UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05904
ELFUN GOVERNMENT MONEY MARKET 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 General Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210 | Adam M. Schlichtmann, 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, 2023
Item 1. Shareholder Report.
(a) | The Report to Shareholders is attached herewith. |
Elfun Funds |
Elfun International Equity Fund |
Elfun Trusts |
Elfun Diversified Fund |
Elfun Tax-Exempt Income Fund |
Elfun Income Fund |
Elfun Government Money Market Fund |
Page | |
1 | |
Management’s Discussion of Fund Performance, Understanding Your Fund’s Expenses, Performance Summary and Schedule of Investments | |
2 | |
10 | |
17 | |
55 | |
68 | |
92 | |
Financial Statements | |
100 | |
106 | |
108 | |
110 | |
113 | |
124 | |
125 |
Notes to Performance | 1 |
2 | Elfun International Equity Fund |
Sector Allocation |
Portfolio composition as a % of Fair Value of $173,625 (in thousands) as of December 31, 2023 (a)(b) |
Top Ten Largest Holdings | |
as of December 31, 2023 (as a % of Fair Value) (a)(b) | |
AstraZeneca PLC | 3.28% |
ASML Holding N.V. | 3.19% |
Novartis AG | 3.17% |
LVMH Moet Hennessy Louis Vuitton SE | 3.13% |
Nestle S.A. | 3.09% |
Schneider Electric SE | 2.83% |
Disco Corp. | 2.71% |
SAP SE | 2.64% |
Sony Group Corp. | 2.63% |
Air Liquide S.A. | 2.61% |
Average Annual Total Return for the years ended December 31, 2023 | |||||||
(Inception date: 1/1/88) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
Elfun International Equity Fund | 20.35% | 10.18% | 4.33% | $15,273 | |||
MSCI EAFE Index | 18.24% | 8.17% | 4.28% | $15,204 |
(a) | Fair Value basis is inclusive of short-term investments in State Street Institutional U.S. Government Money Market Fund - Class G Shares and State Street Institutional Treasury Money Market Fund - Premier Class. |
(b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
Elfun International Equity Fund | 3 |
4 | Elfun International Equity Fund |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value July 1, 2023 | $1,000.00 | $1,000.00 | |
Ending Account value December 31, 2023 | $1,047.60 | $1,022.90 | |
Expenses Paid During Period* | $ 2.32 | $ 2.29 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.45%** (for the period July 1, 2023 - December 31, 2023), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
Elfun International Equity Fund | 5 |
Number of Shares | Fair Value | |
Common Stock - 98.4% † | ||
Australia - 1.9% | ||
BHP Group Ltd., Class DI | 93,363 | $ 3,201,019 |
Brazil - 0.6% | ||
Itau Unibanco Holding S.A. ADR | 149,514 | 1,039,122 |
Canada - 0.9% | ||
Brookfield Corp. | 38,195 | 1,539,560 |
France - 18.0% | ||
Air Liquide S.A. | 23,258 | 4,524,867 |
AXA S.A. | 106,311 | 3,463,201 |
BNP Paribas S.A. | 44,009 | 3,042,785 |
Cie de Saint-Gobain S.A. | 52,694 | 3,880,174 |
Dassault Systemes SE | 67,137 | 3,280,596 |
EssilorLuxottica S.A. | 19,274 | 3,866,450 |
LVMH Moet Hennessy Louis Vuitton SE | 6,695 | 5,425,436 |
Safran S.A. | 21,876 | 3,853,403 |
31,336,912 | ||
Germany - 6.0% | ||
adidas AG | 12,179 | 2,477,603 |
Infineon Technologies AG | 81,867 | 3,418,420 |
SAP SE | 29,741 | 4,582,392 |
10,478,415 | ||
Hong Kong - 3.3% | ||
AIA Group Ltd. | 397,167 | 3,461,234 |
Prudential PLC | 199,544 | 2,256,847 |
5,718,081 | ||
Ireland - 0.9% | ||
Kerry Group PLC, Class A | 17,972 | 1,561,619 |
Japan - 21.0% | ||
Daikin Industries Ltd. | 15,700 | 2,559,686 |
Disco Corp. | 19,000 | 4,714,286 |
Hoya Corp. | 21,852 | 2,731,888 |
Kao Corp. | 41,300 | 1,699,106 |
Komatsu Ltd. | 118,800 | 3,107,777 |
Mitsubishi UFJ Financial Group, Inc. | 449,826 | 3,865,543 |
Murata Manufacturing Co. Ltd. | 102,373 | 2,173,375 |
Recruit Holdings Co. Ltd. | 98,000 | 4,145,084 |
Secom Co. Ltd. | 11,000 | 792,346 |
Shimadzu Corp. | 27,357 | 764,940 |
Shiseido Co. Ltd. | 50,962 | 1,537,030 |
Number of Shares | Fair Value | |
Sony Group Corp. | 48,000 | $ 4,565,754 |
Tokio Marine Holdings, Inc. | 153,794 | 3,849,759 |
36,506,574 | ||
Netherlands - 7.0% | ||
ASML Holding N.V. (a) | 7,362 | 5,543,880 |
ING Groep N.V. | 216,760 | 3,238,719 |
Universal Music Group N.V. | 120,783 | 3,443,647 |
12,226,246 | ||
Norway - 1.3% | ||
Equinor ASA | 71,445 | 2,266,314 |
Portugal - 0.8% | ||
Galp Energia SGPS S.A. | 94,724 | 1,395,856 |
Singapore - 1.8% | ||
United Overseas Bank Ltd. | 146,100 | 3,151,046 |
Spain - 3.8% | ||
Cellnex Telecom S.A. (b) | 82,720 | 3,258,492 |
Industria de Diseno Textil S.A. | 77,239 | 3,364,249 |
6,622,741 | ||
Sweden - 2.1% | ||
Assa Abloy AB, Class B | 125,811 | 3,624,080 |
Switzerland - 6.8% | ||
DSM-Firmenich AG | 31,388 | 3,189,894 |
Novartis AG | 54,660 | 5,511,786 |
Sika AG | 9,264 | 3,012,602 |
11,714,282 | ||
United Kingdom - 12.4% | ||
Ashtead Group PLC | 40,995 | 2,854,464 |
AstraZeneca PLC | 42,157 | 5,696,623 |
Diageo PLC | 72,667 | 2,645,680 |
London Stock Exchange Group PLC | 36,569 | 4,323,367 |
Rentokil Initial PLC | 459,423 | 2,581,643 |
Spirax-Sarco Engineering PLC | 25,652 | 3,435,257 |
21,537,034 | ||
United States - 9.8% | ||
Experian PLC | 66,348 | 2,708,264 |
Nestle S.A. | 46,216 | 5,354,390 |
Roche Holding AG | 13,828 | 4,017,045 |
6 | Elfun International Equity Fund |
Number of Shares | Fair Value | |
Schneider Electric SE | 24,485 | $ 4,916,669 |
16,996,368 | ||
Total Common Stock (Cost $118,105,299) | 170,915,269 | |
Short-Term Investments - 1.5% | ||
State Street Institutional Treasury Money Market Fund - Premier Class 5.28% (c)(d) | 1,533,237 | 1,533,237 |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.36% (c)(d)(e) | 1,176,046 | 1,176,046 |
Total Short-Term Investments (Cost $2,709,283) | 2,709,283 | |
Total Investments (Cost $120,814,582) | 173,624,552 | |
Other Assets and Liabilities, net - 0.1% | 129,482 | |
NET ASSETS - 100.0% | $ 173,754,034 |
The Fund had the following long futures contracts open at December 31, 2023: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
MSCI EAFE Mini Index Futures | March 2024 | 5 | $ 542,089 | $ 563,100 | $ 21,011 |
(a) | Non-income producing security. |
(b) | Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2023, these securities amounted to $3,258,492 or 1.88% of the net assets of the Elfun International Equity Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees. |
(c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(d) | Coupon amount represents effective yield. |
Elfun International Equity Fund | 7 |
(e) | At December 31, 2023, all or a portion of this security was pledged to cover collateral requirements for futures. |
† | Percentages are based on net assets as of December 31, 2023. |
Abbreviations: |
ADR - American Depositary Receipt |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Common Stock | $ 170,915,269 | $ — | $ — | $ 170,915,269 | |||
Short-Term Investments | 2,709,283 | — | — | 2,709,283 | |||
Total Investments in Securities | $ 173,624,552 | $ — | $ — | $ 173,624,552 | |||
Other Financial Instruments | |||||||
Long Futures Contracts - Unrealized Appreciation | $ 21,011 | $ — | $ — | $ 21,011 | |||
Total Other Financial Instruments | $ 21,011 | $ — | $ — | $ 21,011 |
Sector | Percentage (based on Fair Value) | ||
Pharmaceuticals | 8.76% | ||
Diversified Banks | 8.26% | ||
Semiconductor Materials & Equipment | 5.90% | ||
Building Products | 5.79% | ||
Apparel, Accessories & Luxury Goods | 4.56% | ||
Application Software | 4.53% | ||
Packaged Foods & Meats | 3.99% | ||
Healthcare Supplies | 3.80% | ||
Specialty Chemicals | 3.58% | ||
Life & Health Insurance | 3.29% | ||
Electrical Components & Equipment | 2.83% | ||
Consumer Electronics | 2.63% | ||
Industrial Gases | 2.61% | ||
Financial Exchanges & Data | 2.49% | ||
Human Resource & Employment Services | 2.39% | ||
Property & Casualty Insurance | 2.22% | ||
Aerospace & Defense | 2.22% | ||
Integrated Oil & Gas | 2.11% | ||
Multi-Line Insurance | 1.99% | ||
Industrial Machinery & Supplies & Components | 1.98% | ||
Movies & Entertainment | 1.98% | ||
Semiconductors | 1.97% | ||
Apparel Retail | 1.94% | ||
Personal Care Products | 1.87% | ||
Integrated Telecommunication Services | 1.87% | ||
Diversified Metals & Mining | 1.84% | ||
Construction Machinery & Heavy Transportation Equipment | 1.79% | ||
Trading Companies & Distributors | 1.64% |
8 | Elfun International Equity Fund |
Sector | Percentage (based on Fair Value) | ||
Research & Consulting Services | 1.56% | ||
Distillers & Vintners | 1.52% | ||
Environmental & Facilities Services | 1.49% | ||
Electronic Components | 1.25% | ||
Asset Management & Custody Banks | 0.89% | ||
Security & Alarm Services | 0.46% | ||
Electronic Equipment & Instruments | 0.44% | ||
98.44% | |||
Short-Term Investments | |||
Short-Term Investments | 1.56% | ||
100.00% |
Affiliate Table |
Number of Shares Held at 12/31/22 | Value at 12/31/22 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 12/31/23 | Value at 12/31/23 | Dividend Income | ||||||
State Street Institutional Treasury Money Market Fund - Premier Class | 1,192,777 | $1,192,777 | $10,660,493 | $10,320,033 | $— | $— | 1,533,237 | $1,533,237 | $103,351 | |||||
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 935,166 | 935,166 | 10,560,913 | 10,320,033 | — | — | 1,176,046 | 1,176,046 | 89,770 | |||||
TOTAL | $2,127,943 | $21,221,406 | $20,640,066 | $— | $— | $2,709,283 | $193,121 |
Elfun International Equity Fund | 9 |
10 | Elfun Trusts |
Sector Allocation |
Portfolio composition as a % of Fair Value of $3,635,069 (in thousands) as of December 31, 2023 (a)(b) |
Top Ten Largest Holdings | |
as of December 31, 2023 (as a % of Fair Value) (a)(b) | |
Microsoft Corp. | 8.77% |
Apple, Inc. | 6.26% |
Amazon.com, Inc. | 5.37% |
NVIDIA Corp. | 4.87% |
Meta Platforms, Inc., Class A | 3.89% |
Alphabet, Inc., Class C | 3.87% |
JPMorgan Chase & Co. | 2.94% |
Johnson & Johnson | 2.66% |
Merck & Co., Inc. | 2.57% |
UnitedHealth Group, Inc. | 2.46% |
Average Annual Total Return for the years ended December 31, 2023 | |||||||
(Inception date: 5/27/35) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
Elfun Trusts | 34.49% | 17.82% | 12.89% | $33,629 | |||
S&P 500® Index | 26.29% | 15.69% | 12.03% | $31,149 |
(a) | Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund - Class G Shares and State Street Institutional Treasury Money Market Fund - Premier Class. |
(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 |
12 | Elfun Trusts |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value July 1, 2023 | $1,000.00 | $1,000.00 | |
Ending Account value December 31, 2023 | $1,114.30 | $1,024.30 | |
Expenses Paid During Period* | $ 0.91 | $ 0.87 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.17%** (for the period July 1, 2023 - December 31, 2023), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
Elfun Trusts | 13 |
Number of Shares | Fair Value | |
Common Stock - 98.7% † | ||
Apparel Retail - 1.7% | ||
Ross Stores, Inc. | 434,600 | $ 60,144,294 |
Application Software - 2.1% | ||
Salesforce, Inc. (a) | 295,549 | 77,770,764 |
Biotechnology - 3.1% | ||
BioMarin Pharmaceutical, Inc. (a) | 618,491 | 59,634,902 |
Vertex Pharmaceuticals, Inc. (a) | 127,042 | 51,692,120 |
111,327,022 | ||
Broadline Retail - 5.4% | ||
Amazon.com, Inc. (a) | 1,284,400 | 195,151,736 |
Cable & Satellite - 1.1% | ||
Charter Communications, Inc., Class A (a) | 99,900 | 38,829,132 |
Consumer Staples Merchandise Retail - 1.8% | ||
Costco Wholesale Corp. | 100,312 | 66,213,945 |
Diversified Banks - 2.9% | ||
JPMorgan Chase & Co. | 628,921 | 106,979,462 |
Electric Utilities - 2.0% | ||
NextEra Energy, Inc. | 1,190,800 | 72,329,192 |
Electrical Components & Equipment - 1.6% | ||
Eaton Corp. PLC | 249,100 | 59,988,262 |
Electronic Components - 1.6% | ||
Amphenol Corp., Class A | 594,400 | 58,922,872 |
Environmental & Facilities Services - 2.1% | ||
Waste Management, Inc. | 426,400 | 76,368,240 |
Financial Exchanges & Data - 2.0% | ||
S&P Global, Inc. | 162,700 | 71,672,604 |
Healthcare Equipment - 2.5% | ||
Boston Scientific Corp. (a) | 820,603 | 47,439,059 |
IDEXX Laboratories, Inc. (a) | 77,400 | 42,960,870 |
90,399,929 | ||
Industrial Gases - 2.4% | ||
Linde PLC | 212,700 | 87,358,017 |
Number of Shares | Fair Value | |
Industrial Machinery & Supplies & Components - 2.1% | ||
Parker-Hannifin Corp. | 169,300 | $ 77,996,510 |
Interactive Media & Services - 10.0% | ||
Alphabet, Inc., Class C (a) | 997,200 | 140,535,396 |
Alphabet, Inc., Class A (a) | 586,000 | 81,858,340 |
Meta Platforms, Inc., Class A (a) | 399,592 | 141,439,584 |
363,833,320 | ||
Life Sciences Tools & Services - 2.3% | ||
Thermo Fisher Scientific, Inc. | 160,300 | 85,085,637 |
Managed Healthcare - 2.5% | ||
UnitedHealth Group, Inc. | 169,856 | 89,424,088 |
Oil & Gas Exploration & Production - 3.8% | ||
ConocoPhillips | 681,000 | 79,043,670 |
Pioneer Natural Resources Co. | 258,000 | 58,019,040 |
137,062,710 | ||
Packaged Foods & Meats - 1.3% | ||
Mondelez International, Inc., Class A | 670,183 | 48,541,355 |
Personal Care Products - 1.9% | ||
Kenvue, Inc. | 3,139,186 | 67,586,675 |
Pharmaceuticals - 5.2% | ||
Johnson & Johnson | 617,928 | 96,854,035 |
Merck & Co., Inc. | 855,276 | 93,242,189 |
190,096,224 | ||
Property & Casualty Insurance - 2.0% | ||
Chubb Ltd. | 329,300 | 74,421,800 |
Semiconductor Materials & Equipment - 3.0% | ||
Applied Materials, Inc. | 358,200 | 58,053,474 |
ASML Holding N.V. | 66,000 | 49,956,720 |
108,010,194 | ||
Semiconductors - 7.4% | ||
ARM Holdings PLC ADR (a) | 86,400 | 6,492,528 |
Broadcom, Inc. | 60,700 | 67,756,375 |
NVIDIA Corp. | 357,700 | 177,140,194 |
ON Semiconductor Corp. (a) | 218,000 | 18,209,540 |
269,598,637 |
14 | Elfun Trusts |
Number of Shares | Fair Value | |
Systems Software - 9.6% | ||
Microsoft Corp. | 847,135 | $ 318,556,645 |
ServiceNow, Inc. (a) | 42,800 | 30,237,772 |
348,794,417 | ||
Technology Hardware, Storage & Peripherals - 6.2% | ||
Apple, Inc. | 1,181,000 | 227,377,930 |
Telecom Tower REITs - 2.2% | ||
American Tower Corp. | 364,329 | 78,651,345 |
Trading Companies & Distributors - 2.1% | ||
United Rentals, Inc. | 132,667 | 76,073,911 |
Transaction & Payment Processing Services - 4.8% | ||
Mastercard, Inc., Class A | 200,400 | 85,472,604 |
Visa, Inc., Class A | 335,600 | 87,373,460 |
172,846,064 | ||
Total Common Stock (Cost $1,608,899,978) | 3,588,856,288 | |
Short-Term Investments - 1.3% | ||
State Street Institutional Treasury Money Market Fund - Premier Class 5.28% (b)(c) | 24,256,056 | 24,256,056 |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.36% (b)(c) | 21,957,027 | 21,957,027 |
Total Short-Term Investments (Cost $46,213,083) | 46,213,083 | |
Total Investments (Cost $1,655,113,061) | 3,635,069,371 | |
Other Assets and Liabilities, net - 0.0%* | 1,345,222 | |
NET ASSETS - 100.0% | $ 3,636,414,593 |
(a) | Non-income producing security. |
(b) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(c) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of December 31, 2023. |
* | Less than 0.05%. |
Abbreviations: |
ADR - American Depositary Receipt |
REIT - Real Estate Investment Trust |
Elfun Trusts | 15 |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Common Stock | $ 3,588,856,288 | $ — | $ — | $ 3,588,856,288 | |||
Short-Term Investments | 46,213,083 | — | — | 46,213,083 | |||
Total Investments in Securities | $ 3,635,069,371 | $ — | $ — | $ 3,635,069,371 |
Affiliate Table |
Number of Shares Held at 12/31/22 | Value at 12/31/22 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 12/31/23 | Value at 12/31/23 | Dividend Income | ||||||
State Street Institutional Treasury Money Market Fund - Premier Class | 19,801,698 | $19,801,698 | $217,235,400 | $212,781,042 | $— | $— | 24,256,056 | $24,256,056 | $1,471,317 | |||||
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 18,975,185 | 18,975,185 | 215,762,883 | 212,781,041 | — | — | 21,957,027 | 21,957,027 | 1,419,174 | |||||
TOTAL | $38,776,883 | $432,998,283 | $425,562,083 | $— | $— | $46,213,083 | $2,890,491 |
16 | Elfun Trusts |
Elfun Diversified Fund | 17 |
18 | Elfun Diversified Fund |
Sector Allocation |
Portfolio composition as a % of Fair Value of $182,327 (in thousands) as of December 31, 2023 (a)(b) |
Top Ten Largest Equity Holdings | |
as of December 31, 2023 (as a % of Fair Value) (a)(b) | |
Apple, Inc. | 3.01% |
Microsoft Corp. | 2.99% |
Amazon.com, Inc. | 1.48% |
NVIDIA Corp. | 1.31% |
Alphabet, Inc., Class A | 0.88% |
Meta Platforms, Inc., Class A | 0.84% |
Alphabet, Inc., Class C | 0.75% |
Tesla, Inc. | 0.74% |
Berkshire Hathaway, Inc., Class B | 0.69% |
JPMorgan Chase & Co. | 0.53% |
Average Annual Total Return for the years ended December 31, 2023 | |||||||
(Inception date: 1/1/88) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
Elfun Diversified Fund | 16.13% | 8.05% | 5.79% | $17,552 | |||
S&P 500® Index | 26.29% | 15.69% | 12.03% | $31,149 | |||
MSCI ACWI ex USA Investable Market Index | 15.62% | 7.18% | 4.11% | $14,755 | |||
Bloomberg U.S. Aggregate Bond Index | 5.53% | 1.10% | 1.81% | $11,964 |
(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. |
(b) | Fair Value basis is inclusive of short-term investment in affiliated money market funds. |
Elfun Diversified Fund | 19 |
20 | Elfun Diversified Fund |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value July 1, 2023 | $1,000.00 | $1,000.00 | |
Ending Account value December 31, 2023 | $1,058.60 | $1,023.60 | |
Expenses Paid During Period* | $ 1.61 | $ 1.58 |
* | Expenses are equal to the Fund's annualized net expense ratio of 0.31%** (for the period July 1, 2023 - December 31, 2023), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
Elfun Diversified Fund | 21 |
Number of Shares | Fair Value | |
Domestic Equity - 44.2% † | ||
Common Stock - 44.2% | ||
Advertising - 0.0%* | ||
Interpublic Group of Cos., Inc. | 766 | $ 25,002 |
Omnicom Group, Inc. | 341 | 29,500 |
54,502 | ||
Aerospace & Defense - 0.7% | ||
Axon Enterprise, Inc. (a) | 149 | 38,491 |
Boeing Co. (a) | 1,114 | 290,375 |
General Dynamics Corp. | 433 | 112,437 |
Howmet Aerospace, Inc. | 719 | 38,912 |
Huntington Ingalls Industries, Inc. | 71 | 18,435 |
L3Harris Technologies, Inc. | 381 | 80,246 |
Lockheed Martin Corp. | 438 | 198,519 |
Northrop Grumman Corp. | 276 | 129,207 |
RTX Corp. | 2,780 | 233,909 |
Textron, Inc. | 398 | 32,007 |
TransDigm Group, Inc. | 111 | 112,288 |
1,284,826 | ||
Agricultural & Farm Machinery - 0.1% | ||
Deere & Co. | 517 | 206,733 |
Agricultural Products & Services - 0.1% | ||
Archer-Daniels-Midland Co. | 1,079 | 77,925 |
Bunge Global S.A. | 300 | 30,285 |
108,210 | ||
Air Freight & Logistics - 0.2% | ||
CH Robinson Worldwide, Inc. | 194 | 16,760 |
Expeditors International of Washington, Inc. | 301 | 38,287 |
FedEx Corp. | 464 | 117,378 |
United Parcel Service, Inc., Class B | 1,418 | 222,952 |
395,377 | ||
Apparel Retail - 0.2% | ||
Ross Stores, Inc. | 644 | 89,123 |
TJX Cos., Inc. | 2,229 | 209,103 |
298,226 | ||
Apparel, Accessories & Luxury Goods - 0.1% | ||
Lululemon Athletica, Inc. (a) | 224 | 114,529 |
Ralph Lauren Corp. | 75 | 10,815 |
Tapestry, Inc. | 436 | 16,049 |
Number of Shares | Fair Value | |
VF Corp. | 724 | $ 13,611 |
155,004 | ||
Application Software - 1.2% | ||
Adobe, Inc. (a)(b) | 885 | 527,991 |
ANSYS, Inc. (a) | 176 | 63,867 |
Autodesk, Inc. (a) | 430 | 104,696 |
Cadence Design Systems, Inc. (a) | 530 | 144,356 |
Fair Isaac Corp. (a) | 50 | 58,201 |
Intuit, Inc. | 550 | 343,767 |
PTC, Inc. (a) | 208 | 36,392 |
Roper Technologies, Inc. | 214 | 116,666 |
Salesforce, Inc. (a) | 1,891 | 497,598 |
Synopsys, Inc. (a) | 297 | 152,928 |
Tyler Technologies, Inc. (a) | 86 | 35,958 |
2,082,420 | ||
Asset Management & Custody Banks - 0.4% | ||
Ameriprise Financial, Inc. | 196 | 74,447 |
Bank of New York Mellon Corp. | 1,495 | 77,815 |
BlackRock, Inc. | 275 | 223,245 |
Blackstone, Inc. | 1,400 | 183,288 |
Franklin Resources, Inc. | 592 | 17,636 |
Invesco Ltd. | 809 | 14,432 |
Northern Trust Corp. | 359 | 30,292 |
State Street Corp. (c) | 591 | 45,779 |
T Rowe Price Group, Inc. | 455 | 48,999 |
715,933 | ||
Automobile Manufacturers - 0.9% | ||
Ford Motor Co. | 7,915 | 96,484 |
General Motors Co. | 2,733 | 98,169 |
Tesla, Inc. (a) | 5,391 | 1,339,556 |
1,534,209 | ||
Automotive Parts & Equipment - 0.0%* | ||
Aptiv PLC (a) | 574 | 51,499 |
BorgWarner, Inc. | 439 | 15,738 |
67,237 | ||
Automotive Retail - 0.1% | ||
AutoZone, Inc. (a) | 34 | 87,911 |
CarMax, Inc. (a) | 265 | 20,336 |
O'Reilly Automotive, Inc. (a) | 117 | 111,159 |
219,406 |
22 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Biotechnology - 0.9% | ||
AbbVie, Inc. | 3,432 | $ 531,857 |
Amgen, Inc. | 1,052 | 302,997 |
Biogen, Inc. (a) | 292 | 75,561 |
Gilead Sciences, Inc. | 2,453 | 198,717 |
Incyte Corp. (a) | 311 | 19,528 |
Moderna, Inc. (a) | 670 | 66,631 |
Regeneron Pharmaceuticals, Inc. (a) | 209 | 183,563 |
Vertex Pharmaceuticals, Inc. (a) | 503 | 204,666 |
1,583,520 | ||
Brewers - 0.0%* | ||
Molson Coors Beverage Co., Class B | 297 | 18,179 |
Broadcasting - 0.0%* | ||
Fox Corp., Class A | 397 | 11,779 |
Fox Corp., Class B | 283 | 7,825 |
Paramount Global, Class B | 904 | 13,370 |
32,974 | ||
Broadline Retail - 1.6% | ||
Amazon.com, Inc. (a)(b) | 17,741 | 2,695,567 |
eBay, Inc. | 1,079 | 47,066 |
Etsy, Inc. (a) | 232 | 18,804 |
2,761,437 | ||
Building Products - 0.2% | ||
A O Smith Corp. | 200 | 16,488 |
Allegion PLC | 178 | 22,551 |
Builders FirstSource, Inc. (a) | 200 | 33,388 |
Carrier Global Corp. | 1,613 | 92,667 |
Johnson Controls International PLC | 1,375 | 79,255 |
Masco Corp. | 373 | 24,984 |
Trane Technologies PLC | 436 | 106,340 |
375,673 | ||
Cable & Satellite - 0.2% | ||
Charter Communications, Inc., Class A (a) | 195 | 75,793 |
Comcast Corp., Class A | 7,825 | 343,126 |
418,919 | ||
Cargo Ground Transportation - 0.1% | ||
JB Hunt Transport Services, Inc. | 167 | 33,357 |
Number of Shares | Fair Value | |
Old Dominion Freight Line, Inc. | 180 | $ 72,959 |
106,316 | ||
Casinos & Gaming - 0.1% | ||
Caesars Entertainment, Inc. (a) | 338 | 15,845 |
Las Vegas Sands Corp. | 771 | 37,941 |
MGM Resorts International (a) | 520 | 23,234 |
Wynn Resorts Ltd. | 160 | 14,578 |
91,598 | ||
Commodity Chemicals - 0.1% | ||
Dow, Inc. | 1,422 | 77,983 |
LyondellBasell Industries N.V., Class A | 518 | 49,251 |
127,234 | ||
Communications Equipment - 0.4% | ||
Arista Networks, Inc. (a) | 503 | 118,461 |
Cisco Systems, Inc. | 7,813 | 394,713 |
F5, Inc. (a) | 123 | 22,015 |
Juniper Networks, Inc. | 645 | 19,015 |
Motorola Solutions, Inc. | 316 | 98,936 |
653,140 | ||
Computer & Electronics Retail - 0.0%* | ||
Best Buy Co., Inc. | 378 | 29,590 |
Construction & Engineering - 0.0%* | ||
Quanta Services, Inc. | 294 | 63,445 |
Construction Machinery & Heavy Transportation Equipment - 0.3% | ||
Caterpillar, Inc. | 1,003 | 296,557 |
Cummins, Inc. | 286 | 68,517 |
PACCAR, Inc. | 1,050 | 102,532 |
Westinghouse Air Brake Technologies Corp. | 364 | 46,192 |
513,798 | ||
Construction Materials - 0.1% | ||
Martin Marietta Materials, Inc. | 125 | 62,364 |
Vulcan Materials Co. | 268 | 60,838 |
123,202 | ||
Consumer Electronics - 0.0%* | ||
Garmin Ltd. | 312 | 40,104 |
Elfun Diversified Fund | 23 |
Number of Shares | Fair Value | |
Consumer Finance - 0.2% | ||
American Express Co. | 1,139 | $ 213,380 |
Capital One Financial Corp. | 767 | 100,569 |
Discover Financial Services | 507 | 56,987 |
Synchrony Financial | 703 | 26,848 |
397,784 | ||
Consumer Staples Merchandise Retail - 0.7% | ||
Costco Wholesale Corp. | 861 | 568,329 |
Dollar General Corp. | 443 | 60,226 |
Dollar Tree, Inc. (a) | 424 | 60,229 |
Target Corp. | 899 | 128,036 |
Walmart, Inc. | 2,770 | 436,690 |
1,253,510 | ||
Copper - 0.1% | ||
Freeport-McMoRan, Inc. | 2,727 | 116,088 |
Data Center REITs - 0.1% | ||
Digital Realty Trust, Inc. | 609 | 81,959 |
Equinix, Inc. | 187 | 150,608 |
232,567 | ||
Data Processing & Outsourced Services - 0.0%* | ||
Broadridge Financial Solutions, Inc. | 240 | 49,380 |
Distillers & Vintners - 0.1% | ||
Brown-Forman Corp., Class B | 362 | 20,670 |
Constellation Brands, Inc., Class A | 325 | 78,569 |
99,239 | ||
Distributors - 0.1% | ||
Genuine Parts Co. | 285 | 39,472 |
LKQ Corp. | 536 | 25,615 |
Pool Corp. | 74 | 29,505 |
94,592 | ||
Diversified Banks - 1.3% | ||
Bank of America Corp. | 13,396 | 451,043 |
Citigroup, Inc. | 3,714 | 191,048 |
Comerica, Inc. | 266 | 14,845 |
Fifth Third Bancorp | 1,386 | 47,803 |
JPMorgan Chase & Co. | 5,631 | 957,833 |
KeyCorp | 1,872 | 26,957 |
PNC Financial Services Group, Inc. | 763 | 118,151 |
U.S. Bancorp | 3,053 | 132,134 |
Number of Shares | Fair Value | |
Wells Fargo & Co. | 7,132 | $ 351,037 |
2,290,851 | ||
Diversified Support Services - 0.1% | ||
Cintas Corp. | 174 | 104,863 |
Copart, Inc. (a) | 1,748 | 85,652 |
190,515 | ||
Drug Retail - 0.0%* | ||
Walgreens Boots Alliance, Inc. | 1,487 | 38,826 |
Electric Utilities - 0.7% | ||
Alliant Energy Corp. | 434 | 22,264 |
American Electric Power Co., Inc. | 1,036 | 84,144 |
Constellation Energy Corp. | 574 | 67,095 |
Duke Energy Corp. | 1,502 | 145,754 |
Edison International | 727 | 51,973 |
Entergy Corp. | 429 | 43,411 |
Evergy, Inc. | 466 | 24,325 |
Eversource Energy | 709 | 43,759 |
Exelon Corp. | 2,023 | 72,626 |
FirstEnergy Corp. | 1,062 | 38,933 |
NextEra Energy, Inc. | 3,965 | 240,834 |
NRG Energy, Inc. | 455 | 23,524 |
PG&E Corp. | 4,200 | 75,726 |
Pinnacle West Capital Corp. | 230 | 16,523 |
PPL Corp. | 1,455 | 39,430 |
Southern Co. | 2,106 | 147,673 |
Xcel Energy, Inc. | 1,112 | 68,844 |
1,206,838 | ||
Electrical Components & Equipment - 0.3% | ||
AMETEK, Inc. | 465 | 76,674 |
Eaton Corp. PLC | 779 | 187,599 |
Emerson Electric Co. | 1,089 | 105,993 |
Generac Holdings, Inc. (a) | 114 | 14,733 |
Hubbell, Inc. | 100 | 32,893 |
Rockwell Automation, Inc. | 232 | 72,031 |
489,923 | ||
Electronic Components - 0.1% | ||
Amphenol Corp., Class A | 1,197 | 118,659 |
Corning, Inc. | 1,540 | 46,893 |
165,552 | ||
Electronic Equipment & Instruments - 0.1% | ||
Keysight Technologies, Inc. (a) | 361 | 57,431 |
24 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Teledyne Technologies, Inc. (a) | 96 | $ 42,844 |
Trimble, Inc. (a) | 500 | 26,600 |
Zebra Technologies Corp., Class A (a) | 97 | 26,513 |
153,388 | ||
Electronic Manufacturing Services - 0.1% | ||
Jabil, Inc. | 200 | 25,480 |
TE Connectivity Ltd. | 602 | 84,581 |
110,061 | ||
Environmental & Facilities Services - 0.1% | ||
Republic Services, Inc. | 415 | 68,438 |
Rollins, Inc. | 525 | 22,927 |
Veralto Corp. | 443 | 36,441 |
Waste Management, Inc. | 714 | 127,877 |
255,683 | ||
Fertilizers & Agricultural Chemicals - 0.1% | ||
CF Industries Holdings, Inc. | 335 | 26,632 |
Corteva, Inc. | 1,282 | 61,433 |
FMC Corp. | 253 | 15,952 |
Mosaic Co. | 630 | 22,510 |
126,527 | ||
Financial Exchanges & Data - 0.5% | ||
Cboe Global Markets, Inc. | 215 | 38,391 |
CME Group, Inc. | 692 | 145,735 |
FactSet Research Systems, Inc. | 66 | 31,485 |
Intercontinental Exchange, Inc. | 1,115 | 143,200 |
MarketAxess Holdings, Inc. | 62 | 18,157 |
Moody's Corp. | 306 | 119,511 |
MSCI, Inc. | 159 | 89,938 |
Nasdaq, Inc. | 642 | 37,326 |
S&P Global, Inc. | 627 | 276,206 |
899,949 | ||
Food Distributors - 0.0%* | ||
Sysco Corp. | 928 | 67,865 |
Food Retail - 0.0%* | ||
Kroger Co. | 1,281 | 58,555 |
Footwear - 0.1% | ||
NIKE, Inc., Class B | 2,408 | 261,437 |
Number of Shares | Fair Value | |
Gas Utilities - 0.0%* | ||
Atmos Energy Corp. | 255 | $ 29,554 |
Gold - 0.1% | ||
Newmont Corp. | 2,255 | 93,334 |
Health Care REITs - 0.1% | ||
Healthpeak Properties, Inc. | 1,127 | 22,315 |
Ventas, Inc. | 718 | 35,785 |
Welltower, Inc. | 1,076 | 97,023 |
155,123 | ||
Healthcare Distributors - 0.1% | ||
Cardinal Health, Inc. | 462 | 46,570 |
Cencora, Inc. | 336 | 69,008 |
Henry Schein, Inc. (a) | 264 | 19,987 |
McKesson Corp. | 259 | 119,912 |
255,477 | ||
Healthcare Equipment - 1.1% | ||
Abbott Laboratories | 3,411 | 375,448 |
Baxter International, Inc. | 1,031 | 39,859 |
Becton Dickinson & Co. | 557 | 135,813 |
Boston Scientific Corp. (a) | 2,899 | 167,591 |
Dexcom, Inc. (a) | 735 | 91,206 |
Edwards Lifesciences Corp. (a) | 1,223 | 93,254 |
GE HealthCare Technologies, Inc. | 785 | 60,696 |
Hologic, Inc. (a) | 499 | 35,654 |
IDEXX Laboratories, Inc. (a) | 167 | 92,693 |
Insulet Corp. (a) | 133 | 28,858 |
Intuitive Surgical, Inc. (a) | 688 | 232,104 |
Medtronic PLC | 2,606 | 214,682 |
ResMed, Inc. | 298 | 51,262 |
STERIS PLC | 200 | 43,970 |
Stryker Corp. | 660 | 197,644 |
Teleflex, Inc. | 86 | 21,443 |
Zimmer Biomet Holdings, Inc. | 423 | 51,479 |
1,933,656 | ||
Healthcare Facilities - 0.1% | ||
HCA Healthcare, Inc. | 390 | 105,565 |
Universal Health Services, Inc., Class B | 112 | 17,073 |
122,638 | ||
Healthcare Services - 0.3% | ||
Cigna Group | 577 | 172,783 |
Elfun Diversified Fund | 25 |
Number of Shares | Fair Value | |
CVS Health Corp. | 2,508 | $ 198,032 |
DaVita, Inc. (a) | 112 | 11,733 |
Laboratory Corp. of America Holdings | 162 | 36,821 |
Quest Diagnostics, Inc. | 191 | 26,335 |
445,704 | ||
Healthcare Supplies - 0.0%* | ||
Align Technology, Inc. (a) | 123 | 33,702 |
Cooper Cos., Inc. | 101 | 38,223 |
DENTSPLY SIRONA, Inc. | 453 | 16,122 |
88,047 | ||
Home Building - 0.1% | ||
DR Horton, Inc. | 574 | 87,236 |
Lennar Corp., Class A | 509 | 75,861 |
NVR, Inc. (a) | 6 | 42,003 |
PulteGroup, Inc. | 399 | 41,185 |
246,285 | ||
Home Furnishings - 0.0%* | ||
Mohawk Industries, Inc. (a) | 114 | 11,799 |
Home Improvement Retail - 0.5% | ||
Home Depot, Inc. | 1,946 | 674,386 |
Lowe's Cos., Inc. | 1,129 | 251,259 |
925,645 | ||
Hotel & Resort REITs - 0.0%* | ||
Host Hotels & Resorts, Inc. | 1,333 | 25,954 |
Hotels, Resorts & Cruise Lines - 0.4% | ||
Airbnb, Inc., Class A (a) | 856 | 116,536 |
Booking Holdings, Inc. (a) | 69 | 244,758 |
Carnival Corp. (a) | 1,699 | 31,499 |
Expedia Group, Inc. (a) | 254 | 38,555 |
Hilton Worldwide Holdings, Inc. | 505 | 91,955 |
Marriott International, Inc., Class A | 486 | 109,598 |
Norwegian Cruise Line Holdings Ltd. (a) | 848 | 16,994 |
Royal Caribbean Cruises Ltd. (a) | 446 | 57,753 |
707,648 | ||
Household Appliances - 0.0%* | ||
Whirlpool Corp. | 111 | 13,516 |
Number of Shares | Fair Value | |
Household Products - 0.5% | ||
Church & Dwight Co., Inc. | 430 | $ 40,661 |
Clorox Co. | 252 | 35,933 |
Colgate-Palmolive Co. | 1,603 | 127,775 |
Kimberly-Clark Corp. | 680 | 82,627 |
Procter & Gamble Co. | 4,586 | 672,032 |
959,028 | ||
Human Resource & Employment Services - 0.2% | ||
Automatic Data Processing, Inc. | 805 | 187,541 |
Ceridian HCM Holding, Inc. (a) | 314 | 21,076 |
Paychex, Inc. | 646 | 76,945 |
Paycom Software, Inc. | 84 | 17,364 |
Robert Half, Inc. | 191 | 16,793 |
319,719 | ||
Independent Power Producers & Energy Traders - 0.0%* | ||
AES Corp. | 1,124 | 21,637 |
Industrial Conglomerates - 0.4% | ||
3M Co. | 1,057 | 115,551 |
General Electric Co. | 2,095 | 267,385 |
Honeywell International, Inc. | 1,276 | 267,590 |
650,526 | ||
Industrial Gases - 0.3% | ||
Air Products & Chemicals, Inc. | 425 | 116,365 |
Linde PLC | 950 | 390,174 |
506,539 | ||
Industrial Machinery & Supplies & Components - 0.4% | ||
Dover Corp. | 284 | 43,682 |
Fortive Corp. | 713 | 52,498 |
IDEX Corp. | 129 | 28,007 |
Illinois Tool Works, Inc. | 534 | 139,876 |
Ingersoll Rand, Inc. | 759 | 58,701 |
Nordson Corp. | 93 | 24,567 |
Otis Worldwide Corp. | 830 | 74,260 |
Parker-Hannifin Corp. | 257 | 118,400 |
Pentair PLC | 353 | 25,667 |
Snap-on, Inc. | 99 | 28,595 |
Stanley Black & Decker, Inc. | 259 | 25,408 |
Xylem, Inc. | 488 | 55,808 |
675,469 | ||
Industrial REITs - 0.1% | ||
Prologis, Inc. | 1,809 | 241,140 |
26 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Insurance Brokers - 0.3% | ||
Aon PLC, Class A | 395 | $ 114,953 |
Arthur J Gallagher & Co. | 432 | 97,148 |
Brown & Brown, Inc. | 500 | 35,555 |
Marsh & McLennan Cos., Inc. | 965 | 182,839 |
Willis Towers Watson PLC | 212 | 51,134 |
481,629 | ||
Integrated Oil & Gas - 0.8% | ||
Chevron Corp. | 3,412 | 508,934 |
Exxon Mobil Corp. | 7,798 | 779,644 |
Occidental Petroleum Corp. | 1,334 | 79,653 |
1,368,231 | ||
Integrated Telecommunication Services - 0.3% | ||
AT&T, Inc. | 14,003 | 234,970 |
Verizon Communications, Inc. | 8,250 | 311,025 |
545,995 | ||
Interactive Home Entertainment - 0.1% | ||
Electronic Arts, Inc. | 497 | 67,995 |
Take-Two Interactive Software, Inc. (a) | 320 | 51,504 |
119,499 | ||
Interactive Media & Services - 2.6% | ||
Alphabet, Inc., Class A (a)(b) | 11,538 | 1,611,743 |
Alphabet, Inc., Class C (a) | 9,708 | 1,368,149 |
Match Group, Inc. (a) | 464 | 16,936 |
Meta Platforms, Inc., Class A (a) | 4,327 | 1,531,585 |
4,528,413 | ||
Internet Services & Infrastructure - 0.0%* | ||
Akamai Technologies, Inc. (a) | 264 | 31,244 |
VeriSign, Inc. (a) | 182 | 37,485 |
68,729 | ||
Investment Banking & Brokerage - 0.4% | ||
Charles Schwab Corp. | 2,890 | 198,832 |
Goldman Sachs Group, Inc. | 631 | 243,421 |
Morgan Stanley | 2,451 | 228,556 |
Raymond James Financial, Inc. | 382 | 42,593 |
713,402 | ||
IT Consulting & Other Services - 0.5% | ||
Accenture PLC, Class A | 1,219 | 427,759 |
