Elfun Diversified Fund (ELDFX) N-CSRS Certified semi-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: 811-05324

ELFUN DIVERSIFIED FUND

(Exact name of registrant as specified in charter)

One Lincoln Street, Boston, Massachusetts 02111

(Address of principal executive offices) (Zip code)

(Name and Address of Agent for Service)	Copy to:
Joshua A. Weinberg, Esq. Managing Director and Managing Counsel SSGA Funds Management, Inc. One Lincoln Street Boston, Massachusetts 02111	Timothy W. Diggins, Esq. Ropes & Gray LLP 800 Boylston Street Boston, Massachusetts 02110-2624

Registrant’s telephone number, including area code: (617) 664-7037

Date of fiscal year end: December 31

Date of reporting period: June 30, 2017

Item 1. Reports to Stockholders

Semi-Annual Report

June 30, 2017

Elfun Funds

Elfun International Equity Fund

Elfun Trusts

Elfun Diversified Fund

Elfun Tax-Exempt Income Fund

Elfun Income Fund

Elfun Government Money Market Fund

Elfun Funds

Semi-Annual Report

June 30, 2017 (Unaudited)

Table of Contents

	Page
Notes to Performance		1
Understanding Your Fund’s Expenses, Fund Information and Schedules of Investments
Elfun International Equity Fund		2
Elfun Trusts		7
Elfun Diversified Fund		11
Elfun Tax-Exempt Income Fund		39
Elfun Income Fund		48
Elfun Government Money Market Fund		64
Notes to Schedules of Investments		68
Financial Statements
Financial Highlights		69
Statements of Assets and Liabilities		76
Statements of Operations		78
Statements of Changes in Net Assets		80
Notes to Financial Statements		83

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 — June 30, 2017 (Unaudited)

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.

An investment in the Elfun Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) 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.

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 FDIC or any other government agency. An investment in a Fund is subject to risk, including possible loss of principal invested.

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

Understanding Your Fund’s Expenses — June 30, 2017 (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 June 30, 2017.

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 January 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period June 30, 2017	$	1,123.90	$	1,022.91
Expenses paid during the period*	$	2.00	$	1.91

* Expenses are equal to the Fund’s annualized expense ratio of 0.38% (for the period January 1, 2017-June 30, 2017), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2 Elfun International Equity Fund

Elfun International Equity Fund

Fund Information — June 30, 2017 (Unaudited)

Sector Allocation

Portfolio Compositions as a % of Fair Value of $222,680 (in thousands) as of June 30, 2017 ^(a)(b)

Top Ten Largest Holdings

as of June 30, 2017 (as a % of Fair Value) ^(a)(b)

Nestle S.A.	3.36	%
Mitsubishi UFJ Financial Group Inc.	2.39	%
Roche Holding AG	2.39	%
SoftBank Group Corp.	2.25	%
ASML Holding N.V.	2.21	%
Bayer AG	2.10	%
AIA Group Ltd.	2.06	%
FANUC Corp.	1.92	%
BNP Paribas S.A.	1.91	%
Keyence Corp.	1.89	%

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

(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.

Elfun International Equity Fund 3

Elfun International Equity Fund

Schedule of Investments — June 30, 2017 (Unaudited)

	Number of Shares		Fair Value $
Common Stock - 97.5%†
Australia - 0.8%
Suncorp Group Ltd.		161,472		1,835,562
Belgium - 1.0%
Anheuser-Busch InBev S.A.		19,963		2,201,971
Canada - 2.4%
Brookfield Asset Management Inc., Class A		29,978		1,174,698
Cenovus Energy Inc.		159,841		1,176,623
Seven Generations Energy Ltd., Class A (a)		177,207		3,030,550
				5,381,871
China - 1.0%
NetEase Inc. ADR		7,796		2,343,711
France - 11.0%
Airbus SE		35,303		2,899,068
AXA S.A.		120,497		3,291,517
BNP Paribas S.A.		59,056		4,247,489
Sanofi		37,534		3,585,716
Schneider Electric SE (a)		39,230		3,009,914
Valeo S.A.		50,591		3,403,815
Vivendi S.A.		184,336		4,097,664
				24,535,183
Germany - 9.6%
Bayer AG		36,242		4,679,214
Fresenius SE & Company KGaA		34,375		2,942,833
HeidelbergCement AG		33,247		3,209,917
KION Group AG		37,887		2,891,748
SAP SE		36,183		3,774,006
Wacker Chemie AG		15,891		1,722,732
Zalando SE (a)		50,483		2,303,711
				21,524,161
Hong Kong - 2.1%
AIA Group Ltd.		628,567		4,593,605
India - 2.7%
ICICI Bank Ltd.		677,031		3,037,541
Power Grid Corporation of India Ltd.		923,858		3,007,229
				6,044,770
Ireland - 1.4%
Kerry Group PLC, Class A		35,675		3,065,111
Italy - 1.4%
Intesa Sanpaolo S.p.A.		1,009,556		3,196,423

	Number of Shares		Fair Value $
Japan - 26.2%
Daikin Industries Ltd.		40,100		4,093,512
FANUC Corp.		22,200		4,278,578
Kao Corp.		63,400		3,764,728
Keyence Corp.		9,600		4,215,593
Komatsu Ltd.		148,700		3,777,716
Mitsubishi Estate Company Ltd.		143,459		2,672,939
Mitsubishi UFJ Financial Group Inc.		792,600		5,324,443
Mitsui Fudosan Company Ltd.		148,518		3,543,098
Murata Manufacturing Company Ltd.		12,897		1,959,343
Nidec Corp.		40,700		4,169,251
Secom Company Ltd.		44,800		3,399,074
Sekisui House Ltd.		212,100		3,736,667
Shimano Inc.		21,000		3,323,069
SoftBank Group Corp.		62,001		5,019,785
Subaru Corp.		71,600		2,412,581
Tokio Marine Holdings Inc.		67,700		2,802,356
				58,492,733
Netherlands - 5.3%
ASML Holding N.V.		37,869		4,928,149
ING Groep N.V.		204,443		3,520,979
NXP Semiconductors N.V. (a)		30,856		3,377,189
				11,826,317
Norway - 1.5%
Statoil ASA		203,338		3,359,574
Portugal - 0.8%
Galp Energia SGPS S.A. (h)		125,692		1,900,210
South Africa - 1.5%
Naspers Ltd., Class N		17,477		3,394,693
South Korea - 1.2%
Samsung Electronics Company Ltd.		1,250		2,596,906
Spain - 2.0%
Banco Bilbao Vizcaya Argentaria S.A.		382,936		3,173,044
Iberdrola S.A.		155,401		1,228,823
				4,401,867
Sweden - 4.0%
Assa Abloy AB, Class B		140,423		3,081,646
Hexagon AB, Class B		65,469		3,108,682
Telefonaktiebolaget LM Ericsson, Class B		372,505		2,660,892
				8,851,220

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

4 Elfun International Equity Fund

Elfun International Equity Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Number of Shares		Fair Value $
Switzerland - 8.3%
Geberit AG (h)		5,802		2,709,397
Givaudan S.A. (h)		1,529		3,062,311
Nestle S.A.		85,835		7,479,696
Roche Holding AG		20,850		5,316,734
				18,568,138
Taiwan - 1.5%
Taiwan Semiconductor Manufacturing Company Ltd.		485,900		3,330,380
United Kingdom - 11.8%
Barclays PLC		1,324,733		3,488,843
BHP Billiton PLC		236,506		3,612,781
Johnson Matthey PLC		71,301		2,659,016
Prudential PLC		149,019		3,408,735
Shire PLC		73,646		4,054,173
Smith & Nephew PLC		177,763		3,059,493

	Number of Shares		Fair Value $
Vodafone Group PLC		1,466,191		4,147,066
WPP PLC		97,931		2,053,127
				26,483,234
Total Common Stock (Cost $187,970,294)				217,927,640
Short-Term Investments - 2.2%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.92% (Cost $4,752,027) (d)(p)		4,752,027		4,752,027
Total Investments (Cost $192,722,321)				222,679,667
Other Assets and Liabilities, net - 0.3%				777,609
NET ASSETS - 100.0%				223,457,276

Other Information:

The Fund had the following short futures contracts open at June 30, 2017:

Description	Expiration date		Number of Contracts		Current Notional Value			Unrealized Appreciation
MSCI EAFE Mini Index Futures		September 2017		17	$	(1,606,160	)	$	8,101

The Fund was invested in the following sectors at June 30, 2017 (unaudited):

Industry	Percentage (based on Fair Value)
Diversified Banks		11.67%
Pharmaceuticals		6.10%
Packaged Foods & Meats		4.74%
Building Products		4.44%
Wireless Telecommunication Services		4.12%
Life & Health Insurance		3.59%
Specialty Chemicals		3.34%
Electronic Equipment & Instruments		3.29%
Electrical Components & Equipment		3.22%
Semiconductors		3.01%
Construction Machinery & Heavy Trucks		3.00%
Integrated Oil & Gas		2.89%
Diversified Real Estate Activities		2.79%
Semiconductor Equipment		2.21%
Property & Casualty Insurance		2.08%
Industrial Machinery		1.92%
Electric Utilities		1.90%
Movies & Entertainment		1.84%

Industry	Percentage (based on Fair Value)
Biotechnology		1.82%
Application Software		1.70%
Personal Products		1.69%
Home Building		1.68%
Diversified Metals & Mining		1.62%
Auto Parts & Equipment		1.53%
Security & Alarm Services		1.53%
Cable & Satellite		1.53%
Leisure Products		1.49%
Multi-Line Insurance		1.48%
Construction Materials		1.44%
Healthcare Equipment		1.37%
Oil & Gas Exploration & Production		1.36%
Healthcare Services		1.32%
Aerospace & Defense		1.30%
Communications Equipment		1.20%
Technology Hardware, Storage & Peripherals		1.17%
Automobile Manufacturers		1.08%

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

Elfun International Equity Fund 5

Elfun International Equity Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

Industry	Percentage (based on Fair Value)
Internet Software & Services		1.05%
Internet & Direct Marketing Retail		1.04%
Brewers		0.99%
Advertising		0.92%
Electronic Components		0.88%
Asset Management & Custody Banks		0.53%
		97.87%
Short-Term Investments
Short-Term Investments		2.13%
		2.13%
		100.00%

Affiliate Table

	Number of Shares Held at 12/31/16		Value At 12/31/16		Shares Purchased		Shares Sold		Number of Shares Held at 6/30/17		Value at 6/30/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		6,981,686	$	6,981,686		25,887,802		28,117,461		4,752,027	$	4,752,027	$	9,363
State Street Institutional U.S. Government Money Market Fund - Premier Class		—		—		4,577,575		4,577,575		—		—		230
			$	6,981,686							$	4,752,027	$	9,593

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

6 Elfun International Equity Fund

Elfun Trusts

Understanding Your Fund’s Expenses — June 30, 2017 (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 June 30, 2017.

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 January 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period June 30, 2017	$	1,134.70	$	1,023.90
Expenses paid during the period*	$	0.95	$	0.90

* Expenses are equal to the Fund’s annualized expense ratio of 0.18% (for the period January 1, 2017-June 30, 2017), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Elfun Trusts 7

Elfun Trusts

Fund Information — June 30, 2017 (Unaudited)

Sector Allocation

Portfolio Compositions as a % of Fair Value of $2,591,317 (in thousands) on June 30, 2017 ^(a)(b)

Top Ten Largest Holdings

as of June 30, 2017 (as a % of Fair Value) ^(a)(b)

Visa Inc., Class A	4.63	%
Allergan PLC	4.41	%
CME Group Inc.	4.35	%
PepsiCo Inc.	4.28	%
JPMorgan Chase & Co.	4.23	%
The Charles Schwab Corp.	3.98	%
Apple Inc.	3.83	%
Charter Communications Inc., Class A	3.64	%
American Tower Corp.	3.47	%
Medtronic PLC	3.32	%

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

(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.

8 Elfun Trusts

Elfun Trusts

Schedule of Investments — June 30, 2017 (Unaudited)

	Number of Shares		Fair Value $
Common Stock - 97.2%†
Application Software - 3.5%
Intuit Inc.		300,000		39,843,000
salesforce.com Inc. (a)		600,000		51,960,000
				91,803,000
Automotive Retail - 0.4%
AutoZone Inc. (a)		20,000		11,409,200
Biotechnology - 8.0%
Alexion Pharmaceuticals Inc. (a)		430,000		52,318,100
Amgen Inc.		440,000		75,781,200
Gilead Sciences Inc.		700,000		49,546,000
Vertex Pharmaceuticals Inc. (a)		230,000		29,640,100
				207,285,400
Cable & Satellite - 9.7%
Charter Communications Inc., Class A (a)		280,000		94,318,000
Comcast Corp., Class A		1,360,000		52,931,200
Liberty Global PLC, Class C (a)		2,500,000		77,950,000
Sirius XM Holdings Inc.		4,700,000		25,709,000
				250,908,200
Data Processing & Outsourced Services - 5.9%
PayPal Holdings Inc. (a)		540,000		28,981,800
Square Inc., Class A (a)		200,000		4,692,000
Visa Inc., Class A		1,280,000		120,038,400
				153,712,200
Diversified Banks - 4.2%
JPMorgan Chase & Co.		1,200,000		109,680,000
Financial Exchanges & Data - 7.2%
CME Group Inc.		900,000		112,716,000
S&P Global Inc.		500,000		72,995,000
				185,711,000
Healthcare Equipment - 3.7%
Abbott Laboratories		200,000		9,722,000
Medtronic PLC		970,000		86,087,500
				95,809,500
Healthcare Supplies - 1.5%
The Cooper Companies Inc.		165,000		39,504,300
Home Improvement Retail - 1.7%
Lowe’s Companies Inc.		580,000		44,967,400
Industrial Machinery - 0.9%
Dover Corp.		275,000		22,060,500

	Number of Shares		Fair Value $
Integrated Oil & Gas - 2.0%
Chevron Corp.		490,000		51,121,700
Internet & Direct Marketing Retail - 3.1%
Amazon.com Inc. (a)		82,000		79,376,000
Internet Software & Services - 7.3%
Alibaba Group Holding Ltd. ADR (a)		170,000		23,953,000
Alphabet Inc., Class A (a)		38,000		35,327,840
Alphabet Inc., Class C (a)		83,000		75,424,590
Facebook Inc., Class A (a)		360,000		54,352,800
				189,058,230
Investment Banking & Brokerage - 4.0%
The Charles Schwab Corp.		2,400,000		103,104,000
Movies & Entertainment - 1.4%
The Walt Disney Co.		340,000		36,125,000
Oil & Gas Equipment & Services - 3.3%
Schlumberger Ltd.		1,300,000		85,592,000
Oil & Gas Exploration & Production - 0.3%
Pioneer Natural Resources Co.		50,000		7,979,000
Pharmaceuticals - 8.3%
Allergan PLC		470,000		114,252,300
Johnson & Johnson		460,000		60,853,400
Merck & Company Inc.		275,000		17,624,750
Pfizer Inc.		650,000		21,833,500
				214,563,950
Regional Banks - 1.0%
First Republic Bank		250,000		25,025,000
Reinsurance - 0.3%
Alleghany Corp. (a)		15,000		8,922,000
Restaurants - 0.6%
Starbucks Corp.		280,000		16,326,800
Semiconductor Equipment - 1.8%
Applied Materials Inc.		1,150,000		47,506,500
Semiconductors - 0.7%
Broadcom Ltd.		80,000		18,644,000
Soft Drinks - 4.3%
PepsiCo Inc.		960,000		110,870,400
Specialized REITs - 3.5%
American Tower Corp.		680,000		89,977,600

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

Elfun Trusts 9

Elfun Trusts

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Number of Shares		Fair Value $
Systems Software - 2.3%
Microsoft Corp.		850,000		58,590,500
Technology Hardware, Storage & Peripherals - 3.8%
Apple Inc.		690,000		99,373,800
Trading Companies & Distributors - 2.5%
United Rentals Inc. (a)		580,000		65,371,800
Total Common Stock (Cost $1,462,723,038)				2,520,378,980

	Number of Shares		Fair Value $
Short-Term Investments - 2.7%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.92% (Cost $70,937,689) (d)(p)		70,937,689		70,937,689
Total Investments (Cost $1,533,660,727)				2,591,316,669
Other Assets and Liabilities, net - 0.1%				2,197,281
NET ASSETS - 100.0%				2,593,513,950

Affiliate Table

	Number of Shares Held at 12/31/16		Value At 12/31/16		Shares Purchased		Shares Sold		Number of Shares Held at 6/30/17		Value at 6/30/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		53,209,078	$	53,209,078		129,389,147		111,660,536		70,937,689	$	70,937,689	$	92,127
State Street Institutional U.S. Government Money Market Fund - Premier Class		—		—		156,161,509		156,161,509		—		—		120,554
			$	53,209,078							$	70,937,689	$	212,681

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

10 Elfun Trusts

Elfun Diversified Fund

Understanding Your Fund’s Expenses — June 30, 2017 (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 June 30, 2017.

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 January 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period June 30, 2017	$	1,074.30	$	1,022.71
Expenses paid during the period*	$	2.16	$	2.11

* Expenses are equal to the Fund’s annualized expense ratio of 0.42% (for the period January 1, 2017-June 30, 2017), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Elfun Diversified Fund 11

Elfun Diversified Fund

Fund Information — June 30, 2017 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $212,203 (in thousands) as of June 30, 2017 ^(a)(b)

Top Ten Largest Equity Holdings

as of June 30, 2017 (as a % of Fair Value) ^(a)(b)

Apple Inc.	1.25	%
Microsoft Corp.	0.88	%
Amazon.com Inc.	0.64	%
Facebook Inc., Class A	0.60	%
Johnson & Johnson	0.59	%
Exxon Mobil Corp.	0.57	%
JPMorgan Chase & Co.	0.54	%
Berkshire Hathaway Inc., Class B	0.53	%
Alphabet Inc., Class A	0.46	%
Alphabet Inc., Class C	0.45	%

(a) Fair Value basis is inclusive of short-term investments in various 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.

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

(d) Includes investment in SPDR Bloomberg Barclays High Yield Bond ETF.

12 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments — June 30, 2017 (Unaudited)

	Number of Shares		Fair Value $
Domestic Equity - 34.7%†
Common Stock - 34.7%
Advertising - 0.1%
Omnicom Group Inc.		821		68,061
The Interpublic Group of Companies Inc.		1,466		36,063
				104,124
Aerospace & Defense - 0.8%
Arconic Inc. (h)		1,619		36,670
General Dynamics Corp.		1,007		199,487
L3 Technologies Inc.		286		47,785
Lockheed Martin Corp.		873		242,353
Northrop Grumman Corp.		621		159,417
Raytheon Co.		1,035		167,132
Rockwell Collins Inc.		581		61,051
Textron Inc.		998		47,006
The Boeing Co. (h)		1,979		391,347
TransDigm Group Inc.		165		44,364
United Technologies Corp.		2,627		320,783
				1,717,395
Agricultural & Farm Machinery - 0.1%
Deere & Co.		1,028		127,051
Agricultural Products - 0.0%*
Archer-Daniels-Midland Co. (h)		2,005		82,967
Air Freight & Logistics - 0.3%
CH Robinson Worldwide Inc.		523		35,919
Expeditors International of Washington Inc.		666		37,616
FedEx Corp.		863		187,556
United Parcel Service Inc., Class B		2,408		266,301
				527,392
Airlines - 0.2%
Alaska Air Group Inc. (h)		455		40,841
American Airlines Group Inc. (h)		1,744		87,758
Delta Air Lines Inc.		2,570		138,112
Southwest Airlines Co.		2,164		134,471
United Continental Holdings Inc. (a)		996		74,949
				476,131
Alternative Carriers - 0.0%*
Level 3 Communications Inc. (a)		977		57,936
Apparel Retail - 0.2%
Foot Locker Inc.		500		24,640
L Brands Inc.		887		47,800
Ross Stores Inc.		1,375		79,379
The Gap Inc.		810		17,812

	Number of Shares		Fair Value $
The TJX Companies Inc.		2,208		159,351
				328,982
Apparel, Accessories & Luxury Goods - 0.1%
Coach Inc.		1,036		49,044
Hanesbrands Inc.		1,396		32,331
Michael Kors Holdings Ltd. (a)		607		22,004
PVH Corp.		293		33,549
Ralph Lauren Corp.		208		15,351
Under Armour Inc., Class A (a)		679		14,775
Under Armour Inc., Class C (a)		682		13,749
VF Corp.		1,122		64,627
				245,430
Application Software - 0.4%
Adobe Systems Inc. (a)(h)		1,766		249,783
ANSYS Inc. (a)		300		36,504
Autodesk Inc. (a)(h)		668		67,348
Citrix Systems Inc. (a)		506		40,267
Intuit Inc.		851		113,021
salesforce.com Inc. (a)		2,358		204,203
Synopsys Inc. (a)		500		36,465
				747,591
Asset Management & Custody Banks - 0.4%
Affiliated Managers Group Inc. (h)		202		33,504
Ameriprise Financial Inc.		534		67,973
BlackRock Inc. (h)		429		181,214
Franklin Resources Inc.		1,182		52,942
Invesco Ltd.		1,409		49,582
Northern Trust Corp.		786		76,407
State Street Corp. (e)		1,259		112,970
T Rowe Price Group Inc.		799		59,294
The Bank of New York Mellon Corp. (h)		3,675		187,498
				821,384
Auto Parts & Equipment - 0.0%*
BorgWarner Inc. (h)		739		31,304
Automobile Manufacturers - 0.2%
Ford Motor Co.		13,805		154,478
General Motors Co.		4,823		168,467
				322,945
Automotive Retail - 0.1%
Advance Auto Parts Inc. (h)		272		31,712
AutoNation Inc. (a)(h)		243		10,245
AutoZone Inc. (a)(h)		97		55,335
CarMax Inc. (a)		603		38,025
O’Reilly Automotive Inc. (a)(h)		319		69,778
				205,095

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

Elfun Diversified Fund 13

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Number of Shares		Fair Value $
Biotechnology - 1.1%
AbbVie Inc. (h)		5,602		406,201
Alexion Pharmaceuticals Inc. (a)(h)		788		95,876
Amgen Inc.		2,585		445,215
Biogen Inc. (a)(h)		764		207,319
Celgene Corp. (a)		2,727		354,156
Gilead Sciences Inc.		4,566		323,181
Incyte Corp. (a)		620		78,064
Regeneron Pharmaceuticals Inc. (a)		269		132,117
Vertex Pharmaceuticals Inc. (a)		866		111,601
				2,153,730
Brewers - 0.0%*
Molson Coors Brewing Co., Class B		581		50,164
Broadcasting - 0.1%
CBS Corp., Class B		1,298		82,786
Discovery Communications Inc., Class A (a)		561		14,491
Discovery Communications Inc., Class C (a)		815		20,546
Scripps Networks Interactive Inc., Class A		352		24,045
				141,868
Building Products - 0.1%
Fortune Brands Home & Security Inc.		570		37,187
Johnson Controls International PLC		3,310		143,522
Masco Corp.		1,093		41,763
				222,472
Cable & Satellite - 0.5%
Charter Communications Inc., Class A (a)		752		253,311
Comcast Corp., Class A		16,686		649,419
DISH Network Corp., Class A (a)		800		50,208
				952,938
Casinos & Gaming - 0.0%*
Wynn Resorts Ltd.		293		39,297
Commodity Chemicals - 0.0%*
LyondellBasell Industries N.V., Class A		1,154		97,386
Communications Equipment - 0.3%
Cisco Systems Inc.		17,560		549,628
F5 Networks Inc. (a)		241		30,621
Harris Corp.		409		44,614
Juniper Networks Inc.		1,405		39,171
Motorola Solutions Inc.		513		44,498
				708,532

	Number of Shares		Fair Value $
Computer & Electronics Retail - 0.0%*
Best Buy Company Inc. (h)		908		52,056
Construction & Engineering - 0.0%*
Fluor Corp.		514		23,531
Jacobs Engineering Group Inc.		446		24,258
Quanta Services Inc. (a)		558		18,369
				66,158
Construction Machinery & Heavy Trucks - 0.2%
Caterpillar Inc.		2,081		223,624
Cummins Inc.		539		87,437
PACCAR Inc.		1,225		80,899
				391,960
Construction Materials - 0.1%
Martin Marietta Materials Inc.		211		46,965
Vulcan Materials Co.		449		56,879
				103,844
Consumer Finance - 0.3%
American Express Co. (h)		2,620		220,709
Capital One Financial Corp. (h)		1,691		139,710
Discover Financial Services		1,347		83,770
Navient Corp.		1,119		18,631
Synchrony Financial		2,686		80,097
				542,917
Copper - 0.0%*
Freeport-McMoRan Inc. (a)		4,627		55,570
Data Processing & Outsourced Services - 0.9%
Alliance Data Systems Corp. (h)		193		49,541
Automatic Data Processing Inc. (h)		1,586		162,501
Fidelity National Information Services Inc.		1,152		98,381
Fiserv Inc. (a)		752		92,000
Global Payments Inc.		468		42,270
Mastercard Inc., Class A		3,266		396,656
Paychex Inc.		1,109		63,146
PayPal Holdings Inc. (a)		3,975		213,338
The Western Union Co.		1,791		34,118
Total System Services Inc.		611		35,591
Visa Inc., Class A		6,488		608,445
				1,795,987
Department Stores - 0.0%*
Kohl’s Corp.		652		25,213
Macy’s Inc.		1,129		26,238
Nordstrom Inc.		429		20,519
				71,970

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

14 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Number of Shares		Fair Value $
Distillers & Vintners - 0.1%
Brown-Forman Corp., Class B (h)		674		32,757
Constellation Brands Inc., Class A		606		117,400
				150,157
Distributors - 0.0%*
Genuine Parts Co.		549		50,925
LKQ Corp. (a)		1,136		37,431
				88,356
Diversified Banks - 1.9%
Bank of America Corp. (h)		35,052		850,361
Citigroup Inc.		9,725		650,408
JPMorgan Chase & Co.		12,496		1,142,134
U.S. Bancorp		5,581		289,766
Wells Fargo & Co.		15,855		878,526
				3,811,195
Diversified Chemicals - 0.3%
Eastman Chemical Co.		542		45,523
EI du Pont de Nemours & Co.		3,081		248,667
The Dow Chemical Co.		3,979		250,956
				545,146
Diversified Support Services - 0.0%*
Cintas Corp.		318		40,081
Drug Retail - 0.3%
CVS Health Corp.		3,559		286,357
Walgreens Boots Alliance Inc.		2,941		230,310
				516,667
Electric Utilities - 0.7%
Alliant Energy Corp. (h)		840		33,743
American Electric Power Company Inc. (h)		1,726		119,905
Duke Energy Corp.		2,485		207,721
Edison International		1,143		89,371
Entergy Corp.		662		50,822
Eversource Energy		1,102		66,902
Exelon Corp.		3,260		117,588
FirstEnergy Corp.		1,572		45,839
NextEra Energy Inc.		1,666		233,457
PG&E Corp.		1,788		118,670
Pinnacle West Capital Corp.		411		35,001
PPL Corp. (h)		2,380		92,011
The Southern Co.		3,510		168,059
Xcel Energy Inc.		1,776		81,483
				1,460,572

	Number of Shares		Fair Value $
Electrical Components & Equipment - 0.2%
Acuity Brands Inc. (h)		163		33,135
AMETEK Inc.		755		45,730
Eaton Corporation PLC		1,578		122,816
Emerson Electric Co.		2,274		135,576
Rockwell Automation Inc.		444		71,910
				409,167
Electronic Components - 0.1%
Amphenol Corp., Class A		1,069		78,913
Corning Inc.		3,233		97,152
				176,065
Electronic Equipment & Instruments - 0.0%*
FLIR Systems Inc.		503		17,434
Environmental & Facilities Services - 0.1%
Republic Services Inc.		854		54,425
Stericycle Inc. (a)		314		23,965
Waste Management Inc.		1,412		103,570
				181,960
Fertilizers & Agricultural Chemicals - 0.1%
CF Industries Holdings Inc.		861		24,073
FMC Corp.		494		36,087
Monsanto Co.		1,558		184,405
The Mosaic Co.		1,294		29,542
				274,107
Financial Exchanges & Data - 0.3%
CBOE Holdings Inc.		300		27,420
CME Group Inc. (h)		1,203		150,664
Intercontinental Exchange Inc.		2,100		138,432
Moody’s Corp.		574		69,844
Nasdaq Inc.		421		30,097
S&P Global Inc.		907		132,413
				548,870
Food Distributors - 0.0%*
Sysco Corp.		1,738		87,474
Food Retail - 0.1%
The Kroger Co.		3,227		75,254
Whole Foods Market Inc.		1,176		49,521
				124,775
Footwear - 0.1%
NIKE Inc., Class B		4,625		272,875
General Merchandise Stores - 0.1%
Dollar General Corp.		839		60,484
Dollar Tree Inc. (a)		812		56,775

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

Elfun Diversified Fund 15

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Number of Shares		Fair Value $
Target Corp.		1,945		101,704
				218,963
Gold - 0.0%*
Newmont Mining Corp.		1,860		60,245
Health Care REITs - 0.1%
HCP Inc.		1,727		55,195
Ventas Inc.		1,238		86,016
Welltower Inc.		1,269		94,985
				236,196
Healthcare Distributors - 0.2%
AmerisourceBergen Corp.		568		53,693
Cardinal Health Inc.		1,102		85,868
Henry Schein Inc. (a)		277		50,696
McKesson Corp.		745		122,582
Patterson Companies Inc.		308		14,461
				327,300
Healthcare Equipment - 0.7%
Abbott Laboratories (h)		6,157		299,292
Baxter International Inc. (h)		1,698		102,797
Becton Dickinson and Co. (h)		754		147,113
Boston Scientific Corp. (a)(h)		4,799		133,028
CR Bard Inc. (h)		252		79,660
Danaher Corp.		2,168		182,957
Edwards Lifesciences Corp. (a)		740		87,498
Hologic Inc. (a)		1,028		46,651
IDEXX Laboratories Inc. (a)		301		48,587
Intuitive Surgical Inc. (a)		127		118,792
Stryker Corp.		1,088		150,993
Varian Medical Systems Inc. (a)		345		35,600
Zimmer Biomet Holdings Inc.		700		89,880
				1,522,848
Healthcare Facilities - 0.1%
HCA Healthcare Inc. (a)		1,009		87,985
Universal Health Services Inc., Class B		331		40,408
				128,393
Healthcare Services - 0.1%
DaVita Inc. (a)		583		37,755
Envision Healthcare Corp. (a)		433		27,136
Express Scripts Holding Co. (a)		2,037		130,042
Laboratory Corporation of America Holdings (a)		346		53,333
Quest Diagnostics Inc.		465		51,689
				299,955

	Number of Shares		Fair Value $
Healthcare Supplies - 0.1%
Align Technology Inc. (a)		250		37,530
DENTSPLY SIRONA Inc.		753		48,824
The Cooper Companies Inc.		180		43,096
				129,450
Healthcare Technology - 0.0%*
Cerner Corp. (a)		1,006		66,869
Home Building - 0.1%
DR Horton Inc.		1,253		43,316
Lennar Corp., Class A		726		38,710
PulteGroup Inc.		1,099		26,959
				108,985
Home Entertainment Software - 0.1%
Activision Blizzard Inc. (h)		2,435		140,183
Electronic Arts Inc. (a)		1,068		112,909
				253,092
Home Furnishing Retail - 0.0%*
Bed Bath & Beyond Inc. (h)		562		17,085
Home Furnishings - 0.0%*
Leggett & Platt Inc.		494		25,950
Mohawk Industries Inc. (a)		233		56,314
				82,264
Home Improvement Retail - 0.4%
Lowe’s Companies Inc.		2,983		231,272
The Home Depot Inc.		4,215		646,581
				877,853
Hotel & Resort REITs - 0.0%*
Host Hotels & Resorts Inc.		2,733		49,932
Hotels, Resorts & Cruise Lines - 0.2%
Carnival Corp.		1,459		95,667
Hilton Worldwide Holdings Inc.		700		43,295
Marriott International Inc., Class A		1,103		110,642
Royal Caribbean Cruises Ltd.		571		62,370
Wyndham Worldwide Corp.		348		34,943
				346,917
Household Appliances - 0.0%*
Whirlpool Corp.		249		47,713
Household Products - 0.6%
Church & Dwight Company Inc.		875		45,395
Colgate-Palmolive Co. (h)		3,143		232,991
Kimberly-Clark Corp.		1,263		163,066
The Clorox Co.		446		59,425

