Quarterly Report
March 31, 2021
Elfun Trusts
Elfun Trusts
Schedule of Investments
March 31, 2021 (Unaudited)
Number of Shares | Fair Value | ||
Common Stock - 99.1% † | |||
Apparel Retail - 2.0% | |||
Ross Stores Inc. | 599,500 | $71,886,045 | |
Application Software - 1.6% | |||
salesforce.com Inc. (a) | 273,949 | 58,041,574 | |
Biotechnology - 1.3% | |||
Vertex Pharmaceuticals Inc. (a) | 210,242 | 45,178,903 | |
Building Products - 1.1% | |||
Trane Technologies PLC | 244,500 | 40,479,420 | |
Cable & Satellite - 1.2% | |||
Charter Communications Inc., Class A (a) | 72,700 | 44,857,354 | |
Construction Materials - 1.2% | |||
Martin Marietta Materials Inc. | 132,800 | 44,596,896 | |
Data Processing & Outsourced Services - 6.1% | |||
Fidelity National Information Services Inc. | 326,149 | 45,859,811 | |
Mastercard Inc., Class A | 90,000 | 32,044,500 | |
Visa Inc., Class A | 676,600 | 143,256,518 | |
221,160,829 | |||
Diversified Banks - 4.4% | |||
JPMorgan Chase & Co. | 1,047,121 | 159,403,230 | |
Electronic Components - 1.9% | |||
Corning Inc. | 1,557,400 | 67,762,474 | |
Financial Exchanges & Data - 2.4% | |||
CME Group Inc. | 212,857 | 43,471,785 | |
S&P Global Inc. | 126,900 | 44,779,203 | |
88,250,988 | |||
Healthcare Equipment - 2.5% | |||
Boston Scientific Corp. (a) | 2,378,503 | 91,929,141 | |
Home Improvement Retail - 2.8% | |||
Lowe's Companies Inc. | 523,149 | 99,492,477 | |
Industrial Conglomerates - 3.0% | |||
Honeywell International Inc. | 492,000 | 106,798,440 | |
Industrial Gases - 1.9% | |||
Air Products & Chemicals Inc. | 248,500 | 69,912,990 | |
Interactive Media & Services - 10.4% | |||
Alphabet Inc., Class C (a) | 80,200 | 165,904,126 | |
Alphabet Inc., Class A (a) | 35,900 | 74,044,468 | |
Facebook Inc., Class A (a) | 467,692 | 137,749,325 | |
377,697,919 | |||
Internet & Direct Marketing Retail - 5.4% | |||
Alibaba Group Holding Ltd. ADR (a) | 114,200 | 25,892,566 | |
Amazon.com Inc. (a) | 54,800 | 169,555,584 | |
195,448,150 | |||
Managed Healthcare - 2.8% | |||
UnitedHealth Group Inc. | 266,956 | 99,326,319 | |
Movies & Entertainment - 2.5% | |||
The Walt Disney Co. (a) | 480,700 | 88,698,764 |
Number of Shares | Fair Value | ||
Multi-Utilities - 1.1% | |||
Sempra Energy | 307,897 | $40,820,984 | |
Oil & Gas Equipment & Services - 1.3% | |||
Schlumberger N.V. | 1,730,000 | 47,038,700 | |
Oil & Gas Exploration & Production - 1.5% | |||
ConocoPhillips | 1,037,500 | 54,956,375 | |
Packaged Foods & Meats - 1.7% | |||
Mondelez International Inc., Class A | 1,044,483 | 61,133,590 | |
Pharmaceuticals - 6.2% | |||
Elanco Animal Health Inc. (a) | 2,445,985 | 72,034,258 | |
Johnson & Johnson | 466,800 | 76,718,580 | |
Merck & Company Inc. | 956,776 | 73,757,862 | |
222,510,700 | |||
Property & Casualty Insurance - 1.6% | |||
Chubb Ltd. | 366,100 | 57,832,817 | |
Regional Banks - 4.0% | |||
First Republic Bank | 428,200 | 71,402,350 | |
Regions Financial Corp. | 3,547,200 | 73,285,152 | |
144,687,502 | |||
Semiconductor Equipment - 3.1% | |||
Applied Materials Inc. | 834,700 | 111,515,920 | |
Semiconductors - 4.2% | |||
QUALCOMM Inc. | 734,900 | 97,440,391 | |
Texas Instruments Inc. | 289,561 | 54,724,133 | |
152,164,524 | |||
Soft Drinks - 2.0% | |||
PepsiCo Inc. | 505,100 | 71,446,395 | |
Specialized REITs - 1.8% | |||
American Tower Corp. | 271,629 | 64,935,629 | |
