Elfun Diversified Fund (ELDFX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-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 Iron Street

Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

(Name and Address of Agent for Service)	Copy to:
Sean O’Malley, Esq. Senior Vice President and Deputy General Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210	Timothy W. Diggins, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2019

Item 1. Shareholder Report.

Annual Report

December 31, 2019

Elfun Funds

Elfun International Equity Fund

Elfun Trusts

Elfun Diversified Fund

ElfunTax-Exempt Income Fund

Elfun Income Fund

Elfun Government Money Market Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.ssga.com/geam), and you will be notified by mail each time a report is posted, and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund by calling
800-242-0134.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 800-242-0134. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.

Elfun Funds

Annual Report

December 31,  2019

Table of Contents

	Page
Notes to Performance		1
Management’s Discussion of Fund Performance, Understanding Your Fund’s Expenses, Performance Summary and Schedule of Investments
Elfun International Equity Fund		2
Elfun Trusts		9
Elfun Diversified Fund		15
Elfun Tax-Exempt Income Fund		50
Elfun Income Fund		61
Elfun Government Money Market Fund		84
Financial Statements
Financial Highlights		91
Statements of Assets and Liabilities		98
Statements of Operations		100
Statements of Changes in Net Assets		102
Notes to Financial Statements		105
Audit Opinion Report		115
Tax Information		116
Other Information		117

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

Elfun Funds

Notes to Performance — December 31, 2019 (Unaudited)

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

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

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

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

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

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

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

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

The MSCI^® ACWI ex-U.S. Index is a market-capitalization weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S. based companies. The MSCI^® ACWI ex-U.S. Index includes both developed and emerging markets.

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

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

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

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

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

Notes to Performance 1

Elfun International Equity Fund

Management’s Discussion of Fund Performance — December 31, 2019 (Unaudited)

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

For the12-month period ended December 31, 2019 (the “Reporting Period”), the total return for the Fund was 30.14% and the Index was 22.01%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Outperformance and overweight in technology stocks, outperformance in financial stocks, and underperformance in energy stocks were primary drivers of Fund performance during the Reporting Period relative to the Index. The Fund benefitted from its largest sector overweight in information technology, which was the best performing sector in the Index during the Reporting Period. The Fund also outperformed the sector significantly driven largely by a strong rebound in semiconductor holdings that had fallen in late 2018 on fears of a cyclical downtrend and the trade war. As the trade war risk dissipated and signs of demand for semiconductors improved, these stocks surged. In financials, the Fund outperformed across a diverse range of holdings including capital markets (e.g. London Stock Exchange (UK) and Brookfield Asset Management (Canada)), banks (e.g. BNP Paribas (France) and ICICI Bank (India)), and insurance (e.g. AXA (France) and AIA Group (Hong Kong)). The Fund was helped by an underweight to the relatively weak energy sector during the Reporting Period, but the stocks the Fund did own in energy were particularly weak negatively impacting relative returns. Most notable of these was Norwegian oil and gas producer Equinor, which lagged on weak natural gas prices.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Nestle, ASML, and Hoya. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Suzuki Motor Corp, Seven Generations Energy, and Vodafone Group.

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

2 Elfun International Equity Fund

Elfun International Equity Fund

Understanding Your Fund’s Expenses (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entiresix-month period ended December 31, 2019.

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)
Actual Fund Return
Beginning Account Value July 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2019	$	1,094.90	$	1,023.34
Expenses Paid During the Period*	$	1.95	$	1.89

* Expenses are equal to the Fund’s annualized expense ratio of 0.37%** (for the period July 1, 2019-December 31, 2019), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

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

Elfun International Equity Fund 3

Elfun International Equity Fund

Performance Summary — December 31, 2019 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2019 (as a % of Fair Value)^(a)(b)

Nestle S.A.	4.00	%
Novartis AG	3.48	%
Roche Holding AG	3.35	%
AstraZeneca PLC	3.31	%
Hoya Corp.	3.16	%
AIA Group Ltd.	2.93	%
SAP SE	2.76	%
ASML Holding N.V.	2.66	%
Schneider Electric SE	2.63	%
Air Liquide S.A.	2.57	%

Sector Allocation

Portfolio Composition as a % of Fair Value of $207,214 (in thousands) as of December 31, 2019 ^(a)(b)

Average Annual Total Return for the periods ended December 31, 2019

(Inception date: 01/01/88)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun International Equity Fund		30.14	%		5.79	%		4.83	%	$	16,021
MSCI EAFE Index		22.01	%		5.67	%		5.50	%	$	17,085

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

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

4 Elfun International Equity Fund

Elfun International Equity Fund

Performance Summary, continued — December 31, 2019 (Unaudited)

Elfun International Equity Fund 5

Elfun International Equity Fund

Schedule of Investments — December 31, 2019

	Number of Shares		Fair Value $
Common Stock - 96.6%†
Australia - 1.8%
BHP Group PLC		152,283		3,584,463
Belgium - 1.3%
Anheuser-Busch InBev S.A.		30,615		2,498,703
Brazil - 1.1%
Itau Unibanco Holding S.A. ADR (a)		230,070		2,105,140
Canada - 1.1%
Brookfield Asset Management Inc., Class A (a)		36,685		2,122,595
China - 0.5%
New Oriental Education & Technology Group Inc. ADR (a)(b)		8,169		990,491
France - 15.7%
Air Liquide S.A.		35,955		5,093,365
Airbus SE		27,361		4,007,394
AXA S.A.		136,443		3,845,777
BNP Paribas S.A.		74,771		4,434,044
Safran S.A.		31,928		4,933,261
Schneider Electric SE		50,822		5,219,862
Vivendi S.A.		129,138		3,742,798
				31,276,501
Germany - 4.7%
Fresenius SE & Company KGaA		17,202		968,937
HeidelbergCement AG		40,565		2,957,901
SAP SE		40,514		5,471,786
				9,398,624
Hong Kong - 2.9%
AIA Group Ltd.		554,567		5,821,964
India - 1.2%
ICICI Bank Ltd.		312,076		2,356,152
Ireland - 2.0%
Kerry Group PLC, Class A		31,424		3,918,877
Japan - 30.1%
Daikin Industries Ltd.		28,200		4,009,110
Disco Corp.		14,500		3,455,717
FANUC Corp.		13,000		2,431,930
Fast Retailing Company Ltd.		3,100		1,854,152
Hoya Corp.		65,200		6,269,519
Kao Corp.		43,100		3,579,273
Keyence Corp.		10,800		3,825,093
Komatsu Ltd.		123,100		2,992,686

	Number of Shares		Fair Value $
Mitsubishi UFJ Financial Group Inc.		702,500		3,834,580
Mitsui Fudosan Company Ltd.		131,818		3,241,019
Murata Manufacturing Company Ltd.		72,791		4,518,501
Nidec Corp.		18,200		2,512,915
Secom Company Ltd.		30,900		2,779,934
Shimadzu Corp.		96,700		3,060,943
Shiseido Company Ltd.		56,500		4,045,852
SoftBank Group Corp.		55,402		2,424,586
Suzuki Motor Corp.		51,200		2,151,649
Tokio Marine Holdings Inc.		52,798		2,972,818
				59,960,277
Netherlands - 4.7%
ASML Holding N.V.		17,847		5,282,767
ING Groep N.V.		338,789		4,064,545
				9,347,312
Norway - 1.7%
Equinor ASA		170,506		3,405,347
Portugal - 1.6%
Galp Energia SGPS S.A.		195,108		3,263,229
Sweden - 3.0%
Assa Abloy AB, Class B		181,251		4,240,333
Hexagon AB, Class B (a)		29,837		1,673,362
				5,913,695
Switzerland - 12.2%
Givaudan S.A.		912		2,854,621
Nestle S.A.		73,337		7,935,406
Novartis AG		72,758		6,905,004
Roche Holding AG		20,534		6,658,415
				24,353,446
Taiwan - 1.3%
Taiwan Semiconductor Manufacturing Company Ltd.		233,900		2,582,677
United Kingdom - 9.7%
AstraZeneca PLC		65,282		6,578,714
London Stock Exchange Group PLC		35,935		3,689,381
Prudential PLC		207,848		3,989,775
Smiths Group PLC		106,117		2,371,561
Vodafone Group PLC		1,428,580		2,777,451
				19,406,882
Total Common Stock (Cost $137,388,023)				192,306,375

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

6 Elfun International Equity Fund

Elfun International Equity Fund

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
Short-Term Investments - 3.1%
State Street Institutional Treasury Money Market Fund - Premier Class 1.52% (c)(d)		3,100,915		3,100,915
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.57% (a)(c)(d)		3,096,155		3,096,155
Total Short-Term Investments (Cost $6,197,070)				6,197,070
Total Investments (Cost $143,585,093)				198,503,445
Other Assets and Liabilities, net - 0.3%				619,910
NET ASSETS - 100.0%				199,123,355

Other Information:

The Fund had the following long futures contracts open at December 31, 2019:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
MSCI EAFE Mini Index Futures		March 2020		28	$	2,844,311	$	2,851,100	$	6,789

During the year ended December 31, 2019, average notional value related to long futures contracts was $219,315 or 0.1% of net assets.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a) At December 31, 2019, all or a portion of this security was pledged to cover collateral requirements for futures.

(b) Non-income producing security.

(c) Coupon amount represents effective yield.

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

† Percentages are based on net assets as of December 31, 2019.

Abbreviations:

ADR - American Depositary Receipt

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

Elfun International Equity Fund 7

Elfun International Equity Fund

Schedule of Investments, continued — December 31, 2019

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2019:

Fund	Investments	Level 1		Level 2		Level 3		Total
Elfun International Equity Fund	Investments in Securities
	Common Stock	$	192,306,375	$	—	$	—	$	192,306,375
	Short-Term Investments		6,197,070		—		—		6,197,070
	Total Investments in Securities	$	198,503,445	$	—	$	—	$	198,503,445
	Other Financial Instruments
	Long Futures Contracts - Unrealized Appreciation	$	6,789	$	—	$	—	$	6,789

The Fund was invested in the following sectors at December 31, 2019 (unaudited):

Sector	Percentage (based on Fair Value)
Pharmaceuticals		10.15%
Diversified Banks		8.46%
Packaged Foods & Meats		5.97%
Life & Health Insurance		4.94%
Aerospace & Defense		4.50%
Semiconductor Equipment		4.40%
Electronic Equipment & Instruments		4.31%
Building Products		4.16%
Electrical Components & Equipment		3.89%
Personal Products		3.84%
Integrated Oil & Gas		3.36%
Healthcare Supplies		3.16%
Application Software		2.76%
Wireless Telecommunication Services		2.62%
Industrial Gases		2.57%
Electronic Components		2.28%
Multi-Line Insurance		1.94%
Movies & Entertainment		1.89%
Financial Exchanges & Data		1.86%
Diversified Metals & Mining		1.81%
Diversified Real Estate Activities		1.63%

Sector	Percentage (based on Fair Value)
Construction Machinery & Heavy Trucks		1.51%
Property & Casualty Insurance		1.50%
Construction Materials		1.49%
Specialty Chemicals		1.44%
Security & Alarm Services		1.40%
Semiconductors		1.30%
Brewers		1.26%
Industrial Machinery		1.22%
Industrial Conglomerates		1.19%
Automobile Manufacturers		1.08%
Asset Management & Custody Banks		1.07%
Apparel Retail		0.93%
Education Services		0.50%
Healthcare Services		0.49%
		96.88%
Short-Term Investments
Short-Term Investments		3.12%
		3.12%
		100.00%

Affiliate Table

	Number of Shares Held at 12/31/18		Value at 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/19		Value at 12/31/19		Dividend Income
State Street Institutional Treasury Money Market Fund - Premier Class		3,394,148	$	3,394,148	$	25,328,151	$	25,621,384	$	—	$	—		3,100,915	$	3,100,915	$	48,963
State Street Institutional U.S. Government Money Market Fund, Class G Shares		2,740,984		2,740,984		16,046,962		15,691,791		—		—		3,096,155		3,096,155		32,859
TOTAL			$	6,135,132	$	41,375,113	$	41,313,175	$	—	$	—			$	6,197,070	$	81,822

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

8 Elfun International Equity Fund

Elfun Trusts

Management’s Discussion of Fund Performance — December 31, 2019 (Unaudited)

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

For the12-month period ended December 31, 2019 (the “Reporting Period”), the total return for the Fund’s Investment Class was 35.57% and the Index was 31.49%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Broad-based outperformance in the technology, communications services, industrial and real estate sectors were primary drivers of Fund performance during the Reporting Period relative to the Index. The Fund benefitted from an overweight to the information technology sector, which was the best performing sector in the Index. In addition, the Fund’s holdings in the sector outperformed with strong performance from a rebound in semiconductor stocks (e.g. Applied Materials & ASML), IT services (Visa), and software (e.g. Servicenow & Microsoft). In communication services, the Fund’s second largest average overweight during the year, Charter Communications surged as it continued to realize synergistic benefit from its 2016 acquisition of Time Warner Cable and strength in its broadband business. A negative for the Fund was its overweight in healthcare. The healthcare sector was up nearly 21% during the Reporting Period, but this was significantly behind the market which was up more than 31%. While the sector overweight in healthcare was a detractor, it was partially offset by positive stock selection within the sector.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Microsoft, Apple, and Charter Communications. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Lyft, Pfizer, and Albemarle.

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

Elfun Trusts 9

Elfun Trusts

Understanding Your Fund’s Expenses (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entiresix-month period ended December 31, 2019.

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)
Actual Fund Return
Beginning Account Value July 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2019	$	1,125.70	$	1,024.30
Expenses Paid During the Period*	$	0.96	$	0.92

* Expenses are equal to the Fund’s annualized expense ratio of 0.18% (for the period July 1, 2019-December 31, 2019), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

10 Elfun Trusts

Elfun Trusts

Performance Summary — December 31, 2019 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2019 (as a % of Fair Value) ^(a)(b)

Visa Inc., Class A	5.22	%
JPMorgan Chase & Co.	4.83	%
Mircosoft Corp.	4.61	%
PepsiCo Inc.	4.37	%
The Walt Disnet Co.	4.21	%
American Tower Corp.	3.91	%
CME Group Inc.	3.88	%
Alphabet Inc., Class C	3.54	%
Charter Communications Inc., Class A	3.41	%
Apple Inc.	3.38	%

Sector Allocation as of December 31, 2019

Portfolio composition as a % of Fair Value of $2,425,342 (in thousands) as of December 31, 2019 ^(a)(b)

Average Annual Total Return for the periods ended December 31, 2019

(Inception date: 5/27/35)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun Trusts		35.57	%		12.16	%		14.18	%	$	37,113
S&P 500 Index		31.49	%		11.70	%		13.56	%	$	35,666

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

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

Elfun Trusts 11

Elfun Trusts

Performance Summary, continued — December 31, 2019 (Unaudited)

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

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

12 Elfun Trusts

Elfun Trusts

Schedule of Investments — December 31, 2019

	Number of Shares		Fair Value $
Common Stock - 97.1%†
Application Software - 2.3%
salesforce.com Inc. (a)		425,400		69,187,056
Biotechnology - 5.4%
Alexion Pharmaceuticals Inc. (a)		529,500		57,265,425
Gilead Sciences Inc.		691,100		44,907,678
Vertex Pharmaceuticals Inc. (a)		261,600		57,277,320
				159,450,423
Cable & Satellite - 3.2%
Charter Communications Inc., Class A (a)		198,000		96,045,840
Data Processing & Outsourced Services - 8.1%
Fidelity National Information Services Inc.		407,800		56,720,902
Mastercard Inc., Class A		90,000		26,873,100
Visa Inc., Class A		840,000		157,836,000
				241,430,002
Diversified Banks - 5.5%
JPMorgan Chase & Co.		1,170,000		163,098,000
Electronic Components - 1.0%
Corning Inc.		1,000,000		29,110,000
Financial Exchanges & Data - 5.3%
CME Group Inc.		396,800		79,645,696
S&P Global Inc.		287,000		78,365,350
				158,011,046
Healthcare Equipment - 2.0%
Boston Scientific Corp. (a)		1,316,000		59,509,520
Industrial Conglomerates - 2.1%
Honeywell International Inc.		346,900		61,401,300
Integrated Oil & Gas - 2.3%
Chevron Corp.		566,600		68,280,966
Interactive Media & Services - 7.5%
Alphabet Inc., Class A (a)		38,000		50,896,820
Alphabet Inc., Class C (a)		83,000		110,972,660
Facebook Inc., Class A (a)		297,700		61,102,925
				222,972,405
Internet & Direct Marketing Retail - 5.5%
Alibaba Group Holding Ltd. ADR (a)		151,100		32,048,310
Amazon.com Inc. (a)		62,900		116,229,136
Booking Holdings Inc. (a)		8,000		16,429,840
				164,707,286

	Number of Shares		Fair Value $
Managed Healthcare - 2.7%
UnitedHealth Group Inc.		274,100		80,579,918
Movies & Entertainment - 4.0%
The Walt Disney Co.		825,000		119,319,750
Multi-Utilities - 0.5%
Sempra Energy		99,300		15,041,964
Oil & Gas Equipment & Services - 2.3%
Schlumberger Ltd.		1,730,000		69,546,000
Pharmaceuticals - 8.3%
Allergan PLC		282,300		53,967,291
Elanco Animal Health Inc. (a)		1,102,500		32,468,625
Johnson & Johnson		541,300		78,959,431
Merck & Company Inc.		679,100		61,764,145
Pfizer Inc.		500,000		19,590,000
				246,749,492
Regional Banks - 2.5%
First Republic Bank		640,000		75,168,000
Semiconductor Equipment - 4.7%
Applied Materials Inc.		1,681,300		102,626,552
ASML Holding N.V.		131,100		38,797,734
				141,424,286
Soft Drinks - 3.4%
PepsiCo Inc.		730,000		99,769,100
Specialized REITs - 2.6%
American Tower Corp.		340,000		78,138,800
Specialty Chemicals - 0.8%
Albemarle Corp.		340,000		24,833,600
Systems Software - 7.5%
Microsoft Corp.		1,155,000		182,143,500
ServiceNow Inc. (a)		141,200		39,863,584
				222,007,084
Technology Hardware, Storage & Peripherals - 4.4%
Apple Inc.		445,900		130,938,535
Trading Companies & Distributors - 2.6%
United Rentals Inc. (a)		467,000		77,881,590
Trucking - 0.6%
Lyft Inc., Class A (a)		423,700		18,227,574
Total Common Stock (Cost $1,565,903,159)				2,892,829,537

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

Elfun Trusts 13

Elfun Trusts

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
Short-Term Investments - 2.8%
State Street Institutional Treasury Money MarketFund - Premier Class 1.52% (b)(c)		42,258,371		42,258,371
State Street Institutional U.S. Government Money MarketFund - Class G Shares 1.57% (b)(c)		40,744,978		40,744,978
Total Short-Term Investments (Cost $83,003,349)				83,003,349
Total Investments (Cost $1,648,906,508)				2,975,832,886
Other Assets and Liabilities, net - 0.1%				3,389,497
NET ASSETS - 100.0%				2,979,222,383

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a) Non-income producing security.

(b) Coupon amount represents effective yield.

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

† Percentages are based on net assets as of December 31, 2019.

Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2019:

Fund	Investments	Level 1		Level 2		Level 3		Total
Elfun Trusts	Investments in Securities
	Common Stock	$	2,892,829,537	$	—	$	—	$	2,892,829,537
	Short-Term Investments		83,003,349		—		—		83,003,349
	Total Investments in Securities	$	2,975,832,886	$	—	$	—	$	2,975,832,886

Affiliate Table

	Number of Shares Held at 12/31/18		Value at 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/19		Value at 12/31/19		Dividend Income
State Street Institutional Treasury Money Market Fund - Premier Class		30,743,339	$	30,743,339	$	182,557,349	$	171,042,317	$	—	$	—		42,258,371	$	42,258,371	$	677,423
State Street Institutional U.S. Government Money Market Fund, Class G Shares		29,975,892		29,975,892		181,811,401		171,042,315		—		—		40,744,978		40,744,978		674,499
TOTAL			$	60,719,231	$	364,368,750	$	342,084,632	$	—	$	—			$	83,003,349	$	1,351,922

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

14 Elfun Trusts

Elfun Diversified Fund

Management’s Discussion of Fund Performance — December 31, 2019 (Unaudited)

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

For the12-month period ended December 31, 2019 (the “Reporting Period”), the total return for the Fund was 19.58% and the returns for the S&P 500 Index, the MSCI All Country World ex U.S. and the Bloomberg Barclays U.S. Aggregate Bond Index were 31.49%, 21.51% and 8.72%, respectively. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Indices are unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The biggest drivers of the Fund’s performance were its positions in the S&P 500 Index and the MSCI All Country Worldex-U.S. Index both of which posted strong positive returns for the Reporting Period. Additionally, investments in fixed income securities also produced positive absolute returns.

The Fund has a given strategic target allocation weighting of 35% investment in the S&P 500 Index (U.S. equities), 25% investment in the MSCI All Country World ex U.S. Index (international equities), and 40% investment in the Bloomberg Barclays U.S. Aggregate Bond Index (fixed income). The Fund began the Reporting Period neutral to U.S. and international equities, with a modest overweight to cash offset with an underweight to fixed income. The equity rally in the first half of the Reporting Period resulted in an overweight in the Fund to both U.S. and international equities and an increased underweight to fixed income. Tactical reductions in equity exposure were implemented in March and June to position the Fund defensively. In the middle of the third quarter the Fund further reduced equity exposure, opening a modest underweight to both U.S. and international equities, while using the proceeds along with a portion of the cash holdings to further reduce the fixed income underweight. There were no allocation changes made during the 4^th quarter as the equity positions were allowed to appreciate as U.S. and international equities rallied to close the Reporting Period. Due to the strong 4^th quarter equity rally, the Fund finished the Reporting Period with an overweight to international and U.S. equities, as well as an overweight to cash, and an underweight to fixed income.

In the U.S., an easing monetary condition was a persistent theme throughout the Reporting Period as the Federal Reserve provided stimulus in the form of three interest rate cuts. Additional support to sustain the U.S. economic expansion came when Jerome Powell announced an end to the balance sheet reduction program and began to increase the balance sheet in the 4^th quarter. The multifaceted boosts to the financial market, including an easing monetary environment provided by the Federal Reserve, a strong U.S. consumer sentiment and a constructive progress between U.S. and China on trade negotiations that culminated in an announcement of a phase one trade deal in December, resulted in strong gains for the U.S. equity markets.

International equities, while trailing the U.S. markets return, also posted strong annual performance. Deterioration in global growth, political risk related to Brexit, trade tensions and a strong U.S. dollar were headwinds throughout 2019. Global central bank stimulus along with receding recession fears helped the market climb the “wall of worry”. International equities closed the Reporting Period strong as the 4th quarter yielded a mostly constructive global backdrop, reversing all of the headwinds that were overclouding at the beginning of 1^st quarter 2019.

Within fixed income, bond prices benefitted from economic data largely disappointing during the first quarter. March resulted in a particularly steep drop in the10-year Treasury yield as the Federal Fund futures began to price a greater likelihood of a rate cut than an increase in 2019. The trend lower in yields would continue through the third quarter as the US yield curve, measured using yields on the10-year and2-year notes, inverted for the first time since the Global Financial Crisis. Trade and monetary policy would continue to cause interest rates to ebb and flow throughout the fourth quarter. However, reports of theUS-China phase one trade deal ultimately pushed yields higher with the10-year yield finishing the 4^th quarter 24 bps higher than where it started, but down 74 bps for the Reporting Period.

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

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

Elfun Diversified Fund 15

Elfun Diversified Fund

Understanding Your Fund’s Expenses (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entiresix-month period ended December 31, 2019.

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)
Actual Fund Return
Beginning Account Value July 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2019	$	1,063.90	$	1,023.79
Expenses Paid During the Period*	$	1.46	$	1.43

* Expenses are equal to the Fund’s annualized expense ratio of 0.28%** (for the period July 1, 2019-December 31, 2019), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

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

16 Elfun Diversified Fund

Elfun Diversified Fund

Performance Summary — December 31, 2019 (Unaudited)

Top Ten Largest Equity Holdings

as of December 31, 2019 (as a % of Fair Value)^(a)(b)

Apple Inc.	1.51	%
Microsoft Corp.	1.48	%
Dreyfus Treasury Cash Management - Institutional Shares	1.30	%
Amazon.com Inc.	0.95	%
Facebook Inc., Class A	0.61	%
Berkshire Hathaway Inc., Class B	0.55	%
JPMorgan Chase & Co.	0.54	%
Alphabet Inc., Class C	0.49	%
Alphabet Inc., Class A	0.49	%
Johnson & Johnson	0.47	%

Sector Allocation

Portfolio composition as a % of Fair Value of $213,826 (in thousands) as of December 31, 2019^(a)(b)

Average Annual Total Return for the periods ended December 31, 2019

(Inception date: 01/01/88)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun Diversified Fund		19.58	%		6.31	%		7.24	%	$	20,110
S&P 500® Index		31.49	%		11.70	%		13.56	%	$	35,666
MSCI All Country World Indexex-U.S.		21.51	%		5.51	%		4.97	%	$	16,236
Bloomberg Barclays U.S. Aggregate Bond Index		8.72	%		3.05	%		3.75	%	$	14,445

(a) Fair Value basis is inclusive of short-term investments in 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 Equityex-U.S. Index Portfolio.

Elfun Diversified Fund 17

Elfun Diversified Fund

Performance Summary, continued — December 31, 2019 (Unaudited)

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

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

18 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments — December 31, 2019

	Number of Shares		Fair Value $
Domestic Equity - 34.6%†
Common Stock - 34.6%
Advertising - 0.0%*
Omnicom Group Inc.		541		43,832
The Interpublic Group of Companies Inc.		966		22,314
				66,146
Aerospace & Defense - 0.9%
Arconic Inc.		1,019		31,354
General Dynamics Corp.		632		111,453
Huntington Ingalls Industries Inc.		118		29,604
L3Harris Technologies Inc.		578		114,369
Lockheed Martin Corp.		648		252,318
Northrop Grumman Corp.		411		141,372
Raytheon Co.		724		159,092
Textron Inc.		598		26,671
The Boeing Co.		1,411		459,647
TransDigm Group Inc.		134		75,040
United Technologies Corp.		2,122		317,791
				1,718,711
Agricultural & Farm Machinery - 0.1%
Deere & Co.		825		142,939
Agricultural Products - 0.0%*
Archer-Daniels-Midland Co.		1,475		68,366
Air Freight & Logistics - 0.2%
CH Robinson Worldwide Inc.		343		26,822
Expeditors International of Washington Inc.		439		34,251
FedEx Corp.		638		96,472
United Parcel Service Inc., Class B		1,827		213,869
				371,414
Airlines - 0.1%
Alaska Air Group Inc.		321		21,748
American Airlines Group Inc.		1,094		31,376
Delta Air Lines Inc.		1,500		87,720
Southwest Airlines Co.		1,272		68,662
United Airlines Holdings Inc. (a)		536		47,216
				256,722
Alternative Carriers - 0.0%*
CenturyLink Inc.		2,674		35,324
Apparel Retail - 0.2%
L Brands Inc.		587		10,636
Ross Stores Inc.		963		112,113

	Number of Shares		Fair Value $
The Gap Inc.		530		9,370
The TJX Companies Inc.		3,196		195,148
				327,267
Apparel, Accessories & Luxury Goods - 0.1%
Hanesbrands Inc.		996		14,791
PVH Corp.		208		21,871
Ralph Lauren Corp.		113		13,246
Tapestry Inc.		636		17,153
Under Armour Inc., Class A (a)		479		10,346
Under Armour Inc., Class C (a)		482		9,245
VF Corp.		872		86,903
				173,555
Application Software - 0.6%
Adobe Inc. (a)		1,277		421,167
ANSYS Inc. (a)		231		59,462
Autodesk Inc. (a)		586		107,507
Cadence Design Systems Inc. (a)		700		48,552
Citrix Systems Inc.		323		35,821
Intuit Inc.		677		177,327
salesforce.com Inc. (a)		2,339		380,415
Synopsys Inc. (a)		410		57,072
				1,287,323
Asset Management & Custody Banks - 0.3%
Ameriprise Financial Inc.		341		56,804
BlackRock Inc.		311		156,340
Franklin Resources Inc.		792		20,576
Invesco Ltd.		1,109		19,940
Northern Trust Corp.		564		59,919
State Street Corp. (b)		984		77,835
T Rowe Price Group Inc.		619		75,419
The Bank of New York Mellon Corp.		2,195		110,474
				577,307
Auto Parts & Equipment - 0.0%*
BorgWarner Inc.		539		23,382
Automobile Manufacturers - 0.1%
Ford Motor Co.		10,315		95,929
General Motors Co.		3,333		121,988
				217,917
Automotive Retail - 0.1%
Advance Auto Parts Inc.		195		31,231
AutoZone Inc. (a)		64		76,244
CarMax Inc. (a)		403		35,331
O’Reilly Automotive Inc. (a)		202		88,529
				231,335

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

Elfun Diversified Fund 19

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
Biotechnology - 0.7%
AbbVie Inc.		3,870		342,650
Alexion Pharmaceuticals Inc. (a)		595		64,349
Amgen Inc.		1,567		377,757
Biogen Inc. (a)		473		140,353
Gilead Sciences Inc.		3,276		212,875
Incyte Corp. (a)		475		41,477
Regeneron Pharmaceuticals Inc. (a)		213		79,977
Vertex Pharmaceuticals Inc. (a)		676		148,010
				1,407,448
Brewers - 0.0%*
Molson Coors Brewing Co., Class B		481		25,926
Broadcasting - 0.1%
Discovery Inc., Class A (a)		361		11,819
Discovery Inc., Class C (a)		797		24,300
Fox Corp., Class A		997		36,959
Fox Corp., Class B (a)		483		17,581
ViacomCBS Inc., Class B		1,479		62,074
				152,733
Building Products - 0.1%
AO Smith Corp.		400		19,056
Fortune Brands Home & Security Inc.		378		24,699
Johnson Controls International PLC		2,080		84,677
Masco Corp.		773		37,096
				165,528
Cable & Satellite - 0.4%
Charter Communications Inc., Class A (a)		412		199,853
Comcast Corp., Class A		11,996		539,460
DISH Network Corp., Class A (a)		632		22,417
				761,730
Casinos & Gaming - 0.1%
Las Vegas Sands Corp.		900		62,136
MGM Resorts International		1,420		47,243
Wynn Resorts Ltd.		241		33,468
				142,847
Commodity Chemicals - 0.1%
Dow Inc. (a)		1,982		108,475
LyondellBasell Industries N.V., Class A		676		63,868
				172,343

	Number of Shares		Fair Value $
Communications Equipment - 0.3%
Arista Networks Inc. (a)		144		29,290
Cisco Systems Inc.		11,160		535,234
F5 Networks Inc. (a)		168		23,461
Juniper Networks Inc.		845		20,812
Motorola Solutions Inc.		453		72,996
				681,793
Computer & Electronics Retail - 0.0%*
Best Buy Company Inc.		618		54,260
Construction & Engineering - 0.0%*
Jacobs Engineering Group Inc.		356		31,980
Quanta Services Inc.		358		14,574
				46,554
Construction Machinery & Heavy Trucks - 0.2%
Caterpillar Inc.		1,453		214,579
Cummins Inc.		404		72,300
PACCAR Inc.		925		73,168
Westinghouse Air Brake Technologies Corp.		499		38,822
				398,869
Construction Materials - 0.1%
Martin Marietta Materials Inc.		167		46,700
Vulcan Materials Co.		348		50,108
				96,808
Consumer Electronics - 0.0%*
Garmin Ltd.		390		38,048
Consumer Finance - 0.2%
American Express Co.		1,765		219,725
Capital One Financial Corp.		1,251		128,741
Discover Financial Services		827		70,146
Synchrony Financial		1,616		58,192
				476,804
Copper - 0.0%*
Freeport-McMoRan Inc.		3,827		50,210
Data Processing & Outsourced Services - 1.4%
Alliance Data Systems Corp.		96		10,771
Automatic Data Processing Inc.		1,137		193,859
Broadridge Financial Solutions Inc.		304		37,556
Fidelity National Information Services Inc.		1,616		224,769
Fiserv Inc. (a)		1,514		175,064
FleetCor Technologies Inc. (a)		225		64,737
Global Payments Inc.		787		143,675

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

20 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
Jack Henry & Associates Inc.		196		28,551
Mastercard Inc., Class A		2,345		700,194
Paychex Inc.		851		72,386
PayPal Holdings Inc. (a)		3,072		332,298
The Western Union Co.		1,191		31,895
Visa Inc., Class A		4,496		844,798
				2,860,553
Department Stores - 0.0%*
Kohl’s Corp.		452		23,030
Macy’s Inc.		919		15,623
Nordstrom Inc.		309		12,647
				51,300
Distillers & Vintners - 0.1%
Brown-Forman Corp., Class B		462		31,231
Constellation Brands Inc., Class A		454		86,147
				117,378
Distributors - 0.0%*
Genuine Parts Co.		370		39,305
LKQ Corp. (a)		836		29,845
				69,150
Diversified Banks - 1.6%
Bank of America Corp.		21,297		750,080
Citigroup Inc.		5,755		459,767
JPMorgan Chase & Co.		8,243		1,149,074
U.S. Bancorp		3,741		221,804
Wells Fargo & Co.		10,185		547,953
				3,128,678
Diversified Chemicals - 0.0%*
Eastman Chemical Co.		349		27,662
Diversified Support Services - 0.1%
Cintas Corp.		217		58,390
Copart Inc. (a)		560		50,927
				109,317
Drug Retail - 0.1%
Walgreens Boots Alliance Inc.		2,001		117,979
Electric Utilities - 0.7%
Alliant Energy Corp.		590		32,285
American Electric Power Company Inc.		1,301		122,957
Duke Energy Corp.		1,896		172,934
Edison International		943		71,112
Entergy Corp.		511		61,218

	Number of Shares		Fair Value $
Evergy Inc.		609		39,640
Eversource Energy		792		67,375
Exelon Corp.		2,610		118,990
FirstEnergy Corp.		1,462		71,053
NextEra Energy Inc.		1,278		309,480
Pinnacle West Capital Corp.		290		26,080
PPL Corp.		1,860		66,737
The Southern Co.		2,760		175,812
Xcel Energy Inc.		1,386		87,997
				1,423,670
Electrical Components & Equipment - 0.2%
AMETEK Inc.		613		61,140
Eaton Corporation PLC		1,108		104,950
Emerson Electric Co.		1,604		122,321
Rockwell Automation Inc.		307		62,220
				350,631
Electronic Components - 0.1%
Amphenol Corp., Class A		799		86,476
Corning Inc.		1,923		55,978
				142,454
Electronic Equipment & Instruments - 0.1%
FLIR Systems Inc.		373		19,422
Keysight Technologies Inc. (a)		500		51,315
Zebra Technologies Corp., Class A (a)		100		25,544
				96,281
Electronic Manufacturing Services - 0.0%*
IPG Photonics Corp. (a)		100		14,492
Environmental & Facilities Services - 0.1%
Republic Services Inc.		542		48,580
Rollins Inc.		350		11,606
Waste Management Inc.		1,046		119,202
				179,388
Fertilizers & Agricultural Chemicals - 0.1%
CF Industries Holdings Inc.		601		28,691
Corteva Inc. (a)		1,882		55,632
FMC Corp.		368		36,734
The Mosaic Co.		864		18,697
				139,754
Financial Exchanges & Data - 0.4%
Cboe Global Markets Inc.		287		34,440
CME Group Inc.		942		189,078
Intercontinental Exchange Inc.		1,459		135,031
MarketAxess Holdings Inc.		100		37,911

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

Elfun Diversified Fund 21

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
Moody’s Corp.		439		104,223
MSCI Inc.		229		59,123
Nasdaq Inc.		308		32,987
S&P Global Inc.		642		175,298
				768,091
Food Distributors - 0.1%
Sysco Corp.		1,328		113,597
Food Retail - 0.0%*
The Kroger Co.		2,167		62,821
Footwear - 0.2%
NIKE Inc., Class B		3,284		332,702
Gas Utilities - 0.0%*
Atmos Energy Corp.		305		34,117
General Merchandise Stores - 0.2%
Dollar General Corp.		665		103,727
Dollar Tree Inc. (a)		620		58,311
Target Corp.		1,355		173,724
				335,762
Gold - 0.0%*
Newmont Goldcorp Corp.		2,200		95,590
Health Care REITs - 0.1%
Healthpeak Properties Inc.		1,327		45,742
Ventas Inc.		1,018		58,779
Welltower Inc.		1,009		82,516
				187,037
Healthcare Distributors - 0.1%
AmerisourceBergen Corp.		358		30,437
Cardinal Health Inc.		762		38,542
Henry Schein Inc. (a)		364		24,286
McKesson Corp.		467		64,596
				157,861
Healthcare Equipment - 1.0%
Abbott Laboratories		4,677		406,244
ABIOMED Inc. (a)		124		21,153
Baxter International Inc.		1,288		107,703
Becton Dickinson and Co.		704		191,467
Boston Scientific Corp. (a)		3,699		167,269
Danaher Corp.		1,696		260,302
Edwards Lifesciences Corp. (a)		556		129,709
Hologic Inc. (a)		686		35,816
IDEXX Laboratories Inc. (a)		236		61,627
Intuitive Surgical Inc. (a)		301		177,936
ResMed Inc.		369		57,184