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

16 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Number of Shares		Fair Value $
The Procter & Gamble Co.		9,014		785,570
				1,286,447
Housewares & Specialties - 0.0%*
Newell Brands Inc.		1,682		90,189
Human Resource & Employment Services - 0.0%*
Robert Half International Inc.		476		22,815
Hypermarkets & Super Centers - 0.3%
Costco Wholesale Corp.		1,532		245,013
Wal-Mart Stores Inc.		5,182		392,173
				637,186
Independent Power Producers & Energy Traders - 0.0%*
AES Corp. (h)		2,435		27,053
NRG Energy Inc.		1,165		20,061
				47,114
Industrial Conglomerates - 0.8%
3M Co.		2,093		435,742
General Electric Co.		30,723		829,828
Honeywell International Inc.		2,670		355,884
Roper Technologies Inc.		355		82,193
				1,703,647
Industrial Gases - 0.1%
Air Products & Chemicals Inc. (h)		763		109,155
Praxair Inc.		1,004		133,080
				242,235
Industrial Machinery - 0.3%
Dover Corp.		574		46,046
Flowserve Corp.		482		22,379
Fortive Corp.		1,011		64,047
Illinois Tool Works Inc.		1,097		157,145
Ingersoll-Rand PLC		904		82,617
Parker-Hannifin Corp.		463		73,997
Snap-on Inc.		214		33,812
Stanley Black & Decker Inc.		557		78,387
Xylem Inc.		663		36,750
				595,180
Industrial REITs - 0.1%
Prologis Inc. REIT		1,852		108,601
Insurance Brokers - 0.1%
Arthur J Gallagher & Co. (h)		657		37,613
Marsh & McLennan Companies Inc.		1,814		141,420
				179,033

	Number of Shares		Fair Value $
Integrated Oil & Gas - 1.0%
Chevron Corp.		6,652		694,003
Exxon Mobil Corp. (h)		14,895		1,202,473
Occidental Petroleum Corp.		2,702		161,769
				2,058,245
Integrated Telecommunication Services - 0.7%
AT&T Inc. (h)		21,601		815,006
CenturyLink Inc.		2,019		48,213
Verizon Communications Inc.		14,327		639,844
				1,503,063
Internet & Direct Marketing Retail - 1.0%
Amazon.com Inc. (a)(h)		1,395		1,350,360
Expedia Inc.		410		61,070
Netflix Inc. (a)		1,535		229,344
The Priceline Group Inc. (a)		172		321,730
TripAdvisor Inc. (a)		422		16,120
				1,978,624
Internet Software & Services - 1.6%
Akamai Technologies Inc. (a)(h)		640		31,878
Alphabet Inc., Class A (a)(h)		1,046		972,445
Alphabet Inc., Class C (a)(h)		1,052		955,984
eBay Inc. (a)		3,550		123,966
Facebook Inc., Class A (a)(h)		8,366		1,263,099
VeriSign Inc. (a)		336		31,235
				3,378,607
Investment Banking & Brokerage - 0.4%
E*TRADE Financial Corp. (a)		1,011		38,448
Morgan Stanley		5,006		223,067
Raymond James Financial Inc.		470		37,704
The Charles Schwab Corp.		4,306		184,986
The Goldman Sachs Group Inc.		1,298		288,026
				772,231
IT Consulting & Other Services - 0.4%
Cognizant Technology Solutions Corp., Class A		2,041		135,522
CSRA Inc.		537		17,050
DXC Technology Co.		1,004		77,027
Gartner Inc. (a)		300		37,053
International Business Machines Corp.		3,014		463,644
				730,296
Leisure Products - 0.0%*
Hasbro Inc.		415		46,277
Mattel Inc.		1,263		27,192
				73,469

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

Elfun Diversified Fund 17

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Number of Shares		Fair Value $
Life & Health Insurance - 0.3%
Aflac Inc. (h)		1,407		109,296
Lincoln National Corp.		774		52,307
MetLife Inc.		3,760		206,574
Principal Financial Group Inc.		888		56,894
Prudential Financial Inc.		1,518		164,157
Torchmark Corp.		408		31,212
Unum Group		857		39,962
				660,402
Life Sciences Tools & Services - 0.3%
Agilent Technologies Inc. (h)		1,118		66,308
Illumina Inc. (a)		513		89,016
Mettler-Toledo International Inc. (a)		88		51,791
PerkinElmer Inc.		405		27,597
Thermo Fisher Scientific Inc.		1,389		242,339
Waters Corp. (a)		270		49,637
				526,688
Managed Healthcare - 0.6%
Aetna Inc. (h)		1,166		177,034
Anthem Inc.		933		175,525
Centene Corp. (a)		631		50,404
Cigna Corp.		908		151,990
Humana Inc.		521		125,363
UnitedHealth Group Inc.		3,383		627,276
				1,307,592
Metal & Glass Containers - 0.0%*
Ball Corp. (h)		1,292		54,535
Motorcycle Manufacturers - 0.0%*
Harley-Davidson Inc.		653		35,275
Movies & Entertainment - 0.5%
The Walt Disney Co.		5,108		542,725
Time Warner Inc.		2,758		276,931
Twenty-First Century Fox Inc., Class A		3,701		104,887
Twenty-First Century Fox Inc., Class B		1,799		50,138
Viacom Inc., Class B		1,283		43,070
				1,017,751
Multi-Line Insurance - 0.2%
American International Group Inc. (h)		3,104		194,062
Assurant Inc. (h)		211		21,879
Loews Corp.		1,021		47,793
The Hartford Financial Services Group Inc.		1,295		68,078
				331,812

	Number of Shares		Fair Value $
Multi-Sector Holdings - 0.6%
Berkshire Hathaway Inc., Class B (a)(h)		6,673		1,130,206
Leucadia National Corp.		1,197		31,314
				1,161,520
Multi-Utilities - 0.4%
Ameren Corp. (h)		896		48,984
CenterPoint Energy Inc.		1,591		43,562
CMS Energy Corp. (h)		1,031		47,684
Consolidated Edison Inc.		1,065		86,073
Dominion Energy Inc.		2,225		170,502
DTE Energy Co.		623		65,907
NiSource Inc.		1,192		30,229
Public Service Enterprise Group Inc.		1,768		76,042
SCANA Corp.		528		35,381
Sempra Energy		874		98,544
WEC Energy Group Inc.		1,096		67,272
				770,180
Office REITs - 0.1%
Alexandria Real Estate Equities Inc. (h)		330		39,755
Boston Properties Inc. (h)		538		66,185
SL Green Realty Corp.		374		39,569
Vornado Realty Trust		635		59,627
				205,136
Oil & Gas Drilling - 0.0%*
Helmerich & Payne Inc.		400		21,736
Oil & Gas Equipment & Services - 0.3%
Baker Hughes Inc. (h)		1,492		81,329
Halliburton Co.		3,063		130,821
National Oilwell Varco Inc.		1,395		45,951
Schlumberger Ltd.		4,879		321,233
				579,334
Oil & Gas Exploration & Production - 0.5%
Anadarko Petroleum Corp.		1,974		89,501
Apache Corp.		1,321		63,316
Cabot Oil & Gas Corp. (h)		1,718		43,087
Chesapeake Energy Corp. (a)		2,753		13,682
Cimarex Energy Co.		351		32,998
Concho Resources Inc. (a)		539		65,505
ConocoPhillips (h)		4,386		192,809
Devon Energy Corp.		1,834		58,633
EOG Resources Inc.		2,049		185,475
EQT Corp.		638		37,380
Hess Corp.		985		43,212
Marathon Oil Corp.		3,129		37,079

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

18 Elfun Diversified Fund

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Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Number of Shares		Fair Value $
Murphy Oil Corp.		598		15,327
Newfield Exploration Co. (a)		729		20,747
Noble Energy Inc.		1,583		44,799
Pioneer Natural Resources Co.		597		95,269
Range Resources Corp.		694		16,080
				1,054,899
Oil & Gas Refining & Marketing - 0.2%
Marathon Petroleum Corp.		1,849		96,758
Phillips 66		1,555		128,583
Tesoro Corp.		532		49,795
Valero Energy Corp.		1,582		106,722
				381,858
Oil & Gas Storage & Transportation - 0.1%
Kinder Morgan Inc.		6,781		129,924
ONEOK Inc.		1,378		71,876
The Williams Companies Inc.		2,813		85,178
				286,978
Packaged Foods & Meats - 0.4%
Campbell Soup Co. (h)		716		37,339
Conagra Brands Inc.		1,436		51,351
General Mills Inc.		2,044		113,238
Hormel Foods Corp.		997		34,008
Kellogg Co.		833		57,860
McCormick & Company Inc.		423		41,247
Mondelez International Inc., Class A		5,334		230,375
The Hershey Co.		515		55,296
The JM Smucker Co.		430		50,882
The Kraft Heinz Co.		2,113		180,957
Tyson Foods Inc., Class A		993		62,192
				914,745
Paper Packaging - 0.1%
Avery Dennison Corp. (h)		329		29,074
International Paper Co.		1,429		80,896
Sealed Air Corp.		714		31,958
WestRock Co.		927		52,524
				194,452
Personal Products - 0.1%
Coty Inc., Class A		1,737		32,586
The Estee Lauder Companies Inc., Class A		771		74,001
				106,587
Pharmaceuticals - 1.8%
Allergan PLC (h)		1,174		285,388
Bristol-Myers Squibb Co. (h)		5,783		322,229
Eli Lilly & Co.		3,358		276,363

	Number of Shares		Fair Value $
Johnson & Johnson		9,478		1,253,844
Mallinckrodt PLC (a)		391		17,521
Merck & Company Inc.		9,633		617,379
Mylan N.V. (a)		1,600		62,112
Pfizer Inc.		20,913		702,468
Zoetis Inc.		1,724		107,543
				3,644,847
Property & Casualty Insurance - 0.2%
Cincinnati Financial Corp.		554		40,137
The Allstate Corp. (h)		1,280		113,203
The Progressive Corp.		2,033		89,635
The Travelers Companies Inc.		979		123,873
				366,848
Publishing - 0.0%*
News Corp., Class A		1,411		19,331
News Corp., Class B		442		6,254
				25,585
Railroads - 0.3%
CSX Corp.		3,279		178,902
Kansas City Southern		397		41,546
Norfolk Southern Corp.		1,018		123,891
Union Pacific Corp.		2,852		310,611
				654,950
Real Estate Services - 0.0%*
CBRE Group Inc., Class A (a)		1,109		40,368
Regional Banks - 0.5%
BB&T Corp. (h)		2,847		129,282
Citizens Financial Group Inc.		1,761		62,832
Comerica Inc.		636		46,581
Fifth Third Bancorp		2,611		67,782
Huntington Bancshares Inc.		4,007		54,175
KeyCorp		3,722		69,750
M&T Bank Corp.		543		87,939
People’s United Financial Inc.		1,150		20,309
Regions Financial Corp.		4,167		61,005
SunTrust Banks Inc.		1,723		97,729
The PNC Financial Services Group Inc.		1,727		215,650
Zions Bancorporation		752		33,020
				946,054
Research & Consulting Services - 0.1%
Equifax Inc.		442		60,739
Nielsen Holdings PLC		1,241		47,977
Verisk Analytics Inc. (a)		575		48,513
				157,229

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

Elfun Diversified Fund 19

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Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Number of Shares		Fair Value $
Residential REITs - 0.2%
Apartment Investment & Management Co., Class A		579		24,880
AvalonBay Communities Inc. (h)		477		91,665
Equity Residential		1,281		84,328
Essex Property Trust Inc.		223		57,371
Mid-America Apartment Communities Inc.		419		44,154
UDR Inc.		987		38,464
				340,862
Restaurants - 0.4%
Chipotle Mexican Grill Inc. (a)		107		44,523
Darden Restaurants Inc.		455		41,150
McDonald’s Corp.		2,875		440,335
Starbucks Corp.		5,095		297,089
Yum! Brands Inc.		1,168		86,152
				909,249
Retail REITs - 0.2%
Federal Realty Investment Trust		265		33,493
GGP Inc.		2,157		50,819
Kimco Realty Corp.		1,570		28,809
Realty Income Corp.		955		52,697
Regency Centers Corp.		500		31,333
Simon Property Group Inc.		1,091		176,480
The Macerich Co.		446		25,895
				399,526
Semiconductor Equipment - 0.1%
Applied Materials Inc. (h)		3,812		157,474
KLA-Tencor Corp.		577		52,801
Lam Research Corp.		571		80,756
				291,031
Semiconductors - 0.9%
Advanced Micro Devices Inc. (a)(h)		2,850		35,568
Analog Devices Inc.		1,274		99,117
Intel Corp.		16,673		562,547
Microchip Technology Inc.		798		61,590
Micron Technology Inc. (a)		3,642		108,750
NVIDIA Corp.		2,091		302,275
Qorvo Inc. (a)		472		29,887
QUALCOMM Inc.		5,165		285,211
Skyworks Solutions Inc.		646		61,984
Texas Instruments Inc.		3,462		266,332
Xilinx Inc.		853		54,865
				1,868,126
Soft Drinks - 0.6%
Dr Pepper Snapple Group Inc.		639		58,219

	Number of Shares		Fair Value $
Monster Beverage Corp. (a)		1,397		69,403
PepsiCo Inc.		5,057		584,033
The Coca-Cola Co.		13,607		610,274
				1,321,929
Specialized Consumer Services - 0.0%*
H&R Block Inc.		765		23,646
Specialized REITs - 0.4%
American Tower Corp. (h)		1,512		200,068
Crown Castle International Corp.		1,272		127,429
Digital Realty Trust Inc.		543		61,332
Equinix Inc.		264		113,298
Extra Space Storage Inc.		465		36,270
Iron Mountain Inc.		905		31,096
Public Storage		521		108,644
Weyerhaeuser Co.		2,623		87,870
				766,007
Specialty Chemicals - 0.2%
Albemarle Corp. (h)		415		43,799
Ecolab Inc.		919		121,997
International Flavors & Fragrances Inc.		293		39,555
PPG Industries Inc.		895		98,414
The Sherwin-Williams Co.		289		101,428
				405,193
Specialty Stores - 0.1%
Signet Jewelers Ltd.		257		16,253
Staples Inc.		2,403		24,198
Tiffany & Co.		395		37,079
Tractor Supply Co.		485		26,292
Ulta Salon Cosmetics & Fragrance Inc. (a)		207		59,479
				163,301
Steel - 0.0%*
Nucor Corp.		1,076		62,268
Systems Software - 1.3%
CA Inc. (h)		1,157		39,882
Microsoft Corp.		27,188		1,874,069
Oracle Corp.		10,629		532,938
Red Hat Inc. (a)		613		58,695
Symantec Corp.		2,143		60,539
				2,566,123
Technology Hardware, Storage & Peripherals - 1.5%
Apple Inc. (h)		18,364		2,644,783
Hewlett Packard Enterprise Co.		5,873		97,433
HP Inc.		5,929		103,639

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

20 Elfun Diversified Fund

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Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Number of Shares		Fair Value $
NetApp Inc.		1,017		40,731
Western Digital Corp.		954		84,524
Xerox Corp.		786		22,582
				2,993,692
Tires & Rubber - 0.0%*
The Goodyear Tire & Rubber Co.		844		29,506
Tobacco - 0.7%
Altria Group Inc. (h)		6,843		509,598
Philip Morris International Inc.		5,455		640,690
Reynolds American Inc.		2,934		190,827
				1,341,115
Trading Companies & Distributors - 0.1%
Fastenal Co.		1,068		46,490
United Rentals Inc. (a)		311		35,053
WW Grainger Inc.		202		36,467
				118,010
Trucking - 0.0%*
JB Hunt Transport Services Inc.		323		29,516
Water Utilities - 0.0%*
American Water Works Company Inc. (h)		657		51,213
Total Common Stock (Cost $67,720,713)				71,256,193
Preferred Stock - 0.0%*
Diversified Banks - 0.0%*
Wells Fargo & Co. 3.09% + 3 month USD LIBOR (i)		2,735		75,650
Total Preferred Stock (Cost $68,375)				75,650
Total Domestic Equity (Cost $67,789,088)				71,331,843
Foreign Equity - 1.0%
Common Stock - 1.0%
Auto Parts & Equipment - 0.1%
Delphi Automotive PLC		940		82,391
Building Products - 0.0%*
Allegion PLC (h)		354		28,716
Consumer Electronics - 0.0%*
Garmin Ltd.		425		21,688

	Principal Amount ($) or Number of Shares		Fair Value $
Electronic Manufacturing Services - 0.1%
TE Connectivity Ltd.		1,242		97,720
Healthcare Equipment - 0.2%
Medtronic PLC		4,791		425,201
Industrial Machinery - 0.0%*
Pentair PLC		618		41,122
Insurance Brokers - 0.1%
Aon PLC		922		122,580
Willis Towers Watson PLC		445		64,729
				187,309
IT Consulting & Other Services - 0.1%
Accenture PLC, Class A (h)		2,179		269,499
Oil & Gas Drilling - 0.0%*
Transocean Ltd. (a)		1,438		11,835
Oil & Gas Equipment & Services - 0.0%*
TechnipFMC PLC (a)		1,616		43,955
Pharmaceuticals - 0.0%*
Perrigo Company PLC		530		40,026
Property & Casualty Insurance - 0.2%
Chubb Ltd.		1,659		241,186
XL Group Ltd.		874		38,281
				279,467
Reinsurance - 0.0%*
Everest Re Group Ltd.		100		25,459
Research & Consulting Services - 0.0%*
IHS Markit Ltd. (a)		1,100		48,444
Semiconductors - 0.2%
Broadcom Ltd. (h)		1,406		327,668
Technology Hardware, Storage & Peripherals - 0.0%*
Seagate Technology PLC		1,088		42,160
Total Foreign Equity (Cost $1,798,362)				1,972,660
Bonds and Notes - 31.3%
U.S. Treasuries - 7.4%
U.S. Treasury Bond 2.50% 05/15/46		1,101,900		1,026,962
U.S. Treasury Notes 0.88% 03/31/18 - 10/15/18		2,283,600		2,273,095
1.25% 12/31/18		1,303,500		1,301,412

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

Elfun Diversified Fund 21

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
1.38% 12/15/19		3,001,800		2,995,352
1.50% 05/15/20		41,000		40,952
1.63% 03/31/19		400,000		401,812
1.88% 04/30/22		1,486,600		1,486,194
2.00% 07/31/22 - 05/31/24		5,572,700		5,539,099
2.38% 05/15/27		51,000		51,329
				15,116,207
Agency Mortgage Backed - 8.5%
Federal Home Loan Mortgage Corp. 3.50% 12/01/46 (h)		2,527,972		2,598,363
4.50% 06/01/33 - 02/01/35		2,727		2,932
5.00% 07/01/35 - 06/01/41		175,192		193,986
5.50% 05/01/20 - 04/01/39		7,913		8,673
5.50% 01/01/38 (h)		36,698		41,897
6.00% 05/01/20 - 11/01/37		87,297		99,645
6.00% 06/01/37 (h)		26,320		30,304
6.50% 11/01/28 - 07/01/29		6,148		6,847
7.00% 06/01/29 - 08/01/36		20,416		22,548
7.50% 09/01/33		1,182		1,239
8.00% 07/01/26 - 11/01/30		2,142		2,412
8.50% 04/01/30		6,653		7,931
Federal National Mortgage Assoc. 3.00% 02/01/43 - 06/01/43 (h)		1,643,061		1,651,314
3.50% 11/01/42 - 08/01/45 (h)		1,104,051		1,137,697
4.00% 05/01/19 - 06/01/19		3,246		3,361
4.00% 01/01/41 - 03/01/44 (h)		1,031,442		1,091,976
4.50% 05/01/18 - 08/01/20		9,308		9,534
4.50% 07/01/33 - 01/01/41 (h)		1,004,068		1,084,987
5.00% 07/01/20		2,713		2,791
5.00% 03/01/34 - 06/01/41 (h)		292,994		324,768
5.50% 06/01/20 - 07/01/20		20,242		20,906
5.50% 07/01/33 - 01/01/39 (h)		163,831		183,318
6.00% 02/01/20		1,160		1,190
6.00% 01/01/29 - 05/01/41 (h)		504,093		574,517
6.50% 08/01/17 - 01/01/19		2,280		2,312
6.50% 10/01/28 - 08/01/36 (h)		17,932		20,013
7.00% 08/01/17		6		6
7.00% 05/01/33 - 12/01/33 (h)		591		611
7.50% 12/01/26 - 12/01/33 (h)		5,626		6,227
8.00% 06/01/24 - 01/01/33 (h)		8,161		8,432
9.00% 12/01/22 (h)		942		1,008
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR 3.35% 04/01/37(i)		506		521
Federal National Mortgage Assoc. TBA 2.50% TBA (c)		1,165,168		1,170,994
3.00% TBA (c)		1,357,730		1,370,444
4.00% TBA (c)		1,370,148		1,440,047

	Principal Amount $		Fair Value $
Government National Mortgage Assoc. 3.50% 05/20/43		378,414		393,529
4.00% 01/20/41 - 04/20/43		430,770		456,293
4.50% 08/15/33 - 03/20/41		195,904		210,535
5.00% 08/15/33		9,459		10,394
6.00% 07/15/33 - 04/15/34		9,270		10,828
6.50% 04/15/28 - 07/15/36		13,398		14,711
7.00% 04/15/28 - 10/15/36		6,451		7,034
7.50% 07/15/23 - 04/15/28		8,070		8,223
8.00% 05/15/30		194		200
8.50% 10/15/17		2		2
9.00% 11/15/17 - 12/15/21		321		350
3.00% TBA (c)		1,505,516		1,520,571
3.50% TBA (c)		1,081,154		1,119,586
5.00% TBA (c)		400,000		435,811
5.50% TBA (c)		50,000		55,534
				17,367,352
Agency Collateralized Mortgage Obligations - 0.4%
Federal Home Loan Mortgage Corp. 0.08% 09/25/43(g)(i)		169,980		354
Federal Home Loan Mortgage Corp. REMIC 3.50% 11/15/24 - 11/15/30 (g)		112,240		8,412
5.50% 06/15/33 (g)		7,309		1,446
7.50% 07/15/27 (g)		6,959		1,104
8.00% 04/15/20		1		1
Federal Home Loan Mortgage Corp. REMIC 6.00% - 1 month USD LIBOR 4.84% 08/15/43(g)(i)		383,620		77,097
Federal Home Loan Mortgage Corp. REMIC 6.10% - 1 month USD LIBOR 4.94% 06/15/41 - 08/15/46(g)(i)		1,139,668		173,018
Federal Home Loan Mortgage Corp. REMIC 6.20% - 1 month USD LIBOR 5.04% 10/15/42(g)(i)		290,776		54,848
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR 5.44% 08/15/25(g)(i)		51,029		4,300
Federal Home Loan Mortgage Corp. STRIPS 1.47% 08/01/27 (d)(f)		296		272
8.00% 02/01/23 - 07/01/24 (g)		1,116		187

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

22 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Federal Home Loan Mortgage Corp. STRIPS 5.95% - 1 month USD LIBOR 4.79% 03/15/44(g)(i)		524,823		105,143
Federal National Mortgage Assoc. REMIC 0.51% 12/25/22 (d)(f)		285		221
1.21% 12/25/42 (g)(i)		38,986		1,775
5.00% 09/25/40 (g)		49,730		5,447
8.00% 05/25/22 (g)		1		19
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 4.78% 07/25/38 - 08/25/42(g)(i)		1,125,340		218,665
Federal National Mortgage Assoc. REMIC 6.60% - 1 month USD LIBOR 5.38% 10/25/43(g)(i)		268,215		62,285
Federal National Mortgage Assoc. REMIC 7.50% - 1 month USD LIBOR 6.28% 05/25/18(g)(i)		5,104		73
Federal National Mortgage Assoc. STRIPS 4.50% 08/25/35 - 01/25/36 (g)		19,086		3,377
5.00% 03/25/38 - 05/25/38 (g)		10,893		1,661
5.50% 12/25/33 (g)		3,611		710
6.00% 01/25/35 (g)		9,655		1,932
7.50% 11/25/23 (g)		9,862		1,562
8.00% 08/25/23 - 07/25/24 (g)		2,273		445
8.50% 07/25/22 (g)		200		24
8.50% 07/25/22 (g)**		6		—
9.00% 05/25/22 (g)		240		27
Government National Mortgage Assoc. REMIC 4.50% 02/20/38 - 08/16/39 (g)		45,696		2,941
5.00% 01/20/38 - 09/20/38 (g)		15,256		610
Government National Mortgage Assoc. REMIC 6.80% - 1 month USD LIBOR 5.63% 01/16/40(g)(i)		74,901		14,021
				741,977
Asset Backed - 0.2%
Citibank Credit Card Issuance Trust 2014-A6 2.15% 07/15/21		181,000		182,478
Citibank Credit Card Issuance Trust 2016-A1 1.75% 11/19/21		181,000		180,840
				363,318

	Principal Amount $		Fair Value $
Corporate Notes - 12.7%
21st Century Fox America Inc. 3.38% 11/15/26		27,000		26,938
4.75% 11/15/46		12,000		12,825
6.65% 11/15/37		54,000		71,317
Abbott Laboratories 2.90% 11/30/21		98,000		98,932
3.75% 11/30/26		68,000		69,422
4.90% 11/30/46		30,000		33,156
AbbVie Inc. 2.00% 11/06/18		55,000		55,132
3.20% 05/14/26		68,000		67,204
4.45% 05/14/46		23,000		23,775
4.70% 05/14/45		20,000		21,282
ACCO Brands Corp. 5.25% 12/15/24(b)		38,000		39,473
Aetna Inc. 3.50% 11/15/24		57,000		58,803
Aflac Inc. 4.00% 10/15/46		23,000		22,696
Agrium Inc. 4.90% 06/01/43		22,000		23,777
Alexandria Real Estate Equities Inc. 3.95% 01/15/28		38,000		38,646
Allergan Funding SCS 3.00% 03/12/20		45,000		45,981
3.45% 03/15/22		49,000		50,505
3.80% 03/15/25		6,000		6,207
4.55% 03/15/35		18,000		19,228
4.75% 03/15/45		4,000		4,324
Altria Group Inc. 2.63% 09/16/26		30,000		28,887
2.95% 05/02/23		39,000		39,300
3.88% 09/16/46		30,000		29,185
4.50% 05/02/43		17,000		18,122
American Axle & Manufacturing Inc. 6.25% 04/01/25 (b)		37,000		36,075
6.50% 04/01/27 (b)		19,000		18,478
6.63% 10/15/22		20,000		20,500
American Campus Communities Operating Partnership LP 3.35% 10/01/20		36,000		36,931
4.13% 07/01/24		28,000		29,265
American Electric Power Company Inc. 2.95% 12/15/22		75,000		76,349
American Express Co. 3.63% 12/05/24		44,000		45,027
American International Group Inc. 3.75% 07/10/25		54,000		55,008
4.50% 07/16/44		28,000		28,512
4.80% 07/10/45		29,000		30,994

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

Elfun Diversified Fund 23

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
American Tower Corp. (REIT) 3.38% 10/15/26		48,000		46,968
3.40% 02/15/19		140,000		142,930
AmeriGas Partners LP/AmeriGas Finance Corp. 5.63% 05/20/24		19,000		19,618
5.88% 08/20/26		28,000		28,700
Amgen Inc. 2.20% 05/22/19		71,000		71,437
2.65% 05/11/22		63,000		63,203
4.56% 06/15/48		35,000		36,880
Amkor Technology Inc. 6.63% 06/01/21		98,000		99,837
Anadarko Petroleum Corp. 4.85% 03/15/21		5,000		5,336
6.20% 03/15/40		30,000		34,296
6.60% 03/15/46		5,000		6,174
Anheuser-Busch InBev Finance Inc. 2.65% 02/01/21		36,000		36,480
3.65% 02/01/26		140,000		144,252
4.70% 02/01/36		27,000		29,828
4.90% 02/01/46		79,000		89,288
Anheuser-Busch InBev Worldwide Inc. 2.50% 07/15/22		110,000		109,831
Anthem Inc. 3.30% 01/15/23		48,000		48,949
Apache Corp. 5.10% 09/01/40		30,000		30,686
Apple Inc. 2.50% 02/09/22		55,000		55,481
2.85% 05/11/24		63,000		63,306
3.35% 02/09/27		43,000		44,029
3.45% 02/09/45		36,000		33,880
3.85% 08/04/46		40,000		40,034
4.25% 02/09/47		11,000		11,684
4.65% 02/23/46		12,000		13,470
Applied Materials Inc. 3.30% 04/01/27		49,000		49,802
4.35% 04/01/47		18,000		19,134
Aramark Services Inc. 5.13% 01/15/24		47,000		49,409
Archer-Daniels-Midland Co. 2.50% 08/11/26		78,000		74,675
Ascension Health 4.85% 11/15/53		15,000		17,402
AstraZeneca PLC 2.38% 11/16/20		20,000		20,113
3.13% 06/12/27		44,000		43,860
3.38% 11/16/25		33,000		33,709
AT&T Inc. 2.45% 06/30/20		46,000		46,227

	Principal Amount $		Fair Value $
2.63% 12/01/22		44,000		43,119
3.00% 06/30/22		57,000		57,100
4.25% 03/01/27		42,000		43,423
4.45% 04/01/24		43,000		45,269
4.50% 05/15/35		45,000		44,318
4.80% 06/15/44		37,000		36,717
5.25% 03/01/37		40,000		42,661
5.45% 03/01/47		49,000		52,820
Bank of America Corp. 1.70% 08/25/17 (h)		232,000		232,100
2.65% 04/01/19		65,000		65,785
3.25% 10/21/27 (h)		127,000		122,738
3.88% 08/01/25 (h)		59,000		61,042
3.95% 04/21/25 (h)		54,000		54,720
4.25% 10/22/26 (h)		48,000		49,434
Bank of America Corp. 1.16% + 3 month USD LIBOR 3.12% 01/20/23(h)(i)		69,000		69,750
Bank of America Corp. 1.58% + 3 month USD LIBOR 3.82% 01/20/28(h)(i)		62,000		63,083
Bank of America Corp. 1.81% + 3 month USD LIBOR 4.24% 04/24/38(h)(i)		67,000		69,753
Bank of America Corp. 1.99% + 3 month USD LIBOR 4.44% 01/20/48(h)(i)		48,000		50,906
Barrick Gold Corp. 4.10% 05/01/23		15,000		16,226
Barrick North America Finance LLC 5.70% 05/30/41		10,000		11,856
Baxalta Inc. 2.88% 06/23/20		48,000		48,763
Becton Dickinson and Co. 2.89% 06/06/22		44,000		44,055
3.70% 06/06/27		31,000		31,049
3.73% 12/15/24		3,000		3,049
4.67% 06/06/47		22,000		22,661
4.69% 12/15/44		2,000		2,063
Berkshire Hathaway Inc. 4.50% 02/11/43		14,000		15,450
Berry Plastics Corp. 5.13% 07/15/23		60,000		62,475
BHP Billiton Finance USA Ltd. 5.00% 09/30/43		17,000		19,699
Biogen Inc. 2.90% 09/15/20		20,000		20,427
BMW US Capital LLC 2.00% 04/11/21 (b)		30,000		29,727
2.80% 04/11/26 (b)		40,000		38,912
Boardwalk Pipelines LP 4.45% 07/15/27		38,000		38,909

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

24 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
BP Capital Markets PLC 1.38% 05/10/18		55,000		54,887
3.22% 11/28/23		50,000		50,771
Brighthouse Financial Inc. 3.70% 06/22/27 (b)		22,000		21,662
4.70% 06/22/47 (b)		16,000		15,730
Brixmor Operating Partnership LP 3.90% 03/15/27		100,000		97,549
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.00% 01/15/22 (b)		34,000		34,300
3.63% 01/15/24 (b)		50,000		51,138
3.88% 01/15/27 (b)		46,000		47,242
Buckeye Partners LP 3.95% 12/01/26		30,000		29,698
5.60% 10/15/44		14,000		14,471
Burlington Northern Santa Fe LLC 3.65% 09/01/25		48,000		50,521
CalAtlantic Group Inc. 5.25% 06/01/26		56,000		58,100
Calpine Corp. 5.75% 01/15/25		57,000		53,437
5.88% 01/15/24 (b)		129,000		132,870
Canadian Natural Resources Ltd. 3.85% 06/01/27		26,000		25,851
4.95% 06/01/47		18,000		18,293
Capital One Financial Corp. 4.20% 10/29/25		92,000		92,776
Cardinal Health Inc. 2.62% 06/15/22		44,000		44,036
3.08% 06/15/24		26,000		26,056
3.41% 06/15/27		44,000		43,812
4.37% 06/15/47		11,000		11,323
Caterpillar Inc. 4.30% 05/15/44		30,000		32,401
Catholic Health Initiatives 2.60% 08/01/18		30,000		30,159
4.35% 11/01/42		24,000		21,689
CBL & Associates LP 5.95% 12/15/26		8,000		7,923
CBS Corp. 2.50% 02/15/23 (c)		45,000		44,470
2.90% 01/15/27		48,000		45,467
3.38% 02/15/28 (c)		45,000		44,109
CCO Holdings LLC/CCO Holdings Capital Corp. 5.88% 04/01/24(b)		56,000		59,780
Celgene Corp. 3.88% 08/15/25		25,000		26,111
5.00% 08/15/45		4,000		4,510
Cenovus Energy Inc. 5.40% 06/15/47(b)		9,000		8,411

