.59	%

Alphabet Inc., Class C	0.57	%

Berkshire Hathaway Inc., Class B	0.51	%

Johnson & Johnson	0.47	%

JPMorgan Chase & Co.	0.44	%

Sector Allocation

Portfolio composition as a % of Fair Value of $212,810 (in thousands) as of December 31, 2020 ^(a)(b)

LOGO

Average Annual Total Return for the periods ended December 31, 2020

(Inception date: 01/01/88)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun Diversified Fund		12.23	%		9.07	%		7.45	%	$	20,522

S&P 500^® Index		18.40	%		15.22	%		13.89	%	$	36,700

MSCI ACWI ex USA Investable Market Index		11.12	%		8.98	%		5.05	%	$	16,374

Bloomberg Barclays U.S. Aggregate Bond Index		7.51	%		4.44	%		3.84	%	$	14,576

(a)	Fair Value basis is inclusive of short-term investments in money market funds.

(b)

(c)	Includes investment in State Street Global Equity ex-U.S. Index Portfolio.


Elfun Diversified Fund		19

Elfun Diversified Fund

Performance Summary, continued — December 31, 2020 (Unaudited)

LOGO

See Notes to Performance beginning on page 1 for further information.


20		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments — December 31, 2020


	Number of Shares		Fair Value $


Domestic Equity - 36.1%†
Common Stock - 36.1%
Advertising - 0.0%*
Omnicom Group Inc. (a)		541		33,742
The Interpublic Group of Companies Inc. (a)		966		22,720

				56,462


Aerospace & Defense - 0.6%
General Dynamics Corp. (a)		568		84,530
Howmet Aerospace Inc. (a)		1,019		29,082
Huntington Ingalls Industries Inc. (a)		97		16,537
L3Harris Technologies Inc. (a)		494		93,376
Lockheed Martin Corp. (a)		590		209,438
Northrop Grumman Corp. (a)		375		114,270
Raytheon Technologies Corp. (a)		3,659		261,655
Teledyne Technologies Inc. (a)(b)		87		34,102
Textron Inc. (a)		498		24,068
The Boeing Co.		1,269		271,642
TransDigm Group Inc. (a)(b)		134		82,926

				1,221,626


Agricultural & Farm Machinery - 0.1%
Deere & Co. (a)		750		201,787


Agricultural Products - 0.0%*
Archer-Daniels-Midland Co. (a)		1,375		69,314


Air Freight & Logistics - 0.3%
CH Robinson Worldwide Inc. (a)		332		31,165
Expeditors International of Washington Inc. (a)		423		40,231
FedEx Corp. (a)		577		149,801
United Parcel Service Inc., Class B (a)		1,726		290,658

				511,855


Airlines - 0.1%
Alaska Air Group Inc. (a)		321		16,692
American Airlines Group Inc. (a)		1,494		23,560
Delta Air Lines Inc. (a)		1,500		60,315
Southwest Airlines Co. (a)		1,459		68,004
United Airlines Holdings Inc. (a)(b)		736		31,832

				200,403


	Number of Shares		Fair Value $
Alternative Carriers - 0.0%*
CenturyLink Inc. (a)		2,374		23,146


Apparel Retail - 0.2%
L Brands Inc. (a)		587		21,830
Ross Stores Inc. (a)		875		107,459
The Gap Inc. (a)		530		10,701
The TJX Companies Inc. (a)		2,915		199,065

				339,055


Apparel, Accessories & Luxury Goods - 0.1%
Hanesbrands Inc. (a)		810		11,810
PVH Corp. (a)		163		15,304
Ralph Lauren Corp. (a)		113		11,723
Tapestry Inc. (a)		636		19,767
Under Armour Inc., Class A (a)(b)		479		8,224
Under Armour Inc., Class C (a)(b)		482		7,172
VF Corp. (a)		724		61,837

				135,837


Application Software - 0.9%
Adobe Inc. (a)(b)		1,155		577,639
ANSYS Inc. (a)(b)		207		75,307
Autodesk Inc. (a)(b)		533		162,746
Cadence Design Systems Inc. (a)(b)		675		92,090
Citrix Systems Inc. (a)		288		37,469
Intuit Inc. (a)		623		236,646
Paycom Software Inc. (a)(b)		120		54,270
salesforce.com Inc. (a)(b)		2,196		488,676
Synopsys Inc. (a)(b)		367		95,141
Tyler Technologies Inc. (a)(b)		100		43,652

				1,863,636


Asset Management & Custody Banks - 0.3%
Ameriprise Financial Inc. (a)		290		56,356
BlackRock Inc. (a)		339		244,602
Franklin Resources Inc. (a)		592		14,794
Invesco Ltd. (a)		809		14,101
Northern Trust Corp. (a)		477		44,428
State Street Corp. (a)(c)		861		62,663
T Rowe Price Group Inc. (a)		554		83,870
The Bank of New York Mellon Corp. (a)		1,995		84,668

				605,482


Auto Parts & Equipment - 0.0%*
BorgWarner Inc. (a)		639		24,691

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		21

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Number of Shares		Fair Value $

Automobile Manufacturers - 0.7%
Ford Motor Co. (a)		9,415		82,758
General Motors Co. (a)		3,033		126,294
Tesla Inc. (b)		1,815		1,280,791

				1,489,843


Automotive Retail - 0.1%
Advance Auto Parts Inc. (a)		165		25,989
AutoZone Inc. (a)(b)		57		67,570
CarMax Inc. (a)(b)		403		38,067
O’Reilly Automotive Inc. (a)(b)		170		76,937

				208,563


Biotechnology - 0.7%
AbbVie Inc. (a)		4,248		455,173
Alexion Pharmaceuticals Inc. (a)(b)		530		82,807
Amgen Inc. (a)		1,399		321,658
Biogen Inc. (a)(b)		362		88,639
Gilead Sciences Inc. (a)		2,976		173,382
Incyte Corp. (a)(b)		448		38,967
Regeneron Pharmaceuticals Inc. (a)(b)		250		120,778
Vertex Pharmaceuticals Inc. (a)(b)		634		149,840

				1,431,244


Brewers - 0.0%*
Molson Coors Beverage Co., Class B (a)		481		21,736


Broadcasting - 0.1%
Discovery Inc., Class A (a)(b)		361		10,863
Discovery Inc., Class C (a)(b)		797		20,873
Fox Corp., Class A (a)		897		26,121
Fox Corp., Class B (a)(b)		383		11,061
ViacomCBS Inc., Class B (a)		1,404		52,313

				121,231

Building Products - 0.1%
AO Smith Corp. (a)		300		16,446
Carrier Global Corp. (a)		2,013		75,930
Fortune Brands Home & Security Inc. (a)		333		28,545
Johnson Controls International PLC (a)		1,702		79,296
Masco Corp. (a)		673		36,968

				237,185


	Number of Shares		Fair Value $
Cable & Satellite - 0.4%
Charter Communications Inc., Class A (a)(b)		350		231,542
Comcast Corp., Class A (a)		10,925		572,470
DISH Network Corp., Class A (a)(b)		632		20,439

				824,451


Casinos & Gaming - 0.0%*
Las Vegas Sands Corp. (a)		771		45,952
MGM Resorts International (a)		920		28,989
Wynn Resorts Ltd. (a)		233		26,289

				101,230


Commodity Chemicals - 0.1%
Dow Inc. (a)		1,782		98,901
LyondellBasell Industries N.V., Class A (a)		640		58,662

				157,563


Communications Equipment - 0.3%
Arista Networks Inc. (a)(b)		127		36,902
Cisco Systems Inc. (a)		10,128		453,228
F5 Networks Inc. (a)(b)		144		25,335
Juniper Networks Inc. (a)		845		19,021
Motorola Solutions Inc. (a)		411		69,895

				604,381


Computer & Electronics Retail - 0.0%*
Best Buy Company Inc. (a)		551		54,984


Construction & Engineering - 0.0%*
Jacobs Engineering Group Inc. (a)		308		33,560
Quanta Services Inc. (a)		358		25,783

				59,343


Construction Machinery & Heavy Trucks - 0.2%
Caterpillar Inc. (a)		1,287		234,260
Cummins Inc. (a)		364		82,664
PACCAR Inc. (a)		841		72,561
Westinghouse Air Brake Technologies Corp. (a)		399		29,207

				418,692


Construction Materials - 0.0%*
Martin Marietta Materials Inc. (a)		149		42,311
Vulcan Materials Co. (a)		328		48,646

				90,957

See Notes to Schedules of Investments and Notes to Financial Statements.


22		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Number of Shares		Fair Value $

Consumer Electronics - 0.0%*
Garmin Ltd. (a)		351		42,001


Consumer Finance - 0.2%
American Express Co. (a)		1,540		186,201
Capital One Financial Corp. (a)		1,123		111,009
Discover Financial Services (a)		727		65,815
Synchrony Financial (a)		1,303		45,227

				408,252


Copper - 0.0%*
Freeport-McMoRan Inc. (a)		3,427		89,171


Data Processing & Outsourced Services - 1.6%
Automatic Data Processing Inc. (a)		1,026		180,781
Broadridge Financial Solutions Inc. (a)		285		43,662
Fidelity National Information Services Inc. (a)		1,468		207,663
Fiserv Inc. (a)(b)		1,328		151,206
FleetCor Technologies Inc. (a)(b)		204		55,657
Global Payments Inc. (a)		714		153,810
Jack Henry & Associates Inc. (a)		192		31,102
Mastercard Inc., Class A (a)		2,102		750,288
Paychex Inc. (a)		776		72,308
PayPal Holdings Inc. (a)(b)		2,823		661,147
The Western Union Co. (a)		991		21,743
Visa Inc., Class A (a)		4,055		886,950

				3,216,317

Distillers & Vintners - 0.1%
Brown-Forman Corp., Class B (a)		462		36,697
Constellation Brands Inc., Class A (a)		407		89,153

				125,850


Distributors - 0.0%*
Genuine Parts Co. (a)		357		35,853
LKQ Corp. (a)(b)		636		22,413
Pool Corp. (a)		100		37,250

				95,516


Diversified Banks - 1.1%
Bank of America Corp. (a)		18,304		554,794
Citigroup Inc. (a)		5,018		309,410
JPMorgan Chase & Co. (a)		7,291		926,467


	Number of Shares		Fair Value $
U.S. Bancorp (a)		3,232		150,579
Wells Fargo & Co. (a)		9,841		297,002

				2,238,252


Diversified Chemicals - 0.0%*
Eastman Chemical Co. (a)		312		31,287


Diversified Support Services - 0.1%
Cintas Corp. (a)		211		74,580
Copart Inc. (a)(b)		499		63,498

				138,078


Drug Retail - 0.0%*
Walgreens Boots Alliance Inc. (a)		1,701		67,836


Electric Utilities - 0.7%
Alliant Energy Corp. (a)		597		30,764
American Electric Power Company Inc. (a)		1,212		100,923
Duke Energy Corp. (a)		1,758		160,963
Edison International (a)		943		59,239
Entergy Corp. (a)		500		49,920
Evergy Inc. (a)		566		31,419
Eversource Energy (a)		818		70,765
Exelon Corp. (a)		2,310		97,528
FirstEnergy Corp. (a)		1,362		41,691
NextEra Energy Inc. (a)		4,709		363,299
NRG Energy Inc. (a)		555		20,840
Pinnacle West Capital Corp. (a)		273		21,826
PPL Corp. (a)		1,855		52,311
The Southern Co. (a)		2,560		157,261
Xcel Energy Inc. (a)		1,248		83,204

				1,341,953


Electrical Components & Equipment - 0.2%
AMETEK Inc. (a)		540		65,308
Eaton Corporation PLC (a)		947		113,772
Emerson Electric Co. (a)		1,450		116,536
Rockwell Automation Inc. (a)		280		70,227

				365,843


Electronic Components - 0.1%
Amphenol Corp., Class A (a)		723		94,547
Corning Inc. (a)		1,840		66,240

				160,787


Electronic Equipment & Instruments - 0.1%
FLIR Systems Inc. (a)		373		16,349

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		23

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Number of Shares		Fair Value $

Keysight Technologies Inc. (a)(b)		440		58,120
Vontier Corp. (a)(b)		333		11,122
Zebra Technologies Corp., Class A (a)(b)		134		51,500

				137,091


Electronic Manufacturing Services - 0.0%*
IPG Photonics Corp. (a)(b)		83		18,575


Environmental & Facilities Services - 0.1%
Republic Services Inc. (a)		528		50,847
Rollins Inc. (a)		525		20,512
Waste Management Inc. (a)		923		108,849

				180,208


Fertilizers & Agricultural Chemicals - 0.1%
CF Industries Holdings Inc. (a)		501		19,394
Corteva Inc. (a)		1,782		68,999
FMC Corp. (a)		321		36,892
The Mosaic Co. (a)		864		19,881

				145,166


Financial Exchanges & Data - 0.4%
Cboe Global Markets Inc. (a)		274		25,515
CME Group Inc. (a)		857		156,017
Intercontinental Exchange Inc. (a)		1,370		157,947
MarketAxess Holdings Inc. (a)		91		51,921
Moody’s Corp. (a)		384		111,452
MSCI Inc. (a)		203		90,645
Nasdaq Inc. (a)		278		36,902
S&P Global Inc. (a)		575		189,020

				819,419


Food Distributors - 0.0%*
Sysco Corp. (a)		1,228		91,191


Food Retail - 0.0%*
The Kroger Co. (a)		1,881		59,741


Footwear - 0.2%
NIKE Inc., Class B (a)		2,990		422,995


Gas Utilities - 0.0%*
Atmos Energy Corp. (a)		295		28,152


General Merchandise Stores - 0.2%
Dollar General Corp. (a)		580		121,974


	Number of Shares		Fair Value $
Dollar Tree Inc. (a)(b)		546		58,990
Target Corp. (a)		1,185		209,188

				390,152


Gold - 0.1%
Newmont Corp. (a)		1,955		117,085


Health Care REITs - 0.1%
Healthpeak Properties Inc. (a)		1,327		40,115
Ventas Inc. (a)		918		45,019
Welltower Inc. (a)		976		63,069

				148,203


Healthcare Distributors - 0.1%
AmerisourceBergen Corp. (a)		358		34,998
Cardinal Health Inc. (a)		700		37,492
Henry Schein Inc. (a)(b)		364		24,337
McKesson Corp. (a)		389		67,655

				164,482


Healthcare Equipment - 1.1%
Abbott Laboratories (a)		4,265		466,975
ABIOMED Inc. (a)(b)		107		34,689
Baxter International Inc. (a)		1,211		97,171
Becton Dickinson & Co. (a)		684		171,151
Boston Scientific Corp. (a)(b)		3,499		125,789
Danaher Corp. (a)		1,514		336,320
DexCom Inc. (a)(b)		232		85,775
Edwards Lifesciences Corp. (a)(b)		1,484		135,385
Hologic Inc. (a)(b)		651		47,412
IDEXX Laboratories Inc. (a)(b)		208		103,973
Intuitive Surgical Inc. (a)(b)		285		233,159
ResMed Inc. (a)		348		73,971
STERIS PLC (a)		206		39,045
Stryker Corp. (a)		782		191,621
Teleflex Inc. (a)		113		46,508
Varian Medical Systems Inc. (a)(b)		224		39,202
Zimmer Biomet Holdings Inc. (a)		501		77,199

				2,305,345


Healthcare Facilities - 0.1%
HCA Healthcare Inc. (a)		643		105,748
Universal Health Services Inc., Class B (a)		182		25,025

				130,773

See Notes to Schedules of Investments and Notes to Financial Statements.


24		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Number of Shares		Fair Value $

Healthcare Services - 0.2%
Cigna Corp. (a)		864		179,868
CVS Health Corp. (a)		3,097		211,525
DaVita Inc. (a)(b)		176		20,662
Laboratory Corporation of America Holdings (a)(b)		243		49,463
Quest Diagnostics Inc. (a)		336		40,041

				501,559


Healthcare Supplies - 0.1%
Align Technology Inc. (a)(b)		170		90,845
DENTSPLY SIRONA Inc. (a)		553		28,955
The Cooper Companies Inc. (a)		124		45,052
West Pharmaceutical Services Inc. (a)		182		51,562

				216,414


Healthcare Technology - 0.0%*
Cerner Corp. (a)		737		57,840


Home Building - 0.1%
D.R. Horton Inc. (a)		753		51,897
Lennar Corp., Class A (a)		609		46,424
NVR Inc. (a)(b)		8		32,639
PulteGroup Inc. (a)		599		25,829

				156,789


Home Furnishings - 0.0%*
Leggett & Platt Inc. (a)		294		13,024
Mohawk Industries Inc. (a)(b)		144		20,297

				33,321


Home Improvement Retail - 0.5%
Lowe’s Companies Inc. (a)		1,759		282,337
The Home Depot Inc. (a)		2,572		683,175

				965,512

Hotel & Resort REITs - 0.0%*
Host Hotels & Resorts Inc. (a)		1,733		25,354


Hotels, Resorts & Cruise Lines - 0.1%
Carnival Corp. (a)		1,799		38,966
Hilton Worldwide Holdings Inc. (a)		670		74,544
Marriott International Inc., Class A (a)		636		83,901
Norwegian Cruise Line Holdings Ltd. (a)(b)		848		21,565


	Number of Shares		Fair Value $
Royal Caribbean Cruises Ltd. (a)		439		32,789

				251,765


Household Appliances - 0.0%*
Whirlpool Corp. (a)		143		25,810


Household Products - 0.6%
Church & Dwight Company Inc. (a)		555		48,413
Colgate-Palmolive Co. (a)		2,049		175,210
Kimberly-Clark Corp. (a)		828		111,639
The Clorox Co. (a)		305		61,586
The Procter & Gamble Co. (a)		5,929		824,961

				1,221,809


Housewares & Specialties - 0.0%*
Newell Brands Inc. (a)		1,012		21,485


Human Resource & Employment Services - 0.0%*
Robert Half International Inc. (a)		266		16,620


Hypermarkets & Super Centers - 0.4%
Costco Wholesale Corp. (a)		1,061		399,764
Walmart Inc. (a)		3,337		481,028

				880,792


Independent Power Producers & Energy Traders - 0.0%*
The AES Corp. (a)		1,555		36,542


Industrial Conglomerates - 0.5%
3M Co. (a)		1,367		238,938
General Electric Co. (a)		20,886		225,569
Honeywell International Inc. (a)		1,687		358,825
Roper Technologies Inc. (a)		256		110,359

				933,691

Industrial Gases - 0.1%
Air Products & Chemicals Inc. (a)		527		143,987


Industrial Machinery - 0.3%
Dover Corp. (a)		361		45,576
Flowserve Corp. (a)		322		11,866
Fortive Corp. (a)		834		59,064
IDEX Corp. (a)		179		35,657
Illinois Tool Works Inc. (a)		700		142,716
Ingersoll Rand Inc. (a)(b)		859		39,136
Otis Worldwide Corp. (a)		956		64,578
Parker-Hannifin Corp. (a)		311		84,719

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		25

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Number of Shares		Fair Value $

Snap-on Inc. (a)		129		22,077
Stanley Black & Decker Inc. (a)		381		68,031
Xylem Inc. (a)		443		45,093

				618,513

Industrial REITs - 0.1%
Duke Realty Corp. (a)		880		35,174
Prologis Inc. (a)		1,702		169,621

				204,795


Insurance Brokers - 0.1%
Arthur J Gallagher & Co. (a)		467		57,773
Marsh & McLennan Companies Inc. (a)		1,231		144,027

				201,800


Integrated Oil & Gas - 0.4%
Chevron Corp. (a)		4,630		391,004
Exxon Mobil Corp. (a)		10,173		419,331
Occidental Petroleum Corp. (a)		1,926		33,339

				843,674


Integrated Telecommunication Services - 0.5%
AT&T Inc. (a)		17,187		494,298
Verizon Communications Inc. (a)		9,900		581,625

				1,075,923


Interactive Home Entertainment - 0.2%
Activision Blizzard Inc. (a)		1,872		173,815
Electronic Arts Inc. (a)		687		98,653
Take-Two Interactive Software Inc. (a)(b)		283		58,805

				331,273


Interactive Media & Services - 2.0%
Alphabet Inc., Class A (a)(b)		720		1,261,901
Alphabet Inc., Class C (a)(b)		695		1,217,557
Facebook Inc., Class A (a)(b)		5,758		1,572,855
Twitter Inc. (a)(b)		1,910		103,426

				4,155,739


Internet & Direct Marketing Retail - 1.8%
Amazon.com Inc. (a)(b)		1,023		3,331,839
Booking Holdings Inc. (a)(b)		97		216,045
eBay Inc. (a)		1,550		77,888
Etsy Inc. (a)(b)		300		53,373


	Number of Shares			Fair Value $
Expedia Group Inc. (a)		325			43,030

					3,722,175

Internet Services & Infrastructure - 0.0%*
Akamai Technologies Inc. (a)(b)		391			41,051
VeriSign Inc. (a)(b)		244			52,802

					93,853


Investment Banking & Brokerage - 0.3%
Morgan Stanley (a)		3,419			234,304
Raymond James Financial Inc. (a)		295			28,223
The Charles Schwab Corp. (a)		3,566			189,140
The Goldman Sachs Group Inc. (a)		814			214,660

					666,327


IT Consulting & Other Services - 0.2%
Cognizant Technology Solutions Corp., Class A (a)		1,216			99,651
DXC Technology Co. (a)		586			15,090
Gartner Inc. (a)(b)		220			35,242
International Business Machines Corp. (a)		2,130			268,124
Leidos Holdings Inc. (a)		292			30,695

					448,802


Leisure Products - 0.0%*
Hasbro Inc. (a)		305			28,530
			��

Life & Health Insurance - 0.2%
Aflac Inc. (a)		1,614			71,775
Globe Life Inc. (a)		236			22,410
Lincoln National Corp. (a)		484			24,350
MetLife Inc. (a)		1,820			85,449
Principal Financial Group Inc. (a)		574			28,476
Prudential Financial Inc. (a)		961			75,025
Unum Group (a)		557			12,778

					320,263


Life Sciences Tools & Services - 0.4%
Agilent Technologies Inc. (a)		747			88,512
Bio-Rad Laboratories Inc., Class A (a)(b)		50			29,147
Illumina Inc. (a)(b)		355			131,350
IQVIA Holdings Inc. (a)(b)		473			84,747
Mettler-Toledo International Inc. (a)(b)		58			66,102
PerkinElmer Inc. (a)		273			39,176

See Notes to Schedules of Investments and Notes to Financial Statements.


26		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Number of Shares		Fair Value $

Thermo Fisher Scientific Inc. (a)		954		444,354
Waters Corp. (a)(b)		143		35,381

				918,769


Managed Healthcare - 0.6%
Anthem Inc. (a)		595		191,049
Centene Corp. (a)(b)		1,417		85,062
Humana Inc. (a)		321		131,697
UnitedHealth Group Inc. (a)		2,268		795,342

				1,203,150


Metal & Glass Containers - 0.0%*
Ball Corp. (a)		792		73,799


Movies & Entertainment - 0.7%
Live Nation Entertainment Inc. (a)(b)		300		22,044
Netflix Inc. (a)(b)		1,064		575,337
The Walt Disney Co. (a)(b)		4,328		784,147

				1,381,528


Multi-Line Insurance - 0.1%
American International Group Inc. (a)		2,082		78,824
Assurant Inc. (a)		141		19,207
The Hartford Financial Services Group Inc. (a)		858		42,025

				140,056


Multi-Sector Holdings - 0.5%
Berkshire Hathaway Inc., Class B (a)(b)		4,657		1,079,819


Multi-Utilities - 0.3%
Ameren Corp. (a)		617		48,163
CenterPoint Energy Inc. (a)		1,391		30,101
CMS Energy Corp. (a)		710		43,317
Consolidated Edison Inc. (a)		779		56,298
Dominion Energy Inc. (a)		1,946		146,339
DTE Energy Co. (a)		455		55,242
NiSource Inc. (a)		992		22,757
Public Service Enterprise Group Inc. (a)		1,208		70,426
Sempra Energy (a)		701		89,315
WEC Energy Group Inc. (a)		764		70,311

				632,269


Office REITs - 0.1%
Alexandria Real Estate Equities Inc. (a)		282		50,258


	Number of Shares		Fair Value $
Boston Properties Inc. (a)		355		33,558
SL Green Realty Corp. (a)		166		9,891
Vornado Realty Trust (a)		427		15,944

				109,651


Oil & Gas Equipment & Services - 0.1%
Baker Hughes Co. (a)		1,615		33,673
Halliburton Co. (a)		2,163		40,881
NOV Inc. (a)		1,105		15,172
Schlumberger N.V. (a)		3,350		73,130

				162,856


Oil & Gas Exploration & Production - 0.2%
Apache Corp. (a)		921		13,069
Cabot Oil & Gas Corp. (a)		998		16,247
Concho Resources Inc. (a)		465		27,133
ConocoPhillips (a)		2,546		101,814
Devon Energy Corp. (a)		934		14,767
Diamondback Energy Inc. (a)		430		20,812
EOG Resources Inc. (a)		1,391		69,369
Hess Corp. (a)		635		33,522
Marathon Oil Corp. (a)		2,199		14,667
Pioneer Natural Resources Co. (a)		413		47,037

				358,437


Oil & Gas Refining & Marketing - 0.1%
HollyFrontier Corp. (a)		360		9,306
Marathon Petroleum Corp. (a)		1,568		64,852
Phillips 66 (a)		1,061		74,206
Valero Energy Corp. (a)		952		53,855

				202,219


Oil & Gas Storage & Transportation - 0.1%
Kinder Morgan Inc. (a)		4,704		64,304
ONEOK Inc. (a)		1,030		39,531
The Williams Companies Inc. (a)		2,931		58,767

				162,602

Packaged Foods & Meats - 0.3%
Campbell Soup Co. (a)		441		21,322
Conagra Brands Inc. (a)		1,226		44,455
General Mills Inc. (a)		1,464		86,083
Hormel Foods Corp. (a)		717		33,419
Kellogg Co. (a)		613		38,147
Lamb Weston Holdings Inc. (a)		340		26,772
McCormick & Company Inc. (a)		584		55,830

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		27

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Number of Shares		Fair Value $

Mondelez International Inc., Class A (a)		3,378		197,512
The Hershey Co. (a)		341		51,945
The JM Smucker Co. (a)		284		32,830
The Kraft Heinz Co. (a)		1,563		54,174
Tyson Foods Inc., Class A (a)		707		45,559

				688,048


Paper Packaging - 0.1%
Avery Dennison Corp. (a)		190		29,471
International Paper Co. (a)		899		44,698
Packaging Corporation of America (a)		222		30,616
Sealed Air Corp. (a)		364		16,668
WestRock Co. (a)		616		26,814

				148,267


Personal Products - 0.1%
The Estee Lauder Companies Inc., Class A (a)		548		145,872


Pharmaceuticals - 1.4%
Bristol-Myers Squibb Co. (a)		5,397		334,776
Catalent Inc. (a)(b)		400		41,628
Eli Lilly & Co. (a)		1,901		320,965
Johnson & Johnson (a)		6,298		991,179
Merck & Company Inc. (a)		6,072		496,690
Pfizer Inc. (a)		13,361		491,818
Viatris Inc. (b)		2,887		54,102
Zoetis Inc. (a)		1,137		188,174

				2,919,332


Property & Casualty Insurance - 0.3%
Chubb Ltd. (a)		1,078		165,926
Cincinnati Financial Corp. (a)		364		31,803
Loews Corp. (a)		611		27,507
The Allstate Corp.		712		78,270
The Progressive Corp. (a)		1,395		137,937
The Travelers Companies Inc. (a)		621		87,170
WR Berkley Corp. (a)		300		19,926

				548,539


Publishing - 0.0%*
News Corp., Class A (a)		1,011		18,168
News Corp., Class B (a)		142		2,523

				20,691


	Number of Shares		Fair Value $
Railroads - 0.3%
CSX Corp. (a)		1,860		168,795
Kansas City Southern (a)		222		45,317
Norfolk Southern Corp. (a)		603		143,279
Union Pacific Corp. (a)		1,619		337,108

				694,499


Real Estate Services - 0.0%*
CBRE Group Inc., Class A (a)(b)		809		50,740


Regional Banks - 0.3%
Citizens Financial Group Inc. (a)		1,001		35,796
Comerica Inc. (a)		366		20,445
Fifth Third Bancorp (a)		1,752		48,303
First Republic Bank (a)		423		62,151
Huntington Bancshares Inc. (a)		2,416		30,514
KeyCorp (a)		2,372		38,924
M&T Bank Corp. (a)		299		38,063
People’s United Financial Inc. (a)		1,150		14,869
Regions Financial Corp. (a)		2,397		38,640
SVB Financial Group (a)(b)		125		48,479
The PNC Financial Services Group Inc. (a)		1,031		153,619
Truist Financial Corp. (a)		3,177		152,273
Zions Bancorp NA (a)		352		15,291

				697,367


Research & Consulting Services - 0.1%
Equifax Inc. (a)		304		58,623
Nielsen Holdings PLC (a)		801		16,717
Verisk Analytics Inc. (a)		395		81,998

				157,338


Residential REITs - 0.1%
AvalonBay Communities Inc. (a)		316		50,696
Equity Residential (a)		824		48,847
Essex Property Trust Inc. (a)		165		39,174
Mid-America Apartment Communities Inc. (a)		283		35,853
UDR Inc. (a)		717		27,554

				202,124


Restaurants - 0.5%
Chipotle Mexican Grill Inc. (a)(b)		69		95,683

See Notes to Schedules of Investments and Notes to Financial Statements.


28		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Number of Shares		Fair Value $

Darden Restaurants Inc. (a)		313		37,285
Domino’s Pizza Inc. (a)		100		38,346
McDonald’s Corp. (a)		1,792		384,527
Starbucks Corp. (a)		2,788		298,260
Yum! Brands Inc. (a)		729		79,140

				933,241


Retail REITs - 0.1%
Federal Realty Investment Trust (a)		177		15,066
Kimco Realty Corp. (a)		1,110		16,661
Realty Income Corp. (a)		861		53,529
Regency Centers Corp. (a)		400		18,236
Simon Property Group Inc. (a)		764		65,154

				168,646


Semiconductor Equipment - 0.2%
Applied Materials Inc. (a)		2,162		186,580
KLA Corp. (a)		381		98,645
Lam Research Corp. (a)		344		162,461
Teradyne Inc. (a)		400		47,956

				495,642


Semiconductors - 1.7%
Advanced Micro Devices Inc. (a)(b)		2,865		262,749
Analog Devices Inc. (a)		602		88,933
Broadcom Inc. (a)		970		424,714
Intel Corp. (a)		9,880		492,222
Maxim Integrated Products Inc. (a)		1,116		98,933
Microchip Technology Inc. (a)		644		88,943
Micron Technology Inc. (a)(b)		2,612		196,370
NVIDIA Corp. (a)		1,480		772,856
Qorvo Inc. (a)(b)		288		47,886
QUALCOMM Inc. (a)		2,720		414,365
Skyworks Solutions Inc. (a)		404		61,764
Texas Instruments Inc. (a)		2,199		360,922
Xilinx Inc. (a)		591		83,786

				3,394,443


Soft Drinks - 0.5%
Monster Beverage Corp. (a)(b)		877		81,105
PepsiCo Inc. (a)		3,326		493,246
The Coca-Cola Co. (a)		9,233		506,337

				1,080,688


	Number of Shares		Fair Value $
Specialized REITs - 0.5%
American Tower Corp. (a)		1,052		236,132
Crown Castle International Corp. (a)		1,016		161,737
Digital Realty Trust Inc. (a)		649		90,542
Equinix Inc. (a)		216		154,263
Extra Space Storage Inc. (a)		320		37,075
Iron Mountain Inc. (a)		705		20,783
Public Storage (a)		369		85,213
SBA Communications Corp. (a)		273		77,022
Weyerhaeuser Co. (a)		1,783		59,784

				922,551


Specialty Chemicals - 0.3%
Albemarle Corp. (a)		252		37,175
Celanese Corp. (a)		295		38,332
DuPont de Nemours Inc. (a)		1,782		126,718
Ecolab Inc. (a)		591		127,869
International Flavors & Fragrances Inc. (a)		259		28,190
PPG Industries Inc. (a)		571		82,350
The Sherwin-Williams Co. (a)		195		143,307

				583,941


Specialty Stores - 0.1%
Tiffany & Co. (a)		258		33,914
Tractor Supply Co. (a)		285		40,065
Ulta Beauty Inc. (a)(b)		135		38,767

				112,746


Steel - 0.0%*
Nucor Corp. (a)		736		39,148


Systems Software - 2.3%
Fortinet Inc. (a)(b)		327		48,569
Microsoft Corp. (a)		18,130		4,032,475
Nortonlifelock Inc. (a)		1,323		27,492
Oracle Corp. (a)		4,509		291,687
ServiceNow Inc. (a)(b)		468		257,601

				4,657,824


Technology Distributors - 0.0%*
CDW Corp. (a)		359		47,313


Technology Hardware, Storage & Peripherals - 2.6%
Apple Inc. (a)		38,331		5,086,140
Hewlett Packard Enterprise Co. (a)		3,163		37,482
HP Inc. (a)		3,279		80,631

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		29

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Number of Shares		Fair Value $

NetApp Inc. (a)		567		37,558
Western Digital Corp. (a)		744		41,210
Xerox Holdings Corp. (a)		496		11,502

				5,294,523


Tobacco - 0.2%
Altria Group Inc. (a)		4,463		182,983
Philip Morris International Inc. (a)		3,728		308,641

				491,624


Trading Companies & Distributors - 0.1%
Fastenal Co. (a)		1,387		67,727
United Rentals Inc. (a)(b)		174		40,353
WW Grainger Inc. (a)		106		43,284

				151,364


Trucking - 0.0%*
JB Hunt Transport Services Inc. (a)		207		28,287
Old Dominion Freight Line Inc. (a)		239		46,648

				74,935


Water Utilities - 0.0%*
American Water Works Company Inc. (a)		435		66,759


Wireless Telecommunication Services - 0.1%
T-Mobile US Inc. (a)(b)		1,395		188,116


Total Common Stock (Cost $48,406,804)				74,156,851


Preferred Stock - 0.0%*
Diversified Banks - 0.0%*
Wells Fargo & Co. 5.85%, 3.09% + 3 month USD LIBOR (d)		1,469		39,443


Total Preferred Stock (Cost $36,725)				39,443


Total Domestic Equity (Cost $48,443,529)				74,196,294


Foreign Equity - 0.9%
Common Stock - 0.9%
Auto Parts & Equipment - 0.0%*
Aptiv PLC (a)		657		85,601


		Number of Shares		Fair Value $
Building Products - 0.1%
Allegion PLC (a)			227		26,418
Trane Technologies PLC (a)			580		84,193

					110,611


Electronic Manufacturing Services - 0.1%
TE Connectivity Ltd. (a)			805		97,461


Healthcare Equipment - 0.2%
Medtronic PLC (a)			3,226		377,894


Industrial Gases - 0.2%
Linde PLC (a)			1,261		332,286


Industrial Machinery - 0.0%*
Pentair PLC (a)			418		22,192


Insurance Brokers - 0.1%
Aon PLC, Class A (a)			410		86,621
Willis Towers Watson PLC (a)			472		99,441

					186,062


IT Consulting & Other Services - 0.2%
Accenture PLC, Class A (a)	��		1,524		398,084


Oil & Gas Equipment & Services - 0.0%*
TechnipFMC PLC (a)			1,206		11,336


Paper Packaging - 0.0%*
Amcor PLC (a)			3,685		43,372


Pharmaceuticals - 0.0%*
Perrigo Company PLC (a)			320		14,310


Reinsurance - 0.0%*
Everest Re Group Ltd. (a)			94		22,004


Research & Consulting Services - 0.0%*
IHS Markit Ltd. (a)			923		82,913


Technology Hardware, Storage & Peripherals - 0.0%*
Seagate Technology PLC (a)			548		34,064


Total Foreign Equity (Cost $1,168,688)					1,818,190

See Notes to Schedules of Investments and Notes to Financial Statements.


