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: 811-02735

ELFUN TAX-EXEMPT INCOME 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:
Joshua A. Weinberg, Esq. Managing Director and Managing Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210	Timothy W. Diggins, Esq. Ropes & Gray LLP 800 Boylston Street Boston, Massachusetts 02110-2624

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2018

Item 1.  Shareholder Report.

Annual Report

December 31, 2018

Elfun Funds

Elfun International Equity Fund

Elfun Trusts

Elfun Diversified Fund

Elfun Tax-Exempt Income Fund

Elfun Income Fund

Elfun Government Money Market Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.ssga.com/geam), and you will be notified by mail each time a report is posted, and provided with a website link to access the report.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.

Elfun Funds

Annual Report

December 31, 2018

Table of Contents

	Page
Notes to Performance		1
Manager Reviews and Schedule of Investments
Elfun International Equity Fund		2
Elfun Trusts		9
Elfun Diversified Fund		15
Elfun Tax-Exempt Income Fund		50
Elfun Income Fund		61
Elfun Government Money Market Fund		85
Notes to Schedules of Investments		91
Financial Statements
Financial Highlights		92
Statements of Assets and Liabilities		98
Statements of Operations		100
Statements of Changes in Net Assets		102
Notes to Financial Statements		105
Report of Independent Registered Public Accounting Firm		115
Tax Information		116
Special Meeting of Shareholders — Voting Results		117
Other Information		119

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

Elfun Funds

Notes to Performance — December 31, 2018 (Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Notes to Performance 1

Elfun International Equity Fund

Management Discussion of Fund Performance — December 31, 2018 (Unaudited)

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

For the 12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund was -16.33% and the Index was -13.79%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Underperformance in machinery companies, underperformance in consumer discretionary, and outperformance in information technology (“IT”) were primary drivers of Fund performance during the Reporting Period relative to the Index. Machinery companies were generally weak in 2018 as concerns around trade wars and a downturn in the semiconductor cycle took hold. The Fund’s holdings in this space were exposed in both of these areas. In consumer discretionary, the Fund was impacted by a combination of macro and company-specific issues. For example, French auto-supplier Valeo fell on concerns over a slowdown in China, the world’s largest auto market, as well as new emissions regulations in Europe which disrupted production for many auto producers. The Fund’s higher quality IT holdings outperformed in a challenging environment. For example, Japanese electronics manufacturer Murata, while exposed to some of the most challenged markets including China, auto, and smartphones, was able to outperform due to its very strong market position in some vital electronic components.

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

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Hoya Corp, Shire PLC and Kao Corp. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Valeo SA, Bayer AG and Komatsu LTD.

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

2 Elfun International Equity Fund

Elfun International Equity Fund

Understanding Your Fund’s Expenses (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value July 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2018	$	865.70	$	1,023.34
Expenses Paid During Period*	$	1.74	$	1.89

* Expenses are equal to the Fund’s annualized expense ratio of 0.37%** (for the period July 1, 2018-December 31, 2018), 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 3

Elfun International Equity Fund

Performance Summary — December 31, 2018 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2018 (as a % of Fair Value) ^(a)(b)

Nestle S.A.	4.43	%
Novartis AG	3.48	%
Roche Holding AG	2.86	%
AIA Group Ltd.	2.74	%
AstraZeneca PLC	2.65	%
Air Liquide S.A.	2.53	%
SAP SE	2.52	%
Hoya Corp.	2.50	%
Mitsubishi UFJ Financial Group Inc.	2.19	%
Keyence Corp.	2.15	%

Sector Allocation as of December 31, 2018

Portfolio composition as a % of Fair Value of $184,239 (in thousands) as of December 31, 2018 ^(a)(b)

Average Annual Total Return for the periods ended December 31, 2018

(Inception date: 01/01/88)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun International Equity Fund		-16.33	%		-1.22	%		4.63	%	$	15,719
MSCI® EAFE® Index		-13.79	%		0.53	%		6.32	%	$	18,452

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

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

4 Elfun International Equity Fund

Elfun International Equity Fund

Performance Summary, continued — December 31, 2018 (Unaudited)

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

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

Elfun International Equity Fund 5

Elfun International Equity Fund

Schedule of Investments — December 31, 2018

	Number of Shares		Fair Value $
Common Stock - 96.8%†
Australia - 2.7%
BHP Group PLC		175,216		3,685,629
Suncorp Group Ltd.		143,979		1,280,192
				4,965,821
Belgium - 1.3%
Anheuser-Busch InBev S.A.		35,225		2,323,432
Canada - 1.3%
Brookfield Asset Management Inc., Class A (h)		26,732		1,024,028
Seven Generations Energy Ltd., Class A (a)		172,571		1,407,557
				2,431,585
China - 0.5%
New Oriental Education & Technology Group Inc. ADR (a)		15,824		867,313
France - 13.0%
Air Liquide S.A.		37,609		4,662,561
Airbus SE		31,481		3,021,510
AXA S.A.		156,990		3,384,315
BNP Paribas S.A.		78,223		3,529,878
Schneider Electric SE		55,192		3,767,897
Valeo S.A.		65,668		1,914,994
Vivendi S.A.		148,585		3,614,513
				23,895,668
Germany - 8.1%
Bayer AG		39,128		2,708,798
Fresenius SE & Company KGaA		19,792		958,857
HeidelbergCement AG		46,674		2,848,110
Infineon Technologies AG		105,258		2,089,455
KION Group AG (h)		34,048		1,725,411
SAP SE		46,615		4,632,319
				14,962,950
Hong Kong - 2.7%
AIA Group Ltd.		608,167		5,049,060
India - 1.8%
ICICI Bank Ltd.		657,170		3,390,099
Ireland - 2.0%
Kerry Group PLC, Class A		37,493		3,707,400
Italy - 0.5%
Intesa Sanpaolo S.p.A.		376,910		835,791

	Number of Shares		Fair Value $
Japan - 29.1%
Daikin Industries Ltd.		36,900		3,933,332
Disco Corp.		16,800		1,967,643
FANUC Corp.		15,000		2,279,087
Hoya Corp.		76,300		4,600,324
Kao Corp.		50,500		3,753,151
Keyence Corp.		7,800		3,958,474
Komatsu Ltd.		135,300		2,917,123
Mitsubishi UFJ Financial Group Inc.		823,600		4,037,866
Mitsui Fudosan Company Ltd.		154,518		3,443,435
Murata Manufacturing Company Ltd.		24,097		3,284,607
Nidec Corp.		31,400		3,570,296
Secom Company Ltd.		40,500		3,364,326
Sekisui House Ltd.		194,100		2,864,220
Shiseido Company Ltd.		20,600		1,294,036
SoftBank Group Corp.		31,901		2,124,019
Subaru Corp.		103,500		2,226,314
Suzuki Motor Corp.		28,900		1,466,402
Tokio Marine Holdings Inc.		51,898		2,476,762
				53,561,417
Netherlands - 3.6%
ASML Holding N.V.		20,817		3,263,990
ING Groep N.V.		310,477		3,339,813
				6,603,803
Norway - 2.1%
Equinor ASA		180,122		3,822,248
Portugal - 1.7%
Galp Energia SGPS S.A.		195,485		3,082,750
Sweden - 3.1%
Assa Abloy AB, Class B		208,546		3,720,067
Hexagon AB, Class B		43,169		1,986,606
				5,706,673
Switzerland - 12.5%
Givaudan S.A.		1,399		3,229,990
Nestle S.A.		100,858		8,164,403
Novartis AG		75,232		6,413,570
Roche Holding AG		21,340		5,268,975
				23,076,938
Taiwan - 1.1%
Taiwan Semiconductor Manufacturing Company Ltd.		267,900		1,965,431
United Kingdom - 9.7%
AstraZeneca PLC		65,323		4,886,063

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

6 Elfun International Equity Fund

Elfun International Equity Fund

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Prudential PLC		205,605		3,671,256
Smith & Nephew PLC		144,896		2,701,659
Smiths Group PLC		169,909		2,951,642
Vodafone Group PLC		1,871,955		3,645,322
				17,855,942
Total Common Stock (Cost $173,067,843)				178,104,321
Short-Term Investments - 3.3%
State Street Institutional Treasury Money Market Fund - Premier Class 2.24% (d)(n)		3,394,148		3,394,148
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.31% (d)(n)		2,740,984		2,740,984
Total Short-Term Investments (Cost $6,135,132)				6,135,132
Total Investments (Cost $179,202,975)				184,239,453
Liabilities in Excess of Other Assets, net - (0.1)%				(257,484	)
NET ASSETS - 100.0%				183,981,969

During the period ended December 31, 2018, average notional value related to long futures contracts was $1,521,691 or 0.8% of net assets and short futures contracts was $584,740 or 0.3% of net assets.

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2018:

Fund	Investments	Level 1		Level 2		Level 3		Total
Elfun International Equity Fund	Investments in Securities
	Common Stock	$	178,104,321	$	—	$	—	$	178,104,321
	Short-Term Investments		6,135,132		—		—		6,135,132
	Total Investments in Securities	$	184,239,453	$	—	$	—	$	184,239,453

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

Elfun International Equity Fund 7

Elfun International Equity Fund

Schedule of Investments, continued — December 31, 2018

The Fund was invested in the following sectors at December 31, 2018 (unaudited):

Sector	Percentage (based on Fair Value)
Pharmaceuticals		10.46%
Diversified Banks		8.21%
Packaged Foods & Meats		6.44%
Life & Health Insurance		4.73%
Building Products		4.15%
Electrical Components & Equipment		3.98%
Integrated Oil & Gas		3.75%
Electronic Equipment & Instruments		3.23%
Wireless Telecommunication Services		3.13%
Semiconductor Equipment		2.84%
Personal Products		2.74%
Industrial Gases		2.53%
Construction Machinery & Heavy Trucks		2.52%
Application Software		2.52%
Healthcare Supplies		2.50%
Semiconductors		2.20%
Property & Casualty Insurance		2.04%
Automobile Manufacturers		2.00%
Diversified Metals & Mining		2.00%
Movies & Entertainment		1.96%
Diversified Real Estate Activities		1.87%
Multi-Line Insurance		1.84%

Sector	Percentage (based on Fair Value)
Security & Alarm Services		1.83%
Electronic Components		1.78%
Specialty Chemicals		1.75%
Aerospace & Defense		1.64%
Industrial Conglomerates		1.60%
Home Building		1.56%
Construction Materials		1.55%
Healthcare Equipment		1.47%
Brewers		1.26%
Industrial Machinery		1.24%
Auto Parts & Equipment		1.04%
Oil & Gas Exploration & Production		0.76%
Asset Management & Custody Banks		0.56%
Healthcare Services		0.52%
Education Services		0.47%
		96.67%
Short-Term Investments
Short-Term Investments		3.33%
		3.33%
		100.00%

Affiliate Table

	Number of Shares Held at 12/31/17		Value At 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/18		Value at 12/31/18		Dividend Income
State Street Institutional Treasury Money Market Fund - Premier Class		—	$	—	$	23,906,090	$	20,511,942	$	—	$	—		3,394,148	$	3,394,148	$	56,532
State Street Institutional U.S. Government Money Market Fund - Class G Shares		10,975,209		10,975,209		26,977,357		35,211,582		—		—		2,740,984		2,740,984		69,631
TOTAL			$	10,975,209	$	50,883,447	$	55,723,524	$	—	$	—			$	6,135,132	$	126,163

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

8 Elfun International Equity Fund

Elfun Trusts

Management Discussion of Fund Performance — December 31, 2018 (Unaudited)

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

For the 12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund was -3.39% and the Index was -4.38%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

A style tilt toward growth and positive sector allocation were the primary drivers of Fund performance during the Reporting Period relative to the Index. The Fund has a style tilt toward growth versus value and this was beneficial last year. (The Russell 1000 Growth Index outperformed the Russell 1000 Value Index.) The Fund had an overweight in Healthcare and Technology and both sectors outperformed the Index. The Fund had an underweight in Energy, Materials, and Industrials and all three sectors underperformed the Index. The Financial sector underperformed the Index, but was a positive contributor to Fund performance. Bank stocks led the sector lower, but the Fund was underweighted in banks and overweighted in outperforming non-bank financials such as CME Group and S&P Global.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were CME Group, Visa Inc. and Salesforce.com Inc. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Schlumberger, United Rentals Inc. and Applied Materials Inc.

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

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

Elfun Trusts 9

Elfun Trusts

Understanding Your Fund’s Expenses (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value July 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2018	$	927.60	$	1,024.25
Expenses Paid During Period*	$	0.92	$	0.97

* Expenses are equal to the Fund’s annualized expense ratio of 0.19%** (for the period July 1, 2018-December 31, 2018), 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.

10 Elfun Trusts

Elfun Trusts

Performance Summary — December 31, 2018 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2018 (as a % of Fair Value) ^(a)(b)

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

Sector Allocation as of December 31, 2018

Portfolio composition as a % of Fair Value of $2,425,342 (in thousands) as of December 31, 2018 ^(a)(b)

Average Annual Total Return for the periods ended December 31, 2018

(Inception date: 5/27/35)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun Trusts		-3.39	%		8.17	%		14.01	%	$	37,113
S&P 500® Index		-4.38	%		8.50	%		13.12	%	$	34,304

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

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

Elfun Trusts 11

Elfun Trusts

Performance Summary, continued — December 31, 2018 (Unaudited)

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

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

12 Elfun Trusts

Elfun Trusts

Schedule of Investments — December 31, 2018

	Number of Shares		Fair Value $
Common Stock - 97.4%†
Application Software - 2.7%
Intuit Inc.		70,000		13,779,500
salesforce.com Inc. (a)		380,000		52,048,600
				65,828,100
Biotechnology - 6.4%
Alexion Pharmaceuticals Inc. (a)		640,000		62,310,400
Biogen Inc. (a)		45,000		13,541,400
Gilead Sciences Inc.		490,000		30,649,500
Vertex Pharmaceuticals Inc. (a)		290,000		48,055,900
				154,557,200
Cable & Satellite - 5.7%
Charter Communications Inc., Class A (a)		290,000		82,641,300
Liberty Global PLC, Class C (a)		2,300,000		47,472,000
Sirius XM Holdings Inc.		1,600,000		9,136,000
				139,249,300
Data Processing & Outsourced Services - 5.9%
Mastercard Inc., Class A		90,000		16,978,500
Visa Inc., Class A		960,000		126,662,400
				143,640,900
Diversified Banks - 4.8%
JPMorgan Chase & Co.		1,200,000		117,144,000
Electronic Components - 1.1%
Corning Inc.		875,000		26,433,750
Financial Exchanges & Data - 6.5%
CME Group Inc.		500,000		94,060,000
S&P Global Inc.		375,000		63,727,500
				157,787,500
Healthcare Equipment - 2.9%
Boston Scientific Corp. (a)		870,000		30,745,800
Medtronic PLC		445,000		40,477,200
				71,223,000
Healthcare Supplies - 2.8%
The Cooper Companies Inc.		270,000		68,715,000
Integrated Oil & Gas - 2.2%
Chevron Corp.		490,000		53,307,100
Interactive Media & Services - 6.3%
Alphabet Inc., Class A (a)		38,000		39,708,480
Alphabet Inc., Class C (a)		83,000		85,955,630

	Number of Shares		Fair Value $
Facebook Inc., Class A (a)		210,000		27,528,900
				153,193,010
Internet & Direct Marketing Retail - 4.9%
Alibaba Group Holding Ltd. ADR (a)		170,000		23,301,900
Amazon.com Inc. (a)		54,000		81,106,380
Booking Holdings Inc. (a)		8,000		13,779,360
				118,187,640
Investment Banking & Brokerage - 3.1%
The Charles Schwab Corp.		1,800,000		74,754,000
Managed Healthcare - 1.0%
UnitedHealth Group Inc.		100,000		24,912,000
Movies & Entertainment - 4.2%
The Walt Disney Co.		930,000		101,974,500
Oil & Gas Equipment & Services - 2.5%
Schlumberger Ltd.		1,670,000		60,253,600
Oil & Gas Exploration & Production - 0.6%
Diamondback Energy Inc.		150,000		13,905,000
Pharmaceuticals - 7.5%
Allergan PLC		480,000		64,156,800
Johnson & Johnson		480,000		61,944,000
Merck & Company Inc.		310,000		23,687,100
Pfizer Inc.		750,000		32,737,500
				182,525,400
Regional Banks - 2.4%
First Republic Bank		675,000		58,657,500
Semiconductor Equipment - 2.6%
Applied Materials Inc.		1,900,000		62,206,000
Soft Drinks - 4.4%
PepsiCo Inc.		960,000		106,060,800
Specialized REITs - 3.9%
American Tower Corp.		600,000		94,914,000
Specialty Chemicals - 0.8%
Albemarle Corp.		250,000		19,267,500
Systems Software - 5.8%
Microsoft Corp.		1,100,000		111,727,000
ServiceNow Inc. (a)		165,000		29,378,250
				141,105,250

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

Elfun Trusts 13

Elfun Trusts

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Technology Hardware, Storage & Peripherals - 3.4%
Apple Inc.		520,000		82,024,800
Trading Companies & Distributors - 3.0%
United Rentals Inc. (a)		710,000		72,796,300
Total Common Stock (Cost $1,595,066,765)				2,364,623,150
Short-Term Investments - 2.5%
State Street Institutional Treasury Money Market Fund - Premier Class 2.24% (d)(n)		30,743,339		30,743,339

	Number of Shares		Fair Value $
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.31% (n)(d)		29,975,892		29,975,892
Total Short-Term Investments (Cost $60,719,231)				60,719,231
Total Investments (Cost $1,655,785,996)				2,425,342,381
Other Assets and Liabilities, net - 0.1%				2,325,102
NET ASSETS - 100.0%				2,427,667,483

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2018:

Fund	Investments	Level 1		Level 2		Level 3		Total
Elfun Trusts	Investments in Securities
	Common Stock	$	2,364,623,150	$	—	$	—	$	2,364,623,150
	Short-Term Investments		60,719,231		—		—		60,719,231
	Total Investments in Securities	$	2,425,342,381	$	—	$	—	$	2,425,342,381

Affiliate Table

	Number of Shares Held at 12/31/17		Value At 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/18		Value at 12/31/18		Dividend Income
State Street Institutional Treasury Money Market Fund - Premier Class		—	$	—	$	143,137,490	$	112,394,151	$	—	$	—		30,743,339	$	30,743,339	$	878,205
State Street Institutional U.S. Government Money Market Fund - Class G Shares		78,219,855		78,219,855		182,320,451		230,564,414		—		—		29,975,892		29,975,892		1,009,878
TOTAL			$	78,219,855	$	325,457,941	$	342,958,565	$	—	$	—			$	60,719,231	$	1,888,083

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

14 Elfun Trusts

Elfun Diversified Fund

Management Discussion of Fund Performance — December 31, 2018 (Unaudited)

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

For the 12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund was -5.51% and the returns for the S&P 500^® Index, the MSCI^® All Country World ex-U.S. Index and the Bloomberg Barclays U.S. Aggregate Bond Index were -4.38%, -14.20% and 0.01%, respectively. The Fund and Indices’ returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Indices are unmanaged and index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The biggest drivers of the Fund’s performance were its positions in the MSCI^® All Country World ex-U.S. Index and the S&P 500^® Index both of which posted negative returns for the year. Additionally, for a majority of the year, the Fund maintained a tactical position in high yield bonds that also produced negative absolute returns.

The Fund started the year with a modest overweight to equities, split roughly evenly between the U.S. and international, and a modest underweight to fixed income. As the year progressed, the Fund reduced exposure to both U.S. and international equities and subsequently purchased bonds. Allocation changes were made during the 2^nd and 3^rd calendar quarter, at times when the U.S. 10-year yield was approximately 3.00%.

International equities struggled throughout the year as economic fundamentals diverged with the U.S. Slowing growth, rising trade tensions, increased political risk associated with Brexit and the Italian budget, along with, a stronger U.S. dollar created various headwinds for international equities.

In the U.S., dynamics began to shift during early October when Federal Reserve Chairman Jerome Powell indicated the central bank is “a long way” from getting rates to neutral. Concerns started to emerge about the prospect of future growth and the perceived risk of a policy mistake by the Federal Reserve. The S&P 500^® Index declined and treasuries rallied which detracted from the Fund’s relative performance given the modest overweight to equities and underweight to bonds.

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

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

Elfun Diversified Fund 15

Elfun Diversified Fund

Understanding Your Fund’s Expenses — December 31, 2018 (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value July 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2018	$	951.50	$	1,023.84
Expenses Paid During Period*	$	1.33	$	1.38

* Expenses are equal to the Fund’s annualized expense ratio of 0.27%** (for the period July 1, 2018-December 31, 2018), 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.

16 Elfun Diversified Fund

Elfun Diversified Fund

Performance Summary — December 31, 2018 (Unaudited)

Top Ten Largest Equity Holdings

as of December 31, 2018 (as a % of Fair Value) ^(a)(b)

Dreyfus Treasury Cash Management - Institutional Shares	1.37	%
Microsoft Corp.	1.23	%
Apple Inc.	1.14	%
Amazon.com Inc.	0.97	%
Berkshire Hathaway Inc., Class B	0.63	%
Johnson & Johnson	0.55	%
JPMorgan Chase & Co.	0.52	%
Alphabet Inc., Class C	0.50	%
Facebook Inc., Class A	0.50	%
Alphabet Inc., Class A	0.49	%

Sector Allocation

Portfolio composition as a % of Fair Value of $192,174 (in thousands) as of December 31, 2018 ^(a)(b)

Average Annual Total Return for the Periods Ended December 31, 2018

(Inception date: 01/01/88)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun Diversified Fund		-5.51	%		3.58	%		7.46	%	$	20,538
S&P 500® Index		-4.38	%		8.50	%		13.12	%	$	34,304
MSCI® All Country World Index ex-U.S.		-14.20	%		0.68	%		6.57	%	$	18,899
Bloomberg Barclays U.S. Aggregate Bond Index		0.01	%		2.52	%		3.48	%	$	14,075

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

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

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

Elfun Diversified Fund 17

Elfun Diversified Fund

Performance Summary, continued — December 31, 2018 (Unaudited)

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

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

18 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments — December 31, 2018

	Number of Shares		Fair Value $
Domestic Equity - 34.3%†
Common Stock - 34.3%
Advertising - 0.0%*
Omnicom Group Inc. (h)		641		46,947
The Interpublic Group of Companies Inc.		1,166		24,054
				71,001
Aerospace & Defense - 0.9%
Arconic Inc.		1,319		22,238
General Dynamics Corp. (h)		847		133,157
Harris Corp. (h)		349		46,993
Huntington Ingalls Industries Inc.		145		27,595
L3 Technologies Inc. (h)		228		39,594
Lockheed Martin Corp. (h)		758		198,475
Northrop Grumman Corp. (h)		529		129,552
Raytheon Co. (h)		868		133,108
Textron Inc. (h)		798		36,700
The Boeing Co. (h)		1,613		520,192
TransDigm Group Inc. (a)(h)		145		49,309
United Technologies Corp. (h)		2,433		259,066
				1,595,979
Agricultural & Farm Machinery - 0.1%
Deere & Co. (h)		976		145,590
Agricultural Products - 0.0%*
Archer-Daniels-Midland Co. (h)		1,775		72,722
Air Freight & Logistics - 0.2%
CH Robinson Worldwide Inc.		443		37,252
Expeditors International of Washington Inc.		494		33,636
FedEx Corp. (h)		743		119,868
United Parcel Service Inc., Class B (h)		2,122		206,959
				397,715
Airlines - 0.2%
Alaska Air Group Inc.		415		25,253
American Airlines Group Inc. (h)		1,194		38,339
Delta Air Lines Inc. (h)		1,900		94,810
Southwest Airlines Co. (h)		1,548		71,951
United Continental Holdings Inc. (a)(h)		736		61,625
				291,978
Alternative Carriers - 0.0%*
CenturyLink Inc. (h)		3,074		46,571

	Number of Shares		Fair Value $
Apparel Retail - 0.2%
Foot Locker Inc.		400		21,280
L Brands Inc.		787		20,202
Ross Stores Inc. (h)		1,135		94,432
The Gap Inc.		530		13,653
The TJX Companies Inc. (h)		3,836		171,623
				321,190
Apparel, Accessories & Luxury Goods - 0.1%
Hanesbrands Inc.		1,196		14,986
Michael Kors Holdings Ltd. (a)		477		18,088
PVH Corp.		256		23,795
Ralph Lauren Corp.		158		16,347
Tapestry Inc.		936		31,590
Under Armour Inc., Class A (a)		679		11,998
Under Armour Inc., Class C (a)		682		11,028
VF Corp. (h)		972		69,342
				197,174
Application Software - 0.6%
Adobe Inc. (a)(h)		1,473		333,252
ANSYS Inc. (a)		260		37,164
Autodesk Inc. (a)(h)		650		83,596
Cadence Design Systems Inc. (a)		900		39,132
Citrix Systems Inc.		406		41,599
Intuit Inc. (h)		769		151,378
salesforce.com Inc. (a)(h)		2,308		316,127
Synopsys Inc. (a)		410		34,538
				1,036,786
Asset Management & Custody Banks - 0.3%
Affiliated Managers Group Inc.		162		15,785
Ameriprise Financial Inc. (h)		459		47,906
BlackRock Inc. (h)		374		146,915
Franklin Resources Inc.		992		29,423
Invesco Ltd.		1,409		23,587
Northern Trust Corp. (h)		671		56,089
State Street Corp. (h)(e)		1,195		75,369
T Rowe Price Group Inc. (h)		719		66,378
The Bank of New York Mellon Corp. (h)		2,795		131,560
				593,012
Auto Parts & Equipment - 0.0%*
BorgWarner Inc.		639		22,199
Automobile Manufacturers - 0.1%
Ford Motor Co. (h)		11,815		90,385
General Motors Co. (h)		3,933		131,559
				221,944

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

Elfun Diversified Fund 19

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Automotive Retail - 0.1%
Advance Auto Parts Inc.		222		34,956
AutoZone Inc. (a)(h)		77		64,552
CarMax Inc. (a)		503		31,553
O’Reilly Automotive Inc. (a)(h)		239		82,295
				213,356
Biotechnology - 0.9%
AbbVie Inc. (h)		4,561		420,479
Alexion Pharmaceuticals Inc. (a)(h)		668		65,036
Amgen Inc. (h)		1,949		379,412
Biogen Inc. (a)(h)		615		185,066
Celgene Corp. (a)(h)		2,144		137,409
Gilead Sciences Inc. (h)		3,976		248,699
Incyte Corp. (a)		580		36,882
Regeneron Pharmaceuticals Inc. (a)(h)		229		85,531
Vertex Pharmaceuticals Inc. (a)(h)		776		128,591
				1,687,105
Brewers - 0.0%*
Molson Coors Brewing Co., Class B		581		32,629
Broadcasting - 0.1%
CBS Corp., Class B (h)		993		43,414
Discovery Inc., Class A (a)		561		13,879
Discovery Inc., Class C (a)		1,197		27,627
				84,920
Building Products - 0.1%
AO Smith Corp. (h)		500		21,350
Fortune Brands Home & Security Inc.		463		17,589
Johnson Controls International PLC (h)		2,780		82,427
Masco Corp.		873		25,527
				146,893
Cable & Satellite - 0.4%
Charter Communications Inc., Class A (a)(h)		544		155,024
Comcast Corp., Class A (h)		13,796		469,754
DISH Network Corp., Class A (a)		800		19,976
				644,754
Casinos & Gaming - 0.0%*
MGM Resorts International (h)		1,420		34,449