	Principal Amount $		Fair Value $
CenturyLink Inc. 5.80% 03/15/22		77,000		80,080
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.13% 12/15/21(b)		96,000		97,680
Charter Communications Operating LLC/Charter Communications Operating Capital 3.58% 07/23/20		69,000		71,297
4.91% 07/23/25		99,000		106,961
6.38% 10/23/35		9,000		10,679
6.48% 10/23/45		19,000		22,832
Chevron Corp. 3.19% 06/24/23		45,000		46,568
Chubb INA Holdings Inc. 4.35% 11/03/45		20,000		21,962
Cigna Corp. 3.25% 04/15/25		47,000		47,187
Cimarex Energy Co. 3.90% 05/15/27		32,000		32,179
Cinemark USA Inc. 4.88% 06/01/23		42,000		42,906
Cisco Systems Inc. 2.50% 09/20/26		48,000		46,033
Citigroup Inc. 1.75% 05/01/18		183,000		182,921
2.05% 12/07/18		85,000		85,129
4.45% 09/29/27		68,000		70,729
Citigroup Inc. 1.10% + 3 month USD LIBOR 2.28% 05/17/24(i)		90,000		89,908
Citigroup Inc. 1.56% + 3 month USD LIBOR 3.89% 01/10/28(i)		50,000		50,819
Citigroup Inc. 1.84% + 3 month USD LIBOR 4.28% 04/24/48(i)		91,000		93,244
CMS Energy Corp. 4.88% 03/01/44		47,000		52,457
CNA Financial Corp. 5.88% 08/15/20		58,000		63,869
CNH Industrial N.V. 4.50% 08/15/23		56,000		59,500
Columbia Pipeline Group Inc. 3.30% 06/01/20		30,000		30,736
Comcast Corp. 3.38% 08/15/25		28,000		28,728
4.20% 08/15/34		46,000		48,764
4.60% 08/15/45		45,000		49,142
ConocoPhillips Co. 3.35% 11/15/24		44,000		44,814
5.95% 03/15/46		10,000		12,523

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

Elfun Diversified Fund 25

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Consolidated Edison Company of New York Inc. 2.90% 12/01/26		40,000		39,218
Constellation Brands Inc. 2.70% 05/09/22		45,000		44,940
3.50% 05/09/27		28,000		27,977
4.50% 05/09/47		13,000		13,401
Corporation Andina de Fomento 4.38% 06/15/22		121,000		130,840
Costco Wholesale Corp. 3.00% 05/18/27		88,000		87,773
CSX Corp. 4.50% 08/01/54		29,000		30,450
CVS Health Corp. 3.88% 07/20/25		34,000		35,355
5.13% 07/20/45		44,000		50,511
Daimler Finance North America LLC 2.38% 08/01/18(b)		150,000		150,963
Dana Financing Luxembourg Sarl 6.50% 06/01/26(b)		56,000		59,605
Danaher Corp. 4.38% 09/15/45		26,000		28,452
Dell International LLC/EMC Corp. 3.48% 06/01/19 (b)		73,000		74,709
4.42% 06/15/21 (b)		48,000		50,598
6.02% 06/15/26 (b)		25,000		27,540
8.35% 07/15/46 (b)		15,000		19,380
Delphi Automotive PLC 4.40% 10/01/46		25,000		24,964
Deutsche Bank AG 3.70% 05/30/24		24,000		23,997
Deutsche Telekom International Finance BV 2.49% 09/19/23(b)		150,000		145,592
Devon Energy Corp. 5.00% 06/15/45		22,000		22,440
5.85% 12/15/25		10,000		11,365
Dexia Credit Local S.A. 2.25% 01/30/19(h)(b)		250,000		251,606
Diageo Investment Corp. 2.88% 05/11/22		43,000		44,045
Dollar General Corp. 1.88% 04/15/18		95,000		95,070
Dominion Energy Inc. 2.58% 07/01/20		31,000		31,158
3.63% 12/01/24		35,000		35,861
DTE Energy Co. 2.85% 10/01/26		60,000		57,073
Duke Energy Corp. 3.75% 09/01/46		20,000		19,029
Duke Energy Progress LLC 4.15% 12/01/44		30,000		31,450

	Principal Amount $		Fair Value $
Eastman Chemical Co. 3.60% 08/15/22		21,000		21,786
Ecopetrol S.A. 5.88% 05/28/45(h)		41,000		37,638
EI du Pont de Nemours & Co. 0.53% + 3 month USD LIBOR 1.70% 05/01/20(i)		44,000		44,264
Electricite de France S.A. 2.15% 01/22/19(b)		100,000		100,326
Eli Lilly & Co. 3.10% 05/15/27		42,000		42,412
3.70% 03/01/45		10,000		9,892
3.95% 05/15/47		18,000		18,614
Embraer Netherlands Finance BV 5.40% 02/01/27		32,000		33,440
Emera US Finance LP 3.55% 06/15/26		35,000		35,084
4.75% 06/15/46		10,000		10,568
Enable Midstream Partners LP 4.40% 03/15/27		88,000		88,326
Enbridge Energy Partners LP 5.50% 09/15/40		12,000		12,584
Encana Corp. 3.90% 11/15/21		48,000		48,921
Energy Transfer Equity LP 5.88% 01/15/24		157,000		166,420
Energy Transfer LP 5.30% 04/15/47		23,000		22,785
6.50% 02/01/42		36,000		40,259
Entergy Louisiana LLC 3.05% 06/01/31		30,000		28,972
Enterprise Products Operating LLC 3.95% 02/15/27		68,000		70,293
EOG Resources Inc. 4.15% 01/15/26		48,000		50,437
ERP Operating LP 4.50% 07/01/44		19,000		20,281
Exelon Corp. 3.50% 06/01/22		63,000		64,608
4.45% 04/15/46		44,000		45,540
Express Scripts Holding Co. 3.40% 03/01/27		35,000		33,783
4.80% 07/15/46		15,000		15,279
Exxon Mobil Corp. 2.22% 03/01/21		31,000		31,201
3.04% 03/01/26		15,000		15,130
FirstEnergy Corp. 3.90% 07/15/27		26,000		26,005
4.85% 07/15/47		9,000		9,122
Five Corners Funding Trust 4.42% 11/15/23(b)(h)		200,000		214,747
Florida Power & Light Co. 4.13% 02/01/42		27,000		28,637

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

26 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Ford Motor Co. 4.35% 12/08/26		84,000		86,508
Frontier Communications Corp. 7.13% 03/15/19		91,000		94,867
11.00% 09/15/25		70,000		64,925
General Dynamics Corp. 2.13% 08/15/26		20,000		18,761
General Motors Co. 5.20% 04/01/45		9,000		8,841
General Motors Financial Company Inc. 3.15% 01/15/20		64,000		65,093
5.25% 03/01/26		79,000		85,337
Georgia-Pacific LLC 3.60% 03/01/25(b)		12,000		12,373
Gilead Sciences Inc. 1.95% 03/01/22		30,000		29,398
2.95% 03/01/27		44,000		42,708
3.65% 03/01/26		48,000		49,440
4.15% 03/01/47		20,000		20,141
4.80% 04/01/44		26,000		28,371
Glencore Finance Canada Ltd. 5.55% 10/25/42(b)		13,000		13,845
Glencore Funding LLC 4.00% 03/27/27(b)		90,000		88,560
Great Plains Energy Inc. 2.50% 03/09/20		44,000		44,407
3.15% 04/01/22		26,000		26,272
3.90% 04/01/27		28,000		28,328
4.85% 04/01/47		2,000		2,061
Halliburton Co. 3.80% 11/15/25		45,000		46,121
5.00% 11/15/45		28,000		29,832
HCA Inc. 4.75% 05/01/23		122,000		129,015
Hess Corp. 4.30% 04/01/27		25,000		24,422
5.60% 02/15/41		20,000		19,684
5.80% 04/01/47		15,000		15,144
Hewlett Packard Enterprise Co. 6.35% 10/15/45		15,000		15,872
Honeywell International Inc. 1.40% 10/30/19		48,000		47,677
2.50% 11/01/26		57,000		54,650
HSBC USA Inc. 2.35% 03/05/20		101,000		101,586
Hyundai Capital America 2.13% 10/02/17 (b)		35,000		35,025
3.10% 04/05/22 (b)		24,000		24,061
Illinois Tool Works Inc. 3.50% 03/01/24		47,000		49,245
Ingersoll-Rand Luxembourg Finance S.A. 3.55% 11/01/24		63,000		64,526
Ingles Markets Inc. 5.75% 06/15/23		38,000		37,383

	Principal Amount $		Fair Value $
Intel Corp. 2.45% 07/29/20		45,000		45,756
2.60% 05/19/26		82,000		79,327
2.88% 05/11/24		90,000		90,318
International Flavors & Fragrances Inc. 4.38% 06/01/47		13,000		13,255
International Paper Co. 4.40% 08/15/47		45,000		45,359
Interstate Power & Light Co. 3.40% 08/15/25		150,000		151,639
j2 Cloud Services LLC/j2 Global Co-Obligor Inc. 6.00% 07/15/25(b)		5,000		5,150
JB Poindexter & Company Inc. 9.00% 04/01/22(b)		23,000		24,121
JBS USA LUX S.A./JBS USA Finance Inc. 5.75% 06/15/25(b)		59,000		55,460
Jefferies Group LLC 5.13% 01/20/23		83,000		90,372
6.50% 01/20/43		26,000		29,417
Johnson & Johnson 3.63% 03/03/37		35,000		36,644
Johnson Controls International PLC 4.50% 02/15/47		18,000		19,160
JPMorgan Chase & Co. 2.30% 08/15/21		42,000		41,752
2.55% 10/29/20		92,000		92,764
3.30% 04/01/26		79,000		78,455
3.63% 12/01/27		30,000		29,696
JPMorgan Chase & Co. 1.16% + 3 month USD LIBOR 3.22% 03/01/25(i)		44,000		44,009
JPMorgan Chase & Co. 1.34% + 3 month USD LIBOR 3.78% 02/01/28(i)		33,000		33,750
JPMorgan Chase & Co. 1.38% + 3 month USD LIBOR 3.54% 05/01/28(i)		73,000		73,402
JPMorgan Chase & Co. 3.32% + 3 month USD LIBOR 5.00% 12/29/49(i)		36,000		36,900
JPMorgan Chase & Co. 3.33% + 3 month USD LIBOR 6.10% 10/29/49(i)		110,000		119,350
KB Home 7.00% 12/15/21		97,000		108,640
Kinder Morgan Energy Partners LP 3.50% 09/01/23		22,000		22,179
6.38% 03/01/41		20,000		22,577
Kinder Morgan Inc. 3.05% 12/01/19		19,000		19,331
5.05% 02/15/46		20,000		20,111
5.55% 06/01/45		35,000		37,138

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

Elfun Diversified Fund 27

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Kraft Heinz Foods Co. 3.00% 06/01/26		12,000		11,481
4.38% 06/01/46		38,000		37,034
Kreditanstalt fuer Wiederaufbau 2.00% 10/04/22		55,000		54,684
4.50% 07/16/18		102,000		105,215
L Brands Inc. 5.63% 02/15/22		66,000		70,620
Lee Enterprises Inc. 9.50% 03/15/22(b)		78,000		80,340
Lennar Corp. 4.50% 11/15/19		81,000		84,037
4.75% 05/30/25		39,000		40,755
Levi Strauss & Co. 5.00% 05/01/25		59,000		61,655
Lincoln National Corp. 3.63% 12/12/26		74,000		74,317
Lockheed Martin Corp. 3.55% 01/15/26		40,000		41,452
3.80% 03/01/45		20,000		19,717
4.70% 05/15/46		21,000		23,631
Lowe’s Companies Inc. 3.70% 04/15/46		29,000		27,995
LYB International Finance BV 4.88% 03/15/44		15,000		15,905
LYB International Finance II BV 3.50% 03/02/27		65,000		64,080
Macy’s Retail Holdings Inc. 4.30% 02/15/43		11,000		8,535
Marathon Oil Corp. 3.85% 06/01/25		25,000		24,405
5.90% 03/15/18		25,000		25,641
6.00% 10/01/17		103,000		103,978
Marathon Petroleum Corp. 3.63% 09/15/24		45,000		45,474
Marsh & McLennan Companies Inc. 3.50% 03/10/25		47,000		48,243
Masco Corp. 4.38% 04/01/26		10,000		10,667
McDonald’s Corp. 3.70% 01/30/26		58,000		60,072
4.88% 12/09/45		20,000		22,329
Medtronic Inc. 3.50% 03/15/25		34,000		35,380
4.63% 03/15/45		43,000		48,463
Memorial Sloan-Kettering Cancer Center 4.13% 07/01/52		30,000		30,527
Merck & Company Inc. 2.75% 02/10/25		93,000		92,624
MetLife Inc. 4.72% 12/15/44		28,000		31,253

	Principal Amount $		Fair Value $
MGM Resorts International 4.63% 09/01/26		37,000		37,370
5.25% 03/31/20		59,000		62,466
6.63% 12/15/21		98,000		110,005
Microsoft Corp. 1.55% 08/08/21		47,000		45,982
2.40% 08/08/26		58,000		55,824
3.45% 08/08/36		30,000		30,055
3.70% 08/08/46		30,000		29,732
4.00% 02/12/55		45,000		45,646
4.10% 02/06/37		25,000		26,960
4.25% 02/06/47		48,000		52,046
Mizuho Financial Group Inc. 2.63% 04/12/21(b)		200,000		199,980
Molson Coors Brewing Co. 2.10% 07/15/21		69,000		67,846
3.00% 07/15/26		50,000		48,097
4.20% 07/15/46		21,000		20,610
Monsanto Co. 4.70% 07/15/64		12,000		12,106
Morgan Stanley 2.45% 02/01/19		138,000		138,926
2.63% 11/17/21		78,000		77,877
2.65% 01/27/20		44,000		44,461
3.63% 01/20/27		45,000		45,287
3.70% 10/23/24		23,000		23,606
3.95% 04/23/27		93,000		93,595
4.00% 07/23/25		45,000		46,972
4.10% 05/22/23		106,000		110,645
4.38% 01/22/47		43,000		44,924
Morgan Stanley 1.40% + 3 month USD LIBOR 2.55% 10/24/23(i)		100,000		101,736
MPLX LP 4.13% 03/01/27		28,000		28,098
5.20% 03/01/47		15,000		15,384
Mylan N.V. 3.15% 06/15/21		24,000		24,414
3.95% 06/15/26		25,000		25,333
National Retail Properties Inc. 4.00% 11/15/25		45,000		46,021
NCL Corporation Ltd. 4.63% 11/15/20 (b)		49,000		50,302
4.75% 12/15/21 (b)		26,000		26,988
Newell Brands Inc. 3.85% 04/01/23		47,000		49,341
4.20% 04/01/26		39,000		41,414
5.50% 04/01/46		30,000		36,171
Newmont Mining Corp. 4.88% 03/15/42		37,000		39,145
Nexen Energy ULC 6.40% 05/15/37		12,000		15,287

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

28 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
NextEra Energy Capital Holdings Inc. 3.55% 05/01/27		44,000		44,678
Noble Energy Inc. 3.90% 11/15/24		54,000		55,493
Northern States Power Co. 2.20% 08/15/20		94,000		94,233
Northern Trust Corp. 1.13% + 3 month USD LIBOR 3.38% 05/08/32(i)		45,000		44,986
Northrop Grumman Corp. 3.85% 04/15/45		11,000		10,925
Novartis Capital Corp. 3.00% 11/20/25		8,000		8,083
4.00% 11/20/45		12,000		12,587
NRG Energy Inc. 6.25% 07/15/22		59,000		60,549
Nucor Corp. 4.13% 09/15/22		20,000		21,394
Occidental Petroleum Corp. 4.10% 02/15/47		25,000		24,935
Omnicom Group Inc. 3.63% 05/01/22		31,000		32,353
Oracle Corp. 1.90% 09/15/21		48,000		47,573
2.40% 09/15/23		34,000		33,554
4.00% 07/15/46		30,000		30,342
Pacific Gas & Electric Co. 3.40% 08/15/24		140,000		144,391
PacifiCorp 6.25% 10/15/37		57,000		75,764
Parker-Hannifin Corp. 3.25% 03/01/27(b)		98,000		99,013
PepsiCo Inc. 3.45% 10/06/46		19,000		17,880
Petroleos Mexicanos 4.50% 01/23/26		91,000		88,455
5.38% 03/13/22 (b)		50,000		52,637
5.63% 01/23/46		19,000		16,844
6.38% 01/23/45		25,000		24,375
6.50% 03/13/27 (b)		50,000		53,712
6.75% 09/21/47		40,000		40,395
PetSmart Inc. 5.88% 06/01/25 (b)		50,000		48,188
7.13% 03/15/23 (b)		57,000		50,730
Pfizer Inc. 3.00% 12/15/26		69,000		69,200
4.13% 12/15/46		25,000		26,556
4.40% 05/15/44		14,000		15,394
Philip Morris International Inc. 4.13% 03/04/43		39,000		39,394
Plains All American Pipeline LP/PAA Finance Corp. 4.70% 06/15/44		20,000		18,254

	Principal Amount $		Fair Value $
Potash Corporation of Saskatchewan Inc. 4.00% 12/15/26		51,000		52,592
PPL Capital Funding Inc. 3.10% 05/15/26		57,000		55,791
Precision Castparts Corp. 4.38% 06/15/45		28,000		30,363
Prologis LP 3.75% 11/01/25		45,000		46,852
Prudential Financial Inc. 3.03% + 3 month USD LIBOR 5.38% 05/15/45(i)		45,000		48,713
Public Service Electric & Gas Co. 2.38% 05/15/23		72,000		71,421
PulteGroup Inc. 4.25% 03/01/21		20,000		20,850
5.50% 03/01/26		60,000		63,900
QUALCOMM Inc. 2.10% 05/20/20		44,000		44,199
2.90% 05/20/24		44,000		43,899
3.25% 05/20/27		16,000		16,038
4.30% 05/20/47		18,000		18,376
4.80% 05/20/45		14,000		15,387
Realty Income Corp. 3.00% 01/15/27		68,000		64,410
Regency Energy Partners LP/Regency Energy Finance Corp. 4.50% 11/01/23		41,000		42,537
RenaissanceRe Finance Inc. 3.45% 07/01/27		36,000		35,404
Reynolds American Inc. 4.45% 06/12/25		33,000		35,427
5.85% 08/15/45		13,000		15,939
Rio Tinto Finance USA PLC 4.13% 08/21/42		23,000		23,766
Rockwell Collins Inc. 2.80% 03/15/22		41,000		41,374
3.20% 03/15/24		46,000		46,616
3.50% 03/15/27		45,000		45,636
4.35% 04/15/47		23,000		24,094
Rogers Communications Inc. 5.00% 03/15/44		17,000		19,440
RPM International Inc. 3.75% 03/15/27		51,000		51,831
Ryder System Inc. 2.45% 09/03/19		116,000		117,060
Sabine Pass Liquefaction LLC 4.20% 03/15/28 (b)		99,000		100,032
5.00% 03/15/27		22,000		23,421
Santander Holdings USA Inc. 2.65% 04/17/20		78,000		77,795
3.70% 03/28/22 (b)		91,000		92,166

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

Elfun Diversified Fund 29

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Schlumberger Holdings Corp. 3.00% 12/21/20 (b)		38,000		38,688
4.00% 12/21/25 (b)		20,000		20,968
Select Income REIT 4.25% 05/15/24		44,000		43,596
Sempra Energy 3.25% 06/15/27		44,000		43,364
Shell International Finance BV 2.88% 05/10/26		50,000		49,343
3.40% 08/12/23		63,000		65,406
3.75% 09/12/46		18,000		17,060
4.13% 05/11/35		27,000		28,143
Shire Acquisitions Investments Ireland DAC 2.40% 09/23/21		43,000		42,494
2.88% 09/23/23		55,000		54,507
3.20% 09/23/26		22,000		21,515
Simon Property Group LP 3.38% 06/15/27		46,000		45,784
Sinclair Television Group Inc. 5.38% 04/01/21		103,000		105,729
Smithfield Foods Inc. 2.70% 01/31/20 (b)		20,000		20,104
4.25% 02/01/27 (b)		50,000		51,278
Southern California Edison Co. 2.40% 02/01/22		35,000		35,110
Southern Copper Corp. 5.88% 04/23/45		20,000		21,434
Spectra Energy Partners LP 3.38% 10/15/26		25,000		24,439
4.50% 03/15/45		10,000		9,869
Sprint Corp. 7.63% 02/15/25		114,000		131,242
Standard Industries Inc. 5.38% 11/15/24(b)		118,000		124,342
Statoil ASA 3.95% 05/15/43		23,000		22,541
Sunoco LP/Sunoco Finance Corp. 5.50% 08/01/20		39,000		39,975
6.25% 04/15/21		19,000		19,855
SunTrust Banks Inc. 3.10% + 3 month USD LIBOR 5.05% 12/31/99(i)		92,000		93,380
SUPERVALU Inc. 6.75% 06/01/21		97,000		95,060
Sysco Corp. 3.25% 07/15/27		44,000		43,288
T-Mobile USA Inc. 6.63% 04/01/23		62,000		65,608
Tampa Electric Co. 4.35% 05/15/44		47,000		48,193
Target Corp. 2.50% 04/15/26		48,000		45,510

	Principal Amount $		Fair Value $
Teachers Insurance & Annuity Association of America 4.90% 09/15/44(b)		20,000		22,417
TEGNA Inc. 5.50% 09/15/24(b)		25,000		25,750
Telefonica Emisiones SAU 4.10% 03/08/27		150,000		154,988
Tenet Healthcare Corp. 4.75% 06/01/20		36,000		37,260
6.00% 10/01/20		96,000		102,840
Tesoro Corp. 4.75% 12/15/23 (b)		76,000		81,844
5.13% 12/15/26 (b)		28,000		30,453
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/01/26		30,000		28,493
4.10% 10/01/46		12,000		11,069
The Allstate Corp. 4.20% 12/15/46		20,000		20,903
The Allstate Corp. 2.94% + 3 month USD LIBOR 5.75% 08/15/53(i)		51,000		55,845
The Bank of New York Mellon Corp. 0.63% + 3 month USD LIBOR 2.66% 05/16/23(i)		88,000		88,198
The Bank of New York Mellon Corp. 1.07% + 3 month USD LIBOR 3.44% 02/07/28(i)		49,000		49,730
The Bank of New York Mellon Corp. 3.13% + 3 month USD LIBOR 4.63% 12/29/49(i)		100,000		100,860
The Dow Chemical Co. 4.25% 10/01/34		43,000		44,392
The Estee Lauder Companies Inc. 3.15% 03/15/27		68,000		68,545
The Goldman Sachs Group Inc. 2.30% 12/13/19		138,000		138,360
2.35% 11/15/21		77,000		76,064
2.38% 01/22/18		90,000		90,400
2.63% 04/25/21		61,000		61,116
2.90% 07/19/18		60,000		60,682
3.85% 01/26/27		69,000		70,201
4.25% 10/21/25		30,000		31,013
4.80% 07/08/44		19,000		21,098
5.15% 05/22/45		45,000		50,065
The Goldman Sachs Group Inc. 1.05% + 3 month USD LIBOR 2.91% 06/05/23(i)		90,000		89,643
The Goldman Sachs Group Inc. 1.51% + 3 month USD LIBOR 3.69% 06/05/28(i)		45,000		45,184

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

30 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
The Home Depot Inc. 3.35% 09/15/25		64,000		66,464
3.50% 09/15/56		26,000		23,600
3.90% 06/15/47		61,000		61,933
The Kroger Co. 2.95% 11/01/21		63,000		63,517
The Mosaic Co. 5.63% 11/15/43		10,000		10,222
The Nielsen Company Luxembourg Sarl 5.00% 02/01/25(b)		38,000		38,950
The Sherwin-Williams Co. 2.25% 05/15/20		46,000		46,099
2.75% 06/01/22		37,000		36,974
3.13% 06/01/24		45,000		45,216
3.45% 06/01/27		42,000		42,299
4.50% 06/01/47		42,000		44,073
The Southern Co. 3.25% 07/01/26		23,000		22,502
4.40% 07/01/46		17,000		17,334
The Southern Co. 3.63% + 3 month USD LIBOR 5.50% 03/15/57(i)		51,000		53,786
The Toronto-Dominion Bank 2.21% + USD 5 year Swap Rate 3.63% 09/15/31(i)		56,000		55,562
The Walt Disney Co. 4.13% 06/01/44		20,000		21,024
Time Inc. 5.75% 04/15/22(b)		81,000		83,734
Time Warner Cable LLC 4.50% 09/15/42		9,000		8,575
6.55% 05/01/37		28,000		33,470
Time Warner Inc. 3.80% 02/15/27		52,000		52,357
5.35% 12/15/43		67,000		73,887
TransCanada PipeLines Ltd. 4.88% 01/15/26		24,000		26,848
Tyco Electronics Group S.A. 2.35% 08/01/19		93,000		93,522
Tyson Foods Inc. 2.65% 08/15/19		20,000		20,253
4.55% 06/02/47		31,000		32,683
U.S. Bancorp 3.49% + 3 month USD LIBOR 5.13% 12/29/49(i)		94,000		100,021
United Technologies Corp. 2.65% 11/01/26		78,000		75,849
3.75% 11/01/46		18,000		17,652
UnitedHealth Group Inc. 4.75% 07/15/45		57,000		65,568

	Principal Amount $		Fair Value $
Vale Overseas Ltd. 4.38% 01/11/22		26,000		26,463
5.88% 06/10/21		50,000		53,675
6.25% 08/10/26		43,000		46,386
6.88% 11/10/39		15,000		16,088
Ventas Realty LP 3.25% 10/15/26		49,000		47,098
Verizon Communications Inc. 4.40% 11/01/34		45,000		44,604
4.67% 03/15/55		32,000		29,958
4.86% 08/21/46		45,000		44,989
5.05% 03/15/34		78,000		82,658
5.15% 09/15/23		66,000		73,302
5.25% 03/16/37		32,000		34,438
Viacom Inc. 3.45% 10/04/26		48,000		46,348
Videotron Ltd./Videotron Ltee 5.13% 04/15/27(b)		4,000		4,110
Virginia Electric & Power Co. 4.00% 11/15/46		50,000		51,633
Visa Inc. 3.15% 12/14/25		48,000		48,737
4.30% 12/14/45		28,000		30,755
W.R. Grace & Co. 5.63% 10/01/24(b)		98,000		104,737
Wabtec Corp. 3.45% 11/15/26(b)		49,000		48,318
Wal-Mart Stores Inc. 4.30% 04/22/44		38,000		42,149
Walgreens Boots Alliance Inc. 4.65% 06/01/46		15,000		15,722
WEC Energy Group Inc. 3.55% 06/15/25		70,000		72,190
WellCare Health Plans Inc. 5.25% 04/01/25		44,000		46,090
Wells Fargo & Co. 3.07% 01/24/23		62,000		62,824
3.90% 05/01/45		25,000		25,047
4.75% 12/07/46		49,000		52,391
Wells Fargo & Co. 1.31% + 3 month USD LIBOR 3.58% 05/22/28(i)		45,000		45,470
Wells Fargo & Co. 3.11% + 3 month USD LIBOR 5.90% 12/29/49(i)		62,000		66,402
Wells Fargo & Co. 3.99% + 3 month USD LIBOR 5.88% 12/29/49(i)		66,000		72,730
Western Digital Corp. 7.38% 04/01/23(b)		10,000		10,988
Westlake Chemical Corp. 3.60% 08/15/26		34,000		33,748
5.00% 08/15/46		15,000		15,866

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

Elfun Diversified Fund 31

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Williams Partners LP 3.75% 06/15/27		18,000		17,819
3.90% 01/15/25		34,000		34,376
4.90% 01/15/45		15,000		15,039
5.40% 03/04/44		9,000		9,518
Williams Partners LP/ACMP Finance Corp. 4.88% 05/15/23		25,000		25,941
Willis North America Inc. 3.60% 05/15/24		45,000		45,442
Windstream Services LLC 6.38% 08/01/23		73,000		60,271
WPP Finance 2010 3.75% 09/19/24		94,000		96,305
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 05/15/27(b)		42,000		43,024
Xilinx Inc. 2.95% 06/01/24		61,000		61,149
XLIT Ltd. 5.25% 12/15/43		38,000		43,129
XPO Logistics Inc. 6.50% 06/15/22(b)		56,000		58,870
				25,991,016
Non-Agency Collateralized Mortgage Obligations - 1.6%
American Tower Trust I (REIT) 1.55% 03/15/43(b)		117,000		116,764
Banc of America Commercial Mortgage Trust 2007-1 5.48% 01/15/49(i)		30,299		30,264
Banc of America Commercial Mortgage Trust 2008-1 6.47% 02/10/51(i)		131,978		133,071
Banc of America Merrill Lynch Commercial Mortgage Inc. 2005-1 5.56% 11/10/42(i)		2,673		2,670
Bear Stearns Commercial Mortgage Securities Trust 2007-PW18 6.09% 06/11/50(i)		80,000		80,971
BXP Trust 2017-GM 3.38% 06/13/39(b)(n)		171,000		176,117
CFCRE Commercial Mortgage Trust 2016-C7 3.84% 12/10/54		90,322		94,424
Citigroup Commercial Mortgage Trust 2015-GC33 3.78% 09/10/58		100,000		104,692
Citigroup Commercial Mortgage Trust 2016-P5 2.94% 10/10/49		90,682		89,309

	Principal Amount $		Fair Value $
Citigroup Commercial Mortgage Trust 2016-P6 3.72% 12/10/49 (i)		408,583		427,244
4.03% 12/10/49 (i)		78,331		82,209
COMM 2014-CR14 Mortgage Trust 4.53% 02/10/47(i)		55,000		59,513
COMM 2014-CR19 Mortgage Trust 4.88% 08/10/47(b)(i)		100,000		83,473
GS Mortgage Securities Trust 2015-GC28 1.29% 02/10/48(g)(i)		979,590		56,056
GS Mortgage Securities Trust 2015-GC34 2.98% 10/10/48		11,476		8,465
GS Mortgage Securities Trust 2016-GS3 2.85% 10/10/49		181,000		176,919
GS Mortgage Securities Trust 2017-GS5 3.67% 03/10/50		197,062		205,654
JPMBB Commercial Mortgage Securities Trust 2013-C12 4.16% 07/15/45(i)		25,000		26,484
JPMDB Commercial Mortgage Securities Trust 2017-C5 3.69% 03/15/50		182,320		190,473
LB-UBS Commercial Mortgage Trust 2004-C8 0.46% 12/15/39(b)(g)(i)		19,324		42
LB-UBS Commercial Mortgage Trust 2007-C6 6.11% 07/15/40 (b)		95,521		95,630
6.11% 07/15/40 (i)		41,635		41,689
MASTR Alternative Loan Trust 2003-5 5.00% 08/25/18(g)		1,077		8
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 3.39% 10/15/47(b)		100,000		71,862
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20 1.54% 02/15/48(g)(i)		716,656		53,010
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 1.11% 03/15/48(g)(i)		858,403		46,681
Morgan Stanley Capital I Trust 2006-IQ11 6.38% 10/15/42(i)		40,000		39,497
Morgan Stanley Capital I Trust 2006-T21 5.27% 10/12/52(i)		16,293		16,282

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

32 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Morgan Stanley Capital I Trust 2007-IQ16 6.33% 12/12/49(i)		80,000		80,982
Morgan Stanley Capital I Trust 2008-T29 6.50% 01/11/43(i)		50,000		51,118
Morgan Stanley Capital I Trust 2016-UBS9 1.40% 03/15/49(g)(i)		575,192		43,094
Wells Fargo Commercial Mortgage Trust 2015-C26 1.44% 02/15/48(g)(i)		949,766		68,929
Wells Fargo Commercial Mortgage Trust 2017-RB1 3.64% 03/15/50		115,209		119,608
WFRBS Commercial Mortgage Trust 2013-C17 4.26% 12/15/46		55,000		58,687
WFRBS Commercial Mortgage Trust 2014-C22 4.06% 09/15/57(b)(i)		124,695		99,370
WFRBS Commercial Mortgage Trust 2014-C24 3.69% 11/15/47(b)		156,648		102,295
WFRBS Commercial Mortgage Trust 2014-C25 3.80% 11/15/47(b)(i)		23,000		17,074
WFRBS Commercial Mortgage Trust 2014-LC14 4.35% 03/15/47 (i)		123,000		131,155
4.59% 03/15/47 (b)(i)		130,681		109,141
WFRBS Commercial Mortgage Trust 2015-C31 3.85% 11/15/48		19,659		14,951
				3,405,877
Sovereign Bonds - 0.3%
Government of Colombia 2.63% 03/15/23		200,000		195,000
Government of Mexico 3.60% 01/30/25		205,000		207,460
4.00% 10/02/23		30,000		31,367
4.75% 03/08/44		64,000		64,064
Government of Peru 5.63% 11/18/50		30,000		36,345
Government of Uruguay 5.10% 06/18/50		30,308		30,876
				565,112