Number of Shares | Fair Value | |
Cognizant Technology Solutions Corp., Class A | 944 | $ 71,300 |
EPAM Systems, Inc. (a) | 118 | 35,086 |
Gartner, Inc. (a) | 159 | 71,727 |
International Business Machines Corp. | 1,788 | 292,428 |
898,300 | ||
Leisure Products - 0.0%* | ||
Hasbro, Inc. | 264 | 13,480 |
Life & Health Insurance - 0.2% | ||
Aflac, Inc. | 1,030 | 84,975 |
Globe Life, Inc. | 163 | 19,840 |
MetLife, Inc. | 1,204 | 79,620 |
Principal Financial Group, Inc. | 380 | 29,895 |
Prudential Financial, Inc. | 732 | 75,916 |
290,246 | ||
Life Sciences Tools & Services - 0.6% | ||
Agilent Technologies, Inc. | 566 | 78,691 |
Bio-Rad Laboratories, Inc., Class A (a) | 39 | 12,593 |
Bio-Techne Corp. | 319 | 24,614 |
Charles River Laboratories International, Inc. (a) | 104 | 24,586 |
Danaher Corp. | 1,292 | 298,891 |
Illumina, Inc. (a) | 275 | 38,291 |
IQVIA Holdings, Inc. (a) | 369 | 85,379 |
Mettler-Toledo International, Inc. (a) | 44 | 53,370 |
Revvity, Inc. | 237 | 25,906 |
Thermo Fisher Scientific, Inc. | 759 | 402,870 |
Waters Corp. (a) | 101 | 33,252 |
West Pharmaceutical Services, Inc. | 149 | 52,466 |
1,130,909 | ||
Managed Healthcare - 0.8% | ||
Centene Corp. (a) | 1,034 | 76,733 |
Elevance Health, Inc. | 462 | 217,861 |
Humana, Inc. | 235 | 107,585 |
Molina Healthcare, Inc. (a) | 118 | 42,635 |
UnitedHealth Group, Inc. | 1,801 | 948,172 |
1,392,986 | ||
Metal, Glass & Plastic Containers - 0.0%* | ||
Ball Corp. | 549 | 31,578 |
Elfun Diversified Fund | 27 |
Number of Shares | Fair Value | |
Movies & Entertainment - 0.5% | ||
Live Nation Entertainment, Inc. (a) | 244 | $ 22,839 |
Netflix, Inc. (a) | 850 | 413,848 |
Walt Disney Co. | 3,596 | 324,683 |
Warner Bros Discovery, Inc. (a) | 4,472 | 50,891 |
812,261 | ||
Multi-Family Residential REITs - 0.1% | ||
AvalonBay Communities, Inc. | 287 | 53,732 |
Camden Property Trust | 178 | 17,674 |
Equity Residential | 701 | 42,873 |
Essex Property Trust, Inc. | 109 | 27,025 |
Mid-America Apartment Communities, Inc. | 239 | 32,136 |
UDR, Inc. | 617 | 23,625 |
197,065 | ||
Multi-Line Insurance - 0.1% | ||
American International Group, Inc. | 1,382 | 93,631 |
Assurant, Inc. | 92 | 15,501 |
109,132 | ||
Multi-Sector Holdings - 0.7% | ||
Berkshire Hathaway, Inc., Class B (a) | 3,546 | 1,264,716 |
Multi-Utilities - 0.3% | ||
Ameren Corp. | 533 | 38,557 |
CenterPoint Energy, Inc. | 1,240 | 35,427 |
CMS Energy Corp. | 595 | 34,552 |
Consolidated Edison, Inc. | 696 | 63,315 |
Dominion Energy, Inc. | 1,684 | 79,148 |
DTE Energy Co. | 418 | 46,089 |
NiSource, Inc. | 692 | 18,373 |
Public Service Enterprise Group, Inc. | 1,008 | 61,639 |
Sempra | 1,265 | 94,533 |
WEC Energy Group, Inc. | 638 | 53,700 |
525,333 | ||
Office REITs - 0.0%* | ||
Alexandria Real Estate Equities, Inc. | 267 | 33,847 |
Boston Properties, Inc. | 222 | 15,578 |
49,425 |
Number of Shares | Fair Value | |
Oil & Gas Equipment & Services - 0.2% | ||
Baker Hughes Co. | 2,015 | $ 68,873 |
Halliburton Co. | 1,763 | 63,732 |
Schlumberger N.V. | 2,750 | 143,110 |
275,715 | ||
Oil & Gas Exploration & Production - 0.5% | ||
APA Corp. | 621 | 22,281 |
ConocoPhillips | 2,298 | 266,729 |
Coterra Energy, Inc. | 1,495 | 38,152 |
Devon Energy Corp. | 1,286 | 58,256 |
Diamondback Energy, Inc. | 361 | 55,984 |
EOG Resources, Inc. | 1,119 | 135,343 |
EQT Corp. | 700 | 27,062 |
Hess Corp. | 556 | 80,153 |
Marathon Oil Corp. | 999 | 24,136 |
Pioneer Natural Resources Co. | 468 | 105,244 |
813,340 | ||
Oil & Gas Refining & Marketing - 0.2% | ||
Marathon Petroleum Corp. | 748 | 110,973 |
Phillips 66 | 856 | 113,968 |
Valero Energy Corp. | 671 | 87,230 |
312,171 | ||
Oil & Gas Storage & Transportation - 0.2% | ||
Kinder Morgan, Inc. | 3,904 | 68,866 |
ONEOK, Inc. | 1,172 | 82,298 |
Targa Resources Corp. | 400 | 34,748 |
Williams Cos., Inc. | 2,431 | 84,672 |
270,584 | ||
Other Specialized REITs - 0.1% | ||
Iron Mountain, Inc. | 605 | 42,338 |
VICI Properties, Inc. | 2,000 | 63,760 |
106,098 | ||
Other Specialty Retail - 0.1% | ||
Bath & Body Works, Inc. | 487 | 21,019 |
Tractor Supply Co. | 221 | 47,522 |
Ulta Beauty, Inc. (a) | 101 | 49,489 |
118,030 | ||
Packaged Foods & Meats - 0.3% | ||
Campbell Soup Co. | 365 | 15,779 |
Conagra Brands, Inc. | 926 | 26,539 |
General Mills, Inc. | 1,178 | 76,735 |
28 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Hershey Co. | 303 | $ 56,491 |
Hormel Foods Corp. | 548 | 17,596 |
J M Smucker Co. | 202 | 25,529 |
Kellanova | 538 | 30,080 |
Kraft Heinz Co. | 1,563 | 57,800 |
Lamb Weston Holdings, Inc. | 252 | 27,239 |
McCormick & Co., Inc. | 512 | 35,031 |
Mondelez International, Inc., Class A | 2,678 | 193,967 |
Tyson Foods, Inc., Class A | 507 | 27,251 |
590,037 | ||
Paper & Plastic Packaging Products & Materials - 0.1% | ||
Amcor PLC | 2,778 | 26,780 |
Avery Dennison Corp. | 165 | 33,356 |
International Paper Co. | 744 | 26,896 |
Packaging Corp. of America | 175 | 28,509 |
Westrock Co. | 458 | 19,016 |
134,557 | ||
Passenger Airlines - 0.1% | ||
American Airlines Group, Inc. (a) | 1,394 | 19,154 |
Delta Air Lines, Inc. | 1,300 | 52,299 |
Southwest Airlines Co. | 1,218 | 35,176 |
United Airlines Holdings, Inc. (a) | 636 | 26,241 |
132,870 | ||
Passenger Ground Transportation - 0.1% | ||
Uber Technologies, Inc. (a) | 4,000 | 246,280 |
Personal Care Products - 0.1% | ||
Estee Lauder Cos., Inc., Class A | 468 | 68,445 |
Kenvue, Inc. | 3,504 | 75,441 |
143,886 | ||
Pharmaceuticals - 1.7% | ||
Bristol-Myers Squibb Co. | 4,010 | 205,753 |
Catalent, Inc. (a) | 329 | 14,782 |
Eli Lilly & Co. | 1,553 | 905,275 |
Johnson & Johnson | 4,685 | 734,327 |
Merck & Co., Inc. | 4,968 | 541,612 |
Pfizer, Inc. | 11,095 | 319,425 |
Viatris, Inc. | 2,210 | 23,934 |
Zoetis, Inc. | 898 | 177,238 |
2,922,346 |
Number of Shares | Fair Value | |
Property & Casualty Insurance - 0.4% | ||
Allstate Corp. | 527 | $ 73,769 |
Arch Capital Group Ltd. (a) | 700 | 51,989 |
Chubb Ltd. | 802 | 181,252 |
Cincinnati Financial Corp. | 269 | 27,831 |
Hartford Financial Services Group, Inc. | 620 | 49,836 |
Loews Corp. | 311 | 21,642 |
Progressive Corp. | 1,143 | 182,057 |
Travelers Cos., Inc. | 461 | 87,816 |
W R Berkley Corp. | 350 | 24,752 |
700,944 | ||
Publishing - 0.0%* | ||
News Corp., Class A | 811 | 19,910 |
News Corp., Class B | 142 | 3,652 |
23,562 | ||
Rail Transportation - 0.3% | ||
CSX Corp. | 3,949 | 136,912 |
Norfolk Southern Corp. | 432 | 102,116 |
Union Pacific Corp. | 1,198 | 294,253 |
533,281 | ||
Real Estate Services - 0.1% | ||
CBRE Group, Inc., Class A (a) | 627 | 58,367 |
CoStar Group, Inc. (a) | 779 | 68,077 |
126,444 | ||
Regional Banks - 0.1% | ||
Citizens Financial Group, Inc. | 801 | 26,545 |
Huntington Bancshares, Inc. | 2,934 | 37,321 |
M&T Bank Corp. | 337 | 46,196 |
Regions Financial Corp. | 1,597 | 30,950 |
Truist Financial Corp. | 2,677 | 98,835 |
Zions Bancorp NA | 252 | 11,055 |
250,902 | ||
Reinsurance - 0.0%* | ||
Everest Group Ltd. | 75 | 26,518 |
Research & Consulting Services - 0.1% | ||
Equifax, Inc. | 249 | 61,575 |
Jacobs Solutions, Inc. | 226 | 29,335 |
Leidos Holdings, Inc. | 281 | 30,416 |
Verisk Analytics, Inc. | 292 | 69,747 |
191,073 |
Elfun Diversified Fund | 29 |
Number of Shares | Fair Value | |
Restaurants - 0.5% | ||
Chipotle Mexican Grill, Inc. (a) | 53 | $ 121,209 |
Darden Restaurants, Inc. | 246 | 40,418 |
Domino's Pizza, Inc. | 68 | 28,032 |
McDonald's Corp. | 1,408 | 417,486 |
Starbucks Corp. | 2,243 | 215,350 |
Yum! Brands, Inc. | 564 | 73,692 |
896,187 | ||
Retail REITs - 0.1% | ||
Federal Realty Investment Trust | 139 | 14,324 |
Kimco Realty Corp. | 1,110 | 23,654 |
Realty Income Corp. | 1,427 | 81,939 |
Regency Centers Corp. | 334 | 22,378 |
Simon Property Group, Inc. | 658 | 93,857 |
236,152 | ||
Self Storage REITs - 0.1% | ||
Extra Space Storage, Inc. | 427 | 68,461 |
Public Storage | 318 | 96,990 |
165,451 | ||
Semiconductor Materials & Equipment - 0.4% | ||
Applied Materials, Inc. | 1,650 | 267,415 |
Enphase Energy, Inc. (a) | 270 | 35,678 |
KLA Corp. | 265 | 154,044 |
Lam Research Corp. | 261 | 204,431 |
Teradyne, Inc. | 263 | 28,541 |
690,109 | ||
Semiconductors - 3.1% | ||
Advanced Micro Devices, Inc. (a) | 3,139 | 462,720 |
Analog Devices, Inc. | 979 | 194,390 |
Broadcom, Inc. | 855 | 954,394 |
First Solar, Inc. (a) | 201 | 34,628 |
Intel Corp. | 8,226 | 413,356 |
Microchip Technology, Inc. | 1,050 | 94,689 |
Micron Technology, Inc. | 2,129 | 181,689 |
Monolithic Power Systems, Inc. | 97 | 61,186 |
NVIDIA Corp. | 4,818 | 2,385,970 |
ON Semiconductor Corp. (a) | 800 | 66,824 |
Qorvo, Inc. (a) | 191 | 21,509 |
QUALCOMM, Inc. | 2,194 | 317,318 |
Skyworks Solutions, Inc. | 273 | 30,691 |
Texas Instruments, Inc. | 1,785 | 304,271 |
5,523,635 |
Number of Shares | Fair Value | |
Single-Family Residential REITs - 0.0%* | ||
Invitation Homes, Inc. | 1,200 | $ 40,932 |
Soft Drinks & Non-alcoholic Beverages - 0.6% | ||
Coca-Cola Co. | 7,644 | 450,461 |
Keurig Dr Pepper, Inc. | 2,000 | 66,640 |
Monster Beverage Corp. (a) | 1,454 | 83,765 |
PepsiCo, Inc. | 2,671 | 453,642 |
1,054,508 | ||
Specialty Chemicals - 0.3% | ||
Albemarle Corp. | 202 | 29,185 |
Celanese Corp. | 206 | 32,006 |
DuPont de Nemours, Inc. | 840 | 64,621 |
Eastman Chemical Co. | 216 | 19,401 |
Ecolab, Inc. | 510 | 101,159 |
International Flavors & Fragrances, Inc. | 519 | 42,024 |
PPG Industries, Inc. | 475 | 71,036 |
Sherwin-Williams Co. | 459 | 143,162 |
502,594 | ||
Steel - 0.1% | ||
Nucor Corp. | 476 | 82,843 |
Steel Dynamics, Inc. | 267 | 31,533 |
114,376 | ||
Systems Software - 3.6% | ||
Fortinet, Inc. (a) | 1,233 | 72,168 |
Gen Digital, Inc. | 923 | 21,063 |
Microsoft Corp. | 14,505 | 5,454,460 |
Oracle Corp. | 3,095 | 326,306 |
Palo Alto Networks, Inc. (a) | 598 | 176,338 |
ServiceNow, Inc. (a) | 400 | 282,596 |
6,332,931 | ||
Technology Distributors - 0.0%* | ||
CDW Corp. | 271 | 61,604 |
Technology Hardware, Storage & Peripherals - 3.2% | ||
Apple, Inc. | 28,533 | 5,493,459 |
Hewlett Packard Enterprise Co. | 2,663 | 45,218 |
HP, Inc. | 1,779 | 53,530 |
NetApp, Inc. | 367 | 32,355 |
Seagate Technology Holdings PLC | 358 | 30,562 |
Western Digital Corp. (a) | 544 | 28,489 |
5,683,613 |
30 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Telecom Tower REITs - 0.2% | ||
American Tower Corp. | 912 | $ 196,882 |
Crown Castle, Inc. | 872 | 100,446 |
SBA Communications Corp. | 219 | 55,558 |
352,886 | ||
Timber REITs - 0.0%* | ||
Weyerhaeuser Co. | 1,431 | 49,756 |
Tobacco - 0.2% | ||
Altria Group, Inc. | 3,463 | 139,697 |
Philip Morris International, Inc. | 3,047 | 286,662 |
426,359 | ||
Trading Companies & Distributors - 0.1% | ||
Fastenal Co. | 1,087 | 70,405 |
United Rentals, Inc. | 131 | 75,118 |
WW Grainger, Inc. | 90 | 74,582 |
220,105 | ||
Transaction & Payment Processing Services - 1.1% | ||
Fidelity National Information Services, Inc. | 1,195 | 71,784 |
Fiserv, Inc. (a) | 1,183 | 157,150 |
FleetCor Technologies, Inc. (a) | 151 | 42,674 |
Global Payments, Inc. | 525 | 66,675 |
Jack Henry & Associates, Inc. | 125 | 20,426 |
Mastercard, Inc., Class A | 1,611 | 687,108 |
PayPal Holdings, Inc. (a) | 2,125 | 130,496 |
Visa, Inc., Class A | 3,103 | 807,866 |
1,984,179 | ||
Water Utilities - 0.0%* | ||
American Water Works Co., Inc. | 394 | 52,004 |
Wireless Telecommunication Services - 0.1% | ||
T-Mobile U.S., Inc. | 1,003 | 160,811 |
Total Common Stock (Cost $54,425,341) | 78,056,939 | |
Total Domestic Equity (Cost $54,425,341) | 78,056,939 |
Number of Shares | Fair Value | |
Foreign Equity - 0.1% | ||
Common Stock - 0.1% | ||
Semiconductors - 0.1% | ||
NXP Semiconductors N.V. | 493 | $ 113,232 |
Total Common Stock (Cost $87,754) | 113,232 | |
Total Foreign Equity (Cost $87,754) | 113,232 | |
Principal Amount | ||
Bonds and Notes - 28.5% | ||
U.S. Treasuries - 8.5% | ||
U.S. Treasury Bonds | ||
2.25% 08/15/46 | $ 533,000 | 379,596 |
3.00% 08/15/48 | 1,485,600 | 1,211,925 |
4.13% 08/15/53 | 254,000 | 257,453 |
4.38% 08/15/43 | 694,000 | 709,723 |
U.S. Treasury Notes | ||
0.25% 07/31/25 | 1,225,200 | 1,147,429 |
0.75% 01/31/28 | 4,013,000 | 3,538,337 |
1.25% 11/30/26 | 100,000 | 92,477 |
1.63% 05/15/31 | 691,000 | 592,856 |
1.75% 01/31/29 | 246,000 | 221,996 |
2.75% 08/15/32 | 427,000 | 391,305 |
3.50% 04/30/28 | 1,120,000 | 1,102,412 |
3.88% 12/31/27 - 08/15/33 | 1,653,500 | 1,652,145 |
4.25% 10/15/25 | 399,000 | 398,299 |
4.63% 10/15/26 - 09/30/30 | 2,412,000 | 2,493,575 |
5.00% 09/30/25 | 848,000 | 856,712 |
15,046,240 | ||
Agency Mortgage Backed - 7.6% | ||
Federal Home Loan Mortgage Corp. | ||
3.00% 04/01/43 - 10/01/49 | 1,252,990 | 1,132,646 |
4.50% 06/01/33 - 02/01/35 | 669 | 665 |
5.00% 07/01/35 | 6,031 | 6,101 |
5.50% 01/01/38 - 04/01/39 | 10,908 | 11,290 |
6.00% 06/01/33 - 11/01/37 | 26,196 | 27,496 |
6.50% 11/01/28 | 269 | 281 |
7.00% 12/01/29 - 08/01/36 | 7,012 | 7,539 |
7.50% 09/01/33 | 806 | 845 |
8.00% 07/01/26 - 11/01/30 | 776 | 811 |
8.50% 04/01/30 | 2,374 | 2,606 |
Federal National Mortgage Association | ||
2.50% 03/01/51 | 603,909 | 513,374 |
3.00% 03/01/50 | 224,981 | 201,323 |
Elfun Diversified Fund | 31 |
Principal Amount | Fair Value | |
3.50% 08/01/45 - 01/01/48 | $ 528,559 | $ 494,408 |
4.00% 01/01/41 - 01/01/50 | 482,847 | 465,572 |
4.50% 07/01/33 - 12/01/48 | 238,322 | 236,903 |
5.00% 03/01/34 - 05/01/39 | 18,876 | 19,125 |
5.50% 07/01/33 - 01/01/39 | 40,078 | 41,314 |
6.00% 02/01/29 - 05/01/41 | 137,416 | 143,447 |
6.50% 07/01/29 - 08/01/36 | 3,889 | 4,101 |
7.00% 05/01/33 - 12/01/33 | 425 | 453 |
7.50% 12/01/26 - 03/01/33 | 1,521 | 1,580 |
8.00% 06/01/24 - 12/01/30 | 472 | 477 |
Federal National Mortgage Association 1.60% + 1 year RFUCCT | ||
4.97% 04/01/37 (d) | 271 | 269 |
Government National Mortgage Association | ||
3.00% 12/20/42 - 05/20/45 | 1,195,771 | 1,100,138 |
3.50% 08/20/48 | 203,102 | 191,592 |
4.00% 01/20/41 - 04/20/43 | 102,573 | 100,138 |
4.50% 08/15/33 - 03/20/41 | 42,769 | 42,645 |
5.00% 08/15/33 | 2,222 | 2,252 |
6.00% 07/15/33 - 04/15/34 | 3,560 | 3,725 |
6.50% 06/15/34 - 07/15/36 | 5,288 | 5,574 |
7.00% 04/15/28 - 10/15/36 | 1,299 | 1,358 |
7.50% 04/15/28 | 2,869 | 2,899 |
8.00% 05/15/30 | 110 | 113 |
Uniform Mortgage-Backed Security, TBA | ||
2.00% 01/01/54 (e) | 2,324,752 | 1,899,771 |
2.50% 01/01/54 (e) | 2,478,847 | 2,108,773 |
3.00% 01/01/54 (e) | 1,774,127 | 1,567,759 |
3.50% 01/01/54 (e) | 1,000,000 | 916,634 |
4.50% 01/01/54 (e) | 600,000 | 581,689 |
5.00% 01/01/54 (e) | 1,137,389 | 1,125,653 |
5.50% 01/01/39 (e) | 503,601 | 510,500 |
13,473,839 | ||
Agency Collateralized Mortgage Obligations - 0.2% | ||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | ||
2.51% 07/25/29 | 224,000 | 203,530 |
4.05% 09/25/28 (d) | 71,000 | 69,983 |
Federal Home Loan Mortgage Corp. REMICS | ||
5.50% 06/15/33 (f) | 1,813 | 256 |
7.50% 07/15/27 (f) | 1,149 | 81 |
Federal Home Loan Mortgage Corp. STRIPS | ||
0.00% 08/01/27 (g) | 57 | 52 |
Principal Amount | Fair Value | |
8.00% 07/01/24 (f)** | $ 18 | $ — |
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | ||
0.08% 09/25/43 (d)(f) | 74,171 | 857 |
Federal National Mortgage Association Interest STRIPS | ||
4.50% 08/25/35 - 01/25/36 (f) | 4,064 | 529 |
5.00% 03/25/38 - 05/25/38 (f) | 2,674 | 423 |
5.50% 12/25/33 (f) | 978 | 164 |
6.00% 01/25/35 (f) | 2,782 | 494 |
8.00% 07/25/24 (f) | 33 | 1 |
Federal National Mortgage Association REMICS | ||
1.18% 12/25/42 (d)(f) | 14,449 | 538 |
5.00% 09/25/40 (f) | 3,699 | 370 |
Federal National Mortgage Association REMICS 5.89% + SOFR | ||
0.55% 07/25/38 (d)(f) | 3,066 | 275 |
Federal National Mortgage Association REMICS 6.44% + SOFR | ||
1.10% 11/25/41 (d)(f) | 442,872 | 56,995 |
334,548 | ||
Corporate Notes - 10.2% | ||
3M Co. | ||
3.13% 09/19/46 | 14,000 | 10,249 |
7-Eleven, Inc. | ||
0.80% 02/10/24 (h) | 30,000 | 29,834 |
0.95% 02/10/26 (h) | 77,000 | 71,164 |
Abbott Laboratories | ||
3.75% 11/30/26 | 16,000 | 15,787 |
4.90% 11/30/46 | 13,000 | 13,330 |
AbbVie, Inc. | ||
2.60% 11/21/24 | 26,000 | 25,405 |
2.95% 11/21/26 | 28,000 | 26,853 |
3.20% 05/14/26 - 11/21/29 | 28,000 | 26,665 |
4.05% 11/21/39 | 6,000 | 5,426 |
4.25% 11/21/49 | 17,000 | 15,172 |
4.30% 05/14/36 | 14,000 | 13,424 |
4.40% 11/06/42 | 8,000 | 7,429 |
4.63% 10/01/42 | 3,000 | 2,846 |
4.70% 05/14/45 | 2,000 | 1,909 |
4.88% 11/14/48 | 3,000 | 2,934 |
Advanced Micro Devices, Inc. | ||
4.39% 06/01/52 | 33,000 | 31,297 |
32 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
AEP Texas, Inc. | ||
3.45% 05/15/51 | $ 26,000 | $ 18,655 |
AEP Transmission Co. LLC | ||
5.40% 03/15/53 | 15,000 | 15,626 |
Aetna, Inc. | ||
3.50% 11/15/24 | 9,000 | 8,855 |
Aircastle Ltd. | ||
4.25% 06/15/26 | 11,000 | 10,642 |
Alexandria Real Estate Equities, Inc. | ||
1.88% 02/01/33 | 22,000 | 17,145 |
2.95% 03/15/34 | 20,000 | 16,689 |
3.55% 03/15/52 | 16,000 | 11,689 |
4.70% 07/01/30 | 4,000 | 3,921 |
Allstate Corp. | ||
4.20% 12/15/46 | 18,000 | 15,286 |
Allstate Corp. (8.58% fixed rate until 01/29/24; 3.20% + 3-month Term SOFR) | ||
8.58% 08/15/53 (d) | 24,000 | 23,920 |
Ally Financial, Inc. | ||
2.20% 11/02/28 | 23,000 | 19,669 |
Altria Group, Inc. | ||
3.40% 05/06/30 - 02/04/41 | 45,000 | 38,596 |
4.00% 02/04/61 | 2,000 | 1,462 |
4.25% 08/09/42 | 2,000 | 1,631 |
4.45% 05/06/50 | 3,000 | 2,384 |
4.50% 05/02/43 | 3,000 | 2,501 |
Amazon.com, Inc. | ||
1.50% 06/03/30 | 8,000 | 6,777 |
2.50% 06/03/50 | 25,000 | 16,656 |
2.70% 06/03/60 | 3,000 | 1,988 |
2.88% 05/12/41 | 15,000 | 11,782 |
3.15% 08/22/27 | 4,000 | 3,844 |
3.25% 05/12/61 | 8,000 | 5,888 |
4.05% 08/22/47 | 3,000 | 2,706 |
4.25% 08/22/57 | 3,000 | 2,767 |
Ameren Corp. | ||
3.65% 02/15/26 | 6,000 | 5,824 |
American Electric Power Co., Inc. | ||
2.30% 03/01/30 | 26,000 | 22,226 |
3.25% 03/01/50 | 2,000 | 1,427 |
American Honda Finance Corp. | ||
5.85% 10/04/30 | 74,000 | 79,049 |
Principal Amount | Fair Value | |
American International Group, Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3-month USD LIBOR thereafter) | ||
5.75% 04/01/48 (d) | $ 2,000 | $ 1,977 |
American Tower Corp. | ||
1.50% 01/31/28 | 38,000 | 33,225 |
2.90% 01/15/30 | 5,000 | 4,467 |
3.80% 08/15/29 | 23,000 | 21,833 |
American Water Capital Corp. | ||
2.95% 09/01/27 | 12,000 | 11,344 |
Amgen, Inc. | ||
2.00% 01/15/32 | 40,000 | 32,780 |
3.00% 01/15/52 | 8,000 | 5,603 |
3.15% 02/21/40 | 15,000 | 11,686 |
3.38% 02/21/50 | 3,000 | 2,239 |
4.66% 06/15/51 | 3,000 | 2,734 |
5.51% 03/02/26 | 36,000 | 36,016 |
5.60% 03/02/43 | 20,000 | 20,682 |
5.65% 03/02/53 | 20,000 | 21,084 |
5.75% 03/02/63 | 20,000 | 21,036 |
AngloGold Ashanti Holdings PLC | ||
3.38% 11/01/28 | 200,000 | 180,120 |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | ||
3.65% 02/01/26 | 1,000 | 982 |
4.70% 02/01/36 | 7,000 | 6,986 |
4.90% 02/01/46 | 11,000 | 10,853 |
Anheuser-Busch InBev Worldwide, Inc. | ||
3.50% 06/01/30 | 10,000 | 9,531 |
4.00% 04/13/28 | 5,000 | 4,942 |
4.35% 06/01/40 | 10,000 | 9,358 |
4.38% 04/15/38 | 16,000 | 15,199 |
4.60% 04/15/48 | 3,000 | 2,846 |
4.75% 04/15/58 | 8,000 | 7,616 |
5.55% 01/23/49 | 14,000 | 15,099 |
Aon Corp./Aon Global Holdings PLC | ||
2.90% 08/23/51 | 16,000 | 10,478 |
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT thereafter) | ||
4.95% 01/14/50 (d)(h) | 21,000 | 19,781 |
Apple, Inc. | ||
2.20% 09/11/29 | 14,000 | 12,673 |
2.65% 02/08/51 | 44,000 | 30,206 |
Elfun Diversified Fund | 33 |
Principal Amount | Fair Value | |
2.80% 02/08/61 | $ 17,000 | $ 11,584 |
2.95% 09/11/49 | 3,000 | 2,206 |
3.35% 02/09/27 | 4,000 | 3,896 |
3.45% 02/09/45 | 20,000 | 16,688 |
3.85% 08/04/46 | 12,000 | 10,461 |
3.95% 08/08/52 | 14,000 | 12,283 |
4.85% 05/10/53 | 46,000 | 46,933 |
Applied Materials, Inc. | ||
4.35% 04/01/47 | 2,000 | 1,889 |
Aptiv PLC | ||
4.40% 10/01/46 | 3,000 | 2,427 |
ArcelorMittal S.A. | ||
4.55% 03/11/26 | 71,000 | 69,943 |
6.80% 11/29/32 | 18,000 | 19,472 |
Archer-Daniels-Midland Co. | ||
2.50% 08/11/26 | 3,000 | 2,857 |
ARES Capital Corp. | ||
2.88% 06/15/28 | 26,000 | 23,038 |
3.25% 07/15/25 | 56,000 | 53,649 |
Arthur J Gallagher & Co. | ||
3.50% 05/20/51 | 10,000 | 7,414 |
Ascension Health | ||
4.85% 11/15/53 | 9,000 | 8,714 |
Ashtead Capital, Inc. | ||
5.55% 05/30/33 (h) | 200,000 | 197,766 |
Astrazeneca Finance LLC | ||
1.75% 05/28/28 | 37,000 | 33,142 |
AstraZeneca PLC | ||
3.00% 05/28/51 | 11,000 | 8,221 |
4.00% 01/17/29 | 4,000 | 3,950 |
4.38% 08/17/48 | 4,000 | 3,762 |
AT&T, Inc. | ||
2.75% 06/01/31 | 75,000 | 65,709 |
3.65% 06/01/51 | 54,000 | 40,758 |
3.85% 06/01/60 | 19,000 | 14,196 |
4.35% 03/01/29 | 28,000 | 27,643 |
4.50% 05/15/35 | 9,000 | 8,537 |
4.55% 03/09/49 | 3,000 | 2,630 |
4.75% 05/15/46 | 3,000 | 2,720 |
4.85% 03/01/39 | 10,000 | 9,564 |
5.40% 02/15/34 | 21,000 | 21,669 |
Athene Holding Ltd. | ||
4.13% 01/12/28 | 3,000 | 2,869 |
6.15% 04/03/30 | 14,000 | 14,465 |
Atmos Energy Corp. | ||
6.20% 11/15/53 | 17,000 | 19,966 |
Avangrid, Inc. | ||
3.15% 12/01/24 | 20,000 | 19,545 |
Principal Amount | Fair Value | |
Bain Capital Specialty Finance, Inc. | ||
2.95% 03/10/26 | $ 31,000 | $ 28,848 |
Bank of America Corp. | ||
3.25% 10/21/27 | 37,000 | 35,218 |
4.18% 11/25/27 | 17,000 | 16,533 |
4.25% 10/22/26 | 99,000 | 97,221 |
Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) | ||
2.09% 06/14/29 (d) | 45,000 | 39,685 |
Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | ||
2.97% 07/21/52 (d) | 32,000 | 22,580 |
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.30% + 3-month Term SOFR) | ||
3.42% 12/20/28 (d) | 30,000 | 28,244 |
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.32% + 3-month Term SOFR) | ||
3.56% 04/23/27 (d) | 15,000 | 14,442 |
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.77% + 3-month Term SOFR) | ||
3.71% 04/24/28 (d) | 20,000 | 19,111 |
Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 year CMT thereafter) | ||
3.85% 03/08/37 (d) | 25,000 | 21,956 |
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.45% + 3-month Term SOFR) | ||
3.95% 01/23/49 (d) | 13,000 | 10,934 |
Bank of America Corp. (4.24% fixed rate until 04/24/37; 2.08% + 3-month Term SOFR) | ||
4.24% 04/24/38 (d) | 12,000 | 10,826 |
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.57% + 3-month Term SOFR) | ||
4.27% 07/23/29 (d) | 8,000 | 7,720 |
34 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.93% + 3-month Term SOFR) | ||
4.30% 01/28/25 (d) | $ 26,000 | $ 24,485 |
Bank of America Corp. (5.29% fixed rate until 04/25/33; 1.91% + SOFR thereafter) | ||
5.29% 04/25/34 (d) | 56,000 | 56,157 |
Bank of America Corp. 1.84% + SOFR | ||
5.87% 09/15/34 (d) | 59,000 | 61,826 |
Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.39% + 3-month Term SOFR) | ||
4.63% 09/20/26 (d) | 44,000 | 41,881 |
Bank of Nova Scotia (8.34% fixed rate until 04/12/24; 2.91% + 3-month Term SOFR) | ||
8.34% 04/12/24 (d) | 25,000 | 22,722 |
Barclays PLC (2.65% fixed rate until 06/24/30; 1.90% + 1 year CMT thereafter) | ||
2.65% 06/24/31 (d) | 200,000 | 168,824 |
Barrick North America Finance LLC | ||
5.70% 05/30/41 | 2,000 | 2,105 |
BAT Capital Corp. | ||
2.73% 03/25/31 | 15,000 | 12,583 |
3.73% 09/25/40 | 6,000 | 4,423 |
4.39% 08/15/37 | 8,000 | 6,709 |
4.54% 08/15/47 | 3,000 | 2,307 |
4.91% 04/02/30 | 6,000 | 5,902 |
6.42% 08/02/33 | 14,000 | 14,659 |
7.08% 08/02/53 | 13,000 | 13,910 |
Baxter International, Inc. | ||
1.92% 02/01/27 | 57,000 | 52,241 |
2.27% 12/01/28 | 20,000 | 17,923 |
2.54% 02/01/32 | 14,000 | 11,747 |
3.13% 12/01/51 | 13,000 | 8,964 |
3.95% 04/01/30 | 17,000 | 16,130 |
Baylor Scott & White Holdings | ||
2.84% 11/15/50 | 4,000 | 2,759 |
Becton Dickinson & Co. | ||
3.70% 06/06/27 | 16,000 | 15,506 |
4.67% 06/06/47 | 3,000 | 2,798 |
4.69% 12/15/44 | 2,000 | 1,873 |
Principal Amount | Fair Value | |
Berkshire Hathaway Energy Co. | ||
3.25% 04/15/28 | $ 4,000 | $ 3,800 |
3.70% 07/15/30 | 52,000 | 49,256 |
3.80% 07/15/48 | 4,000 | 3,173 |
4.25% 10/15/50 | 32,000 | 27,152 |
Berkshire Hathaway Finance Corp. | ||
2.85% 10/15/50 | 57,000 | 39,996 |
4.25% 01/15/49 | 14,000 | 13,082 |
Berry Global, Inc. | ||
4.88% 07/15/26 (h) | 23,000 | 22,664 |
BHP Billiton Finance USA Ltd. | ||
4.90% 02/28/33 | 33,000 | 33,765 |
5.00% 09/30/43 | 3,000 | 3,031 |
5.25% 09/08/33 | 44,000 | 45,679 |
5.50% 09/08/53 | 17,000 | 18,579 |
Biogen, Inc. | ||
2.25% 05/01/30 | 4,000 | 3,415 |
Block Financial LLC | ||
2.50% 07/15/28 | 15,000 | 13,377 |
3.88% 08/15/30 | 3,000 | 2,744 |
Boardwalk Pipelines LP | ||
4.80% 05/03/29 | 5,000 | 4,910 |
Boeing Co. | ||
2.20% 02/04/26 | 56,000 | 52,919 |
2.70% 02/01/27 | 32,000 | 30,189 |
2.95% 02/01/30 | 3,000 | 2,707 |
3.25% 03/01/28 | 4,000 | 3,759 |
3.55% 03/01/38 | 2,000 | 1,626 |
3.75% 02/01/50 | 30,000 | 23,366 |
5.04% 05/01/27 | 38,000 | 38,352 |
5.15% 05/01/30 | 12,000 | 12,217 |
5.81% 05/01/50 | 8,000 | 8,297 |
Boston Properties LP | ||
3.40% 06/21/29 | 28,000 | 25,175 |
Boston Scientific Corp. | ||
4.70% 03/01/49 | 3,000 | 2,888 |
BP Capital Markets America, Inc. | ||
3.00% 02/24/50 | 13,000 | 9,212 |
3.38% 02/08/61 | 29,000 | 21,008 |
4.81% 02/13/33 | 25,000 | 25,229 |
BP Capital Markets PLC (4.38% fixed rate until 06/22/25; 4.04% + 5 year CMT thereafter) | ||
4.38% 06/22/25 (d) | 26,000 | 25,669 |
Elfun Diversified Fund | 35 |
Principal Amount | Fair Value | |
BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 year CMT thereafter) | ||
4.88% 03/22/30 (d) | $ 20,000 | $ 18,757 |
Bristol-Myers Squibb Co. | ||
1.45% 11/13/30 | 15,000 | 12,326 |
2.35% 11/13/40 | 4,000 | 2,792 |
3.20% 06/15/26 | 4,000 | 3,882 |
3.40% 07/26/29 | 2,000 | 1,896 |
3.55% 03/15/42 | 6,000 | 4,909 |
4.13% 06/15/39 | 6,000 | 5,411 |
4.25% 10/26/49 | 6,000 | 5,206 |
4.35% 11/15/47 | 3,000 | 2,642 |
4.55% 02/20/48 | 2,000 | 1,820 |
6.25% 11/15/53 | 10,000 | 11,456 |
Brixmor Operating Partnership LP | ||
2.25% 04/01/28 | 28,000 | 24,866 |
3.90% 03/15/27 | 4,000 | 3,812 |
Broadcom, Inc. | ||
3.19% 11/15/36 (h) | 3,000 | 2,435 |
3.42% 04/15/33 (h) | 50,000 | 43,923 |
3.47% 04/15/34 (h) | 15,000 | 13,056 |
4.15% 11/15/30 | 16,000 | 15,285 |
4.30% 11/15/32 | 4,000 | 3,835 |
4.93% 05/15/37 (h) | 20,000 | 19,347 |
Brooklyn Union Gas Co. | ||
4.87% 08/05/32 (h) | 65,000 | 60,774 |
Brown-Forman Corp. | ||
4.00% 04/15/38 | 3,000 | 2,719 |
Bunge Ltd. Finance Corp. | ||
3.75% 09/25/27 | 3,000 | 2,892 |
Burlington Northern Santa Fe LLC | ||
4.15% 12/15/48 | 3,000 | 2,644 |
4.55% 09/01/44 | 10,000 | 9,333 |
Cameron LNG LLC | ||
3.30% 01/15/35 (h) | 3,000 | 2,557 |
Canadian Natural Resources Ltd. | ||
3.85% 06/01/27 | 5,000 | 4,856 |
4.95% 06/01/47 | 4,000 | 3,632 |
Canadian Pacific Railway Co. | ||
1.75% 12/02/26 | 26,000 | 23,997 |
3.10% 12/02/51 | 7,000 | 5,067 |
3.50% 05/01/50 | 5,000 | 3,835 |
Capital One Financial Corp. | ||
3.75% 07/28/26 | 19,000 | 18,200 |
Principal Amount | Fair Value | |
Cardinal Health, Inc. | ||
3.08% 06/15/24 | $ 4,000 | $ 3,952 |
Carlisle Cos., Inc. | ||
2.20% 03/01/32 | 35,000 | 28,384 |
Carrier Global Corp. | ||
2.72% 02/15/30 | 58,000 | 51,927 |
3.58% 04/05/50 | 24,000 | 18,811 |
5.90% 03/15/34 (h) | 15,000 | 16,235 |
Caterpillar, Inc. | ||
3.25% 09/19/49 - 04/09/50 | 8,000 | 6,337 |
Cenovus Energy, Inc. | ||
2.65% 01/15/32 | 8,000 | 6,638 |
3.75% 02/15/52 | 11,000 | 8,110 |
Centene Corp. | ||
3.00% 10/15/30 | 10,000 | 8,705 |
3.38% 02/15/30 | 51,000 | 45,764 |
4.25% 12/15/27 | 60,000 | 57,952 |
CenterPoint Energy, Inc. | ||
2.65% 06/01/31 | 22,000 | 18,826 |
Charles Schwab Corp. | ||
2.45% 03/03/27 | 185,000 | 172,226 |
2.90% 03/03/32 | 9,000 | 7,761 |
Charles Schwab Corp. 2.01% + SOFR | ||
6.14% 08/24/34 (d) | 39,000 | 41,186 |
Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT thereafter) | ||
4.00% 12/01/30 (d) | 37,000 | 29,324 |
Charles Schwab Corp. (5.64% fixed rate until 05/19/28; 2.21% + SOFR thereafter) | ||
5.64% 05/19/29 (d) | 64,000 | 65,712 |
Charter Communications Operating LLC/Charter Communications Operating Capital | ||
3.50% 06/01/41 | 77,000 | 54,440 |
3.70% 04/01/51 | 85,000 | 55,359 |
4.80% 03/01/50 | 25,000 | 19,458 |
5.05% 03/30/29 | 18,000 | 17,823 |
5.75% 04/01/48 | 10,000 | 8,891 |
Cheniere Corpus Christi Holdings LLC | ||
5.88% 03/31/25 | 68,000 | 68,164 |
Cheniere Energy Partners LP | ||
4.50% 10/01/29 | 55,000 | 52,538 |
Chevron Corp. | ||
2.24% 05/11/30 | 3,000 | 2,658 |
36 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
3.08% 05/11/50 | $ 4,000 | $ 3,026 |
Chevron USA, Inc. | ||
3.85% 01/15/28 | 19,000 | 18,750 |
3.90% 11/15/24 | 5,000 | 4,954 |
Chubb INA Holdings, Inc. | ||
4.35% 11/03/45 | 4,000 | 3,759 |
Church & Dwight Co., Inc. | ||
2.30% 12/15/31 | 10,000 | 8,491 |
Cigna Group | ||
2.40% 03/15/30 | 7,000 | 6,133 |
3.25% 04/15/25 | 7,000 | 6,832 |
3.40% 03/01/27 - 03/15/51 | 24,000 | 19,775 |
4.13% 11/15/25 | 16,000 | 15,801 |
4.38% 10/15/28 | 4,000 | 3,968 |
Cisco Systems, Inc. | ||
5.90% 02/15/39 | 4,000 | 4,441 |
Citibank NA | ||
5.80% 09/29/28 | 250,000 | 261,035 |
Citigroup, Inc. | ||
4.45% 09/29/27 | 12,000 | 11,723 |
4.65% 07/23/48 | 26,000 | 24,055 |
Citigroup, Inc. (2.56% fixed rate until 05/01/31; 1.17% + SOFR thereafter) | ||
2.56% 05/01/32 (d) | 159,000 | 132,719 |
Citigroup, Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | ||
2.98% 11/05/30 (d) | 39,000 | 34,765 |
Citigroup, Inc. (3.79% fixed rate until 03/17/32; 1.94% + SOFR thereafter) | ||
3.79% 03/17/33 (d) | 109,000 | 98,068 |
Citigroup, Inc. (3.88% fixed rate until 01/24/38; 1.43% + 3-month Term SOFR) | ||
3.88% 01/24/39 (d) | 7,000 | 6,044 |
Citigroup, Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | ||
4.70% 01/30/25 (d) | 22,000 | 20,500 |
Citigroup, Inc. (6.17% fixed rate until 05/25/33; 2.66% + SOFR thereafter) | ||
6.17% 05/25/34 (d) | 24,000 | 24,892 |
Cleveland Electric Illuminating Co. | ||
4.55% 11/15/30 (h) | 31,000 | 29,420 |
CME Group, Inc. | ||
2.65% 03/15/32 | 14,000 | 12,443 |
3.75% 06/15/28 | 3,000 | 2,935 |
Principal Amount | Fair Value | |
CMS Energy Corp. | ||
4.88% 03/01/44 | $ 11,000 | $ 10,454 |
Coca-Cola Co. | ||
2.60% 06/01/50 | 8,000 | 5,516 |
2.75% 06/01/60 | 3,000 | 2,080 |
Comcast Corp. | ||
2.65% 08/15/62 | 3,000 | 1,846 |
2.80% 01/15/51 | 3,000 | 2,000 |
2.89% 11/01/51 | 14,000 | 9,481 |
2.94% 11/01/56 | 13,000 | 8,569 |
2.99% 11/01/63 | 3,000 | 1,938 |
3.20% 07/15/36 | 4,000 | 3,366 |
3.25% 11/01/39 | 14,000 | 11,373 |
3.97% 11/01/47 | 24,000 | 20,174 |
4.15% 10/15/28 | 2,000 | 1,972 |
CommonSpirit Health | ||
4.35% 11/01/42 | 24,000 | 20,836 |
Conagra Brands, Inc. | ||
5.30% 11/01/38 | 3,000 | 2,934 |
5.40% 11/01/48 | 3,000 | 2,906 |
ConocoPhillips Co. | ||
4.30% 11/15/44 | 5,000 | 4,480 |
5.55% 03/15/54 | 21,000 | 22,353 |
5.70% 09/15/63 | 26,000 | 28,129 |
Consolidated Edison Co. of New York, Inc. | ||
2.90% 12/01/26 | 14,000 | 13,200 |
3.35% 04/01/30 | 4,000 | 3,735 |
3.88% 06/15/47 | 4,000 | 3,251 |
3.95% 04/01/50 | 14,000 | 11,717 |
Constellation Brands, Inc. | ||
3.15% 08/01/29 | 25,000 | 23,255 |
3.70% 12/06/26 | 20,000 | 19,501 |
4.50% 05/09/47 | 3,000 | 2,673 |
Constellation Energy Generation LLC | ||
6.50% 10/01/53 | 17,000 | 19,210 |
Continental Resources, Inc. | ||
2.88% 04/01/32 (h) | 20,000 | 16,226 |
3.80% 06/01/24 | 117,000 | 115,959 |
Corebridge Financial, Inc. | ||
3.90% 04/05/32 | 92,000 | 83,342 |
Corning, Inc. | ||
4.38% 11/15/57 | 3,000 | 2,621 |
Corporate Office Properties LP | ||
2.00% 01/15/29 | 24,000 | 19,930 |
2.25% 03/15/26 | 10,000 | 9,338 |
2.75% 04/15/31 | 7,000 | 5,704 |
Elfun Diversified Fund | 37 |
Principal Amount | Fair Value | |
Crown Castle, Inc. | ||
2.90% 03/15/27 | $ 45,000 | $ 42,120 |
3.30% 07/01/30 | 32,000 | 28,713 |
4.15% 07/01/50 | 19,000 | 15,382 |
5.20% 02/15/49 | 4,000 | 3,783 |
CSL Finance PLC | ||
4.25% 04/27/32 (h) | 27,000 | 26,276 |
CSX Corp. | ||
4.50% 03/15/49 - 08/01/54 | 18,000 | 16,603 |
CubeSmart LP | ||
2.50% 02/15/32 | 26,000 | 21,602 |
4.38% 02/15/29 | 10,000 | 9,707 |
Cummins, Inc. | ||
1.50% 09/01/30 | 8,000 | 6,667 |
2.60% 09/01/50 | 8,000 | 5,308 |
CVS Health Corp. | ||
3.00% 08/15/26 | 11,000 | 10,520 |
3.25% 08/15/29 | 9,000 | 8,380 |
3.63% 04/01/27 | 9,000 | 8,726 |
3.75% 04/01/30 | 8,000 | 7,542 |
3.88% 07/20/25 | 8,000 | 7,857 |
4.25% 04/01/50 | 7,000 | 5,854 |
4.30% 03/25/28 | 9,000 | 8,847 |
4.78% 03/25/38 | 13,000 | 12,289 |
5.00% 12/01/24 | 13,000 | 12,920 |
5.13% 07/20/45 | 4,000 | 3,791 |
5.30% 06/01/33 - 12/05/43 | 44,000 | 44,588 |
5.88% 06/01/53 | 13,000 | 13,697 |
6.00% 06/01/63 | 3,000 | 3,195 |
Dell International LLC/EMC Corp. | ||
4.00% 07/15/24 | 14,000 | 13,862 |
6.02% 06/15/26 | 3,000 | 3,070 |
Deutsche Bank AG (2.31% fixed rate until 11/16/26; 1.22% + SOFR thereafter) | ||
2.31% 11/16/27 (d) | 150,000 | 137,133 |
DH Europe Finance II SARL | ||
2.60% 11/15/29 | 7,000 | 6,334 |
3.25% 11/15/39 | 4,000 | 3,320 |
3.40% 11/15/49 | 3,000 | 2,374 |
Diamondback Energy, Inc. | ||
3.13% 03/24/31 | 13,000 | 11,567 |
3.25% 12/01/26 | 4,000 | 3,881 |
3.50% 12/01/29 | 4,000 | 3,717 |
4.40% 03/24/51 | 5,000 | 4,156 |
Digital Realty Trust LP | ||
3.60% 07/01/29 | 17,000 | 15,975 |
Principal Amount | Fair Value | |
Discovery Communications LLC | ||
3.95% 03/20/28 | $ 16,000 | $ 15,240 |
4.95% 05/15/42 | 2,000 | 1,634 |
5.00% 09/20/37 | 2,000 | 1,793 |
Dollar General Corp. | ||