30		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $


Bonds and Notes - 34.9%
U.S. Treasuries - 4.9%
U.S. Treasury Bonds
1.25% 05/15/50		155,000		140,687
2.25% 08/15/46		556,000		635,056
3.00% 08/15/48		1,446,600		1,904,087
3.75% 08/15/41		183,300		260,429
U.S. Treasury Notes
0.25% 07/31/25		463,200		461,825
0.38% 07/31/27		4,193,700		4,138,003
0.63% 08/15/30		318,900		310,977
1.25% 03/31/21		2,140,000		2,145,768

				9,996,832


Agency Mortgage Backed - 9.6%
Federal Home Loan Mortgage Corp.
3.00% 04/01/43 - 10/01/49		2,371,755		2,530,834
4.50% 06/01/33 - 02/01/35		1,917		2,152
5.00% 07/01/35		11,191		13,000
5.50% 01/01/38 - 04/01/39		20,814		24,544
6.00% 06/01/33 - 11/01/37		53,066		61,938
6.50% 11/01/28		638		727
7.00% 06/01/29 - 08/01/36		11,589		13,791
7.50% 09/01/33		1,028		1,166
8.00% 07/01/26 - 11/01/30		1,417		1,627
8.50% 04/01/30		3,766		4,834
Federal National Mortgage Assoc.
3.00% 03/01/50		502,954		527,539
3.50% 08/01/45 - 01/01/48		2,032,040		2,207,348
4.00% 01/01/41 - 01/01/50		1,263,780		1,371,302
4.50% 07/01/33 - 12/01/48		571,839		632,510
5.00% 03/01/34 - 05/01/39		36,109		41,468
5.50% 07/01/33 - 01/01/39		78,848		91,741
6.00% 02/01/29 - 05/01/41		259,462		303,253
6.50% 10/01/28 - 08/01/36		7,305		8,216
7.00% 05/01/33 - 12/01/33		513		572


	Principal Amount ($)		Fair Value $
7.50% 12/01/26 - 03/01/33		3,723		4,314
8.00% 06/01/24 - 12/01/30		3,254		3,365
9.00% 12/01/22		84		85
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
5.85% 09/25/46 (d)(e)		700,348		158,615
Federal National Mortgage Assoc.
2.00% TBA (f)		3,649,266		3,809,587
Government National Mortgage Assoc.
3.00% 12/20/42 - 05/20/45		2,618,564		2,793,286
3.50% 08/20/48		596,878		638,753
4.00% 01/20/41 - 04/20/43		205,187		226,900
4.50% 08/15/33 - 03/20/41		84,603		95,089
5.00% 08/15/33		4,429		4,918
6.00% 07/15/33 - 04/15/34		5,249		6,100
6.50% 04/15/28 - 07/15/36		8,429		9,702
7.00% 04/15/28 - 10/15/36		3,302		3,735
7.50% 07/15/23 - 04/15/28		5,286		5,563
8.00% 05/15/30		154		169
9.00% 12/15/21		15		15
2.50% TBA (f)		3,958,243		4,188,811

				19,787,569


Agency Collateralized Mortgage Obligations - 0.3%
Federal Home Loan Mortgage Corp.
0.08% 09/25/43 (d)(e)		107,943		344
2.51% 07/25/29		224,000		248,787
4.05% 09/25/28 (d)		71,000		85,875
Federal Home Loan Mortgage Corp. REMIC
3.50% 11/15/30 (e)		19,053		618
5.50% 06/15/33 (e)		3,872		668
7.50% 07/15/27 (e)		3,430		550
Federal Home Loan Mortgage Corp. REMIC 6.15% - 1 month USD LIBOR
5.99% 10/15/42 (d)(e)		544,194		93,754

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		31

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR
6.44% 08/15/25 (d)(e)		5,810		139
Federal Home Loan Mortgage Corp. STRIPS
1.47% 08/01/27 (g)(h)		142		136
8.00% 02/01/23 - 07/01/24 (e)		365		35
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR
3.35% 04/01/37 (d)		437		447
Federal National Mortgage Assoc. REMIC
1.10% 12/25/42 (d)(e)		23,231		833
5.00% 09/25/40 (e)		12,439		1,410
1,008.00% 05/25/22 (e)		—		1
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
5.85% 07/25/38 (d)(e)		5,821		1,053
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR
6.40% 11/25/41 (d)(e)		835,114		185,524
Federal National Mortgage Assoc. STRIPS
4.50% 08/25/35 - 01/25/36 (e)		8,752		1,188
5.00% 03/25/38 - 05/25/38 (e)		5,349		938
5.50% 12/25/33 (e)		1,885		303
6.00% 01/25/35 (e)		5,087		959
7.50% 11/25/23 (e)		2,387		177
8.00% 08/25/23 - 07/25/24 (e)		661		69
8.50% 07/25/22 (e)		19		1
8.50% 07/25/22 (e)**		1		—
9.00% 05/25/22 (e)**		16		—
Government National Mortgage Assoc. REMIC
4.50% 08/16/39 (e)		654		2

				623,811


Asset Backed - 0.7%
American Express Credit Account Master Trust 2018-8
3.18% 04/15/24		126,000		128,599


	Principal Amount ($)		Fair Value $
BMW Floorplan Master Owner Trust 2018-1
3.15% 05/15/23 (i)		100,000		101,013
Enterprise Fleet Financing 2019-1 LLC
3.07% 10/20/24 (i)		137,000		142,938
Ford Credit Auto Owner Trust 2020-B
0.56% 10/15/24		301,000		302,328
Nissan Auto Lease Trust 2019-A
2.76% 03/15/22		64,613		64,986
Santander Retail Auto Lease Trust 2019-B
2.30% 01/20/23 (i)		386,000		393,099
Securitized Term Auto Receivables Trust 2018-1A
3.30% 11/25/22 (i)		100,000		101,426
Trillium Credit Card Trust II
3.04% 01/26/24 (i)		137,000		137,244

				1,371,633


Corporate Notes - 15.7%
3M Co.
3.13% 09/19/46		41,000		45,848
Abbott Laboratories
3.75% 11/30/26		21,000		24,598
4.90% 11/30/46		17,000		25,108
AbbVie Inc.
2.60% 11/21/24		45,000		48,231
2.95% 11/21/26		30,000		33,222
3.20% 05/14/26 - 11/21/29		71,000		79,483
3.25% 10/01/22		26,000		27,081
3.45% 03/15/22		57,000		58,757
4.05% 11/21/39		25,000		30,231
4.25% 11/21/49		29,000		36,476
4.63% 10/01/42		5,000		6,356
4.70% 05/14/45		8,000		10,436
4.88% 11/14/48		9,000		12,238
5.00% 12/15/21		62,000		63,964
Advance Auto Parts Inc.
3.90% 04/15/30		92,000		105,990
Aetna Inc.
3.50% 11/15/24		27,000		29,651
Aircastle Ltd.
4.25% 06/15/26		31,000		32,840
Albemarle Wodgina Pty Ltd.
3.45% 11/15/29		40,000		42,648

See Notes to Schedules of Investments and Notes to Financial Statements.


32		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Alexandria Real Estate Equities Inc.
1.88% 02/01/33		25,000		24,917
4.70% 07/01/30		16,000		19,863
Alibaba Group Holding Ltd.
3.40% 12/06/27		250,000		279,857
Alimentation Couche-Tard Inc.
2.70% 07/26/22 (i)		36,000		37,174
2.95% 01/25/30 (i)		27,000		29,473
3.80% 01/25/50 (i)		34,000		40,150
Ally Financial Inc.
5.75% 11/20/25		28,000		32,571
Alphabet Inc.
1.10% 08/15/30		75,000		73,734
Altria Group Inc.
2.95% 05/02/23		17,000		17,929
3.40% 05/06/30		60,000		67,051
3.80% 02/14/24		16,000		17,477
4.25% 08/09/42		4,000		4,458
4.45% 05/06/50		15,000		17,732
4.50% 05/02/43		15,000		17,384
4.80% 02/14/29		33,000		39,568
Amazon.com Inc.
1.50% 06/03/30		16,000		16,291
2.50% 06/03/50		70,000		72,540
2.70% 06/03/60		20,000		21,366
3.15% 08/22/27		14,000		15,926
4.05% 08/22/47		11,000		14,533
4.25% 08/22/57		9,000		12,756
Ameren Corp.
2.50% 09/15/24		65,000		69,278
3.65% 02/15/26		16,000		18,055
American Campus Communities Operating Partnership LP
4.13% 07/01/24		14,000		15,296
American Electric Power Company Inc.
3.25% 03/01/50		15,000		16,056
American Electric Power Company Inc.
2.30% 03/01/30		20,000		20,881
American Express Co.
3.00% 10/30/24		143,000		156,032
American International Group Inc.
4.25% 03/15/29		23,000		27,623
4.50% 07/16/44		28,000		35,818
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter)
5.75% 04/01/48 (d)		6,000		6,904


	Principal Amount ($)		Fair Value $
American Tower Corp.
1.50% 01/31/28		73,000		73,471
2.90% 01/15/30		24,000		26,167
3.70% 10/15/49		14,000		15,866
3.80% 08/15/29		55,000		63,858
American Water Capital Corp.
2.95% 09/01/27		26,000		28,664
Amgen Inc.
3.15% 02/21/40		41,000		44,722
3.38% 02/21/50		9,000		10,045
4.56% 06/15/48		20,000		26,324
4.66% 06/15/51		9,000		12,220
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65% 02/01/26		63,000		71,256
4.70% 02/01/36		15,000		19,015
4.90% 02/01/46		58,000		75,363
Anheuser-Busch InBev Worldwide Inc.
3.50% 06/01/30		29,000		33,606
4.00% 04/13/28		12,000		14,134
4.35% 06/01/40		48,000		58,764
4.38% 04/15/38		38,000		46,920
4.60% 04/15/48		30,000		37,837
4.75% 04/15/58		16,000		21,036
5.55% 01/23/49		48,000		68,079
Anthem Inc.
2.88% 09/15/29		14,000		15,522
3.30% 01/15/23		23,000		24,345
3.70% 09/15/49		14,000		16,689
Apollo Management Holdings LP
2.65% 06/05/30 (i)		97,000		99,078
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter)
4.95% 01/14/50 (d)(i)		35,000		35,704
Apple Inc.
2.20% 09/11/29		28,000		30,244
2.95% 09/11/49		20,000		22,419
3.35% 02/09/27		16,000		18,214
3.45% 02/09/45		42,000		50,937
3.85% 08/04/46		38,000		48,871
Applied Materials Inc.
4.35% 04/01/47		20,000		27,718
Aptiv PLC
4.40% 10/01/46		17,000		18,500

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		33

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Archer-Daniels-Midland Co.
2.50% 08/11/26		19,000		20,724
Ares Capital Corp.
3.25% 07/15/25		138,000		146,023
Ascension Health
4.85% 11/15/53		13,000		19,323
AstraZeneca PLC
4.00% 01/17/29		14,000		16,706
4.38% 08/17/48		10,000		13,444
AT&T Inc.
2.30% 06/01/27		90,000		95,894
2.75% 06/01/31		59,000		63,045
3.30% 02/01/52		29,000		28,774
3.85% 06/01/60		100,000		105,353
4.35% 03/01/29		64,000		76,331
4.45% 04/01/24		19,000		21,210
4.50% 05/15/35		31,000		37,559
4.55% 03/09/49		17,000		20,286
4.75% 05/15/46		15,000		18,474
4.80% 06/15/44		20,000		24,841
4.85% 03/01/39		35,000		43,391
5.15% 11/15/46		5,000		6,457
5.25% 03/01/37		20,000		25,897
5.35% 12/15/43		30,000		38,159
5.45% 03/01/47		37,000		49,914
Athene Holding Ltd.
4.13% 01/12/28		22,000		24,484
6.15% 04/03/30		41,000		50,890
Avangrid Inc.
3.15% 12/01/24		37,000		40,334
Avery Dennison Corp.
2.65% 04/30/30		13,000		13,974
Bank of America Corp.
3.25% 10/21/27		46,000		51,514
3.95% 04/21/25		27,000		30,423
4.18% 11/25/27		39,000		45,242
4.25% 10/22/26		44,000		51,509
Bank of America Corp. (2.59% fixed rate until 04/29/30; 2.15% + SOFR thereafter)
2.59% 04/29/31 (d)		268,000		286,814
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter)
3.37% 01/23/26 (d)		125,000		137,332
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)
3.42% 12/20/28 (d)		62,000		69,935


	Principal Amount ($)		Fair Value $
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter)
3.56% 04/23/27 (d)		69,000		77,931
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.51% + 3 month USD LIBOR thereafter)
3.71% 04/24/28 (d)		53,000		60,436
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95% 01/23/49 (d)		17,000		21,140
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter)
4.24% 04/24/38 (d)		39,000		48,158
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)
4.27% 07/23/29 (d)		30,000		35,702
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.66% + 3 month USD LIBOR thereafter)
4.30% 12/31/99 (d)		55,000		56,477
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)
4.44% 01/20/48 (d)		33,000		43,690
Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter)
4.34% 10/05/28 (d)		49,000		53,717
Barrick North America Finance LLC
5.70% 05/30/41		4,000		5,764
BAT Capital Corp.
2.26% 03/25/28		20,000		20,683
2.73% 03/25/31		43,000		44,515

See Notes to Schedules of Investments and Notes to Financial Statements.


34		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

3.56% 08/15/27		27,000		30,101
3.73% 09/25/40		25,000		26,150
3.98% 09/25/50		43,000		44,766
4.39% 08/15/37		30,000		33,574
4.54% 08/15/47		20,000		22,207
4.70% 04/02/27		122,000		143,854
4.91% 04/02/30		28,000		33,814
BAT International Finance PLC
1.67% 03/25/26		20,000		20,506
Baxter International Inc.
3.95% 04/01/30 (i)		10,000		11,949
Becton Dickinson and Co.
2.89% 06/06/22		25,000		25,804
3.70% 06/06/27		29,000		33,177
3.73% 12/15/24		3,000		3,323
4.67% 06/06/47		5,000		6,548
4.69% 12/15/44		4,000		5,165
Berkshire Hathaway Energy Co.
3.25% 04/15/28		16,000		18,249
3.70% 07/15/30 (i)		30,000		35,527
3.80% 07/15/48		14,000		16,741
4.25% 10/15/50 (i)		22,000		28,382
Berkshire Hathaway Finance Corp.
1.45% 10/15/30		26,000		26,345
2.85% 10/15/50		30,000		32,175
4.25% 01/15/49		42,000		55,645
Berkshire Hathaway Inc.
4.50% 02/11/43		6,000		8,147
Berry Global Inc.
4.88% 07/15/26 (i)		59,000		63,345
BHP Billiton Finance USA Ltd.
5.00% 09/30/43		5,000		7,347
Biogen Inc.
2.25% 05/01/30		12,000		12,486
3.15% 05/01/50		5,000		5,164
Block Financial LLC
3.88% 08/15/30		15,000		16,187
Boardwalk Pipelines LP
4.80% 05/03/29		26,000		29,770
Boston Scientific Corp.
4.70% 03/01/49		12,000		16,370
BP Capital Markets America Inc.
3.00% 02/24/50		30,000		30,866
3.02% 01/16/27		53,000		58,573
BP Capital Markets PLC (4.38% Fixed rate until 06/22/25; 4.04% + 5 year CMT Rate thereafter)
4.38% 12/31/99 (d)		44,000		46,909


	Principal Amount ($)		Fair Value $
BP Capital Markets PLC (4.88% Fixed rate until 03/22/30; 4.40% + 5 year CMT Rate thereafter)
4.88% 12/31/99 (d)		44,000		48,893
Brighthouse Financial Inc.
3.70% 06/22/27		3,000		3,261
Bristol-Myers Squibb Co.
2.35% 11/13/40		16,000		16,377
2.55% 11/13/50		24,000		24,526
3.20% 06/15/26		39,000		43,882
3.40% 07/26/29		24,000		27,899
3.45% 11/15/27		4,000		4,608
4.13% 06/15/39		21,000		26,922
4.25% 10/26/49		21,000		28,330
4.35% 11/15/47		5,000		6,730
4.55% 02/20/48		8,000		11,102
Brixmor Operating Partnership LP
3.90% 03/15/27		12,000		13,347
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65% 01/15/23		7,000		7,288
3.13% 01/15/25		8,000		8,649
3.88% 01/15/27		16,000		17,950
Broadcom Inc.
3.15% 11/15/25		50,000		54,602
4.15% 11/15/30		87,000		100,597
4.30% 11/15/32		23,000		27,261
Brown-Forman Corp.
4.00% 04/15/38		5,000		6,187
Bunge Limited Finance Corp.
3.75% 09/25/27		9,000		10,292
Burlington Northern Santa Fe LLC
4.15% 12/15/48		22,000		29,287
4.55% 09/01/44		35,000		47,598
Cameron LNG LLC
3.30% 01/15/35 (i)		13,000		14,628
Canadian Natural Resources Ltd.
3.85% 06/01/27		23,000		25,840
4.95% 06/01/47		6,000		7,566
Cantor Fitzgerald LP
4.88% 05/01/24 (i)		66,000		73,374
Capital One Financial Corp.
3.75% 07/28/26		41,000		46,362
Cardinal Health Inc.
2.62% 06/15/22		10,000		10,295
3.08% 06/15/24		8,000		8,604

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		35

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Carrier Global Corp.
2.72% 02/15/30		25,000		26,726
3.38% 04/05/40		20,000		21,930
3.58% 04/05/50		25,000		27,962
Caterpillar Inc.
3.25% 09/19/49 - 04/09/50		76,000		89,222
3.80% 08/15/42		6,000		7,569
Centene Corp.
3.38% 02/15/30		35,000		36,814
4.25% 12/15/27		112,000		119,207
5.38% 08/15/26 (i)		174,000		183,986
CenterPoint Energy Inc.
2.50% 09/01/22		62,000		64,092
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46% 07/23/22		87,000		91,701
4.80% 03/01/50		14,000		16,628
4.91% 07/23/25		26,000		30,185
5.05% 03/30/29		47,000		56,964
5.75% 04/01/48		26,000		33,979
6.38% 10/23/35		5,000		6,856
6.48% 10/23/45		7,000		9,887
Cheniere Corpus Christi Holdings LLC
5.88% 03/31/25		105,000		122,186
Chevron Corp.
1.55% 05/11/25		11,000		11,450
2.24% 05/11/30		28,000		30,024
2.98% 05/11/40		20,000		22,161
3.08% 05/11/50		35,000		39,073
Choice Hotels International Inc.
3.70% 01/15/31		30,000		33,144
Chubb INA Holdings Inc.
1.38% 09/15/30		170,000		169,434
4.35% 11/03/45		16,000		21,657
Cigna Corp.
2.40% 03/15/30		25,000		26,607
3.25% 04/15/25		19,000		20,875
3.40% 09/17/21 - 03/15/50		43,000		46,547
3.75% 07/15/23		12,000		12,961
3.88% 10/15/47		9,000		10,674
4.13% 11/15/25		34,000		39,114
4.38% 10/15/28		14,000		16,903
4.80% 08/15/38		12,000		15,605
4.90% 12/15/48		7,000		9,616
Cisco Systems Inc.
5.90% 02/15/39		16,000		24,534


	Principal Amount ($)		Fair Value $
Citigroup Inc.
4.40% 06/10/25		183,000		209,786
4.45% 09/29/27		27,000		31,889
4.65% 07/23/48		36,000		49,626
4.75% 05/18/46		18,000		23,897
5.50% 09/13/25		72,000		86,590
Citigroup Inc. (1.68% fixed rate until 05/15/23; 1.67% + SOFR thereafter)
1.68% 05/15/24 (d)		130,000		134,009
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)
2.88% 07/24/23 (d)		136,000		141,163
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter)
2.98% 11/05/30 (d)		77,000		84,812
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)
3.88% 01/24/39 (d)		15,000		17,957
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter)
4.70% 12/31/99 (d)		55,000		56,490
CME Group Inc.
3.75% 06/15/28		17,000		20,176
CMS Energy Corp.
4.88% 03/01/44		34,000		45,095
CNA Financial Corp.
3.45% 08/15/27		11,000		12,452
3.90% 05/01/29		26,000		30,861
CNH Industrial Capital LLC
1.95% 07/02/23		45,000		46,393
4.88% 04/01/21		20,000		20,193
CNOOC Petroleum North America ULC
6.40% 05/15/37		8,000		11,009
Comcast Corp.
2.65% 08/15/62		35,000		35,012
2.80% 01/15/51		25,000		26,039
3.10% 04/01/25		15,000		16,497
3.20% 07/15/36		23,000		26,062
3.25% 11/01/39		41,000		46,349
3.38% 08/15/25		108,000		120,499
3.45% 02/01/50		20,000		23,495

See Notes to Schedules of Investments and Notes to Financial Statements.


36		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

3.97% 11/01/47		62,000		77,569
4.15% 10/15/28		34,000		40,777
4.60% 08/15/45		16,000		21,427
4.70% 10/15/48		16,000		22,215
CommonSpirit Health
4.35% 11/01/42		24,000		28,128
Conagra Brands Inc.
5.30% 11/01/38		15,000		20,117
5.40% 11/01/48		13,000		18,540
Concho Resources Inc.
3.75% 10/01/27		5,000		5,719
4.30% 08/15/28		20,000		23,693
4.88% 10/01/47		8,000		10,889
ConocoPhillips Co.
4.30% 11/15/44		24,000		30,289
Consolidated Edison Company of New York Inc.
2.90% 12/01/26		29,000		31,691
3.35% 04/01/30		10,000		11,446
3.88% 06/15/47		16,000		18,915
3.95% 04/01/50		20,000		24,347
Constellation Brands Inc.
3.15% 08/01/29		58,000		64,573
3.70% 12/06/26		45,000		51,574
4.50% 05/09/47		19,000		24,090
Continental Resources Inc.
4.50% 04/15/23		96,000		98,934
Corning Inc.
4.38% 11/15/57		15,000		18,480
Corporate Nacional del Cobre de Chile
3.15% 01/15/51 (i)		85,000		85,668
Corporate Office Properties LP
2.25% 03/15/26		30,000		31,263
Costco Wholesale Corp.
1.75% 04/20/32		50,000		51,843
Crown Castle International Corp.
3.30% 07/01/30		74,000		83,075
4.15% 07/01/50		35,000		42,414
5.20% 02/15/49		16,000		21,785
CSX Corp.
4.50% 03/15/49 - 08/01/54		41,000		54,669
CubeSmart LP
4.38% 02/15/29		30,000		35,362
Cummins Inc.
1.50% 09/01/30		30,000		30,176
2.60% 09/01/50		30,000		30,542
CVS Health Corp.
3.00% 08/15/26		27,000		29,909


	Principal Amount ($)		Fair Value $
3.25% 08/15/29		25,000		28,153
3.35% 03/09/21		15,000		15,080
3.63% 04/01/27		25,000		28,461
3.88% 07/20/25		14,000		15,854
4.25% 04/01/50		5,000		6,254
4.30% 03/25/28		9,000		10,667
4.78% 03/25/38		29,000		36,725
5.00% 12/01/24		23,000		26,407
5.13% 07/20/45		10,000		13,416
5.30% 12/05/43		26,000		35,200
D.R. Horton Inc.
2.60% 10/15/25		115,000		124,059
Dell International LLC/EMC Corp.
4.00% 07/15/24 (i)		32,000		35,305
5.45% 06/15/23 (i)		17,000		18,807
6.02% 06/15/26 (i)		7,000		8,545
8.10% 07/15/36 (i)		4,000		5,881
8.35% 07/15/46 (i)		5,000		7,540
Deutsche Telekom International Finance BV
2.49% 09/19/23 (i)		150,000		156,952
Devon Energy Corp.
5.00% 06/15/45		8,000		9,380
DH Europe Finance II Sarl
2.60% 11/15/29		22,000		24,059
3.25% 11/15/39		14,000		15,930
3.40% 11/15/49		7,000		8,300
Diamondback Energy Inc.
2.88% 12/01/24		35,000		36,763
3.25% 12/01/26		25,000		26,719
3.50% 12/01/29		21,000		22,446
5.38% 05/31/25		83,000		86,174
Digital Realty Trust LP
3.60% 07/01/29		45,000		51,609
Discovery Communications LLC
2.95% 03/20/23		36,000		37,911
3.95% 03/20/28		19,000		21,784
4.95% 05/15/42		6,000		7,235
5.00% 09/20/37		10,000		12,709
Dollar General Corp.
3.50% 04/03/30		84,000		96,695
4.13% 04/03/50		23,000		29,254
Dollar Tree Inc.
4.00% 05/15/25		100,000		112,879
Dominion Energy Inc.
3.07% 08/15/24 (j)		25,000		27,016
3.38% 04/01/30		40,000		45,541
Dover Corp.
2.95% 11/04/29		30,000		32,535
DTE Energy Co.
2.85% 10/01/26		39,000		42,831
3.85% 12/01/23		17,000		18,500

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		37

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Duke Energy Carolinas LLC
3.95% 03/15/48		16,000		20,039
Duke Energy Corp.
3.55% 09/15/21		18,000		18,255
3.75% 09/01/46		4,000		4,642
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter)
4.88% 12/31/99 (d)		41,000		44,287
Duke Energy Progress LLC
4.15% 12/01/44		23,000		29,322
Duke Realty LP
3.05% 03/01/50		10,000		10,859
3.25% 06/30/26		16,000		17,894
3.38% 12/15/27		9,000		10,129
DuPont de Nemours Inc.
2.17% 05/01/23		40,000		40,528
5.32% 11/15/38		13,000		17,620
5.42% 11/15/48		13,000		18,810
Duquesne Light Holdings Inc.
3.62% 08/01/27 (i)		35,000		38,779
DXC Technology Co.
4.00% 04/15/23		49,000		52,366
Eastman Chemical Co.
3.50% 12/01/21		24,000		24,662
3.60% 08/15/22		7,000		7,291
4.65% 10/15/44		27,000		34,143
Eaton Corp.
3.10% 09/15/27		16,000		17,925
Ecolab Inc.
1.30% 01/30/31		32,000		31,671
2.13% 08/15/50		59,000		56,331
Edison International
4.95% 04/15/25		45,000		51,285
5.75% 06/15/27		10,000		11,969
EI du Pont de Nemours & Co.
2.30% 07/15/30		173,000		184,105
Eli Lilly & Co.
3.95% 03/15/49		21,000		27,415
Emera US Finance LP
4.75% 06/15/46		6,000		7,661
Emerson Electric Co.
1.80% 10/15/27		115,000		121,419
2.75% 10/15/50		12,000		12,743
Empower Finance 2020 LP
1.36% 09/17/27 (i)		45,000		45,456
1.78% 03/17/31 (i)		47,000		48,075


	Principal Amount ($)		Fair Value $
Enbridge Energy Partners LP
5.50% 09/15/40		6,000		7,415
Enbridge Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter)
5.75% 07/15/80 (d)		73,000		82,153
Energy Transfer Operating LP
4.25% 03/15/23		23,000		24,431
4.50% 04/15/24		27,000		29,581
4.95% 06/15/28		9,000		10,356
5.30% 04/15/47		29,000		31,919
6.13% 12/15/45		7,000		8,270
6.50% 02/01/42		18,000		22,014
Energy Transfer Operating LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter)
6.75% 12/31/99 (d)		85,000		78,657
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50% 11/01/23		17,000		18,411
Entergy Louisiana LLC
3.05% 06/01/31		19,000		21,502
4.00% 03/15/33		14,000		17,450
Enterprise Products Operating LLC
4.25% 02/15/48		48,000		56,290
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter)
5.25% 08/16/77 (d)		11,000		11,138
EOG Resources Inc.
4.15% 01/15/26		6,000		6,972
4.38% 04/15/30		30,000		36,566
4.95% 04/15/50		29,000		39,382
5.10% 01/15/36		12,000		14,930
Equinix Inc.
1.25% 07/15/25		40,000		40,782
2.15% 07/15/30		40,000		40,756
Equinor ASA
3.25% 11/18/49		15,000		16,690
ERP Operating LP
4.50% 07/01/44		14,000		18,495
Essex Portfolio LP
2.65% 03/15/32		15,000		16,075

See Notes to Schedules of Investments and Notes to Financial Statements.


38		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Eversource Energy
3.45% 01/15/50		30,000		34,398
Exelon Corp.
3.50% 06/01/22		22,000		22,883
4.05% 04/15/30		41,000		48,542
4.45% 04/15/46		27,000		34,467
4.70% 04/15/50		27,000		35,788
Exxon Mobil Corp.
2.61% 10/15/30		52,000		56,786
3.45% 04/15/51		40,000		45,658
FedEx Corp.
3.80% 05/15/25		107,000		120,876
4.10% 02/01/45		62,000		73,504
FirstEnergy Transmission LLC
4.55% 04/01/49 (i)		23,000		26,848
Fiserv Inc.
3.50% 07/01/29		70,000		80,405
4.40% 07/01/49		10,000		13,329
Florida Power & Light Co.
2.85% 04/01/25		50,000		54,567
4.13% 02/01/42		19,000		24,171
Ford Motor Co.
4.35% 12/08/26		38,000		40,520
Fox Corp.
3.50% 04/08/30		29,000		33,023
General Dynamics Corp.
4.25% 04/01/40 - 04/01/50		60,000		78,708
General Mills Inc.
2.88% 04/15/30		65,000		72,112
4.55% 04/17/38		19,000		24,522
4.70% 04/17/48		14,000		19,621
General Motors Co.
5.20% 04/01/45		5,000		6,050
5.40% 10/02/23 - 04/01/48		17,000		20,688
6.13% 10/01/25		39,000		47,353
6.80% 10/01/27		20,000		25,727
General Motors Financial Company Inc.
3.45% 01/14/22 - 04/10/22		139,000		142,895
3.55% 04/09/21		59,000		59,436
4.20% 11/06/21		105,000		108,125
5.25% 03/01/26		47,000		55,264
Georgia-Pacific LLC
1.75% 09/30/25 (i)		49,000		51,273
3.60% 03/01/25 (i)		36,000		40,078
Gilead Sciences Inc.
1.20% 10/01/27		20,000		20,145
1.65% 10/01/30		15,000		15,030
2.60% 10/01/40		21,000		21,212
2.80% 10/01/50		21,000		20,969


	Principal Amount ($)		Fair Value $
2.95% 03/01/27		5,000		5,522
3.50% 02/01/25		14,000		15,480
3.65% 03/01/26		14,000		15,874
4.15% 03/01/47		18,000		22,030
4.80% 04/01/44		12,000		15,837
GlaxoSmithKline Capital Inc.
3.38% 05/15/23		29,000		31,067
3.63% 05/15/25		29,000		32,678
GlaxoSmithKline Capital PLC
3.38% 06/01/29		30,000		34,886
Glencore Finance Canada Ltd.
4.95% 11/15/21 (i)		18,000		18,658
Glencore Funding LLC
2.50% 09/01/30 (i)		29,000		29,640
Gray Oak Pipeline LLC
2.00% 09/15/23 (i)		72,000		73,242
2.60% 10/15/25 (i)		50,000		51,761
Halliburton Co.
3.80% 11/15/25		2,000		2,242
5.00% 11/15/45		14,000		16,514
HCA Inc.
4.13% 06/15/29		15,000		17,414
4.50% 02/15/27		27,000		31,423
Health Care Service Corp.
2.20% 06/01/30 (i)		69,000		72,037
3.20% 06/01/50 (i)		15,000		16,081
Healthcare Trust of America Holdings LP
2.00% 03/15/31		25,000		25,000
Hess Corp.
5.60% 02/15/41		5,000		6,053
5.80% 04/01/47		4,000		5,047
Hewlett Packard Enterprise Co.
6.35% 10/15/45		5,000		6,601
Highwoods Realty LP
4.13% 03/15/28		17,000		18,990
4.20% 04/15/29		36,000		41,047
Honeywell International Inc.
2.70% 08/15/29		32,000		35,753
HSBC Holdings PLC (2.01% fixed rate until 09/22/27; 1.73% + SOFR thereafter)
2.01% 09/22/28 (d)		250,000		255,975
Huntington Bancshares Inc.
2.55% 02/04/30		45,000		48,348

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		39

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Hyundai Capital America
3.10% 04/05/22 (i)		14,000		14,405
Ingredion Inc.
2.90% 06/01/30		23,000		25,375
3.90% 06/01/50		11,000		13,131
Intel Corp.
2.45% 11/15/29		53,000		57,304
2.60% 05/19/26		38,000		41,414
2.88% 05/11/24		16,000		17,256
3.10% 02/15/60		25,000		26,999
Intercontinental Exchange Inc.
1.85% 09/15/32		16,000		16,123
2.65% 09/15/40		16,000		16,411
3.00% 09/15/60		30,000		31,256
International Business Machines Corp.
2.95% 05/15/50		100,000		106,543
International Paper Co.
4.40% 08/15/47		20,000		26,126
Interstate Power & Light Co.
3.40% 08/15/25		125,000		138,001
ITC Holdings Corp.
2.95% 05/14/30 (i)		65,000		71,201
Jabil Inc.
3.95% 01/12/28		20,000		22,701
Jefferies Group LLC
5.13% 01/20/23		47,000		51,373
John Deere Capital Corp.
2.45% 01/09/30		1,000		1,094
Johnson & Johnson
3.63% 03/03/37		17,000		20,857
Johnson Controls International PLC
4.50% 02/15/47		6,000		7,876
JPMorgan Chase & Co.
3.30% 04/01/26		176,000		197,076
3.63% 12/01/27		14,000		15,905
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter)
2.96% 05/13/31 (d)		40,000		43,788
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter)
3.51% 01/23/29 (d)		52,000		59,263


	Principal Amount ($)		Fair Value $
JPMorgan Chase & Co. (3.68% fixed rate until 04/30/21; 3.47% + 3 month USD LIBOR thereafter)
3.68% 12/29/49 (d)		20,000		19,857
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)
3.88% 07/24/38 (d)		33,000		40,101
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90% 01/23/49 (d)		22,000		27,768
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter)
3.96% 01/29/27 (d)		50,000		57,482
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter)
4.01% 04/23/29 (d)		26,000		30,509
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter)
4.03% 07/24/48 (d)		20,000		25,393
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + SOFR thereafter)
4.49% 03/24/31 (d)		168,000		207,139
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter)
4.60% 12/31/99 (d)		54,000		55,637
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter)
6.10% 10/29/49 (d)		82,000		89,785

See Notes to Schedules of Investments and Notes to Financial Statements.


40		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Keurig Dr Pepper Inc.
3.20% 05/01/30		29,000		32,906
3.80% 05/01/50		42,000		50,267
4.50% 11/15/45		15,000		19,202
4.60% 05/25/28		11,000		13,419
KeyCorp
2.25% 04/06/27		72,000		77,086
Kinder Morgan Energy Partners LP
3.50% 03/01/21		67,000		67,000
4.70% 11/01/42		5,000		5,726
5.00% 03/01/43		11,000		13,005
6.38% 03/01/41		13,000		17,069
Kinder Morgan Inc.
5.05% 02/15/46		13,000		15,833
KLA Corp.
3.30% 03/01/50		25,000		28,208
4.10% 03/15/29		29,000		34,756
4.65% 11/01/24		28,000		31,890
Kohl’s Corp.
9.50% 05/15/25		10,000		12,960
Kreditanstalt fuer Wiederaufbau
2.00% 10/04/22		46,000		47,455
L3Harris Technologies Inc.
3.85% 12/15/26		19,000		21,970
Las Vegas Sands Corp.
3.50% 08/18/26		20,000		21,442
Lear Corp.
4.25% 05/15/29		31,000		35,352
5.25% 05/15/49		15,000		18,358
Leidos Inc.
2.95% 05/15/23 (i)		56,000		58,927
3.63% 05/15/25 (i)		15,000		16,769
4.38% 05/15/30 (i)		57,000		68,326
Liberty Mutual Group Inc.
3.95% 05/15/60 (i)		14,000		16,790
Life Storage LP
2.20% 10/15/30		40,000		40,865
Lincoln National Corp.
3.63% 12/12/26		30,000		34,346
4.35% 03/01/48		14,000		17,882
Lloyds Banking Group PLC
3.75% 01/11/27		200,000		227,034
Lockheed Martin Corp.
3.55% 01/15/26		17,000		19,317
3.80% 03/01/45		6,000		7,473
4.50% 05/15/36		23,000		30,375
Lowe’s Companies Inc.
1.30% 04/15/28		20,000		20,119
1.70% 10/15/30		15,000		15,162
3.00% 10/15/50		28,000		30,033
3.70% 04/15/46		5,000		5,961
4.05% 05/03/47		13,000		16,253


	Principal Amount ($)		Fair Value $
LYB International Finance BV
4.88% 03/15/44		5,000		6,301
LYB International Finance II BV
3.50% 03/02/27		7,000		7,850
LYB International Finance III LLC
1.25% 10/01/25		20,000		20,351
3.63% 04/01/51		28,000		30,580
3.80% 10/01/60		14,000		14,996
Marathon Oil Corp.
3.85% 06/01/25		12,000		12,860
Masco Corp.
3.50% 11/15/27		5,000		5,659
Mastercard Inc.
3.85% 03/26/50		10,000		12,925
McCormick & Company Inc.
2.50% 04/15/30		24,000		25,708
3.25% 11/15/25		145,000		159,458
McDonald’s Corp.
3.60% 07/01/30		42,000		49,201
3.63% 09/01/49		14,000		16,439
3.70% 01/30/26		25,000		28,415
3.80% 04/01/28		24,000		28,082
4.20% 04/01/50		20,000		25,644
4.88% 12/09/45		13,000		17,632
Medtronic Inc.
4.63% 03/15/45		6,000		8,526
Memorial Sloan-Kettering Cancer Center
4.13% 07/01/52		24,000		31,526
Merck & Company Inc.
1.45% 06/24/30		40,000		40,459
2.45% 06/24/50		35,000		36,251
2.75% 02/10/25		44,000		47,855
4.00% 03/07/49		8,000		10,568
MetLife Inc.
4.05% 03/01/45		6,000		7,684
4.72% 12/15/44		20,000		27,391
Microchip Technology Inc.
2.67% 09/01/23 (i)		139,000		145,565
Micron Technology Inc.
2.50% 04/24/23		135,000		140,779
Microsoft Corp.
2.40% 08/08/26		23,000		25,090
2.68% 06/01/60		8,000		8,695
3.45% 08/08/36		14,000		17,253
3.50% 02/12/35		16,000		19,680
3.70% 08/08/46		56,000		70,867
3.95% 08/08/56		42,000		57,519
4.10% 02/06/37		4,000		5,230

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		41

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Molson Coors Beverage Co.
2.10% 07/15/21		42,000		42,308
4.20% 07/15/46		7,000		8,008
Morgan Stanley
3.63% 01/20/27		5,000		5,734
3.70% 10/23/24		13,000		14,470
3.95% 04/23/27		66,000		76,318
4.35% 09/08/26		55,000		64,725
4.38% 01/22/47		20,000		27,178
5.00% 11/24/25		116,000		138,513
Morgan Stanley (2.72% fixed rate until 07/22/24; 1.15% + SOFR thereafter)
2.72% 07/22/25 (d)		189,000		202,192
Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter)
3.62% 04/01/31 (d)		135,000		156,904
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter)
3.97% 07/22/38 (d)		20,000		24,743
MPLX LP
1.75% 03/01/26		25,000		25,857
2.65% 08/15/30		35,000		36,766
3.38% 03/15/23		15,000		15,876
5.20% 12/01/47		12,000		14,586
5.25% 01/15/25		177,000		181,885
MPLX LP (1.34% fixed rate until 02/01/2021; 1.10% + 3 month USD LIBOR)
1.33% 09/09/22 (d)		55,000		55,014
Mylan Inc.
5.20% 04/15/48		15,000		19,735
National Oilwell Varco Inc.
3.60% 12/01/29		41,000		42,839
National Retail Properties Inc.
4.00% 11/15/25		23,000		25,693
Newmont Corp.
4.88% 03/15/42		20,000		27,085
NextEra Energy Capital Holdings Inc.
3.25% 04/01/26		34,000		38,036
NextEra Energy Capital Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter)
5.65% 05/01/79 (d)		23,000		26,996


	Principal Amount ($)		Fair Value $
NIKE Inc.
3.38% 03/27/50		17,000		20,998
NiSource Inc.
3.95% 03/30/48		8,000		9,833
Noble Energy Inc.
3.85% 01/15/28		48,000		55,586
3.90% 11/15/24		17,000		18,897
4.20% 10/15/49		13,000		16,893
5.05% 11/15/44		6,000		8,419
Norfolk Southern Corp.
3.95% 10/01/42		18,000		21,811
Northrop Grumman Corp.
3.85% 04/15/45		5,000		6,060
4.03% 10/15/47		4,000		5,001
Novartis Capital Corp.
2.20% 08/14/30		21,000		22,585
3.00% 11/20/25		4,000		4,428
NRG Energy Inc.
2.00% 12/02/25 (i)		45,000		46,635
2.45% 12/02/27 (i)		30,000		31,493
Nucor Corp.
3.95% 05/01/28		25,000		29,505
Nutrien Ltd.
4.00% 12/15/26		9,000		10,456
4.90% 06/01/43		14,000		18,001
NVIDIA Corp.
2.85% 04/01/30		65,000		73,124
3.50% 04/01/50		20,000		24,245
NXP BV/NXP Funding LLC/NXP USA Inc.
2.70% 05/01/25 (i)		125,000		134,396
Occidental Petroleum Corp.
2.90% 08/15/24		18,000		17,349
4.85% 03/15/21		4,000		4,001
Oklahoma Gas & Electric Co.
3.25% 04/01/30		25,000		28,438
Oncor Electric Delivery Company LLC
3.80% 09/30/47		8,000		9,895
ONEOK Inc.
4.35% 03/15/29		26,000		29,450
Oracle Corp.
2.40% 09/15/23		14,000		14,727
2.65% 07/15/26		26,000		28,494
2.95% 04/01/30		41,000		45,829
3.60% 04/01/50		27,000		31,519
3.80% 11/15/37		8,000		9,616
4.00% 07/15/46 - 11/15/47		43,000		52,789

See Notes to Schedules of Investments and Notes to Financial Statements.