	Principal Amount ($) or Number of Shares		Fair Value $
Municipal Bonds and Notes - 0.2%
American Municipal Power Inc. 6.27% 02/15/50		25,000		31,053
Municipal Electric Authority of Georgia 6.64% 04/01/57(h)		54,000		66,209
New Jersey Transportation Trust Fund Authority 6.88% 12/15/39		15,000		15,764
Port Authority of New York & New Jersey 4.46% 10/01/62		95,000		103,962
South Carolina State Public Service Authority 6.45% 01/01/50		40,000		45,841
State of California 5.70% 11/01/21		55,000		62,698
State of Illinois 5.10% 06/01/33		25,000		23,403
				348,930
FNMA (TBA) - 0.0%*
Lehman 5.50% TBA(n)(o)		36,429		787
Total Bonds and Notes (Cost $63,354,936)				63,900,576
Exchange Traded & Mutual Funds - 28.6%
SPDR Bloomberg Barclays High Yield Bond ETF (p)		173,223		6,443,895
State Street Global Equity ex-U.S. Index Portfolio (p)		5,244,029		52,282,970
Total Exchange Traded & Mutual Funds (Cost $56,665,637)				58,726,865
Total Investments in Securities (Cost $189,608,023)				195,931,944
Short-Term Investments - 7.9%
Dreyfus Treasury & Agency Cash Management - Institutional Shares 0.65%(d)		3,851,497		3,851,497
State Street Institutional Treasury Money Market Fund - Premier Class 1.10%(d)(h)(p)		4,140,317		4,140,317

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

Elfun Diversified Fund 33

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Number of Shares		Fair Value $
State Street Institutional Treasury Plus Fund - Premier Class 0.86%(d)(p)		3,851,498		3,851,498
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.92%(d)(p)		4,407,363		4,407,363

	Principal Amount $		Fair Value $
U.S. Treasury Bill 0.78%(c)(d)		20,000		19,986
Total Short-Term Investments (Cost $16,270,661)				16,270,661
Total Investments (Cost $205,878,684)				212,202,605
Liabilities in Excess of Other Assets, net - (3.5)%				(7,203,560	)
NET ASSETS - 100.0%				204,999,045

Other Information:

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract annual Fixed Rate		Termination Date		Market Value			Unamortized Upfront Payments Received			Unrealized Depreciation
Markit CDX North America High Yield Index	CME Group Inc.	$	1,117		5.00%		12/20/21	$	(82,920	)	$	(42,706	)	$	(40,214	)
Markit CDX North America Investment Grade Index	CME Group Inc.	$	2,337		1.00%		06/20/22	$	(43,870	)	$	(37,442	)	$	(6,428	)
														$	(46,642	)

The Fund had the following long futures contracts open at June 30, 2017:

Description	Expiration date		Number of Contracts		Current Notional Value		Unrealized Depreciation
S&P 500 Emini Index Futures		September 2017		3	$	363,135	$	(803	)
5 Yr. U.S. Treasury Notes Futures		September 2017		26		3,063,734		(5,603	)
10 Yr. U.S. Treasury Notes Futures		September 2017		54		6,778,688		(42,539	)
							$	(48,945	)

The Fund had the following short futures contracts open at June 30, 2017:

Description	Expiration date		Number of Contracts		Current Notional Value			Unrealized Appreciation (Depreciation)
U.S. Long Bond Futures		September 2017		2	$	(307,375	)	$	(1,754	)
Ultra Long-Term U.S. Treasury Bond Futures		September 2017		8		(1,327,000	)		(19,203	)
2 Yr. U.S. Treasury Notes Futures		September 2017		9		(1,944,984	)		2,281
10 Yr. U.S. Treasury Ultra Futures		September 2017		19		(2,561,438	)		6,551
								$	(12,125	)
								$	(61,070	)

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

34 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

The Fund was invested in the following countries/territories at June 30, 2017 (unaudited):

Country/Territory	Percentage (based on Fair Value)
United States		97.11%
Ireland		0.43%
United Kingdom		0.36%
Mexico		0.27%
Netherlands		0.27%
Luxembourg		0.18%
Switzerland		0.17%
France		0.17%
Germany		0.16%
Singapore		0.15%
Canada		0.15%
Colombia		0.11%
Japan		0.09%

Country/Territory	Percentage (based on Fair Value)
Spain		0.07%
Cayman Islands		0.07%
Bermuda		0.07%
Supranational		0.06%
Brazil		0.02%
Peru		0.02%
South Korea		0.02%
Uruguay		0.01%
Jersey		0.01%
Norway		0.01%
Australia		0.01%
China		0.01%
		100.00%

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2017 (unaudited):

Industry	Domestic		Foreign		Total
Exchange Traded Funds		27.68%		0.00%		27.68%
Diversified Banks		1.83%		0.00%		1.83%
Pharmaceuticals		1.71%		0.03%		1.74%
Internet Software & Services		1.59%		0.00%		1.59%
Technology Hardware, Storage & Peripherals		1.42%		0.01%		1.43%
Systems Software		1.21%		0.00%		1.21%
Semiconductors		0.89%		0.14%		1.03%
Biotechnology		1.02%		0.00%		1.02%
Integrated Oil & Gas		0.97%		0.00%		0.97%
Internet & Direct Marketing Retail		0.93%		0.00%		0.93%
Healthcare Equipment		0.72%		0.20%		0.92%
Data Processing & Outsourced Services		0.85%		0.00%		0.85%
Aerospace & Defense		0.81%		0.00%		0.81%
Industrial Conglomerates		0.80%		0.00%		0.80%
Integrated Telecommunication Services		0.71%		0.00%		0.71%
Electric Utilities		0.69%		0.00%		0.69%
Tobacco		0.63%		0.00%		0.63%
Soft Drinks		0.62%		0.00%		0.62%
Managed Healthcare		0.62%		0.00%		0.62%
Household Products		0.61%		0.00%		0.61%
Multi-Sector Holdings		0.55%		0.00%		0.55%
Oil & Gas Exploration & Production		0.50%		0.00%		0.50%
Movies & Entertainment		0.48%		0.00%		0.48%
IT Consulting & Other Services		0.35%		0.12%		0.47%
Cable & Satellite		0.45%		0.00%		0.45%
Regional Banks		0.45%		0.00%		0.45%
Packaged Foods & Meats		0.43%		0.00%		0.43%
Restaurants		0.43%		0.00%		0.43%
Home Improvement Retail		0.41%		0.00%		0.41%
Asset Management & Custody Banks		0.39%		0.00%		0.39%
Investment Banking & Brokerage		0.36%		0.00%		0.36%
Multi-Utilities		0.36%		0.00%		0.36%
Specialized REITs		0.36%		0.00%		0.36%

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

Elfun Diversified Fund 35

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

Industry	Domestic		Foreign		Total
Application Software		0.35%		0.00%		0.35%
Communications Equipment		0.33%		0.00%		0.33%
Life & Health Insurance		0.31%		0.00%		0.31%
Railroads		0.31%		0.00%		0.31%
Property & Casualty Insurance		0.17%		0.13%		0.30%
Hypermarkets & Super Centers		0.30%		0.00%		0.30%
Industrial Machinery		0.28%		0.02%		0.30%
Oil & Gas Equipment & Services		0.27%		0.02%		0.29%
Financial Exchanges & Data		0.26%		0.00%		0.26%
Diversified Chemicals		0.26%		0.00%		0.26%
Consumer Finance		0.26%		0.00%		0.26%
Air Freight & Logistics		0.25%		0.00%		0.25%
Life Sciences Tools & Services		0.25%		0.00%		0.25%
Drug Retail		0.24%		0.00%		0.24%
Airlines		0.22%		0.00%		0.22%
Electrical Components & Equipment		0.19%		0.00%		0.19%
Specialty Chemicals		0.19%		0.00%		0.19%
Retail REITs		0.19%		0.00%		0.19%
Construction Machinery & Heavy Trucks		0.18%		0.00%		0.18%
Oil & Gas Refining & Marketing		0.18%		0.00%		0.18%
Insurance Brokers		0.09%		0.08%		0.17%
Hotels, Resorts & Cruise Lines		0.16%		0.00%		0.16%
Residential REITs		0.16%		0.00%		0.16%
Multi-Line Insurance		0.16%		0.00%		0.16%
Apparel Retail		0.16%		0.00%		0.16%
Healthcare Distributors		0.15%		0.00%		0.15%
Automobile Manufacturers		0.15%		0.00%		0.15%
Healthcare Services		0.14%		0.00%		0.14%
Semiconductor Equipment		0.14%		0.00%		0.14%
Oil & Gas Storage & Transportation		0.14%		0.00%		0.14%
Fertilizers & Agricultural Chemicals		0.13%		0.00%		0.13%
Footwear		0.13%		0.00%		0.13%
Home Entertainment Software		0.12%		0.00%		0.12%
Building Products		0.11%		0.01%		0.12%
Apparel, Accessories & Luxury Goods		0.12%		0.00%		0.12%
Industrial Gases		0.11%		0.00%		0.11%
Health Care REITs		0.11%		0.00%		0.11%
General Merchandise Stores		0.10%		0.00%		0.10%
Research & Consulting Services		0.07%		0.03%		0.10%
Office REITs		0.10%		0.00%		0.10%
Automotive Retail		0.10%		0.00%		0.10%
Paper Packaging		0.09%		0.00%		0.09%
Environmental & Facilities Services		0.09%		0.00%		0.09%
Electronic Components		0.08%		0.00%		0.08%
Specialty Stores		0.08%		0.00%		0.08%
Distillers & Vintners		0.07%		0.00%		0.07%
Broadcasting		0.07%		0.00%		0.07%
Healthcare Supplies		0.06%		0.00%		0.06%
Healthcare Facilities		0.06%		0.00%		0.06%
Agricultural & Farm Machinery		0.06%		0.00%		0.06%
Food Retail		0.06%		0.00%		0.06%
Trading Companies & Distributors		0.06%		0.00%		0.06%
Auto Parts & Equipment		0.01%		0.04%		0.05%
Home Building		0.05%		0.00%		0.05%

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

36 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

Industry	Domestic		Foreign		Total
Industrial REITs		0.05%		0.00%		0.05%
Personal Products		0.05%		0.00%		0.05%
Advertising		0.05%		0.00%		0.05%
Construction Materials		0.05%		0.00%		0.05%
Electronic Manufacturing Services		0.00%		0.05%		0.05%
Commodity Chemicals		0.05%		0.00%		0.05%
Housewares & Specialties		0.04%		0.00%		0.04%
Distributors		0.04%		0.00%		0.04%
Food Distributors		0.04%		0.00%		0.04%
Agricultural Products		0.04%		0.00%		0.04%
Home Furnishings		0.04%		0.00%		0.04%
Leisure Products		0.03%		0.00%		0.03%
Department Stores		0.03%		0.00%		0.03%
Healthcare Technology		0.03%		0.00%		0.03%
Construction & Engineering		0.03%		0.00%		0.03%
Steel		0.03%		0.00%		0.03%
Gold		0.03%		0.00%		0.03%
Alternative Carriers		0.03%		0.00%		0.03%
Copper		0.03%		0.00%		0.03%
Metal & Glass Containers		0.03%		0.00%		0.03%
Computer & Electronics Retail		0.02%		0.00%		0.02%
Water Utilities		0.02%		0.00%		0.02%
Brewers		0.02%		0.00%		0.02%
Hotel & Resort REITs		0.02%		0.00%		0.02%
Household Appliances		0.02%		0.00%		0.02%
Independent Power Producers & Energy Traders		0.02%		0.00%		0.02%
Real Estate Services		0.02%		0.00%		0.02%
Diversified Support Services		0.02%		0.00%		0.02%
Casinos & Gaming		0.02%		0.00%		0.02%
Motorcycle Manufacturers		0.02%		0.00%		0.02%
Oil & Gas Drilling		0.01%		0.01%		0.02%
Trucking		0.01%		0.00%		0.01%
Tires & Rubber		0.01%		0.00%		0.01%
Publishing		0.01%		0.00%		0.01%
Reinsurance		0.00%		0.01%		0.01%
Specialized Consumer Services		0.01%		0.00%		0.01%
Human Resource & Employment Services		0.01%		0.00%		0.01%
Consumer Electronics		0.00%		0.01%		0.01%
Electronic Equipment & Instruments		0.01%		0.00%		0.01%
Home Furnishing Retail		0.01%		0.00%		0.01%
						62.22%

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

Elfun Diversified Fund 37

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

Sector	Percentage (based on Fair Value)
Corporate Notes		12.25%
Agency Mortgage Backed		8.18%
U.S. Treasuries		7.12%
Non-Agency Collateralized Mortgage Obligations		1.61%
Agency Collateralized Mortgage Obligations		0.35%
Sovereign Bonds		0.27%
Asset Backed		0.17%
Municipal Bonds and Notes		0.16%
FNMA (TBA)		0.00%	**
		30.11%
Short-Term Investments
Short-Term Investments		7.67%
		7.67%
		100.00%

Affiliate Table

	Number of Shares Held at 12/31/16		Value At 12/31/16		Shares Purchased		Shares Sold		Number of Shares Held at 6/30/17		Value at 6/30/17		Dividend Income		Realized Gain (Loss)
SPDR Bloomberg Barclays High Yield Bond ETF		173,223	$	6,313,978		—		—		173,223	$	6,443,895	$	156,596	$	—
State Street Corp.		—		—		2,678		1,419		1,259		112,970		957		(905	)
State Street Global Equity ex-U.S. Index Portfolio		—		—		5,244,029		—		5,244,029		52,282,970		—		—
State Street Institutional Treasury Money Market Fund - Premier Class		—		—		7,844,486		3,704,169		4,140,317		4,140,317		5,378		—
State Street Institutional Treasury Plus Fund - Premier Class		—		—		6,851,966		3,000,468		3,851,498		3,851,498		3,580		—
State Street Institutional U.S. Government Money Market Fund - Class G Shares		22,591,439		22,591,439		40,021,441		58,205,517		4,407,363		4,407,363		40,876		—
State Street Institutional U.S. Government Money Market Fund - Premier Class		—		—		17,282,934		17,282,934		—		—		1,068		—
			$	28,905,417							$	71,239,013	$	208,455	$	(905	)

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

38 Elfun Diversified Fund

Elfun Tax-Exempt Income Fund

Understanding Your Fund’s Expenses — June 30, 2017 (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 June 30, 2017.

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 January 1, 2017	$	1,000.00	$	1,029.00
Account value at the end of the period June 30, 2017	$	1,000.00	$	1,023.80
Expenses paid during the period*	$	1.01	$	1.00

* Expenses are equal to the Fund’s annualized expense ratio of 0.20% (for the period January 1, 2017-June 30, 2017), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Elfun Tax-Exempt Income Fund 39

Elfun Tax-Exempt Income Fund

Fund Information — June 30, 2017 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value $1,490,999 (in thousands) as of June 30, 2017 ^(a)(b)

Quality Ratings

as of June 30, 2017 as a % of Fair Value ^(a)(b)

Aaa / AAA	11.50	%
Aa / AA	45.40	%
A / A	34.80	%
Baa / BBB	3.60	%
NR / Other	4.70	%
	100.00	%

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

(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.

40 Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Municipal Bonds and Notes - 99.2%†
Alaska - 0.2%
Alaska Housing Finance Corp. 5.00% 12/01/27		2,500,000		2,834,800
Arizona - 2.6%
Arizona Board of Regents State University System Revenue 5.00% 07/01/46		5,930,000		6,817,780
City of Phoenix 5.00% 07/01/19		5,000,000		5,000,000
Phoenix Civic Improvement Corp. (NPFG Insured) 5.50% 07/01/23 - 07/01/24(m)		7,260,000		8,982,132
Salt River Project Agricultural Improvement & Power District 5.00% 12/01/21		10,000,000		11,252,500
University Medical Center Corp. 6.50% 07/01/39(l)		1,000,000		1,102,250
University of Arizona 5.00% 06/01/46		5,000,000		5,742,400
				38,897,062
Arkansas - 0.1%
University of Arkansas 5.00% 11/01/46		1,250,000		1,439,813
California - 10.4%
California Educational Facilities Authority 5.25% 10/01/39 (l)		5,000,000		5,262,850
6.13% 10/01/36		1,500,000		1,764,075
California Health Facilities Financing Authority 4.00% 11/15/41 - 10/01/47		4,000,000		4,113,920
5.00% 11/15/48 (c)		2,000,000		2,301,860
5.50% 08/15/26		5,000,000		5,639,250
6.00% 07/01/39 (l)		5,000,000		5,477,950
6.50% 10/01/33 (l)		3,500,000		3,737,615
California State Department of Water Resources 5.00% 05/01/21 - 12/01/29		14,700,000		17,328,475
5.00% 12/01/21 (k)		5,000		5,780
5.00% 12/01/29 (l)		30,000		36,812
California State Public Works Board 5.00% 10/01/28		1,500,000		1,702,770
5.13% 10/01/31		2,000,000		2,259,540
5.25% 09/01/29		10,160,000		11,940,235
6.00% 04/01/26 (l)		8,475,000		9,203,935
California State University 4.00% 11/01/45		5,900,000		6,162,963
Los Angeles Department of Water & Power 5.00% 07/01/42 - 07/01/47		15,750,000		18,265,233

	Principal Amount $		Fair Value $
Los Angeles Harbor Department 5.00% 08/01/26		8,000,000		8,617,760
San Diego Community College District 5.00% 08/01/41(l)		10,000,000		11,500,400
State of California 5.00% 02/01/31 - 08/01/46		19,220,000		21,825,351
5.25% 04/01/35 - 11/01/40		12,750,000		14,321,108
University of California 5.00% 05/15/38		4,000,000		4,576,840
				156,044,722
Colorado - 1.9%
Metro Wastewater Reclamation District 5.00% 04/01/27		1,730,000		1,994,655
Regional Transportation District 4.25% 11/01/36		3,405,000		3,859,023
5.00% 11/01/27 - 11/01/29		13,760,000		16,767,170
5.00% 11/01/34 (c)		3,000,000		3,581,190
5.38% 06/01/31		2,500,000		2,761,350
				28,963,388
Connecticut - 5.3%
Connecticut State Health & Educational Facility Authority 5.00% 07/01/40 - 07/01/46		13,275,000		14,667,336
South Central Connecticut Regional Water Authority 5.00% 08/01/27 - 08/01/37		3,695,000		4,290,274
State of Connecticut 5.00% 01/01/22 - 05/01/37		17,600,000		20,224,292
State of Connecticut Special Tax Revenue 4.00% 09/01/36		6,000,000		6,129,060
5.00% 11/01/26 - 09/01/34		30,250,000		33,607,893
Town of Fairfield 5.00% 08/01/21		1,000,000		1,144,050
				80,062,905
Delaware - 1.7%
County of New Castle 5.00% 07/15/33 - 07/15/39(l)		10,000,000		10,415,300
Delaware State Health Facilities Authority 5.00% 10/01/40		6,300,000		6,831,468
Delaware Transportation Authority 5.00% 06/01/45		6,680,000		7,528,427
State of Delaware 5.00% 07/01/28 (l)		825,000		916,682
5.00% 07/01/28		175,000		193,849
				25,885,726

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

Elfun Tax-Exempt Income Fund 41

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
District of Columbia - 3.2%
District of Columbia 5.00% 06/01/38 - 04/01/42		9,250,000		10,614,217
5.50% 04/01/36 (l)		15,000,000		15,825,000
District of Columbia Water & Sewer Authority 5.00% 10/01/39		10,000,000		11,576,500
5.25% 10/01/29 (l)		5,000,000		5,262,850
Washington Metropolitan Area Transit Authority 5.00% 07/01/34(c)		3,375,000		4,029,953
				47,308,520
Florida - 1.4%
Brevard County Health Facilities Authority 7.00% 04/01/39(l)		1,000,000		1,100,430
City of Tampa Water & Wastewater System Revenue 5.00% 10/01/27		8,560,000		9,800,173
County of Miami-Dade County Health Facilities Authority Revenue 4.00% 08/01/47		2,000,000		2,034,000
County of Miami-Dade Special Obligation Revenue 4.00% 10/01/39(h)		7,750,000		7,972,967
				20,907,570
Georgia - 7.8%
Athens-Clarke County Unified Government Development Authority 5.00% 06/15/31(l)		6,050,000		6,275,605
Athens-Clarke County Unified Government Water & Sewerage Revenue 5.50% 01/01/38(l)		7,000,000		7,457,030
Atlanta Development Authority 5.25% 07/01/40		8,925,000		10,341,665
City of Atlanta Department of Aviation 5.00% 01/01/25 - 01/01/34		18,500,000		20,919,960
City of Atlanta Water & Wastewater Revenue 5.25% 11/01/30		5,690,000		6,793,689
6.25% 11/01/39 (l)		10,000,000		11,166,200
City of Atlanta Water & Wastewater Revenue (AGMC Insured) 5.75% 11/01/27 - 11/01/30(m)		9,500,000		12,662,065

	Principal Amount $		Fair Value $
DeKalb Newton & Gwinnett Counties Joint Development Authority 6.00% 07/01/34(l)		8,500,000		9,312,515
Gwinnett County Development Authority 5.00% 07/01/37 - 07/01/40		9,325,000		10,651,470
Municipal Electric Authority of Georgia 5.00% 01/01/35		5,500,000		6,088,775
5.25% 01/01/19		2,490,000		2,616,915
Richmond County Hospital Authority 4.00% 01/01/36		2,855,000		2,946,446
State of Georgia 4.00% 07/01/32		3,350,000		3,643,192
4.50% 01/01/29		3,000,000		3,120,510
5.00% 01/01/26 (l)		2,250,000		2,382,075
				116,378,112
Hawaii - 2.2%
City & County Honolulu Wastewater System Revenue 5.00% 07/01/36		3,500,000		4,083,800
City & County of Honolulu 5.00% 04/01/33(l)		10,000,000		10,670,500
State of Hawaii Airports System Revenue 5.25% 07/01/24		15,800,000		17,641,806
				32,396,106
Idaho - 0.3%
Idaho Health Facilities Authority 6.75% 11/01/37		4,000,000		4,265,040
Illinois - 3.7%
Chicago Transit Authority 5.00% 12/01/46		3,000,000		3,247,740
City of Chicago O’Hare International Airport Revenue 5.00% 01/01/41 - 01/01/46		3,000,000		3,368,480
5.25% 01/01/42		8,000,000		9,297,120
5.63% 01/01/35		5,000,000		5,614,550
5.75% 01/01/39		11,500,000		12,961,765
Illinois State Toll Highway Authority 5.00% 12/01/32		8,050,000		9,267,804
Metropolitan Pier & Exposition Authority (NPFG Insured) 5.40% 06/15/19 (m)		2,935,000		2,972,157
5.65% 06/15/22 (k)(m)		375,000		450,638
5.65% 06/15/22 (m)		3,930,000		4,470,689

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

42 Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Southwestern Illinois Development Authority (NPFG Insured) 5.00% 10/01/21 (k)(m)		195,000		224,466
5.00% 10/01/21 (m)		3,805,000		4,289,415
				56,164,824
Indiana - 0.7%
Indiana Municipal Power Agency 5.50% 01/01/27(l)		2,500,000		2,663,225
Indianapolis Local Public Improvement Bond Bank 5.75% 01/01/38 (l)		1,370,000		1,465,544
5.75% 01/01/38		5,630,000		5,980,355
				10,109,124
Kentucky - 3.1%
Kentucky State Property & Building Commission 5.00% 02/01/33 - 04/01/37		11,705,000		13,219,481
Kentucky State Property & Building Commission (AGC Insured) 5.25% 02/01/27 (l)(m)		9,450,000		10,055,461
5.25% 02/01/27 (m)		1,215,000		1,284,814
Louisville & Jefferson County Metropolitan Sewer District 5.00% 05/15/30		14,340,000		16,313,041
University of Louisville 5.00% 03/01/31		4,605,000		5,417,829
				46,290,626
Louisiana - 1.2%
City of New Orleans Sewerage Service Revenue 5.00% 06/01/44 - 06/01/45		3,900,000		4,357,131
City of Shreveport Water & Sewer Revenue (AGMC Insured) 4.00% 12/01/41(m)		2,250,000		2,325,487
Louisiana Public Facilities Authority 5.00% 05/15/47		1,000,000		1,101,350
State of Louisiana 5.00% 09/01/19(k)		10,050,000		10,874,703
				18,658,671
Maine - 0.3%
Maine Health & Higher Educational Facilities Authority 5.25% 07/01/21 (l)		315,000		351,961
5.25% 07/01/21		1,475,000		1,636,852
Maine Turnpike Authority 5.00% 07/01/42		1,000,000		1,119,000

	Principal Amount $		Fair Value $
6.00% 07/01/34 (l)		1,250,000		1,369,487
				4,477,300
Maryland - 3.9%
City of Baltimore 5.00% 07/01/38 - 07/01/46		24,375,000		27,929,550
County of Prince George’s 5.00% 09/15/24 - 09/15/25		8,790,000		10,082,945
Maryland Economic Development Corp. 5.75% 06/01/35		3,000,000		3,219,840
Maryland Health & Higher Educational Facilities Authority 5.00% 07/01/34 (l)		1,945,000		2,090,817
5.00% 07/01/34 - 08/15/41		1,355,000		1,488,662
State of Maryland 5.00% 11/01/18		4,000,000		4,210,760
Washington Suburban Sanitary Commission 4.50% 06/01/26(l)		8,470,000		8,742,734
				57,765,308
Massachusetts - 3.2%
Massachusetts Department of Transportation 5.00% 01/01/37		10,000,000		10,698,900
Massachusetts Development Finance Agency 5.50% 11/15/36 (l)		4,000,000		4,243,880
5.75% 07/01/39 (l)		3,325,000		3,623,086
5.75% 07/01/39		1,675,000		1,802,484
Massachusetts Health & Educational Facilities Authority 5.00% 07/01/34		7,500,000		8,043,900
Massachusetts School Building Authority 5.00% 08/15/28		5,000,000		5,811,950
Massachusetts Water Resources Authority 5.00% 08/01/32		4,140,000		4,841,316
5.00% 08/01/41 (l)		3,000,000		3,443,700
6.50% 07/15/19 (k)		5,905,000		6,134,646
				48,643,862
Michigan - 1.5%
Lansing Board of Water & Light 5.00% 07/01/37		3,500,000		3,884,755
State of Michigan 5.00% 03/15/27(h)		4,415,000		5,462,459
State of Michigan (AGMC Insured) 5.25% 09/15/27(m)(l)(h)		5,000,000		5,041,550

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

Elfun Tax-Exempt Income Fund 43

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
State of Michigan Trunk Line Revenue 5.50% 11/01/18		6,000,000		6,355,380
University of Michigan Revenue 5.00% 04/01/46		1,000,000		1,166,870
				21,911,014
Minnesota - 0.1%
Saint Cloud Health Care Revenue 5.00% 05/01/46		1,000,000		1,122,610
Missouri - 1.5%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District 5.00% 10/01/44		8,010,000		9,108,972
Kansas City Sanitary Sewer System Revenue 4.00% 01/01/40		1,725,000		1,813,872
Metropolitan St. Louis Sewer District 5.00% 05/01/45 - 05/01/46		3,000,000		3,472,890
Missouri Highway & Transportation Commission 5.00% 05/01/21		4,610,000		5,090,085
Missouri Joint Municipal Electric Utility Commission 5.00% 01/01/34		1,950,000		2,200,361
Missouri State Environmental Improvement & Energy Resources Authority 5.00% 01/01/24		525,000		526,407
				22,212,587
New Jersey - 6.8%
New Jersey Economic Development Authority 5.00% 06/15/41		7,250,000		7,436,325
5.25% 06/15/40		4,000,000		4,203,800
5.50% 12/15/29 (l)		3,345,000		3,622,903
5.50% 12/15/29		1,655,000		1,711,535
New Jersey Educational Facilities Authority 4.00% 07/01/34 - 07/01/35		2,000,000		2,057,470
5.50% 09/01/30 - 09/01/33		14,700,000		15,625,268
6.00% 12/01/17 (k)		5,720,000		5,835,544
New Jersey Health Care Facilities Financing Authority 4.00% 07/01/41		6,200,000		6,255,986
New Jersey Health Care Facilities Financing Authority (AGMC Insured) 4.13% 07/01/38(m)		6,215,000		6,378,827

	Principal Amount $		Fair Value $
New Jersey Higher Education Student Assistance Authority 5.63% 06/01/30		7,500,000		8,013,675
New Jersey State Turnpike Authority 5.00% 01/01/33 - 01/01/45		18,500,000		20,975,325
5.25% 01/01/40		10,000,000		10,485,600
New Jersey Transportation Trust Fund Authority 5.00% 06/15/45		2,250,000		2,297,228
5.25% 06/15/36		7,350,000		7,565,575
				102,465,061
New Mexico - 0.7%
New Mexico Finance Authority 5.00% 06/15/18 - 06/15/23		9,200,000		9,832,070
				9,832,070
New York - 10.6%
Hudson Yards Infrastructure Corp. 5.00% 02/15/39 - 02/15/45		11,000,000		12,730,360
Long Island Power Authority 6.00% 05/01/33(l)		7,500,000		8,164,350
Metropolitan Transportation Authority 5.00% 11/15/29 - 11/15/37		15,710,000		18,394,896
New York City Transitional Finance Authority Building Aid Revenue 5.50% 07/15/31		10,000,000		10,452,500
New York City Transitional Finance Authority Future Tax Secured Revenue 4.00% 05/01/42		5,000,000		5,261,850
5.00% 11/01/21 - 02/01/43		32,500,000		37,005,200
New York Liberty Development Corp. 5.00% 11/15/44		5,000,000		5,554,450
5.13% 01/15/44		10,000,000		10,832,600
New York State Dormitory Authority 5.00% 10/01/45 - 07/01/46		9,000,000		11,339,510
5.50% 05/01/37 (l)		2,500,000		2,698,975
6.00% 07/01/40 (l)		2,000,000		2,279,500
New York State Thruway Authority 5.00% 05/01/19		6,000,000		6,412,380
New York State Urban Development Corp. 5.50% 01/01/19		9,000,000		9,589,050
Triborough Bridge & Tunnel Authority 5.00% 11/15/26 (l)		6,170,000		6,498,614
5.00% 11/15/26 - 11/15/38		8,330,000		9,334,770

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

44 Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Westchester County Healthcare Corp. 6.13% 11/01/37 (l)		2,220,000		2,571,559
6.13% 11/01/37		280,000		311,276
				159,431,840
North Carolina - 1.7%
Cape Fear Public Utility Authority 4.00% 08/01/33		1,800,000		1,968,894
City of Charlotte 5.00% 06/01/23		4,320,000		4,780,339
City of Charlotte Water & Sewer System Revenue 5.00% 07/01/38		5,000,000		5,177,650
North Carolina Capital Facilities Finance Agency 4.00% 10/01/44		2,000,000		2,158,540
North Carolina Eastern Municipal Power Agency 5.00% 01/01/26(l)		5,000,000		5,289,700
North Carolina Medical Care Commission 4.00% 06/01/42		1,500,000		1,570,950
State of North Carolina 4.75% 05/01/30		4,130,000		4,477,622
				25,423,695
Ohio - 4.1%
American Municipal Power Inc. 5.00% 02/15/38 (l)		4,705,000		4,820,837
5.00% 02/15/38		295,000		300,699
City of Cincinnati Water System Revenue 5.00% 12/01/36(l)		2,500,000		2,895,700
City of Columbus 5.00% 07/01/26 (l)		15,130,000		18,141,324
5.00% 08/15/29 - 08/15/30		2,925,000		3,457,513
City of Columbus Sewerage Revenue 4.50% 06/01/32(l)		700,000		710,073
Cuyahoga Community College District 5.00% 08/01/26(l)		1,800,000		1,976,868
Northeast Ohio Regional Sewer District 5.00% 11/15/38		12,000,000		13,625,040
Ohio Higher Educational Facility Commission 6.25% 05/01/38(l)		5,000,000		5,341,750
Ohio State Turnpike Commission 5.25% 02/15/39		6,000,000		6,871,800
University of Cincinnati 5.00% 06/01/45		3,500,000		4,040,610
				62,182,214