	Number of Shares		Fair Value $
Wynn Resorts Ltd.		324		32,047
				66,496
Commodity Chemicals - 0.0%*
LyondellBasell Industries N.V., Class A (h)		964		80,166
Communications Equipment - 0.4%
Arista Networks Inc. (a)		160		33,712
Cisco Systems Inc. (h)		13,930		603,587
F5 Networks Inc. (a)(h)		168		27,221
Juniper Networks Inc.		1,045		28,121
Motorola Solutions Inc. (h)		513		59,015
				751,656
Computer & Electronics Retail - 0.0%*
Best Buy Company Inc. (h)		718		38,025
Construction & Engineering - 0.0%*
Fluor Corp.		514		16,551
Jacobs Engineering Group Inc.		356		20,811
Quanta Services Inc.		558		16,796
				54,158
Construction Machinery & Heavy Trucks - 0.2%
Caterpillar Inc. (h)		1,821		231,394
Cummins Inc. (h)		439		58,668
PACCAR Inc. (h)		1,125		64,283
				354,345
Construction Materials - 0.0%*
Martin Marietta Materials Inc.		211		36,265
Vulcan Materials Co. (h)		378		37,346
				73,611
Consumer Finance - 0.2%
American Express Co. (h)		2,160		205,891
Capital One Financial Corp. (h)		1,451		109,681
Discover Financial Services (h)		1,027		60,573
Synchrony Financial (h)		2,016		47,295
				423,440
Copper - 0.0%*
Freeport-McMoRan Inc. (h)		4,627		47,704
Data Processing & Outsourced Services - 1.2%
Alliance Data Systems Corp.		158		23,713
Automatic Data Processing Inc. (h)		1,336		175,176
Broadridge Financial Solutions Inc.		390		37,538

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

20 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Fidelity National Information Services Inc. (h)		992		101,730
Fiserv Inc. (a)(h)		1,214		89,217
FleetCor Technologies Inc. (a)		260		48,287
Global Payments Inc. (h)		508		52,390
Jack Henry & Associates Inc.		260		32,895
Mastercard Inc., Class A (h)		2,776		523,692
Paychex Inc. (h)		1,009		65,736
PayPal Holdings Inc. (a)(h)		3,557		299,108
The Western Union Co.		1,491		25,437
Total System Services Inc.		531		43,165
Visa Inc., Class A (h)		5,368		708,254
				2,226,338
Department Stores - 0.0%*
Kohl’s Corp.		552		36,620
Macy’s Inc.		919		27,368
Nordstrom Inc.		309		14,402
				78,390
Distillers & Vintners - 0.1%
Brown-Forman Corp., Class B (h)		462		21,982
Constellation Brands Inc., Class A (h)		504		81,053
				103,035
Distributors - 0.0%*
Genuine Parts Co.		412		39,560
LKQ Corp. (a)		1,036		24,585
				64,145
Diversified Banks - 1.6%
Bank of America Corp. (h)		28,052		691,201
Citigroup Inc. (h)		7,585		394,875
JPMorgan Chase & Co. (h)		10,178		993,577
U.S. Bancorp (h)		4,691		214,379
Wells Fargo & Co. (h)		13,215		608,947
				2,902,979
Diversified Chemicals - 0.2%
DowDuPont Inc. (h)		6,946		371,472
Eastman Chemical Co. (h)		405		29,610
				401,082
Diversified Support Services - 0.0%*
Cintas Corp. (h)		252		42,333
Copart Inc. (a)		560		26,757
				69,090
Drug Retail - 0.1%
Walgreens Boots Alliance Inc. (h)		2,571		175,676

	Number of Shares		Fair Value $
Electric Utilities - 0.7%
Alliant Energy Corp.		690		29,153
American Electric Power Company Inc. (h)		1,486		111,064
Duke Energy Corp. (h)		2,168		187,098
Edison International (h)		1,043		59,211
Entergy Corp.		511		43,982
Evergy Inc.		769		43,656
Eversource Energy (h)		992		64,520
Exelon Corp. (h)		2,910		131,241
FirstEnergy Corp. (h)		1,562		58,653
NextEra Energy Inc. (h)		1,443		250,822
PG&E Corp. (a)(h)		1,638		38,903
Pinnacle West Capital Corp.		331		28,201
PPL Corp. (h)		2,060		58,360
The Southern Co. (h)		3,060		134,395
Xcel Energy Inc. (h)		1,486		73,215
				1,312,474
Electrical Components & Equipment - 0.2%
AMETEK Inc. (h)		755		51,114
Eaton Corporation PLC (h)		1,308		89,807
Emerson Electric Co. (h)		1,904		113,764
Rockwell Automation Inc. (h)		364		54,775
				309,460
Electronic Components - 0.1%
Amphenol Corp., Class A (h)		899		72,837
Corning Inc. (h)		2,423		73,199
				146,036
Electronic Equipment & Instruments - 0.0%*
FLIR Systems Inc.		373		16,240
Keysight Technologies Inc. (a)		600		37,248
				53,488
Electronic Manufacturing Services - 0.0%*
IPG Photonics Corp. (a)		100		11,329
Environmental & Facilities Services - 0.1%
Republic Services Inc.		634		45,705
Rollins Inc.		450		16,245
Waste Management Inc. (h)		1,192		106,076
				168,026
Fertilizers & Agricultural Chemicals - 0.1%
CF Industries Holdings Inc.		701		30,501
FMC Corp.		424		31,359
The Mosaic Co.		1,064		31,079
				92,939

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

Elfun Diversified Fund 21

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Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Financial Exchanges & Data - 0.3%
Cboe Global Markets Inc.		320		31,306
CME Group Inc. (h)		1,063		199,972
Intercontinental Exchange Inc. (h)		1,740		131,074
Moody’s Corp. (h)		484		67,779
MSCI Inc.		250		36,857
Nasdaq Inc.		351		28,631
S&P Global Inc. (h)		765		130,004
				625,623
Food Distributors - 0.1%
Sysco Corp. (h)		1,428		89,479
Food Retail - 0.0%*
The Kroger Co. (h)		2,367		65,093
Footwear - 0.2%
NIKE Inc., Class B (h)		3,925		291,000
General Merchandise Stores - 0.1%
Dollar General Corp. (h)		839		90,679
Dollar Tree Inc. (a)(h)		702		63,405
Target Corp. (h)		1,595		105,413
				259,497
Gold - 0.0%*
Newmont Mining Corp. (h)		1,700		58,905
Health Care REITs - 0.1%
HCP Inc.		1,527		42,649
Ventas Inc. (h)		1,118		65,503
Welltower Inc. (h)		1,109		76,976
				185,128
Healthcare Distributors - 0.1%
AmerisourceBergen Corp.		458		34,075
Cardinal Health Inc. (h)		962		42,905
Henry Schein Inc. (a)		464		36,434
McKesson Corp. (h)		575		63,520
				176,934
Healthcare Equipment - 0.9%
Abbott Laboratories (h)		5,277		381,685
ABIOMED Inc. (a)		140		45,506
Baxter International Inc. (h)		1,488		97,940
Becton Dickinson and Co. (h)		817		184,086
Boston Scientific Corp. (a)(h)		4,199		148,393
Danaher Corp. (h)		1,879		193,763
Edwards Lifesciences Corp. (a)(h)		630		96,497
Hologic Inc. (a)		765		31,442

	Number of Shares		Fair Value $
IDEXX Laboratories Inc. (a)(h)		271		50,411
Intuitive Surgical Inc. (a)(h)		347		166,185
ResMed Inc.		440		50,103
Stryker Corp. (h)		944		147,972
Varian Medical Systems Inc. (a)		257		29,121
Zimmer Biomet Holdings Inc. (h)		650		67,418
				1,690,522
Healthcare Facilities - 0.1%
HCA Healthcare Inc. (h)		813		101,178
Universal Health Services Inc., Class B		242		28,207
				129,385
Healthcare Services - 0.3%
Cigna Corp.		1,154		219,260
CVS Health Corp. (h)		3,948		258,673
DaVita Inc. (a)		419		21,562
Laboratory Corporation of America Holdings (a)(h)		297		37,529
Quest Diagnostics Inc.		390		32,475
				569,499
Healthcare Supplies - 0.1%
Align Technology Inc. (a)(h)		230		48,169
DENTSPLY SIRONA Inc.		753		28,019
The Cooper Companies Inc.		140		35,630
				111,818
Healthcare Technology - 0.0%*
Cerner Corp. (a)(h)		1,026		53,803
Home Building - 0.1%
D.R. Horton Inc.		953		33,031
Lennar Corp., Class A		856		33,512
PulteGroup Inc.		899		23,365
				89,908
Home Furnishings - 0.0%*
Leggett & Platt Inc.		494		17,705
Mohawk Industries Inc. (a)		212		24,796
				42,501
Home Improvement Retail - 0.5%
Lowe’s Companies Inc. (h)		2,485		229,514
The Home Depot Inc. (h)		3,485		598,793
				828,307
Hotel & Resort REITs - 0.0%*
Host Hotels & Resorts Inc.		2,433		40,558

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

22 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Hotels, Resorts & Cruise Lines - 0.2%
Carnival Corp. (h)		1,199		59,111
Hilton Worldwide Holdings Inc. (h)		860		61,748
Marriott International Inc., Class A (h)		869		94,338
Norwegian Cruise Line Holdings Ltd. (a)		730		30,945
Royal Caribbean Cruises Ltd. (h)		506		49,482
				295,624
Household Appliances - 0.0%*
Whirlpool Corp.		194		20,733
Household Products - 0.6%
Church & Dwight Company Inc.		755		49,649
Colgate-Palmolive Co. (h)		2,643		157,311
Kimberly-Clark Corp. (h)		1,051		119,751
The Clorox Co.		376		57,957
The Procter & Gamble Co. (h)		7,518		691,054
				1,075,722
Housewares & Specialties - 0.0%*
Newell Brands Inc.		1,212		22,531
Human Resource & Employment Services - 0.0%*
Robert Half International Inc.		366		20,935
Hypermarkets & Super Centers - 0.4%
Costco Wholesale Corp. (h)		1,345		273,990
Walmart Inc. (h)		4,322		402,594
				676,584
Independent Power Producers & Energy Traders - 0.0%*
AES Corp.		1,955		28,269
NRG Energy Inc.		855		33,858
				62,127
Industrial Conglomerates - 0.5%
3M Co. (h)		1,765		336,303
General Electric Co. (h)		26,673		201,915
Honeywell International Inc. (h)		2,232		294,892
Roper Technologies Inc. (h)		325		86,619
				919,729
Industrial Gases - 0.1%
Air Products & Chemicals Inc. (h)		663		106,113
Industrial Machinery - 0.3%
Dover Corp.		423		30,012
Flowserve Corp.		322		12,242

	Number of Shares		Fair Value $
Fortive Corp. (h)		978		66,172
Illinois Tool Works Inc. (h)		927		117,442
Ingersoll-Rand PLC (h)		734		66,963
Parker-Hannifin Corp. (h)		423		63,086
Snap-on Inc.		182		26,443
Stanley Black & Decker Inc. (h)		454		54,362
Xylem Inc.		563		37,563
				474,285
Industrial REITs - 0.1%
Duke Realty Corp.		1,080		27,972
Prologis Inc. REIT (h)		1,902		111,685
				139,657
Insurance Brokers - 0.1%
Arthur J Gallagher & Co.		567		41,788
Marsh & McLennan Companies Inc. (h)		1,524		121,539
				163,327
Integrated Oil & Gas - 0.9%
Chevron Corp. (h)		5,840		635,333
Exxon Mobil Corp. (h)		12,819		874,128
Occidental Petroleum Corp. (h)		2,332		143,138
				1,652,599
Integrated Telecommunication Services - 0.7%
AT&T Inc. (h)		22,134		631,704
Verizon Communications Inc. (h)		12,477		701,457
				1,333,161
Interactive Home Entertainment - 0.1%
Activision Blizzard Inc. (h)		2,325		108,275
Electronic Arts Inc. (a)(h)		917		72,361
Take-Two Interactive Software Inc. (a)		330		33,970
				214,606
Interactive Media & Services - 1.6%
Alphabet Inc., Class A (a)(h)		905		945,689
Alphabet Inc., Class C (a)(h)		932		965,189
Facebook Inc., Class A (a)(h)		7,302		957,219
TripAdvisor Inc. (a)		302		16,290
Twitter Inc. (a)		2,110		60,641
				2,945,028
Internet & Direct Marketing Retail - 1.2%
Amazon.com Inc. (a)(h)		1,243		1,866,949
Booking Holdings Inc. (a)(h)		146		251,473
eBay Inc. (a)(h)		2,750		77,192

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

Elfun Diversified Fund 23

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Expedia Group Inc.		344		38,752
				2,234,366
Internet Services & Infrastructure - 0.1%
Akamai Technologies Inc. (a)		540		32,983
VeriSign Inc. (a)		346		51,309
				84,292
Investment Banking & Brokerage - 0.3%
E*TRADE Financial Corp. (h)		750		32,910
Morgan Stanley (h)		4,046		160,424
Raymond James Financial Inc.		400		29,764
The Charles Schwab Corp. (h)		3,666		152,249
The Goldman Sachs Group Inc. (h)		1,075		179,579
				554,926
IT Consulting & Other Services - 0.3%
Cognizant Technology Solutions Corp., Class A (h)		1,761		111,788
DXC Technology Co. (h)		834		44,344
Gartner Inc. (a)		300		38,352
International Business Machines Corp. (h)		2,745		312,024
				506,508
Leisure Products - 0.0%*
Hasbro Inc.		344		27,950
Mattel Inc. (a)		1,263		12,617
				40,567
Life & Health Insurance - 0.3%
Aflac Inc. (h)		2,314		105,426
Brighthouse Financial Inc. (a)		341		10,394
Lincoln National Corp.		684		35,096
MetLife Inc. (h)		3,020		124,001
Principal Financial Group Inc.		888		39,223
Prudential Financial Inc. (h)		1,262		102,916
Torchmark Corp.		285		21,241
Unum Group		757		22,241
				460,538
Life Sciences Tools & Services - 0.4%
Agilent Technologies Inc. (h)		1,008		68,000
Illumina Inc. (a)(h)		447		134,069
IQVIA Holdings Inc. (a)		500		58,085
Mettler-Toledo International Inc. (a)		73		41,287
PerkinElmer Inc.		325		25,529
Thermo Fisher Scientific Inc. (h)		1,235		276,380
Waters Corp. (a)		223		42,069
				645,419

	Number of Shares		Fair Value $
Managed Healthcare - 0.6%
Anthem Inc. (h)		794		208,528
Centene Corp. (a)(h)		614		70,794
Humana Inc. (h)		418		119,749
UnitedHealth Group Inc. (h)		2,908		724,441
WellCare Health Plans Inc. (a)		160		37,774
				1,161,286
Metal & Glass Containers - 0.0%*
Ball Corp.		992		45,612
Motorcycle Manufacturers - 0.0%*
Harley-Davidson Inc.		553		18,868
Movies & Entertainment - 0.6%
Netflix Inc. (a)(h)		1,310		350,635
The Walt Disney Co. (h)		4,488		492,109
Twenty-First Century Fox Inc., Class A (h)		3,191		153,551
Twenty-First Century Fox Inc., Class B		1,549		74,011
Viacom Inc., Class B		1,083		27,833
				1,098,139
Multi-Line Insurance - 0.1%
American International Group Inc. (h)		2,694		106,170
Assurant Inc.		144		12,879
Loews Corp.		911		41,469
The Hartford Financial Services Group Inc. (h)		1,035		46,006
				206,524
Multi-Sector Holdings - 0.7%
Berkshire Hathaway Inc., Class B (a)(h)		5,906		1,205,887
Jefferies Financial Group Inc.		997		17,308
				1,223,195
Multi-Utilities - 0.4%
Ameren Corp.		693		45,204
CenterPoint Energy Inc.		1,491		42,091
CMS Energy Corp.		812		40,316
Consolidated Edison Inc. (h)		985		75,313
Dominion Energy Inc. (h)		1,985		141,848
DTE Energy Co. (h)		533		58,790
NiSource Inc.		1,192		30,217
Public Service Enterprise Group Inc. (h)		1,508		78,491
SCANA Corp.		378		18,061
Sempra Energy (h)		804		86,985

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

24 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
WEC Energy Group Inc. (h)		996		68,983
				686,299
Office REITs - 0.1%
Alexandria Real Estate Equities Inc.		330		38,029
Boston Properties Inc. (h)		488		54,924
SL Green Realty Corp.		275		21,747
Vornado Realty Trust		490		30,395
				145,095
Oil & Gas Drilling - 0.0%*
Helmerich & Payne Inc.		280		13,423
Oil & Gas Equipment & Services - 0.2%
Baker Hughes a GE Co. (h)		1,682		36,163
Halliburton Co. (h)		2,563		68,125
National Oilwell Varco Inc. (h)		1,105		28,398
Schlumberger Ltd. (h)		4,239		152,943
				285,629
Oil & Gas Exploration & Production - 0.5%
Anadarko Petroleum Corp. (h)		1,534		67,251
Apache Corp. (h)		1,121		29,426
Cabot Oil & Gas Corp.		1,468		32,810
Cimarex Energy Co.		308		18,988
Concho Resources Inc. (a)(h)		630		64,758
ConocoPhillips (h)		3,556		221,717
Devon Energy Corp. (h)		1,334		30,068
Diamondback Energy Inc.		430		39,861
EOG Resources Inc. (h)		1,768		154,187
Hess Corp. (h)		735		29,767
Marathon Oil Corp. (h)		2,499		35,836
Newfield Exploration Co. (a)		729		10,687
Noble Energy Inc. (h)		1,583		29,697
Pioneer Natural Resources Co. (h)		507		66,681
				831,734
Oil & Gas Refining & Marketing - 0.2%
HollyFrontier Corp.		460		23,515
Marathon Petroleum Corp. (h)		2,089		123,272
Phillips 66 (h)		1,295		111,565
Valero Energy Corp. (h)		1,296		97,161
				355,513
Oil & Gas Storage & Transportation - 0.1%
Kinder Morgan Inc. (h)		5,671		87,220
ONEOK Inc. (h)		1,224		66,035
The Williams Companies Inc. (h)		3,613		79,666
				232,921

	Number of Shares		Fair Value $
Packaged Foods & Meats - 0.4%
Campbell Soup Co.		560		18,474
Conagra Brands Inc.		1,526		32,595
General Mills Inc. (h)		1,764		68,690
Hormel Foods Corp.		817		34,870
Kellogg Co.		713		40,648
Lamb Weston Holdings Inc.		400		29,424
McCormick & Company Inc.		373		51,937
Mondelez International Inc., Class A (h)		4,474		179,094
The Hershey Co.		393		42,122
The JM Smucker Co.		324		30,291
The Kraft Heinz Co. (h)		1,863		80,184
Tyson Foods Inc., Class A (h)		863		46,084
				654,413
Paper Packaging - 0.1%
Avery Dennison Corp.		279		25,062
International Paper Co. (h)		1,299		52,428
Packaging Corporation of America		300		25,038
Sealed Air Corp.		464		16,166
WestRock Co.		843		31,832
				150,526
Personal Products - 0.1%
Coty Inc., Class A		1,737		11,395
The Estee Lauder Companies Inc., Class A (h)		671		87,297
				98,692
Pharmaceuticals - 1.8%
Allergan PLC (h)		972		129,918
Bristol-Myers Squibb Co. (h)		5,003		260,056
Eli Lilly & Co. (h)		2,931		339,175
Johnson & Johnson (h)		8,127		1,048,789
Merck & Company Inc. (h)		8,033		613,802
Mylan N.V. (a)(h)		1,630		44,662
Nektar Therapeutics (a)		550		18,079
Pfizer Inc. (h)		17,713		773,172
Zoetis Inc. (h)		1,454		124,375
				3,352,028
Property & Casualty Insurance - 0.2%
Cincinnati Financial Corp.		426		32,981
The Allstate Corp. (h)		1,040		85,935
The Progressive Corp. (h)		1,763		106,362
The Travelers Companies Inc. (h)		809		96,878
				322,156
Publishing - 0.0%*
News Corp., Class A		1,411		16,015

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

Elfun Diversified Fund 25

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
News Corp., Class B		442		5,105
				21,120
Railroads - 0.3%
CSX Corp. (h)		2,489		154,642
Kansas City Southern		276		26,344
Norfolk Southern Corp. (h)		851		127,259
Union Pacific Corp. (h)		2,223		307,285
				615,530
Real Estate Services - 0.0%*
CBRE Group Inc., Class A (a)		1,009		40,400
Regional Banks - 0.4%
BB&T Corp. (h)		2,337		101,239
Citizens Financial Group Inc. (h)		1,401		41,652
Comerica Inc. (h)		466		32,010
Fifth Third Bancorp (h)		1,941		45,672
Huntington Bancshares Inc. (h)		3,607		42,995
KeyCorp (h)		3,402		50,282
M&T Bank Corp. (h)		423		60,544
People’s United Financial Inc.		1,150		16,594
Regions Financial Corp. (h)		2,997		40,100
SunTrust Banks Inc. (h)		1,383		69,759
SVB Financial Group (a)(h)		170		32,286
The PNC Financial Services Group Inc. (h)		1,417		165,661
Zions Bancorp NA		652		26,562
				725,356
Research & Consulting Services - 0.1%
Equifax Inc.		332		30,919
Nielsen Holdings PLC		1,101		25,686
Verisk Analytics Inc. (a)(h)		514		56,047
				112,652
Residential REITs - 0.2%
Apartment Investment & Management Co., Class A		419		18,386
AvalonBay Communities Inc. (h)		437		76,060
Equity Residential (h)		1,071		70,697
Essex Property Trust Inc.		191		46,835
Mid-America Apartment Communities Inc.		322		30,815
UDR Inc.		817		32,369
				275,162
Restaurants - 0.5%
Chipotle Mexican Grill Inc. (a)		67		28,930
Darden Restaurants Inc.		388		38,746
McDonald’s Corp. (h)		2,338		415,158
Starbucks Corp. (h)		3,725		239,890

	Number of Shares		Fair Value $
Yum! Brands Inc. (h)		948		87,140
				809,864
Retail REITs - 0.2%
Federal Realty Investment Trust		205		24,198
Kimco Realty Corp.		1,110		16,261
Realty Income Corp.		845		53,269
Regency Centers Corp.		500		29,340
Simon Property Group Inc. (h)		941		158,079
The Macerich Co.		346		14,975
				296,122
Semiconductor Equipment - 0.1%
Applied Materials Inc. (h)		2,962		96,976
KLA-Tencor Corp. (h)		448		40,091
Lam Research Corp. (h)		468		63,728
				200,795
Semiconductors - 1.2%
Advanced Micro Devices Inc. (a)		2,570		47,442
Analog Devices Inc. (h)		1,114		95,615
Broadcom Inc. (h)		1,323		336,412
Intel Corp. (h)		14,053		659,507
Maxim Integrated Products Inc.		800		40,680
Microchip Technology Inc. (h)		688		49,481
Micron Technology Inc. (a)(h)		3,522		111,753
NVIDIA Corp. (h)		1,821		243,104
Qorvo Inc. (a)		392		23,806
QUALCOMM Inc. (h)		3,715		211,421
Skyworks Solutions Inc. (h)		576		38,604
Texas Instruments Inc. (h)		2,982		281,799
Xilinx Inc. (h)		743		63,281
				2,202,905
Soft Drinks - 0.6%
Monster Beverage Corp. (a)(h)		1,177		57,932
PepsiCo Inc. (h)		4,267		471,418
The Coca-Cola Co. (h)		11,557		547,224
				1,076,574
Specialized Consumer Services - 0.0%*
H&R Block Inc.		525		13,319
Specialized REITs - 0.4%
American Tower Corp. (h)		1,345		212,766
Crown Castle International Corp. (h)		1,258		136,656
Digital Realty Trust Inc. (h)		613		65,315
Equinix Inc. (h)		244		86,025
Extra Space Storage Inc.		393		35,559
Iron Mountain Inc.		905		29,331
Public Storage (h)		451		91,287

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

26 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
SBA Communications Corp. (a)(h)		340		55,043
Weyerhaeuser Co. (h)		2,183		47,720
				759,702
Specialty Chemicals - 0.2%
Albemarle Corp.		370		28,516
Ecolab Inc. (h)		769		113,312
International Flavors & Fragrances Inc.		330		44,309
PPG Industries Inc. (h)		725		74,117
The Sherwin-Williams Co. (h)		248		97,578
				357,832
Specialty Stores - 0.1%
Tiffany & Co.		331		26,649
Tractor Supply Co.		385		32,124
Ulta Salon Cosmetics & Fragrance Inc. (a)		177		43,337
				102,110
Steel - 0.0%*
Nucor Corp. (h)		936		48,494
Systems Software - 1.6%
Fortinet Inc. (a)		400		28,172
Microsoft Corp. (h)		23,268		2,363,331
Oracle Corp. (h)		8,509		384,181
Red Hat Inc. (a)(h)		523		91,860
Symantec Corp.		2,023		38,224
				2,905,768
Technology Hardware, Storage & Peripherals - 1.3%
Apple Inc. (h)		13,919		2,195,583
Hewlett Packard Enterprise Co. (h)		4,363		57,635
HP Inc. (h)		4,779		97,778
NetApp Inc. (h)		767		45,767
Western Digital Corp. (h)		844		31,203
Xerox Corp.		496		9,801
				2,437,767
Tires & Rubber - 0.0%*
The Goodyear Tire & Rubber Co.		844		17,226
Tobacco - 0.3%
Altria Group Inc. (h)		5,663		279,696
Philip Morris International Inc. (h)		4,683		312,637
				592,333

	Number of Shares		Fair Value $
Trading Companies & Distributors - 0.1%
Fastenal Co.		828		43,296
United Rentals Inc. (a)		282		28,913
WW Grainger Inc.		132		37,272
				109,481
Trucking - 0.0%*
JB Hunt Transport Services Inc.		297		27,633
Water Utilities - 0.0%*
American Water Works Company Inc.		523		47,473
Total Common Stock (Cost $57,747,648)				62,462,614
Preferred Stock - 0.0%*
Diversified Banks - 0.0%*
Wells Fargo & Co. 3.09% + 3 month USD LIBOR (i)		1,469		36,093
Total Preferred Stock (Cost $36,725)				36,093
Total Domestic Equity (Cost $57,784,373)				62,498,707
Foreign Equity - 0.9%
Common Stock - 0.9%
Auto Parts & Equipment - 0.0%*
Aptiv PLC (h)		780		48,025
Building Products - 0.0%*
Allegion PLC		274		21,841
Consumer Electronics - 0.0%*
Garmin Ltd.		415		26,278
Electronic Manufacturing Services - 0.1%
TE Connectivity Ltd. (h)		1,042		78,806
Healthcare Equipment - 0.2%
Medtronic PLC (h)		4,071		370,298
Industrial Gases - 0.2%
Linde PLC		1,650		257,466
Industrial Machinery - 0.0%*
Pentair PLC		518		19,570
Insurance Brokers - 0.1%
Aon PLC		732		106,404