42		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Otis Worldwide Corp.
2.06% 04/05/25		35,000		37,121
2.57% 02/15/30		15,000		16,102
3.36% 02/15/50		15,000		17,425
Ovintiv Exploration Inc.
5.63% 07/01/24		137,000		146,608
Owens Corning
4.40% 01/30/48		10,000		12,068
Pacific Gas & Electric Co.
2.50% 02/01/31		44,000		44,016
Pacific Gas & Electric Co.
2.10% 08/01/27		25,000		25,432
3.30% 08/01/40		44,000		44,079
3.50% 08/01/50		20,000		19,840
PacifiCorp
6.25% 10/15/37		33,000		49,573
Parker-Hannifin Corp.
3.25% 06/14/29		25,000		28,370
PartnerRe Finance B LLC (4.50% fixed rate until 04/01/30; 3.82% + 5 year CMT Rate thereafter)
4.50% 10/01/50 (d)		100,000		104,252
PayPal Holdings Inc.
2.65% 10/01/26		35,000		38,461
3.25% 06/01/50		19,000		21,834
PepsiCo Inc.
1.63% 05/01/30		25,000		25,651
2.63% 07/29/29		35,000		38,674
3.45% 10/06/46		7,000		8,423
Petroleos Mexicanos
5.35% 02/12/28		15,000		14,814
5.63% 01/23/46		19,000		16,324
6.35% 02/12/48		15,000		13,539
6.49% 01/23/27		15,000		15,830
6.50% 03/13/27		40,000		42,170
7.69% 01/23/50		22,000		22,213
Pfizer Inc.
2.63% 04/01/30		11,000		12,199
2.70% 05/28/50		51,000		54,680
3.45% 03/15/29		11,000		12,840
3.60% 09/15/28		34,000		40,079
3.90% 03/15/39		17,000		21,205
4.13% 12/15/46		11,000		14,497
4.40% 05/15/44		6,000		8,076
Philip Morris International Inc.
1.50% 05/01/25		116,000		120,190
2.10% 05/01/30		14,000		14,582
3.38% 08/15/29		19,000		21,793
4.13% 03/04/43		8,000		9,815


	Principal Amount ($)		Fair Value $
Phillips 66
2.15% 12/15/30		140,000		142,002
Phillips 66 Partners LP
3.15% 12/15/29		77,000		80,351
3.75% 03/01/28		19,000		20,665
4.68% 02/15/45		17,000		18,459
Plains All American Pipeline LP/PAA Finance Corp.
3.55% 12/15/29		40,000		41,880
3.65% 06/01/22		37,000		38,121
PPL Capital Funding Inc.
3.10% 05/15/26		29,000		32,076
Precision Castparts Corp.
4.38% 06/15/45		11,000		13,831
Prologis LP
4.38% 02/01/29		24,000		29,349
Prudential Financial Inc.
3.94% 12/07/49		29,000		35,351
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter)
5.70% 09/15/48 (d)		33,000		38,093
Public Service Company of Colorado
3.70% 06/15/28		31,000		36,193
Public Service Electric & Gas Co.
2.38% 05/15/23		46,000		48,031
PVH Corp.
4.63% 07/10/25		55,000		61,913
QUALCOMM Inc.
1.30% 05/20/28 (i)		7,000		7,074
1.65% 05/20/32 (i)		8,000		8,028
3.25% 05/20/27		4,000		4,542
4.30% 05/20/47		5,000		6,725
Quest Diagnostics Inc.
2.95% 06/30/30		10,000		11,034
Ralph Lauren Corp.
1.70% 06/15/22		10,000		10,184
Raytheon Technologies Corp.
3.13% 05/04/27		66,000		73,690
3.50% 03/15/27		22,000		25,097
3.65% 08/16/23		2,000		2,157
3.95% 08/16/25		14,000		16,052
4.13% 11/16/28		6,000		7,157
4.15% 05/15/45		17,000		21,471
4.45% 11/16/38		16,000		20,343
4.50% 06/01/42		12,000		15,651

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		43

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Realty Income Corp.
3.00% 01/15/27		9,000		9,953
3.25% 01/15/31		25,000		28,387
Regeneron Pharmaceuticals Inc.
1.75% 09/15/30		50,000		49,282
2.80% 09/15/50		25,000		24,211
Reliance Steel & Aluminum Co.
2.15% 08/15/30		55,000		56,610
Reynolds American Inc.
4.45% 06/12/25		5,000		5,700
Rio Tinto Finance USA PLC
4.13% 08/21/42		11,000		14,350
Rockwell Automation Inc.
4.20% 03/01/49		18,000		24,351
Rogers Communications Inc.
5.00% 03/15/44		5,000		6,857
Roper Technologies Inc.
2.95% 09/15/29		28,000		30,797
Ross Stores Inc.
4.70% 04/15/27		10,000		11,823
Royalty Pharma PLC
0.75% 09/02/23 (i)		25,000		25,126
1.20% 09/02/25 (i)		30,000		30,478
1.75% 09/02/27 (i)		20,000		20,563
2.20% 09/02/30 (i)		10,000		10,266
3.30% 09/02/40 (i)		13,000		13,688
3.55% 09/02/50 (i)		10,000		10,657
RPM International Inc.
3.75% 03/15/27		16,000		17,732
Ryder System Inc.
2.90% 12/01/26		50,000		54,939
Sabine Pass Liquefaction LLC
4.20% 03/15/28		18,000		20,657
4.50% 05/15/30 (i)		15,000		17,831
5.00% 03/15/27		6,000		7,081
5.88% 06/30/26		41,000		49,585
Santander Holdings USA Inc.
4.40% 07/13/27		15,000		17,085
Schlumberger Holdings Corp.
3.90% 05/17/28 (i)		36,000		40,612
Selective Insurance Group Inc.
5.38% 03/01/49		8,000		10,073
Sempra Energy
3.80% 02/01/38		10,000		11,556
4.00% 02/01/48		12,000		14,262


	Principal Amount ($)		Fair Value $
Shell International Finance BV
2.38% 08/21/22		38,000		39,315
3.13% 11/07/49		55,000		60,865
3.75% 09/12/46		12,000		14,506
4.13% 05/11/35		15,000		18,769
Shire Acquisitions Investments Ireland DAC
2.40% 09/23/21		7,000		7,087
2.88% 09/23/23		21,000		22,258
3.20% 09/23/26		6,000		6,710
Simon Property Group LP
3.38% 06/15/27		20,000		22,137
Southern California Edison Co.
2.40% 02/01/22		28,000		28,478
4.00% 04/01/47		51,000		59,982
4.20% 03/01/29		38,000		44,530
Southern Company Gas Capital Corp.
3.95% 10/01/46		27,000		31,763
4.40% 05/30/47		4,000		5,027
Southern Copper Corp.
5.88% 04/23/45		12,000		17,382
Southwest Airlines Co.
2.63% 02/10/30		41,000		41,806
Southwestern Electric Power Co.
2.75% 10/01/26		19,000		20,644
Spectra Energy Partners LP
3.38% 10/15/26		5,000		5,584
4.50% 03/15/45		4,000		4,699
Spirit Realty LP
4.00% 07/15/29		30,000		33,740
Starbucks Corp.
4.00% 11/15/28		16,000		19,032
Steel Dynamics Inc.
3.25% 10/15/50		11,000		11,432
3.45% 04/15/30		20,000		22,639
Stryker Corp.
1.95% 06/15/30		55,000		56,590
2.90% 06/15/50		75,000		79,525
Suncor Energy Inc.
4.00% 11/15/47		5,000		5,666
Sunoco Logistics Partners Operations LP
5.30% 04/01/44		19,000		20,517
Sysco Corp.
3.25% 07/15/27		17,000		18,972
5.95% 04/01/30		10,000		13,146
6.60% 04/01/50		5,000		7,675

See Notes to Schedules of Investments and Notes to Financial Statements.


44		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

T-Mobile USA Inc.
3.75% 04/15/27 (i)		136,000		155,104
3.88% 04/15/30 (i)		3,000		3,468
4.50% 04/15/50 (i)		10,000		12,392
Tampa Electric Co.
4.35% 05/15/44		32,000		40,331
Target Corp.
2.50% 04/15/26		18,000		19,893
Teck Resources Ltd.
3.90% 07/15/30		29,000		32,287
5.40% 02/01/43		8,000		9,501
Telefonica Emisiones S.A.
4.10% 03/08/27		150,000		173,505
Texas Instruments Inc.
3.88% 03/15/39		19,000		23,814
The Allstate Corp.
4.20% 12/15/46		10,000		13,224
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75% 08/15/53 (d)		39,000		41,767
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter)
4.63% 12/29/49 (d)		71,000		75,456
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter)
4.65% 12/31/99 (d)		42,000		42,109
The Boeing Co.
2.70% 02/01/27		150,000		155,946
2.95% 02/01/30		15,000		15,511
3.25% 03/01/28		14,000		14,826
3.55% 03/01/38		10,000		10,231
3.75% 02/01/50		15,000		15,687
5.04% 05/01/27		70,000		81,903
5.15% 05/01/30		49,000		59,309
5.81% 05/01/50		46,000		63,343
The Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT Rate thereafter)
4.00% 12/31/99 (d)		70,000		73,484
The Cleveland Electric Illuminating Co.
4.55% 11/15/30 (i)		64,000		73,826


	Principal Amount ($)		Fair Value $
The Clorox Co.
1.80% 05/15/30		85,000		87,490
The Coca-Cola Co.
2.75% 06/01/60		23,000		26,938
The Dow Chemical Co.
2.10% 11/15/30		22,000		22,518
3.60% 11/15/50		22,000		24,668
4.25% 10/01/34		20,000		24,146
5.55% 11/30/48		17,000		24,461
The Estee Lauder Companies Inc.
2.38% 12/01/29		20,000		21,642
3.13% 12/01/49		15,000		17,312
The George Washington University
4.13% 09/15/48		25,000		31,461
The Goldman Sachs Group Inc.
2.60% 02/07/30		125,000		134,484
3.50% 04/01/25 - 11/16/26		82,000		91,776
3.85% 01/26/27		115,000		131,409
4.25% 10/21/25		164,000		187,870
5.15% 05/22/45		25,000		35,002
The Goldman Sachs Group Inc. (2.88% fixed rate until 10/31/21; 0.82% + 3 month USD LIBOR thereafter)
2.88% 10/31/22 (d)		61,000		62,240
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter)
3.81% 04/23/29 (d)		26,000		30,091
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)
4.02% 10/31/38 (d)		16,000		19,509
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter)
4.22% 05/01/29 (d)		43,000		50,924
The Hartford Financial Services Group Inc.
2.80% 08/19/29		85,000		92,786

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		45

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Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

The Hartford Financial Services Group Inc. (2.35% fixed rate until 02/01/2021; 2.13% + 3 month USD LIBOR)
2.35% 02/12/67 (d)(i)		30,000		26,248
The Home Depot Inc.
2.70% 04/15/30		17,000		18,956
3.35% 04/15/50		29,000		34,597
3.50% 09/15/56		12,000		14,829
3.90% 12/06/28 - 06/15/47		28,000		34,555
4.50% 12/06/48		15,000		21,080
The Kroger Co.
2.20% 05/01/30		23,000		24,185
2.95% 11/01/21		40,000		40,770
4.65% 01/15/48		9,000		11,800
The Mosaic Co.
5.63% 11/15/43		4,000		5,181
The Sherwin-Williams Co.
3.45% 06/01/27		6,000		6,800
4.50% 06/01/47		17,000		22,641
The Southern Co.
3.25% 07/01/26		9,000		10,093
4.40% 07/01/46		4,000		5,033
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter)
3.63% 09/15/31 (d)		60,000		67,859
The Travelers Companies Inc.
2.55% 04/27/50		228,000		239,690
The Walt Disney Co.
2.65% 01/13/31		90,000		98,664
3.38% 11/15/26		4,000		4,512
3.60% 01/13/51		42,000		50,910
4.75% 11/15/46		6,000		8,115
6.65% 11/15/37		35,000		55,084
The Williams Companies Inc.
3.75% 06/15/27		4,000		4,574
4.85% 03/01/48		17,000		20,948
4.90% 01/15/45		35,000		41,676
5.40% 03/04/44		5,000		6,171
Thermo Fisher Scientific Inc.
4.13% 03/25/25		3,000		3,413
4.50% 03/25/30		10,000		12,479
Time Warner Cable LLC
4.50% 09/15/42		5,000		5,825
6.55% 05/01/37		16,000		21,960


	Principal Amount ($)		Fair Value $
Total Capital International S.A.
3.46% 02/19/29		54,000		62,523
Trane Technologies Luxembourg Finance S.A.
3.55% 11/01/24		25,000		27,625
3.80% 03/21/29		34,000		39,892
TransCanada PipeLines Ltd.
4.25% 05/15/28		47,000		55,612
4.88% 01/15/26		9,000		10,703
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter)
5.63% 05/20/75 (d)		50,000		54,267
Transcontinental Gas Pipe Line Company LLC
4.00% 03/15/28		19,000		21,796
Truist Bank (3.50% fixed rate until 08/02/21; 0.59% + 3 month USD LIBOR thereafter)
3.50% 08/02/22 (d)		28,000		28,510
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter)
4.80% 12/31/99 (d)		73,000		76,821
TSMC Global Ltd.
0.75% 09/28/25 (i)		200,000		199,576
TWDC Enterprises 18 Corp.
4.13% 06/01/44		8,000		10,179
Tyco Electronics Group S.A.
3.13% 08/15/27		19,000		21,065
Tyson Foods Inc.
4.00% 03/01/26		53,000		60,913
4.55% 06/02/47		4,000		5,303
U.S. Bancorp (5.13% fixed rate until 02/01/21; 3.49% + 3 month USD LIBOR thereafter)
5.13% 12/29/49 (d)		64,000		63,976
UDR Inc.
2.10% 08/01/32		35,000		35,665
3.00% 08/15/31		20,000		22,060
Union Pacific Corp.
3.50% 06/08/23		37,000		39,660

See Notes to Schedules of Investments and Notes to Financial Statements.


46		Elfun Diversified Fund

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Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

3.60% 09/15/37		8,000		9,285
4.10% 09/15/67		14,000		17,551
4.30% 03/01/49		16,000		20,953
UnitedHealth Group Inc.
2.00% 05/15/30		45,000		47,777
4.45% 12/15/48		31,000		42,768
4.75% 07/15/45		28,000		39,361
Unum Group
4.50% 03/15/25		11,000		12,471
Utah Acquisition Sub Inc.
3.15% 06/15/21		16,000		16,153
3.95% 06/15/26		7,000		8,010
Vale S.A.
5.63% 09/11/42		8,000		10,738
Valero Energy Corp.
2.85% 04/15/25		23,000		24,539
4.00% 04/01/29		34,000		38,262
Ventas Realty LP
3.25% 10/15/26		29,000		31,905
VEREIT Operating Partnership LP
2.85% 12/15/32		30,000		31,358
Verizon Communications Inc.
3.00% 03/22/27		97,000		107,501
4.33% 09/21/28		24,000		28,856
4.40% 11/01/34		93,000		116,103
4.52% 09/15/48		17,000		22,014
4.67% 03/15/55		41,000		54,929
4.86% 08/21/46		91,000		122,243
5.25% 03/16/37		16,000		21,837
ViacomCBS Inc.
2.90% 01/15/27		11,000		12,072
3.45% 10/04/26		11,000		11,889
3.70% 06/01/28		14,000		15,988
5.25% 04/01/44		5,000		6,513
Virginia Electric & Power Co.
4.00% 11/15/46		31,000		39,527
Visa Inc.
2.00% 08/15/50		35,000		33,293
2.05% 04/15/30		25,000		26,733
2.70% 04/15/40		28,000		30,590
Vistra Operations Company LLC
3.55% 07/15/24 (i)		68,000		73,675
Vodafone Group PLC
4.38% 05/30/28		25,000		29,983
5.25% 05/30/48		12,000		16,661
Vornado Realty LP
3.50% 01/15/25		14,000		14,781
Vulcan Materials Co.
3.90% 04/01/27		6,000		6,995


	Principal Amount ($)		Fair Value $
Walmart Inc.
3.63% 12/15/47		14,000		17,735
3.70% 06/26/28		29,000		34,134
3.95% 06/28/38		14,000		17,826
4.05% 06/29/48		16,000		21,656
WEC Energy Group Inc.
3.55% 06/15/25		38,000		42,365
Wells Fargo & Co.
4.15% 01/24/29		47,000		55,754
4.75% 12/07/46		77,000		100,821
Wells Fargo & Co. (1.65% fixed rate until 06/02/23; 1.60% + SOFR thereafter)
1.65% 06/02/24 (d)		35,000		35,975
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter)
2.19% 04/30/26 (d)		90,000		94,728
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter)
2.39% 06/02/28 (d)		95,000		101,099
Wells Fargo & Co. (2.88% fixed rate until 10/30/29; 1.17% + 3 month USD LIBOR thereafter)
2.88% 10/30/30 (d)		14,000		15,260
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter)
3.07% 04/30/41 (d)		55,000		59,634
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter)
3.20% 06/17/27 (d)		140,000		155,341
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)
5.88% 12/29/49 (d)		41,000		46,155
Western Midstream Operating LP
5.38% 06/01/21		46,000		46,387

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		47

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter)
2.89% 02/04/30 (d)		54,000		56,627
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter)
4.11% 07/24/34 (d)		31,000		35,221
Willis North America Inc.
3.60% 05/15/24		22,000		24,030
3.88% 09/15/49		30,000		36,728
WPP Finance 2010
3.75% 09/19/24		24,000		26,618
WRKCo Inc.
3.00% 09/15/24		17,000		18,280
Xcel Energy Inc.
3.40% 06/01/30		35,000		40,218
Zoetis Inc.
3.00% 09/12/27		7,000		7,836
3.90% 08/20/28		17,000		20,040

				32,154,900


Non-Agency Collateralized Mortgage Obligations - 3.1%
Banc of America Commercial Mortgage Trust 2015-UBS7
4.36% 09/15/48 (d)		88,000		78,186
Banc of America Commercial Mortgage Trust 2016-UBS10
4.90% 07/15/49 (d)		82,000		77,251
BANK 2017-BNK7
3.18% 09/15/60		617,000		686,403
BANK 2018-BNK15
4.41% 11/15/61 (d)		320,000		385,592
BANK 2019-BNK17
4.52% 04/15/52 (d)		34,000		38,958
BX Commercial Mortgage Trust 2018-IND 0.75% + 1 month USD LIBOR
0.91% 11/15/35 (d)(i)		63,111		63,088
Cantor Commercial Real Estate Lending 2019-CF3
3.01% 01/15/53		139,000		154,856
CD 2019-CD8 Mortgage Trust
2.91% 08/15/57		246,000		272,240


	Principal Amount ($)		Fair Value $
CFCRE Commercial Mortgage Trust 2016-C7
4.43% 12/10/54 (d)		87,000		78,023
Citigroup Commercial Mortgage Trust 2015-GC33
3.78% 09/10/58		100,000		112,170
Citigroup Commercial Mortgage Trust 2015-GC35
4.49% 11/10/48 (d)		88,000		79,706
Citigroup Commercial Mortgage Trust 2015-P1
3.72% 09/15/48		403,000		452,974
Citigroup Commercial Mortgage Trust 2016-P5
2.94% 10/10/49		90,682		99,146
Citigroup Commercial Mortgage Trust 2016-P6
3.72% 12/10/49 (d)		119,583		137,117
4.03% 12/10/49 (d)		78,331		86,999
COMM 2012-CCRE3 Mortgage Trust
3.92% 10/15/45 (i)		100,000		98,335
COMM 2014-CR14 Mortgage Trust
4.53% 02/10/47 (d)		55,000		60,027
CSAIL 2015-C3 Commercial Mortgage Trust
4.13% 08/15/48 (d)		66,484		62,926
CSAIL 2016-C7 Commercial Mortgage Trust
4.34% 11/15/49 (d)		148,000		149,358
GS Mortgage Securities Trust 2014-GC24
4.51% 09/10/47 (d)		119,000		117,978
GS Mortgage Securities Trust 2015-GS1
4.42% 11/10/48 (d)		117,000		102,221
GS Mortgage Securities Trust 2017-GS5
3.67% 03/10/50		240,062		273,301
GS Mortgage Securities Trust 2017-GS8
3.47% 11/10/50		184,426		209,627
GS Mortgage Securities Trust 2018-GS9
4.14% 03/10/51 (d)		73,000		84,423
GS Mortgage Securities Trust 2019-GC42
2.75% 09/01/52		419,000		455,503

See Notes to Schedules of Investments and Notes to Financial Statements.


48		Elfun Diversified Fund

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Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

GS Mortgage Securities Trust 2019-GSA1
3.05% 11/10/52		493,000		553,098
JPMBB Commercial Mortgage Securities Trust 2013-C12
4.04% 07/15/45 (d)		25,000		26,534
JPMBB Commercial Mortgage Securities Trust 2015-C32
4.65% 11/15/48 (d)		71,000		57,829
MASTR Alternative Loan Trust 2003-5
5.00% 08/25/18 (e)		228		2
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7
4.12% 02/15/46 (d)		124,000		106,432
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21
0.88% 03/15/48 (d)(e)		773,572		22,074
Morgan Stanley Capital I Trust 2006-IQ11
5.99% 10/15/42 (d)		4,488		4,463
Morgan Stanley Capital I Trust 2016-UBS12
4.03% 12/15/49 (d)		122,000		113,831
UBS Commercial Mortgage Trust 2012-C1
5.57% 05/10/45 (d)(i)		83,000		79,862
UBS Commercial Mortgage Trust 2018-C12
4.79% 08/15/51 (d)		54,000		62,138
UBS-Barclays Commercial Mortgage Trust 2013-C6
3.88% 04/10/46 (d)(i)		287,000		287,045
Wells Fargo Commercial Mortgage Trust 2014-LC16
4.32% 08/15/50		287,000		282,402
Wells Fargo Commercial Mortgage Trust 2015-C26
1.21% 02/15/48 (d)(e)		810,447		33,488
Wells Fargo Commercial Mortgage Trust 2019-C50
4.35% 05/15/52		45,000		44,627
WFRBS Commercial Mortgage Trust 2012-C10
3.74% 12/15/45		79,000		73,944


	Principal Amount ($)		Fair Value $
WFRBS Commercial Mortgage Trust 2013-C17
4.26% 12/15/46		55,000		59,619
WFRBS Commercial Mortgage Trust 2014-C20
4.38% 05/15/47		119,000		121,324
WFRBS Commercial Mortgage Trust 2014-LC14
4.35% 03/15/47 (d)		123,000		134,016

				6,479,136


Sovereign Bonds - 0.5%
Government of Chile
2.55% 01/27/32		200,000		215,316
Government of Colombia
2.63% 03/15/23		200,000		206,726
Government of Mexico
4.00% 10/02/23		24,000		26,278
4.75% 03/08/44		56,000		66,606
Government of Panama
3.16% 01/23/30		200,000		222,052
Government of Peru
1.86% 12/01/32		45,000		45,553
2.78% 12/01/60		75,000		75,847
5.63% 11/18/50		26,000		40,887
Government of Uruguay
5.10% 06/18/50		29,801		41,743

				941,008


Municipal Bonds and Notes - 0.1%
American Municipal Power Inc.
6.27% 02/15/50		25,000		35,497
Board of Regents of the University of Texas System
3.35% 08/15/47		25,000		30,019
Port Authority of New York & New Jersey
4.46% 10/01/62		30,000		39,910
State of California
4.60% 04/01/38		50,000		60,118
State of Illinois
5.10% 06/01/33		25,000		26,905

				192,449


Total Bonds and Notes (Cost $67,760,309)				71,547,338

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		49

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


	Number of Shares		Fair Value $


Exchange Traded & Mutual Funds - 25.7%
Exchange Traded & Mutual Funds - 25.7%
State Street Global All Cap Equity ex-U.S. Index Portfolio (Cost $43,579,760)		452,344		52,657,367


Total Investments in Securities (Cost $160,952,286)				200,219,189


Short-Term Investments - 6.1%
Dreyfus Treasury Cash Management - Institutional Shares 0.00% (h)		304,998		304,998
State Street Institutional Treasury Money Market Fund - Premier Class 0.01% (h)(k)		5,805,854		5,805,854


	Number of Shares		Fair Value $
State Street Institutional Treasury Plus Fund - Premier Class 0.03% (h)(k)		304,999		304,999
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.05% (h)(k)		6,175,449		6,175,449


Total Short-Term Investments (Cost $12,591,300)				12,591,300


Total Investments (Cost $173,543,586)				212,810,489

Liabilities in Excess of Other Assets, net - (3.7)%				(7,666,000	)


NET ASSETS - 100.0%				205,144,489

Other Information:

Centrally Cleared Credit Default Swaps


Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract Annual Fixed Rate/ Payment Frequency		Termination Date		Market Value		Unamortized Upfront Payments Received (Paid)			Unrealized Appreciation (Depreciation)
Sell Protection
Markit CDX North America High Yield Index	Intercontinental Exchange	$	1,769		5.00%/ Quarterly		06/20/25	$	164,174	$	(97,204	)	$	261,378

The Fund had the following long futures contracts open at December 31, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P 500 Emini Index Futures		March 2021		3	$	548,969	$	564,093	$	15,124
Ultra Long-Term U.S. Treasury Bond Futures		March 2021		7		1,515,388		1,494,938		(20,450	)
2 Yr. U.S. Treasury Notes Futures		March 2021		22		4,856,905		4,861,484		4,579
U.S. Long Bond Futures		March 2021		5		869,130		865,938		(3,192	)

									$	(3,939	)

The Fund had the following short futures contracts open at December 31, 2020:


Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Appreciation (Depreciation)
5 Yr. U.S. Treasury Notes Futures		March 2021		17	$	(2,139,774	)	$	(2,144,789	)	$	(5,015	)
10 Yr. U.S. Treasury Notes Futures		March 2021		22		(3,034,292	)		(3,037,719	)		(3,427	)
10 Yr. U.S. Treasury Ultra Futures		March 2021		16		(2,507,931	)		(2,501,752	)		6,179

											$	(2,263	)

											$	(6,202	)

See Notes to Schedules of Investments and Notes to Financial Statements.


50		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020

During the period ended December 31, 2020, average notional values related to derivative contracts were as follows:


	Purchased Put Options		Purchased Call Options		Written Put Options		Written Call Options		Long Futures Contracts		Short Futures Contracts		Credit Default Swap Contracts		Interest Rate Swap Contracts

Average Notional Value	$	—	$	11,026	$	—	$	—	$	10,479,350	$	5,827,813	$	4,932,586	$	2,115,650

Notes to Schedule of Investments — December 31, 2020

(a)	At December 31, 2020, all or a portion of this security was pledged to cover collateral requirements for futures, options, swaps and/or TBAs.

(b)	Non-income producing security.

(c)	State Street Corporation is the parent company of SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

(d)	Variable Rate Security - Interest rate shown is rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(e)	Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding.

(f)	Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (“TBA”) in the future.

(g)	Principal only security. These securities represent the right to receive the monthly principal payments

on an underlying pool of mortgages. No payments of interest on the pool are passed through to the “principal only” holder.

(h)	Coupon amount represents effective yield.

(i)

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 December 31, 2020, these securities amounted to $4,220,565 or 2.06% of the net assets of the Elfun Diversified Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Trustees.

(j)	Step coupon bond.

(k)	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.

†	Percentages are based on net assets as of December 31, 2020.

*	Less than 0.05%.

**	Amount is less than $0.50.

Abbreviations:

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		51

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:


Fund	Investments	Level 1			Level 2		Level 3		Total
Elfun Diversified Fund	Investments in Securities

	Domestic Equity	$	74,196,294		$	—	$	—	$	74,196,294

	Foreign Equity		1,818,190			—		—		1,818,190

	U.S. Treasuries		—			9,996,832		—		9,996,832

	Agency Mortgage Backed		—			19,787,569		—		19,787,569

	Agency Collateralized Mortgage Obligations		—			623,811		—		623,811

	Asset Backed		—			1,371,633		—		1,371,633

	Corporate Notes		—			32,154,900		—		32,154,900

	Non-Agency Collateralized Mortgage Obligations		—			6,479,136		—		6,479,136

	Sovereign Bonds		—			941,008		—		941,008

	Municipal Bonds and Notes		—			192,449		—		192,449

	Exchange Traded & Mutual Funds		52,657,367			—		—		52,657,367

	Short-Term Investments		12,591,300			—		—		12,591,300


	Total Investments in Securities	$	141,263,151		$	71,547,338	$	—	$	212,810,489


	Other Financial Instruments

	Credit Default Swap Contracts - Unrealized Appreciation	$	—		$	261,378	$	—	$	261,378

	Long Futures Contracts - Unrealized Appreciation		19,703			—		—		19,703

	Long Futures Contracts - Unrealized Depreciation		(23,642	)		—		—		(23,642	)

	Short Futures Contracts - Unrealized Appreciation		6,179			—		—		6,179

	Short Futures Contracts - Unrealized Depreciation		(8,442	)		—		—		(8,442	)


	Total Other Financial Instruments	$	(6,202	)	$	261,378	$	—	$	255,176

The Fund was invested in the following countries/territories at December 31, 2020 (unaudited):


Country/Territory	Percentage (based on Fair Value)
United States		96.89%
United Kingdom		0.74%
Ireland		0.45%
Canada		0.40%
Netherlands		0.22%
Switzerland		0.14%
Chile		0.14%
Cayman Islands		0.13%
Panama		0.10%
Mexico		0.10%
Colombia		0.10%
British Virgin		0.09%
Spain		0.08%
Peru		0.08%


Country/Territory	Percentage (based on Fair Value)
Australia		0.07%
Luxembourg		0.06%
Bermuda		0.06%
France		0.03%
Jersey		0.03%
Germany		0.02%
Uruguay		0.02%
India		0.02%
Norway		0.01%
China		0.01%
Brazil		0.01%


		100.00%

See Notes to Schedules of Investments and Notes to Financial Statements.


52		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at December 31, 2020 (unaudited):


Industry	Domestic		Foreign		Total
Exchange Traded Funds		24.74%		0.00%		24.74%
Technology Hardware, Storage & Peripherals		2.50%		0.00%		2.50%
Systems Software		2.19%		0.00%		2.19%
Interactive Media & Services		1.95%		0.00%		1.95%
Internet & Direct Marketing Retail		1.75%		0.00%		1.75%
Semiconductors		1.60%		0.00%		1.60%
Data Processing & Outsourced Services		1.51%		0.00%		1.51%
Pharmaceuticals		1.38%		0.00%		1.38%
Healthcare Equipment		1.09%		0.17%		1.26%
Diversified Banks		1.07%		0.00%		1.07%
Application Software		0.88%		0.00%		0.88%
Automobile Manufacturers		0.70%		0.00%		0.70%
Biotechnology		0.67%		0.00%		0.67%
Movies & Entertainment		0.65%		0.00%		0.65%
Electric Utilities		0.63%		0.00%		0.63%
Household Products		0.57%		0.00%		0.57%
Aerospace & Defense		0.57%		0.00%		0.57%
Managed Healthcare		0.57%		0.00%		0.57%
Soft Drinks		0.51%		0.00%		0.51%
Multi-Sector Holdings		0.51%		0.00%		0.51%
Integrated Telecommunication Services		0.51%		0.00%		0.51%
Home Improvement Retail		0.45%		0.00%		0.45%
Industrial Conglomerates		0.44%		0.00%		0.44%
Restaurants		0.44%		0.00%		0.44%
Specialized REITs		0.43%		0.00%		0.43%
Life Sciences Tools & Services		0.43%		0.00%		0.43%
Hypermarkets & Super Centers		0.41%		0.00%		0.41%
IT Consulting & Other Services		0.22%		0.18%		0.40%
Integrated Oil & Gas		0.40%		0.00%		0.40%
Cable & Satellite		0.39%		0.00%		0.39%
Financial Exchanges & Data		0.39%		0.00%		0.39%
Regional Banks		0.33%		0.00%		0.33%
Railroads		0.33%		0.00%		0.33%
Packaged Foods & Meats		0.32%		0.00%		0.32%
Investment Banking & Brokerage		0.31%		0.00%		0.31%
Industrial Machinery		0.30%		0.00%		0.30%
Multi-Utilities		0.30%		0.00%		0.30%
Asset Management & Custody Banks		0.28%		0.00%		0.28%
Communications Equipment		0.28%		0.00%		0.28%
Specialty Chemicals		0.27%		0.00%		0.27%
Property & Casualty Insurance		0.26%		0.00%		0.26%
Air Freight & Logistics		0.24%		0.00%		0.24%
Healthcare Services		0.24%		0.00%		0.24%
Semiconductor Equipment		0.23%		0.00%		0.23%
Tobacco		0.23%		0.00%		0.23%
Industrial Gases		0.07%		0.15%		0.22%
Footwear		0.20%		0.00%		0.20%
Construction Machinery & Heavy Trucks		0.20%		0.00%		0.20%
Consumer Finance		0.19%		0.00%		0.19%
General Merchandise Stores		0.18%		0.00%		0.18%
Insurance Brokers		0.10%		0.08%		0.18%

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		53

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


Industry	Domestic		Foreign		Total
Electrical Components & Equipment		0.17%		0.00%		0.17%
Oil & Gas Exploration & Production		0.17%		0.00%		0.17%
Building Products		0.12%		0.04%		0.16%
Apparel Retail		0.16%		0.00%		0.16%
Interactive Home Entertainment		0.16%		0.00%		0.16%
Life & Health Insurance		0.15%		0.00%		0.15%
Hotels, Resorts & Cruise Lines		0.12%		0.00%		0.12%
Research & Consulting Services		0.08%		0.03%		0.11%
Healthcare Supplies		0.10%		0.00%		0.10%
Automotive Retail		0.10%		0.00%		0.10%
Industrial REITs		0.10%		0.00%		0.10%
Oil & Gas Refining & Marketing		0.10%		0.00%		0.10%
Residential REITs		0.10%		0.00%		0.10%
Agricultural & Farm Machinery		0.10%		0.00%		0.10%
Airlines		0.09%		0.00%		0.09%
Paper Packaging		0.06%		0.03%		0.09%
Wireless Telecommunication Services		0.09%		0.00%		0.09%
Environmental & Facilities Services		0.08%		0.00%		0.08%
Oil & Gas Equipment & Services		0.08%		0.00%		0.08%
Retail REITs		0.08%		0.00%		0.08%
Healthcare Distributors		0.08%		0.00%		0.08%
Oil & Gas Storage & Transportation		0.08%		0.00%		0.08%
Electronic Components		0.08%		0.00%		0.08%
Commodity Chemicals		0.07%		0.00%		0.07%
Home Building		0.07%		0.00%		0.07%
Trading Companies & Distributors		0.07%		0.00%		0.07%
Health Care REITs		0.07%		0.00%		0.07%
Personal Products		0.07%		0.00%		0.07%
Fertilizers & Agricultural Chemicals		0.07%		0.00%		0.07%
Multi-Line Insurance		0.07%		0.00%		0.07%
Diversified Support Services		0.07%		0.00%		0.07%
Electronic Equipment & Instruments		0.06%		0.00%		0.06%
Apparel, Accessories & Luxury Goods		0.06%		0.00%		0.06%
Healthcare Facilities		0.06%		0.00%		0.06%
Distillers & Vintners		0.06%		0.00%		0.06%
Broadcasting		0.06%		0.00%		0.06%
Gold		0.06%		0.00%		0.06%
Electronic Manufacturing Services		0.01%		0.04%		0.05%
Specialty Stores		0.05%		0.00%		0.05%
Auto Parts & Equipment		0.01%		0.04%		0.05%
Office REITs		0.05%		0.00%		0.05%
Casinos & Gaming		0.05%		0.00%		0.05%
Distributors		0.05%		0.00%		0.05%
Internet Services & Infrastructure		0.04%		0.00%		0.04%
Food Distributors		0.04%		0.00%		0.04%
Construction Materials		0.04%		0.00%		0.04%
Copper		0.04%		0.00%		0.04%
Trucking		0.04%		0.00%		0.04%
Metal & Glass Containers		0.03%		0.00%		0.03%
Agricultural Products		0.03%		0.00%		0.03%
Drug Retail		0.03%		0.00%		0.03%
Water Utilities		0.03%		0.00%		0.03%
Food Retail		0.03%		0.00%		0.03%
Construction & Engineering		0.03%		0.00%		0.03%

See Notes to Schedules of Investments and Notes to Financial Statements.