3.50% 04/03/30 | 29,000 | 26,726 |
4.13% 04/03/50 | 4,000 | 3,172 |
Dollar Tree, Inc. | ||
4.00% 05/15/25 | 64,000 | 62,865 |
Dominion Energy, Inc. | ||
3.07% 08/15/24 (i) | 14,000 | 13,760 |
3.38% 04/01/30 | 14,000 | 12,900 |
Dover Corp. | ||
2.95% 11/04/29 | 8,000 | 7,241 |
Dow Chemical Co. | ��� | |
2.10% 11/15/30 | 18,000 | 15,416 |
3.60% 11/15/50 | 3,000 | 2,320 |
4.25% 10/01/34 | 4,000 | 3,831 |
5.55% 11/30/48 | 12,000 | 12,295 |
6.30% 03/15/33 | 21,000 | 23,174 |
DTE Energy Co. | ||
2.85% 10/01/26 | 19,000 | 17,961 |
Duke Energy Carolinas LLC | ||
3.95% 03/15/48 | 4,000 | 3,309 |
Duke Energy Corp. | ||
2.55% 06/15/31 | 22,000 | 18,774 |
3.30% 06/15/41 | 27,000 | 20,707 |
3.50% 06/15/51 | 56,000 | 41,210 |
3.75% 09/01/46 | 44,000 | 34,066 |
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT thereafter) | ||
4.88% 09/16/24 (d) | 40,000 | 39,454 |
Duke Energy Progress LLC | ||
4.15% 12/01/44 | 14,000 | 11,955 |
DuPont de Nemours, Inc. | ||
5.42% 11/15/48 | 3,000 | 3,133 |
Duquesne Light Holdings, Inc. | ||
3.62% 08/01/27 (h) | 12,000 | 11,193 |
Eastman Chemical Co. | ||
4.65% 10/15/44 | 5,000 | 4,409 |
Eaton Corp. | ||
3.10% 09/15/27 | 4,000 | 3,829 |
Edison International | ||
4.95% 04/15/25 | 29,000 | 28,803 |
5.75% 06/15/27 | 5,000 | 5,111 |
EIDP, Inc. | ||
2.30% 07/15/30 | 28,000 | 24,531 |
38 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
Elevance Health, Inc. | ||
3.60% 03/15/51 | $ 7,000 | $ 5,498 |
3.70% 09/15/49 | 6,000 | 4,766 |
5.13% 02/15/53 | 4,000 | 4,013 |
6.10% 10/15/52 | 11,000 | 12,508 |
Eli Lilly & Co. | ||
4.95% 02/27/63 | 6,000 | 6,230 |
Emera U.S. Finance LP | ||
2.64% 06/15/31 | 26,000 | 21,330 |
Emerson Electric Co. | ||
1.80% 10/15/27 | 37,000 | 33,779 |
2.75% 10/15/50 | 45,000 | 30,840 |
Enbridge Energy Partners LP | ||
5.50% 09/15/40 | 2,000 | 1,969 |
Enbridge, Inc. | ||
1.60% 10/04/26 | 61,000 | 55,864 |
Enbridge, Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT thereafter) | ||
5.75% 07/15/80 (d) | 38,000 | 34,960 |
Energy Transfer LP | ||
4.50% 04/15/24 | 16,000 | 15,934 |
4.95% 06/15/28 | 9,000 | 8,979 |
5.30% 04/01/44 - 04/15/47 | 10,000 | 9,212 |
5.35% 05/15/45 | 14,000 | 13,005 |
5.75% 02/15/33 | 14,000 | 14,467 |
6.10% 12/01/28 | 61,000 | 64,220 |
6.13% 12/15/45 | 3,000 | 3,035 |
6.40% 12/01/30 | 17,000 | 18,186 |
6.50% 02/01/42 | 3,000 | 3,174 |
Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT thereafter) | ||
6.75% 05/15/25 (d) | 85,000 | 81,497 |
Enterprise Products Operating LLC | ||
4.25% 02/15/48 | 20,000 | 17,595 |
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.30% + 3-month Term SOFR) | ||
5.25% 08/16/77 (d) | 3,000 | 2,881 |
EOG Resources, Inc. | ||
4.15% 01/15/26 | 2,000 | 1,981 |
4.95% 04/15/50 | 4,000 | 3,942 |
5.10% 01/15/36 | 4,000 | 3,927 |
Equinix, Inc. | ||
1.25% 07/15/25 | 8,000 | 7,533 |
2.15% 07/15/30 | 13,000 | 11,041 |
Principal Amount | Fair Value | |
ERP Operating LP | ||
4.50% 07/01/44 | $ 6,000 | $ 5,324 |
Estee Lauder Cos., Inc. | ||
2.38% 12/01/29 | 3,000 | 2,672 |
Everest Reinsurance Holdings, Inc. | ||
3.13% 10/15/52 | 19,000 | 13,031 |
Eversource Energy | ||
3.45% 01/15/50 | 10,000 | 7,230 |
Exelon Corp. | ||
4.05% 04/15/30 | 15,000 | 14,333 |
4.45% 04/15/46 | 7,000 | 6,087 |
4.70% 04/15/50 | 7,000 | 6,325 |
Extra Space Storage LP | ||
2.20% 10/15/30 | 13,000 | 10,819 |
3.90% 04/01/29 | 9,000 | 8,536 |
5.90% 01/15/31 | 45,000 | 47,027 |
Exxon Mobil Corp. | ||
2.61% 10/15/30 | 46,000 | 41,090 |
3.45% 04/15/51 | 6,000 | 4,722 |
FedEx Corp. | ||
4.10% 02/01/45 | 27,000 | 22,773 |
Fidelity National Financial, Inc. | ||
3.20% 09/17/51 | 16,000 | 10,200 |
Fidelity National Information Services, Inc. | ||
1.65% 03/01/28 | 12,000 | 10,701 |
3.10% 03/01/41 | 2,000 | 1,488 |
FirstEnergy Transmission LLC | ||
4.55% 04/01/49 (h) | 18,000 | 15,580 |
Fiserv, Inc. | ||
3.50% 07/01/29 | 32,000 | 30,139 |
4.40% 07/01/49 | 2,000 | 1,767 |
Florida Power & Light Co. | ||
2.85% 04/01/25 | 30,000 | 29,288 |
4.13% 02/01/42 | 9,000 | 8,106 |
Flowers Foods, Inc. | ||
2.40% 03/15/31 | 12,000 | 10,098 |
Flowserve Corp. | ||
2.80% 01/15/32 | 17,000 | 14,081 |
Freeport-McMoRan, Inc. | ||
4.25% 03/01/30 | 22,000 | 20,665 |
GA Global Funding Trust | ||
1.63% 01/15/26 (h) | 20,000 | 18,397 |
General Mills, Inc. | ||
3.00% 02/01/51 | 14,000 | 9,762 |
General Motors Co. | ||
5.20% 04/01/45 | 3,000 | 2,705 |
5.40% 04/01/48 | 4,000 | 3,667 |
Elfun Diversified Fund | 39 |
Principal Amount | Fair Value | |
6.13% 10/01/25 | $ 53,000 | $ 53,685 |
6.80% 10/01/27 | 3,000 | 3,182 |
General Motors Financial Co., Inc. | ||
1.25% 01/08/26 | 110,000 | 101,795 |
2.35% 01/08/31 | 8,000 | 6,616 |
5.25% 03/01/26 | 26,000 | 26,022 |
5.85% 04/06/30 | 86,000 | 88,751 |
6.10% 01/07/34 | 68,000 | 69,927 |
Genuine Parts Co. | ||
2.75% 02/01/32 | 13,000 | 10,876 |
George Washington University | ||
4.13% 09/15/48 | 15,000 | 13,364 |
Georgia-Pacific LLC | ||
1.75% 09/30/25 (h) | 25,000 | 23,660 |
3.60% 03/01/25 (h) | 66,000 | 64,847 |
Gilead Sciences, Inc. | ||
2.60% 10/01/40 | 6,000 | 4,420 |
2.95% 03/01/27 | 3,000 | 2,861 |
3.50% 02/01/25 | 6,000 | 5,906 |
3.65% 03/01/26 | 4,000 | 3,920 |
4.15% 03/01/47 | 5,000 | 4,361 |
4.60% 09/01/35 | 13,000 | 12,862 |
5.25% 10/15/33 | 38,000 | 39,658 |
5.55% 10/15/53 | 8,000 | 8,677 |
GlaxoSmithKline Capital PLC | ||
3.38% 06/01/29 | 10,000 | 9,635 |
GlaxoSmithKline Capital, Inc. | ||
3.63% 05/15/25 | 13,000 | 12,784 |
Glencore Funding LLC | ||
3.88% 04/27/51 (h) | 3,000 | 2,319 |
Goldman Sachs Group, Inc. | ||
3.85% 01/26/27 | 58,000 | 56,460 |
4.25% 10/21/25 | 109,000 | 106,998 |
5.15% 05/22/45 | 4,000 | 3,869 |
Goldman Sachs Group, Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter) | ||
1.54% 09/10/27 (d) | 22,000 | 19,955 |
Goldman Sachs Group, Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) | ||
2.38% 07/21/32 (d) | 14,000 | 11,511 |
Goldman Sachs Group, Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) | ||
2.91% 07/21/42 (d) | 11,000 | 8,040 |
Principal Amount | Fair Value | |
Goldman Sachs Group, Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) | ||
3.21% 04/22/42 (d) | $ 15,000 | $ 11,480 |
Goldman Sachs Group, Inc. (3.44% fixed rate until 02/24/42; 1.63% + SOFR thereafter) | ||
3.44% 02/24/43 (d) | 26,000 | 20,349 |
Goldman Sachs Group, Inc. (3.81% fixed rate until 04/23/28; 1.42% + 3-month Term SOFR) | ||
3.81% 04/23/29 (d) | 5,000 | 4,750 |
Goldman Sachs Group, Inc. (4.02% fixed rate until 10/31/37; 1.64% + 3-month Term SOFR) | ||
4.02% 10/31/38 (d) | 4,000 | 3,492 |
Goldman Sachs Group, Inc. (4.22% fixed rate until 05/01/28; 1.56% + 3-month Term SOFR) | ||
4.22% 05/01/29 (d) | 15,000 | 14,502 |
Graphic Packaging International LLC | ||
1.51% 04/15/26 (h) | 24,000 | 21,830 |
Gray Oak Pipeline LLC | ||
2.60% 10/15/25 (h) | 25,000 | 23,710 |
Halliburton Co. | ||
3.80% 11/15/25 | 2,000 | 1,961 |
5.00% 11/15/45 | 4,000 | 3,878 |
Hartford Financial Services Group, Inc. (7.77% fixed rate until 01/29/24; 2.39% + 3-month Term SOFR) | ||
7.77% 02/12/67 (d)(h) | 10,000 | 8,615 |
HCA, Inc. | ||
3.13% 03/15/27 | 40,000 | 37,926 |
3.50% 09/01/30 | 14,000 | 12,699 |
3.63% 03/15/32 | 12,000 | 10,734 |
4.63% 03/15/52 | 22,000 | 18,776 |
5.38% 02/01/25 | 111,000 | 110,954 |
Health Care Service Corp. A Mutual Legal Reserve Co. | ||
2.20% 06/01/30 (h) | 12,000 | 10,237 |
3.20% 06/01/50 (h) | 3,000 | 2,129 |
Healthcare Realty Holdings LP | ||
2.00% 03/15/31 | 4,000 | 3,214 |
Helmerich & Payne, Inc. | ||
2.90% 09/29/31 | 8,000 | 6,714 |
40 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
Hess Corp. | ||
5.60% 02/15/41 | $ 3,000 | $ 3,151 |
5.80% 04/01/47 | 2,000 | 2,158 |
Hewlett Packard Enterprise Co. | ||
6.35% 10/15/45 | 3,000 | 3,240 |
Highwoods Realty LP | ||
4.13% 03/15/28 | 3,000 | 2,761 |
4.20% 04/15/29 | 16,000 | 14,519 |
7.65% 02/01/34 | 15,000 | 16,214 |
Home Depot, Inc. | ||
2.70% 04/15/30 | 5,000 | 4,574 |
3.35% 04/15/50 | 7,000 | 5,442 |
3.50% 09/15/56 | 4,000 | 3,148 |
3.90% 12/06/28 - 06/15/47 | 6,000 | 5,537 |
4.50% 12/06/48 | 3,000 | 2,835 |
4.95% 09/15/52 | 4,000 | 4,055 |
Honeywell International, Inc. | ||
1.75% 09/01/31 | 14,000 | 11,686 |
2.70% 08/15/29 | 8,000 | 7,396 |
Hormel Foods Corp. | ||
1.80% 06/11/30 | 26,000 | 22,114 |
HSBC Holdings PLC (2.87% fixed rate until 11/22/31; 1.41% + SOFR thereafter) | ||
2.87% 11/22/32 (d) | 200,000 | 166,444 |
Humana, Inc. | ||
1.35% 02/03/27 | 35,000 | 31,591 |
2.15% 02/03/32 | 11,000 | 9,056 |
Huntington Bancshares, Inc. | ||
2.55% 02/04/30 | 17,000 | 14,549 |
Huntington Ingalls Industries, Inc. | ||
2.04% 08/16/28 | 38,000 | 33,476 |
Hyundai Capital America | ||
1.30% 01/08/26 (h) | 53,000 | 48,931 |
Indiana Michigan Power Co. | ||
3.25% 05/01/51 | 11,000 | 7,849 |
Ingersoll Rand, Inc. | ||
5.70% 08/14/33 | 38,000 | 40,206 |
Intel Corp. | ||
2.00% 08/12/31 | 20,000 | 16,906 |
2.45% 11/15/29 | 20,000 | 18,012 |
2.80% 08/12/41 | 20,000 | 15,015 |
3.10% 02/15/60 | 4,000 | 2,761 |
5.63% 02/10/43 | 25,000 | 26,783 |
5.70% 02/10/53 | 18,000 | 19,479 |
5.90% 02/10/63 | 14,000 | 15,600 |
Principal Amount | Fair Value | |
Intercontinental Exchange, Inc. | ||
1.85% 09/15/32 | $ 4,000 | $ 3,210 |
2.65% 09/15/40 | 4,000 | 2,985 |
International Paper Co. | ||
4.40% 08/15/47 | 3,000 | 2,604 |
Intuit, Inc. | ||
5.50% 09/15/53 | 21,000 | 23,046 |
ITC Holdings Corp. | ||
2.95% 05/14/30 (h) | 32,000 | 28,182 |
J M Smucker Co. | ||
6.50% 11/15/43 - 11/15/53 | 47,000 | 53,455 |
Jabil, Inc. | ||
3.95% 01/12/28 | 3,000 | 2,860 |
4.25% 05/15/27 | 53,000 | 51,639 |
Jacobs Engineering Group, Inc. | ||
5.90% 03/01/33 | 67,000 | 68,408 |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||
2.50% 01/15/27 | 200,000 | 184,090 |
5.13% 02/01/28 | 39,000 | 38,749 |
5.75% 04/01/33 | 12,000 | 11,854 |
Jefferies Financial Group, Inc. | ||
5.88% 07/21/28 | 43,000 | 44,098 |
John Deere Capital Corp. | ||
2.45% 01/09/30 | 26,000 | 23,455 |
3.90% 06/07/32 | 11,000 | 10,608 |
5.15% 09/08/33 | 79,000 | 83,187 |
Johnson & Johnson | ||
3.63% 03/03/37 | 5,000 | 4,613 |
Johnson Controls International PLC | ||
4.50% 02/15/47 | 4,000 | 3,585 |
JPMorgan Chase & Co. (1.58% fixed rate until 04/22/26; 0.89% + SOFR thereafter) | ||
1.58% 04/22/27 (d) | 48,000 | 44,296 |
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + 3-month Term SOFR) | ||
2.96% 05/13/31 (d) | 52,000 | 45,741 |
JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter) | ||
3.16% 04/22/42 (d) | 14,000 | 10,863 |
Elfun Diversified Fund | 41 |
Principal Amount | Fair Value | |
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.62% + 3-month Term SOFR) | ||
3.88% 07/24/38 (d) | $ 8,000 | $ 7,093 |
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3-month Term SOFR) | ||
3.90% 01/23/49 (d) | 39,000 | 32,451 |
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.51% + 3-month Term SOFR) | ||
3.96% 01/29/27 (d) | 20,000 | 19,537 |
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.38% + 3-month Term SOFR) | ||
4.01% 04/23/29 (d) | 5,000 | 4,812 |
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.72% + 3-month Term SOFR) | ||
4.03% 07/24/48 (d) | 3,000 | 2,558 |
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + 3-month Term SOFR) | ||
4.49% 03/24/31 (d) | 56,000 | 54,618 |
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + 3-month Term SOFR) | ||
4.60% 02/01/25 (d) | 36,000 | 34,678 |
Kaiser Foundation Hospitals | ||
3.00% 06/01/51 | 17,000 | 12,129 |
Kenvue, Inc. | ||
4.90% 03/22/33 | 111,000 | 114,318 |
5.05% 03/22/53 | 17,000 | 17,589 |
5.20% 03/22/63 | 11,000 | 11,511 |
Keurig Dr Pepper, Inc. | ||
3.20% 05/01/30 | 7,000 | 6,435 |
3.80% 05/01/50 | 3,000 | 2,434 |
Kinder Morgan Energy Partners LP | ||
4.70% 11/01/42 | 3,000 | 2,577 |
5.00% 03/01/43 | 5,000 | 4,477 |
6.38% 03/01/41 | 5,000 | 5,135 |
Kinder Morgan, Inc. | ||
1.75% 11/15/26 | 72,000 | 66,246 |
5.05% 02/15/46 | 5,000 | 4,475 |
Principal Amount | Fair Value | |
5.20% 06/01/33 | $ 14,000 | $ 13,925 |
KLA Corp. | ||
3.30% 03/01/50 | 14,000 | 10,700 |
Kraft Heinz Foods Co. | ||
5.20% 07/15/45 | 19,000 | 18,623 |
Kroger Co. | ||
2.20% 05/01/30 | 4,000 | 3,425 |
4.65% 01/15/48 | 3,000 | 2,693 |
L3Harris Technologies, Inc. | ||
3.85% 12/15/26 | 16,000 | 15,690 |
Lear Corp. | ||
4.25% 05/15/29 | 4,000 | 3,848 |
Leidos, Inc. | ||
3.63% 05/15/25 | 3,000 | 2,926 |
4.38% 05/15/30 | 50,000 | 47,838 |
5.75% 03/15/33 | 25,000 | 26,020 |
Liberty Mutual Group, Inc. | ||
3.95% 05/15/60 (h) | 4,000 | 2,891 |
Lincoln National Corp. | ||
4.35% 03/01/48 | 38,000 | 30,359 |
Lockheed Martin Corp. | ||
3.55% 01/15/26 | 2,000 | 1,965 |
3.80% 03/01/45 | 2,000 | 1,723 |
4.50% 05/15/36 | 4,000 | 3,961 |
Lowe's Cos., Inc. | ||
1.30% 04/15/28 | 3,000 | 2,636 |
1.70% 09/15/28 - 10/15/30 | 23,000 | 19,283 |
3.00% 10/15/50 | 3,000 | 2,043 |
3.70% 04/15/46 | 3,000 | 2,372 |
4.05% 05/03/47 | 7,000 | 5,774 |
5.63% 04/15/53 | 20,000 | 21,084 |
LYB International Finance III LLC | ||
3.63% 04/01/51 | 14,000 | 10,221 |
3.80% 10/01/60 | 4,000 | 2,848 |
M&T Bank Corp. (5.05% fixed rate until 01/27/33; 1.85% + SOFR thereafter) | ||
5.05% 01/27/34 (d) | 139,000 | 131,686 |
Marsh & McLennan Cos., Inc. | ||
2.90% 12/15/51 | 29,000 | 19,509 |
Masco Corp. | ||
3.50% 11/15/27 | 3,000 | 2,849 |
McCormick & Co., Inc. | ||
1.85% 02/15/31 | 5,000 | 4,114 |
3.25% 11/15/25 | 101,000 | 97,627 |
McDonald's Corp. | ||
3.60% 07/01/30 | 20,000 | 18,982 |
3.63% 09/01/49 | 6,000 | 4,822 |
42 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
4.88% 12/09/45 | $ 5,000 | $ 4,929 |
Medtronic Global Holdings SCA | ||
4.50% 03/30/33 | 83,000 | 83,005 |
Medtronic, Inc. | ||
4.63% 03/15/45 | 2,000 | 1,948 |
Memorial Sloan-Kettering Cancer Center | ||
4.13% 07/01/52 | 14,000 | 12,262 |
Mercedes-Benz Finance North America LLC | ||
5.38% 11/26/25 (h) | 150,000 | 151,468 |
Merck & Co., Inc. | ||
1.90% 12/10/28 | 37,000 | 33,318 |
2.45% 06/24/50 | 7,000 | 4,622 |
2.75% 12/10/51 | 12,000 | 8,266 |
2.90% 12/10/61 | 6,000 | 4,020 |
4.00% 03/07/49 | 2,000 | 1,767 |
4.50% 05/17/33 | 25,000 | 25,178 |
5.00% 05/17/53 | 13,000 | 13,385 |
Meta Platforms, Inc. | ||
3.85% 08/15/32 | 38,000 | 36,138 |
4.45% 08/15/52 | 23,000 | 21,164 |
MetLife, Inc. | ||
4.72% 12/15/44 | 8,000 | 7,520 |
Micron Technology, Inc. | ||
3.37% 11/01/41 | 15,000 | 11,268 |
3.48% 11/01/51 | 30,000 | 21,885 |
Microsoft Corp. | ||
2.40% 08/08/26 | 19,000 | 18,132 |
2.68% 06/01/60 | 8,000 | 5,369 |
2.92% 03/17/52 | 38,000 | 27,993 |
3.45% 08/08/36 | 2,000 | 1,839 |
3.50% 02/12/35 | 4,000 | 3,792 |
Mid-America Apartments LP | ||
2.88% 09/15/51 | 20,000 | 13,115 |
Mizuho Financial Group, Inc. | ||
2.84% 09/13/26 | 200,000 | 189,918 |
Molson Coors Beverage Co. | ||
4.20% 07/15/46 | 3,000 | 2,560 |
Morgan Stanley | ||
3.63% 01/20/27 | 3,000 | 2,910 |
3.70% 10/23/24 | 8,000 | 7,894 |
3.97% 07/22/38 (d) | 8,000 | 7,014 |
4.35% 09/08/26 | 64,000 | 62,849 |
4.38% 01/22/47 | 8,000 | 7,211 |
Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | ||
1.51% 07/20/27 (d) | 204,000 | 186,405 |
Principal Amount | Fair Value | |
Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | ||
2.48% 09/16/36 (d) | $ 118,000 | $ 93,665 |
Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | ||
2.80% 01/25/52 (d) | 47,000 | 31,354 |
MPLX LP | ||
2.65% 08/15/30 | 10,000 | 8,638 |
5.20% 12/01/47 | 4,000 | 3,656 |
Mylan, Inc. | ||
5.20% 04/15/48 | 3,000 | 2,487 |
Nasdaq, Inc. | ||
5.95% 08/15/53 | 8,000 | 8,614 |
6.10% 06/28/63 | 13,000 | 14,111 |
Nevada Power Co. | ||
6.00% 03/15/54 | 13,000 | 14,265 |
NewMarket Corp. | ||
2.70% 03/18/31 | 8,000 | 6,728 |
Newmont Corp. | ||
4.88% 03/15/42 | 3,000 | 2,923 |
NextEra Energy Capital Holdings, Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3-month USD LIBOR thereafter) | ||
5.65% 05/01/79 (d) | 6,000 | 5,620 |
NGPL PipeCo LLC | ||
3.25% 07/15/31 (h) | 28,000 | 24,287 |
NIKE, Inc. | ||
3.38% 03/27/50 | 3,000 | 2,459 |
NiSource, Inc. | ||
3.60% 05/01/30 | 10,000 | 9,330 |
3.95% 03/30/48 | 2,000 | 1,620 |
5.25% 03/30/28 | 100,000 | 102,127 |
NNN REIT, Inc. | ||
4.00% 11/15/25 | 5,000 | 4,898 |
Norfolk Southern Corp. | ||
3.95% 10/01/42 | 3,000 | 2,562 |
Northern Trust Corp. | ||
6.13% 11/02/32 | 25,000 | 26,846 |
Northwestern Mutual Life Insurance Co. | ||
3.45% 03/30/51 (h) | 28,000 | 20,965 |
NOV, Inc. | ||
3.60% 12/01/29 | 14,000 | 12,945 |
Novant Health, Inc. | ||
3.32% 11/01/61 | 12,000 | 8,081 |
Elfun Diversified Fund | 43 |
Principal Amount | Fair Value | |
Novartis Capital Corp. | ||
2.20% 08/14/30 | $ 18,000 | $ 15,852 |
3.00% 11/20/25 | 2,000 | 1,946 |
Nutrien Ltd. | ||
4.90% 03/27/28 - 06/01/43 | 69,000 | 69,432 |
NVIDIA Corp. | ||
2.85% 04/01/30 | 10,000 | 9,250 |
3.50% 04/01/50 | 3,000 | 2,507 |
NXP BV/NXP Funding LLC/NXP USA, Inc. | ||
3.25% 11/30/51 | 35,000 | 25,050 |
Occidental Petroleum Corp. | ||
6.13% 01/01/31 | 39,000 | 40,566 |
Oklahoma Gas & Electric Co. | ||
3.25% 04/01/30 | 6,000 | 5,479 |
Oncor Electric Delivery Co. LLC | ||
3.80% 09/30/47 | 4,000 | 3,229 |
ONEOK, Inc. | ||
4.35% 03/15/29 | 5,000 | 4,858 |
5.80% 11/01/30 | 92,000 | 95,732 |
6.10% 11/15/32 | 21,000 | 22,315 |
6.63% 09/01/53 | 25,000 | 28,030 |
Oracle Corp. | ||
1.65% 03/25/26 | 35,000 | 32,635 |
2.30% 03/25/28 | 4,000 | 3,643 |
2.65% 07/15/26 | 5,000 | 4,743 |
2.88% 03/25/31 | 90,000 | 79,702 |
2.95% 04/01/30 | 21,000 | 18,954 |
3.60% 04/01/50 | 5,000 | 3,703 |
3.65% 03/25/41 | 9,000 | 7,156 |
3.80% 11/15/37 | 2,000 | 1,702 |
3.95% 03/25/51 | 4,000 | 3,144 |
4.00% 07/15/46 - 11/15/47 | 9,000 | 7,182 |
4.10% 03/25/61 | 13,000 | 9,934 |
5.55% 02/06/53 | 9,000 | 9,014 |
6.15% 11/09/29 | 49,000 | 52,672 |
6.90% 11/09/52 | 9,000 | 10,549 |
Otis Worldwide Corp. | ||
2.06% 04/05/25 | 55,000 | 52,920 |
2.57% 02/15/30 | 23,000 | 20,478 |
3.36% 02/15/50 | 45,000 | 34,897 |
Owens Corning | ||
3.88% 06/01/30 | 50,000 | 46,986 |
4.40% 01/30/48 | 2,000 | 1,741 |
Pacific Gas & Electric Co. | ||
2.10% 08/01/27 | 6,000 | 5,411 |
2.50% 02/01/31 | 18,000 | 14,867 |
3.00% 06/15/28 | 14,000 | 12,760 |
Principal Amount | Fair Value | |
3.30% 08/01/40 | $ 18,000 | $ 13,193 |
3.50% 08/01/50 | 5,000 | 3,464 |
4.30% 03/15/45 | 14,000 | 10,948 |
PacifiCorp | ||
2.70% 09/15/30 | 11,000 | 9,514 |
2.90% 06/15/52 | 77,000 | 49,578 |
6.25% 10/15/37 | 10,000 | 10,725 |
Packaging Corp. of America | ||
3.05% 10/01/51 | 20,000 | 13,986 |
Paramount Global | ||
2.90% 01/15/27 | 2,000 | 1,853 |
3.70% 06/01/28 | 4,000 | 3,695 |
5.25% 04/01/44 | 3,000 | 2,455 |
Parker-Hannifin Corp. | ||
3.25% 06/14/29 | 4,000 | 3,765 |
4.50% 09/15/29 | 47,000 | 47,159 |
Patterson-UTI Energy, Inc. | ||
7.15% 10/01/33 | 21,000 | 22,263 |
PayPal Holdings, Inc. | ||
2.65% 10/01/26 | 10,000 | 9,501 |
3.25% 06/01/50 | 3,000 | 2,250 |
PepsiCo, Inc. | ||
1.63% 05/01/30 | 4,000 | 3,409 |
2.63% 07/29/29 | 10,000 | 9,219 |
2.75% 10/21/51 | 30,000 | 21,336 |
Pfizer Investment Enterprises Pte. Ltd. | ||
4.45% 05/19/28 | 72,000 | 72,012 |
4.75% 05/19/33 | 59,000 | 59,107 |
5.30% 05/19/53 | 6,000 | 6,136 |
5.34% 05/19/63 | 16,000 | 16,178 |
Pfizer, Inc. | ||
2.70% 05/28/50 | 31,000 | 21,585 |
3.90% 03/15/39 | 5,000 | 4,433 |
4.13% 12/15/46 | 3,000 | 2,670 |
4.40% 05/15/44 | 2,000 | 1,891 |
Philip Morris International, Inc. | ||
1.50% 05/01/25 | 72,000 | 68,839 |
2.10% 05/01/30 | 4,000 | 3,442 |
3.38% 08/15/29 | 3,000 | 2,811 |
4.13% 03/04/43 | 2,000 | 1,697 |
5.13% 02/15/30 | 52,000 | 52,927 |
5.38% 02/15/33 | 13,000 | 13,341 |
5.63% 11/17/29 | 24,000 | 25,175 |
Phillips 66 Co. | ||
2.15% 12/15/30 | 56,000 | 47,229 |
3.15% 12/15/29 | 37,000 | 34,051 |
3.30% 03/15/52 | 20,000 | 14,347 |
3.75% 03/01/28 | 3,000 | 2,885 |
44 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
4.68% 02/15/45 | $ 7,000 | $ 6,364 |
Pilgrim's Pride Corp. | ||
6.25% 07/01/33 | 24,000 | 24,694 |
Pioneer Natural Resources Co. | ||
1.13% 01/15/26 | 44,000 | 40,876 |
2.15% 01/15/31 | 10,000 | 8,513 |
Plains All American Pipeline LP/PAA Finance Corp. | ||
3.55% 12/15/29 | 13,000 | 11,968 |
PPL Capital Funding, Inc. | ||
3.10% 05/15/26 | 11,000 | 10,548 |
Precision Castparts Corp. | ||
4.38% 06/15/45 | 3,000 | 2,724 |
Progressive Corp. | ||
3.00% 03/15/32 | 27,000 | 24,098 |
3.70% 03/15/52 | 9,000 | 7,304 |
Prologis LP | ||
3.05% 03/01/50 | 4,000 | 2,866 |
3.25% 06/30/26 | 4,000 | 3,869 |
Prospect Capital Corp. | ||
3.36% 11/15/26 | 26,000 | 23,386 |
Prudential Financial, Inc. | ||
3.94% 12/07/49 | 13,000 | 10,724 |
Prudential Financial, Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3-month USD LIBOR thereafter) | ||
5.70% 09/15/48 (d) | 8,000 | 7,781 |
Public Service Co. of Colorado | ||
3.70% 06/15/28 | 11,000 | 10,583 |
Public Storage Operating Co. | ||
5.35% 08/01/53 | 13,000 | 13,618 |
PVH Corp. | ||
4.63% 07/10/25 | 31,000 | 30,497 |
QUALCOMM, Inc. | ||
4.30% 05/20/47 | 3,000 | 2,752 |
4.50% 05/20/52 | 25,000 | 23,363 |
Quanta Services, Inc. | ||
2.35% 01/15/32 | 20,000 | 16,582 |
3.05% 10/01/41 | 23,000 | 16,967 |
Quest Diagnostics, Inc. | ||
2.95% 06/30/30 | 4,000 | 3,580 |
Realty Income Corp. | ||
2.85% 12/15/32 | 8,000 | 6,815 |
3.00% 01/15/27 | 3,000 | 2,848 |
3.25% 01/15/31 | 4,000 | 3,638 |
Principal Amount | Fair Value | |
Regeneron Pharmaceuticals, Inc. | ||
1.75% 09/15/30 | $ 22,000 | $ 18,089 |
Regions Financial Corp. | ||
1.80% 08/12/28 | 54,000 | 46,260 |
RenaissanceRe Holdings Ltd. | ||
5.75% 06/05/33 | 28,000 | 28,314 |
Republic Services, Inc. | ||
2.38% 03/15/33 | 38,000 | 31,784 |
5.00% 04/01/34 | 24,000 | 24,576 |
Rio Tinto Finance USA Ltd. | ||
2.75% 11/02/51 | 6,000 | 4,106 |
Rio Tinto Finance USA PLC | ||
4.13% 08/21/42 | 3,000 | 2,714 |
Rockwell Automation, Inc. | ||
2.80% 08/15/61 | 12,000 | 7,795 |
4.20% 03/01/49 | 3,000 | 2,701 |
Rogers Communications, Inc. | ||
5.00% 03/15/44 | 3,000 | 2,812 |
Roper Technologies, Inc. | ||
2.95% 09/15/29 | 6,000 | 5,496 |
Ross Stores, Inc. | ||
4.70% 04/15/27 | 2,000 | 1,979 |
Royalty Pharma PLC | ||
1.20% 09/02/25 | 14,000 | 13,070 |
1.75% 09/02/27 | 5,000 | 4,488 |
2.20% 09/02/30 | 4,000 | 3,367 |
3.30% 09/02/40 | 2,000 | 1,508 |
RPM International, Inc. | ||
3.75% 03/15/27 | 4,000 | 3,846 |
RTX Corp. | ||
1.90% 09/01/31 | 62,000 | 50,446 |
2.82% 09/01/51 | 45,000 | 29,711 |
3.13% 05/04/27 | 37,000 | 35,200 |
3.50% 03/15/27 | 3,000 | 2,891 |
3.95% 08/16/25 | 4,000 | 3,943 |
4.15% 05/15/45 | 3,000 | 2,560 |
4.45% 11/16/38 | 4,000 | 3,684 |
6.10% 03/15/34 | 25,000 | 27,108 |
6.40% 03/15/54 | 20,000 | 23,177 |
Ryder System, Inc. | ||
2.90% 12/01/26 | 38,000 | 35,859 |
Salesforce, Inc. | ||
1.95% 07/15/31 | 24,000 | 20,500 |
2.70% 07/15/41 | 20,000 | 15,286 |
Schlumberger Holdings Corp. | ||
3.90% 05/17/28 (h) | 11,000 | 10,682 |
Schlumberger Investment S.A. | ||
4.85% 05/15/33 | 53,000 | 53,846 |
Elfun Diversified Fund | 45 |
Principal Amount | Fair Value | |
Sealed Air Corp. | ||
1.57% 10/15/26 (h) | $ 86,000 | $ 77,431 |
Selective Insurance Group, Inc. | ||
5.38% 03/01/49 | 2,000 | 1,935 |
Sempra | ||
3.80% 02/01/38 | 4,000 | 3,425 |
4.00% 02/01/48 | 4,000 | 3,293 |
Sempra (4.13% fixed rate until 01/01/27; 2.87% + 5 year CMT thereafter) | ||
4.13% 04/01/52 (d) | 38,000 | 32,734 |
Shell International Finance BV | ||
2.38% 11/07/29 | 34,000 | 30,600 |
3.13% 11/07/49 | 13,000 | 9,566 |
3.75% 09/12/46 | 5,000 | 4,158 |
Shire Acquisitions Investments Ireland DAC | ||
3.20% 09/23/26 | 2,000 | 1,925 |
Simon Property Group LP | ||
3.38% 06/15/27 | 3,000 | 2,877 |
Sonoco Products Co. | ||
2.85% 02/01/32 | 22,000 | 18,774 |
Southern California Edison Co. | ||
4.00% 04/01/47 | 24,000 | 19,688 |
4.20% 03/01/29 | 18,000 | 17,643 |
5.65% 10/01/28 | 124,000 | 129,297 |
Southern Co. | ||
3.25% 07/01/26 | 3,000 | 2,894 |
3.70% 04/30/30 | 34,000 | 32,061 |
Southern Co. Gas Capital Corp. | ||
3.95% 10/01/46 | 7,000 | 5,458 |
4.40% 05/30/47 | 2,000 | 1,692 |
Southwest Airlines Co. | ||
2.63% 02/10/30 | 21,000 | 18,358 |
Southwestern Electric Power Co. | ||
2.75% 10/01/26 | 5,000 | 4,699 |
Spectra Energy Partners LP | ||
3.38% 10/15/26 | 3,000 | 2,889 |
4.50% 03/15/45 | 2,000 | 1,715 |
Starbucks Corp. | ||
4.00% 11/15/28 | 4,000 | 3,940 |
Stryker Corp. | ||
1.95% 06/15/30 | 26,000 | 22,235 |
Sumitomo Mitsui Financial Group, Inc. | ||
6.18% 07/13/43 | 44,000 | 49,017 |
Principal Amount | Fair Value | |
Suncor Energy, Inc. | ||
4.00% 11/15/47 | $ 3,000 | $ 2,377 |
Sysco Corp. | ||
3.25% 07/15/27 | 3,000 | 2,870 |
5.95% 04/01/30 | 2,000 | 2,129 |
6.60% 04/01/50 | 3,000 | 3,514 |
Take-Two Interactive Software, Inc. | ||
3.70% 04/14/27 | 56,000 | 54,245 |
4.00% 04/14/32 | 9,000 | 8,561 |
Tampa Electric Co. | ||
2.40% 03/15/31 | 26,000 | 21,946 |
3.45% 03/15/51 | 16,000 | 11,634 |
4.35% 05/15/44 | 15,000 | 12,800 |
Tapestry, Inc. | ||
4.13% 07/15/27 | 3,000 | 2,857 |
7.35% 11/27/28 | 105,000 | 110,199 |
7.85% 11/27/33 | 20,000 | 21,356 |
Targa Resources Corp. | ||
6.50% 03/30/34 | 68,000 | 73,543 |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||
5.00% 01/15/28 | 64,000 | 63,255 |
Target Corp. | ||
1.95% 01/15/27 | 6,000 | 5,598 |
Teck Resources Ltd. | ||
5.40% 02/01/43 | 2,000 | 1,912 |
Texas Instruments, Inc. | ||
3.88% 03/15/39 | 3,000 | 2,775 |
Thermo Fisher Scientific, Inc. | ||
2.80% 10/15/41 | 13,000 | 9,871 |
Time Warner Cable LLC | ||
6.55% 05/01/37 | 4,000 | 3,944 |
T-Mobile USA, Inc. | ||
3.50% 04/15/31 | 81,000 | 74,091 |
3.75% 04/15/27 | 32,000 | 31,053 |
4.50% 04/15/50 | 10,000 | 8,853 |
4.80% 07/15/28 | 69,000 | 69,553 |
Toronto-Dominion Bank | ||
3.20% 03/10/32 | 54,000 | 47,834 |
4.46% 06/08/32 | 25,000 | 24,293 |
Toronto-Dominion Bank (3.63% fixed rate until 9/15/26; 2.21% + 5 year swap Rate thereafter) | ||
3.63% 09/15/31 (d) | 26,000 | 24,978 |
Tractor Supply Co. | ||
5.25% 05/15/33 | 20,000 | 20,524 |
46 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
Trane Technologies Financing Ltd. | ||
3.55% 11/01/24 | $ 9,000 | $ 8,834 |
3.80% 03/21/29 | 9,000 | 8,720 |
TransCanada PipeLines Ltd. | ||
4.25% 05/15/28 | 22,000 | 21,437 |
4.88% 01/15/26 | 5,000 | 4,988 |
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3-month USD LIBOR thereafter) | ||
5.63% 05/20/75 (d) | 32,000 | 30,204 |
Transcontinental Gas Pipe Line Co. LLC | ||
4.00% 03/15/28 | 3,000 | 2,909 |
Travelers Cos., Inc. | ||
2.55% 04/27/50 | 33,000 | 21,830 |
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT thereafter) | ||
4.80% 09/01/24 (d) | 49,000 | 44,998 |
TWDC Enterprises 18 Corp. | ||
4.13% 06/01/44 | 2,000 | 1,786 |
Tyco Electronics Group S.A. | ||
3.13% 08/15/27 | 3,000 | 2,863 |
U.S. Bancorp (4.97% fixed rate until 07/22/32; 2.11% + SOFR thereafter) | ||
4.97% 07/22/33 (d) | 47,000 | 44,605 |
UDR, Inc. | ||
2.10% 08/01/32 | 10,000 | 7,860 |
3.00% 08/15/31 | 3,000 | 2,654 |
Union Pacific Corp. | ||
3.55% 05/20/61 | 14,000 | 10,564 |
3.60% 09/15/37 | 4,000 | 3,556 |
3.80% 04/06/71 | 8,000 | 6,333 |
4.10% 09/15/67 | 6,000 | 4,988 |
UnitedHealth Group, Inc. | ||
2.00% 05/15/30 | 16,000 | 13,834 |
4.20% 05/15/32 | 18,000 | 17,602 |
4.45% 12/15/48 | 9,000 | 8,253 |
4.75% 07/15/45 - 05/15/52 | 62,000 | 59,676 |
5.05% 04/15/53 | 14,000 | 14,162 |
5.20% 04/15/63 | 26,000 | 26,574 |
6.05% 02/15/63 | 4,000 | 4,625 |
Utah Acquisition Sub, Inc. | ||
3.95% 06/15/26 | 102,000 | 98,746 |
Vale Overseas Ltd. | ||
6.13% 06/12/33 | 40,000 | 41,442 |
Principal Amount | Fair Value | |
Ventas Realty LP | ||
3.25% 10/15/26 | $ 13,000 | $ 12,312 |
Verizon Communications, Inc. | ||
2.36% 03/15/32 | 102,000 | 84,913 |
2.55% 03/21/31 | 18,000 | 15,524 |
3.00% 03/22/27 | 38,000 | 36,132 |
3.40% 03/22/41 | 13,000 | 10,378 |
3.55% 03/22/51 | 8,000 | 6,172 |
3.70% 03/22/61 | 20,000 | 15,308 |
4.40% 11/01/34 | 58,000 | 55,856 |
4.86% 08/21/46 | 14,000 | 13,375 |
Viatris, Inc. | ||
1.65% 06/22/25 | 83,000 | 78,602 |
4.00% 06/22/50 | 9,000 | 6,334 |
Virginia Electric & Power Co. | ||
4.00% 11/15/46 | 11,000 | 9,120 |
Visa, Inc. | ||
2.70% 04/15/40 | 6,000 | 4,639 |
Vistra Operations Co. LLC | ||
3.55% 07/15/24 (h) | 45,000 | 44,320 |
Vontier Corp. | ||
2.40% 04/01/28 | 30,000 | 26,491 |
2.95% 04/01/31 | 28,000 | 23,562 |
Vornado Realty LP | ||
2.15% 06/01/26 | 36,000 | 32,462 |
3.50% 01/15/25 | 4,000 | 3,874 |
Vulcan Materials Co. | ||
3.90% 04/01/27 | 2,000 | 1,934 |
Walmart, Inc. | ||
1.80% 09/22/31 | 11,000 | 9,327 |
2.50% 09/22/41 | 11,000 | 8,142 |
2.65% 09/22/51 | 4,000 | 2,792 |
Walt Disney Co. | ||
2.65% 01/13/31 | 22,000 | 19,585 |
3.38% 11/15/26 | 2,000 | 1,942 |
3.60% 01/13/51 | 5,000 | 4,023 |
4.75% 11/15/46 | 2,000 | 1,918 |
6.65% 11/15/37 | 10,000 | 11,752 |
Warnermedia Holdings, Inc. | ||
4.28% 03/15/32 | 81,000 | 74,104 |
5.05% 03/15/42 | 15,000 | 13,225 |
5.14% 03/15/52 | 4,000 | 3,442 |
5.39% 03/15/62 | 4,000 | 3,440 |
Waste Connections, Inc. | ||
2.20% 01/15/32 | 57,000 | 47,598 |
2.95% 01/15/52 | 26,000 | 18,327 |
WEC Energy Group, Inc. | ||
3.55% 06/15/25 | 7,000 | 6,816 |
Elfun Diversified Fund | 47 |
Principal Amount | Fair Value | |
Wells Fargo & Co. | ||
4.15% 01/24/29 | $ 22,000 | $ 21,403 |
4.75% 12/07/46 | 20,000 | 17,666 |
5.88% 06/15/25 (d) | 54,000 | 53,463 |
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | ||
2.39% 06/02/28 (d) | 83,000 | 76,016 |
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | ||
3.07% 04/30/41 (d) | 26,000 | 19,658 |
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.43% + 3-month Term SOFR) | ||
3.20% 06/17/27 (d) | 208,000 | 198,873 |
Wells Fargo & Co. (6.49% fixed rate until 10/23/33; 2.06% + SOFR thereafter) | ||
6.49% 10/23/34 (d) | 36,000 | 39,207 |
Westlake Corp. | ||
2.88% 08/15/41 | 5,000 | 3,538 |
3.13% 08/15/51 | 5,000 | 3,318 |
3.38% 08/15/61 | 4,000 | 2,588 |
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT thereafter) | ||
2.89% 02/04/30 (d) | 17,000 | 16,382 |
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT thereafter) | ||
4.11% 07/24/34 (d) | 9,000 | 8,250 |
Weyerhaeuser Co. | ||
4.00% 03/09/52 | 18,000 | 14,800 |
Williams Cos., Inc. | ||
3.75% 06/15/27 | 2,000 | 1,928 |
4.85% 03/01/48 | 3,000 | 2,729 |
4.90% 01/15/45 | 10,000 | 9,104 |
5.30% 08/15/52 | 9,000 | 8,736 |
5.40% 03/04/44 | 3,000 | 2,924 |
Willis North America, Inc. | ||
3.88% 09/15/49 | 8,000 | 6,190 |
Workday, Inc. | ||
3.50% 04/01/27 | 22,000 | 21,274 |
3.70% 04/01/29 | 42,000 | 40,336 |
WPP Finance 2010 | ||
3.75% 09/19/24 | 13,000 | 12,766 |
Principal Amount | Fair Value | |
Xcel Energy, Inc. | ||
3.40% 06/01/30 | $ 12,000 | $ 11,065 |
Zoetis, Inc. | ||
3.00% 09/12/27 | 3,000 | 2,848 |
3.90% 08/20/28 | 5,000 | 4,895 |
5.60% 11/16/32 | 49,000 | 52,537 |
17,968,520 | ||
Non-Agency Collateralized Mortgage Obligations - 1.9% | ||
Bank | ||
3.18% 09/15/60 | 617,000 | 574,827 |
4.41% 11/15/61 (d) | 320,000 | 310,883 |
BPR Trust 1.90% + 3-month Term SOFR | ||
7.26% 04/15/37 (d)(h) | 117,967 | 116,039 |
Cantor Commercial Real Estate Lending | ||
3.01% 01/15/53 | 139,000 | 123,414 |
CD Mortgage Trust | ||
2.91% 08/15/57 | 246,000 | 218,641 |
Citigroup Commercial Mortgage Trust | ||
3.72% 12/10/49 (d) | 119,583 | 112,773 |
3.78% 09/10/58 | 100,000 | 95,938 |
4.03% 12/10/49 (d) | 78,331 | 71,559 |
COMM Mortgage Trust | ||
3.92% 10/15/45 (h) | 100,000 | 82,362 |
4.53% 02/10/47 (d) | 55,000 | 53,620 |
GS Mortgage Securities Trust | ||
2.75% 09/10/52 | 419,000 | 369,475 |
3.05% 11/10/52 | 493,000 | 440,381 |
3.67% 03/10/50 | 240,062 | 224,689 |
4.14% 03/10/51 (d) | 73,000 | 68,386 |
4.42% 11/10/48 (d) | 117,000 | 93,598 |
JPMBB Commercial Mortgage Securities Trust | ||
4.65% 11/15/48 (d) | 71,000 | 36,336 |
MASTR Alternative Loan Trust | ||
5.00% 08/25/18 (f) | 134 | 12 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
0.84% 03/15/48 (d)(f) | 680,882 | 4,881 |
Wells Fargo Commercial Mortgage Trust | ||
1.18% 02/15/48 (d)(f) | 698,236 | 6,863 |
4.32% 08/15/50 | 129,943 | 110,353 |
WFRBS Commercial Mortgage Trust | ||
4.35% 03/15/47 (d) | 123,000 | 120,809 |
3,235,839 |
48 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
Municipal Bonds and Notes - 0.1% | ||
American Municipal Power, Inc., OH | ||
6.27% 02/15/50 | $ 25,000 | $ 27,254 |
Board of Regents of the University of Texas System, TX | ||
3.35% 08/15/47 | 25,000 | 19,805 |
Port Authority of New York & New Jersey, NY | ||
4.46% 10/01/62 | 70,000 | 63,872 |
State of California, CA | ||
4.60% 04/01/38 | 50,000 | 48,205 |
State of Illinois, IL | ||
5.10% 06/01/33 | 25,000 | 24,736 |
183,872 | ||
Total Bonds and Notes (Cost $52,132,837) | 50,242,858 | |
Number of Shares | ||
Exchange Traded & Mutual Funds - 23.0% | ||
State Street Global All Cap Equity ex-U.S. Index Portfolio (b) (Cost $35,037,739) | 360,372 | 40,606,701 |
Total Investments in Securities (Cost $141,683,671) | 169,019,730 |
Number of Shares | Fair Value | |
Short-Term Investments - 7.5% | ||
Dreyfus Treasury & Agency Cash Management Institutional Shares 5.24% (b) | 1,901,514 | $ 1,901,514 |
State Street Institutional Treasury Money Market Fund - Premier Class 5.28% (j)(k) | 4,589,093 | 4,589,093 |
State Street Institutional Treasury Plus Fund - Premier Class 5.31% (j)(k) | 1,901,514 | 1,901,514 |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.36% (j)(k) | 4,914,929 | 4,914,929 |
Total Short-Term Investments (Cost $13,307,050) | 13,307,050 | |
Total Investments (Cost $154,990,721) | 182,326,780 | |