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

Elfun Diversified Fund 27

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($) or Number of Shares		Fair Value $
Willis Towers Watson PLC (h)		385		58,466
				164,870
IT Consulting & Other Services - 0.2%
Accenture PLC, Class A (h)		1,925		271,444
Oil & Gas Equipment & Services - 0.0%*
TechnipFMC PLC		1,406		27,529
Pharmaceuticals - 0.0%*
Perrigo Company PLC		446		17,283
Property & Casualty Insurance - 0.1%
Chubb Ltd. (h)		1,413		182,531
Reinsurance - 0.0%*
Everest Re Group Ltd.		109		23,736
Research & Consulting Services - 0.0%*
IHS Markit Ltd. (a)(h)		1,020		48,929
Technology Hardware, Storage & Peripherals - 0.0%*
Seagate Technology PLC (h)		748		28,865
Total Foreign Equity (Cost $1,504,447)				1,587,471
Bonds and Notes - 34.6%
U.S. Treasuries - 10.4%
U.S. Treasury Bonds
2.25% 08/15/46		481,000		411,025
3.75% 11/15/43		97,000		109,538
4.50% 02/15/36		394,500		486,279
U.S. Treasury Notes
1.38% 12/15/19		2,850,700		2,816,927
1.50% 11/30/19 - 08/15/20		3,805,100		3,760,116
2.25% 03/31/20		3,463,200		3,449,339
2.75% 11/15/23		2,144,600		2,168,396
2.88% 07/31/25 - 08/15/28		5,557,600		5,656,035
				18,857,655
Agency Mortgage Backed - 7.0%
Federal Home Loan Mortgage Corp.
4.05% 09/25/28 (i)		295,000		310,684
4.50% 06/01/33 - 02/01/35		2,378		2,488
5.00% 07/01/35		16,557		17,610
5.50% 05/01/20 - 04/01/39		31,231		33,625
6.00% 05/01/20 - 11/01/37		82,614		90,211
6.50% 11/01/28 - 06/01/29		1,082		1,183
7.00% 06/01/29 - 08/01/36		16,106		17,901
7.50% 09/01/33		1,123		1,200

	Principal Amount ($)		Fair Value $
8.00% 07/01/26 - 11/01/30		1,864		2,036
8.50% 04/01/30		4,822		5,896
Federal National Mortgage Assoc.
3.50% 08/01/45		81,812		82,071
4.00% 05/01/19 - 03/01/41		214,033		220,311
4.50% 05/01/19 - 02/01/40		128,922		134,911
5.00% 07/01/20 - 05/01/39		58,938		62,623
5.50% 06/01/20 - 01/01/39		124,619		133,989
6.00% 02/01/20 - 05/01/41		375,783		414,854
6.50% 10/01/28 - 08/01/36		12,736		13,757
7.00% 05/01/33 - 12/01/33		560		591
7.50% 12/01/26 - 12/01/33		4,708		5,184
8.00% 06/01/24 - 12/01/30		5,862		6,025
9.00% 12/01/22		310		326
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR
3.97% 04/01/37 (i)		481		492
Federal National Mortgage Assoc. TBA
2.50% TBA (c)		1,299,000		1,268,962
3.00% TBA (c)		2,273,934		2,223,427
3.50% TBA (c)		1,250,000		1,249,607
4.00% TBA (c)		1,667,000		1,699,323
4.50% TBA (c)		1,171,000		1,212,219
Government National Mortgage Assoc.
4.00% 01/20/41 - 04/20/43		325,786		336,644
4.50% 08/15/33 - 03/20/41		143,244		149,960
5.00% 08/15/33		7,013		7,323
6.00% 07/15/33 - 04/15/34		7,291		8,164
6.50% 04/15/28 - 07/15/36		12,402		13,635
7.00% 04/15/28 - 10/15/36		4,042		4,431
7.50% 07/15/23 - 04/15/28		6,965		7,231
8.00% 05/15/30		179		190
9.00% 12/15/21		149		155
3.00% TBA (c)		651,000		640,911
3.50% TBA (c)		2,419,000		2,435,691
				12,815,841
Agency Collateralized Mortgage Obligations - 0.1%
Federal Home Loan Mortgage Corp.
0.08% 09/25/43 (g)(i)		139,109		359
4.06% 10/25/28 (i)		146,000		153,805
Federal Home Loan Mortgage Corp. REMIC
3.50% 11/15/24 - 11/15/30 (g)		62,364		4,729
5.50% 06/15/33 (g)		5,733		1,130
7.50% 07/15/27 (g)		5,435		1,073

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

28 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR
4.14% 08/15/25 (g)(i)		28,069		1,447
Federal Home Loan Mortgage Corp. STRIPS
1.47% 08/01/27 (d)(f)		218		192
8.00% 02/01/23 - 07/01/24 (g)		750		105
Federal National Mortgage Assoc. REMIC
0.51% 12/25/22 (d)(f)		72		70
1.10% 12/25/42 (g)(i)		29,756		2,168
5.00% 09/25/40 (g)		27,546		2,980
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
3.49% 07/25/38 (g)(i)		9,264		1,209
Federal National Mortgage Assoc. REMIC 6.20% - 1 month USD LIBOR
3.69% 06/25/48 (g)(i)		505,353		82,721
Federal National Mortgage Assoc. STRIPS
4.50% 08/25/35 - 01/25/36 (g)		13,852		1,719
5.00% 03/25/38 - 05/25/38 (g)		7,881		1,685
5.50% 12/25/33 (g)		2,721		598
6.00% 01/25/35 (g)		7,164		1,668
7.50% 11/25/23 (g)		5,866		710
8.00% 08/25/23 - 07/25/24 (g)		1,520		214
8.50% 07/25/22 (g)		105		9
8.50% 07/25/22 (g)**		3		—
9.00% 05/25/22 (g)		120		9
Government National Mortgage Assoc. REMIC
4.50% 08/16/39 (g)		18,005		1,303
5.00% 09/20/38 (g)		3,646		109
Government National Mortgage Assoc. REMIC 6.80% - 1 month USD LIBOR
4.34% 01/16/40 (g)(i)		52,899		8,827
				268,839
Asset Backed - 0.9%
American Express Credit Account Master Trust 2017-6
2.04% 05/15/23		357,738		352,416
American Express Credit Account Master Trust 2018-1
2.67% 10/17/22		150,000		149,449
American Express Credit Account Master Trust 2018-8
3.18% 04/15/24		326,000		328,384

	Principal Amount ($)		Fair Value $
BA Credit Card Trust 2018-A1
2.70% 07/17/23		131,000		130,461
BMW Floorplan Master Owner Trust 2018-1
3.15% 05/15/23 (b)		100,000		100,144
Citibank Credit Card Issuance Trust 2016-A1
1.75% 11/19/21		446,000		441,363
Securitized Term Auto Receivables Trust 2018-1A
3.30% 11/25/22 (b)		100,000		100,059
				1,602,276
Corporate Notes - 14.8%
1011778 BC ULC/New Red Finance Inc.
4.25% 05/15/24 (b)		23,000		21,122
21st Century Fox America Inc.
3.38% 11/15/26		4,000		3,945
4.50% 02/15/21		19,000		19,490
4.75% 11/15/46		6,000		6,405
6.65% 11/15/37		39,000		50,166
Abbott Laboratories
2.90% 11/30/21		88,000		87,170
3.75% 11/30/26		27,000		26,683
4.90% 11/30/46		29,000		30,486
AbbVie Inc.
3.20% 05/14/26		47,000		43,533
4.45% 05/14/46		43,000		37,796
4.70% 05/14/45		10,000		9,142
4.88% 11/14/48		11,000		10,266
Acadia Healthcare Company Inc.
6.50% 03/01/24		52,000		50,057
Activision Blizzard Inc.
2.30% 09/15/21		115,000		111,924
AES Corp.
4.88% 05/15/23		75,000		73,344
Aetna Inc.
3.50% 11/15/24		43,000		41,521
Aflac Inc.
4.00% 10/15/46		8,000		7,351
Alexandria Real Estate Equities Inc.
4.70% 07/01/30		18,000		18,227
Alimentation Couche-Tard Inc.
2.70% 07/26/22 (b)		49,000		47,371
4.50% 07/26/47 (b)		10,000		9,099
Allergan Finance LLC
3.25% 10/01/22		38,000		37,014
4.63% 10/01/42		5,000		4,584

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

Elfun Diversified Fund 29

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Allergan Funding SCS
3.00% 03/12/20		57,000		56,779
3.45% 03/15/22		26,000		25,590
Allergan Sales LLC
5.00% 12/15/21 (b)		74,000		76,174
Altria Group Inc.
2.95% 05/02/23		23,000		21,868
3.88% 09/16/46		8,000		6,100
4.50% 05/02/43		17,000		14,147
Amazon.com Inc.
2.80% 08/22/24		32,000		31,101
3.15% 08/22/27		20,000		19,295
3.88% 08/22/37		13,000		12,645
4.05% 08/22/47		13,000		12,740
4.25% 08/22/57		18,000		17,761
Ameren Corp.
3.65% 02/15/26		22,000		21,642
American Axle & Manufacturing Inc.
6.25% 04/01/25		37,000		33,662
American Campus Communities Operating Partnership LP
3.35% 10/01/20		36,000		35,873
4.13% 07/01/24		20,000		20,059
American Express Co.
3.00% 10/30/24		55,000		52,621
American International Group Inc.
4.50% 07/16/44		44,000		39,112
6.40% 12/15/20		19,000		20,050
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter)
5.75% 04/01/48 (i)		21,000		18,377
American Tower Corp. (REIT)
3.38% 10/15/26		11,000		10,248
3.40% 02/15/19		134,000		133,926
American Water Capital Corp.
2.95% 09/01/27		37,000		34,870
Amgen Inc.
2.20% 05/22/19		64,000		63,767
2.65% 05/11/22		52,000		50,837
3.20% 11/02/27		32,000		30,078
4.56% 06/15/48		29,000		27,816
AMN Healthcare Inc.
5.13% 10/01/24 (b)		64,000		61,302
Anadarko Petroleum Corp.
4.85% 03/15/21		4,000		4,085
6.20% 03/15/40		12,000		12,535

	Principal Amount ($)		Fair Value $
Andeavor Logistics LP/Tesoro Logistics Finance Corp.
5.20% 12/01/47		14,000		12,588
5.25% 01/15/25		186,000		185,762
5.50% 10/15/19		71,000		71,651
6.25% 10/15/22		51,000		51,986
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70% 02/01/36 (b)		17,000		15,685
4.90% 02/01/46 (b)		66,000		61,068
Anheuser-Busch InBev Finance Inc.
2.65% 02/01/21		28,000		27,522
Anheuser-Busch InBev Worldwide Inc.
2.50% 07/15/22		101,000		96,406
4.00% 04/13/28		15,000		14,349
4.38% 04/15/38		77,000		68,912
4.60% 04/15/48		32,000		28,636
4.75% 04/15/58		18,000		15,654
Anthem Inc.
3.30% 01/15/23		35,000		34,438
Apache Corp.
4.38% 10/15/28		15,000		14,001
5.10% 09/01/40		18,000		16,258
Apple Inc.
2.50% 02/09/22		47,000		46,334
2.85% 05/11/24		43,000		41,916
3.35% 02/09/27		27,000		26,375
3.45% 02/09/45		57,000		50,500
3.85% 08/04/46		51,000		47,973
4.25% 02/09/47		22,000		22,019
4.65% 02/23/46		8,000		8,458
Applied Materials Inc.
4.35% 04/01/47		31,000		30,320
Aptiv PLC
4.40% 10/01/46		19,000		16,830
Aramark Services Inc.
5.00% 02/01/28 (b)		31,000		28,992
Archer-Daniels-Midland Co.
2.50% 08/11/26		32,000		29,208
Arconic Inc.
5.13% 10/01/24		41,000		39,481
6.15% 08/15/20		20,000		20,405
Ascension Health
4.85% 11/15/53		13,000		14,081
Ashland LLC
4.75% 08/15/22		23,000		22,608
AstraZeneca PLC
2.38% 11/16/20		16,000		15,732
3.38% 11/16/25		32,000		30,993

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

30 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
3.50% 08/17/23		30,000		29,714
4.00% 01/17/29		20,000		19,866
4.38% 08/17/48		22,000		20,870
AT&T Inc.
3.00% 06/30/22		53,000		51,733
3.80% 03/15/22		55,000		55,233
4.10% 02/15/28		51,000		49,031
4.45% 04/01/24		32,000		32,469
4.50% 05/15/35		43,000		38,978
4.55% 03/09/49		21,000		18,091
4.75% 05/15/46		17,000		15,111
4.80% 06/15/44		29,000		26,013
5.00% 03/01/21		41,000		42,397
5.15% 11/15/46		7,000		6,518
5.25% 03/01/37		29,000		28,434
5.45% 03/01/47		52,000		50,705
Athene Holding Ltd.
4.13% 01/12/28		35,000		31,777
Avangrid Inc.
3.15% 12/01/24		57,000		54,979
Bank of America Corp.
2.65% 04/01/19		63,000		62,926
3.25% 10/21/27		63,000		58,320
3.95% 04/21/25		41,000		39,734
4.25% 10/22/26		61,000		59,340
Bank of America Corp. (2.37% fixed rate until 07/21/20; 0.66% + 3 month USD LIBOR thereafter)
2.37% 07/21/21 (i)		42,000		41,287
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter)
3.12% 01/20/23 (i)		170,000		167,045
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter)
3.37% 01/23/26 (i)		125,000		119,486
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)
3.42% 12/20/28 (i)		75,000		69,846
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95% 01/23/49 (i)		41,000		36,495

	Principal Amount ($)		Fair Value $
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter)
4.24% 04/24/38 (i)		51,000		48,353
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)
4.27% 07/23/29 (i)		21,000		20,891
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)
4.44% 01/20/48 (i)		31,000		29,944
Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter)
4.34% 10/05/28 (i)		61,000		60,730
Barrick North America Finance LLC
5.70% 05/30/41		6,000		6,334
BAT Capital Corp.
2.30% 08/14/20		111,000		108,387
2.76% 08/15/22		34,000		32,096
3.56% 08/15/27		82,000		72,680
4.39% 08/15/37		11,000		9,040
4.54% 08/15/47		26,000		20,806
Bausch Health Companies Inc.
7.00% 03/15/24 (b)		125,000		126,615
Baxalta Inc.
2.88% 06/23/20		13,000		12,858
Bayer US Finance II LLC
3.50% 06/25/21 (b)		200,000		198,850
4.70% 07/15/64 (b)		8,000		6,648
Becton Dickinson and Co.
2.89% 06/06/22		37,000		35,820
3.70% 06/06/27		56,000		53,039
3.73% 12/15/24		3,000		2,901
4.67% 06/06/47		6,000		5,646
4.69% 12/15/44		7,000		6,587
Berkshire Hathaway Energy Co.
2.40% 02/01/20		48,000		47,680
3.25% 04/15/28		22,000		20,940
3.80% 07/15/48		16,000		14,310
Berkshire Hathaway Inc.
4.50% 02/11/43		8,000		8,308
Berry Global Inc.
5.13% 07/15/23		60,000		59,413
BHP Billiton Finance USA Ltd.
5.00% 09/30/43		7,000		7,647

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

Elfun Diversified Fund 31

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Biogen Inc.
2.90% 09/15/20		16,000		15,898
BNP Paribas S.A.
5.00% 01/15/21		19,000		19,625
Boston Scientific Corp.
4.00% 03/01/28		39,000		37,948
BP Capital Markets America Inc.
3.02% 01/16/27		95,000		89,176
3.22% 11/28/23		37,000		36,509
Brighthouse Financial Inc.
3.70% 06/22/27		5,000		4,224
4.70% 06/22/47		3,000		2,229
Brixmor Operating Partnership LP
3.90% 03/15/27		18,000		17,062
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.20% 01/15/21		16,000		15,636
2.65% 01/15/23		9,000		8,341
3.13% 01/15/25		12,000		10,769
3.88% 01/15/27		29,000		26,003
Brown-Forman Corp.
4.00% 04/15/38		7,000		6,847
Buckeye Partners LP
5.60% 10/15/44		7,000		6,030
Bunge Limited Finance Corp.
3.75% 09/25/27		15,000		13,336
Burlington Northern Santa Fe LLC
3.75% 04/01/24		68,000		69,727
4.15% 12/15/48		33,000		32,209
Campbell Soup Co.
3.30% 03/15/21		60,000		59,665
Canadian Natural Resources Ltd.
3.85% 06/01/27		5,000		4,731
4.95% 06/01/47		8,000		7,698
Capital One Financial Corp.
3.75% 07/28/26		17,000		15,538
4.20% 10/29/25		26,000		24,994
Cardinal Health Inc.
2.62% 06/15/22		14,000		13,503
3.08% 06/15/24		12,000		11,335
Caterpillar Financial Services Corp.
2.55% 11/29/22		50,000		48,547
Caterpillar Inc.
3.80% 08/15/42		8,000		7,453
Catholic Health Initiatives
4.35% 11/01/42		24,000		21,293
CBL & Associates LP
4.60% 10/15/24		77,000		56,746

	Principal Amount ($)		Fair Value $
CBS Corp.
2.50% 02/15/23		30,000		28,241
2.90% 01/15/27		17,000		15,029
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00% 02/01/28 (b)		90,000		82,792
Celgene Corp.
3.45% 11/15/27		4,000		3,641
4.35% 11/15/47		5,000		4,234
4.55% 02/20/48		34,000		29,549
Cenovus Energy Inc.
4.25% 04/15/27		17,000		15,480
4.45% 09/15/42		9,000		6,908
5.40% 06/15/47		7,000		6,033
CenterPoint Energy Inc.
2.50% 09/01/22		74,000		70,723
3.60% 11/01/21		33,000		32,976
CenturyLink Inc.
5.63% 04/01/25		23,000		20,266
5.80% 03/15/22		34,000		32,653
CF Industries Inc.
7.13% 05/01/20		36,000		37,041
Charter Communications Operating LLC/Charter Communications Operating Capital
3.58% 07/23/20		32,000		31,960
4.91% 07/23/25		42,000		41,690
5.38% 05/01/47		23,000		20,683
5.75% 04/01/48		12,000		11,227
6.38% 10/23/35		5,000		5,121
6.48% 10/23/45		9,000		9,143
Chevron Corp.
2.42% 11/17/20		19,000		18,826
3.19% 06/24/23		28,000		27,953
Church & Dwight Company Inc.
2.45% 08/01/22		13,000		12,552
Cigna Corp.
4.13% 11/15/25 (b)		51,000		50,891
4.38% 10/15/28 (b)		20,000		20,095
4.80% 08/15/38 (b)		14,000		13,771
4.90% 12/15/48 (b)		16,000		15,645
Cigna Corp.
3.20% 09/17/20 (b)		56,000		55,787
3.40% 09/17/21 (b)		28,000		27,943
3.75% 07/15/23 (b)		31,000		30,924
Cigna Holding Co.
3.25% 04/15/25		34,000		32,350
3.88% 10/15/47		19,000		15,928
Cimarex Energy Co.
3.90% 05/15/27		5,000		4,660
Cinemark USA Inc.
4.88% 06/01/23		42,000		40,320

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

32 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Cisco Systems Inc.
5.90% 02/15/39		20,000		24,713
Citigroup Inc.
2.70% 10/27/22		36,000		34,694
2.75% 04/25/22		109,000		105,841
2.90% 12/08/21		44,000		43,211
4.40% 06/10/25		16,000		15,720
4.45% 09/29/27		37,000		35,665
4.65% 07/23/48		53,000		51,823
4.75% 05/18/46		22,000		20,400
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)
2.88% 07/24/23 (i)		147,000		142,115
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)
3.88% 01/24/39 (i)		17,000		15,200
Citigroup Inc. (4.28% fixed rate until 04/24/47; 1.84% + 3 month USD LIBOR thereafter)
4.28% 04/24/48 (i)		30,000		27,989
CME Group Inc.
3.75% 06/15/28		25,000		25,323
CMS Energy Corp.
4.88% 03/01/44		45,000		47,340
CNA Financial Corp.
3.45% 08/15/27		17,000		15,812
5.88% 08/15/20		56,000		58,074
CNH Industrial Capital LLC
3.38% 07/15/19		29,000		28,922
4.38% 11/06/20		23,000		23,127
4.88% 04/01/21		28,000		28,232
CNH Industrial N.V.
4.50% 08/15/23		43,000		43,283
Columbia Pipeline Group Inc.
3.30% 06/01/20		26,000		25,917
Comcast Corp.
3.38% 08/15/25		14,000		13,642
3.97% 11/01/47		80,000		71,831
4.15% 10/15/28		85,000		86,277
4.20% 08/15/34		29,000		28,002
4.25% 10/15/30		31,000		31,336
4.60% 08/15/45		20,000		19,741
4.70% 10/15/48		18,000		18,214
Conagra Brands Inc.
3.80% 10/22/21		58,000		58,001
4.30% 05/01/24		72,000		71,628
5.30% 11/01/38		17,000		16,101
5.40% 11/01/48		29,000		26,741

	Principal Amount ($)		Fair Value $
Conagra Brands Inc. 0.75% + 3 month USD LIBOR
3.22% 10/22/20 (i)		43,000		42,779
Concho Resources Inc.
3.75% 10/01/27		5,000		4,713
4.30% 08/15/28		45,000		44,025
4.88% 10/01/47		10,000		9,542
ConocoPhillips Co.
4.30% 11/15/44		33,000		32,547
Consolidated Edison Company of New York Inc.
2.90% 12/01/26		40,000		37,581
3.88% 06/15/47		20,000		18,331
Constellation Brands Inc.
2.70% 05/09/22		35,000		33,796
4.50% 05/09/47		7,000		6,272
Continental Resources Inc.
4.50% 04/15/23		26,000		25,523
Corning Inc.
4.38% 11/15/57		17,000		14,267
Corporation Andina de Fomento
2.20% 07/18/20		44,000		43,331
4.38% 06/15/22		121,000		125,426
Crane Co.
4.20% 03/15/48		8,000		7,407
CSX Corp.
4.50% 08/01/54		23,000		21,778
CVS Health Corp.
3.13% 03/09/20		156,000		155,694
3.35% 03/09/21		101,000		100,695
3.70% 03/09/23		41,000		40,597
3.88% 07/20/25		20,000		19,504
4.10% 03/25/25		41,000		40,581
4.30% 03/25/28		21,000		20,552
4.78% 03/25/38		40,000		38,444
5.00% 12/01/24		39,000		40,611
5.05% 03/25/48		40,000		39,025
D.R. Horton Inc.
2.55% 12/01/20		47,000		45,802
Dana Financing Luxembourg Sarl
6.50% 06/01/26 (b)		56,000		53,782
Dell International LLC/EMC Corp.
3.48% 06/01/19 (b)		64,000		63,848
5.45% 06/15/23 (b)		28,000		28,532
6.02% 06/15/26 (b)		11,000		11,052
8.10% 07/15/36 (b)		4,000		4,327
8.35% 07/15/46 (b)		7,000		7,584
Deutsche Bank AG
2.70% 07/13/20		43,000		41,705

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

Elfun Diversified Fund 33

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Deutsche Telekom International Finance BV
2.49% 09/19/23 (b)		150,000		141,618
Devon Energy Corp.
4.00% 07/15/21		64,000		64,140
5.00% 06/15/45		10,000		8,844
Dexia Credit Local S.A.
2.25% 01/30/19 (b)		250,000		249,930
Diageo Investment Corp.
2.88% 05/11/22		36,000		35,591
Diamondback Energy Inc.
4.75% 11/01/24 (b)		65,000		62,744
Discovery Communications LLC
2.20% 09/20/19		45,000		44,599
3.95% 03/20/28		34,000		31,513
5.00% 09/20/37		12,000		11,084
5.20% 09/20/47		8,000		7,368
DISH DBS Corp.
5.88% 07/15/22		32,000		29,311
Dollar Tree Inc.
3.70% 05/15/23		41,000		40,182
4.00% 05/15/25		41,000		39,407
Dominion Energy Inc.
2.58% 07/01/20		30,000		29,549
DowDuPont Inc.
3.77% 11/15/20		109,000		110,006
5.32% 11/15/38		27,000		27,842
5.42% 11/15/48		27,000		28,118
DTE Energy Co.
2.85% 10/01/26		50,000		46,015
3.85% 12/01/23		22,000		22,112
Duke Energy Carolinas LLC
3.95% 03/15/48		22,000		21,046
Duke Energy Corp.
1.80% 09/01/21		46,000		43,959
3.55% 09/15/21		28,000		28,076
3.75% 09/01/46		6,000		5,216
Duke Energy Progress LLC
4.15% 12/01/44		26,000		25,361
Duke Realty LP
3.25% 06/30/26		24,000		22,802
3.38% 12/15/27		15,000		14,236
Duquesne Light Holdings Inc.
3.62% 08/01/27 (b)		39,000		36,705
Eastman Chemical Co.
3.50% 12/01/21		34,000		34,162
3.60% 08/15/22		9,000		8,992
4.50% 01/15/21		60,000		60,854
Eaton Corp.
3.10% 09/15/27		29,000		27,361
Ecolab Inc.
3.25% 12/01/27		16,000		15,377
3.95% 12/01/47		13,000		12,208

	Principal Amount ($)		Fair Value $
Ecopetrol S.A.
5.88% 05/28/45		28,000		26,425
Edison International
4.13% 03/15/28		25,000		23,706
EI du Pont de Nemours & Co. 0.53% + 3 month USD LIBOR
3.07% 05/01/20 (i)		39,000		39,037
Electricite de France S.A.
2.15% 01/22/19 (b)		100,000		99,931
Eli Lilly & Co.
3.70% 03/01/45		6,000		5,646
EMC Corp.
2.65% 06/01/20		100,000		96,032
Emera US Finance LP
4.75% 06/15/46		8,000		7,691
Enbridge Energy Partners LP
5.50% 09/15/40		8,000		8,219
Encana Corp.
3.90% 11/15/21		41,000		40,989
Energy Transfer LP
4.25% 03/15/23		27,000		26,038
5.88% 01/15/24		252,000		256,808
7.50% 10/15/20		47,000		49,115
Energy Transfer Operating LP
4.95% 06/15/28		12,000		11,771
Energy Transfer Operating LP
5.80% 06/15/38		23,000		22,266
6.13% 12/15/45		9,000		8,726
6.50% 02/01/42		24,000		24,202
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50% 11/01/23		25,000		24,938
EnLink Midstream Partners LP
4.15% 06/01/25		44,000		39,601
Entergy Louisiana LLC
3.05% 06/01/31		23,000		20,752
4.00% 03/15/33		16,000		16,122
Enterprise Products Operating LLC
4.25% 02/15/48		56,000		50,103
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter)
5.25% 08/16/77 (i)		13,000		10,835
EOG Resources Inc.
4.10% 02/01/21		52,000		52,697
4.15% 01/15/26		31,000		31,618
EPR Properties
4.95% 04/15/28		24,000		23,760