	Number of Shares		Fair Value $
STERIS PLC		200		30,484
Stryker Corp.		845		177,399
Teleflex Inc.		126		47,431
Varian Medical Systems Inc. (a)		257		36,497
Zimmer Biomet Holdings Inc.		535		80,079
				1,988,300
Healthcare Facilities - 0.1%
HCA Healthcare Inc.		702		103,763
Universal Health Services Inc., Class B		215		30,844
				134,607
Healthcare Services - 0.3%
Cigna Corp. (a)		996		203,672
CVS Health Corp.		3,424		254,369
DaVita Inc. (a)		261		19,583
Laboratory Corporation of America Holdings (a)		269		45,507
Quest Diagnostics Inc.		351		37,483
				560,614
Healthcare Supplies - 0.1%
Align Technology Inc. (a)		189		52,739
DENTSPLY SIRONA Inc.		553		31,294
The Cooper Companies Inc.		126		40,482
				124,515
Healthcare Technology - 0.0%*
Cerner Corp.		826		60,620
Home Building - 0.1%
D.R. Horton Inc.		853		44,996
Lennar Corp., Class A		756		42,177
NVR Inc. (a)		9		34,276
PulteGroup Inc.		699		27,121
				148,570
Home Furnishings - 0.0%*
Leggett & Platt Inc.		394		20,027
Mohawk Industries Inc. (a)		173		23,594
				43,621
Home Improvement Retail - 0.4%
Lowe’s Companies Inc.		2,017		241,556
The Home Depot Inc.		2,881		629,153
				870,709
Hotel & Resort REITs - 0.0%*
Host Hotels & Resorts Inc.		2,033		37,712

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

22 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
Hotels, Resorts & Cruise Lines - 0.2%
Carnival Corp.		1,099		55,862
Hilton Worldwide Holdings Inc.		760		84,291
Marriott International Inc., Class A		725		109,787
Norwegian Cruise Line Holdings Ltd. (a)		548		32,009
Royal Caribbean Cruises Ltd.		472		63,017
				344,966
Household Appliances - 0.0%*
Whirlpool Corp.		166		24,490
Household Products - 0.6%
Church & Dwight Company Inc.		655		46,073
Colgate-Palmolive Co.		2,226		153,238
Kimberly-Clark Corp.		921		126,683
The Clorox Co.		344		52,818
The Procter & Gamble Co.		6,550		818,095
				1,196,907
Housewares & Specialties - 0.0%*
Newell Brands Inc.		1,012		19,451
Human Resource & Employment Services - 0.0%*
Robert Half International Inc.		266		16,798
Hypermarkets & Super Centers - 0.4%
Costco Wholesale Corp.		1,172		344,474
Walmart Inc.		3,743		444,818
				789,292
Independent Power Producers & Energy Traders - 0.0%*
AES Corp.		1,655		32,935
NRG Energy Inc.		655		26,036
				58,971
Industrial Conglomerates - 0.5%
3M Co.		1,529		269,746
General Electric Co.		22,973		256,379
Honeywell International Inc.		1,883		333,291
Roper Technologies Inc.		271		95,996
				955,412
Industrial Gases - 0.1%
Air Products & Chemicals Inc.		583		136,999
Industrial Machinery - 0.3%
Dover Corp.		379		43,683
Flowserve Corp.		322		16,026
Fortive Corp.		790		60,348

	Number of Shares		Fair Value $
IDEX Corp.		200		34,400
Illinois Tool Works Inc.		773		138,854
Ingersoll-Rand PLC		634		84,271
Parker-Hannifin Corp.		339		69,773
Snap-on Inc.		147		24,902
Stanley Black & Decker Inc.		400		66,296
Xylem Inc.		463		36,480
				575,033
Industrial REITs - 0.1%
Duke Realty Corp.		980		33,977
Prologis Inc. REIT		1,602		142,802
				176,779
Insurance Brokers - 0.1%
Arthur J Gallagher & Co.		467		44,472
Marsh & McLennan Companies Inc.		1,323		147,396
				191,868
Integrated Oil & Gas - 0.7%
Chevron Corp.		4,992		601,586
Exxon Mobil Corp.		11,178		780,001
Occidental Petroleum Corp.		2,391		98,533
				1,480,120
Integrated Telecommunication Services - 0.7%
AT&T Inc.		19,134		747,756
Verizon Communications Inc.		10,877		667,848
				1,415,604
Interactive Home Entertainment - 0.1%
Activision Blizzard Inc.		2,025		120,326
Electronic Arts Inc. (a)		774		83,213
Take-Two Interactive Software Inc. (a)		294		35,994
				239,533
Interactive Media & Services - 1.7%
Alphabet Inc., Class A (a)(c)		787		1,054,100
Alphabet Inc., Class C (a)		785		1,049,561
Facebook Inc., Class A (a)		6,326		1,298,411
Twitter Inc. (a)		2,010		64,421
				3,466,493
Internet & Direct Marketing Retail - 1.2%
Amazon.com Inc. (a)		1,095		2,023,385
Booking Holdings Inc. (a)		110		225,910
eBay Inc.		2,050		74,026
Expedia Group Inc.		365		39,471
				2,362,792

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

Elfun Diversified Fund 23

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
Internet Services & Infrastructure - 0.0%*
Akamai Technologies Inc. (a)		379		32,738
VeriSign Inc. (a)		266		51,253
				83,991
Investment Banking & Brokerage - 0.3%
E*TRADE Financial Corp.		574		26,042
Morgan Stanley		3,246		165,936
Raymond James Financial Inc.		347		31,043
The Charles Schwab Corp.		3,066		145,819
The Goldman Sachs Group Inc.		837		192,451
				561,291
IT Consulting & Other Services - 0.3%
Cognizant Technology Solutions Corp., Class A		1,461		90,611
DXC Technology Co.		734		27,591
Gartner Inc. (a)		232		35,751
International Business Machines Corp.		2,316		310,437
Leidos Holdings Inc.		300		29,367
				493,757
Leisure Products - 0.0%*
Hasbro Inc.		301		31,789
Life & Health Insurance - 0.2%
Aflac Inc.		1,914		101,251
Globe Life Inc.		285		29,996
Lincoln National Corp.		484		28,561
MetLife Inc.		2,020		102,959
Principal Financial Group Inc.		668		36,740
Prudential Financial Inc.		1,067		100,021
Unum Group		557		16,242
				415,770
Life Sciences Tools & Services - 0.4%
Agilent Technologies Inc.		811		69,186
Illumina Inc. (a)		392		130,042
IQVIA Holdings Inc. (a)		492		76,019
Mettler-Toledo International Inc. (a)		63		49,977
PerkinElmer Inc.		282		27,382
Thermo Fisher Scientific Inc.		1,049		340,789
Waters Corp. (a)		161		37,618
				731,013
Managed Healthcare - 0.6%
Anthem Inc.		661		199,642
Centene Corp. (a)		1,079		67,837
Humana Inc.		343		125,716
UnitedHealth Group Inc.		2,503		735,832

	Number of Shares		Fair Value $
WellCare Health Plans Inc. (a)		139		45,899
				1,174,926
Metal & Glass Containers - 0.0%*
Ball Corp.		892		57,686
Motorcycle Manufacturers - 0.0%*
Harley-Davidson Inc.		453		16,847
Movies & Entertainment - 0.5%
Live Nation Entertainment Inc. (a)		400		28,588
Netflix Inc. (a)		1,148		371,458
The Walt Disney Co.		4,761		688,584
				1,088,630
Multi-Line Insurance - 0.1%
American International Group Inc.		2,294		117,751
Assurant Inc.		144		18,875
The Hartford Financial Services Group Inc.		935		56,820
				193,446
Multi-Sector Holdings - 0.6%
Berkshire Hathaway Inc., Class B (a)		5,141		1,164,436
Multi-Utilities - 0.4%
Ameren Corp.		641		49,229
CenterPoint Energy Inc.		1,391		37,933
CMS Energy Corp.		747		46,942
Consolidated Edison Inc.		870		78,709
Dominion Energy Inc.		2,184		180,879
DTE Energy Co.		497		64,545
NiSource Inc.		992		27,617
Public Service Enterprise Group Inc.		1,308		77,237
Sempra Energy		725		109,823
WEC Energy Group Inc.		839		77,381
				750,295
Office REITs - 0.1%
Alexandria Real Estate Equities Inc.		297		47,989
Boston Properties Inc.		377		51,973
SL Green Realty Corp.		225		20,673
Vornado Realty Trust		427		28,396
				149,031
Oil & Gas Drilling - 0.0%*
Helmerich & Payne Inc.		280		12,720

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

24 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
Oil & Gas Equipment & Services - 0.1%
Baker Hughes Co.		1,815		46,518
Halliburton Co.		2,363		57,823
National Oilwell Varco Inc.		1,105		27,680
Schlumberger Ltd.		3,645		146,529
				278,550
Oil & Gas Exploration & Production - 0.3%
Apache Corp.		921		23,568
Cabot Oil & Gas Corp.		1,198		20,857
Cimarex Energy Co.		308		16,167
Concho Resources Inc.		539		47,200
ConocoPhillips		2,846		185,075
Devon Energy Corp.		934		24,256
Diamondback Energy Inc.		430		39,930
EOG Resources Inc.		1,552		129,996
Hess Corp.		635		42,424
Marathon Oil Corp.		2,199		29,862
Noble Energy Inc.		1,183		29,386
Pioneer Natural Resources Co.		439		66,452
				655,173
Oil & Gas Refining & Marketing - 0.2%
HollyFrontier Corp.		360		18,255
Marathon Petroleum Corp.		1,689		101,762
Phillips 66		1,195		133,135
Valero Energy Corp.		1,101		103,109
				356,261
Oil & Gas Storage & Transportation - 0.1%
Kinder Morgan Inc.		5,171		109,470
ONEOK Inc.		1,119		84,675
The Williams Companies Inc.		3,213		76,212
				270,357
Packaged Foods & Meats - 0.4%
Campbell Soup Co.		426		21,053
Conagra Brands Inc.		1,326		45,402
General Mills Inc.		1,564		83,768
Hormel Foods Corp.		717		32,344
Kellogg Co.		613		42,395
Lamb Weston Holdings Inc.		400		34,412
McCormick & Company Inc.		320		54,314
Mondelez International Inc., Class A		3,774		207,872
The Hershey Co.		383		56,293
The JM Smucker Co.		324		33,738
The Kraft Heinz Co.		1,663		53,432
Tyson Foods Inc., Class A		763		69,464
				734,487

	Number of Shares		Fair Value $
Paper Packaging - 0.1%
Avery Dennison Corp.		225		29,435
International Paper Co.		999		46,004
Packaging Corporation of America		259		29,005
Sealed Air Corp.		464		18,481
WestRock Co.		700		30,037
				152,962
Personal Products - 0.1%
Coty Inc., Class A		630		7,088
The Estee Lauder Companies Inc., Class A		584		120,619
				127,707
Pharmaceuticals - 1.6%
Allergan PLC		861		164,597
Bristol-Myers Squibb Co.		6,198		397,850
Eli Lilly & Co.		2,225		292,432
Johnson & Johnson		6,915		1,008,691
Merck & Company Inc.		6,643		604,181
Mylan N.V. (a)		1,430		28,743
Pfizer Inc.		14,550		570,069
Zoetis Inc.		1,250		165,437
				3,232,000
Property & Casualty Insurance - 0.3%
Chubb Ltd.		1,202		187,103
Cincinnati Financial Corp.		426		44,794
Loews Corp.		711		37,321
The Allstate Corp. (c)		840		94,458
The Progressive Corp.		1,563		113,146
The Travelers Companies Inc.		673		92,167
WR Berkley Corp.		400		27,640
				596,629
Publishing - 0.0%*
News Corp., Class A		1,011		14,296
News Corp., Class B		442		6,413
				20,709
Railroads - 0.3%
CSX Corp.		1,989		143,924
Kansas City Southern		276		42,272
Norfolk Southern Corp.		683		132,591
Union Pacific Corp.		1,829		330,665
				649,452
Real Estate Services - 0.0%*
CBRE Group Inc., Class A (a)		909		55,713

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

Elfun Diversified Fund 25

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
Regional Banks - 0.4%
Citizens Financial Group Inc.		1,201		48,773
Comerica Inc.		366		26,260
Fifth Third Bancorp		1,941		59,666
First Republic Bank		430		50,503
Huntington Bancshares Inc.		2,707		40,822
KeyCorp		2,572		52,057
M&T Bank Corp.		361		61,280
People’s United Financial Inc.		1,150		19,435
Regions Financial Corp.		2,497		42,849
SVB Financial Group (a)		131		32,886
The PNC Financial Services Group Inc.		1,151		183,734
Truist Financial Corp.		3,568		200,950
Zions Bancorp NA		452		23,468
				842,683
Research & Consulting Services - 0.1%
Equifax Inc.		332		46,520
Nielsen Holdings PLC		1,001		20,320
Verisk Analytics Inc.		442		66,008
				132,848
Residential REITs - 0.2%
Apartment Investment & Management Co., Class A		418		21,590
AvalonBay Communities Inc.		371		77,799
Equity Residential		941		76,146
Essex Property Trust Inc.		177		53,252
Mid-America Apartment Communities Inc.		289		38,107
UDR Inc.		717		33,484
				300,378
Restaurants - 0.4%
Chipotle Mexican Grill Inc. (a)		67		56,086
Darden Restaurants Inc.		310		33,793
McDonald’s Corp.		1,972		389,687
Starbucks Corp.		3,125		274,750
Yum! Brands Inc.		806		81,189
				835,505
Retail REITs - 0.1%
Federal Realty Investment Trust		177		22,785
Kimco Realty Corp.		1,110		22,988
Realty Income Corp.		845		62,218
Regency Centers Corp.		400		25,236
Simon Property Group Inc.		794		118,274
				251,501
Semiconductor Equipment - 0.2%
Applied Materials Inc.		2,462		150,280

	Number of Shares		Fair Value $
KLA Corp.		420		74,831
Lam Research Corp.		384		112,282
				337,393
Semiconductors - 1.3%
Advanced Micro Devices Inc. (a)		2,870		131,618
Analog Devices Inc.		977		116,107
Broadcom Inc.		1,045		330,241
Intel Corp.		11,473		686,659
Maxim Integrated Products Inc.		700		43,057
Microchip Technology Inc.		588		61,575
Micron Technology Inc. (a)		2,912		156,607
NVIDIA Corp.		1,620		381,186
Qorvo Inc. (a)		329		38,240
QUALCOMM Inc.		3,028		267,161
Skyworks Solutions Inc.		425		51,374
Texas Instruments Inc.		2,445		313,669
Xilinx Inc.		643		62,866
				2,640,360
Soft Drinks - 0.6%
Monster Beverage Corp. (a)		977		62,088
PepsiCo Inc.		3,680		502,946
The Coca-Cola Co.		10,157		562,190
				1,127,224
Specialized Consumer Services - 0.0%*
H&R Block Inc.		525		12,327
Specialized REITs - 0.5%
American Tower Corp.		1,166		267,970
Crown Castle International Corp.		1,080		153,522
Digital Realty Trust Inc.		573		68,611
Equinix Inc.		225		131,332
Extra Space Storage Inc.		359		37,918
Iron Mountain Inc.		805		25,655
Public Storage		396		84,332
SBA Communications Corp.		301		72,538
Weyerhaeuser Co.		1,983		59,887
				901,765
Specialty Chemicals - 0.3%
Albemarle Corp.		304		22,204
Celanese Corp.		338		41,615
DuPont de Nemours Inc.		1,982		127,244
Ecolab Inc.		656		126,601
International Flavors & Fragrances Inc.		291		37,545
PPG Industries Inc.		625		83,431
The Sherwin-Williams Co.		216		126,045
				564,685

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

26 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
Specialty Stores - 0.1%
Tiffany & Co.		293		39,160
Tractor Supply Co.		285		26,630
Ulta Salon Cosmetics & Fragrance Inc. (a)		152		38,477
				104,267
Steel - 0.0%*
Nucor Corp.		836		47,050
Systems Software - 1.9%
Fortinet Inc. (a)		354		37,793
Microsoft Corp.		20,074		3,165,670
Nortonlifelock Inc.		1,423		36,315
Oracle Corp.		5,659		299,814
ServiceNow Inc. (a)		500		141,160
				3,680,752
Technology Distributors - 0.0%*
CDW Corp.		364		51,994
Technology Hardware, Storage & Peripherals - 1.7%
Apple Inc.		10,990		3,227,213
Hewlett Packard Enterprise Co.		3,563		56,509
HP Inc.		3,879		79,713
NetApp Inc.		567		35,296
Western Digital Corp.		744		47,222
Xerox Holdings Corp. (a)		496		18,288
				3,464,241
Tobacco - 0.3%
Altria Group Inc. (c)		4,963		247,703
Philip Morris International Inc.		4,072		346,487
				594,190
Trading Companies & Distributors - 0.1%
Fastenal Co.		1,556		57,494
United Rentals Inc. (a)		201		33,521
WW Grainger Inc.		119		40,284
				131,299
Trucking - 0.0%*
JB Hunt Transport Services Inc.		217		25,341
Old Dominion Freight Line Inc.		157		29,796
				55,137
Water Utilities - 0.0%*
American Water Works Company Inc.		488		59,951

	Number of Shares		Fair Value $
Wireless Telecommunication Services - 0.0%*
T-Mobile US Inc. (a)		800		62,736
Total Common Stock (Cost $49,536,674)				68,760,564
Preferred Stock - 0.0%*
Diversified Banks - 0.0%*
Wells Fargo & Co. 3.09% + 3 month USD LIBOR (d)		1,469		40,236
Total Preferred Stock (Cost $36,725)				40,236
Total Domestic Equity (Cost $49,573,399)				68,800,800
Foreign Equity - 0.9%
Common Stock - 0.9%
Apparel, Accessories & Luxury Goods - 0.0%*
Capri Holdings Ltd. (a)		377		14,383
Auto Parts & Equipment - 0.0%*
Aptiv PLC		680		64,580
Building Products - 0.0%*
Allegion PLC		238		29,640
Electronic Manufacturing Services - 0.1%
TE Connectivity Ltd.		897		85,968
Healthcare Equipment - 0.2%
Medtronic PLC		3,471		393,785
Industrial Gases - 0.2%
Linde PLC		1,415		301,253
Industrial Machinery - 0.0%*
Pentair PLC		418		19,174
Insurance Brokers - 0.1%
Aon PLC		624		129,973
Willis Towers Watson PLC		333		67,246
				197,219
IT Consulting & Other Services - 0.2%
Accenture PLC, Class A		1,674		352,494
Oil & Gas Equipment & Services - 0.0%*
TechnipFMC PLC		1,206		25,857
Paper Packaging - 0.0%*
Amcor PLC (a)		4,485		48,617

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

Elfun Diversified Fund 27

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

		Principal Amount ($) or Number of Shares		Fair Value $
Pharmaceuticals - 0.0%*
Perrigo Company PLC			329		16,996
Reinsurance - 0.0%*
Everest Re Group Ltd.			109		30,176
Research & Consulting Services - 0.1%
IHS Markit Ltd. (a)			1,020		76,857
Technology Hardware, Storage & Peripherals - 0.0%*
Seagate Technology PLC			648		38,556
Total Foreign Equity (Cost $1,189,874)					1,695,555
Bonds and Notes - 33.5%
U.S. Treasuries - 7.2%
U.S. Treasury Bonds
2.25% 08/15/46 (c)			515,000		501,803
3.00% 08/15/48 (c)			2,150,300		2,428,495
U.S. Treasury Notes
1.63% 02/15/26 (c)			2,992,200		2,965,551
1.88% 06/30/20 - 12/15/20			5,383,300		5,392,549
2.25% 03/31/20 (c)			1,179,100		1,180,850
2.50% 01/31/24 (c)			1,651,000		1,705,561
2.63% 02/15/29 (c)			56,000		59,386
					14,234,195
Agency Mortgage Backed - 13.0%
Federal Home Loan Mortgage Corp.
3.00% 03/01/43	��		987,564		1,016,025
4.00% 01/01/48			1,542,453		1,622,602
4.05% 09/25/28 (c)(d)			71,000		79,270
4.50% 06/01/33 - 02/01/35 (c)			2,096		2,247
5.00% 07/01/35 (c)			14,300		15,849
5.50% 05/01/20 - 04/01/39 (c)			24,442		27,347
6.00% 06/01/33 - 11/01/37 (c)			64,828		73,846
6.50% 11/01/28 - 06/01/29 (c)			897		994
7.00% 06/01/29 - 08/01/36 (c)			14,087		16,255
7.50% 09/01/33 (c)			1,076		1,174
8.00% 07/01/26 - 11/01/30 (c)			1,622		1,835
8.50% 04/01/30 (c)			4,022		5,105
Federal National Mortgage Assoc.
3.50% 06/01/44			1,215,530		1,280,938
3.50% 08/01/45 - 07/01/47 (c)			929,172		978,401

	Principal Amount ($)		Fair Value $
4.00% 01/01/41 - 10/01/47 (c)		1,406,231		1,482,063
4.50% 02/01/20 - 02/01/40 (c)		107,515		116,946
5.00% 07/01/20 - 05/01/39 (c)		46,163		51,008
5.50% 06/01/20 - 01/01/39 (c)		100,093		111,920
6.00% 02/01/20 - 05/01/41 (c)		315,944		359,052
6.50% 10/01/28 - 08/01/36 (c)		8,178		8,915
7.00% 05/01/33 - 12/01/33 (c)		538		574
7.50% 12/01/26 - 03/01/33 (c)		4,018		4,557
8.00% 06/01/24 - 12/01/30 (c)		4,595		4,684
9.00% 12/01/22 (c)		171		175
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR
4.47% 04/01/37 (c)(d)		463		476
Federal National Mortgage Assoc. TBA
2.50% TBA (e)		3,225,000		3,254,154
3.50% TBA (e)		1,844,000		1,896,609
4.00% TBA (e)		9,589,676		9,993,553
Government National Mortgage Assoc.
3.00% 12/20/42		1,313,097		1,360,135
3.50% 05/20/45		1,596,818		1,666,713
4.00% 01/20/41 - 04/20/43 (c)		275,831		293,977
4.50% 08/15/33 - 03/20/41 (c)		118,688		127,607
5.00% 08/15/33 (c)		5,933		6,456
6.00% 07/15/33 - 04/15/34 (c)		6,093		6,917
6.50% 04/15/28 - 07/15/36 (c)		11,875		13,112
7.00% 04/15/28 - 10/15/36 (c)		3,432		3,727
7.50% 07/15/23 - 04/15/28 (c)		6,157		6,344
8.00% 05/15/30 (c)		167		178
9.00% 12/15/21 (c)		68		70
				25,891,810
Agency Collateralized Mortgage Obligations - 0.3%
Federal Home Loan Mortgage Corp.
0.08% 09/25/43 (c)(d)(f)		122,328		414
2.43% 08/25/29 (c)		415,000		414,971
2.51% 07/25/29 (c)		224,000		225,562

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

28 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Federal Home Loan Mortgage Corp. REMIC
3.50% 09/15/29 - 11/15/30 (c)(f)		37,275		1,914
5.50% 06/15/33 (c)(f)		4,780		860
7.50% 07/15/27 (c)(f)		4,705		700
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR
4.86% 08/15/25 (c)(d)(f)		15,439		649
Federal Home Loan Mortgage Corp. STRIPS
1.47% 08/01/27 (c)(g)(h)		181		161
8.00% 02/01/23 - 07/01/24 (c)(f)		527		64
Federal National Mortgage Assoc. REMIC
0.00% 12/25/22 (c)(g)(h)		1		1
1.09% 12/25/42 (c)(d)(f)		26,376		1,043
5.00% 09/25/40 (c)(f)		18,532		2,013
8.00% 05/25/22 (c)(f)		—		2
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
4.21% 07/25/38 (c)(d)(f)		7,682		1,110
Federal National Mortgage Assoc. STRIPS
4.50% 08/25/35 - 01/25/36 (c)(f)		11,586		1,776
5.00% 03/25/38 - 05/25/38 (c)(f)		6,524		1,097
5.50% 12/25/33 (c)(f)		2,306		458
6.00% 01/25/35 (c)(f)		6,170		1,176
7.50% 11/25/23 (c)(f)		3,837		382
8.00% 08/25/23 - 07/25/24 (c)(f)		1,111		135
8.50% 07/25/22 (c)(f)		56		3
8.50% 07/25/22 (c)(f)**		2		—
9.00% 05/25/22 (c)(f)		58		3
Government National Mortgage Assoc. REMIC
4.50% 08/16/39 (c)(f)		9,983		304
5.00% 09/20/38 (c)(f)		683		2
				654,800
Asset Backed - 0.9%
American Express Credit Account Master Trust 0.24% + 1 month USD LIBOR
1.98% 04/15/24 (d)		376,000		376,293

	Principal Amount ($)		Fair Value $
American Express Credit Account Master Trust2018-1
2.67% 10/17/22 (c)		150,000		150,214
American Express Credit Account Master Trust2018-8
3.18% 04/15/24 (c)		326,000		333,305
BA Credit Card Trust2018-A1
2.70% 07/17/23 (c)		131,000		132,241
BMW Floorplan Master Owner Trust2018-1
3.15% 05/15/23 (c)(i)		100,000		101,557
Enterprise Fleet Financing2019-1 LLC
3.07% 10/20/24 (c)(i)		137,000		140,065
GMF Floorplan Owner Revolving Trust 0.32% + 1 month USD LIBOR
2.06% 09/15/22 (d)(i)		130,000		130,016
Hyundai Auto Lease Securitization Trust2018-A
2.89% 03/15/22 (i)		242,000		243,474
Nissan Auto Lease Trust2019-A
2.76% 03/15/22 (c)		85,000		85,790
Securitized Term Auto Receivables Trust2018-1A
3.30% 11/25/22 (c)(i)		100,000		101,754
				1,794,709
Corporate Notes - 10.6%
3M Co.
3.13% 09/19/46 (c)		41,000		39,036
Abbott Laboratories
3.75% 11/30/26 (c)		21,000		22,954
4.90% 11/30/46 (c)		17,000		22,290
AbbVie Inc.
2.60% 11/21/24 (c)(i)		45,000		45,394
2.95% 11/21/26 (c)(i)		60,000		61,009
3.20% 05/14/26 (c)		31,000		32,099
3.20% 11/21/29 (c)(i)		40,000		40,820
4.05% 11/21/39 (c)(i)		25,000		26,247
4.25% 11/21/49 (c)(i)		15,000		15,909
4.45% 05/14/46 (c)		31,000		33,439
4.70% 05/14/45 (c)		8,000		8,927
4.88% 11/14/48 (c)		9,000		10,383
Aetna Inc.
3.50% 11/15/24 (c)		27,000		28,282
Aflac Inc.
4.00% 10/15/46 (c)		6,000		6,560
Aircastle Ltd.
4.25% 06/15/26 (c)		31,000		32,726

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

Elfun Diversified Fund 29

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Albemarle Wodgina Pty Ltd.
3.45% 11/15/29 (c)(i)		70,000		70,156
Alexandria Real Estate Equities Inc.
4.70% 07/01/30 (c)		16,000		18,397
Alimentation Couche-Tard Inc.
2.70% 07/26/22 (c)(i)		36,000		36,417
Allegion PLC
3.50% 10/01/29 (c)		25,000		25,561
Allergan Finance LLC
3.25% 10/01/22 (c)		26,000		26,587
4.63% 10/01/42 (c)		5,000		5,210
Allergan Funding SCS
3.00% 03/12/20 (c)		46,000		46,035
3.45% 03/15/22 (c)		16,000		16,372
Allergan Sales LLC
5.00% 12/15/21 (c)(i)		62,000		64,865
Ally Financial Inc.
5.75% 11/20/25 (c)		28,000		31,403
Altria Group Inc.
2.95% 05/02/23 (c)		17,000		17,442
3.80% 02/14/24 (c)		16,000		16,842
4.25% 08/09/42 (c)		4,000		3,958
4.50% 05/02/43 (c)		15,000		15,273
4.80% 02/14/29 (c)		33,000		36,739
Amazon.com Inc.
2.80% 08/22/24 (c)		19,000		19,670
3.15% 08/22/27 (c)		14,000		14,827
3.88% 08/22/37 (c)		11,000		12,487
4.05% 08/22/47 (c)		11,000		12,982
4.25% 08/22/57 (c)		16,000		19,399
Ameren Corp.
2.50% 09/15/24 (c)		65,000		65,237
3.65% 02/15/26 (c)		16,000		16,739
American Campus Communities Operating Partnership LP
4.13% 07/01/24 (c)		14,000		14,955
American Express Co.
3.00% 10/30/24 (c)		38,000		39,295
American International Group Inc.
4.25% 03/15/29 (c)		23,000		25,605
4.50% 07/16/44 (c)		28,000		32,292
6.40% 12/15/20 (c)		15,000		15,621
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter)
5.75% 04/01/48 (c)(d)		6,000		6,588
American Tower Corp.
3.70% 10/15/49 (c)		14,000		14,010
3.80% 08/15/29 (c)		55,000		58,799

	Principal Amount ($)		Fair Value $
American Water Capital Corp.
2.95% 09/01/27 (c)		26,000		26,522
Amgen Inc.
2.65% 05/11/22 (c)		36,000		36,535
3.20% 11/02/27 (c)		19,000		20,000
4.56% 06/15/48 (c)		20,000		23,288
4.66% 06/15/51 (c)		9,000		10,595
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65% 02/01/26 (c)		63,000		67,237
4.70% 02/01/36 (c)		15,000		17,355
4.90% 02/01/46 (c)		58,000		69,001
Anheuser-Busch InBev Worldwide Inc.
4.00% 04/13/28 (c)		12,000		13,192
4.38% 04/15/38 (c)		68,000		76,505
4.60% 04/15/48 (c)		30,000		34,211
4.75% 04/15/58 (c)		16,000		18,690
5.55% 01/23/49 (c)		48,000		62,366
Anthem Inc.
2.88% 09/15/29 (c)		14,000		13,989
3.30% 01/15/23 (c)		23,000		23,790
3.70% 09/15/49 (c)		14,000		13,954
Apache Corp.
4.38% 10/15/28 (c)		9,000		9,414
5.10% 09/01/40 (c)		16,000		16,275
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter)
4.95% 01/14/50 (c)(d)(i)		35,000		35,481
Apple Inc.
2.20% 09/11/29 (c)		28,000		27,517
2.85% 05/11/24 (c)		27,000		27,926
2.95% 09/11/49 (c)		20,000		19,530
3.35% 02/09/27 (c)		16,000		17,071
3.45% 02/09/45 (c)		42,000		44,461
3.85% 08/04/46 (c)		38,000		42,839
Applied Materials Inc.
4.35% 04/01/47 (c)		20,000		24,138
Aptiv PLC
4.40% 10/01/46 (c)		17,000		16,434
Archer-Daniels-Midland Co.
2.50% 08/11/26 (c)		19,000		19,331
Ascension Health
4.85% 11/15/53 (c)		13,000		16,409
AstraZeneca PLC
3.50% 08/17/23 (c)		17,000		17,797
4.00% 01/17/29 (c)		14,000		15,555
4.38% 08/17/48 (c)		10,000		11,873
AT&T Inc.
4.35% 03/01/29 (c)		64,000		71,086
4.45% 04/01/24 (c)		19,000		20,573

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

30 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
4.50% 05/15/35 (c)		31,000		34,552
4.55% 03/09/49 (c)		17,000		18,879
4.75% 05/15/46 (c)		15,000		16,962
4.80% 06/15/44 (c)		20,000		22,819
4.85% 03/01/39 (c)		35,000		40,433
5.15% 11/15/46 (c)		5,000		5,973
5.25% 03/01/37 (c)		20,000		23,935
5.35% 12/15/43 (c)		30,000		35,316
5.45% 03/01/47 (c)		37,000		45,827
Athene Holding Ltd.
4.13% 01/12/28 (c)		22,000		22,678
Avangrid Inc.
3.15% 12/01/24 (c)		37,000		38,198
Bank of America Corp.
3.25% 10/21/27 (c)		46,000		48,022
3.95% 04/21/25 (c)		27,000		28,801
4.18% 11/25/27 (c)		39,000		42,340
4.25% 10/22/26 (c)		44,000		48,018
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter)
3.12% 01/20/23 (c)(d)		257,000		262,099
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter)
3.37% 01/23/26 (c)(d)		75,000		78,526
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)
3.42% 12/20/28 (c)(d)		62,000		65,118
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter)
3.56% 04/23/27 (c)(d)		69,000		72,933
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95% 01/23/49 (c)(d)		17,000		19,368
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter)
4.24% 04/24/38 (c)(d)		39,000		45,086
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)
4.27% 07/23/29 (c)(d)		40,000		44,466

	Principal Amount ($)		Fair Value $
Bank of America Corp. (4.33% fixed rate until 03/15/49; 1.52% + 3 month USD LIBOR thereafter)
4.33% 03/15/50 (c)(d)		14,000		16,818
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)
4.44% 01/20/48 (c)(d)		33,000		40,347
Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter)
4.34% 10/05/28 (c)(d)		49,000		51,712
Barrick North America Finance LLC
5.70% 05/30/41 (c)		4,000		4,944
BAT Capital Corp.
2.76% 08/15/22 (c)		24,000		24,358
3.56% 08/15/27 (c)		27,000		27,597
4.39% 08/15/37 (c)		30,000		30,460
4.54% 08/15/47 (c)		20,000		20,081
Bayer US Finance II LLC
3.50% 06/25/21 (c)(i)		200,000		203,686
Becton Dickinson and Co.
2.89% 06/06/22 (c)		29,000		29,479
3.70% 06/06/27 (c)		29,000		30,869
3.73% 12/15/24 (c)		3,000		3,186
4.67% 06/06/47 (c)		5,000		5,951
4.69% 12/15/44 (c)		4,000		4,654
Berkshire Hathaway Energy Co.
3.25% 04/15/28 (c)		16,000		16,914
3.80% 07/15/48 (c)		14,000		15,132
Berkshire Hathaway Finance Corp.
4.25% 01/15/49 (c)		42,000		49,967
Berkshire Hathaway Inc.
4.50% 02/11/43 (c)		6,000		7,313
BHP Billiton Finance USA Ltd.
5.00% 09/30/43 (c)		5,000		6,434
Boardwalk Pipelines LP
4.80% 05/03/29 (c)		26,000		27,695
Boston Scientific Corp.
4.70% 03/01/49 (c)		12,000		14,576
BP Capital Markets America Inc.
3.02% 01/16/27 (c)		78,000		80,813
3.22% 11/28/23 (c)		26,000		27,050
Brighthouse Financial Inc.
3.70% 06/22/27 (c)		5,000		4,986
4.70% 06/22/47 (c)		3,000		2,777

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

Elfun Diversified Fund 31

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Bristol-Myers Squibb Co.
3.20% 06/15/26 (c)(i)		39,000		40,976
3.40% 07/26/29 (c)(i)		24,000		25,709
3.45% 11/15/27 (c)(i)		4,000		4,268
4.13% 06/15/39 (c)(i)		21,000		24,210
4.25% 10/26/49 (c)(i)		21,000		24,953
4.35% 11/15/47 (c)(i)		5,000		5,938
4.55% 02/20/48 (c)(i)		23,000		28,192
Brixmor Operating Partnership LP
3.90% 03/15/27 (c)		12,000		12,585
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65% 01/15/23 (c)		7,000		7,041
3.00% 01/15/22 (c)		18,000		18,269
3.13% 01/15/25 (c)		8,000		8,113
3.88% 01/15/27 (c)		16,000		16,622
Brown-Forman Corp.
4.00% 04/15/38 (c)		5,000		5,598
Bunge Limited Finance Corp.
3.75% 09/25/27 (c)		9,000		9,203
Burlington Northern Santa Fe LLC
4.15% 12/15/48 (c)		22,000		25,439
4.55% 09/01/44 (c)		35,000		41,756
Cameron LNG LLC
3.30% 01/15/35 (c)(i)		27,000		27,458
3.70% 01/15/39 (c)(i)		14,000		14,361
Campbell Soup Co.
3.30% 03/15/21 (c)		69,000		70,025
Canadian Natural Resources Ltd.
3.85% 06/01/27 (c)		23,000		24,527
4.95% 06/01/47 (c)		6,000		7,342
Cantor Fitzgerald LP
4.88% 05/01/24 (c)(i)		66,000		70,429
Capital One Financial Corp.
3.75% 07/28/26 (c)		41,000		43,172
4.75% 07/15/21 (c)		106,000		110,379
Cardinal Health Inc.
2.62% 06/15/22 (c)		10,000		10,103
3.08% 06/15/24 (c)		8,000		8,237
Caterpillar Inc.
3.25% 09/19/49 (c)		26,000		26,106
3.80% 08/15/42 (c)		6,000		6,700
Cenovus Energy Inc.
4.25% 04/15/27 (c)		11,000		11,643
5.25% 06/15/37 (c)		14,000		15,464
5.40% 06/15/47 (c)		5,000		5,802
Centene Corp.
4.25% 12/15/27 (c)(i)		68,000		70,028
4.63% 12/15/29 (c)(i)		21,000		22,115