Liabilities in Excess of Other Assets, net - (3.3)% | (5,788,659) | |
NET ASSETS - 100.0% | $ 176,538,121 |
Centrally Cleared Credit Default Swaps: |
Reference Entity | Counterparty | Notional Amount (000s omitted) | Contract Annual Fixed Rate/ Payment Frequency | Termination Date | Market Value | Unamortized Upfront Payments Received (Paid) | Unrealized Appreciation (Depreciation) |
Sell Protection | |||||||
Markit CDX North America High Yield Index | Intercontinental Exchange | $1,257 | 5.00%/ Quarterly | 12/20/28 | $73,304 | $151 | $73,153 |
Elfun Diversified Fund | 49 |
The Fund had the following long futures contracts open at December 31, 2023: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
U.S. Long Bond Futures | March 2024 | 7 | $ 812,712 | $ 874,762 | $ 62,050 |
10 Yr. U.S. Treasury Ultra Futures | March 2024 | 63 | 7,078,451 | 7,434,984 | 356,533 |
2 Yr. U.S. Treasury Notes Futures | March 2024 | 10 | 2,038,229 | 2,059,141 | 20,912 |
Ultra Long-Term U.S. Treasury Bond Futures | March 2024 | 5 | 616,692 | 667,969 | 51,277 |
5 Yr. U.S. Treasury Notes Futures | March 2024 | 33 | 3,503,729 | 3,589,524 | 85,795 |
S&P 500 E-mini Index Futures | March 2024 | 2 | 464,148 | 482,000 | 17,852 |
$ 594,419 |
The Fund had the following short futures contracts open at December 31, 2023: |
Description | Expiration date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
10 Yr. U.S. Treasury Notes Futures | March 2024 | 29 | $ (3,168,144) | $ (3,273,828) | $ (105,684) |
During the year ended December 31, 2023, average notional values related to derivative contracts were as follows: | |||
Long Futures Contracts | Short Futures Contracts | Credit Default Swap Contracts | |
Average Notional Value | $12,241,322 | $3,001,958 | $1,952,012 |
(a) | Non-income producing security. |
(b) | At December 31, 2023, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs. |
(c) | State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund's sub-administrator, custodian and accounting agent. |
(d) | Variable Rate Security - Interest rate shown is rate in effect at December 31, 2023. 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. |
(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) | 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, 2023, these securities amounted to $1,381,533 or 0.78% 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. |
(i) | Step coupon bond. |
50 | Elfun Diversified Fund |
(j) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(k) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of December 31, 2023. |
* | 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 |
REMICS - Real Estate Mortgage Investment Conduits |
RFUCCT - Refinitiv USD IBOR Consumer Cash Fallbacks Term |
SOFR - Secured Overnight Financing Rate |
STRIPS - Separate Trading of Registered Interest and Principal of Security |
TBA - To Be Announced |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Domestic Equity | $ 78,056,939 | $ — | $ — | $ 78,056,939 | |||
Foreign Equity | 113,232 | — | — | 113,232 | |||
U.S. Treasuries | — | 15,046,240 | — | 15,046,240 | |||
Agency Mortgage Backed | — | 13,473,839 | — | 13,473,839 | |||
Agency Collateralized Mortgage Obligations | — | 334,548 | — | 334,548 | |||
Corporate Notes | — | 17,968,520 | — | 17,968,520 | |||
Non-Agency Collateralized Mortgage Obligations | — | 3,235,839 | — | 3,235,839 | |||
Municipal Bonds and Notes | — | 183,872 | — | 183,872 | |||
Exchange Traded & Mutual Funds | 40,606,701 | — | — | 40,606,701 | |||
Short-Term Investments | 13,307,050 | — | — | 13,307,050 | |||
Total Investments in Securities | $ 132,083,922 | $ 50,242,858 | $ — | $ 182,326,780 | |||
Other Financial Instruments | |||||||
Credit Default Swap Contracts - Unrealized Appreciation | $ — | $ 73,153 | $ — | $ 73,153 | |||
Long Futures Contracts - Unrealized Appreciation | 594,419 | — | — | 594,419 | |||
Short Futures Contracts - Unrealized Depreciation | (105,684) | — | — | (105,684) | |||
Total Other Financial Instruments | $ 488,735 | $ 73,153 | $ — | $ 561,888 |
Industry | Domestic | Foreign | Total |
Exchange Traded Funds | 22.27% | 0.00% | 22.27% |
Systems Software | 3.47% | 0.00% | 3.47% |
Technology Hardware, Storage & Peripherals | 3.12% | 0.00% | 3.12% |
Semiconductors | 3.03% | 0.06% | 3.09% |
Interactive Media & Services | 2.48% | 0.00% | 2.48% |
Pharmaceuticals | 1.60% | 0.00% | 1.60% |
Broadline Retail | 1.51% | 0.00% | 1.51% |
Diversified Banks | 1.26% | 0.00% | 1.26% |
Application Software | 1.14% | 0.00% | 1.14% |
Transaction & Payment Processing Services | 1.09% | 0.00% | 1.09% |
Healthcare Equipment | 1.06% | 0.00% | 1.06% |
Biotechnology | 0.87% | 0.00% | 0.87% |
Automobile Manufacturers | 0.84% | 0.00% | 0.84% |
Managed Healthcare | 0.76% | 0.00% | 0.76% |
Elfun Diversified Fund | 51 |
Industry | Domestic | Foreign | Total |
Integrated Oil & Gas | 0.75% | 0.00% | 0.75% |
Aerospace & Defense | 0.70% | 0.00% | 0.70% |
Multi-Sector Holdings | 0.69% | 0.00% | 0.69% |
Consumer Staples Merchandise Retail | 0.69% | 0.00% | 0.69% |
Electric Utilities | 0.66% | 0.00% | 0.66% |
Life Sciences Tools & Services | 0.62% | 0.00% | 0.62% |
Soft Drinks & Non-alcoholic Beverages | 0.58% | 0.00% | 0.58% |
Household Products | 0.53% | 0.00% | 0.53% |
Home Improvement Retail | 0.51% | 0.00% | 0.51% |
Financial Exchanges & Data | 0.49% | 0.00% | 0.49% |
IT Consulting & Other Services | 0.49% | 0.00% | 0.49% |
Restaurants | 0.49% | 0.00% | 0.49% |
Oil & Gas Exploration & Production | 0.45% | 0.00% | 0.45% |
Movies & Entertainment | 0.45% | 0.00% | 0.45% |
Asset Management & Custody Banks | 0.39% | 0.00% | 0.39% |
Investment Banking & Brokerage | 0.39% | 0.00% | 0.39% |
Hotels, Resorts & Cruise Lines | 0.39% | 0.00% | 0.39% |
Property & Casualty Insurance | 0.38% | 0.00% | 0.38% |
Semiconductor Materials & Equipment | 0.38% | 0.00% | 0.38% |
Industrial Machinery & Supplies & Components | 0.37% | 0.00% | 0.37% |
Communications Equipment | 0.36% | 0.00% | 0.36% |
Industrial Conglomerates | 0.36% | 0.00% | 0.36% |
Packaged Foods & Meats | 0.32% | 0.00% | 0.32% |
Integrated Telecommunication Services | 0.30% | 0.00% | 0.30% |
Rail Transportation | 0.29% | 0.00% | 0.29% |
Multi-Utilities | 0.29% | 0.00% | 0.29% |
Construction Machinery & Heavy Transportation Equipment | 0.28% | 0.00% | 0.28% |
Industrial Gases | 0.28% | 0.00% | 0.28% |
Specialty Chemicals | 0.28% | 0.00% | 0.28% |
Electrical Components & Equipment | 0.27% | 0.00% | 0.27% |
Insurance Brokers | 0.26% | 0.00% | 0.26% |
Healthcare Services | 0.24% | 0.00% | 0.24% |
Tobacco | 0.23% | 0.00% | 0.23% |
Cable & Satellite | 0.23% | 0.00% | 0.23% |
Consumer Finance | 0.22% | 0.00% | 0.22% |
Air Freight & Logistics | 0.22% | 0.00% | 0.22% |
Building Products | 0.21% | 0.00% | 0.21% |
Telecom Tower REITs | 0.19% | 0.00% | 0.19% |
Human Resource & Employment Services | 0.18% | 0.00% | 0.18% |
Oil & Gas Refining & Marketing | 0.17% | 0.00% | 0.17% |
Apparel Retail | 0.16% | 0.00% | 0.16% |
Life & Health Insurance | 0.16% | 0.00% | 0.16% |
Oil & Gas Equipment & Services | 0.15% | 0.00% | 0.15% |
Oil & Gas Storage & Transportation | 0.15% | 0.00% | 0.15% |
Footwear | 0.14% | 0.00% | 0.14% |
Environmental & Facilities Services | 0.14% | 0.00% | 0.14% |
Healthcare Distributors | 0.14% | 0.00% | 0.14% |
Regional Banks | 0.14% | 0.00% | 0.14% |
Home Building | 0.14% | 0.00% | 0.14% |
Passenger Ground Transportation | 0.14% | 0.00% | 0.14% |
Industrial REITs | 0.13% | 0.00% | 0.13% |
Retail REITs | 0.13% | 0.00% | 0.13% |
Data Center REITs | 0.13% | 0.00% | 0.13% |
Trading Companies & Distributors | 0.12% | 0.00% | 0.12% |
52 | Elfun Diversified Fund |
Industry | Domestic | Foreign | Total |
Automotive Retail | 0.12% | 0.00% | 0.12% |
Agricultural & Farm Machinery | 0.11% | 0.00% | 0.11% |
Multi-Family Residential REITs | 0.11% | 0.00% | 0.11% |
Research & Consulting Services | 0.10% | 0.00% | 0.10% |
Diversified Support Services | 0.10% | 0.00% | 0.10% |
Electronic Components | 0.09% | 0.00% | 0.09% |
Self Storage REITs | 0.09% | 0.00% | 0.09% |
Wireless Telecommunication Services | 0.09% | 0.00% | 0.09% |
Health Care REITs | 0.09% | 0.00% | 0.09% |
Apparel, Accessories & Luxury Goods | 0.09% | 0.00% | 0.09% |
Electronic Equipment & Instruments | 0.08% | 0.00% | 0.08% |
Personal Care Products | 0.08% | 0.00% | 0.08% |
Paper & Plastic Packaging Products & Materials | 0.07% | 0.00% | 0.07% |
Passenger Airlines | 0.07% | 0.00% | 0.07% |
Commodity Chemicals | 0.07% | 0.00% | 0.07% |
Fertilizers & Agricultural Chemicals | 0.07% | 0.00% | 0.07% |
Real Estate Services | 0.07% | 0.00% | 0.07% |
Construction Materials | 0.07% | 0.00% | 0.07% |
Healthcare Facilities | 0.07% | 0.00% | 0.07% |
Interactive Home Entertainment | 0.07% | 0.00% | 0.07% |
Other Specialty Retail | 0.06% | 0.00% | 0.06% |
Copper | 0.06% | 0.00% | 0.06% |
Steel | 0.06% | 0.00% | 0.06% |
Electronic Manufacturing Services | 0.06% | 0.00% | 0.06% |
Multi-Line Insurance | 0.06% | 0.00% | 0.06% |
Agricultural Products & Services | 0.06% | 0.00% | 0.06% |
Cargo Ground Transportation | 0.06% | 0.00% | 0.06% |
Other Specialized REITs | 0.06% | 0.00% | 0.06% |
Distillers & Vintners | 0.05% | 0.00% | 0.05% |
Distributors | 0.05% | 0.00% | 0.05% |
Gold | 0.05% | 0.00% | 0.05% |
Casinos & Gaming | 0.05% | 0.00% | 0.05% |
Healthcare Supplies | 0.05% | 0.00% | 0.05% |
Internet Services & Infrastructure | 0.04% | 0.00% | 0.04% |
Food Distributors | 0.04% | 0.00% | 0.04% |
Automotive Parts & Equipment | 0.04% | 0.00% | 0.04% |
Construction & Engineering | 0.04% | 0.00% | 0.04% |
Technology Distributors | 0.03% | 0.00% | 0.03% |
Food Retail | 0.03% | 0.00% | 0.03% |
Advertising | 0.03% | 0.00% | 0.03% |
Water Utilities | 0.03% | 0.00% | 0.03% |
Timber REITs | 0.03% | 0.00% | 0.03% |
Office REITs | 0.03% | 0.00% | 0.03% |
Data Processing & Outsourced Services | 0.03% | 0.00% | 0.03% |
Single-Family Residential REITs | 0.02% | 0.00% | 0.02% |
Consumer Electronics | 0.02% | 0.00% | 0.02% |
Drug Retail | 0.02% | 0.00% | 0.02% |
Broadcasting | 0.02% | 0.00% | 0.02% |
Metal, Glass & Plastic Containers | 0.02% | 0.00% | 0.02% |
Computer & Electronics Retail | 0.02% | 0.00% | 0.02% |
Gas Utilities | 0.02% | 0.00% | 0.02% |
Reinsurance | 0.01% | 0.00% | 0.01% |
Hotel & Resort REITs | 0.01% | 0.00% | 0.01% |
Publishing | 0.01% | 0.00% | 0.01% |
Elfun Diversified Fund | 53 |
Industry | Domestic | Foreign | Total |
Independent Power Producers & Energy Traders | 0.01% | 0.00% | 0.01% |
Brewers | 0.01% | 0.00% | 0.01% |
Household Appliances | 0.01% | 0.00% | 0.01% |
Leisure Products | 0.01% | 0.00% | 0.01% |
Home Furnishings | 0.01% | 0.00% | 0.01% |
65.14% |
Sector | Percentage (based on Fair Value) | ||
Corporate Notes | 9.86% | ||
U.S. Treasuries | 8.25% | ||
Agency Mortgage Backed | 7.39% | ||
Non-Agency Collateralized Mortgage Obligations | 1.78% | ||
Agency Collateralized Mortgage Obligations | 0.18% | ||
Municipal Bonds and Notes | 0.10% | ||
27.56% |
Sector | Percentage (based on Fair Value) | ||
Short-Term Investments | 7.30% | ||
7.30% | |||
100.00% |
Affiliate Table |
Number of Shares Held at 12/31/22 | Value at 12/31/22 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 12/31/23 | Value at 12/31/23 | Dividend Income | ||||||
State Street Corp. | 592 | $ 45,921 | $ 24,864 | $ 23,154 | $ (2,727) | $ 875 | 591 | $ 45,779 | $ 1,697 | |||||
State Street Global All Cap Equity ex-U.S. Index Portfolio | 425,386 | 42,695,979 | 7,447,970 | 14,535,000 | (127,198) | 5,124,950 | 360,372 | 40,606,701 | 1,167,971 | |||||
State Street Institutional Treasury Money Market Fund - Premier Class | 8,599,525 | 8,599,525 | 20,153,867 | 24,164,299 | — | — | 4,589,093 | 4,589,093 | 282,789 | |||||
State Street Institutional Treasury Plus Fund - Premier Class | 116,548 | 116,548 | 12,369,729 | 10,584,763 | — | — | 1,901,514 | 1,901,514 | 89,281 | |||||
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 8,748,612 | 8,748,612 | 50,963,971 | 54,797,654 | — | — | 4,914,929 | 4,914,929 | 308,584 | |||||
TOTAL | $60,206,585 | $90,960,401 | $104,104,870 | $(129,925) | $5,125,825 | $52,058,016 | $1,850,322 |
54 | Elfun Diversified Fund |
Elfun Tax-Exempt Income Fund | 55 |
Sector Allocation |
Portfolio composition as a % of Fair Value of $1,014,376 (in thousands) as of December 31, 2023 (a)(b) |
Quality Ratings | ||
as of December 31, 2023 as a % of Fair Value (a)(b) | ||
Moody’s / S&P / Rating* | Percentage of Fair Value | |
Aaa / AAA | 13.25% | |
Aa / AA | 54.63% | |
A / A | 25.17% | |
Baa / BBB | 0.79% | |
NR / Other | 6.16% | |
100.00% |
Average Annual Total Return for the years ended December 31, 2023 | |||||||
(Inception date: 1/1/80) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
Elfun Tax-Exempt Income Fund | 5.31% | 1.88% | 2.82% | $13,204 | |||
Bloomberg U.S. Municipal Bond Index | 6.40% | 2.25% | 3.03% | $13,483 |
(a) | Fair Value basis is inclusive of short-term investment in State Street Institutional Treasury Plus Fund — Premier Class. |
(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. |
56 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund | 57 |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value July 1, 2023 | $1,000.00 | $1,000.00 | |
Ending Account value December 31, 2023 | $1,029.00 | $1,024.10 | |
Expenses Paid During Period* | $ 1.07 | $ 1.07 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.21%** (for the period July 1, 2023 - December 31, 2023), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
58 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
Municipal Bonds and Notes - 100.0% † | ||
Alabama - 0.5% | ||
Auburn University, AL Revenue | ||
4.00% 06/01/41 | $ 2,000,000 | $ 2,006,196 |
5.00% 06/01/38 | 1,000,000 | 1,076,152 |
Bessemer Governmental Utility Services Corp., AL Revenue (BAM Insured) | ||
5.00% 06/01/30 | 2,070,000 | 2,217,040 |
5,299,388 | ||
Arizona - 1.8% | ||
Arizona Board of Regents, AZ Revenue | ||
5.00% 07/01/43 | 1,000,000 | 1,138,528 |
Arizona State University, AZ Revenue | ||
5.00% 07/01/41 | 1,000,000 | 1,022,021 |
City of Mesa Utility System Revenue, AZ Revenue | ||
5.00% 07/01/43 | 1,500,000 | 1,626,626 |
City of Phoenix Civic Improvement Corp., AZ Revenue | ||
4.00% 07/01/44 | 1,000,000 | 992,838 |
5.00% 07/01/31 - 07/01/42 | 4,315,000 | 4,572,646 |
City of Phoenix Civic Improvement Corp., AZ Revenue (NPFG Insured) | ||
5.50% 07/01/24 | 3,340,000 | 3,382,926 |
Maricopa County Unified School District No. 80 Chandler, AZ GO, | ||
4.00% 07/01/32 | 2,890,000 | 2,977,900 |
Salt River Project Agricultural Improvement & Power District, AZ Revenue | ||
5.00% 01/01/50 | 2,000,000 | 2,223,740 |
17,937,225 | ||
California - 6.7% | ||
Bay Area Toll Authority, CA Revenue | ||
4.13% 04/01/54 | 1,235,000 | 1,249,213 |
California State Public Works Board, CA Revenue | ||
5.25% 09/01/29 | 10,160,000 | 10,160,000 |
City of Los Angeles Department of Airports, CA Revenue | ||
5.00% 05/15/26 - 05/15/44 | 6,615,000 | 7,116,367 |
City of Los Angeles Wastewater System Revenue, CA Revenue | ||
5.00% 06/01/48 | 10,000,000 | 10,626,960 |
Fresno Unified School District, CA GO, | ||
4.00% 08/01/47 (a) | 5,000,000 | 5,037,561 |
Oakland Unified School District/Alameda County, CA GO, (AGM Insured) | ||
5.00% 08/01/35 | 1,000,000 | 1,218,838 |
Sacramento Municipal Utility District, CA Revenue | ||
4.00% 08/15/45 | 1,565,000 | 1,597,106 |
5.00% 08/15/53 | 2,000,000 | 2,265,041 |
San Diego County Regional Airport Authority, CA Revenue | ||
5.00% 07/01/33 | 1,000,000 | 1,148,447 |
Principal Amount | Fair Value | |
San Francisco City & County Airport Comm-San Francisco International Airport, CA Revenue | ||
5.00% 05/01/33 - 05/01/49 | $ 2,350,000 | $ 2,588,741 |
San Francisco City & County Public Utilities Commission Wastewater Revenue, CA Revenue | ||
5.00% 10/01/34 | 1,495,000 | 1,552,913 |
State of California Department of Water Resources, CA Revenue | ||
5.00% 12/01/29 (a) | 8,120,000 | 8,282,145 |
State of California, CA GO, | ||
4.00% 10/01/39 | 2,000,000 | 2,081,389 |
5.00% 09/01/28 - 03/01/35 | 7,680,000 | 8,686,724 |
University of California, CA Revenue | ||
4.00% 05/15/46 - 05/15/51 | 4,300,000 | 4,348,452 |
67,959,897 | ||
Colorado - 1.9% | ||
Adams & Arapahoe Joint School District 28J Aurora, CO GO, | ||
5.00% 12/01/32 | 2,000,000 | 2,112,901 |
Board of Governors of Colorado State University System, CO Revenue | ||
4.00% 03/01/43 | 1,000,000 | 1,005,979 |
Cherokee Metropolitan District, CO Revenue (BAM Insured) | ||
4.00% 08/01/45 | 2,700,000 | 2,663,270 |
City & County of Denver Airport System Revenue, CO Revenue | ||
5.00% 11/15/41 | 1,000,000 | 1,093,715 |
City & County of Denver Pledged Excise Tax Revenue, CO Revenue | ||
4.00% 08/01/46 | 2,485,000 | 2,451,926 |
City of Colorado Springs Utilities System Revenue, CO Revenue | ||
5.00% 11/15/42 - 11/15/47 | 4,085,000 | 4,295,616 |
Colorado Health Facilities Authority, CO Revenue | ||
5.00% 06/01/47 (a) | 1,750,000 | 1,883,523 |
Regional Transportation District Sales Tax Revenue, CO Revenue | ||
4.25% 11/01/36 | 3,405,000 | 3,789,406 |
19,296,336 | ||
Connecticut - 2.5% | ||
City of New Haven, CT GO, (BAM Insured) | ||
5.00% 08/01/33 | 500,000 | 587,355 |
State of Connecticut Special Tax Revenue, CT Revenue | ||
4.00% 05/01/36 - 11/01/38 | 2,670,000 | 2,812,690 |
5.00% 10/01/27 - 07/01/36 | 19,900,000 | 20,055,878 |
State of Connecticut, CT GO, | ||
4.00% 01/15/44 (b) | 1,000,000 | 1,015,538 |
5.00% 01/15/26 | 700,000 | 732,408 |
25,203,869 |
Elfun Tax-Exempt Income Fund | 59 |
Principal Amount | Fair Value | |
Delaware - 0.6% | ||
Delaware Transportation Authority, DE Revenue | ||
3.00% 07/01/28 | $ 2,000,000 | $ 2,006,481 |
5.00% 06/01/55 | 1,000,000 | 1,013,433 |
State of Delaware, DE GO, | ||
3.50% 03/01/33 | 2,000,000 | 2,010,953 |
4.00% 05/01/41 | 1,000,000 | 1,047,464 |
6,078,331 | ||
District of Columbia - 4.5% | ||
District of Columbia Income Tax Revenue, DC Revenue | ||
4.00% 03/01/39 - 05/01/45 | 10,575,000 | 10,790,164 |
District of Columbia Water & Sewer Authority, DC Revenue | ||
4.00% 10/01/38 | 2,185,000 | 2,213,335 |
5.00% 10/01/47 | 2,000,000 | 2,213,031 |
District of Columbia, DC GO, | ||
4.00% 06/01/35 - 10/15/44 | 3,000,000 | 3,041,935 |
District of Columbia, DC Revenue | ||
5.00% 04/01/42 (a) | 6,250,000 | 6,732,066 |
Metropolitan Washington Airports Authority Aviation Revenue, DC Revenue | ||
5.00% 10/01/29 - 10/01/47 | 9,070,000 | 9,926,747 |
Washington Convention & Sports Authority, DC Tax Allocation Revenue., | ||
5.00% 10/01/29 | 750,000 | 850,048 |
Washington Metropolitan Area Transit Authority Dedicated Revenue, DC Revenue | ||
5.00% 07/15/35 | 500,000 | 603,834 |
Washington Metropolitan Area Transit Authority, DC Revenue | ||
5.00% 07/01/34 - 07/01/42 | 8,375,000 | 8,853,572 |
45,224,732 | ||
Florida - 6.4% | ||
City of Cape Coral Water & Sewer Revenue, FL Special Assessment Revenue (BAM Insured) | ||
5.00% 03/01/35 | 375,000 | 413,731 |
City of Cocoa Water & Sewer Revenue, FL Revenue | ||
5.00% 10/01/36 | 1,225,000 | 1,351,965 |
City of Fort Lauderdale Water & Sewer Revenue, FL Revenue | ||
4.00% 09/01/41 | 1,000,000 | 1,012,039 |
City of Miami Beach, FL GO, | ||
5.00% 05/01/36 | 500,000 | 584,306 |
City of Tampa Water & Wastewater System Revenue, FL Revenue, Series A | ||
5.25% 10/01/57 | 7,000,000 | 7,795,932 |
County of Broward Port Facilities Revenue, FL Revenue | ||
5.00% 09/01/26 | 500,000 | 520,218 |
County of Hillsborough, FL GO, | ||
5.00% 07/01/53 | 2,825,000 | 3,130,043 |
County of Miami-Dade Aviation Revenue, FL Revenue | ||
4.00% 10/01/39 | 1,675,000 | 1,708,924 |
5.00% 10/01/34 - 10/01/36 | 4,500,000 | 4,516,302 |
Principal Amount | Fair Value | |
County of Miami-Dade Seaport Department, FL Revenue (AGM Insured) | ||
4.00% 10/01/40 | $ 3,000,000 | $ 3,025,068 |
County of Miami-Dade Seaport Department, FL Revenue | ||
4.00% 10/01/50 | 2,485,000 | 2,343,836 |
County of Miami-Dade Transit System, FL Revenue | ||
4.00% 07/01/45 | 1,290,000 | 1,292,597 |
County of Miami-Dade Water & Sewer System Revenue, FL Revenue | ||
4.00% 10/01/37 - 10/01/49 | 15,500,000 | 15,544,011 |
5.00% 10/01/43 | 5,000,000 | 5,302,892 |
County of Seminole Water & Sewer Revenue, FL Revenue | ||
4.00% 10/01/28 | 925,000 | 942,248 |
Florida Municipal Power Agency, FL Revenue | ||
4.00% 10/01/30 | 950,000 | 988,593 |
Florida State Board of Governors University of North Florida Dormitory Revenue, FL Revenue | ||
5.00% 11/01/39 | 2,560,000 | 2,887,781 |
Hillsborough County Aviation Authority, FL Revenue, Series A | ||
5.00% 10/01/29 | 2,510,000 | 2,771,235 |
School Board of Miami-Dade County, FL GO, (BAM Insured) | ||
5.00% 03/15/47 | 5,000,000 | 5,500,147 |
State of Florida Department of Transportation, FL Revenue | ||
4.00% 07/01/41 | 1,000,000 | 1,025,602 |
5.00% 07/01/38 | 1,000,000 | 1,158,756 |
Wildwood Utility Dependent District, FL Revenue (AGM Insured) | ||
5.25% 10/01/38 | 1,000,000 | 1,153,320 |
64,969,546 | ||
Georgia - 4.6% | ||
City of Atlanta Airport Passenger Facility Charge, GA Revenue | ||
4.00% 07/01/38 | 1,000,000 | 1,006,351 |
5.00% 01/01/34 | 3,500,000 | 3,500,000 |
City of Atlanta Water & Wastewater Revenue, GA Revenue (AGM Insured) | ||
5.75% 11/01/30 | 4,500,000 | 5,439,870 |
County of DeKalb Water & Sewerage Revenue, GA Revenue | ||
5.00% 10/01/45 | 2,000,000 | 2,233,976 |
County of Fulton, GA GO, | ||
4.00% 07/01/40 | 1,000,000 | 1,009,491 |
Development Authority of Gwinnett County, GA Revenue | ||
5.00% 07/01/37 - 07/01/40 | 9,325,000 | 9,703,963 |
Georgia Ports Authority, GA Revenue | ||
4.00% 07/01/51 | 5,400,000 | 5,429,364 |
Metropolitan Atlanta Rapid Transit Authority, GA Revenue, Series B | ||
5.00% 07/01/35 | 1,000,000 | 1,055,601 |
Municipal Electric Authority of Georgia, GA Revenue | ||
5.00% 01/01/35 | 5,500,000 | 5,575,205 |
Private Colleges & Universities Authority, GA Revenue | ||
4.00% 10/01/38 - 10/01/46 | 3,855,000 | 3,851,313 |
60 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
State of Georgia, GA GO, | ||
4.00% 07/01/36 | $ 7,000,000 | $ 7,327,559 |
46,132,693 | ||
Hawaii - 0.3% | ||
State of Hawaii, HI GO, | ||
5.00% 01/01/36 | 2,850,000 | 3,176,375 |
Illinois - 5.0% | ||
Chicago Midway International Airport, IL Revenue (BAM Insured) | ||
5.00% 01/01/33 | 500,000 | 568,194 |
Chicago O'Hare International Airport, IL Revenue | ||
5.00% 01/01/41 - 01/01/48 | 9,100,000 | 9,509,323 |
5.25% 01/01/42 | 8,000,000 | 8,370,535 |
Chicago Park District, IL GO, (BAM Insured) | ||
4.00% 01/01/41 | 1,000,000 | 1,001,192 |
Chicago Park District, IL GO, | ||
5.00% 01/01/40 | 1,000,000 | 1,090,135 |
Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue | ||
4.00% 12/01/49 | 2,000,000 | 1,941,943 |
City of Chicago Wastewater Transmission Revenue, IL Revenue (AGM Insured) | ||
5.50% 01/01/62 | 5,035,000 | 5,612,286 |
Cook County Community College District No. 508, IL GO, | ||
5.13% 12/01/38 | 1,000,000 | 1,000,039 |
Illinois Finance Authority, IL Revenue | ||
4.00% 07/01/32 | 5,000,000 | 5,069,880 |
Illinois State Toll Highway Authority, IL Revenue | ||
4.00% 01/01/44 | 3,000,000 | 3,007,377 |
5.00% 01/01/37 - 01/01/46 | 5,885,000 | 6,153,444 |
5.00% 01/01/39 (b) | 1,000,000 | 1,175,169 |
Southwestern Illinois Development Authority, IL Revenue | ||
4.00% 04/15/31 | 2,450,000 | 2,599,161 |
State of Illinois, IL GO, | ||
5.00% 10/01/30 | 1,000,000 | 1,120,390 |
5.50% 05/01/30 | 2,000,000 | 2,242,402 |
50,461,470 | ||
Indiana - 0.8% | ||
Indiana Finance Authority, IN Revenue, Series B | ||
5.25% 10/01/52 | 2,000,000 | 2,163,497 |
Indiana Municipal Power Agency, IN Revenue | ||
5.00% 01/01/42 | 2,160,000 | 2,309,557 |
Indianapolis Local Public Improvement Bond Bank, IN Revenue | ||
4.00% 02/01/44 | 3,500,000 | 3,526,340 |
5.00% 01/01/48 | 500,000 | 547,137 |
8,546,531 |
Principal Amount | Fair Value | |
Iowa - 0.2% | ||
Cedar Rapids Community School District Infrastructure Sales Services & Use Tax, IA Revenue (AGM Insured) | ||
4.00% 07/01/34 | $ 1,055,000 | $ 1,141,117 |
City of Ames, IA GO, | ||
5.00% 06/01/32 | 1,090,000 | 1,268,595 |
2,409,712 | ||
Kansas - 0.5% | ||
City of Lawrence Water & Sewage System Revenue, KS Revenue | ||
4.00% 11/01/40 | 2,420,000 | 2,536,671 |
Kansas Turnpike Authority, KS Revenue | ||
5.00% 09/01/37 | 1,980,000 | 2,214,226 |
4,750,897 | ||
Kentucky - 1.3% | ||
Kentucky State Property & Building Commission, KY Revenue | ||
5.00% 02/01/33 - 04/01/37 | 11,705,000 | 12,289,328 |
Louisville Water Co., KY Revenue | ||
3.00% 11/15/34 | 1,000,000 | 973,118 |
13,262,446 | ||
Maine - 0.6% | ||
Maine Health & Higher Educational Facilities Authority, ME Revenue | ||
5.00% 07/01/48 | 1,990,000 | 2,094,730 |
Maine Municipal Bond Bank, ME Revenue | ||
4.50% 11/01/38 | 850,000 | 933,545 |
5.00% 09/01/26 | 500,000 | 530,563 |
Maine Turnpike Authority, ME Revenue | ||
4.00% 07/01/45 | 2,000,000 | 2,004,468 |
Town of Bar Harbor, ME GO, | ||
5.00% 10/15/37 | 700,000 | 835,582 |
6,398,888 | ||
Maryland - 4.5% | ||
City of Baltimore, MD Revenue | ||
4.00% 07/01/44 | 3,130,000 | 3,168,251 |
5.00% 07/01/35 - 07/01/46 | 15,155,000 | 15,658,394 |
5.00% 07/01/38 (a) | 9,375,000 | 9,375,000 |
County of Anne Arundel, MD GO, | ||
5.00% 10/01/47 | 1,000,000 | 1,046,806 |
County of Baltimore, MD GO, | ||
4.00% 03/01/40 - 03/01/41 | 2,385,000 | 2,455,333 |
5.00% 03/01/45 - 03/01/53 | 10,985,000 | 12,400,136 |
State of Maryland Department of Transportation, MD Revenue | ||
4.00% 12/01/29 | 1,140,000 | 1,179,477 |
45,283,397 |
Elfun Tax-Exempt Income Fund | 61 |
Principal Amount | Fair Value | |
Massachusetts - 3.8% | ||
Commonwealth of Massachusetts Transportation Fund Revenue, MA Revenue | ||
4.00% 06/01/50 | $ 2,000,000 | $ 2,012,737 |
Commonwealth of Massachusetts, MA GO, | ||
5.00% 07/01/45 | 2,490,000 | 2,716,043 |
5.25% 04/01/42 - 01/01/44 | 3,950,000 | 4,242,065 |
Commonwealth of Massachusetts, MA Revenue (NPFG Insured) | ||
5.50% 01/01/34 | 3,950,000 | 4,670,073 |
Massachusetts Bay Transportation Authority Assessment Revenue, MA Revenue | ||
5.00% 07/01/52 | 3,020,000 | 3,328,111 |
Massachusetts Bay Transportation Authority Sales Tax Revenue, MA Revenue | ||
5.00% 07/01/33 - 07/01/41 | 5,240,000 | 5,461,632 |
Massachusetts Development Finance Agency, MA Revenue | ||
4.00% 05/01/45 - 10/01/46 | 4,625,000 | 4,640,633 |
4.00% 06/01/49 (a) | 1,000,000 | 1,080,678 |
Massachusetts School Building Authority, MA Revenue | ||
4.00% 08/15/45 | 1,340,000 | 1,359,516 |
Massachusetts State College Building Authority, MA Revenue | ||
4.00% 05/01/40 - 05/01/43 | 3,015,000 | 3,082,743 |
Northeast Metropolitan Regional Vocational School District, MA GO, | ||
4.00% 04/15/47 | 1,500,000 | 1,515,085 |
Town of Andover, MA GO, | ||
4.00% 07/15/52 | 2,605,000 | 2,636,183 |
University of Massachusetts Building Authority, MA Revenue | ||
4.00% 11/01/46 | 1,395,000 | 1,411,297 |
38,156,796 | ||
Michigan - 1.3% | ||
City of Kalamazoo, MI GO, (BAM Insured) | ||
5.00% 10/01/36 | 1,015,000 | 1,188,954 |
City of Lansing, MI GO, (AGM Insured) | ||
5.00% 06/01/43 | 1,000,000 | 1,114,320 |
Great Lakes Water Authority Sewage Disposal System Revenue, MI Revenue | ||
5.00% 07/01/36 - 07/01/38 | 3,280,000 | 3,547,180 |
Michigan Finance Authority, MI Revenue | ||
5.00% 11/01/31 | 1,395,000 | 1,540,848 |
State of Michigan Trunk Line Revenue, MI Revenue | ||
4.00% 11/15/38 | 1,485,000 | 1,555,250 |
University of Michigan, MI Revenue | ||
5.00% 04/01/50 | 3,120,000 | 3,376,335 |
Warren Consolidated Schools, MI GO, | ||
5.00% 05/01/35 | 715,000 | 745,068 |
13,067,955 | ||
Minnesota - 2.9% | ||
Alexandria Independent School District No. 206, MN GO, | ||
5.00% 02/01/30 | 2,950,000 | 3,237,002 |
Principal Amount | Fair Value | |
City of Minneapolis, MN GO, | ||
3.00% 12/01/34 | $ 1,315,000 | $ 1,256,952 |
4.00% 12/01/41 | 1,125,000 | 1,165,819 |
City of Rochester, MN Revenue | ||
4.00% 11/15/48 | 5,330,000 | 5,271,028 |
City of St. Paul Water Revenue, MN Revenue | ||
4.00% 12/01/45 | 5,000,000 | 5,114,992 |
Cloquet Independent School District No. 94, MN GO, | ||
4.00% 02/01/36 | 1,675,000 | 1,686,800 |
County of St. Louis, MN GO, | ||
3.00% 12/01/31 | 1,545,000 | 1,548,736 |
Dover & Eyota Independent School District No. 533, MN GO, | ||
4.00% 02/01/40 | 1,285,000 | 1,322,928 |
Maple River Independent School District No. 2135, MN GO, | ||
5.00% 02/01/28 | 750,000 | 828,531 |
Minneapolis-St. Paul Metropolitan Airports Commission, MN Revenue | ||
5.00% 01/01/25 | 1,000,000 | 1,000,000 |
Redwood Area Schools Independent School District No. 2897, MN GO, | ||
4.00% 02/01/36 | 1,705,000 | 1,806,591 |
University of Minnesota, MN Revenue | ||
5.00% 09/01/39 | 4,350,000 | 4,619,988 |
28,859,367 | ||
Mississippi - 0.1% | ||
State of Mississippi, MS GO, | ||
4.00% 10/01/41 | 1,000,000 | 1,011,709 |
Missouri - 0.7% | ||
City of St. Louis, MO GO, | ||
5.00% 02/15/43 | 800,000 | 875,269 |
Health & Educational Facilities Authority of the State of Missouri, MO Revenue | ||
4.00% 11/15/48 | 2,200,000 | 2,162,135 |
Metropolitan St. Louis Sewer District, MO Revenue | ||
5.00% 05/01/45 (a) | 480,000 | 493,764 |
5.00% 05/01/45 | 1,020,000 | 1,047,229 |
Missouri Joint Municipal Electric Utility Commission, MO Revenue | ||
5.00% 01/01/34 | 1,000,000 | 1,184,560 |
St. Louis County School District C-2 Parkway, MO GO, | ||
4.00% 03/01/39 | 1,395,000 | 1,439,770 |
7,202,727 | ||
Montana - 0.2% | ||
Yellowstone County K-12 School District No. 26 Lockwood, MT GO, | ||
5.00% 07/01/35 | 1,570,000 | 1,702,767 |
Nebraska - 0.1% | ||
Omaha Public Power District, NE Revenue | ||
5.00% 02/01/35 | 500,000 | 590,710 |
62 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
New Jersey - 6.0% | ||
New Jersey Economic Development Authority, NJ Revenue | ||
5.00% 06/15/41 (a) | $ 7,250,000 | $ 7,774,592 |
5.00% 06/15/43 | 4,500,000 | 4,742,738 |
5.25% 06/15/40 (a) | 220,000 | 227,711 |
New Jersey Educational Facilities Authority, NJ Revenue | ||
5.50% 09/01/30 - 09/01/33 | 14,700,000 | 15,659,982 |
New Jersey Health Care Facilities Financing Authority, NJ Revenue (AGM Insured) | ||
4.13% 07/01/38 | 3,500,000 | 3,507,644 |
New Jersey Transportation Trust Fund Authority, NJ Revenue | ||
4.25% 06/15/44 | 1,000,000 | 1,019,079 |
5.00% 12/15/34 - 06/15/45 | 8,250,000 | 8,897,703 |
New Jersey Turnpike Authority, NJ Revenue, Series G | ||
4.00% 01/01/43 | 5,000,000 | 4,983,801 |
New Jersey Turnpike Authority, NJ Revenue | ||
5.00% 01/01/30 - 01/01/48 | 12,710,000 | 13,195,832 |
State of New Jersey, NJ GO, | ||
2.00% 06/01/34 | 1,000,000 | 857,424 |
60,866,506 | ||
New Mexico - 0.1% | ||
County of Santa Fe, NM GO, | ||
4.00% 07/01/34 | 1,000,000 | 1,066,477 |
New York - 11.3% | ||
City of New York, NY GO, | ||
4.00% 08/01/39 | 1,155,000 | 1,195,675 |
Hudson Yards Infrastructure Corp., NY Revenue (AGM Insured) | ||
4.00% 02/15/47 | 5,830,000 | 5,836,939 |
Hudson Yards Infrastructure Corp., NY Revenue | ||
5.00% 02/15/36 - 02/15/37 | 3,635,000 | 3,846,412 |
Metropolitan Transportation Authority, NY Revenue (AGM Insured) | ||
4.00% 11/15/49 | 1,500,000 | 1,462,135 |
Metropolitan Transportation Authority, NY Revenue | ||
5.25% 11/15/55 | 1,000,000 | 1,059,762 |
New York City Municipal Water Finance Authority, NY Revenue | ||
4.00% 06/15/41 - 06/15/52 | 8,105,000 | 8,143,736 |
5.00% 06/15/35 - 06/15/49 | 13,255,000 | 14,061,176 |
New York City Transitional Finance Authority Building Aid Revenue, NY Revenue | ||
5.00% 07/15/36 | 6,000,000 | 6,572,402 |
New York City Transitional Finance Authority Future Tax Secured Revenue, NY Revenue | ||
5.00% 11/01/32 - 02/01/41 | 12,135,000 | 12,633,083 |
New York City Transitional Finance Authority, NY Revenue | ||
4.00% 11/01/42 (b) | 1,000,000 | 1,020,900 |
5.00% 05/01/36 | 1,000,000 | 1,213,419 |
5.50% 05/01/53 | 2,500,000 | 2,916,176 |
New York Power Authority, NY Revenue | ||
4.00% 11/15/50 | 1,775,000 | 1,775,525 |
Principal Amount | Fair Value | |
New York Power Authority, NY Revenue (BAM Insured) | ||
5.13% 11/15/58 | $ 2,020,000 | $ 2,248,207 |
New York State Dormitory Authority, NY Revenue | ||
4.00% 08/01/38 - 03/15/47 | 8,500,000 | 8,534,966 |
5.00% 03/15/31 - 03/15/39 | 7,835,000 | 8,414,608 |
5.00% 07/01/46 (a) | 4,000,000 | 4,349,587 |
New York State Environmental Facilities Corp., NY Revenue | ||
5.00% 06/15/42 | 5,000,000 | 5,299,354 |
New York State Thruway Authority, NY Revenue | ||
4.00% 03/15/44 | 2,000,000 | 2,023,310 |
New York State Urban Development Corp., NY Revenue | ||
4.00% 03/15/40 - 03/15/52 | 3,470,000 | 3,541,272 |
New York Transportation Development Corp., NY Revenue | ||
5.50% 06/30/39 | 1,000,000 | 1,105,972 |
Port Authority of New York & New Jersey, NY Revenue | ||
5.00% 12/01/28 - 09/01/48 | 8,260,000 | 8,809,392 |
Triborough Bridge & Tunnel Authority, NY Revenue | ||
5.00% 11/15/36 | 500,000 | 603,514 |
Utility Debt Securitization Authority, NY Revenue | ||
5.00% 12/15/33 - 12/15/40 | 7,075,000 | 7,759,993 |
114,427,515 | ||
North Carolina - 1.2% | ||
City of Charlotte Airport Revenue, NC Revenue | ||