54		Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020


Industry	Domestic		Foreign		Total
Healthcare Technology		0.03%		0.00%		0.03%
Advertising		0.03%		0.00%		0.03%
Computer & Electronics Retail		0.03%		0.00%		0.03%
Real Estate Services		0.02%		0.00%		0.02%
Technology Distributors		0.02%		0.00%		0.02%
Consumer Electronics		0.02%		0.00%		0.02%
Steel		0.02%		0.00%		0.02%
Independent Power Producers & Energy Traders		0.02%		0.00%		0.02%
Home Furnishings		0.02%		0.00%		0.02%
Diversified Chemicals		0.01%		0.00%		0.01%
Leisure Products		0.01%		0.00%		0.01%
Gas Utilities		0.01%		0.00%		0.01%
Household Appliances		0.01%		0.00%		0.01%
Hotel & Resort REITs		0.01%		0.00%		0.01%
Alternative Carriers		0.01%		0.00%		0.01%
Reinsurance		0.00%		0.01%		0.01%
Brewers		0.01%		0.00%		0.01%
Housewares & Specialties		0.01%		0.00%		0.01%
Publishing		0.01%		0.00%		0.01%
Human Resource & Employment Services		0.01%		0.00%		0.01%


						60.46%


Sector	Percentage (based on Fair Value)
Corporate Notes		15.11%
Agency Mortgage Backed		9.30%
U.S. Treasuries		4.70%
Non-Agency Collateralized Mortgage Obligations		3.05%
Asset Backed		0.64%
Sovereign Bonds		0.44%
Agency Collateralized Mortgage Obligations		0.29%
Municipal Bonds and Notes		0.09%

		33.62%


Short-Term Investments	Percentage (based on Fair Value)
Short-Term Investments		5.92%

		5.92%


		100.00%

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Diversified Fund		55

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2020

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 12/31/20		Value at 12/31/20		Dividend Income
State Street Corp.		984	$	77,835	$	5,106	$	14,148	$	(2,424	)	$	(3,706	)		861	$	62,663	$	1,901
State Street Global All Cap Equity ex-U.S. Index Fund		4,975,074		53,034,284		4,281,702		8,890,000		266,286			3,965,095			452,344		52,657,367		861,702
State Street Institutional Treasury Money Market Fund - Premier Class		8,797,356		8,797,356		29,867,009		32,858,511		—			—			5,805,854		5,805,854		27,606
State Street Institutional Treasury Plus Fund - Premier Class		2,789,007		2,789,007		1,831,843		4,315,851		—			—			304,999		304,999		8,044
State Street Institutional U.S. Government Money Market Fund - Class G Shares		9,178,722		9,178,722		43,559,462		46,562,735		—			—			6,175,449		6,175,449		29,669


TOTAL			$	73,877,204	$	79,545,122	$	92,641,245	$	263,862		$	3,961,389				$	65,006,332	$	928,922

See Notes to Schedules of Investments and Notes to Financial Statements.


56		Elfun Diversified Fund

Elfun Tax-Exempt Income Fund

Management’s Discussion of Fund Performance — December 31, 2020 (Unaudited)

The Elfun Tax-Exempt Income Fund (the “Fund”) seeks to provide as high a level of current interest income exempt from federal income taxation as is available from a concentration of investments in municipal bonds consistent with prudent investment management and the preservation of capital. The Fund’s benchmark is the Bloomberg Barclays U.S. Municipal Bond Index (the “Index”).

For the 12-month period ended December 31, 2020 (the “Reporting Period”), the total return for the Fund was 4.77% and the Index was 5.21%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

2020 was unprecedented with the pandemic and economic shutdowns putting all the world’s economies on the same downward spiral at the end of the first quarter and has had lingering affects throughout this year. Though we did see a fast response from the world’s governments, the tax-exempt market experienced both liquidity pressures, which has persisted throughout the year, and uncommon market volatility creating a need to reman nimble in managing the fund. The actions by the Federal Reserve brought interest rates to historical lows leading to record issuance. The Tax-Exempt Market started the year very rich to treasuries but as we moved into the spring, tax-exempt municipals cheapened to historical levels driven by liquidity and market volatility pressure. As we closed out the year the tax-exempt market yields have returned to being rich compared to Treasuries.

During the past year, performance of the fund was influenced by both its defensive credit profile and the fund’s curve positioning which resulted in longer duration than the Index for the year. The Fund was positioned for a narrowing between short and long-term yields using a barbell approach with significant overweight in the front-end of the curve and an overweight in the long dated maturities to help maintain maximum tax-exempt income. During 2020 yields declined across the curve with the steepest decline in the short end of the curve. Although the funds positioning was constructive for the beginning of the year and at the end of the year, the strong performance in the front end of the curve diminished the Fund’s performance relative to the Index.

We remain focused on managing the Fund’s credit risk and generating income. The increased liquidity pressures and market volatility experienced during the past year led us to be more defensive in the Funds composition. We believe the fund is well positioned for the current market conditions. Tax-exempt ratios remain at multi-year tights and flows into the asset class continue at record levels. The continued demand for the asset class is related to individuals seeking to shelter income as well as demand from overseas investors seeking relief from negative yields. As such, conditions are supportive for the municipal market and the portfolio.

The Fund did not invest in derivatives during the Reporting Period.


Elfun Tax-Exempt Income Fund		57

Elfun Tax-Exempt Income Fund

Understanding Your Fund’s Expenses (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the
Beginning of the Period July 1, 2020	$	1,000.00	$	1,000.00
End of the Period December 31, 2020	$	1,030.70	$	1,024.08
Expenses Paid During the Period*	$	1.07	$	1.07

*	Expenses are equal to the Fund’s annualized expense ratio of 0.21%** (for the period July 1, 2020-December 31, 2020), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

**	May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.


58		Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Performance Summary — December 31, 2020 (Unaudited)

Quality Ratings

as of December 31, 2020 as a % of Fair Value^(a)(b)


Moody’s / S&P / Rating*	Percentage of Fair Value
Aaa / AAA		13.79	%

Aa / AA		50.08	%

A / A		27.47	%

Baa / BBB		6.58	%

NR / Other		2.08	%

		100.00	%

Sector Allocation

Portfolio Composition as a % of Fair Value of $1,338,556 (in thousands) as of December 31, 2020 ^(a)(b)

LOGO

Average Annual Total Return for the Periods Ended December 31, 2020

Investment Class Shares (Inception date: 01/01/80)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun Tax-Exempt Income Fund		4.77	%		3.55	%		4.40	%	$	15,386.29
Bloomberg Barclays U.S. Municipal Bond Index		5.21	%		3.91	%		4.63	%	$	15,718.21

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional Treasury Plus Fund - Premier Class.

(b)

Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standard of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings.


Elfun Tax-Exempt Income Fund		59

Elfun Tax-Exempt Income Fund

Performance Summary, continued — December 31, 2020 (Unaudited)

LOGO


60		Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments — December 31, 2020


	Principal Amount ($)		Fair Value $


Municipal Bonds and Notes - 99.2%†
Alabama - 0.2%
Alabama Highway Finance Corp.
5.00% 08/01/37		1,000,000		1,343,900
The Health Care Authority of the City of Huntsville
3.00% 06/01/50		1,000,000		1,056,860

				2,400,760


Alaska - 0.2%
Alaska Housing Finance Corp.
5.00% 12/01/27 (a)		2,115,000		2,257,424

Arizona - 1.9%
City of Phoenix Civic Improvement Corp.
5.00% 07/01/44		3,835,000		5,046,208
Maricopa County Industrial Development Authority
4.00% 01/01/41		3,000,000		3,478,140
Phoenix Civic Improvement Corp. (NPFG Insured)
5.50% 07/01/23 - 07/01/24 (b)		7,260,000		8,386,539
Salt River Project Agricultural Improvement & Power District
5.00% 01/01/45		1,650,000		2,201,925
University of Arizona
5.00% 06/01/46		5,000,000		5,939,350

				25,052,162


Arkansas - 0.3%
University of Arkansas
5.00% 11/01/46 - 11/01/47		3,580,000		4,338,936

				4,338,936


California - 10.9%
California Educational Facilities Authority
5.00% 05/01/49		1,380,000		2,266,636
6.13% 10/01/36 (a)		1,500,000		1,565,479
California Health Facilities Financing Authority
5.00% 11/15/39 - 11/15/49		6,315,000		7,542,863
California Infrastructure & Economic Development Bank
5.00% 11/01/29		1,000,000		1,321,410


	Principal Amount ($)		Fair Value $
California State Department of Water Resources
5.00% 05/01/21 - 12/01/21 (c)		5,305,000		5,389,542
5.00% 12/01/21		1,280,000		1,336,397
5.00% 12/01/29 (a)		8,120,000		9,635,517
California State Public Works Board
5.00% 10/01/28		1,500,000		1,554,270
5.13% 10/01/31		2,000,000		2,074,200
5.25% 09/01/29		10,160,000		11,450,828
California State University
4.00% 11/01/45		5,900,000		6,636,143
City of Los Angeles Wastewater System Revenue
5.00% 06/01/43		10,000,000		12,660,300
City of Riverside CA Electric Revenue Series 2019 A,
5.00% 10/01/37		1,000,000		1,311,470
Fresno Unified School District
4.00% 08/01/47 (a)		5,000,000		5,677,900
Los Angeles Department of Water, Revenue, Series 2021 C,
5.00% 07/01/36 - 07/01/37 (d)		2,000,000		2,717,160
Los Angeles Department of Water & Power Power System Revenue
5.00% 07/01/48		5,500,000		6,913,225
Metropolitan Water District of Southern California
5.00% 07/01/38		5,000,000		6,805,400
Modesto Irrigation District Rev.,
5.00% 10/01/32		2,000,000		2,894,180
Mount San Antonio Community College District
4.00% 08/01/49		3,000,000		3,562,050
San Diego Unified School District
3.00% 07/01/50		1,500,000		1,632,435
San Francisco City & County Airport Commission-San Francisco International Airport
5.00% 05/01/49		10,000,000		12,478,000
State of California
4.00% 04/01/49		700,000		828,527

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Tax-Exempt Income Fund		61

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

5.00% 02/01/31 - 08/01/46		21,720,000		24,423,015
5.25% 04/01/35		2,750,000		2,914,395
University of California
5.00% 05/15/38 - 05/15/48		9,000,000		10,659,230


				146,250,572


Colorado - 2.4%
City of Colorado Springs Co. Utilities System Revenue
4.00% 11/15/45		1,000,000		1,225,290
Colorado Health Facilities Authority
4.00% 08/01/49		5,100,000		5,746,731
5.00% 06/01/47 (a)		1,750,000		2,248,365
Metro Wastewater Reclamation District
5.00% 04/01/27 (a)		1,730,000		1,833,817
Regional Transportation District
4.25% 11/01/36		3,405,000		4,662,092
5.00% 11/01/27 - 11/01/29		13,760,000		17,068,532


				32,784,827


Connecticut - 4.4%
Connecticut State Health & Educational Facilities Authority
1.10% 07/01/48		1,000,000		1,016,020
5.00% 07/01/46		6,500,000		7,489,820
South Central Connecticut Regional Water Authority
5.00% 08/01/27 - 08/01/28 (a)		2,195,000		2,466,390
State of Connecticut
3.00% 01/15/35 (d)		1,000,000		1,126,460
4.00% 08/01/33		1,000,000		1,123,060
5.00% 01/01/22 - 05/01/37		15,600,000		17,282,450
State of Connecticut Special Tax Revenue
5.00% 10/01/27 - 10/01/36		23,325,000		26,582,895
Town of Fairfield
5.00% 08/01/21		1,000,000		1,027,850
University of Connecticut Revenue, Series 2020 A,
5.00% 02/15/36		500,000		655,120


				58,770,065


	Principal Amount ($)		Fair Value $

Delaware - 1.0%
City of Wilmington
4.00% 01/01/32		1,000,000		1,293,390
Delaware Transportation Authority
4.00% 07/01/38		750,000		924,090
5.00% 06/01/45		6,680,000		7,676,923
University of Delaware Revenue
5.00% 11/01/38		2,235,000		2,913,211


				12,807,614


District of Columbia – 3.4%
District of Columbia
4.00% 03/01/37 - 10/15/44		10,485,000		12,556,013
5.00% 05/01/32 - 06/01/38		3,750,000		4,448,460
5.00% 04/01/42 (a)		6,250,000		8,022,102
District of Columbia Water & Sewer Authority
5.00% 10/01/27		1,000,000		1,305,330
Metropolitan Washington Airports Authority Dulles Toll Road Revenue
5.00% 10/01/44		5,000,000		6,114,700
Washington Metropolitan Area Transit Authority
5.00% 07/01/34 - 07/01/43		10,445,000		13,018,428


				45,465,033


Florida - 1.7%
Broward County FL Water & Sewer Utility Revenue Rev., Series 2019 A,
5.00% 10/01/40		1,000,000		1,314,060
City Of Lake Worth Beach, Florida Consolidated Utility Revenue
4.00% 10/01/35		1,000,000		1,241,090
City of Tampa FL Water & Wastewater System Revenue
4.00% 10/01/44		1,000,000		1,240,080
County of Miami-Dade FL Water & Sewer System Revenue
5.00% 10/01/43		5,000,000		6,286,300
County of Orange FL Water Utility System Revenue
5.00% 10/01/37		3,000,000		4,089,450

See Notes to Schedules of Investments and Notes to Financial Statements.


62		Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

County of Sarasota FL Utility System Revenue Series 2020 A,
5.00% 10/01/36		400,000		541,684
Martin County Health Facilities Authority
4.00% 01/01/46		5,000,000		5,805,400
State of Florida Department of Transportation Rev.,
3.00% 07/01/34 (d)		1,500,000		1,744,875


				22,262,939


Georgia - 6.1%
City of Atlanta Department of Aviation
5.00% 01/01/25 - 01/01/34		18,500,000		19,520,715
City of Atlanta Water & Wastewater Revenue
4.00% 11/01/36		1,500,000		1,808,160
5.00% 11/01/41		5,000,000		6,303,850
5.25% 11/01/30 (a)		5,690,000		6,501,735
City of Atlanta Water & Wastewater Revenue (AGMC Insured)
5.75% 11/01/27 - 11/01/30 (b)		9,500,000		13,325,205
Forsyth County School District GO,
5.00% 02/01/35		1,500,000		2,025,360
Georgia State Road & Tollway Authority Rev.,
5.00% 06/01/32		1,000,000		1,354,520
Gwinnett County Development Authority
5.00% 07/01/37 - 07/01/40		9,325,000		11,026,189
Municipal Electric Authority of Georgia
5.00% 01/01/35		5,500,000		6,287,215
State of Georgia
4.00% 08/01/35 - 07/01/36		11,000,000		13,446,210


				81,599,159


Hawaii - 0.6%
City & County Honolulu HI Wastewater System Revenue
5.00% 07/01/39		950,000		1,236,739
State of Hawaii
5.00% 01/01/36		4,850,000		6,288,122


				7,524,861


	Principal Amount ($)		Fair Value $

Illinois – 4.2%
City of Chicago O’Hare International Airport Revenue
5.00% 01/01/46 - 01/01/48		7,000,000		8,447,370
5.25% 01/01/42		8,000,000		9,631,120
5.63% 01/01/35		965,000		965,000
5.75% 01/01/39 (a)		9,655,000		9,655,000
5.75% 01/01/39		1,845,000		1,845,000
Illinois Finance Authority Rev.,
5.00% 07/01/35		2,000,000		2,738,560
Metropolitan Pier & Exposition Authority (NPFG Insured)
5.65% 06/15/22 (b)(c)		785,000		844,888
5.65% 06/15/22 (b)		3,520,000		3,683,961
Southwestern Illinois Development Authority (NPFG Insured)
5.00% 10/01/21 (b)(c)		195,000		201,878
5.00% 10/01/21 (b)		3,805,000		3,932,810
State of Illinois
4.00% 09/01/27		170,000		170,284
5.00% 11/01/26 - 03/01/31		13,000,000		14,143,328
5.13% 05/01/22		500,000		525,945


				56,785,144


Indiana – 0.6%
Indianapolis Local Public Improvement Bond Bank
4.00% 02/01/44		6,500,000		7,790,315

Kentucky - 1.8%
Kentucky State Property & Building Commission
5.00% 02/01/33 - 04/01/37		11,705,000		13,900,739
Louisville & Jefferson County Metropolitan Sewer District
5.00% 05/15/30		10,000,000		10,382,600


				24,283,339


Louisiana - 0.0%*
Lafayette Consolidated Government GO,
3.00% 03/01/35		500,000		569,720

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Tax-Exempt Income Fund		63

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $


Maine - 0.3%
Maine Health & Higher Educational Facilities Authority
5.25% 07/01/21		525,000		526,785
Maine Turnpike Authority
5.00% 07/01/35 - 07/01/42		1,760,000		2,054,210
State of Maine
5.00% 06/01/30		1,000,000		1,384,300


				3,965,295


Maryland - 3.5%
City of Baltimore
4.00% 07/01/45		250,000		302,210
5.00% 07/01/35 - 07/01/46		14,415,000		17,274,516
5.00% 07/01/38 (a)		9,375,000		10,715,344
County of Prince George’s
5.00% 09/15/24 - 09/15/25 (a)		8,790,000		9,087,629
Maryland Health & Higher Educational Facilities Authority
5.00% 08/15/41 (a)		1,250,000		1,286,463
State of Maryland Department of Transportation, Revenue
5.00% 10/01/34 - 10/01/35		6,145,000		8,427,092


				47,093,254


Massachusetts - 3.9%
Commonwealth of Massachusetts
4.00% 05/01/44		3,045,000		3,588,989
5.00% 11/01/45 - 03/01/46		9,210,000		10,876,376
5.25% 09/01/43 - 01/01/44		17,825,000		23,023,358
Massachusetts Bay Transportation Authority
5.25% 07/01/30		5,000,000		6,712,200
Massachusetts Development Finance Agency
4.00% 06/01/49		1,000,000		1,099,190
Massachusetts Water Resources Authority
5.00% 08/01/32		4,140,000		4,605,295
5.00% 08/01/41 (a)		3,000,000		3,083,730


				52,989,138


Michigan - 1.2%
Michigan Finance Authority
5.00% 12/01/47 (a)		4,000,000		4,364,160


	Principal Amount ($)		Fair Value $
5.00% 11/15/48		3,500,000		4,395,755
State of Michigan
5.00% 03/15/27		4,415,000		5,584,534
University of Michigan Revenue
5.00% 04/01/46		1,000,000		1,191,910


				15,536,359


Minnesota - 1.3%
City of Rochester
4.00% 11/15/48		5,330,000		6,078,119
City of St. Cloud
5.00% 05/01/48		2,000,000		2,458,840
Rochester Independent School District No 535
3.00% 02/01/29		2,850,000		3,341,653
University of Minnesota
5.00% 09/01/39		4,350,000		5,402,091


				17,280,703


Mississippi - 0.0%*
Mississippi Development Bank
4.00% 02/01/45		250,000		295,780


Missouri - 1.2%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District
5.00% 10/01/44 (a)		8,010,000		8,684,362
Health & Educational Facilities Authority of the State of Missouri
4.00% 11/15/48		2,200,000		2,508,792
Kansas City Sanitary Sewer System Revenue
4.00% 01/01/40		1,725,000		1,912,887
Metropolitan St Louis Sewer District Prerefunded @ 100% of Par
5.00% 05/01/45 (a)		480,000		575,659
5.00% 05/01/45 - 05/01/46		2,520,000		3,021,266


				16,702,966


New Hampshire - 0.0%*
City of Manchester
3.00% 12/01/40		575,000		637,945


New Jersey - 6.5%
New Jersey Economic Development Authority
5.00% 11/01/29 - 06/15/43		12,750,000		14,967,135

See Notes to Schedules of Investments and Notes to Financial Statements.


64		Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

5.25% 06/15/40 (a)		220,000		268,587
5.25% 06/15/40		3,780,000		4,307,726
New Jersey Educational Facilities Authority
5.50% 09/01/30 - 09/01/33		14,700,000		17,668,099
New Jersey Health Care Facilities Financing Authority (AGMC Insured)
4.13% 07/01/38 (b)		6,215,000		6,777,768
New Jersey State Turnpike Authority
5.00% 01/01/33 - 01/01/45		15,400,000		17,817,868
5.00% 01/01/38 (a)		4,000,000		4,288,400
New Jersey Transportation Trust Fund Authority
5.00% 12/15/34 - 06/15/45		7,250,000		8,606,620
5.25% 06/15/36		7,350,000		7,489,797
New Jersey Turnpike Authority
4.00% 01/01/48		5,000,000		5,727,750


				87,919,750


New York - 11.3%
City of New York
4.00% 03/01/36		2,500,000		3,018,825
5.00% 08/01/26 - 04/01/43		7,500,000		9,252,105
Hudson Yards Infrastructure Corp.
4.00% 02/15/44		5,830,000		6,567,787
5.00% 02/15/39 - 02/15/45		11,000,000		13,194,940
Metropolitan Transportation Authority
5.00% 11/15/29 - 11/15/37		7,960,000		8,750,580
5.25% 11/15/55		1,000,000		1,217,970
Metropolitan Transportation Authority (AGMC Insured)
4.00% 11/15/49 (b)		5,000,000		5,624,200
New York City Transitional Finance Authority Building Aid Revenue
5.00% 07/15/36		6,000,000		7,559,640
New York City Transitional Finance Authority Future Tax Secured Revenue
4.00% 11/01/35 - 11/01/42		5,700,000		6,709,945


	Principal Amount ($)		Fair Value $
5.00% 11/01/21 - 02/01/43		22,505,000		25,717,841
New York City Water & Sewer System
4.00% 06/15/42 - 06/15/43		5,500,000		6,683,180
5.00% 06/15/49		6,460,000		8,023,772
New York Liberty Development Corp.
5.00% 11/15/44		5,000,000		5,175,400
New York State Dormitory Authority
4.00% 08/01/38 - 07/01/41		6,655,000		7,734,564
5.00% 03/15/45 - 07/01/46		16,500,000		20,242,730
New York State Urban Development Corp.
4.00% 03/15/35 - 03/15/42		2,700,000		3,254,856
5.00% 03/15/35		2,960,000		3,949,617
Port Authority of New York & New Jersey
5.00% 11/15/47 - 09/01/48		6,500,000		7,973,320
The Trust for Cultural Resources of The City of New York
4.00% 12/01/35		500,000		596,525


				151,247,797


North Carolina - 0.7%
City of Charlotte NC Water & Sewer System Revenue
5.00% 07/01/34		750,000		1,024,523
North Carolina Capital Facilities Finance Agency
4.00% 10/01/44		2,000,000		2,272,800
State of North Carolina
5.00% 05/01/31		1,380,000		1,900,260
The University of North Carolina at Charlotte
5.00% 10/01/47		3,545,000		4,290,903


				9,488,486


Ohio – 5.8%
City of Columbus
5.00% 07/01/26 - 08/15/30 (a)		18,055,000		20,236,326
County of Franklin
5.00% 12/01/47		1,125,000		1,375,211
Northeast Ohio Regional Sewer District
3.00% 11/15/34		1,385,000		1,617,625

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Tax-Exempt Income Fund		65

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

4.00% 11/15/36 - 11/15/43		9,270,000		10,970,122
5.00% 11/15/38 (a)		12,000,000		13,350,000
Ohio State Turnpike Commission
5.25% 02/15/39		18,250,000		19,886,112
Ohio Water Development Authority Rev.,
5.00% 12/01/38		4,960,000		6,583,557
University of Cincinnati
5.00% 06/01/45		3,500,000		4,201,855


				78,220,808


Oklahoma - 1.0%
Oklahoma Capital Improvement Authority
5.00% 07/01/28 - 07/01/29		5,000,000		5,723,690
Oklahoma Turnpike Authority
5.00% 01/01/28 - 01/01/31		6,000,000		6,996,125
The University of Oklahoma Rev., Series 2020 B,
5.00% 07/01/31		500,000		669,035


				13,388,850


Oregon - 1.2%
City of Bend OR Sewer Revenue
5.00% 05/01/42		3,140,000		4,143,199
City of Portland OR Sewer System Revenue Rev., Series 2020 A,
4.00% 03/01/33		1,910,000		2,429,558
Eugene Water Revenue
4.00% 08/01/45		1,000,000		1,126,320
Multnomah County School District No 1 Portland GO, Series 2020 B,
3.00% 06/15/33		2,000,000		2,328,720
State of Oregon Department of Transportation Rev., Series 2020 A,
5.00% 11/15/37		4,000,000		5,454,480


				15,482,277


Pennsylvania - 4.2%
Allegheny County Hospital Development Authority
4.00% 07/15/39		1,500,000		1,746,450
City of Philadelphia
5.00% 02/01/24 - 08/01/36		8,605,000		10,363,685


	Principal Amount ($)		Fair Value $
City of Philadelphia Water & Wastewater Revenue
5.00% 10/01/43 - 10/01/47		15,000,000		18,620,000
Delaware River Joint Toll Bridge Commission
5.00% 07/01/26		1,000,000		1,249,260
Delaware River Port Authority
5.00% 01/01/29 - 01/01/40		8,600,000		10,093,654
Erie City Water Authority
5.00% 12/01/33		1,110,000		1,448,717
General Authority of Southcentral Pennsylvania
4.00% 06/01/49		3,015,000		3,508,706
Montgomery County Higher Education & Health Authority
4.00% 09/01/49		3,000,000		3,375,810
Pennsylvania Economic Development Financing Authority
4.00% 11/15/42		5,000,000		5,650,700


				56,056,982


Rhode Island – 0.6%
Rhode Island Health & Educational Building Corp.
5.00% 09/01/43		5,000,000		5,533,550
Rhode Island Infrastructure Bank Water Pollution Control Revenue
5.00% 10/01/28		2,200,000		2,681,140


				8,214,690


South Carolina - 2.1%
City of Columbia SC Waterworks & Sewer System Revenue
5.00% 02/01/49		5,000,000		6,335,350
Piedmont Municipal Power Agency
5.00% 01/01/25		2,315,000		2,413,874
Piedmont Municipal Power Agency (AGC Insured)
5.75% 01/01/34 (b)		5,500,000		5,619,295
South Carolina State Public Service Authority
5.00% 12/01/37 - 12/01/38		12,000,000		14,394,600


				28,763,119

See Notes to Schedules of Investments and Notes to Financial Statements.


66		Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $


Tennessee - 0.8%
City of Knoxville TN Wastewater System Revenue
3.00% 04/01/45		1,235,000		1,351,102
City of Memphis
4.00% 06/01/46		5,000,000		5,691,000
City of Memphis TN Electric System Revenue
3.00% 12/01/36		1,000,000		1,132,330
City of Memphis TN Sanitary Sewerage System Revenue
5.00% 10/01/30		650,000		905,353
County of Shelby
4.00% 04/01/36		1,000,000		1,243,910


				10,323,695


Texas - 8.3%
Board of Regents of the University of Texas System
5.00% 08/15/26		10,000,000		12,595,700
City of Austin Airport System Revenue
5.00% 11/15/46		3,000,000		3,537,420
City of Austin TX Water & Wastewater System Revenue
5.00% 11/15/33 - 11/15/42		17,345,000		19,345,938
City of Dallas TX Waterworks & Sewer System Revenue Rev., Series 2020 C,
5.00% 10/01/36		2,000,000		2,719,420
City of Dallas Waterworks & Sewer System Revenue
5.00% 10/01/46		3,550,000		4,395,716
City of Houston
5.00% 03/01/31		3,460,000		4,561,872
City of Houston TX Combined Utility System Revenue, Rev., Series 2019 B,
5.00% 05/15/28 - 11/15/37		6,160,000		7,296,113
County of Harris
5.00% 10/01/30		1,000,000		1,346,890
Dallas Area Rapid Transit
4.00% 12/01/34		1,220,000		1,516,326
Dallas Fort Worth International Airport
5.25% 11/01/29		5,000,000		5,641,150


	Principal Amount ($)		Fair Value $
Frisco Independent School District GO,
4.00% 02/15/35 (d)		1,000,000		1,265,200
Grand Parkway Transportation Corp. Rev., Series 2018 A,
5.00% 10/01/48		2,000,000		2,490,600
Lower Colorado River Authority
5.00% 05/15/44		2,000,000		2,422,640
North Texas Municipal Water District Water System Revenue
3.00% 09/01/34		3,000,000		3,472,260
North Texas Tollway Authority
5.00% 01/01/26 - 01/01/48		8,000,000		9,760,970
5.00% 09/01/31 (a)		3,500,000		3,610,705
Texas Transportation Commission State Highway Fund
5.00% 04/01/23		10,750,000		11,901,325
Texas Water Development Board
3.00% 10/15/36		5,000,000		5,809,150
4.00% 10/15/43		2,500,000		3,020,000
The Harris County Toll Road Authority
4.00% 08/15/37 (d)		2,500,000		3,112,800
5.00% 08/15/32 (d)		1,000,000		1,370,720


				111,192,915


Utah - 0.8%
Salt Lake City Utah Public Utilities Revenue
4.00% 02/01/45		725,000		865,179
The University of Utah
4.00% 08/01/39		1,875,000		2,307,506
Utah Transit Authority
5.00% 06/15/42 (a)		7,500,000		8,024,625


				11,197,310


Vermont - 0.1%
University of Vermont & State Agricultural College
5.00% 10/01/37		1,195,000		1,755,431


Virginia - 2.1%
County of Fairfax
4.00% 10/01/35		6,645,000		8,070,020
University of Virginia
5.00% 04/01/47		6,000,000		7,340,220

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Tax-Exempt Income Fund		67

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Upper Occoquan Sewage Authority Rev.,
3.00% 07/01/47		1,910,000		2,113,568
Virginia College Building Authority
4.00% 02/01/40		1,500,000		1,828,515
Virginia Resources Authority
4.00% 11/01/41		5,585,000		6,434,088
5.00% 11/01/46		1,720,000		2,099,363


				27,885,774


Washington - 1.9%
Clark County School District No 114 Evergreen GO,
4.00% 12/01/34		2,000,000		2,524,180
County of King Washington
5.00% 12/01/31		1,520,000		2,117,375
King & Snohomish Counties School District No. 417 Northshore
4.00% 12/01/38		1,000,000		1,223,540
King County School District No. 210 Federal Way
3.00% 12/01/37		1,675,000		1,903,085
State of Washington
5.00% 08/01/34 - 08/01/43		11,485,000		14,985,661
University of Washington
5.00% 04/01/50		2,000,000		2,591,740


				25,345,581


	Principal Amount ($)		Fair Value $

Wisconsin - 0.7%
State of Wisconsin
5.00% 05/01/34		2,000,000		2,634,940
State of Wisconsin Environmental Improvement Fund Revenue
5.00% 06/01/37		5,000,000		6,560,350

			9,195,290


Total Municipal Bonds and Notes (Cost $1,233,321,446)				1,331,123,065


Short-Term Investments - 0.6%
State Street Institutional Treasury Plus Fund - Premier Class 0.03% (Cost $7,432,447) (e)(f)		7,432,447		7,432,447

Total Investments (Cost $1,240,753,893)				1,338,555,512

Other Assets and Liabilities, net - 0.2%				3,060,996


NET ASSETS - 100.0%				1,341,616,508

Notes to Schedule of Investments — December 31, 2020

(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)	The security is insured by AGC, AGMC, AMBAC, FGIC or NPFG. The Elfun Tax-Exempt Income

Fund had no insurance concentrations of 5% or greater as of December 31, 2020 (as a percentage of net assets).

(c)	Escrowed to maturity bonds are collateralized by U.S. Treasury securities which are held in escrow by a Trustee and are used to pay principal and interest on such bonds.

(d)	Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (“TBA”) in the future.

(e)	Coupon amount represents effective yield.

(f)	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.

†	Percentages are based on net assets as of December 31, 2020.

*	Less than 0.05%.

See Notes to Schedules of Investments and Notes to Financial Statements.


68		Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2020

Abbreviations:

AGC - Assured Guaranty Corporation

AGMC - Assured Guaranty Municipal Company

AMBAC - American Municipal Bond Assurance Corporation

FGIC - Financial Guaranty Insurance Corporations

NPFG - National Public Finance Guaranty Corporation

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total

Elfun Tax-Exempt Income Fund	Investments in Securities

	Municipal Bonds and Notes	$	—	$	1,331,123,065	$	—	$	1,331,123,065

	Short-Term Investments		7,432,447		—		—		7,432,447


	Total Investments in Securities	$	7,432,447	$	1,331,123,065	$	—	$	1,338,555,512

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/20		Value at 12/31/20		Dividend Income
State Street Institutional Treasury Plus Fund - Premier Class		—	$	—	$	323,236,329	$	315,803,882	$	—	$	—		7,432,447	$	7,432,447	$	41,868
State Street Institutional U.S. Government Money Market Fund, Class G Shares		17,584,856		17,584,856		11,195,102		28,779,958		—		—		—		—		7,589


TOTAL			$	17,584,856	$	334,431,431	$	344,583,840	$	—	$	—			$	7,432,447	$	49,457

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Tax-Exempt Income Fund		69

Elfun Income Fund

Management’s Discussion of Fund Performance — December 31, 2020 (Unaudited)

The Elfun Income Fund (the “Fund”) seeks to provide a high level of income consistent with prudent investment management and the preservation of capital. The Fund’s benchmark is the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”).

For the 12-month period ended December 31, 2020 (the “Reporting Period”), the total return for the Fund was 8.03% and the Index was 7.51%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Asset allocation and security selection, which each had a positive impact, and duration, which had a negative impact, were the primary drivers of Fund performance during the Reporting Period relative to the Index.

During the reporting period, the Fund increased its over-weight asset allocation to credit sectors from modest levels after credit spreads widened substantially in response to the COVID-19 global pandemic. The U.S. government responded with fiscal and monetary stimulus, which included a Federal Reserve program to temporarily buy U.S. corporate credit bonds, causing credit spreads to tighten significantly in the last three quarters of the Reporting Period. Given the timing of management’s allocation increase to credit, the Fund’s allocation to credit generated positive excess returns to the Index despite the fact that credit spreads widened during the Reporting Period.

Security selection in the investment-grade credit and agency MBS allocations generated positive excess returns relative to the Index, which was offset by security selection in the treasury allocation, which generated negative excess returns relative to the Index.

Over the course of the Reporting Period, the ten-year government interest rate decreased from 1.92% to 0.92%. During the first quarter of 2020, we had the view that the Phase One trade agreement between the U.S. and China coupled with pent up private investment would lead to above trend growth. As such, we felt that long-term interest rates were near a cyclical low and established a short duration position relative to the Index. The COVID-19 global pandemic caused interest rates to decline significantly, negatively impacting the Fund’s performance relative to the Index.

The Fund used treasury futures, interest rate swaps, options on treasury futures and index credit default swaps in order to actively manage duration and credit spread duration during the Reporting Period. The Fund’s use of options on treasury futures contributed to Fund performance relative to the Index, while its use of treasury futures, interest rate swaps, and index credit default swaps detracted from Fund performance relative to the Index.


70		Elfun Income Fund

Elfun Income Fund

Understanding Your Fund’s Expenses (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the
Beginning of the Period July 1, 2020	$	1,000.00	$	1,000.00
End of the Period December 31, 2020	$	1,027.70	$	1,023.78
Expenses Paid During the Period*	$	1.38	$	1.37

*	Expenses are equal to the Fund’s annualized expense ratio of 0.27%** (for the period July 1, 2020-December 31, 2020), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

**	May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.


Elfun Income Fund		71

Elfun Income Fund

Performance Summary — December 31, 2020 (Unaudited)

Quality Ratings

as of December 31, 2020 as a % of Fair Value ^(a)(b)


Moody’s / S&P /Rating*	Percentage of Fair Value
Aaa / AAA		19.1	%

Aa / AA		40.4	%

A / A		9.4	%

Baa / BBB		26.9	%

Ba / BB and lower		2.7	%

NR / Other		1.5	%

		100.0	%

Sector Allocation

Portfolio composition as a % of Fair Value of $258,839 (in thousands) as of December 31, 2020 ^(a)(b)

LOGO

Average Annual Total Return For the Periods Ended December 31, 2020

(Inception date: 12/31/84)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun Income Fund		8.03	%		4.77	%		4.24	%	$	15,142

Bloomberg Barclays U.S. Aggregate Bond Index		7.51	%		4.44	%		3.84	%	$	14,576

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Class G

(b)


72		Elfun Income Fund

Elfun Income Fund

Performance Summary, continued — December 31, 2020 (Unaudited)

LOGO

See Notes to Performance beginning on page 1 for further information.