	Principal Amount ($)		Fair Value $
CenterPoint Energy Inc.
2.50% 09/01/22 (c)		62,000		62,549
3.60% 11/01/21 (c)		23,000		23,611
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46% 07/23/22 (c)		87,000		91,451
4.91% 07/23/25 (c)		26,000		28,657
5.05% 03/30/29 (c)		47,000		53,224
5.75% 04/01/48 (c)		26,000		30,399
6.38% 10/23/35 (c)		5,000		6,313
6.48% 10/23/45 (c)		7,000		8,717
Cheniere Corpus Christi Holdings LLC
5.88% 03/31/25 (c)		55,000		61,928
Chevron Corp.
3.19% 06/24/23 (c)		17,000		17,717
Chubb INA Holdings Inc.
4.35% 11/03/45 (c)		16,000		19,435
Cigna Corp.
3.25% 04/15/25 (c)(i)		19,000		19,708
3.40% 09/17/21 (c)		18,000		18,424
3.40% 03/01/27 (c)(i)		15,000		15,578
3.75% 07/15/23 (c)		18,000		18,896
3.88% 10/15/47 (c)(i)		17,000		17,395
4.13% 11/15/25 (c)		34,000		36,915
4.38% 10/15/28 (c)		14,000		15,536
4.80% 08/15/38 (c)		12,000		13,990
4.90% 12/15/48 (c)		14,000		16,738
Cisco Systems Inc.
5.90% 02/15/39 (c)		16,000		22,454
Citigroup Inc.
2.70% 10/27/22 (c)		80,000		81,323
4.40% 06/10/25 (c)		12,000		13,050
4.45% 09/29/27 (c)		27,000		29,754
4.65% 07/23/48 (c)		46,000		57,518
4.75% 05/18/46 (c)		18,000		21,570
5.50% 09/13/25 (c)		72,000		82,403
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)
2.88% 07/24/23 (c)(d)		186,000		189,102
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter)
2.98% 11/05/30 (c)(d)		41,000		41,631
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)
3.88% 01/24/39 (c)(d)		15,000		16,542

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

32 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Citigroup Inc. (4.28% fixed rate until 04/24/47; 1.84% + 3 month USD LIBOR thereafter)
4.28% 04/24/48 (c)(d)		24,000		28,510
Citigroup Inc. (5.88% fixed rate until 03/27/20; 4.06% + 3 month USD LIBOR thereafter)
5.88% 12/29/49 (c)(d)		86,000		86,672
CME Group Inc.
3.75% 06/15/28 (c)		17,000		18,826
CMS Energy Corp.
4.88% 03/01/44 (c)		34,000		40,521
CNA Financial Corp.
3.45% 08/15/27 (c)		11,000		11,441
3.90% 05/01/29 (c)		26,000		27,954
CNH Industrial Capital LLC
4.38% 11/06/20 (c)		20,000		20,387
4.88% 04/01/21 (c)		20,000		20,646
Comcast Corp.
3.20% 07/15/36 (c)		23,000		23,536
3.25% 11/01/39 (c)		41,000		41,618
3.38% 08/15/25 (c)		8,000		8,487
3.45% 02/01/50 (c)		20,000		20,535
3.97% 11/01/47 (c)		62,000		68,322
4.15% 10/15/28 (c)		34,000		38,279
4.60% 08/15/45 (c)		16,000		19,196
4.70% 10/15/48 (c)		16,000		19,741
CommonSpirit Health
4.35% 11/01/42 (c)		24,000		24,518
Conagra Brands Inc.
3.80% 10/22/21 (c)		42,000		43,321
5.30% 11/01/38 (c)		15,000		17,813
5.40% 11/01/48 (c)		13,000		15,903
Conagra Brands Inc. 0.75% + 3 month USD LIBOR
2.70% 10/22/20 (c)(d)		36,000		36,024
Concho Resources Inc.
3.75% 10/01/27 (c)		5,000		5,262
4.30% 08/15/28 (c)		20,000		21,802
4.88% 10/01/47 (c)		8,000		9,274
ConocoPhillips Co.
4.30% 11/15/44 (c)		24,000		28,183
Consolidated Edison Company of New York Inc.
2.90% 12/01/26 (c)		29,000		29,746
3.88% 06/15/47 (c)		16,000		17,406
Constellation Brands Inc.
3.15% 08/01/29 (c)		58,000		58,749
3.70% 12/06/26 (c)		45,000		47,802
4.50% 05/09/47 (c)		19,000		20,833

	Principal Amount ($)		Fair Value $
Continental Resources Inc.
4.50% 04/15/23 (c)		96,000		100,596
Corning Inc.
4.38% 11/15/57 (c)		15,000		15,366
Crown Castle International Corp.
5.20% 02/15/49 (c)		16,000		19,766
CSX Corp.
4.50% 03/15/49 - 08/01/54 (c)		41,000		47,593
CubeSmart LP
4.38% 02/15/29 (c)		30,000		32,910
CVS Health Corp.
3.00% 08/15/26 (c)		27,000		27,560
3.25% 08/15/29 (c)		25,000		25,503
3.35% 03/09/21 (c)		15,000		15,239
3.88% 07/20/25 (c)		14,000		14,933
4.10% 03/25/25 (c)		31,000		33,339
4.30% 03/25/28 (c)		15,000		16,411
4.78% 03/25/38 (c)		29,000		32,995
5.00% 12/01/24 (c)		23,000		25,464
5.05% 03/25/48 (c)		36,000		42,705
Dell International LLC/EMC Corp.
4.00% 07/15/24 (c)(i)		32,000		33,537
4.42% 06/15/21 (c)(i)		37,000		38,076
5.30% 10/01/29 (c)(i)		21,000		23,645
5.45% 06/15/23 (c)(i)		17,000		18,442
6.02% 06/15/26 (c)(i)		7,000		8,082
8.10% 07/15/36 (c)(i)		4,000		5,254
8.35% 07/15/46 (c)(i)		5,000		6,844
Deutsche Bank AG
2.70% 07/13/20 (c)		37,000		37,029
Deutsche Telekom International Finance BV
2.49% 09/19/23 (c)(i)		150,000		151,285
Devon Energy Corp.
5.00% 06/15/45 (c)		8,000		9,343
DH Europe Finance II Sarl
2.60% 11/15/29 (c)		22,000		21,960
3.25% 11/15/39 (c)		14,000		14,172
3.40% 11/15/49 (c)		7,000		7,176
Diamondback Energy Inc.
2.88% 12/01/24 (c)		35,000		35,408
3.25% 12/01/26 (c)		25,000		25,289
3.50% 12/01/29 (c)		21,000		21,386
5.38% 05/31/25 (c)		83,000		87,188
Digital Realty Trust LP
3.60% 07/01/29 (c)		45,000		47,019
Discovery Communications LLC
2.95% 03/20/23 (c)		118,000		120,393
3.95% 03/20/28 (c)		19,000		20,312

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

Elfun Diversified Fund 33

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
4.95% 05/15/42 (c)		6,000		6,650
5.00% 09/20/37 (c)		10,000		11,333
Dollar Tree Inc.
4.00% 05/15/25 (c)		50,000		53,465
4.20% 05/15/28 (c)		7,000		7,519
Dominion Energy Inc.
2.58% 07/01/20 (c)		25,000		25,065
3.07% 08/15/24 (c)(j)		25,000		25,583
Dover Corp.
2.95% 11/04/29 (c)		30,000		30,223
DTE Energy Co.
2.85% 10/01/26 (c)		39,000		39,228
3.85% 12/01/23 (c)		17,000		17,837
Duke Energy Carolinas LLC
3.95% 03/15/48 (c)		16,000		17,883
Duke Energy Corp.
1.80% 09/01/21 (c)		33,000		32,942
3.55% 09/15/21 (c)		18,000		18,409
3.75% 09/01/46 (c)		4,000		4,126
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter)
4.88% 12/31/99 (c)(d)		41,000		43,001
Duke Energy Progress LLC
4.15% 12/01/44 (c)		23,000		25,955
Duke Realty LP
3.25% 06/30/26 (c)		16,000		16,576
3.38% 12/15/27 (c)		9,000		9,394
DuPont de Nemours Inc.
5.32% 11/15/38 (c)		13,000		15,497
5.42% 11/15/48 (c)		13,000		16,017
Duquesne Light Holdings Inc.
3.62% 08/01/27 (c)(i)		35,000		35,026
Eastman Chemical Co.
3.50% 12/01/21 (c)		24,000		24,576
3.60% 08/15/22 (c)		7,000		7,246
4.50% 01/15/21 - 12/01/28 (c)		69,000		71,647
Eaton Corp.
3.10% 09/15/27 (c)		16,000		16,647
Ecolab Inc.
3.25% 12/01/27 (c)		10,000		10,538
3.95% 12/01/47 (c)		11,000		12,332
Edison International
2.40% 09/15/22 (c)		83,000		82,608
5.75% 06/15/27 (c)		10,000		11,245
Eli Lilly & Co.
3.95% 03/15/49 (c)		21,000		24,276
Emera US Finance LP
4.75% 06/15/46 (c)		6,000		6,935
Enbridge Energy Partners LP
5.50% 09/15/40 (c)		6,000		7,151

	Principal Amount ($)		Fair Value $
Enbridge Inc.
4.00% 11/15/49 (c)		20,000		20,975
Energy Transfer Operating LP
4.25% 03/15/23 (c)		23,000		23,998
4.50% 04/15/24 (c)		27,000		28,739
4.95% 06/15/28 (c)		9,000		9,873
6.13% 12/15/45 (c)		7,000		8,118
6.50% 02/01/42 (c)		18,000		21,404
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50% 11/01/23 (c)		17,000		17,973
Entergy Louisiana LLC
3.05% 06/01/31 (c)		19,000		19,607
4.00% 03/15/33 (c)		14,000		15,773
Enterprise Products Operating LLC
4.25% 02/15/48 (c)		48,000		52,068
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter)
5.25% 08/16/77 (c)(d)		11,000		11,080
EOG Resources Inc.
4.15% 01/15/26 (c)		6,000		6,607
5.10% 01/15/36 (c)		12,000		14,713
EPR Properties
4.95% 04/15/28 (c)		16,000		17,512
EQM Midstream Partners LP
4.75% 07/15/23 (c)		7,000		7,021
5.50% 07/15/28 (c)		7,000		6,876
Equinor ASA
3.25% 11/18/49		15,000		15,136
ERP Operating LP
4.50% 07/01/44 (c)		14,000		16,647
Exelon Corp.
3.50% 06/01/22 (c)		22,000		22,583
4.45% 04/15/46 (c)		27,000		30,347
FedEx Corp.
3.10% 08/05/29 (c)		45,000		45,011
4.10% 02/01/45 (c)		33,000		32,115
Fifth Third Bancorp
3.65% 01/25/24 (c)		49,000		51,695
FirstEnergy Corp.
3.90% 07/15/27 (c)		6,000		6,423
FirstEnergy Transmission LLC
4.55% 04/01/49 (c)(i)		23,000		26,411
Fiserv Inc.
3.50% 07/01/29 (c)		20,000		21,053
4.40% 07/01/49 (c)		10,000		11,374
Florida Power & Light Co.
4.13% 02/01/42 (c)		19,000		21,736

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

34 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Ford Motor Co.
4.35% 12/08/26 (c)		38,000		39,138
Ford Motor Credit Company LLC
8.13% 01/15/20 (c)		100,000		100,179
General Mills Inc.
3.70% 10/17/23 (c)		23,000		24,221
4.55% 04/17/38 (c)		19,000		22,027
4.70% 04/17/48 (c)		14,000		16,799
General Motors Co.
5.20% 04/01/45 (c)		5,000		5,056
5.40% 04/01/48 (c)		12,000		12,411
General Motors Financial Company Inc.
3.45% 01/14/22 - 04/10/22 (c)		139,000		142,164
3.55% 04/09/21 (c)		59,000		59,982
4.20% 11/06/21 (c)		105,000		108,762
5.25% 03/01/26 (c)		47,000		52,140
Georgia-Pacific LLC
3.60% 03/01/25 (c)(i)		86,000		90,764
Gilead Sciences Inc.
2.95% 03/01/27 (c)		5,000		5,195
3.50% 02/01/25 (c)		14,000		14,856
3.65% 03/01/26 (c)		14,000		15,062
4.15% 03/01/47 (c)		30,000		33,380
4.80% 04/01/44 (c)		12,000		14,496
GlaxoSmithKline Capital Inc.
3.38% 05/15/23 (c)		29,000		30,274
3.63% 05/15/25 (c)		29,000		31,077
GlaxoSmithKline Capital PLC
3.38% 06/01/29 (c)		30,000		32,176
Glencore Finance Canada Ltd.
4.95% 11/15/21 (c)(i)		18,000		18,821
Glencore Funding LLC
4.88% 03/12/29 (c)(i)		23,000		25,085
Halliburton Co.
3.80% 11/15/25 (c)		17,000		18,141
5.00% 11/15/45 (c)		14,000		15,976
Hasbro Inc.
3.00% 11/19/24 (c)		82,000		82,420
HCA Inc.
4.13% 06/15/29 (c)		15,000		15,933
Hess Corp.
5.60% 02/15/41 (c)		5,000		5,889
5.80% 04/01/47 (c)		4,000		4,897
Hewlett Packard Enterprise Co.
6.35% 10/15/45 (c)		5,000		6,044
Highwoods Realty LP
4.13% 03/15/28 (c)		17,000		18,185
4.20% 04/15/29 (c)		36,000		38,755

	Principal Amount ($)		Fair Value $
Honeywell International Inc.
2.70% 08/15/29 (c)		60,000		61,526
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 yearMid-Market Swap Rate thereafter)
6.50% 12/31/99 (c)(d)		50,000		55,017
Hyundai Capital America
3.10% 04/05/22 (c)(i)		14,000		14,184
Ingersoll-Rand Luxembourg Finance S.A.
3.50% 03/21/26 (c)		34,000		35,602
3.55% 11/01/24 (c)		25,000		26,200
3.80% 03/21/29 (c)		34,000		36,637
Intel Corp.
2.45% 11/15/29 (c)		82,000		81,890
2.60% 05/19/26 (c)		38,000		38,843
2.88% 05/11/24 (c)		16,000		16,597
International Business Machines Corp.
3.50% 05/15/29 (c)		100,000		107,476
International Paper Co.
4.40% 08/15/47 (c)		20,000		21,403
Interstate Power & Light Co.
3.40% 08/15/25 (c)		125,000		128,434
Jabil Inc.
3.95% 01/12/28 (c)		20,000		20,532
Jefferies Group LLC
5.13% 01/20/23 (c)		47,000		50,823
Johnson & Johnson
3.63% 03/03/37 (c)		17,000		18,775
Johnson Controls International PLC
4.50% 02/15/47 (c)		6,000		6,491
JPMorgan Chase & Co.
3.30% 04/01/26 (c)		76,000		79,938
3.63% 12/01/27 (c)		14,000		14,789
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter)
3.51% 01/23/29 (c)(d)		52,000		55,194
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)
3.88% 07/24/38 (c)(d)		33,000		36,522
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90% 01/23/49 (c)(d)		32,000		35,957

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

Elfun Diversified Fund 35

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter)
3.96% 01/29/27 (c)(d)		50,000		54,244
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter)
4.01% 04/23/29 (c)(d)		26,000		28,538
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter)
4.03% 07/24/48 (c)(d)		20,000		22,830
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter)
6.10% 10/29/49 (c)(d)		82,000		89,690
JPMorgan Chase & Co. 3.47% + 3 month USD LIBOR
5.41% 12/29/49 (c)(d)		20,000		20,176
Keurig Dr Pepper Inc.
4.50% 11/15/45 (c)		15,000		16,556
4.60% 05/25/28 (c)		11,000		12,390
Kinder Morgan Energy Partners LP
3.50% 03/01/21 (c)		67,000		67,956
4.70% 11/01/42 (c)		5,000		5,285
5.00% 03/01/43 (c)		11,000		12,050
5.30% 09/15/20 (c)		21,000		21,479
6.38% 03/01/41 (c)		13,000		16,145
Kinder Morgan Inc.
5.05% 02/15/46 (c)		13,000		14,610
KLA Corp.
4.65% 11/01/24 (c)		69,000		76,077
Kraft Heinz Foods Co.
2.80% 07/02/20 (c)		4,000		4,008
4.38% 06/01/46 (c)		32,000		31,536
Kreditanstalt fuer Wiederaufbau
2.00% 10/04/22 (c)		46,000		46,413
L3Harris Technologies Inc.
3.85% 12/15/26 (c)(i)		19,000		20,344
Lam Research Corp.
4.00% 03/15/29 (c)		35,000		38,530
Las Vegas Sands Corp.
3.50% 08/18/26 (c)		20,000		20,690
Lear Corp.
4.25% 05/15/29 (c)		31,000		32,074
5.25% 05/15/49 (c)		15,000		15,620

	Principal Amount ($)		Fair Value $
Liberty Property LP
4.38% 02/01/29 (c)		24,000		27,307
Lincoln National Corp.
3.63% 12/12/26 (c)		30,000		31,695
4.35% 03/01/48 (c)		14,000		15,414
Lockheed Martin Corp.
3.55% 01/15/26 (c)		17,000		18,245
3.80% 03/01/45 (c)		6,000		6,640
4.50% 05/15/36 (c)		23,000		27,312
Lowe’s Companies Inc.
3.70% 04/15/46 (c)		5,000		5,102
4.05% 05/03/47 (c)		13,000		14,045
4.55% 04/05/49 (c)		17,000		20,020
LYB International Finance BV
4.88% 03/15/44 (c)		5,000		5,688
LYB International Finance II BV
3.50% 03/02/27 (c)		7,000		7,347
Marathon Oil Corp.
3.85% 06/01/25 (c)		12,000		12,697
Marsh & McLennan Companies Inc.
3.50% 03/10/25 (c)		21,000		22,183
4.90% 03/15/49 (c)		56,000		70,995
Masco Corp.
3.50% 11/15/27 (c)		5,000		5,171
McDonald’s Corp.
3.63% 09/01/49 (c)		14,000		14,310
3.70% 01/30/26 (c)		25,000		26,866
3.80% 04/01/28 (c)		24,000		26,144
4.88% 12/09/45 (c)		13,000		15,738
McKesson Corp.
3.65% 11/30/20 (c)		119,000		120,727
Medtronic Inc.
4.63% 03/15/45 (c)		6,000		7,540
Memorial Sloan-Kettering Cancer Center
4.13% 07/01/52 (c)		24,000		27,311
Merck & Company Inc.
2.75% 02/10/25 (c)		44,000		45,616
3.40% 03/07/29 (c)		25,000		27,084
4.00% 03/07/49 (c)		17,000		19,899
MetLife Inc.
4.05% 03/01/45 (c)		6,000		6,954
4.72% 12/15/44 (c)		20,000		24,343
Microsoft Corp.
2.40% 08/08/26 (c)		23,000		23,297
3.45% 08/08/36 (c)		14,000		15,350
3.50% 02/12/35 (c)		16,000		17,660
3.70% 08/08/46 (c)		56,000		63,195
3.95% 08/08/56 (c)		20,000		23,624
4.10% 02/06/37 (c)		4,000		4,724
4.50% 02/06/57 (c)		5,000		6,481

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

36 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Molson Coors Brewing Co.
2.10% 07/15/21 (c)		42,000		42,029
4.20% 07/15/46 (c)		7,000		6,980
Morgan Stanley
2.75% 05/19/22 (c)		70,000		71,210
3.63% 01/20/27 (c)		5,000		5,327
3.70% 10/23/24 (c)		13,000		13,807
3.95% 04/23/27 (c)		116,000		124,228
4.10% 05/22/23 (c)		239,000		252,221
4.35% 09/08/26 (c)		55,000		60,146
4.38% 01/22/47 (c)		30,000		35,929
Morgan Stanley (2.72% fixed rate until 07/22/24; 1.15% + SOFR thereafter)
2.72% 07/22/25 (c)(d)		89,000		90,256
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter)
3.97% 07/22/38 (c)(d)		20,000		22,278
Morgan Stanley (4.43% fixed rate until 01/23/29; 1.63% + 3 month USD LIBOR thereafter)
4.43% 01/23/30 (c)(d)		61,000		68,975
MPLX LP
3.38% 03/15/23 (c)		15,000		15,405
5.20% 12/01/47 (c)(i)		12,000		12,904
5.25% 01/15/25 (c)(i)		177,000		185,825
6.25% 10/15/22 (c)(i)		44,000		44,664
MPLX LP 1.10% + 3 month USD LIBOR
2.99% 09/09/22 (c)(d)		55,000		55,153
Mylan Inc.
5.20% 04/15/48 (c)		15,000		16,692
Mylan N.V.
3.15% 06/15/21 (c)		16,000		16,205
3.95% 06/15/26 (c)		7,000		7,277
National Oilwell Varco Inc.
3.60% 12/01/29 (c)		41,000		41,178
National Retail Properties Inc.
4.00% 11/15/25 (c)		23,000		24,702
Newfield Exploration Co.
5.63% 07/01/24 (c)		137,000		151,107
Newmont Goldcorp Corp.
4.88% 03/15/42 (c)		20,000		23,387
Nexen Inc.
6.40% 05/15/37 (c)		8,000		10,950
NextEra Energy Capital Holdings Inc.
3.25% 04/01/26 (c)		34,000		35,417

	Principal Amount ($)		Fair Value $
NextEra Energy Capital Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter)
5.65% 05/01/79 (c)(d)		23,000		25,539
Noble Energy Inc.
3.85% 01/15/28 (c)		48,000		50,640
3.90% 11/15/24 (c)		17,000		17,994
4.20% 10/15/49 (c)		27,000		27,419
5.05% 11/15/44 (c)		6,000		6,639
Nordstrom Inc.
4.38% 04/01/30 (c)		15,000		15,290
5.00% 01/15/44 (c)		2,000		1,960
Norfolk Southern Corp.
3.95% 10/01/42 (c)		18,000		19,353
Northrop Grumman Corp.
2.55% 10/15/22 (c)		10,000		10,150
3.85% 04/15/45 (c)		5,000		5,377
4.03% 10/15/47 (c)		4,000		4,465
Novartis Capital Corp.
3.00% 11/20/25 (c)		4,000		4,209
Nucor Corp.
3.95% 05/01/28 (c)		25,000		27,195
Nutrien Ltd.
4.00% 12/15/26 (c)		9,000		9,604
4.90% 06/01/43 (c)		14,000		15,756
Occidental Petroleum Corp.
2.70% 08/15/22 (c)		35,000		35,382
2.90% 08/15/24 (c)		18,000		18,285
3.50% 08/15/29 (c)		30,000		30,595
4.10% 02/15/47 (c)		11,000		10,685
4.85% 03/15/21 (c)		4,000		4,119
6.20% 03/15/40 (c)		10,000		11,946
Omnicom Group Inc./Omnicom Capital Inc.
3.63% 05/01/22 (c)		17,000		17,603
Oncor Electric Delivery Company LLC
3.80% 09/30/47 (c)		8,000		8,801
ONEOK Inc.
4.35% 03/15/29 (c)		26,000		28,234
5.20% 07/15/48 (c)		35,000		39,909
Oracle Corp.
2.40% 09/15/23 (c)		14,000		14,225
2.65% 07/15/26 (c)		26,000		26,613
3.80% 11/15/37 (c)		8,000		8,731
4.00% 07/15/46 - 11/15/47 (c)		43,000		47,909
Oshkosh Corp.
5.38% 03/01/25 (c)		17,000		17,593
Owens Corning
4.40% 01/30/48 (c)		10,000		9,659

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

Elfun Diversified Fund 37

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
PacifiCorp
6.25% 10/15/37 (c)		33,000		46,175
Packaging Corp. of America
3.00% 12/15/29 (c)		40,000		40,332
Parker-Hannifin Corp.
3.25% 06/14/29 (c)		25,000		26,075
Patterson-UTI Energy Inc.
5.15% 11/15/29 (c)		20,000		20,434
PayPal Holdings Inc.
2.65% 10/01/26 (c)		35,000		35,472
2.85% 10/01/29 (c)		15,000		15,120
PepsiCo Inc.
2.63% 07/29/29 (c)		35,000		35,779
3.38% 07/29/49 (c)		10,000		10,488
3.45% 10/06/46 (c)		7,000		7,419
Petroleos Mexicanos
5.35% 02/12/28 (c)		15,000		14,924
5.63% 01/23/46 (c)		19,000		17,125
6.35% 02/12/48 (c)		15,000		14,482
6.49% 01/23/27 (i)		15,000		16,003
6.50% 03/13/27 (c)		40,000		42,372
7.69% 01/23/50 (i)		22,000		24,055
Pfizer Inc.
3.45% 03/15/29 (c)		11,000		11,838
3.60% 09/15/28 (c)		34,000		37,219
3.90% 03/15/39 (c)		17,000		19,165
4.13% 12/15/46 (c)		11,000		12,801
4.40% 05/15/44 (c)		6,000		7,167
Philip Morris International Inc.
3.38% 08/15/29 (c)		64,000		67,114
4.13% 03/04/43 (c)		20,000		21,587
Phillips 66
3.90% 03/15/28 (c)		23,000		25,103
Phillips 66 Partners LP
3.75% 03/01/28 (c)		19,000		19,823
4.68% 02/15/45 (c)		17,000		18,349
Plains All American Pipeline LP/PAA Finance Corp.
3.55% 12/15/29 (c)		69,000		67,999
3.65% 06/01/22 (c)		37,000		37,989
4.70% 06/15/44 (c)		8,000		7,782
PPL Capital Funding Inc.
3.10% 05/15/26 (c)		29,000		29,537
Precision Castparts Corp.
4.38% 06/15/45 (c)		11,000		12,831
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter)
5.70% 09/15/48 (c)(d)		33,000		37,786
Public Service Company of Colorado
3.70% 06/15/28 (c)		31,000		33,799

	Principal Amount ($)		Fair Value $
Public Service Electric & Gas Co.
2.38% 05/15/23 (c)		46,000		46,602
QUALCOMM Inc.
2.90% 05/20/24 (c)		8,000		8,257
3.00% 05/20/22 (c)		7,000		7,175
3.25% 05/20/27 (c)		4,000		4,208
4.30% 05/20/47 (c)		5,000		5,729
Quest Diagnostics Inc.
2.95% 06/30/30 (c)		10,000		10,020
Realty Income Corp.
3.00% 01/15/27 (c)		9,000		9,268
Reynolds American Inc.
4.45% 06/12/25 (c)		5,000		5,384
Rio Tinto Finance USA PLC
4.13% 08/21/42 (c)		11,000		12,611
Rockwell Automation Inc.
4.20% 03/01/49 (c)		18,000		20,960
Rockwell Collins Inc.
3.50% 03/15/27 (c)		22,000		23,395
Rogers Communications Inc.
5.00% 03/15/44 (c)		5,000		6,075
Roper Technologies Inc.
2.95% 09/15/29 (c)		28,000		28,284
RPM International Inc.
3.75% 03/15/27 (c)		16,000		16,539
Ryder System Inc.
2.50% 09/01/24 (c)		55,000		55,378
2.90% 12/01/26 (c)		75,000		75,796
3.65% 03/18/24 (c)		29,000		30,460
Sabine Pass Liquefaction LLC
4.20% 03/15/28 (c)		18,000		19,099
5.00% 03/15/27 (c)		6,000		6,615
Santander Holdings USA Inc.
3.70% 03/28/22 (c)		57,000		58,602
4.40% 07/13/27 (c)		15,000		16,216
Schlumberger Holdings Corp.
3.90% 05/17/28 (c)(i)		36,000		38,307
Selective Insurance Group Inc.
5.38% 03/01/49 (c)		21,000		24,697
Sempra Energy
3.80% 02/01/38 (c)		10,000		10,444
4.00% 02/01/48 (c)		12,000		12,566
Shell International Finance BV
2.38% 08/21/22 (c)		38,000		38,534
3.13% 11/07/49 (c)		55,000		54,242
3.75% 09/12/46 (c)		12,000		13,156
4.13% 05/11/35 (c)		15,000		17,478
Shire Acquisitions Investments Ireland DAC
2.40% 09/23/21 (c)		24,000		24,139
2.88% 09/23/23 (c)		21,000		21,417
3.20% 09/23/26 (c)		6,000		6,184

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

38 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Simon Property Group LP
3.38% 06/15/27 (c)		20,000		21,180
Southern California Edison Co.
2.40% 02/01/22 (c)		28,000		28,152
2.90% 03/01/21 (c)		46,000		46,400
4.00% 04/01/47 (c)		51,000		53,643
4.20% 03/01/29 (c)		38,000		41,862
Southern Company Gas Capital Corp.
4.40% 05/30/47 (c)		4,000		4,418
Southern Copper Corp.
5.88% 04/23/45 (c)		12,000		15,001
Southwestern Electric Power Co.
2.75% 10/01/26 (c)		19,000		18,951
Spectra Energy Partners LP
3.38% 10/15/26 (c)		5,000		5,174
4.50% 03/15/45 (c)		4,000		4,388
Spirit Realty LP
4.00% 07/15/29 (c)		30,000		31,556
Starbucks Corp.
4.00% 11/15/28 (c)		16,000		17,748
Steel Dynamics Inc.
2.80% 12/15/24 (c)		20,000		20,172
3.45% 04/15/30 (c)		20,000		20,277
4.13% 09/15/25 (c)		117,000		120,336
Sumitomo Mitsui Financial Group Inc.
2.78% 07/12/22 (c)		46,000		46,802
Suncor Energy Inc.
4.00% 11/15/47 (c)		5,000		5,459
Sunoco Logistics Partners Operations LP
5.30% 04/01/44 (c)		19,000		20,110
Sysco Corp.
3.25% 07/15/27 (c)		17,000		17,796
Takeda Pharmaceutical Company Ltd.
4.00% 11/26/21 (c)		200,000		206,942
Tampa Electric Co.
4.35% 05/15/44 (c)		32,000		36,532
Target Corp.
2.50% 04/15/26 (c)		18,000		18,415
Teck Resources Ltd.
5.40% 02/01/43 (c)		22,000		23,245
Telefonica Emisiones S.A.
4.10% 03/08/27 (c)		150,000		162,408
Texas Instruments Inc.
3.88% 03/15/39 (c)		19,000		21,586
The Allstate Corp.
4.20% 12/15/46 (c)		10,000		11,670

	Principal Amount ($)		Fair Value $
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75% 08/15/53 (c)(d)		39,000		41,985
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter)
4.63% 12/29/49 (c)(d)		71,000		74,754
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter)
4.65% 12/31/99 (c)(d)		42,000		42,630
The Boeing Co.
2.70% 02/01/27 (c)		50,000		50,612
2.95% 02/01/30 (c)		29,000		29,596
3.25% 03/01/28 (c)		14,000		14,592
3.55% 03/01/38 (c)		10,000		10,407
3.75% 02/01/50 (c)		15,000		15,950
The Cleveland Electric Illuminating Co.
4.55% 11/15/30 (c)(i)		64,000		71,844
The Dow Chemical Co.
4.25% 10/01/34 (c)		20,000		22,079
5.55% 11/30/48 (c)		17,000		21,333
The Estee Lauder Companies Inc.
2.38% 12/01/29 (c)		20,000		19,994
3.13% 12/01/49 (c)		15,000		15,024
The George Washington University
4.13% 09/15/48 (c)		25,000		28,791
The Goldman Sachs Group Inc.
3.50% 11/16/26 (c)		57,000		59,992
3.85% 01/26/27 (c)		35,000		37,259
4.25% 10/21/25 (c)		14,000		15,221
5.15% 05/22/45 (c)		25,000		30,794
The Goldman Sachs Group Inc. (2.88% fixed rate until 10/31/21; 0.82% + 3 month USD LIBOR thereafter)
2.88% 10/31/22 (c)(d)		86,000		87,143
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter)
2.91% 06/05/23 (c)(d)		171,000		173,779

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

Elfun Diversified Fund 39

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter)
3.81% 04/23/29 (c)(d)		26,000		27,870
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)
4.02% 10/31/38 (c)(d)		16,000		17,396
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter)
4.22% 05/01/29 (c)(d)		53,000		58,429
The Hartford Financial Services Group Inc.
2.80% 08/19/29 (c)		60,000		60,784
The Hartford Financial Services Group Inc. 2.13% + 3 month USD LIBOR
4.03% 02/12/47 (c)(d)(i)		30,000		27,985
The Home Depot Inc.
3.50% 09/15/56 (c)		12,000		12,612
3.90% 12/06/28 - 06/15/47 (c)		28,000		31,515
4.50% 12/06/48 (c)		15,000		18,533
The Interpublic Group of Companies Inc.
3.75% 10/01/21 (c)		46,000		47,264
The Kroger Co.
2.95% 11/01/21 (c)		40,000		40,674
4.65% 01/15/48 (c)		9,000		9,840
The Mosaic Co.
5.63% 11/15/43 (c)		4,000		4,733
The Sherwin-Williams Co.
2.75% 06/01/22 (c)		5,000		5,086
3.45% 06/01/27 (c)		6,000		6,346
4.50% 06/01/47 (c)		17,000		19,401
The Southern Co.
3.25% 07/01/26 (c)		9,000		9,344
4.40% 07/01/46 (c)		4,000		4,440
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter)
3.63% 09/15/31 (c)(d)		60,000		62,933
The Walt Disney Co.
3.38% 11/15/26 (c)		4,000		4,284
4.00% 10/01/23 (c)		61,000		65,183
4.75% 11/15/46 (c)		6,000		7,693
6.65% 11/15/37 (c)		35,000		51,992

	Principal Amount ($)		Fair Value $
The Williams Companies Inc.
3.75% 06/15/27 (c)		4,000		4,173
3.90% 01/15/25 (c)		14,000		14,718
4.85% 03/01/48 (c)		17,000		18,641
4.90% 01/15/45 (c)		5,000		5,404
5.40% 03/04/44 (c)		5,000		5,627
Time Warner Cable LLC
4.50% 09/15/42 (c)		5,000		5,119
6.55% 05/01/37 (c)		16,000		19,800
Total Capital International S.A.
3.46% 02/19/29 (c)		54,000		58,516
TransCanada PipeLines Ltd.
4.25% 05/15/28 (c)		47,000		52,221
4.88% 01/15/26 (c)		9,000		10,096
Transcontinental Gas Pipe Line Company LLC
4.00% 03/15/28 (c)		19,000		20,174
Trinity Health Corp.
3.43% 12/01/48 (c)		11,000		10,946
Truist Bank (3.50% fixed rate until 08/02/21; 0.59% + 3 month USD LIBOR thereafter)
3.50% 08/02/22 (c)(d)		28,000		28,601
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter)
4.80% 12/31/99 (c)(d)		73,000		75,149
TWDC Enterprises 18 Corp.
4.13% 06/01/44 (c)		8,000		9,486
Tyco Electronics Group S.A.
3.13% 08/15/27 (c)		19,000		19,577
Tyson Foods Inc.
4.00% 03/01/26 (c)		53,000		57,385
4.55% 06/02/47 (c)		4,000		4,584
U.S. Bancorp
3.15% 04/27/27 (c)		30,000		31,517
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter)
5.13% 12/29/49 (c)(d)		64,000		65,756
UDR Inc.
3.00% 08/15/31 (c)		20,000		19,992
Union Pacific Corp.
3.50% 06/08/23 (c)		37,000		38,760
3.60% 09/15/37 (c)		8,000		8,311
4.10% 09/15/67 (c)		14,000		14,450
4.30% 03/01/49 (c)		16,000		18,500
United Technologies Corp.
3.13% 05/04/27 (c)		66,000		69,160
3.65% 08/16/23 (c)		34,000		35,856

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

40 Elfun Diversified Fund

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	Principal Amount ($)		Fair Value $
3.95% 08/16/25 (c)		14,000		15,277
4.13% 11/16/28 (c)		6,000		6,755
4.15% 05/15/45 (c)		17,000		19,478
4.45% 11/16/38 (c)		16,000		18,911
4.50% 06/01/42 (c)		12,000		14,403
UnitedHealth Group Inc.
4.45% 12/15/48 (c)		31,000		37,043
4.75% 07/15/45 (c)		28,000		34,440
Vale S.A.
5.63% 09/11/42 (c)		8,000		9,391
Valero Energy Corp.
4.00% 04/01/29 (c)		61,000		65,781
Valero Energy Partners LP
4.38% 12/15/26 (c)		35,000		38,196
Ventas Realty LP
3.25% 10/15/26 (c)		29,000		29,792
Verizon Communications Inc.
3.88% 02/08/29 (c)		35,000		38,610
4.33% 09/21/28 (c)		24,000		27,249
4.40% 11/01/34 (c)		43,000		50,014
4.52% 09/15/48 (c)		17,000		20,359
4.67% 03/15/55 (c)		16,000		19,751
4.86% 08/21/46 (c)		91,000		112,998
5.25% 03/16/37 (c)		16,000		20,081
ViacomCBS Inc.
2.90% 01/15/27 (c)		11,000		11,011
3.45% 10/04/26 (c)		11,000		11,235
3.70% 06/01/28 (c)		14,000		14,674
5.25% 04/01/44 (c)		5,000		5,815
Virginia Electric & Power Co.
4.00% 11/15/46 (c)		31,000		34,296
Visa Inc.
3.15% 12/14/25 (c)		18,000		19,042
4.30% 12/14/45 (c)		14,000		17,252
Vistra Operations Company LLC
3.55% 07/15/24 (c)(i)		68,000		69,166
Vodafone Group PLC
4.38% 05/30/28 (c)		25,000		27,710
5.25% 05/30/48 (c)		12,000		14,435
Vornado Realty LP
3.50% 01/15/25 (c)		14,000		14,609
Vulcan Materials Co.
3.90% 04/01/27 (c)		6,000		6,343
Walmart Inc.
3.63% 12/15/47 (c)		14,000		15,512
3.70% 06/26/28 (c)		29,000		31,965
3.95% 06/28/38 (c)		14,000		16,271
4.05% 06/29/48 (c)		16,000		19,006
WEC Energy Group Inc.
3.55% 06/15/25 (c)		45,000		47,772