5.00% 07/01/48 | 3,000,000 | 3,344,132 |
City of Durham, NC Revenue | ||
4.00% 04/01/37 | 3,000,000 | 3,073,362 |
County of Wake, NC GO, | ||
3.50% 04/01/32 | 3,305,000 | 3,312,768 |
North Carolina Turnpike Authority, NC Revenue (AGM Insured) | ||
5.00% 01/01/29 | 1,190,000 | 1,268,267 |
Orange Water & Sewer Authority, NC Revenue | ||
4.00% 07/01/29 | 1,020,000 | 1,022,220 |
12,020,749 | ||
North Dakota - 0.0%* | ||
City of Grand Forks, ND Revenue | ||
5.00% 12/01/27 | 250,000 | 258,999 |
Ohio - 0.8% | ||
City of Cleveland, OH GO, | ||
5.00% 12/01/29 | 1,250,000 | 1,300,167 |
City of Columbus, OH GO, | ||
5.00% 04/01/35 | 1,020,000 | 1,145,145 |
Dublin City School District, OH GO, | ||
4.00% 12/01/30 | 1,010,000 | 1,080,028 |
Ohio Turnpike & Infrastructure Commission, OH Revenue | ||
5.00% 02/15/51 | 1,000,000 | 1,083,322 |
Ohio Water Development Authority Water Pollution Control Loan Fund, OH Revenue | ||
5.00% 12/01/42 | 2,000,000 | 2,289,746 |
Elfun Tax-Exempt Income Fund | 63 |
Principal Amount | Fair Value | |
Worthington City School District, OH GO, | ||
5.00% 12/01/43 | $ 1,370,000 | $ 1,538,841 |
8,437,249 | ||
Oklahoma - 0.7% | ||
Oklahoma Water Resources Board, OK Revenue | ||
4.00% 04/01/41 - 04/01/48 | 3,150,000 | 3,223,544 |
4.25% 10/01/48 | 1,000,000 | 1,035,778 |
Washington County Rural Water District No. 3, OK Revenue | ||
3.00% 09/15/41 | 3,000,000 | 2,604,291 |
6,863,613 | ||
Oregon - 2.1% | ||
City of Eugene Water Utility System Revenue, OR Revenue | ||
5.00% 08/01/48 | 4,900,000 | 5,449,280 |
City of Portland Water System Revenue, OR Revenue | ||
4.00% 05/01/30 | 2,435,000 | 2,443,879 |
Clackamas County School District No. 7J Lake Oswego, OR GO, | ||
4.00% 06/01/33 | 1,000,000 | 1,037,172 |
Multnomah-Clackamas Counties Centennial School District No. 28JT, OR GO, | ||
5.00% 06/15/45 | 5,000,000 | 5,418,113 |
Oregon State University, OR Revenue | ||
5.00% 04/01/45 | 2,000,000 | 2,032,054 |
Port of Portland Airport Revenue, OR Revenue | ||
5.00% 07/01/27 - 07/01/38 | 3,520,000 | 3,702,874 |
Port of Portland Airport Revenue, OR Revenue, Series 24-B | ||
5.00% 07/01/29 | 1,000,000 | 1,053,605 |
21,136,977 | ||
Pennsylvania - 7.1% | ||
Allegheny County Sanitary Authority, PA Revenue | ||
5.00% 06/01/43 | 1,245,000 | 1,325,748 |
Bucks County Water & Sewer Authority, PA Revenue (AGM Insured) | ||
5.25% 12/01/47 | 1,700,000 | 1,898,856 |
City of Philadelphia Airport Revenue, PA Revenue | ||
4.00% 07/01/40 | 3,000,000 | 3,060,595 |
5.00% 07/01/28 - 07/01/35 | 3,475,000 | 3,792,040 |
City of Philadelphia Water & Wastewater Revenue, PA Revenue | ||
4.00% 10/01/31 | 4,980,000 | 5,100,250 |
5.00% 10/01/43 - 10/01/47 | 15,000,000 | 15,791,216 |
City of Philadelphia Water & Wastewater Revenue, PA Revenue (AGM Insured) | ||
5.00% 09/01/30 | 1,000,000 | 1,154,401 |
City of Philadelphia, PA GO, | ||
5.00% 08/01/36 | 5,000,000 | 5,355,340 |
City of Pittsburgh, PA GO, | ||
5.00% 09/01/32 | 750,000 | 857,315 |
Commonwealth of Pennsylvania, PA GO, | ||
3.50% 03/01/31 | 2,000,000 | 2,033,325 |
Principal Amount | Fair Value | |
4.00% 09/15/34 - 09/01/43 | $ 3,575,000 | $ 3,657,518 |
Council Rock School District, PA GO, | ||
4.00% 11/15/52 | 3,000,000 | 2,952,829 |
Delaware River Port Authority, PA Revenue | ||
5.00% 01/01/26 | 500,000 | 522,750 |
Middletown Area School District, PA GO, (AGM Insured) | ||
4.00% 03/01/36 | 1,000,000 | 1,022,526 |
Montgomery County Higher Education & Health Authority, PA Revenue | ||
5.00% 09/01/51 | 2,485,000 | 2,545,187 |
Pennsylvania Higher Educational Facilities Authority, PA Revenue | ||
4.00% 08/15/49 | 2,000,000 | 1,960,583 |
5.00% 05/01/41 | 1,000,000 | 1,021,664 |
Pennsylvania State University, PA Revenue | ||
5.00% 09/01/47 | 2,000,000 | 2,091,119 |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA Revenue | ||
4.00% 12/01/51 | 1,500,000 | 1,459,567 |
5.25% 12/01/44 | 7,500,000 | 8,036,176 |
Pennsylvania Turnpike Commission, PA Revenue | ||
5.00% 12/01/32 | 1,110,000 | 1,252,643 |
Philadelphia Gas Works Co., PA Revenue | ||
5.00% 08/01/33 | 3,300,000 | 3,499,077 |
Upper Darby School District, PA GO, (BAM Insured) | ||
4.00% 04/01/51 | 1,000,000 | 970,642 |
71,361,367 | ||
Rhode Island - 0.3% | ||
Rhode Island Health & Educational Building Corp., RI Revenue (BAM Insured) | ||
5.00% 05/15/29 | 200,000 | 225,167 |
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund, RI Revenue | ||
5.00% 10/01/28 (a) | 2,200,000 | 2,287,430 |
2,512,597 | ||
South Carolina - 1.3% | ||
Anderson County School District No. 5, SC GO, | ||
5.00% 03/01/30 | 2,000,000 | 2,102,086 |
Beaufort County School District, SC GO, | ||
4.00% 03/01/33 | 2,200,000 | 2,368,775 |
City of Columbia Waterworks & Sewer System Revenue, SC Revenue | ||
5.00% 02/01/47 - 02/01/48 | 3,525,000 | 3,931,065 |
South Carolina Ports Authority, SC Revenue | ||
5.00% 07/01/33 | 1,800,000 | 1,962,388 |
Spartanburg County School District No. 4, SC GO, | ||
5.00% 03/01/47 | 2,745,000 | 3,033,003 |
13,397,317 |
64 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
Tennessee - 1.7% | ||
City of Memphis, TN GO, | ||
4.00% 05/01/38 - 06/01/46 | $ 9,920,000 | $ 9,961,034 |
County of Montgomery, TN GO, | ||
4.00% 06/01/36 | 1,250,000 | 1,331,198 |
County of Rutherford, TN GO, | ||
3.00% 04/01/35 | 2,000,000 | 1,969,999 |
Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue, TN Revenue | ||
5.00% 07/01/46 | 2,000,000 | 2,080,306 |
Tennessee State School Bond Authority, TN Revenue | ||
5.00% 11/01/52 | 1,250,000 | 1,388,042 |
16,730,579 | ||
Texas - 3.7% | ||
Aledo Independent School District, TX GO, | ||
5.00% 02/15/33 | 500,000 | 592,044 |
Arlington Higher Education Finance Corp., TX Revenue | ||
5.00% 02/15/35 | 1,550,000 | 1,573,447 |
City of Austin Airport System Revenue, TX Revenue | ||
5.00% 11/15/33 | 1,000,000 | 1,137,830 |
City of Dallas Waterworks & Sewer System Revenue, TX Revenue | ||
4.00% 10/01/52 | 2,500,000 | 2,507,774 |
City of Fort Worth Water & Sewer System Revenue, TX Revenue | ||
4.00% 02/15/35 | 2,530,000 | 2,632,064 |
City of Houston Airport System Revenue, TX Revenue | ||
5.00% 07/01/28 | 1,500,000 | 1,614,543 |
City of Houston, TX GO, | ||
5.00% 03/01/38 | 500,000 | 581,121 |
City of Mansfield Waterworks & Sewer System Revenue, TX Revenue | ||
5.00% 08/01/44 | 500,000 | 560,397 |
City of North Richland Hills, TX GO, | ||
4.00% 02/15/27 | 1,045,000 | 1,086,015 |
City of Tyler Water & Sewer System Revenue, TX Revenue | ||
5.00% 09/01/30 | 1,245,000 | 1,434,752 |
Crowley Independent School District, TX GO, | ||
5.25% 02/01/53 | 1,500,000 | 1,694,237 |
Dallas Area Rapid Transit, TX Revenue | ||
4.00% 12/01/38 | 500,000 | 500,506 |
Dallas Fort Worth International Airport, TX Revenue | ||
5.00% 11/01/27 | 500,000 | 545,107 |
Dallas Independent School District, TX GO, | ||
5.00% 02/15/34 | 560,000 | 625,471 |
Dickinson Independent School District, TX GO, | ||
4.00% 02/15/43 | 1,000,000 | 1,020,544 |
Fort Bend County Texas Public Facility Corp., TX Revenue | ||
5.00% 03/01/42 | 1,500,000 | 1,683,190 |
Klein Independent School District, TX GO, | ||
5.00% 02/01/43 | 500,000 | 536,084 |
Principal Amount | Fair Value | |
Lamar Consolidated Independent School District, TX GO, | ||
5.00% 02/15/37 | $ 500,000 | $ 589,765 |
Lower Colorado River Authority, TX Revenue | ||
5.00% 05/15/37 - 05/15/44 | 2,500,000 | 2,627,196 |
Mount Vernon Independent School District, TX GO, | ||
5.00% 08/15/30 | 500,000 | 574,114 |
North Texas Tollway Authority, TX Revenue | ||
5.00% 01/01/48 | 4,000,000 | 4,182,391 |
Pasadena Independent School District, TX GO, | ||
5.00% 02/15/35 | 500,000 | 598,680 |
Port Authority of Houston of Harris County Texas, TX GO, | ||
5.00% 10/01/27 | 1,000,000 | 1,063,398 |
Port Authority of Houston of Harris County Texas, TX Revenue | ||
5.00% 10/01/51 | 1,025,000 | 1,115,779 |
State of Texas, TX GO, | ||
4.00% 10/01/44 | 1,985,000 | 1,970,577 |
Texas A&M University, TX Revenue | ||
5.00% 05/15/28 | 500,000 | 555,982 |
Texas City Independent School District, TX GO, | ||
4.00% 08/15/40 | 1,085,000 | 1,122,724 |
Texas Municipal Power Agency, TX Revenue (AGM Insured) | ||
3.00% 09/01/28 | 275,000 | 273,069 |
Texas Public Finance Authority, TX Revenue (BAM Insured) | ||
5.25% 05/01/35 | 500,000 | 570,964 |
Tomball Independent School District, TX GO, | ||
5.00% 02/15/48 | 1,700,000 | 1,898,300 |
37,468,065 | ||
Utah - 1.6% | ||
Alpine School District, UT GO, | ||
4.00% 03/15/31 | 1,500,000 | 1,559,404 |
Central Valley Water Reclamation Facility, UT Revenue | ||
3.00% 03/01/30 - 03/01/35 | 2,225,000 | 2,220,696 |
City of Salt Lake City Airport Revenue, UT Revenue | ||
5.00% 07/01/46 - 07/01/48 | 4,000,000 | 4,190,937 |
City of Salt Lake City Public Utilities Revenue, UT Revenue | ||
4.00% 02/01/45 | 1,220,000 | 1,232,494 |
5.00% 02/01/50 | 4,080,000 | 4,335,295 |
Ogden City Redevelopment Agency, UT Revenue | ||
5.00% 01/15/48 | 1,000,000 | 1,095,064 |
University of Utah, UT Revenue | ||
5.00% 08/01/42 | 1,685,000 | 1,921,950 |
16,555,840 | ||
Virginia - 4.4% | ||
Chesapeake Bay Bridge & Tunnel District, VA Revenue | ||
5.00% 07/01/46 - 07/01/51 | 4,000,000 | 4,043,941 |
City of Alexandria, VA GO, | ||
4.00% 12/15/48 | 2,500,000 | 2,552,755 |
City of Charlottesville, VA GO, | ||
3.00% 09/15/39 - 09/15/40 | 1,830,000 | 1,670,254 |
City of Richmond Public Utility Revenue, VA Revenue | ||
4.00% 01/15/36 | 4,350,000 | 4,442,893 |
Elfun Tax-Exempt Income Fund | 65 |
Principal Amount | Fair Value | |
4.25% 01/15/53 | $ 2,500,000 | $ 2,554,037 |
County of Fairfax, VA GO, | ||
4.00% 10/01/35 | 5,145,000 | 5,401,910 |
County of Loudoun, VA GO, | ||
4.00% 12/01/33 | 5,765,000 | 5,840,180 |
University of Virginia, VA Revenue | ||
5.00% 04/01/47 | 6,000,000 | 6,301,227 |
Virginia College Building Authority, VA Revenue | ||
4.00% 09/01/35 | 1,000,000 | 1,047,675 |
5.00% 02/01/30 | 1,990,000 | 2,195,805 |
Virginia Commonwealth Transportation Board, VA Revenue | ||
4.00% 05/15/44 | 1,000,000 | 1,024,333 |
Virginia Public School Authority, VA Revenue | ||
5.00% 08/01/43 | 3,475,000 | 3,959,898 |
Virginia Resources Authority, VA Revenue | ||
4.00% 11/01/41 | 3,000,000 | 3,031,243 |
44,066,151 | ||
Washington - 4.9% | ||
City of Seattle Drainage & Wastewater Revenue, WA Revenue | ||
4.00% 07/01/36 - 09/01/51 | 5,000,000 | 5,070,107 |
City of Seattle Municipal Light & Power Revenue, WA Revenue | ||
4.00% 09/01/35 - 09/01/40 | 6,190,000 | 6,334,214 |
5.00% 07/01/52 | 3,000,000 | 3,269,354 |
City of Seattle, WA GO, | ||
4.00% 12/01/31 | 2,500,000 | 2,537,868 |
City of Spokane, WA GO, | ||
3.13% 12/01/33 | 1,260,000 | 1,240,595 |
City of Tacoma Electric System Revenue, WA Revenue | ||
5.00% 01/01/46 | 2,000,000 | 2,189,473 |
County of King Sewer Revenue, WA Revenue | ||
5.00% 07/01/28 (a) | 1,060,000 | 1,070,152 |
County of King, WA GO, | ||
4.00% 12/01/31 - 12/01/34 | 3,950,000 | 4,019,186 |
Grant County Public Utility District No. 2 Electric Revenue, WA Revenue | ||
5.00% 01/01/44 | 1,345,000 | 1,510,366 |
Port of Seattle, WA Revenue | ||
5.00% 08/01/28 - 08/01/42 | 6,985,000 | 7,473,891 |
Port of Tacoma, WA GO, | ||
5.00% 12/01/28 | 790,000 | 844,166 |
Spokane County School District No. 356 Central Valley, WA GO, | ||
4.00% 12/01/31 | 2,605,000 | 2,717,512 |
State of Washington, WA GO, | ||
4.00% 07/01/27 - 06/01/34 | 2,505,000 | 2,680,538 |
5.00% 07/01/24 - 02/01/48 | 6,345,000 | 6,890,704 |
Vancouver Library Capital Facilities Area, WA GO, | ||
4.00% 12/01/27 | 1,000,000 | 1,037,272 |
Washington Health Care Facilities Authority, WA Revenue | ||
5.00% 08/01/35 | 750,000 | 814,632 |
49,700,030 |
Principal Amount | Fair Value | |
Wisconsin - 1.0% | ||
County of Dane, WI GO, | ||
5.00% 06/01/28 | $ 2,340,000 | $ 2,520,109 |
Public Finance Authority, WI Revenue | ||
5.00% 07/01/27 | 500,000 | 519,648 |
State of Wisconsin, WI GO, | ||
4.00% 05/01/30 - 05/01/40 | 2,675,000 | 2,747,916 |
5.00% 05/01/33 - 05/01/38 | 4,075,000 | 4,156,805 |
9,944,478 | ||
Total Municipal Bonds and Notes (Cost $986,086,424) | 1,009,798,273 | |
Short-Term Investments - 0.4% | ||
State Street Institutional Treasury Plus Fund - Premier Class 5.31% (c)(d) (Cost $4,577,263) | 4,577,263 | 4,577,263 |
Total Investments (Cost $990,663,687) | 1,014,375,536 | |
Liabilities in Excess of Other Assets, net - (0.4)% | (4,467,945) | |
NET ASSETS - 100.0% | $ 1,009,907,591 |
(a) | Pre-refunded bonds are collateralized by U.S. Treasury securities, which are held in escrow by a trustee and are used to pay principal and interest on the tax-exempt issue to retire the bonds at the earliest refunding date. |
(b) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
(c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(d) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of December 31, 2023. |
* | Less than 0.05%. |
66 | Elfun Tax-Exempt Income Fund |
Abbreviations: |
BAM - Build America Mutual Assurance Company |
NPFG - National Public Finance Guaranty Corporation |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Municipal Bonds and Notes | $ — | $ 1,009,798,273 | $ — | $ 1,009,798,273 | |||
Short-Term Investments | 4,577,263 | — | — | 4,577,263 | |||
Total Investments in Securities | $ 4,577,263 | $ 1,009,798,273 | $ — | $ 1,014,375,536 |
Affiliate Table |
Number of Shares Held at 12/31/22 | Value at 12/31/22 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 12/31/23 | Value at 12/31/23 | Dividend Income | |
State Street Institutional Treasury Plus Fund - Premier Class | 15,874,392 | $15,874,392 | $285,432,118 | $296,729,247 | $— | $— | 4,577,263 | $4,577,263 | $568,445 |
Elfun Tax-Exempt Income Fund | 67 |
68 | Elfun Income Fund |
Sector Allocation |
Portfolio composition as a % of Fair Value of $156,647 (in thousands) as of December 31, 2023 (a)(b) |
Quality Ratings | ||
as of December 31, 2023 as a % of Fair Value (a)(b) | ||
Moody’s / S&P / Rating* | Percentage of Fair Value | |
Aaa / AAA | 4.90% | |
Aa / AA | 49.77% | |
A / A | 8.67% | |
Baa / BBB | 19.33% | |
Ba / BB and lower | 2.01% | |
NR / Other | 15.32% | |
100.00% |
Average Annual Total Return for the years ended December 31, 2023 | |||||||
(Inception date: 12/31/84) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
Elfun Income Fund | 5.78% | 1.36% | 1.92% | $12,099 | |||
Bloomberg U.S. Aggregate Bond Index | 5.53% | 1.10% | 1.81% | $11,964 |
(a) | Fair Value basis is inclusive of a short-term investment in the 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. |
Elfun Income Fund | 69 |
70 | Elfun Income Fund |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value July 1, 2023 | $1,000.00 | $1,000.00 | |
Ending Account value December 31, 2023 | $1,035.60 | $1,023.50 | |
Expenses Paid During Period* | $ 1.69 | $ 1.68 |
* | Expenses are equal to the Fund's annualized net expense ratio of 0.33%** (for the period July 1, 2023 - December 31, 2023), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
Elfun Income Fund | 71 |
Principal Amount | Fair Value | |
Bonds and Notes - 93.1% † | ||
U.S. Treasuries - 26.5% | ||
U.S. Treasury Bonds | ||
2.25%, 08/15/46 (a) | $ 1,502,000 | $ 1,069,706 |
3.00%, 08/15/48 (a) | 2,814,000 | 2,295,608 |
4.13%, 08/15/53 (a) | 664,000 | 673,026 |
4.38%, 08/15/43 (a) | 2,207,000 | 2,257,002 |
U.S. Treasury Notes | ||
0.25%, 07/31/25 (a) | 1,863,400 | 1,745,118 |
0.75%, 01/31/28 (a) | 9,735,000 | 8,583,532 |
1.25%, 11/30/26 (a) | 300,000 | 277,430 |
1.63%, 05/15/31 (a) | 854,000 | 732,705 |
2.63%, 02/15/29 (a) | 1,502,000 | 1,414,814 |
2.75%, 08/15/32 (a) | 1,299,500 | 1,190,870 |
3.50%, 04/30/28 (a) | 140,000 | 137,802 |
3.88%, 12/31/27 - 08/15/33 (a) | 4,954,200 | 4,950,074 |
4.25%, 10/15/25 (a) | 1,874,900 | 1,871,604 |
4.63%, 10/15/26 - 09/30/30 (a) | 8,226,000 | 8,485,213 |
5.00%, 09/30/25 (a) | 3,022,000 | 3,053,046 |
38,737,550 | ||
Agency Mortgage Backed - 24.6% | ||
Federal Home Loan Mortgage Corp. | ||
3.00%, 04/01/43 - 10/01/49 | 4,014,801 | 3,628,939 |
4.50%, 06/01/33 - 02/01/35 | 3,333 | 3,313 |
5.00%, 07/01/35 | 40,946 | 41,421 |
5.50%, 01/01/38 - 04/01/39 | 67,536 | 69,896 |
6.00%, 06/01/33 - 11/01/37 | 148,686 | 155,938 |
7.00%, 01/01/27 - 08/01/36 | 32,863 | 35,160 |
7.50%, 11/01/29 - 09/01/33 | 5,016 | 5,234 |
8.00%, 11/01/30 | 1,611 | 1,686 |
Federal National Mortgage Association | ||
2.50%, 03/01/51 | 3,019,544 | 2,566,870 |
3.50%, 08/01/45 - 01/01/48 | 3,347,496 | 3,139,410 |
4.00%, 01/01/41 - 01/01/50 | 1,717,149 | 1,656,554 |
4.50%, 07/01/33 - 12/01/48 | 890,670 | 885,639 |
5.00%, 03/01/34 - 05/01/39 | 95,422 | 96,752 |
5.50%, 12/01/32 - 01/01/39 | 245,039 | 252,464 |
6.00%, 01/01/29 - 05/01/41 | 560,183 | 584,690 |
6.50%, 08/01/28 - 08/01/36 | 27,235 | 28,675 |
7.00%, 10/01/32 - 02/01/34 | 6,769 | 7,212 |
7.50%, 12/01/26 - 03/01/33 | 16,146 | 16,738 |
8.00%, 06/01/24 - 10/01/31 | 2,624 | 2,674 |
8.50%, 04/01/30 | 799 | 856 |
Federal National Mortgage Association 1.60% + 1 year RFUCCT | ||
4.97%, 04/01/37 (b) | 1,413 | 1,405 |
Principal Amount | Fair Value | |
Government National Mortgage Association | ||
3.00%, 12/20/42 - 05/20/45 | $ 3,388,703 | $ 3,118,679 |
3.50%, 08/20/48 | 634,468 | 598,514 |
4.00%, 01/20/41 - 04/20/43 | 552,716 | 539,601 |
4.50%, 08/15/33 - 03/20/41 | 254,789 | 253,792 |
5.00%, 08/15/33 | 13,910 | 14,097 |
6.00%, 04/15/27 - 04/15/35 | 83,706 | 87,250 |
6.50%, 03/15/24 - 09/15/36 | 30,074 | 31,424 |
7.00%, 11/15/27 - 10/15/36 | 21,365 | 22,370 |
7.50%, 10/15/28 | 4,665 | 4,760 |
8.00%, 09/15/27 - 06/15/30 | 12,923 | 13,130 |
Uniform Mortgage-Backed Security, TBA | ||
2.00%, 01/01/54 (c) | 4,401,092 | 3,596,542 |
2.50%, 01/01/54 (c) | 6,931,253 | 5,896,465 |
3.00%, 01/01/54 (c) | 2,731,754 | 2,413,994 |
3.50%, 01/01/54 (c) | 2,483,779 | 2,276,716 |
5.00%, 01/01/54 (c) | 2,425,522 | 2,400,495 |
5.50%, 01/01/39 (c) | 1,455,313 | 1,475,251 |
35,924,606 | ||
Agency Collateralized Mortgage Obligations - 0.8% | ||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | ||
2.51%, 07/25/29 (a) | 745,000 | 676,920 |
4.05%, 09/25/28 (a)(b) | 300,000 | 295,701 |
Federal Home Loan Mortgage Corp. REMICS | ||
5.50%, 06/15/33 (d) | 12,889 | 1,823 |
Federal Home Loan Mortgage Corp. STRIPS | ||
0.00%, 08/01/27 (e) | 204 | 188 |
8.00%, 07/01/24 (d) | 59 | 1 |
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | ||
0.08%, 09/25/43 (b)(d) | 506,644 | 5,853 |
Federal National Mortgage Association Interest STRIPS | ||
0.01%, 12/25/34 (e) | 14,418 | 11,854 |
4.50%, 08/25/35 - 01/25/36 (d) | 24,843 | 3,250 |
5.00%, 03/25/38 - 05/25/38 (d) | 15,859 | 2,510 |
5.50%, 12/25/33 (d) | 4,713 | 791 |
6.00%, 01/25/35 (d) | 18,473 | 3,273 |
8.00%, 07/25/24 (d) | 111 | 2 |
Federal National Mortgage Association REMICS | ||
1.18%, 12/25/42 (b)(d) | 101,140 | 3,769 |
5.00%, 02/25/40 - 09/25/40 (d) | 22,881 | 2,188 |
72 | Elfun Income Fund |
Principal Amount | Fair Value | |
Federal National Mortgage Association REMICS 5.89% + SOFR | ||
0.55%, 07/25/38 (b)(d) | $ 14,638 | $ 1,314 |
Federal National Mortgage Association REMICS 6.44% + SOFR | ||
1.10%, 11/25/41 (b)(d) | 1,491,333 | 191,924 |
1,201,361 | ||
Asset Backed - 0.0%* | ||
Chase Funding Trust | ||
4.99%, 11/25/33 (f) | 49,618 | 48,305 |
48,305 | ||
Corporate Notes - 33.2% | ||
3M Co. | ||
3.13%, 09/19/46 (a) | 13,000 | 9,517 |
7-Eleven, Inc. | ||
0.95%, 02/10/26 (a)(g) | 172,000 | 158,964 |
Abbott Laboratories | ||
3.75%, 11/30/26 (a) | 22,000 | 21,707 |
4.90%, 11/30/46 (a) | 49,000 | 50,242 |
AbbVie, Inc. | ||
2.60%, 11/21/24 (a) | 83,000 | 81,100 |
3.20%, 05/14/26 - 11/21/29 (a) | 112,000 | 106,084 |
4.05%, 11/21/39 (a) | 34,000 | 30,749 |
4.25%, 11/21/49 (a) | 53,000 | 47,301 |
4.30%, 05/14/36 (a) | 36,000 | 34,518 |
4.40%, 11/06/42 (a) | 24,000 | 22,288 |
4.63%, 10/01/42 (a) | 3,000 | 2,846 |
4.70%, 05/14/45 (a) | 9,000 | 8,590 |
4.88%, 11/14/48 (a) | 6,000 | 5,867 |
Advanced Micro Devices, Inc. | ||
4.39%, 06/01/52 (a) | 45,000 | 42,677 |
AEP Texas, Inc. | ||
3.45%, 05/15/51 (a) | 83,000 | 59,553 |
AEP Transmission Co. LLC | ||
5.40%, 03/15/53 (a) | 38,000 | 39,587 |
Aetna, Inc. | ||
3.50%, 11/15/24 (a) | 33,000 | 32,468 |
AIA Group Ltd. | ||
4.95%, 04/04/33 (a)(g) | 200,000 | 201,160 |
Aircastle Ltd. | ||
4.25%, 06/15/26 (a) | 51,000 | 49,341 |
Alcoa Nederland Holding BV | ||
5.50%, 12/15/27 (a)(g) | 203,000 | 197,819 |
Alcon Finance Corp. | ||
2.60%, 05/27/30 (a)(g) | 239,000 | 207,165 |
Alexandria Real Estate Equities, Inc. | ||
1.88%, 02/01/33 (a) | 30,000 | 23,379 |
Principal Amount | Fair Value | |
2.95%, 03/15/34 (a) | $ 50,000 | $ 41,722 |
3.55%, 03/15/52 (a) | 41,000 | 29,954 |
4.70%, 07/01/30 (a) | 13,000 | 12,744 |
Allstate Corp. | ||
4.20%, 12/15/46 (a) | 43,000 | 36,516 |
Allstate Corp. (8.58% fixed rate until 01/29/24; 3.20% + 3-month Term SOFR) | ||
8.58%, 08/15/53 (a)(b) | 63,000 | 62,790 |
Altria Group, Inc. | ||
3.40%, 05/06/30 - 02/04/41 (a) | 36,000 | 28,220 |
4.00%, 02/04/61 (a) | 13,000 | 9,501 |
4.25%, 08/09/42 (a) | 2,000 | 1,631 |
4.45%, 05/06/50 (a) | 18,000 | 14,303 |
4.50%, 05/02/43 (a) | 13,000 | 10,839 |
Amazon.com, Inc. | ||
1.50%, 06/03/30 (a) | 22,000 | 18,637 |
2.50%, 06/03/50 (a) | 24,000 | 15,990 |
2.70%, 06/03/60 (a) | 21,000 | 13,915 |
2.88%, 05/12/41 (a) | 44,000 | 34,559 |
3.15%, 08/22/27 (a) | 9,000 | 8,649 |
3.25%, 05/12/61 (a) | 33,000 | 24,287 |
4.05%, 08/22/47 (a) | 10,000 | 9,019 |
4.25%, 08/22/57 (a) | 4,000 | 3,689 |
Ameren Corp. | ||
2.50%, 09/15/24 (a) | 120,000 | 117,356 |
3.65%, 02/15/26 (a) | 22,000 | 21,356 |
American Electric Power Co., Inc. | ||
2.30%, 03/01/30 (a) | 26,000 | 22,226 |
3.25%, 03/01/50 (a) | 11,000 | 7,851 |
American Honda Finance Corp. | ||
5.85%, 10/04/30 (a) | 182,000 | 194,418 |
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) | 4,000 | 3,954 |
American Tower Corp. | ||
1.50%, 01/31/28 (a) | 81,000 | 70,822 |
2.90%, 01/15/30 (a) | 29,000 | 25,907 |
3.70%, 10/15/49 (a) | 18,000 | 13,673 |
3.80%, 08/15/29 (a) | 35,000 | 33,223 |
American Water Capital Corp. | ||
2.95%, 09/01/27 (a) | 26,000 | 24,578 |
Amgen, Inc. | ||
2.00%, 01/15/32 (a) | 58,000 | 47,531 |
2.45%, 02/21/30 (a) | 15,000 | 13,301 |
3.00%, 01/15/52 (a) | 33,000 | 23,111 |
3.15%, 02/21/40 (a) | 57,000 | 44,408 |
5.51%, 03/02/26 (a) | 93,000 | 93,042 |
5.60%, 03/02/43 (a) | 48,000 | 49,636 |
Elfun Income Fund | 73 |
Principal Amount | Fair Value | |
5.65%, 03/02/53 (a) | $ 44,000 | $ 46,384 |
5.75%, 03/02/63 (a) | 48,000 | 50,486 |
AngloGold Ashanti Holdings PLC | ||
3.38%, 11/01/28 (a) | 200,000 | 180,120 |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | ||
3.65%, 02/01/26 (a) | 15,000 | 14,723 |
4.70%, 02/01/36 (a) | 15,000 | 14,971 |
4.90%, 02/01/46 (a) | 32,000 | 31,572 |
Anheuser-Busch InBev Worldwide, Inc. | ||
3.50%, 06/01/30 (a) | 33,000 | 31,452 |
4.00%, 04/13/28 (a) | 8,000 | 7,907 |
4.35%, 06/01/40 (a) | 33,000 | 30,880 |
4.38%, 04/15/38 (a) | 45,000 | 42,747 |
4.60%, 04/15/48 (a) | 4,000 | 3,795 |
4.75%, 04/15/58 (a) | 15,000 | 14,281 |
5.55%, 01/23/49 (a) | 33,000 | 35,591 |
Aon Corp./Aon Global Holdings PLC | ||
2.90%, 08/23/51 (a) | 51,000 | 33,398 |
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT thereafter) | ||
4.95%, 01/14/50 (a)(b)(g) | 46,000 | 43,329 |
Apple, Inc. | ||
2.65%, 02/08/51 (a) | 73,000 | 50,114 |
2.80%, 02/08/61 (a) | 34,000 | 23,168 |
2.95%, 09/11/49 (a) | 21,000 | 15,443 |
3.35%, 02/09/27 (a) | 10,000 | 9,740 |
3.45%, 02/09/45 (a) | 44,000 | 36,714 |
3.85%, 08/04/46 (a) | 33,000 | 28,769 |
3.95%, 08/08/52 (a) | 43,000 | 37,726 |
4.85%, 05/10/53 (a) | 123,000 | 125,494 |
Applied Materials, Inc. | ||
4.35%, 04/01/47 (a) | 18,000 | 17,003 |
Aptiv PLC | ||
4.40%, 10/01/46 (a) | 13,000 | 10,518 |
ArcelorMittal S.A. | ||
4.55%, 03/11/26 (a) | 183,000 | 180,275 |
6.80%, 11/29/32 (a) | 24,000 | 25,963 |
Archer-Daniels-Midland Co. | ||
2.50%, 08/11/26 (a) | 16,000 | 15,236 |
ARES Capital Corp. | ||
2.88%, 06/15/28 (a) | 112,000 | 99,240 |
3.25%, 07/15/25 (a) | 228,000 | 218,426 |
Arthur J Gallagher & Co. | ||
3.50%, 05/20/51 (a) | 34,000 | 25,206 |
Ascension Health | ||
4.85%, 11/15/53 (a) | 44,000 | 42,603 |
Principal Amount | Fair Value | |
Ashtead Capital, Inc. | ||
1.50%, 08/12/26 (a)(g) | $ 200,000 | $ 181,378 |
5.55%, 05/30/33 (a)(g) | 245,000 | 242,263 |
Astrazeneca Finance LLC | ||
1.75%, 05/28/28 (a) | 81,000 | 72,554 |
AstraZeneca PLC | ||
3.00%, 05/28/51 (a) | 38,000 | 28,401 |
4.00%, 01/17/29 (a) | 11,000 | 10,861 |
4.38%, 08/17/48 (a) | 3,000 | 2,822 |
AT&T, Inc. | ||
2.75%, 06/01/31 (a) | 165,000 | 144,560 |
3.65%, 06/01/51 (a) | 128,000 | 96,612 |
3.85%, 06/01/60 (a) | 45,000 | 33,623 |
4.35%, 03/01/29 (a) | 36,000 | 35,541 |
4.50%, 05/15/35 (a) | 33,000 | 31,301 |
4.55%, 03/09/49 (a) | 16,000 | 14,026 |
4.75%, 05/15/46 (a) | 8,000 | 7,253 |
4.85%, 03/01/39 (a) | 26,000 | 24,865 |
5.40%, 02/15/34 (a) | 59,000 | 60,879 |
Athene Holding Ltd. | ||
4.13%, 01/12/28 (a) | 22,000 | 21,039 |
6.15%, 04/03/30 (a) | 50,000 | 51,661 |
Atmos Energy Corp. | ||
6.20%, 11/15/53 (a) | 49,000 | 57,548 |
Avangrid, Inc. | ||
3.15%, 12/01/24 (a) | 58,000 | 56,681 |
Bain Capital Specialty Finance, Inc. | ||
2.95%, 03/10/26 (a) | 73,000 | 67,933 |
Bank of America Corp. | ||
3.25%, 10/21/27 (a) | 33,000 | 31,411 |
4.18%, 11/25/27 (a) | 63,000 | 61,269 |
4.25%, 10/22/26 (a) | 49,000 | 48,119 |
Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) | ||
2.09%, 06/14/29 (a)(b) | 103,000 | 90,835 |
Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | ||
2.97%, 07/21/52 (a)(b) | 73,000 | 51,510 |
Bank of America Corp. (3.37% fixed rate until 01/23/25; 1.07% + 3-month Term SOFR) | ||
3.37%, 01/23/26 (a)(b) | 18,000 | 17,581 |
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.30% + 3-month Term SOFR) | ||
3.42%, 12/20/28 (a)(b) | 24,000 | 22,595 |
74 | Elfun Income Fund |
Principal Amount | Fair Value | |
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.77% + 3-month Term SOFR) | ||
3.71%, 04/24/28 (a)(b) | $ 66,000 | $ 63,065 |
Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 year CMT thereafter) | ||
3.85%, 03/08/37 (a)(b) | 67,000 | 58,841 |
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.45% + 3-month Term SOFR) | ||
3.95%, 01/23/49 (a)(b) | 40,000 | 33,642 |
Bank of America Corp. (4.24% fixed rate until 04/24/37; 2.08% + 3-month Term SOFR) | ||
4.24%, 04/24/38 (a)(b) | 33,000 | 29,773 |
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.57% + 3-month Term SOFR) | ||
4.27%, 07/23/29 (a)(b) | 7,000 | 6,755 |
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.93% + 3-month Term SOFR) | ||
4.30%, 01/28/25 (a)(b) | 68,000 | 64,038 |
Bank of America Corp. (5.29% fixed rate until 04/25/33; 1.91% + SOFR thereafter) | ||
5.29%, 04/25/34 (a)(b) | 142,000 | 142,399 |
Bank of America Corp. 1.84% + SOFR | ||
5.87%, 09/15/34 (a)(b) | 158,000 | 165,567 |
Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.39% + 3-month Term SOFR) | ||
4.63%, 09/20/26 (a)(b) | 33,000 | 31,411 |
Barrick North America Finance LLC | ||
5.70%, 05/30/41 (a) | 3,000 | 3,158 |
BAT Capital Corp. | ||
2.73%, 03/25/31 (a) | 49,000 | 41,103 |
3.73%, 09/25/40 (a) | 20,000 | 14,742 |
4.39%, 08/15/37 (a) | 33,000 | 27,675 |
4.54%, 08/15/47 (a) | 13,000 | 9,998 |
4.91%, 04/02/30 (a) | 33,000 | 32,459 |
6.42%, 08/02/33 (a) | 39,000 | 40,837 |
7.08%, 08/02/53 (a) | 41,000 | 43,870 |
Baxter International, Inc. | ||
1.92%, 02/01/27 (a) | 157,000 | 143,892 |
2.27%, 12/01/28 (a) | 57,000 | 51,081 |
Principal Amount | Fair Value | |
2.54%, 02/01/32 (a) | $ 24,000 | $ 20,137 |
3.13%, 12/01/51 (a) | 36,000 | 24,825 |
3.95%, 04/01/30 (a) | 47,000 | 44,594 |
Baylor Scott & White Holdings | ||
2.84%, 11/15/50 (a) | 8,000 | 5,517 |
Becton Dickinson & Co. | ||
3.70%, 06/06/27 (a) | 28,000 | 27,136 |
4.67%, 06/06/47 (a) | 6,000 | 5,596 |
4.69%, 12/15/44 (a) | 3,000 | 2,810 |
Berkshire Hathaway Energy Co. | ||
3.25%, 04/15/28 (a) | 11,000 | 10,450 |
3.70%, 07/15/30 (a) | 43,000 | 40,731 |
3.80%, 07/15/48 (a) | 13,000 | 10,313 |
4.25%, 10/15/50 (a) | 38,000 | 32,243 |
6.13%, 04/01/36 (a) | 4,000 | 4,335 |
Berkshire Hathaway Finance Corp. | ||
2.85%, 10/15/50 (a) | 95,000 | 66,661 |
4.25%, 01/15/49 (a) | 18,000 | 16,819 |
Berry Global, Inc. | ||
4.88%, 07/15/26 (a)(g) | 94,000 | 92,629 |
BHP Billiton Finance USA Ltd. | ||
4.90%, 02/28/33 (a) | 74,000 | 75,715 |
5.00%, 09/30/43 (a) | 4,000 | 4,042 |
5.25%, 09/08/33 (a) | 119,000 | 123,542 |
5.50%, 09/08/53 (a) | 45,000 | 49,179 |
Biogen, Inc. | ||
2.25%, 05/01/30 (a) | 16,000 | 13,659 |
Block Financial LLC | ||
2.50%, 07/15/28 (a) | 47,000 | 41,915 |
3.88%, 08/15/30 (a) | 14,000 | 12,804 |
Boardwalk Pipelines LP | ||
4.80%, 05/03/29 (a) | 33,000 | 32,409 |
Boeing Co. | ||
2.20%, 02/04/26 (a) | 95,000 | 89,773 |
2.70%, 02/01/27 (a) | 81,000 | 76,415 |
2.95%, 02/01/30 (a) | 19,000 | 17,147 |
3.25%, 03/01/28 (a) | 3,000 | 2,820 |
3.55%, 03/01/38 (a) | 2,000 | 1,626 |
3.75%, 02/01/50 (a) | 21,000 | 16,356 |
5.04%, 05/01/27 (a) | 119,000 | 120,102 |
5.15%, 05/01/30 (a) | 66,000 | 67,196 |
5.81%, 05/01/50 (a) | 41,000 | 42,524 |
Boston Properties LP | ||
3.40%, 06/21/29 (a) | 78,000 | 70,131 |
Boston Scientific Corp. | ||
4.70%, 03/01/49 (a) | 4,000 | 3,850 |
BP Capital Markets America, Inc. | ||
3.00%, 02/24/50 (a) | 38,000 | 26,929 |
3.38%, 02/08/61 (a) | 55,000 | 39,842 |
4.81%, 02/13/33 (a) | 69,000 | 69,631 |
Elfun Income Fund | 75 |
Principal Amount | Fair Value | |
BP Capital Markets PLC (4.38% fixed rate until 06/22/25; 4.04% + 5 year CMT thereafter) | ||
4.38%, 06/22/25 (a)(b) | $ 72,000 | $ 71,083 |
BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 year CMT thereafter) | ||
4.88%, 03/22/30 (a)(b) | 50,000 | 46,894 |
Bristol-Myers Squibb Co. | ||
1.45%, 11/13/30 (a) | 39,000 | 32,047 |
2.35%, 11/13/40 (a) | 20,000 | 13,961 |
3.20%, 06/15/26 (a) | 19,000 | 18,441 |
3.40%, 07/26/29 (a) | 12,000 | 11,379 |
3.55%, 03/15/42 (a) | 23,000 | 18,818 |
4.13%, 06/15/39 (a) | 27,000 | 24,351 |
4.25%, 10/26/49 (a) | 27,000 | 23,428 |
4.35%, 11/15/47 (a) | 2,000 | 1,761 |
4.55%, 02/20/48 (a) | 4,000 | 3,641 |
6.25%, 11/15/53 (a) | 28,000 | 32,077 |
Brixmor Operating Partnership LP | ||
2.25%, 04/01/28 (a) | 66,000 | 58,612 |
3.90%, 03/15/27 (a) | 14,000 | 13,341 |
Broadcom, Inc. | ||
3.14%, 11/15/35 (a)(g) | 20,000 | 16,426 |
3.19%, 11/15/36 (a)(g) | 2,000 | 1,623 |
3.42%, 04/15/33 (a)(g) | 139,000 | 122,106 |
3.47%, 04/15/34 (a)(g) | 4,000 | 3,482 |
4.15%, 11/15/30 (a) | 22,000 | 21,017 |
4.30%, 11/15/32 (a) | 33,000 | 31,640 |
4.93%, 05/15/37 (a)(g) | 26,000 | 25,151 |
Brooklyn Union Gas Co. | ||
4.87%, 08/05/32 (a)(g) | 182,000 | 170,166 |
Brown-Forman Corp. | ||
4.00%, 04/15/38 (a) | 4,000 | 3,625 |
Bunge Ltd. Finance Corp. | ||
3.75%, 09/25/27 (a) | 4,000 | 3,856 |
Burlington Northern Santa Fe LLC | ||
4.15%, 12/15/48 (a) | 30,000 | 26,437 |
4.55%, 09/01/44 (a) | 43,000 | 40,130 |
Cameron LNG LLC | ||
3.30%, 01/15/35 (a)(g) | 3,000 | 2,557 |
Canadian Natural Resources Ltd. | ||
3.85%, 06/01/27 (a) | 23,000 | 22,339 |
4.95%, 06/01/47 (a) | 18,000 | 16,345 |
Canadian Pacific Railway Co. | ||
1.75%, 12/02/26 (a) | 68,000 | 62,761 |
3.10%, 12/02/51 (a) | 22,000 | 15,924 |
3.50%, 05/01/50 (a) | 24,000 | 18,407 |
Principal Amount | Fair Value | |
Cantor Fitzgerald LP | ||
4.88%, 05/01/24 (a)(g) | $ 115,000 | $ 113,659 |
Capital One Financial Corp. | ||
3.75%, 07/28/26 (a) | 56,000 | 53,642 |
Cardinal Health, Inc. | ||
3.08%, 06/15/24 (a) | 13,000 | 12,842 |
Carlisle Cos., Inc. | ||
2.20%, 03/01/32 (a) | 73,000 | 59,202 |
Carrier Global Corp. | ||
2.72%, 02/15/30 (a) | 32,000 | 28,650 |
3.58%, 04/05/50 (a) | 66,000 | 51,729 |
5.90%, 03/15/34 (a)(g) | 35,000 | 37,882 |
Caterpillar, Inc. | ||
3.25%, 09/19/49 - 04/09/50 (a) | 50,000 | 39,606 |
Cenovus Energy, Inc. | ||
2.65%, 01/15/32 (a) | 33,000 | 27,382 |
3.75%, 02/15/52 (a) | 38,000 | 28,016 |
Centene Corp. | ||
3.00%, 10/15/30 (a) | 33,000 | 28,725 |
3.38%, 02/15/30 (a) | 146,000 | 131,010 |
4.25%, 12/15/27 (a) | 182,000 | 175,787 |
CenterPoint Energy, Inc. | ||
2.65%, 06/01/31 (a) | 60,000 | 51,344 |
Charles Schwab Corp. | ||
2.45%, 03/03/27 (a) | 405,000 | 377,035 |
2.90%, 03/03/32 (a) | 29,000 | 25,006 |
Charles Schwab Corp. 2.01% + SOFR | ||
6.14%, 08/24/34 (a)(b) | 119,000 | 125,670 |
Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT thereafter) | ||
4.00%, 12/01/30 (a)(b) | 82,000 | 64,988 |
Charles Schwab Corp. (5.64% fixed rate until 05/19/28; 2.21% + SOFR thereafter) | ||
5.64%, 05/19/29 (a)(b) | 152,000 | 156,066 |
Charter Communications Operating LLC/Charter Communications Operating Capital | ||
3.50%, 06/01/41 (a) | 44,000 | 31,108 |
3.70%, 04/01/51 (a) | 148,000 | 96,389 |
4.80%, 03/01/50 (a) | 67,000 | 52,148 |
5.05%, 03/30/29 (a) | 17,000 | 16,833 |
5.75%, 04/01/48 (a) | 18,000 | 16,003 |
Cheniere Corpus Christi Holdings LLC | ||
5.88%, 03/31/25 (a) | 94,000 | 94,227 |
Cheniere Energy Partners LP | ||
4.50%, 10/01/29 (a) | 128,000 | 122,269 |
76 | Elfun Income Fund |
Principal Amount | Fair Value | |
Chevron Corp. | ||
2.24%, 05/11/30 (a) | $ 15,000 | $ 13,288 |
3.08%, 05/11/50 (a) | 17,000 | 12,862 |
Chevron USA, Inc. | ||