Elfun Income Fund		73

Elfun Income Fund

Schedule of Investments — December 31, 2020


	Principal Amount ($)		Fair Value $


Bonds and Notes - 93.3%†
U.S. Treasuries - 14.3%
U.S. Treasury Bonds
1.25% 05/15/50 (a)		417,000		378,493
2.25% 08/15/46 (a)		1,602,000		1,829,784
3.00% 08/15/48 (a)		3,000,000		3,948,750
3.75% 08/15/41 (a)		513,500		729,571
4.50% 08/15/39 (a)		114,000		174,349
U.S. Treasury Notes
0.13% 07/15/23 (a)		745,800		745,392
0.25% 07/31/25 (a)		1,985,400		1,979,506
0.38% 07/31/27 (a)		11,204,700		11,055,887
0.50% 03/15/23 (a)		2,217,000		2,234,840
0.63% 08/15/30 (a)		1,020,900		995,537
1.25% 03/31/21		6,823,000		6,841,390
1.38% 01/31/22 (a)		1,000,000		1,013,555
1.63% 02/15/26 (a)		1,134,000		1,205,938
2.50% 01/31/24 (a)		45,100		48,317
2.63% 02/15/29 (a)		1,602,000		1,839,046

				35,020,355


Agency Mortgage Backed - 25.1%
Federal Home Loan Mortgage Corp.
3.00% 04/01/43 - 10/01/49 (a)		7,603,493		8,113,233
4.50% 06/01/33 - 02/01/35 (a)		11,162		12,509
5.00%07/01/35 (a)		75,398		87,583
5.50% 01/01/38 - 04/01/39 (a)		129,359		152,525
6.00% 08/01/29 - 11/01/37 (a)		286,211		333,157
7.00% 01/01/27 - 08/01/36 (a)		64,278		75,749
7.50% 11/01/29 - 09/01/33 (a)		6,608		7,461
8.00% 11/01/30 (a)		2,880		3,304
Federal National Mortgage Assoc.
3.50% 08/01/45 - 01/01/48 (a)		14,284,726		15,634,832
4.00% 01/01/41 - 01/01/50 (a)		4,427,679		4,809,313
4.50% 07/01/33 - 12/01/48 (a)		2,118,781		2,347,445
5.00% 03/01/34 - 05/01/39 (a)		185,856		213,944
5.50% 12/01/32 - 01/01/39 (a)		469,598		545,530
6.00% 03/01/21 - 05/01/41 (a)		1,067,406		1,245,087


	Principal Amount ($)		Fair Value $
6.50% 05/01/21 - 08/01/36 (a)		51,171		57,388
7.00% 10/01/32 - 02/01/34 (a)		8,349		9,348
7.50% 12/01/26 - 03/01/33 (a)		34,796		39,742
8.00% 06/01/24 - 10/01/31 (a)		8,457		9,303
8.50% 04/01/30 (a)		1,864		2,260
9.00% 12/01/22 (a)		335		340
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
5.85% 09/25/46 (b)(c)		2,116,087		479,252
Federal National Mortgage Assoc.
2.00% TBA (d)		5,670,760		5,921,968
Government National Mortgage Assoc.
3.00% 12/20/42 - 05/20/45 (a)		7,237,310		7,722,639
3.50% 08/20/48 (a)		1,864,583		1,995,398
4.00% 01/20/41 - 04/20/43 (a)		1,105,677		1,222,688
4.50% 08/15/33 - 03/20/41 (a)		496,239		557,797
5.00% 08/15/33 (a)		27,727		30,791
6.00% 04/15/27 - 09/15/36 (a)		138,030		158,685
6.50% 03/15/24 - 09/15/36 (a)		51,648		57,985
7.00% 11/15/27 - 10/15/36 (a)		36,082		40,925	��
7.50% 03/15/23 - 11/15/31 (a)		11,034		11,730
8.00% 09/15/27 - 06/15/30 (a)		21,840		23,525
9.00% 12/15/21 (a)		64		65
2.50% TBA (d)		8,940,456		9,461,238

				61,384,739


Agency Collateralized Mortgage Obligations - 0.9%
Federal Home Loan Mortgage Corp.
0.08% 09/25/43 (b)(c)		745,961		2,379
2.51% 07/25/29		745,000		827,438
4.05% 09/25/28 (b)		300,000		362,850
Federal Home Loan Mortgage Corp. REMIC
3.50% 11/15/30 (c)		100,650		3,265
5.50% 06/15/33 (c)		27,535		4,750

See Notes to Schedules of Investments and Notes to Financial Statements.


74		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Federal Home Loan Mortgage Corp. REMIC 6.15% - 1 month USD LIBOR
5.99% 10/15/42 (b)(c)		1,725,889		297,336
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR
6.44% 08/15/25 (b)(c)		27,409		658
Federal Home Loan Mortgage Corp. STRIPS
1.47% 08/01/27 (e)(f)		512		490
8.00% 02/01/23 - 07/01/24 (c)		1,211		115
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR
3.35% 04/01/37 (a)(b)		2,279		2,334
Federal National Mortgage Assoc. REMIC
1.10%12/25/42 (b)(c)		162,620		5,833
5.00% 02/25/40 - 09/25/40 (c)		73,892		8,415
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
5.85%07/25/38 (b)(c)		27,789		5,026
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR
6.40% 11/25/41 (b)(c)		2,812,169		624,736
Federal National Mortgage Assoc. STRIPS
1.87% 12/25/34 (e)(f)		27,953		25,587
4.50% 08/25/35 - 01/25/36 (c)		53,521		7,310
5.00% 03/25/38 - 05/25/38 (c)		31,699		5,556
5.50% 12/25/33 (c)		9,080		1,461
6.00% 01/25/35 (c)		33,859		6,415
7.50% 11/25/23 (c)		2,449		181
8.00% 08/25/23 - 07/25/24 (c)		2,147		224
8.50% 07/25/22 (c)		147		4
8.50% 07/25/22 (c)**		5		-
9.00% 05/25/22 (c)		94		2
Government National Mortgage Assoc. REMIC
4.50% 08/16/39 (c)		3,236		8

				2,192,373


	Principal Amount ($)		Fair Value $
Asset Backed - 2.0%
Ally Auto Receivables Trust 2018-1
2.35% 06/15/22		31,180		31,249
American Express Credit Account Master Trust 2018-8
3.18% 04/15/24		664,000		677,698
BMW Floorplan Master Owner Trust 2018-1
3.15% 05/15/23 (g)		333,000		336,374
CarMax Auto Owner Trust
3.13% 06/15/23		130,729		132,920
Chase Funding Trust 2004-1
4.99% 11/25/33 (h)		120,227		120,227
Enterprise Fleet Financing 2019-1 LLC
3.07% 10/20/24 (g)		487,000		508,106
Ford Credit Auto Owner Trust 2020-B
0.56% 10/15/24		941,000		945,152
Nissan Auto Lease Trust 2019-A
2.76% 03/15/22		292,660		294,347
Nissan Auto Lease Trust 2020-A
1.80% 05/16/22		242,369		243,477
Santander Retail Auto Lease Trust 2019-B
2.30% 01/20/23 (g)		918,000		934,882
Securitized Term Auto Receivables Trust 2018-1A
3.30% 11/25/22 (g)		135,000		136,925
Trillium Credit Card Trust II
3.04% 01/26/24 (g)		466,000		466,831

				4,828,188


Corporate Notes - 41.0%
3M Co.
3.13% 09/19/46 (a)		39,000		43,611
Abbott Laboratories
3.75% 11/30/26 (a)		28,000		32,798
4.90% 11/30/46 (a)		68,000		100,431
AbbVie Inc.
2.60% 11/21/24		145,000		155,412
2.95% 11/21/26		200,000		221,480
3.20% 05/14/26 (a)		70,000		77,739
3.20% 11/21/29		130,000		146,432
3.25% 10/01/22		84,000		87,492
3.45% 03/15/22		207,000		213,382

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund		75

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

4.05% 11/21/39		85,000		102,787
4.25% 11/21/49		101,000		127,038
4.63% 10/01/42		13,000		16,527
4.70% 05/14/45 (a)		31,000		40,438
4.88% 11/14/48 (a)		23,000		31,274
5.00% 12/15/21		194,000		200,146
Advance Auto Parts Inc.
3.90% 04/15/30 (a)		330,000		380,180
Aetna Inc.
3.50% 11/15/24 (a)		68,000		74,676
Aircastle Ltd.
4.25% 06/15/26 (a)		112,000		118,646
Albemarle Wodgina Pty Ltd.
3.45% 11/15/29 (a)		165,000		175,923
Alcon Finance Corp.
2.60% 05/27/30 (a)(g)		239,000		254,279
3.80% 09/23/49 (a)(g)		207,000		244,798
Alexandria Real Estate Equities Inc.
1.88% 02/01/33 (a)		85,000		84,718
4.70% 07/01/30 (a)		43,000		53,383
Alibaba Group Holding Ltd.
4.00% 12/06/37 (a)		200,000		235,920
Alimentation Couche-Tard Inc.
2.70% 07/26/22 (a)(g)		116,000		119,784
2.95% 01/25/30 (a)(g)		95,000		103,701
3.80% 01/25/50 (a)(g)		117,000		138,163
Ally Financial Inc.
5.75% 11/20/25 (a)		95,000		110,510
Alphabet Inc.
1.10% 08/15/30 (a)		86,000		84,548
Altria Group Inc.
2.95% 05/02/23 (a)		54,000		56,952
3.40% 05/06/30 (a)		35,000		39,113
3.80% 02/14/24 (a)		45,000		49,155
4.25% 08/09/42 (a)		10,000		11,146
4.45% 05/06/50 (a)		55,000		65,018
4.50% 05/02/43 (a)		44,000		50,992
4.80% 02/14/29 (a)		107,000		128,295
Amazon.com Inc.
1.50% 06/03/30 (a)		65,000		66,183
2.50% 06/03/50 (a)		75,000		77,721
2.70% 06/03/60 (a)		60,000		64,099
3.15% 08/22/27 (a)		34,000		38,678
4.05% 08/22/47 (a)		35,000		46,241
4.25% 08/22/57 (a)		23,000		32,599
Ameren Corp.
2.50% 09/15/24 (a)		206,000		219,559
3.65% 02/15/26 (a)		45,000		50,780
America Movil SAB de C.V.
3.13% 07/16/22 (a)		205,000		213,106


	Principal Amount ($)		Fair Value $
4.38% 04/22/49 (a)		200,000		257,078
American Campus Communities Operating Partnership LP
4.13% 07/01/24 (a)		36,000		39,333
American Electric Power Company Inc.
3.25% 03/01/50 (a)		60,000		64,225
American Electric Power Company Inc.
2.30% 03/01/30 (a)		70,000		73,084
American Express Co.
3.00% 10/30/24 (a)		56,000		61,103
American International Group Inc.
4.25% 03/15/29 (a)		82,000		98,480
4.50% 07/16/44 (a)		88,000		112,570
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter)
5.75% 04/01/48 (a)(b)		23,000		26,466
American Tower Corp.
1.50% 01/31/28		231,000		232,490
2.90% 01/15/30 (a)		84,000		91,585
3.70% 10/15/49 (a)		48,000		54,399
3.80% 08/15/29 (a)		101,000		117,266
American Water Capital Corp.
2.95% 09/01/27 (a)	��	65,000		71,659
Amgen Inc.
2.45% 02/21/30 (a)		40,000		42,968
3.15% 02/21/40 (a)		140,000		152,709
3.38% 02/21/50 (a)		38,000		42,412
4.56% 06/15/48 (a)		74,000		97,400
4.66% 06/15/51 (a)		23,000		31,228
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65% 02/01/26 (a)		107,000		121,022
4.70% 02/01/36 (a)		39,000		49,440
4.90% 02/01/46 (a)		89,000		115,644
Anheuser-Busch InBev Worldwide Inc.
3.50% 06/01/30 (a)		94,000		108,930
4.00% 04/13/28 (a)		23,000		27,091
4.35% 06/01/40 (a)		165,000		202,003
4.38% 04/15/38 (a)		133,000		164,220
4.50% 06/01/50 (a)		72,000		90,868
4.60% 04/15/48 (a)		48,000		60,540

See Notes to Schedules of Investments and Notes to Financial Statements.


76		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

4.75% 04/15/58 (a)		43,000		56,534
5.55% 01/23/49 (a)		141,000		199,982
Anthem Inc.
2.88% 09/15/29 (a)		47,000		52,108
3.30% 01/15/23 (a)		67,000		70,919
3.70% 09/15/49 (a)		47,000		56,027
Apollo Management Holdings LP
2.65% 06/05/30 (a)(g)		330,000		337,069
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter)
4.95% 01/14/50 (a)(b)(g)		90,000		91,810
Apple Inc.
2.20% 09/11/29 (a)		68,000		73,449
2.95% 09/11/49 (a)		60,000		67,257
3.35% 02/09/27 (a)		35,000		39,843
3.45% 02/09/45 (a)		129,000		156,450
3.85% 08/04/46 (a)		92,000		118,319
Applied Materials Inc.
4.35% 04/01/47 (a)		53,000		73,454
Aptiv PLC
4.40% 10/01/46 (a)		39,000		42,441
Archer-Daniels-Midland Co.
2.50% 08/11/26 (a)		48,000		52,355
Ares Capital Corp.
3.25% 07/15/25 (a)		467,000		494,151
Ascension Health
4.85% 11/15/53 (a)		84,000		124,855
AstraZeneca PLC
4.00% 01/17/29 (a)		34,000		40,572
4.38% 08/17/48 (a)		19,000		25,543
AT&T Inc.
2.30% 06/01/27 (a)		140,000		149,169
2.75% 06/01/31 (a)		283,000		302,402
3.30% 02/01/52 (a)		95,000		94,258
3.85% 06/01/60 (a)		130,000		136,959
4.35% 03/01/29 (a)		103,000		122,845
4.45% 04/01/24 (a)		52,000		58,047
4.50% 05/15/35 (a)		96,000		116,311
4.55% 03/09/49 (a)		49,000		58,472
4.75% 05/15/46 (a)		33,000		40,643
4.80% 06/15/44 (a)		76,000		94,397
4.85% 03/01/39 (a)		78,000		96,700
5.15% 11/15/46 (a)		13,000		16,789
5.25% 03/01/37 (a)		67,000		86,756
5.35% 12/15/43 (a)		52,000		66,142
5.45% 03/01/47 (a)		128,000		172,677
Athene Holding Ltd.
4.13% 01/12/28 (a)		62,000		69,000


	Principal Amount ($)		Fair Value $
6.15% 04/03/30 (a)		141,000		175,011
Avangrid Inc.
3.15% 12/01/24 (a)		100,000		109,011
Avery Dennison Corp.
2.65% 04/30/30 (a)		49,000		52,673
Bank of America Corp.
3.25% 10/21/27 (a)		3,000		3,360
3.95% 04/21/25 (a)		73,000		82,253
4.18% 11/25/27 (a)		137,000		158,927
4.25% 10/22/26 (a)		108,000		126,431
Bank of America Corp. (2.59% fixed rate until 04/29/30; 2.15% + SOFR thereafter)
2.59% 04/29/31 (a)(b)		392,000		419,518
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter)
3.12% 01/20/23 (a)(b)		84,000		86,428
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter)
3.37% 01/23/26 (a)(b)		42,000		46,144
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)
3.42% 12/20/28 (a)(b)		67,000		75,575
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter)
3.56%04/23/27 (a)(b)		233,000		263,160
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.51% + 3 month USD LIBOR thereafter)
3.71% 04/24/28 (a)(b)		188,000		214,376
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95% 01/23/49 (a)(b)		44,000		54,716

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund		77

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter)
4.24% 04/24/38 (a)(b)		91,000		112,369
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)
4.27% 07/23/29 (a)(b)		31,000		36,892
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.66% + 3 month USD LIBOR thereafter)
4.30% 12/31/99 (a)(b)		190,000		195,101
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)
4.44% 01/20/48 (a)(b)		85,000		112,534
Barclays PLC
4.84% 05/09/28 (a)		200,000		231,032
Barclays PLC (2.65% fixed rate until 06/24/30; 1.90% + 1 year CMT Rate thereafter)
2.65% 06/24/31 (a)(b)		238,000		248,208
Barrick North America Finance LLC
5.70% 05/30/41 (a)		14,000		20,176
BAT Capital Corp.
2.26% 03/25/28 (a)		70,000		72,389
2.73% 03/25/31 (a)		139,000		143,897
3.56% 08/15/27 (a)		47,000		52,398
3.73% 09/25/40 (a)		85,000		88,908
3.98% 09/25/50 (a)		139,000		144,710
4.39% 08/15/37 (a)		96,000		107,438
4.54% 08/15/47 (a)		43,000		47,745
4.70% 04/02/27 (a)		70,000		82,539
4.91% 04/02/30 (a)		94,000		113,520
BAT International Finance PLC
1.67% 03/25/26 (a)		70,000		71,771
Baxter International Inc.
3.95% 04/01/30 (a)(g)		40,000		47,798
Bayer US Finance II LLC
3.50% 06/25/21 (a)(g)		416,000		420,834
Becton Dickinson and Co.


	Principal Amount ($)		Fair Value $
2.89% 06/06/22 (a)		76,000		78,443
3.70% 06/06/27 (a)		55,000		62,922
3.73% 12/15/24 (a)		3,000		3,323
4.67% 06/06/47 (a)		13,000		17,024
4.69% 12/15/44 (a)		11,000		14,204
Berkshire Hathaway Energy Co.
3.25% 04/15/28 (a)		34,000		38,780
3.70% 07/15/30 (a)(g)		105,000		124,344
3.80% 07/15/48 (a)		37,000		44,243
4.25% 10/15/50 (a)(g)		73,000		94,178
6.13% 04/01/36 (a)		21,000		31,010
Berkshire Hathaway Finance Corp.
1.45% 10/15/30 (a)		95,000		96,261
2.85% 10/15/50 (a)		105,000		112,612
4.25% 01/15/49 (a)		56,000		74,193
Berkshire Hathaway Inc.
4.50% 02/11/43 (a)		3,000		4,073
Berry Global Inc.
4.88% 07/15/26 (g)		185,000		198,625
BHP Billiton Finance USA Ltd.
5.00% 09/30/43 (a)		23,000		33,795
Biogen Inc.
2.25% 05/01/30 (a)		45,000		46,821
3.15% 05/01/50 (a)		28,000		28,919
Block Financial LLC
3.88% 08/15/30 (a)		45,000		48,561
BNP Paribas S.A. (5.13% fixed rate until 11/15/27; 2.84% + USD 5 year Swap Rate thereafter)
5.13% 12/31/99 (a)(b)(g)		200,000		207,528
Boardwalk Pipelines LP
4.80% 05/03/29 (a)		91,000		104,194
Boston Scientific Corp.
4.70% 03/01/49 (a)		35,000		47,747
BP Capital Markets America Inc.
3.00%02/24/50 (a)		110,000		113,175
3.02%01/16/27 (a)		114,000		125,988
BP Capital Markets PLC (4.38% Fixed rate until 06/22/25; 4.04% + 5 year CMT Rate thereafter)
4.38%12/31/99 (a)(b)		141,000		150,322
BP Capital Markets PLC (4.88% Fixed rate until 03/22/30; 4.40% + 5 year CMT Rate thereafter)
4.88% 12/31/99 (a)(b)		141,000		156,679

See Notes to Schedules of Investments and Notes to Financial Statements.


78		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

BPCE S.A.
4.50% 03/15/25 (a)(g)		238,000		268,895
Brighthouse Financial Inc.
3.70% 06/22/27 (a)		5,000		5,435
4.70% 06/22/47 (a)		2,000		2,102
Bristol-Myers Squibb Co.
1.45% 11/13/30		270,000		271,104
2.35% 11/13/40		54,000		55,272
2.55% 11/13/50		65,000		66,425
3.20% 06/15/26 (a)		136,000		153,026
3.40% 07/26/29 (a)		91,000		105,785
3.45% 11/15/27 (a)		3,000		3,456
4.13% 06/15/39 (a)		72,000		92,303
4.25% 10/26/49 (a)		72,000		97,132
4.35% 11/15/47 (a)		4,000		5,384
4.55% 02/20/48 (a)		26,000		36,081
5.00% 08/15/45 (a)		32,000		46,171
Brixmor Operating Partnership LP
3.90% 03/15/27 (a)		36,000		40,040
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65% 01/15/23 (a)		16,000		16,658
3.13% 01/15/25 (a)		16,000		17,297
3.88% 01/15/27 (a)		31,000		34,778
Broadcom Inc.
3.15% 11/15/25 (a)		185,000		202,029
4.15% 11/15/30 (a)		142,000		164,193
4.30% 11/15/32 (a)		94,000		111,415
Brown-Forman Corp.
4.00% 04/15/38 (a)		15,000		18,562
Bunge Limited Finance Corp.
3.75% 09/25/27 (a)		25,000		28,590
Burlington Northern Santa Fe LLC
4.15% 12/15/48 (a)		85,000		113,154
4.55% 09/01/44 (a)		124,000		168,634
Cameron LNG LLC
3.30% 01/15/35 (a)(g)		22,000		24,755
Canadian Natural Resources Ltd.
3.85% 06/01/27 (a)		77,000		86,507
4.95% 06/01/47 (a)		16,000		20,177
Cantor Fitzgerald LP
4.88% 05/01/24 (a)(g)		227,000		252,363
Capital One Financial Corp.
3.75% 07/28/26 (a)		124,000		140,215
4.75% 07/15/21 (a)		181,000		185,190
Cardinal Health Inc.
2.62% 06/15/22 (a)		45,000		46,328
3.08% 06/15/24 (a)		26,000		27,965


	Principal Amount ($)		Fair Value $
Carrier Global Corp.
2.72% 02/15/30		90,000		96,214
3.38% 04/05/40		60,000		65,791
3.58% 04/05/50		90,000		100,663
Caterpillar Inc.
3.25% 09/19/49 - 04/09/50 (a)		136,000		159,596
3.80% 08/15/42 (a)		26,000		32,799
Celulosa Arauco y Constitucion S.A.
4.20% 01/29/30 (a)(g)		209,000		236,523
Centene Corp.
3.38% 02/15/30 (a)		127,000		133,581
4.25% 12/15/27 (a)		370,000		393,809
5.38% 08/15/26 (g)		551,000		582,622
CenterPoint Energy Inc.
2.50% 09/01/22 (a)		178,000		184,006
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46% 07/23/22 (a)		132,000		139,132
4.80% 03/01/50 (a)		47,000		55,821
5.05% 03/30/29 (a)		51,000		61,811
5.75% 04/01/48 (a)		101,000		131,997
6.38% 10/23/35 (a)		13,000		17,824
6.48% 10/23/45 (a)		30,000		42,374
Cheniere Corpus Christi Holdings LLC
5.88% 03/31/25 (a)		185,000		215,281
Chevron Corp.
1.55% 05/11/25 (a)		48,000		49,962
2.24% 05/11/30 (a)		92,000		98,649
2.98% 05/11/40 (a)		70,000		77,563
3.08% 05/11/50 (a)		120,000		133,963
Choice Hotels International Inc.
3.70% 01/15/31 (a)		100,000		110,479
Chubb INA Holdings Inc.
1.38% 09/15/30 (a)		390,000		388,701
4.35% 11/03/45 (a)		67,000		90,687
Cigna Corp.
2.40% 03/15/30 (a)		85,000		90,463
3.25% 04/15/25 (a)		55,000		60,427
3.40% 09/17/21 - 03/15/50 (a)		153,000		165,125
3.75% 07/15/23 (a)		36,000		38,883
3.88% 10/15/47 (a)		22,000		26,092
4.13% 11/15/25 (a)		93,000		106,987
4.38% 10/15/28 (a)		34,000		41,050
4.80% 08/15/38 (a)		32,000		41,614
4.90% 12/15/48 (a)		19,000		26,099

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund		79

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Cisco Systems Inc.
5.90% 02/15/39 (a)		49,000		75,135
Citigroup Inc.
4.40% 06/10/25 (a)		576,000		660,309
4.45% 09/29/27 (a)		22,000		25,984
4.65% 07/23/48 (a)		129,000		177,825
4.75% 05/18/46 (a)		53,000		70,364
5.50% 09/13/25 (a)		238,000		286,228
Citigroup Inc. (1.68% fixed rate until 05/15/23; 1.67% + SOFR thereafter)
1.68% 05/15/24 (a)(b)		472,000		486,556
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)
2.88% 07/24/23 (a)(b)		56,000		58,126
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter)
2.98% 11/05/30 (a)(b)		68,000		74,899
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)
3.88% 01/24/39 (a)(b)		41,000		49,082
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter)
4.70% 12/31/99 (a)(b)		191,000		196,176
CME Group Inc.
3.75% 06/15/28 (a)		42,000		49,847
CMS Energy Corp.
4.88% 03/01/44 (a)		151,000		200,274
CNA Financial Corp.
3.45% 08/15/27 (a)		33,000		37,356
3.90% 05/01/29 (a)		89,000		105,639
CNH Industrial Capital LLC
1.95% 07/02/23 (a)		150,000		154,644
4.88% 04/01/21 (a)		84,000		84,809
CNOOC Finance 2014 ULC
4.25% 04/30/24 (a)		423,000		459,238
CNOOC Petroleum North America ULC
6.40% 05/15/37 (a)		59,000		81,190
Comcast Corp.
2.65% 08/15/62 (a)		120,000		120,042
2.80% 01/15/51 (a)		80,000		83,323
3.10% 04/01/25 (a)		80,000		87,982


	Principal Amount ($)		Fair Value $
3.20% 07/15/36 (a)		85,000		96,316
3.25% 11/01/39 (a)		115,000		130,004
3.38% 08/15/25 (a)		4,000		4,463
3.45% 02/01/50 (a)		70,000		82,231
3.97% 11/01/47 (a)		150,000		187,666
4.15% 10/15/28 (a)		80,000		95,945
4.60% 08/15/45 (a)		53,000		70,976
4.70% 10/15/48 (a)		44,000		61,092
CommonSpirit Health
4.35% 11/01/42		130,000		152,363
Conagra Brands Inc.
5.30% 11/01/38 (a)		38,000		50,962
5.40% 11/01/48 (a)		29,000		41,358
Concho Resources Inc.
4.30% 08/15/28 (a)		50,000		59,231
4.88% 10/01/47 (a)		32,000		43,555
ConocoPhillips Co.
4.30% 11/15/44 (a)		84,000		106,013
Consolidated Edison Company of New York Inc.
2.90% 12/01/26 (a)		81,000		88,515
3.35% 04/01/30 (a)		40,000		45,782
3.88% 06/15/47 (a)		46,000		54,379
3.95% 04/01/50 (a)		65,000		79,126
Constellation Brands Inc.
3.15% 08/01/29 (a)		191,000		212,644
3.70% 12/06/26 (a)		71,000		81,372
4.50% 05/09/47 (a)		68,000		86,217
Continental Resources Inc.
4.50% 04/15/23 (a)		254,000		261,762
Corning Inc.
4.38% 11/15/57 (a)		46,000		56,671
Corporate Nacional del Cobre de Chile
3.15% 01/15/51 (g)		130,000		131,022
Corporate Office Properties LP
2.25% 03/15/26 (a)		100,000		104,211
Costco Wholesale Corp.
1.75% 04/20/32 (a)		94,000		97,465
Credit Suisse AG
2.95% 04/09/25 (a)		250,000		274,210
Credit Suisse Group AG (4.19% fixed rate until 04/01/30; 3.73% + SOFR thereafter)
4.19% 04/01/31 (a)(b)(g)		272,000		320,027
Crown Castle International Corp.
3.30% 07/01/30 (a)		259,000		290,761
4.15% 07/01/50 (a)		40,000		48,474
5.20% 02/15/49 (a)		61,000		83,056

See Notes to Schedules of Investments and Notes to Financial Statements.


80		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

CSX Corp.
4.50% 03/15/49 - 08/01/54 (a)		143,000		190,961
CubeSmart LP
4.38% 02/15/29 (a)		97,000		114,339
Cummins Inc.
1.50% 09/01/30 (a)		96,000		96,564
2.60% 09/01/50 (a)		96,000		97,736
CVS Health Corp.
3.00% 08/15/26 (a)		94,000		104,128
3.25% 08/15/29 (a)		75,000		84,458
3.35% 03/09/21 (a)		59,000		59,313
3.63% 04/01/27 (a)		90,000		102,459
3.75% 04/01/30 (a)		65,000		75,782
3.88% 07/20/25 (a)		34,000		38,504
4.25% 04/01/50 (a)		45,000		56,284
4.30% 03/25/28 (a)		15,000		17,779
4.78% 03/25/38 (a)		50,000		63,319
5.00% 12/01/24 (a)		75,000		86,111
5.13% 07/20/45 (a)		54,000		72,448
5.30% 12/05/43 (a)		94,000		127,260
D.R. Horton Inc.
2.60% 10/15/25 (a)		236,000		254,590
Dell International LLC/EMC Corp.
4.00% 07/15/24 (a)(g)		109,000		120,259
5.45% 06/15/23 (a)(g)		50,000		55,316
6.02% 06/15/26 (a)(g)		24,000		29,297
8.10% 07/15/36 (a)(g)		11,000		16,172
8.35% 07/15/46 (a)(g)		17,000		25,637
Deutsche Bank AG
3.30% 11/16/22 (a)		205,000		214,133
Deutsche Telekom AG
3.63% 01/21/50 (a)(g)		191,000		220,454
Devon Energy Corp.
5.00% 06/15/45 (a)		34,000		39,864
DH Europe Finance II Sarl
2.60% 11/15/29 (a)		82,000		89,676
3.25% 11/15/39 (a)		47,000		53,480
3.40% 11/15/49 (a)		23,000		27,273
Diamondback Energy Inc.
2.88% 12/01/24 (a)		115,000		120,793
3.25% 12/01/26 (a)		80,000		85,500
3.50% 12/01/29 (a)		69,000		73,751
5.38% 05/31/25 (a)		278,000		288,631
Digital Realty Trust LP
3.60% 07/01/29 (a)		149,000		170,884
Discover Bank
2.70% 02/06/30 (a)		250,000		266,285
Discovery Communications LLC
2.95% 03/20/23 (a)		123,000		129,528
3.95% 03/20/28 (a)		57,000		65,352


	Principal Amount ($)		Fair Value $
4.95% 05/15/42 (a)		17,000		20,500
5.00% 09/20/37 (a)		23,000		29,230
Dollar General Corp.
3.50% 04/03/30 (a)		121,000		139,287
4.13% 04/03/50 (a)		82,000		104,297
Dollar Tree Inc.
4.00% 05/15/25 (a)		67,000		75,629
Dominion Energy Inc.
3.07% 08/15/24 (a)(h)		85,000		91,854
3.38% 04/01/30 (a)		140,000		159,393
Dover Corp.
2.95% 11/04/29 (a)		95,000		103,027
DTE Energy Co.
2.85% 10/01/26 (a)		40,000		43,929
3.85% 12/01/23 (a)		40,000		43,529
Duke Energy Carolinas LLC
3.95% 03/15/48 (a)		52,000		65,126
Duke Energy Corp.
3.55% 09/15/21 (a)		66,000		66,933
3.75% 09/01/46 (a)		16,000		18,570
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter)
4.88% 12/31/99 (a)(b)		137,000		147,983
Duke Energy Progress LLC
4.15% 12/01/44 (a)		58,000		73,943
Duke Realty LP
3.05% 03/01/50 (a)		40,000		43,435
3.25% 06/30/26 (a)		44,000		49,208
3.38% 12/15/27 (a)		37,000		41,643
DuPont de Nemours Inc.
2.17% 05/01/23 (a)		140,000		141,849
5.32% 11/15/38 (a)		28,000		37,951
5.42% 11/15/48 (a)		28,000		40,513
Duquesne Light Holdings Inc.
3.62% 08/01/27 (a)(g)		120,000		132,958
DXC Technology Co.
4.00% 04/15/23 (a)		189,000		201,982
Eastman Chemical Co.
3.50% 12/01/21 (a)		89,000		91,454
3.60% 08/15/22 (a)		35,000		36,455
4.65% 10/15/44 (a)		94,000		118,870
Eaton Corp.
3.10% 09/15/27 (a)		48,000		53,775
Ecolab Inc.
1.30% 01/30/31 (a)		95,000		94,023
2.13% 08/15/50 (a)		191,000		182,361
Edison International
4.95% 04/15/25 (a)		155,000		176,647
5.75% 06/15/27 (a)		29,000		34,711

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund		81

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

EI du Pont de Nemours & Co.
2.30% 07/15/30 (a)		69,000		73,429
Eli Lilly & Co.
3.95% 03/15/49 (a)		86,000		112,270
Emera US Finance LP
4.75% 06/15/46 (a)		16,000		20,430
Emerson Electric Co.
1.80% 10/15/27 (a)		60,000		63,349
2.75% 10/15/50 (a)		49,000		52,035
Empower Finance 2020 LP
1.36% 09/17/27 (a)(g)		140,000		141,420
1.78% 03/17/31 (a)(g)		234,000		239,352
Enbridge Energy Partners LP
5.50% 09/15/40 (a)		12,000		14,831
Enbridge Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter)
5.75% 07/15/80 (a)(b)		238,000		267,840
Enel Finance International N.V.
3.63% 05/25/27 (a)(g)		273,000		310,043
Energy Transfer Operating LP
4.25% 03/15/23 (a)		89,000		94,538
4.50% 04/15/24 (a)		58,000		63,544
4.95% 06/15/28 (a)		28,000		32,218
5.30% 04/15/47 (a)		96,000		105,662
6.13% 12/15/45 (a)		21,000		24,811
6.50% 02/01/42 (a)		79,000		96,615
Energy Transfer Operating LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter)
6.75% 12/31/99 (a)(b)		285,000		263,733
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50% 11/01/23 (a)		43,000		46,569
Entergy Louisiana LLC
3.05% 06/01/31 (a)		64,000		72,426
4.00% 03/15/33 (a)		33,000		41,133
Enterprise Products Operating LLC
4.25% 02/15/48 (a)		112,000		131,342
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter)
5.25% 08/16/77 (a)(b)		44,000		44,550


	Principal Amount ($)		Fair Value $
EOG Resources Inc.
4.15% 01/15/26 (a)		7,000		8,134
4.38% 04/15/30 (a)		105,000		127,980
4.95% 04/15/50 (a)		94,000		127,652
5.10% 01/15/36 (a)		34,000		42,303
Equinix Inc.
1.25% 07/15/25 (a)		125,000		127,445
2.15% 07/15/30 (a)		135,000		137,550
Equinor ASA
3.25% 11/18/49 (a)		50,000		55,633
ERP Operating LP
4.50% 07/01/44 (a)		37,000		48,881
Essex Portfolio LP
2.65% 03/15/32 (a)		50,000		53,584
Eversource Energy
3.45% 01/15/50 (a)		92,000		105,487
Exelon Corp.
3.50% 06/01/22 (a)		71,000		73,849
4.05% 04/15/30 (a)		141,000		166,938
4.45% 04/15/46 (a)		94,000		119,998
4.70% 04/15/50 (a)		94,000		124,594
Exxon Mobil Corp.
2.61% 10/15/30 (a)		283,000		309,044
3.45% 04/15/51 (a)		150,000		171,219
FedEx Corp.
3.80% 05/15/25 (a)		377,000		425,889
4.10% 02/01/45 (a)		183,000		216,956
FirstEnergy Transmission LLC
4.55% 04/01/49 (a)(g)		84,000		98,054
Fiserv Inc.
3.50% 07/01/29 (a)		38,000		43,648
4.40% 07/01/49 (a)		38,000		50,650
Florida Power & Light Co.
2.85% 04/01/25 (a)		170,000		185,528
4.13% 02/01/42 (a)		65,000		82,690
Ford Motor Co.
4.35% 12/08/26 (a)		54,000		57,581
Ford Motor Credit Company LLC
3.10% 05/04/23 (a)		237,000		239,102
3.22% 01/09/22 (a)		215,000		217,601
3.34% 03/28/22 (a)		200,000		202,594
5.88% 08/02/21 (a)		302,000		308,565
Fox Corp.
3.50% 04/08/30 (a)		95,000		108,179
General Dynamics Corp.
4.25% 04/01/50 (a)		70,000		95,462
General Mills Inc.
2.88% 04/15/30 (a)		55,000		61,018
4.55% 04/17/38 (a)		34,000		43,881
4.70% 04/17/48 (a)		13,000		18,220

See Notes to Schedules of Investments and Notes to Financial Statements.