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

34 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
EQM Midstream Partners LP
4.75% 07/15/23		9,000		8,953
5.50% 07/15/28		9,000		8,840
EQT Corp.
3.90% 10/01/27		17,000		14,701
ERP Operating LP
4.50% 07/01/44		15,000		15,094
Exelon Corp.
3.50% 06/01/22		29,000		28,339
4.45% 04/15/46		39,000		37,144
Express Scripts Holding Co.
3.40% 03/01/27		21,000		19,485
Exxon Mobil Corp.
2.22% 03/01/21		25,000		24,683
FedEx Corp.
4.10% 02/01/45		45,000		38,659
FirstEnergy Corp.
3.90% 07/15/27		8,000		7,749
4.85% 07/15/47		15,000		14,945
Florida Power & Light Co.
4.13% 02/01/42		23,000		23,142
Ford Motor Co.
4.35% 12/08/26		59,000		52,655
Frontier Communications Corp.
7.13% 03/15/19		46,000		44,524
General Dynamics Corp.
2.13% 08/15/26		37,000		33,385
2.88% 05/11/20		55,000		55,038
3.00% 05/11/21		76,000		76,077
3.50% 05/15/25		45,000		45,074
General Mills Inc.
3.20% 04/16/21		25,000		24,861
3.70% 10/17/23		39,000		38,819
4.55% 04/17/38		30,000		27,458
4.70% 04/17/48		23,000		20,933
General Motors Co.
5.20% 04/01/45		7,000		5,804
5.40% 04/01/48		14,000		12,278
General Motors Financial Company Inc.
2.35% 10/04/19		55,000		54,397
3.15% 01/15/20		56,000		55,642
3.20% 07/13/20		101,000		99,964
3.45% 01/14/22		68,000		65,808
3.55% 04/09/21		74,000		73,081
5.25% 03/01/26		60,000		58,892
Georgia-Pacific LLC
3.60% 03/01/25(b)		9,000		8,998
Gilead Sciences Inc.
2.95% 03/01/27		7,000		6,507
3.50% 02/01/25		20,000		19,537
3.65% 03/01/26		20,000		19,629

	Principal Amount ($)		Fair Value $
4.15% 03/01/47		42,000		38,564
4.80% 04/01/44		14,000		13,978
GlaxoSmithKline Capital Inc.
3.38% 05/15/23		45,000		45,225
3.63% 05/15/25		45,000		45,257
GlaxoSmithKline Capital PLC
3.13% 05/14/21		38,000		38,049
Glencore Finance Canada Ltd.
4.95% 11/15/21(b)		22,000		22,552
Glencore Funding LLC
2.50% 01/15/19(b)		99,000		98,969
Gray Escrow Inc.
7.00% 05/15/27(b)		23,000		22,392
H&E Equipment Services Inc.
5.63% 09/01/25		68,000		62,310
Halliburton Co.
3.80% 11/15/25		28,000		27,150
5.00% 11/15/45		16,000		15,701
HCA Inc.
4.75% 05/01/23		122,000		120,148
HD Supply Inc.
5.38% 10/15/26(b)		23,000		22,310
Hess Corp.
5.60% 02/15/41		7,000		6,161
5.80% 04/01/47		6,000		5,393
Hewlett Packard Enterprise Co.
6.35% 10/15/45		7,000		6,551
Highwoods Realty LP
4.13% 03/15/28		21,000		20,606
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75% 10/01/25 (b)		70,000		62,375
6.25% 11/01/28 (b)		20,000		17,585
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 year Mid-Market Swap Rate thereafter)
6.50% 12/31/99 (i)		50,000		45,815
Hughes Satellite Systems Corp.
6.63% 08/01/26		23,000		21,130
Hyundai Capital America 3.10% 04/05/22 (b)		18,000		17,586
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.00% 08/01/20		79,000		78,876
Ingersoll-Rand Luxembourg Finance S.A. 3.55% 11/01/24		41,000		40,610
Intel Corp.
2.60% 05/19/26		58,000		54,457
2.88% 05/11/24		29,000		28,284

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

Elfun Diversified Fund 35

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
International Paper Co. 4.40% 08/15/47		31,000		26,269
Interstate Power & Light Co. 3.40% 08/15/25		135,000		130,823
j2 Cloud Services LLC/j2 Global Co-Obligor Inc. 6.00% 07/15/25 (b)		32,000		31,347
Jabil Inc. 3.95% 01/12/28		35,000		31,072
JBS USA LUX S.A./JBS USA Finance Inc. 6.75% 02/15/28 (b)		44,000		42,982
Jefferies Group LLC
5.13% 01/20/23		57,000		58,523
6.50% 01/20/43		26,000		25,433
Johnson & Johnson 3.63% 03/03/37		21,000		20,187
Johnson Controls International PLC 4.50% 02/15/47		8,000		7,370
JPMorgan Chase & Co.
2.30% 08/15/21		92,000		89,595
2.55% 10/29/20		92,000		90,928
3.13% 01/23/25		46,000		43,850
3.30% 04/01/26		61,000		58,045
3.63% 12/01/27		20,000		18,654
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter) 3.51% 01/23/29 (i)		38,000		35,814
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter) 3.88% 07/24/38 (i)		55,000		49,784
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter) 3.90% 01/23/49 (i)		16,000		14,052
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter) 4.01% 04/23/29 (i)		37,000		36,300
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter) 4.03% 07/24/48 (i)		23,000		20,621

	Principal Amount ($)		Fair Value $
JPMorgan Chase & Co. (4.63% fixed rate until 11/01/22; 2.58% + 3 month USD LIBOR thereafter) 4.63% 12/31/99 (i)		40,000		34,238
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter) 6.10% 10/29/49 (i)		97,000		96,284
JPMorgan Chase & Co. 3.47% + 3 month USD LIBOR 5.99% 12/29/49 (i)		32,000		31,602
Keurig Dr Pepper Inc.
3.55% 05/25/21 (b)		162,000		161,780
4.06% 05/25/23 (b)		45,000		44,865
4.50% 11/15/45		17,000		14,936
4.60% 05/25/28 (b)		45,000		44,847
Kimberly-Clark Corp. 3.95% 11/01/28		68,000		69,937
Kinder Morgan Energy Partners LP
3.50% 03/01/21		78,000		77,739
4.70% 11/01/42		7,000		6,206
5.30% 09/15/20		26,000		26,725
6.38% 03/01/41		14,000		14,917
Kinder Morgan Inc.
3.05% 12/01/19		16,000		15,906
4.30% 03/01/28		30,000		29,389
5.05% 02/15/46		14,000		13,017
5.55% 06/01/45		19,000		18,929
Kraft Heinz Foods Co. 4.38% 06/01/46		26,000		21,512
Kreditanstalt fuer Wiederaufbau 2.00% 10/04/22		46,000		44,945
L Brands Inc. 5.25% 02/01/28		66,000		56,413
L3 Technologies Inc. 3.85% 12/15/26		34,000		32,883
Lamb Weston Holdings Inc. 4.63% 11/01/24 (b)		85,000		82,849
Lee Enterprises Inc. 9.50% 03/15/22 (b)		46,000		46,850
Lennar Corp. 4.75% 05/30/25 - 11/29/27		108,000		99,390
Lincoln National Corp.
3.63% 12/12/26		44,000		42,411
3.80% 03/01/28		25,000		24,084
4.35% 03/01/48		20,000		18,180
Lockheed Martin Corp.
3.55% 01/15/26		23,000		22,795

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

36 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
3.80% 03/01/45		8,000		7,327
Lowe’s Companies Inc. 3.70% 04/15/46		7,000		5,716
LYB International Finance BV 4.88% 03/15/44		7,000		6,369
LYB International Finance II BV 3.50% 03/02/27		9,000		8,217
Macy’s Retail Holdings Inc. 4.30% 02/15/43		7,000		5,169
Marathon Oil Corp.
2.70% 06/01/20		56,000		55,083
3.85% 06/01/25		16,000		15,002
Marsh & McLennan Companies Inc. 3.50% 03/10/25		34,000		33,246
Masco Corp. 3.50% 11/15/27		7,000		6,445
McDonald’s Corp.
3.70% 01/30/26		35,000		34,382
3.80% 04/01/28		34,000		33,330
4.88% 12/09/45		14,000		14,111
McKesson Corp. 3.65% 11/30/20		136,000		136,556
Medtronic Inc.
2.50% 03/15/20		58,000		57,750
4.63% 03/15/45		45,000		47,316
Memorial Sloan-Kettering Cancer Center 4.13% 07/01/52		24,000		23,811
Merck & Company Inc. 2.75% 02/10/25		67,000		64,832
MetLife Inc.
4.05% 03/01/45		8,000		7,389
4.72% 12/15/44		24,000		24,493
MGM Resorts International 4.63% 09/01/26		37,000		33,253
Microsoft Corp.
2.40% 08/08/26		39,000		36,379
3.45% 08/08/36		16,000		15,192
3.50% 02/12/35		22,000		21,126
3.70% 08/08/46		73,000		70,086
4.00% 02/12/55		31,000		30,527
4.10% 02/06/37		6,000		6,164
4.50% 02/06/57		7,000		7,535
Mizuho Financial Group Inc. 2.63% 04/12/21 (b)		200,000		196,420
Molina Healthcare Inc. 4.88% 06/15/25 (b)		53,000		48,407
Molson Coors Brewing Co.
2.10% 07/15/21		60,000		57,805
4.20% 07/15/46		9,000		7,479

	Principal Amount ($)		Fair Value $
Morgan Stanley
2.45% 02/01/19		138,000		137,920
2.63% 11/17/21		78,000		76,069
2.65% 01/27/20		44,000		43,691
2.75% 05/19/22		109,000		105,944
3.63% 01/20/27		5,000		4,754
3.70% 10/23/24		17,000		16,735
3.95% 04/23/27		131,000		123,363
4.10% 05/22/23		206,000		206,466
4.38% 01/22/47		38,000		35,992
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) 3.97% 07/22/38 (i)		18,000		16,413
MPLX LP
3.38% 03/15/23		21,000		20,397
4.50% 04/15/38		22,000		19,321
4.70% 04/15/48		19,000		16,409
5.50% 02/15/49		34,000		32,952
Murphy Oil Corp. 5.75% 08/15/25		169,000		158,465
Mylan Inc.
4.55% 04/15/28 (b)		13,000		12,120
5.20% 04/15/48 (b)		17,000		14,472
Mylan N.V.
3.15% 06/15/21		20,000		19,603
3.95% 06/15/26		13,000		11,731
National Retail Properties Inc. 4.00% 11/15/25		34,000		33,684
Navient Corp.
6.75% 06/15/26		40,000		33,203
8.00% 03/25/20		39,000		39,665
Newell Brands Inc.
3.85% 04/01/23		5,000		4,935
4.20% 04/01/26		5,000		4,861
Newfield Exploration Co.
5.38% 01/01/26		65,000		64,338
5.75% 01/30/22		73,000		74,095
Newmark Group Inc. 6.13% 11/15/23 (b)		15,000		14,406
Newmont Mining Corp. 4.88% 03/15/42		27,000		25,528
Nexen Energy ULC 6.40% 05/15/37		8,000		9,795
NGPL PipeCo LLC 4.88% 08/15/27 (b)		53,000		50,285
Noble Energy Inc.
3.90% 11/15/24		25,000		24,117
5.05% 11/15/44		8,000		6,966
Nordstrom Inc. 5.00% 01/15/44		2,000		1,719

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

Elfun Diversified Fund 37

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Norfolk Southern Corp. 3.95% 10/01/42		24,000		21,974
Northern States Power Co. 2.20% 08/15/20		94,000		92,708
Northrop Grumman Corp.
2.08% 10/15/20		16,000		15,699
2.55% 10/15/22		14,000		13,559
3.25% 01/15/28		23,000		21,489
3.85% 04/15/45		5,000		4,412
4.03% 10/15/47		17,000		15,447
Novartis Capital Corp. 3.00% 11/20/25		6,000		5,816
Nucor Corp.
3.95% 05/01/28		41,000		40,582
4.13% 09/15/22		18,000		18,530
Nutrien Ltd.
4.00% 12/15/26		15,000		14,514
4.90% 06/01/43		16,000		15,346
Occidental Petroleum Corp.
4.10% 02/15/47		13,000		12,229
4.20% 03/15/48		14,000		13,369
Olin Corp. 5.00% 02/01/30		65,000		56,855
Omnicom Group Inc./Omnicom Capital Inc. 3.63% 05/01/22		23,000		22,691
Oncor Electric Delivery Company LLC 3.80% 09/30/47		8,000		7,539
Oracle Corp.
2.40% 09/15/23		20,000		19,199
3.25% 11/15/27		32,000		30,862
3.80% 11/15/37		10,000		9,343
4.00% 07/15/46 - 11/15/47		57,000		53,099
Oshkosh Corp. 5.38% 03/01/25		28,000		28,154
Owens Corning 4.40% 01/30/48		12,000		9,188
Owens-Brockway Glass Container Inc. 6.38% 08/15/25 (b)		50,000		49,561
Pacific Gas & Electric Co. 3.40% 08/15/24		124,000		108,037
PacifiCorp 6.25% 10/15/37		45,000		55,900
Packaging Corporation of America 3.40% 12/15/27		34,000		31,789
Parker-Hannifin Corp. 3.25% 03/01/27		69,000		66,103
Party City Holdings Inc. 6.63% 08/01/26 (b)		50,000		45,472

	Principal Amount ($)		Fair Value $
Penske Automotive Group Inc. 5.38% 12/01/24		50,000		46,820
PepsiCo Inc. 3.45% 10/06/46		9,000		8,055
Petroleos Mexicanos
4.50% 01/23/26		45,000		38,944
5.35% 02/12/28		15,000		13,124
5.38% 03/13/22		50,000		49,174
5.63% 01/23/46		19,000		14,394
6.35% 02/12/48		15,000		11,983
6.38% 01/23/45		25,000		20,215
6.50% 03/13/27		40,000		37,692
6.75% 09/21/47		40,000		33,146
Pfizer Inc.
3.00% 12/15/26		39,000		37,643
3.20% 09/15/23		31,000		31,080
3.60% 09/15/28		51,000		51,189
4.13% 12/15/46		13,000		13,048
4.40% 05/15/44		8,000		8,325
Philip Morris International Inc. 4.13% 03/04/43		26,000		23,099
Phillips 66 3.90% 03/15/28		39,000		37,527
Phillips 66 Partners LP
3.75% 03/01/28		32,000		29,559
4.68% 02/15/45		19,000		16,903
Pilgrim’s Pride Corp. 5.88% 09/30/27 (b)		77,000		70,195
Pioneer Natural Resources Co. 3.95% 07/15/22		45,000		45,109
Plains All American Pipeline LP/PAA Finance Corp.
4.70% 06/15/44		10,000		8,343
5.75% 01/15/20		35,000		35,701
PPL Capital Funding Inc. 3.10% 05/15/26		45,000		42,192
Precision Castparts Corp. 4.38% 06/15/45		22,000		21,978
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter) 5.70% 09/15/48 (i)		45,000		41,417
Public Service Company of Colorado 3.70% 06/15/28		47,000		47,476
Public Service Electric & Gas Co. 2.38% 05/15/23		60,000		57,965
PulteGroup Inc. 5.50% 03/01/26		60,000		57,900
QUALCOMM Inc.
2.90% 05/20/24		14,000		13,325

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

38 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
3.00% 05/20/22		11,000		10,837
3.25% 05/20/27		4,000		3,722
4.30% 05/20/47		7,000		6,231
Quicken Loans Inc. 5.25% 01/15/28 (b)		46,000		41,284
Range Resources Corp. 5.00% 08/15/22		65,000		58,196
Realty Income Corp. 3.00% 01/15/27		15,000		13,924
Republic Services Inc. 3.38% 11/15/27		8,000		7,671
Reynolds American Inc. 4.45% 06/12/25		5,000		4,809
Rio Tinto Finance USA PLC 4.13% 08/21/42		13,000		12,529
Rockwell Collins Inc.
3.50% 03/15/27		38,000		35,768
Rogers Communications Inc.
5.00% 03/15/44		7,000		7,274
RPM International Inc.
3.75% 03/15/27		22,000		20,930
Ryder System Inc.
2.45% 09/03/19		110,000		109,365
Sabine Pass Liquefaction LLC
4.20% 03/15/28		31,000		29,496
5.00% 03/15/27		8,000		8,052
salesforce.com Inc.
3.25% 04/11/23		41,000		41,164
3.70% 04/11/28		58,000		58,255
Santander Holdings USA Inc.
2.65% 04/17/20		78,000		77,005
3.70% 03/28/22		71,000		69,725
4.40% 07/13/27		21,000		19,824
Schlumberger Holdings Corp.
3.00% 12/21/20 (b)		32,000		31,731
3.63% 12/21/22 (b)		97,000		96,557
4.00% 12/21/25 (b)		49,000		48,315
Sempra Energy
3.80% 02/01/38		12,000		10,330
4.00% 02/01/48		14,000		11,816
Shell International Finance BV
2.38% 08/21/22		47,000		45,664
3.75% 09/12/46		13,000		12,044
4.13% 05/11/35		17,000		16,928
Shire Acquisitions Investments Ireland DAC
2.40% 09/23/21		36,000		34,784
2.88% 09/23/23		36,000		34,017
3.20% 09/23/26		8,000		7,292
Simon Property Group LP
3.38% 06/15/27		33,000		31,640

	Principal Amount ($)		Fair Value $
Sinclair Television Group Inc.
5.38% 04/01/21		60,000		59,804
Sirius XM Radio Inc.
5.00% 08/01/27 (b)		23,000		21,006
Smithfield Foods Inc.
2.70% 01/31/20 (b)		16,000		15,801
4.25% 02/01/27 (b)		22,000		20,103
South Carolina Electric & Gas Co.
4.10% 06/15/46		14,000		13,285
Southern California Edison Co.
2.40% 02/01/22		34,000		32,750
Southern Company Gas Capital Corp.
4.40% 05/30/47		6,000		5,586
Southern Copper Corp.
5.88% 04/23/45		12,000		12,200
Southwestern Electric Power Co.
2.75% 10/01/26		34,000		31,310
Spectra Energy Partners LP
3.38% 10/15/26		7,000		6,558
4.50% 03/15/45		6,000		5,488
Sprint Corp.
7.63% 02/15/25		116,000		117,094
Standard Industries Inc.
5.38% 11/15/24 (b)		118,000		111,098
Starbucks Corp.
4.00% 11/15/28		26,000		25,718
Steel Dynamics Inc.
5.13% 10/01/21		23,000		23,131
Sumitomo Mitsui Financial Group Inc.
2.78% 07/12/22		61,000		59,421
Suncor Energy Inc.
4.00% 11/15/47		7,000		6,207
Sunoco Logistics Partners Operations LP
5.30% 04/01/44		25,000		22,073
Sysco Corp.
3.25% 07/15/27		28,000		26,198
T-Mobile USA Inc.
4.50% 02/01/26		112,000		103,449
Takeda Pharmaceutical Company Ltd.
4.00% 11/26/21 (b)		200,000		202,510
Tampa Electric Co.
4.35% 05/15/44		35,000		34,763
Target Corp.
2.50% 04/15/26		31,000		28,930
Teck Resources Ltd.
5.40% 02/01/43		64,000		55,635

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

Elfun Diversified Fund 39

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
6.00% 08/15/40		34,000		31,370
Telecom Italia S.p.A.
5.30% 05/30/24 (b)		200,000		189,670
Telefonica Emisiones SA
4.10% 03/08/27		150,000		144,916
Tenet Healthcare Corp.
4.75% 06/01/20		68,000		67,948
6.00% 10/01/20		74,000		74,613
Teva Pharmaceutical Finance Netherlands III BV
1.70% 07/19/19		122,000		120,027
2.20% 07/21/21		18,000		16,519
2.80% 07/21/23		133,000		114,490
Texas Instruments Inc.
4.15% 05/15/48		18,000		17,970
The Allstate Corp.
4.20% 12/15/46		12,000		11,659
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75% 08/15/53 (i)		51,000		49,427
The Bank of New York Mellon Corp. (2.66% fixed rate until 05/16/22; 0.63% + 3 month USD LIBOR thereafter)
2.66% 05/16/23 (i)		35,000		34,117
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter)
4.63% 12/29/49 (i)		86,000		77,106
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter)
4.65% 12/31/99 (i)		49,000		43,366
The Boeing Co.
3.25% 03/01/28		36,000		35,260
3.55% 03/01/38		36,000		33,579
The Chemours Co.
5.38% 05/15/27		23,000		20,723
The Dow Chemical Co.
4.25% 10/01/34		27,000		24,456
5.55% 11/30/48 (b)		27,000		27,447
The George Washington University
4.13% 09/15/48		25,000		24,992
The Goldman Sachs Group Inc.
3.85% 01/26/27		52,000		48,999
4.25% 10/21/25		20,000		19,118
4.80% 07/08/44		11,000		10,470

	Principal Amount ($)		Fair Value $
5.15% 05/22/45		36,000		33,922
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter)
2.91% 06/05/23 (i)		185,000		176,875
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter)
3.81% 04/23/29 (i)		37,000		34,460
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)
4.02% 10/31/38 (i)		22,000		19,329
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter)
4.22% 05/01/29 (i)		32,000		30,830
The Hartford Financial Services Group Inc. 2.13% + 3 month USD LIBOR
4.74% 02/12/47 (b)(i)		30,000		24,002
The Home Depot Inc.
3.35% 09/15/25		44,000		43,468
3.50% 09/15/56		14,000		11,759
3.90% 12/06/28 - 06/15/47		54,000		54,242
4.50% 12/06/48		34,000		35,124
The Interpublic Group of Companies Inc.
3.75% 10/01/21		56,000		56,347
The Kroger Co.
2.95% 11/01/21		57,000		56,077
4.65% 01/15/48		11,000		9,920
The Mosaic Co.
5.63% 11/15/43		6,000		6,061
The Sherwin-Williams Co.
2.25% 05/15/20		39,000		38,389
2.75% 06/01/22		13,000		12,565
3.45% 06/01/27		10,000		9,309
4.50% 06/01/47		21,000		18,935
The Southern Co.
1.85% 07/01/19		138,000		136,980
3.25% 07/01/26		15,000		14,027
4.40% 07/01/46		4,000		3,686
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter)
3.63% 09/15/31 (i)		82,000		77,438

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

40 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
The Walt Disney Co.
4.13% 06/01/44		10,000		9,897
The Williams Companies Inc.
3.75% 06/15/27		6,000		5,641
3.90% 01/15/25		20,000		19,410
4.85% 03/01/48		19,000		17,265
4.90% 01/15/45		7,000		6,346
5.40% 03/04/44		7,000		6,708
Time Warner Cable LLC
4.50% 09/15/42		7,000		5,564
6.55% 05/01/37		18,000		18,196
TransCanada PipeLines Ltd.
4.25% 05/15/28		61,000		60,375
4.88% 01/15/26		11,000		11,379
Transcontinental Gas Pipe Line Company LLC
4.00% 03/15/28		28,000		27,049
Tyco Electronics Group S.A.
2.35% 08/01/19		84,000		83,567
3.13% 08/15/27		32,000		29,711
Tyson Foods Inc.
2.65% 08/15/19		16,000		15,917
4.55% 06/02/47		6,000		5,277
U.S. Bancorp
3.15% 04/27/27		42,000		40,314
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter)
5.13% 12/29/49 (i)		94,000		93,280
Union Pacific Corp.
3.20% 06/08/21		54,000		54,196
3.50% 06/08/23		47,000		47,123
3.60% 09/15/37		9,000		8,051
4.10% 09/15/67		15,000		12,612
United Technologies Corp.
3.65% 08/16/23		51,000		50,807
3.75% 11/01/46 (h)		20,000		17,108
3.95% 08/16/25		20,000		19,862
4.13% 11/16/28		8,000		7,927
4.15% 05/15/45		23,000		20,580
4.45% 11/16/38		18,000		17,366
4.50% 06/01/42		14,000		13,305
UnitedHealth Group Inc.
4.45% 12/15/48		30,000		30,901
4.75% 07/15/45		31,000		32,784
Vale Overseas Ltd.
4.38% 01/11/22		4,000		4,073
6.25% 08/10/26		21,000		22,743
6.88% 11/10/39		9,000		10,398
Vale S.A.
5.63% 09/11/42		8,000		8,082

	Principal Amount ($)		Fair Value $
Valero Energy Partners LP
4.38% 12/15/26		52,000		51,095
Ventas Realty LP
3.25% 10/15/26		39,000		36,275
Verizon Communications Inc.
3.38% 02/15/25		45,000		43,651
4.33% 09/21/28		40,000		40,146
4.40% 11/01/34		28,000		27,026
4.67% 03/15/55		20,000		18,411
4.86% 08/21/46		121,000		119,057
5.01% 04/15/49		10,000		9,963
5.25% 03/16/37		18,000		18,845
Viacom Inc.
3.45% 10/04/26		15,000		13,873
5.25% 04/01/44		7,000		6,296
Virginia Electric & Power Co.
4.00% 11/15/46		43,000		40,729
Visa Inc.
3.15% 12/14/25		31,000		30,448
4.30% 12/14/45		16,000		16,569
Vodafone Group PLC
4.38% 05/30/28		48,000		46,528
5.25% 05/30/48		13,000		12,181
Vornado Realty LP
3.50% 01/15/25		20,000		19,257
Vulcan Materials Co.
3.90% 04/01/27		10,000		9,487
Wabtec Corp.
3.45% 11/15/26		33,000		29,461
Walgreens Boots Alliance Inc.
4.65% 06/01/46		7,000		6,319
Walmart Inc.
3.63% 12/15/47		16,000		14,809
3.70% 06/26/28		45,000		45,643
3.95% 06/28/38		16,000		15,899
4.05% 06/29/48		18,000		17,884
Warner Media LLC
5.35% 12/15/43		37,000		35,498
WEC Energy Group Inc.
3.55% 06/15/25		59,000		57,353
WellCare Health Plans Inc.
5.25% 04/01/25		44,000		42,358
Wells Fargo & Co.
2.63% 07/22/22		82,000		79,083
3.90% 05/01/45		5,000		4,589
4.75% 12/07/46		78,000		75,279
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)
5.88% 12/29/49 (i)		52,000		51,445

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

Elfun Diversified Fund 41

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Wells Fargo & Co. (5.90% fixed rate until 06/15/24; 3.11% + 3 month USD LIBOR thereafter)
5.90% 12/29/49 (i)		50,000		47,605
Wells Fargo & Co. 3.77% + 3 month USD LIBOR
6.56% 03/29/49 (i)		44,000		43,742
Wells Fargo Bank NA
2.60% 01/15/21		250,000		246,750
Western Gas Partners LP
4.00% 07/01/22		67,000		66,110
5.38% 06/01/21		7,000		7,212
Westlake Chemical Corp.
3.60% 08/15/26		20,000		18,388
4.38% 11/15/47		5,000		4,150
5.00% 08/15/46		7,000		6,398
Willis North America Inc.
3.60% 05/15/24		35,000		34,086
WPP Finance 2010
3.75% 09/19/24		34,000		31,696
WRKCo Inc.
3.00% 09/15/24 (b)		23,000		21,622
Xilinx Inc.
2.95% 06/01/24		20,000		19,095
XPO Logistics Inc.
6.50% 06/15/22 (b)		28,000		27,728
Yamana Gold Inc.
4.63% 12/15/27		23,000		21,263
Zoetis Inc.
3.00% 09/12/27		11,000		10,158
3.90% 08/20/28		30,000		29,645
				26,884,777
Non-Agency Collateralized Mortgage Obligations - 1.0%
BANK 2018-BNK11
4.36% 03/15/61 (i)		35,000		35,455
BXP Trust 2017-GM
3.38% 06/13/39 (b)		171,000		167,213
Citigroup Commercial Mortgage Trust 2015-GC33
3.78% 09/10/58		100,000		101,294
Citigroup Commercial Mortgage Trust 2016-P5
2.94% 10/10/49		90,682		86,667
Citigroup Commercial Mortgage Trust 2016-P6
3.72% 12/10/49 (i)		119,583		120,502
4.03% 12/10/49 (i)		78,331		78,848
Citigroup Commercial Mortgage Trust 2018-C5
4.51% 06/10/51		64,000		65,407