	Principal Amount $		Fair Value $
Oklahoma - 0.7%
Oklahoma Capital Improvement Authority 5.00% 07/01/28 - 07/01/29		5,000,000		5,913,370
Oklahoma Turnpike Authority 5.00% 01/01/28		3,500,000		3,906,980
				9,820,350
Oregon - 0.1%
Eugene Water Revenue 4.00% 08/01/45		1,000,000		1,060,100
Pennsylvania - 4.1%
City of Philadelphia Water & Wastewater Revenue 5.00% 01/01/36 - 10/01/47		13,000,000		14,457,380
Delaware River Port Authority 5.00% 01/01/29		5,000,000		5,766,800
Pennsylvania State University 5.00% 09/01/41		1,200,000		1,394,976
Pennsylvania Turnpike Commission 5.00% 06/01/29 (l)		10,000,000		10,730,300
5.00% 12/01/32		1,500,000		1,667,295
5.25% 06/01/39 (l)		4,595,000		4,952,124
5.25% 06/01/39		4,905,000		5,202,047
6.00% 12/01/34 (l)		3,545,000		4,106,776
6.00% 12/01/34		8,455,000		9,648,930
Philadelphia Authority for Industrial Development 4.00% 07/01/37		3,435,000		3,599,365
				61,525,993
Rhode Island - 0.3%
Rhode Island Health & Educational Building Corp. 6.25% 09/15/34 (l)		1,300,000		1,380,626
6.50% 09/15/28 (l)		1,000,000		1,064,970
Rhode Island Infrastructure Bank Water Pollution Control Revenue 5.00% 10/01/28		2,200,000		2,665,344
				5,110,940
South Carolina - 2.5%
Piedmont Municipal Power Agency 5.00% 01/01/25		2,315,000		2,617,941
Piedmont Municipal Power Agency (AGC Insured) 5.75% 01/01/34(m)		5,500,000		6,318,290

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

Elfun Tax-Exempt Income Fund 45

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
South Carolina State Public Service Authority 5.00% 12/01/37 - 12/01/38		12,000,000		13,269,600
5.50% 01/01/38 (l)		14,970,000		15,947,391
				38,153,222
Tennessee - 0.4%
County of Shelby 5.00% 03/01/21		3,500,000		3,839,430
Knox County Health Educational & Housing Facility Board 5.00% 04/01/36		1,000,000		1,108,000
State of Tennessee 5.00% 05/01/19(l)		1,000,000		1,033,390
				5,980,820
Texas - 8.3%
City of Austin Airport System Revenue 5.00% 11/15/46		3,000,000		3,444,060
City of Austin Water & Wastewater System Revenue 5.00% 11/15/42 - 11/15/45		18,595,000		21,010,081
City of Houston Utility System Revenue 5.00% 05/15/28 - 11/15/33		10,470,000		11,935,795
5.25% 11/15/30 - 11/15/31		12,000,000		13,529,220
County of Harris 5.00% 08/15/41		3,000,000		3,456,930
Dallas Area Rapid Transit 5.00% 12/01/41		3,160,000		3,666,959
Dallas/Fort Worth International Airport 5.25% 11/01/29		5,000,000		5,933,900
Harris County-Houston Sports Authority 5.00% 11/15/30		2,000,000		2,305,060
Judson Independent School District 4.00% 02/01/45		2,625,000		2,765,149
North Texas Tollway Authority 5.00% 09/01/31 - 01/01/39		4,500,000		5,114,535
5.75% 01/01/38 - 01/01/40 (l)		20,245,000		20,716,877
5.75% 01/01/40		1,230,000		1,255,830
6.00% 01/01/38		5,000,000		5,697,400
Texas Transportation Commission State Highway Fund 5.00% 04/01/23		9,750,000		11,577,345

	Principal Amount $		Fair Value $
The University of Texas System 5.00% 08/15/26		10,000,000		12,448,800
				124,857,941
Utah - 1.0%
Salt Lake City Corporation Airport Revenue 5.00% 07/01/47		2,500,000		2,900,600
Utah State Board of Regents 5.00% 11/01/30		4,000,000		4,375,320
Utah Transit Authority 5.00% 06/15/42		7,500,000		8,263,725
				15,539,645
Virginia - 1.6%
County of Henrico Water & Sewer Revenue 5.00% 05/01/46		2,530,000		2,947,172
University of Virginia 5.00% 04/01/47		6,000,000		7,106,580
Virginia Resources Authority 4.00% 11/01/41		5,585,000		5,979,580
5.00% 11/01/46		1,720,000		2,016,115
5.25% 11/01/38 (l)		2,390,000		2,520,494
5.25% 11/01/38		2,610,000		2,743,319
				23,313,260
Total Municipal Bonds and Notes (Cost $1,417,937,635)				1,487,436,841
Short-Term Investments - 0.3%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.92% (Cost $3,562,121) (d)(p)		3,562,121		3,562,121
Total Investments (Cost $1,421,499,756)				1,490,998,962
Other Assets and Liabilities, net - 0.5%				8,212,276
NET ASSETS - 100.0%				1,499,211,238

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

46 Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

Affiliate Table

	Number of Shares Held at 12/31/16		Value At 12/31/16		Shares Purchased		Shares Sold		Number of Shares Held at 6/30/17		Value at 6/30/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		50,202,639	$	50,202,639		68,596,154		115,236,672		3,562,121	$	3,562,121	$	29,222
State Street Institutional U.S. Government Money Market Fund - Premier Class		—		—		134,863,186		134,863,186		—		—		29,746
			$	50,202,639							$	3,562,121	$	58,968

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

Elfun Tax-Exempt Income Fund 47

Elfun Income Fund

Understanding Your Fund’s Expenses — June 30, 2017 (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 June 30, 2017.

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 January 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period June 30, 2017	$	1,025.80	$	1,023.16
Expenses paid during the period*	$	1.66	$	1.66

* Expenses are equal to the Fund’s annualized expense ratio of 0.33% (for the period January 1, 2017-June 30, 2017), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

48 Elfun Income Fund

Elfun Income Fund

Fund Information — June 30, 2017 (Unaudited)

Sector Allocation Sector Allocation

Portfolio Compositions as a % of Fair Value of Investments of $298,007 (in thousands) on June 30, 2017 ^(a)(b)

Quality Ratings

as of June 30, 2017 as a % of Fair Value ^(a)(b)

Aaa / AAA	33.3	%
Aa / AA	27.6	%
A / A	8.8	%
Baa / BBB	21.1	%
Ba / BB and lower	8.1	%
NR / Other	1.1	%
	100.00	%

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

(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.

Elfun Income Fund 49

Elfun Income Fund

Schedule of Investments — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Bonds and Notes - 99.2%†
U.S. Treasuries - 22.0%
U.S. Treasury Bond 2.50% 05/15/46		4,919,900		4,585,307
U.S. Treasury Notes 0.88% 03/31/18 - 10/15/18 (h)		7,072,900		7,043,271
1.25% 12/31/18 (h)		5,636,300		5,627,271
1.38% 12/15/19 (h)		9,956,500		9,935,113
1.50% 05/15/20 (h)		170,000		169,801
1.88% 04/30/22 (h)		8,241,700		8,239,450
2.00% 07/31/22 - 05/31/24		21,060,700		20,942,488
2.25% 02/15/27 (h)		1,951,500		1,942,810
2.38% 05/15/27 (h)		1,163,000		1,170,496
				59,656,007
Agency Mortgage Backed - 26.5%
Federal Home Loan Mortgage Corp. 3.50% 12/01/46		10,545,523		10,839,163
4.50% 06/01/33 - 02/01/35		14,682		15,784
5.00% 07/01/35 - 06/01/41		959,397		1,062,140
5.50% 05/01/20 - 04/01/39		286,218		323,707
6.00% 08/01/17 - 11/01/37		562,550		643,639
6.50% 07/01/29		1,960		2,168
7.00% 01/01/27 - 08/01/36		111,128		122,532
7.50% 11/01/29 - 09/01/33		7,901		8,355
8.00% 11/01/30		4,155		4,655
Federal National Mortgage Assoc. 3.00% 02/01/43 - 06/01/43 (h)		8,743,336		8,787,476
3.50% 11/01/42 - 08/01/45 (h)		1,293,058		1,332,396
4.00% 05/01/19 - 03/01/41		798,686		842,095
4.00% 01/01/41 -03/01/44 (h)		4,028,142		4,266,650
4.50% 05/01/18 - 01/01/41		3,853,918		4,159,999
5.00% 07/01/20 - 06/01/41		1,536,950		1,702,891
5.50% 06/01/20 - 01/01/39		1,101,838		1,221,598
6.00% 05/01/19 - 08/01/35		995,273		1,132,979
6.00% 05/01/41 (h)		1,126,145		1,283,186
6.50% 07/01/17 - 08/01/36		130,021		144,075
6.50% 08/01/28 (h)		1,656		1,833
7.00% 08/01/17 - 02/01/34		12,049		12,749
7.50% 12/01/26 - 12/01/33		60,786		66,941
8.00% 06/01/24 - 01/01/33		8,860		9,269
8.00% 09/01/25 - 10/01/31 (h)		10,402		11,713
8.50% 04/01/30 (h)		3,503		4,321
9.00% 12/01/22		3,766		4,033
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR 3.35% 04/01/37(i)		2,640		2,717
Federal National Mortgage Assoc. TBA 2.50% TBA (c)		4,882,026		4,906,436
3.00% TBA (c)		5,797,593		5,853,761

	Principal Amount $		Fair Value $
3.50% TBA (c)		752,794		772,943
4.00% TBA (c)		3,758,509		3,950,252
Government National Mortgage Assoc. 3.50% 05/20/43		2,031,433		2,112,574
4.00% 01/20/41 - 04/20/43		2,322,949		2,460,666
4.50% 08/15/33 - 03/20/41		1,123,551		1,207,604
5.00% 08/15/33		59,221		65,073
6.00% 04/15/27 - 09/15/36		274,134		319,235
6.50% 04/15/19 - 09/15/36		99,734		109,744
7.00% 11/15/27 - 10/15/36		61,812		66,959
7.50% 03/15/23 - 11/15/31		27,025		27,926
8.00% 09/15/27 - 06/15/30		29,422		30,439
8.50% 10/15/17		4		4
9.00% 11/15/17 - 12/15/21		1,339		1,460
3.00% TBA (c)		6,291,143		6,354,054
3.50% TBA (c)		4,696,032		4,862,961
4.00% TBA (c)		375,000		394,570
5.50% TBA (c)		435,000		483,147
				71,988,872
Agency Collateralized Mortgage Obligations - 1.3%
Federal Home Loan Mortgage Corp. 0.08% 09/25/43(g)(i)		1,161,096		2,418
Federal Home Loan Mortgage Corp. REMIC 3.50% 11/15/24 - 11/15/30 (g)		590,457		44,385
5.50% 06/15/33 (g)		51,974		10,281
8.00% 04/15/20		7		7
Federal Home Loan Mortgage Corp. REMIC 6.00% - 1 month USD LIBOR 4.84% 08/15/43(g)(i)		1,752,170		352,139
Federal Home Loan Mortgage Corp. REMIC 6.10% - 1 month USD LIBOR 4.94% 06/15/41 - 08/15/46(g)(i)		4,923,648		747,840
Federal Home Loan Mortgage Corp. REMIC 6.20% - 1 month USD LIBOR 5.04% 10/15/42(g)(i)		1,327,263		250,356
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR 5.44% 08/15/25(g)(i)		240,722		20,284
Federal Home Loan Mortgage Corp. STRIPS 1.47% 08/01/27 (d)(f)		1,067		983
8.00% 02/01/23 - 07/01/24 (g)		3,697		619
Federal Home Loan Mortgage Corp. STRIPS 5.95% - 1 month USD LIBOR 4.79% 03/15/44(g)(i)		2,396,703		480,156

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

50 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Federal National Mortgage Assoc. REMIC 0.51% 12/25/22 (d)(f)		1,663		1,286
1.21% 12/25/42 (g)(i)		272,900		12,428
5.00% 02/25/40 - 09/25/40 (g)		269,437		31,618
8.00% 05/25/22 (g)		5		75
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 4.78% 07/25/38 - 08/25/42(g)(i)		5,081,748		987,040
Federal National Mortgage Assoc. REMIC 6.60% - 1 month USD LIBOR 5.38% 10/25/43(g)(i)		1,225,343		284,550
Federal National Mortgage Assoc. STRIPS 1.87% 12/25/34 (d)(f)		56,815		50,543
4.50% 08/25/35 - 01/25/36 (g)		116,595		20,628
5.00% 03/25/38 - 05/25/38 (g)		64,567		9,846
5.50% 12/25/33 (g)		17,399		3,422
6.00% 01/25/35 (g)		64,301		12,867
7.50% 11/25/23 (g)		10,117		1,603
8.00% 08/25/23 - 07/25/24 (g)		7,329		1,438
8.50% 07/25/22 (g)		1,583		187
9.00% 05/25/22 (g)		1,399		159
Government National Mortgage Assoc. REMIC 4.50% 02/20/38 - 08/16/39 (g)		242,978		15,379
5.00% 01/20/38 - 09/20/38 (g)		104,050		4,176
Government National Mortgage Assoc. REMIC 6.80% - 1 month USD LIBOR 5.63% 01/16/40(g)(i)		323,126		60,487
				3,407,200
Asset Backed - 0.6%
Chase Funding Trust 2004-1 3.99% 11/25/33(j)		226,908		233,277
Citibank Credit Card Issuance Trust 2014-A6 2.15% 07/15/21		756,000		762,175
Citibank Credit Card Issuance Trust 2016-A1 1.75% 11/19/21		757,000		756,329
				1,751,781
Corporate Notes - 41.7%
21st Century Fox America Inc. 3.38% 11/15/26		124,000		123,715
4.75% 11/15/46		54,000		57,712
6.65% 11/15/37 (h)		228,000		301,117

	Principal Amount $		Fair Value $
Abbott Laboratories 2.90% 11/30/21		420,000		423,996
3.75% 11/30/26		135,000		137,824
4.90% 11/30/46		135,000		149,203
AbbVie Inc. 2.00% 11/06/18 (h)		393,000		393,944
3.20% 05/14/26 (h)		285,000		281,663
4.45% 05/14/46 (h)		105,000		108,536
4.70% 05/14/45 (h)		85,000		90,450
ACCO Brands Corp. 5.25% 12/15/24(b)(h)		167,000		173,471
Aetna Inc. 3.50% 11/15/24(h)		250,000		257,910
Aflac Inc. 4.00% 10/15/46(h)		105,000		103,613
Agrium Inc. 4.90% 06/01/43(h)		103,000		111,319
Alexandria Real Estate Equities Inc. 3.95% 01/15/28(h)		170,000		172,889
Alibaba Group Holding Ltd. 4.50% 11/28/34(h)		205,000		225,178
Allergan Funding SCS 3.00% 03/12/20		208,000		212,533
3.45% 03/15/22		209,000		215,418
4.55% 03/15/35		78,000		83,320
4.75% 03/15/45		16,000		17,295
Altria Group Inc. 2.63% 09/16/26 (h)		38,000		36,590
2.95% 05/02/23 (h)		210,000		211,615
3.88% 09/16/46 (h)		85,000		82,690
4.50% 05/02/43 (h)		114,000		121,526
America Movil SAB de C.V. 3.13% 07/16/22 (h)		205,000		208,913
5.00% 03/30/20 (h)		317,000		340,501
American Axle & Manufacturing Inc. 6.25% 04/01/25 (b)(h)		176,000		171,600
6.50% 04/01/27 (b)(h)		88,000		85,580
6.63% 10/15/22 (h)		84,000		86,100
American Campus Communities Operating Partnership LP 3.35% 10/01/20 (h)		157,000		161,060
4.13% 07/01/24 (h)		114,000		119,152
American Electric Power Company Inc. 2.95% 12/15/22(h)		332,000		337,973
American Express Co. 3.63% 12/05/24(h)		8,000		8,187
American International Group Inc. 3.75% 07/10/25 (h)		106,000		107,979
4.50% 07/16/44 (h)		122,000		124,229
4.80% 07/10/45 (h)		117,000		125,043

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

Elfun Income Fund 51

Elfun Income Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
American Tower Corp. (REIT) 3.38% 10/15/26 (h)		225,000		220,161
3.40% 02/15/19 (h)		473,000		482,898
AmeriGas Partners LP/AmeriGas Finance Corp. 5.63% 05/20/24 (h)		83,000		85,698
5.88% 08/20/26 (h)		125,000		128,125
Amgen Inc. 2.20% 05/22/19 (h)		403,000		405,480
2.65% 05/11/22 (h)		273,000		273,881
4.56% 06/15/48 (h)		156,000		164,379
Amkor Technology Inc. 6.63% 06/01/21(h)		429,000		437,044
Anadarko Petroleum Corp. 4.85% 03/15/21 (h)		24,000		25,614
6.20% 03/15/40 (h)		134,000		153,187
6.60% 03/15/46 (h)		25,000		30,870
Anglo American Capital PLC 4.75% 04/10/27(b)(h)		200,000		205,460
Anheuser-Busch InBev Finance Inc. 2.65% 02/01/21 (h)		155,000		157,065
3.65% 02/01/26 (h)		304,000		313,232
4.70% 02/01/36 (h)		116,000		128,151
4.90% 02/01/46 (h)		215,000		243,000
Anheuser-Busch InBev Worldwide Inc. 2.50% 07/15/22(h)		282,000		281,568
Anthem Inc. 3.30% 01/15/23(h)		201,000		204,974
Apache Corp. 5.10% 09/01/40(h)		132,000		135,019
Apple Inc. 2.50% 02/09/22 (h)		231,000		233,021
2.85% 05/11/24 (h)		273,000		274,325
3.35% 02/09/27 (h)		188,000		192,498
3.45% 02/09/45 (h)		136,000		127,989
3.85% 08/04/46 (h)		179,000		179,151
4.25% 02/09/47 (h)		51,000		54,173
Applied Materials Inc. 3.30% 04/01/27 (h)		108,000		109,767
4.35% 04/01/47 (h)		81,000		86,102
Aramark Services Inc. 5.13% 01/15/24(h)		208,000		218,660
Archer-Daniels-Midland Co. 2.50% 08/11/26(h)		326,000		312,102
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. 4.25% 09/15/22(b)(h)		200,000		205,300
Ascension Health 4.85% 11/15/53(h)		103,000		119,497
AstraZeneca PLC 2.38% 11/16/20 (h)		87,000		87,493
3.13% 06/12/27		195,000		194,377

	Principal Amount $		Fair Value $
3.38% 11/16/25 (h)		146,000		149,137
AT&T Inc. 2.45% 06/30/20 (h)		189,000		189,931
2.63% 12/01/22 (h)		95,000		93,097
3.00% 06/30/22 (h)		127,000		127,223
4.25% 03/01/27 (h)		117,000		120,965
4.45% 04/01/24 (h)		172,000		181,078
4.50% 05/15/35 (h)		208,000		204,848
4.80% 06/15/44 (h)		163,000		161,754
5.25% 03/01/37 (h)		179,000		190,909
5.45% 03/01/47 (h)		224,000		241,462
Baidu Inc. 2.88% 07/06/22		255,000		253,695
Bank of America Corp. 1.70% 08/25/17 (h)		980,000		980,424
2.65% 04/01/19		280,000		283,382
3.25% 10/21/27 (h)		409,000		395,276
3.88% 08/01/25 (h)		252,000		260,721
3.95% 04/21/25 (h)		241,000		244,213
4.25% 10/22/26 (h)		212,000		218,335
Bank of America Corp. 1.16% + 3 month USD LIBOR 3.12% 01/20/23(h)(i)		304,000		307,306
Bank of America Corp. 1.58% + 3 month USD LIBOR 3.82% 01/20/28(h)(i)		31,000		31,542
Bank of America Corp. 1.81% + 3 month USD LIBOR 4.24% 04/24/38(h)(i)		243,000		252,985
Bank of America Corp. 1.99% + 3 month USD LIBOR 4.44% 01/20/48(h)(i)		215,000		228,016
Barclays PLC 4.34% 01/10/28		200,000		205,901
4.84% 05/09/28		200,000		204,479
5.25% 08/17/45		205,000		229,821
Barrick Gold Corp. 4.10% 05/01/23		66,000		71,395
Barrick North America Finance LLC 5.70% 05/30/41		45,000		53,351
Baxalta Inc. 2.88% 06/23/20		221,000		224,512
Becton Dickinson and Co. 2.89% 06/06/22		195,000		195,243
3.70% 06/06/27		137,000		137,215
3.73% 12/15/24		15,000		15,247
4.67% 06/06/47		98,000		100,943
4.69% 12/15/44		9,000		9,281
Berkshire Hathaway Energy Co. 6.13% 04/01/36(h)		72,000		92,598
Berkshire Hathaway Inc. 4.50% 02/11/43		3,000		3,311

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

52 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Berry Plastics Corp. 5.13% 07/15/23		260,000		270,725
BHP Billiton Finance USA Ltd. 5.00% 09/30/43		72,000		83,431
Biogen Inc. 2.90% 09/15/20		83,000		84,771
BMW US Capital LLC 2.00% 04/11/21 (b)		81,000		80,263
2.80% 04/11/26 (b)		175,000		170,242
BNP Paribas S.A. 2.95% 05/23/22(b)		264,000		266,598
Boardwalk Pipelines LP 4.45% 07/15/27(h)		170,000		174,068
BP Capital Markets PLC 1.38% 05/10/18 (h)		211,000		210,567
3.22% 11/28/23 (h)		224,000		227,455
Brighthouse Financial Inc. 3.70% 06/22/27 (b)		105,000		103,389
4.70% 06/22/47 (b)		71,000		69,803
Brixmor Operating Partnership LP 3.90% 03/15/27(h)		450,000		438,970
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.00% 01/15/22 (b)(h)		136,000		137,201
3.63% 01/15/24 (b)(h)		207,000		211,709
3.88% 01/15/27 (b)(h)		192,000		197,185
Buckeye Partners LP 3.95% 12/01/26 (h)		134,000		132,650
5.60% 10/15/44 (h)		63,000		65,119
Burlington Northern Santa Fe LLC 3.65% 09/01/25(h)		145,000		152,617
CalAtlantic Group Inc. 5.25% 06/01/26(h)		250,000		259,375
Calpine Corp. 5.75% 01/15/25 (h)		251,000		235,313
5.88% 01/15/24 (b)(h)		565,000		581,950
Canadian Natural Resources Ltd. 3.85% 06/01/27 (h)		117,000		116,327
4.95% 06/01/47 (h)		78,000		79,270
Capital One Financial Corp. 4.20% 10/29/25(h)		396,000		399,340
Cardinal Health Inc. 2.62% 06/15/22 (h)		195,000		195,158
3.08% 06/15/24 (h)		117,000		117,252
3.41% 06/15/27 (h)		195,000		194,167
4.37% 06/15/47 (h)		49,000		50,440
Carlson Travel Inc. 6.75% 12/15/23(b)(h)		264,000		268,620
Caterpillar Inc. 4.30% 05/15/44(h)		133,000		143,644
Catholic Health Initiatives 2.60% 08/01/18		125,000		125,663
4.35% 11/01/42		130,000		117,482

	Principal Amount $		Fair Value $
CBL & Associates LP 5.95% 12/15/26(h)		35,000		34,661
CBS Corp. 2.50% 02/15/23 (c)		205,000		202,588
2.90% 01/15/27 (h)		225,000		213,129
3.38% 02/15/28 (c)		205,000		200,943
CCO Holdings LLC/CCO Holdings Capital Corp. 5.88% 04/01/24(b)(h)		248,000		264,740
Celgene Corp. 3.88% 08/15/25 (h)		110,000		114,889
5.00% 08/15/45 (h)		130,000		146,582
Cenovus Energy Inc. 5.40% 06/15/47(b)(h)		39,000		36,448
CenturyLink Inc. 5.80% 03/15/22(h)		378,000		393,120
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.13% 12/15/21(b)(h)		484,000		492,470
Charter Communications Operating LLC/Charter Communications Operating Capital 3.58% 07/23/20 (h)		283,000		292,423
4.91% 07/23/25 (h)		283,000		305,757
6.38% 10/23/35 (h)		42,000		49,834
6.48% 10/23/45 (h)		83,000		99,741
Chevron Corp. 3.19% 06/24/23(h)		207,000		214,213
Chubb INA Holdings Inc. 4.35% 11/03/45		87,000		95,536
Cigna Corp. 3.25% 04/15/25(h)		201,000		201,802
Cimarex Energy Co. 3.90% 05/15/27(h)		136,000		136,759
Cinemark USA Inc. 4.88% 06/01/23(h)		180,000		183,881
Cisco Systems Inc. 2.50% 09/20/26(h)		222,000		212,902
Citigroup Inc. 1.75% 05/01/18 (h)		211,000		210,909
2.05% 12/07/18 (h)		358,000		358,543
4.45% 09/29/27		164,000		170,582
4.65% 07/30/45 (h)		66,000		71,870
Citigroup Inc. 1.10% + 3 month USD LIBOR 2.28% 05/17/24(h)(i)		390,000		389,600
Citigroup Inc. 1.56% + 3 month USD LIBOR 3.89% 01/10/28(h)(i)		214,000		217,503
Citigroup Inc. 1.84% + 3 month USD LIBOR 4.28% 04/24/48(h)(i)		337,000		345,308

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

Elfun Income Fund 53

Elfun Income Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
CMS Energy Corp. 4.88% 03/01/44(h)		209,000		233,266
CNA Financial Corp. 5.88% 08/15/20(h)		306,000		336,967
CNH Industrial N.V. 4.50% 08/15/23(h)		250,000		265,625
CNOOC Nexen Finance 2014 ULC 4.25% 04/30/24		423,000		445,090
Columbia Pipeline Group Inc. 3.30% 06/01/20(h)		134,000		137,288
Comcast Corp. 3.38% 08/15/25 (h)		26,000		26,676
4.20% 08/15/34 (h)		206,000		218,376
4.60% 08/15/45 (h)		210,000		229,328
ConocoPhillips Co. 3.35% 11/15/24 (h)		116,000		118,146
5.95% 03/15/46 (h)		45,000		56,355
Consolidated Edison Company of New York Inc. 2.90% 12/01/26(h)		150,000		147,068
Constellation Brands Inc. 2.70% 05/09/22 (h)		195,000		194,740
3.50% 05/09/27 (h)		122,000		121,899
4.50% 05/09/47 (h)		58,000		59,789
Corporation Andina de Fomento 4.38% 06/15/22		304,000		328,721
Costco Wholesale Corp. 3.00% 05/18/27(h)		389,000		387,998
Credit Suisse AG 1.70% 04/27/18(h)		391,000		390,977
Credit Suisse Group Funding Guernsey Ltd. 3.80% 06/09/23(h)		470,000		484,484
CRH America Finance Inc. 3.40% 05/09/27(b)(h)		220,000		220,037
CSX Corp. 4.50% 08/01/54(h)		124,000		130,202
CVS Health Corp. 3.88% 07/20/25 (h)		144,000		149,737
5.13% 07/20/45 (h)		282,000		323,728
Daimler Finance North America LLC 2.38% 08/01/18(b)(h)		378,000		380,428
Dana Financing Luxembourg Sarl 6.50% 06/01/26(b)(h)		250,000		266,094
Danaher Corp. 4.38% 09/15/45(h)		62,000		67,847
Dell International LLC/EMC Corp. 3.48% 06/01/19 (b)(h)		270,000		276,322
4.42% 06/15/21 (b)(h)		225,000		237,178
6.02% 06/15/26 (b)(h)		113,000		124,482
8.35% 07/15/46 (b)(h)		65,000		83,982
Delphi Automotive PLC 4.40% 10/01/46(h)		113,000		112,838

	Principal Amount $		Fair Value $
Deutsche Bank AG 3.70% 05/30/24		103,000		102,988
Deutsche Telekom International Finance BV 2.49% 09/19/23(b)(h)		450,000		436,776
Devon Energy Corp. 5.00% 06/15/45 (h)		100,000		101,998
5.85% 12/15/25 (h)		68,000		77,281
Dexia Credit Local S.A. 2.25% 01/30/19(b)		343,000		345,203
Diageo Investment Corp. 2.88% 05/11/22(h)		209,000		214,079
Discover Bank 3.10% 06/04/20(h)		291,000		296,520
Dollar General Corp. 1.88% 04/15/18(h)		410,000		410,304
Dominion Energy Inc. 2.58% 07/01/20 (h)		136,000		136,692
3.63% 12/01/24 (h)		148,000		151,641
DTE Energy Co. 2.85% 10/01/26(h)		135,000		128,414
Duke Energy Corp. 3.75% 09/01/46(h)		85,000		80,871
Duke Energy Progress LLC 4.15% 12/01/44(h)		125,000		131,041
Eastman Chemical Co. 3.60% 08/15/22		94,000		97,517
Ecopetrol S.A. 5.88% 05/28/45		182,000		167,076
EI du Pont de Nemours & Co. 0.53% + 3 month USD LIBOR 1.70% 05/01/20(h)(i)		194,000		195,166
Electricite de France S.A. 2.15% 01/22/19(b)		224,000		224,730
Eli Lilly & Co. 3.10% 05/15/27 (h)		197,000		198,931
3.70% 03/01/45 (h)		41,000		40,557
3.95% 05/15/47 (h)		78,000		80,662
Embraer Netherlands Finance BV 5.40% 02/01/27(h)		147,000		153,615
Emera US Finance LP 3.55% 06/15/26 (h)		162,000		162,391
4.75% 06/15/46 (h)		45,000		47,557
Enable Midstream Partners LP 4.40% 03/15/27(h)		360,000		361,333
Enbridge Energy Partners LP 5.50% 09/15/40(h)		38,000		39,851
Encana Corp. 3.90% 11/15/21(h)		223,000		227,279
Endo Dac/Endo Finance LLC/Endo Finco Inc. 5.88% 10/15/24(b)(h)		264,000		271,920

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

54 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Enel Finance International N.V. 2.88% 05/25/22 (b)(h)		264,000		264,336
3.63% 05/25/27 (b)(h)		273,000		270,394
4.75% 05/25/47 (b)(h)		200,000		206,084
Energy Transfer Equity LP 5.88% 01/15/24(h)		677,000		717,620
Energy Transfer LP 5.30% 04/15/47 (h)		105,000		104,017
6.50% 02/01/42 (h)		208,000		232,606
Entergy Louisiana LLC 3.05% 06/01/31(h)		134,000		129,407
Enterprise Products Operating LLC 3.95% 02/15/27(h)		179,000		185,036
EOG Resources Inc. 4.15% 01/15/26(h)		210,000		220,663
ERP Operating LP 4.50% 07/01/44(h)		83,000		88,594
Exelon Corp. 3.50% 06/01/22 (h)		273,000		279,969
4.45% 04/15/46 (h)		196,000		202,861
Express Scripts Holding Co. 3.40% 03/01/27 (h)		226,000		218,142
4.80% 07/15/46 (h)		68,000		69,263
Exxon Mobil Corp. 2.22% 03/01/21 (h)		48,000		48,311
3.04% 03/01/26 (h)		98,000		98,849
FedEx Corp. 4.10% 02/01/45(h)		2,000		1,965
FirstEnergy Corp. 3.90% 07/15/27		114,000		114,023
4.85% 07/15/47		40,000		40,543
Five Corners Funding Trust 4.42% 11/15/23(b)(h)		457,000		490,698
Florida Power & Light Co. 4.13% 02/01/42(h)		133,000		141,064
Ford Motor Co. 4.35% 12/08/26(h)		224,000		230,689
Ford Motor Credit Company LLC 3.22% 01/09/22(h)		440,000		443,865
Frontier Communications Corp. 7.13% 03/15/19 (h)		443,000		461,827
11.00% 09/15/25 (h)		310,000		287,525
General Dynamics Corp. 2.13% 08/15/26(h)		82,000		76,918
General Motors Co. 5.20% 04/01/45(h)		42,000		41,259
General Motors Financial Company Inc. 3.15% 01/15/20 (h)		272,000		276,647
3.20% 07/13/20 (h)		73,000		74,375
5.25% 03/01/26 (h)		225,000		243,047
Gilead Sciences Inc. 1.95% 03/01/22 (h)		134,000		131,309

	Principal Amount $		Fair Value $
2.95% 03/01/27		191,000		185,394
3.65% 03/01/26 (h)		215,000		221,448
4.15% 03/01/47 (h)		85,000		85,601
4.80% 04/01/44 (h)		94,000		102,571
Glencore Finance Canada Ltd. 5.55% 10/25/42(b)(h)		56,000		59,640
Glencore Funding LLC 4.00% 03/27/27(b)(h)		385,000		378,840
Great Plains Energy Inc. 2.50% 03/09/20 (h)		195,000		196,806
3.15% 04/01/22 (h)		119,000		120,245
3.90% 04/01/27		119,000		120,396
4.85% 04/01/47		19,000		19,578
Grupo Televisa SAB 5.00% 05/13/45(h)		204,000		196,498
Halliburton Co. 3.80% 11/15/25 (h)		210,000		215,233
5.00% 11/15/45 (h)		125,000		133,178
HCA Inc. 4.75% 05/01/23(h)		521,000		550,957
Hess Corp. 4.30% 04/01/27 (h)		114,000		111,365
5.60% 02/15/41 (h)		90,000		88,577
5.80% 04/01/47 (h)		68,000		68,651
Hewlett Packard Enterprise Co. 6.35% 10/15/45(h)		67,000		70,894
Honeywell International Inc. 1.40% 10/30/19(h)		173,000		171,835
HSBC Holdings PLC 4.25% 03/14/24(h)		222,000		229,679
HSBC Holdings PLC 1.06% + 3 month USD LIBOR 3.26% 03/13/23(h)(i)		205,000		208,862
HSBC Holdings PLC 3.75% + USD 5 year Mid-Market Swap Rate 6.00% 12/31/99(h)(i)		465,000		480,810
HSBC USA Inc. 2.35% 03/05/20(h)		248,000		249,438
Hyundai Capital America 2.13% 10/02/17 (b)(h)		189,000		189,135
3.10% 04/05/22 (b)(h)		106,000		106,268
Illinois Tool Works Inc. 3.50% 03/01/24(h)		216,000		226,320
ING Bank N.V. 2.70% 08/17/20(b)(h)		200,000		202,739
Ingersoll-Rand Luxembourg Finance S.A. 3.55% 11/01/24(h)		271,000		277,566
Ingles Markets Inc. 5.75% 06/15/23(h)		288,000		283,320
Intel Corp. 2.45% 07/29/20 (h)		208,000		211,496