3.85%, 01/15/28 (a) | 61,000 | 60,197 |
3.90%, 11/15/24 (a) | 18,000 | 17,834 |
Chubb INA Holdings, Inc. | ||
4.35%, 11/03/45 (a) | 23,000 | 21,616 |
Church & Dwight Co., Inc. | ||
2.30%, 12/15/31 (a) | 37,000 | 31,417 |
Cigna Group | ||
2.40%, 03/15/30 (a) | 34,000 | 29,788 |
3.25%, 04/15/25 (a) | 32,000 | 31,233 |
3.40%, 03/01/27 - 03/15/50 (a) | 33,000 | 29,563 |
4.13%, 11/15/25 (a) | 48,000 | 47,403 |
4.38%, 10/15/28 (a) | 13,000 | 12,898 |
Cisco Systems, Inc. | ||
5.90%, 02/15/39 (a) | 16,000 | 17,765 |
Citibank NA | ||
5.80%, 09/29/28 (a) | 473,000 | 493,878 |
Citigroup, Inc. | ||
4.45%, 09/29/27 (a) | 8,000 | 7,815 |
4.65%, 07/23/48 (a) | 68,000 | 62,914 |
Citigroup, Inc. (2.56% fixed rate until 05/01/31; 1.17% + SOFR thereafter) | ||
2.56%, 05/01/32 (a)(b) | 50,000 | 41,736 |
Citigroup, Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | ||
2.98%, 11/05/30 (a)(b) | 24,000 | 21,394 |
Citigroup, Inc. (3.88% fixed rate until 01/24/38; 1.43% + 3-month Term SOFR) | ||
3.88%, 01/24/39 (a)(b) | 15,000 | 12,951 |
Citigroup, Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | ||
4.70%, 01/30/25 (a)(b) | 94,000 | 87,591 |
Citigroup, Inc. (6.17% fixed rate until 05/25/33; 2.66% + SOFR thereafter) | ||
6.17%, 05/25/34 (a)(b) | 63,000 | 65,341 |
Cleveland Electric Illuminating Co. | ||
4.55%, 11/15/30 (a)(g) | 92,000 | 87,311 |
Clorox Co. | ||
1.80%, 05/15/30 (a) | 45,000 | 37,577 |
CME Group, Inc. | ||
2.65%, 03/15/32 (a) | 36,000 | 31,996 |
CMS Energy Corp. | ||
4.88%, 03/01/44 (a) | 61,000 | 57,972 |
Coca-Cola Co. | ||
2.60%, 06/01/50 (a) | 33,000 | 22,752 |
Principal Amount | Fair Value | |
2.75%, 06/01/60 (a) | $ 24,000 | $ 16,638 |
Comcast Corp. | ||
2.65%, 08/15/62 (a) | 24,000 | 14,767 |
2.80%, 01/15/51 (a) | 27,000 | 17,998 |
2.89%, 11/01/51 (a) | 24,000 | 16,253 |
2.94%, 11/01/56 (a) | 35,000 | 23,071 |
2.99%, 11/01/63 (a) | 24,000 | 15,508 |
3.20%, 07/15/36 (a) | 30,000 | 25,242 |
3.25%, 11/01/39 (a) | 40,000 | 32,493 |
3.97%, 11/01/47 (a) | 36,000 | 30,261 |
4.15%, 10/15/28 (a) | 27,000 | 26,626 |
CommonSpirit Health | ||
4.35%, 11/01/42 | 130,000 | 112,863 |
Conagra Brands, Inc. | ||
5.30%, 11/01/38 (a) | 13,000 | 12,715 |
5.40%, 11/01/48 (a) | 5,000 | 4,844 |
ConocoPhillips Co. | ||
4.30%, 11/15/44 (a) | 29,000 | 25,986 |
5.55%, 03/15/54 (a) | 62,000 | 65,995 |
5.70%, 09/15/63 (a) | 70,000 | 75,733 |
Consolidated Edison Co. of New York, Inc. | ||
2.90%, 12/01/26 (a) | 33,000 | 31,114 |
3.35%, 04/01/30 (a) | 15,000 | 14,006 |
3.88%, 06/15/47 (a) | 17,000 | 13,817 |
3.95%, 04/01/50 (a) | 13,000 | 10,880 |
Constellation Brands, Inc. | ||
3.15%, 08/01/29 (a) | 67,000 | 62,323 |
3.70%, 12/06/26 (a) | 29,000 | 28,276 |
4.50%, 05/09/47 (a) | 23,000 | 20,492 |
Constellation Energy Generation LLC | ||
6.50%, 10/01/53 (a) | 41,000 | 46,330 |
Continental Resources, Inc. | ||
2.88%, 04/01/32 (a)(g) | 53,000 | 43,000 |
3.80%, 06/01/24 (a) | 238,000 | 235,882 |
Corebridge Financial, Inc. | ||
3.90%, 04/05/32 (a) | 157,000 | 142,225 |
Corning, Inc. | ||
4.38%, 11/15/57 (a) | 15,000 | 13,107 |
Corporate Office Properties LP | ||
2.00%, 01/15/29 (a) | 56,000 | 46,504 |
2.25%, 03/15/26 (a) | 44,000 | 41,087 |
2.75%, 04/15/31 (a) | 27,000 | 21,999 |
Crown Castle, Inc. | ||
2.90%, 03/15/27 (a) | 111,000 | 103,896 |
3.30%, 07/01/30 (a) | 92,000 | 82,549 |
4.15%, 07/01/50 (a) | 21,000 | 17,001 |
5.20%, 02/15/49 (a) | 22,000 | 20,806 |
CSL Finance PLC | ||
4.25%, 04/27/32 (a)(g) | 77,000 | 74,936 |
Elfun Income Fund | 77 |
Principal Amount | Fair Value | |
CSX Corp. | ||
4.50%, 03/15/49 - 08/01/54 (a) | $ 52,000 | $ 47,746 |
CubeSmart LP | ||
2.50%, 02/15/32 (a) | 63,000 | 52,343 |
4.38%, 02/15/29 (a) | 43,000 | 41,740 |
Cummins, Inc. | ||
1.50%, 09/01/30 (a) | 33,000 | 27,501 |
2.60%, 09/01/50 (a) | 33,000 | 21,895 |
CVS Health Corp. | ||
3.00%, 08/15/26 (a) | 42,000 | 40,168 |
3.25%, 08/15/29 (a) | 33,000 | 30,728 |
3.63%, 04/01/27 (a) | 40,000 | 38,781 |
3.75%, 04/01/30 (a) | 28,000 | 26,397 |
3.88%, 07/20/25 (a) | 20,000 | 19,643 |
4.25%, 04/01/50 (a) | 19,000 | 15,888 |
4.30%, 03/25/28 (a) | 2,000 | 1,966 |
4.78%, 03/25/38 (a) | 22,000 | 20,797 |
5.00%, 12/01/24 (a) | 48,000 | 47,703 |
5.13%, 07/20/45 (a) | 23,000 | 21,798 |
5.30%, 06/01/33 - 12/05/43 (a) | 136,000 | 137,178 |
5.88%, 06/01/53 (a) | 33,000 | 34,769 |
6.00%, 06/01/63 (a) | 17,000 | 18,106 |
Daimler Truck Finance North America LLC | ||
2.38%, 12/14/28 (a)(g) | 155,000 | 137,838 |
2.50%, 12/14/31 (a)(g) | 155,000 | 128,594 |
Dell International LLC/EMC Corp. | ||
4.00%, 07/15/24 (a) | 54,000 | 53,469 |
6.02%, 06/15/26 (a) | 2,000 | 2,047 |
8.35%, 07/15/46 (a) | 2,000 | 2,636 |
Deutsche Bank AG (2.31% fixed rate until 11/16/26; 1.22% + SOFR thereafter) | ||
2.31%, 11/16/27 (a)(b) | 320,000 | 292,550 |
Deutsche Bank AG (6.82% fixed rate until 11/20/28; 2.51% + SOFR thereafter) | ||
6.82%, 11/20/29 (a)(b) | 150,000 | 157,803 |
Deutsche Telekom AG | ||
3.63%, 01/21/50 (a)(g) | 191,000 | 152,974 |
DH Europe Finance II SARL | ||
2.60%, 11/15/29 (a) | 33,000 | 29,858 |
3.25%, 11/15/39 (a) | 18,000 | 14,941 |
3.40%, 11/15/49 (a) | 6,000 | 4,749 |
Diamondback Energy, Inc. | ||
3.13%, 03/24/31 (a) | 44,000 | 39,149 |
3.25%, 12/01/26 (a) | 27,000 | 26,196 |
3.50%, 12/01/29 (a) | 23,000 | 21,372 |
4.40%, 03/24/51 (a) | 17,000 | 14,132 |
Digital Realty Trust LP | ||
3.60%, 07/01/29 (a) | 53,000 | 49,806 |
Principal Amount | Fair Value | |
Discovery Communications LLC | ||
3.95%, 03/20/28 (a) | $ 19,000 | $ 18,098 |
4.95%, 05/15/42 (a) | 3,000 | 2,452 |
5.00%, 09/20/37 (a) | 4,000 | 3,587 |
Dollar General Corp. | ||
3.50%, 04/03/30 (a) | 20,000 | 18,431 |
4.13%, 04/03/50 (a) | 28,000 | 22,204 |
Dollar Tree, Inc. | ||
4.00%, 05/15/25 (a) | 33,000 | 32,415 |
Dominion Energy, Inc. | ||
3.07%, 08/15/24 (a)(f) | 49,000 | 48,160 |
3.38%, 04/01/30 (a) | 57,000 | 52,521 |
Dover Corp. | ||
2.95%, 11/04/29 (a) | 33,000 | 29,870 |
Dow Chemical Co. | ||
2.10%, 11/15/30 (a) | 24,000 | 20,554 |
3.60%, 11/15/50 (a) | 24,000 | 18,563 |
4.25%, 10/01/34 (a) | 15,000 | 14,367 |
5.55%, 11/30/48 (a) | 16,000 | 16,393 |
6.30%, 03/15/33 (a) | 59,000 | 65,107 |
DTE Energy Co. | ||
2.85%, 10/01/26 (a) | 17,000 | 16,070 |
Duke Energy Carolinas LLC | ||
3.95%, 03/15/48 (a) | 20,000 | 16,546 |
Duke Energy Corp. | ||
2.55%, 06/15/31 (a) | 85,000 | 72,536 |
3.30%, 06/15/41 (a) | 76,000 | 58,287 |
3.50%, 06/15/51 (a) | 65,000 | 47,834 |
3.75%, 09/01/46 (a) | 110,000 | 85,165 |
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT thereafter) | ||
4.88%, 09/16/24 (a)(b) | 130,000 | 128,224 |
Duke Energy Progress LLC | ||
4.15%, 12/01/44 (a) | 24,000 | 20,494 |
DuPont de Nemours, Inc. | ||
5.42%, 11/15/48 (a) | 4,000 | 4,178 |
Duquesne Light Holdings, Inc. | ||
3.62%, 08/01/27 (a)(g) | 48,000 | 44,770 |
Eastman Chemical Co. | ||
4.65%, 10/15/44 (a) | 33,000 | 29,098 |
Eaton Corp. | ||
3.10%, 09/15/27 (a) | 16,000 | 15,318 |
Edison International | ||
4.95%, 04/15/25 (a) | 91,000 | 90,380 |
5.75%, 06/15/27 (a) | 13,000 | 13,290 |
EIDP, Inc. | ||
2.30%, 07/15/30 (a) | 23,000 | 20,150 |
Electronic Arts, Inc. | ||
1.85%, 02/15/31 (a) | 40,000 | 33,392 |
Elevance Health, Inc. | ||
2.88%, 09/15/29 (a) | 18,000 | 16,504 |
78 | Elfun Income Fund |
Principal Amount | Fair Value | |
3.60%, 03/15/51 (a) | $ 18,000 | $ 14,138 |
3.70%, 09/15/49 (a) | 18,000 | 14,298 |
5.13%, 02/15/53 (a) | 14,000 | 14,044 |
6.10%, 10/15/52 (a) | 26,000 | 29,565 |
Eli Lilly & Co. | ||
4.95%, 02/27/63 (a) | 15,000 | 15,576 |
Emera U.S. Finance LP | ||
2.64%, 06/15/31 (a) | 83,000 | 68,092 |
Emerson Electric Co. | ||
1.80%, 10/15/27 (a) | 22,000 | 20,085 |
2.75%, 10/15/50 (a) | 22,000 | 15,077 |
Enbridge Energy Partners LP | ||
5.50%, 09/15/40 (a) | 2,000 | 1,969 |
Enbridge, Inc. | ||
1.60%, 10/04/26 (a) | 139,000 | 127,296 |
Enbridge, Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT thereafter) | ||
5.75%, 07/15/80 (a)(b) | 84,000 | 77,280 |
Energy Transfer LP | ||
4.50%, 04/15/24 (a) | 30,000 | 29,877 |
4.95%, 06/15/28 (a) | 14,000 | 13,967 |
5.30%, 04/01/44 - 04/15/47 (a) | 55,000 | 50,669 |
5.35%, 05/15/45 (a) | 44,000 | 40,872 |
5.75%, 02/15/33 (a) | 29,000 | 29,968 |
6.10%, 12/01/28 (a) | 169,000 | 177,922 |
6.13%, 12/15/45 (a) | 4,000 | 4,046 |
6.40%, 12/01/30 (a) | 49,000 | 52,418 |
6.50%, 02/01/42 (a) | 27,000 | 28,565 |
Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT thereafter) | ||
6.75%, 05/15/25 (a)(b) | 285,000 | 273,255 |
Enterprise Products Operating LLC | ||
4.25%, 02/15/48 (a) | 40,000 | 35,191 |
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.30% + 3-month Term SOFR) | ||
5.25%, 08/16/77 (a)(b) | 13,000 | 12,485 |
EOG Resources, Inc. | ||
4.15%, 01/15/26 (a) | 3,000 | 2,972 |
4.95%, 04/15/50 (a) | 16,000 | 15,768 |
5.10%, 01/15/36 (a) | 9,000 | 8,835 |
Equinix, Inc. | ||
1.25%, 07/15/25 (a) | 63,000 | 59,323 |
2.15%, 07/15/30 (a) | 47,000 | 39,919 |
ERP Operating LP | ||
4.50%, 07/01/44 (a) | 15,000 | 13,309 |
Estee Lauder Cos., Inc. | ||
2.38%, 12/01/29 (a) | 23,000 | 20,483 |
Principal Amount | Fair Value | |
Everest Reinsurance Holdings, Inc. | ||
3.13%, 10/15/52 (a) | $ 19,000 | $ 13,031 |
Eversource Energy | ||
3.45%, 01/15/50 (a) | 37,000 | 26,750 |
Exelon Corp. | ||
4.05%, 04/15/30 (a) | 57,000 | 54,467 |
4.45%, 04/15/46 (a) | 38,000 | 33,044 |
4.70%, 04/15/50 (a) | 38,000 | 34,335 |
Extra Space Storage LP | ||
2.20%, 10/15/30 (a) | 45,000 | 37,450 |
3.90%, 04/01/29 (a) | 29,000 | 27,506 |
5.90%, 01/15/31 (a) | 130,000 | 135,856 |
Exxon Mobil Corp. | ||
2.61%, 10/15/30 (a) | 53,000 | 47,343 |
3.45%, 04/15/51 (a) | 53,000 | 41,714 |
FedEx Corp. | ||
4.10%, 02/01/45 (a) | 65,000 | 54,825 |
Fidelity National Financial, Inc. | ||
3.20%, 09/17/51 (a) | 51,000 | 32,513 |
Fidelity National Information Services, Inc. | ||
1.15%, 03/01/26 (a) | 41,000 | 37,900 |
1.65%, 03/01/28 (a) | 37,000 | 32,994 |
3.10%, 03/01/41 (a) | 5,000 | 3,719 |
FirstEnergy Transmission LLC | ||
4.55%, 04/01/49 (a)(g) | 63,000 | 54,532 |
Fiserv, Inc. | ||
3.50%, 07/01/29 (a) | 13,000 | 12,244 |
4.40%, 07/01/49 (a) | 13,000 | 11,485 |
Florida Power & Light Co. | ||
2.85%, 04/01/25 (a) | 99,000 | 96,652 |
4.13%, 02/01/42 (a) | 26,000 | 23,416 |
Flowers Foods, Inc. | ||
2.40%, 03/15/31 (a) | 38,000 | 31,976 |
Flowserve Corp. | ||
2.80%, 01/15/32 (a) | 52,000 | 43,071 |
Freeport-McMoRan, Inc. | ||
4.25%, 03/01/30 (a) | 57,000 | 53,541 |
GA Global Funding Trust | ||
1.63%, 01/15/26 (a)(g) | 61,000 | 56,110 |
General Dynamics Corp. | ||
4.25%, 04/01/50 (a) | 23,000 | 21,356 |
General Mills, Inc. | ||
3.00%, 02/01/51 (a) | 22,000 | 15,341 |
General Motors Co. | ||
5.20%, 04/01/45 (a) | 2,000 | 1,803 |
5.40%, 04/01/48 (a) | 6,000 | 5,500 |
6.13%, 10/01/25 (a) | 63,000 | 63,814 |
6.80%, 10/01/27 (a) | 24,000 | 25,459 |
General Motors Financial Co., Inc. | ||
1.25%, 01/08/26 (a) | 75,000 | 69,406 |
Elfun Income Fund | 79 |
Principal Amount | Fair Value | |
2.35%, 01/08/31 (a) | $ 33,000 | $ 27,291 |
5.25%, 03/01/26 (a) | 24,000 | 24,020 |
5.85%, 04/06/30 (a) | 210,000 | 216,718 |
6.10%, 01/07/34 (a) | 188,000 | 193,328 |
Genuine Parts Co. | ||
2.75%, 02/01/32 (a) | 33,000 | 27,609 |
George Washington University | ||
4.13%, 09/15/48 | 100,000 | 89,096 |
Georgia-Pacific LLC | ||
1.75%, 09/30/25 (a)(g) | 85,000 | 80,442 |
3.60%, 03/01/25 (a)(g) | 139,000 | 136,572 |
Gilead Sciences, Inc. | ||
2.60%, 10/01/40 (a) | 26,000 | 19,154 |
2.95%, 03/01/27 (a) | 4,000 | 3,815 |
3.50%, 02/01/25 (a) | 16,000 | 15,750 |
3.65%, 03/01/26 (a) | 16,000 | 15,679 |
4.15%, 03/01/47 (a) | 15,000 | 13,084 |
4.60%, 09/01/35 (a) | 36,000 | 35,618 |
5.25%, 10/15/33 (a) | 99,000 | 103,319 |
5.55%, 10/15/53 (a) | 24,000 | 26,032 |
GlaxoSmithKline Capital PLC | ||
3.38%, 06/01/29 (a) | 43,000 | 41,431 |
GlaxoSmithKline Capital, Inc. | ||
3.63%, 05/15/25 (a) | 43,000 | 42,286 |
Glencore Funding LLC | ||
3.88%, 04/27/51 (a)(g) | 42,000 | 32,463 |
Goldman Sachs Group, Inc. | ||
3.85%, 01/26/27 (a) | 144,000 | 140,175 |
4.25%, 10/21/25 (a) | 3,000 | 2,945 |
5.15%, 05/22/45 (a) | 16,000 | 15,477 |
Goldman Sachs Group, Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter) | ||
1.54%, 09/10/27 (a)(b) | 62,000 | 56,236 |
Goldman Sachs Group, Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) | ||
2.38%, 07/21/32 (a)(b) | 33,000 | 27,134 |
Goldman Sachs Group, Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) | ||
2.91%, 07/21/42 (a)(b) | 25,000 | 18,272 |
Goldman Sachs Group, Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) | ||
3.21%, 04/22/42 (a)(b) | 40,000 | 30,613 |
Goldman Sachs Group, Inc. (3.44% fixed rate until 02/24/42; 1.63% + SOFR thereafter) | ||
3.44%, 02/24/43 (a)(b) | 63,000 | 49,308 |
Principal Amount | Fair Value | |
Goldman Sachs Group, Inc. (3.81% fixed rate until 04/23/28; 1.42% + 3-month Term SOFR) | ||
3.81%, 04/23/29 (a)(b) | $ 16,000 | $ 15,199 |
Goldman Sachs Group, Inc. (4.02% fixed rate until 10/31/37; 1.64% + 3-month Term SOFR) | ||
4.02%, 10/31/38 (a)(b) | 18,000 | 15,713 |
Goldman Sachs Group, Inc. (4.22% fixed rate until 05/01/28; 1.56% + 3-month Term SOFR) | ||
4.22%, 05/01/29 (a)(b) | 28,000 | 27,071 |
Graphic Packaging International LLC | ||
1.51%, 04/15/26 (a)(g) | 50,000 | 45,479 |
Gray Oak Pipeline LLC | ||
2.60%, 10/15/25 (a)(g) | 78,000 | 73,974 |
Haleon U.S. Capital LLC | ||
3.38%, 03/24/27 (a) | 250,000 | 240,592 |
Halliburton Co. | ||
3.80%, 11/15/25 (a) | 2,000 | 1,961 |
5.00%, 11/15/45 (a) | 14,000 | 13,573 |
Hartford Financial Services Group, Inc. (7.77% fixed rate until 01/29/24; 2.39% + 3-month Term SOFR) | ||
7.77%, 02/12/67 (a)(b)(g) | 44,000 | 37,908 |
HCA, Inc. | ||
3.13%, 03/15/27 (a) | 109,000 | 103,349 |
3.50%, 09/01/30 (a) | 37,000 | 33,561 |
3.63%, 03/15/32 (a) | 33,000 | 29,519 |
4.63%, 03/15/52 (a) | 61,000 | 52,060 |
5.38%, 02/01/25 (a) | 280,000 | 279,885 |
Health Care Service Corp. A Mutual Legal Reserve Co. | ||
2.20%, 06/01/30 (a)(g) | 46,000 | 39,244 |
3.20%, 06/01/50 (a)(g) | 17,000 | 12,066 |
Healthcare Realty Holdings LP | ||
2.00%, 03/15/31 (a) | 24,000 | 19,281 |
Helmerich & Payne, Inc. | ||
2.90%, 09/29/31 (a) | 25,000 | 20,982 |
Hess Corp. | ||
5.60%, 02/15/41 (a) | 3,000 | 3,151 |
5.80%, 04/01/47 (a) | 2,000 | 2,158 |
Hewlett Packard Enterprise Co. | ||
6.35%, 10/15/45 (a) | 4,000 | 4,320 |
Highwoods Realty LP | ||
4.13%, 03/15/28 (a) | 18,000 | 16,565 |
4.20%, 04/15/29 (a) | 45,000 | 40,836 |
7.65%, 02/01/34 (a) | 40,000 | 43,237 |
80 | Elfun Income Fund |
Principal Amount | Fair Value | |
Home Depot, Inc. | ||
2.70%, 04/15/30 (a) | $ 18,000 | $ 16,466 |
3.35%, 04/15/50 (a) | 33,000 | 25,656 |
3.50%, 09/15/56 (a) | 21,000 | 16,527 |
3.90%, 12/06/28 - 06/15/47 (a) | 28,000 | 25,964 |
4.50%, 12/06/48 (a) | 13,000 | 12,284 |
4.95%, 09/15/52 (a) | 21,000 | 21,287 |
Honeywell International, Inc. | ||
1.75%, 09/01/31 (a) | 50,000 | 41,737 |
2.70%, 08/15/29 (a) | 3,000 | 2,773 |
Hormel Foods Corp. | ||
1.80%, 06/11/30 (a) | 67,000 | 56,987 |
HSBC Holdings PLC (2.01% fixed rate until 09/22/27; 1.73% + SOFR thereafter) | ||
2.01%, 09/22/28 (a)(b) | 330,000 | 293,766 |
HSBC Holdings PLC (2.25% fixed rate until 11/22/26; 1.10% + SOFR thereafter) | ||
2.25%, 11/22/27 (a)(b) | 200,000 | 183,612 |
HSBC Holdings PLC (2.87% fixed rate until 11/22/31; 1.41% + SOFR thereafter) | ||
2.87%, 11/22/32 (a)(b) | 200,000 | 166,444 |
HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.61% + 3-month Term SOFR) | ||
4.29%, 09/12/26 (a)(b) | 423,000 | 414,134 |
HSBC Holdings PLC (6.00% fixed rate until 5/22/27; 3.75% + 5 year US ISDA thereafter) | ||
6.00%, 05/22/27 (a)(b) | 465,000 | 443,247 |
Humana, Inc. | ||
1.35%, 02/03/27 (a) | 81,000 | 73,111 |
2.15%, 02/03/32 (a) | 43,000 | 35,402 |
Huntington Bancshares, Inc. | ||
2.55%, 02/04/30 (a) | 66,000 | 56,485 |
Huntington Ingalls Industries, Inc. | ||
2.04%, 08/16/28 (a) | 63,000 | 55,500 |
Hyundai Capital America | ||
1.30%, 01/08/26 (a)(g) | 127,000 | 117,250 |
Imperial Brands Finance PLC | ||
3.13%, 07/26/24 (a)(g) | 264,000 | 259,699 |
3.50%, 07/26/26 (a)(g) | 200,000 | 190,934 |
Indiana Michigan Power Co. | ||
3.25%, 05/01/51 (a) | 38,000 | 27,114 |
ING Groep N.V. (6.44% fixed rate until 04/01/26; 1.01% + SOFR thereafter) | ||
6.44%, 04/01/27 (a)(b) | 470,000 | 464,139 |
Principal Amount | Fair Value | |
Ingersoll Rand, Inc. | ||
5.70%, 08/14/33 (a) | $ 99,000 | $ 104,746 |
Ingredion, Inc. | ||
3.90%, 06/01/50 (a) | 15,000 | 11,105 |
Intel Corp. | ||
2.00%, 08/12/31 (a) | 51,000 | 43,110 |
2.80%, 08/12/41 (a) | 58,000 | 43,543 |
3.10%, 02/15/60 (a) | 22,000 | 15,187 |
5.63%, 02/10/43 (a) | 63,000 | 67,494 |
5.70%, 02/10/53 (a) | 45,000 | 48,698 |
5.90%, 02/10/63 (a) | 36,000 | 40,115 |
Intercontinental Exchange, Inc. | ||
2.65%, 09/15/40 (a) | 16,000 | 11,942 |
International Business Machines Corp. | ||
3.45%, 02/19/26 (a) | 254,000 | 247,513 |
4.25%, 05/15/49 (a) | 150,000 | 131,776 |
International Paper Co. | ||
4.40%, 08/15/47 (a) | 23,000 | 19,966 |
Interstate Power & Light Co. | ||
3.40%, 08/15/25 (a) | 139,000 | 135,044 |
Intuit, Inc. | ||
5.50%, 09/15/53 (a) | 62,000 | 68,040 |
ITC Holdings Corp. | ||
2.95%, 05/14/30 (a)(g) | 95,000 | 83,667 |
J M Smucker Co. | ||
6.50%, 11/15/43 - 11/15/53 (a) | 123,000 | 139,969 |
Jabil, Inc. | ||
4.25%, 05/15/27 (a) | 134,000 | 130,559 |
Jacobs Engineering Group, Inc. | ||
5.90%, 03/01/33 (a) | 157,000 | 160,300 |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||
2.50%, 01/15/27 (a) | 279,000 | 256,806 |
5.13%, 02/01/28 (a) | 97,000 | 96,375 |
5.75%, 04/01/33 (a) | 33,000 | 32,599 |
Jefferies Financial Group, Inc. | ||
5.88%, 07/21/28 (a) | 119,000 | 122,039 |
John Deere Capital Corp. | ||
2.45%, 01/09/30 (a) | 83,000 | 74,877 |
3.90%, 06/07/32 (a) | 26,000 | 25,074 |
5.15%, 09/08/33 (a) | 235,000 | 247,455 |
Johnson & Johnson | ||
3.63%, 03/03/37 (a) | 17,000 | 15,683 |
Johnson Controls International PLC | ||
4.50%, 02/15/47 (a) | 6,000 | 5,378 |
Elfun Income Fund | 81 |
Principal Amount | Fair Value | |
JPMorgan Chase & Co. (1.58% fixed rate until 04/22/26; 0.89% + SOFR thereafter) | ||
1.58%, 04/22/27 (a)(b) | $ 93,000 | $ 85,823 |
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + 3-month Term SOFR) | ||
2.96%, 05/13/31 (a)(b) | 54,000 | 47,500 |
JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter) | ||
3.16%, 04/22/42 (a)(b) | 44,000 | 34,142 |
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.62% + 3-month Term SOFR) | ||
3.88%, 07/24/38 (a)(b) | 19,000 | 16,845 |
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3-month Term SOFR) | ||
3.90%, 01/23/49 (a)(b) | 102,000 | 84,872 |
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.51% + 3-month Term SOFR) | ||
3.96%, 01/29/27 (a)(b) | 56,000 | 54,705 |
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.38% + 3-month Term SOFR) | ||
4.01%, 04/23/29 (a)(b) | 22,000 | 21,173 |
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.72% + 3-month Term SOFR) | ||
4.03%, 07/24/48 (a)(b) | 13,000 | 11,084 |
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + 3-month Term SOFR) | ||
4.49%, 03/24/31 (a)(b) | 81,000 | 79,002 |
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + 3-month Term SOFR) | ||
4.60%, 02/01/25 (a)(b) | 97,000 | 93,438 |
Kaiser Foundation Hospitals | ||
3.00%, 06/01/51 (a) | 52,000 | 37,101 |
3.27%, 11/01/49 (a) | 154,000 | 115,842 |
Kenvue, Inc. | ||
4.90%, 03/22/33 (a) | 144,000 | 148,304 |
5.05%, 03/22/53 (a) | 39,000 | 40,351 |
5.20%, 03/22/63 (a) | 26,000 | 27,207 |
Principal Amount | Fair Value | |
Keurig Dr Pepper, Inc. | ||
3.20%, 05/01/30 (a) | $ 38,000 | $ 34,932 |
3.80%, 05/01/50 (a) | 27,000 | 21,907 |
KeyBank NA (5.74% fixed rate until 01/29/24; 0.32% + SOFR thereafter) | ||
5.74%, 06/14/24 (a)(b) | 300,000 | 297,663 |
Kinder Morgan Energy Partners LP | ||
4.70%, 11/01/42 (a) | 3,000 | 2,577 |
5.00%, 03/01/43 (a) | 15,000 | 13,430 |
6.38%, 03/01/41 (a) | 15,000 | 15,405 |
Kinder Morgan, Inc. | ||
1.75%, 11/15/26 (a) | 155,000 | 142,612 |
5.05%, 02/15/46 (a) | 14,000 | 12,530 |
5.20%, 06/01/33 (a) | 33,000 | 32,822 |
KLA Corp. | ||
3.30%, 03/01/50 (a) | 33,000 | 25,223 |
Kraft Heinz Foods Co. | ||
5.20%, 07/15/45 (a) | 50,000 | 49,009 |
Kroger Co. | ||
2.20%, 05/01/30 (a) | 28,000 | 23,976 |
4.65%, 01/15/48 (a) | 8,000 | 7,180 |
Kyndryl Holdings, Inc. | ||
2.05%, 10/15/26 (a) | 63,000 | 57,394 |
2.70%, 10/15/28 (a) | 127,000 | 111,991 |
L3Harris Technologies, Inc. | ||
3.85%, 12/15/26 (a) | 24,000 | 23,535 |
Lear Corp. | ||
4.25%, 05/15/29 (a) | 22,000 | 21,163 |
Leidos, Inc. | ||
3.63%, 05/15/25 (a) | 26,000 | 25,360 |
4.38%, 05/15/30 (a) | 118,000 | 112,898 |
5.75%, 03/15/33 (a) | 59,000 | 61,408 |
Liberty Mutual Group, Inc. | ||
3.95%, 05/15/60 (a)(g) | 15,000 | 10,843 |
Lincoln National Corp. | ||
4.35%, 03/01/48 (a) | 51,000 | 40,745 |
Lockheed Martin Corp. | ||
3.55%, 01/15/26 (a) | 4,000 | 3,930 |
4.50%, 05/15/36 (a) | 30,000 | 29,709 |
Lowe's Cos., Inc. | ||
1.30%, 04/15/28 (a) | 21,000 | 18,451 |
1.70%, 09/15/28 - 10/15/30 (a) | 68,000 | 59,366 |
3.00%, 10/15/50 (a) | 32,000 | 21,794 |
3.70%, 04/15/46 (a) | 4,000 | 3,163 |
4.05%, 05/03/47 (a) | 24,000 | 19,796 |
5.63%, 04/15/53 (a) | 48,000 | 50,601 |
LYB International Finance III LLC | ||
1.25%, 10/01/25 (a) | 23,000 | 21,490 |
3.63%, 04/01/51 (a) | 33,000 | 24,092 |
3.80%, 10/01/60 (a) | 14,000 | 9,968 |
82 | Elfun Income Fund |
Principal Amount | Fair Value | |
M&T Bank Corp. (5.05% fixed rate until 01/27/33; 1.85% + SOFR thereafter) | ||
5.05%, 01/27/34 (a)(b) | $ 215,000 | $ 203,687 |
Marsh & McLennan Cos., Inc. | ||
2.90%, 12/15/51 (a) | 33,000 | 22,199 |
McCormick & Co., Inc. | ||
1.85%, 02/15/31 (a) | 22,000 | 18,102 |
3.25%, 11/15/25 (a) | 235,000 | 227,151 |
McDonald's Corp. | ||
3.60%, 07/01/30 (a) | 50,000 | 47,454 |
3.63%, 09/01/49 (a) | 11,000 | 8,840 |
4.88%, 12/09/45 (a) | 14,000 | 13,801 |
Medtronic Global Holdings SCA | ||
4.50%, 03/30/33 (a) | 215,000 | 215,013 |
Medtronic, Inc. | ||
4.63%, 03/15/45 (a) | 4,000 | 3,896 |
Memorial Sloan-Kettering Cancer Center | ||
4.13%, 07/01/52 (a) | 66,000 | 57,807 |
Mercedes-Benz Finance North America LLC | ||
5.38%, 11/26/25 (a)(g) | 245,000 | 247,399 |
Merck & Co., Inc. | ||
1.90%, 12/10/28 (a) | 99,000 | 89,149 |
2.45%, 06/24/50 (a) | 48,000 | 31,695 |
2.75%, 12/10/51 (a) | 31,000 | 21,355 |
2.90%, 12/10/61 (a) | 16,000 | 10,719 |
4.00%, 03/07/49 (a) | 10,000 | 8,835 |
4.50%, 05/17/33 (a) | 66,000 | 66,471 |
5.00%, 05/17/53 (a) | 36,000 | 37,065 |
Meta Platforms, Inc. | ||
3.85%, 08/15/32 (a) | 97,000 | 92,246 |
4.45%, 08/15/52 (a) | 63,000 | 57,972 |
MetLife, Inc. | ||
4.72%, 12/15/44 (a) | 22,000 | 20,680 |
Micron Technology, Inc. | ||
3.37%, 11/01/41 (a) | 43,000 | 32,300 |
3.48%, 11/01/51 (a) | 58,000 | 42,312 |
Microsoft Corp. | ||
2.40%, 08/08/26 (a) | 23,000 | 21,950 |
2.68%, 06/01/60 (a) | 8,000 | 5,369 |
2.92%, 03/17/52 (a) | 63,000 | 46,410 |
3.45%, 08/08/36 (a) | 4,000 | 3,678 |
3.50%, 02/12/35 (a) | 20,000 | 18,962 |
Mid-America Apartments LP | ||
2.88%, 09/15/51 (a) | 50,000 | 32,788 |
Mizuho Financial Group, Inc. | ||
2.84%, 09/13/26 (a) | 489,000 | 464,350 |
Molson Coors Beverage Co. | ||
4.20%, 07/15/46 (a) | 8,000 | 6,827 |
Morgan Stanley | ||
3.70%, 10/23/24 (a) | 15,000 | 14,801 |
Principal Amount | Fair Value | |
3.97%, 07/22/38 (a)(b) | $ 22,000 | $ 19,288 |
4.35%, 09/08/26 (a) | 67,000 | 65,795 |
4.38%, 01/22/47 (a) | 21,000 | 18,928 |
Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | ||
1.51%, 07/20/27 (a)(b) | 51,000 | 46,601 |
Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | ||
2.48%, 09/16/36 (a)(b) | 199,000 | 157,960 |
Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | ||
2.80%, 01/25/52 (a)(b) | 99,000 | 66,043 |
MPLX LP | ||
2.65%, 08/15/30 (a) | 38,000 | 32,826 |
5.20%, 12/01/47 (a) | 8,000 | 7,312 |
Mylan, Inc. | ||
5.20%, 04/15/48 (a) | 15,000 | 12,433 |
Nasdaq, Inc. | ||
5.95%, 08/15/53 (a) | 24,000 | 25,843 |
6.10%, 06/28/63 (a) | 33,000 | 35,821 |
National Australia Bank Ltd. (3.35% fixed rate until 01/12/32; 1.70% + 5 year CMT thereafter) | ||
3.35%, 01/12/37 (a)(b)(g) | 254,000 | 210,401 |
Nevada Power Co. | ||
6.00%, 03/15/54 (a) | 37,000 | 40,600 |
NewMarket Corp. | ||
2.70%, 03/18/31 (a) | 33,000 | 27,753 |
Newmont Corp. | ||
4.88%, 03/15/42 (a) | 22,000 | 21,437 |
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) | 33,000 | 30,912 |
NGPL PipeCo LLC | ||
3.25%, 07/15/31 (a)(g) | 66,000 | 57,249 |
NIKE, Inc. | ||
3.38%, 03/27/50 (a) | 13,000 | 10,654 |
NiSource, Inc. | ||
3.60%, 05/01/30 (a) | 39,000 | 36,387 |
3.95%, 03/30/48 (a) | 6,000 | 4,859 |
5.25%, 03/30/28 (a) | 248,000 | 253,275 |
NNN REIT, Inc. | ||
4.00%, 11/15/25 (a) | 28,000 | 27,426 |
Norfolk Southern Corp. | ||
3.95%, 10/01/42 (a) | 22,000 | 18,785 |
Northwestern Mutual Life Insurance Co. | ||
3.45%, 03/30/51 (a)(g) | 82,000 | 61,397 |
Elfun Income Fund | 83 |
Principal Amount | Fair Value | |
NOV, Inc. | ||
3.60%, 12/01/29 (a) | $ 50,000 | $ 46,233 |
Novant Health, Inc. | ||
3.32%, 11/01/61 (a) | 39,000 | 26,262 |
Novartis Capital Corp. | ||
2.20%, 08/14/30 (a) | 57,000 | 50,196 |
3.00%, 11/20/25 (a) | 4,000 | 3,892 |
Nutrien Ltd. | ||
4.90%, 03/27/28 - 06/01/43 (a) | 190,000 | 190,459 |
NVIDIA Corp. | ||
3.50%, 04/01/50 (a) | 23,000 | 19,218 |
NXP BV/NXP Funding LLC/NXP USA, Inc. | ||
3.25%, 11/30/51 (a) | 100,000 | 71,571 |
Occidental Petroleum Corp. | ||
6.13%, 01/01/31 (a) | 109,000 | 113,376 |
Oklahoma Gas & Electric Co. | ||
3.25%, 04/01/30 (a) | 33,000 | 30,132 |
Oncor Electric Delivery Co. LLC | ||
3.80%, 09/30/47 (a) | 6,000 | 4,843 |
ONEOK, Inc. | ||
4.35%, 03/15/29 (a) | 30,000 | 29,150 |
5.80%, 11/01/30 (a) | 246,000 | 255,980 |
6.10%, 11/15/32 (a) | 45,000 | 47,817 |
6.63%, 09/01/53 (a) | 78,000 | 87,453 |
Oracle Corp. | ||
2.30%, 03/25/28 (a) | 22,000 | 20,037 |
2.65%, 07/15/26 (a) | 33,000 | 31,303 |
2.88%, 03/25/31 (a) | 33,000 | 29,224 |
2.95%, 04/01/30 (a) | 50,000 | 45,128 |
3.60%, 04/01/50 (a) | 33,000 | 24,440 |
3.65%, 03/25/41 (a) | 35,000 | 27,828 |
3.80%, 11/15/37 (a) | 3,000 | 2,553 |
3.95%, 03/25/51 (a) | 20,000 | 15,721 |
4.00%, 07/15/46 - 11/15/47 (a) | 42,000 | 33,521 |
4.10%, 03/25/61 (a) | 43,000 | 32,858 |
5.55%, 02/06/53 (a) | 29,000 | 29,046 |
6.15%, 11/09/29 (a) | 111,000 | 119,317 |
6.90%, 11/09/52 (a) | 29,000 | 33,990 |
Otis Worldwide Corp. | ||
2.06%, 04/05/25 (a) | 58,000 | 55,807 |
2.57%, 02/15/30 (a) | 21,000 | 18,697 |
3.36%, 02/15/50 (a) | 22,000 | 17,061 |
Owens Corning | ||
3.88%, 06/01/30 (a) | 142,000 | 133,440 |
Pacific Gas & Electric Co. | ||
2.10%, 08/01/27 (a) | 33,000 | 29,760 |
2.50%, 02/01/31 (a) | 57,000 | 47,080 |
3.00%, 06/15/28 (a) | 53,000 | 48,307 |
3.30%, 08/01/40 (a) | 57,000 | 41,779 |
3.50%, 08/01/50 (a) | 23,000 | 15,936 |
Principal Amount | Fair Value | |
4.30%, 03/15/45 (a) | $ 38,000 | $ 29,715 |
PacifiCorp | ||
2.70%, 09/15/30 (a) | 34,000 | 29,408 |
2.90%, 06/15/52 (a) | 73,000 | 47,003 |
6.25%, 10/15/37 (a) | 2,000 | 2,145 |
Packaging Corp. of America | ||
3.05%, 10/01/51 (a) | 44,000 | 30,769 |
Paramount Global | ||
2.90%, 01/15/27 (a) | 8,000 | 7,411 |
3.70%, 06/01/28 (a) | 13,000 | 12,007 |
5.25%, 04/01/44 (a) | 2,000 | 1,637 |
Parker-Hannifin Corp. | ||
3.25%, 06/14/29 (a) | 28,000 | 26,356 |
4.50%, 09/15/29 (a) | 49,000 | 49,166 |
Patterson-UTI Energy, Inc. | ||
7.15%, 10/01/33 (a) | 62,000 | 65,729 |
PayPal Holdings, Inc. | ||
2.65%, 10/01/26 (a) | 43,000 | 40,854 |
3.25%, 06/01/50 (a) | 23,000 | 17,252 |
PepsiCo, Inc. | ||
1.63%, 05/01/30 (a) | 32,000 | 27,270 |
2.63%, 07/29/29 (a) | 43,000 | 39,641 |
2.75%, 10/21/51 (a) | 76,000 | 54,050 |
Pfizer Investment Enterprises Pte. Ltd. | ||
4.45%, 05/19/28 (a) | 196,000 | 196,033 |
4.75%, 05/19/33 (a) | 66,000 | 66,119 |
5.30%, 05/19/53 (a) | 23,000 | 23,523 |
5.34%, 05/19/63 (a) | 45,000 | 45,502 |
Pfizer, Inc. | ||
2.70%, 05/28/50 (a) | 69,000 | 48,044 |
3.90%, 03/15/39 (a) | 19,000 | 16,844 |
4.13%, 12/15/46 (a) | 16,000 | 14,238 |
4.40%, 05/15/44 (a) | 3,000 | 2,837 |
Philip Morris International, Inc. | ||
1.50%, 05/01/25 (a) | 37,000 | 35,376 |
2.10%, 05/01/30 (a) | 15,000 | 12,906 |
3.38%, 08/15/29 (a) | 23,000 | 21,549 |
4.13%, 03/04/43 (a) | 12,000 | 10,184 |
5.13%, 02/15/30 (a) | 97,000 | 98,729 |
5.38%, 02/15/33 (a) | 25,000 | 25,655 |
5.63%, 11/17/29 (a) | 48,000 | 50,349 |
Phillips 66 Co. | ||
2.15%, 12/15/30 (a) | 183,000 | 154,339 |
3.15%, 12/15/29 (a) | 90,000 | 82,827 |
3.30%, 03/15/52 (a) | 54,000 | 38,737 |
3.75%, 03/01/28 (a) | 4,000 | 3,846 |
4.68%, 02/15/45 (a) | 20,000 | 18,184 |
Pilgrim's Pride Corp. | ||
6.25%, 07/01/33 (a) | 63,000 | 64,822 |
Pioneer Natural Resources Co. | ||
1.13%, 01/15/26 (a) | 51,000 | 47,379 |
84 | Elfun Income Fund |
Principal Amount | Fair Value | |
2.15%, 01/15/31 (a) | $ 28,000 | $ 23,837 |
Plains All American Pipeline LP/PAA Finance Corp. | ||
3.55%, 12/15/29 (a) | 38,000 | 34,984 |
PPL Capital Funding, Inc. | ||
3.10%, 05/15/26 (a) | 41,000 | 39,317 |
Precision Castparts Corp. | ||
4.38%, 06/15/45 (a) | 21,000 | 19,065 |
Progressive Corp. | ||
3.00%, 03/15/32 (a) | 64,000 | 57,121 |
3.70%, 03/15/52 (a) | 17,000 | 13,796 |
Prologis LP | ||
3.05%, 03/01/50 (a) | 14,000 | 10,032 |
3.25%, 06/30/26 (a) | 13,000 | 12,574 |
Prospect Capital Corp. | ||
3.36%, 11/15/26 (a) | 61,000 | 54,866 |
Prudential Financial, Inc. | ||
3.94%, 12/07/49 (a) | 33,000 | 27,222 |
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) | 30,000 | 29,179 |
Public Service Co. of Colorado | ||
3.70%, 06/15/28 (a) | 33,000 | 31,748 |
Public Storage Operating Co. | ||
5.35%, 08/01/53 (a) | 28,000 | 29,331 |
PVH Corp. | ||
4.63%, 07/10/25 (a) | 94,000 | 92,475 |
QUALCOMM, Inc. | ||
4.30%, 05/20/47 (a) | 3,000 | 2,752 |
4.50%, 05/20/52 (a) | 63,000 | 58,874 |
Quanta Services, Inc. | ||
2.35%, 01/15/32 (a) | 55,000 | 45,601 |
3.05%, 10/01/41 (a) | 61,000 | 45,000 |
Quest Diagnostics, Inc. | ||
2.95%, 06/30/30 (a) | 13,000 | 11,636 |
Realty Income Corp. | ||
2.85%, 12/15/32 (a) | 30,000 | 25,556 |
3.00%, 01/15/27 (a) | 5,000 | 4,746 |
3.25%, 01/15/31 (a) | 32,000 | 29,105 |
Regeneron Pharmaceuticals, Inc. | ||
1.75%, 09/15/30 (a) | 67,000 | 55,089 |
Regions Financial Corp. | ||
1.80%, 08/12/28 (a) | 128,000 | 109,654 |
RenaissanceRe Holdings Ltd. | ||
5.75%, 06/05/33 (a) | 79,000 | 79,885 |
Republic Services, Inc. | ||
2.38%, 03/15/33 (a) | 88,000 | 73,604 |
5.00%, 04/01/34 (a) | 60,000 | 61,441 |
Rio Tinto Finance USA Ltd. | ||
2.75%, 11/02/51 (a) | 82,000 | 56,116 |
Principal Amount | Fair Value | |
Rio Tinto Finance USA PLC | ||
4.13%, 08/21/42 (a) | $ 12,000 | $ 10,857 |
Rockwell Automation, Inc. | ||
2.80%, 08/15/61 (a) | 18,000 | 11,692 |
4.20%, 03/01/49 (a) | 23,000 | 20,711 |
Rogers Communications, Inc. | ||
5.00%, 03/15/44 (a) | 4,000 | 3,749 |
Roper Technologies, Inc. | ||
2.95%, 09/15/29 (a) | 33,000 | 30,230 |
Ross Stores, Inc. | ||
4.70%, 04/15/27 (a) | 10,000 | 9,895 |
Royalty Pharma PLC | ||
1.20%, 09/02/25 (a) | 58,000 | 54,149 |
1.75%, 09/02/27 (a) | 27,000 | 24,237 |
2.20%, 09/02/30 (a) | 9,000 | 7,575 |
3.30%, 09/02/40 (a) | 3,000 | 2,262 |
RPM International, Inc. | ||
3.75%, 03/15/27 (a) | 13,000 | 12,499 |
RTX Corp. | ||
1.90%, 09/01/31 (a) | 63,000 | 51,260 |
2.82%, 09/01/51 (a) | 43,000 | 28,391 |
3.13%, 05/04/27 (a) | 50,000 | 47,568 |
3.50%, 03/15/27 (a) | 17,000 | 16,384 |
3.95%, 08/16/25 (a) | 15,000 | 14,788 |
4.15%, 05/15/45 (a) | 18,000 | 15,360 |
4.45%, 11/16/38 (a) | 15,000 | 13,816 |
6.10%, 03/15/34 (a) | 70,000 | 75,902 |
6.40%, 03/15/54 (a) | 50,000 | 57,942 |
Ryder System, Inc. | ||
2.90%, 12/01/26 (a) | 88,000 | 83,041 |
Salesforce, Inc. | ||
1.95%, 07/15/31 (a) | 41,000 | 35,021 |
2.70%, 07/15/41 (a) | 54,000 | 41,272 |
Schlumberger Holdings Corp. | ||
3.90%, 05/17/28 (a)(g) | 25,000 | 24,277 |
Schlumberger Investment S.A. | ||
4.85%, 05/15/33 (a) | 134,000 | 136,140 |
Sealed Air Corp. | ||
1.57%, 10/15/26 (a)(g) | 228,000 | 205,282 |
Selective Insurance Group, Inc. | ||
5.38%, 03/01/49 (a) | 13,000 | 12,577 |
Sempra | ||
3.80%, 02/01/38 (a) | 6,000 | 5,138 |
4.00%, 02/01/48 (a) | 12,000 | 9,880 |
Sempra (4.13% fixed rate until 01/01/27; 2.87% + 5 year CMT thereafter) | ||
4.13%, 04/01/52 (a)(b) | 91,000 | 78,388 |
Shell International Finance BV | ||
2.38%, 11/07/29 (a) | 94,000 | 84,601 |
3.13%, 11/07/49 (a) | 32,000 | 23,546 |
3.75%, 09/12/46 (a) | 11,000 | 9,147 |
Elfun Income Fund | 85 |
Principal Amount | Fair Value | |
Shire Acquisitions Investments Ireland DAC | ||
3.20%, 09/23/26 (a) | $ 4,000 | $ 3,849 |
Simon Property Group LP | ||
3.38%, 06/15/27 (a) | 18,000 | 17,262 |
Sonoco Products Co. | ||
2.85%, 02/01/32 (a) | 63,000 | 53,763 |
Southern California Edison Co. | ||
4.00%, 04/01/47 (a) | 69,000 | 56,603 |
4.20%, 03/01/29 (a) | 49,000 | 48,029 |
5.65%, 10/01/28 (a) | 320,000 | 333,670 |
Southern Co. | ||
3.25%, 07/01/26 (a) | 6,000 | 5,788 |
3.70%, 04/30/30 (a) | 73,000 | 68,836 |
Southern Co. Gas Capital Corp. | ||
3.95%, 10/01/46 (a) | 37,000 | 28,849 |
4.40%, 05/30/47 (a) | 3,000 | 2,538 |
Southwest Airlines Co. | ||
2.63%, 02/10/30 (a) | 50,000 | 43,709 |
Southwestern Electric Power Co. | ||
2.75%, 10/01/26 (a) | 24,000 | 22,557 |
Spectra Energy Partners LP | ||