	Principal Amount ($)		Fair Value $
Wells Fargo & Co.
3.90% 05/01/45 (c)		5,000		5,675
4.15% 01/24/29 (c)		57,000		63,676
4.75% 12/07/46 (c)		77,000		92,706
Wells Fargo & Co. (2.88% fixed rate until 10/30/29; 1.17% + 3 month USD LIBOR thereafter)
2.88% 10/30/30 (c)(d)		14,000		14,107
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter)
3.20% 06/17/27 (c)(d)		75,000		77,792
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)
5.88% 12/29/49 (c)(d)		41,000		45,922
Wells Fargo & Co. 3.77% + 3 month USD LIBOR
5.66% 03/29/49 (c)(d)		24,000		24,328
Western Midstream Operating LP
4.00% 07/01/22 (c)		49,000		50,354
5.38% 06/01/21 (c)		46,000		47,345
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter)
4.11% 07/24/34 (c)(d)		31,000		32,575
Willis North America Inc.
3.60% 05/15/24 (c)		22,000		23,019
WPP Finance 2010
3.75% 09/19/24 (c)		24,000		25,299
WRKCo Inc.
3.00% 09/15/24 (c)		17,000		17,353
Xilinx Inc.
2.95% 06/01/24 (c)		14,000		14,399
Zoetis Inc.
3.00% 09/12/27 (c)		7,000		7,187
3.90% 08/20/28 (c)		17,000		18,439
				21,154,431
Non-Agency Collateralized Mortgage Obligations -1.2%
Banc of America Commercial Mortgage Trust 2016-UBS10
4.91% 07/15/49 (c)(d)		82,000		87,829
BANK 2018-BNK11
4.36% 03/15/61 (c)(d)		35,000		38,236
BANK 2019-BNK17
4.52% 04/15/52 (c)(d)		34,000		36,421

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

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	Principal Amount ($)		Fair Value $
BX Commercial Mortgage Trust2018-IND 0.75% + 1 month USD LIBOR
2.49% 11/15/35 (c)(d)(i)		91,295		91,216
Cantor Commercial Real Estate Lending2019-CF3
3.01% 01/15/53 (c)		277,000		284,213
CD2019-CD8 Mortgage Trust
2.91% 08/15/57 (c)		246,000		250,938
Citigroup Commercial Mortgage Trust 2015-GC33
3.78% 09/10/58 (c)		100,000		106,881
Citigroup Commercial Mortgage Trust2016-P5
2.94% 10/10/49 (c)		90,682		92,942
Citigroup Commercial Mortgage Trust2016-P6
3.72% 12/10/49 (c)(d)		119,583		128,512
4.03% 12/10/49 (c)(d)		78,331		84,024
Citigroup Commercial Mortgage Trust2018-C5
4.51% 06/10/51 (c)(d)		64,000		69,960
COMM 2014-CR14 Mortgage Trust
4.53% 02/10/47 (c)(d)		55,000		58,947
GS Mortgage SecuritiesTrust 2016-GS3
2.85% 10/10/49 (c)		72,000		73,694
GS Mortgage SecuritiesTrust 2017-GS5
3.67% 03/10/50 (c)		240,062		257,183
GS Mortgage SecuritiesTrust 2017-GS8
3.47% 11/10/50 (c)		184,426		194,835
GS Mortgage SecuritiesTrust 2018-GS9
4.14% 03/10/51 (c)(d)		73,000		78,735
JPMBB Commercial Mortgage Securities Trust2013-C12
4.04% 07/15/45 (c)(d)		25,000		26,268
JPMBB Commercial Mortgage Securities Trust2015-C32
4.67% 11/15/48 (c)(d)		71,000		74,621
MASTR Alternative LoanTrust 2003-5
5.00% 08/25/18 (c)(f)		232		8
Morgan Stanley Bank of America Merrill LynchTrust 2015-C21
0.90% 03/15/48 (c)(d)(f)		822,326		29,660
Morgan Stanley Capital I Trust 2006-IQ11
6.07% 10/15/42 (c)(d)		32,270		32,903

	Principal Amount ($)		Fair Value $
UBS Commercial Mortgage Trust2018-C12
4.79% 08/15/51 (c)(d)		54,000		59,680
Wells Fargo Commercial Mortgage Trust2015-C26
1.21% 02/15/48 (c)(d)(f)		837,291		42,271
Wells Fargo Commercial Mortgage Trust2019-C50
4.35% 05/15/52 (c)		45,000		47,140
WFRBS Commercial Mortgage Trust2013-C17
4.26% 12/15/46 (c)		55,000		58,308
WFRBS Commercial Mortgage Trust 2014-LC14
4.35% 03/15/47 (c)(d)		123,000		131,574
				2,436,999
Sovereign Bonds - 0.2%
Government of Colombia
2.63% 03/15/23 (c)		200,000		201,240
Government of Mexico
4.00% 10/02/23 (c)		24,000		25,292
4.75% 03/08/44 (c)		56,000		61,932
Government of Peru
5.63% 11/18/50 (c)		26,000		38,019
Government of Uruguay
5.10% 06/18/50		29,803		35,842
				362,325
Municipal Bonds and Notes - 0.1%
American Municipal Power Inc.
6.27% 02/15/50 (c)		25,000		33,397
Commonwealth of Massachusetts
2.90% 09/01/49		20,000		18,877
New Jersey Transportation Trust Fund Authority
6.88% 12/15/39 (c)		15,000		15,040
Port Authority of New York & New Jersey
4.46% 10/01/62 (c)		30,000		36,768
State of California
4.60% 04/01/38		50,000		55,400
State of Illinois
5.10% 06/01/33		25,000		26,951
The University of Texas System
3.35% 08/15/47 (c)		25,000		26,039
				212,472
Total Bonds and Notes (Cost $64,450,999)				66,741,741

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

42 Elfun Diversified Fund

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	Number of Shares		Fair Value $
Exchange Traded & Mutual Funds - 26.6%
State Street Global Equityex-U.S. Index Portfolio(Cost $47,921,772) (k)		4,975,074		53,034,284
Total Investments in Securities (Cost $163,136,044)				190,272,380
Short-Term Investments - 11.8%
Dreyfus Treasury Cash Management - Institutional Shares 1.51% (c)(h)		2,789,006		2,789,006
State Street Institutional Treasury Money Market Fund - Premier Class 1.52% (c)(h)(k)		8,797,356		8,797,356
State Street Institutional Treasury Plus Fund - Premier Class 1.54% (c)(h)(k)		2,789,007		2,789,007

	Number of Shares		Fair Value $
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.57% (c)(h)(k)		9,178,722		9,178,722
Total Short-Term Investments (Cost $23,554,091)				23,554,091
Total Investments (Cost $186,690,135)				213,826,471
Liabilities in Excess of Other Assets, net - (7.4)%				(14,815,923	)
NET ASSETS - 100.0%				199,010,548

Other Information:

Centrally Cleared Credit Default Swaps

Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract Annual Fixed Rate/ Payment Frequency		Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Unrealized Appreciation (Depreciation)
Buy Protection
Markit CDX North America Investment Grade Index	Intercontinental Exchange	$	273		1.00%/ Quarterly		06/20/24	$	(7,120	)	$	(4,756	)	$	(2,364	)
Sell Protection
Markit CDX North America High Yield Index	Intercontinental Exchange	$	2,386		5.00%/ Quarterly		06/20/24	$	235,726		$	135,724		$	100,002
														$	97,638

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

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Centrally Cleared Interest Rate Swaps

Counterparty	Notional Amount (000s omitted)		Fund Pays/ Receives Fixed Rate/ Payment Frequency	Floating Rate	Contract Annual Fixed Rate		Termination Date		Market Value			Unamortized Upfront Payments Received		Unrealized Depreciation
CME Group, Inc.	$	2,750	Pays/Quarterly	3 Month U.S. Dollar LIBOR		3.05%		11/19/21	$	(69,141	)	$	—	$	(69,141	)
CME Group, Inc.		2,751	Pays/Quarterly	3 Month U.S. Dollar LIBOR		3.06%		11/19/21		(69,387	)		—		(69,387	)
														$	(138,528	)

The Fund had the following long futures contracts open at December 31, 2019:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P 500 Emini Index Futures		March 2020		3	$	477,019	$	484,665	$	7,646
Ultra Long-Term U.S. Treasury Bond Futures		March 2020		5		943,908		908,281		(35,627	)
2 Yr. U.S. Treasury Notes Futures		March 2020		48		10,341,399		10,344,000		2,601
5 Yr. U.S. Treasury Notes Futures		March 2020		1		118,353		118,609		256
10 Yr. U.S. Treasury Notes Futures		March 2020		1		128,455		128,422		(33	)
									$	(25,157	)

The Fund had the following short futures contracts open at December 31, 2019:

Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Appreciation
U.S. Long Bond Futures		March 2020		1	$	(159,078	)	$	(155,906	)	$	3,172
10 Yr. U.S. Treasury Ultra Futures		March 2020		10		(1,421,388	)		(1,407,031	)		14,357
											$	17,529

During the fiscal year ended December 31, 2019 average notional values related to derivative contracts were as follows:

	Purchased Put Options		Written Put Options		Long Futures Contracts		Short Futures Contracts		Credit Default Swap Contracts		Interest Rate Swap Contracts
Average Notional Value	$	986	$	99	$	15,063,387	$	1,975,530	$	2,274,408	$	5,500,423

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a) Non-income producing security.

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

(c) At December 31, 2019, all or a portion of this security was pledged to cover collateral requirements for futures, options, swaps and/or TBAs.

(d) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

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

(f) 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.

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

44 Elfun Diversified Fund

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

(h) Coupon amount represents effective yield.

(i) Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2019, these securities amounted to $2,825,937 or 1.42% of the net assets of the Elfun Diversified Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Trustees .

(j) Step coupon bond.

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

† Percentages are based on net assets as of December 31, 2019.

* Less than 0.05%.

** Amount is less than $0.50.

Abbreviations:

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2019:

Fund	Investments	Level 1			Level 2			Level 3		Total
Elfun Diversified Fund	Investments in Securities
	Domestic Equity	$	68,800,800		$	—		$	—	$	68,800,800
	Foreign Equity		1,695,555			—			—		1,695,555
	U.S. Treasuries		—			14,234,195			—		14,234,195
	Agency Mortgage Backed		—			25,891,810			—		25,891,810
	Agency Collateralized Mortgage Obligations		—			654,800			—		654,800
	Asset Backed		—			1,794,709			—		1,794,709
	Corporate Notes		—			21,154,431			—		21,154,431
	Non-Agency Collateralized Mortgage Obligations		—			2,436,999			—		2,436,999
	Sovereign Bonds		—			362,325			—		362,325
	Municipal Bonds and Notes		—			212,472			—		212,472
	Exchange Traded & Mutual Funds		53,034,284			—			—		53,034,284
	Short-Term Investments		23,554,091			—			—		23,554,091
	Total Investments in Securities	$	147,084,730		$	66,741,741		$	—	$	213,826,471
	Other Financial Instruments
	Credit Default Swap Contracts - Unrealized Appreciation	$	—		$	100,002		$	—	$	100,002
	Credit Default Swap Contracts - Unrealized Depreciation		—			(2,364	)		—		(2,364	)
	Interest Rate Swap Contracts - Unrealized Depreciation		—			(138,528	)		—		(138,528	)
	Long Futures Contracts - Unrealized Appreciation		10,503			—			—		10,503
	Long Futures Contracts - Unrealized Depreciation		(35,660	)		—			—		(35,660	)
	Short Futures Contracts - Unrealized Appreciation		17,529			—			—		17,529
	Total Other Financial Instruments	$	(7,628	)	$	(40,890	)	$	—	$	(48,518	)

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

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The Fund was invested in the following countries/territories at December 31, 2019 (unaudited):

Country/Territory	Percentage (based on Fair Value)
United States		97.87%
United Kingdom		0.43%
Ireland		0.42%
Canada		0.24%
Netherlands		0.14%
Switzerland		0.15%
Japan		0.12%
Luxembourg		0.10%
Mexico		0.10%
Colombia		0.09%
Spain		0.08%
Australia		0.05%
Bermuda		0.04%

Country/Territory	Percentage (based on Fair Value)
Germany		0.04%
Jersey		0.03%
France		0.03%
Peru		0.02%
Uruguay		0.02%
India		0.01%
Norway		0.01%
China		0.01%
Brazil		0.00%
		100.00%

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at December 31, 2019 (unaudited):

Industry	Domestic		Foreign		Total
Exchange Traded Funds		24.80%		0.00%		24.80%
Systems Software		1.72%		0.00%		1.72%
Technology Hardware, Storage & Peripherals		1.63%		0.01%		1.64%
Interactive Media & Services		1.62%		0.00%		1.62%
Pharmaceuticals		1.52%		0.00%		1.52%
Diversified Banks		1.48%		0.00%		1.48%
Data Processing & Outsourced Services		1.34%		0.00%		1.34%
Semiconductors		1.23%		0.00%		1.23%
Healthcare Equipment		0.93%		0.18%		1.11%
Internet & Direct Marketing Retail		1.10%		0.00%		1.10%
Aerospace & Defense		0.80%		0.00%		0.80%
Integrated Oil & Gas		0.69%		0.00%		0.69%
Electric Utilities		0.67%		0.00%		0.67%
Integrated Telecommunication Services		0.66%		0.00%		0.66%
Biotechnology		0.66%		0.00%		0.66%
Application Software		0.60%		0.00%		0.60%
Household Products		0.56%		0.00%		0.56%
Managed Healthcare		0.55%		0.00%		0.55%
Multi-Sector Holdings		0.54%		0.00%		0.54%
Soft Drinks		0.53%		0.00%		0.53%
Movies & Entertainment		0.51%		0.00%		0.51%
Industrial Conglomerates		0.45%		0.00%		0.45%
Specialized REITs		0.42%		0.00%		0.42%
Home Improvement Retail		0.41%		0.00%		0.41%
IT Consulting & Other Services		0.23%		0.17%		0.40%
Regional Banks		0.39%		0.00%		0.39%
Restaurants		0.39%		0.00%		0.39%
Hypermarkets & Super Centers		0.37%		0.00%		0.37%
Financial Exchanges & Data		0.36%		0.00%		0.36%
Cable & Satellite		0.36%		0.00%		0.36%
Multi-Utilities		0.35%		0.00%		0.35%
Packaged Foods & Meats		0.34%		0.00%		0.34%
Life Sciences Tools & Services		0.34%		0.00%		0.34%
Communications Equipment		0.32%		0.00%		0.32%

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

46 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

Industry	Domestic		Foreign		Total
Oil & Gas Exploration & Production		0.31%		0.00%		0.31%
Railroads		0.30%		0.00%		0.30%
Property & Casualty Insurance		0.28%		0.00%		0.28%
Industrial Machinery		0.27%		0.01%		0.28%
Tobacco		0.28%		0.00%		0.28%
Asset Management & Custody Banks		0.27%		0.00%		0.27%
Specialty Chemicals		0.26%		0.00%		0.26%
Investment Banking & Brokerage		0.26%		0.00%		0.26%
Healthcare Services		0.26%		0.00%		0.26%
Consumer Finance		0.22%		0.00%		0.22%
Industrial Gases		0.06%		0.15%		0.21%
Life & Health Insurance		0.19%		0.00%		0.19%
Construction Machinery & Heavy Trucks		0.19%		0.00%		0.19%
Insurance Brokers		0.09%		0.09%		0.18%
Air Freight & Logistics		0.17%		0.00%		0.17%
Oil & Gas Refining & Marketing		0.17%		0.00%		0.17%
Electrical Components & Equipment		0.16%		0.00%		0.16%
Hotels, Resorts & Cruise Lines		0.16%		0.00%		0.16%
Semiconductor Equipment		0.16%		0.00%		0.16%
General Merchandise Stores		0.16%		0.00%		0.16%
Footwear		0.16%		0.00%		0.16%
Apparel Retail		0.15%		0.00%		0.15%
Oil & Gas Equipment & Services		0.13%		0.01%		0.14%
Residential REITs		0.14%		0.00%		0.14%
Oil & Gas Storage & Transportation		0.13%		0.00%		0.13%
Airlines		0.12%		0.00%		0.12%
Retail REITs		0.12%		0.00%		0.12%
Interactive Home Entertainment		0.11%		0.00%		0.11%
Automotive Retail		0.11%		0.00%		0.11%
Automobile Manufacturers		0.10%		0.00%		0.10%
Research & Consulting Services		0.06%		0.04%		0.10%
Paper Packaging		0.06%		0.03%		0.09%
Building Products		0.08%		0.01%		0.09%
Multi-Line Insurance		0.09%		0.00%		0.09%
Apparel, Accessories & Luxury Goods		0.08%		0.01%		0.09%
Health Care REITs		0.09%		0.00%		0.09%
Environmental & Facilities Services		0.08%		0.00%		0.08%
Industrial REITs		0.08%		0.00%		0.08%
Commodity Chemicals		0.08%		0.00%		0.08%
Healthcare Distributors		0.07%		0.00%		0.07%
Broadcasting		0.07%		0.00%		0.07%
Office REITs		0.07%		0.00%		0.07%
Home Building		0.07%		0.00%		0.07%
Agricultural & Farm Machinery		0.07%		0.00%		0.07%
Casinos & Gaming		0.07%		0.00%		0.07%
Electronic Components		0.07%		0.00%		0.07%
Fertilizers & Agricultural Chemicals		0.07%		0.00%		0.07%
Healthcare Facilities		0.06%		0.00%		0.06%
Trading Companies & Distributors		0.06%		0.00%		0.06%
Personal Products		0.06%		0.00%		0.06%
Healthcare Supplies		0.06%		0.00%		0.06%
Drug Retail		0.06%		0.00%		0.06%
Distillers & Vintners		0.05%		0.00%		0.05%
Food Distributors		0.05%		0.00%		0.05%

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

Elfun Diversified Fund 47

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

Industry	Domestic		Foreign		Total
Diversified Support Services		0.05%		0.00%		0.05%
Specialty Stores		0.05%		0.00%		0.05%
Electronic Manufacturing Services		0.01%		0.04%		0.05%
Construction Materials		0.05%		0.00%		0.05%
Electronic Equipment & Instruments		0.05%		0.00%		0.05%
Gold		0.04%		0.00%		0.04%
Auto Parts & Equipment		0.01%		0.03%		0.04%
Internet Services & Infrastructure		0.04%		0.00%		0.04%
Distributors		0.03%		0.00%		0.03%
Agricultural Products		0.03%		0.00%		0.03%
Advertising		0.03%		0.00%		0.03%
Food Retail		0.03%		0.00%		0.03%
Wireless Telecommunication Services		0.03%		0.00%		0.03%
Healthcare Technology		0.03%		0.00%		0.03%
Water Utilities		0.03%		0.00%		0.03%
Independent Power Producers & Energy Traders		0.03%		0.00%		0.03%
Metal & Glass Containers		0.03%		0.00%		0.03%
Real Estate Services		0.03%		0.00%		0.03%
Trucking		0.03%		0.00%		0.03%
Computer & Electronics Retail		0.03%		0.00%		0.03%
Technology Distributors		0.02%		0.00%		0.02%
Department Stores		0.02%		0.00%		0.02%
Copper		0.02%		0.00%		0.02%
Steel		0.02%		0.00%		0.02%
Construction & Engineering		0.02%		0.00%		0.02%
Home Furnishings		0.02%		0.00%		0.02%
Consumer Electronics		0.02%		0.00%		0.02%
Hotel & Resort REITs		0.02%		0.00%		0.02%
Alternative Carriers		0.02%		0.00%		0.02%
Gas Utilities		0.02%		0.00%		0.02%
Leisure Products		0.01%		0.00%		0.01%
Reinsurance		0.00%		0.01%		0.01%
Diversified Chemicals		0.01%		0.00%		0.01%
Brewers		0.01%		0.00%		0.01%
Household Appliances		0.01%		0.00%		0.01%
Publishing		0.01%		0.00%		0.01%
Housewares & Specialties		0.01%		0.00%		0.01%
Motorcycle Manufacturers		0.01%		0.00%		0.01%
Human Resource & Employment Services		0.01%		0.00%		0.01%
Oil & Gas Drilling		0.01%		0.00%		0.01%
Specialized Consumer Services		0.01%		0.00%		0.01%
						57.77%

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

48 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2019

Sector	Percentage (based on Fair Value)
Agency Mortgage Backed		12.11%
Corporate Notes		9.89%
U.S. Treasuries		6.66%
Non-Agency Collateralized Mortgage Obligations		1.14%
Asset Backed		0.84%
Agency Collateralized Mortgage Obligations		0.30%
Sovereign Bonds		0.17%
Municipal Bonds and Notes		0.10%
		31.21%

Sector	Percentage (based on Fair Value)
Short-Term Investments
Short-Term Investments		11.02%
		11.02%
		100.00%

Affiliate Table

	Number of Shares Held at 12/31/18		Value at 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/19		Value at 12/31/19		Dividend Income
State Street Corp.		1,195	$	75,369	$	—	$	12,938	$	(3,478	)	$	18,882		984	$	77,835	$	2,063
State Street Global Equityex-U.S. Index Portfolio		5,315,594		47,946,658		1,924,695		5,300,000		231,801			8,231,130		4,975,074		53,034,284		1,524,695
State Street Institutional Treasury Money Market Fund - Premier Class		5,935,188		5,935,188		20,322,557		17,460,389		—			—		8,797,356		8,797,356		178,199
State Street Institutional Treasury Plus Fund - Premier Class		2,640,921		2,640,921		4,124,391		3,976,305		—			—		2,789,007		2,789,007		70,836
State Street Institutional U.S. Government Money Market Fund - Class G Shares		5,945,053		5,945,053		29,007,935		25,774,266		—			—		9,178,722		9,178,722		190,388
TOTAL			$	62,543,189	$	55,379,578	$	52,523,898	$	228,323		$	8,250,012			$	73,877,204	$	1,966,181

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

Elfun Diversified Fund 49

Elfun Tax-Exempt Income Fund

Management’s Discussion of Fund Performance — December 31, 2019 (Unaudited)

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

For the12-month period ended December 31, 2019 (the “Reporting Period”), the total return for the Fund was 7.13% and the Index was 7.54%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Thetax-exempt market outperformed Treasuries in 2019 as a result of a strong rally in rates coupled with record inflows and slow issuance in the beginning of the year. Thetax-exempt market started the year cheap to treasuries but as we moved into the spring,tax-exempt municipals outperformed Treasuries. Ratios reached multi-year lows by the middle of the summer making thetax-exempt market rich.

During the past year, performance of the Fund was influenced by both its defensive credit profile and the Fund’s curve positioning which resulted in shorter duration than the Index for the first half of the year. The Fund was positioned for a narrowing between short and long-term yields using a barbell approach with significant overweight in thefront-end of the curve and an overweight in thelong-end to help maintain maximumtax-exempt income. Although these factors were constructive for the beginning of the year, the strong performance in the 10 year portion of the yield curve combined with significant curve flattening, with short duration yields rising, diminished the Fund’s performance relative to the Index.

We extended the Fund’s duration during the latter half of the year and repositioned portfolio holdings to realign curve positioning by reducing the short duration overweight.

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

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

50 Elfun Tax-Exempt Income Fund

ElfunTax-Exempt Income Fund

Understanding Your Fund’s Expenses (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entiresix-month period ended December 31, 2019.

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)
Actual Fund Return	$	1,000.00	$	1,000.00
Beginning Account Value July 1, 2019	$	1,021.40	$	1,024.20
Ending Account Value December 31, 2019	$	1.02	$	1.02

* Expenses are equal to the Fund’s annualized expense ratio of 0.20% (for the period July 1, 2019-December 31, 2019), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

Elfun Tax-Exempt Income Fund 51

ElfunTax-Exempt Income Fund

Performance Summary — December 31, 2019 (Unaudited)

Quality Ratings

as of December 31, 2019 as a % of Fair Value ^(a)(b)

Moody’s / S&P / Rating*	Percentage of Fair Value
Aaa / AAA		18.02	%
Aa / AA		48.01	%
A / A		24.06	%
Baa / BBB		6.58	%
NR / Other		3.33	%
		100.00	%

Sector Allocation

Portfolio Composition as a % of Fair Value of $1,370,530 (in thousands) as of December 31, 2019^(a)(b)

Average Annual Total Return for the Periods Ended December 31, 2019

(Inception date: 01/01/80)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
ElfunTax-Exempt Income Fund		7.13	%		3.24	%		4.11	%	$	14,958
Bloomberg Barclays U.S. Municipal Bond Index		7.54	%		3.53	%		4.34	%	$	15,295

(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.

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

52 Elfun Tax-Exempt Income Fund

ElfunTax-Exempt Income Fund

Performance Summary, continued — December 31, 2019 (Unaudited)

Elfun Tax-Exempt Income Fund 53

ElfunTax-Exempt Income Fund

Schedule of Investments — December 31, 2019

	Principal Amount ($)		Fair Value $
Municipal Bonds and Notes - 98.2%†
Alaska - 0.2%
Alaska Housing Finance Corp.
5.00% 12/01/27 (a)		2,115,000		2,310,722
5.00% 12/01/27		385,000		417,536
				2,728,258
Arizona - 2.1%
Maricopa County Industrial Development Authority 4.00% 01/01/41		3,000,000		3,316,410
Phoenix Civic Improvement Corp. 5.00% 07/01/33		3,100,000		3,850,200
Phoenix Civic Improvement Corp. (NPFG Insured) 5.50% 07/01/23 - 07/01/24 (b)		7,260,000		8,495,668
Salt River Project Agricultural Improvement & Power District 5.00% 12/01/21		7,500,000		7,769,250
University of Arizona 5.00% 06/01/46		5,000,000		5,859,950
				29,291,478
Arkansas - 0.3%
University of Arkansas 5.00% 11/01/46 - 11/01/47		3,580,000		4,252,741
				4,252,741
California - 11.1%
California Educational Facilities Authority 6.13% 10/01/36 (a)		1,500,000		1,634,654
California Health Facilities Financing Authority
5.00% 11/15/39 - 11/15/49		6,315,000		7,430,236
5.50% 08/15/26 (a)		5,000,000		5,141,700
California State Department of Water Resources
5.00% 05/01/21 - 12/01/29		14,700,000		16,597,955
5.00% 12/01/21 (c)		5,000		5,384
5.00% 12/01/29 (a)		30,000		35,753
California State Public Works Board
5.00% 10/01/28		1,500,000		1,599,390
5.13% 10/01/31		2,000,000		2,136,820
5.25% 09/01/29		10,160,000		11,597,843
California State University 4.00% 11/01/45		5,900,000		6,446,340
City of Los Angeles Wastewater System Revenue 5.00% 06/01/43		10,000,000		12,269,800

	Principal Amount ($)		Fair Value $
Fresno Unified School District 4.00% 08/01/47		5,000,000		5,346,200
Los Angeles Department of Water & Power Power System Revenue 5.00% 07/01/48		5,500,000		6,719,350
Mount San Antonio Community College District 4.00% 08/01/49		3,000,000		3,420,390
San Diego Community College District 5.00% 08/01/41 (a)		10,000,000		10,650,600
San Francisco City & County AirportCommission-San Francisco International Airport 5.00% 05/01/49		10,000,000		12,317,300
State of California
4.00% 04/01/49		700,000		794,654
5.00% 02/01/31 - 08/01/46		21,720,000		24,627,607
5.25% 04/01/35 - 11/01/40		12,750,000		13,344,283
University of California 5.00% 05/15/38 - 05/15/48		9,000,000		10,549,660
				152,665,919
Colorado - 2.4%
Colorado Health Facilities Authority
4.00% 08/01/49		5,100,000		5,422,524
5.00% 06/01/47 (a)		1,750,000		2,200,415
Metro Wastewater Reclamation District 5.00% 04/01/27 (a)		1,730,000		1,881,167
Regional Transportation District
4.25% 11/01/36		3,405,000		4,383,325
5.00% 11/01/27 - 11/01/29		13,760,000		16,823,609
5.38% 06/01/31		2,500,000		2,540,650
				33,251,690
Connecticut - 4.7%
Connecticut State Health & Educational Facility Authority
5.00% 07/01/40 (a)		6,775,000		6,905,961
5.00% 07/01/46		6,500,000		7,498,530
South Central Connecticut Regional Water Authority 5.00% 08/01/27 - 08/01/28		2,195,000		2,476,078
State of Connecticut
4.00% 08/01/33		1,000,000		1,096,250
5.00% 01/01/22 - 05/01/37		15,600,000		17,486,352
5.00% 01/15/27 (d)		1,000,000		1,223,760

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

54 Elfun Tax-Exempt Income Fund

ElfunTax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
State of Connecticut Special Tax Revenue 5.00%10/01/27 - 10/01/36		23,325,000		26,589,606
Town of Fairfield 5.00% 08/01/21		1,000,000		1,063,100
				64,339,637
Delaware - 1.1%
Delaware State Health Facilities Authority 5.00% 10/01/40		6,300,000		6,461,532
Delaware Transportation Authority 5.00% 06/01/45		6,680,000		7,609,455
State of Delaware
5.00% 07/01/28 (a)		825,000		840,947
5.00% 07/01/28		175,000		178,348
				15,090,282
District of Columbia - 2.8%
District of Columbia
4.00% 10/15/39 - 10/15/44		9,485,000		10,739,231
5.00%06/01/38 - 04/01/42		7,430,000		8,669,701
5.00% 04/01/42 (a)		1,820,000		2,267,010
District of Columbia Water & Sewer Authority Rev., Series 2019 B, 5.00% 10/01/27		1,000,000		1,261,350
Metropolitan Washington Airports Authority Dulles Toll Road Revenue 5.00% 10/01/44		5,000,000		6,037,400
Washington Metropolitan Area Transit Authority 5.00% 07/01/34 - 07/01/43		8,375,000		10,117,063
				39,091,755
Florida - 1.6%
City of Tampa Water & Wastewater System Revenue 5.00% 10/01/27		8,560,000		9,117,941
County of Broward FL Airport System Revenue Rev., Series 2019 A, 5.00% 10/01/28		800,000		1,002,368
County of Miami-Dade FL Water & Sewer System Revenue 5.00% 10/01/43		5,000,000		6,091,250
Martin County Health Facilities Authority 4.00% 01/01/46 (d)		5,000,000		5,534,300
				21,745,859

	Principal Amount ($)		Fair Value $
Georgia - 6.2%
Atlanta Development Authority 5.25% 07/01/40		8,925,000		10,469,382
City of Atlanta Department of Aviation 5.00% 01/01/25 - 01/01/34		18,500,000		19,999,755
City of Atlanta Water & Wastewater Revenue
5.00% 11/01/41		5,000,000		6,076,100
5.25% 11/01/30		5,690,000		6,509,303
City of Atlanta Water & Wastewater Revenue (AGMC Insured) 5.75% 11/01/27 - 11/01/30 (b)		9,500,000		12,922,215
Gwinnett County Development Authority 5.00% 07/01/37 - 07/01/40		9,325,000		11,178,219
Municipal Electric Authority of Georgia 5.00% 01/01/35		5,500,000		6,192,450
State of Georgia 4.00% 07/01/36		10,000,000		11,491,800
				84,839,224
Hawaii - 1.8%
City & County Honolulu HI Wastewater System Revenue, Rev., Series 2019 A, 4.00% 07/01/25 - 07/01/26		2,615,000		3,011,591
State of Hawaii 5.00% 01/01/36		4,850,000		6,084,713
State of Hawaii Airports System Revenue 5.25% 07/01/24		15,800,000		16,124,058
				25,220,362
Illinois - 5.2%
City of Chicago O’Hare International Airport Revenue
5.00% 01/01/46 - 01/01/48		7,000,000		8,348,980
5.25% 01/01/42		8,000,000		9,545,280
5.63% 01/01/35 (a)		4,035,000		4,215,082
5.63% 01/01/35		965,000		1,005,414
5.75% 01/01/39 (a)		9,655,000		10,097,778
5.75% 01/01/39		1,845,000		1,923,616
Metropolitan Pier & Exposition Authority (NPFG Insured)
5.65% 06/15/22 (b)(c)		785,000		869,610
5.65% 06/15/22 (b)		3,520,000		3,833,456

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

Elfun Tax-Exempt Income Fund 55

ElfunTax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Southwestern Illinois Development Authority (NPFG Insured)
5.00% 10/01/21 (b)(c)		195,000		207,927
5.00% 10/01/21 (b)		3,805,000		4,042,204
State of Illinois
4.00% 09/01/27		170,000		170,180
5.00% 11/01/23 - 03/01/31		24,690,000		27,285,207
				71,544,734
Indiana - 0.5%
Indianapolis Local Public Improvement Bond Bank 4.00% 02/01/44		6,500,000		7,255,820
Kentucky - 2.1%
Kentucky State Property & Building Commission 5.00% 02/01/33 - 04/01/37		11,705,000		13,676,018
Louisville & Jefferson County Metropolitan Sewer District 5.00% 05/15/30		14,340,000		15,320,283
				28,996,301
Louisiana - 0.0%*
Louisiana Public Facilities Authority 5.00% 05/15/47 (a)		10,000		12,138
Maine - 0.2%
Maine Health & Higher Educational Facilities Authority
5.25% 07/01/21 (a)		315,000		321,237
5.25% 07/01/21		1,475,000		1,504,294
Maine Turnpike Authority 5.00% 07/01/42		1,000,000		1,087,900
				2,913,431
Maryland - 3.0%
City of Baltimore 5.00% 07/01/38 - 07/01/46		23,375,000		26,935,114
County of Prince George’s
5.00% 09/15/24		3,450,000		3,674,664
5.00% 09/15/25 (a)		5,340,000		5,694,416
Maryland Economic Development Corp. 5.75% 06/01/35 (a)		3,000,000		3,057,390
Maryland Health & Higher Educational Facilities Authority 5.00% 07/01/34 - 08/15/41		1,355,000		1,418,482
				40,780,066

	Principal Amount ($)		Fair Value $
Massachusetts - 4.2%
Commonwealth of Massachusetts
4.00% 05/01/44		3,045,000		3,398,190
5.00% 03/01/46		7,000,000		7,890,820
5.25% 09/01/43 - 01/01/44		17,825,000		22,305,516
Massachusetts Department of Transportation 5.00% 01/01/37		10,000,000		10,000,000
Massachusetts Development Finance Agency 4.00% 06/01/49		1,000,000		1,060,800
Massachusetts School Building Authority 5.00% 08/15/28		5,000,000		5,493,150
Massachusetts Water Resources Authority
5.00% 08/01/32		4,140,000		4,678,738
5.00% 08/01/41 (a)		3,000,000		3,180,060
				58,007,274
Michigan - 1.4%
Lansing Board of Water & Light 5.00% 07/01/37 (a)		3,500,000		3,696,420
Michigan Finance Authority
4.00% 02/15/39		500,000		569,280
5.00% 12/01/47 (a)		4,000,000		4,439,600
5.00% 11/15/48		3,500,000		4,218,375
State of Michigan 5.00% 03/15/27		4,415,000		5,507,624
University of Michigan Revenue 5.00% 04/01/46		1,000,000		1,173,800
				19,605,099
Minnesota - 1.2%
City of Minneapolis 4.00% 11/15/48		1,000,000		1,102,050
City of Rochester 4.00% 11/15/48		5,330,000		5,948,014
City of St. Cloud 5.00% 05/01/48		2,000,000		2,413,560
Housing & Redevelopment Authority of The City of Saint Paul Minnesota 4.00% 11/15/43		1,000,000		1,099,650
University of Minnesota 5.00% 09/01/39		4,350,000		5,300,910
				15,864,184