Systems Software - 7.3% | |||
Microsoft Corp. | 963,035 | 227,054,762 | |
ServiceNow Inc. (a) | 75,670 | 37,843,324 | |
264,898,086 | |||
Technology Hardware, Storage & Peripherals - 4.6% | |||
Apple Inc. | 1,361,200 | 166,270,580 | |
Trading Companies & Distributors - 3.2% | |||
United Rentals Inc. (a) | 350,167 | 115,313,495 | |
Trucking - 1.0% | |||
Lyft Inc., Class A (a) | 555,800 | 35,115,444 | |
Total Common Stock (Cost $1,754,320,133) | 3,581,562,654 | ||
Short-Term Investments - 0.9% | |||
State Street Institutional Treasury Money Market Fund - Premier Class 0.01% (b)(c) | 17,136,910 | 17,136,910 |
See accompanying notes to schedule of investments.
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Elfun Trusts
Schedule of Investments
March 31, 2021 (Unaudited)
Number of Shares | Fair Value | ||
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.04% (b)(c) | 15,445,606 | $15,445,606 | |
Total Short-Term Investments (Cost $32,582,516) | 32,582,516 | ||
Total Investments (Cost $1,786,902,649) | 3,614,145,170 | ||
Other Assets and Liabilities, net - 0.0% | 1,305,752 | ||
NET ASSETS - 100.0% | $3,615,450,922 |
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) | 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 March 31, 2021. |
Abbreviations: |
ADR - American Depositary Receipt |
REITs - Real Estate Investment Trusts |
See accompanying notes to schedule of investments.
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Elfun Trusts
Schedule of Investments
March 31, 2021 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2021:
Fund | Investments | Level 1 | Level 2 | Level 3 | Total | |||||
Elfun Trusts | Investments in Securities | |||||||||
Common Stock | $3,581,562,654 | $— | $— | $3,581,562,654 | ||||||
Short-Term Investments | 32,582,516 | — | — | 32,582,516 | ||||||
Total Investments in Securities | $3,614,145,170 | $— | $— | $3,614,145,170 |
Affiliate Table |
Number of Shares Held at 12/31/20 | Value at 12/31/20 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 3/31/21 | Value at 3/31/21 | Dividend Income | |||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares | 22,224,983 | $22,224,983 | $23,519,363 | $30,298,740 | $— | $— | 15,445,606 | $15,445,606 | $1,633 | ||||||||
State Street Institutional Treasury Money Market Fund - Premier Class | 23,915,719 | 23,915,719 | 23,519,932 | 30,298,741 | — | — | 17,136,910 | 17,136,910 | 423 | ||||||||
TOTAL | $46,140,702 | $47,039,295 | $60,597,481 | $— | $— | $32,582,516 | $2,056 |
See accompanying notes to schedule of investments.
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Elfun Trusts
Notes to Schedule of Investments
March 31, 2021 (Unaudited)
Security Valuation
The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board of Trustees of the Trust (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value the Fund’s investments by major category are as follows:
•Equity investments 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.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
•Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;
•Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of the Fund’s investments according to the fair value hierarchy as of March 31, 2021 is disclosed in the Fund’s respective Schedule of Investments.
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