82		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

General Motors Co.
5.20% 04/01/45 (a)		12,000		14,521
5.40% 10/02/23 - 04/01/48 (a)		55,000		65,762
6.13% 10/01/25 (a)		142,000		172,412
6.80% 10/01/27 (a)		75,000		96,475
General Motors Financial Company Inc.
3.45 % 01/14/22 - 04/10/22 (a)		300,000		308,165
3.55% 04/09/21 (a)		196,000		197,448
4.20% 11/06/21 (a)		359,000		369,684	��
5.25% 03/01/26 (a)		55,000		64,671
Georgia-Pacific LLC
1.75% 09/30/25 (a)(g)		189,000		197,766
3.60% 03/01/25 (a)(g)		272,000		302,815
Gilead Sciences Inc.
1.20% 10/01/27 (a)		65,000		65,473
1.65% 10/01/30 (a)		55,000		55,111
2.60% 10/01/40 (a)		70,000		70,706
2.80% 10/01/50 (a)		70,000		69,896
2.95% 03/01/27 (a)		12,000		13,253
3.50% 02/01/25 (a)		33,000		36,489
3.65% 03/01/26 (a)		34,000		38,552
4.15% 03/01/47 (a)		40,000		48,956
4.80% 04/01/44 (a)		32,000		42,231
GlaxoSmithKline Capital Inc.
3.38% 05/15/23 (a)		80,000		85,701
3.63% 05/15/25 (a)		75,000		84,513
GlaxoSmithKline Capital PLC
3.38% 06/01/29 (a)		105,000		122,102
Glencore Finance Canada Ltd.
4.25% 10/25/22 (a)(g)		182,000		193,633
4.95% 11/15/21 (a)(g)		69,000		71,521
Glencore Funding LLC
2.50% 09/01/30 (a)(g)		94,000		96,074
Gray Oak Pipeline LLC
2.00% 09/15/23 (a)(g)		234,000		238,036
2.60% 10/15/25 (a)(g)		170,000		175,987
Grupo Televisa SAB
5.00% 05/13/45 (a)		204,000		246,136
Halliburton Co.
3.80% 11/15/25 (a)		4,000		4,485
5.00% 11/15/45 (a)		45,000		53,080
HCA Inc.
4.13% 06/15/29 (a)		48,000		55,726
4.50% 02/15/27 (a)		94,000		109,397
Health Care Service Corp.
2.20% 06/01/30 (a)(g)		236,000		246,386
3.20% 06/01/50 (a)(g)		50,000		53,603


	Principal Amount ($)		Fair Value $
Healthcare Trust of America Holdings LP
2.00% 03/15/31 (a)		75,000		74,999
Hess Corp.
5.60% 02/15/41 (a)		19,000		23,001
5.80% 04/01/47 (a)		12,000		15,141
Hewlett Packard Enterprise Co.
6.35% 10/15/45 (a)		20,000		26,402
Highwoods Realty LP
4.13% 03/15/28 (a)		52,000		58,086
4.20% 04/15/29 (a)		132,000		150,506
Honeywell International Inc.
2.70% 08/15/29 (a)		5,000		5,586
Hormel Foods Corp.
1.80% 06/11/30 (a)		190,000		196,447
HSBC Holdings PLC
4.25% 03/14/24 (a)		222,000		245,021
HSBC Holdings PLC (2.01% fixed rate until 09/22/27; 1.73% + SOFR thereafter)
2.01% 09/22/28 (a)(b)		330,000		337,887
HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.35% + 3 month USD LIBOR thereafter)
4.29% 09/12/26 (a)(b)		423,000		482,309
HSBC Holdings PLC (6.00% fixed rate until 05/22/27; 3.75% + USD 5 year Mid-Market Swap Rate thereafter)
6.00% 12/31/99 (a)(b)		465,000		505,748
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 year Mid-Market Swap Rate thereafter)
6.50% 12/31/99 (a)(b)		205,000		230,215
Huntington Bancshares Inc.
2.55% 02/04/30 (a)		187,000		200,913
Hyundai Capital America
3.10% 04/05/22 (a)(g)		57,000		58,649
Imperial Brands Finance PLC
3.13% 07/26/24 (a)(g)		264,000		282,646
3.50% 02/11/23 - 07/26/26 (a)(g)		490,000		524,950
Ingredion Inc.
2.90% 06/01/30 (a)		100,000		110,324
3.90% 06/01/50 (a)		47,000		56,104

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund		83

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Intel Corp.
2.45% 11/15/29 (a)		187,000		202,184
2.88% 05/11/24 (a)		18,000		19,413
3.10% 02/15/60 (a)		88,000		95,035
Intercontinental Exchange Inc.
1.85% 09/15/32 (a)		48,000		48,369
2.65% 09/15/40 (a)		48,000		49,234
3.00% 09/15/60 (a)		90,000		93,767
International Business Machines Corp.
3.45% 02/19/26 (a)		254,000		287,868
4.15% 05/15/39 (a)		150,000		190,138
4.25% 05/15/49 (a)		150,000		196,699
International Paper Co.
4.40% 08/15/47 (a)		69,000		90,133
Interstate Power & Light Co.
3.40% 08/15/25 (a)		238,000		262,754
ITC Holdings Corp.
2.95% 05/14/30 (a)(g)		236,000		258,514
JAB Holdings BV
2.20% 11/23/30(g)		250,000		250,760
Jabil Inc.
3.95% 01/12/28 (a)		63,000		71,508
Jefferies Group LLC
5.13% 01/20/23 (a)		53,000		57,932
John Deere Capital Corp.
2.45% 01/09/30 (a)		235,000		257,041
Johnson & Johnson
3.63% 03/03/37 (a)		46,000		56,438
Johnson Controls International PLC
4.50% 02/15/47 (a)		26,000		34,131
JPMorgan Chase & Co.
3.30% 04/01/26 (a)		174,000		194,836
3.63% 12/01/27 (a)		35,000		39,764
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter)
2.96% 05/13/31 (a)(b)		155,000		169,678
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter)
3.51% 01/23/29 (a)(b)		42,000		47,866
JPMorgan Chase & Co. (3.68% fixed rate until 04/30/21; 3.47% + 3 month USD LIBOR thereafter)
3.68% 12/29/49 (a)(b)		64,000		63,542


	Principal Amount ($)		Fair Value $
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)
3.88% 07/24/38 (a)(b)		57,000		69,266
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90% 01/23/49 (a)(b)		105,000		132,527
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter)
3.96% 01/29/27 (a)(b)		158,000		181,645
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter)
4.01% 04/23/29 (a)(b)		61,000		71,579
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter)
4.03% 07/24/48 (a)(b)		67,000		85,067
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + SOFR thereafter)
4.49% 03/24/31 (a)(b)		370,000		456,199
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter)
4.60% 12/31/99 (a)(b)		187,000		192,670
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter)
6.10% 10/29/49 (a)(b)		145,000		158,766
Kaiser Foundation Hospitals
3.27% 11/01/49 (a)		154,000		175,914
Keurig Dr Pepper Inc.
3.20% 05/01/30 (a)		106,000		120,278
3.80% 05/01/50 (a)		148,000		177,132
4.50% 11/15/45 (a)		40,000		51,206
4.60% 05/25/28 (a)		12,000		14,639

See Notes to Schedules of Investments and Notes to Financial Statements.


84		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

KeyCorp
2.25% 04/06/27 (a)		281,000		300,850
Kinder Morgan Energy Partners LP
3.50% 03/01/21 (a)		206,000		206,000
4.70% 11/01/42 (a)		13,000		14,887
5.00% 03/01/43 (a)		37,000		43,743
6.38% 03/01/41 (a)		37,000		48,581
Kinder Morgan Inc.
5.05% 02/15/46 (a)		35,000		42,628
KLA Corp.
3.30% 03/01/50 (a)		95,000		107,189
4.10% 03/15/29 (a)		189,000		226,513
4.65% 11/01/24 (a)		94,000		107,059
Kohl’s Corp.
9.50% 05/15/25 (a)		47,000		60,913
L3Harris Technologies Inc.
3.85% 12/15/26 (a)		71,000		82,098
Lear Corp.
4.25% 05/15/29 (a)		107,000		122,022
5.25% 05/15/49 (a)		47,000		57,521
Leidos Inc.
2.95% 05/15/23 (a)(g)		189,000		198,877
3.63% 05/15/25 (a)(g)		55,000		61,488
4.38% 05/15/30 (a)(g)		186,000		222,960
Liberty Mutual Group Inc.
3.95% 05/15/60 (a)(g)		46,000		55,168
Life Storage LP
2.20% 10/15/30 (a)		130,000		132,812
Lincoln National Corp.
3.63% 12/12/26 (a)		35,000		40,071
4.35% 03/01/48 (a)		49,000		62,587
Lloyds Banking Group PLC (2.44% fixed rate until 02/05/25; 1.00% + 1 year CMT Rate thereafter)
2.44% 02/05/26 (a)(b)		200,000		211,440
Lloyds Banking Group PLC (3.87% fixed rate until 07/09/24; 3.50% + 1 year CMT Rate thereafter)
3.87% 07/09/25 (a)(b)		285,000		314,235
Lockheed Martin Corp.
3.55% 01/15/26 (a)		36,000		40,907
4.50% 05/15/36 (a)		85,000		112,254
Lowe’s Companies Inc.
1.30% 04/15/28 (a)		60,000		60,356
1.70% 10/15/30 (a)		46,000		46,497
3.00% 10/15/50 (a)		90,000		96,534
3.70% 04/15/46 (a)		15,000		17,882
4.05% 05/03/47 (a)		36,000		45,009
LYB International Finance BV
4.88% 03/15/44 (a)		20,000		25,205


	Principal Amount ($)		Fair Value $
LYB International Finance II BV
3.50% 03/02/27 (a)		18,000		20,184
LYB International Finance III LLC
1.25% 10/01/25 (a)		55,000		55,966
3.63% 04/01/51 (a)		92,000		100,479
3.80% 10/01/60 (a)		45,000		48,201
Marathon Oil Corp.
3.85% 06/01/25 (a)		29,000		31,079
Masco Corp.
3.50% 11/15/27 (a)		16,000		18,108
Mastercard Inc.
3.30% 03/26/27 (a)		80,000		91,276
3.85% 03/26/50 (a)		30,000		38,775
McCormick & Company Inc.
2.50% 04/15/30 (a)		86,000		92,121
3.25% 11/15/25 (a)		534,000		587,245
McDonald’s Corp.
3.60% 07/01/30 (a)		141,000		165,176
3.63% 09/01/49 (a)		29,000		34,053
3.70% 01/30/26 (a)		14,000		15,912
3.80% 04/01/28 (a)		65,000		76,055
4.20% 04/01/50 (a)		73,000		93,601
4.88% 12/09/45 (a)		35,000		47,469
Medtronic Inc.
4.63% 03/15/45 (a)		12,000		17,051
Memorial Sloan-Kettering Cancer Center
4.13% 07/01/52 (a)		118,000		155,005
Merck & Company Inc.
1.45% 06/24/30 (a)		125,000		126,434
2.45% 06/24/50 (a)		120,000		124,290
2.75% 02/10/25 (a)		52,000		56,556
4.00% 03/07/49 (a)		32,000		42,270
MetLife Inc.
4.05% 03/01/45 (a)		16,000		20,490
4.72% 12/15/44 (a)		59,000		80,802
Microchip Technology Inc.
2.67% 09/01/23 (a)(g)		472,000		494,293
Micron Technology Inc.
2.50% 04/24/23 (a)		135,000		140,779
Microsoft Corp.
2.40% 08/08/26 (a)		67,000		73,088
2.68% 06/01/60 (a)		32,000		34,781
3.45% 08/08/36 (a)		40,000		49,294
3.50% 02/12/35 (a)		46,000		56,580
3.70% 08/08/46 (a)		129,000		163,247
3.95% 08/08/56 (a)		57,000		78,061
4.10% 02/06/37 (a)		12,000		15,691
Molson Coors Beverage Co.
2.10% 07/15/21 (a)		142,000		143,041
4.20% 07/15/46 (a)		32,000		36,610

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund		85

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Morgan Stanley
3.70% 10/23/24 (a)		28,000		31,166
3.95% 04/23/27 (a)		128,000		148,010
4.35% 09/08/26 (a)		188,000		221,240
4.38% 01/22/47 (a)		56,000		76,100
5.00% 11/24/25 (a)		425,000		507,484
Morgan Stanley (2.72% fixed rate until 07/22/24; 1.15% + SOFR thereafter)
2.72% 07/22/25 (a)(b)		301,000		322,010
Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter)
3.62% 04/01/31 (a)(b)		120,000		139,470
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter)
3.97% 07/22/38 (a)(b)		58,000		71,755
MPLX LP
1.75% 03/01/26 (a)		85,000		87,913
2.65% 08/15/30 (a)		110,000		115,549
3.38% 03/15/23 (a)		34,000		35,986
5.20% 12/01/47 (a)		33,000		40,111
5.25% 01/15/25 (a)		598,000		614,505
MPLX LP (1.34% fixed rate until 02/01/2021; 1.10% + 3 month USD LIBOR)
1.33% 09/09/22 (a)(b)		180,000		180,047
Mylan Inc.
5.20% 04/15/48 (a)		44,000		57,890
National Oilwell Varco Inc.
3.60% 12/01/29 (a)		140,000		146,279
National Retail Properties Inc.
4.00% 11/15/25 (a)		65,000		72,611
Newmont Corp.
4.88% 03/15/42 (a)		62,000		83,962
NextEra Energy Capital Holdings Inc.
3.25% 04/01/26 (a)		123,000		137,600
NextEra Energy Capital Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter)
5.65% 05/01/79 (a)(b)		84,000		98,593
NIKE Inc.
3.38% 03/27/50 (a)		43,000		53,113


	Principal Amount ($)		Fair Value $
NiSource Inc.
3.60% 05/01/30 (a)		98,000		113,577
3.95% 03/30/48 (a)		28,000		34,415
Noble Energy Inc.
3.85% 01/15/28 (a)		169,000		195,709
3.90% 11/15/24 (a)		36,000		40,017
4.20% 10/15/49 (a)		49,000		63,673
5.05% 11/15/44 (a)		16,000		22,451
Nomura Holdings Inc.
2.65% 01/16/25 (a)		230,000		245,426
3.10% 01/16/30 (a)		208,000		227,024
Norfolk Southern Corp.
3.95% 10/01/42 (a)		61,000		73,915
Northrop Grumman Corp.
3.85% 04/15/45 (a)		14,000		16,969
4.03% 10/15/47 (a)		12,000		15,004
Novartis Capital Corp.
2.20% 08/14/30 (a)		141,000		151,643
3.00% 11/20/25 (a)		8,000		8,856
NRG Energy Inc.
2.00% 12/02/25 (g)		140,000		145,086
2.45% 12/02/27 (g)		90,000		94,478
Nucor Corp.
3.95% 05/01/28 (a)		71,000		83,795
Nutrien Ltd.
4.00% 12/15/26 (a)		32,000		37,178
4.90% 06/01/43 (a)		60,000		77,145
NVIDIA Corp.
2.85% 04/01/30 (a)		45,000		50,625
3.50% 04/01/50 (a)		115,000		139,408
NXP BV/NXP Funding LLC/NXP USA Inc.
2.70% 05/01/25 (a)(g)		95,000		102,141
Occidental Petroleum Corp.
2.90% 08/15/24 (a)		57,000		54,939
4.85% 03/15/21 (a)		10,000		10,003
Oklahoma Gas & Electric Co.
3.25% 04/01/30 (a)		80,000		91,002
Oncor Electric Delivery Company LLC
3.80% 09/30/47 (a)		18,000		22,265
ONEOK Inc.
4.35% 03/15/29 (a)		88,000		99,677
Oracle Corp.
2.40% 09/15/23 (a)		34,000		35,765
2.65% 07/15/26 (a)		91,000		99,729
2.95% 04/01/30 (a)		141,000		157,606
3.60% 04/01/50 (a)		94,000		109,732
3.80% 11/15/37 (a)		22,000		26,444
4.00% 07/15/46 - 11/15/47 (a)		125,000		153,421
4.13% 05/15/45 (a)		30,000		37,276

See Notes to Schedules of Investments and Notes to Financial Statements.


86		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Otis Worldwide Corp.
2.06% 04/05/25 (a)		115,000		121,970
2.57% 02/15/30 (a)		60,000		64,409
3.36% 02/15/50 (a)		55,000		63,891
Ovintiv Exploration Inc.
5.63% 07/01/24 (a)		439,000		469,787
Owens Corning
4.40% 01/30/48 (a)		36,000		43,446
Pacific Gas & Electric Co.
2.50% 02/01/31 (a)		141,000		141,052
Pacific Gas & Electric Co.
2.10% 08/01/27 (a)		80,000		81,383
3.30% 08/01/40 (a)		141,000		141,254
3.50% 08/01/50 (a)		60,000		59,519
PacifiCorp
2.70% 09/15/30 (a)		85,000		93,639
6.25% 10/15/37 (a)		4,000		6,009
Parker-Hannifin Corp.
3.25% 06/14/29 (a)		82,000		93,055
PartnerRe Finance B LLC (4.50% fixed rate until 04/01/30; 3.82% + 5 year CMT Rate thereafter)
4.50% 10/01/50 (a)(b)		330,000		344,032
PayPal Holdings Inc.
2.65% 10/01/26 (a)		125,000		137,362
3.25% 06/01/50 (a)		68,000		78,144
PepsiCo Inc.
1.63% 05/01/30 (a)		90,000		92,344
2.63% 07/29/29 (a)		121,000		133,701
3.45% 10/06/46 (a)		33,000		39,706
Perrigo Finance Unlimited Co.
4.38% 03/15/26 (a)		200,000		226,562
Pfizer Inc.
2.63% 04/01/30 (a)		65,000		72,084
2.70% 05/28/50 (a)		169,000		181,193
3.45% 03/15/29 (a)		39,000		45,524
3.60% 09/15/28 (a)		93,000		109,627
3.90% 03/15/39 (a)		51,000		63,614
4.13% 12/15/46 (a)		42,000		55,352
4.40% 05/15/44 (a)		19,000		25,575
Philip Morris International Inc.
1.50% 05/01/25 (a)		73,000		75,637
2.10% 05/01/30 (a)		47,000		48,955
3.38% 08/15/29 (a)		66,000		75,701
4.13% 03/04/43 (a)		37,000		45,394
Phillips 66
2.15% 12/15/30 (a)		472,000		478,750
Phillips 66 Partners LP
3.15% 12/15/29 (a)		251,000		261,924
3.75% 03/01/28 (a)		26,000		28,279
4.68% 02/15/45 (a)		48,000		52,120


	Principal Amount ($)		Fair Value $
Plains All American Pipeline LP/PAA Finance Corp.
3.55% 12/15/29 (a)		111,000		116,218
3.65% 06/01/22 (a)		132,000		136,001
PPL Capital Funding Inc.
3.10% 05/15/26 (a)		79,000		87,380
Precision Castparts Corp.
4.38% 06/15/45 (a)		60,000		75,442
Prologis LP
4.38% 02/01/29 (a)		77,000		94,162
Prudential Financial Inc.
3.94% 12/07/49 (a)		95,000		115,805
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter)
5.70% 09/15/48 (a)(b)		86,000		99,272
Public Service Company of Colorado
3.70% 06/15/28 (a)		84,000		98,073
Public Service Electric & Gas Co.
2.38% 05/15/23 (a)		135,000		140,962
PVH Corp.
4.63% 07/10/25 (a)		185,000		208,253
QUALCOMM Inc.
1.30% 05/20/28 (a)(g)		31,000		31,326
1.65% 05/20/32 (a)(g)		3,000		3,010
3.25% 05/20/27 (a)		4,000		4,542
4.30% 05/20/47 (a)		16,000		21,520
Quest Diagnostics Inc.
2.95% 06/30/30 (a)		35,000		38,618
Ralph Lauren Corp.
1.70% 06/15/22 (a)		35,000		35,643
Raytheon Technologies Corp.
3.13% 05/04/27 (a)		142,000		158,546
3.50% 03/15/27		50,000		57,039
3.65% 08/16/23 (a)		3,000		3,235
3.95% 08/16/25 (a)		34,000		38,983
4.13% 11/16/28 (a)		10,000		11,928
4.15% 05/15/45 (a)		56,000		70,729
4.45% 11/16/38 (a)		45,000		57,216
4.50% 06/01/42 (a)		39,000		50,867
Realty Income Corp.
3.00% 01/15/27 (a)		29,000		32,070
3.25% 01/15/31 (a)		90,000		102,195
Regeneron Pharmaceuticals Inc.
1.75% 09/15/30 (a)		165,000		162,632
2.80% 09/15/50 (a)		75,000		72,632

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund		87

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Reliance Steel & Aluminum Co.
2.15% 08/15/30 (a)		170,000		174,976
Reynolds American Inc.
4.45% 06/12/25 (a)		4,000		4,560
Rio Tinto Finance USA PLC
4.13% 08/21/42 (a)		37,000		48,270
Rockwell Automation Inc.
4.20% 03/01/49 (a)		66,000		89,289
Rogers Communications Inc.
5.00% 03/15/44 (a)		25,000		34,285
Roper Technologies Inc.
2.95% 09/15/29 (a)		97,000		106,688
Ross Stores Inc.
4.70% 04/15/27 (a)		35,000		41,379
Royalty Pharma PLC
0.75% 09/02/23 (a)(g)		75,000		75,379
1.20% 09/02/25 (a)(g)		100,000		101,594
1.75% 09/02/27 (a)(g)		65,000		66,829
2.20% 09/02/30 (a)(g)		29,000		29,772
3.30% 09/02/40 (a)(g)		38,000		40,011
3.55% 09/02/50 (a)(g)		28,000		29,839
RPM International Inc.
3.75% 03/15/27 (a)		40,000		44,331
Ryder System Inc.
2.90% 12/01/26 (a)		245,000		269,204
Sabine Pass Liquefaction LLC
4.20% 03/15/28 (a)		44,000		50,494
4.50% 05/15/30 (a)(g)		55,000		65,381
5.00% 03/15/27 (a)		16,000		18,883
5.88% 06/30/26 (a)		141,000		170,523
Santander Holdings USA Inc.
4.40% 07/13/27 (a)		40,000		45,559
Santander UK Group Holdings PLC
4.75% 09/15/25 (a)(g)		200,000		223,138
Saudi Arabian Oil Co.
3.50% 04/16/29 (a)(g)		254,000		282,260
4.38% 04/16/49 (a)(g)		254,000		307,889
Schlumberger Holdings Corp.
3.90% 05/17/28 (a)(g)		76,000		85,736
Selective Insurance Group Inc.
5.38% 03/01/49 (a)		38,000		47,845
Sempra Energy
3.80% 02/01/38 (a)		26,000		30,046
4.00% 02/01/48 (a)		35,000		41,597


	Principal Amount ($)		Fair Value $
Shell International Finance BV
2.38% 08/21/22 (a)		119,000		123,119
3.13% 11/07/49 (a)		112,000		123,943
3.75% 09/12/46 (a)		29,000		35,056
4.13% 05/11/35 (a)		37,000		46,297
Shire Acquisitions Investments Ireland DAC
2.88% 09/23/23 (a)		13,000		13,779
3.20% 09/23/26 (a)		21,000		23,485
Simon Property Group LP
3.38% 06/15/27 (a)		55,000		60,876
Societe Generale S.A. (1.49% fixed rate until 12/14/25; 1.10% + 1 year CMT Rate thereafter)
1.49% 12/14/26 (b)(g)		233,000		235,106
Southern California Edison Co.
2.40% 02/01/22 (a)		104,000		105,774
4.00% 04/01/47 (a)		166,000		195,236
4.20% 03/01/29 (a)		123,000		144,135
Southern Company Gas Capital Corp.
3.95% 10/01/46 (a)		91,000		107,051
4.40% 05/30/47 (a)		13,000		16,338
Southern Copper Corp.
5.88% 04/23/45 (a)		64,000		92,706
Southwest Airlines Co.
2.63% 02/10/30 (a)		140,000		142,754
Southwestern Electric Power Co.
2.75% 10/01/26 (a)		62,000		67,364
Spectra Energy Partners LP
3.38% 10/15/26 (a)		15,000		16,753
4.50% 03/15/45 (a)		13,000		15,273
Spirit Realty LP
4.00% 07/15/29 (a)		106,000		119,215
Starbucks Corp.
4.00% 11/15/28 (a)		40,000		47,580
Steel Dynamics Inc.
3.25% 10/15/50 (a)		46,000		47,806
3.45% 04/15/30 (a)		70,000		79,237
Stryker Corp.
1.95% 06/15/30 (a)		189,000		194,464
2.90% 06/15/50 (a)		85,000		90,129
Suncor Energy Inc.
4.00% 11/15/47 (a)		15,000		16,998
Sunoco Logistics Partners Operations LP
5.30% 04/01/44 (a)		62,000		66,950
Suzano Austria GmbH
6.00% 01/15/29 (a)		244,000		294,506

See Notes to Schedules of Investments and Notes to Financial Statements.


88		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Sysco Corp.
3.25% 07/15/27 (a)		46,000		51,335
5.95% 04/01/30 (a)		30,000		39,439
6.60% 04/01/50 (a)		25,000		38,375
T-Mobile USA Inc.
3.50% 04/15/25 (a)(g)		117,000		129,450
3.75% 04/15/27 (a)(g)		212,000		241,780
3.88% 04/15/30 (a)(g)		57,000		65,897
4.50% 04/15/50 (a)(g)		30,000		37,176
Takeda Pharmaceutical Company Ltd.
2.05% 03/31/30 (a)		200,000		204,302
3.03% 07/09/40 (a)		200,000		211,388
3.18% 07/09/50 (a)		200,000		212,730
3.38% 07/09/60 (a)		200,000		220,622
4.00% 11/26/21 (a)		310,000		318,847
Tampa Electric Co.
4.35% 05/15/44 (a)		118,000		148,719
Target Corp.
2.50% 04/15/26 (a)		54,000		59,679
Teck Resources Ltd.
3.90% 07/15/30		97,000		107,993
5.40% 02/01/43 (a)		51,000		60,570
Telefonica Emisiones S.A.
4.10% 03/08/27 (a)		300,000		347,010
Texas Instruments Inc.
3.88% 03/15/39 (a)		71,000		88,989
The Allstate Corp.
4.20% 12/15/46 (a)		36,000		47,605
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75% 08/15/53 (a)(b)		127,000		136,012
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter)
4.63% 12/29/49 (a)(b)		71,000		75,456
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter)
4.65% 12/31/99 (a)(b)		101,000		101,263
The Boeing Co.
2.70% 02/01/27 (a)		178,000		185,056
2.95% 02/01/30 (a)		57,000		58,943
3.25% 03/01/28 (a)		14,000		14,826
3.55% 03/01/38 (a)		12,000		12,278


	Principal Amount ($)		Fair Value $
3.75% 02/01/50 (a)		50,000		52,290
5.04% 05/01/27 (a)		260,000		304,213
5.15% 05/01/30 (a)		188,000		227,553
5.81% 05/01/50 (a)		165,000		227,208
The Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT Rate thereafter)
4.00% 12/31/99 (b)		233,000		244,596
The Cleveland Electric Illuminating Co.
4.55% 11/15/30 (a)(g)		227,000		261,851
The Clorox Co.
1.80% 05/15/30 (a)		130,000		133,808
The Coca-Cola Co.
2.60% 06/01/50 (a)		189,000		198,605
2.75% 06/01/60 (a)		97,000		111,586
The Dow Chemical Co.
2.10% 11/15/30 (a)		72,000		73,694
3.60% 11/15/50 (a)		72,000		80,730
4.25% 10/01/34 (a)		66,000		79,682
5.55% 11/30/48 (a)		48,000		69,067
The Estee Lauder Companies Inc.
2.38% 12/01/29 (a)		70,000		75,748
3.13% 12/01/49 (a)		55,000		63,478
The George Washington University
4.13% 09/15/48		100,000		125,844
The Goldman Sachs Group Inc.
2.60% 02/07/30 (a)		85,000		91,449
3.50% 04/01/25 - 11/16/26 (a)		261,000		292,112
3.85% 01/26/27 (a)		313,000		357,662
4.25% 10/21/25 (a)		5,000		5,728
5.15% 05/22/45 (a)		49,000		68,605
The Goldman Sachs Group Inc. (2.88% fixed rate until 10/31/21; 0.82% + 3 month USD LIBOR thereafter)
2.88% 10/31/22 (a)(b)		124,000		126,521
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter)
2.91% 06/05/23 (a)(b)		129,000		133,560

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund		89

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter)
3.81% 04/23/29 (a)(b)		48,000		55,552
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)
4.02% 10/31/38 (a)(b)		56,000		68,281
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter)
4.22% 05/01/29 (a)(b)		82,000		97,111
The Hartford Financial Services Group Inc.
2.80% 08/19/29 (a)		200,000		218,320
The Hartford Financial Services Group Inc. (2.35% fixed rate until 02/01/2021; 2.13% + 3 month USD LIBOR)
2.35% 02/12/67 (a)(b)(g)		120,000		104,992
The Home Depot Inc.
2.70% 04/15/30 (a)		53,000		59,099
3.35% 04/15/50 (a)		94,000		112,142
3.50% 09/15/56 (a)		60,000		74,147
3.90% 12/06/28 - 06/15/47 (a)		90,000		111,737
4.50% 12/06/48 (a)		39,000		54,807
The Kroger Co.
2.20% 05/01/30 (a)		82,000		86,224
2.95% 11/01/21 (a)		149,000		151,870
4.65% 01/15/48 (a)		33,000		43,268
The Mosaic Co.
5.63% 11/15/43 (a)		14,000		18,133
The Sherwin-Williams Co.
2.75% 06/01/22 (a)		2,000		2,060
3.45% 06/01/27 (a)		4,000		4,533
4.50% 06/01/47 (a)		11,000		14,650
The Southern Co.
3.25% 07/01/26 (a)		28,000		31,399
4.40% 07/01/46 (a)		15,000		18,873
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter)
3.63% 09/15/31 (a)(b)		75,000		84,823


	Principal Amount ($)		Fair Value $
The Travelers Companies Inc.
2.55% 04/27/50 (a)		85,000		89,358
The Walt Disney Co.
2.65% 01/13/31 (a)		140,000		153,478
3.38% 11/15/26 (a)		16,000		18,047
3.60% 01/13/51 (a)		139,000		168,487
4.75% 11/15/46 (a)		13,000		17,582
6.65% 11/15/37 (a)		94,000		147,941
The Williams Companies Inc.
3.75% 06/15/27 (a)		16,000		18,298
4.85% 03/01/48 (a)		46,000		56,682
4.90% 01/15/45 (a)		107,000		127,408
5.40% 03/04/44 (a)		14,000		17,278
Thermo Fisher Scientific Inc.
4.13% 03/25/25 (a)		3,000		3,413
4.50% 03/25/30 (a)		30,000		37,437
Time Warner Cable LLC
4.50% 09/15/42 (a)		12,000		13,981
6.55% 05/01/37 (a)		42,000		57,644
Total Capital International S.A.
3.46% 02/19/29 (a)		99,000		114,626
Trane Technologies Luxembourg Finance S.A.
3.55% 11/01/24 (a)		63,000		69,616
3.80% 03/21/29 (a)		26,000		30,506
TransCanada PipeLines Ltd.
4.25% 05/15/28 (a)		124,000		146,721
4.88% 01/15/26 (a)		20,000		23,784
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter)
5.63% 05/20/75 (a)(b)		184,000		199,703
Transcontinental Gas Pipe Line Company LLC
4.00% 03/15/28 (a)		55,000		63,093
Truist Bank (3.50% fixed rate until 08/02/21; 0.59% + 3 month USD LIBOR thereafter)
3.50% 08/02/22 (a)(b)		93,000		94,693
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter)
4.80% 12/31/99 (a)(b)		252,000		265,190

See Notes to Schedules of Investments and Notes to Financial Statements.


90		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

TSMC Global Ltd.
0.75% 09/28/25 (a)(g)		462,000		461,021
1.00% 09/28/27 (a)(g)		233,000		230,775
1.38% 09/28/30 (a)(g)		233,000		229,109
TWDC Enterprises 18 Corp.
4.13% 06/01/44 (a)		18,000		22,902
Tyco Electronics Group S.A.
3.13% 08/15/27 (a)		52,000		57,651
Tyson Foods Inc.
4.00% 03/01/26 (a)		175,000		201,129
4.55% 06/02/47 (a)		16,000		21,212
U.S. Bancorp (5.13% fixed rate until 02/01/21; 3.49% + 3 month USD LIBOR thereafter)
5.13% 12/29/49 (a)(b)		166,000		165,939
UBS Group AG (2.86% fixed rate until 08/15/22; 0.95% + 3 month USD LIBOR thereafter)
2.86% 08/15/23 (a)(b)(g)		284,000		294,517
UBS Group AG (3.13% fixed rate until 08/13/29; 1.47% + 3 month USD LIBOR thereafter)
3.13% 08/13/30 (a)(b)(g)		259,000		289,684
UDR Inc.
2.10% 08/01/32 (a)		120,000		122,280
3.00% 08/15/31 (a)		75,000		82,724
UniCredit S.p.A. (2.57% fixed rate until 09/22/25; 2.30% + 1 year CMT Rate thereafter)
2.57% 09/22/26 (a)(b)(g)		360,000		367,204
Union Pacific Corp.
3.50% 06/08/23 (a)		87,000		93,254
3.60% 09/15/37 (a)		18,000		20,892
4.10% 09/15/67 (a)		37,000		46,385
4.30% 03/01/49 (a)		51,000		66,787
UnitedHealth Group Inc.
2.00% 05/15/30 (a)		150,000		159,258
4.45% 12/15/48 (a)		92,000		126,925
4.75% 07/15/45 (a)		29,000		40,767
Unum Group
4.50% 03/15/25 (a)		45,000		51,018
Utah Acquisition Sub Inc.
3.15% 06/15/21 (a)		61,000		61,585
3.95% 06/15/26 (a)		15,000		17,164
Vale S.A.
5.63% 09/11/42 (a)		29,000		38,927


	Principal Amount ($)		Fair Value $
Valero Energy Corp.
2.85% 04/15/25 (a)		92,000		98,155
4.00% 04/01/29 (a)		118,000		132,790
Ventas Realty LP
3.25% 10/15/26 (a)		67,000		73,711
VEREIT Operating Partnership LP
2.85% 12/15/32		85,000		88,848
Verizon Communications Inc.
3.00% 03/22/27 (a)		331,000		366,834
4.33% 09/21/28 (a)		42,000		50,497
4.40% 11/01/34 (a)		98,000		122,345
4.52% 09/15/48 (a)		54,000		69,928
4.67% 03/15/55 (a)		52,000		69,665
4.86% 08/21/46 (a)		212,000		284,786
5.25% 03/16/37 (a)		42,000		57,323
ViacomCBS Inc.
2.90% 01/15/27 (a)		34,000		37,315
3.45% 10/04/26 (a)		47,000		50,800
3.70% 06/01/28 (a)		41,000		46,822
5.25% 04/01/44 (a)		12,000		15,631
Virginia Electric & Power Co.
4.00% 11/15/46 (a)		102,000		130,055
Visa Inc.
2.00% 08/15/50 (a)		120,000		114,149
2.05% 04/15/30 (a)		90,000		96,237
2.70% 04/15/40 (a)		97,000		105,972
Vistra Operations Company LLC
3.55% 07/15/24 (a)(g)		232,000		251,363
Vodafone Group PLC
4.38% 05/30/28 (a)		53,000		63,563
5.25% 05/30/48 (a)		37,000		51,372
Volkswagen Group of America Finance LLC
1.63% 11/24/27 (g)		232,000		234,276
Vornado Realty LP
3.50% 01/15/25 (a)		35,000		36,953
Vulcan Materials Co.
3.90% 04/01/27 (a)		18,000		20,984
Walmart Inc.
3.63% 12/15/47 (a)		43,000		54,472
3.70% 06/26/28 (a)		80,000		94,162
3.95% 06/28/38 (a)		34,000		43,291
4.05% 06/29/48 (a)		56,000		75,795
WEC Energy Group Inc.
3.55% 06/15/25 (a)		48,000		53,514
Wells Fargo & Co.
4.15% 01/24/29 (a)		160,000		189,800
4.75% 12/07/46 (a)		162,000		212,116

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund		91

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Wells Fargo & Co. (1.65% fixed rate until 06/02/23; 1.60% + SOFR thereafter)
1.65% 06/02/24 (a)(b)		125,000		128,484
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter)
2.19% 04/30/26 (a)(b)		150,000		157,879
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter)
2.39% 06/02/28 (a)(b)		150,000		159,630
Wells Fargo & Co. (2.88% fixed rate until 10/30/29; 1.17% + 3 month USD LIBOR thereafter)
2.88% 10/30/30 (a)(b)		46,000		50,140
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter)
3.07% 04/30/41 (a)(b)		195,000		211,429
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter)
3.20% 06/17/27 (a)(b)		432,000		479,339
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)
5.88% 12/29/49 (a)(b)		88,000		99,063
Western Midstream Operating LP
5.38% 06/01/21 (a)		166,000		167,396
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter)
2.89% 02/04/30 (a)(b)		188,000		197,144
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter)
4.11% 07/24/34 (a)(b)		106,000		120,432


	Principal Amount ($)		Fair Value $
Willis North America Inc.
3.60% 05/15/24 (a)		62,000		67,719
3.88% 09/15/49 (a)		96,000		117,530
WPP Finance 2010
3.75% 09/19/24 (a)		40,000		44,363
WRKCo Inc.
3.00% 09/15/24 (a)		48,000		51,614
Xcel Energy Inc.
3.40% 06/01/30 (a)		115,000		132,145
Zoetis Inc.
3.00% 09/12/27 (a)		17,000		19,030
3.90% 08/20/28 (a)		53,000		62,478

				100,274,991


Non-Agency Collateralized Mortgage Obligations - 8.4%
Banc of America Commercial Mortgage Trust 2015-UBS7
4.36% 09/15/48 (b)		287,000		254,991
Banc of America Commercial Mortgage Trust 2016-UBS10
4.90% 07/15/49 (b)		290,000		273,205
BANK 2017-BNK7
3.18% 09/15/60		2,398,000		2,667,739
BANK 2018-BNK15
4.41% 11/15/61 (b)		1,001,000		1,206,181
BANK 2019-BNK17
4.52% 04/15/52 (b)		122,000		139,791
BX Commercial Mortgage Trust 2018-IND 0.75% + 1 month USD LIBOR
0.91% 11/15/35 (b)(g)		223,651		223,569
Cantor Commercial Real Estate Lending 2019-CF3
3.01% 01/15/53		460,000		512,474
CD 2019-CD8 Mortgage Trust
2.91% 08/15/57		839,000		928,494
CFCRE Commercial Mortgage Trust 2016-C7
4.43% 12/10/54 (b)		286,000		256,491
Citigroup Commercial Mortgage Trust 2015-GC35
4.49% 11/10/48 (b)		287,000		259,949
Citigroup Commercial Mortgage Trust 2015-P1
3.72% 09/15/48		1,403,000		1,576,979
Citigroup Commercial Mortgage Trust 2016-P5
2.94% 10/10/49		399,397		436,675

See Notes to Schedules of Investments and Notes to Financial Statements.