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

56 Elfun Tax-Exempt Income Fund

ElfunTax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Missouri - 1.6%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District 5.00% 10/01/44		8,010,000		8,758,214
Health & Educational Facilities Authority of the State of Missouri 4.00% 11/15/48		2,200,000		2,399,430
Kansas City Sanitary Sewer System Revenue 4.00% 01/01/40		1,725,000		1,864,363
Metropolitan St. Louis Sewer District 5.00% 05/01/45 - 05/01/46		3,000,000		3,490,365
Missouri Highway & Transportation Commission 5.00% 05/01/21		4,610,000		4,669,792
Missouri State Environmental Improvement & Energy Resources Authority 5.00% 01/01/24		525,000		526,596
				21,708,760
Nevada - 0.5%
Clark County School District (AGMC Insured) GO, Series 2019 B, (AGM Insured) 5.00% 06/15/27 (b)		5,000,000		6,179,850
New Jersey - 6.2%
New Jersey Economic Development Authority
5.00% 06/15/41 - 06/15/43		11,750,000		13,331,042
5.25% 06/15/40 (a)		220,000		266,092
5.25% 06/15/40		3,780,000		4,268,414
New Jersey Educational Facilities Authority 5.50% 09/01/30 - 09/01/33		14,700,000		17,299,789
New Jersey Health Care Facilities Financing Authority (AGMC Insured) 4.13% 07/01/38 (b)		6,215,000		6,655,395
New Jersey State Turnpike Authority
5.00% 01/01/33 - 01/01/45		15,400,000		17,870,241
5.00% 01/01/38 (a)		4,000,000		4,388,000
New Jersey Transportation Trust Fund Authority
5.00% 12/15/34 - 06/15/45		7,250,000		8,337,573
5.25% 06/15/36		7,350,000		7,705,446

	Principal Amount ($)		Fair Value $
New Jersey Turnpike Authority 4.00% 01/01/48		5,000,000		5,624,050
				85,746,042
New Mexico - 0.1%
New Mexico Finance Authority 5.00% 06/15/23		1,750,000		1,780,380
New York - 11.0%
City of New York 5.00%08/01/26 - 04/01/43		7,500,000		9,085,545
Hudson Yards Infrastructure Corp.
4.00% 02/15/44		5,830,000		6,429,849
5.00%02/15/39 - 02/15/45		11,000,000		13,088,980
Metropolitan Transportation Authority 5.00% 11/15/29 - 11/15/37		7,960,000		9,047,100
Metropolitan Transportation Authority (AGMC Insured) Class B 4.00% 11/15/49 (b)		5,000,000		5,556,300
New York City Transitional Finance Authority Building Aid Revenue 5.00% 07/15/36		6,000,000		7,396,620
New York City Transitional Finance Authority Future Tax Secured Revenue
4.00% 11/01/42 - 11/01/45		7,000,000		7,859,610
5.00% 11/01/21 - 02/01/43		32,500,000		36,093,025
New York City Water & Sewer System
4.00% 06/15/49		1,000,000		1,127,140
5.00% 06/15/49		6,460,000		7,806,070
New York Liberty Development Corp. 5.00% 11/15/44		5,000,000		5,301,600
New York State Dormitory Authority
4.00% 08/01/38 - 07/01/41		6,655,000		7,493,848
4.00% 02/15/47 (d)		3,000,000		3,368,130
5.00% 03/15/45 - 07/01/46		16,500,000		19,886,040
6.00% 07/01/40 (a)		2,000,000		2,048,700
Port Authority of New York & New Jersey 5.00% 11/15/47 - 09/01/48		6,500,000		7,843,540
Westchester County Healthcare Corp.
6.13% 11/01/37 (a)		2,220,000		2,312,951
6.13% 11/01/37		280,000		290,699
				152,035,747

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

Elfun Tax-Exempt Income Fund 57

ElfunTax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
North Carolina - 1.3%
City of Charlotte 5.00% 06/01/23		4,320,000		4,389,595
City of Charlotte NC Airport Revenue 4.00% 07/01/44		2,500,000		2,823,150
North Carolina Capital Facilities Finance Agency 4.00% 10/01/44		2,000,000		2,198,160
State of North Carolina 4.75% 05/01/30 (a)		4,130,000		4,180,221
The University of North Carolina at Charlotte 5.00% 10/01/47		3,545,000		4,255,241
				17,846,367
Ohio - 5.2%
City of Columbus 5.00% 07/01/26 - 08/15/30 (a)		18,055,000		20,502,508
County of Franklin 5.00% 12/01/47		1,125,000		1,332,338
Cuyahoga Community College District 5.00% 08/01/26 (a)		1,800,000		1,805,544
Northeast Ohio Regional Sewer District
4.00% 11/15/43		7,550,000		8,429,499
5.00%11/15/38 (a)		12,000,000		13,559,520
Ohio State Turnpike Commission 5.25% 02/15/39		18,250,000		20,252,025
Ohio Water Development Authority Rev., Series 2006 A, 5.25% 12/01/34		1,400,000		1,932,868
University of Cincinnati 5.00% 06/01/45		3,500,000		4,157,860
				71,972,162
Oklahoma - 0.7%
Oklahoma Capital Improvement Authority
5.00% 07/01/28 - 07/01/29		5,000,000		5,757,350
Oklahoma Turnpike Authority 5.00% 01/01/28		3,500,000		3,630,025
				9,387,375
Oregon - 1.2%
Eugene Water Revenue 4.00% 08/01/45		1,000,000		1,088,080
Salem-Keizer School District No 24J 5.00% 06/15/37		10,000,000		12,400,700

	Principal Amount ($)		Fair Value $
State of Oregon GO, Series 2019 N, 5.00% 05/01/26		2,775,000		3,406,756
				16,895,536
Pennsylvania - 5.4%
Allegheny County Hospital Development Authority 4.00% 07/15/39		1,500,000		1,669,125
City of Philadelphia 5.00% 02/01/24 - 08/01/36		8,605,000		10,244,967
City of Philadelphia Water & Wastewater Revenue 5.00% 01/01/36 - 10/01/47		23,000,000		26,294,840
Delaware River Joint Toll Bridge Commission 5.00% 07/01/26		1,000,000		1,231,220
Delaware River Port Authority 5.00% 01/01/29 - 01/01/40		8,600,000		10,169,108
General Authority of Southcentral Pennsylvania 4.00% 06/01/49		3,015,000		3,329,585
Montgomery County Higher Education & Health Authority 4.00% 09/01/49		3,000,000		3,263,580
Pennsylvania Economic Development Financing Authority 4.00% 11/15/42		5,000,000		5,449,200
Pennsylvania Turnpike Commission 6.00% 12/01/34 (a)		12,000,000		12,534,254
				74,185,879
Rhode Island - 0.6%
Rhode Island Health & Educational Building Corp. 5.00% 09/01/43		5,000,000		5,562,400
Rhode Island Infrastructure Bank Water Pollution Control Revenue 5.00% 10/01/28		2,200,000		2,662,858
				8,225,258
South Carolina - 1.6%
Piedmont Municipal Power Agency 5.00% 01/01/25		2,315,000		2,477,212
Piedmont Municipal Power Agency (AGC Insured) 5.75% 01/01/34 (b)		5,500,000		5,841,495

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

58 Elfun Tax-Exempt Income Fund

ElfunTax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
South Carolina State Public Service Authority 5.00% 12/01/37 - 12/01/38		12,000,000		13,980,180
				22,298,887
Tennessee - 0.8%
City of Memphis 4.00% 06/01/46		5,000,000		5,424,150
County of Shelby 5.00% 03/01/21		3,500,000		3,521,840
The Metropolitan Nashville Airport Authority Rev., Series 2019 B, 5.00% 07/01/30		1,310,000		1,674,730
				10,620,720
Texas - 7.3%
City of Austin Airport System Revenue 5.00% 11/15/46		3,000,000		3,528,780
City of Austin Water & Wastewater System Revenue 5.00% 11/15/42		13,595,000		14,895,634
City of Dallas Waterworks & Sewer System Revenue 5.00% 10/01/46		3,550,000		4,236,038
City of Houston Utility System Revenue
5.00%05/15/28 -11/15/33		10,470,000		11,416,309
5.25% 11/15/30 -11/15/31 (a)		12,000,000		12,433,560
Dallas/Fort Worth International Airport 5.25% 11/01/29		5,000,000		5,726,000
Harris County-Houston Sports Authority 5.00% 11/15/30		2,000,000		2,289,120
Lower Colorado River Authority 5.00% 05/15/44		2,000,000		2,362,140
North Texas Tollway Authority
5.00% 01/01/26 - 01/01/48		9,000,000		10,759,200
5.00% 09/01/31 (a)		3,500,000		3,721,025
6.00% 01/01/38 (a)		5,000,000		5,241,150
Texas Transportation Commission State Highway Fund 5.00% 04/01/23		10,750,000		12,075,582
The University of Texas System 5.00% 08/15/26		10,000,000		12,333,300
				101,017,838

	Principal Amount ($)		Fair Value $
Utah - 0.9%
Utah State Board of Regents 5.00% 11/01/30		4,000,000		4,126,640
Utah Transit Authority 5.00% 06/15/42 (a)		7,500,000		8,201,208
				12,327,848
Virginia - 1.7%
County of Fairfax 4.00% 10/01/35		6,645,000		7,723,550
University of Virginia 5.00% 04/01/47		6,000,000		7,220,640
Virginia Resources Authority
4.00% 11/01/41		5,585,000		6,232,525
5.00% 11/01/46		1,720,000		2,043,274
				23,219,989
Total Municipal Bonds and Notes (Cost $1,268,837,699)				1,352,944,890
Short-TermInvestments - 1.3%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.57%(Cost $17,584,856) (e)(f)		17,584,856		17,584,856
Total Investments (Cost $1,286,422,555)				1,370,529,746
Other Assets and Liabilities, net - 0.5%				7,290,823
NET ASSETS – 100.0%				1,377,820,569

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a) Pre-refunded bonds are collateralized by U.S. Treasury securities, which are held in escrow by a trustee and are used to pay principal and interest on thetax-exempt issue to retire the bonds at the earliest refunding date.

(b) The security is insured by AGC, AGMC, AMBAC, FGIC or NPFG. The ElfunTax-Exempt Income Fund had no insurance concentrations of 5% or greater as of December 31, 2019 (as a percentage of net assets).

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

Elfun Tax-Exempt Income Fund 59

ElfunTax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2019

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

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

(e) Coupon amount represents effective yield.

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

† Percentages are based on net assets as of December 31, 2019.

* Less than 0.05%.

Abbreviations:

AGC - Assured Guaranty Corporation

AGMC - Assured Guaranty Municipal Company

AMBAC - American Municipal Bond Assurance Corporation

FGIC - Financial Guaranty Insurance Corporations

NPFG - National Public Finance Guaranty Corporation

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2019:

Fund	Investments	Level 1		Level 2		Level 3		Total
ElfunTax-Exempt Income Fund	Investments in Securities
	Municipal Bonds and Notes	$	—	$	1,352,944,890	$	—	$	1,352,944,890
	Short-Term Investments		17,584,856		—		—		17,584,856
	Total Investments in Securities	$	17,584,856	$	1,352,944,890	$	—	$	1,370,529,746

Affiliate Table

	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/19		Value at 12/31/19		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		12,476,076	$	12,476,076	$	279,474,140	$	274,365,360	$	—	$	—		17,584,856	$	17,584,856	$	291,684

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

60 Elfun Tax-Exempt Income Fund

Elfun Income Fund

Management’s Discussion of Fund Performance — December 31, 2019 (Unaudited)

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

For the12-month period ended December 31, 2019 (the “Reporting Period”), the total return for the Fund was 9.50% and the Index was 8.72%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

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

Reflecting our view that the credit and economic cycle would persist, which was bolstered by a new round of monetary stimulus, the Fund maintained an over-weight asset allocation to credit sectors during the Reporting Period. Largely in response to renewed monetary policy stimulus, credit spreads tightened over the Reporting Period. Credit performance versus duration-equivalent treasuries was positive over the Reporting Period, with investment-grade credit and high-yield stronglyout-performing risk-free assets. As such, the Fund’s allocation to credit generated positive excess returns relative to the Index.

Over the course of the Reporting Period, theten-year government interest rate decreased from 2.69% to 1.92%. During the third quarter of 2019, we felt that long-term rates were nearing a cyclical low, which turned out to be the case, as theten-year government interest rate hit a low of 1.46%. During that period, we established a short duration position relative to the Index, positively impacting the Fund’s performance relative to the Index.

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

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

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

Elfun Income Fund 61

Elfun Income Fund

Understanding Your Fund’s Expenses (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entiresix-month period ended December 31, 2019.

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)
Actual Fund Return	$	1,000.00	$	1,000.00
Beginning Account Value July 1, 2019	$	1,025.00	$	1,023.84
Ending Account Value December 31, 2019	$	1.38	$	1.38

* Expenses are equal to the Fund’s annualized expense ratio of 0.27%** (for the period July 1, 2019-December 31, 2019), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

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

62 Elfun Income Fund

Elfun Income Fund

Performance Summary — December 31, 2019 (Unaudited)

Quality Ratings

as of December 31, 2019 as a % of Fair Value^(a)(b)

Moody’s / S&P /Rating*	Percentage of Fair Value
Aaa / AAA		18.3	%
Aa / AA		55.3	%
A / A		6.3	%
Baa / BBB		17.2	%
Ba / BB and lower		2.3	%
NR / Other		0.6	%
		100.0	%

Sector Allocation

Portfolio composition as a % of Fair Value of $270,808 (in thousands) as of December 31, 2019^(a)(b)

Average Annual Total Return For the Periods Ended December 31, 2019

(Inception date: 12/31/84)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun Income Fund		9.50	%		3.21	%		4.26	%	$	15,182
Bloomberg Barclays U.S. Aggregate Bond Index		8.72	%		3.05	%		3.75	%	$	14,445

(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.

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

Elfun Income Fund 63

Elfun Income Fund

Performance Summary, continued — December 31, 2019 (Unaudited)

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

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

64 Elfun Income Fund

Elfun Income Fund

Schedule of Investments — December 31, 2019

	Principal Amount ($)		Fair Value $
Bonds and Notes - 97.1%†
U.S. Treasuries - 23.7%
U.S. Treasury Bonds
2.25% 08/15/46 (a)		1,602,000		1,560,949
3.00% 08/15/48 (a)		9,157,700		10,342,477
U.S. Treasury Notes
1.63% 02/15/26 (a)		11,376,000		11,274,683
1.88% 06/30/20 - 12/15/20		17,957,900		17,988,758
2.25% 03/31/20 (a)		4,600,000		4,606,828
2.50% 01/31/24 (a)		6,934,600		7,163,767
2.63% 02/15/29 (a)		2,334,000		2,475,134
				55,412,596
Agency Mortgage Backed - 35.1%
Federal Home Loan Mortgage Corp.
3.00% 03/01/43 (a)		3,256,622		3,350,475
4.00% 01/01/48		5,133,570		5,400,320
4.05% 09/25/28 (a)(b)		300,000		334,945
4.50% 06/01/33 - 02/01/35 (a)		11,995		12,857
5.00% 07/01/35 (a)		96,864		107,360
5.50% 05/01/20 - 04/01/39 (a)		152,643		170,725
6.00% 07/01/29 - 11/01/37 (a)		353,628		401,376
7.00% 01/01/27 - 08/01/36 (a)		75,059		85,392
7.50% 11/01/29 - 09/01/33 (a)		7,013		7,648
8.00% 11/01/30 (a)		3,270		3,693
Federal National Mortgage Assoc.
3.50% 06/01/44		3,283,442		3,460,125
3.50% 08/01/45 - 07/01/47 (a)		8,871,088		9,345,846
4.00% 01/01/41 - 10/01/47 (a)		5,065,642		5,344,987
4.50% 02/01/20 - 02/01/40 (a)		771,805		840,016
5.00% 07/01/20 - 05/01/39 (a)		232,802		257,113
5.50% 06/01/20 - 01/01/39 (a)		596,533		666,902
6.00% 02/01/20 - 05/01/41 (a)		1,305,264		1,480,389
6.50% 05/01/21 - 08/01/36 (a)		62,792		68,478
7.00% 10/01/32 - 02/01/34 (a)		8,841		9,511
7.50% 12/01/26 - 03/01/33 (a)		38,959		43,455
8.00% 06/01/24 - 10/01/31 (a)		10,801		11,740
8.50% 04/01/30 (a)		2,219		2,658
9.00% 12/01/22 (a)		684		700
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR 4.47% 04/01/37 (a)(b)		2,415		2,482
Federal National Mortgage Assoc. TBA
2.50% TBA (c)		11,012,000		11,111,548
4.00% TBA (c)		25,833,502		26,917,524
Government National Mortgage Assoc.
3.00% 12/20/42 (a)		4,646,484		4,812,929
3.50% 05/20/45		4,927,650		5,143,338

	Principal Amount ($)		Fair Value $
4.00% 01/20/41 - 04/20/43 (a)		1,487,217		1,585,088
4.50% 08/15/33 - 03/20/41 (a)		690,267		741,987
5.00% 08/15/33 (a)		37,143		40,420
6.00% 04/15/27 - 09/15/36 (a)		186,390		209,335
6.50% 03/15/24 - 09/15/36 (a)		67,494		73,294
7.00% 11/15/27 - 10/15/36 (a)		39,335		43,244
7.50% 03/15/23 - 11/15/31 (a)		13,963		14,521
8.00% 09/15/27 - 06/15/30 (a)		24,240		25,494
9.00% 12/15/21 (a)		283		291
				82,128,206
Agency Collateralized Mortgage Obligations - 1.0%
Federal Home Loan Mortgage Corp.
0.08% 09/25/43 (a)(b)(d)		835,591		2,830
2.43% 08/25/29		1,392,000		1,391,902
2.51% 07/25/29		745,000		750,196
Federal Home Loan Mortgage Corp. REMIC
3.50% 09/15/29 - 11/15/30 (a)(d)		196,913		10,113
5.50% 06/15/33 (a)(d)		33,991		6,115
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR 4.86% 08/15/25 (a)(b)(d)		72,833		3,059
Federal Home Loan Mortgage Corp. STRIPS
1.47% 08/01/27 (a)(e)(f)		652		580
8.00% 02/01/23 - 07/01/24 (a)(d)		1,987		236
Federal National Mortgage Assoc. REMIC
1.09% 12/25/42 (a)(b)(d)		181,389		7,175
5.00% 02/25/40 - 09/25/40 (a)(d)		107,819		11,950
8.00% 05/25/22 (a)(d)		1		9
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 4.21% 07/25/38 (a)(b)(d)		36,673		5,300
Federal National Mortgage Assoc. STRIPS
1.87% 12/25/34 (a)(e)(f)		34,954		30,141
4.50% 08/25/35 - 01/25/36 (a)(d)		71,507		10,973
5.00% 03/25/38 - 05/25/38 (a)(d)		38,662		6,496
5.50% 12/25/33 (a)(d)		11,110		2,207
6.00% 01/25/35 (a)(d)		41,958		8,008
7.50% 11/25/23 (a)(d)		3,937		392
8.00% 08/25/23 - 07/25/24 (a)(d)		3,670		445
8.50% 07/25/22 (a)(d)		441		27
9.00% 05/25/22 (a)(d)		338		18

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

Elfun Income Fund 65

Elfun Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Government National Mortgage Assoc. REMIC
4.50% 05/20/38 - 08/16/39 (a)(d)		51,485		1,520
5.00% 09/20/38 (a,d)		4,696		16
				2,249,708
Asset Backed - 2.7%
American Express Credit Account Master Trust 0.24% + 1 month USD LIBOR 1.98% 04/15/24 (b)		1,254,000		1,254,978
American Express Credit Account Master Trust2018-1 2.67% 10/17/22 (a)		603,000		603,860
American Express Credit Account Master Trust2018-8 3.18% 04/15/24 (a)		1,264,000		1,292,322
BA Credit Card Trust2018-A1 2.70% 07/17/23 (a)		528,000		533,002
BMW Floorplan Master Owner Trust2018-1 3.15% 05/15/23 (a)(g)		333,000		338,185
Chase Funding Trust2004-1 4.99% 11/25/33 (a)(h)		141,494		141,494
Enterprise Fleet Financing2019-1 LLC 3.07% 10/20/24 (a)(g)		487,000		497,897
GMF Floorplan Owner Revolving Trust 0.32% + 1 month USD LIBOR 2.06% 09/15/22 (b)(g)		460,000		460,057
Hyundai Auto Lease Securitization Trust2018-A 2.89% 03/15/22 (g)		663,000		667,039
Nissan Auto Lease Trust2019-A 2.76% 03/15/22 (a)		385,000		388,577
Securitized Term Auto Receivables Trust2018-1A 3.30% 11/25/22 (a)(g)		135,000		137,368
				6,314,779
Corporate Notes - 29.7%
3M Co. 3.13% 09/19/46		39,000		37,132
Abbott Laboratories
3.75% 11/30/26 (a)		28,000		30,606
4.90% 11/30/46 (a)		68,000		89,162
AbbVie Inc.
2.60% 11/21/24 (g)		145,000		146,269
2.95% 11/21/26 (g)		200,000		203,362
3.20% 05/14/26 (a)		70,000		72,481
3.20% 11/21/29 (g)		130,000		132,665
4.05% 11/21/39 (g)		85,000		89,242

	Principal Amount ($)		Fair Value $
4.25% 11/21/49 (g)		55,000		58,332
4.45% 05/14/46 (a)		80,000		86,294
4.70% 05/14/45 (a)		31,000		34,592
4.88% 11/14/48 (a)		23,000		26,533
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.50% 05/15/21 (a)		150,000		154,881
Aetna Inc. 3.50% 11/15/24 (a)		68,000		71,228
Aflac Inc. 4.00% 10/15/46 (a)		30,000		32,798
Aircastle Ltd. 4.25% 06/15/26 (a)		112,000		118,235
Albemarle Wodgina Pty Ltd. 3.45% 11/15/29 (g)		235,000		235,524
Alcon Finance Corp. 3.80% 09/23/49 (g)		207,000		217,660
Alexandria Real Estate Equities Inc. 4.70% 07/01/30 (a)		43,000		49,443
Alibaba Group Holding Ltd. 4.00% 12/06/37 (a)		200,000		214,352
Alimentation Couche-Tard Inc. 2.70% 07/26/22 (a)(g)		116,000		117,344
Allegion PLC 3.50% 10/01/29		90,000		92,021
Allergan Finance LLC
3.25% 10/01/22 (a)		84,000		85,897
4.63% 10/01/42 (a)		13,000		13,547
Allergan Funding SCS
3.00% 03/12/20 (a)		179,000		179,136
3.45% 03/15/22 (a)		68,000		69,582
Allergan Sales LLC 5.00% 12/15/21 (a)(g)		194,000		202,965
Ally Financial Inc. 5.75% 11/20/25		95,000		106,545
Altria Group Inc.
2.95% 05/02/23 (a)		54,000		55,404
3.80% 02/14/24 (a)		45,000		47,367
4.25% 08/09/42 (a)		10,000		9,895
4.50% 05/02/43 (a)		44,000		44,801
4.80% 02/14/29 (a)		107,000		119,123
Amazon.com Inc.
2.80% 08/22/24 (a)		39,000		40,376
3.15% 08/22/27 (a)		34,000		36,008
3.88% 08/22/37 (a)		32,000		36,327
4.05% 08/22/47 (a)		35,000		41,305
4.25% 08/22/57 (a)		46,000		55,772
Ameren Corp.
2.50% 09/15/24		210,000		210,764
3.65% 02/15/26 (a)		47,000		49,170
America Movil SAB de C.V.
3.13% 07/16/22 (a)		205,000		209,994

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

66 Elfun Income Fund

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Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
4.38% 04/22/49 (a)		200,000		228,570
5.00% 03/30/20 (a)		100,000		100,665
American Campus Communities Operating Partnership LP 4.13% 07/01/24 (a)		36,000		38,455
American Express Co. 3.00% 10/30/24 (a)		106,000		109,614
American International Group Inc.
4.25% 03/15/29 (a)		82,000		91,287
4.50% 07/16/44 (a)		88,000		101,488
6.40% 12/15/20 (a)		57,000		59,362
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter) 5.75% 04/01/48 (a)(b)		23,000		25,252
American Tower Corp.
3.70% 10/15/49		48,000		48,035
3.80% 08/15/29 (a)		101,000		107,976
American Water Capital Corp. 2.95% 09/01/27 (a)		67,000		68,346
Amgen Inc.
2.65% 05/11/22 (a)		125,000		126,856
3.20% 11/02/27 (a)		47,000		49,474
4.56% 06/15/48 (a)		74,000		86,165
4.66% 06/15/51 (a)		23,000		27,077
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65% 02/01/26 (a)		132,000		140,878
4.70% 02/01/36 (a)		39,000		45,124
4.90% 02/01/46 (a)		89,000		105,881
Anheuser-Busch InBev Worldwide Inc.
4.00% 04/13/28 (a)		23,000		25,285
4.38% 04/15/38 (a)		133,000		149,636
4.60% 04/15/48 (a)		58,000		66,142
4.75% 04/15/58 (a)		43,000		50,228
5.55% 01/23/49 (a)		141,000		183,200
Anthem Inc.
2.88% 09/15/29		47,000		46,963
3.30% 01/15/23 (a)		67,000		69,301
3.70% 09/15/49		47,000		46,844
Apache Corp.
4.38% 10/15/28 (a)		24,000		25,105
5.10% 09/01/40 (a)		50,000		50,858
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter) 4.95% 01/14/50 (b)(g)		115,000		116,579

	Principal Amount ($)		Fair Value $
Apple Inc.
2.20% 09/11/29		93,000		91,397
2.85% 05/11/24 (a)		68,000		70,332
2.95% 09/11/49		60,000		58,591
3.35% 02/09/27 (a)		35,000		37,342
3.45% 02/09/45 (a)		129,000		136,558
3.85% 08/04/46 (a)		92,000		103,715
Applied Materials Inc. 4.35% 04/01/47 (a)		53,000		63,965
Aptiv PLC 4.40% 10/01/46 (a)		69,000		66,701
Archer-Daniels-Midland Co. 2.50% 08/11/26 (a)		48,000		48,836
Ascension Health 4.85% 11/15/53 (a)		84,000		106,029
AstraZeneca PLC
3.50% 08/17/23 (a)		53,000		55,484
4.00% 01/17/29 (a)		34,000		37,776
4.38% 08/17/48 (a)		19,000		22,558
AT&T Inc.
4.35% 03/01/29 (a)		128,000		142,172
4.45% 04/01/24 (a)		52,000		56,306
4.50% 05/15/35 (a)		96,000		107,000
4.55% 03/09/49 (a)		49,000		54,415
4.75% 05/15/46 (a)		33,000		37,316
4.80% 06/15/44 (a)		76,000		86,711
4.85% 03/01/39 (a)		78,000		90,108
5.15% 11/15/46 (a)		13,000		15,530
5.25% 03/01/37 (a)		67,000		80,182
5.35% 12/15/43 (a)		52,000		61,214
5.45% 03/01/47 (a)		128,000		158,536
Athene Holding Ltd. 4.13% 01/12/28 (a)		62,000		63,910
Avangrid Inc. 3.15% 12/01/24 (a)		102,000		105,302
Baidu Inc. 2.88% 07/06/22 (a)		255,000		257,440
Bank of America Corp.
3.25% 10/21/27 (a)		3,000		3,132
3.95% 04/21/25 (a)		73,000		77,869
4.18% 11/25/27 (a)		137,000		148,733
4.25% 10/22/26 (a)		133,000		145,146
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter) 3.12% 01/20/23 (a)(b)		84,000		85,667
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter) 3.37% 01/23/26 (a)(b)		42,000		43,975

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

Elfun Income Fund 67

Elfun Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter) 3.42% 12/20/28 (a)(b)		92,000		96,627
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter) 3.56% 04/23/27 (b)		233,000		246,281
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter) 3.95% 01/23/49 (a)(b)		44,000		50,130
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter) 4.24% 04/24/38 (a)(b)		91,000		105,200
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter) 4.27% 07/23/29 (a)(b)		31,000		34,461
Bank of America Corp. (4.33% fixed rate until 03/15/49; 1.52% + 3 month USD LIBOR thereafter) 4.33% 03/15/50 (a)(b)		54,000		64,871
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter) 4.44% 01/20/48 (a)(b)		85,000		103,924
Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter) 4.34% 10/05/28 (a)(b)		150,000		158,301
Barclays PLC 4.84% 05/09/28 (a)		200,000		215,974
Barrick North America Finance LLC 5.70% 05/30/41 (a)		14,000		17,303
BAT Capital Corp.
2.76% 08/15/22 (a)		93,000		94,388
3.56% 08/15/27 (a)		47,000		48,039
4.39% 08/15/37 (a)		96,000		97,473
4.54% 08/15/47 (a)		43,000		43,174
Bayer US Finance II LLC 3.50% 06/25/21 (a)(g)		416,000		423,667

	Principal Amount ($)		Fair Value $
Becton Dickinson and Co.
2.89% 06/06/22 (a)		89,000		90,471
3.70% 06/06/27 (a)		55,000		58,544
3.73% 12/15/24 (a)		3,000		3,186
4.67% 06/06/47 (a)		13,000		15,473
4.69% 12/15/44 (a)		11,000		12,800
Berkshire Hathaway Energy Co.
3.25% 04/15/28 (a)		36,000		38,057
3.80% 07/15/48 (a)		39,000		42,154
6.13% 04/01/36 (a)		23,000		31,599
Berkshire Hathaway Finance Corp. 4.25% 01/15/49 (a)		56,000		66,623
Berkshire Hathaway Inc. 4.50% 02/11/43 (a)		3,000		3,657
BHP Billiton Finance USA Ltd. 5.00% 09/30/43 (a)		23,000		29,596
BNP Paribas S.A. (2.82% fixed rate until 11/19/24; 1.11% + 3 month USD LIBOR thereafter) 2.82% 11/19/25 (b)(g)		289,000		292,514
BNP Paribas S.A. (5.13% fixed rate until 11/15/27; 2.84% + USD 5 year Swap Rate thereafter) 5.13% 12/31/99 (a)(b)(g)		200,000		204,290
Boardwalk Pipelines LP 4.80% 05/03/29 (a)		91,000		96,933
Boston Scientific Corp. 4.70% 03/01/49 (a)		35,000		42,514
BP Capital Markets America Inc.
3.02% 01/16/27 (a)		164,000		169,915
3.22% 11/28/23 (a)		55,000		57,222
Brighthouse Financial Inc.
3.70% 06/22/27 (a)		8,000		7,977
4.70% 06/22/47 (a)		4,000		3,703
Bristol-Myers Squibb Co.
3.20% 06/15/26 (a)(g)		136,000		142,891
3.40% 07/26/29 (a)(g)		91,000		97,481
3.45% 11/15/27 (g)		3,000		3,201
4.13% 06/15/39 (a)(g)		72,000		83,007
4.25% 10/26/49 (a)(g)		72,000		85,553
4.35% 11/15/47 (g)		4,000		4,750
4.55% 02/20/48 (g)		78,000		95,609
5.00% 08/15/45 (g)		32,000		41,024
Brixmor Operating Partnership LP 3.90% 03/15/27 (a)		36,000		37,754
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65% 01/15/23 (a)		16,000		16,093
3.00% 01/15/22 (a)		67,000		68,000

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

68 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
3.13% 01/15/25 (a)		16,000		16,227
3.88% 01/15/27 (a)		31,000		32,206
Brown-Forman Corp. 4.00% 04/15/38 (a)		15,000		16,794
Bunge Limited Finance Corp. 3.75% 09/25/27 (a)		25,000		25,564
Burlington Northern Santa Fe LLC
4.15% 12/15/48 (a)		85,000		98,287
4.55% 09/01/44 (a)		124,000		147,934
Cameron LNG LLC
3.30% 01/15/35 (g)		93,000		94,577
3.70% 01/15/39 (g)		47,000		48,211
Campbell Soup Co. 3.30% 03/15/21 (a)		158,000		160,346
Canadian Natural Resources Ltd.
3.85% 06/01/27 (a)		77,000		82,111
4.95% 06/01/47 (a)		16,000		19,579
Cantor Fitzgerald LP 4.88% 05/01/24 (a)(g)		227,000		242,232
Capital One Financial Corp.
3.75% 07/28/26 (a)		124,000		130,568
4.75% 07/15/21 (a)		181,000		188,477
Cardinal Health Inc.
2.62% 06/15/22 (a)		45,000		45,463
3.08% 06/15/24 (a)		26,000		26,771
Caterpillar Inc.
3.25% 09/19/49		88,000		88,358
3.80% 08/15/42 (a)		26,000		29,032
Celulosa Arauco y Constitucion S.A. 4.20% 01/29/30 (g)		209,000		209,936
Cenovus Energy Inc.
4.25% 04/15/27 (a)		30,000		31,754
5.25% 06/15/37 (a)		47,000		51,915
5.40% 06/15/47 (a)		13,000		15,086
Centene Corp.
4.25% 12/15/27 (g)		227,000		233,769
4.63% 12/15/29 (g)		70,000		73,716
CenterPoint Energy Inc.
2.50% 09/01/22 (a)		181,000		182,602
3.60% 11/01/21 (a)		85,000		87,259
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46% 07/23/22 (a)		132,000		138,753
4.91% 07/23/25 (a)		18,000		19,839
5.05% 03/30/29 (a)		51,000		57,753
5.75% 04/01/48 (a)		101,000		118,089
6.38% 10/23/35 (a)		13,000		16,415
6.48% 10/23/45 (a)		30,000		37,357

	Principal Amount ($)		Fair Value $
Cheniere Corpus Christi Holdings LLC 5.88% 03/31/25		185,000		208,303
Chevron Corp. 3.19% 06/24/23 (a)		50,000		52,108
Chubb INA Holdings Inc. 4.35% 11/03/45 (a)		67,000		81,385
Cigna Corp.
3.25% 04/15/25 (g)		55,000		57,049
3.40% 09/17/21		69,000		70,624
3.40% 03/01/27 (g)		54,000		56,079
3.75% 07/15/23		53,000		55,637
3.88% 10/15/47 (g)		50,000		51,162
4.13% 11/15/25		93,000		100,975
4.38% 10/15/28		34,000		37,729
4.80% 08/15/38		32,000		37,307
4.90% 12/15/48		41,000		49,019
Cisco Systems Inc. 5.90% 02/15/39 (a)		49,000		68,767
Citigroup Inc. 2.70% 10/27/22 (a)		84,000		85,389
4.40% 06/10/25 (a)		31,000		33,711
4.45% 09/29/27 (a)		23,000		25,346
4.65% 07/30/45 - 07/23/48 (a)		164,000		204,585
4.75% 05/18/46 (a)		54,000		64,710
5.50% 09/13/25		241,000		275,820
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter) 2.88% 07/24/23 (a)(b)		56,000		56,934
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) 2.98% 11/05/30 (b)		140,000		142,155
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter) 3.88% 01/24/39 (a)(b)		41,000		45,214
Citigroup Inc. (4.28% fixed rate until 04/24/47; 1.84% + 3 month USD LIBOR thereafter) 4.28% 04/24/48 (a)(b)		29,000		34,450
Citigroup Inc. (5.88% fixed rate until 03/27/20; 4.06% + 3 month USD LIBOR thereafter) 5.88% 12/29/49 (a)(b)		317,000		319,476
CME Group Inc. 3.75% 06/15/28 (a)		42,000		46,512

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

Elfun Income Fund 69

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Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
CMS Energy Corp. 4.88% 03/01/44 (a)		154,000		183,536
CNA Financial Corp.
3.45% 08/15/27 (a)		33,000		34,323
3.90% 05/01/29 (a)		89,000		95,687
CNH Industrial Capital LLC
4.38% 11/06/20 (a)		68,000		69,316
4.88% 04/01/21 (a)		84,000		86,712
CNOOC Nexen Finance 2014 ULC 4.25% 04/30/24 (a)		423,000		453,452
Comcast Corp.
3.20% 07/15/36 (a)		85,000		86,981
3.25% 11/01/39		140,000		142,110
3.38% 08/15/25 (a)		4,000		4,244
3.45% 02/01/50		70,000		71,873
3.97% 11/01/47 (a)		150,000		165,294
4.15% 10/15/28 (a)		80,000		90,068
4.60% 08/15/45 (a)		53,000		63,586
4.70% 10/15/48 (a)		44,000		54,289
CommonSpirit Health 4.35% 11/01/42 (a)		130,000		132,804
Conagra Brands Inc.
3.80% 10/22/21 (a)		157,000		161,938
5.30% 11/01/38 (a)		40,000		47,500
5.40% 11/01/48 (a)		31,000		37,923
Conagra Brands Inc. 0.75% + 3 month USD LIBOR 2.70% 10/22/20 (a)(b)		118,000		118,079
Concho Resources Inc.
3.75% 10/01/27 (a)		14,000		14,734
4.30% 08/15/28 (a)		50,000		54,506
4.88% 10/01/47 (a)		32,000		37,096
ConocoPhillips Co. 4.30% 11/15/44 (a)		84,000		98,642
Consolidated Edison Company of New York Inc.
2.90% 12/01/26 (a)		83,000		85,135
3.88% 06/15/47 (a)		48,000		52,219
Constellation Brands Inc.
3.15% 08/01/29		194,000		196,505
3.70% 12/06/26 (a)		73,000		77,545
4.50% 05/09/47 (a)		68,000		74,561
Continental Resources Inc. 4.50% 04/15/23 (a)		304,000		318,552
Corning Inc. 4.38% 11/15/57 (a)		46,000		47,123
Credit Suisse Group Funding Guernsey Ltd. 3.13% 12/10/20 (a)		250,000		252,240
Crown Castle International Corp. 5.20% 02/15/49 (a)		61,000		75,358