3.38%, 10/15/26 (a) | 4,000 | 3,852 |
4.50%, 03/15/45 (a) | 3,000 | 2,572 |
Starbucks Corp. | ||
4.00%, 11/15/28 (a) | 13,000 | 12,804 |
STERIS Irish FinCo UnLtd Co. | ||
2.70%, 03/15/31 (a) | 198,000 | 170,250 |
Stryker Corp. | ||
1.95%, 06/15/30 (a) | 76,000 | 64,996 |
Sumitomo Mitsui Financial Group, Inc. | ||
4.44%, 04/02/24 (a)(g) | 466,000 | 464,369 |
6.18%, 07/13/43 (a) | 119,000 | 132,570 |
Sumitomo Mitsui Trust Bank Ltd. | ||
1.35%, 09/16/26 (a)(g) | 484,000 | 439,946 |
Suncor Energy, Inc. | ||
4.00%, 11/15/47 (a) | 4,000 | 3,169 |
Svenska Handelsbanken AB (1.42% fixed rate until 06/11/26; 0.63% + 1 year CMT thereafter) | ||
1.42%, 06/11/27 (a)(b)(g) | 250,000 | 227,195 |
Sysco Corp. | ||
3.25%, 07/15/27 (a) | 15,000 | 14,348 |
5.95%, 04/01/30 (a) | 4,000 | 4,257 |
6.60%, 04/01/50 (a) | 5,000 | 5,856 |
Takeda Pharmaceutical Co. Ltd. | ||
2.05%, 03/31/30 (a) | 200,000 | 171,468 |
Principal Amount | Fair Value | |
Take-Two Interactive Software, Inc. | ||
3.70%, 04/14/27 (a) | $ 154,000 | $ 149,174 |
4.00%, 04/14/32 (a) | 33,000 | 31,392 |
Tampa Electric Co. | ||
2.40%, 03/15/31 (a) | 72,000 | 60,772 |
3.45%, 03/15/51 (a) | 44,000 | 31,992 |
4.35%, 05/15/44 (a) | 48,000 | 40,959 |
Tapestry, Inc. | ||
4.13%, 07/15/27 (a) | 3,000 | 2,857 |
7.35%, 11/27/28 (a) | 295,000 | 309,605 |
7.85%, 11/27/33 (a) | 60,000 | 64,069 |
Targa Resources Corp. | ||
6.50%, 03/30/34 (a) | 188,000 | 203,324 |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||
5.00%, 01/15/28 (a) | 149,000 | 147,266 |
Target Corp. | ||
1.95%, 01/15/27 (a) | 23,000 | 21,460 |
Teck Resources Ltd. | ||
5.40%, 02/01/43 (a) | 17,000 | 16,253 |
Texas Instruments, Inc. | ||
3.88%, 03/15/39 (a) | 24,000 | 22,203 |
Thermo Fisher Scientific, Inc. | ||
2.80%, 10/15/41 (a) | 43,000 | 32,652 |
Time Warner Cable LLC | ||
6.55%, 05/01/37 (a) | 14,000 | 13,803 |
T-Mobile USA, Inc. | ||
3.50%, 04/15/31 (a) | 190,000 | 173,793 |
3.75%, 04/15/27 (a) | 73,000 | 70,839 |
4.50%, 04/15/50 (a) | 15,000 | 13,280 |
4.80%, 07/15/28 (a) | 179,000 | 180,434 |
Toronto-Dominion Bank | ||
3.20%, 03/10/32 (a) | 134,000 | 118,699 |
4.46%, 06/08/32 (a) | 69,000 | 67,049 |
Toronto-Dominion Bank (3.63% fixed rate until 9/15/26; 2.21% + 5 year swap Rate thereafter) | ||
3.63%, 09/15/31 (a)(b) | 24,000 | 23,057 |
Tractor Supply Co. | ||
5.25%, 05/15/33 (a) | 63,000 | 64,649 |
Trane Technologies Financing Ltd. | ||
3.55%, 11/01/24 (a) | 32,000 | 31,408 |
3.80%, 03/21/29 (a) | 4,000 | 3,875 |
TransCanada PipeLines Ltd. | ||
4.25%, 05/15/28 (a) | 44,000 | 42,874 |
4.88%, 01/15/26 (a) | 9,000 | 8,978 |
86 | Elfun Income Fund |
Principal Amount | Fair Value | |
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3-month USD LIBOR thereafter) | ||
5.63%, 05/20/75 (a)(b) | $ 95,000 | $ 89,667 |
Transcontinental Gas Pipe Line Co. LLC | ||
4.00%, 03/15/28 (a) | 18,000 | 17,455 |
Travelers Cos., Inc. | ||
2.55%, 04/27/50 (a) | 81,000 | 53,582 |
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT thereafter) | ||
4.80%, 09/01/24 (a)(b) | 129,000 | 118,465 |
TWDC Enterprises 18 Corp. | ||
4.13%, 06/01/44 (a) | 3,000 | 2,679 |
Tyco Electronics Group S.A. | ||
3.13%, 08/15/27 (a) | 18,000 | 17,179 |
U.S. Bancorp (4.97% fixed rate until 07/22/32; 2.11% + SOFR thereafter) | ||
4.97%, 07/22/33 (a)(b) | 144,000 | 136,662 |
UBS Group AG (9.25% fixed rate until 11/13/28; 4.75% + 5 year CMT thereafter) | ||
9.25%, 11/13/28 (a)(b)(g) | 200,000 | 215,500 |
UDR, Inc. | ||
2.10%, 08/01/32 (a) | 43,000 | 33,798 |
3.00%, 08/15/31 (a) | 24,000 | 21,229 |
Union Pacific Corp. | ||
3.55%, 05/20/61 (a) | 38,000 | 28,673 |
3.60%, 09/15/37 (a) | 7,000 | 6,222 |
3.80%, 04/06/71 (a) | 20,000 | 15,832 |
4.10%, 09/15/67 (a) | 15,000 | 12,469 |
UnitedHealth Group, Inc. | ||
2.00%, 05/15/30 (a) | 53,000 | 45,825 |
4.20%, 05/15/32 (a) | 53,000 | 51,827 |
4.45%, 12/15/48 (a) | 33,000 | 30,262 |
4.75%, 07/15/45 - 05/15/52 (a) | 55,000 | 52,936 |
5.05%, 04/15/53 (a) | 39,000 | 39,451 |
5.20%, 04/15/63 (a) | 73,000 | 74,612 |
6.05%, 02/15/63 (a) | 21,000 | 24,283 |
Utah Acquisition Sub, Inc. | ||
3.95%, 06/15/26 (a) | 266,000 | 257,515 |
Vale Overseas Ltd. | ||
6.13%, 06/12/33 (a) | 110,000 | 113,965 |
Ventas Realty LP | ||
3.25%, 10/15/26 (a) | 24,000 | 22,730 |
Verizon Communications, Inc. | ||
2.36%, 03/15/32 (a) | 90,000 | 74,923 |
2.55%, 03/21/31 (a) | 43,000 | 37,084 |
3.00%, 03/22/27 (a) | 119,000 | 113,150 |
3.40%, 03/22/41 (a) | 44,000 | 35,125 |
Principal Amount | Fair Value | |
3.55%, 03/22/51 (a) | $ 33,000 | $ 25,459 |
3.70%, 03/22/61 (a) | 49,000 | 37,505 |
4.40%, 11/01/34 (a) | 93,000 | 89,563 |
4.86%, 08/21/46 (a) | 73,000 | 69,741 |
Viatris, Inc. | ||
1.65%, 06/22/25 (a) | 226,000 | 214,024 |
4.00%, 06/22/50 (a) | 26,000 | 18,298 |
Virginia Electric & Power Co. | ||
4.00%, 11/15/46 (a) | 42,000 | 34,822 |
Visa, Inc. | ||
2.70%, 04/15/40 (a) | 33,000 | 25,514 |
Vistra Operations Co. LLC | ||
3.55%, 07/15/24 (a)(g) | 134,000 | 131,974 |
Viterra Finance BV | ||
2.00%, 04/21/26 (a)(g) | 373,000 | 345,831 |
Volkswagen Group of America Finance LLC | ||
1.63%, 11/24/27 (a)(g) | 232,000 | 204,478 |
Vontier Corp. | ||
2.40%, 04/01/28 (a) | 87,000 | 76,825 |
2.95%, 04/01/31 (a) | 67,000 | 56,380 |
Vornado Realty LP | ||
2.15%, 06/01/26 (a) | 78,000 | 70,333 |
3.50%, 01/15/25 (a) | 15,000 | 14,526 |
Walmart, Inc. | ||
1.80%, 09/22/31 (a) | 43,000 | 36,462 |
2.50%, 09/22/41 (a) | 43,000 | 31,829 |
2.65%, 09/22/51 (a) | 22,000 | 15,359 |
Walt Disney Co. | ||
2.65%, 01/13/31 (a) | 50,000 | 44,511 |
3.38%, 11/15/26 (a) | 3,000 | 2,913 |
3.60%, 01/13/51 (a) | 32,000 | 25,748 |
4.75%, 11/15/46 (a) | 3,000 | 2,877 |
6.65%, 11/15/37 (a) | 33,000 | 38,782 |
Warnermedia Holdings, Inc. | ||
4.28%, 03/15/32 (a) | 190,000 | 173,825 |
5.05%, 03/15/42 (a) | 17,000 | 14,989 |
5.14%, 03/15/52 (a) | 17,000 | 14,627 |
5.39%, 03/15/62 (a) | 17,000 | 14,620 |
Waste Connections, Inc. | ||
2.20%, 01/15/32 (a) | 58,000 | 48,433 |
2.95%, 01/15/52 (a) | 58,000 | 40,884 |
WEC Energy Group, Inc. | ||
3.55%, 06/15/25 (a) | 8,000 | 7,790 |
Wells Fargo & Co. | ||
4.15%, 01/24/29 (a) | 57,000 | 55,453 |
4.75%, 12/07/46 (a) | 57,000 | 50,347 |
5.88%, 06/15/25 (a)(b) | 109,000 | 107,917 |
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter) | ||
2.19%, 04/30/26 (a)(b) | 74,000 | 70,925 |
Elfun Income Fund | 87 |
Principal Amount | Fair Value | |
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | ||
2.39%, 06/02/28 (a)(b) | $ 136,000 | $ 124,556 |
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | ||
3.07%, 04/30/41 (a)(b) | 69,000 | 52,168 |
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.43% + 3-month Term SOFR) | ||
3.20%, 06/17/27 (a)(b) | 156,000 | 149,155 |
Wells Fargo & Co. (6.49% fixed rate until 10/23/33; 2.06% + SOFR thereafter) | ||
6.49%, 10/23/34 (a)(b) | 90,000 | 98,018 |
Westlake Corp. | ||
2.88%, 08/15/41 (a) | 23,000 | 16,274 |
3.13%, 08/15/51 (a) | 26,000 | 17,254 |
3.38%, 08/15/61 (a) | 25,000 | 16,177 |
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT thereafter) | ||
2.89%, 02/04/30 (a)(b) | 53,000 | 51,075 |
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT thereafter) | ||
4.11%, 07/24/34 (a)(b) | 38,000 | 34,832 |
Weyerhaeuser Co. | ||
4.00%, 03/09/52 (a) | 45,000 | 37,000 |
Williams Cos., Inc. | ||
3.75%, 06/15/27 (a) | 3,000 | 2,892 |
4.85%, 03/01/48 (a) | 15,000 | 13,647 |
4.90%, 01/15/45 (a) | 38,000 | 34,593 |
5.30%, 08/15/52 (a) | 26,000 | 25,236 |
5.40%, 03/04/44 (a) | 3,000 | 2,924 |
Willis North America, Inc. | ||
3.88%, 09/15/49 (a) | 33,000 | 25,535 |
Workday, Inc. | ||
3.50%, 04/01/27 (a) | 56,000 | 54,153 |
3.70%, 04/01/29 (a) | 111,000 | 106,603 |
WPP Finance 2010 | ||
3.75%, 09/19/24 (a) | 22,000 | 21,603 |
Xcel Energy, Inc. | ||
3.40%, 06/01/30 (a) | 45,000 | 41,495 |
Zoetis, Inc. | ||
3.00%, 09/12/27 (a) | 3,000 | 2,848 |
3.90%, 08/20/28 (a) | 21,000 | 20,560 |
5.60%, 11/16/32 (a) | 121,000 | 129,734 |
48,406,978 |
Principal Amount | Fair Value | |
Non-Agency Collateralized Mortgage Obligations - 6.3% | ||
Bank | ||
3.18%, 09/15/60 (a) | $ 2,398,000 | $ 2,234,092 |
4.41%, 11/15/61 (a)(b) | 1,001,000 | 972,480 |
BPR Trust 1.90% + 3-month Term SOFR | ||
7.26%, 04/15/37 (a)(b)(g) | 372,398 | 366,313 |
Cantor Commercial Real Estate Lending | ||
3.01%, 01/15/53 (a) | 460,000 | 408,420 |
CD Mortgage Trust | ||
2.91%, 08/15/57 (a) | 839,000 | 745,689 |
Citigroup Commercial Mortgage Trust | ||
4.03%, 12/10/49 (a)(b) | 336,823 | 307,704 |
COMM Mortgage Trust | ||
3.92%, 10/15/45 (a)(g) | 191,000 | 157,312 |
4.53%, 02/10/47 (a)(b) | 240,000 | 233,977 |
GS Mortgage Securities Trust | ||
2.75%, 09/10/52 (a) | 1,523,000 | 1,342,984 |
3.05%, 11/10/52 (a) | 743,000 | 663,697 |
4.14%, 03/10/51 (a)(b) | 291,000 | 272,608 |
4.42%, 11/10/48 (a)(b) | 380,000 | 303,994 |
Impac CMB Trust (6.19% fixed rate until 01/25/24; 0.83% + 1-month Term SOFR) | ||
6.19%, 10/25/34 (b) | 11,691 | 11,496 |
JPMBB Commercial Mortgage Securities Trust | ||
4.65%, 11/15/48 (a)(b) | 250,000 | 127,943 |
MASTR Alternative Loan Trust | ||
5.00%, 08/25/18 (d) | 912 | 83 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
0.84%, 03/15/48 (a)(b)(d) | 2,931,335 | 21,012 |
Wells Fargo Commercial Mortgage Trust | ||
1.18%, 02/15/48 (a)(b)(d) | 2,246,081 | 22,076 |
4.32%, 08/15/50 (a) | 485,082 | 411,953 |
WFRBS Commercial Mortgage Trust | ||
4.35%, 03/15/47 (a)(b) | 533,000 | 523,504 |
9,127,337 | ||
Sovereign Bonds - 1.2% | ||
Chile Government International Bonds | ||
2.55%, 01/27/32 (a) | 290,000 | 248,890 |
3.86%, 06/21/47 (a) | 200,000 | 163,596 |
Mexico Government International Bonds | ||
4.75%, 03/08/44 (a) | 200,000 | 171,600 |
88 | Elfun Income Fund |
Principal Amount | Fair Value | |
Panama Government International Bonds | ||
3.16%, 01/23/30 (a) | $ 200,000 | $ 170,514 |
3.87%, 07/23/60 (a) | 200,000 | 119,652 |
Peru Government International Bonds | ||
1.86%, 12/01/32 (a) | 140,000 | 109,544 |
2.78%, 12/01/60 (a) | 230,000 | 143,246 |
5.63%, 11/18/50 (a) | 105,000 | 109,404 |
Philippines Government International Bonds | ||
3.95%, 01/20/40 (a) | 200,000 | 181,028 |
Qatar Government International Bonds | ||
4.82%, 03/14/49 (a)(g) | 258,000 | 251,344 |
Uruguay Government International Bonds | ||
5.10%, 06/18/50 (a) | 105,744 | 106,011 |
1,774,829 | ||
Municipal Bonds and Notes - 0.5% | ||
American Municipal Power, Inc., OH | ||
6.27%, 02/15/50 | 125,000 | 136,268 |
Board of Regents of the University of Texas System, TX | ||
3.35%, 08/15/47 | 115,000 | 91,103 |
Port Authority of New York & New Jersey, NY | ||
4.46%, 10/01/62 | 220,000 | 200,742 |
Principal Amount | Fair Value | |
State of California, CA | ||
4.60%, 04/01/38 | $ 200,000 | $ 192,820 |
State of Illinois, IL | ||
5.10%, 06/01/33 | 95,000 | 93,997 |
714,930 | ||
Total Bonds and Notes (Cost $144,162,041) | 135,935,896 | |
Total Investments in Securities (Cost $144,162,041) | 135,935,896 | |
Number of Shares | ||
Short-Term Investments - 14.2% | ||
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.36% (h)(i) (Cost $20,710,832) | 20,710,832 | 20,710,832 |
Total Investments (Cost $164,872,873) | 156,646,728 | |
Liabilities in Excess of Other Assets, net - (7.3)% | (10,603,625) | |
NET ASSETS - 100.0% | $ 146,043,103 |
Centrally Cleared Credit Default Swaps: |
Reference Entity | Counterparty | Notional Amount (000s omitted) | Contract Annual Fixed Rate/ Payment Frequency | Termination Date | Market Value | Unamortized Upfront Payments Received (Paid) | Unrealized Appreciation (Depreciation) |
Sell Protection | |||||||
Markit CDX North America High Yield Index | Intercontinental Exchange | $3,472 | 5.00%/ Quarterly | 12/20/28 | $202,508 | $417 | $202,091 |
Elfun Income Fund | 89 |
The Fund had the following long futures contracts open at December 31, 2023: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
U.S. Long Bond Futures | March 2024 | 12 | $ 1,400,996 | $ 1,499,129 | $ 98,133 |
10 Yr. U.S. Treasury Ultra Futures | March 2024 | 176 | 19,773,218 | 20,770,750 | 997,532 |
2 Yr. U.S. Treasury Notes Futures | March 2024 | 25 | 5,095,572 | 5,147,851 | 52,279 |
Ultra Long-Term U.S. Treasury Bond Futures | March 2024 | 16 | 1,933,387 | 2,137,500 | 204,113 |
5 Yr. U.S. Treasury Notes Futures | March 2024 | 91 | 9,655,310 | 9,898,383 | 243,073 |
$ 1,595,130 |
The Fund had the following short futures contracts open at December 31, 2023: |
Description | Expiration date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
10 Yr. U.S. Treasury Notes Futures | March 2024 | 57 | $ (6,228,627) | $ (6,434,766) | $ (206,139) |
During the year ended December 31, 2023, average notional values related to derivative contracts were as follows: | |||
Long Futures Contracts | Short Futures Contracts | Credit Default Swap Contracts | |
Average Notional Value | $34,158,859 | $8,580,187 | $5,002,508 |
(a) | At December 31, 2023, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs. |
(b) | Variable Rate Security - Interest rate shown is rate in effect at December 31, 2023. 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) | Principal only security. These securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the "principal only" holder. |
(f) | Step coupon bond. |
(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, 2023, these securities amounted to $7,328,632 or 5.02% 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) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(i) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of December 31, 2023. |
* | Less than 0.05%. |
90 | Elfun Income Fund |
Abbreviations: |
CMT - Constant Maturity Treasury |
ISDA - International Swaps and Derivatives Association |
LIBOR - London Interbank Offered Rate |
REIT - Real Estate Investment Trust |
REMICS - Real Estate Mortgage Investment Conduits |
RFUCCT - Refinitiv USD IBOR Consumer Cash Fallbacks Term |
SOFR - Secured Overnight Financing Rate |
STRIPS - Separate Trading of Registered Interest and Principal of Security |
TBA - To Be Announced |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
U.S. Treasuries | $ — | $ 38,737,550 | $ — | $ 38,737,550 | |||
Agency Mortgage Backed | — | 35,924,606 | — | 35,924,606 | |||
Agency Collateralized Mortgage Obligations | — | 1,201,361 | — | 1,201,361 | |||
Asset Backed | — | 48,305 | — | 48,305 | |||
Corporate Notes | — | 48,406,978 | — | 48,406,978 | |||
Non-Agency Collateralized Mortgage Obligations | — | 9,127,337 | — | 9,127,337 | |||
Sovereign Bonds | — | 1,774,829 | — | 1,774,829 | |||
Municipal Bonds and Notes | — | 714,930 | — | 714,930 | |||
Short-Term Investments | 20,710,832 | — | — | 20,710,832 | |||
Total Investments in Securities | $ 20,710,832 | $ 135,935,896 | $ — | $ 156,646,728 | |||
Other Financial Instruments | |||||||
Credit Default Swap Contracts - Unrealized Appreciation | $ — | $ 202,091 | $ — | $ 202,091 | |||
Long Futures Contracts - Unrealized Appreciation | 1,595,130 | — | — | 1,595,130 | |||
Short Futures Contracts - Unrealized Depreciation | (206,139) | — | — | (206,139) | |||
Total Other Financial Instruments | $ 1,388,991 | $ 202,091 | $ — | $ 1,591,082 |
Affiliate Table |
Number of Shares Held at 12/31/22 | Value at 12/31/22 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 12/31/23 | Value at 12/31/23 | Dividend Income | |
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 33,943,475 | $33,943,475 | $51,271,000 | $64,503,643 | $— | $— | 20,710,832 | $20,710,832 | $1,394,546 |
Elfun Income Fund | 91 |
92 | Elfun Government Money Market Fund |
Sector Allocation |
Portfolio composition as a % of Fair Value of $149,980 (in thousands) as of December 31, 2023 (a) |
Average Annual Total Return for the years ended December 31, 2023 | |||||||
(Inception date: 6/13/90) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
Elfun Government Money Market Fund | 4.89% | 1.72% | 1.09% | $11,142 | |||
Daily-linked 90-Day T-Bill | 5.01% | 1.79% | 1.23% | $11,300 |
(a) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
Elfun Government Money Market Fund | 93 |
94 | Elfun Government Money Market Fund |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value July 1, 2023 | $1,000.00 | $1,000.00 | |
Ending Account value December 31, 2023 | $1,026.00 | $1,023.90 | |
Expenses Paid During Period* | $ 1.28 | $ 1.28 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.25%** (for the period July 1, 2023 - December 31, 2023), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
Elfun Government Money Market Fund | 95 |
Principal Amount | Fair Value | |
Short-Term Investments - 102.0% † | ||
U.S. Treasuries - 43.8% | ||
U.S. Treasury Bills | ||
5.15% 11/29/24 (a) | $ 750,000 | $ 716,558 |
5.23% 01/30/24 (a)(b) | 400,000 | 400,000 |
5.28% 02/15/24 (a) | 1,800,000 | 1,799,480 |
5.30% 07/05/24 (a) | 1,000,000 | 974,950 |
5.31% 06/27/24 (a) | 125,000 | 121,866 |
5.34% 01/16/24 - 06/20/24 (a) | 1,800,000 | 1,774,144 |
5.37% 04/30/24 (a) | 500,000 | 491,389 |
5.38% 02/15/24 - 07/05/24 (a) | 5,350,000 | 5,261,762 |
5.39% 01/04/24 - 04/23/24 (a) | 5,900,000 | 5,879,445 |
5.40% 04/09/24 - 06/13/24 (a) | 1,900,000 | 1,859,109 |
5.41% 01/02/24 (a)(b) | 2,600,000 | 2,600,000 |
5.41% 04/02/24 - 04/09/24 (a) | 2,150,000 | 2,121,367 |
5.42% 01/02/24 (a)(b) | 1,400,000 | 1,400,000 |
5.42% 03/19/24 - 08/08/24 (a) | 3,530,000 | 3,466,003 |
5.43% 02/08/24 - 08/08/24 (a) | 3,400,000 | 3,345,849 |
5.45% 03/12/24 - 05/23/24 (a) | 2,050,000 | 2,018,063 |
5.46% 05/30/24 (a) | 2,500,000 | 2,445,781 |
5.47% 02/15/24 - 09/05/24 (a) | 2,600,000 | 2,552,534 |
5.48% 01/04/24 - 10/31/24 (a) | 2,850,000 | 2,803,694 |
5.49% 01/04/24 - 07/11/24 (a) | 3,380,000 | 3,345,802 |
5.49% 01/25/24 (a) | 220,000 | 219,259 |
5.49% 02/08/24 (a) | 200,000 | 198,917 |
5.50% 01/02/24 (a)(b) | 1,000,000 | 1,000,000 |
5.50% 01/02/24 - 06/13/24 (a) | 2,730,000 | 2,715,222 |
5.51% 01/30/24 (a) | 600,000 | 597,507 |
5.52% 01/30/24 - 04/04/24 (a) | 1,700,000 | 1,689,141 |
5.53% 03/28/24 (a) | 1,300,000 | 1,283,522 |
5.54% 03/28/24 - 10/03/24 (a) | 2,100,000 | 2,046,652 |
5.56% 04/04/24 (a) | 800,000 | 788,967 |
5.57% 02/29/24 - 10/03/24 (a) | 1,275,000 | 1,235,993 |
5.58% 02/29/24 (a) | 350,000 | 346,983 |
Principal Amount | Fair Value | |
U.S. Treasury Floating Rate Notes (6.00% fixed rate until 5/22/27; 3.75% + 5 year US ISDA thereafter) | ||
5.26% 04/30/24 (c) | $ 3,050,000 | $ 3,049,321 |
5.32% 01/31/24 (c) | 160,000 | 160,000 |
5.37% 07/31/24 (c) | 3,300,000 | 3,299,968 |
5.47% 10/31/24 (c) | 15,000 | 14,996 |
5.49% 10/31/25 | 430,000 | 429,378 |
64,453,622 | ||
U.S. Government Agency Obligations - 16.6% | ||
Federal Farm Credit Banks Funding Corp. 0.04% + SOFR | ||
5.44% 02/05/24 (c) | 125,000 | 124,996 |
Federal Farm Credit Banks Funding Corp. 0.05% + SOFR | ||
5.45% 02/23/24 - 05/09/24 (c) | 350,000 | 349,999 |
5.45% 03/08/24 - 06/03/24 (c) | 600,000 | 600,000 |
Federal Farm Credit Banks Funding Corp. 0.06% + SOFR | ||
5.46% 02/06/24 - 05/13/24 (c) | 780,000 | 780,001 |
Federal Farm Credit Banks Funding Corp. 0.08% + SOFR | ||
5.48% 08/14/24 - 09/27/24 (c) | 500,000 | 500,000 |
Federal Farm Credit Banks Funding Corp. 0.09% + SOFR | ||
5.49% 07/03/24 (c) | 200,000 | 200,000 |
5.49% 09/16/24 (c) | 60,000 | 60,000 |
Federal Farm Credit Banks Funding Corp. 0.10% + SOFR | ||
5.50% 10/11/24 (c) | 500,000 | 500,000 |
Federal Farm Credit Banks Funding Corp. 0.11% + SOFR | ||
5.51% 11/15/24 (c) | 150,000 | 150,000 |
5.51% 11/22/24 (c) | 100,000 | 100,000 |
Federal Farm Credit Banks Funding Corp. 0.12% + SOFR | ||
5.52% 12/03/24 (c) | 200,000 | 200,000 |
Federal Home Loan Bank Discount Notes | ||
5.08% 01/12/24 (a) | 500,000 | 499,335 |
5.09% 02/08/24 (a) | 500,000 | 497,544 |
5.50% 08/01/24 (a) | 700,000 | 678,729 |
96 | Elfun Government Money Market Fund |
Principal Amount | Fair Value | |
5.56% 09/25/24 (a) | $ 1,000,000 | $ 961,470 |
Federal Home Loan Banks | ||
5.12% 05/10/24 | 700,000 | 700,000 |
5.33% 04/26/24 | 500,000 | 500,000 |
5.41% 06/07/24 | 1,300,000 | 1,300,000 |
5.64% 09/13/24 | 1,100,000 | 1,100,000 |
Federal Home Loan Banks 0.03% + SOFR | ||
5.43% 01/17/24 - 01/22/24 (c) | 1,000,000 | 1,000,000 |
Federal Home Loan Banks 0.04% + SOFR | ||
5.44% 01/26/24 (c) | 500,000 | 500,000 |
Federal Home Loan Banks 0.05% + SOFR | ||
5.45% 03/01/24 - 05/10/24 (c) | 2,800,000 | 2,800,000 |
5.45% 03/25/24 (c) | 200,000 | 200,000 |
Federal Home Loan Banks 0.07% + SOFR | ||
5.47% 07/05/24 (c) | 500,000 | 500,000 |
Federal Home Loan Banks 0.08% + SOFR | ||
5.48% 02/26/24 - 08/16/24 (c) | 2,600,000 | 2,600,036 |
Federal Home Loan Banks 0.11% + SOFR | ||
5.51% 11/21/24 - 12/19/24 (c) | 1,800,000 | 1,800,000 |
Federal Home Loan Banks 0.12% + SOFR | ||
5.52% 05/28/24 (c) | 2,100,000 | 2,100,000 |
5.52% 11/01/24 (c) | 800,000 | 800,000 |
Federal Home Loan Banks 0.13% + SOFR | ||
5.53% 01/27/25 (c) | 800,000 | 800,000 |
Federal National Mortgage Association | ||
5.06% 03/28/24 | 400,000 | 400,000 |
5.07% 04/26/24 | 400,000 | 400,000 |
5.26% 05/10/24 | 700,000 | 700,000 |
24,402,110 |
Principal Amount | Fair Value | |
Repurchase Agreements - 41.6% | ||
BNP Paribas Securities Corp. U.S. Treasury Repo 5.34% dated 12/29/23, to be repurchased $5,000,000 on 01/02/2024, Collateralized by $219 U.S. Treasury Bond, 1.250% Maturing on 05/15/2050, Collateralized by $5,020,726 U.S. Treasury Inflation Index Note, 0.125% Maturing on 10/15/2026, Collateralized by $79,085 U.S. Treasury Strips, 0.000% Maturing on 02/15/2040 01/02/24 | $ 5,000,000 | $ 5,000,000 |
Citigroup Global Markets, Inc. U.S. Treasury Repo 5.35% dated 12/29/23, to be repurchased $8,000,000 on 01/02/2024, Collateralized by $8,160,953 U.S. Government Obligation, 5.000% to 7.500% Maturing on 06/20/2053 01/02/24 | 8,000,000 | 8,000,000 |
Goldman Sachs & Co. U.S. Treasury Repo 5.37% dated 12/29/23, to be repurchased $10,000,000 on 01/02/2024, Collateralized by $10,200,000 U.S. Government Obligation, 3.000% to 7.000% Maturing from 04/01/2027 - 03/15/2061 01/02/24 | 10,000,000 | 10,000,000 |
Elfun Government Money Market Fund | 97 |
Principal Amount | Fair Value | |
HSBC Securities USA, Inc. U.S. Treasury Repo 5.33% dated 12/29/23, to be repurchased $5,000,000 on 01/02/2024, Collateralized by $4,454 849 U.S. Treasury Bill, 0.000% Maturing from 03/07/2024 - 10/03/2024, Collateralized by $333,696 U.S. Treasury Bond, 2.750% to 3.000% Maturing from 08/15/2042 - 08/15/2048, Collateralized by $808 U.S. Treasury Note, 4.125% Maturing on 01/31/2025, Collateralized by $310,118 U.S. Treasury Inflation Index Bond, 0.150% Maturing on 02/15/2053, Collateralized by $196 U.S. Treasury Inflation Index Note, 0.125% Maturing on 01/15/2032, Collateralized by $333 U.S. Treasury Strips, 0.000% Maturing from 05/15/2024 - 02/15/2032 01/02/24 | $ 5,000,000 | $ 5,000,000 |
HSBC Securities USA, Inc. U.S. Treasury Repo 5.35% dated 12/29/23, to be repurchased $5,000,000 on 01/02/2024, Collateralized by $5,100,000 U.S. Government Obligation, 1.770% Maturing on 09/01/2051 01/02/24 | 5,000,000 | 5,000,000 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 5.31% dated 12/29/23, to be repurchased $124,000 on 01/02/2024, Collateralized by $126,480 U.S. Treasury Strips, 0.000% Maturing from 08/15/2027 - 08/15/2049 01/02/24 | 124,000 | 124,000 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 5.35% dated 12/29/23, to be repurchased $3,000,000 on 01/02/2024, Collateralized by $3,060,000 U.S. Government Obligation, 2.000% to 6.000% Maturing from 10/01/2033 - 04/01/2051 01/02/24 | 3,000,000 | 3,000,000 |
Principal Amount | Fair Value | |
Mitsubishi UFJ U.S. Treasury Repo 5.35% dated 12/29/23, to be repurchased $10,000,000 on 01/02/2024, Collateralized by $10,150,772 U.S. Government Obligation, 2.000% to 5.000% Maturing from 02/01/2042 - 06/01/2053, Collateralized by $218 U.S. Treasury Bond, 2.375% Maturing on 11/15/2049, Collateralized by $49,011 U.S. Treasury Note, 0.375% to 5.000% Maturing from 10/31/2025 - 08/15/2030 01/02/24 | $ 10,000,000 | $ 10,000,000 |
Standard Chartered U.S. Treasury Repo 5.33% dated 12/29/23, to be repurchased $15,000,000 on 01/02/2024, Collateralized by $15,295,411 U.S. Treasury Note, 1.125% to 4.625% Maturing from 01/31/2025 - 02/15/2031, Collateralized by $4,626 U.S. Treasury Bond, 5.000% Maturing on 05/15/2037 01/02/24 | 15,000,000 | 15,000,000 |
61,124,000 | ||
Total Short-Term Investments (Cost $149,979,732) | 149,979,732 | |
Liabilities in Excess of Other Assets, net - (2.0)% | (2,918,150) | |
NET ASSETS - 100.0% | $ 147,061,582 |
98 | Elfun Government Money Market Fund |
(a) | Coupon amount represents effective yield. |
(b) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
(c) | Variable Rate Security - Interest rate shown is rate in effect at December 31, 2023. 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, 2023. |
Abbreviations: |
ISDA - International Swaps and Derivatives Association |
SOFR - Secured Overnight Financing Rate |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
U.S. Treasuries | $ — | $ 64,453,622 | $ — | $ 64,453,622 | |||
U.S. Government Agency Obligations | — | 24,402,110 | — | 24,402,110 | |||
Repurchase Agreements | — | 61,124,000 | — | 61,124,000 | |||
Total Investments in Securities | $ — | $ 149,979,732 | $ — | $ 149,979,732 |
Elfun Government Money Market Fund | 99 |
12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | |||||
Inception date | 1/1/88 | ||||||||
Net asset value, beginning of period | $ 20.97 | $ 26.73 | $ 26.53 | $ 23.69 | $ 18.51 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income(a) | 0.46 | 0.56 | 0.83 | 0.29 | 0.43 | ||||
Net realized and unrealized gains/(losses) on investments | 3.80 | (4.86) | 1.57 | 2.86 | 5.15 | ||||
Total income/(loss) from investment operations | 4.26 | (4.30) | 2.40 | 3.15 | 5.58 | ||||
Less distributions from: | |||||||||
Net investment income | (0.48) | (0.55) | (0.86) | (0.31) | (0.40) | ||||
Net realized gains | — | (0.91) | (1.34) | — | — | ||||
Total distributions | (0.48) | (1.46) | (2.20) | (0.31) | (0.40) | ||||
Net asset value, end of period | $ 24.75 | $ 20.97 | $ 26.73 | $ 26.53 | $ 23.69 | ||||
Total Return(b) | 20.35% | (16.11)% | 9.05% | 13.31% | 30.14% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $173,754 | $153,897 | $204,799 | $201,200 | $199,123 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.44% | 0.44% | 0.37% | 0.40% | 0.38% | ||||
Gross expenses | 0.44% | 0.44% | 0.37% | 0.40% | 0.38% | ||||
Net investment income | 1.99% | 2.46% | 2.93% | 1.31% | 2.02% | ||||
Portfolio turnover rate | 9% | 16% | 17% | 20% | 15% |
Notes to Financial Highlights | |
(a) | Per share values have been calculated using the average shares method. |
(b) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
100 | Financial Highlights |
12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | |||||
Inception date | 5/27/35 | ||||||||
Net asset value, beginning of period | $ 58.58 | $ 79.73 | $ 71.55 | $ 62.16 | $ 50.14 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income(a) | 0.80 | 0.72 | 0.72 | 0.64 | 0.71 | ||||
Net realized and unrealized gains/(losses) on investments | 19.40 | (16.59) | 16.72 | 14.90 | 17.15 | ||||
Total income/(loss) from investment operations | 20.20 | (15.87) | 17.44 | 15.54 | 17.86 | ||||
Less distributions from: | |||||||||
Net investment income | (0.82) | (0.75) | (0.74) | (0.69) | (0.67) | ||||
Net realized gains | (1.40) | (4.53) | (8.52) | (5.46) | (5.17) | ||||
Total distributions | (2.22) | (5.28) | (9.26) | (6.15) | (5.84) | ||||
Net asset value, end of period | $ 76.56 | $ 58.58 | $ 79.73 | $ 71.55 | $ 62.16 | ||||
Total Return(b) | 34.49% | (19.87)% | 24.28% | 25.07% | 35.57% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $3,636,415 | $2,912,901 | $3,965,156 | $3,419,765 | $2,979,222 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% | ||||
Gross expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% | ||||
Net investment income | 1.18% | 1.03% | 0.89% | 0.99% | 1.20% | ||||
Portfolio turnover rate | 22% | 29% | 26% | 25% | 17% |
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. |
Financial Highlights | 101 |
12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | |||||
Inception date | 1/1/88 | ||||||||
Net asset value, beginning of period | $ 17.02 | $ 21.68 | $ 20.97 | $ 19.54 | $ 17.02 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income(a) | 0.45 | 0.35 | 0.34 | 0.37 | 0.41 | ||||
Net realized and unrealized gains/(losses) on investments | 2.29 | (3.67) | 2.08 | 2.02 | 2.93 | ||||
Total income/(loss) from investment operations | 2.74 | (3.32) | 2.42 | 2.39 | 3.34 | ||||
Less distributions from: | |||||||||
Net investment income | (0.41) | (0.42) | (0.42) | (0.38) | (0.42) | ||||
Net realized gains | (0.08) | (0.92) | (1.29) | (0.58) | (0.40) | ||||
Total distributions | (0.49) | (1.34) | (1.71) | (0.96) | (0.82) | ||||
Net asset value, end of period | $ 19.27 | $ 17.02 | $ 21.68 | $ 20.97 | $ 19.54 | ||||
Total Return(b) | 16.13% | (15.31)% | 11.56% | 12.23% | 19.58% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $176,538 | $166,006 | $211,716 | $205,144 | $199,011 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.32% | 0.33% | 0.30% | 0.31% | 0.30% | ||||
Gross expenses | 0.34% | 0.34% | 0.30% | 0.31% | 0.30% | ||||
Net investment income | 2.47% | 1.83% | 1.53% | 1.88% | 2.20% | ||||
Portfolio turnover rate | 45% (c) | 49% (c) | 41% (c) | 56% (c) | 162% |
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 portfolio turnover calculated for the fiscal years ended 12/31/23, 12/31/22, 12/31/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 125%, 116%, 90% and 136%, respectively. |
102 | Financial Highlights |
12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||
Inception date | 1/1/80 | |||||||||
Net asset value, beginning of period | $ 10.13 | $ 11.47 | $ 11.67 | $ 11.54 | $ 11.19 | |||||
Income/(loss) from investment operations: | ||||||||||
Net investment income(a) | 0.34 | 0.31 | 0.31 | 0.37 | 0.38 | |||||
Net realized and unrealized gains/(losses) on investments | 0.18 | (1.28) | (0.14) | 0.17 | 0.41 | |||||
Total income/(loss) from investment operations | 0.52 | (0.97) | 0.17 | 0.54 | 0.79 | |||||
Contribution from affiliate (Note 5) | 0.00 (b) | — | — | — | — | |||||
Less distributions from: | ||||||||||
Net investment income | (0.39) | (0.37) | (0.37) | (0.41) | (0.44) | |||||
Total distributions | (0.39) | (0.37) | (0.37) | (0.41) | (0.44) | |||||
Net asset value, end of period | $ 10.26 | $ 10.13 | $ 11.47 | $ 11.67 | $ 11.54 | |||||
Total Return(c) | 5.31% | (8.44)% | 1.44% | 4.77% | 7.13% | |||||
Ratios/Supplemental Data: | ||||||||||
Net assets, end of period (in thousands) | $1,009,908 | $1,047,236 | $1,250,501 | $1,341,617 | $1,377,821 | |||||
Ratios to average net assets: | ||||||||||
Net expenses | 0.21% | 0.21% | 0.21% | 0.21% | 0.20% | |||||
Gross expenses | 0.21% | 0.21% | 0.21% | 0.21% | 0.20% | |||||
Net investment income | 3.37% | 2.96% | 2.65% | 3.24% | 3.35% | |||||
Portfolio turnover rate | 79% | 43% | 42% | 41% | 25% |
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. |
Financial Highlights | 103 |
12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | |||||
Inception date | 12/31/84 | ||||||||
Net asset value, beginning of period | $ 9.68 | $ 11.67 | $ 12.25 | $ 11.74 | $ 11.02 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income(a) | 0.34 | 0.25 | 0.24 | 0.29 | 0.32 | ||||
Net realized and unrealized gains/(losses) on investments | 0.19 | (1.80) | (0.38) | 0.63 | 0.73 | ||||
Total income/(loss) from investment operations | 0.53 | (1.55) | (0.14) | 0.92 | 1.05 | ||||
Less distributions from: | |||||||||
Net investment income | (0.36) | (0.27) | (0.27) | (0.34) | (0.33) | ||||
Net realized gains | — | (0.17) | (0.17) | (0.07) | — | ||||
Total distributions | (0.36) | (0.44) | (0.44) | (0.41) | (0.33) | ||||
Net asset value, end of period | $ 9.85 | $ 9.68 | $ 11.67 | $ 12.25 | $ 11.74 | ||||
Total Return(b) | 5.78% | (13.47)% | (1.19)% | 8.03% | 9.50% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $146,043 | $160,286 | $218,824 | $244,329 | $233,663 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.33% | 0.32% | 0.29% | 0.27% | 0.29% | ||||
Gross expenses | 0.34% | 0.32% | 0.29% | 0.27% | 0.29% | ||||
Net investment income | 3.51% | 2.41% | 2.03% | 2.44% | 2.77% | ||||
Portfolio turnover rate | 53% (c) | 40% (c) | 71% (c) | 108% (c) | 107% |
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. |
(c) | The portfolio turnover calculated for the fiscal years ended 12/31/23, 12/31/22 and 12/31/21 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 268%, 187%, and 184%, respectively. |
104 | Financial Highlights |
12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | |||||
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(a) | 0.05 | 0.01 | — | 0.00 (b) | 0.02 | ||||
Total income from investment operations | 0.05 | 0.01 | — | 0.00 (b) | 0.02 | ||||
Less distributions from: | |||||||||
Net investment income | (0.05) | (0.01) | — | (0.00) (b) | (0.02) | ||||