	Principal Amount ($)		Fair Value $
COMM 2014-CR14 Mortgage Trust
4.53% 02/10/47 (i)		55,000		56,844
GS Mortgage Securities Trust 2016-GS3
2.85% 10/10/49		72,000		68,294
GS Mortgage Securities Trust 2017-GS5
3.67% 03/10/50		240,062		239,807
GS Mortgage Securities Trust 2017-GS8
3.47% 11/10/50		184,426		181,382
GS Mortgage Securities Trust 2018-GS9
4.14% 03/10/51 (i)		73,000		74,048
JPMBB Commercial Mortgage Securities Trust 2013-C12
4.03% 07/15/45 (i)		25,000		25,321
LB-UBS Commercial Mortgage Trust 2004-C8
0.32% 12/15/39 (b)(g)(i)		12,890		12
LB-UBS Commercial Mortgage Trust 2007-C6
6.11% 07/15/40 (i)		1,236		1,243
6.11% 07/15/40 (b)		2,836		2,852
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21
0.94% 03/15/48 (g)(i)		844,119		37,040
Morgan Stanley Capital I Trust 2006-IQ11
6.25% 10/15/42 (i)		40,000		40,810
Morgan Stanley Capital I Trust 2006-T21
5.24% 10/12/52 (i)		4,358		4,396
UBS Commercial Mortgage Trust 2018-C12
4.79% 08/15/51 (i)		54,000		55,722
Wells Fargo Commercial Mortgage Trust 2015-C26
1.23% 02/15/48 (g)(i)		911,500		52,197
Wells Fargo Commercial Mortgage Trust 2018-AUS
4.06% 07/17/36 (b)(i)		100,000		101,572
WFRBS Commercial Mortgage Trust 2013-C17
4.26% 12/15/46		55,000		56,139
WFRBS Commercial Mortgage Trust 2014-LC14
4.35% 03/15/47 (i)		123,000		125,147
				1,778,212

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

42 Elfun Diversified Fund

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Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Sovereign Bonds - 0.2%
Government of Colombia
2.63% 03/15/23		200,000		188,894
Government of Mexico
4.00% 10/02/23		24,000		23,900
4.75% 03/08/44		56,000		50,834
Government of Peru
5.63% 11/18/50		26,000		30,507
Government of Uruguay
5.10% 06/18/50		29,803		29,293
				323,428
Municipal Bonds and Notes - 0.2%
American Municipal Power Inc.
6.27% 02/15/50		25,000		31,025
Metropolitan St. Louis Sewer District
5.00% 05/01/47		100,000		113,141
New Jersey Transportation Trust Fund Authority
6.88% 12/15/39		15,000		15,204
Port Authority of New York & New Jersey
4.46% 10/01/62		95,000		96,654
State of California
4.60% 04/01/38		50,000		51,567
5.70% 11/01/21		55,000		59,155
State of Illinois
5.10% 06/01/33		25,000		23,836
The University of Texas System
3.35% 08/15/47		25,000		22,637
				413,219
Total Bonds and Notes (Cost $63,420,938)				62,944,247

	Number of Shares		Fair Value $
Exchange Traded & Mutual Funds - 26.4%
State Street Global Equity ex-U.S. Index Portfolio (Cost $51,065,276) (n)		5,315,594		47,946,658
Total Investments in Securities (Cost $173,775,034)				174,977,083
Short-Term Investments - 9.4%
Dreyfus Treasury Cash Management - Institutional Shares 2.26% (d)		2,640,920		2,640,920
State Street Institutional Treasury Money Market Fund - Premier Class 2.24% (d)(n)		5,935,188		5,935,188
State Street Institutional Treasury Plus Fund - Premier Class 2.31% (d)(n)		2,640,921		2,640,921
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.31% (d)(n)		5,945,053		5,945,053
U.S. Treasury Bills 2.54% (d)		35,000		34,599
Total Short-Term Investments (Cost $17,196,673)				17,196,681
Total Investments (Cost $190,971,707)				192,173,764
Liabilities in Excess of Other Assets, net - (5.6)%				(10,230,541	)
NET ASSETS - 100.0%				181,943,223

Other Information:

Centrally Cleared Credit Default Swaps - Sell Protection

Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract Annual Fixed Rate/ Payment Frequency		Termination Date		Market Value		Unamortized Upfront Payments Received		Unrealized Depreciation
Markit CDX North America High Yield Index	Intercontinental Exchange	$	723		5.00%/ Quarterly		12/20/23	$	14,681	$	39,754	$	(25,073	)

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

Elfun Diversified Fund 43

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Schedule of Investments, continued — December 31, 2018

Centrally Cleared Interest Rate Swaps

Counterparty	Notional Amount (000s omitted)		Fund Pays/ Receives Fixed Rate/ Payment Frequency	Floating Rate	Contract Annual Fixed Rate		Termination Date		Market Value			Unamortized Upfront Payments Received		Unrealized Depreciation
CME Group, Inc.	$	2,750	Receives/ Quarterly	3 Month U.S. Dollar LIBOR		3.05%		11/19/21	$	(35,428	)	$	—	$	(35,428	)
CME Group, Inc.		2,751	Receives/ Quarterly	3 Month U.S. Dollar LIBOR		3.06%		11/19/21		(35,780	)		—		(35,780	)
														$	(71,208	)

The Fund had the following long futures contracts open at December 31, 2018:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P 500 Emini Index Futures		March 2019		3	$	390,852	$	375,780	$	(15,072	)
Ultra Long-Term U.S. Treasury Bond Futures		March 2019		15		2,307,928		2,409,844		101,916
U.S. Long Bond Futures		March 2019		6		859,511		876,000		16,489
2 Yr. U.S. Treasury Notes Futures		March 2019		52		10,968,900		11,040,250		71,350
5 Yr. U.S. Treasury Notes Futures		March 2019		23		2,599,886		2,637,813		37,927
10 Yr. U.S. Treasury Notes Futures		March 2019		11		1,314,841		1,342,172		27,331
									$	239,941

The Fund had the following short futures contracts open at December 31, 2018:

Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Depreciation
10 Yr. U.S. Treasury Ultra Futures		March 2019		14	$	(1,764,522	)	$	(1,821,094	)	$	(56,572	)

During the period ended December 31, 2018 average notional values related to derivative contracts were as follows:

	Purchased Call Options		Written Call Options		Long Futures Contracts		Short Futures Contracts		Credit Default Swap Contracts		Interest Rate Swap Contracts
Average Notional Value	$	7,696	$	3,583	$	18,777,832	$	5,045,380	$	1,049,928	$	5,654,941

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

44 Elfun Diversified Fund

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Schedule of Investments, continued — December 31, 2018

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2018:

Fund	Investments	Level 1			Level 2			Level 3		Total
Elfun Diversified Fund	Investments in Securities
	Domestic Equity	$	62,498,707		$	—		$	—	$	62,498,707
	Foreign Equity		1,587,471			—			—		1,587,471
	U.S. Treasuries		—			18,857,655			—		18,857,655
	Agency Mortgage Backed		—			12,815,841			—		12,815,841
	Agency Collateralized Mortgage Obligations		—			268,839			—		268,839
	Asset Backed		—			1,602,276			—		1,602,276
	Corporate Notes		—			26,884,777			—		26,884,777
	Non-Agency Collateralized Mortgage Obligations		—			1,778,212			—		1,778,212
	Sovereign Bonds		—			323,428			—		323,428
	Municipal Bonds and Notes		—			413,219			—		413,219
	Exchange Traded & Mutual Funds		47,946,658			—			—		47,946,658
	Short-Term Investments		17,162,082			34,599			—		17,196,681
	Total Investments in Securities	$	129,194,918		$	62,978,846		$	—	$	192,173,764
	Other Financial Instruments
	Credit Default Swap Contracts - Unrealized Depreciation	$	—		$	(25,073	)	$	—	$	(25,073	)
	Interest Rate Swap Contracts - Unrealized Depreciation		—			(71,208	)		—		(71,208	)
	Long Futures Contracts - Unrealized Appreciation		255,013			—			—		255,013
	Long Futures Contracts - Unrealized Depreciation		(15,072	)		—			—		(15,072	)
	Short Futures Contracts - Unrealized Depreciation		(56,572	)		—			—		(56,572	)
	Total Other Financial Instruments	$	183,369		$	(96,281	)	$	—	$	87,088

The Fund was invested in the following countries/territories at December 31, 2018 (unaudited):

Country/Territory	Percentage (based on Fair Value)
United States		96.98%
United Kingdom		0.47%
Canada		0.42%
Ireland		0.40%
Netherlands		0.29%
Japan		0.24%
France		0.19%
Mexico		0.15%
Luxembourg		0.15%
Switzerland		0.15%
Colombia		0.11%
Italy		0.10%
Supranational		0.09%

Country/Territory	Percentage (based on Fair Value)
Spain		0.08%
Germany		0.05%
Bermuda		0.03%
Mult		0.02%
Peru		0.02%
Uruguay		0.02%
Cayman Islands		0.01%
Brazil		0.01%
Jersey		0.01%
China		0.01%
Australia		0.00%
		100.00%

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

Elfun Diversified Fund 45

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at December 31, 2018 (unaudited):

Industry	Domestic		Foreign		Total
Exchange Traded Funds		24.95%		0.00%		24.95%
Pharmaceuticals		1.75%		0.00%		1.75%
Interactive Media & Services		1.53%		0.00%		1.53%
Diversified Banks		1.53%		0.00%		1.53%
Systems Software		1.51%		0.00%		1.51%
Technology Hardware, Storage & Peripherals		1.27%		0.01%		1.28%
Internet & Direct Marketing Retail		1.16%		0.00%		1.16%
Data Processing & Outsourced Services		1.16%		0.00%		1.16%
Semiconductors		1.15%		0.00%		1.15%
Healthcare Equipment		0.91%		0.16%		1.07%
Biotechnology		0.88%		0.00%		0.88%
Integrated Oil & Gas		0.86%		0.00%		0.86%
Aerospace & Defense		0.83%		0.00%		0.83%
Integrated Telecommunication Services		0.69%		0.00%		0.69%
Electric Utilities		0.68%		0.00%		0.68%
Multi-Sector Holdings		0.64%		0.00%		0.64%
Managed Healthcare		0.60%		0.00%		0.60%
Movies & Entertainment		0.57%		0.00%		0.57%
Soft Drinks		0.56%		0.00%		0.56%
Household Products		0.56%		0.00%		0.56%
Application Software		0.54%		0.00%		0.54%
Industrial Conglomerates		0.48%		0.00%		0.48%
Oil & Gas Exploration & Production		0.43%		0.00%		0.43%
Home Improvement Retail		0.43%		0.00%		0.43%
Restaurants		0.42%		0.00%		0.42%
IT Consulting & Other Services		0.26%		0.15%		0.41%
Specialized REITs		0.40%		0.00%		0.40%
Communications Equipment		0.39%		0.00%		0.39%
Regional Banks		0.38%		0.00%		0.38%
Multi-Utilities		0.36%		0.00%		0.36%
Hypermarkets & Super Centers		0.35%		0.00%		0.35%
Packaged Foods & Meats		0.34%		0.00%		0.34%
Life Sciences Tools & Services		0.34%		0.00%		0.34%
Cable & Satellite		0.34%		0.00%		0.34%
Financial Exchanges & Data		0.33%		0.00%		0.33%
Railroads		0.32%		0.00%		0.32%
Asset Management & Custody Banks		0.31%		0.00%		0.31%
Tobacco		0.31%		0.00%		0.31%
Healthcare Services		0.30%		0.00%		0.30%
Investment Banking & Brokerage		0.29%		0.00%		0.29%
Property & Casualty Insurance		0.17%		0.09%		0.26%
Industrial Machinery		0.24%		0.02%		0.26%
Life & Health Insurance		0.24%		0.00%		0.24%
Consumer Finance		0.22%		0.00%		0.22%
Diversified Chemicals		0.21%		0.00%		0.21%
Air Freight & Logistics		0.21%		0.00%		0.21%
Industrial Gases		0.06%		0.13%		0.19%
Specialty Chemicals		0.19%		0.00%		0.19%
Oil & Gas Refining & Marketing		0.19%		0.00%		0.19%
Construction Machinery & Heavy Trucks		0.18%		0.00%		0.18%
Insurance Brokers		0.08%		0.09%		0.17%
Apparel Retail		0.17%		0.00%		0.17%

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

46 Elfun Diversified Fund

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Schedule of Investments, continued — December 31, 2018

Industry	Domestic		Foreign		Total
Oil & Gas Equipment & Services		0.15%		0.01%		0.16%
Electrical Components & Equipment		0.16%		0.00%		0.16%
Retail REITs		0.15%		0.00%		0.15%
Hotels, Resorts & Cruise Lines		0.15%		0.00%		0.15%
Airlines		0.15%		0.00%		0.15%
Footwear		0.15%		0.00%		0.15%
Residential REITs		0.14%		0.00%		0.14%
General Merchandise Stores		0.14%		0.00%		0.14%
Oil & Gas Storage & Transportation		0.12%		0.00%		0.12%
Automobile Manufacturers		0.12%		0.00%		0.12%
Interactive Home Entertainment		0.11%		0.00%		0.11%
Automotive Retail		0.11%		0.00%		0.11%
Multi-Line Insurance		0.11%		0.00%		0.11%
Semiconductor Equipment		0.10%		0.00%		0.10%
Apparel, Accessories & Luxury Goods		0.10%		0.00%		0.10%
Health Care REITs		0.10%		0.00%		0.10%
Healthcare Distributors		0.09%		0.00%		0.09%
Drug Retail		0.09%		0.00%		0.09%
Building Products		0.07%		0.02%		0.09%
Environmental & Facilities Services		0.09%		0.00%		0.09%
Research & Consulting Services		0.06%		0.02%		0.08%
Paper Packaging		0.08%		0.00%		0.08%
Electronic Components		0.08%		0.00%		0.08%
Agricultural & Farm Machinery		0.08%		0.00%		0.08%
Office REITs		0.08%		0.00%		0.08%
Industrial REITs		0.07%		0.00%		0.07%
Healthcare Facilities		0.07%		0.00%		0.07%
Healthcare Supplies		0.06%		0.00%		0.06%
Trading Companies & Distributors		0.06%		0.00%		0.06%
Distillers & Vintners		0.05%		0.00%		0.05%
Specialty Stores		0.05%		0.00%		0.05%
Personal Products		0.05%		0.00%		0.05%
Fertilizers & Agricultural Chemicals		0.05%		0.00%		0.05%
Electronic Manufacturing Services		0.01%		0.04%		0.05%
Home Building		0.05%		0.00%		0.05%
Food Distributors		0.05%		0.00%		0.05%
Broadcasting		0.04%		0.00%		0.04%
Internet Services & Infrastructure		0.04%		0.00%		0.04%
Commodity Chemicals		0.04%		0.00%		0.04%
Department Stores		0.04%		0.00%		0.04%
Construction Materials		0.04%		0.00%		0.04%
Agricultural Products		0.04%		0.00%		0.04%
Advertising		0.04%		0.00%		0.04%
Auto Parts & Equipment		0.01%		0.03%		0.04%
Diversified Support Services		0.04%		0.00%		0.04%
Casinos & Gaming		0.03%		0.00%		0.03%
Food Retail		0.03%		0.00%		0.03%
Distributors		0.03%		0.00%		0.03%
Independent Power Producers & Energy Traders		0.03%		0.00%		0.03%
Gold		0.03%		0.00%		0.03%
Construction & Engineering		0.03%		0.00%		0.03%
Healthcare Technology		0.03%		0.00%		0.03%
Electronic Equipment & Instruments		0.03%		0.00%		0.03%
Steel		0.03%		0.00%		0.03%

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

Elfun Diversified Fund 47

Elfun Diversified Fund

Schedule of Investments, continued — December 31, 2018

Industry	Domestic		Foreign		Total
Copper		0.02%		0.00%		0.02%
Water Utilities		0.02%		0.00%		0.02%
Alternative Carriers		0.02%		0.00%		0.02%
Metal & Glass Containers		0.02%		0.00%		0.02%
Home Furnishings		0.02%		0.00%		0.02%
Leisure Products		0.02%		0.00%		0.02%
Hotel & Resort REITs		0.02%		0.00%		0.02%
Real Estate Services		0.02%		0.00%		0.02%
Computer & Electronics Retail		0.02%		0.00%		0.02%
Brewers		0.02%		0.00%		0.02%
Trucking		0.01%		0.00%		0.01%
Consumer Electronics		0.00%		0.01%		0.01%
Reinsurance		0.00%		0.01%		0.01%
Housewares & Specialties		0.01%		0.00%		0.01%
Publishing		0.01%		0.00%		0.01%
Human Resource & Employment Services		0.01%		0.00%		0.01%
Household Appliances		0.01%		0.00%		0.01%
Motorcycle Manufacturers		0.01%		0.00%		0.01%
Tires & Rubber		0.01%		0.00%		0.01%
Oil & Gas Drilling		0.01%		0.00%		0.01%
Specialized Consumer Services		0.01%		0.00%		0.01%
						58.30%

Sector	Percentage (based on Fair Value)
Corporate Notes		13.99%
U.S. Treasuries		9.81%
Agency Mortgage Backed		6.67%
Non-Agency Collateralized Mortgage Obligations		0.93%
Asset Backed		0.83%
Municipal Bonds and Notes		0.21%
Sovereign Bonds		0.17%
Agency Collateralized Mortgage Obligations		0.14%
		32.75%

Sector	Percentage (based on Fair Value)
Short-Term Investments
Short-Term Investments		8.95%
		8.95%
		100.00%

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

48 Elfun Diversified Fund

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Schedule of Investments, continued — December 31, 2018

Affiliate Table

	Number of Shares Held at 12/31/17		Value at 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 12/31/18		Value at 12/31/18		Dividend Income
SPDR Bloomberg Barclays High Yield Bond ETF		173,223	$	6,360,749	$	—	$	5,956,476	$	(209,162	)	$	(195,111	)		—	$	—	$	313,526
State Street Corp.		1,259		122,891		—		6,519		1,539			(42,542	)		1,195		75,369		2,154
State Street Global Equity ex-U.S. Index Portfolio		5,392,983		58,298,151		1,405,731		2,660,000		251,055			(9,348,279	)		5,315,594		47,946,658		1,405,731
State Street Institutional Treasury Money Market Fund - Premier Class		1,588,325		1,588,325		15,077,928		10,731,065		—			—			5,935,188		5,935,188		40,367
State Street Institutional Treasury Plus Fund - Premier Class		2,107,995		2,107,995		3,811,278		3,278,352		—			—			2,640,921		2,640,921		19,007
State Street Institutional U.S. Government Money Market Fund - Class G Shares		1,759,353		1,759,353		22,188,212		18,002,512		—			—			5,945,053		5,945,053		46,430
TOTAL			$	70,237,464	$	42,483,149	$	40,634,924	$	43,432		$	(9,585,932	)			$	62,543,189	$	1,827,215

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

Elfun Diversified Fund 49

Elfun Tax-Exempt Income Fund

Management Discussion of Fund Performance — December 31, 2018 (Unaudited)

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

For the 12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund was 0.90% and the Index was 1.28%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance was driven by its defensive posture which included less credit risk and a shorter duration than the Index throughout the year. The Fund was also positioned for a narrowing between short and long-term yields with a significant overweight in the front-end of the curve and an overweight in the long-end. Although these factors were constructive for the majority of the year, a robust rally in the fourth quarter to close out the Reporting Period and curve steepening diminished the Fund’s performance relative to the Index. However, the Fund did perform better than Morningstar’s peer group category of 168 U.S. Long-Term Municipal Bond funds which returned an average of 0.29% after expenses during the Reporting Period.

The Fund was generally well-positioned for the tax-exempt market conditions that occurred during the Reporting Period: a rising rate environment; pressure from secondary market selling; and net fund outflows from the asset class. Although tax-exempt rates rose during most of the Reporting Period, there was a strong and sustained rally in the fourth quarter to end the year as the Federal Reserve indicated a more gradual approach to rate hikes in calendar year 2019 and beyond. Additionally, throughout calendar year 2018, the tax-exempt market faced sustained pressure from secondary market selling primarily by banks and insurers as they readjusted their portfolios due to changes caused by the recently enacted Tax Reform and Job Act. The pressure from this secondary market selling was further exacerbated by Fund outflows.

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

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

50 Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Understanding Your Fund’s Expenses (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value July 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2018	$	1,011.50	$	1,024.15
Expenses Paid During Period*	$	1.06	$	1.07

* Expenses are equal to the Fund’s annualized expense ratio of 0.21%** (for the period July 1, 2018-December 31, 2018), 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 Tax-Exempt Income Fund 51

Elfun Tax-Exempt Income Fund

Performance Summary — December 31, 2018 (Unaudited)

Quality Ratings

as of December 31, 2018 as a % of Fair Value ^(a)(b)

Moody’s / S&P /Rating*	Percentage of Fair Value
Aaa / AAA		11.1	%
Aa / AA		49.4	%
A / A		29.2	%
Baa / BBB		5.4	%
Ba / BB and lower		0.0	%
NR / Other		4.9	%
		100.0	%

Sector Allocation

Portfolio composition as a % of Investments of $1,363,575 (in thousands) on December 31, 2018 ^(a)(b)

Average Annual Total Return for the periods ended December 31, 2018

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

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun Tax-Exempt Income Fund		0.90	%		3.76	%		4.72	%	$	15,867
Bloomberg Barclays U.S. Municipal Bond Index		1.28	%		3.82	%		4.85	%	$	16,060

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

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

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

52 Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Performance Summary, continued — December 31, 2018

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

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

Elfun Tax-Exempt Income Fund 53

Elfun Tax-Exempt Income Fund

Schedule of Investments — December 31, 2018

	Principal Amount ($)		Fair Value $
Municipal Bonds and Notes - 98.1%†
Alaska - 0.2%
Alaska Housing Finance Corp.
5.00% 12/01/27 (l)		2,115,000		2,324,639
5.00% 12/01/27		385,000		417,721
				2,742,360
Arizona - 2.1%
Maricopa County Industrial Development Authority
4.00% 01/01/41		3,000,000		3,070,620
Phoenix Civic Improvement Corp. (NPFG Insured)
5.50% 07/01/23 - 07/01/24 (m)		7,260,000		8,450,184
Salt River Project Agricultural Improvement & Power District
5.00% 12/01/21 - 01/01/38		9,500,000		10,260,145
University Medical Center Corp.
6.50% 07/01/39 (l)		1,000,000		1,023,030
University of Arizona
5.00% 06/01/46		5,000,000		5,607,000
				28,410,979
Arkansas - 0.3%
University of Arkansas
5.00% 11/01/46 - 11/01/47		3,580,000		4,045,570
				4,045,570
California - 10.6%
California Educational Facilities Authority
6.13% 10/01/36 (l)		1,500,000		1,678,289
California Health Facilities Financing Authority
4.00% 11/15/41		1,000,000		1,014,130
5.50% 08/15/26 (l)		5,000,000		5,308,250
6.00% 07/01/39 (l)		5,000,000		5,109,900
California State Department of Water Resources
5.00% 05/01/21 - 12/01/29		14,700,000		16,605,372
5.00% 12/01/21 (k)		5,000		5,467
5.00% 12/01/29 (l)		30,000		35,194
California State Public Works Board
5.00% 10/01/28		1,500,000		1,622,055
5.13% 10/01/31		2,000,000		2,166,040
5.25% 09/01/29		10,160,000		11,424,615

	Principal Amount ($)		Fair Value $
6.00% 04/01/26 (l)(h)		8,475,000		8,568,903
California State University
4.00% 11/01/45		5,900,000		6,039,122
City of Los Angeles Wastewater System Revenue
5.00% 06/01/43		10,000,000		11,593,500
Los Angeles Department of Water & Power Power System Revenue Series 2018 D,
5.00% 07/01/48		5,500,000		6,314,770
Los Angeles Harbor Department
5.00% 08/01/26		8,000,000		8,146,400
Marin Healthcare District
4.00% 08/01/47		2,500,000		2,565,750
San Diego Community College District
5.00% 08/01/41 (l)		10,000,000		10,855,100
San Francisco City & County Airport Commission-San Francisco International Airport
5.00% 05/01/48		7,500,000		8,509,725
State of California
5.00% 02/01/31 - 08/01/46		19,220,000		20,949,620
5.25% 04/01/35 - 11/01/40		12,750,000		13,526,135
University of California
5.00% 05/15/38		4,000,000		4,398,960
				146,437,297
Colorado - 2.2%
Colorado Health Facilities Authority
5.00% 06/01/47		1,750,000		1,868,738
Metro Wastewater Reclamation District
5.00% 04/01/27		1,730,000		1,888,209
Regional Transportation District
4.25% 11/01/36		3,405,000		3,907,782
5.00% 11/01/27 - 11/01/34		16,760,000		19,683,289
5.38% 06/01/31		2,500,000		2,609,650
				29,957,668
Connecticut - 4.9%
Connecticut State Health & Educational Facility Authority
5.00% 07/01/40 (l)		6,775,000		7,093,289
5.00% 07/01/46		6,500,000		7,102,030

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

54 Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
South Central Connecticut Regional Water Authority
5.00% 08/01/27 - 08/01/28		2,195,000		2,449,022
State of Connecticut
5.00% 01/01/22 - 05/01/37		17,600,000		19,435,506
State of Connecticut Special Tax Revenue
4.00% 09/01/36		5,000,000		5,125,950
5.00% 10/01/27 - 10/01/36		23,325,000		25,645,418
Town of Fairfield
5.00% 08/01/21		1,000,000		1,081,290
				67,932,505
Delaware - 1.1%
Delaware State Health Facilities Authority
5.00% 10/01/40		6,300,000		6,592,320
Delaware Transportation Authority
5.00% 06/01/45		6,680,000		7,347,399
State of Delaware
5.00% 07/01/28 (l)		825,000		863,758
5.00% 07/01/28		175,000		182,956
				14,986,433
District of Columbia - 1.4%
District of Columbia
5.00% 06/01/38 - 04/01/42		9,250,000		10,297,357
Washington Metropolitan Area Transit Authority
5.00% 07/01/34 - 07/01/43		8,375,000		9,573,099
				19,870,456
Florida - 0.7%
Brevard County Health Facilities Authority
7.00% 04/01/39 (h)(l)		1,000,000		1,012,700
City of Tampa Water & Wastewater System Revenue
5.00% 10/01/27		8,560,000		9,244,629
				10,257,329
Georgia - 8.3%
Athens-Clarke County Unified Government Water & Sewerage Revenue
5.50% 01/01/38 (l)		7,000,000		7,000,000
Atlanta Development Authority
5.25% 07/01/40		8,925,000		10,085,161

	Principal Amount ($)		Fair Value $
City of Atlanta Department of Aviation
5.00% 01/01/25 - 01/01/34		18,500,000		20,003,205
City of Atlanta Water & Wastewater Revenue
5.00% 11/01/41		5,000,000		5,707,800
5.25% 11/01/30		5,690,000		6,474,992
6.25% 11/01/39 (l)		10,000,000		10,367,900
City of Atlanta Water & Wastewater Revenue (AGMC Insured)
5.75% 11/01/27 - 11/01/30 (m)		9,500,000		12,260,870
DeKalb Newton & Gwinnett Counties Joint Development Authority
6.00% 07/01/34 (l)		8,500,000		8,675,355
Gwinnett County Development Authority
5.00% 07/01/37 - 07/01/40		9,325,000		10,518,639
Municipal Electric Authority of Georgia
5.00% 01/01/35		5,500,000		5,927,185
Richmond County Hospital Authority
4.00% 01/01/36		2,855,000		2,890,059
State of Georgia
4.00% 07/01/36		10,000,000		10,667,500
4.50% 01/01/29 (h)(l)		3,000,000		3,005,760
				113,584,426
Hawaii - 1.9%
City & County of Honolulu
5.00% 04/01/33 (l)		10,000,000		10,081,000
State of Hawaii Airports System Revenue
5.25% 07/01/24		15,800,000		16,538,018
				26,619,018
Illinois - 3.2%
City of Chicago O’Hare International Airport Revenue
5.00% 01/01/48		6,000,000		6,667,920
City of Chicago O’Hare International Airport Revenue
5.00% 01/01/46		1,000,000		1,084,420
5.25% 01/01/42		8,000,000		8,980,800
5.63% 01/01/35 (l)		4,035,000		4,336,011
5.63% 01/01/35		965,000		1,021,568
5.75% 01/01/39 (l)		9,655,000		10,398,821