92		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

Citigroup Commercial Mortgage Trust 2016-P6
4.03% 12/10/49 (b)		336,823		374,094
COMM 2012-CCRE3 Mortgage Trust
3.92% 10/15/45 (g)		191,000		187,820
COMM 2013-LC13 Mortgage Trust
4.56% 08/10/46 (b)(g)		170,000		183,551
COMM 2014-CR14 Mortgage Trust
4.53% 02/10/47 (b)		240,000		261,935
CSAIL 2015-C3 Commercial Mortgage Trust
4.13% 08/15/48 (b)		213,420		201,998
CSAIL 2016-C7 Commercial Mortgage Trust
4.34% 11/15/49 (b)		477,000		481,376
GS Mortgage Securities Trust 2012-GCJ9
1.93% 11/10/45 (b)(c)		679,866		18,269
GS Mortgage Securities Trust 2014-GC24
4.51% 09/10/47 (b)		382,000		378,719
GS Mortgage Securities Trust 2015-GS1
4.42% 11/10/48 (b)		380,000		331,998
GS Mortgage Securities Trust 2016-GS3
2.85% 10/10/49		333,000		362,712
GS Mortgage Securities Trust 2017-GS8
3.47% 11/10/50		767,075		871,893
GS Mortgage Securities Trust 2018-GS9
4.14% 03/10/51 (b)		291,000		336,536
GS Mortgage Securities Trust 2019-GC42
2.75% 09/01/52		1,523,000		1,655,681
GS Mortgage Securities Trust 2019-GSA1
3.05% 11/10/52		743,000		833,574
Impac CMB Trust 2004-5 0.72% + 1 month USD LIBOR
0.87% 10/25/3 4 (b)		34,796		34,099
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9
1.49% 12/15/47 (b)(c)		569,205		13,006


	Principal Amount ($)		Fair Value $
JPMBB Commercial Mortgage Securities Trust 2013-C12
4.04% 07/15/45 (b)		125,000		132,668
JPMBB Commercial Mortgage Securities Trust 2015-C32
4.65% 11/15/48 (b)		250,000		203,624
MASTR Alternative Loan Trust 2003-5
5.00% 08/25/18 (c)		1,549		16
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7
4.12% 02/15/46 (b)		399,000		342,470
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21
0.88% 03/15/48 (b)(c)		3,330,389		95,035
Morgan Stanley Capital I Trust 2006-IQ11
5.99% 10/15/42 (b)		28,050		27,891
Morgan Stanley Capital I Trust 2016-UBS12
4.03% 12/15/49 (b)		407,000		379,748
UBS Commercial Mortgage Trust 2012-C1
5.57% 05/10/45 (b)(g)		260,000		250,170
UBS Commercial Mortgage Trust 2018-C12
4.79% 08/15/51 (b)		213,000		245,099
UBS-Barclays Commercial Mortgage Trust 2013-C6
3.88% 04/10/46 (b)(g)		955,000		955,151
Wells Fargo Commercial Mortgage Trust 2014-LC16
4.32% 08/15/50		955,000		939,700
Wells Fargo Commercial Mortgage Trust 2015-C26
1.21% 02/15/48 (b)(c)		2,607,040		107,725
Wells Fargo Commercial Mortgage Trust 2019-C50
4.35% 05/15/52		175,000		173,549
WFRBS Commercial Mortgage Trust 2012-C10
3.74% 12/15/45		254,000		237,745
WFRBS Commercial Mortgage Trust 2013-C17
4.26% 12/15/46		235,000		254,735
WFRBS Commercial Mortgage Trust 2014-C20
4.38% 05/15/47		383,000		390,481

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund		93

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Fair Value $

WFRBS Commercial Mortgage Trust 2014-LC14
4.35% 03/15/47 (b)		533,000		580,737

				20,580,343


Sovereign Bonds - 1.2%
Government of Chile
2.55% 01/27/32 (a)		290,000		312,208
3.86% 06/21/47 (a)		200,000		244,314
Government of Colombia
5.00% 06/15/45 (a)		200,000		244,692
Government of Mexico
4.00% 10/02/23 (a)		86,000		94,161
4.75% 03/08/44 (a)		200,000		237,878
Government of Panama
3.16% 01/23/30 (a)		200,000		222,052
3.87% 07/23/60 (a)		200,000		235,772
Government of Peru
1.86% 12/01/32		140,000		141,722
2.78% 12/01/60		230,000		232,597
5.63% 11/18/50 (a)		105,000		165,119
Government of Philippines
3.95% 01/20/40 (a)		200,000		238,250
Government of Qatar
4.82% 03/14/49 (a)(g)		258,000		352,010
Government of Uruguay
5.10% 06/18/50 (a)		105,744		148,109

				2,868,884


Municipal Bonds and Notes - 0.4%
American Municipal Power Inc.
6.27% 02/15/50		135,000		191,685
Board of Regents of the University of Texas System
3.35% 08/15/47		115,000		138,086


	Principal Amount ($) or Number of Shares		Fair Value $
Port Authority of New York & New Jersey
4.46% 10/01/62		220,000		292,675
State of California
4.60% 04/01/38		200,000		240,472
State of Illinois
5.10% 06/01/33		95,000		102,240

				965,158


Total Bonds and Notes (Cost $213,762,129)				228,115,031


Domestic Equity - 0.1%
Preferred Stock - 0.1%
Wells Fargo & Co. 5.85% , 3.09% + 3 month USD LIBOR (Cost $186,475) (b)		7,459		200,274


Total Investments in Securities (Cost $213,948,604)				228,315,305


Short-Term Investments - 12.5%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.05% (Cost $30,523,302) (a)(f)(i)		30,523,302		30,523,302

Total Investments (Cost $244,471,906)				258,838,607

Liabilities in Excess of Other Assets, net - (5.9)%				(14,509,361	)


NET ASSETS - 100.0%				244,329,246

Other Information:

Centrally Cleared Credit Default Swaps


Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract Annual Fixed Rate/ Payment Frequency		Termination Date		Market Value		Unamortized Upfront Payments Received (Paid)			Unrealized Appreciation (Depreciation)
Sell Protection
Markit CDX North America High Yield Index	Intercontinental Exchange	$	5,541		5.00%/ Quarterly		06/20/25	$	514,209	$	(309,096	)	$	823,305

See Notes to Schedules of Investments and Notes to Financial Statements.


94		Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020

The Fund had the following long futures contracts open at December 31, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Long Bond Futures		March 2021		16	$	2,789,071	$	2,768,767	$	(20,304	)
Ultra Long-Term U.S. Treasury Bond Futures		March 2021		30		6,495,370		6,406,875		(88,495	)
2 Yr. U.S. Treasury Notes Futures		March 2021		51		11,259,234		11,269,804		10,570

									$	(98,229	)

The Fund had the following short futures contracts open at December 31, 2020:


Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Appreciation (Depreciation)
5 Yr. U.S. Treasury Notes Futures		March 2021		38	$	(4,782,984	)	$	(4,794,234	)	$	(11,250	)
10 Yr. U.S. Treasury Notes Futures		March 2021		42		(5,793,757	)		(5,799,281	)		(5,524	)
10 Yr. U.S. Treasury Ultra Futures		March 2021		52		(8,155,244	)		(8,130,687	)		24,557

											$	7,783

During the period ended December 31, 2020, average notional values related to derivative contracts were as follows:


	Purchased Put Options		Purchased Call Options		Written Put Options		Written Call Options		Long Futures Contracts		Short Futures Contracts		Credit Default Swaps		Interest Rate Swaps
Average Notional Value	$	—	$	36,530	$	—	$	—	$	34,601,124	$	19,254,055	$	15,447,009	$	8,053,363

Notes to Schedule of Investments — December 31, 2020

(a)	At December 31, 2020, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs.

(b)	Variable Rate Security - Interest rate shown is rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c)	Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding.

(d)	Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (“TBA”) in the future.

(e)	Principal only security. These securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the “principal only” holder.

(f)	Coupon amount represents effective yield.

(g)

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 December 31, 2020, these securities amounted to $19,225,665 or 7.87% of the net assets of the Elfun Income Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Trustees.

(h)	Step coupon bond.

(i)	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.

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Income Fund		95

Elfun Income Fund

Schedule of Investments, continued — December 31, 2020

†	Percentages are based on net assets as of December 31, 2020.

**	Amount is less than $0.50.

Abbreviations:

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:


Fund	Investments	Level 1			Level 2		Level 3		Total
Elfun Income Fund	Investments in Securities

	U.S. Treasuries	$	—		$	35,020,355	$	—	$	35,020,355

	Agency Mortgage Backed		—			61,384,739		—		61,384,739

	Agency Collateralized Mortgage Obligations		—			2,192,373		—		2,192,373

	Asset Backed		—			4,828,188		—		4,828,188

	Corporate Notes		—			100,274,991		—		100,274,991

	Non-Agency Collateralized Mortgage Obligations		—			20,580,343		—		20,580,343

	Sovereign Bonds		—			2,868,884		—		2,868,884

	Municipal Bonds and Notes		—			965,158		—		965,158

	Preferred Stock		200,274			—		—		200,274

	Short-Term Investments		30,523,302			—		—		30,523,302

	Total Investments in Securities	$	30,723,576		$	228,115,031	$	—	$	258,838,607

	Other Financial Instruments

	Credit Default Swap Contracts - Unrealized Appreciation	$	—		$	823,305	$	—	$	823,305

	Long Futures Contracts - Unrealized Appreciation		10,570			—		—		10,570

	Long Futures Contracts - Unrealized Depreciation		(108,799	)		—		—		(108,799	)

	Short Futures Contracts - Unrealized Appreciation		24,557			—		—		24,557

	Short Futures Contracts - Unrealized Depreciation		(16,774	)		—		—		(16,774	)


	Total Other Financial Instruments	$	(90,446	)	$	823,305	$	—	$	732,859

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/20		Value at 12/31/20		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		35,778,498	$	35,778,498	$	184,382,925	$	189,638,121	$	—	$	—		30,523,302	$	30,523,302	$	115,990

See Notes to Schedules of Investments and Notes to Financial Statements.


96		Elfun Income Fund

Elfun Government Money Market Fund

Management’s Discussion of Fund Performance — December 31, 2020 (Unaudited)

The Elfun Government Money Market Fund (the “Fund”) seeks a high level of current income consistent with prudent investment management and the preservation of capital. The Fund’s benchmark is the Daily-Linked 90- Day T-Bill (the “Index”).

For the 12-month period ended December 31, 2020 (the “Reporting Period”), the total return for the Fund was 0.32%, and the Index was 0.38%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Over the course of 2020, the Fund achieved its primary objective of principal preservation and liquidity while generating a market rate of return. The Federal Reserve’s (the “Fed”) multiple rate cuts in response to the COVID-19 crisis was a primary driver of the Fund’s performance during the Reporting Period. The Fed’s rate cuts brought the target interest rate range from 150-175 basis points to 0-25 basis points and money market yields followed accordingly. Throughout the year, the Fed continued to provide support to the markets as the pandemic escalated. Three month Treasury Bills declined from 1.57% at the beginning of the year, reaching a low of -0.13% at the height of March’s crisis before backing up to 0.05% in April, where they stayed through December. Year-end saw a notable absence of the usual funding pressure and liquidity conditions remained robust.


Elfun Government Money Market Fund		97

Elfun Government Money Market Fund

Understanding Your Fund’s Expenses (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the
Beginning of the Period July 1, 2020	$	1,000.00	$	1,000.00
End of the Period December 31, 2020	$	1,000.00	$	1,024.28
Expenses Paid During the Period*	$	0.85	$	0.87

*	Expenses are equal to the Fund’s annualized expense ratio of 0.17%** (for the period July 1, 2020-December 31, 2020), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

**	May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.


98		Elfun Government Money Market Fund

Elfun Government Money Market Fund

Performance Summary — December 31, 2020 (Unaudited)

Sector Allocation

Portfolio composition as a % of Investments of $155,927 (in thousands) on December 31, 2020 ^(a)(b⁾

LOGO

Average Annual Total Return for the Periods Ended December 31, 2020

(Inception date: 6/13/90)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment

Elfun Government Money Market Fund		0.32	%		0.90	%		0.47	%	$	10,482

Daily-Linked 90-Day T-Bill		0.38	%		1.15	%		0.60	%	$	10,616

(a)

(b)


Elfun Government Money Market Fund		99

Elfun Government Money Market Fund

Performance Summary, continued — December 31, 2020 (Unaudited)

LOGO

See Notes to Performance beginning on page 1 for further information.

An investment in the Elfun Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance

Corporation or by any other Government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per unit, it is possible to lose money by investing in the Fund.


100		Elfun Government Money Market Fund

Elfun Government Money Market Fund

Schedule of Investments — December 31, 2020


	Principal Amount ($)		Amortized Cost $


Short-Term Investments - 101.7%†
U.S. Treasuries - 65.3%
U.S. Cash Management Bills
0.09% 03/09/21 -05/25/21 (a)		9,000,000		8,997,403
0.09% 02/18/21 - 06/08/21 (a)(b)		2,000,000		1,999,362
0.10% 02/18/21 (a)(b)		500,000		499,937
0.10% 04/06/21 - 06/01/21 (a)		3,000,000		2,998,942
0.11% 02/18/21 (a)(b)		1,500,000		1,499,785
0.11% 03/09/21 - 04/13/21 (a)		4,000,000		3,999,021
0.12% 03/23/21 - 03/30/21 (a)		1,750,000		1,749,517
0.12% 02/18/21 (a)(b)		1,500,000		1,499,760
U.S. Treasury Bills
0.08% 06/17/21 (a)		750,000		749,711
0.09% 01/12/21 - 06/24/21 (a)		14,375,000		14,370,838
0.09% 04/20/21 (a)(b)		1,000,000		999,737
0.10% 01/21/21 - 07/01/21 (a)		13,910,000		13,907,105
0.10% 04/20/21 (a)(b)		1,500,000		1,499,546
0.11% 01/14/21 - 05/13/21 (a)		10,720,000		10,718,039
0.11% 02/02/21 - 05/06/21 (a)(b)		3,500,000		3,499,175
0.12% 01/05/21 - 04/22/21 (a)		13,250,000		13,247,727
0.13% 01/21/21 - 03/11/21 (a)		3,500,000		3,499,542
0.14% 04/22/21 (a)		1,500,000		1,499,352
0.15% 01/14/21 (a)		1,500,000		1,499,921
0.16% 01/07/21 (a)		750,000		749,980
0.17% 01/28/21 (a)		375,000		374,954
0.18% 02/25/21 (a)		375,000		374,897
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.06%
0.15% 07/31/22 (c)		2,125,000		2,125,048
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.11%
0.21% 04/30/22 (c)		2,375,000		2,377,012
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.12%
0.21% 01/31/21 (c)		400,000		400,005
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.14%
0.23% 04/30/21 (c)		600,000		599,837


	Principal Amount ($)		Amortized Cost $
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.15%
0.25% 01/31/22 (c)		1,500,000		1,501,915
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.22%
0.32% 07/31/21 (c)		1,380,000		1,380,786
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.30%
0.40% 10/31/21 (c)		1,500,000		1,502,898

				100,121,752


U.S. Government Agency Obligations - 19.9%
Federal Farm Credit Banks Funding Corp. 1 month USD LIBOR + 0.01%
0.15% 12/28/21 (c)		176,000		175,991
Federal Farm Credit Banks Funding Corp. 3 month Treasury Money Market Yield + 0.13%
0.23% 02/28/22 (c)		400,000		400,000
Federal Farm Credit Banks Funding Corp. 3 month USD LIBOR - 0.12%
0.10% 07/22/21 (c)		300,000		300,000
Federal Farm Credit Banks Funding Corp. FCPR Daily - 3.03%
0.22% 06/23/21 (c)		700,000		699,966
Federal Farm Credit Banks Funding Corp. SOFR + 0.04%
0.13% 02/09/21 (c)		250,000		250,000
Federal Farm Credit Banks Funding Corp. SOFR + 0.07%
0.16% 11/18/22 (c)		750,000		750,000
Federal Farm Credit Banks Funding Corp. SOFR + 0.08%
0.17% 01/14/21 (c)		200,000		200,000
Federal Farm Credit Banks Funding Corp. SOFR + 0.09%
0.18% 10/07/22 (c)		500,000		500,000
Federal Farm Credit Banks Funding Corp. SOFR + 0.16%
0.25% 05/07/21 (c)		1,100,000		1,100,000
Federal Home Loan Bank Discount Notes
0.07% 01/11/21 (a)		1,000,000		999,981

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Government Money Market Fund		101

Elfun Government Money Market Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Amortized Cost $

Federal Home Loan Banks
0.17% 05/14/21		700,000		699,994
Federal Home Loan Banks SOFR + 0.01%
0.10% 04/23/21 (c)		750,000		750,000
Federal Home Loan Banks SOFR + 0.03%
0.12% 12/27/21 (c)		750,000		750,000
Federal Home Loan Banks SOFR + 0.12%
0.21% 10/13/21 (c)		1,200,000		1,200,000
Federal Home Loan Banks 1 month USD LIBOR - 0.03%
0.12% 01/11/21 - 04/16/21 (c)		1,500,000		1,500,000
Federal Home Loan Banks 1 month USD LIBOR - 0.04%
0.10% 08/03/21 (c)		1,000,000		1,000,000
0.11% 05/26/21 (c)		2,000,000		2,000,000
Federal Home Loan Banks 1 month USD LIBOR - 0.05%
0.10% 02/16/21 (c)		750,000		749,997
Federal Home Loan Banks SOFR + 0.02%
0.11% 02/12/21 - 09/20/21 (c)		3,250,000		3,250,000
Federal Home Loan Banks SOFR + 0.03%
0.12% 02/25/21 (c)		500,000		500,000
Federal Home Loan Banks SOFR + 0.04%
0.13% 02/25/21 - 04/13/21 (c)		2,760,000		2,760,000
Federal Home Loan Banks SOFR + 0.08%
0.17% 03/04/21 (c)		700,000		700,000
Federal Home Loan Banks SOFR + 0.16%
0.25% 01/07/21 (c)		900,000		900,000
Federal Home Loan Banks SOFR + 0.23%
0.32% 04/13/21 (c)		1,000,000		1,000,000
Federal Home Loan Mortgage Corp. SOFR + 0.03%
0.12% 02/24/21 - 02/26/21 (c)		1,800,000		1,800,000
Federal Home Loan Mortgage Corp. SOFR + 0.16%
0.25% 04/20/22 (c)		700,000		700,000


	Principal Amount ($)		Amortized Cost $
Federal Home Loan Mortgage Corp. SOFR + 0.19%
0.28% 06/02/22 (c)		750,000		750,000
Federal Home Loan Mortgage Corp. SOFR + 0.24%
0.33% 07/23/21 (c)		400,000		400,000
Federal Home Loan Mortgage Corp. SOFR + 0.30%
0.39% 10/25/21 (c)		300,000		300,000
Federal National Mortgage Assoc. SOFR + 0.04%
0.13% 01/29/21 (c)		1,500,000		1,500,002
Federal National Mortgage Assoc. SOFR + 0.20%
0.29% 06/15/22 (c)		700,000		700,000
Federal National Mortgage Assoc. SOFR + 0.32%
0.41% 10/22/21 (c)		350,000		350,000
Federal National Mortgage Assoc. SOFR + 0.33%
0.42% 10/15/21 (c)		400,000		400,000
Federal National Mortgage Assoc. SOFR + 0.35%
0.44% 10/15/21 (c)		400,000		400,000

				30,435,931


Repurchase Agreements - 16.5%
BNP Paribas S.A. U.S. Treasury Repo 0.05% dated 12/31/20, to be repurchased at $5,000,000 on 01/04/21, collateralized by $5,100,016 U.S. Treasury Strips, 0.00% maturing from 11/15/36 to 05/15/50.
01/04/21		5,000,000		5,000,000
Citigroup Global Markets, Inc. U.S. Treasury Repo 0.05% dated 12/31/20, to be repurchased at $11,000,000 on 01/04/21, collateralized by $11,264,791 U.S. Treasury Bond, 0.63% to 3.13% maturing from 02/15/43 to 02/15/44.
01/04/21		11,000,000		11,000,000

See Notes to Schedules of Investments and Notes to Financial Statements.


102		Elfun Government Money Market Fund

Elfun Government Money Market Fund

Schedule of Investments, continued — December 31, 2020


	Principal Amount ($)		Amortized Cost $

Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 0.06% dated 12/31/20, to be repurchased at $9,369,000 on 01/04/21, collateralized by $9,556,495 U.S. Treasury Bond, 2.50% maturing from 05/15/46.
01/04/21		9,369,000		9,369,000

				25,369,000


Total Short-Term Investments (Cost $155,926,683)				155,926,683

Liabilities in Excess of Other Assets, net - (1.7)%				(2,675,718	)


NET ASSETS - 100.0%				153,250,965

Notes to Schedule of Investments — December 31, 2020

(a)	Coupon amount represents effective yield.

(b)	Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (“TBA”) in the future.

(c)	Variable Rate Security - Interest rate shown is rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

†	Percentages are based on net assets as of December 31, 2020.

Abbreviations:

FCPR - Federal Reserve Bank Prime Loan Rate

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total

Elfun Government Money Market Fund	Investments in Securities

	U.S. Treasuries	$	—	$	100,121,752	$	—	$	100,121,752

	U.S. Government Agency Obligations		—		30,435,931		—		30,435,931

	Repurchase Agreements		—		25,369,000		—		25,369,000


	Total Investments in Securities	$	—	$	155,926,683	$	—	$	155,926,683

See Notes to Schedules of Investments and Notes to Financial Statements.


Elfun Government Money Market Fund		103

Elfun International Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated


	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Inception date														1/1/88

Net asset value, beginning of period	$	23.69		$	18.51		$	22.68		$	18.73		$	19.31
							��

Income/(loss) from investment operations:
Net investment income		0.29	^(a)		0.43	^(a)		0.45	^(a)		0.34	^(a)		0.41
Net realized and unrealized gains/(losses) on investments		2.86			5.15			(4.16	)		3.96			(0.58	)

Total income/(loss) from investment operations		3.15			5.58			(3.71	)		4.30			(0.17	)


Less distributions from:
Net investment income		0.31			0.40			0.46			0.35			0.41

Total distributions		0.31			0.40			0.46			0.35			0.41

Net asset value, end of period	$	26.53		$	23.69		$	18.51		$	22.68		$	18.73

Total Return^(b)		13.31	%		30.14	%		(16.33	)%		22.99	%		(0.86	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	201,200		$	199,123		$	183,982		$	237,769		$	208,044

Ratios to average net assets:
Net expenses		0.40	%		0.38	%		0.36	%		0.36	%		0.37	%^(c)(d)
Gross expenses		0.40	%		0.38	%		0.36	%		0.36	%		0.43	%^(c)(d)
Net investment income		1.31	%		2.02	%		2.06	%		1.64	%		2.11	%
Portfolio turnover rate		20	%		15	%		27	%		30	%		33	%

Notes to Financial Highlights

(a)

Per share values have been calculated using the average shares method.

(b)

Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results.

(c)

Reflects a voluntary reimbursement of other operating expenses by GE Asset Management, Inc., the Fund’s investment adviser and administrator prior to July 1, 2016.

(d)

The net and gross expense ratios include the refunded custody expense. Without the effect of the refunded custody expense, the net and gross ratio would have been 0.40% and 0.47%, respectively.

The accompanying Notes are an integral part of these financial statements.


104		Financial Highlights

Elfun Trusts

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated


	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Inception date														5/27/35

Net asset value, beginning of period	$	62.16		$	50.14		$	60.36		$	53.23		$	54.59


Income/(loss) from investment operations:
Net investment income		0.64	^(a)		0.71	^(a)		0.74	^(a)		0.76	^(a)		0.81
Net realized and unrealized gains/(losses) on investments		14.90			17.15			(2.85	)		12.88			2.54

Total income/(loss) from investment operations		15.54			17.86			(2.11	)		13.65			3.35


Less distributions from:
Net investment income		0.69			0.67			0.76			0.78			0.79
Net realized gains		5.46			5.17			7.35			5.74			3.92

Total distributions		6.15			5.84			8.11			6.52			4.71

Net asset value, end of period	$	71.55		$	62.16		$	50.14		$	60.36		$	53.23

Total Return^(b)		25.07	%		35.57	%		(3.39	)%		25.61	%		6.08	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	3,419,765		$	2,979,222		$	2,427,667		$	2,737,919		$	2,331,966

Ratios to average net assets:
Net expenses		0.18	%		0.18	%		0.19	%		0.18	%		0.18	%
Gross expenses		0.18	%		0.18	%		0.19	%		0.18	%		0.18	%
Net investment income		0.99	%		1.20	%		1.17	%		1.25	%		1.43	%
Portfolio turnover rate		25	%		17	%		18	%		16	%		15	%

Notes to Financial Highlights

(a)

Per share values have been calculated using the average shares method.

(b)

Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

The accompanying Notes are an integral part of these financial statements.


Financial Highlights		105

Elfun Diversified Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated


	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Inception date														1/1/88

Net asset value, beginning of period	$	19.54		$	17.02		$	18.60		$	17.91		$	17.50


Income/(loss) from investment operations:
Net investment income		0.37	^(a)		0.41	^(a)		0.42	^(a)		0.43	^(a)		0.38
Net realized and unrealized gains/(losses) on investments		2.02			2.93			(1.45	)		2.32			0.58

Total income/(loss) from investment operations		2.39			3.34			(1.03	)		2.75			0.96


Less distributions from:
Net investment income		0.38			0.42			0.43			0.46			0.36
Net realized gains		0.58			0.40			0.12			1.60			0.19

Total distributions		0.96			0.82			0.55			2.06			0.55

Net asset value, end of period	$	20.97		$	19.54		$	17.02		$	18.60		$	17.91

Total Return^(b)		12.23	%		19.58	%		(5.51	)%		15.40	%		5.48	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	205,144		$	199,011		$	181,943		$	209,939		$	198,938

Ratios to average net assets:
Net expenses		0.31	%		0.30	%		0.33	%		0.40	%		0.39	%^(c)
Gross expenses		0.31	%		0.30	%		0.33	%		0.40	%		0.39	%^(c)
Net investment income		1.88	%		2.20	%		2.26	%		2.23	%		1.98	%
Portfolio turnover rate		56	%^(d)		162	%		72	%		186	%		116	%

Notes to Financial Highlights

(a)

Per share values have been calculated using the average shares method.

(b)

(c)

The net and gross expense ratios include the refunded custody expense (See Note 6). Without the effect of the refunded custody expense, the ratios would havebeen 0.45%.

(d)

The portfolio turnover calculated for the period ended 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 136%.

The accompanying Notes are an integral part of these financial statements.


106		Financial Highlights

Elfun Tax-Exempt Income Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated


	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Inception date														1/1/80

Net asset value, beginning of period	$	11.54		$	11.19		$	11.55		$	11.48		$	11.88


Income/(loss) from investment operations:
Net investment income		0.37	^(a)		0.38	^(a)		0.46	^(a)		0.46	^(a)		0.46
Net realized and unrealized gains/(losses) on investments		0.17			0.41			(0.36	)		0.07			(0.40	)

Total income from investment operations		0.54			0.79			0.10			0.53			0.06


Less distributions from:
Net investment income		0.41			0.44			0.46			0.46			0.46

Total distributions		0.41			0.44			0.46			0.46			0.46

Net asset value, end of period	$	11.67		$	11.54		$	11.19		$	11.55		$	11.48

Total Return^(b)		4.77	%		7.13	%		0.90	%		4.71	%		0.42	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,341,617		$	1,377,821		$	1,376,980		$	1,471,350		$	1,495,248

Ratios to average net assets:
Net expenses		0.21	%		0.20	%		0.21	%		0.20	%		0.20	%
Gross expenses		0.21	%		0.20	%		0.21	%		0.20	%		0.20	%
Net investment income		3.24	%		3.35	%		4.06	%		4.00	%		3.84	%
Portfolio turnover rate		41	%		25	%		18	%		26	%		31	%

Notes to Financial Highlights

(a)

Per share values have been calculated using the average shares method.

(b)

The accompanying Notes are an integral part of these financial statements.


Financial Highlights		107

Elfun Income Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated


	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Inception date														12/31/84

Net asset value, beginning of period	$	11.74		$	11.02		$	11.44		$	11.28		$	11.26


Income/(loss) from investment operations:
Net investment income		0.29	^(a)		0.32	^(a)		0.32	^(a)		0.29	^(a)		0.30
Net realized and unrealized gains/(losses) on investments		0.63			0.73			(0.41	)		0.15			0.09

Total income/(loss) from investment operations		0.92			1.05			(0.09	)		0.44			0.39


Less distributions from:
Net investment income		0.34			0.33			0.33			0.28			0.28
Net realized gains		0.07			—			—			—			0.09

Total distributions		0.41			0.33			0.33			0.28			0.37

Net asset value, end of period	$	12.25		$	11.74		$	11.02		$	11.44		$	11.28

Total Return^(b)		8.03	%		9.50	%		(0.80	)%		3.90	%		3.52	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	244,329		$	233,663		$	229,477		$	261,189		$	276,142

Ratios to average net assets:
Net expenses		0.27	%		0.29	%		0.34	%		0.33	%		0.31	%
Gross expenses		0.27	%		0.29	%		0.34	%		0.33	%		0.31	%
Net investment income		2.44	%		2.77	%		2.88	%		2.54	%		2.63	%
Portfolio turnover rate		108	%^(c)		107	%		207	%		299	%		238	%

Notes to Financial Highlights

(a)

Per share values have been calculated using the average shares method.

(b)

(c)

The portfolio turnover calculated for the period ended 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 255%.

The accompanying Notes are an integral part of these financial statements.


108		Financial Highlights

Elfun Government Money Market Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated


	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Inception date														6/13/90

Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Income/(loss) from investment operations:
Net investment income		0.00	^(a)(b)		0.02	^(a)		0.02	^(a)		0.01	^(a)		0.00	^(b)

Total income from investment operations		0.00			0.02			0.02			0.01			0.00	^(b)


Less distributions from:
Net investment income		0.00	^(b)		0.02			0.02			0.01			0.00	^(b)
Net realized gains		—			—			—			0.00	^(b)		—

Total distributions		0.00	^(b)		0.02			0.02			0.01			0.00	^(b)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Return^(c)		0.32	%		1.99	%		1.55	%		0.58	%		0.06	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	153,251		$	128,561		$	104,275		$	109,828		$	111,339

Ratios to average net assets:
Net expenses		0.19	%		0.26	%		0.32	%		0.34	%		0.49	%^(d)
Gross expenses		0.25	%		0.26	%		0.32	%		0.34	%		0.49	%^(d)
Net investment income (loss)		0.30	%		1.96	%		1.53	%		0.56	%		(0.11	)%^(d)

Notes to Financial Highlights

(a)

Per share values have been calculated using the average shares method.

(b)

Rounds to less than $0.005.

(c)

(d)

Ratio includes income tax expense. Without this expense, the net and gross expense ratios would have been 0.33% and the net investment income ratio would have been 0.05%.

The accompanying Notes are an integral part of these financial statements.


Financial Highlights		109

Elfun Funds

Statements of Assets and Liabilities — December 31, 2020


	Elfun International Equity Fund		Elfun Trusts
Assets
Investments in securities, at fair value (cost $128,652,384; $1,670,065,650; $117,307,437; $1,233,321,446; $213,948,604 and $0, respectively)	$	196,556,342	$	3,369,765,717
Investments in affiliated securities, at fair value (cost $0; $0; $43,644,849; $0; $0 and $0, respectively)		—		—
Short-term investments, at fair value (cost $0; $0; $304,998; $0; $0 and $130,557,683, respectively)		—		—
Short-term affiliated investments, at fair value		3,980,443		46,140,702
Repurchase agreements		—		—
Cash		—		—
Net cash at broker for futures contracts		71,318		—
Foreign currency (cost $509,503; $0; $33,048; $0; $0 and $0, respectively)		509,511		—
Receivable from Adviser		—		—
Receivable for investments sold		—		11,560,664
Income receivables		677,041		3,397,235
Receivable for fund shares sold		4,958		187,723
Income receivable from affiliated investments		119		1,589
Receivable for accumulated variation margin on swap contracts		—		—
Receivable for accumulated variation margin on futures contracts		30,745		—
Other assets		1,553		25,755


Total assets		201,832,030		3,431,079,385


Liabilities
Distribution payable to shareholders		—		—
Net cash collateral on swap contracts due to broker		—		—
Payable for investments purchased		503,075		10,275,602
Payable for fund shares redeemed		7,237		384,986
Payable for accumulated variation margin on futures contracts		—		—
Payable to the Adviser		35,144		403,369
Payable for custody, fund accounting and sub-administration fees		15,618		69,382
Accrued other expenses		71,336		181,478


Total liabilities		632,410		11,314,817



Net Assets	$	201,199,620	$	3,419,764,568


Net Assets Consist of:
Capital paid in	$	136,631,906	$	1,651,521,004
Total distributable earnings (loss)	$	64,567,714	$	1,768,243,564


Net Assets	$	201,199,620	$	3,419,764,568


Shares outstanding (Par value $10; $10; $10; $10; $10; and $1, respectively; unlimited shares authorized)		7,584,788		47,795,398
Net asset value, offering and redemption price per share	$	26.53	$	71.55

The accompanying Notes are an integral part of these financial statements.


110		Statements of Assets and Liabilities


Elfun Diversified Fund		Elfun Tax-Exempt Income Fund		Elfun Income Fund		Elfun Government Money Market Fund

$	147,499,159	$	1,331,123,065	$	228,315,305	$	—
	52,720,030		—		—		—
	304,998		—		—		130,557,683
	12,286,302		7,432,447		30,523,302		—
	—		—		—		25,369,000
	28,888		—		94,917		481
	46,536		—		93,395		—
	36,548		—		—		—
	—		—		—		2,150
	7,900		—		10,167		—
	449,017		15,740,213		1,220,366		—
	3,030		184,535		5,349		249,106
	770		296		1,260		11,370
	168,311		—		521,905		—
	—		—		—		—
	1,644		11,632		2,054		1,262


	213,553,133		1,354,492,188		260,788,020		156,191,052



	—		1,146,784		120,308		1,292
	161,868		—		506,992		—
	8,037,875		11,286,985		15,529,358		2,499,160
	87,758		114,293		84,053		381,806
	7,795		—		87,780		—
	29,054		183,287		33,964		—
	8,408		27,835		13,667		8,934
	75,886		116,496		82,652		48,895


	8,408,644		12,875,680		16,458,774		2,940,087



$	205,144,489	$	1,341,616,508	$	244,329,246	$	153,250,965



$	163,950,948	$	1,281,496,799	$	227,969,057	$	153,250,945
$	41,193,541	$	60,119,709	$	16,360,189	$	20


$	205,144,489	$	1,341,616,508	$	244,329,246	$	153,250,965


	9,784,622		114,998,052		19,948,402		153,250,946
$	20.97	$	11.67	$	12.25	$	1.00

The accompanying Notes are an integral part of these financial statements.


Statements of Assets and Liabilities		111

Elfun Funds

Statements of Operations — For the year ended December 31, 2020


	Elfun International Equity Fund			Elfun Trusts
Investment Income
Income
Dividend	$	3,415,223		$	34,959,574
Interest		—			—
Income from affiliated investments		22,538			274,249
Less: Foreign taxes withheld		(370,903	)		(28,666	)

Total income		3,066,858			35,205,157


Expenses
Advisory and administration fees		375,267			4,207,992
Blue Sky fees		30,765			37,642
Transfer agent fees		132,365			586,658
Trustees’ fees		19,830			37,744
Custody, fund accounting and sub-administration fees		86,792			394,294
Professional fees		44,725			73,034
Printing and shareholder reports		16,103			59,879
Other expenses		14,817			90,511

Total expenses before waivers		720,664			5,487,754

Fees waived and/or reimbursed by the adviser		—			—

Total expenses		720,664			5,487,754

Net investment income	$	2,346,194		$	29,717,403


Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	6,688,957		$	300,529,246
Affiliated investments		—			—
Futures		(71,106	)		—
Swap contracts		—			—
Foreign currency transactions		8,805			—
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		13,080,796			372,773,690
Affiliated investments		—			—
Futures		23,919			—
Swap contracts		—			—
Foreign currency translations		42,857			—


Net realized and unrealized gain (loss) on investments		19,774,228			673,302,936


Net Increase in Net Assets Resulting from Operations	$	22,120,422		$	703,020,339

The accompanying Notes are an integral part of these financial statements.