	Principal Amount ($)		Fair Value $
CSX Corp. 4.50% 03/15/49 - 08/01/54 (a)		143,000		166,264
CubeSmart LP 4.38% 02/15/29 (a)		97,000		106,410
CVS Health Corp.
3.00% 08/15/26		94,000		95,950
3.25% 08/15/29		75,000		76,511
3.35% 03/09/21 (a)		59,000		59,939
3.88% 07/20/25 (a)		34,000		36,266
4.10% 03/25/25 (a)		90,000		96,790
4.30% 03/25/28 (a)		26,000		28,446
4.78% 03/25/38 (a)		50,000		56,889
5.00% 12/01/24 (a)		75,000		83,034
5.05% 03/25/48 (a)		84,000		99,645
5.13% 07/20/45 (a)		20,000		23,698
Dell International LLC/EMC Corp.
4.00% 07/15/24 (a)(g)		109,000		114,234
4.42% 06/15/21 (a)(g)		132,000		135,837
5.30% 10/01/29 (a)(g)		86,000		96,833
5.45% 06/15/23 (a)(g)		50,000		54,241
6.02% 06/15/26 (a)(g)		24,000		27,709
8.10% 07/15/36 (a)(g)		11,000		14,449
8.35% 07/15/46 (a)(g)		17,000		23,271
Deutsche Bank AG
2.70% 07/13/20 (a)		117,000		117,092
3.30% 11/16/22 (a)		205,000		207,116
Devon Energy Corp. 5.00% 06/15/45 (a)		34,000		39,707
DH Europe Finance II Sarl
2.60% 11/15/29		82,000		81,852
3.25% 11/15/39		47,000		47,579
3.40% 11/15/49		23,000		23,579
Diamondback Energy Inc.
2.88% 12/01/24		115,000		116,341
3.25% 12/01/26		80,000		80,926
3.50% 12/01/29		69,000		70,268
5.38% 05/31/25		278,000		292,028
Digital Realty Trust LP 3.60% 07/01/29 (a)		149,000		155,684
Discover Bank 3.10% 06/04/20 (a)		291,000		292,216
Discovery Communications LLC
2.95% 03/20/23 (a)		234,000		238,746
3.95% 03/20/28 (a)		57,000		60,935
4.95% 05/15/42 (a)		17,000		18,843
5.00% 09/20/37 (a)		23,000		26,065
Dollar Tree Inc.
4.00% 05/15/25 (a)		67,000		71,643
4.20% 05/15/28 (a)		25,000		26,854
Dominion Energy Inc.
2.58% 07/01/20 (a)		88,000		88,230
3.07% 08/15/24 (h)		87,000		89,031

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

70 Elfun Income Fund

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Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Dover Corp. 2.95% 11/04/29		95,000		95,706
DTE Energy Co.
2.85% 10/01/26 (a)		41,000		41,240
3.85% 12/01/23 (a)		41,000		43,018
Duke Energy Carolinas LLC 3.95% 03/15/48 (a)		54,000		60,356
Duke Energy Corp.
1.80% 09/01/21 (a)		114,000		113,798
3.55% 09/15/21 (a)		68,000		69,547
3.75% 09/01/46 (a)		16,000		16,503
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter)
4.88% 12/31/99 (b)		140,000		146,833
Duke Energy Progress LLC 4.15% 12/01/44 (a)		58,000		65,451
Duke Realty LP
3.25% 06/30/26 (a)		44,000		45,584
3.38% 12/15/27 (a)		37,000		38,621
DuPont de Nemours Inc.
5.32% 11/15/38 (a)		28,000		33,378
5.42% 11/15/48 (a)		28,000		34,499
Duquesne Light Holdings Inc. 3.62% 08/01/27 (a)(g)		123,000		123,092
Eastman Chemical Co.
3.50% 12/01/21 (a)		89,000		91,135
3.60% 08/15/22 (a)		35,000		36,231
4.50% 01/15/21 - 12/01/28 (a)		239,000		248,409
Eaton Corp. 3.10% 09/15/27 (a)		48,000		49,941
Ecolab Inc.
3.25% 12/01/27 (a)		28,000		29,507
3.95% 12/01/47 (a)		35,000		39,237
Edison International
2.40% 09/15/22		280,000		278,678
5.75% 06/15/27 (a)		30,000		33,735
Eli Lilly & Co. 3.95% 03/15/49 (a)		86,000		99,418
Emera US Finance LP 4.75% 06/15/46 (a)		16,000		18,494
Enbridge Energy Partners LP 5.50% 09/15/40 (a)		12,000		14,302
Enbridge Inc. 4.00% 11/15/49		70,000		73,411
Enel Finance International N.V. 3.63% 05/25/27 (a)(g)		273,000		283,207
Energy Transfer Operating LP
4.25% 03/15/23 (a)		89,000		92,860
4.50% 04/15/24 (a)		58,000		61,735
4.95% 06/15/28 (a)		28,000		30,715
6.13% 12/15/45 (a)		21,000		24,355
6.50% 02/01/42 (a)		79,000		93,938

	Principal Amount ($)		Fair Value $
Energy Transfer Partners LP/Regency Energy Finance Corp. 4.50% 11/01/23 (a)		43,000		45,462
Entergy Louisiana LLC
3.05% 06/01/31 (a)		65,000		67,078
4.00% 03/15/33 (a)		34,000		38,305
Enterprise Products Operating LLC 4.25% 02/15/48 (a)		137,000		148,609
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter)
5.25% 08/16/77 (a)(b)		44,000		44,320
EOG Resources Inc.
4.15% 01/15/26 (a)		7,000		7,708
5.10% 01/15/36 (a)		34,000		41,688
EPR Properties 4.95% 04/15/28 (a)		46,000		50,347
EQM Midstream Partners LP
4.75% 07/15/23 (a)		14,000		14,043
5.50% 07/15/28 (a)		14,000		13,753
Equinor ASA 3.25% 11/18/49		50,000		50,452
ERP Operating LP 4.50% 07/01/44 (a)		37,000		43,996
Exelon Corp.
3.50% 06/01/22 (a)		73,000		74,935
4.45% 04/15/46 (a)		96,000		107,901
FedEx Corp.
3.10% 08/05/29		150,000		150,038
4.10% 02/01/45 (a)		116,000		112,888
Fifth Third Bancorp 3.65% 01/25/24 (a)		158,000		166,688
FirstEnergy Corp. 3.90% 07/15/27 (a)		16,000		17,127
FirstEnergy Transmission LLC 4.55% 04/01/49 (a)(g)		86,000		98,756
Fiserv Inc.
3.50% 07/01/29 (a)		63,000		66,318
4.40% 07/01/49 (a)		38,000		43,220
Florida Power & Light Co. 4.13% 02/01/42 (a)		67,000		76,649
Ford Motor Co. 4.35% 12/08/26 (a)		54,000		55,618
Ford Motor Credit Company LLC
3.10% 05/04/23 (a)		237,000		236,419
3.22% 01/09/22 (a)		215,000		216,483
3.34% 03/28/22 (a)		200,000		201,724
8.13% 01/15/20 (a)		243,000		243,435

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

Elfun Income Fund 71

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Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)			Fair Value $
General Mills Inc.
3.70% 10/17/23 (a)		67,000			70,556
4.55% 04/17/38 (a)		34,000			39,416
4.70% 04/17/48 (a)		13,000			15,599
General Motors Co.
5.20% 04/01/45 (a)		12,000			12,134
5.40% 04/01/48 (a)		30,000			31,028
General Motors Financial Company Inc.
3.45% 01/14/22 - 04/10/22 (a)		300,000			306,764
3.55% 04/09/21 (a)		196,000			199,263
4.20% 11/06/21 (a)		359,000			371,863
5.25% 03/01/26 (a)		55,000			61,015
Georgia-Pacific LLC 3.60% 03/01/25 (a)(g)		272,000			287,069
Gilead Sciences Inc.
2.95% 03/01/27 (a)		12,000			12,468
3.50% 02/01/25 (a)		33,000			35,017
3.65% 03/01/26 (a)		34,000			36,580
4.15% 03/01/47 (a)		78,000			86,789
4.80% 04/01/44 (a)		32,000			38,655
GlaxoSmithKline Capital Inc.
3.38% 05/15/23 (a)		80,000			83,514
3.63% 05/15/25 (a)		75,000			80,372
GlaxoSmithKline Capital PLC 3.38% 06/01/29 (a)		105,000			112,616
Glencore Finance Canada Ltd. 4.95% 11/15/21 (a)(g)		69,000			72,148
Glencore Funding LLC 4.88% 03/12/29 (a)(g)		88,000			95,979
Grupo Televisa SAB 5.00% 05/13/45 (a)		204,000			212,947
Halliburton Co.
3.80% 11/15/25 (a)		50,000			53,355
5.00% 11/15/45 (a)		45,000			51,350
Hasbro Inc. 3.00% 11/19/24		280,000	��		281,434
HCA Inc. 4.13% 06/15/29 (a)		48,000			50,986
Hess Corp.
5.60% 02/15/41 (a)		19,000			22,378
5.80% 04/01/47 (a)		12,000			14,691
Hewlett Packard Enterprise Co. 6.35% 10/15/45 (a)		20,000			24,174
Highwoods Realty LP
4.13% 03/15/28 (a)		52,000			55,625
4.20% 04/15/29 (a)		132,000			142,103
Honeywell International Inc. 2.70% 08/15/29		98,000			100,493
HSBC Holdings PLC 4.25% 03/14/24 (a)		222,000			235,868

	Principal Amount ($)		Fair Value $
HSBC Holdings PLC (3.80% fixed rate until 03/11/24; 1.21% + 3 month USD LIBOR thereafter) 3.80% 03/11/25 (a)(b)		258,000		270,903
HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.35% + 3 month USD LIBOR thereafter) 4.29% 09/12/26 (a)(b)		423,000		457,893
HSBC Holdings PLC (6.00% fixed rate until 05/22/27; 3.75% + USD 5 yearMid-Market Swap Rate thereafter) 6.00% 12/31/99 (a)(b)		465,000		497,336
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 yearMid-Market Swap Rate thereafter) 6.50% 12/31/99 (a)(b)		205,000		225,572
Hyundai Capital America 3.10% 04/05/22 (a)(g)		59,000		59,775
Imperial Brands Finance PLC
3.13% 07/26/24 (g)		264,000		266,534
3.50% 07/26/26 (g)		200,000		201,382
ING Groep N.V. 4.10% 10/02/23		287,000		305,463
Ingersoll-Rand Luxembourg Finance S.A.
3.50% 03/21/26 (a)		126,000		131,936
3.55% 11/01/24 (a)		63,000		66,025
3.80% 03/21/29 (a)		26,000		28,016
Intel Corp.
2.45% 11/15/29		280,000		279,625
2.60% 05/19/26 (a)		30,000		30,665
2.88% 05/11/24 (a)		18,000		18,672
International Business Machines Corp.
3.45% 02/19/26 (a)		254,000		270,241
3.50% 05/15/29 (a)		205,000		220,326
4.15% 05/15/39 (a)		150,000		168,995
4.25% 05/15/49 (a)		150,000		171,593
International Paper Co. 4.40% 08/15/47 (a)		69,000		73,842
Interstate Power & Light Co. 3.40% 08/15/25 (a)		241,000		247,620
Jabil Inc. 3.95% 01/12/28 (a)		63,000		64,676
Jefferies Group LLC 5.13% 01/20/23 (a)		53,000		57,311

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

72 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Johnson & Johnson 3.63% 03/03/37 (a)		46,000		50,804
Johnson Controls International PLC 4.50% 02/15/47 (a)		26,000		28,128
JPMorgan Chase & Co.
3.30% 04/01/26 (a)		174,000		183,015
3.63% 12/01/27 (a)		35,000		36,972
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter) 3.51% 01/23/29 (a)(b)		42,000		44,580
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter) 3.88% 07/24/38 (a)(b)		57,000		63,083
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter) 3.90% 01/23/49 (a)(b)		105,000		117,983
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter) 3.96% 01/29/27 (a)(b)		158,000		171,411
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter) 4.01% 04/23/29 (a)(b)		61,000		66,955
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter) 4.03% 07/24/48 (a)(b)		67,000		76,479
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter) 6.10% 10/29/49 (a)(b)		145,000		158,598
JPMorgan Chase & Co. 3.47% + 3 month USD LIBOR 5.41% 12/29/49 (a)(b)		64,000		64,564
Kaiser Foundation Hospitals 3.27% 11/01/49		154,000		154,619
Keurig Dr Pepper Inc.
4.50% 11/15/45 (a)		40,000		44,149
4.60% 05/25/28 (a)		12,000		13,516

	Principal Amount ($)		Fair Value $
Kinder Morgan Energy Partners LP
3.50% 03/01/21 (a)		206,000		208,940
4.70% 11/01/42 (a)		13,000		13,741
5.00% 03/01/43		37,000		40,530
5.30% 09/15/20 (a)		71,000		72,619
6.38% 03/01/41 (a)		37,000		45,952
Kinder Morgan Inc. 5.05% 02/15/46 (a)		35,000		39,334
KLA Corp. 4.65% 11/01/24		234,000		258,001
Kraft Heinz Foods Co.
2.80% 07/02/20 (a)		15,000		15,029
4.38% 06/01/46 (a)		110,000		108,406
L3Harris Technologies Inc. 3.85% 12/15/26 (g)		71,000		76,021
Lam Research Corp. 4.00% 03/15/29 (a)		127,000		139,809
Las Vegas Sands Corp. 3.50% 08/18/26		67,000		69,310
Lear Corp.
4.25% 05/15/29 (a)		109,000		112,778
5.25% 05/15/49 (a)		49,000		51,026
Liberty Property LP 4.38% 02/01/29 (a)		77,000		87,609
Lincoln National Corp.
3.63% 12/12/26 (a)		35,000		36,978
4.35% 03/01/48 (a)		49,000		53,948
Lloyds Banking Group PLC (2.91% fixed rate until 11/07/22; 0.81% + 3 month USD LIBOR thereafter) 2.91% 11/07/23 (a)(b)		203,000		205,996
Lockheed Martin Corp.
3.55% 01/15/26 (a)		36,000		38,636
4.50% 05/15/36 (a)		85,000		100,938
Lowe’s Companies Inc.
3.70% 04/15/46 (a)		15,000		15,305
4.05% 05/03/47 (a)		36,000		38,893
4.55% 04/05/49 (a)		55,000		64,770
LYB International Finance BV 4.88% 03/15/44 (a)		20,000		22,752
LYB International Finance II BV 3.50% 03/02/27 (a)		18,000		18,891
Marathon Oil Corp. 3.85% 06/01/25 (a)		29,000		30,684
Marsh & McLennan Companies Inc.
3.50% 03/10/25 (a)		55,000		58,099
4.90% 03/15/49 (a)		109,000		138,186
Masco Corp. 3.50% 11/15/27 (a)		16,000		16,546

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

Elfun Income Fund 73

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Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
McDonald’s Corp.
3.63% 09/01/49		54,000		55,196
3.70% 01/30/26 (a)		14,000		15,045
3.80% 04/01/28 (a)		65,000		70,807
4.88% 12/09/45 (a)		35,000		42,373
McKesson Corp. 3.65% 11/30/20 (a)		354,000		359,137
Medtronic Inc. 4.63% 03/15/45 (a)		12,000		15,080
Memorial Sloan-Kettering Cancer Center 4.13% 07/01/52 (a)		118,000		134,280
Merck & Company Inc.
2.75% 02/10/25 (a)		52,000		53,910
3.40% 03/07/29 (a)		91,000		98,588
4.00% 03/07/49 (a)		64,000		74,914
MetLife Inc.
4.05% 03/01/45 (a)		16,000		18,544
4.72% 12/15/44 (a)		59,000		71,813
Microsoft Corp.
2.40% 08/08/26 (a)		67,000		67,865
3.45% 08/08/36 (a)		40,000		43,858
3.50% 02/12/35 (a)		46,000		50,773
3.70% 08/08/46 (a)		129,000		145,575
3.95% 08/08/56 (a)		68,000		80,322
4.10% 02/06/37 (a)		18,000		21,257
4.50% 02/06/57 (a)		19,000		24,629
Mitsubishi UFJ Financial Group Inc. 2.80% 07/18/24		264,000		269,156
Mizuho Financial Group Inc. (3.92% fixed rate until 09/11/23; 1.00% + 3 month USD LIBOR thereafter) 3.92% 09/11/24 (a)(b)		220,000		231,154
Molson Coors Brewing Co.
2.10% 07/15/21 (a)		142,000		142,098
4.20% 07/15/46 (a)		32,000		31,908
Morgan Stanley
2.75% 05/19/22 (a)		189,000		192,266
3.70% 10/23/24 (a)		28,000		29,738
3.95% 04/23/27 (a)		128,000		137,079
4.10% 05/22/23 (a)		106,000		111,864
4.35% 09/08/26		188,000		205,591
4.38% 01/22/47 (a)		81,000		97,008
Morgan Stanley (2.72% fixed rate until 07/22/24; 1.15% + SOFR thereafter) 2.72% 07/22/25 (b)		301,000		305,247
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) 3.97% 07/22/38 (a)(b)		58,000		64,606

	Principal Amount ($)		Fair Value $
Morgan Stanley (4.43% fixed rate until 01/23/29; 1.63% + 3 month USD LIBOR thereafter) 4.43% 01/23/30 (a)(b)		79,000		89,328
MPLX LP
3.38% 03/15/23 (a)		34,000		34,917
5.20% 12/01/47 (g)		33,000		35,486
5.25% 01/15/25 (g)		598,000		627,816
6.25% 10/15/22 (g)		170,000		172,567
MPLX LP 1.10% + 3 month USD LIBOR 2.99% 09/09/22 (b)		180,000		180,502
Mylan Inc. 5.20% 04/15/48 (a)		44,000		48,964
Mylan N.V.
3.15% 06/15/21 (a)		61,000		61,783
3.95% 06/15/26 (a)		15,000		15,594
National Australia Bank Ltd. (3.93% fixed rate until 08/02/29; 1.88% + 5 year CMT Rate thereafter) 3.93% 08/02/34 (b)(g)		264,000		274,275
National Oilwell Varco Inc. 3.60% 12/01/29		140,000		140,606
National Retail Properties Inc. 4.00% 11/15/25 (a)		65,000		69,811
Newfield Exploration Co. 5.63% 07/01/24		469,000		517,293
Newmont Goldcorp Corp. 4.88% 03/15/42 (a)		62,000		72,498
Nexen Inc. 6.40% 05/15/37 (a)		59,000		80,756
NextEra Energy Capital Holdings Inc. 3.25% 04/01/26 (a)		126,000		131,252
NextEra Energy Capital Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter) 5.65% 05/01/79 (a)(b)		86,000		95,494
Noble Energy Inc.
3.85% 01/15/28 (a)		169,000		178,295
3.90% 11/15/24 (a)		36,000		38,106
4.20% 10/15/49		95,000		96,473
5.05% 11/15/44 (a)		16,000		17,703
Nordstrom Inc.
4.38% 04/01/30		50,000		50,968
5.00% 01/15/44 (a)		4,000		3,920
Norfolk Southern Corp. 3.95% 10/01/42 (a)		61,000		65,585

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

74 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Northrop Grumman Corp.
2.55% 10/15/22 (a)		32,000		32,481
3.85% 04/15/45 (a)		14,000		15,056
4.03% 10/15/47 (a)		12,000		13,395
Novartis Capital Corp. 3.00% 11/20/25 (a)		8,000		8,418
Nucor Corp. 3.95% 05/01/28 (a)		71,000		77,235
Nutrien Ltd.
4.00% 12/15/26 (a)		32,000		34,147
4.90% 06/01/43 (a)		60,000		67,528
NXP BV/NXP Funding LLC 4.13% 06/01/21 (a)(g)		502,000		514,645
Occidental Petroleum Corp.
2.70% 08/15/22		115,000		116,256
2.90% 08/15/24		57,000		57,902
3.50% 08/15/29		105,000		107,084
4.10% 02/15/47 (a)		18,000		17,485
4.85% 03/15/21		10,000		10,299
6.20% 03/15/40		34,000		40,617
Omnicom Group Inc./Omnicom Capital Inc. 3.63% 05/01/22 (a)		79,000		81,803
Oncor Electric Delivery Company LLC 3.80% 09/30/47 (a)		18,000		19,803
ONEOK Inc.
4.35% 03/15/29		88,000		95,562
5.20% 07/15/48		116,000		132,271
Oracle Corp.
2.40% 09/15/23 (a)		34,000		34,546
2.65% 07/15/26 (a)		91,000		93,146
3.80% 11/15/37 (a)		22,000		24,009
4.00% 07/15/46 - 11/15/47 (a)		125,000		139,214
4.13% 05/15/45 (a)		30,000		33,837
Oshkosh Corp. 5.38% 03/01/25 (a)		54,000		55,884
Owens Corning 4.40% 01/30/48 (a)		36,000		34,773
PacifiCorp 6.25% 10/15/37 (a)		4,000		5,597
Packaging Corp. of America 3.00% 12/15/29		140,000		141,163
Parker-Hannifin Corp. 3.25% 06/14/29 (a)		82,000		85,527
Patterson-UTI Energy Inc. 5.15% 11/15/29		70,000		71,520
PayPal Holdings Inc.
2.65% 10/01/26		125,000		126,686
2.85% 10/01/29		60,000		60,480
PepsiCo Inc.
2.63% 07/29/29		121,000		123,692
3.38% 07/29/49		33,000		34,609
3.45% 10/06/46 (a)		33,000		34,973

	Principal Amount ($)		Fair Value $
Perrigo Finance Unlimited Co.
3.50% 03/15/21 (a)		227,000		228,342
4.38% 03/15/26		200,000		206,356
Petroleos Mexicanos
5.35% 02/12/28 (a)		48,000		47,757
5.63% 01/23/46 (a)		33,000		29,743
6.35% 02/12/48 (a)		60,000		57,929
6.49% 01/23/27 (g)		55,000		58,678
6.50% 03/13/27 (a)		110,000		116,524
7.69% 01/23/50 (g)		94,000		102,781
Pfizer Inc.
3.45% 03/15/29 (a)		39,000		41,973
3.60% 09/15/28 (a)		93,000		101,806
3.90% 03/15/39 (a)		51,000		57,496
4.13% 12/15/46 (a)		42,000		48,875
4.40% 05/15/44 (a)		19,000		22,694
Philip Morris International Inc.
3.38% 08/15/29 (a)		221,000		231,752
4.13% 03/04/43 (a)		79,000		85,268
Phillips 66 3.90% 03/15/28 (a)		68,000		74,218
Phillips 66 Partners LP
3.75% 03/01/28 (a)		26,000		27,126
4.68% 02/15/45 (a)		48,000		51,809
Plains All American Pipeline LP/PAA Finance Corp.
3.55% 12/15/29		233,000		229,621
3.65% 06/01/22 (a)		132,000		135,527
4.70% 06/15/44 (a)		32,000		31,127
PPL Capital Funding Inc. 3.10% 05/15/26 (a)		81,000		82,499
Precision Castparts Corp. 4.38% 06/15/45 (a)		60,000		69,985
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter) 5.70% 09/15/48 (a)(b)		111,000		127,099
Public Service Company of Colorado 3.70% 06/15/28 (a)		86,000		93,765
Public Service Electric & Gas Co. 2.38% 05/15/23 (a)		138,000		139,806
QUALCOMM Inc.
2.90% 05/20/24 (a)		3,000		3,096
3.00% 05/20/22 (a)		30,000		30,752
3.25% 05/20/27 (a)		4,000		4,208
4.30% 05/20/47 (a)		16,000		18,333
Quest Diagnostics Inc. 2.95% 06/30/30		35,000		35,071
Realty Income Corp. 3.00% 01/15/27 (a)		29,000		29,865

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

Elfun Income Fund 75

Elfun Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Reynolds American Inc. 4.45% 06/12/25 (a)		4,000		4,308
Rio Tinto Finance USA PLC 4.13% 08/21/42 (a)		37,000		42,418
Rockwell Automation Inc. 4.20% 03/01/49 (a)		66,000		76,855
Rockwell Collins Inc. 3.50% 03/15/27 (a)		50,000		53,171
Rogers Communications Inc. 5.00% 03/15/44 (a)		25,000		30,374
Roper Technologies Inc. 2.95% 09/15/29		97,000		97,983
Royal Bank of Scotland Group PLC (4.52% fixed rate until 06/25/23; 1.55% + 3 month USD LIBOR thereafter) 4.52% 06/25/24 (a)(b)		201,000		213,458
RPM International Inc. 3.75% 03/15/27 (a)		40,000		41,347
Ryder System Inc.
2.50% 09/01/24		190,000		191,305
2.90% 12/01/26		245,000		247,602
3.65% 03/18/24 (a)		89,000		93,479
Sabine Pass Liquefaction LLC
4.20% 03/15/28 (a)		44,000		46,685
5.00% 03/15/27 (a)		16,000		17,641
Santander Holdings USA Inc.
3.70% 03/28/22 (a)		196,000		201,510
4.40% 07/13/27 (a)		40,000		43,242
Santander UK Group Holdings PLC
4.75% 09/15/25 (a)(g)		200,000		215,542
Saudi Arabian Oil Co.
3.50% 04/16/29 (a)(g)		254,000		263,942
4.38% 04/16/49 (a)(g)		254,000		279,194
Schlumberger Holdings Corp.
3.90% 05/17/28 (a)(g)		76,000		80,869
Selective Insurance Group Inc.
5.38% 03/01/49 (a)		83,000		97,614
Sempra Energy
3.80% 02/01/38 (a)		28,000		29,242
4.00% 02/01/48 (a)		37,000		38,745
Shell International Finance BV
2.38% 08/21/22 (a)		119,000		120,673
3.13% 11/07/49		137,000		135,111
3.75% 09/12/46 (a)		29,000		31,794
4.13% 05/11/35 (a)		37,000		43,111
Shire Acquisitions Investments Ireland DAC
2.88% 09/23/23 (a)		13,000		13,258
3.20% 09/23/26 (a)		21,000		21,643
Simon Property Group LP
3.38% 06/15/27 (a)		55,000		58,245

	Principal Amount ($)		Fair Value $
Southern California Edison Co.
2.40% 02/01/22 (a)		106,000		106,577
2.90% 03/01/21 (a)		146,000		147,269
4.00% 04/01/47		169,000		177,759
4.20% 03/01/29 (a)		126,000		138,807
Southern Company Gas Capital Corp.
4.40% 05/30/47 (a)		13,000		14,360
Southern Copper Corp.
5.88% 04/23/45 (a)		64,000		80,006
Southwestern Electric Power Co.
2.75% 10/01/26 (a)		64,000		63,834
Spectra Energy Partners LP
3.38% 10/15/26 (a)		15,000		15,522
4.50% 03/15/45 (a)		13,000		14,259
Spirit Realty LP
4.00% 07/15/29		106,000		111,497
Starbucks Corp.
4.00% 11/15/28 (a)		40,000		44,370
Steel Dynamics Inc.
2.80% 12/15/24		70,000		70,601
3.45% 04/15/30		70,000		70,968
4.13% 09/15/25 (a)		404,000		415,518
Sumitomo Mitsui Financial Group Inc.
2.78% 07/12/22 (a)		159,000		161,771
Suncor Energy Inc.
4.00% 11/15/47 (a)		15,000		16,376
Sunoco Logistics Partners Operations LP
5.30% 04/01/44 (a)		62,000		65,621
Suzano Austria GmbH
6.00% 01/15/29		244,000		275,808
Syngenta Finance N.V.
3.70% 04/24/20 (a)(g)		225,000		225,679
3.93% 04/23/21 (a)(g)		330,000		335,514
4.44% 04/24/23 (a)(g)		200,000		207,782
Sysco Corp.
3.25% 07/15/27 (a)		46,000		48,154
Takeda Pharmaceutical Company Ltd.
4.00% 11/26/21		310,000		320,760
Tampa Electric Co.
4.35% 05/15/44 (a)		121,000		138,135
Target Corp.
2.50% 04/15/26 (a)		54,000		55,246
Teck Resources Ltd.
5.40% 02/01/43 (a)		100,000		105,661
Telefonica Emisiones S.A.
4.10% 03/08/27 (a)		300,000		324,816
Texas Instruments Inc.
3.88% 03/15/39 (a)		71,000		80,663

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

76 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
The Allstate Corp. 4.20% 12/15/46 (a)		36,000		42,012
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) 5.75% 08/15/53 (a)(b)		127,000		136,719
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter) 4.63% 12/29/49 (a)(b)		71,000		74,754
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter) 4.65% 12/31/99 (a)(b)		101,000		102,515
The Boeing Co.
2.70% 02/01/27		178,000		180,181
2.95% 02/01/30		104,000		106,137
3.25% 03/01/28 (a)		14,000		14,592
3.55% 03/01/38 (a)		12,000		12,488
3.75% 02/01/50		50,000		53,165
The Cleveland Electric Illuminating Co. 4.55% 11/15/30 (a)(g)		230,000		258,191
The Dow Chemical Co.
4.25% 10/01/34 (a)		66,000		72,859
5.55% 11/30/48		48,000		60,233
The Estee Lauder Companies Inc.
2.38% 12/01/29		70,000		69,980
3.13% 12/01/49		55,000		55,089
The George Washington University 4.13% 09/15/48 (a)		100,000		115,165
The Goldman Sachs Group Inc.
3.50% 11/16/26 (a)		181,000		190,501
3.85% 01/26/27 (a)		30,000		31,936
4.25% 10/21/25 (a)		5,000		5,436
5.15% 05/22/45 (a)		49,000		60,356
The Goldman Sachs Group Inc. (2.88% fixed rate until 10/31/21; 0.82% + 3 month USD LIBOR thereafter) 2.88% 10/31/22 (a)(b)		124,000		125,648
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter) 2.91% 06/05/23 (a)(b)		129,000		131,096

	Principal Amount ($)		Fair Value $
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter)
3.81% 04/23/29 (a)(b)		48,000		51,452
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)
4.02% 10/31/38 (a)(b)		56,000		60,888
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter)
4.22% 05/01/29 (a)(b)		82,000		90,400
The Hartford Financial Services Group Inc.
2.80% 08/19/29		200,000		202,612
The Hartford Financial Services Group Inc. 2.13% + 3 month USD LIBOR
4.03% 02/12/47 (a)(b)(g)		120,000		111,938
The Home Depot Inc.
3.50% 09/15/56 (a)		60,000		63,058
3.90% 12/06/28 - 06/15/47 (a)		90,000		101,394
4.50% 12/06/48 (a)		39,000		48,186
The Interpublic Group of Companies Inc.
3.75% 10/01/21 (a)		163,000		167,478
The Kroger Co.
2.95% 11/01/21 (a)		149,000		151,509
4.65% 01/15/48 (a)		33,000		36,080
The Mosaic Co.
5.63% 11/15/43 (a)		14,000		16,565
The Sherwin-Williams Co.
2.75% 06/01/22 (a)		15,000		15,258
3.45% 06/01/27 (a)		4,000		4,231
4.50% 06/01/47 (a)		11,000		12,554
The Southern Co.
3.25% 07/01/26 (a)		30,000		31,147
4.40% 07/01/46 (a)		15,000		16,652
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter)
3.63% 09/15/31 (a)(b)		100,000		104,888
The Walt Disney Co.
3.38% 11/15/26		16,000		17,136
4.00% 10/01/23		220,000		235,085
4.75% 11/15/46		13,000		16,669
6.65% 11/15/37		94,000		139,635

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

Elfun Income Fund 77

Elfun Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
The Williams Companies Inc.
3.75% 06/15/27 (a)		16,000		16,694
3.90% 01/15/25 (a)		31,000		32,591
4.85% 03/01/48 (a)		46,000		50,441
4.90% 01/15/45 (a)		21,000		22,695
5.40% 03/04/44 (a)		14,000		15,755
Time Warner Cable LLC
4.50% 09/15/42 (a)		12,000		12,285
6.55% 05/01/37 (a)		42,000		51,975
Total Capital International S.A.
3.46% 02/19/29 (a)		124,000		134,370
TransCanada PipeLines Ltd.
4.25% 05/15/28 (a)		124,000		137,775
4.88% 01/15/26 (a)		20,000		22,436
Transcontinental Gas Pipe Line Company LLC
4.00% 03/15/28 (a)		55,000		58,398
Trinity Health Corp.
3.43% 12/01/48		37,000		36,819
Truist Bank (3.50% fixed rate until 08/02/21; 0.59% + 3 month USD LIBOR thereafter)
3.50% 08/02/22 (b)		93,000		94,995
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter)
4.80% 12/31/99 (b)		252,000		259,419
TWDC Enterprises 18 Corp.
4.13% 06/01/44 (a)		18,000		21,344
Tyco Electronics Group S.A.
3.13% 08/15/27 (a)		52,000		53,580
Tyson Foods Inc.
4.00% 03/01/26 (a)		175,000		189,478
4.55% 06/02/47 (a)		16,000		18,334
U.S. Bancorp
3.15% 04/27/27 (a)		89,000		93,502
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter)
5.13% 12/29/49 (a)(b)		166,000		170,553
UBS Group AG (2.86% fixed rate until 08/15/22; 0.95% + 3 month USD LIBOR thereafter)
2.86% 08/15/23 (a)(b)(g)		284,000		288,291
UBS Group AG (3.13% fixed rate until 08/13/29; 1.47% + 3 month USD LIBOR thereafter)
3.13% 08/13/30 (b)(g)		259,000		264,594

	Principal Amount ($)		Fair Value $
UDR Inc.
3.00% 08/15/31		75,000		74,969
Union Pacific Corp.
3.50% 06/08/23 (a)		87,000		91,139
3.60% 09/15/37 (a)		18,000		18,700
4.10% 09/15/67 (a)		37,000		38,189
4.30% 03/01/49 (a)		51,000		58,968
United Technologies Corp.
3.13% 05/04/27 (a)		142,000		148,799
3.65% 08/16/23 (a)		93,000		98,076
3.95% 08/16/25 (a)		34,000		37,100
4.13% 11/16/28 (a)		10,000		11,258
4.15% 05/15/45 (a)		56,000		64,163
4.45% 11/16/38 (a)		45,000		53,187
4.50% 06/01/42 (a)		39,000		46,811
UnitedHealth Group Inc.
4.45% 12/15/48 (a)		92,000		109,934
4.75% 07/15/45 (a)		29,000		35,670
Vale S.A.
5.63% 09/11/42 (a)		29,000		34,044
Valero Energy Corp.
4.00% 04/01/29 (a)		211,000		227,536
Valero Energy Partners LP
4.38% 12/15/26 (a)		100,000		109,132
Ventas Realty LP
3.25% 10/15/26 (a)		67,000		68,829
Verizon Communications Inc.
3.88% 02/08/29 (a)		30,000		33,094
4.33% 09/21/28 (a)		67,000		76,070
4.40% 11/01/34 (a)		98,000		113,985
4.52% 09/15/48 (a)		54,000		64,669
4.67% 03/15/55 (a)		52,000		64,190
4.86% 08/21/46 (a)		212,000		263,249
5.25% 03/16/37 (a)		42,000		52,712
ViacomCBS Inc.
2.90% 01/15/27 (a)		34,000		34,035
3.45% 10/04/26 (a)		47,000		48,003
3.70% 06/01/28 (a)		41,000		42,975
4.38% 03/15/43 (a)		48,000		50,839
5.25% 04/01/44 (a)		12,000		13,955
Virginia Electric & Power Co.
4.00% 11/15/46 (a)		104,000		115,056
Visa Inc.
3.15% 12/14/25 (a)		16,000		16,926
4.30% 12/14/45 (a)		44,000		54,220
Vistra Operations Company LLC
3.55% 07/15/24 (a)(g)		235,000		239,030
Vodafone Group PLC
4.38% 05/30/28 (a)		53,000		58,746
5.25% 05/30/48 (a)		37,000		44,508
Volkswagen Group of America Finance LLC
4.00% 11/12/21 (a)(g)		400,000		413,588

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

78 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
Vornado Realty LP
3.50% 01/15/25 (a)		35,000		36,523
Vulcan Materials Co.
3.90% 04/01/27 (a)		18,000		19,028
Walmart Inc.
3.63% 12/15/47 (a)		43,000		47,645
3.70% 06/26/28 (a)		80,000		88,179
3.95% 06/28/38 (a)		34,000		39,516
4.05% 06/29/48 (a)		56,000		66,520
WEC Energy Group Inc.
3.55% 06/15/25 (a)		58,000		61,573
Wells Fargo & Co.
3.90% 05/01/45 (a)		6,000		6,810
4.15% 01/24/29 (a)		160,000		178,739
4.75% 12/07/46 (a)		162,000		195,045
Wells Fargo & Co. (2.88% fixed rate until 10/30/29; 1.17% + 3 month USD LIBOR thereafter)
2.88% 10/30/30 (b)		46,000		46,352
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter)
3.20% 06/17/27 (a)(b)		174,000		180,478
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)
5.88% 12/29/49 (a,b)		88,000		98,564
Wells Fargo & Co. 3.77% + 3 month USD LIBOR
5.66% 03/29/49 (a)(b)		102,000		103,393
Western Midstream Operating LP
4.00% 07/01/22 (a)		162,000		166,476
5.38% 06/01/21 (a)		166,000		170,856
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter)
4.11% 07/24/34 (b)		106,000		111,385
Willis North America Inc.
3.60% 05/15/24 (a)		62,000		64,873
WPP Finance 2010
3.75% 09/19/24 (a)		40,000		42,164
WRKCo Inc.
3.00% 09/15/24 (a)		48,000		48,996
Xilinx Inc.
2.95% 06/01/24 (a)		37,000		38,054
Zoetis Inc.
3.00% 09/12/27 (a)		17,000		17,455
3.90% 08/20/28 (a)		53,000		57,485
				69,495,313