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

Elfun Tax-Exempt Income Fund 55

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
5.75% 01/01/39		1,845,000		1,955,405
Metropolitan Pier & Exposition Authority (NPFG Insured)
5.65% 06/15/22 (k)(m)		785,000		879,941
5.65% 06/15/22 (m)		3,520,000		3,837,997
Southwestern Illinois Development Authority (NPFG Insured)
5.00% 10/01/21 (k)(m)		195,000		210,867
5.00% 10/01/21 (m)		3,805,000		4,090,261
				43,464,011
Indiana - 0.7%
Indiana Municipal Power Agency
5.50% 01/01/27 (l)		2,500,000		2,500,000
Indianapolis Local Public Improvement Bond Bank
5.75% 01/01/38 (l)		1,370,000		1,370,000
5.75% 01/01/38		5,630,000		5,630,000
				9,500,000
Kentucky - 2.8%
Kentucky State Property & Building Commission
5.00% 02/01/33 - 04/01/37		11,705,000		12,938,475
Kentucky State Property & Building Commission (AGC Insured)
5.25% 02/01/27 (l)(m)		10,665,000		10,694,106
Louisville & Jefferson County Metropolitan Sewer District
5.00% 05/15/30		14,340,000		15,428,406
				39,060,987
Louisiana - 1.1%
City of New Orleans Sewerage Service Revenue
5.00% 06/01/44 - 06/01/45		3,900,000		4,160,871
Louisiana Public Facilities Authority
5.00% 05/15/47 (l)		10,000		11,805
State of Louisiana
5.00% 09/01/19 (k)		10,050,000		10,265,572
				14,438,248
Maine - 0.3%
Maine Health & Higher Educational Facilities Authority
5.25% 07/01/21 (l)		315,000		330,272

	Principal Amount ($)		Fair Value $
5.25% 07/01/21		1,475,000		1,545,239
Maine Turnpike Authority
5.00% 07/01/42		1,000,000		1,078,290
6.00% 07/01/34 (l)		1,250,000		1,276,413
				4,230,214
Maryland - 3.1%
City of Baltimore
5.00% 07/01/38 - 07/01/46		23,375,000		26,081,791
County of Prince George’s
5.00% 09/15/24		3,450,000		3,724,413
5.00% 09/15/25 (l)		5,340,000		5,782,366
Maryland Economic Development Corp.
5.75% 06/01/35 (l)		3,000,000		3,164,760
Maryland Health & Higher Educational Facilities Authority
5.00% 07/01/34 (l)		1,945,000		1,975,789
5.00% 07/01/34 - 08/15/41		1,355,000		1,432,576
				42,161,695
Massachusetts - 4.4%
Commonwealth of Massachusetts
4.00% 05/01/44		3,045,000		3,104,316
5.00% 03/01/46		10,000,000		10,984,400
5.25% 09/01/43		7,525,000		8,845,863
Massachusetts Department of Transportation
5.00% 01/01/37		10,000,000		10,273,900
Massachusetts Development Finance Agency
5.75% 07/01/39 (l)		3,325,000		3,391,201
5.75% 07/01/39		1,675,000		1,700,745
Massachusetts Health & Educational Facilities Authority
5.00% 07/01/34 (l)		7,500,000		7,619,850
Massachusetts School Building Authority
5.00% 08/15/28		5,000,000		5,482,200
Massachusetts Water Resources Authority
5.00% 08/01/32		4,140,000		4,602,024
5.00% 08/01/41 (l)		3,000,000		3,229,680
6.50% 07/15/19 (k)		945,000		968,975
				60,203,154
Michigan - 1.0%
Lansing Board of Water & Light
5.00% 07/01/37		3,500,000		3,721,690

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

56 Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Michigan Finance Authority
5.00% 12/01/47		4,000,000		4,270,200
State of Michigan
5.00% 03/15/27		4,415,000		5,275,572
University of Michigan Revenue
5.00% 04/01/46		1,000,000		1,123,080
				14,390,542
Minnesota - 0.9%
City of Minneapolis
4.00% 11/15/48		1,000,000		993,060
City of Rochester
4.00% 11/15/48		5,330,000		5,459,679
Housing & Redevelopment Authority of The City of Saint Paul Minnesota
4.00% 11/15/43		1,000,000		1,004,420
University of Minnesota
5.00% 09/01/39		4,350,000		4,987,623
				12,444,782
Missouri - 1.7%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District
5.00% 10/01/44		8,010,000		8,766,304
Health & Educational Facilities Authority of the State of Missouri
4.00% 11/15/48		2,200,000		2,237,796
Kansas City Sanitary Sewer System Revenue
4.00% 01/01/40		1,725,000		1,786,376
Metropolitan St. Louis Sewer District
5.00% 05/01/45 - 05/01/46		3,000,000		3,353,490
Missouri Highway & Transportation Commission
5.00% 05/01/21		4,610,000		4,801,960
Missouri Joint Municipal Electric Utility Commission
5.00% 01/01/34		1,950,000		2,155,355
Missouri State Environmental Improvement & Energy Resources Authority
5.00% 01/01/24		525,000		526,302
				23,627,583
New Jersey - 7.3%
New Jersey Economic Development Authority
5.00% 06/15/41 - 06/15/43		11,750,000		12,368,625

	Principal Amount ($)		Fair Value $
5.25% 06/15/40		4,000,000		4,258,320
5.50% 12/15/29 (l)		3,345,000		3,401,230
5.50% 12/15/29		1,655,000		1,678,319
New Jersey Educational Facilities Authority
5.50% 09/01/30 - 09/01/33		14,700,000		16,410,188
New Jersey Health Care Facilities Financing Authority (AGMC Insured)
4.13% 07/01/38 (m)		6,215,000		6,294,552
New Jersey Higher Education Student Assistance Authority
5.63% 06/01/30		7,500,000		7,610,250
New Jersey State Turnpike Authority
5.00% 01/01/33 - 01/01/45		25,870,000		29,219,869
5.00% 01/01/38 (l)		4,000,000		4,421,600
New Jersey Transportation Trust Fund Authority
5.00% 12/15/34 - 06/15/45		7,250,000		7,785,205
5.25% 06/15/36		7,350,000		7,684,572
				101,132,730
New Mexico - 0.1%
New Mexico Finance Authority
5.00% 06/15/23		1,750,000		1,826,178
New York - 11.0%
City of New York
5.00% 08/01/26 - 04/01/43		7,500,000		8,613,615
Hudson Yards Infrastructure Corp.
5.00% 02/15/39 - 02/15/45		11,000,000		12,388,470
Long Island Power Authority
6.00% 05/01/33 (l)		7,500,000		7,605,975
Metropolitan Transportation Authority
5.00% 11/15/29 - 11/15/37		7,960,000		8,801,751
New York City Transitional Finance Authority Building Aid Revenue
5.00% 07/15/36		6,000,000		6,945,360

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

Elfun Tax-Exempt Income Fund 57

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
New York City Transitional Finance Authority Future Tax Secured Revenue
5.00% 11/01/21 - 02/01/43		32,500,000		35,366,200
New York Liberty Development Corp.
5.00% 11/15/44		5,000,000		5,316,450
5.13% 01/15/44		10,000,000		10,279,500
New York State Dormitory Authority
4.00% 08/01/38 - 07/01/41		6,655,000		6,848,159
5.00% 03/15/45 - 07/01/46		16,500,000		18,781,500
5.50% 05/01/37 (l)		2,500,000		2,531,675
6.00% 07/01/40 (l)		2,000,000		2,124,220
New York State Thruway Authority
5.00% 05/01/19		6,000,000		6,063,840
New York State Urban Development Corp.
5.50% 01/01/19		9,000,000		9,000,000
Port Authority of New York & New Jersey
5.00% 11/15/47 - 09/01/48		6,500,000		7,399,885
Westchester County Healthcare Corp.
6.13% 11/01/37 (l)		2,220,000		2,390,985
6.13% 11/01/37		280,000		297,962
				150,755,547
North Carolina - 1.2%
City of Charlotte
5.00% 06/01/23		4,320,000		4,507,359
North Carolina Capital Facilities Finance Agency
4.00% 10/01/44		2,000,000		2,085,180
North Carolina Medical Care Commission
4.00% 06/01/42		1,500,000		1,550,535
State of North Carolina
4.75% 05/01/30 (l)		4,130,000		4,289,583
The University of North Carolina at Charlotte
5.00% 10/01/47		3,545,000		3,996,491
				16,429,148
Ohio - 5.2%
City of Cincinnati Water System Revenue
5.00% 12/01/36 (l)		2,500,000		2,722,900

	Principal Amount ($)		Fair Value $
City of Columbus
5.00% 07/01/26 - 08/15/30 (l)		18,055,000		20,406,894
County of Franklin
5.00% 12/01/47		1,125,000		1,252,282
Cuyahoga Community College District
5.00% 08/01/26 (l)		1,800,000		1,861,974
Northeast Ohio Regional Sewer District
4.00% 11/15/43		7,550,000		7,861,286
5.00% 11/15/38 (l)		12,000,000		13,476,480
Ohio State Turnpike Commission
5.25% 02/15/39		18,250,000		20,103,470
University of Cincinnati
5.00% 06/01/45		3,500,000		3,939,285
				71,624,571
Oklahoma - 0.8%
Oklahoma Capital Improvement Authority
5.00% 07/01/28 - 07/01/29		5,000,000		5,656,650
Oklahoma Turnpike Authority
5.00% 01/01/28 - 01/01/47		5,000,000		5,388,055
				11,044,705
Oregon - 0.9%
Eugene Water Revenue
4.00% 08/01/45		1,000,000		1,026,970
Salem-Keizer School District No 24J
5.00% 06/15/37		10,000,000		11,670,800
				12,697,770
Pennsylvania - 5.8%
City of Philadelphia
5.00% 08/01/36		5,000,000		5,524,150
City of Philadelphia Water & Wastewater Revenue
5.00% 01/01/36 - 10/01/47		23,000,000		25,179,480
Delaware River Port Authority, Revenue, Series 2018 A,
5.00% 01/01/29 - 01/01/40		8,600,000		9,703,606
Pennsylvania Economic Development Financing Authority
4.00% 11/15/42		5,000,000		5,003,500

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

58 Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Pennsylvania State University
5.00% 09/01/41		1,200,000		1,364,016
Pennsylvania Turnpike Commission
5.00% 06/01/29 (l)		10,000,000		10,132,821
5.25% 06/01/39 (l)		9,500,000		9,636,230
6.00% 12/01/34 (l)		12,000,000		12,930,600
				79,474,403
Rhode Island - 0.6%
Rhode Island Health & Educational Building Corp.
5.00% 09/01/43		5,000,000		5,507,250
Rhode Island Infrastructure Bank Water Pollution Control Revenue
5.00% 10/01/28		2,200,000		2,569,050
				8,076,300
South Carolina - 1.6%
Piedmont Municipal Power Agency
5.00% 01/01/25		2,315,000		2,489,991
Piedmont Municipal Power Agency (AGC Insured)
5.75% 01/01/34 (m)		5,500,000		5,951,880
South Carolina State Public Service Authority
5.00% 12/01/37 - 12/01/38		12,000,000		12,930,180
5.50% 01/01/38 (l)		1,190,000		1,190,000
				22,562,051
Tennessee - 0.6%
City of Memphis
4.00% 06/01/46		5,000,000		5,112,600
County of Shelby
5.00% 03/01/21		3,500,000		3,625,580
				8,738,180
Texas - 7.4%
City of Austin Airport System Revenue
5.00% 11/15/46 (h)		3,000,000		3,330,960
City of Austin Water & Wastewater System Revenue
5.00% 11/15/42		13,595,000		14,719,714
City of Dallas Waterworks & Sewer System Revenue
5.00% 10/01/46		3,550,000		4,022,292
City of Houston Utility System Revenue
5.00% 05/15/28 - 11/15/33		10,470,000		11,423,633

	Principal Amount ($)		Fair Value $
5.25% 11/15/30 - 11/15/31 (l)		12,000,000		12,744,960
County of Harris
5.00% 08/15/41		3,000,000		3,370,980
Dallas/Fort Worth International Airport
5.25% 11/01/29		5,000,000		5,597,350
Harris County-Houston Sports Authority
5.00% 11/15/30		2,000,000		2,234,160
North Texas Tollway Authority
5.00% 09/01/31 (l)		3,500,000		3,776,360
5.00% 01/01/39 - 01/01/48		5,000,000		5,519,490
6.00% 01/01/38 (l)		5,000,000		5,399,350
North Texas Tollway Authority (AGMC Insured)
4.00% 01/01/34 (m)		5,000,000		5,208,450
Texas Transportation Commission State Highway Fund
5.00% 04/01/23		10,750,000		12,060,425
The University of Texas System
5.00% 08/15/26		10,000,000		11,922,500
				101,330,624
Utah - 0.9%
Utah State Board of Regents
5.00% 11/01/30		4,000,000		4,203,880
Utah Transit Authority
5.00% 06/15/42 (l)		3,045,000		3,360,888
5.00% 06/15/42		4,455,000		4,761,504
				12,326,272
Virginia - 1.8%
County of Fairfax
4.00% 10/01/35		6,645,000		7,216,935
County of Henrico Water & Sewer Revenue
5.00% 05/01/46		2,530,000		2,857,003
University of Virginia
5.00% 04/01/47		6,000,000		6,851,640
Virginia Resources Authority
4.00% 11/01/41		5,585,000		5,836,883
5.00% 11/01/46		1,720,000		1,953,198
				24,715,659
Total Municipal Bonds and Notes (Cost $1,329,038,434)				1,351,099,395

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

Elfun Tax-Exempt Income Fund 59

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Short-Term Investments - 0.9%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.31% (Cost $12,476,076) (d)(n)		12,476,076		12,476,076
Total Investments (Cost $1,341,514,510)				1,363,575,471
Other Assets and Liabilities, net - 1.0%				13,404,569
NET ASSETS - 100.0%				1,376,980,040

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2018:

Fund	Investments	Level 1		Level 2		Level 3		Total
Elfun Tax-Exempt Income Fund	Investments in Securities
	Municipal Bonds and Notes	$	—	$	1,351,099,395	$	—	$	1,351,099,395
	Short-Term Investments		12,476,076		—		—		12,476,076
	Total Investments in Securities	$	12,476,076	$	1,351,099,395	$	—	$	1,363,575,471

Affiliate Table

	Number of Shares Held at 12/31/17		Value At 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/18		Value at 12/31/18		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		6,243,370	$	6,243,370	$	267,257,800	$	261,025,094	$	—	$	—		12,476,076	$	12,476,076	$	216,085

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

60 Elfun Tax-Exempt Income Fund

Elfun Income Fund

Management Discussion of Fund Performance — December 31, 2018 (Unaudited)

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

For the 12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund was -0.80% and the Index was 0.01%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The primary drivers of underperformance relative to the Index were the Fund’s over-weights to both high yield and investment grade corporates. The Fund’s underweight to mortgage backed securities offset some underperformance versus the Index.

We expected the credit and economics cycles to continue, which they have. However, trade tensions between the U.S. & China, BREXIT, equity and commodity volatility weighed heavily on the credit markets causing high yield and investment grade corporate spreads to widen 183bps (108bps in December alone) and 47bps, respectively, negatively impacting the Fund’s performance.

The Fund had a large underweight in its mortgage backed securities position anticipating volatility in that asset class as the Federal Reserve would begin reducing its balance sheet exposure. Mortgage spreads did widen in the fourth quarter and the Fund pared its position still maintaining an underweight. This activity provided positive excess returns.

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

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

Elfun Income Fund 61

Elfun Income Fund

Understanding Your Fund’s Expenses (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value July 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2018	$	1,012.80	$	1,023.54
Expenses Paid During Period*	$	1.67	$	1.68

* Expenses are equal to the Fund’s annualized expense ratio of 0.33%** (for the period July 1, 2018-December 31, 2018), 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.

62 Elfun Income Fund

Elfun Income Fund

Performance Summary — December 31, 2018 (Unaudited)

Quality Ratings

as of December 31, 2018 as a % of Fair Value ^(a)(b)

Moody’s / S&P /Rating*	Percentage of Fair Value
Aaa / AAA		20.0	%
Aa / AA		43.0	%
A / A		7.6	%
Baa / BBB		20.0	%
Ba / BB and lower		9.1	%
NR / Other		0.3	%
		100.0	%

Sector Allocation

Portfolio composition as a % of Fair Value of $264,633 (in thousands) as of December 31, 2018 ^(a)(b)

Average Annual Total Return for the periods ended December 31, 2018

(Inception date: 12/31/84)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun Income Fund		-0.80	%		2.49	%		4.11	%	$	14,966
Bloomberg Barclays U.S. Aggregate Bond Index		0.01	%		2.52	%		3.48	%	$	14,075

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

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

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

Elfun Income Fund 63

Elfun Income Fund

Performance Summary, continued — December 31, 2018 (Unaudited)

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

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

64 Elfun Income Fund

Elfun Income Fund

Schedule of Investments — December 31, 2018

	Principal Amount ($)		Fair Value $
Bonds and Notes - 97.3%†
U.S. Treasuries - 26.4%
U.S. Treasury Bonds
2.25% 08/15/46 (h)		1,602,000		1,368,942
2.75% 11/15/42 (h)		606,000		579,359
3.13% 05/15/48 (h)		1,058,600		1,078,721
3.75% 11/15/43 (h)		358,000		404,275
4.50% 02/15/36 (h)		2,046,200		2,522,241
U.S. Treasury Notes
1.38% 12/15/19 (h)		8,355,800		8,256,807
1.50% 11/30/19 - 08/15/20 (h)		11,392,800		11,253,096
2.25% 03/31/20 (h)		10,914,700		10,871,016
2.75% 11/15/23		9,699,800		9,807,426
2.88% 11/30/25		9,607,400		9,780,357
2.88% 08/15/28 (h)		4,584,100		4,655,030
				60,577,270
Agency Mortgage Backed - 20.1%
Federal Home Loan Mortgage Corp.
4.05% 09/25/28 (i)		1,045,000		1,100,557
4.50% 06/01/33 - 02/01/35 (h)		13,474		14,100
5.00% 07/01/35 (h)		111,528		118,630
5.50% 05/01/20 - 04/01/39 (h)		197,778		212,746
6.00% 07/01/19		421		421
6.00% 05/01/20 - 11/01/37 (h)		407,885		447,336
6.50% 07/01/29 (h)		1,796		1,822
7.00% 01/01/27 - 08/01/36 (h)		88,952		98,071
7.50% 11/01/29 - 09/01/33 (h)		7,396		7,936
8.00% 11/01/30 (h)		3,699		4,025
Federal National Mortgage Assoc.
3.50% 08/01/45 (h)		112,717		113,074
4.00% 05/01/19 - 03/01/41 (h)		1,138,340		1,171,718
4.50% 05/01/19 - 02/01/40 (h)		921,825		964,948
5.00% 07/01/20 - 05/01/39 (h)		299,032		317,682
5.50% 06/01/20 - 01/01/39 (h)		750,558		806,830
6.00% 09/01/19 - 05/01/41 (h)		1,553,445		1,711,920
6.50% 05/01/21 - 08/01/36 (h)		91,654		98,863
7.00% 10/01/32 - 02/01/34 (h)		9,295		9,867
7.50% 12/01/26 - 12/01/33 (h)		45,899		50,306
8.00% 06/01/24 - 10/01/31 (h)		13,552		14,614
8.50% 04/01/30 (h)		2,662		3,117
9.00% 12/01/22 (h)		1,241		1,304
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR
3.97% 04/01/37(h)(i)		2,508		2,567
Federal National Mortgage Assoc. TBA
2.50% TBA (c)		4,847,000		4,734,918

	Principal Amount ($)		Fair Value $
3.00% TBA (c)		7,909,840		7,737,054
3.50% TBA (c)		4,743,000		4,741,511
4.00% TBA (c)		5,573,000		5,681,060
4.50% TBA (c)		1,518,000		1,571,434
Government National Mortgage Assoc.
4.00% 01/20/41 - 04/20/43 (h)		1,756,667		1,815,210
4.50% 08/15/33 - 03/20/41 (h)		828,993		867,647
5.00% 08/15/33 (h)		43,907		45,851
6.00% 04/15/27 - 09/15/36 (h)		213,974		237,747
6.50% 04/15/19 - 09/15/36 (h)		78,979		85,377
7.00% 11/15/27 - 10/15/36 (h)		45,011		49,540
7.50% 03/15/23 - 11/15/31 (h)		20,958		21,650
8.00% 09/15/27 - 06/15/30 (h)		26,445		27,818
9.00% 12/15/21 (h)		622		649
3.00% TBA (c)		2,272,000		2,236,789
3.50% TBA (c)		9,061,000		9,123,521
				46,250,230
Agency Collateralized Mortgage Obligations - 0.8%
Federal Home Loan Mortgage Corp.
0.08% 09/25/43 (g)(h)(i)		950,221		2,450
3.86% 11/25/28 (i)		448,000		465,190
4.06% 10/25/28 (i)		763,000		803,788
Federal Home Loan Mortgage Corp. REMIC
3.50% 11/15/24 - 11/15/30 (g)(h)		329,283		24,982
5.50% 06/15/33 (g)(h)		40,769		8,033
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR
4.14% 08/15/25(g)(h)(i)		132,414		6,827
Federal Home Loan Mortgage Corp. STRIPS
0.00% 08/01/27 (a)(d)(h)		788		692
8.00% 02/01/23 - 07/01/24 (g)(h)		2,487		348
Federal National Mortgage Assoc. REMIC
0.00% 12/25/22 (a)(d)(h)		420		411
1.10% 12/25/42 (g)(h)(i)		208,291		15,175
5.00% 02/25/40 - 09/25/40 (g)(h)		154,843		18,150

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

Elfun Income Fund 65

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
1,008.00% 05/25/22 (g)(h)		2		22
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
3.49% 07/25/38(g)(h)(i)		44,225		5,771
Federal National Mortgage Assoc. REMIC 6.20% - 1 month USD LIBOR
3.69% 06/25/48(g)(i)		1,953,003		319,685
Federal National Mortgage Assoc. STRIPS
0.00% 12/25/34 (a)(d)(h)		41,875		34,972
4.50% 08/25/35 - 01/25/36 (g)(h)		84,691		10,514
5.00% 03/25/38 - 05/25/38 (g)(h)		46,695		9,988
5.50% 12/25/33 (g)(h)		13,112		2,883
6.00% 01/25/35 (g)(h)		47,681		11,075
7.50% 11/25/23 (g)(h)		6,018		729
8.00% 08/25/23 - 07/25/24 (g)(h)		4,917		697
8.50% 07/25/22 (g)(h)		807		69
8.50% 07/25/22 (g)		20		2
9.00% 05/25/22 (g)(h)		698		54
Government National Mortgage Assoc. REMIC
4.50% 05/20/38 - 08/16/39 (g)(h)		95,807		6,691
5.00% 09/20/38 (g)(h)		25,077		750
Government National Mortgage Assoc. REMIC 6.80% - 1 month USD LIBOR
4.34% 01/16/40(g)(h)(i)		228,208		38,082
				1,788,030
Asset Backed - 2.8%
American Express Credit Account Master Trust 2017-6
2.04% 05/15/23(h)		1,488,065		1,465,926
American Express Credit Account Master Trust 2018-1
2.67% 10/17/22		603,000		600,786
American Express Credit Account Master Trust 2018-8
3.18% 04/15/24		1,264,000		1,273,243
BA Credit Card Trust 2018-A1
2.70% 07/17/23(h)		528,000		525,827
BMW Floorplan Master Owner Trust 2018-1
3.15% 05/15/23(b)		333,000		333,481

	Principal Amount ($)		Fair Value $
Chase Funding Trust 2004-1
4.99% 11/25/33(h)(j)		172,808		172,808
Citibank Credit Card Issuance Trust 2016-A1
1.75% 11/19/21(h)		1,869,000		1,849,569
Securitized Term Auto Receivables Trust 2018-1A
3.30% 11/25/22(b)		135,000		135,079
				6,356,719
Corporate Notes - 42.7%
1011778 BC ULC/New Red Finance Inc.
4.25% 05/15/24(b)(h)		95,000		87,241
21st Century Fox America Inc.
3.38% 11/15/26 (h)		24,000		23,673
4.50% 02/15/21 (h)		79,000		81,039
4.75% 11/15/46 (h)		17,000		18,148
6.65% 11/15/37 (h)		108,000		138,920
Abbott Laboratories
2.90% 11/30/21 (h)		319,000		315,992
3.75% 11/30/26 (h)		36,000		35,577
4.90% 11/30/46 (h)		110,000		115,636
AbbVie Inc.
3.20% 05/14/26 (h)		120,000		111,149
4.45% 05/14/46 (h)		109,000		95,809
4.70% 05/14/45 (h)		47,000		42,967
4.88% 11/14/48 (h)		39,000		36,397
Acadia Healthcare Company Inc.
6.50% 03/01/24(h)		243,000		233,921
Activision Blizzard Inc.
2.30% 09/15/21(h)		452,000		439,909
AES Corp.
4.88% 05/15/23(h)		260,000		254,259
Aetna Inc.
3.50% 11/15/24(h)		118,000		113,941
Aflac Inc.
4.00% 10/15/46(h)		44,000		40,429
Alexandria Real Estate Equities Inc.
4.70% 07/01/30(h)		56,000		56,707
Alibaba Group Holding Ltd.
4.00% 12/06/37 (h)		200,000		179,514
4.40% 12/06/57 (h)		200,000		179,318
Alimentation Couche-Tard Inc.
2.70% 07/26/22 (b)(h)		175,000		169,183
4.50% 07/26/47 (b)(h)		47,000		42,764
Allergan Finance LLC
3.25% 10/01/22 (h)		125,000		121,757
4.63% 10/01/42 (h)		19,000		17,421