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

Elfun Income Fund 55

Elfun Income Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
2.60% 05/19/26 (h)		131,000		126,730
2.88% 05/11/24 (h)		290,000		291,023
International Business Machines Corp. 3.30% 01/27/27 (h)		102,000		103,575
3.63% 02/12/24 (h)		200,000		208,733
International Flavors & Fragrances Inc. 4.38% 06/01/47(h)		58,000		59,136
International Paper Co. 4.40% 08/15/47(h)		188,000		189,499
Interstate Power & Light Co. 3.40% 08/15/25(h)		415,000		419,534
j2 Cloud Services LLC/j2 Global Co-Obligor Inc. 6.00% 07/15/25(b)		25,000		25,750
JB Poindexter & Company Inc. 9.00% 04/01/22(b)(h)		120,000		125,850
JBS USA LUX S.A./JBS USA Finance Inc. 5.75% 06/15/25(b)(h)		261,000		245,340
Jefferies Group LLC 5.13% 01/20/23 (h)		158,000		172,034
6.50% 01/20/43 (h)		130,000		147,084
Johnson & Johnson 3.63% 03/03/37(h)		157,000		164,374
Johnson Controls International PLC 4.50% 02/15/47(h)		78,000		83,027
JPMorgan Chase & Co. 2.30% 08/15/21 (h)		196,000		194,841
2.55% 10/29/20 (h)		197,000		198,636
3.30% 04/01/26 (h)		214,000		212,524
3.63% 12/01/27 (h)		125,000		123,734
JPMorgan Chase & Co. 1.16% + 3 month USD LIBOR 3.22% 03/01/25(h)(i)		195,000		195,042
JPMorgan Chase & Co. 1.34% + 3 month USD LIBOR 3.78% 02/01/28(h)(i)		148,000		151,363
JPMorgan Chase & Co. 1.38% + 3 month USD LIBOR 3.54% 05/01/28(h)(i)		210,000		211,158
JPMorgan Chase & Co. 3.32% + 3 month USD LIBOR 5.00% 12/29/49(h)(i)		158,000		161,950
JPMorgan Chase & Co. 3.33% + 3 month USD LIBOR 6.10% 10/29/49(h)(i)		470,000		509,950
KB Home 7.00% 12/15/21(h)		422,000		472,640
Kinder Morgan Energy Partners LP 3.50% 09/01/23		137,000		138,115
6.38% 03/01/41		89,000		100,469

	Principal Amount $		Fair Value $
Kinder Morgan Inc. 3.05% 12/01/19		83,000		84,446
5.05% 02/15/46		89,000		89,492
5.55% 06/01/45		152,000		161,283
Kraft Heinz Foods Co. 3.00% 06/01/26		171,000		163,609
4.38% 06/01/46		173,000		168,603
Kreditanstalt fuer Wiederaufbau 4.50% 07/16/18		238,000		245,502
L Brands Inc. 5.63% 02/15/22		268,000		286,760
Lee Enterprises Inc. 9.50% 03/15/22(b)		347,000		357,410
Lennar Corp. 4.50% 11/15/19		349,000		362,087
4.75% 05/30/25		174,000		181,830
Levi Strauss & Co. 5.00% 05/01/25		259,000		270,655
Lincoln National Corp. 3.63% 12/12/26		194,000		194,830
Lloyds Banking Group PLC 3.75% 01/11/27		223,000		224,386
Lockheed Martin Corp. 3.55% 01/15/26		172,000		178,244
4.70% 05/15/46		94,000		105,775
Lowe’s Companies Inc. 3.70% 04/15/46		106,000		102,327
LYB International Finance BV 4.88% 03/15/44		67,000		71,043
LYB International Finance II BV 3.50% 03/02/27		291,000		286,881
Macy’s Retail Holdings Inc. 4.30% 02/15/43		50,000		38,794
Marathon Oil Corp. 3.85% 06/01/25		112,000		109,335
5.90% 03/15/18		112,000		114,870
6.00% 10/01/17		425,000		429,037
Marathon Petroleum Corp. 3.63% 09/15/24		192,000		194,020
Marsh & McLennan Companies Inc. 3.50% 03/10/25		195,000		200,156
Masco Corp. 4.38% 04/01/26		45,000		48,002
McDonald’s Corp. 3.70% 01/30/26		95,000		98,393
4.88% 12/09/45		87,000		97,129
Medtronic Inc. 3.50% 03/15/25 (h)		108,000		112,384
4.63% 03/15/45 (h)		135,000		152,152
Memorial Sloan-Kettering Cancer Center 4.13% 07/01/52(h)		165,000		167,897

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

56 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Merck & Company Inc. 2.75% 02/10/25(h)		215,000		214,130
MetLife Inc. 4.72% 12/15/44(h)		118,000		131,709
MGM Resorts International 4.63% 09/01/26 (h)		167,000		168,670
5.25% 03/31/20 (h)		258,000		273,158
6.63% 12/15/21 (h)		431,000		483,797
Microsoft Corp. 1.55% 08/08/21 (h)		221,000		216,211
2.40% 08/08/26 (h)		256,000		246,395
3.45% 08/08/36 (h)		135,000		135,247
3.70% 08/08/46 (h)		135,000		133,796
4.00% 02/12/55 (h)		167,000		169,399
4.10% 02/06/37 (h)		113,000		121,859
4.25% 02/06/47 (h)		175,000		189,751
Mizuho Bank Ltd. 2.45% 04/16/19(b)(h)		508,000		510,732
Mizuho Financial Group Inc. 2.63% 04/12/21(b)(h)		205,000		204,980
Molson Coors Brewing Co. 2.10% 07/15/21 (h)		283,000		278,268
3.00% 07/15/26 (h)		96,000		92,347
4.20% 07/15/46 (h)		94,000		92,252
Monsanto Co. 4.70% 07/15/64(h)		53,000		53,469
Morgan Stanley 2.45% 02/01/19 (h)		605,000		609,060
2.63% 11/17/21 (h)		216,000		215,659
2.65% 01/27/20 (h)		200,000		202,095
3.70% 10/23/24 (h)		96,000		98,529
3.95% 04/23/27 (h)		206,000		207,317
4.10% 05/22/23 (h)		345,000		360,119
4.38% 01/22/47 (h)		178,000		185,966
Morgan Stanley 1.40% + 3 month USD LIBOR 2.55% 10/24/23(h)(i)		416,000		423,223
MPLX LP 4.13% 03/01/27 (h)		135,000		135,474
5.20% 03/01/47 (h)		68,000		69,739
Mylan N.V. 3.15% 06/15/21 (h)		106,000		107,829
3.95% 06/15/26 (h)		110,000		111,467
National Retail Properties Inc. 4.00% 11/15/25(h)		200,000		204,538
NCL Corporation Ltd. 4.63% 11/15/20 (b)(h)		217,000		222,765
4.75% 12/15/21 (b)(h)		112,000		116,255
Newell Brands Inc. 3.85% 04/01/23 (h)		226,000		237,256
4.20% 04/01/26 (h)		225,000		238,925
5.50% 04/01/46 (h)		110,000		132,625

	Principal Amount $		Fair Value $
Newmont Mining Corp. 4.88% 03/15/42(h)		158,000		167,161
Nexen Energy ULC 6.40% 05/15/37(h)		94,000		119,748
NextEra Energy Capital Holdings Inc. 3.55% 05/01/27(h)		194,000		196,989
Noble Energy Inc. 3.90% 11/15/24(h)		229,000		235,332
Northern States Power Co. 2.20% 08/15/20(h)		417,000		418,033
Northern Trust Corp. 1.13% + 3 month USD LIBOR 3.38% 05/08/32(h)(i)		195,000		194,937
Northrop Grumman Corp. 3.85% 04/15/45(h)		49,000		48,665
Novartis Capital Corp. 3.00% 11/20/25 (h)		34,000		34,354
4.00% 11/20/45 (h)		50,000		52,445
NRG Energy Inc. 6.25% 07/15/22(h)		257,000		263,746
Nucor Corp. 4.13% 09/15/22(h)		90,000		96,271
Occidental Petroleum Corp. 4.10% 02/15/47(h)		62,000		61,838
Omnicom Group Inc. 3.63% 05/01/22(h)		170,000		177,418
Oracle Corp. 1.90% 09/15/21 (h)		147,000		145,693
2.40% 09/15/23 (h)		151,000		149,019
4.00% 07/15/46 (h)		135,000		136,540
4.13% 05/15/45 (h)		85,000		87,515
Owens-Brockway Glass Container Inc. 6.38% 08/15/25(b)		200,000		224,500
Pacific Gas & Electric Co. 3.40% 08/15/24(h)		617,000		636,353
PacifiCorp 6.25% 10/15/37(h)		8,000		10,634
Parker-Hannifin Corp. 3.25% 03/01/27 (b)(h)		420,000		424,341
PepsiCo Inc. 3.45% 10/06/46(h)		84,000		79,048
Perrigo Finance Unlimited Co. 3.90% 12/15/24(h)		223,000		226,450
Petroleos Mexicanos 4.50% 01/23/26 (h)		403,000		391,728
5.38% 03/13/22 (b)(h)		225,000		236,869
5.63% 01/23/46 (h)		83,000		73,580
6.38% 01/23/45 (h)		112,000		109,200
6.50% 03/13/27 (b)		225,000		241,706
6.75% 09/21/47		180,000		181,778
PetSmart Inc. 5.88% 06/01/25 (b)(h)		260,000		250,575
7.13% 03/15/23 (b)(h)		240,000		213,600

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

Elfun Income Fund 57

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Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Pfizer Inc. 3.00% 12/15/26 (h)		184,000		184,533
4.13% 12/15/46 (h)		113,000		120,033
4.40% 05/15/44 (h)		66,000		72,574
Philip Morris International Inc. 4.13% 03/04/43(h)		209,000		211,113
Plains All American Pipeline LP/PAA Finance Corp. 4.70% 06/15/44(h)		90,000		82,145
Potash Corporation of Saskatchewan Inc. 4.00% 12/15/26(h)		224,000		230,993
PPL Capital Funding Inc. 3.10% 05/15/26(h)		261,000		255,464
Precision Castparts Corp. 4.38% 06/15/45(h)		125,000		135,550
Prologis LP 3.75% 11/01/25(h)		200,000		208,232
Prudential Financial Inc. 3.03% + 3 month USD LIBOR 5.38% 05/15/45(h)(i)		199,000		215,418
Public Service Electric & Gas Co. 2.38% 05/15/23 (h)		436,000		432,492
PulteGroup Inc. 4.25% 03/01/21 (h)		80,000		83,400
5.50% 03/01/26 (h)		250,000		266,250
QUALCOMM Inc. 2.10% 05/20/20 (h)		195,000		195,884
2.90% 05/20/24 (h)		100,000		99,769
3.25% 05/20/27 (h)		68,000		68,163
4.30% 05/20/47 (h)		78,000		79,628
4.80% 05/20/45 (h)		67,000		73,637
Realty Income Corp. 3.00% 01/15/27(h)		300,000		284,162
Reckitt Benckiser Treasury Services PLC 3.00% 06/26/27(b)		291,000		286,831
Regency Energy Partners LP/Regency Energy Finance Corp. 4.50% 11/01/23(h)		180,000		186,747
RenaissanceRe Finance Inc. 3.45% 07/01/27		156,000		153,417
Reynolds American Inc. 4.45% 06/12/25 (h)		125,000		134,191
5.85% 08/15/45 (h)		56,000		68,661
Rio Tinto Finance USA PLC 4.13% 08/21/42(h)		103,000		106,432
Rockwell Collins Inc. 2.80% 03/15/22 (h)		26,000		26,237
3.20% 03/15/24 (h)		96,000		97,286
3.50% 03/15/27 (h)		142,000		144,008
4.35% 04/15/47 (h)		73,000		76,472

	Principal Amount $		Fair Value $
Rogers Communications Inc. 5.00% 03/15/44(h)		75,000		85,766
Royal Bank of Canada 1.20% 09/19/17(h)		663,000		662,735
Royal Bank of Scotland Group PLC 1.48% + 3 month USD LIBOR 3.50% 05/15/23 (h)(i)		200,000		201,185
RPM International Inc. 3.75% 03/15/27(h)		209,000		212,407
Ryder System Inc. 2.45% 09/03/19(h)		467,000		471,268
Sabine Pass Liquefaction LLC 4.20% 03/15/28 (b)(h)		417,000		421,346
5.00% 03/15/27		95,000		101,135
Santander Holdings USA Inc. 2.65% 04/17/20		336,000		335,117
3.70% 03/28/22 (b)(h)		387,000		391,959
Santander UK Group Holdings PLC 4.75% 09/15/25 (b)(h)		200,000		207,171
Schlumberger Holdings Corp. 3.00% 12/21/20 (b)(h)		170,000		173,078
Select Income REIT 4.25% 05/15/24(h)		194,000		192,217
Sempra Energy 3.25% 06/15/27		195,000		192,181
Shell International Finance BV 2.88% 05/10/26 (h)		224,000		221,057
3.40% 08/12/23 (h)		172,000		178,569
3.75% 09/12/46 (h)		78,000		73,925
4.13% 05/11/35 (h)		116,000		120,911
Shire Acquisitions Investments Ireland DAC 2.88% 09/23/23 (h)		55,000		54,507
3.20% 09/23/26 (h)		107,000		104,641
Simon Property Group LP 3.38% 06/15/27(h)		195,000		194,084
Sinclair Television Group Inc. 5.38% 04/01/21(h)		452,000		463,978
Smithfield Foods Inc. 2.70% 01/31/20 (b)(h)		90,000		90,468
4.25% 02/01/27 (b)(h)		225,000		230,750
Southern California Edison Co. 2.40% 02/01/22(h)		165,000		165,518
Southern Copper Corp. 5.88% 04/23/45(h)		89,000		95,382
Spectra Energy Partners LP 3.38% 10/15/26 (h)		111,000		108,510
4.50% 03/15/45 (h)		44,000		43,424
Sprint Corp. 7.63% 02/15/25		472,000		543,390
Standard Industries Inc. 5.38% 11/15/24(b)		516,000		543,735

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

58 Elfun Income Fund

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Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Statoil ASA 3.95% 05/15/43(h)		104,000		101,924
Sumitomo Mitsui Banking Corp. 1.35% 07/11/17 (h)		255,000		255,001
1.95% 07/23/18 (h)		319,000		319,850
Sunoco LP/Sunoco Finance Corp. 5.50% 08/01/20 (h)		173,000		177,325
6.25% 04/15/21 (h)		84,000		87,780
SunTrust Banks Inc. 3.10% + 3 month USD LIBOR 5.05% 12/31/99 (h)(i)		406,000		412,090
SUPERVALU Inc. 6.75% 06/01/21(h)		433,000		424,340
Sysco Corp. 3.25% 07/15/27		191,000		187,910
T-Mobile USA Inc. 6.63% 04/01/23(h)		257,000		271,957
Tampa Electric Co. 4.35% 05/15/44(h)		204,000		209,177
Target Corp. 2.50% 04/15/26(h)		225,000		213,330
Teachers Insurance & Annuity Association of America 4.90% 09/15/44(h)(b)		177,000		198,387
TEGNA Inc. 5.50% 09/15/24(b)(h)		119,000		122,570
Telefonica Emisiones SAU 4.10% 03/08/27(h)		300,000		309,977
Tenet Healthcare Corp. 4.75% 06/01/20 (h)		158,000		163,530
6.00% 10/01/20 (h)		416,000		445,640
Tesoro Corp. 4.75% 12/15/23 (b)(h)		336,000		361,838
5.13% 12/15/26 (b)(h)		126,000		137,038
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/01/26 (h)		134,000		127,270
4.10% 10/01/46 (h)		57,000		52,578
The Allstate Corp. 4.20% 12/15/46(h)		90,000		94,065
The Allstate Corp. 2.94% + 3 month USD LIBOR 5.75% 08/15/53(h)(i)		225,000		246,375
The Bank of New York Mellon Corp. 0.63% + 3 month USD LIBOR 2.66% 05/16/23(h)(i)		389,000		389,874
The Bank of New York Mellon Corp. 1.07% + 3 month USD LIBOR 3.44% 02/07/28(h)(i)		210,000		213,127
The Bank of New York Mellon Corp. 3.13% + 3 month USD LIBOR 4.63% 12/29/49(h)(i)		445,000		448,827

	Principal Amount $		Fair Value $
The Bank of Tokyo-Mitsubishi UFJ Ltd. 2.30% 03/10/19(b)(h)		600,000		601,697
The Dow Chemical Co. 4.25% 10/01/34(h)		213,000		219,895
The Estee Lauder Companies Inc. 3.15% 03/15/27(h)		285,000		287,282
The Goldman Sachs Group Inc. 2.30% 12/13/19 (h)		605,000		606,577
2.35% 11/15/21 (h)		211,000		208,436
2.38% 01/22/18 (h)		471,000		473,095
2.63% 04/25/21 (h)		270,000		270,512
2.90% 07/19/18 (h)		169,000		170,921
3.85% 01/26/27 (h)		113,000		114,967
4.25% 10/21/25 (h)		69,000		71,329
4.80% 07/08/44 (h)		194,000		215,423
5.15% 05/22/45 (h)		199,000		221,400
The Goldman Sachs Group Inc. 1.05% + 3 month USD LIBOR 2.91% 06/05/23(h)(i)		390,000		388,453
The Goldman Sachs Group Inc. 1.51% + 3 month USD LIBOR 3.69% 06/05/28(h)(i)		195,000		195,796
The Home Depot Inc. 3.35% 09/15/25 (h)		123,000		127,735
3.50% 09/15/56 (h)		158,000		143,412
3.90% 06/15/47 (h)		273,000		277,176
The Korea Development Bank 3.38% 09/16/25		205,000		209,201
The Kroger Co. 2.95% 11/01/21		271,000		273,223
The Mosaic Co. 5.63% 11/15/43(h)		45,000		45,998
The Nielsen Company Luxembourg Sarl 5.00% 02/01/25(b)(h)		168,000		172,200
The Sherwin-Williams Co. 2.25% 05/15/20 (h)		195,000		195,421
2.75% 06/01/22 (h)		156,000		155,889
3.13% 06/01/24 (h)		195,000		195,937
3.45% 06/01/27 (h)		98,000		98,698
4.50% 06/01/47 (h)		134,000		140,614
The Southern Co. 3.25% 07/01/26 (h)		107,000		104,685
4.40% 07/01/46 (h)		76,000		77,492
The Southern Co. 3.63% + 3 month USD LIBOR 5.50% 03/15/57(h)(i)		224,000		236,236
The Toronto-Dominion Bank 2.21% + USD 5 year Swap Rate 3.63% 09/15/31(h)(i)		241,000		239,115
The Walt Disney Co. 4.13% 06/01/44(h)		65,000		68,327

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

Elfun Income Fund 59

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Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Time Inc. 5.75% 04/15/22(b)(h)		345,000		356,644
Time Warner Cable LLC 4.50% 09/15/42 (h)		42,000		40,014
6.55% 05/01/37 (h)		123,000		147,030
Time Warner Inc. 3.80% 02/15/27 (h)		220,000		221,510
5.35% 12/15/43 (h)		196,000		216,147
TransCanada PipeLines Ltd. 4.88% 01/15/26(h)		12,000		13,424
Tyco Electronics Group S.A. 2.35% 08/01/19(h)		383,000		385,148
Tyson Foods Inc. 2.65% 08/15/19 (h)		83,000		84,050
4.55% 06/02/47 (h)		137,000		144,437
U.S. Bancorp 3.49% + 3 month USD LIBOR 5.13% 12/29/49(h)(i)		417,000		443,709
UBS Group Funding Switzerland AG 2.95% 09/24/20(b)(h)		200,000		204,296
United Technologies Corp. 2.65% 11/01/26 (h)		173,000		168,228
3.75% 11/01/46 (h)		78,000		76,494
UnitedHealth Group Inc. 4.75% 07/15/45(h)		108,000		124,234
Vale Overseas Ltd. 4.38% 01/11/22 (h)		114,000		116,029
5.88% 06/10/21 (h)		227,000		243,685
6.25% 08/10/26 (h)		198,000		213,593
6.88% 11/10/39 (h)		65,000		69,713
Ventas Realty LP 3.25% 10/15/26(h)		215,000		206,652
Verizon Communications Inc. 4.40% 11/01/34 (h)		208,000		206,171
4.67% 03/15/55 (h)		146,000		136,683
4.86% 08/21/46 (h)		208,000		207,948
5.05% 03/15/34 (h)		223,000		236,317
5.15% 09/15/23 (h)		109,000		121,059
5.25% 03/16/37 (h)		141,000		151,741
Viacom Inc. 3.45% 10/04/26(h)		225,000		217,258
Videotron Ltd./Videotron Ltee 5.13% 04/15/27(b)(h)		17,000		17,468
Virgin Media Finance PLC 5.75% 01/15/25(b)(h)		435,000		451,312
Virginia Electric & Power Co. 4.00% 11/15/46(h)		225,000		232,346
Visa Inc. 3.15% 12/14/25 (h)		95,000		96,460
4.30% 12/14/45 (h)		124,000		136,200
Volkswagen Group of America Finance LLC 0.44% + 3 month USD LIBOR 1.61% 11/20/17(b)(h)(i)		206,000		206,141

	Principal Amount $		Fair Value $
W.R. Grace & Co. 5.63% 10/01/24(b)(h)		428,000		457,425
Wabtec Corp. 3.45% 11/15/26(b)(h)		81,000		79,873
Wal-Mart Stores Inc. 4.30% 04/22/44(h)		179,000		198,546
Walgreens Boots Alliance Inc. 4.65% 06/01/46(h)		68,000		71,275
WEC Energy Group Inc. 3.55% 06/15/25(h)		179,000		184,599
WellCare Health Plans Inc. 5.25% 04/01/25(h)		212,000		222,070
Wells Fargo & Co. 3.07% 01/24/23 (h)		192,000		194,551
3.90% 05/01/45 (h)		102,000		102,192
4.75% 12/07/46 (h)		114,000		121,889
Wells Fargo & Co. 1.31% + 3 month USD LIBOR 3.58% 05/22/28(h)(i)		195,000		197,038
Wells Fargo & Co. 3.11% + 3 month USD LIBOR 5.90% 12/29/49(h)(i)		273,000		292,383
Wells Fargo & Co. 3.99% + 3 month USD LIBOR 5.88% 12/29/49(h)(i)		290,000		319,571
Western Digital Corp. 7.38% 04/01/23(b)(h)		40,000		43,950
Westlake Chemical Corp. 3.60% 08/15/26 (h)		64,000		63,526
5.00% 08/15/46 (h)		64,000		67,695
Williams Partners LP 3.75% 06/15/27		77,000		76,225
3.90% 01/15/25 (h)		133,000		134,472
4.90% 01/15/45 (h)		68,000		68,179
5.40% 03/04/44 (h)		42,000		44,416
Williams Partners LP/ACMP Finance Corp. 4.88% 05/15/23		112,000		116,213
Willis North America Inc. 3.60% 05/15/24(h)		195,000		196,915
Windstream Services LLC 6.38% 08/01/23(h)		400,000		330,250
WPP Finance 2010 3.75% 09/19/24(h)		385,000		394,442
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 05/15/27(b)(h)		212,000		217,168
Xilinx Inc. 2.95% 06/01/24(h)		273,000		273,665
XLIT Ltd. 5.25% 12/15/43(h)		165,000		187,269

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

60 Elfun Income Fund

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Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
XPO Logistics Inc. 6.50% 06/15/22 (b)(h)		250,000		262,813
				113,170,834
Non-Agency Collateralized Mortgage  Obligations - 5.5%
American Tower Trust I (REIT) 1.55% 03/15/43(b)		627,000		625,734
Banc of America Commercial Mortgage Trust 2007-1 5.48% 01/15/49(i)		197,856		197,627
Banc of America Commercial Mortgage Trust 2008-1 6.47% 02/10/51(i)		98,983		99,804
Banc of America Merrill Lynch Commercial Mortgage Inc. 2005-1 5.56% 11/10/42(i)		14,891		14,875
Bear Stearns Commercial Mortgage Securities Trust 2007-PW18 6.09% 06/11/50(i)		430,000		435,220
BXP Trust 2017-GM 3.38% 06/13/39(b)(n)		714,000		735,365
CFCRE Commercial Mortgage Trust 2016-C7 3.84% 12/10/54		387,769		405,378
Citigroup Commercial Mortgage Trust 2016-P5 2.94% 10/10/49		399,397		393,349
Citigroup Commercial Mortgage Trust 2016-P6 3.72% 12/10/49 (i)		1,735,118		1,814,366
4.03% 12/10/49 (i)		336,823		353,499
COMM 2013-CR12 Mortgage Trust 5.25% 10/10/46 (b)(i)		100,000		85,950
COMM 2013-LC13 Mortgage Trust 4.56% 08/10/46 (b)(i)		170,000		184,407
COMM 2014-CR14 Mortgage Trust 4.53% 02/10/47(i)		240,000		259,692
COMM 2014-CR19 Mortgage Trust 4.88% 08/10/47 (b)(i)		195,777		163,422
GS Mortgage Securities Trust 2015-GC28 1.29% 02/10/48 (g)(i)		2,698,597		154,423
GS Mortgage Securities Trust 2015-GC34 2.98% 10/10/48		78,912		58,208
GS Mortgage Securities Trust 2016-GS3 2.85% 10/10/49		758,000		740,908
GS Mortgage Securities Trust 2017-GS5 3.67% 03/10/50		822,216		858,065

	Principal Amount $		Fair Value $
GS Mortgage Securities Trust II 2012-GCJ9 2.41% 11/10/45 (g)(i)		844,652		66,347
Impac CMB Trust 2004-5 0.72% + 1 month USD LIBOR 1.94% 10/25/34(i)		94,009		90,529
JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 1.86% 12/15/47 (g)(i)		1,067,837		67,772
JPMBB Commercial Mortgage Securities Trust 2013-C12 4.16% 07/15/45(i)		125,000		132,420
JPMBB Commercial Mortgage Securities Trust 2013-C17 5.05% 01/15/47 (b)(i)		112,726		105,820
JPMBB Commercial Mortgage Securities Trust 2014-C18 4.97% 02/15/47 (b)(i)		125,901		110,719
JPMDB Commercial Mortgage Securities Trust 2017-C5 3.69% 03/15/50		762,358		796,447
LB-UBS Commercial Mortgage Trust 2004-C8 0.46% 12/15/39 (b)(g)(i)		122,680		267
LB-UBS Commercial Mortgage Trust 2007-C6 6.11% 07/15/40 (i)		193,493		193,742
6.11% 07/15/40 (b)		413,925		414,396
MASTR Alternative Loan Trust 2003-5 5.00% 08/25/18(g)		7,327		55
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 3.39% 10/15/47(b)		843,762		606,341
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20 1.54% 02/15/48(g)(i)		3,087,102		228,347
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 1.11% 03/15/48(g)(i)		3,695,604		200,973
Morgan Stanley Capital I Trust 2006-IQ11 6.38% 10/15/42(i)		250,000		246,856
Morgan Stanley Capital I Trust 2006-T21 5.27% 10/12/52(i)		94,797		94,732
Morgan Stanley Capital I Trust 2007-IQ16 6.33% 12/12/49(i)		430,000		435,279
Morgan Stanley Capital I Trust 2008-T29 6.50% 01/11/43(i)		210,000		214,695

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

Elfun Income Fund 61

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Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Fair Value $
Morgan Stanley Capital I Trust 2016-UBS9 1.40% 03/15/49 (g)(i)		2,952,303		221,190
Wells Fargo Commercial Mortgage Trust 2015-C26 1.44% 02/15/48 (g)(i)		3,055,200		221,729
Wells Fargo Commercial Mortgage Trust 2017-RB1 3.64% 03/15/50		481,332		499,709
Wells Fargo Mortgage Backed Securities Trust 2006-3 5.50% 03/25/36**		19,995		—
WFRBS Commercial Mortgage Trust 2013-C17 4.26% 12/15/46		235,000		250,756
WFRBS Commercial Mortgage Trust 2014-C22 4.06% 09/15/57 (b)(i)		535,456		426,706
WFRBS Commercial Mortgage Trust 2014-C24 3.69% 11/15/47 (b)		769,611		502,576
WFRBS Commercial Mortgage Trust 2014-C25 3.80% 11/15/47 (b)(i)		96,000		71,267
WFRBS Commercial Mortgage Trust 2014-LC14 4.35% 03/15/47 (i)		533,000		568,339
4.59% 03/15/47 (b)(i)		590,543		493,206
WFRBS Commercial Mortgage Trust 2015-C31 3.85% 11/15/48		100,165		76,179
				14,917,686
Sovereign Bonds - 0.9%
Government of Chile 3.86% 06/21/47		200,000		200,500
Government of Colombia 2.63% 03/15/23		323,000		314,925
5.00% 06/15/45		200,000		201,200
Government of Mexico 3.60% 01/30/25 (h)		319,000		322,828
4.00% 10/02/23 (h)		136,000		142,195
4.75% 03/08/44 (h)		254,000		254,254
Government of Oman 3.88% 03/08/22 (b)(h)		200,000		199,500
Government of Panama 4.00% 09/22/24 (h)		200,000		210,000
4.50% 05/15/47 (h)		220,000		222,750
Government of Peru 5.63% 11/18/50 (h)		134,000		162,341
Government of Philippines 3.95% 01/20/40 (h)		200,000		208,698

	Principal Amount ($) or Number of Shares		Fair Value $
Government of Uruguay 5.10% 06/18/50		134,311		136,829
				2,576,020
Municipal Bonds and Notes - 0.7%
American Municipal Power Inc. 6.27% 02/15/50		135,000		167,688
Municipal Electric Authority of Georgia 6.64% 04/01/57		267,000		327,363
New Jersey Transportation Trust Fund Authority 6.88% 12/15/39		165,000		173,405
Port Authority of New York & New Jersey 4.46% 10/01/62		470,000		514,340
South Carolina State Public Service Authority 6.45% 01/01/50		175,000		200,554
State of California 5.70% 11/01/21		280,000		319,189
State of Illinois 5.10% 06/01/33		95,000		88,931
				1,791,470
FNMA (TBA) - 0.0%*
Lehman 5.50% TBA (n)(o)		145,983		3,153
Total Bonds and Notes (Cost $266,483,316)				269,263,023
Domestic Equity - 0.1%
Preferred Stock - 0.1%
Wells Fargo & Co. 3.09% + 3 month USD LIBOR (Cost $322,150) (i)		12,886		356,427
Total Investments in Securities (Cost $266,805,466)				269,619,450
Short-Term Investments - 10.4%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.92% (Cost $28,387,941) (d)(p)		28,387,941		28,387,941
Total Investments (Cost $295,193,407)				298,007,391
Liabilities in Excess of Other Assets, net - (9.7)%				(26,378,050	)
NET ASSETS - 100.0%				271,629,341

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

62 Elfun Income Fund

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Schedule of Investments, continued — June 30, 2017 (Unaudited)

Other Information:

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract annual Fixed Rate		Termination Date		Market Value			Unamortized Upfront Payments Received			Unrealized Depreciation
Markit CDX North America High Yield Index	CME Group Inc.	$	4,934		5.00%		12/20/21	$	(366,374	)	$	(189,620	)	$	(176,754	)
Markit CDX North America Investment Grade Index	CME Group Inc.	$	10,335		1.00%		06/20/22	$	(193,986	)	$	(165,551	)	$	(28,435	)
														$	(205,189	)

The Fund had the following long futures contracts open at June 30, 2017:

Description	Expiration date		Number of Contracts		Current Notional Value		Unrealized Depreciation
2 Yr. U.S. Treasury Notes Futures		September 2017		43	$	9,292,703	$	(14,052	)
5 Yr. U.S. Treasury Notes Futures		September 2017		47		5,538,289		(10,240	)
10 Yr. U.S. Treasury Notes Futures		September 2017		286		35,901,938		(198,382	)
							$	(222,674	)

The Fund had the following short futures contracts open at June 30, 2017:

Description	Expiration date		Number of Contracts		Current Notional Value			Unrealized Appreciation (Depreciation)
U.S. Long Bond Futures		September 2017		52	$	(7,991,750	)	$	(45,573	)
Ultra Long-Term U.S. Treasury Bond Futures		September 2017		31		(5,142,125	)		(71,828	)
10 Yr. U.S. Treasury Ultra Futures		September 2017		102		(13,750,875	)		44,338
								$	(73,063	)
								$	(295,737	)

Affiliate Table

	Number of Shares Held at 12/31/16		Value At 12/31/16		Shares Purchased		Shares Sold		Number of Shares Held at 6/30/17		Value at 6/30/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		39,582,709	$	39,582,709		48,104,851		59,299,619		28,387,941	$	28,387,941	$	40,984
State Street Institutional U.S. Government Money Market Fund - Premier Class		—		—		62,737,217		62,737,217		—		—		51,973
			$	39,582,709							$	28,387,941	$	92,957

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

Elfun Income Fund 63

Elfun Government Money Market Fund

Understanding Your Fund’s Expenses — June 30, 2017 (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 June 30, 2017.