Total distributions | (0.05) | (0.01) | — | (0.00) (b) | (0.02) | ||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total Return(c) | 4.89% | 1.45% | —% | 0.32% | 1.99% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $147,062 | $159,127 | $142,430 | $153,251 | $128,561 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.26% | 0.24% | 0.09% | 0.19% | 0.26% | ||||
Gross expenses | 0.26% | 0.27% | 0.26% | 0.25% | 0.26% | ||||
Net investment income | 4.77% | 1.50% | —% | 0.30% | 1.96% |
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. |
Financial Highlights | 105 |
Elfun International Equity Fund | Elfun Trusts | ||
Assets | |||
Investments in unaffiliated securities, at fair value (cost $118,105,299; $1,608,899,978; $108,506,252; $986,086,424; $144,162,041 and $0, respectively) | $ 170,915,269 | $ 3,588,856,288 | |
Short-term investments, at fair value (cost $0; $0; $0; $0; $0 and $88,855,732, respectively) | — | — | |
Investments in affiliated securities, at fair value (cost $2,709,283; $46,213,083; $46,484,469; $4,577,263; $20,710,832 and $0, respectively) | 2,709,283 | 46,213,083 | |
Repurchase agreements | — | — | |
Cash | — | — | |
Net cash collateral on deposit with broker for future contracts | 2,372 | — | |
Foreign currency (cost $2,306, $0, $32,020, $0, $0 and $0, respectively) | 2,306 | — | |
Receivable for investments sold | — | — | |
Income receivables | 484,406 | 3,797,921 | |
Receivable for fund shares sold | 1,239 | 387,698 | |
Income receivable from affiliated investments | 19,300 | 164,266 | |
Receivable for accumulated variation margin on swap contracts | — | — | |
Receivable for accumulated variation margin on futures contracts | 21,025 | — | |
Prepaid expenses and other assets | 464 | 9,162 | |
Total assets | 174,155,664 | 3,639,428,418 | |
Liabilities | |||
Distribution payable to shareholders | — | — | |
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 | 220,273 | 2,328,472 | |
Payable to the Adviser | 24,489 | 407,857 | |
Payable for custody, fund accounting and sub-administration fees | 9,493 | 72,781 | |
Accrued other expenses | 147,375 | 204,715 | |
Total liabilities | 401,630 | 3,013,825 | |
Net Assets | $ 173,754,034 | $ 3,636,414,593 | |
Net Assets Consist of: | |||
Capital paid in | $ 123,137,919 | $ 1,628,813,590 | |
Total distributable earnings (loss) | 50,616,115 | 2,007,601,003 | |
Net Assets | $ 173,754,034 | $ 3,636,414,593 | |
Shares outstanding (Par value $10; $10; $10; $10; $10; and $1, respectively; unlimited shares authorized) | 7,021,303 | 47,497,079 | |
Net asset value, offering and redemption price per share | $ 24.75 | $ 76.56 |
106 | Statements of Assets and Liabilities |
Elfun Diversified Fund | Elfun Tax-Exempt Income Fund | Elfun Income Fund | Elfun Government Money Market Fund | |||
$ 130,268,764 | $ 1,009,798,273 | $ 135,935,896 | $ — | |||
— | — | — | 88,855,732 | |||
52,058,016 | 4,577,263 | 20,710,832 | — | |||
— | — | — | 61,124,000 | |||
— | — | — | 328 | |||
— | — | — | — | |||
37,171 | — | — | — | |||
3,143,406 | — | 10,476,430 | — | |||
434,125 | 13,335,526 | 1,045,165 | — | |||
1,135 | 58,764 | 24,589 | 242,493 | |||
62,550 | 54,797 | 101,358 | 280,821 | |||
75,398 | — | 208,293 | — | |||
488,656 | — | 1,389,405 | — | |||
481 | 2,827 | 416 | 407 | |||
186,569,702 | 1,027,827,450 | 169,892,384 | 150,503,781 | |||
— | 920,947 | 108,930 | 48,266 | |||
469,721 | — | 1,674,526 | — | |||
75,946 | — | 169,302 | — | |||
9,277,237 | 16,064,739 | 21,742,316 | 2,948,300 | |||
80,748 | 648,445 | 43,279 | 351,630 | |||
23,358 | 136,448 | 19,494 | 12,688 | |||
10,256 | 21,095 | 4,040 | 12,519 | |||
94,315 | 128,185 | 87,394 | 68,796 | |||
10,031,581 | 17,919,859 | 23,849,281 | 3,442,199 | |||
$ 176,538,121 | $ 1,009,907,591 | $ 146,043,103 | $ 147,061,582 | |||
$ 151,622,592 | $ 1,103,546,200 | $ 174,759,902 | $ 147,061,550 | |||
24,915,529 | (93,638,609) | (28,716,799) | 32 | |||
$ 176,538,121 | $ 1,009,907,591 | $ 146,043,103 | $ 147,061,582 | |||
9,162,431 | 98,429,229 | 14,829,968 | 147,061,530 | |||
$ 19.27 | $ 10.26 | $ 9.85 | $ 1.00 |
Statements of Assets and Liabilities | 107 |
Elfun International Equity Fund | Elfun Trusts | ||
Investment Income | |||
Income | |||
Dividend | $ 3,930,153 | $ 41,436,234 | |
Interest | — | — | |
Income from affiliated investments | 193,121 | 2,890,491 | |
Less: Foreign taxes withheld | (120,979) | (38,256) | |
Total income | 4,002,295 | 44,288,469 | |
Expenses | |||
Advisory and administration fees | 346,858 | 4,574,863 | |
Blue Sky fees | 33,186 | 36,970 | |
Transfer agent fees | 121,110 | 550,928 | |
Trustees' fees | 22,405 | 48,221 | |
Custody, fund accounting and sub-administration fees | 56,622 | 426,037 | |
Professional fees | 102,910 | 50,317 | |
Printing and shareholder reports | 3,528 | 19,539 | |
Registration fees | — | 2,567 | |
Other expenses | 35,021 | 58,704 | |
Total expenses before waivers | 721,640 | 5,768,146 | |
Fees waived and/or reimbursed by the adviser | — | — | |
Net expenses | 721,640 | 5,768,146 | |
Net investment income (loss) | $ 3,280,655 | $ 38,520,323 | |
Net Realized and Unrealized Gain (Loss) on Investments | |||
Realized gain (loss) on: | |||
Unaffiliated investments | $ 608,838 | $ 66,873,485 | |
Affiliated investments | — | — | |
Futures | 166,377 | — | |
Swap contracts | — | — | |
Foreign currency transactions | (80,969) | — | |
Increase (decrease) in unrealized appreciation/depreciation on: | |||
Unaffiliated investments | 26,298,605 | 864,081,688 | |
Affiliated investments | — | — | |
Futures | 27,002 | — | |
Swap contracts | — | — | |
Foreign currency translations | 76,855 | — | |
Net realized and unrealized gain (loss) on investments | 27,096,708 | 930,955,173 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ 30,377,363 | $ 969,475,496 |
108 | Statements of Operations |
Elfun Diversified Fund | Elfun Tax-Exempt Income Fund | Elfun Income Fund | Elfun Government Money Market Fund | |||
$ 1,273,905 | $ — | $ 8,544 | $ — | |||
1,696,750 | 36,040,105 | 4,432,765 | 7,539,874 | |||
1,850,322 | 568,445 | 1,394,546 | — | |||
(349) | — | (114) | — | |||
4,820,628 | 36,608,550 | 5,835,741 | 7,539,874 | |||
293,012 | 1,636,828 | 258,174 | 149,600 | |||
32,555 | 31,672 | 31,386 | 27,093 | |||
102,803 | 226,745 | 111,610 | 78,946 | |||
22,486 | 29,971 | 22,366 | 22,245 | |||
78,513 | 152,026 | 51,550 | 67,439 | |||
46,238 | 44,447 | 39,031 | 26,566 | |||
460 | 5,214 | 368 | 14,277 | |||
— | 730 | — | — | |||
8,576 | 20,643 | 9,434 | 2,540 | |||
584,643 | 2,148,276 | 523,919 | 388,706 | |||
(27,233) | — | (20,958) | — | |||
557,410 | 2,148,276 | 502,961 | 388,706 | |||
$ 4,263,218 | $ 34,460,274 | $ 5,332,780 | $ 7,151,168 | |||
$ 487,194 | $ (22,004,512) | $ (7,135,536) | $ 28 | |||
(129,925) | — | — | — | |||
(583,911) | — | (1,701,442) | — | |||
210,019 | — | 509,179 | — | |||
— | — | — | — | |||
15,765,563 | 39,230,213 | 9,922,410 | — | |||
5,125,825 | — | — | — | |||
505,446 | — | 1,342,451 | — | |||
(41,324) | — | (79,001) | — | |||
3,356 | — | — | — | |||
21,342,243 | 17,225,701 | 2,858,061 | 28 | |||
$ 25,605,461 | $ 51,685,975 | $ 8,190,841 | $ 7,151,196 |
Statements of Operations | 109 |
Elfun International Equity Fund | Elfun Trusts | ||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations: | |||||||
Net investment income (loss) | $ 3,280,655 | $ 4,093,389 | $ 38,520,323 | $ 34,301,058 | |||
Net realized gain (loss) on investments, futures, swap contracts and foreign currency transactions | 694,246 | 1,012,444 | 66,873,485 | 29,082,241 | |||
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations | 26,402,462 | (38,191,968) | 864,081,688 | (838,339,517) | |||
Net increase (decrease) from operations | 30,377,363 | (33,086,135) | 969,475,496 | (774,956,218) | |||
Distributions to shareholders: | |||||||
Total distributions | (3,335,403) | (10,109,923) | (103,313,728) | (244,921,749) | |||
Increase (decrease) in assets from operations and distributions | 27,041,960 | (43,196,058) | 866,161,768 | (1,019,877,967) | |||
Share transactions: | |||||||
Proceeds from sale of shares | 1,123,363 | 1,319,728 | 29,812,242 | 46,867,193 | |||
Value of distributions reinvested | 2,845,714 | 8,739,289 | 83,869,293 | 199,361,109 | |||
Cost of shares redeemed | (11,153,754) | (17,765,665) | (256,330,188) | (278,604,671) | |||
Net increase (decrease) from share transactions | (7,184,677) | (7,706,648) | (142,648,653) | (32,376,369) | |||
Contribution from affiliate (Note 5) | — | — | — | — | |||
Total increase (decrease) in net assets | 19,857,283 | (50,902,706) | 723,513,115 | (1,052,254,336) | |||
Net Assets | |||||||
Beginning of year | 153,896,751 | 204,799,457 | 2,912,901,478 | 3,965,155,814 | |||
End of year | $ 173,754,034 | $ 153,896,751 | $ 3,636,414,593 | $ 2,912,901,478 | |||
Changes in Fund Shares | |||||||
Shares sold | 48,534 | 57,624 | 431,748 | 682,298 | |||
Issued for distributions reinvested | 116,342 | 414,965 | 1,095,731 | 3,419,573 | |||
Shares redeemed | (481,778) | (796,024) | (3,752,164) | (4,109,858) | |||
Net increase (decrease) in fund shares | (316,902) | (323,435) | (2,224,685) | (7,987) |
110 | Statements of Changes in Net Assets |
Elfun Diversified Fund | Elfun Tax-Exempt Income Fund | |||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||
$ 4,263,218 | $ 3,341,934 | $ 34,460,274 | $ 32,745,446 | |||
(16,623) | 2,862,030 | (22,004,512) | (38,399,737) | |||
21,358,866 | (38,242,543) | 39,230,213 | (97,949,642) | |||
25,605,461 | (32,038,579) | 51,685,975 | (103,603,933) | |||
(4,450,469) | (12,253,898) | (39,868,126) | (39,613,148) | |||
21,154,992 | (44,292,477) | 11,817,849 | (143,217,081) | |||
3,675,600 | 4,806,152 | 17,516,652 | 27,813,701 | |||
3,924,811 | 10,857,841 | 28,676,526 | 28,329,020 | |||
(18,223,226) | (17,081,582) | (95,357,812) | (116,189,891) | |||
(10,622,815) | (1,417,589) | (49,164,634) | (60,047,170) | |||
— | — | 17,942 | — | |||
10,532,177 | (45,710,066) | (37,328,843) | (203,264,251) | |||
166,005,944 | 211,716,010 | 1,047,236,434 | 1,250,500,685 | |||
$ 176,538,121 | $ 166,005,944 | $ 1,009,907,591 | $ 1,047,236,434 | |||
200,733 | 245,078 | 1,723,651 | 2,667,177 | |||
204,524 | 637,197 | 2,844,784 | 2,728,399 | |||
(993,874) | (896,699) | (9,471,668) | (11,098,604) | |||
(588,617) | (14,424) | (4,903,233) | (5,703,028) |
Statements of Changes in Net Assets | 111 |
Elfun Income Fund | Elfun Government Money Market Fund | ||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations: | |||||||
Net investment income (loss) | $ 5,332,780 | $ 4,480,057 | $ 7,151,168 | $ 2,245,052 | |||
Net realized gain (loss) on investments, futures and swap contracts | (8,327,799) | (10,985,019) | 28 | 211 | |||
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts | 11,185,860 | (22,359,867) | — | — | |||
Net increase (decrease) from operations | 8,190,841 | (28,864,829) | 7,151,196 | 2,245,263 | |||
Distributions to shareholders: | |||||||
Total distributions | (5,736,339) | (7,501,246) | (7,151,430) | (2,245,052) | |||
Increase (decrease) in assets from operations and distributions | 2,454,502 | (36,366,075) | (234) | 211 | |||
Share transactions: | |||||||
Proceeds from sale of shares | 3,850,491 | 10,181,575 | 49,228,579 | 76,139,491 | |||
Value of distributions reinvested | 4,551,271 | 6,014,489 | 6,813,329 | 2,101,565 | |||
Cost of shares redeemed | (25,099,421) | (38,368,027) | (68,107,558) | (61,544,131) | |||
Net increase (decrease) from share transactions | (16,697,659) | (22,171,963) | (12,065,650) | 16,696,925 | |||
Total increase (decrease) in net assets | (14,243,157) | (58,538,038) | (12,065,884) | 16,697,136 | |||
Net Assets | |||||||
Beginning of year | 160,286,260 | 218,824,298 | 159,127,466 | 142,430,330 | |||
End of year | $ 146,043,103 | $ 160,286,260 | $ 147,061,582 | $ 159,127,466 | |||
Changes in Fund Shares | |||||||
Shares sold | 402,137 | 943,220 | 49,228,578 | 76,139,492 | |||
Issued for distributions reinvested | 472,181 | 598,767 | 6,813,329 | 2,101,565 | |||
Shares redeemed | (2,610,193) | (3,722,118) | (68,107,558) | (61,544,131) | |||
Net increase (decrease) in fund shares | (1,735,875) | (2,180,131) | (12,065,651) | 16,696,926 |
112 | Statements of Changes in Net Assets |
• | 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 and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices. |
Notes to Financial Statements | 113 |
• | Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value. |
• | Options on futures are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options on futures are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with the valuation policy and procedures approved by the Board. |
• | Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third-party valuation the agreements will be fair valued. |
• | 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. |
114 | Notes to Financial Statements |
Notes to Financial Statements | 115 |
116 | Notes to Financial Statements |
Fund | 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 |
Notes to Financial Statements | 117 |
Asset Derivatives | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun International Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 21,025 | $ — | $ 21,025 |
Elfun Diversified Fund | ||||||
Futures Contracts | $ 470,804 | $ — | $ — | $ 17,852 | $ — | $ 488,656 |
Swap Contracts | — | — | 75,398 | — | — | 75,398 |
Elfun Income Fund | ||||||
Futures Contracts | $ 1,389,405 | $ — | $ — | $ — | $ — | $ 1,389,405 |
Swap Contracts | — | — | 208,293 | — | — | 208,293 |
Realized Gain (Loss) | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun International Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 166,377 | $ — | $ 166,377 |
Elfun Diversified Fund | ||||||
Futures Contracts | $ (630,155) | $ — | $ — | $ 46,244 | $ — | $ (583,911) |
Swap Contracts | — | — | 210,019 | — | — | 210,019 |
Elfun Income Fund | ||||||
Futures Contracts | $ (1,701,442) | $ — | $ — | $ — | $ — | $ (1,701,442) |
Swap Contracts | — | — | 509,179 | — | — | 509,179 |
Net Change in Unrealized Appreciation/Depreciation | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun International Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 27,002 | $ — | $ 27,002 |
Elfun Diversified Fund | ||||||
Futures Contracts | $ 474,011 | $ — | $ — | $ 31,435 | $ — | $ 505,446 |
Swap Contracts | — | — | (41,324) | — | — | (41,324) |
Elfun Income Fund | ||||||
Futures Contracts | $ 1,342,451 | $ — | $ — | $ — | $ — | $ 1,342,451 |
Swap Contracts | — | — | (79,001) | — | — | (79,001) |
118 | Notes to Financial Statements |
Fund | Management Fee |
Elfun International Equity Fund | 0.21% |
Elfun Trusts | 0.14% |
Elfun Diversified Fund | 0.17% |
Elfun Tax-Exempt Income Fund | 0.16% |
Elfun Income Fund | 0.17% |
Elfun Government Money Market Fund | 0.10% |
Expiration Date | Amount |
12/31/2024 | $233,832 |
12/31/2025 | $ 43,973 |
Notes to Financial Statements | 119 |
U.S. Government Obligations | Other Securities | ||||
Fund | Purchases | Sales | Purchases | Sales | |
Elfun International Equity Fund | $ — | $ — | $ 14,023,758 | $ 21,421,076 | |
Elfun Trusts | — | — | 714,721,437 | 928,974,544 | |
Elfun Diversified Fund | 17,464,780 | 21,732,111 | 52,598,136 | 57,554,857 | |
Elfun Tax-Exempt Income Fund | — | — | 793,508,338 | 817,171,032 | |
Elfun Income Fund | 381,073,547 | 395,504,055 | 19,091,609 | 27,550,764 |
Fund | Exempt Income | Ordinary Income | Long-Term Capital Gains | Total |
Elfun International Equity Fund | $ — | $ 3,335,403 | $ — | $ 3,335,403 |
Elfun Trusts | — | 56,486,542 | 46,827,186 | 103,313,728 |
Elfun Diversified Fund | — | 3,740,490 | 709,979 | 4,450,469 |
Elfun Tax-Exempt Income Fund | 39,197,233 | 670,893 | — | 39,868,126 |
Elfun Income Fund | — | 5,736,339 | — | 5,736,339 |
Elfun Government Money Market Fund | — | 7,151,430 | — | 7,151,430 |
120 | Notes to Financial Statements |
Fund | Exempt Income | Ordinary Income | Long-Term Capital Gains | Total |
Elfun International Equity Fund | $ — | $ 4,234,360 | $ 5,875,563 | $ 10,109,923 |
Elfun Trusts | — | 41,029,943 | 203,891,806 | 244,921,749 |
Elfun Diversified Fund | — | 4,049,986 | 8,203,912 | 12,253,898 |
Elfun Tax-Exempt Income Fund | 39,349,026 | 264,122 | — | 39,613,148 |
Elfun Income Fund | — | 5,213,578 | 2,287,668 | 7,501,246 |
Elfun Government Money Market Fund | — | 2,245,052 | — | 2,245,052 |
Fund | 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 | $ 58,234 | $ — | $ (1,127,928) | $ — | $ 51,685,809 | $— | $ 50,616,115 |
Elfun Trusts | 4,563,844 | — | — | 28,663,863 | 1,974,373,296 | — | 2,007,601,003 |
Elfun Diversified Fund | 652,785 | — | — | 1,193,506 | 23,069,238 | — | 24,915,529 |
Elfun Tax-Exempt Income Fund | — | 60,437 | (103,997,585) | — | 10,298,539 | — | (93,638,609) |
Elfun Income Fund | 16,758 | — | (19,805,726) | — | (8,927,831) | — | (28,716,799) |
Elfun Government Money Market Fund | 32 | — | — | — | — | — | 32 |
Fund | Non-Expiring Short Term | Non-Expiring Long Term |
Elfun International Equity Fund | $ — | $ 1,127,928 |
Elfun Tax-Exempt Income Fund | 47,192,459 | 56,805,126 |
Elfun Income Fund | 7,189,579 | 12,616,147 |
Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) |
Elfun International Equity Fund | $ 121,983,542 | $ 56,013,765 | $ 4,351,744 | $ 51,662,021 |
Elfun Trusts | 1,660,696,076 | 1,987,000,244 | 12,626,949 | 1,974,373,295 |
Elfun Diversified Fund | 159,824,579 | 27,137,917 | 4,073,828 | 23,064,089 |
Elfun Tax-Exempt Income Fund | 1,004,076,997 | 22,949,226 | 12,650,687 | 10,298,539 |
Elfun Income Fund | 167,165,641 | 1,991,793 | 10,919,624 | (8,927,831) |
Elfun Government Money Market Fund | 149,979,732 | — | — | — |
Notes to Financial Statements | 121 |
122 | Notes to Financial Statements |
Notes to Financial Statements | 123 |
124 | Report of Independent Registered Public Accounting Firm |
Amount | |
Elfun Trusts | $46,827,186 |
Elfun Diversified Fund | 709,979 |
Amount | |
Elfun International Equity Fund | $107,789 |
Amount | |
Elfun International Equity Fund | $3,939,298 |
Amount | |
Elfun Tax-Exempt Income Fund | $39,197,233 |
Other Information | 125 |
126 | Other Information |
Name, Address, and Year of Birth | Position(s) Held with Funds | Term of Office and Length of Time Served | Principal Occupation During Past Five Years and Relevant Experience | Number of Funds in Fund Complex Overseen by Trustee† | Other Directorships Held by Trustee During Past Five Years |
INDEPENDENT TRUSTEES | |||||
Patrick J. Riley c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948 | Trustee and Chairperson of the Board | Term: Indefinite Appointed: 4/16 Elected: 6/16 | Associate Justice of the Superior Court, Commonwealth of Massachusetts (2002 – May 2010); Partner, Riley, Burke & Donahue, L.L.P. (law firm) (1985 – 2002); Independent Director, State Street Global Advisors Europe (investment company) (1998 – 2023); Independent Director, SSGA Liquidity plc (formerly, SSGA Cash Management Fund plc) (1998 – 2023); Independent Director, SSGA Fixed Income plc (January 2009 – present); and Independent Director, SSGA Qualified Funds plc (January 2009 – 2019). | 54 | Board Director and Chairman, SSGA SPDR ETFs Europe I, plc Board (2011 – March 2023); Board Director and Chairman, SPDR Europe II, plc (2013 – March 2023). Board Director, State Street Liquidity plc (1998 – March 2023). |
John R. Costantino c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946 | Trustee and Chairperson of the Qualified Legal Compliance Committee | Term: Indefinite Elected: 12/18 | Executive, Kleinfeld Bridal Corp. (January 2023 – present); Senior Advisor to NGN Capital LLC (January 2020 – present); Managing General Partner, NGN Capital LLC (2006 – December 2019). | 54 | Director of Kleinfeld Bridal Corp. (January 2016 – present); Trustee of Neuroscience Research Institute (1986 – 2017); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee and Independent Chairperson of GE Funds (1993 – February 2011); Director, Muscular Dystrophy Association (2019-present); Trustee of Gregorian University Foundation (1992 – 2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 – present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 – present); Trustee, Gallim Dance (December 2021 – present). |
Other Information | 127 |
Name, Address, and Year of Birth | Position(s) Held with Funds | Term of Office and Length of Time Served | Principal Occupation During Past Five Years and Relevant Experience | Number of Funds in Fund Complex Overseen by Trustee† | Other Directorships Held by Trustee During Past Five Years |
INDEPENDENT TRUSTEES (continued) | |||||
Donna M. Rapaccioli c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1962 | Trustee, Chairperson of the Audit Committee, Vice-Chairperson of the Nominating Committee and Vice-Chairperson of the Governance Committee | Term: Indefinite Elected: 12/18 | Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University. | 54 | Director- Graduate Management Admissions Council (2015 – present); Trustee of Emmanuel College (2010 – 2019). |
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 Appointed: 7/16 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). | 54 | None. |
Margaret McLaughlin c/o SSGA Funds Management,Inc. One Iron Street Boston,MA 02210 YOB: 1967 | Trustee, Vice-Chairperson of the Audit Committee and Vice-Chairperson of the Qualified Legal Compliance Committee | Term: Indefinite Appointed: 9/22 | Consultant,Bates Group(consultants)(September 2020 – January 2023) consultant,Madison Dearborn Partners (private equity)(2019 – 2020) General Counsel/CCO, kramer Van Krik Credit strategies L.P./Mariana Systems LLC (Investment Adviser/SaaS Technology)(2011 – 2019) | 54 | Director,Manning & Naiper Fund Inc(2021 – 2022) |
George M. Pereira c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1964 | Trustee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee | Term: Indefinite Appointed: 9/22 | Chief Operating Officer (January 2011 – September 2020) and Chief Financial Officer (November 2004 – September 2020), Charles Schwab Investment Management. | 54 | Director, Pave Finance Inc. (May 2023 – present); Director, Pacific Premier Bancorp,Pacific Premier Bank(2021 – present) Director, Charles Schwab Asset Management (Ireland) Ltd., & Charles Schwab Worldwide Funds plc. (2005 – 2020); Director, Rotaplast International, Inc. . (non-profit providing free medical services to children worldwide) (2012 – 2018). |
128 | Other Information |
Name, Address, and Year of Birth | Position(s) Held with Funds | Term of Office and Length of Time Served | Principal Occupation During Past Five Years and Relevant Experience | Number of Funds in Fund Complex Overseen by Trustee† | Other Directorships Held by Trustee During Past Five Years |
INDEPENDENT TRUSTEES (continued) | |||||
Mark E. Swanson c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1963 | Trustee and Vice-Chairperson of the Valuation Committee | Term: Indefinite Appointed: 3/23 | Treasurer, Chief Accounting Officer and Chief Financial Officer, Russell Investment Funds (“RIF”) (1998 – 2022); Global Head of Fund Services, Russell Investments (2013 – 2022); Treasurer, Chief Accounting Officer and Chief Financial Officer, Russell Investment Company (“RIC”) (1998 – 2022); President and Chief Executive Officer, RIF (2016 – 2017 and 2020 – 2022); President and Chief Executive Officer, RIC (2016 – 2017 and 2020 – 2022). | 54 | Director and President, Russell Investments Fund Services, LLC (2010 – 2023); Director, Russell Investment Management, LLC, Russell Investments Trust Company and Russell Investments Financial Services, LLC (2010 – 2023). |
† | For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA FM serves as investment adviser. |
Other Information | 129 |
Name, Address, and Year of Birth | Position(s) Held with Funds | Term of Office and Length of Time Served | Principal Occupation During Past Five Years |
OFFICERS | |||
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966 | President and Principal Executive Officer; Deputy Treasurer | Term: Indefinite Served: since 10/12 Term: Indefinite Served: since 5/23 | Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present)*; Managing Director, State Street Global Advisors (April 2005 – present).* |
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961 | Treasurer | Term: Indefinite served:since 7/16 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015). |
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969 | Deputy Treasurer | Term: Indefinite served: since7/16 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President. |
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968 | Deputy Treasurer | Term: Indefinite served:since 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 served:since 7/16 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present). |
David K. Lancaster SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1971 | Assistant Treasurer | Term: Indefinite served: since 11/20 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 – present); Assistant Vice President, State Street Bank and Trust Company (November 2011 – July 2017).* |
John Bettencourt SSGA Funds Management, Inc. One Iron Street Boston MA 02210 YOB:1976 | Assistant Treasurer | Term: Indefinite served: since 5/22 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc.(March 2020 – present); Assistant Vice President, State Street Global Advisors (June 2007 – March 2020). |
130 | Other Information |
Name, Address, and Year of Birth | Position(s) Held with Funds | Term of Office and Length of Time Served | Principal Occupation During Past Five Years |
OFFICERS (continued) | |||
Vedran Vukovic SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1985 | Assistant Treasurer | Term: Indefinite Served: since 2/24 | Vice President, State Street Global Advisors (2023 – present); Assistant Vice President, Brown Brothers Harriman & Co. (2011 – 2023). |
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 served: since 7/16 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present).* |
Andrew J. DeLorme SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1975 | Chief Legal Officer | Term: Indefinite Served: since 2/24 | Managing Director and Managing Counsel, State Street Global Advisors (March 2023 – present); Counsel, K&L Gates (February 2021 – March 2023); Vice President and Senior Counsel, State Street Global Advisors (August 2014 – February 2021). |
David Barr SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974 | Secretary | Term: Indefinite served: since 9/20 | Vice President and Senior Counsel, State Street Global Advisors (October 2019 – present); Vice President and Counsel, Eaton Vance Corp. (October 2010 – October 2019). |
E. Gerard Maiorana, Jr. SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1971 | Assistant Secretary | Term: Indefinite Served: since 5/23 | Assistant Vice President, State Street Global Advisors (July 2014 – present). |
David Urman SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1985 | Assistant Secretary | Term: Indefinite Elected: 8/19 | Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (August 2015 – April 2019); Associate, Ropes & Gray LLP (November 2012 – August 2015). |
* | Served in various capacities and/or with various affiliated entities during noted time period. |
Other Information | 131 |
(b) | Not applicable. |
Item 2. Code of Ethics.
As of the end of the period covered by this report, the Elfun Government Money Market Fund (the “Fund,” “Fund Entity” or “Registrant”) has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code”). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the “SEC”) and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. The Code is combined with other mutual funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of Form N-CSR during the covered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Code is filed as Exhibit 13(a)(1) to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
The Fund’s Board of Trustees (the “Board”) has determined that the Fund has the following “audit committee financial experts” as defined in Item 3(b) of Form N-CSR serving on its audit committee (the “Audit Committee”): Mr. John R. Costantino, Mr. George M. Pereira, Mr. Mark E. Swanson and Ms. Donna M. Rapaccioli. Each of the “audit committee financial experts” is “independent” as that term is defined in Item 3(a)(2) of Form N-CSR.
An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees |
For the fiscal years ended December 31, 2023 and December 31, 2022, 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 $24,289 and $24,289, respectively.
(b) | Audit-Related Fees |
For the fiscal years ended December 31, 2023 and December 31, 2022, there were no fees for assurance and related services by E&Y 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 |
For the fiscal years ending December 31, 2023 and December 31, 2022 the aggregate tax fees billed for professional services rendered by E&Y for the review of year-end distribution requirements were $2,159 and $2,159, respectively.
(d) | All Other Fees |
For the fiscal years ended December 31, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, the aggregate fees for professional services rendered by E&Y for products and services provided by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant that (i) relate directly to the operations and financial reporting of the Registrant and (ii) were pre-approved by the Registrant’s Audit Committee were approximately $9,540,002 and $9,327,125, respectively.
(e)(1) | Audit Committee Pre-Approval Policies and Procedures |
The Fund’s Audit Committee Charter states the following with respect to pre-approval procedures:
The Audit Committee shall have the following duties and powers:
• | To pre-approve engagements by a Fund Entity’s independent auditor for non-audit services to be rendered to the Fund’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund, if the engagement relates directly to the operations and financial reporting of the Fund; |
• | To establish, if deemed necessary or appropriate as an alternative to Audit Committee pre-approval of services to be provided by the independent auditor as required by paragraph (b) above, policies and procedures to permit such services to be pre-approved by other means, such as by action of a designated member or members of the Audit Committee, subject to the requirement that the decision of any member to whom authority is delegated to pre-approve an activity shall be presented to the full Audit Committee at its next scheduled meeting; |
Alternate Pre-Approval Procedure:
• | The Chairperson, or a Co-Chairperson, of the Audit Committee is authorized to pre-approve any engagement involving the Fund Entity’s independent auditors to the same extent as the Audit Committee. Any pre-approval decision by the Chairperson, or a Co-Chairperson, under the foregoing authority shall be presented to the Audit Committee at its next scheduled meeting. |
(e)(2) | Percentages of Services |
None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the period of time for which such rule was effective.
(f) | Not applicable. |
(g) | Total Fees Paid By Adviser and Certain Affiliates |
For the fiscal years ended December 31, 2023 and December 31, 2022, the aggregate non-audit fees billed by E&Y for services rendered to the Registrant and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Registrant were approximately $39,000,000 and $38,000,000, respectively.
(h) | E&Y notified the Fund’s Audit Committee of all non-audit services that were rendered by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the Fund, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the Fund’s Audit Committee to consider whether such services were compatible with maintaining E&Y’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.
Item 6. Investments.
(a) | Schedules of Investments are included as part of the report to shareholders filed under Item 1 of this Form N-CSR. |
(b) | Not applicable to the Registrant. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) | The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) | Not applicable to the Registrant. |
(b) | Not applicable to the Registrant. |
Item 13. Exhibits.
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is attached hereto. |
(a)(2) |
(a)(3) | Not applicable to the Registrant. |
(a)(4) | Not applicable. |
(b) |
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.
ELFUN GOVERNMENT MONEY MARKET FUND
By: | /s/ Ann M. Carpenter | |
Ann M. Carpenter | ||
President (Principal Executive Officer) | ||
Date: | March 7, 2024 |
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/ Ann M. Carpenter | |
Ann M. Carpenter | ||
President (Principal Executive Officer) | ||
Date: | March 7, 2024 | |
By: | /s/ Bruce S. Rosenberg | |
Bruce S. Rosenberg | ||
Treasurer (Principal Financial and Accounting Officer) | ||
Date: | March 7, 2024 |