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

66 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Allergan Funding SCS
3.00% 03/12/20 (h)		246,000		245,048
3.45% 03/15/22 (h)		106,000		104,329
Allergan Sales LLC
5.00% 12/15/21(b)(h)		292,000		300,579
Altria Group Inc.
2.95% 05/02/23 (h)		90,000		85,572
3.88% 09/16/46 (h)		8,000		6,100
4.50% 05/02/43 (h)		59,000		49,098
Amazon.com Inc.
2.80% 08/22/24 (h)		69,000		67,061
3.15% 08/22/27 (h)		62,000		59,813
3.88% 08/22/37 (h)		48,000		46,691
4.05% 08/22/47 (h)		52,000		50,961
4.25% 08/22/57 (h)		65,000		64,137
Ameren Corp.
3.65% 02/15/26(h)		77,000		75,746
America Movil SAB de C.V.
3.13% 07/16/22 (h)		205,000		200,925
5.00% 03/30/20 (h)		317,000		322,522
American Axle & Manufacturing Inc.
6.25% 04/01/25(h)		176,000		160,121
American Campus Communities Operating Partnership LP
3.35% 10/01/20 (h)		157,000		156,444
4.13% 07/01/24 (h)		62,000		62,183
American Express Co.
3.00% 10/30/24(h)		170,000		162,647
American International Group Inc.
4.50% 07/16/44 (h)		141,000		125,336
6.40% 12/15/20 (h)		79,000		83,366
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter)
5.75% 04/01/48(h)(i)		79,000		69,132
American Tower Corp. (REIT)
3.38% 10/15/26 (h)		49,000		45,652
3.40% 02/15/19 (h)		385,000		384,788
American Water Capital Corp.
2.95% 09/01/27(h)		111,000		104,610
Amgen Inc.
2.20% 05/22/19 (h)		334,000		332,784
2.65% 05/11/22 (h)		190,000		185,752
3.20% 11/02/27 (h)		80,000		75,196
4.56% 06/15/48 (h)		102,000		97,836
AMN Healthcare Inc.
5.13% 10/01/24(b)(h)		289,000		276,816

	Principal Amount ($)		Fair Value $
Anadarko Petroleum Corp.
4.85% 03/15/21 (h)		13,000		13,276
6.20% 03/15/40 (h)		51,000		53,276
Andeavor Logistics LP/Tesoro Logistics Finance Corp.
5.20% 12/01/47 (h)		49,000		44,057
5.25% 01/15/25 (h)		734,000		733,060
5.50% 10/15/19 (h)		293,000		295,687
6.25% 10/15/22 (h)		199,000		202,849
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70% 02/01/36 (b)(h)		51,000		47,056
4.90% 02/01/46 (b)(h)		116,000		107,332
Anheuser-Busch InBev Finance Inc.
2.65% 02/01/21(h)		58,000		57,010
Anheuser-Busch InBev Worldwide Inc.
2.50% 07/15/22 (h)		184,000		175,630
4.00% 04/13/28 (h)		41,000		39,220
4.38% 04/15/38 (h)		181,000		161,988
4.60% 04/15/48 (h)		62,000		55,483
4.75% 04/15/58 (h)		58,000		50,439
Anthem Inc.
3.30% 01/15/23(h)		100,000		98,394
ANZ New Zealand International Ltd.
3.45% 01/21/28(b)(h)		200,000		191,882
Apache Corp.
4.38% 10/15/28 (h)		47,000		43,871
5.10% 09/01/40 (h)		68,000		61,418
Apple Inc.
2.50% 02/09/22 (h)		91,000		89,710
2.85% 05/11/24 (h)		117,000		114,052
3.35% 02/09/27 (h)		63,000		61,541
3.45% 02/09/45 (h)		177,000		156,817
3.85% 08/04/46 (h)		187,000		175,902
4.25% 02/09/47 (h)		24,000		24,021
Applied Materials Inc.
4.35% 04/01/47(h)		75,000		73,354
Aptiv PLC
4.40% 10/01/46(h)		81,000		71,751
Aramark Services Inc.
5.00% 02/01/28(b)(h)		147,000		137,479
Archer-Daniels-Midland Co.
2.50% 08/11/26(h)		82,000		74,845
Arconic Inc.
5.13% 10/01/24 (h)		194,000		186,810
6.15% 08/15/20 (h)		90,000		91,822
Ascension Health
4.85% 11/15/53(h)		84,000		90,984

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

Elfun Income Fund 67

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Ashland LLC
4.75% 08/15/22(h)		95,000		93,379
AstraZeneca PLC
2.38% 11/16/20 (h)		67,000		65,876
3.38% 11/16/25 (h)		96,000		92,979
3.50% 08/17/23 (h)		93,000		92,113
4.00% 01/17/29 (h)		62,000		61,583
4.38% 08/17/48 (h)		77,000		73,046
AT&T Inc.
3.00% 06/30/22 (h)		106,000		103,466
3.80% 03/15/22 (h)		215,000		215,909
4.10% 02/15/28		148,000		142,286
4.45% 04/01/24 (h)		87,000		88,275
4.50% 05/15/35 (h)		133,000		120,559
4.55% 03/09/49 (h)		70,000		60,304
4.75% 05/15/46 (h)		50,000		44,445
4.80% 06/15/44 (h)		104,000		93,287
5.00% 03/01/21 (h)		152,000		157,179
5.15% 11/15/46		23,000		21,415
5.25% 03/01/37 (h)		90,000		88,243
5.45% 03/01/47 (h)		176,000		171,616
Athene Holding Ltd.
4.13% 01/12/28(h)		102,000		92,606
Avangrid Inc.
3.15% 12/01/24(h)		172,000		165,903
Baidu Inc.
2.88% 07/06/22(h)		255,000		248,227
Bank of America Corp.
2.65% 04/01/19 (h)		255,000		254,699
3.25% 10/21/27 (h)		3,000		2,777
3.95% 04/21/25 (h)		117,000		113,388
4.25% 10/22/26 (h)		205,000		199,420
Bank of America Corp. (2.37% fixed rate until 07/21/20; 0.66% + 3 month USD LIBOR thereafter)
2.37% 07/21/21(h)(i)		176,000		173,011
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter)
3.12% 01/20/23(h)(i)		117,000		114,967
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter)
3.37% 01/23/26(h)(i)		209,000		199,781
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)
3.42% 12/20/28(h)(i)		150,000		139,692

	Principal Amount ($)		Fair Value $
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95% 01/23/49(h)(i)		141,000		125,508
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter)
4.24% 04/24/38(h)(i)		119,000		112,824
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)
4.27% 07/23/29(h)(i)		52,000		51,730
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)
4.44% 01/20/48(h)(i)		64,000		61,819
Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter)
4.34% 10/05/28(h)(i)		229,000		227,986
Barclays PLC
4.84% 05/09/28(h)		200,000		183,232
Barclays PLC (4.97% fixed rate until 05/16/28; 1.90% + 3 month USD LIBOR thereafter)
4.97% 05/16/29(h)(i)		200,000		192,388
Barrick North America Finance LLC
5.70% 05/30/41(h)		24,000		25,336
BAT Capital Corp.
2.30% 08/14/20		420,000		410,113
2.76% 08/15/22		134,000		126,495
3.56% 08/15/27		220,000		194,995
4.39% 08/15/37		42,000		34,516
4.54% 08/15/47		60,000		48,014
Bausch Health Companies Inc.
7.00% 03/15/24(b)(h)		439,000		444,672
Baxalta Inc.
2.88% 06/23/20(h)		50,000		49,455
Bayer US Finance II LLC
3.50% 06/25/21 (b)(h)		416,000		413,608
3.88% 12/15/23 (b)(h)		216,000		211,997
4.70% 07/15/64 (b)(h)		33,000		27,425
Becton Dickinson and Co.
2.89% 06/06/22 (h)		135,000		130,696
3.70% 06/06/27 (h)		138,000		130,703

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

68 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
3.73% 12/15/24 (h)		3,000		2,901
4.67% 06/06/47 (h)		17,000		15,997
4.69% 12/15/44 (h)		19,000		17,880
Berkshire Hathaway Energy Co.
2.40% 02/01/20 (h)		197,000		195,686
3.25% 04/15/28 (h)		65,000		61,870
3.80% 07/15/48 (h)		56,000		50,084
6.13% 04/01/36 (h)		38,000		45,322
Berkshire Hathaway Inc.
4.50% 02/11/43(h)		3,000		3,116
Berry Global Inc.
5.13% 07/15/23(h)		260,000		257,455
BHP Billiton Finance USA Ltd.
5.00% 09/30/43(h)		39,000		42,605
Biogen Inc.
2.90% 09/15/20(h)		63,000		62,597
BNP Paribas S.A.
5.00% 01/15/21(h)		75,000		77,468
BNP Paribas S.A. (5.13% fixed rate until 11/15/27; 2.84% + USD 5 year Swap Rate thereafter)
5.13% 12/31/99(b)(h)(i)		200,000		173,320
Boston Scientific Corp.
4.00% 03/01/28(h)		107,000		104,114
BP Capital Markets America Inc.
3.02% 01/16/27		358,000		336,055
3.22% 11/28/23		94,000		92,753
Brighthouse Financial Inc.
3.70% 06/22/27 (h)		14,000		11,827
4.70% 06/22/47 (h)		6,000		4,458
Brixmor Operating Partnership LP
3.90% 03/15/27(h)		62,000		58,769
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.20% 01/15/21 (h)		71,000		69,386
2.65% 01/15/23 (h)		32,000		29,658
3.13% 01/15/25 (h)		38,000		34,100
3.88% 01/15/27 (h)		57,000		51,108
Brown-Forman Corp.
4.00% 04/15/38(h)		30,000		29,346
Buckeye Partners LP
5.60% 10/15/44(h)		24,000		20,674
Bunge Limited Finance Corp.
3.75% 09/25/27(h)		49,000		43,563
Burlington Northern Santa Fe LLC
3.75% 04/01/24		226,000		231,738
4.15% 12/15/48 (h)		114,000		111,267

	Principal Amount ($)		Fair Value $
Campbell Soup Co.
3.30% 03/15/21(h)		231,000		229,711
Canadian Natural Resources Ltd.
3.85% 06/01/27 (h)		32,000		30,276
4.95% 06/01/47 (h)		31,000		29,828
Capital One Financial Corp.
3.75% 07/28/26 (h)		48,000		43,872
4.20% 10/29/25 (h)		54,000		51,911
Cardinal Health Inc.
2.62% 06/15/22 (h)		70,000		67,516
3.08% 06/15/24 (h)		51,000		48,175
Caterpillar Financial Services Corp.
2.55% 11/29/22(h)		150,000		145,639
Caterpillar Inc.
3.80% 08/15/42(h)		42,000		39,130
Catholic Health Initiatives
4.35% 11/01/42(h)		130,000		115,335
CBL & Associates LP
4.60% 10/15/24(h)		335,000		246,882
CBS Corp.
2.50% 02/15/23 (h)		97,000		91,311
2.90% 01/15/27 (h)		62,000		54,810
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00% 02/01/28(h)(b)		289,000		265,854
Celgene Corp.
3.45% 11/15/27 (h)		3,000		2,731
4.35% 11/15/47 (h)		4,000		3,387
4.55% 02/20/48 (h)		113,000		98,207
5.00% 08/15/45 (h)		42,000		38,777
Cenovus Energy Inc.
4.25% 04/15/27 (h)		55,000		50,082
4.45% 09/15/42 (h)		36,000		27,633
5.40% 06/15/47 (h)		19,000		16,375
CenterPoint Energy Inc.
2.50% 09/01/22 (h)		274,000		261,865
3.60% 11/01/21		121,000		120,913
CenturyLink Inc.
5.63% 04/01/25 (h)		95,000		83,706
5.80% 03/15/22 (h)		87,000		83,554
CF Industries Inc.
7.13% 05/01/20(h)		179,000		184,175
Charter Communications Operating LLC/Charter Communications Operating Capital
3.58% 07/23/20 (h)		107,000		106,865
4.91% 07/23/25 (h)		41,000		40,697
5.38% 05/01/47 (h)		73,000		65,647
5.75% 04/01/48 (h)		49,000		45,845

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

Elfun Income Fund 69

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
6.38% 10/23/35 (h)		19,000		19,460
6.48% 10/23/45 (h)		46,000		46,732
Chevron Corp.
2.42% 11/17/20 (h)		79,000		78,277
3.19% 06/24/23 (h)		87,000		86,854
Church & Dwight Company Inc.
2.45% 08/01/22(h)		63,000		60,827
Cigna Corp.
4.13% 11/15/25 (b)(h)		155,000		154,670
4.38% 10/15/28 (b)(h)		62,000		62,293
4.80% 08/15/38 (b)(h)		48,000		47,216
4.90% 12/15/48 (b)(h)		58,000		56,715
Cigna Corp.
3.20% 09/17/20 (b)(h)		214,000		213,187
3.40% 09/17/21 (b)(h)		107,000		106,782
3.75% 07/15/23 (b)(h)		93,000		92,772
Cigna Holding Co.
3.25% 04/15/25 (h)		96,000		91,341
3.88% 10/15/47 (h)		71,000		59,521
Cimarex Energy Co.
3.90% 05/15/27(h)		15,000		13,980
Cinemark USA Inc.
4.88% 06/01/23(h)		180,000		172,800
Cisco Systems Inc.
5.90% 02/15/39(h)		70,000		86,495
Citibank NA
2.85% 02/12/21 (h)		255,000		252,769
3.05% 05/01/20		261,000		260,441
Citigroup Inc.
2.70% 10/27/22 (h)		112,000		107,936
2.75% 04/25/22		405,000		393,263
2.90% 12/08/21 (h)		176,000		172,843
4.40% 06/10/25 (h)		48,000		47,159
4.45% 09/29/27 (h)		35,000		33,737
4.65% 07/30/45 -07/23/48 (h)		216,000		211,070
4.75% 05/18/46 (h)		69,000		63,980
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)
2.88% 07/24/23(h)(i)		78,000		75,408
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)
3.88% 01/24/39(h)(i)		52,000		46,495
Citigroup Inc. (4.28% fixed rate until 04/24/47; 1.84% + 3 month USD LIBOR thereafter)
4.28% 04/24/48(h)(i)		36,000		33,587

	Principal Amount ($)		Fair Value $
CME Group Inc.
3.75% 06/15/28(h)		68,000		68,879
CMS Energy Corp.
4.88% 03/01/44(h)		190,000		199,880
CNA Financial Corp.
3.45% 08/15/27 (h)		56,000		52,086
5.88% 08/15/20 (h)		262,000		271,704
CNH Industrial Capital LLC
3.38% 07/15/19 (h)		119,000		118,679
4.38% 11/06/20 (h)		93,000		93,515
4.88% 04/01/21 (h)		117,000		117,968
CNH Industrial N.V.
4.50% 08/15/23(h)		154,000		155,015
CNOOC Nexen Finance 2014 ULC
4.25% 04/30/24(h)		423,000		430,102
Columbia Pipeline Group Inc.
3.30% 06/01/20(h)		110,000		109,647
Comcast Corp.
3.38% 08/15/25 (h)		6,000		5,846
3.97% 11/01/47 (h)		258,000		231,656
4.15% 10/15/28 (h)		286,000		290,296
4.20% 08/15/34 (h)		87,000		84,005
4.25% 10/15/30 (h)		103,000		104,117
4.60% 08/15/45 (h)		75,000		74,029
4.70% 10/15/48 (h)		61,000		61,725
Commonwealth Bank of Australia
4.32% 01/10/48(b)(h)		203,000		176,927
Conagra Brands Inc.
3.80% 10/22/21 (h)		225,000		225,004
4.30% 05/01/24 (h)		241,000		239,756
5.30% 11/01/38 (h)		57,000		53,985
5.40% 11/01/48 (h)		95,000		87,601
Conagra Brands Inc. 0.75% + 3 month USD LIBOR
3.22% 10/22/20(h)(i)		160,000		159,179
Concho Resources Inc.
3.75% 10/01/27 (h)		27,000		25,448
4.30% 08/15/28 (h)		131,000		128,163
4.88% 10/01/47 (h)		46,000		43,893
ConocoPhillips Co.
4.30% 11/15/44(h)		109,000		107,505
Consolidated Edison Company of New York Inc.
2.90% 12/01/26 (h)		132,000		124,017
3.88% 06/15/47 (h)		68,000		62,325
Constellation Brands Inc.
2.70% 05/09/22 (h)		135,000		130,357
4.50% 05/09/47 (h)		32,000		28,671
Continental Resources Inc.
4.50% 04/15/23(h)		97,000		95,220

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

70 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Corning Inc.
4.38% 11/15/57(h)		62,000		52,034
Corporation Andina de Fomento
2.20% 07/18/20 (h)		190,000		187,110
4.38% 06/15/22 (h)		281,000		291,279
Crane Co.
4.20% 03/15/48(h)		44,000		40,741
Credit Suisse Group Funding Guernsey Ltd.
3.13% 12/10/20 (h)		250,000		247,770
3.80% 06/09/23 (h)		470,000		461,610
CSX Corp.
4.50% 08/01/54(h)		78,000		73,856
CVS Health Corp.
2.25% 08/12/19 (h)		205,000		203,891
3.13% 03/09/20 (h)		615,000		613,795
3.35% 03/09/21 (h)		400,000		398,792
3.70% 03/09/23 (h)		116,000		114,861
3.88% 07/20/25 (h)		59,000		57,537
4.10% 03/25/25 (h)		130,000		128,673
4.30% 03/25/28 (h)		51,000		49,912
4.78% 03/25/38 (h)		63,000		60,550
5.00% 12/01/24 (h)		126,000		131,205
5.05% 03/25/48 (h)		85,000		82,929
5.13% 07/20/45 (h)		35,000		34,129
D.R. Horton Inc.
2.55% 12/01/20(h)		193,000		188,078
Dana Financing Luxembourg Sarl
6.50% 06/01/26(b)(h)		250,000		240,100
Dell International LLC/EMC Corp.
3.48% 06/01/19 (b)(h)		218,000		217,481
5.45% 06/15/23 (b)(h)		84,000		85,597
6.02% 06/15/26 (b)(h)		48,000		48,228
8.10% 07/15/36 (b)(h)		13,000		14,064
8.35% 07/15/46 (b)(h)		27,000		29,251
Deutsche Bank AG
2.70% 07/13/20 (h)		155,000		150,333
3.30% 11/16/22 (h)		205,000		189,982
Deutsche Bank AG (4.88% fixed rate until 12/01/27; 2.55% + USD 5 year Mid-Market Swap Rate thereafter)
4.88% 12/01/32(h)(i)		202,000		158,277
Devon Energy Corp.
4.00% 07/15/21 (h)		251,000		251,550
5.00% 06/15/45 (h)		51,000		45,106
Dexia Credit Local S.A.
2.25% 01/30/19(b)(h)		343,000		342,904

	Principal Amount ($)		Fair Value $
Diageo Investment Corp.
2.88% 05/11/22(h)		146,000		144,340
Diamondback Energy Inc.
4.75% 11/01/24(b)(h)		235,000		226,843
Discover Bank
3.10% 06/04/20(h)		291,000		288,946
Discovery Communications LLC
2.20% 09/20/19 (h)		178,000		176,414
3.95% 03/20/28 (h)		98,000		90,831
5.00% 09/20/37 (h)		39,000		36,022
5.20% 09/20/47 (h)		24,000		22,105
DISH DBS Corp.
5.88% 07/15/22(h)		143,000		130,982
Dollar Tree Inc.
3.70% 05/15/23 (h)		116,000		113,686
4.00% 05/15/25 (h)		113,000		108,609
Dominion Energy Inc.
2.58% 07/01/20(h)		124,000		122,135
DowDuPont Inc.
3.77% 11/15/20 (h)		405,000		408,738
5.32% 11/15/38 (h)		90,000		92,807
5.42% 11/15/48 (h)		90,000		93,727
DTE Energy Co.
2.85% 10/01/26 (h)		68,000		62,580
3.85% 12/01/23 (h)		69,000		69,352
Duke Energy Carolinas LLC
3.95% 03/15/48(h)		76,000		72,703
Duke Energy Corp.
1.80% 09/01/21		172,000		164,368
3.55% 09/15/21		104,000		104,281
3.75% 09/01/46 (h)		26,000		22,600
Duke Energy Progress LLC
4.15% 12/01/44(h)		79,000		77,059
Duke Realty LP
3.25% 06/30/26 (h)		75,000		71,257
3.38% 12/15/27 (h)		56,000		53,149
Duquesne Light Holdings Inc.
3.62% 08/01/27(b)(h)		140,000		131,762
Eastman Chemical Co.
3.50% 12/01/21 (h)		127,000		127,605
3.60% 08/15/22 (h)		55,000		54,953
4.50% 01/15/21 (h)		225,000		228,204
Eaton Corp.
3.10% 09/15/27(h)		83,000		78,310
Ecolab Inc.
3.25% 12/01/27 (h)		51,000		49,013
3.95% 12/01/47 (h)		50,000		46,952
Ecopetrol S.A.
5.88% 05/28/45(h)		114,000		107,587
Edison International
4.13% 03/15/28(h)		85,000		80,600

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

Elfun Income Fund 71

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Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
EI du Pont de Nemours & Co. 0.53% + 3 month USD LIBOR
3.07% 05/01/20(h)(i)		172,000		172,162
Electricite de France S.A.
2.15% 01/22/19(h)(b)		224,000		223,845
Eli Lilly & Co.
3.70% 03/01/45(h)		21,000		19,761
EMC Corp.
2.65% 06/01/20(h)		447,000		429,263
Emera US Finance LP
4.75% 06/15/46(h)		29,000		27,879
Enbridge Energy Partners LP
5.50% 09/15/40(h)		18,000		18,494
Encana Corp.
3.90% 11/15/21(h)		168,000		167,955
Endo Dac/Endo Finance LLC/Endo Finco Inc.
5.88% 10/15/24 (b)(h)		264,000		248,635
Enel Finance International N.V.
3.63% 05/25/27(b)(h)		273,000		239,850
Energy Transfer LP
4.25% 03/15/23 (h)		101,000		97,402
5.88% 01/15/24 (h)		1,032,000		1,051,691
7.50% 10/15/20 (h)		177,000		184,965
Energy Transfer Operating LP
4.95% 06/15/28(h)		44,000		43,162
Energy Transfer Operating LP
5.80% 06/15/38 (h)		69,000		66,798
6.13% 12/15/45 (h)		36,000		34,905
6.50% 02/01/42 (h)		108,000		108,908
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50% 11/01/23(h)		76,000		75,812
EnLink Midstream Partners LP
4.15% 06/01/25(h)		191,000		171,906
Entergy Louisiana LLC
3.05% 06/01/31 (h)		85,000		76,694
4.00% 03/15/33 (h)		46,000		46,350
Enterprise Products Operating LLC
4.25% 02/15/48(h)		186,000		166,412
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter)
5.25% 08/16/77(h)(i)		57,000		47,507
EOG Resources Inc.
4.10% 02/01/21 (h)		202,000		204,709
4.15% 01/15/26 (h)		87,000		88,734

	Principal Amount ($)		Fair Value $
EPR Properties
4.95% 04/15/28(h)		77,000		76,229
EQM Midstream Partners LP
4.75% 07/15/23 (h)		30,000		29,842
5.50% 07/15/28 (h)		30,000		29,466
EQT Corp.
3.90% 10/01/27(h)		53,000		45,832
ERP Operating LP
4.50% 07/01/44(h)		48,000		48,301
Exelon Corp.
3.50% 06/01/22 (h)		111,000		108,468
4.45% 04/15/46 (h)		132,000		125,719
Express Scripts Holding Co.
3.40% 03/01/27(h)		95,000		88,145
Exxon Mobil Corp.
2.22% 03/01/21(h)		38,000		37,519
FedEx Corp.
4.10% 02/01/45(h)		157,000		134,877
FirstEnergy Corp.
3.90% 07/15/27 (h)		39,000		37,779
4.85% 07/15/47 (h)		59,000		58,785
Florida Power & Light Co.
4.13% 02/01/42(h)		90,000		90,554
Ford Motor Co.
4.35% 12/08/26(h)		94,000		83,890
Ford Motor Credit Company LLC
3.10% 05/04/23 (h)		237,000		214,587
3.22% 01/09/22 (h)		215,000		201,679
3.34% 03/28/22 (h)		200,000		188,754
Frontier Communications Corp.
7.13% 03/15/19(h)		172,000		166,481
General Dynamics Corp.
2.13% 08/15/26 (h)		125,000		112,789
2.88% 05/11/20 (h)		211,000		211,146
3.00% 05/11/21 (h)		296,000		296,299
3.50% 05/15/25 (h)		126,000		126,208
General Mills Inc.
3.20% 04/16/21 (h)		200,000		198,888
3.70% 10/17/23 (h)		113,000		112,477
4.55% 04/17/38 (h)		51,000		46,679
4.70% 04/17/48 (h)		51,000		46,418
General Motors Co.
5.20% 04/01/45 (h)		22,000		18,242
5.40% 04/01/48 (h)		46,000		40,342
General Motors Financial Company Inc.
2.35% 10/04/19 (h)		212,000		209,674
3.15% 01/15/20 (h)		206,000		204,684
3.20% 07/13/20 (h)		154,000		152,420
3.45% 01/14/22		253,000		244,846
3.55% 04/09/21 (h)		285,000		281,460

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

72 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
5.25% 03/01/26 (h)		95,000		93,245
Gilead Sciences Inc.
2.55% 09/01/20 (h)		75,000		74,383
2.95% 03/01/27 (h)		26,000		24,170
3.50% 02/01/25 (h)		60,000		58,612
3.65% 03/01/26 (h)		62,000		60,851
4.15% 03/01/47 (h)		107,000		98,245
4.80% 04/01/44 (h)		48,000		47,924
GlaxoSmithKline Capital Inc.
3.38% 05/15/23 (h)		132,000		132,660
3.63% 05/15/25 (h)		126,000		126,719
GlaxoSmithKline Capital PLC
3.13% 05/14/21(h)		148,000		148,192
Glencore Finance Canada Ltd.
4.95% 11/15/21(h)(b)		86,000		88,159
Glencore Funding LLC
2.50% 01/15/19(h)(b)		404,000		403,875
Gray Escrow Inc.
7.00% 05/15/27(h)(b)		93,000		90,541
Grupo Televisa SAB
5.00% 05/13/45(h)		204,000		178,314
H&E Equipment Services Inc.
5.63% 09/01/25(h)		363,000		332,624
Halliburton Co.
3.80% 11/15/25 (h)		87,000		84,360
5.00% 11/15/45 (h)		63,000		61,823
HCA Inc.
4.75% 05/01/23 (h)		521,000		513,091
5.88% 02/15/26		97,000		97,343
HD Supply Inc.
5.38% 10/15/26(h)(b)		95,000		92,150
Hess Corp.
5.60% 02/15/41 (h)		34,000		29,925
5.80% 04/01/47 (h)		22,000		19,773
Hewlett Packard Enterprise Co.
6.35% 10/15/45(h)		35,000		32,753
Highwoods Realty LP
4.13% 03/15/28(h)		75,000		73,594
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75% 10/01/25 (b)(h)		291,000		259,301
6.25% 11/01/28 (b)(h)		75,000		65,944
HSBC Holdings PLC
4.25% 03/14/24(h)		222,000		221,629
HSBC Holdings PLC (3.95% fixed rate until 05/18/23; 0.99% + 3 month USD LIBOR thereafter)
3.95% 05/18/24(h)(i)		216,000		214,745

	Principal Amount ($)		Fair Value $
HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.35% + 3 month USD LIBOR thereafter)
4.29% 09/12/26 (h)(i)		220,000		216,152
HSBC Holdings PLC (6.00% fixed rate until 05/22/27; 3.75% + USD 5 year Mid-Market Swap Rate thereafter)
6.00% 12/31/99 (h)(i)		465,000		424,108
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 year Mid-Market Swap Rate thereafter)
6.50% 12/31/99 (h)(i)		205,000		187,841
Hughes Satellite Systems Corp.
6.63% 08/01/26(h)		95,000		87,275
Hyundai Capital America
3.10% 04/05/22 (h)(b)		86,000		84,023
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.00% 08/01/20 (h)		268,000		267,579
ING Bank N.V.
2.70% 08/17/20 (h)(b)		200,000		197,820
Ingersoll-Rand Luxembourg Finance S.A.
3.55% 11/01/24 (h)		105,000		104,000
Intel Corp.
2.60% 05/19/26 (h)		55,000		51,641
2.88% 05/11/24 (h)		41,000		39,987
International Business Machines Corp.
3.30% 01/27/27 (h)		132,000		126,878
International Paper Co.
4.40% 08/15/47 (h)		97,000		82,197
Interstate Power & Light Co.
3.40% 08/15/25 (h)		307,000		297,501
j2 Cloud Services LLC/j2 Global Co-Obligor Inc.
6.00% 07/15/25 (b)(h)		159,000		155,753
Jabil Inc.
3.95% 01/12/28 (h)		105,000		93,217
JBS USA LUX S.A./JBS USA Finance Inc.
6.75% 02/15/28 (b)(h)		193,000		188,536
Jefferies Group LLC
5.13% 01/20/23 (h)		78,000		80,084
6.50% 01/20/43 (h)		74,000		72,387
Johnson & Johnson
3.63% 03/03/37 (h)		65,000		62,483