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 January 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period June 30, 2017	$	1,001.90	$	1,023.11
Expenses paid during the period*	$	1.69	$	1. 71

* Expenses are equal to the Fund’s annualized expense ratio of 0.34% (for the period January 1, 2017-June 30, 2017), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

64 Elfun Government Money Market Fund

Elfun Government Money Market Fund

Fund Information — June 30, 2017 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $107,518 (in thousands) as of June 30, 2017 ^(a)

(a) 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.

Elfun Government Money Market Fund 65

Elfun Government Money Market Fund

Schedule of Investments — June 30, 2017 (Unaudited)

	Principal Amount $		Amortized Cost $
Short-Term Investments - 99.9%†
U.S. Treasuries - 40.7%
U.S. Treasury Bills 0.80% 07/06/17 (d)		3,000,000		2,999,671
0.83% 07/20/17 (d)		3,000,000		2,998,702
0.84% 07/13/17 (d)		3,000,000		2,999,175
0.85% 07/06/17 (d)		2,500,000		2,499,708
0.86% 07/06/17 - 07/20/17 (d)		3,750,000		3,748,814
0.88% 07/20/17 (d)		750,000		749,655
0.92% 08/10/17 - 09/14/17 (d)		4,500,000		4,495,029
0.93% 09/14/17 (d)		500,000		499,052
0.94% 08/24/17 (d)		3,000,000		2,995,849
0.98% 08/31/17 (d)		2,000,000		1,996,747
1.00% 09/07/17 (d)		4,000,000		3,992,596
1.01% 09/14/17 (d)		5,000,000		4,989,671
1.03% 09/21/17 (d)		4,000,000		3,990,788
1.08% 11/30/17 (d)		1,000,000		995,524
1.14% 12/21/17 (d)		1,000,000		994,618
U.S. Treasury Notes 0.63% 09/30/17		300,000		299,671
0.75% 10/31/17		1,000,000		998,931
0.88% 10/15/17		100,000		99,942
U.S. Treasury Notes 0.17% + 3 month Treasury Yield 1.17% 10/31/17(i)		400,000		400,274
U.S. Treasury Notes 0.27% + 3 month Treasury Yield 1.27% 01/31/18(i)		1,000,000		1,001,841
				43,746,258
U.S. Government Agency Obligations - 51.0%
Fannie Mae Discount Notes 0.81% 07/12/17 (d)		2,000,000		1,999,511
0.83% 07/05/17 (d)		700,000		699,936
0.96% 07/03/17 (d)		3,500,000		3,499,815
1.03% 09/13/17 (d)		500,000		498,957
1.06% 10/10/17 (d)		600,000		598,249
Federal Farm Credit Banks 0.03% + 1 month USD LIBOR 1.19% 09/26/17(i)		600,000		600,000
Federal Farm Credit Banks 0.04% + 1 month USD LIBOR 1.25% 03/22/18(i)		2,000,000		2,002,715
Federal Farm Credit Banks 0.05% + 1 month USD LIBOR 1.18% 08/30/17(i)		500,000		499,992
Federal Farm Credit Banks 0.12% + 1 month USD LIBOR 1.11% 10/03/17(i)		200,000		199,995
Federal Home Loan Bank Discount Notes 0.87% 07/21/17 (d)		2,000,000		1,999,051
1.05% 08/14/17 - 08/16/17 (d)		3,000,000		2,996,104

	Principal Amount $		Amortized Cost $
1.06% 09/20/17 - 09/27/17 (d)		5,000,000		4,987,679
1.07% 09/15/17 (d)		1,500,000		1,496,681
Federal Home Loan Banks 0.02% + 1 month USD LIBOR 1.07% 09/07/17 (i)		800,000		800,000
1.21% 08/28/17 (i)		1,000,000		1,000,000
Federal Home Loan Banks 0.03% + 1 month USD LIBOR 1.14% 08/16/17 (i)		500,000		500,000
1.18% 08/17/17 (i)		700,000		700,000
Federal Home Loan Banks 0.04% + 3 month USD LIBOR 1.12% 01/08/18(i)		2,000,000		2,003,685
Federal Home Loan Banks 0.08% + 1 month USD LIBOR 1.05% 12/13/17(i)		1,400,000		1,400,000
Federal Home Loan Banks 0.09% + 1 month USD LIBOR 1.03% 08/11/17(i)		200,000		200,000
Federal Home Loan Banks 0.11% + 1 month USD LIBOR 0.97% 07/07/17(i)		1,000,000		1,000,000
Federal Home Loan Banks 0.13% + 1 month USD LIBOR 0.97% 01/09/18(i)		400,000		400,000
Federal Home Loan Banks 0.13% + 1 month USD LIBOR 0.95% 01/05/18(i)		1,700,000		1,700,000
Federal Home Loan Banks 0.15% + 1 month USD LIBOR 1.07% 01/25/18(i)		500,000		500,000
Federal Home Loan Banks 0.15% + 1 month USD LIBOR 1.06% 01/18/18(i)		250,000		250,000
Federal Home Loan Banks 0.16% + 1 month USD LIBOR 0.93% 10/06/17 (i)		500,000		500,000
1.05% 10/18/17 (i)		500,000		500,000
Federal Home Loan Banks 0.17% + 1 month USD LIBOR 1.05% 01/29/18(i)		1,500,000		1,499,981
Federal Home Loan Banks 0.19% + 3 month USD LIBOR 1.11% 06/28/18(i)		1,000,000		1,000,000
Federal Home Loan Banks 0.28% + 3 month USD LIBOR 0.96% 12/13/17(i)		600,000		600,000
Federal Home Loan Banks 0.29% + 3 month USD LIBOR 1.01% 10/03/17(i)		300,000		300,000
Federal Home Loan Banks 0.32% + 3 month USD LIBOR 0.98% 03/28/18 - 04/03/18(i)		800,000		800,000

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

66 Elfun Government Money Market Fund

Elfun Government Money Market Fund

Schedule of Investments, continued — June 30, 2017 (Unaudited)

	Principal Amount $		Amortized Cost $
Federal Home Loan Banks 0.35% + 3 month USD LIBOR 0.80% 01/22/18(i)		400,000		400,000
Federal Home Loan Banks 0.39% + 3 month USD LIBOR 0.78% 01/26/18(i)		1,000,000		1,000,000
Federal Home Loan Banks 0.40% + 3 month USD LIBOR 0.76% 07/12/17(i)		800,000		800,000
Federal Home Loan Banks 0.41% + 3 month USD LIBOR 0.75% 07/13/17(i)		1,000,000		1,000,000
Federal Home Loan Banks 0.42% + 3 month USD LIBOR 0.73% 07/24/17(i)		300,000		300,000
Federal Home Loan Mortgage Corp. 0.15% + 1 month USD LIBOR 1.06% 06/21/18(i)		1,500,000		1,500,000
Federal Home Loan Mortgage Corp. 0.16% + 1 month USD LIBOR 0.96% 05/11/18(i)		1,600,000		1,600,000
Federal Home Loan Mortgage Corp. 0.34% - 3 month USD LIBOR 0.82% 01/11/18(i)		900,000		900,000
Federal Home Loan Mortgage Corp. 0.35% + 3 month USD LIBOR 0.94% 12/22/17(i)		1,000,000		1,000,000
Freddie Mac Discount Notes 0.78% 07/05/17 (d)		850,000		849,927
0.84% 08/04/17 (d)		1,000,000		999,216
0.93% 08/15/17 (d)		550,000		549,368

	Principal Amount $		Amortized Cost $
1.02% 08/18/17 (d)		2,000,000		1,997,333
1.03% 09/22/17 - 10/06/17 (d)		2,900,000		2,892,780
1.04% 09/11/17 - 09/19/17 (d)		1,400,000		1,396,963
				54,917,938
Repurchase Agreements - 8.2%
Citigroup Global Markets, Inc. U.S. Treasury Repo 1.08% dated 06/30/17, to be repurchased at $5,000,150 on 07/03/17 collateralized by $5,100,063 U.S. Treasury Note, 0.50%, maturing on 07/31/17, respectively. 07/03/17		5,000,000		5,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 1.08% dated 06/30/17, to be repurchased at $3,854,116 on 07/03/17 collateralized by $3,931,165 U.S. Treasury Note, 2.13%, maturing on 08/15/21, respectively. 07/03/17		3,854,000		3,854,000
				8,854,000
Total Short-Term Investments (Cost $107,518,196)				107,518,196
Other Assets and Liabilities, net - 0.1%				86,450
NET ASSETS - 100.0%				107,604,646

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

Elfun Government Money Market Fund 67

Elfun Funds

Notes to Schedule of Investments — June 30, 2017 (Unaudited)

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 Funds’ future investments and should not be construed as a recommendation to purchase or sell a particular security. See each Fund’s summary prospectus and the Funds’ statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a) Non-income producing security.

(b) 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 June 30, 2017, these securities amounted to $4,519,570 or 2.20% and $23,119,822 or 8.51% of the net assets of the Elfun Diversified Fund and Elfun Income Fund, respectively. These securities have been determined to be liquid using procedures established by the Fund’s Board of Trustees.

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

(d) Coupon amount represents effective yield.

(e) State Street Corp. is the parent company of State Street Bank & Trust Co., the Funds’ sub-administrator, custodian and accounting agent.

(f) 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.

(g) 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.

(h) At June 30, 2017, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBA’s.

(i) Variable or floating rate security. The stated rate represents the rate at June 30, 2017.

(j) Step coupon bond.

(k) 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.

(l) 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.

(m) 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 June 30, 2017 (as a percentage of net assets).

(n) Security is fair valued by the Oversight Committee, in accordance with the procedures approved by each Funds’ Board of Trustees.

(o) Security is in default.

(p) Sponsored by SSGA Funds Management, Inc., the Fund’s investment advisor and administrator, and an affiliate of State Street Bank & Trust Co., the Funds’ sub-administrator, custodian and accounting agent.

† Percentages are based on net assets as of June 30, 2017.

* Less than 0.05%

** Less than 0.005%

Abbreviations:

ADR - American Depositary Receipt

AGC - Assured Guaranty Corporation

AGMC - Assured Guaranty Municipal Company

AMBAC - AMBAC Indemnity Corporation

FGIC - Financial Guaranty Insurance Corporation

LIBOR - London Interbank Offered Rate

NPFG - National Public Finance Guaranty Corporation

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SPDR - Standard and Poor’s Depositary Receipt

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

68 Notes to Schedule of Investments

Elfun International Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/17†			12/31/16			12/31/15*			12/31/14*			12/31/13*			12/31/12*
Inception date*		—			—			—			—			—			1/1/88
Net asset value, beginning of period	$	18.73		$	19.31		$	19.70		$	21.93		$	18.31		$	15.43
Income/(loss) from investment operations:
Net investment income		0.27			0.41			0.34			0.58			0.37			0.35
Net realized and unrealized gains/(losses) on investments		2.05			(0.58	)		(0.37	)		(2.24	)		3.62			2.88
Total income/(loss) from investment operations		2.32			(0.17	)		(0.03	)		(1.66	)		3.99			3.23
Less distributions from:
Net investment income		—			0.41			0.36			0.57			0.37			0.35
Return of capital		—			—			—			—			—			0.00	(b)
Total distributions		—			0.41			0.36			0.57			0.37			0.35
Net asset value, end of period	$	21.05		$	18.73		$	19.31		$	19.70		$	21.93		$	18.31
Total return(a)		12.39	%		(0.86	)%		(0.18	)%		(7.62	)%		21.81	%		20.95	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	223,457		$	208,044		$	234,448		$	254,310		$	306,922		$	260,728
Ratios to average net assets:
Net expenses		0.38	%**		0.37	%(c)(d)		0.35	%		0.33	%(e)		0.31	%(e)		0.45	%(e)
Gross expenses		0.38	%**		0.43	%(d)		0.35	%		0.33	%		0.31	%		0.45	%
Net investment income		2.67	%**		2.11	%		1.59	%		2.54	%		1.83	%		1.98	%
Portfolio turnover rate		17	%		33	%		24	%		36	%		49	%		47	%

Notes to Financial Highlights

(a) 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.

(b) Rounds to less than $0.005.

(c) Reflects a voluntary waiver of management fees by GE Asset Management Incorporated (“GEAM”) the Fund’s investment adviser and administrator prior to July 1, 2016.

(d) The net and gross expense ratios include the refunded custody expense (See Note 6). Without the effect of the refunded custody expense, the net and gross ratio would have been 0.40% and 0.47%, respectively.

(e) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

† Unaudited.

* Beginning with the year ended December 31, 2016, the Funds were audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

** Annualized for periods less than one year.

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

Financial Highlights 69

Elfun Trusts

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/17†			12/31/16			12/31/15*			12/31/14*			12/31/13*			12/31/12*
Inception date		—			—			—			—			—			5/27/35
Net asset value, beginning of period	$	53.23		$	54.59		$	58.02		$	56.07		$	44.06		$	40.35
Income/(loss) from investment operations:
Net investment income		0.33			0.81			0.80			0.75			0.71			0.77
Net realized and unrealized gains/(losses) on investments		6.84			2.54			0.25			6.67			14.68			7.77
Total income from investment operations		7.17			3.35			1.05			7.42			15.39			8.54
Less distributions from:
Net investment income		—			0.79			0.80			0.75			0.72			0.76
Net realized gains		—			3.92			3.68			4.72			2.66			4.07
Total distributions		—			4.71			4.48			5.47			3.38			4.83
Net asset value, end of period	$	60.40		$	53.23		$	54.59		$	58.02		$	56.07		$	44.06
Total return(a)		13.47	%		6.08	%		1.70	%		13.13	%		34.98	%		21.27	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	2,593,514		$	2,331,966		$	2,364,319		$	2,476,637		$	2,326,948		$	1,820,262
Ratios to average net assets:
Net expenses		0.18	%**		0.18	%		0.16	%		0.18	%(b)		0.15	%(b)		0.19	%(b)
Gross expenses		0.18	%**		0.18	%		0.16	%		0.18	%		0.15	%		0.19	%
Net investment income		1.17	%**		1.43	%		1.32	%		1.26	%		1.36	%		1.60	%
Portfolio turnover rate		10	%		15	%		11	%		13	%		12	%		11	%

Notes to Financial Highlights

(a) 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.

(b) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

† Unaudited.

* Beginning with the year ended December 31, 2016, the Funds were audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

** Annualized for periods less than one year.

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

70 Financial Highlights

Elfun Diversified Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/17†			12/31/16			12/31/15*			12/31/14*			12/31/13*			12/31/12*
Inception date		—			—			—			—			—			1/1/88
Net asset value, beginning of period	$	17.91		$	17.50		$	18.78		$	19.84		$	18.30		$	16.53
Income/(loss) from investment operations:
Net investment income		0.16			0.38			0.34			0.37			0.36			0.33
Net realized and unrealized gains/(losses) on investments		1.17			0.58			(0.57	)		0.62			2.70			1.78
Total income/(loss) from investment operations		1.33			0.96			(0.23	)		0.99			3.06			2.11
Less distributions from:
Net investment income		—			0.36			0.34			0.37			0.35			0.34
Net realized gains		—			0.19			0.71			1.65			1.17			—
Return of capital		—			—			—			0.03			—			—
Total distributions		—			0.55			1.05			2.05			1.52			0.34
Net asset value, end of period	$	19.24		$	17.91		$	17.50		$	18.78		$	19.84		$	18.30
Total return(a)		7.43	%		5.48	%		(1.25	)%		4.95	%		16.79	%		12.77	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	204,999		$	198,938		$	209,688		$	230,123		$	235,903		$	213,168
Ratios to average net assets:
Net expenses		0.42	%**		0.39	%(b)		0.37	%		0.39	%(c)		0.33	%(c)		0.46	%(c)
Gross expenses		0.42	%**		0.39	%(b)		0.37	%		0.39	%		0.34	%		0.47	%
Net investment income		1.67	%**		1.98	%		1.69	%		1.79	%		1.78	%		1.75	%
Portfolio turnover rate		115	%		116	%		123	%		176	%		144	%		173	%

Notes to Financial Highlights

(a) 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.

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

(c) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

† Unaudited.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

** Annualized for periods less than one year.

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

Financial Highlights 71

Elfun Tax-Exempt Income Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/17†			12/31/16			12/31/15*			12/31/14*			12/31/13*			12/31/12*
Inception date		—			—			—			—			—			1/1/80
Net asset value, beginning of period	$	11.48		$	11.88		$	11.97		$	11.34		$	12.32		$	11.97
Income/(loss) from investment operations:
Net investment income		0.23			0.46			0.46			0.47			0.49			0.51
Net realized and unrealized gains/(losses) on investments		0.10			(0.40	)		(0.09	)		0.63			(0.98	)		0.37
Total income/(loss) from investment operations		0.33			0.06			0.37			1.10			(0.49	)		0.88
Less distributions from:
Net investment income		0.23			0.46			0.46			0.47			0.49			0.51
Net realized gains		—			—			—			—			0.00	(b)		0.02
Total distributions		0.23			0.46			0.46			0.47			0.49			0.53
Net asset value, end of period	$	11.58		$	11.48		$	11.88		$	11.97		$	11.34		$	12.32
Total return(a)		2.90	%		0.42	%		3.21	%		9.85	%		(4.06	)%		7.45	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,499,211		$	1,495,248		$	1,588,272		$	1,624,266		$	1,568,533		$	1,785,176
Ratios to average net assets:
Net expenses		0.20	%**		0.20	%		0.18	%		0.21	%		0.23	%		0.18	%
Gross expenses		0.20	%**		0.20	%		0.18	%		0.21	%		0.23	%		0.18	%
Net investment income		4.02	%**		3.84	%		3.92	%		4.01	%		4.14	%		4.18	%
Portfolio turnover rate		11	%		31	%		22	%		34	%		28	%		28	%

Notes to Financial Highlights

(a) 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.

(b) Rounds to less than $0.005.

† Unaudited.

* Beginning with the year ended December 31, 2016, the Funds were audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

** Annualized for periods less than one year.

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

72 Financial Highlights

Elfun Income Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/17†			12/31/16			12/31/15*			12/31/14*			12/31/13*			12/31/12*
Inception date		—			—			—			—			—			12/31/84
Net asset value, beginning of period	$	11.28		$	11.26		$	11.57		$	11.22		$	11.65		$	11.58
Income/(loss) from investment operations:
Net investment income		0.15			0.30			0.32			0.29			0.29			0.26
Net realized and unrealized gains/(losses) on investments		0.14			0.09			(0.29	)		0.35			(0.40	)		0.42
Total income/(loss) from investment operations		0.29			0.39			0.03			0.64			(0.11	)		0.68
Less distributions from:
Net investment income		0.14			0.28			0.32			0.29			0.29			0.26
Net realized gains		—			0.09			0.02			0.00	(c)		0.03			0.35
Total distributions		0.14			0.37			0.34			0.29			0.32			0.61
Net asset value, end of period	$	11.43		$	11.28		$	11.26		$	11.57		$	11.22		$	11.65
Total return(a)		2.58	%		3.52	%		0.22	%		5.75	%		(0.95	)%		5.94	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	271,629		$	276,142		$	289,872		$	312,756		$	319,994		$	364,407
Ratios to average net assets:
Net expenses		0.33	%**		0.31	%		0.28	%		0.29	%(b)		0.28	%(b)		0.23	%(b)
Gross expenses		0.33	%**		0.31	%		0.28	%		0.29	%		0.29	%		0.25	%
Net investment income		2.63	%**		2.63	%		2.71	%		2.50	%		2.53	%		2.20	%
Portfolio turnover rate		176	%		238	%		278	%		326	%		330	%		402	%

Notes to Financial Highlights

(a) 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.

(b) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

(c) Rounds to less than $0.005.

† Unaudited.

* Beginning with the year ended December 31, 2016, the Funds were audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

** Annualized for periods less than one year.

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

Financial Highlights 73

Elfun Government Money Market Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/17†			12/31/16			12/31/15*			12/31/14*			12/31/13*			12/31/12*
Inception date		—			—			—			—			—			6/13/90
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income/(loss) from investment operations:
Net investment income (loss)		0.00	(b)		(0.00	)(b)		—			—			—			—
Less distributions from:
Net investment income		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		—			—
Net realized gains		—			—			—			—			0.00	(b)		—
Total distributions		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		—
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(a)		0.19	%		0.06	%		0.08	%		0.05	%		0.04	%		0.00	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	107,605		$	111,339		$	129,039		$	139,218		$	166,530		$	164,529
Ratios to average net assets:
Net expenses		0.34	%**		0.49	%(d)		0.09	%(c)		0.05	%(c)		0.11	%(c)		0.18	%(c)
Gross expenses		0.34	%**		0.49	%(d)		0.25	%		0.36	%		0.34	%		0.32	%
Net investment income (loss)		0.38	%**		(0.11	)%(d)		—	%		—	%		—	%		—	%

Notes to Financial Highlights

(a) 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.

(b) Rounds to less than $0.005.

(c) Reflects a voluntary waiver of management fees and/or subsidy of certain expenses by GEAM, the adviser and administrator of the Fund prior to July 1, 2016.

(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%.

† Unaudited.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

** Annualized for periods less than one year.

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

74 Financial Highlights

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Elfun Funds

Statements of Assets and Liabilities — June 30, 2017 (Unaudited)

	Elfun International Equity Fund			Elfun Trusts		Elfun Diversified Fund
Assets
Investments in securities, at fair value (cost $187,970,294; $1,462,723,038; $132,844,437; $1,417,937,635; $266,805,466 and $0, respectively)	$	217,927,640		$	2,520,378,980	$	137,092,109
Investments in affiliated securities, at fair value (cost $0, $0, $56,763,586, $0, $0, and $0, respectively)		—			—		58,839,835
Short-term investments, at fair value		—			—		3,871,483
Short-term affiliated investments, at fair value		4,752,027			70,937,689		12,399,178
Repurchase agreements		—			—		—
Cash		—			—		5,794
Restricted cash		125,000			—		—
Foreign currency (cost $189,725; $0; $33,907; $0; $0 and $0, respectively)		190,023			—		33,961
Receivable for investments sold		372,511			13,680,322		179,735
Income receivable		761,198			1,428,650		499,605
Receivable for fund shares sold		6,291			39,649		17,589
Income receivable from affiliated investments		3,127			50,684		9,231
Receivable for variation margin on open futures contracts		—			—		—
Other assets		496			4,005		487
Total assets		224,138,312			2,606,519,979		212,949,007
Liabilities
Distribution payable to shareholders		—			—		—
Payable for investments purchased		466,090			11,851,346		7,679,407
Payable for fund shares redeemed		15,217			573,848		34,401
Payable for variation margin on open centrally cleared swap contracts		—			—		3,355
Payable for variation margin on open futures contracts		1,313			—		3,633
Payable to the Adviser (Note 6)		38,829			298,019		28,785
Payable to the Custodian (Note 6)		48,824			47,455		149,046
Accrued other expenses		66,583			235,361		51,335
Accrued foreign capital gains tax		44,181			—		—
Total liabilities		681,037			13,006,029		7,949,962
Net Assets	$	223,457,276		$	2,593,513,950	$	204,999,045
Net Assets Consist Of:
Capital paid in	$	215,012,632		$	1,397,312,684	$	181,063,227
Undistributed (distributions in excess of) net investment income		2,857,390			14,623,958		1,687,814
Accumulated net realized gain (loss)		(24,341,018	)		123,921,366		16,031,775
Net unrealized appreciation (depreciation) on:
Investments		29,913,165			1,057,655,942		6,323,920
Futures		8,101			—		(61,070	)
Swap contracts		—			—		(46,642	)
Foreign currency related translations		7,006			—		21
Net Assets	$	223,457,276		$	2,593,513,950	$	204,999,045
Shares outstanding (Par value $10; $10; $10; $10; $10; and $1, respectively; unlimited shares authorized)		10,615,853			42,935,896		10,652,387
Net asset value, offering and redemption price per share	$	21.05		$	60.40	$	19.24

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

76 Statements of Assets and Liabilities

Elfun Tax-Exempt Income Fund			Elfun Income Fund			Elfun Government Money Market Fund
$	1,487,436,841		$	269,619,450		$	—
	—			—			—
	—			—			98,664,196
	3,562,121			28,387,941			—
	—			—			8,854,000
	—			—			764
	—			—			—
	—			—			—
	—			2,467,782			—
	20,251,662			1,571,589			26,956
	28,286			56,141			176,008
	5,817			19,894			—
	—			1,337			—
	1,834			612			—
	1,511,286,561			302,124,746			107,721,924
	1,529,340			136,900			4,540
	9,972,179			30,144,031			—
	204,517			24,841			19,950
	—			14,818			—
	—			—			—
	198,271			38,172			8,864
	45,319			84,778			34,497
	125,697			51,865			49,427
	—			—			—
	12,075,323			30,495,405			117,278
$	1,499,211,238		$	271,629,341		$	107,604,646
$	1,446,607,499		$	270,686,733		$	107,594,016
	62,813			500,589			—
	(16,958,280	)		(1,871,039	)		10,630
	69,499,206			2,813,984			—
	—			(295,737	)		—
	—			(205,189	)		—
	—			—			—
$	1,499,211,238		$	271,629,341		$	107,604,646
	129,458,282			23,756,507			107,594,017
$	11.58		$	11.43		$	1.00

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

Statements of Assets and Liabilities 77

Elfun Funds

Statements of Operations — For the period ended June 30, 2017 (Unaudited)

	Elfun International Equity Fund			Elfun Trusts
Investment Income
Income
Dividend	$	3,675,478		$	16,624,064
Interest		—			—
Income from affiliated investments		9,593			212,681
Less: Foreign taxes withheld		(420,525	)		—
Total income		3,264,546			16,836,745
Expenses
Advisory and administration fees (Note 6)		229,177			1,790,601
Blue Sky fees		17,639			21,709
Transfer agent fees		65,501			255,347
Trustees’ fees (Note 6)		10,177			20,625
Custody and accounting expenses — net (Note 6)		43,680			42,110
Professional fees		21,195			67,993
Other expenses		19,787			67,969
Total expenses		407,156			2,266,354
Net investment income	$	2,857,390		$	14,570,391
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Investments	$	(1,389,873	)	$	123,162,306
Affiliated investments		—			—
Futures		24,485			—
Swap contracts		—			—
Foreign currency transactions		27,041			—
Increase (decrease) in unrealized appreciation/depreciation on:
Investments		23,550,515			173,868,778
Futures		22,971			—
Swap contracts		—			—
Foreign currency translations		30,660			—
Net realized and unrealized gain (loss) on investments		22,265,799			297,031,084
Net Increase in Net Assets Resulting from Operations	$	25,123,189		$	311,601,475

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

78 Statements of Operations

Elfun Diversified Fund			Elfun Tax-Exempt Income Fund			Elfun Income Fund			Elfun Government Money Market Fund
$	1,093,587		$	—		$	24,144		$	—
	835,463			31,267,520			3,904,099			388,005
	208,455			58,968			92,957			—
	(28,666	)		—			—			—
	2,108,839			31,326,488			4,021,200			388,005
	175,436			1,217,290			236,585			56,199
	17,351			21,738			21,284			22,204
	52,618			115,185			62,854			39,203
	10,126			17,160			10,567			13,062
	123,460			42,346			84,459			31,505
	22,398			49,576			20,864			13,222
	19,636			43,418			14,967			9,814
	421,025			1,506,713			451,580			185,209
$	1,687,814		$	29,819,775		$	3,569,620		$	202,796
$	17,818,708		$	(2,986,044	)	$	787,235		$	—
	(905	)		—			—			—
	219,309			—			(22,043	)		—
	(73,445	)		—			(325,837	)		—
	10,526			—			—			—
	(5,097,210	)		16,224,687			3,290,236			—
	7,668			—			(262,101	)		—
	6,551			—			22,923			—
	5,452			—			—			—
	12,896,654			13,238,643			3,490,413			—
$	14,584,468		$	43,058,418		$	7,060,033		$	202,796

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

Statements of Operations 79

Elfun Funds

Statements of Changes in Net Assets

	Elfun International Equity Fund						Elfun Trusts
	Six Months Ended June 30, 2017(a)			Year Ended December 31, 2016			Six Months Ended June 30, 2017(a)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	2,857,390		$	4,526,167		$	14,570,391		$	32,964,856
Net realized gain (loss) on investments, futures, swap contracts and foreign currency transactions		(1,338,347	)		(8,030,994	)		123,162,306			159,847,790
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations		23,604,146			799,885			173,868,778			(55,725,752	)
Net increase (decrease) from operations		25,123,189			(2,704,942	)		311,601,475			137,086,894
Distributions to shareholders from:
Net investment income		—			(4,463,973	)		—			(32,335,578	)
Net realized gains		—			—			—			(160,319,290	)
Total distributions		—			(4,463,973	)		—			(192,654,868	)
Increase (decrease) in assets from operations and distributions		25,123,189			(7,168,915	)		311,601,475			(55,567,974	)
Share transactions:
Proceeds from sale of shares		1,970,659			2,430,974			27,829,573			40,411,417
Value of distributions reinvested		—			3,907,294			(2,059	)		153,709,493
Cost of shares redeemed		(11,680,900	)		(25,572,843	)		(77,880,800	)		(170,906,653	)
Net increase (decrease) from share transactions		(9,710,241	)		(19,234,575	)		(50,053,286	)		23,214,257
Total increase (decrease) in net assets		15,412,948			(26,403,490	)		261,548,189			(32,353,717	)
Net Assets
Beginning of period		208,044,328			234,447,818			2,331,965,761			2,364,319,478
End of period	$	223,457,276		$	208,044,328		$	2,593,513,950		$	2,331,965,761
Undistributed (distributions in excess of) net investment income, end of period	$	2,857,390		$	—		$	14,623,958		$	53,567
Changes in Fund Shares
Shares sold		97,648			132,254			480,069			743,822
Issued for distributions reinvested		—			211,202			(38	)		2,868,785
Shares redeemed		(589,891	)		(1,376,432	)		(1,349,722	)		(3,114,327	)
Net increase (decrease) in fund shares		(492,243	)		(1,032,976	)		(869,691	)		498,280

(a) Unaudited.