	Principal Amount ($)		Fair Value $
Non-Agency Collateralized Mortgage Obligations - 3.4%
Banc of America Commercial Mortgage Trust 2016-UBS10
4.91% 07/15/49 (a)(b)		290,000		310,615
BANK 2018-BNK11
4.36% 03/15/61 (a)(b)		139,000		151,852
BANK 2019-BNK17
4.52% 04/15/52 (a)(b)		122,000		130,687
BX Commercial Mortgage Trust2018-IND 0.75% + 1 month USD LIBOR
2.49% 11/15/35 (a)(b)(g)		323,527		323,246
Cantor Commercial Real Estate Lending2019-CF3
3.01% 01/15/53		925,000		949,087
CD2019-CD8 Mortgage Trust
2.91% 08/15/57		839,000		855,841
Citigroup Commercial Mortgage Trust2016-P5
2.94% 10/10/49 (a)		399,397		409,351
Citigroup Commercial Mortgage Trust2016-P6
4.03% 12/10/49 (a)(b)		336,823		361,302
Citigroup Commercial Mortgage Trust2018-C5
4.51% 06/10/51 (a)(b)		250,000		273,280
COMM 2013-LC13 Mortgage Trust
4.56% 08/10/46 (a)(b)(g)		170,000		182,947
COMM 2014-CR14 Mortgage Trust
4.53% 02/10/47 (a)(b)		240,000		257,222
GS Mortgage Securities Trust 2012-GCJ9
1.95% 11/10/45 (a)(b)(d)		703,232		32,163
GS Mortgage Securities Trust2016-GS3
2.85% 10/10/49 (a)		333,000		340,837
GS Mortgage Securities Trust2017-GS8
3.47% 11/10/50 (a)		767,075		810,368
GS Mortgage Securities Trust2018-GS9
4.14% 03/10/51 (a)(b)		291,000		313,863
Impac CMB Trust2004-5 0.72% + 1 month USD LIBOR
2.51% 10/25/34 (a)(b)		45,152		44,281
JP Morgan Chase Commercial Mortgage Securities Trust2012-LC9
1.51% 12/15/47 (a)(b)(d)		586,140		20,404

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

Elfun Income Fund 79

Elfun Income Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Fair Value $
JPMBB Commercial Mortgage Securities Trust2013-C12
4.04% 07/15/45 (a)(b)		125,000		131,340
JPMBB Commercial Mortgage Securities Trust2015-C32
4.67% 11/15/48 (a)(b)		250,000		262,749
MASTR Alternative Loan Trust2003-5
5.00% 08/25/18 (a)(d)		1,569		52
Morgan Stanley Bank of America Merrill Lynch Trust2015-C21
0.90% 03/15/48 (a)(b)(d)		3,535,671		127,528
Morgan Stanley Capital I Trust 2006-IQ11
6.07% 10/15/42 (a)(b)		201,687		205,646
UBS Commercial Mortgage Trust2018-C12
4.79% 08/15/51 (a)(b)		213,000		235,406
Wells Fargo Commercial Mortgage Trust2015-C26
1.21% 02/15/48 (a)(b)(d)		2,688,530		135,731
Wells Fargo Commercial Mortgage Trust2019-C50
4.35% 05/15/52 (a)		175,000		183,324
WFRBS Commercial Mortgage Trust2013-C17
4.26% 12/15/46 (a)		235,000		249,135
WFRBS Commercial Mortgage Trust 2014-LC14
4.35% 03/15/47 (a)(b)		533,000		570,154
				7,868,411
Sovereign Bonds - 1.0%
Government of Chile
3.86% 06/21/47 (a)		200,000		222,838
Government of Colombia
5.00% 06/15/45 (a)		200,000		232,680
Government of Mexico
4.00% 10/02/23		86,000		90,631
4.75% 03/08/44 (a)		200,000		221,184
Government of Panama
3.16% 01/23/30		200,000		206,258
3.87% 07/23/60		200,000		215,494
Government of Peru
5.63% 11/18/50 (a)		105,000		153,538
Government of Philippines
3.95% 01/20/40 (a)		200,000		229,616
Government of Qatar
3.38% 03/14/24 (a)(g)		200,000		209,268
4.82% 03/14/49 (a)(g)		258,000		319,497
Government of Uruguay
5.10% 06/18/50		105,744		127,170
				2,228,174

	Principal Amount ($) or Number of Shares		Fair Value $
Municipal Bonds and Notes - 0.5%
American Municipal Power Inc.
6.27% 02/15/50 (a)		135,000		180,345
Commonwealth of Massachusetts
2.90% 09/01/49		75,000		70,790
New Jersey Transportation Trust Fund Authority
6.88% 12/15/39 (a)		165,000		165,434
Port Authority of New York & New Jersey
4.46% 10/01/62 (a)		220,000		269,632
State of California
4.60% 04/01/38 (a)		200,000		221,600
State of Illinois
5.10% 06/01/33 (a)		95,000		102,413
The University of Texas System
3.35% 08/15/47 (a)		115,000		119,779
				1,129,993
Total Bonds and Notes (Cost $219,066,225)				226,827,180
Domestic Equity - 0.1%
Preferred Stock - 0.1%
Wells Fargo & Co. 3.09% + 3 month USD LIBOR(Cost $186,475) (a)(b)		7,459		204,302
Total Investments in Securities (Cost $219,252,700)				227,031,482
Short-Term Investments - 18.7%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.57% (a)(e)(i)		35,778,498		35,778,498
U.S. Treasury Bills 1.47% (e)		8,000,000		7,998,484
Total Short-Term Investments (Cost $43,776,888)				43,776,982
Total Investments (Cost $263,029,588)				270,808,464
Liabilities in Excess of Other Assets, net - (15.9)%				(37,145,845	)
NET ASSETS - 100.0%				233,662,619

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

80 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2019

Other Information:

Centrally Cleared Credit Default Swaps

Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract Annual Fixed Rate/ Payment Frequency		Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Unrealized Appreciation (Depreciation)
Buy Protection
Markit CDX North America Investment Grade Index	Intercontinental Exchange	$	2,853		1.00%/ Quarterly		06/20/24	$	(74,363	)	$	(47,001	)	$	(27,362	)
Sell Protection
Markit CDX North America High Yield Index	Intercontinental Exchange	$	7,957		5.00%/ Quarterly		06/20/24	$	786,182		$	451,199		$	334,983
														$	307,621

Centrally Cleared Interest Rate Swaps

Counterparty	Notional Amount (000s omitted)			Fund Pays/ Receives Fixed Rate/ Payment Frequency	Floating Rate	Contract Annual Fixed Rate		Termination Date		Market Value			Unamortized Upfront Payments Received		Unrealized Depreciation
CME Group, Inc.	$	10,655	��	Pays/Quarterly	3 Month U.S. Dollar LIBOR		3.05%		11/19/21	$	(267,899	)	$	—	$	(267,899	)
CME Group, Inc.		10,657		Pays/Quarterly	3 Month U.S. Dollar LIBOR		3.06%		11/19/21		(268,852	)		—		(268,852	)
															$	(536,751	)

The Fund had the following long futures contracts open at December 31, 2019:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
2 Yr. U.S. Treasury Notes Futures		March 2020		192	$	41,370,849	$	41,376,000	$	5,151
5 Yr. U.S. Treasury Notes Futures		March 2020		7		828,593		830,266		1,673
10 Yr. U.S. Treasury Notes Futures		March 2020		49		6,329,296		6,292,672		(36,624	)
									$	(29,800	)

The Fund had the following short futures contracts open at December 31, 2019:

Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Appreciation
Ultra Long-Term U.S. Treasury Bond Futures		March 2020		5	$	(919,112	)	$	(908,282	)	$	10,830
U.S. Long Bond Futures		March 2020		19		(3,022,611	)		(2,962,219	)		60,392
10 Yr. U.S. Treasury Ultra Futures		March 2020		58		(8,249,836	)		(8,160,781	)		89,055
											$	160,277

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

Elfun Income Fund 81

Elfun Income Fund

Schedule of Investments, continued — December 31, 2019

During the fiscal year ended December 31, 2019 average notional values related to derivative contracts were as follows:

	Purchased Put Options		Written Put Options		Long Futures Contracts		Short Futures Contracts		Credit Default Swap Contracts		Interest Rate Swap Contracts
Average Notional Value	$	3,510	$	351	$	61,865,987	$	11,419,276	$	8,623,273	$	21,312,326

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a) At December 31, 2019, all or a portion of this security was pledged to cover collateral requirements for futures, options, swaps and/or TBAs.

(b) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

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

(d) 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.

(e) Coupon amount represents effective yield.

(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) Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2019, these securities amounted to $14,197,103 or 6.08% of the net assets of the Elfun Income Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Trustees .

(h) Step coupon bond.

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

† Percentages are based on net assets as of December 31, 2019.

Abbreviations:

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

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

82 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2019

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2019:

Fund	Investments		Level 1			Level 2			Level 3		Total
Elfun Income Fund		Investments in Securities
		U.S. Treasuries	$	—		$	55,412,596		$	—	$	55,412,596
		Agency Mortgage Backed		—			82,128,206			—		82,128,206
		Agency Collateralized Mortgage Obligations		—			2,249,708			—		2,249,708
		Asset Backed		—			6,314,779			—		6,314,779
		Corporate Notes		—			69,495,313			—		69,495,313
		Non-Agency Collateralized Mortgage Obligations		—			7,868,411			—		7,868,411
		Sovereign Bonds		—			2,228,174			—		2,228,174
		Municipal Bonds and Notes		—			1,129,993			—		1,129,993
		Preferred Stock		204,302			—			—		204,302
		Short-Term Investments		35,778,498			7,998,484			—		43,776,982
		Total Investments in Securities	$	35,982,800		$	234,825,664		$	—	$	270,808,464
					��
		Other Financial Instruments
		Credit Default Swap Contracts - Unrealized Appreciation	$	—		$	334,983		$	—	$	334,983
		Credit Default Swap Contracts - Unrealized Depreciation		—			(27,362	)		—		(27,362	)
		Interest Rate Swap Contracts - Unrealized Depreciation		—			(536,751	)		—		(536,751	)
		Long Futures Contracts - Unrealized Appreciation		6,824			—			—		6,824
		Long Futures Contracts - Unrealized Depreciation		(36,624	)		—			—		(36,624	)
		Short Futures Contracts - Unrealized Appreciation		160,277			—			—		160,277
		Total Other Financial Instruments	$	130,477		$	(229,130	)	$	—	$	(98,653	)

Affiliate Table

	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/19		Value at 12/31/19		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		41,181,071	$	41,181,071	$	128,245,890	$	133,648,463	$	—	$	—		35,778,498	$	35,778,498	$	1,118,847

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

Elfun Income Fund 83

Elfun Government Money Market Fund

Management’s Discussion of Fund Performance — December 31, 2019 (Unaudited)

The Elfun Government Money Market Fund (the “Fund”) seeks a high level of current income consistent with prudent investment management and the preservation of capital. The Fund’s benchmark is the Daily-Linked90- DayT-Bill (the “Index”).

For the12-month period ended December 31, 2019 (the “Reporting Period”), the total return for the Fund was 1.99%, and the Index was 2.12%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Federal Reserve’s (the “Fed”)mid-cycle adjustment easing monetary policy was a primary driver of the Fund’s performance during the Reporting Period. The Fed’s three 25 basis point rate cuts brought the target interest rate range to150-175 basis points and saw money market yields follow accordingly. Three month bill yields fell from approximately 2.36% atyear-end 2018 to just under 1.55% atyear-end 2019. A negatively sloped London Interbank Offering Rate (LIBOR) curve and the Fed’s action to inject liquidity into the market following a spike in repo rates in September were also notable drivers of the Fund’s performance.

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

84 Elfun Government Money Market Fund

Elfun Government Money Market Fund

Understanding Your Fund’s Expenses (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entiresix-month period ended December 31, 2019.

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)
Actual Fund Return
Beginning Account Value July 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2019	$	1,009.00	$	1,024.00
Expenses Paid During the Period*	$	1.22	$	1.22

* Expenses are equal to the Fund’s annualized expense ratio of 0.24%** (for the period July 1, 2019-December 31, 2019), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

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

Elfun Government Money Market Fund 85

Elfun Government Money Market Fund

Performance Summary — December 31, 2019 (Unaudited)

Sector Allocation

Portfolio composition as a % of Investments of $128,669 (in thousands) on December 31, 2019^(a)

Average Annual Total Return For the Periods Ended December 31, 2019

(Inception date: 6/13/90)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun Government Money Market Fund		1.99	%		0.85	%		0.46	%	$	10,465
Daily-linked 90-Day T-Bill		2.12	%		1.08	%		0.58	%	$	10,560

(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.

86 Elfun Government Money Market Fund

Elfun Government Money Market Fund

Performance Summary, continued — December 31, 2019 (Unaudited)

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

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

An investment in the Elfun Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any other Government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per unit, it is possible to lose money by investing in the Fund.

Elfun Government Money Market Fund 87

Elfun Government Money Market Fund

Schedule of Investments — December 31, 2019

	Principal Amount ($)		Amortized Cost $
Short-Term Investments - 100.1%†
U.S. Treasuries - 26.9%
U.S. Treasury Bills 1.52% 01/07/20 (a)		500,000		499,896
1.58% 03/26/20 - 05/14/20 (a)		1,650,000		1,641,925
1.60% 06/25/20 (a)		650,000		645,039
1.63% 01/28/20 (a)		3,300,000		3,296,187
1.65% 04/30/20 (a)		500,000		497,339
1.67% 04/30/20 (a)		500,000		497,306
1.85% 04/02/20 (a)		250,000		248,859
1.86% 01/02/20 (a)		250,000		250,000
1.87% 01/02/20 - 03/12/20 (a)		2,350,000		2,342,721
1.88% 02/06/20 - 02/20/20 (a)		2,500,000		2,494,097
1.90% 03/26/20 (a)		1,000,000		995,660
1.92% 03/19/20 (a)		1,000,000		995,979
2.06% 01/16/20 (a)		500,000		499,609
2.08% 01/02/20 - 01/30/20 (a)		800,000		799,209
2.09% 01/02/20 (a)		700,000		700,000
2.13% 01/09/20 (a)		1,000,000		999,596
U.S. Treasury Notes
1.13% 03/31/20 - 04/30/20 (a)		1,500,000		1,497,574
1.38% 01/31/20 - 08/31/20 (a)		589,000		588,361
2.50% 06/30/20 (a)		500,000		502,209
2.88% 10/31/20 (a)		1,000,000		1,010,140
3.50% 05/15/20 (a)		2,200,000		2,215,115
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.00% 1.53% 01/31/20 (b)		1,975,000		1,974,882
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.03% 1.56% 04/30/20 (b)		2,380,000		2,379,363
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.04% 1.57% 07/31/20 (b)		2,100,000		2,099,189
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.05% 1.57% 10/31/20 (b)		1,750,000		1,749,187
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.12% 1.64% 01/31/21 (b)		900,000		899,654
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.14% 1.66% 04/30/21 (b)		1,600,000		1,598,373
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.22% 1.75% 07/31/21 (b)		200,000		199,905

	Principal Amount ($)		Amortized Cost $
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.30% 1.83% 10/31/21 (b)		500,000		500,270
				34,617,644
U.S. Government Agency Obligations - 45.2%
Fannie Mae Discount Notes 1.58% 03/04/20 (a)		1,300,000		1,296,523
Federal Farm Credit Banks 1 month USD LIBOR - 0.00% 1.74% 11/12/20 (b)		600,000		599,948
1.79% 04/23/20 (b)		630,000		629,996
Federal Farm Credit Banks 1 month USD LIBOR - 0.01% 1.78% 03/25/20 (b)		1,100,000		1,099,974
Federal Farm Credit Banks 1 month USD LIBOR - 0.02% 1.70% 06/10/20 (b)		700,000		699,985
1.77% 05/22/20 (b)		400,000		399,994
Federal Farm Credit Banks 1 month USD LIBOR - 0.05% 1.69% 09/16/20 (b)		300,000		299,991
1.74% 02/25/20 (b)		400,000		399,995
Federal Farm Credit Banks 3 month USD LIBOR + 0.11% 1.64% 12/28/20 (b)		1,000,000		999,304
Federal Farm Credit Banks SOFR + 0.04% 1.58% 09/11/20 (b)		300,000		300,000
Federal Farm Credit Discount Notes 1.88% 02/24/20 (a)		800,000		797,833
Federal Home Loan Bank Discount Notes 1.57% 02/05/20 (a)		1,000,000		998,539
1.60% 02/21/20 - 03/13/20 (a)		2,200,000		2,194,276
1.61% 03/04/20 - 03/20/20 (a)		2,000,000		1,994,186
1.62% 02/14/20 (a)		1,200,000		1,197,721
1.63% 05/27/20 (a)		1,200,000		1,192,262
1.66% 04/08/20 (a)		1,000,000		995,635
1.68% 01/22/20 (a)		1,000,000		999,083
1.69% 04/13/20 (a)		1,000,000		995,325
1.71% 01/15/20 (a)		1,000,000		999,393
1.72% 01/03/20 (a)		1,000,000		999,953
1.88% 03/27/20 (a)		500,000		497,834
1.93% 03/20/20 (a)		500,000		497,952
Federal Home Loan Banks 1.62% 03/02/20 - 06/26/20 (a)		2,900,000		2,899,884
1.69% 07/14/20 (a)		1,000,000		1,000,000
1.74% 07/09/20 (a)		500,000		500,000
1.93% 06/12/20 (a)		1,000,000		1,000,000

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

88 Elfun Government Money Market Fund

Elfun Government Money Market Fund

Schedule of Investments, continued — December 31, 2019

		Principal Amount ($)		Amortized Cost $
1.94% 09/04/20 (a)			1,000,000		1,000,000
1.95% 06/17/20 (a)			1,000,000		1,000,000
2.07% 01/17/20 (a)			900,000		899,990
2.38% 03/30/20 (a)			1,000,000		1,001,189
2.63% 05/28/20 (a)			500,000		502,007
Federal Home Loan Banks 1 month USD LIBOR - 0.02% 1.69% 01/06/20 (b)	��		850,000		850,000
Federal Home Loan Banks 1 month USD LIBOR - 0.03% 1.68% 08/07/20 (b)			1,000,000		1,000,000
1.69% 01/11/21 (b)			500,000		500,000
Federal Home Loan Banks 1 month USD LIBOR - 0.04% 1.72% 12/17/20 (b)			500,000		500,000
Federal Home Loan Banks SOFR + 0.01% 1.55% 01/24/20 (b)			1,000,000		1,000,000
Federal Home Loan Banks SOFR + 0.02% 1.56% 02/21/20 - 05/22/20 (b)			1,500,000		1,500,000
Federal Home Loan Banks SOFR + 0.03% 1.57% 11/06/20 (b)			1,000,000		1,000,000
Federal Home Loan Banks SOFR + 0.04% 1.58% 02/21/20 (b)			600,000		600,000
Federal Home Loan Banks SOFR + 0.06% 1.60% 05/06/20 (b)			300,000		300,000
Federal Home Loan Banks SOFR + 0.07% 1.61% 03/27/20 (b)			1,300,000		1,300,000
Federal Home Loan Banks SOFR + 0.08% 1.62% 05/11/20 (b)			1,000,000		1,000,000
Federal Home Loan Banks SOFR + 0.10% 1.64% 12/23/20 (b)			500,000		500,000
Federal Home Loan Banks SOFR + 0.12% 1.66% 10/07/20 (b)			500,000		500,000
Federal Home Loan Banks SOFR + 0.13% 1.67% 10/16/20 (b)			1,500,000		1,500,000
Federal Home Loan Mortgage Corp. 2.50% 04/23/20 (a)			700,000		701,322
1.88% 11/17/20 (a)			1,000,000		1,001,962
Federal Home Loan Mortgage Corp. SOFR + 0.00% 1.54% 02/12/20 (b)			1,000,000		1,000,000

	Principal Amount ($)		Amortized Cost $
Federal Home Loan Mortgage Corp. SOFR + 0.01% 1.55% 05/13/20 (b)		3,000,000		2,999,734
Federal Home Loan Mortgage Corp. SOFR + 0.02% 1.56% 02/28/20 - 11/20/20 (b)		3,800,000		3,799,848
Federal Home Loan Mortgage Corp. SOFR + 0.03% 1.57% 05/08/20 (b)		1,050,000		1,050,000
Federal Home Loan Mortgage Corp. SOFR + 0.04% 1.58% 09/10/20 (b)		1,000,000		1,000,000
Federal National Mortgage Assoc. SOFR + 0.04% 1.58% 01/29/21 (b)		1,000,000		1,000,000
Federal National Mortgage Assoc. SOFR + 0.08% 1.62% 10/30/20 (b)		450,000		450,000
Freddie Mac Discount Notes 1.60% 05/19/20 (a)		400,000		397,593
Freddie Mac Discount Notes 1.58% 03/19/20 (a)		1,000,000		996,685
1.92% 01/03/20 (a)		700,000		699,963
				58,035,879
Repurchase Agreements - 28.0%
BNP Paribas S.A. U.S. Treasury Repo 1.55% dated 12/31/19, to be repurchased at $10,000,861 on 01/02/20, collateralized by $732,529 U.S. Treasury Bonds, 0.75% to 2.88% maturing from 02/15/45 to 08/15/45, collateralized by $3,848,291 U.S. Treasury Notes, 0.13% to 2.75% maturing from 02/29/20 to 07/15/29, collateralized by $5,619,179 U.S. Treasury Strips, 0.00% maturing from 05/15/24 to 11/15/45. 01/02/20		10,000,000		10,000,000
Citigroup Global Markets, Inc. U.S. Treasury Repo 1.55% dated 12/31/19, to be repurchased at $7,000,603 on 02/01/20, collateralized by $7,107,505 U.S. Treasury Bonds, 1.38% to 3.63% maturing from 02/15/44 to 08/15/44, collateralized by $32,578 U.S. Treasury Note, 1.68% maturing on 01/31/21. 01/02/20		7,000,000		7,000,000

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

Elfun Government Money Market Fund 89

Elfun Government Money Market Fund

Schedule of Investments, continued — December 31, 2019

	Principal Amount ($)		Amortized Cost $
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 1.55% dated 12/31/19, to be repurchased at $9,015,776 on 01/02/20, collateralized by $9,195,409 U.S. Treasury Note, 1.63% maturing on 11/30/26. 01/02/20		9,015,000		9,015,000
Standard Chartered PLC U.S. Treasury Repo 1.55% dated 12/31/19, to be repurchased at $10,000,861 on 01/02/20, collateralized by $1,470 U.S. Treasury Bill, 2.75% maturing on 07/31/23, collateralized by $3,762,520 U.S. Treasury Bonds, 0.00% to 4.50% maturing from 03/26/20 to 05/15/49, collateralized by $5,749,304 U.S. Treasury Notes, 0.13% to 2.88% maturing from 04/15/20 to 11/15/49, collateralized by $686,706 Federal National Mortgage Association, 4.00% maturing on 10/01/47. 01/02/20		10,000,000		10,000,000
				36,015,000
Total Short-Term Investments (Cost $128,668,523)				128,668,523
Liabilities in Excess of Other Assets,net - (0.1)%				(107,856	)
NET ASSETS - 100.0%				128,560,667

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a) Coupon amount represents effective yield.

(b) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

† Percentages are based on net assets as of December 31, 2019.

Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2019:

Fund	Investments	Level 1		Level 2		Level 3		Total
Elfun Government Money Market Fund	Investments in Securities
	U.S. Treasuries	$	—	$	34,617,644	$	—	$	34,617,644
	U.S. Government Agency Obligations		—		58,035,879		—		58,035,879
	Repurchase Agreements		—		36,015,000		—		36,015,000
	Total Investments in Securities	$	—	$	128,668,523	$	—	$	128,668,523

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

90 Elfun Government Money Market Fund

Elfun International Equity Fund

Financial Highlights

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

	12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date														1/1/88
Net asset value, beginning of period	$	18.51		$	22.68		$	18.73		$	19.31		$	19.70
Income/(loss) from investment operations:
Net investment income		0.43	(a)		0.45	(a)		0.34	(a)		0.41			0.34
Net realized and unrealized gains/(losses) on investments		5.15			(4.16	)		3.96			(0.58	)		(0.37	)
Total income/(loss) from investment operations		5.58			(3.71	)		4.30			(0.17	)		(0.03	)
Less distributions from:
Net investment income		0.40			0.46			0.35			0.41			0.36
Total distributions		0.40			0.46			0.35			0.41			0.36
Net asset value, end of period	$	23.69		$	18.51		$	22.68		$	18.73		$	19.31
Total Return(b)		30.14	%		(16.33	)%		22.99	%		(0.86	)%		(0.18	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	199,123		$	183,982		$	237,769		$	208,044		$	234,448
Ratios to average net assets:
Net expenses		0.38	%		0.36	%		0.36	%		0.37	%(c)(d)		0.35	%
Gross expenses		0.38	%		0.36	%		0.36	%		0.43	%(c)(d)		0.35	%
Net investment income		2.02	%		2.06	%		1.64	%		2.11	%		1.59	%
Portfolio turnover rate		15	%		27	%		30	%		33	%		24	%

Notes to Financial Highlights

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

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

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

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

* 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.

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

Financial Highlights 91

Elfun Trusts

Financial Highlights

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

	12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date														5/27/35
Net asset value, beginning of period	$	50.14		$	60.36		$	53.23		$	54.59		$	58.02
Income/(loss) from investment operations:
Net investment income		0.71	(a)		0.74	(a)		0.76	(a)		0.81			0.80
Net realized and unrealized gains/(losses) on investments		17.15			(2.85	)		12.88			2.54			0.25
Total income/(loss) from investment operations		17.86			(2.11	)		13.65			3.35			1.05
Less distributions from:
Net investment income		0.67			0.76			0.78			0.79			0.80
Net realized gains		5.17			7.35			5.74			3.92			3.68
Total distributions		5.84			8.11			6.52			4.71			4.48
Net asset value, end of period	$	62.16		$	50.14		$	60.36		$	53.23		$	54.59
Total Return(b)		35.57	%		(3.39	)%		25.61	%		6.08	%		1.70	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	2,979,222		$	2,427,667		$	2,737,919		$	2,331,966		$	2,364,319
Ratios to average net assets:
Net expenses		0.18	%		0.19	%		0.18	%		0.18	%		0.16	%
Gross expenses		0.18	%		0.19	%		0.18	%		0.18	%		0.16	%
Net investment income		1.20	%		1.17	%		1.25	%		1.43	%		1.32	%
Portfolio turnover rate		17	%		18	%		16	%		15	%		11	%

Notes to Financial Highlights

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

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

* 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.

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

92 Financial Highlights

Elfun Diversified Fund

Financial Highlights

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

	12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date														1/1/88
Net asset value, beginning of period	$	17.02		$	18.60		$	17.91		$	17.50		$	18.78
Income/(loss) from investment operations:
Net investment income		0.41	(a)		0.42	(a)		0.43	(a)		0.38			0.34
Net realized and unrealized gains/(losses) on investments		2.93			(1.45	)		2.32			0.58			(0.57	)
Total income/(loss) from investment operations		3.34			(1.03	)		2.75			0.96			(0.23	)
Less distributions from:
Net investment income		0.42			0.43			0.46			0.36			0.34
Net realized gains		0.40			0.12			1.60			0.19			0.71
Total distributions		0.82			0.55			2.06			0.55			1.05
Net asset value, end of period	$	19.54		$	17.02		$	18.60		$	17.91		$	17.50
Total Return(b)		19.58	%		(5.51	)%		15.40	%		5.48	%		(1.25	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	199,011		$	181,943		$	209,939		$	198,938		$	209,688
Ratios to average net assets:
Net expenses		0.30	%		0.33	%		0.40	%		0.39	%(c)		0.37	%
Gross expenses		0.30	%		0.33	%		0.40	%		0.39	%(c)		0.37	%
Net investment income		2.20	%		2.26	%		2.23	%		1.98	%		1.69	%
Portfolio turnover rate		162	%		72	%		186	%		116	%		123	%

Notes to Financial Highlights

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

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

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

* 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.

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

Financial Highlights 93

ElfunTax-Exempt Income Fund

Financial Highlights

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

	12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date														1/1/80
Net asset value, beginning of period	$	11.19		$	11.55		$	11.48		$	11.88		$	11.97
Income/(loss) from investment operations:
Net investment income		0.38	(a)		0.46	(a)		0.46	(a)		0.46			0.46
Net realized and unrealized gains/(losses) on investments		0.41			(0.36	)		0.07			(0.40	)		(0.09	)
Total income from investment operations		0.79			0.10			0.53			0.06			0.37
Less distributions from:
Net investment income		0.44			0.46			0.46			0.46			0.46
Total distributions		0.44			0.46			0.46			0.46			0.46
Net asset value, end of period	$	11.54		$	11.19		$	11.55		$	11.48		$	11.88
Total Return(b)		7.13	%		0.90	%		4.71	%		0.42	%		3.21	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,377,821		$	1,376,980		$	1,471,350		$	1,495,248		$	1,588,272
Ratios to average net assets:
Net expenses		0.20	%		0.21	%		0.20	%		0.20	%		0.18	%
Gross expenses		0.20	%		0.21	%		0.20	%		0.20	%		0.18	%
Net investment income		3.35	%		4.06	%		4.00	%		3.84	%		3.92	%
Portfolio turnover rate		25	%		18	%		26	%		31	%		22	%

Notes to Financial Highlights

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

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

* 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.

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

94 Financial Highlights

Elfun Income Fund

Financial Highlights

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

	12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date														12/31/84
Net asset value, beginning of period	$	11.02		$	11.44		$	11.28		$	11.26		$	11.57
Income/(loss) from investment operations:
Net investment income		0.32	(a)		0.32	(a)		0.29	(a)		0.30			0.32
Net realized and unrealized gains/(losses) on investments		0.73			(0.41	)		0.15			0.09			(0.29	)
Total income/(loss) from investment operations		1.05			(0.09	)		0.44			0.39			0.03
Less distributions from:
Net investment income		0.33			0.33			0.28			0.28			0.32
Net realized gains		—			—			—			0.09			0.02
Total distributions		0.33			0.33			0.28			0.37			0.34
Net asset value, end of period	$	11.74		$	11.02		$	11.44		$	11.28		$	11.26
Total Return(b)		9.50	%		(0.80	)%		3.90	%		3.52	%		0.22	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	233,663		$	229,477		$	261,189		$	276,142		$	289,872
Ratios to average net assets:
Net expenses		0.29	%		0.34	%		0.33	%		0.31	%		0.28	%
Gross expenses		0.29	%		0.34	%		0.33	%		0.31	%		0.28	%
Net investment income		2.77	%		2.88	%		2.54	%		2.63	%		2.71	%
Portfolio turnover rate		107	%		207	%		299	%		238	%		278	%

Notes to Financial Highlights

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

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

* 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.

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

Financial Highlights 95

Elfun Government Money Market Fund

Financial Highlights

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

	12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date														6/13/90
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income/(loss) from investment operations:
Net investment income		0.02	(a)		0.02	(a)		0.01	(a)		0.00	(b)		—
Total income from investment operations		0.02			0.02			0.01			0.00	(b)		—
Less distributions from:
Net investment income		0.02			0.02			0.01			0.00	(b)		0.00	(b)
Net realized gains		—			—			0.00	(b)		—			—
Total distributions		0.02			0.02			0.01			0.00	(b)		0.00	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(c)		1.99	%		1.55	%		0.58	%		0.06	%		0.08	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	128,561		$	104,275		$	109,828		$	111,339		$	129,039
Ratios to average net assets:
Net expenses		0.26	%		0.32	%		0.34	%		0.49	%(e)		0.09	%(d)
Gross expenses		0.26	%		0.32	%		0.34	%		0.49	%(e)		0.25	%
Net investment income (loss)		1.96	%		1.53	%		0.56	%		(0.11	)%(e)		—	%

Notes to Financial Highlights

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

(b) Rounds to less than $0.005.

(c) 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.

(d) 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.

(e) 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%.

* 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.