112		Statements of Operations


Elfun Diversified Fund			Elfun Tax-Exempt Income Fund		Elfun Income Fund			Elfun Government Money Market Fund


$	1,288,649		$	—	$	8,085		$	—
	1,958,943			46,869,239		6,366,550			722,578
	928,922			49,457		115,990			—
	(5	)		—		(8	)		—

	4,176,509			46,918,696		6,490,617			722,578



	324,557			2,178,301		407,233			144,615
	32,623			41,293		39,912			35,729
	112,100			247,808		63,881			79,852
	19,924			27,651		20,115			19,341
	29,651			190,213		44,518			47,742
	49,454			56,693		43,184			29,990
	22,288			39,234		21,911			11,813
	6,336			42,624		7,732			2,991

	596,933			2,823,817		648,486			372,073

	(6,873	)		—		(10,540	)		(78,761	)

	590,060			2,823,817		637,946			293,312

$	3,586,449		$	44,094,879	$	5,852,671		$	429,266




$	6,811,527		$	4,407,456	$	7,821,214		$	733
	263,862			—		—			—
	71,233			—		(734,802	)		—
	(613,141	)		—		(2,117,695	)		—
	681			—		—			—

	8,169,177			13,694,428		6,587,826			—
	3,961,389			—		—			—
	1,426			—		(220,923	)		—
	302,268			—		1,052,435			—
	3,599			—		—			—


	18,972,021			18,101,884		12,388,055			733


$	22,558,470		$	62,196,763	$	18,240,726		$	429,999

The accompanying Notes are an integral part of these financial statements.


Statements of Operations		113

Elfun Funds

Statements of Changes in Net Assets


	Elfun International Equity Fund						Elfun Trusts
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets

Operations:
Net investment income	$	2,346,194		$	3,969,147		$	29,717,403		$	32,932,781
Net realized gain (loss) on investments, futures, swap contracts, options contracts, and foreign currency related transactions		6,626,656			(2,878,941	)		300,529,246			239,548,391
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and foreign currency translations		13,147,572			49,826,474			372,773,690			557,369,993

Net increase (decrease) from operations		22,120,422			50,916,680			703,020,339			829,851,165


Distributions to shareholders:
Total distributions		(2,337,004	)		(3,308,378	)		(274,667,801	)		(260,239,907	)

Increase (decrease) in assets from operations and distributions		19,783,418			47,608,302			428,352,538			569,611,258


Share transactions:
Proceeds from sale of shares		2,457,542			1,338,896			45,796,196			33,246,104
Value of distributions reinvested		1,985,105			2,803,168			222,501,029			209,686,670
Cost of shares redeemed		(22,149,800	)		(36,608,980	)		(256,107,578	)		(260,989,132	)

Net increase (decrease) from share transactions		(17,707,153	)		(32,466,916	)		12,189,647			(18,056,358	)


Total increase (decrease) in net assets		2,076,265			15,141,386			440,542,185			551,554,900

Net Assets
Beginning of year		199,123,355			183,981,969			2,979,222,383			2,427,667,483


End of year	$	201,199,620		$	199,123,355		$	3,419,764,568		$	2,979,222,383


Changes in Fund Shares
Shares sold		108,621			61,930			722,453			559,128
Issued for distributions reinvested		75,594			117,978			3,129,850			3,359,088
Shares redeemed		(1,003,180	)		(1,714,834	)		(3,985,879	)		(4,408,014	)

Net decrease in fund shares		(818,965	)		(1,534,926	)		(133,576	)		(489,798	)

The accompanying Notes are an integral part of these financial statements.


114		Statements of Changes in Net Assets


Elfun Diversified Fund						Elfun Tax-Exempt Income Fund
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019



$	3,586,449		$	4,244,670		$	44,094,879		$	46,592,260
	6,534,162			4,351,881			4,407,456			2,504,987
	12,437,859			25,794,322			13,694,428			46,694,908

	22,558,470			34,390,873			62,196,763			95,792,155



	(8,960,718	)		(8,007,411	)		(48,325,050	)		(53,093,761	)

	13,597,752			26,383,462			13,871,713			42,698,394



	3,785,727			6,924,567			41,276,872			37,744,180
	7,866,484			7,016,606			33,451,744			36,589,427
	(19,116,022	)		(23,257,310	)		(124,804,390	)		(116,191,472	)

	(7,463,811	)		(9,316,137	)		(50,075,774	)		(41,857,865	)


	6,133,941			17,067,325			(36,204,061	)		840,529


	199,010,548			181,943,223			1,377,820,569			1,376,980,040


$	205,144,489		$	199,010,548		$	1,341,616,508		$	1,377,820,569



	195,500			362,413			3,579,983			3,301,456
	377,652			358,356			2,898,136			3,188,172
	(975,718	)		(1,226,639	)		(10,850,214	)		(10,136,364	)

	(402,566	)		(505,870	)		(4,372,095	)		(3,646,736	)

The accompanying Notes are an integral part of these financial statements.


Statements of Changes in Net Assets		115

Elfun Funds

Statements of Changes in Net Assets


	Elfun Income Fund						Elfun Government Money Market Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets

Operations:
Net investment income	$	5,852,671		$	6,465,319		$	429,266		$	2,279,157
Net realized gain (loss) on investments, futures, swap contracts, options contracts, and foreign currency related transactions		4,968,717			5,557,493			733			72
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts		7,419,338			9,113,054			—			—

Net increase (decrease) from operations		18,240,726			21,135,866			429,999			2,279,229


Distributions to shareholders:
Total distributions		(8,154,872	)		(6,631,821	)		(429,266	)		(2,279,939	)

Increase (decrease) in assets from operations and distributions		10,085,854			14,504,045			733			(710	)


Share transactions:
Proceeds from sale of shares		20,105,165			10,978,969			83,804,743			75,378,874
Value of distributions reinvested		6,265,018			5,078,985			411,968			2,130,041
Cost of shares redeemed		(25,789,410	)		(26,376,400	)		(59,527,146	)		(53,222,553	)

Net increase (decrease) from share transactions		580,773			(10,318,446	)		24,689,565			24,286,362


Total increase (decrease) in net assets		10,666,627			4,185,599			24,690,298			24,285,652

Net Assets
Beginning of year		233,662,619			229,477,020			128,560,667			104,275,015


End of year	$	244,329,246		$	233,662,619		$	153,250,965		$	128,560,667


Changes in Fund Shares
Shares sold		1,672,210			949,477			83,804,743			75,378,874
Issued for distributions reinvested		516,439			440,756			411,969			2,130,041
Shares redeemed		(2,150,956	)		(2,296,448	)		(59,527,146	)		(53,222,553	)

Net increase (decrease) in fund shares		37,693			(906,215	)		24,689,566			24,286,362

The accompanying Notes are an integral part of these financial statements.


116		Statements of Changes in Net Assets

Elfun Funds

Notes to Financial Statements — December 31, 2020

Organization of the Funds

The Elfun International Equity Fund, Elfun Trusts, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund (each, a “Fund” and collectively, the “Funds”) are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Under each Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation Each 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 each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board of Trustees (the “Board”). The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value each Fund’s investments by major category are as follows:

•

Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

•

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.

•

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.

•

Debt obligations (including short term investments) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.


Notes to Financial Statements		117

Elfun Funds

Notes to Financial Statements, continued — December 31, 2020

•

Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

•

Options on futures are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options on futures are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with the valuation policy and procedures approved by the Board.

•

Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third-party valuation the agreements will be fair valued.

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.

A “significant event” is an event that the Board believes, with a reasonably high degree of certainty, has caused the closing market prices of a Fund’s portfolio securities to no longer reflect their value at the time of the Fund’s NAV calculation. Fair value may be determined using an independent fair value service under valuation procedures approved by the Board. The independent fair value service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of foreign securities exchanges. The use of the independent fair value service or alternative fair valuation methods would result in the investments being classified within Level 2 of the fair value hierarchy.

The Funds value their 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 each Fund’s investments according to the fair value hierarchy as of December 31, 2020 is disclosed in each Fund’s Schedule of Investments.


118		Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — December 31, 2020

Investment Transactions and Income Recognition Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.

Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

Certain Funds may invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds’ policy is to record all REIT distributions initially as dividend income and re-designate the prior calendar year’s to return of capital or capital gains distributions at year end based on information provided by the REITs and/or SSGA Funds Management, Inc’s. (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.

Expenses Fund specific expenses are charged to the Fund that incurs such expenses. Such expenses may include custodial fees, legal and accounting fees, printing costs and registration fees. Expenses that are not Fund specific are allocated pro rata across the Funds.

Foreign Currency Translation The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Securities and Other Investments

Delayed Delivery Transactions and When-Issued Securities During the period, the Elfun Diversified Fund and Elfun Income Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the applicable Fund’s Schedule of Investments. A Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, a Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

To-Be-Announced Transactions Certain Funds may seek to obtain exposure to U.S. agency mortgage pass-through securities through the use of “to-be-announced” or “TBA transactions.” “TBA” refers to a commonly used


Notes to Financial Statements		119

Elfun Funds

Notes to Financial Statements, continued — December 31, 2020

mechanism for the forward settlement of U.S. agency mortgage pass-through securities. In a TBA transaction, the buyer and seller decide on general trade parameters, such as agency, settlement date, coupon, and price.

A Fund may use TBA transactions to “roll over” such agreements prior to the settlement date. This type of TBA transaction is sometimes known as a “TBA roll.” In a TBA roll, a Fund generally will sell the obligation to purchase the pools stipulated in the TBA agreement prior to the settlement date and will enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities. A Fund may also enter into TBA agreements and settle such transactions on the stipulated settlement date by accepting actual receipt or delivery of the pools of mortgage pass-through securities.

Default by or bankruptcy of a counterparty to a TBA transaction would expose a Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. To minimize this risk, a Fund will enter into TBA transactions only with established counterparties. A Fund’s use of “TBA rolls” may impact portfolio turnover, transaction costs and capital gain distributions to shareholders.

Repurchase Agreements Certain Funds may enter into repurchase agreements under the terms of a Master Repurchase Agreement. A repurchase agreement customarily obligates the seller at the time it sells securities to a Fund to repurchase the securities at a mutually agreed upon price and time. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest.

The applicable Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the Fund’s the principal amount of the repurchase agreement (including accrued interest). The underlying securities are ordinarily United States Government or Government Agency securities, but may consist of other securities. The use of repurchase agreements involves certain risks including counterparty risks. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which the value of the collateral may decline.

As of December 31, 2020, the Elfun Government Money Market Fund had invested in repurchase agreements with the gross values of $25,369,000 and associated collateral equal to $25,921,302.

Derivative Financial Instruments

Futures Contracts Certain Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash at broker for futures contracts on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.


120		Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — December 31, 2020

During the fiscal year ended December 31, 2020, the following Funds entered into futures contracts for strategies listed below:


Funds		Strategies
Elfun International Equity Fund		Equitization of Cash
Elfun Diversified Fund		Management of Interest Rate Risk and Equitization of Cash
Elfun Income Fund		Management of Interest Rate Risk

Credit Default Swaps During the fiscal year ended December 31, 2020, the Elfun Diversified Fund and Elfun Income Fund engaged in credit default swaps to manage credit risk. When a Fund is the buyer in a credit default swap contract, a Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (“CCP”) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, a Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, a Fund loses its investment and recovers nothing. However, if a credit event occurs, a Fund receives full notional value for a referenced debt obligation that may have little or no value. When a Fund is the seller of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, a Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that a Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by a Fund for the same referenced obligation.

As the seller, a Fund may create economic leverage to its portfolio because, in addition to its total net assets, a Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. A Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swaps to determine the market value of swaps. A Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. A Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if a Fund had invested in the referenced debt obligation directly. If a Fund is a buyer of a credit default swap and no credit event occurs, a Fund will not earn any return on its investment. If a Fund is a seller of a credit default swap, a Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject a Fund to the risk that the counterparty to the transaction may not fulfill its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

Interest Rate Swaps Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments.

During the fiscal year ended December 31, 2020, the Elfun Diversified Fund and Elfun Income Fund entered into interest rate swaps in order to manage exposure to interest rates.


Notes to Financial Statements		121

Elfun Funds

Notes to Financial Statements, continued — December 31, 2020

Options on Exchanged-Traded Futures Contracts Certain Funds may purchase and write options, including options on exchanged-traded futures contracts, subject to certain limitations. Writing puts and buying calls tend to increase a Fund’s exposure to the underlying instrument while buying puts and writing calls tend to decrease a Fund’s exposure to the underlying instrument. A Fund will not enter into a transaction involving options for speculative purposes. A Fund’s risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts.

When a Fund writes an option, the amount of the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss. When an option is exercised, the proceeds from the sale of the underlying instrument or the cost basis of the securities purchased is adjusted by the original premium received or paid. In return for a premium paid, call and put options on futures contracts give the holder the right, but not the obligation, to purchase or sell, respectively, a position in a particular futures contract at a specified exercise price.

During the fiscal year ended December 31, 2020, the Elfun Diversified Fund and the Elfun Income Fund purchased options in order to manage interest rate risk.

The following tables summarize the value of the Funds’ derivative instruments as of December 31, 2020 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Elfun International Equity Fund
Futures Contracts	$	—	$	—	$	—	$	30,745	$	—	$	30,745
Elfun Diversified Fund
Swap Contracts		—		—		168,311		—		—		168,311
Elfun Income Fund
Swap Contracts		—		—		521,905		—		—		521,905

Liability Derivatives


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Elfun Diversified Fund
Futures Contracts	$	—	$	—	$	—	$	7,795	$	—	$	7,795
Elfun Income Fund
Futures Contracts	$	87,780	$	—	$	—	$	—	$	—	$	87,780


122		Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — December 31, 2020

Realized Gain/Loss


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk			Commodity Contracts Risk		Total
Elfun International Equity Fund
Futures Contracts	$	—		$	—	$	—		$	(71,106	)	$	—	$	(71,106	)
Elfun Diversified Fund
Futures Contracts	$	(6,865	)	$	—	$	—		$	78,098		$	—	$	71,233
Swap Contracts		(252,804	)		—		(360,337	)		—			—		(613,141	)
Purchased Option Contracts^(a)		51,669			—		—			—			—		51,669
Elfun Income Fund
Futures Contracts	$	(734,802	)	$	—	$	—		$	—		$	—	$	(734,802	)
Swap Contracts		(997,403	)		—		(1,120,292	)		—			—		(2,117,695	)
Purchased Option Contracts^(a)		172,832			—		—			—			—		172,832

(a)

Purchased options are included in net realized gain (loss) on investments.

Net Change in Unrealized Appreciation (Depreciation)


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Elfun International Equity Fund
Futures Contracts	$	—		$	—	$	—	$	23,919	$	—	$	23,919
Elfun Diversified Fund
Futures Contracts	$	(19,792	)	$	—	$	—	$	21,218	$	—	$	1,426
Swap Contracts		138,528			—		163,740		—		—		302,268
Elfun Income Fund
Futures Contracts	$	(220,923	)	$	—	$	—	$	—	$	—	$	(220,923	)
Swap Contracts		536,751			—		515,684		—		—		1,052,435

Fees and Transactions with Affiliates

Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of each Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of each Fund. The Management Fee is stated in the following schedule:


Fund		Management Fee

Elfun International Equity Fund		0.21%

Elfun Trusts		0.14%

Elfun Diversified Fund		0.17%

Elfun Tax-Exempt Income Fund		0.16%

Elfun Income Fund		0.17%

Elfun Government Money Market Fund		0.10%

SSGA FM is contractually obligated until April 30, 2021 to waive its Management Fee and/or reimburse certain expenses for the Elfun Diversified Fund and Elfun Income Fund, in an amount equal to any acquired fund fees and expenses (“AFFEs”), excluding AFFEs derived from each Fund’s holdings in acquired funds for cash management purposes, if any. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to April 30, 2021 except with approval of the Board.

Amounts waived or reimbursed are included in the respective Statement of Operations.


Notes to Financial Statements		123

Elfun Funds

Notes to Financial Statements, continued — December 31, 2020

Each of the Adviser and State Street Global Advisors Funds Distributors, LLC (each a “Service Provider”) also may voluntarily reduce all or a portion of its fees and/or reimburse expenses for the Elfun Government Money Market Fund to maintain a certain minimum net yield, which may vary from time to time, in SSGA FM’s sole discretion (any such waiver or reimbursement of expenses by a Service Provider being referred to herein as a “Voluntary Reduction”). Under an agreement with the Service Providers relating to the Voluntary Reduction, the Elfun Government Money Market Fund has agreed to reimburse the Service Providers for the full dollar amount of any Voluntary Reduction beginning on May 1, 2020, subject to certain limitations. Each Service Provider may, in its sole discretion, irrevocably waive receipt of any or all reimbursement amounts due from the Elfun Government Money Market Fund. A reimbursement to the Service Provider would increase fund expenses and may negatively impact the Elfun Government Money Market Fund’s yield during such period. There is no guarantee that the Voluntary Reduction will be in effect at any given time or that the Elfun Government Money Market Fund will be able to avoid a negative yield. Reimbursement payments by the Elfun Government Money Market Fund to the Service Providers in connection with the Voluntary Reduction are considered “extraordinary expenses” and are not subject to any contractual expense limitation agreement in effect for the Fund at the time of such payment. Fees reduced or expenses reimbursed for the Elfun Government Money Market Fund by the Service Providers in connection with the Voluntary Reduction for the fiscal year ended December 31, 2020 were $78,761. This amount is subject to recoupment by the Service Providers until December 31, 2023.

Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Funds. Amounts paid by the Funds to State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statements of Operations.

Other Transactions with Affiliates The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the fiscal year ended December 31, 2020 are disclosed in the Schedules of Investments.

Trustees’ Fees

The fees and expenses of each Fund’s trustees who are not “interested persons” of the Fund, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2020 were as follows:


	U.S. Government Obligations				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Elfun International Equity Fund	$	—	$	—	$	33,980,701	$	49,409,217
Elfun Trusts		—		—		734,622,962		930,964,507
Elfun Diversified Fund		200,163,203		213,028,246		48,087,996		44,871,144
Elfun Tax-Exempt Income Fund		—		—		547,690,453		578,482,462
Elfun Income Fund		480,622,886		525,675,449		92,126,853		56,707,224

Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each Fund will not be subject to the federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for


124		Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — December 31, 2020

a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Funds’ tax positions and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAVs asset values or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, foreign currency gains and losses, corporate actions, paydown losses, futures contracts, swap contracts, straddle loss deferrals, capital gain taxes, return of capital adjustments, premium amortization and wash sale loss deferrals.

The tax character of distributions paid during the fiscal year ended December 31, 2020 was as follows:


Fund	Exempt Income		Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Elfun International Equity Fund	$	—	$	2,337,004	$	—	$	—	$	2,337,004
Elfun Trusts		—		64,128,127		210,539,674		—		274,667,801
Elfun Diversified Fund		—		4,826,414		4,134,304		—		8,960,718
Elfun Tax-Exempt Income Fund		48,053,923		271,127		—		—		48,325,050
Elfun Income Fund		—		8,154,872		—		—		8,154,872
Elfun Government Money Market Fund		—		429,266		—		—		429,266

The tax character of distributions paid during the fiscal year ended December 31, 2019, was as follows:


Fund	Exempt Income		Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Elfun International Equity Fund	$	—	$	3,308,378	$	—	$	—	$	3,308,378
Elfun Trusts		—		43,174,602		217,065,305		—		260,239,907
Elfun Diversified Fund		—		5,574,026		2,433,385		—		8,007,411
Elfun Tax-Exempt Income Fund		52,554,575		539,186		—		—		53,093,761
Elfun Income Fund		—		6,631,821		—		—		6,631,821
Elfun Government Money Market Fund		—		2,279,939		—		—		2,279,939

At December 31, 2020, the components of distributable earnings on a tax basis were as follows:


	Undistributed Ordinary Income		Tax Exempt Income		Capital Loss Carryforwards			Undistributed long term gain		Net Unrealized Gains (Losses)		Qualified Late-Year Losses		Total
Elfun International Equity Fund	$	664,653	$	—	$	(2,908,585	)	$	—	$	66,811,646	$	—	$	64,567,714
Elfun Trusts		2,381,586		—		—			66,234,289		1,699,627,688		—		1,768,243,563
Elfun Diversified Fund		1,211,035		—		—			1,377,416		39,084,170		—		41,672,621
Elfun Tax-Exempt Income Fund		—		62,804		(15,557,774	)		—		75,614,679		—		60,119,709
Elfun Income Fund		3,017,847		—		—			101,962		13,240,377		—		16,360,186
Elfun Government Money Market Fund		20		—		—			—		—		—		20

As of December 31, 2020, the Funds had capital loss carryforwards available to offset future realized capital gains as follows:


Fund	Non-Expiring Short Term		Non-Expiring Long Term
Elfun International Equity Fund	$	2,684,153	$	224,432
Elfun Tax-Exempt Income Fund		13,130,700		2,427,074


Notes to Financial Statements		125

Elfun Funds

Notes to Financial Statements, continued — December 31, 2020

As of December 31, 2020, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:


	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Elfun International Equity Fund	$	133,805,477	$	70,452,634	$	3,690,618	$	66,762,016
Elfun Trusts		1,716,278,731		1,765,356,347		65,728,659		1,699,627,688
Elfun Diversified Fund		173,985,871		43,030,489		3,950,167		39,080,322
Elfun Tax-Exempt Income Fund		1,262,940,833		77,416,072		1,801,393		75,614,679
Elfun Income Fund		244,416,014		15,817,900		662,448		15,155,452
Elfun Government Money Market Fund		155,926,683		—		—		—

Line of Credit

The Funds (excluding the Elfun Government Money Market Fund) and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2021 unless extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.25% plus the New York Fed Bank Rate. Prior to October 8, 2020, interest was calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The Funds had no outstanding loans as of December 31, 2020.

10.

Risks

Concentration Risk As a result of a Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of a Fund’s investments more than if a Fund was more broadly diversified.

Interest Rate Risk Is the risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of a Fund’s investments.

Foreign and Emerging Markets Risk Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which a Fund invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Credit Risk A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

Market Risk A Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile, and prices of investments can change substantially due to various factors including, but not limited to, economic


126		Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — December 31, 2020

growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Fund by its service providers.

11.

New Accounting Pronouncement

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848)”. In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the guidance.

12.

Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.


Notes to Financial Statements		127

Elfun Funds

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Elfun International Equity Fund, Elfun Trusts, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Elfun International Equity Fund, Elfun Trusts, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund (collectively referred to as the “Funds”), including the schedules of investments, as of December 31, 2020, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds at December 31, 2020, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 26, 2021


128		Report of Independent Registered Public Accounting Firm

Elfun Funds

Tax Information — December 31, 2020 (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Funds for their fiscal year ended December 31, 2020.

Dividends Received Deduction

The Funds report the maximum amount allowable of their net taxable income as eligible for the corporate dividends received deduction.

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended December 31, 2020 is considered qualified dividend income and is eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. The Funds report the maximum amount allowable of their net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Long Term Capital Gains Distributions

Long term capital gains dividends were paid from Elfun Trusts and Elfun Diversified Fund during the year ended December 31, 2020 in the amounts of $210,539,674 and $4,134,304, respectively.

Foreign Tax Credit

The Elfun International Equity Fund has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Fund to its shareholders. For the year ended December 31, 2020, the total amount of foreign taxes that will be passed through are $296,442 for the Elfun International Equity Fund.

The amount of foreign source income earned on the Elfun International Equity Fund during the year ended December 31, 2020 was $3,417,271.

Tax-Exempt Income

For the fiscal year ended December 31, 2020, the following Fund hereby designates as exempt-interest dividends the amounts set forth, or the amount ultimately treated as exempt-interest dividends:


	Gross amount
Elfun Tax-Exempt Income Fund	$	48,053,923


Tax Information		129

Elfun Funds

Other Information — December 31, 2020 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds, excluding the Elfun Government Money Market Fund, have adopted and implemented a liquidity risk management program (the “Program”). SSGA FM has been designated by the Board to administer the Funds’ Program. The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for the period October 2019 through September 2020. As reported to the Board, the Program supported each Fund’s ability to honor redemption requests timely and SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility. SSGA FM reported that the Program operated adequately to meet the requirements of Rule 22e-4 and that the implementation of the Program has been effective.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Proxy Voting Policies and Procedures and Record

The Funds have adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Funds have adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Funds’ website at www.ssga.com/geam, and (iii) on the SEC’s website at www.sec.gov. Information regarding how the Funds voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

Following the Funds’ first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit to their reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov. The Funds’ schedules of investments are available upon request, without charge, by calling 1-800-242-0134.


130		Other Information

Elfun Funds

Other Information, continued — December 31, 2020 (Unaudited)

Name,
Address,

and Year
of Birth

Position(s) Held

with Funds

Term of
Office and
Length of
Time Served

Principal Occupation
During Past Five Years
and Relevant Experience

Number
of

Funds
in Fund
Complex
Overseen
by
Trustee†

Other Directorships

Held by Trustee
During Past Five Years

INDEPENDENT TRUSTEES

Michael F. Holland

c/o SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

YOB: 1944

Trustee and Co-Chairperson of the Board

Term: Until successor is elected and qualified Elected: 12/18

Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).

Director, the Holland Series Fund, Inc.; Director, The China Fund, Inc.(1992 – 2017); Director, The Taiwan Fund, Inc. (2007 – 2017); Director, Reaves Utility Income Fund, Inc.; and Director, Blackstone/GSO Loans (and Real Estate) Funds.

Patrick J. Riley

c/o SSGA Funds Management, Inc.

One Iron Street Boston, MA 02210

YOB: 1948

Trustee and Co-Chairperson of the Board

Term: Until successor is elected and qualified Appointed: 4/16

Elected: 6/16

2002 to May 2010, Associate Justice of the Superior Court, Commonwealth of Massachusetts; 1985 to 2002, Partner, Riley, Burke & Donahue, L.L.P. (law firm); 1998 to Present, Independent Director, State Street Global Advisers Ireland, Ltd. (investment company); 1998 to Present, Independent Director, SSGA Liquidity plc (formerly, SSGA Cash Management Fund plc); January 2009 to Present, Independent Director, SSGA Fixed Income plc; and January 2009-2019, Independent Director, SSGA Qualified Funds PLC.

Board Director and Chairman, SPDR Europe 1PLC Board (2011-Present); Board Director and Chairman, SPDR Europe II, PLC (2013 – Present).

John R. Costantino

c/o SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

YOB: 1946

Trustee and Co-Chairperson of the Qualified Legal Compliance Committee

Term: Until successor is elected and qualified Elected: 12/18

Senior Advisor to NGN Capital LLC (December 2019 – Present); Managing General Partner, NGN Capital LLC (2006 – December 2019); and Managing Director, Vice President of Walden Capital Management (1996 – present).

Director of Kleinfeld Bridal Corp. (March 2016 – present); Trustee of Neuroscience Research Institute (1986 – 2018); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Director, Muscular Dystrophy Association (since 2019); Trustee of GE Funds (1993 – February 2011); and Trustee of Gregorian University Foundation (1992 – 2007).


Other Information		131

Elfun Funds

Other Information, continued — December 31, 2020 (Unaudited)

Name,
Address,

and Year
of Birth

Position(s) Held

with Funds

Term of
Office and
Length of
Time Served

Principal Occupation
During Past Five Years
and Relevant Experience

Number
of

Funds
in Fund
Complex
Overseen
by
Trustee†

Other Directorships

Held by Trustee
During Past Five Years

INDEPENDENT TRUSTEES (continued)

Donna M. Rapaccioli

c/o SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

YOB: 1962

Trustee and Co-Chairperson of the Audit Committee

Term: Until successor is elected and qualified Elected: 12/18

Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.

Director- Graduate Management Admissions Council (2015 – present); Trustee of Emmanuel College (2010 – 2019.

Richard D. Shirk

c/o SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

YOB: 1945

Trustee and Co-Chairperson of the Qualified Legal Compliance Committee

Term: Until successor is elected and qualified Elected: 12/18

March 2001 to April 2002, Chairman (1996 to March 2001, President and Chief Executive Officer), Cerulean Companies, Inc. (holding company) (Retired); 1992 to March 2001, President and Chief Executive Officer, Blue Cross Blue Shield of Georgia (health insurer, managed healthcare).

1998 to December 2008, Chairman, Board Member and December 2008 to Present, Investment Committee Member, Healthcare Georgia Foundation (private foundation); September 2002 to 2012, Lead Director and Board Member, Amerigroup Corp. (managed health care); 1999 to 2013, Board Member and (since 2001) Investment Committee Member, Woodruff Arts Center; and 2003 to 2009, Trustee, Gettysburg College; Board member, Aerocare Holdings, Regenesis Biomedical Inc.

Rina K. Spence

c/o SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

YOB: 1948

Trustee and Co-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee

Term: Until successor is elected and qualified Elected: 6/16

President of SpenceCare International LLC (international healthcare consulting) (1999 – present); Chief Executive Officer, IEmily.com (health internet company) (2000 – 2001); Chief Executive Officer of Consensus Pharmaceutical, Inc. (1998 – 1999); Founder, President and Chief Executive Officer of Spence Center for Women’s Health (1994 – 1998); President and CEO, Emerson Hospital (1984 – 1994); Honorary Consul for Monaco in Boston (2015 – present).

None

Michael A. Jessee

c/o SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

YOB: 1946

Trustee and Chairperson of the Valuation Committee

Term: Until successor is elected and qualified
Elected: 12/18

Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).

None


132		Other Information

Elfun Funds

Other Information, continued — December 31, 2020 (Unaudited)

Name,
Address,

and Year
of Birth

Position(s) Held

with Funds

Term of
Office and
Length of
Time Served

Principal Occupation
During Past Five Years
and Relevant Experience

Number
of

Funds
in Fund
Complex
Overseen
by
Trustee†

Other Directorships

Held by Trustee
During Past Five Years

INTERESTED TRUSTEES⁽¹⁾

Ellen M. Needham⁽²⁾

SSGA Funds

Management, Inc.

One Iron Street

Boston, MA 02210

YOB: 1967

Trustee and President

Term: Until successor is elected and qualified Elected: 12/18

Chairman, SSGA Funds Management, Inc. (March 2020 – present); President and Director, SSGA Funds Management, Inc. (2001 – present); Senior Managing Director, State Street Global Advisors (1992 – present)*; Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).*

Board Director, SSGA SPDR ETFs Europe I plc (May 2020 – present); Board Director, SSGA SPDR ETFs Europe II plc (May 2020 – present).

Jeanne La Porta⁽³⁾

c/o SSGA Funds Management, Inc.

1600 Summer St.

Stamford, CT 06905

YOB: 1965

Trustee

Term: Until successor is elected and qualified Appointed: 3/14 Elected: 6/16

Senior Managing Director at State Street Global Advisors (July 2016 – present); Manager of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); Director of SSGA Funds Management, Inc. (March 2020 – present); President of GE Retirement Savings Plan Funds (July 2016 – September 2018); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – March 2020); President and Trustee of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 –March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016).

None

⁽¹⁾

The individuals listed below are Trustees who are “interested persons,” as defined in the 1940 Act, of the Funds (“Interested Trustees”).

⁽²⁾

Ms. Needham and Ms. La Porta are Interested Trustees because of their employment by SSGA FM, an affiliate of the Funds.

Served in various capacities and/or with various affiliated entities during noted time period.

†

For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA FM serves as investment adviser.


Other Information		133

Elfun Funds

Other Information, continued — December 31, 2020 (Unaudited)

The following lists the principal officers for the Funds, as well as their mailing addresses and ages, positions with the Funds and length of time served, and present and principal occupations:



Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS:
Ellen M. Needham SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	President and Trustee	Term: Indefinite Elected: 7/16	Chairman, SSGA Funds Management, Inc. (March 2020 – present); President and Director, SSGA Funds Management, Inc. (2001 – present); Senior Managing Director, State Street Global Advisors (1992 – present)*; Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).

Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Treasurer	Term: Indefinite Elected: 7/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).

Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Vice President and Deputy Treasurer	Term: Indefinite Elected: 7/16	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present); Managing Director, State Street Global Advisors (April 2005 – present).

Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Deputy Treasurer	Term: Indefinite Elected: 7/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*

Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Deputy Treasurer	Term: Indefinite Elected: 7/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).

Arthur A. Jensen SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 YOB: 1966	Deputy Treasurer	Term: Indefinite Elected: 7/16	Vice President State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); Mutual Funds Controller at GE Asset Management Incorporated (April 2011 – July 2016).

Sujata Upreti SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974	Assistant Treasurer	Term: Indefinite Elected: 9/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present).


134		Other Information

Elfun Funds

Other Information, continued — December 31, 2020 (Unaudited)



Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS: (continued)
David Lancaster SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1971	Assistant Treasurer	Term: Indefinite Elected: 11/20	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 – present); Assistant Vice President, State Street Bank and Trust Company (November 2011 – July 2017).

Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer	Term: Indefinite Elected: 7/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present).*

Sean O’Malley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Chief Legal Officer	Term: Indefinite Elected: 8/19	Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 – present).

David Barr SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974	Secretary	Term: Indefinite Elected: 9/20	Vice President and Senior Counsel, State Street Global Advisors (October 2019 – present); Vice President at Eaton Vance Corp. (October 2010 – October 2019).

David Urman SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1985	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (August 2015 – April 2019); Associate, Ropes & Gray LLP (November 2012 – August 2015).

Served in various capacities and/or with various affiliated entities during noted time period.


Other Information		135

Trustees

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Richard D. Shirk

Rina K. Spence

Michael A. Jessee

Ellen M. Needham

Jeanne M. La Porta

Officers

Ellen M. Needham, President

Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

David Lancaster, Assistant Treasurer

David Barr, Secretary

David Urman, Assistant Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, Massachusetts 02210

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, Massachusetts 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Item 2. Code of Ethics.

As of the end of the period covered by this report, the Elfun Trusts (the “Fund,” “Fund Entity” or “Registrant”) has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code”). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the “SEC”) and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. The Code is combined with other mutual funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of Form N-CSR during the covered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Code is filed as Exhibit 13(a)(1) to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The Fund’s Board of Trustees (the “Board”) has determined that the Fund has the following “audit committee financial experts” as defined in Item 3(b) of Form N-CSR serving on its audit committee (the “Audit Committee”): Messrs. Michael F. Holland, Richard D. Shirk and John R. Costantino and Ms. Donna M. Rapaccioli. Each of the “audit committee financial experts” is “independent” as that term is defined in Item 3(a)(2) of Form N-CSR.

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.

Item 4. Principal Accountant Fees and Services.


(a)		Audit Fees For the fiscal years ended December 31, 2020 and December 31, 2019, the aggregate audit fees billed for professional services rendered by Ernst & Young LLP (“E&Y”), the Registrant’s principal accountant, for the audit of the Registrant’s annual financial statements or services normally provided by E&Y in connection with the Registrant’s statutory and regulatory filings and engagements were $23,790 and $24,400, respectively.

(b)		Audit-Related Fees For the fiscal years ended December 31, 2020 and December 31, 2019, there were no fees billed by E&Y for assurance and related services that were reasonably related to the performance of the audit of the Registrant’s financial statements that were not reported under paragraph (a) of this Item.

(c)		Tax Fees The aggregate tax fees billed for professional services rendered by E&Y for tax compliance, tax advice, and tax planning in the form of preparation of excise filings and income tax returns for the fiscal years ended December 31, 2020 and December 31, 2019 were $9,916 and $10,170, respectively.

(d)		All Other Fees For the fiscal years ended December 31, 2020 and December 31, 2019, there were no fees billed for professional services rendered by E&Y for products and services provided by E&Y to the Registrant, other than the services reported in paragraphs (a) through (c). For the fiscal years ended December 31, 2020 and December 31, 2019, the aggregate fees for professional services rendered by E&Y for products and services provided by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant that (i) relate directly to the operations and financial reporting of the Registrant and (ii) were pre-approved by the Registrant’s Audit Committee were approximately $7,019,005 and $6,939,666, respectively.

(e)(1)		Audit Committee Pre-Approval Policies and Procedures The Fund’s Audit Committee Charter states the following with respect to pre-approval procedures: The Audit Committee shall have the following duties and powers: • To pre-approve engagements by a Fund Entity’s independent auditor for non-audit services to be rendered to the Fund’s investment adviser (not including any subadviser whose role is primarily portfolio management


		and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund, if the engagement relates directly to the operations and financial reporting of the Fund; • To establish, if deemed necessary or appropriate as an alternative to Audit Committee pre-approval of services to be provided by the independent auditor as required by paragraph (b) above, policies and procedures to permit such services to be pre-approved by other means, such as by action of a designated member or members of the Audit Committee, subject to the requirement that the decision of any member to whom authority is delegated to pre-approve an activity shall be presented to the full Audit Committee at its next scheduled meeting; Alternate Pre-Approval Procedure: • The Chairperson, or a Co-Chairperson, of the Audit Committee is authorized to pre-approve any engagement involving the Fund Entity’s independent auditors to the same extent as the Audit Committee. Any pre-approval decision by the Chairperson, or a Co-Chairperson, under the foregoing authority shall be presented to the Audit Committee at its next scheduled meeting.

(e)(2)		Percentages of Services None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the period of time for which such rule was effective.

(f)		Not applicable.

(g)		Total Fees Paid By Adviser and Certain Affiliates For the fiscal years ended December 31, 2020 and December 31, 2019, the aggregate non-audit fees billed by E&Y for services rendered to the Registrant and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Registrant were approximately $36,534,447 and $35,152,927, respectively.

(h)		E&Y notified the Fund’s Audit Committee of all non-audit services that were rendered by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the Fund, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the Fund’s Audit Committee to consider whether such services were compatible with maintaining E&Y’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Investments.

(a)	Schedules of Investments are included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b)	Not applicable to the Registrant.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Board.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

Item 13. Exhibits.

(a)(1) Code of Ethics pursuant to Item 2 of Form N-CSR is attached hereto.

(a)(2) Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3) Not applicable to the Registrant.

(a)(4) Not applicable.

(b) Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant:		ELFUN TRUSTS

By:		/s/ Ellen M. Needham

		Ellen M. Needham
		President

Date:		March 5, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Ellen M. Needham
		Ellen M. Needham
		President (Principal Executive Officer)

Date:		March 5, 2021

By:		/s/ Bruce S. Rosenberg
		Bruce S. Rosenberg
		Treasurer (Principal Financial and Accounting Officer)

Date:		March 5, 2021

Elfun Trusts (ELFNX) N-CSRCertified annual shareholder report (management investment company)