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

80 Statements of Changes in Net Assets

Elfun Diversified Fund						Elfun Tax-Exempt Income Fund
Six Months Ended June 30, 2017(a)			Year Ended December 31, 2016			Six Months Ended June 30, 2017(a)			Year Ended December 31, 2016
$	1,687,814		$	4,040,207		$	29,819,775		$	60,486,408
	17,974,193			1,343,065			(2,986,044	)		6,696,290
	(5,077,539	)		5,399,857			16,224,687			(58,359,640	)
	14,584,468			10,783,129			43,058,418			8,823,058
	—			(3,868,950	)		(29,819,767	)		(60,486,424	)
	—			(2,076,599	)		—			—
	—			(5,945,549	)		(29,819,767	)		(60,486,424	)
	14,584,468			4,837,580			13,238,651			(51,663,366	)
	2,038,859			4,779,752			22,498,794			48,922,399
	—			5,262,614			20,623,915			41,507,987
	(10,562,003	)		(25,630,482	)		(52,398,124	)		(131,791,304	)
	(8,523,144	)		(15,588,116	)		(9,275,415	)		(41,360,918	)
	6,061,324			(10,750,536	)		3,963,236			(93,024,284	)
	198,937,721			209,688,257			1,495,248,002			1,588,272,286
$	204,999,045		$	198,937,721		$	1,499,211,238		$	1,495,248,002
$	1,687,814		$	—		$	62,813		$	62,805
	109,834			269,206			1,950,908			4,092,545
	—			294,485			1,785,084			3,484,183
	(566,663	)		(1,436,390	)		(4,541,305	)		(11,040,847	)
	(456,829	)		(872,699	)		(805,313	)		(3,464,119	)

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

Statements of Changes in Net Assets 81

Elfun Funds

Statements of Changes in Net Assets

	Elfun Income Fund						Elfun Government Money Market Fund
	Six Months Ended June 30, 2017(a)			Year Ended December 31, 2016			Six Months Ended June 30, 2017(a)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	3,569,620		$	7,612,431		$	202,796		$	(127,654	)
Net realized gain (loss) on investments, futures and swap contracts		439,355			(57,329	)		—			10,630
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts		3,051,058			2,720,054			—			—
Net increase (decrease) from operations		7,060,033			10,275,156			202,796			(117,024	)
Distributions to shareholders from:
Net investment income		(3,364,658	)		(7,122,727	)		(202,796	)		(60,312	)
Net realized gains		—			(2,276,996	)		—			—
Total distributions		(3,364,658	)		(9,399,723	)		(202,796	)		(60,312	)
Increase (decrease) in assets from operations and distributions		3,695,375			875,433			—			(177,336	)
Share transactions:
Proceeds from sale of shares		5,521,505			14,597,102			19,569,838			49,553,491
Value of distributions reinvested		2,564,069			7,166,423			185,047			54,419
Cost of shares redeemed		(16,293,804	)		(36,369,200	)		(23,488,771	)		(67,515,314	)
Net increase (decrease) from share transactions		(8,208,230	)		(14,605,675	)		(3,733,886	)		(17,907,404	)
Contribution from Advisor (Note 7)		—			—			—			384,504
Total increase (decrease) in net assets		(4,512,855	)		(13,730,242	)		(3,733,886	)		(17,700,236	)
Net Assets
Beginning of period		276,142,196			289,872,438			111,338,532			129,038,768
End of period	$	271,629,341		$	276,142,196		$	107,604,646		$	111,338,532
Undistributed (distributions in excess of) net investment income, end of period	$	500,589		$	295,627		$	—		$	—
Changes in Fund Shares
Shares sold		486,138			1,268,324			19,569,838			49,553,491
Issued for distributions reinvested		225,217			625,653			185,047			54,419
Shares redeemed		(1,432,977	)		(3,162,952	)		(23,488,771	)		(67,515,314	)
Net decrease in fund shares		(721,622	)		(1,268,975	)		(3,733,886	)		(17,907,404	)

(a) Unaudited.

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

82 Statements of Changes in Net Assets

Elfun Funds

Notes to Financial Statements — June 30, 2017 (Unaudited)

1. 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. Prior to July 1, 2016, the Funds operated as Employees’ Securities Companies (as defined in the 1940 Act) and as such were exempt from certain provisions of the 1940 Act. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. Each Fund is a diversified investment company within the meaning of the 1940 Act.

2. Summary of Significant Accounting Policies

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

Subsequent events after the balance sheet date through the date the financial statements were issued have been evaluated in the preparation of the financial statements. There are no items to report.

The following summarizes the significant accounting policies of the Funds:

Securities Valuation and Transactions  All investments in securities are recorded at their estimated fair value, as described in Note 3.

Securities transactions are accounted for as of the trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost for both financial statement and federal tax purposes.

Repurchase Agreements  Some of the Funds engage in repurchase agreement transactions with respect to instruments that are consistent with the Fund’s investment objectives or policies. The Funds’ custodian takes possession of the collateral pledged for investments in repurchase agreements on behalf of the Funds. The Funds value the underlying collateral daily on a mark-to-market basis to determine that the value, including accrued interest, is at least equal to 102% for domestic securities and 105% for international securities of the repurchase price. In the event the seller defaults and the value of the security declines, or if the seller enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited.

At June 30, 2017, the Elfun Government Money Market Fund had investments in repurchase agreements with a gross value of $8,854,000. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Foreign Currency  Accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange 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 such transactions.

The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities during the year. Such fluctuations are included in the net realized or unrealized gain or loss from investments. Net realized gains or losses on foreign currency transactions represent net gains or losses on sales and maturities of foreign currency contracts, disposition of foreign currencies, the difference between the amount of net investment income and withholding taxes accrued and the U.S. dollar amount actually received or paid, and gains or losses between the trade and settlement date on purchases and sales of foreign securities. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities (including foreign currencies and open foreign currency contracts) as a result of changes in foreign exchange rates are included as increases or decreases in unrealized appreciation/depreciation on foreign currency related transactions.

Derivatives  The Funds are subject to equity price risk, interest rate risk, credit risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. Certain Funds entered into derivative transactions (such as

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options, futures, options on future, interest rate futures, interest rate swaps and credit default swaps) to gain or hedge exposure to certain types of securities as an alternative to investing directly in or selling such securities, or to manage: yield, interest rate exposure (also known as duration), exposure to credit quality, and to gain exposure to certain market segments.

Futures Contracts  A futures contract is an agreement to buy or sell a specific amount of a commodity, financial instrument, currency or index at a particular price and future date. Certain Funds may invest in interest rate, financial and stock or bond index futures contracts subject to certain limitations. During the six-month period ended June 30, 2017, the Elfun International Equity Fund entered into stock index futures contracts for the purpose of gaining market exposure and investing residual cash positions. The Elfun Diversified Fund entered into futures contracts on various stock indices, bonds and notes for the purposes of gaining market exposure, investing residual cash positions and managing duration of fixed income investments. The Elfun Tax-Exempt Income Fund and Elfun Income Fund invested in futures contracts on bonds and notes for to manage duration of fixed income securities. Buying futures tends to increase a Fund’s exposure to the underlying instrument while selling futures tends to decrease a Fund’s exposure to the underlying instrument, or hedge other Fund investments. With futures contracts, there is minimal counterparty credit risk to a Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all traded futures, guarantees the futures against default. 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they principally trade.

Upon entering into a financial futures contract, a Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount, known as initial margin deposit. Subsequent payments, known as variation margin, are made or received by a Fund each day, depending on the daily fluctuation in the fair value of the underlying security. A Fund records an unrealized gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may incur a loss. A Fund recognizes a realized gain or loss on the expiration or closing of a futures contract.

When-Issued Securities and Forward Commitments  TheElfun Income Fund and Elfun Diversified Fund may purchase or sell securities on a when-issued or forward commitment basis. These transactions are arrangements in which a Fund purchases and sells securities with payment and delivery scheduled a month or more after entering into the transaction. The price of the underlying securities and the date when these securities will be delivered and paid for are fixed at the time the transaction is negotiated. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the commitments. In connection with such purchases, a Fund maintains cash or liquid assets in an amount equal to the purchase commitments for such underlying securities until settlement date and for sales commitments a Fund maintains equivalent deliverable securities as “cover” for the transaction. Unsettled commitments are valued at the current market value of the underlying security. Daily fluctuations in the value of such commitments are recorded as unrealized gains or losses. The Funds will not enter into such commitments for the purpose of investment leverage.

Credit Default Swaps  During the six-month period ended June 30, 2017, the Elfun Diversified Fund and the 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

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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.

Forward Foreign Currency Exchange Contracts  Certain Funds may enter into forward foreign currency exchange contracts to facilitate transactions in foreign denominated securities and to manage currency exposure. Forward foreign currency exchange contracts are valued at the mean between the bid and the offered forward rates as last quoted by a recognized dealer. The aggregate principal amounts of the contracts are not recorded in a Fund’s financial statements. Such amounts appear under the caption Forward Foreign Currency Contracts in the Schedules of Investments. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset (or liability) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains or losses on foreign currency related transactions. A Fund’s risks in using these contracts include changes in the value of foreign currency or the possibility that the counterparties do not perform under the contracts’ terms. When a Fund enters into a forward foreign currency exchange contract, it is required to segregate cash or liquid securities with its custodian in an amount equal to the value of a Fund’s total assets committed to the consummation of the forward contract. If the value of the segregated securities declines, additional cash or securities are segregated so that the value of the account will equal the amount of a Fund’s commitment with respect to the contract. None of the Funds held any open forward foreign currency exchange contracts at June 30, 2017.

Investments in Foreign Markets  Investments in foreign markets involve special risks and considerations not typically associated with investing in the United States. These risks include revaluation of currencies, high rates of inflation, restrictions on repatriation of income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls, tariffs and taxes, subject to delays in settlements, and their prices may be more volatile.

A Fund may be subject to capital gains and repatriation taxes imposed by certain countries in which it invests. Such taxes are generally based upon income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as income and/or capital gains are earned. 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 June 30, 2017, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Investment Income  Corporate actions (including cash dividends) are recorded on the ex-dividend date, net of applicable withholding taxes, except for certain foreign corporate actions which are recorded as soon after the ex-dividend date as such information becomes available. Withholding taxes on foreign dividends, if any, have been provided for in accordance with a Fund’s understanding of the applicable country’s tax rules and rates.

Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums on bonds are computed using the effective yield method.

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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.

Federal Income Taxes  The Funds intend to comply with all sections of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies including the distribution of substantially all of their taxable net investment income, tax-exempt income and net realized capital gains to their shareholders. Therefore, no provision for federal income tax has been made for the Funds, except for the Elfun Government Money Market Fund, where a provision for income tax related to the capital contribution discussed in Note 7 is reflected in the Statement of Operations. Each Fund is treated as a separate taxpayer for federal income tax purposes.

3. Security Valuation and Transactions

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a framework for measuring fair value and providing related disclosures. Broadly, the framework requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. It also establishes a three-level valuation hierarchy based upon observable and non-observable inputs.

Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:

• Level 1 — Quoted prices for identical investments in active markets.

• Level 2 — Quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

• Level 3 — Significant inputs to the valuation model are unobservable.

Policies and procedures are maintained to value investments using the best and most relevant data available. In addition, pricing vendors are utilized to assist in valuing investments. The investment advisor performs periodic reviews of the methodologies used by independent pricing services including price validation of individual securities.

Fair Value Measurement  The following section describes the valuation methodologies the Funds use to measure different financial investments at fair value.

A Fund’s portfolio securities are valued generally on the basis of market quotations. Equity securities generally are valued at the last reported sale price on the primary market in which they are traded. Portfolio securities listed on NASDAQ are valued using the NASDAQ Official Closing Price, Level 1 securities primarily include publicly-traded equity securities, which may not necessarily represent the last sales price. If no sales occurred on the exchange or NASDAQ that day, the portfolio security generally is valued using the last reported bid price. In those circumstances the Fund typically classifies the investment securities in Level 2.

Debt securities (other than short-term securities described below) generally are valued at an evaluated bid price as reported by independent pricing services. The pricing services use various pricing models for each asset class. The inputs and assumptions to the model of the pricing services are derived from market observable sources, which may include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market related data. Since many fixed income securities do not trade on a daily basis, the methodology of the pricing service may use other available information such as benchmark curves, benchmarking of similar securities, sector groupings, and matrix pricing, as applicable. Thus, certain securities may not be priced using market quotations, but rather determined from market observable information. These investments are included in Level 2 and are primarily comprised of corporate fixed income, government, mortgage and asset-backed securities. In the absence of a reliable bid price from such a pricing service, debt securities may be valued based

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on broker or dealer supplied valuations or quotations. In these infrequent circumstances, pricing services may provide the Funds with valuations that are based on significant unobservable inputs, and in those circumstances the investment securities are classified as Level 3.

A Fund may use non-binding broker or dealer quotes for valuation when there is limited or no relevant market activity for a specific investment or for other investments that share similar characteristics and a price is not provided by a pricing service or is deemed not to be reliable. The Funds have not adjusted the prices obtained. Investment securities priced using non-binding broker or dealer quotes are included in Level 3.

Short-term securities of sufficient credit quality with remaining maturities of sixty days or less at the time of purchase are typically valued on the basis of amortized cost which approximates fair value and these are included in Level 2. If it is determined that amortized cost does not approximate fair value, securities may be valued based on dealer supplied valuations or quotations. In these infrequent circumstances, pricing services may provide the Fund with valuations that are based on significant unobservable inputs, and in those circumstances the investment securities are classified in Level 3.

Investments in registered investment companies are valued at the published daily net asset value (“NAV”) and classified in Level 1.

If prices are not readily available for a portfolio security, or if it is believed that a price for a portfolio security does not represent its fair value, the security may be valued using procedures approved by the Board of Trustees of each Fund (each, a “Board”) that are designed to establish its “fair” value. These securities are typically classified in Level 3. Those procedures require that the fair value of a security be established by the Oversight Committee (the “Committee”). The Committee follows different protocols for different types of investments and circumstances. The fair value procedures may be used to value any investment of any Fund in the appropriate circumstances.

Foreign securities may be valued with the assistance of an independent fair value pricing service in circumstances where it is believed that they have been or would be materially affected by events occurring after the close of the portfolio security’s primary market and before the close of regular trading on the New York Stock Exchange (“NYSE”). In these circumstances, the Funds classify the investment securities in Level 2. This independent fair value pricing service uses a proprietary model to identify affected securities, taking into consideration various factors, and the fair value of such securities may be something other than the last available quotation or other market price.

All assets and liabilities of the Funds initially expressed in foreign currency values will be converted into U.S. dollars at the prevailing rates of exchange at period end.

Fair value determinations generally are used for securities whose value is affected by a significant event that will materially affect the value of a security and which occurs subsequent to the time of the close of the principal market on which such security trades but prior to the calculation of a Fund’s NAV.

The value established for such a portfolio security valued other than by use of a market quotation (as described above) may be different than what would be produced through the use of market quotations or another methodology. Portfolio securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time and it is possible that a Fund would incur a loss because a portfolio security is sold at a discount to its established value.

Other financial investments are derivative instruments that are not reflected in total investments, such as futures, forwards, swaps, and written options contracts, which are valued based on fair value as discussed above.

The Funds use closing prices for derivatives included in Level 1, which are traded either on exchanges or liquid over-the counter markets. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Derivative assets and liabilities included in Level 3 primarily represent interest rate products that contain embedded optionality or prepayment features.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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The following tables present each Fund’s investments measured at fair value on a recurring basis at June 30, 2017:

Fund	Investments	Level 1			Level 2			Level 3		Total
Elfun International Equity Fund	Investments in Securities†
	Common Stock	$	217,927,640		$	—		$	—	$	217,927,640
	Short-Term Investments		4,752,027			—			—		4,752,027
	Total Investments in Securities	$	222,679,667		$	—		$	—	$	222,679,667
	Other Financial Instruments*
	Short Futures Contracts — Unrealized Appreciation	$	8,101		$	—		$	—	$	8,101
Elfun Trusts	Investments in Securities†
	Common Stock	$	2,520,378,980		$	—		$	—	$	2,520,378,980
	Short-Term Investments		70,937,689			—			—		70,937,689
	Total Investments in Securities	$	2,591,316,669		$	—		$	—	$	2,591,316,669
Elfun Diversified Fund	Investments in Securities†
	Domestic Equity	$	71,331,843		$	—		$	—	$	71,331,843
	Foreign Equity		1,972,660			—			—		1,972,660
	U.S. Treasuries		—			15,116,207			—		15,116,207
	Agency Mortgage Backed		—			17,367,352			—		17,367,352
	Agency Collateralized Mortgage Obligations		—			741,977			—		741,977
	Asset Backed		—			363,318			—		363,318
	Corporate Notes		—			25,991,016			—		25,991,016
	Non-Agency Collateralized Mortgage Obligations		—			3,229,760			176,117		3,405,877
	Sovereign Bonds		—			565,112			—		565,112
	Municipal Bonds and Notes		—			348,930			—		348,930
	FNMA (TBA)		—			—			787		787
	Exchange Traded & Mutual Funds		58,726,865			—			—		58,726,865
	Short-Term Investments		16,250,675			19,986			—		16,270,661
	Total Investments in Securities	$	148,282,043		$	63,743,658		$	176,904	$	212,202,605
	Other Financial Instruments*
	Credit Default Swap Contracts —Unrealized Depreciation	$	—		$	(46,642	)	$	—	$	(46,642	)
	Long Futures Contracts — Unrealized Depreciation		(48,945	)		—			—		(48,945	)
	Short Futures Contracts — Unrealized Appreciation		8,832			—			—		8,832
	Short Futures Contracts — Unrealized Depreciation		(20,957	)		—			—		(20,957	)
	Total Other Financial Instruments	$	(61,070	)	$	(46,642	)	$	—	$	(107,712	)

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Fund	Investments	Level 1			Level 2			Level 3		Total
Elfun Tax-Exempt Income Fund	Investments in Securities†
	Municipal Bonds and Notes	$	—		$	1,487,436,841		$	—	$	1,487,436,841
	Short-Term Investments		3,562,121			—			—		3,562,121
	Total Investments in Securities	$	3,562,121		$	1,487,436,841		$	—	$	1,490,998,962
Elfun Income Fund	Investments in Securities†
	U.S. Treasuries	$	—		$	59,656,007		$	—	$	59,656,007
	Agency Mortgage Backed		—			71,988,872			—		71,988,872
	Agency Collateralized Mortgage Obligations		—			3,407,200			—		3,407,200
	Asset Backed		—			1,751,781			—		1,751,781
	Corporate Notes		—			113,170,834			—		113,170,834
	Non-Agency Collateralized Mortgage Obligations		—			14,182,321			735,365		14,917,686
	Sovereign Bonds		—			2,576,020			—		2,576,020
	Municipal Bonds and Notes		—			1,791,470			—		1,791,470
	FNMA (TBA)		—			—			3,153		3,153
	Preferred Stock		356,427			—			—		356,427
	Short-Term Investments		28,387,941			—			—		28,387,941
	Total Investments in Securities	$	28,744,368		$	268,524,505		$	738,518	$	298,007,391
	Other Financial Instruments*
	Credit Default Swap Contracts — Unrealized Depreciation	$	—		$	(205,189	)	$	—	$	(205,189	)
	Long Futures Contracts — Unrealized Depreciation		(222,674	)		—			—		(222,674	)
	Short Futures Contracts — Unrealized Appreciation		44,338			—			—		44,338
	Short Futures Contracts — Unrealized Depreciation		(117,401	)		—			—		(117,401	)
	Total Other Financial Instruments	$	(295,737	)	$	(205,189	)	$	—	$	(500,926	)
Elfun Government Money Market Fund	Investments in Securities†
	U.S. Treasuries	$	—		$	43,746,258		$	—	$	43,746,258
	U.S. Government Agency Obligations		—			54,917,938			—		54,917,938
	Repurchase Agreements		—			8,854,000			—		8,854,000
	Total Investments in Securities	$	—		$	107,518,196		$	—	$	107,518,196

† See Schedules of Investments for Industry Classification.

* Other financial instruments include derivative instruments such as futures contracts and credit default swaps. Amounts shown represent unrealized appreciation (depreciation), at period end.

There were no transfers between fair value levels during the period. Transfers between fair value levels are recognized at the beginning of the period.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and, accordingly, a reconciliation of Level 3 assets for the six-month period ended June 30, 2017 is not presented.

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4. Derivatives Disclosure

Shown below are the derivative contracts entered into by each Fund, summarized by primary risk exposure as they appear on the Statements of Assets and Liabilities, none of which are accounted for as hedging instruments under FASB ASC No. 815 Derivatives and Hedging (“ASC 815”) as of June 30, 2017.

	Asset Derivatives June 30, 2017				Liability Derivatives June 30, 2017
Derivatives not accounted for as hedging instruments under ASC 815	Location in the Statements of Assets and Liabilities	Fair Value ($)			Location in the Statements of Assets and Liabilities	Fair Value ($)
Elfun International Equity Fund
Equity Contracts	Assets, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures		8,101	*	Liabilities, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures		—
Elfun Diversified Fund
Equity Contracts	Assets, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures		—		Liabilities, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures		(803	)*
Interest Rate Contracts	Assets, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures		8,832	*	Liabilities, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures		(69,099	)*
Credit Risk Contracts	Assets, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Swap Contracts		—		Liabilities, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Swap Contracts		(46,642	)*
Elfun Income Fund
Interest Rate Contracts	Assets, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures		44,338	*	Liabilities, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures		(340,075	)*
Credit Risk Contracts	Assets, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Swap Contracts		—		Liabilities, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Swap Contracts		(205,189	)*

* Includes cumulative unrealized appreciation/(depreciation) of futures and credit default swap contracts contracts as reported in the Schedules of Investments and within the components of the net assets section of the Statement of Assets and Liabilities. Only the current day’s variation margin is reported within the Assets and/or Liabilities section on the Statement of Assets and Liabilities.

Shown below are the effects of derivative instruments on each Fund’s Statement of Operations, summarized by primary risk exposure, none of which are accounted for as hedging instruments under ASC 815.

Derivatives not accounted for as hedging instruments under ASC 815	Location in the Statements of Operations	Realized Gain (Loss) on Derivatives Recognized in Income ($)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income ($)
Elfun International Equity Fund
Equity Contracts	Realized gain (loss) on Futures, Increase (decrease) in unrealized appreciation/ (depreciation) on Futures		24,486		22,971

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Derivatives not accounted for as hedging instruments under ASC 815	Location in the Statements of Operations	Realized Gain (Loss) on Derivatives Recognized in Income ($)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income ($)
Elfun Diversified Fund
Equity Contracts	Realized gain (loss) on Futures, Increase (decrease) in unrealized appreciation/ (depreciation) on Futures		184,444		61,752
Interest Rate Contracts	Realized gain/(loss) on futures, Increase/(decrease) in unrealized appreciation/ (depreciation) on Futures		34,865		(54,084	)
Credit Risk Contracts	Realized gain/(loss) on credit default swaps Increase/ (decrease) in unrealized appreciation/(depreciation) on swap contracts		(73,445)		6,551
Elfun Income Fund
Interest Rate Contracts	Realized gain/(loss) on futures, Increase/(decrease) in unrealized appreciation/ (depreciation) on Futures		(22,043)		(262,101	)
Credit Risk Contracts	Realized gain/(loss) on credit default swaps Increase/ (decrease) in unrealized appreciation/(depreciation) on swap contracts		(325,837)		22,923

During the six-month period ended June 30, 2017, the Funds had an average notional value of long and short futures contracts as shown below. The Elfun Diversified Fund and Elfun Income Fund had average notional values of $3,318,031 and $14,555,992 on credit default swaps, respectively. Please refer to the table following the Schedule of Investments for open futures contracts and open swap contracts at June 30, 2017.

Fund	Long Futures Contracts		Short Futures Contracts
Elfun International Equity Fund	$	2,652,077	$	1,226,594
Elfun Diversified Fund		10,689,415		5,031,089
Elfun Income Fund		34,912,102		20,415,732

5. Line of Credit

Currently, the Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) participate in a $360 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. The agreement expires October 12, 2017, 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. 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% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The credit facility was not utilized by the Funds during the six-month period ended June 30, 2017.

Notes to Financial Statements 91

Elfun Funds

Notes to Financial Statements, continued — June 30, 2017 (Unaudited)

6. Compensation and Fees paid to Affiliates

SSGA Funds Management, Inc. (“SSGA FM”), a registered investment adviser, was retained by each 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 may voluntarily reduce all or a portion of its fees and/or reimburse expenses of the Elfun Government Money Market Fund to the extent necessary to avoid a negative yield (the “Voluntary Reduction”), or a yield below a specified level, which may vary from time to time in SSGA FM’s sole discretion. The Elfun Government Money Market Fund has agreed, subject to certain limitations, to reimburse the Adviser for the full dollar amount of any Voluntary Reduction for up to three years from the date reduced, provided that the total operating expense ratio for the Elfun Government Money Market Fund, after giving effect to the recoupment, would not exceed 0.60% for the fiscal year in which the recoupment is made. SSGA FM may, in its sole discretion, irrevocably waive receipt of any or all reimbursement amounts due from the Elfun Government Money Market Fund. Any future reimbursement by the Elfun Government Money Market Fund of the Voluntary Reduction would increase the expenses and reduce the yield of the Elfun Government Money Market Fund. 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. SSGA FM did not waive or reimburse any expenses during the period ended June 30, 2017 or during any prior periods.

Under a separate agreement, the former adviser waived/reimbursed $36,506 during the year ended December 31, 2016. That agreement was terminated effective July 1, 2016.

State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Funds to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

Trustee Compensation  The Funds pay no compensation to their Trustees who are officers or employees of SSGA FM or its affiliates. Trustees who are not such officers or employees also serve in a similar capacity for other funds advised by SSGA FM. Compensation paid to independent Trustees is reflected on the Statements of Operations. These fees are allocated pro-rata across funds and share classes served by the Trustees and are based upon the relative net assets of each fund. (For additional information about Trustees’ compensation please refer to the Funds’ Statement of Additional Information).

7. Capital Contribution

In connection with the sale of its asset management business to State Street Global Advisors, Inc., GE Asset Management Incorporated on October 20, 2016 made a contribution to the Elfun Government Money Market Fund in the amount of $314,868, which contribution has restored the Fund’s mark-to-market net asset value to $1.00 per unit. In addition, GE Asset Management Incorporated agreed to make a voluntary contribution of $69,636 in connection with a prior year distribution matter.

92 Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — June 30, 2017 (Unaudited)

8. Investment Transactions

Purchases and Sales of Securities  The cost of purchases and the proceeds from sales of investments, other than short-term securities, for the six-month period ended June 30, 2017, were as follows:

	U.S. Government Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Elfun International Equity Fund	$	—	$	—	$	35,828,901	$	40,634,115
Elfun Trusts		—		—		248,042,805		305,893,002
Elfun Diversified Fund		107,320,849		110,115,861		113,002,205		112,607,360
Elfun Tax-Exempt Income Fund		—		—		199,179,016		165,818,551
Elfun Income Fund		462,185,832		447,260,412		14,830,965		41,413,632

9. New Accounting Pronouncement

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, final rules) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact of the adoption of the amendments to Regulation S-X on the financial statements of the Funds and concluded that it will be limited to additional disclosures.

10. Income Taxes

The Funds are subject to ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for financial accounting and reporting for the effects of income taxes that result from an entity’s activities during the year. ASC 740 also provides guidance regarding how certain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. There are no adjustments to any Fund’s net assets required under ASC 740. Each Fund’s 2013, 2014, 2015 and 2016 fiscal year tax returns are still open to examination by the Federal and applicable state tax authorities.

At June 30, 2017, information on the tax cost of investments was as follows:

	Cost of Investments for Tax Purposes		Gross Tax Appreciation		Gross Tax Depreciation			Net Tax Appreciation/ (Depreciation)
Elfun International Equity Fund	$	195,738,547	$	37,036,527	$	(10,095,407	)	$	26,941,120
Elfun Trusts		1,532,901,667		1,066,339,914		(7,924,912	)		1,058,415,002
Elfun Diversified Fund		207,883,815		6,673,269		(2,354,479	)		4,318,790
Elfun Tax-Exempt Income Fund		1,421,532,776		77,094,695		(7,628,509	)		69,466,186
Elfun Income Fund		295,293,864		4,684,483		(1,970,956	)		2,713,527
Elfun Government Money Market Fund		107,518,196		—		—			—

During the fiscal year ended December 31, 2016, the Funds utilized prior year capital loss carryovers as follows:

Fund	Amount
Elfun Tax-Exempt Income Fund	$	6,685,633
Elfun Income Fund		40,119

Any qualified late-year loss is deemed to arise on the first day of a Fund’s next tax year (if the Fund elects to defer such loss). Under this regime, generally, a Fund can elect to defer any post-October capital loss and/or any late-year ordinary loss as defined by the Internal Revenue Code.

The following Funds elected to defer qualified late-year losses for the fiscal year ended December 31, 2016 as follows:

Fund	Capital		Ordinary
Elfun Income Fund	$	2,262,052	$	—

As of December 31, 2016, the following Funds have capital loss carryovers as indicated below. The capital loss carryover is available to offset future realized capital gains to the extent provided in the Internal Revenue Code and regulations thereunder.

Notes to Financial Statements 93

Elfun Funds

Notes to Financial Statements, continued — June 30, 2017 (Unaudited)

To the extent that these carryover losses are used to offset future capital gains, it is probable that the gains offset will not be distributed to shareholders.

	Amount
Fund	Short-Term		Long-Term		Expires
Elfun International Equity Fund	$	13,166,355	$	—		12/31/2018
Elfun Income Fund		1,395,629		5,533,169		Unlimited
Elfun Tax-Exempt Income Fund		13,939,216		—		Unlimited

These amounts will be available to offset future taxable capital gains. Under the Regulated Investment Company Modernization Act of 2010, a Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The tax character of distributions paid during the fiscal year ended December 31, 2016, were as follows:

Fund	Exempt Income		Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Elfun International Equity Fund	$	—	$	4,463,973	$	—	$	—	$	4,463,973
Elfun Trusts		—		38,254,344		154,400,524		—		192,654,868
Elfun Diversified Fund		—		4,396,884		1,548,665		—		5,945,549
Elfun Tax-Exempt Income Fund		59,750,932		735,492		—		—		60,486,424
Elfun Income Fund		—		9,399,723		—		—		9,399,723
Elfun Government Money Market Fund		—		60,312		—		—		60,312

The tax character of distributions paid during the fiscal year ended December 31, 2015, were as follows:

Fund	Exempt Income		Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Elfun International Equity Fund	$	—	$	4,270,754	$	—	$	—	$	4,270,754
Elfun Trusts		—		32,631,167		149,723,012		—		182,354,179
Elfun Diversified Fund		—		4,151,007		7,829,636		—		11,980,643
Elfun Tax-Exempt Income Fund		61,714,924		974,024		—		—		62,688,948
Elfun Income Fund		—		8,902,979		—		—		8,902,979
Elfun Government Money Market Fund		—		104,346		—		��		104,346

Distributions to Shareholders  The Elfun Tax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund declare net investment income dividends daily and pay them monthly. All other Funds declare and pay dividends from net investment income, if any, annually. All Funds declare and pay net realized capital gains distributions, if any, annually. The character of income and gains to be distributed is determined in accordance with income tax regulations which may differ from GAAP. These differences include (but are not limited to) treatment of realized and unrealized gains (losses) on foreign currency contracts, investments in futures, late year loss deferrals, unused capital losses, distributions from real estate investment trusts (“REITs”) and other equity investments, distributions in excess of earnings, litigation proceeds, corporate actions, mixed straddles, return of capital distribution from securities, and losses deferred due to wash sale transactions. Reclassifications are made to a Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. These reclassifications have no impact on net investment income, realized gains or losses, or NAV of any of the Funds. The calculation of net investment income per share in the Financial Highlights table excludes these adjustments.

The reclassifications for the fiscal year ended December 31, 2016 were as follows:

Fund	Undistributed Net Investment Income			Accumulated Net Realized Gain (Loss)		Unrealized Loss		Paid In Capital
Elfun International Equity Fund	$	(62,194	)	$	96,330		—	$	(34,136	)
Elfun Trusts		(575,711	)		1,154,857		—		(579,146	)
Elfun Diversified Fund		(171,257	)		206,783		—		(35,526	)
Elfun Income Fund		(553,817	)		553,817		—		—
Elfun Government Money Market Fund		196,188			—		—		(196,188	)

94 Notes to Financial Statements

Elfun Funds

Shareholder Services

Online Service

Your Elfun Mutual Fund accounts can now be accessed on the Internet at www.ssgafunds.com/geam

Here are some of the online services:

• View account balance and transaction history

• Make exchanges

• Redeem shares

• Purchase shares

• View and order tax forms

• View quarterly statements

• Change address

• Re-order money market checks

Telephone Service

Our Shareholder Service Associates are available Monday to Friday from 9:00 AM to 8:00 PM Eastern Standard Time. Call toll-free, 1-800-242-0134, for assistance.

Automated Voice Response System

You can also access your account anytime during the day, 7 days a week by dialing 1-800-242-0134. Simply follow the menu to obtain information or make certain transactions.

Contact Us By Mail

If you’d like to write to us, address your inquiries regarding your account(s) to:

Elfun Mutual Funds

c/o U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201-0701

Shareholder Services 95

Elfun Funds

c/o U.S. Bancorp Fund Services, LLC

PO Box 701

Milwaukee, WI 53201-0701

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

State Street Financial Center

One Lincoln Street

Boston, MA 02111

www.ssga.com/geam

The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-242-0134; (ii) on the Funds’ website at http://www.ssgafunds.com/geam; and (iii) on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC — information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-months period ended June 30 is available without charge (i) through the Funds’ website at http://www.ssgafunds.com/geam; and (ii) on the Commission’s website at http://www.sec.gov.

Item 2.      Code of Ethics.

Not applicable to this filing.

Item 3.      Audit Committee Financial Expert.

Not applicable to this filing.

Item 4.      Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5.      Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6.      Schedule of Investments.

(a) Schedule of Investments is 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 have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

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 Registrant’s second fiscal quarter of the period covered by this Form N-CSR filing 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.

(b) Not applicable.

Item 13.      Exhibits.

(a)(1) Not applicable; this Form N-CSR is a Semi-Annual Report.

(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.

(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 DIVERSIFIED FUND
By:	/s/ Ellen M. Needham
	Ellen M. Needham President
Date:	September 1, 2017

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:	September 1, 2017

By:	/s/ Bruce S. Rosenberg
	Bruce S. Rosenberg Treasurer (Principal Financial and Accounting Officer)
Date:	September 1, 2017