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

96 Financial Highlights

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Elfun Funds

Statements of Assets and Liabilities — December 31, 2019

	Elfun International Equity Fund		Elfun Trusts
Assets
Investments in securities, at fair value (cost $137,388,023; $1,565,903,159; $115,137,717; $1,268,837,699; $219,252,700 and $0, respectively)	$	192,306,375	$	2,892,829,537
Investments in affiliated securities, at fair value (cost $0; $0; $47,998,327; $0; $0 and $0, respectively)		—		—
Short-term investments, at fair value (cost $0; $0; $2,789,006; $0; $7,998,390 and $92,653,523, respectively)		—		—
Short-term affiliated investments, at fair value		6,197,070		83,003,349
Repurchase agreements		—		—
Cash		—		—
Net cash collateral on deposit with broker for future contracts		139,714		—
Foreign currency (cost $5,310; $0; $14,761; $0; $0 and $0, respectively)		5,311		—
Receivable for investments sold		—		—
Income receivables		625,995		4,270,242
Receivable for fund shares sold		4,317		345,411
Income receivable from affiliated investments		5,032		83,319
Receivable for accumulated variation margin on swap contracts		—		—
Receivable for accumulated variation margin on futures contracts		6,850		—
Other assets		—		22,996
Total assets		199,290,664		2,980,554,854
Liabilities
Distribution payable to shareholders		—		—
Due to custodian		—		11,418
Net cash collateral on futures contracts due to broker		—		—
Net cash collateral on swap contracts due to broker		—		—
Payable for investments purchased		—		—
Payable for fund shares redeemed		1,982		816,207
Payable for accumulated variation margin on swap contracts		—		—
Payable for accumulated variation margin on futures contracts		—		—
Payable to the Adviser		35,099		353,881
Payable for custody, fund accounting andsub-administration fees		10,460		29,525
Accrued other expenses		24,578		121,440
Accrued foreign capital gains tax		95,190		—
Total liabilities		167,309		1,332,471
Net Assets	$	199,123,355	$	2,979,222,383
Net Assets Consist of:
Capital paid in	$	154,339,059	$	1,639,331,357
Total distributable earnings (loss)	$	44,784,296	$	1,339,891,026
Net Assets	$	199,123,355	$	2,979,222,383
Shares outstanding (Par value $10; $10; $10; $10; $10; and $1, respectively; unlimited shares authorized)		8,403,753		47,928,974
Net asset value, offering and redemption price per share	$	23.69	$	62.16

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

98 Statements of Assets and Liabilities

Elfun Diversified Fund		Elfun Tax-Exempt Income Fund		Elfun Income Fund		Elfun Government Money Market Fund
$	137,160,261	$	1,352,944,890	$	227,031,482	$	—
	53,112,119		—		—		—
	2,789,006		—		7,998,484		92,653,523
	20,765,085		17,584,856		35,778,498		—
	—		—		—		36,015,000
	—		—		—		623
	28,051		—		—		—
	15,160		—		—		—
	3,470,420		—		11,191,511		—
	452,092		17,264,655		1,250,077		—
	349		202,981		36,141		233,338
	31,190		25,206		56,675		156,325
	239,702		—		800,547		—
	—		—		131,238		—
	1,597		—		1,925		939
	218,065,032		1,388,022,588		284,276,578		129,059,748
	—		1,322,716		119,009		16,166
	2,278		—		4,741		—
	—		—		121,419		—
	87,441		—		166,205		—
	18,652,859		8,451,366		49,354,027		—
	74,103		189,043		60,825		441,105
	152,363		—		638,487		—
	7,489		—		—		—
	26,996		181,148		28,866		10,585
	24,924		12,504		91,302		4,649
	26,031		45,242		29,078		26,576
	—		—		—		—
	19,054,484		10,202,019		50,613,959		499,081
$	199,010,548	$	1,377,820,569	$	233,662,619	$	128,560,667
$	171,415,998	$	1,331,572,573	$	227,388,284	$	128,560,667
$	27,594,550	$	46,247,996	$	6,274,335	$	—
$	199,010,548	$	1,377,820,569	$	233,662,619	$	128,560,667
	10,187,188		119,370,147		19,910,709		128,561,380
$	19.54	$	11.54	$	11.74	$	1.00

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

Statements of Assets and Liabilities 99

Elfun Funds

Statements of Operations — For the year ended December 31, 2019

	Elfun International Equity Fund			Elfun Trusts
Investment Income
Income
Dividend	$	5,210,869		$	36,679,455
Interest		—			—
Income from affiliated investments		81,822			1,351,922
Less: Foreign taxes withheld		(568,241	)		(44,095	)
Total income		4,724,450			37,987,282
Expenses
Advisory and administration fees		413,223			3,854,072
Blue Sky fees		27,782			32,212
Transfer agent fees		110,898			471,964
Trustees’ fees		19,509			60,472
Custody, fund accounting andsub-administration fees		83,199			347,756
Professional fees		55,994			80,167
Printing and shareholder reports		32,009			125,242
Other expenses		12,689			82,616
Total expenses before waivers		755,303			5,054,501
Fees waived and/or recouped by the adviser		—			—
Total expenses		755,303			5,054,501
Net investment income	$	3,969,147		$	32,932,781
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	(2,676,568	)	$	239,548,391
Affiliated investments		—			—
Futures		(216,961	)		—
Written options		—			—
Swap contracts		—			—
Foreign currency transactions		14,588			—
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		49,810,726			557,369,993
Affiliated investments		—			—
Futures		6,789			—
Swap contracts		—			—
Foreign currency translations		8,959			—
Net realized and unrealized gain (loss) on investments		46,947,533			796,918,384
Net Increase in Net Assets Resulting from Operations	$	50,916,680		$	829,851,165

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

100 Statements of Operations

Elfun Diversified Fund			Elfun Tax-Exempt Income Fund			Elfun Income Fund			Elfun Government Money Market Fund
$	1,360,397		$	62		$	10,386		$	—
	1,500,636			49,128,708			6,003,333			2,583,283
	1,966,181			291,684			1,118,847			—
	—			—			—			—
	4,827,214			49,420,454			7,132,566			2,583,283
	328,515			2,223,985			396,598			116,569
	29,302			30,434			28,773			19,499
	92,980			206,125			109,584			61,672
	19,386			38,870			20,138			18,242
	24,156			181,141			29,162			28,300
	64,085			53,500			41,536			28,114
	20,609			61,349			39,568			30,253
	5,198			32,790			5,737			1,477
	584,231			2,828,194			671,096			304,126
	(1,687	)		—			(3,849	)		—
	582,544			2,828,194			667,247			304,126
$	4,244,670		$	46,592,260		$	6,465,319		$	2,279,157
$	3,627,136		$	2,543,876		$	4,572,317		$	72
	228,323			—			—			—
	478,712			(38,889	)		973,970			—
	848			—			3,021			—
	17,151			—			8,185			—
	(289	)		—			—			—
	17,678,836			46,694,908			9,468,998			—
	8,250,012			—			—			—
	(190,997	)		—			(491,783	)		—
	55,391			—			135,839			—
	1,080			—			—			—
	30,146,203			49,199,895			14,670,547			72
$	34,390,873		$	95,792,155		$	21,135,866		$	2,279,229

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

Statements of Operations 101

Elfun Funds

Statements of Changes in Net Assets

	Elfun International Equity Fund						Elfun Trusts
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	3,969,147		$	4,608,952		$	32,932,781		$	32,702,525
Net realized gain (loss) on investments, futures, swap contracts, options contracts, and foreign currency related transactions		(2,878,941	)		2,994,695			239,548,391			313,947,889
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations		49,826,474			(44,660,948	)		557,369,993			(427,642,446	)
Net increase (decrease) from operations		50,916,680			(37,057,301	)		829,851,165			(80,992,032	)
Distributions to shareholders:
Total distributions		(3,308,378	)		(4,494,291	)		(260,239,907	)		(346,605,889	)
Increase (decrease) in assets from operations and distributions		47,608,302			(41,551,592	)		569,611,258			(427,597,921	)
Share transactions:
Proceeds from sale of shares		1,338,896			3,187,752			33,246,104			53,658,651
Value of distributions reinvested		2,803,168			3,868,438			209,686,670			278,812,837
Cost of shares redeemed		(36,608,980	)		(19,291,445	)		(260,989,132	)		(215,125,396	)
Net increase (decrease) from share transactions		(32,466,916	)		(12,235,255	)		(18,056,358	)		117,346,092
Total increase (decrease) in net assets		15,141,386			(53,786,847	)		551,554,900			(310,251,829	)
Net Assets
Beginning of year		183,981,969			237,768,816			2,427,667,483			2,737,919,312
End of year	$	199,123,355		$	183,981,969		$	2,979,222,383		$	2,427,667,483
Changes in Fund Shares
Shares sold		61,930			142,810			559,128			886,867
Issued for distributions reinvested		117,978			211,506			3,359,088			5,602,033
Shares redeemed		(1,714,834	)		(899,037	)		(4,408,014	)		(3,429,325	)
Net increase (decrease) in fund shares		(1,534,926	)		(544,721	)		(489,798	)		3,059,575

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

102 Statements of Changes in Net Assets

Elfun Diversified Fund						ElfunTax-Exempt Income Fund
Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
$	4,244,670		$	4,557,788		$	46,592,260		$	57,447,561
	4,351,881			1,112,797			2,504,987			(2,154,716	)
	25,794,322			(16,461,988	)		46,694,908			(43,488,260	)
	34,390,873			(10,791,403	)		95,792,155			11,804,585
	(8,007,411	)		(5,726,511	)		(53,093,761	)		(57,447,575	)
	26,383,462			(16,517,914	)		42,698,394			(45,642,990	)
	6,924,567			5,751,778			37,744,180			52,101,473
	7,016,606			4,986,474			36,589,427			39,620,528
	(23,257,310	)		(22,216,449	)		(116,191,472	)		(140,449,316	)
	(9,316,137	)		(11,478,197	)		(41,857,865	)		(48,727,315	)
	17,067,325			(27,996,111	)		840,529			(94,370,305	)
	181,943,223			209,939,334			1,376,980,040			1,471,350,345
$	199,010,548		$	181,943,223		$	1,377,820,569		$	1,376,980,040
	362,413			312,332			3,301,456			4,614,192
	358,356			294,883			3,188,172			3,522,242
	(1,226,639	)		(1,199,520	)		(10,136,364	)		(12,474,273	)
	(505,870	)		(592,305	)		(3,646,736	)		(4,337,839	)

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

Statements of Changes in Net Assets 103

Elfun Funds

Statements of Changes in Net Assets

	Elfun Income Fund						Elfun Government Money Market Fund
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	6,465,319		$	6,939,136		$	2,279,157		$	1,556,972
Net realized gain (loss) on investments, futures, swap contracts, options contracts, and foreign currency related transactions		5,557,493			(5,426,673	)		72			(3	)
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts		9,113,054			(3,757,452	)		—			—
Net increase (decrease) from operations		21,135,866			(2,244,989	)		2,279,229			1,556,969
Distributions to shareholders:
Total distributions		(6,631,821	)		(7,065,178	)		(2,279,939	)		(1,556,972	)
Increase (decrease) in assets from operations and distributions		14,504,045			(9,310,167	)		(710	)		(3	)
Share transactions:
Proceeds from sale of shares		10,978,969			10,263,456			75,378,874			49,255,283
Value of distributions reinvested		5,078,985			5,368,470			2,130,041			1,430,523
Cost of shares redeemed		(26,376,400	)		(38,033,816	)		(53,222,553	)		(56,238,963	)
Net increase (decrease) from share transactions		(10,318,446	)		(22,401,890	)		24,286,362			(5,553,157	)
Total increase (decrease) in net assets		4,185,599			(31,712,057	)		24,285,652			(5,553,160	)
Net Assets
Beginning of year		229,477,020			261,189,077			104,275,015			109,828,175
End of year	$	233,662,619		$	229,477,020		$	128,560,667		$	104,275,015
Changes in Fund Shares
Shares sold		949,477			925,381			75,378,874			49,255,283
Issued for distributions reinvested		440,756			485,128			2,130,041			1,430,523
Shares redeemed		(2,296,448	)		(3,427,061	)		(53,222,553	)		(56,238,963	)
Net increase (decrease) in fund shares		(906,215	)		(2,016,552	)		24,286,362			(5,553,157	)

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

104 Statements of Changes in Net Assets

Elfun Funds

Notes to Financial Statements — December 31, 2019

1. Organization of the Funds

The Elfun International Equity Fund, Elfun Trusts, Elfun Diversified Fund, ElfunTax-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”), asopen-end management investment companies. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Under each Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation  Each Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board of Trustees (the “Board”). The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value each Fund’s investments by major category are as follows:

• Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

• Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.

• Debt obligations (including short term investments) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

• Options on futures are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options on futures are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with the valuation policy and procedures approved by the Board.

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• Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third-party valuation the agreements will be fair valued.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

A “significant event” is an event that the Board believes, with a reasonably high degree of certainty, has caused the closing market prices of a Fund’s portfolio securities to no longer reflect their value at the time of the Fund’s NAV calculation. Fair value may be determined using an independent fair value service under valuation procedures approved by the Board. The independent fair value service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of foreign securities exchanges. The use of the independent fair value service or alternative fair valuation methods would result in the investments being classified within Level 2 of the fair value hierarchy.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of each Fund’s investments according to the fair value hierarchy as of December 31, 2019 is disclosed in each Fund’s Schedule of Investments.

Investment Transactions and Income Recognition  Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, net of any foreign taxes withheld at source, if any.

Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

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.

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Foreign Currency Translation  The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes  The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2019, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

3. Securities and Other Investments

Delayed Delivery Transactions and When-Issued Securities  During the period, the Elfun Diversified Fund and Elfun Income Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the applicable Fund’s Schedule of Investments. A Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, a Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

To-Be-Announced Transactions  Certain Funds may seek to obtain exposure to U.S. agency mortgage pass-through securities through the use of“to-be-announced” or “TBA transactions.” “TBA” refers to a commonly used mechanism for the forward settlement of U.S. agency mortgage pass-through securities. In a TBA transaction, the buyer and seller decide on general trade parameters, such as agency, settlement date, coupon, and price.

A Fund may use TBA transactions to “roll over” such agreements prior to the settlement date. This type of TBA transaction is sometimes known as a “TBA roll.” In a TBA roll, a Fund generally will sell the obligation to purchase the pools stipulated in the TBA agreement prior to the settlement date and will enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities. A Fund may also enter into TBA agreements and settle such transactions on the stipulated settlement date by accepting actual receipt or delivery of the pools of mortgage pass-through securities.

Default by or bankruptcy of a counterparty to a TBA transaction would expose a Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. To minimize this risk, a Fund will enter into TBA transactions only with established counterparties. A Fund’s use of “TBA rolls” may impact portfolio turnover, transaction costs and capital gain distributions to shareholders.

Repurchase Agreements  Certain Funds may enter into repurchase agreements under the terms of a Master Repurchase Agreement. A repurchase agreement customarily obligates the seller at the time it sells securities to a Fund to repurchase the securities at a mutually agreed upon price and time. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest.

The applicable Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the Fund’s the principal amount of the repurchase agreement (including accrued interest). The underlying securities are ordinarily United States Government or Government Agency securities, but may consist of other securities. The use of repurchase agreements involves certain risks including counterparty risks. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which the value of the collateral may decline.

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Notes to Financial Statements, continued — December 31, 2019

As of December 31, 2019, the Elfun Government Money Market Fund had invested in repurchase agreements with the gross values of $36,015,000 and associated collateral equal to $36,735,492.

4. Derivative Financial Instruments

Futures Contracts  Certain Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate the movement of the assets underlying such contracts.

During the fiscal year ended December 31, 2019, the following Funds entered into futures contracts for strategies listed below:

Funds	Strategies
Elfun International Equity Fund	Equitization of Cash
Elfun Diversified Fund	Management of Interest Rate Risk and Equitization of Cash
Elfun Income Fund	Management of Interest Rate Risk

Credit Default Swaps  During the fiscal year ended December 31, 2019, the Elfun Diversified Fund and Elfun Income Fund engaged in credit default swaps to manage credit risk. When a Fund is the buyer in a credit default swap contract, a Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (“CCP”) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, a Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, a Fund loses its investment and recovers nothing. However, if a credit event occurs, a Fund receives full notional value for a referenced debt obligation that may have little or no value. When a Fund is the seller of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, a Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that a Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by a Fund for the same referenced obligation.

As the seller, a Fund may create economic leverage to its portfolio because, in addition to its total net assets, a Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. A Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically fornon-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

108 Notes to Financial Statements

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Notes to Financial Statements, continued — December 31, 2019

assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if a Fund had invested in the referenced debt obligation directly. If a Fund is a buyer of a credit default swap and no credit event occurs, a Fund will not earn any return on its investment. If a Fund is a seller of a credit default swap, a Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject a Fund to the risk that the counterparty to the transaction may not fulfill its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

Interest Rate Swaps  Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments.

During the fiscal year ended December 31, 2019, the Elfun Diversified Fund and Elfun Income Fund entered into interest rate swaps in order to manage exposure to interest rates.

Options on Exchanged-Traded Futures Contracts  Certain Funds may purchase and write options, including options on exchanged-traded futures contracts, subject to certain limitations. Writing puts and buying calls tend to increase a Fund’s exposure to the underlying instrument while buying puts and writing calls tend to decrease a Fund’s exposure to the underlying instrument. A Fund will not enter into a transaction involving options for speculative purposes. A Fund’s risks in using these contracts include changes in the value of the underlying instruments,non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts.

When a Fund writes an option, the amount of the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss. When an option is exercised, the proceeds from the sale of the underlying instrument or the cost basis of the securities purchased is adjusted by the original premium received or paid. In return for a premium paid, call and put options on futures contracts give the holder the right, but not the obligation, to purchase or sell, respectively, a position in a particular futures contract at a specified exercise price.

During the fiscal year ended December 31, 2019, the Elfun Diversified Fund and the Elfun Income Fund purchased and wrote options in order to manage interest rate risk.

The following tables summarize the value of the Funds’ derivative instruments as of December 31, 2019 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Elfun International Equity Fund
Futures Contracts	$	—	$	—	$	—	$	6,850	$	—	$	6,850
Elfun Diversified Fund
Swap Contracts	$	—	$	—	$	239,782	$	—	$	—	$	239,782
Elfun Income Fund
Futures Contracts	$	131,238	$	—	$	—	$	—	$	—	$	131,238
Swap Contracts		—		—		800,547		—		—		800,547

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Notes to Financial Statements, continued — December 31, 2019

Liability Derivatives

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk		Commodity Contracts Risk		Total
Elfun Diversified Fund
Futures Contracts	$	(15,135	)	$	—	$	—		$	7,646	$	—	$	(7,489	)
Swap Contracts		(145,151	)		—		(7,212	)		—		—		(152,363	)
Elfun Income Fund
Swap Contracts	$	(536,094	)	$	—	$	(75,393	)	$	—	$	—	$	(638,487	)

Realized Gain/Loss

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
Elfun International Equity Fund
Futures Contracts	$	—		$	—	$	—	$	(216,961	)	$	—	$	(216,961	)
Elfun Diversified Fund
Futures Contracts	$	388,569		$	—	$	—	$	90,143		$	—	$	478,712
Swap Contracts		(34,888	)		—		52,039		—			—		17,151
Purchased Option Contracts(a)		(7,172	)		—		—		—			—		(7,172	)
Written Option Contracts		848			—		—		—			—		848
Elfun Tax-Exempt Income Fund
Futures Contracts	$	(38,879	)	$	—	$	—	$	—		$	—	$	(38,879	)
Elfun Income Fund
Futures Contracts	$	973,970		$	—	$	—	$	—		$	—	$	973,970
Swap Contracts		(135,842	)		—		144,027		—			—		8,185
Purchased Option Contracts		(25,541	)		—		—		—			—		(25,541	)
Written Option Contracts		3,021			—		—		—			—		3,021

(a) Purchased options are included in net realized gain (loss) on investments

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Elfun International Equity Fund
Futures Contracts	$	—		$	—	$	—	$	6,789	$	—	$	6,789
Elfun Diversified Fund
Futures Contracts	$	(213,715	)	$	—	$	—	$	22,718	$	—	$	(190,997	)
Swap Contracts		(67,320	)		—		122,711		—		—		55,391
Elfun Income Fund
Futures Contracts	$	(491,783	)	$	—	$	—	$	—	$	—	$	(491,783	)
Swap Contracts		(260,845	)		—		396,684		—		—		135,839

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Notes to Financial Statements, continued — December 31, 2019

5. Fees and Transactions with Affiliates

Advisory Fee  SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of each Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of each Fund. The Management Fee is stated in the following schedule:

Fund	Management Fee
Elfun International Equity Fund		0.21	%
Elfun Trusts		0.14	%
Elfun Diversified Fund		0.17	%
ElfunTax-Exempt Income Fund		0.16	%
Elfun Income Fund		0.17	%
Elfun Government Money Market Fund		0.10	%

Effective April 30, 2019, with respect to both the Elfun Diversified Fund and the Elfun Income Fund, SSGA FM is contractually obligated until April 30, 2020 to waive its Management Fee and/or reimburse certain expenses for each Fund, in an amount equal to any acquired fund fees and expenses (“AFFEs”), excluding AFFEs derived from each Fund’s holdings in acquired funds for cash management purposes, if any. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to April 30, 2020 except with approval of the Board.

Amounts waived or reimbursed are included in the respective Statement of Operations.

Custody, Fund Accounting andSub-Administration Fees  State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant andsub-administrator to the Funds. Amounts paid by the Funds to State Street for performing such services are included as custody, fund accounting andsub-administration fees in the Statements of Operations.

Other Transactions with Affiliates  The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the fiscal year ended December 31, 2019 are disclosed in the Schedules of Investments.

6. Trustees’ Fees

The fees and expenses of each Fund’s trustees who are not “interested persons” of the Fund, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and otherout-of-pocket expenses in connection with meeting attendance and industry seminars.

7. Investment Transactions

Purchases and sales of investments (excludingin-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2019 were as follows:

	U.S. Government Obligations				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Elfun International Equity Fund	$	—	$	—	$	28,971,816	$	61,689,592
Elfun Trusts		—		—		467,563,521		736,019,422
Elfun Diversified Fund		277,501,794		272,953,495		19,552,150		41,082,408
ElfunTax-Exempt Income Fund		—		—		339,487,405		380,046,857
Elfun Income Fund		864,776,653		848,121,846		57,655,873		93,976,681

8. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each Fund will not be subject to the federal income taxes to the extent it

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Notes to Financial Statements, continued — December 31, 2019

distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Funds’ tax positions and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded onex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

Certain capital accounts in the financial statements have been adjusted for permanentbook-tax differences. These adjustments have no impact on net asset values or results of operations. Temporarybook-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, foreign currency gains and losses, corporate actions, paydown losses, futures contracts, swap contracts, straddle loss deferrals, capital gain taxes, return of capital adjustments, and wash sale loss deferrals.

The tax character of distributions paid during the fiscal year ended December 31, 2019, were as follows:

Fund	Exempt Income		Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Elfun International Equity Fund	$	—	$	3,308,378	$	—	$	—	$	3,308,378
Elfun Trusts		—		43,174,602		217,065,305		—		260,239,907
Elfun Diversified Fund		—		5,574,026		2,433,385		—		8,007,411
ElfunTax-Exempt Income Fund		52,554,575		539,186		—		—		53,093,761
Elfun Income Fund		—		6,631,821		—		—		6,631,821
Elfun Government Money Market Fund		—		2,279,939		—		—		2,279,939

The tax character of distributions paid during the fiscal year ended December 31, 2018, were as follows:

Fund	Exempt Income		Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Elfun International Equity Fund	$	—	$	4,494,291	$	—	$	—	$	4,494,291
Elfun Trusts		—		39,509,239		307,096,650		—		346,605,889
Elfun Diversified Fund		—		4,584,578		1,141,933		—		5,726,511
ElfunTax-Exempt Income Fund		56,871,069		576,506		—		—		57,447,575
Elfun Income Fund		—		7,065,178		—		—		7,065,178
Elfun Government Money Market Fund		—		1,556,972		—		—		1,556,972

At December 31, 2019, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Tax Exempt Income		Capital Loss Carryforwards			Undistributed long term gain		Net Unrealized Gains (Losses)		Qualified Late-Year Losses		Total
Elfun International Equity Fund	$	650,417	$	—	$	(9,300,718	)	$	—	$	53,434,597	$	—	$	44,784,296
Elfun Trusts		4,202,965		—		—			8,761,683		1,326,926,378		—		1,339,891,026
Elfun Diversified Fund		376,753		—		—			534,018		27,078,321		—		27,989,092
ElfunTax-Exempt Income Fund		—		207,622		(17,295,807	)		—		63,336,181		—		46,247,996
Elfun Income Fund		842,910		—		—			—		5,431,425		—		6,274,335

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Notes to Financial Statements, continued — December 31, 2019

As of December 31, 2019, the Funds had capital loss carryforwards available to offset future realized capital gains as follows:

Fund	Non-Expiring Short Term		Non-Expiring Long Term
Elfun International Equity Fund	$	2,934,842	$	6,365,876
ElfunTax-Exempt Income Fund		16,466,899		828,908

As of December 31, 2019, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Elfun International Equity Fund	$	144,987,220	$	56,217,414	$	2,694,400	$	53,523,014
Elfun Trusts		1,648,906,508		1,381,598,383		54,672,005		1,326,926,378
Elfun Diversified Fund		186,699,881		29,852,349		2,774,427		27,077,922
ElfunTax-Exempt Income Fund		1,307,193,565		65,382,650		2,046,469		63,336,181
Elfun Income Fund		263,230,749		8,268,776		789,714		7,479,062
Elfun Government Money Market Fund		128,668,523		—		—		—

9. Line of Credit

The Funds (excluding the Elfun Government Money Market Fund) and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $250 million of a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires October 2020 unless extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and1-month LIBOR rate.

The Funds had no outstanding loans as of December 31, 2019.

10. Risks

Concentration Risk  As a result of a Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of a Fund’s investments more than if a Fund was more broadly diversified.

Interest Rate Risk  Is the risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of a Fund’s investments.

Foreign and Emerging Markets Risk  Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which a Fund invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk  In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

Notes to Financial Statements 113

Elfun Funds

Notes to Financial Statements, continued — December 31, 2019

11. Change in Accounting Principle

In March 2019, the Financial Accounting Standards Board issued Accounting Standards Update2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20) — Premium Amortization on Purchased Callable Debt Securities (“ASU2017-08”). For callable debt securities held at a premium that have explicit,non-contingent call features and that are callable at fixed prices on preset dates, ASU2017-08 requires the premium to be amortized to the earliest call date. The adoption resulted in a change in accounting principle, since the Funds had historically amortized such premiums to maturity for U.S. GAAP. Accordingly, the Funds have adopted ASU2017-08 to amend the premium amortization period for certain purchased callable debt securities withnon-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, each Fund applied the amendments on a modified retrospective basis by recognizing a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments as follows:

Fund	Adjustment
Elfun Diversified Fund	$	5,431
ElfunTax-Exempt Income Fund		15,262,249
Elfun Income Fund		21,189

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total accumulated earnings (loss) or the net asset value of each Fund. With respect to each Fund’s results of operations, amortization of premium to first call date accelerates amortization with the intent of more closely aligning the recognition of income on such bonds with the economics of the instrument.

12. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

114 Notes to Financial Statements

Elfun Funds

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Elfun International Equity Fund, Elfun Trusts, Elfun Diversified Fund, ElfunTax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Elfun International Equity Fund, Elfun Trusts, Elfun Diversified Fund, ElfunTax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund (collectively referred to as the “Funds”), including the schedules of investments, as of December 31, 2019, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds at December 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year ended December 31, 2015 were audited by another independent registered public accounting firm whose report, dated February 24, 2016, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 27, 2020

Report of Independent Registered Public Accounting Firm 115

Elfun Funds

Tax Information — December 31, 2019 (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Funds for their fiscal year ended December 31, 2019.

Dividends Received Deduction

The Funds report the maximum amount allowable of their net taxable income as eligible for the corporate dividends received deduction.

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended December 31, 2019 is considered qualified dividend income and is eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. The Funds report the maximum amount allowable of their net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Long Term Capital Gains Distributions

Long term capital gains dividends were paid from Elfun Trusts and Elfun Diversified Fund during the year ended December 31, 2019 in the amounts of $217,065,305 and $2,433,385, respectively.

Foreign Tax Credit

The Elfun International Equity Fund has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Fund to its shareholders. For the year ended December 31, 2019, the total amount of foreign taxes that will be passed through are $568,241 for the Elfun International Equity Fund.

The amount of foreign source income earned on the Elfun International Equity Fund during the year ended December 31, 2019 was $5,212,238.

Tax-Exempt Income

For the fiscal year ended December 31, 2019, the following Fund hereby designates as exempt-interest dividends the amounts set forth, or the amount ultimately treated as exempt-interest dividends:

	Gross Amount
Elfun Tax-Exempt Income Fund	$	52,554,575

116 Tax Information

Elfun Funds

Other Information — December 31, 2019 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds (excluding the Elfun Government Money Market Fund) have adopted a liquidity risk management program. SSGA FM has been designated by the Board to administer the Funds’ liquidity risk management program. The program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

During the period covered by the liquidity program report to the Board, the program supported each Fund’s ability to honor redemption requests timely and SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions. SSGA FM reported that the program operated adequately and that the implementation of the program was effective to manage each Fund’s liquidity risk.

There can be no assurance that the program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Proxy Voting Policies and Procedures and Record

The Funds have adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Funds have adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling1-800-242-0134, (ii) on the Funds’ website at http://www.ssga.com/geam, and (iii) on the SEC’s website at www.sec.gov. Information regarding how the Funds voted proxies, if any, during the most recent12-month period ended June 30 is available by August 31 of each year without charge (1) by calling1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

Following the Funds’ first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit to their reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov. The Funds’ schedules of investments are available upon request, without charge, by calling 1-800-242-0134.

Other Information 117

Elfun Funds

Other Information, continued — December 31, 2019 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During Past Five Years
INDEPENDENT TRUSTEES
Michael F. Holland c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1944	Trustee and Co-Chairperson of the Board	Term: Indefinite Elected: 12/18	Chairman, Holland & Company L.L.C. (investment adviser) (1995- present).		68	Director, the Holland Series Fund, Inc.; Director, Reaves Utility Income Fund, Inc.; and Director, Blackstone/GSO Loans (and Real Estate) Funds.
Patrick J. Riley c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Trustee and Co-Chairperson of the Board	Term: Indefinite Appointed: 4/16	2002 to May 2010, Associate Justice of the Superior Court, Commonwealth of Massachusetts; 1985 to 2002, Partner, Riley, Burke & Donahue, L.L.P. (law firm); 1998 to Present, Independent Director, State Street Global Advisers Ireland, Ltd. (investment company); 1998 to Present, Independent Director, SSGA Liquidity plc (formerly, SSGA Cash Management Fund plc); January 2009 to Present, Independent Director, SSGA Fixed Income plc; and January 2009 – 2019, Independent Director, SSGA Qualified Funds PLC.		68	Board Director and Chairman, SPDR Europe 1PLC Board (2011 – Present); Board Director and Chairman, SPDR Europe II, PLC (2013 – Present).
John R. Costantino c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Trustee and Co-Chairperson of the Qualified Legal Compliance Committee	Term: Indefinite Elected: 12/18	Senior Advisor to NGN Capital LLC (December 2019 – Present); Managing General Partner, NGN Capital LLC (2006 – December 2019); and Managing Director, Vice President of Walden Capital Management (1996 – present).		68	Director of Kleinfeld Bridal Corp. (March 2016 – present); Trustee of Neuroscience Research Institute (1986 – 2018); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Director, Muscular Dystrophy Association (since 2019); Trustee of GE Funds (1993 – February 2011); and Trustee of Gregorian University Foundation (1992 – 2007).
Donna M. Rapaccioli c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1962	Trustee and Co-Chairperson of the Audit Committee	Term: Indefinite Elected: 12/18	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		68	Director-Graduate Management Admissions Council (2015 – present).

118 Other Information

Elfun Funds

Other Information, continued — December 31, 2019 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During Past Five Years
INDEPENDENT TRUSTEES (continued)
Richard D. Shirk c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1945	Trustee and Co-Chairperson of the Qualified Legal Compliance Committee	Term: Indefinite Elected: 12/18	March 2001 to April 2002, Chairman (1996 to March 2001, President and Chief Executive Officer), Cerulean Companies, Inc. (holding company) (Retired); 1992 to March 2001, President and Chief Executive Officer, Blue Cross Blue Shield of Georgia (health insurer, managed healthcare).		68	1998 to December 2008, Chairman, Board Member and December 2008 to Present, Investment Committee Member, Healthcare Georgia Foundation (private foundation); September 2002 to 2012, Lead Director and Board Member, Amerigroup Corp. (managed health care); 1999 to 2013, Board Member and (since 2001) Investment Committee Member, Woodruff Arts Center; and 2003 to 2009, Trustee, Gettysburg College; Board member, Aerocare Holdings, Regenesis Biomedical Inc.
Rina K. Spence c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Trustee and Co-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee	Term: Indefinite Elected: 6/16	President of SpenceCare International LLC (international healthcare consulting) (1999 – present); Chief Executive Officer, IEmily.com (health internet company) (2000 – 2001); Chief Executive Officer of Consensus Pharmaceutical, Inc. (1998 – 1999); Founder, President and Chief Executive Officer of Spence Center for Women’s Health (1994 – 1998); President and CEO, Emerson Hospital (1984 – 1994); Honorary Consul for Monaco in Boston (2015 – present).		68	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Trustee and Chairperson of the Valuation Committee	Term: Indefinite Elected: 12/18	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		68	None
INTERESTED TRUSTEES(1)
Ellen M. Needham(2) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Trustee & President	Time Indefinite Elected: 12/18	President and Director, SSGA Funds Management, Inc. (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).		68	None

Other Information 119

Elfun Funds

Other Information, continued — December 31, 2019 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During Past Five Years
INTERESTED TRUSTEES(1) (continued)
Jeanne La Porta(3) c/o SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Trustee	Time Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – September 2018); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 –March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016).		18	None

† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA FM serves as investment adviser.

⁽¹⁾  The individuals listed below are Trustees who are “interested persons,” as defined in the 1940 Act, of the Funds (“Interested Trustees”).

⁽²⁾ Ms. Needham is an Interested Trustee because of her employment by SSGA FM, an affiliate of the Funds.

⁽³⁾ Ms. La Porta is an Interested Trustee because of her employment by SSGA, an affiliate of the Funds.

^*  Served in various capacities and/or with various affiliated entities during noted time period.

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS:
Ellen M. Needham SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	President and Trustee	Term: Indefinite Elected: 7/16	President and Director, SSGA Funds Management, Inc. (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).

120 Other Information

Elfun Funds

Other Information, continued — December 31, 2019 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS (continued):
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Treasurer	Term: Indefinite Elected: 7/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Vice President and Deputy Treasurer	Term: Indefinite Elected: 7/16	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present)*; Managing Director, State Street Global Advisors. (2005 – present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Deputy Treasurer	Term: Indefinite Elected: 7/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Deputy Treasurer	Term: Indefinite Elected: 11/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).
Arthur A. Jensen SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 YOB: 1966	Deputy Treasurer	Term: Indefinite Elected: 7/16	Vice President State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011– July 2016); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 – July 2016).
Sujata Upreti SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974	Assistant Treasurer	Term: Indefinite Elected: 9/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Assistant Director, Cambridge Associates, LLC (July 2014 – January 2015); Vice President, Bank of New York Mellon (July 2012 – August 2013); Manager, PricewaterhouseCoopers, LLP (September 2003 – July 2012).
Daniel Foley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1972	Assistant Treasurer	Term: Indefinite Elected: 9/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007 – present).*

Other Information 121

Elfun Funds

Other Information, continued — December 31, 2019 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS (continued):
Daniel G. Plourde SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1980	Assistant Treasurer	Term: Indefinite Elected: 5/17	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer	Term: Indefinite Elected: 7/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – Present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).
Sean O’Malley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Chief Legal Officer	Term: Indefinite Elected: 8/19	Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 – present).
Andrew DeLorme SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1975	Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2016 – present); Vice President and Counsel, State Street Global Advisors (August 2014 – March 2016).
Kevin Morris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1982	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (January 2016 – April 2019); Director, Asset Management Compliance, Fidelity Investments (June 2015 – January 2016); Senior Compliance Advisor, Asset Management Compliance, Fidelity Investments (June 2012 – June 2015).
David Urman SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1985	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (August 2015 – April 2019); Associate, Ropes & Gray LLP (November 2012 – August 2015).

* Served in various capacities and/or with various affiliated entities during noted time period.

122 Other Information

Trustees

Michael F. Holland,Co-Chairperson

Patrick J. Riley,Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Richard D. Shirk

Rina K. Spence

Michael A. Jessee

Ellen M. Needham

Jeanne M. La Porta

Officers

Ellen M. Needham, President

Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, Massachusetts 02210

Custodian andSub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, Massachusetts 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Item 2. Code of Ethics.

As of the end of the period covered by this report, the Elfun Diversified Fund (the “Fund,” “Fund Entity” or “Registrant”) has adopted a code of ethics, as defined in Item 2(b) of FormN-CSR, that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code”). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the “SEC”) and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. The Code is combined with other mutual funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of FormN-CSR during the covered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Code is filed as Exhibit 13(a)(1) to this FormN-CSR.

Item 3. Audit Committee Financial Expert.

The Fund’s Board of Trustees (the “Board”) has determined that the Fund has the following “audit committee financial experts” as defined in Item 3(b) of FormN-CSR serving on its Audit Committee: Messrs. Michael F. Holland, Richard D. Shirk and John R. Costantino and Ms. Donna M. Rapaccioli. Each of the audit committee financial experts is “independent” as that term is defined in Item 3(a)(2) of FormN-CSR.

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

For the fiscal years ended December 31, 2019 and December 31, 2018, the aggregate audit fees billed for professional services rendered by Ernst & Young LLP (“E&Y”), the Registrant’s principal accountant, for the audit of the Registrant’s annual financial statements or services normally provided by E&Y in connection with the Registrant’s statutory and regulatory filings and engagements were $40,110 and $40,110, respectively.

(b) Audit-Related Fees

For the fiscal years ended December 31, 2019 and December 31, 2018, there were no fees billed by E&Y for assurance and related services that were reasonably related to the performance of the audit of the Registrant’s financial statements that were not reported under paragraph (a) of this Item.

(c) Tax Fees

The aggregate tax fees billed for professional services rendered by E&Y for tax compliance, tax advice, and tax planning in the form of preparation of excise filings and income tax returns for the fiscal years ended December 31, 2019 and December 31, 2018 were $7,910 and $7,910, respectively.

(d) All Other Fees

For the fiscal years ended December 31, 2019 and December 31, 2018, there were no fees billed for professional services rendered by E&Y for products and services provided by E&Y to the Registrant, other than the services reported in paragraphs (a) through (c).

For the fiscal years ended December 31, 2019 and December 31, 2018, the aggregate fees for professional services rendered by E&Y for products and services provided by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant that (i) relate directly to the operations and financial reporting of the Registrant and (ii) werepre-approved by the Registrant’s Audit Committee were approximately $6,939,666 and $6,581,832, respectively.

(e)(1) Audit CommitteePre-Approval Policies and Procedures

The Fund’s Audit Committee Charter states the following with respect topre-approval procedures:

The Audit Committee shall have the following duties and powers:

• Topre-approve engagements by a Fund Entity’s independent auditor fornon-audit services to be rendered to the Fund’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund, if the engagement relates directly to the operations and financial reporting of the Fund;

• To establish, if deemed necessary or appropriate as an alternative to Audit Committeepre-approval of services to be provided by the independent auditor as required by paragraph (b) above, policies and procedures to permit such services to bepre-approved by other means, such as by action of a designated member or members of the Audit Committee, subject to the requirement that the decision of any member to whom authority is delegated topre-approve an activity shall be presented to the full Audit Committee at its next scheduled meeting;

AlternatePre-Approval Procedure:

• The Chairperson, or aCo-Chairperson, of the Audit Committee is authorized topre-approve any engagement involving the Fund Entity’s independent auditors to the same extent as the Audit Committee. Anypre-approval decision by the Chairperson, or aCo-Chairperson, under the foregoing authority shall be presented to the Audit Committee at its next scheduled meeting.

(e)(2) Percentages of Services

None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X during the period of time for which such rule was effective.

(f) Not applicable.

(g) Total Fees Paid By Adviser and Certain Affiliates

For the fiscal years ended December 31, 2019 and December 31, 2018, the aggregatenon-audit fees billed by E&Y for services rendered to the Registrant and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Registrant were approximately $35,152,927 and $36,297,003, respectively.

(h) E&Y notified the Fund’s Audit Committee of allnon-audit services that were rendered by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the Fund, which services were not required to bepre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X, allowing the Fund’s Audit Committee to consider whether such services were compatible with maintaining E&Y’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Investments.

(a) Schedules of Investments are included as part of the report to shareholders filed under Item 1 of this FormN-CSR.

(b) Not applicable to the Registrant.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Board.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule30a-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 FormN-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 Rule30a-3(b) under the 1940 Act and Rules13a-15(b) or15d-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 Rule30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

Item 13. Exhibits.

(a)(1) Code of Ethics pursuant to Item 2 of FormN-CSR is attached hereto.

(a)(2) Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule30a-2(a) under the 1940 Act are attached hereto.

(a)(3) Not applicable to the Registrant.

(a)(4) Not applicable.

(b) Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule30a-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:	March 6, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President (Principal Executive Officer)
Date:	March 6, 2020
By:	/s/ Bruce S. Rosenberg
	Bruce S. Rosenberg
	Treasurer (Principal Financial and Accounting Officer)
Date:	March 6, 2020