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

Elfun Income Fund 73

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Johnson Controls International PLC
4.50% 02/15/47 (h)		40,000		36,850
JPMorgan Chase & Co.
2.30% 08/15/21 (h)		196,000		190,877
2.55% 10/29/20 (h)		197,000		194,705
3.13% 01/23/25		153,000		145,849
3.30% 04/01/26 (h)		102,000		97,058
3.63% 12/01/27 (h)		59,000		55,028
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter)
3.51% 01/23/29 (h)(i)		66,000		62,204
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)
3.88% 07/24/38 (h)(i)		121,000		109,526
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90% 01/23/49 (h)(i)		41,000		36,007
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter)
4.01% 04/23/29 (h)(i)		80,000		78,486
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter)
4.03% 07/24/48 (h)(i)		73,000		65,450
JPMorgan Chase & Co. (4.63% fixed rate until 11/01/22; 2.58% + 3 month USD LIBOR thereafter)
4.63% 12/31/99 (h)(i)		114,000		97,577
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter)
6.10% 10/29/49 (h)(i)		233,000		231,280
JPMorgan Chase & Co. 3.47% + 3 month USD LIBOR
5.99% 12/29/49 (h)(i)		104,000		102,705
Keurig Dr Pepper Inc.
3.55% 05/25/21 (b)(h)		633,000		632,139
4.06% 05/25/23 (b)(h)		132,000		131,603
4.50% 11/15/45 (h)		57,000		50,080
4.60% 05/25/28 (b)(h)		126,000		125,573

	Principal Amount ($)		Fair Value $
Kimberly-Clark Corp.
3.95% 11/01/28 (h)		227,000		233,465
Kinder Morgan Energy Partners LP
3.50% 03/01/21 (h)		298,000		297,002
4.70% 11/01/42 (h)		23,000		20,390
5.30% 09/15/20 (h)		101,000		103,817
6.38% 03/01/41 (h)		47,000		50,078
Kinder Morgan Inc.
3.05% 12/01/19 (h)		67,000		66,608
4.30% 03/01/28 (h)		74,000		72,493
5.05% 02/15/46 (h)		47,000		43,698
5.55% 06/01/45 (h)		54,000		53,799
Kraft Heinz Foods Co.
4.38% 06/01/46 (h)		89,000		73,639
L Brands Inc.
5.25% 02/01/28 (h)		288,000		246,165
L3 Technologies Inc.
3.85% 12/15/26 (h)		116,000		112,191
Lamb Weston Holdings Inc.
4.63% 11/01/24 (h)(b)		292,000		284,609
Lee Enterprises Inc.
9.50% 03/15/22 (h)(b)		203,000		206,749
Lennar Corp.
4.75% 05/30/25 - 11/29/27 (h)		452,000		416,341
Lincoln National Corp.
3.63% 12/12/26 (h)		59,000		56,869
3.80% 03/01/28 (h)		70,000		67,435
4.35% 03/01/48 (h)		70,000		63,630
Lloyds Banking Group PLC (2.91% fixed rate until 11/07/22; 0.81% + 3 month USD LIBOR thereafter)
2.91% 11/07/23(h)(i)		203,000		191,959
Lockheed Martin Corp.
3.55% 01/15/26(h)		65,000		64,421
Lowe’s Companies Inc.
3.70% 04/15/46(h)		30,000		24,496
LYB International Finance BV
4.88% 03/15/44(h)		35,000		31,844
LYB International Finance II BV
3.50% 03/02/27(h)		41,000		37,433
Macy’s Retail Holdings Inc.
4.30% 02/15/43(h)		29,000		21,416
Marathon Oil Corp.
2.70% 06/01/20 (h)		231,000		227,216
3.85% 06/01/25 (h)		48,000		45,005
Marsh & McLennan Companies Inc.
3.50% 03/10/25(h)		93,000		90,937

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

74 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Masco Corp.
3.50% 11/15/27(h)		38,000		34,985
McDonald’s Corp.
3.70% 01/30/26 (h)		23,000		22,594
3.80% 04/01/28 (h)		108,000		105,870
4.88% 12/09/45 (h)		47,000		47,373
McKesson Corp.
3.65% 11/30/20		505,000		507,065
Medtronic Inc.
2.50% 03/15/20 (h)		223,000		222,039
4.63% 03/15/45 (h)		114,000		119,866
Memorial Sloan-Kettering Cancer Center
4.13% 07/01/52(h)		118,000		117,070
Merck & Company Inc.
2.75% 02/10/25(h)		90,000		87,088
MetLife Inc.
4.05% 03/01/45 (h)		26,000		24,014
4.72% 12/15/44 (h)		78,000		79,602
MGM Resorts International
4.63% 09/01/26(h)		167,000		150,090
Microsoft Corp.
2.40% 08/08/26 (h)		112,000		104,474
3.45% 08/08/36 (h)		57,000		54,120
3.50% 02/12/35 (h)		65,000		62,419
3.70% 08/08/46 (h)		246,000		236,180
4.00% 02/12/55 (h)		87,000		85,673
4.10% 02/06/37 (h)		33,000		33,903
4.50% 02/06/57 (h)		34,000		36,599
Mizuho Financial Group Inc.
2.63% 04/12/21(b)(h)		442,000		434,088
Mizuho Financial Group Inc. (3.92% fixed rate until 09/11/23; 1.00% + 3 month USD LIBOR thereafter)
3.92% 09/11/24 (h)(i)		220,000		222,380
Molina Healthcare Inc.
4.88% 06/15/25 (b)(h)		227,000		207,328
Molson Coors Brewing Co.
2.10% 07/15/21 (h)		214,000		206,172
4.20% 07/15/46 (h)		48,000		39,888
Morgan Stanley
2.45% 02/01/19 (h)		560,000		559,675
2.63% 11/17/21 (h)		203,000		197,976
2.65% 01/27/20 (h)		188,000		186,678
2.75% 05/19/22 (h)		406,000		394,616
3.70% 10/23/24 (h)		45,000		44,298
3.95% 04/23/27 (h)		240,000		226,008
4.10% 05/22/23 (h)		170,000		170,384
4.38% 01/22/47 (h)		105,000		99,451

	Principal Amount ($)		Fair Value $
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter)
3.97% 07/22/38 (h)(i)		54,000		49,239
MPLX LP
3.38% 03/15/23 (h)		62,000		60,221
4.50% 04/15/38 (h)		61,000		53,571
4.70% 04/15/48 (h)		62,000		53,544
5.50% 02/15/49 (h)		114,000		110,488
MUFG Bank Ltd.
2.30% 03/10/19 (b)(h)		600,000		599,166
MUFG Bank Ltd.
2.30% 03/05/20 (b)(h)		216,000		213,736
Murphy Oil Corp.
5.75% 08/15/25 (h)		651,000		610,417
Mylan Inc.
4.55% 04/15/28 (b)(h)		33,000		30,765
5.20% 04/15/48 (b)(h)		59,000		50,226
Mylan N.V.
3.15% 06/15/21 (h)		90,000		88,213
3.95% 06/15/26 (h)		50,000		45,119
National Retail Properties Inc.
4.00% 11/15/25 (h)		103,000		102,043
Navient Corp.
6.75% 06/15/26 (h)		180,000		149,414
8.00% 03/25/20 (h)		167,000		169,846
Newell Brands Inc.
3.85% 04/01/23 (h)		43,000		42,439
4.20% 04/01/26 (h)		42,000		40,833
Newfield Exploration Co.
5.38% 01/01/26 (h)		289,000		286,058
5.75% 01/30/22 (h)		266,000		269,990
Newmark Group Inc.
6.13% 11/15/23 (b)(h)		70,000		67,228
Newmont Mining Corp.
4.88% 03/15/42 (h)		85,000		80,366
Nexen Energy ULC
6.40% 05/15/37 (h)		59,000		72,240
NGPL PipeCo LLC
4.88% 08/15/27 (b)(h)		51,000		48,388
Noble Energy Inc.
3.90% 11/15/24 (h)		65,000		62,705
5.05% 11/15/44 (h)		26,000		22,640
Nordstrom Inc.
5.00% 01/15/44 (h)		4,000		3,438
Norfolk Southern Corp.
3.95% 10/01/42 (h)		83,000		75,993
Northern States Power Co.
2.20% 08/15/20 (h)		355,000		350,122
Northrop Grumman Corp.
2.08% 10/15/20 (h)		67,000		65,738

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

Elfun Income Fund 75

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
2.55% 10/15/22 (h)		53,000		51,330
3.25% 01/15/28 (h)		65,000		60,730
3.85% 04/15/45 (h)		24,000		21,180
4.03% 10/15/47 (h)		62,000		56,338
Novartis Capital Corp.
3.00% 11/20/25 (h)		16,000		15,509
Nucor Corp.
3.95% 05/01/28 (h)		121,000		119,767
4.13% 09/15/22 (h)		77,000		79,268
Nutrien Ltd.
4.00% 12/15/26 (h)		58,000		56,119
4.90% 06/01/43 (h)		79,000		75,769
NXP BV/NXP Funding LLC
4.13% 06/01/21 (b)		262,000		259,296
Occidental Petroleum Corp.
4.10% 02/15/47 (h)		33,000		31,043
4.20% 03/15/48 (h)		53,000		50,612
Olin Corp.
5.00% 02/01/30 (h)		289,000		252,788
Omnicom Group Inc./Omnicom Capital Inc.
3.63% 05/01/22 (h)		118,000		116,415
Oncor Electric Delivery Company LLC
3.80% 09/30/47 (h)		28,000		26,386
Oracle Corp.
2.40% 09/15/23 (h)		61,000		58,558
3.25% 11/15/27 (h)		93,000		89,694
3.80% 11/15/37 (h)		37,000		34,567
4.00% 07/15/46 - 11/15/47 (h)		175,000		163,064
4.13% 05/15/45 (h)		46,000		43,606
Oshkosh Corp.
5.38% 03/01/25 (h)		95,000		95,523
Owens Corning
4.40% 01/30/48 (h)		53,000		40,582
Owens-Brockway Glass Container Inc.
6.38% 08/15/25 (b)(h)		100,000		99,121
Pacific Gas & Electric Co.
3.40% 08/15/24 (h)		456,000		397,299
PacifiCorp
6.25% 10/15/37 (h)		4,000		4,969
Packaging Corporation of America
3.40% 12/15/27 (h)		41,000		38,333
Parker-Hannifin Corp.
3.25% 03/01/27 (h)		165,000		158,072
Party City Holdings Inc.
6.63% 08/01/26 (b)(h)		220,000		200,077
Penske Automotive Group Inc.
5.38% 12/01/24 (h)		243,000		227,543

	Principal Amount ($)		Fair Value $
PepsiCo Inc.
3.45% 10/06/46 (h)		50,000		44,748
Perrigo Finance Unlimited Co.
3.90% 12/15/24 (h)		223,000		213,884
Petroleos Mexicanos
4.50% 01/23/26 (h)		58,000		50,194
5.35% 02/12/28		48,000		41,998
5.63% 01/23/46 (h)		61,000		46,213
6.35% 02/12/48		60,000		47,932
6.38% 01/23/45 (h)		79,000		63,879
6.50% 03/13/27 (h)		110,000		103,654
6.75% 09/21/47 (h)		141,000		116,838
Pfizer Inc.
3.00% 12/15/26 (h)		54,000		52,121
3.20% 09/15/23 (h)		93,000		93,239
3.60% 09/15/28 (h)		155,000		155,575
4.13% 12/15/46 (h)		59,000		59,220
4.40% 05/15/44 (h)		34,000		35,380
Philip Morris International Inc.
4.13% 03/04/43 (h)		108,000		95,952
Phillips 66
3.90% 03/15/28 (h)		114,000		109,693
Phillips 66 Partners LP
3.75% 03/01/28 (h)		51,000		47,110
4.68% 02/15/45 (h)		68,000		60,496
Pilgrim’s Pride Corp.
5.88% 09/30/27 (b)(h)		335,000		305,393
Pioneer Natural Resources Co.
3.95% 07/15/22		166,000		166,402
Plains All American Pipeline LP/PAA Finance Corp.
4.70% 06/15/44 (h)		48,000		40,044
5.75% 01/15/20 (h)		143,000		145,863
PPL Capital Funding Inc.
3.10% 05/15/26 (h)		135,000		126,577
Precision Castparts Corp.
4.38% 06/15/45 (h)		105,000		104,897
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter)
5.70% 09/15/48(h)(i)		153,000		140,817
Public Service Company of Colorado
3.70% 06/15/28(h)		142,000		143,438
Public Service Electric & Gas Co.
2.38% 05/15/23(h)		231,000		223,164
PulteGroup Inc.
5.50% 03/01/26(h)		200,000		193,000
QUALCOMM Inc.
2.90% 05/20/24 (h)		7,000		6,663
3.00% 05/20/22 (h)		50,000		49,257

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

76 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
3.25% 05/20/27 (h)		6,000		5,582
4.30% 05/20/47 (h)		26,000		23,144
Quicken Loans Inc.
5.25% 01/15/28 (b)(h)		190,000		170,519
Range Resources Corp.
5.00% 08/15/22 (h)		289,000		258,747
Realty Income Corp.
3.00% 01/15/27 (h)		52,000		48,271
Republic Services Inc.
3.38% 11/15/27 (h)		38,000		36,439
Reynolds American Inc.
4.45% 06/12/25 (h)		4,000		3,847
Rio Tinto Finance USA PLC
4.13% 08/21/42 (h)		54,000		52,044
Rockwell Collins Inc.
3.50% 03/15/27 (h)		87,000		81,889
Rogers Communications Inc.
5.00% 03/15/44 (h)		41,000		42,606
Royal Bank of Scotland Group PLC (4.52% fixed rate until 06/25/23; 1.55% + 3 month USD LIBOR thereafter)
4.52% 06/25/24 (h)(i)		201,000		196,946
RPM International Inc.
3.75% 03/15/27 (h)		68,000		64,694
Ryder System Inc.
2.45% 09/03/19 (h)		410,000		407,634
Sabine Pass Liquefaction LLC
4.20% 03/15/28 (h)		77,000		73,263
5.00% 03/15/27 (h)		39,000		39,256
salesforce.com Inc.
3.25% 04/11/23 (h)		116,000		116,463
3.70% 04/11/28 (h)		160,000		160,702
Santander Holdings USA Inc.
2.65% 04/17/20 (h)		316,000		311,971
3.70% 03/28/22 (h)		283,000		277,917
4.40% 07/13/27 (h)		68,000		64,191
Santander UK Group Holdings PLC
4.75% 09/15/25 (b)(h)		200,000		188,550
Schlumberger Holdings Corp.
3.00% 12/21/20 (b)(h)		128,000		126,924
3.63% 12/21/22 (b)		360,000		358,355
4.00% 12/21/25 (b)		136,000		134,100
Sempra Energy
3.80% 02/01/38 (h)		44,000		37,877
4.00% 02/01/48 (h)		54,000		45,578
Shell International Finance BV
2.38% 08/21/22		177,000		171,968
3.75% 09/12/46 (h)		41,000		37,985
4.13% 05/11/35 (h)		50,000		49,788

	Principal Amount ($)		Fair Value $
Shire Acquisitions Investments Ireland DAC
2.88% 09/23/23 (h)		23,000		21,733
3.20% 09/23/26 (h)		44,000		40,108
Siemens Financieringsmaatschappij N.V.
2.00% 09/15/23 (b)		260,000		243,636
Simon Property Group LP
3.38% 06/15/27 (h)		93,000		89,167
Sinclair Television Group Inc.
5.38% 04/01/21 (h)		259,000		258,156
Sirius XM Radio Inc.
5.00% 08/01/27 (b)(h)		95,000		86,763
SM Energy Co.
5.63% 06/01/25		97,000		84,390
Smithfield Foods Inc.
2.70% 01/31/20 (b)(h)		81,000		79,991
4.25% 02/01/27 (b)(h)		94,000		85,894
South Carolina Electric & Gas Co.
4.10% 06/15/46 (h)		49,000		46,497
Southern California Edison Co.
2.40% 02/01/22 (h)		150,000		144,486
Southern Company Gas Capital Corp.
4.40% 05/30/47 (h)		19,000		17,690
Southern Copper Corp.
5.88% 04/23/45 (h)		64,000		65,068
Southwestern Electric Power Co.
2.75% 10/01/26 (h)		107,000		98,534
Spectra Energy Partners LP
3.38% 10/15/26 (h)		34,000		31,855
4.50% 03/15/45 (h)		23,000		21,037
Sprint Corp.
7.63% 02/15/25 (h)		378,000		381,565
Standard Industries Inc.
5.38% 11/15/24 (h)(b)		516,000		485,819
Starbucks Corp.
4.00% 11/15/28 (h)		72,000		71,220
Steel Dynamics Inc.
5.13% 10/01/21 (h)		95,000		95,542
Sumitomo Mitsui Financial Group Inc.
2.78% 07/12/22(h)		229,000		223,071
Suncor Energy Inc.
4.00% 11/15/47(h)		30,000		26,601
Sunoco Logistics Partners Operations LP
5.30% 04/01/44(h)		85,000		75,047
Syngenta Finance N.V.
3.70% 04/24/20 (h)(b)		225,000		225,094

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

Elfun Income Fund 77

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
3.93% 04/23/21 (b)(h)		330,000		324,895
4.44% 04/24/23 (b)(h)		200,000		192,370
5.18% 04/24/28 (b)(h)		200,000		184,304
Sysco Corp.
3.25% 07/15/27(h)		79,000		73,915
T-Mobile USA Inc.
4.50% 02/01/26(h)		366,000		338,056
Takeda Pharmaceutical Company Ltd.
3.80% 11/26/20 (b)		209,000		210,509
4.00% 11/26/21 (b)		310,000		313,890
Tampa Electric Co.
4.35% 05/15/44(h)		140,000		139,051
Target Corp.
2.50% 04/15/26(h)		95,000		88,658
Teck Resources Ltd.
5.40% 02/01/43 (h)		244,000		212,107
6.00% 08/15/40 (h)		142,000		131,016
Telecom Italia S.p.A.
5.30% 05/30/24(h)(b)		477,000		452,363
Telefonica Emisiones SA
4.10% 03/08/27(h)		300,000		289,833
Tenet Healthcare Corp.
4.63% 07/15/24		95,000		88,492
4.75% 06/01/20 (h)		330,000		329,746
6.00% 10/01/20 (h)		320,000		322,653
Teva Pharmaceutical Finance Netherlands III BV
1.70% 07/19/19 (h)		517,000		508,640
2.20% 07/21/21 (h)		80,000		73,416
2.80% 07/21/23 (h)		480,000		413,198
Texas Instruments Inc.
4.15% 05/15/48(h)		62,000		61,898
The Allstate Corp.
4.20% 12/15/46(h)		51,000		49,553
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75% 08/15/53(h)(i)		205,000		198,676
The Bank of New York Mellon Corp. (2.66% fixed rate until 05/16/22; 0.63% + 3 month USD LIBOR thereafter)
2.66% 05/16/23(h)(i)		97,000		94,554
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter)
4.63% 12/29/49(h)(i)		115,000		103,107

	Principal Amount ($)		Fair Value $
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter)
4.65% 12/31/99(h)(i)		146,000		129,213
The Boeing Co.
3.25% 03/01/28 (h)		97,000		95,006
3.55% 03/01/38 (h)		105,000		97,938
The Chemours Co.
5.38% 05/15/27(h)		95,000		85,593
The Dow Chemical Co.
4.25% 10/01/34 (h)		89,000		80,614
5.55% 11/30/48 (b)		90,000		91,490
The George Washington University
4.13% 09/15/48		100,000		99,966
The Goldman Sachs Group Inc.
3.85% 01/26/27 (h)		53,000		49,941
4.25% 10/21/25 (h)		9,000		8,603
4.80% 07/08/44 (h)		74,000		70,432
5.15% 05/22/45 (h)		67,000		63,133
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter)
2.91% 06/05/23(h)(i)		185,000		176,875
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter)
3.81% 04/23/29(h)(i)		66,000		61,470
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)
4.02% 10/31/38(h)(i)		75,000		65,893
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter)
4.22% 05/01/29(h)(i)		93,000		89,601
The Hartford Financial Services Group Inc. 2.13% + 3 month USD LIBOR
4.74% 02/12/67(b)(h)(i)		120,000		96,007
The Home Depot Inc.
3.35% 09/15/25 (h)		51,000		50,383
3.50% 09/15/56 (h)		82,000		68,875
3.90% 12/06/28		136,000		139,131
3.90% 06/15/47 (h)		62,000		58,652
4.50% 12/06/48		114,000		117,768

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

78 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
The Interpublic Group of Companies Inc.
3.75% 10/01/21(h)		214,000		215,327
The Korea Development Bank
3.38% 09/16/25(h)		205,000		201,699
The Kroger Co.
2.95% 11/01/21 (h)		225,000		221,357
4.65% 01/15/48 (h)		50,000		45,091
The Mosaic Co.
5.63% 11/15/43(h)		24,000		24,244
The Sherwin-Williams Co.
2.25% 05/15/20 (h)		146,000		143,712
2.75% 06/01/22 (h)		55,000		53,161
3.45% 06/01/27 (h)		4,000		3,724
4.50% 06/01/47 (h)		17,000		15,328
The Southern Co.
1.85% 07/01/19 (h)		534,000		530,054
3.25% 07/01/26 (h)		55,000		51,432
4.40% 07/01/46 (h)		27,000		24,881
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter)
3.63% 09/15/31(h)(i)		161,000		152,042
The Walt Disney Co.
4.13% 06/01/44(h)		33,000		32,661
The Williams Companies Inc.
3.75% 06/15/27 (h)		33,000		31,027
3.90% 01/15/25 (h)		57,000		55,318
4.85% 03/01/48 (h)		66,000		59,974
4.90% 01/15/45 (h)		36,000		32,638
5.40% 03/04/44 (h)		24,000		22,998
Time Warner Cable LLC
4.50% 09/15/42 (h)		22,000		17,486
6.55% 05/01/37 (h)		59,000		59,644
TransCanada PipeLines Ltd.
4.25% 05/15/28 (h)		205,000		202,901
4.88% 01/15/26 (h)		34,000		35,170
Transcontinental Gas Pipe Line Company LLC
4.00% 03/15/28(h)		93,000		89,843
Tyco Electronics Group S.A.
2.35% 08/01/19 (h)		308,000		306,411
3.13% 08/15/27 (h)		90,000		83,562
Tyson Foods Inc.
2.65% 08/15/19 (h)		63,000		62,674
4.55% 06/02/47 (h)		26,000		22,867
U.S. Bancorp
3.15% 04/27/27		141,000		135,339
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter)
5.13% 12/29/49(h)(i)		317,000		314,572

	Principal Amount ($)		Fair Value $
UBS Group Funding Switzerland AG (2.86% fixed rate until 08/15/22; 0.95% + 3 month USD LIBOR thereafter)
2.86% 08/15/23(b)(h)(i)		284,000		272,481
Union Pacific Corp.
3.20% 06/08/21 (h)		212,000		212,770
3.50% 06/08/23 (h)		143,000		143,373
3.60% 09/15/37 (h)		25,000		22,363
4.10% 09/15/67 (h)		50,000		42,038
United Rentals North America Inc.
4.88% 01/15/28		97,000		85,150
United Technologies Corp.
3.65% 08/16/23 (h)		154,000		153,418
3.75% 11/01/46 (h)		68,000		58,168
3.95% 08/16/25 (h)		61,000		60,579
4.13% 11/16/28 (h)		18,000		17,836
4.15% 05/15/45 (h)		78,000		69,794
4.45% 11/16/38 (h)		63,000		60,779
4.50% 06/01/42 (h)		56,000		53,221
UnitedHealth Group Inc.
4.45% 12/15/48		89,000		91,674
4.75% 07/15/45 (h)		17,000		17,978
Vale Overseas Ltd.
4.38% 01/11/22 (h)		13,000		13,238
6.25% 08/10/26 (h)		42,000		45,486
6.88% 11/10/39 (h)		47,000		54,300
Vale S.A.
5.63% 09/11/42(h)		29,000		29,296
Valero Energy Partners LP
4.38% 12/15/26(h)		169,000		166,059
Ventas Realty LP
3.25% 10/15/26(h)		104,000		96,734
Verizon Communications Inc.
3.38% 02/15/25 (h)		45,000		43,651
4.33% 09/21/28 (h)		112,000		112,410
4.40% 11/01/34 (h)		87,000		83,974
4.67% 03/15/55 (h)		74,000		68,121
4.86% 08/21/46 (h)		363,000		357,170
5.01% 04/15/49 (h)		47,000		46,828
5.25% 03/16/37 (h)		59,000		61,769
Viacom Inc.
3.45% 10/04/26 (h)		66,000		61,042
4.38% 03/15/43		68,000		54,951
5.25% 04/01/44 (h)		20,000		17,989
Virgin Media Finance PLC
5.75% 01/15/25(b)(h)		234,000		220,140
Virginia Electric & Power Co.
4.00% 11/15/46(h)		143,000		135,448
Visa Inc.
3.15% 12/14/25 (h)		39,000		38,306

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

Elfun Income Fund 79

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
4.30% 12/14/45 (h)		62,000		64,205
Vodafone Group PLC
4.38% 05/30/28 (h)		139,000		134,738
5.25% 05/30/48 (h)		48,000		44,976
Volkswagen Group of America Finance LLC
4.00% 11/12/21(b)(h)		400,000		399,512
Vornado Realty LP
3.50% 01/15/25(h)		59,000		56,808
Vulcan Materials Co.
3.90% 04/01/27(h)		41,000		38,898
Wabtec Corp.
3.45% 11/15/26(h)		38,000		33,925
Walgreens Boots Alliance Inc.
4.65% 06/01/46(h)		36,000		32,499
Walmart Inc.
3.63% 12/15/47 (h)		60,000		55,533
3.70% 06/26/28 (h)		132,000		133,885
3.95% 06/28/38 (h)		51,000		50,678
4.05% 06/29/48 (h)		63,000		62,592
Warner Media LLC
5.35% 12/15/43(h)		64,000		61,402
WEC Energy Group Inc.
3.55% 06/15/25(h)		98,000		95,265
WellCare Health Plans Inc.
5.25% 04/01/25(h)		212,000		204,090
Wells Fargo & Co.
2.63% 07/22/22 (h)		299,000		288,365
3.90% 05/01/45 (h)		7,000		6,424
4.75% 12/07/46 (h)		186,000		179,512
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)
5.88% 12/29/49(h)(i)		138,000		136,526
Wells Fargo & Co. (5.90% fixed rate until 06/15/24; 3.11% + 3 month USD LIBOR thereafter)
5.90% 12/29/49(h)(i)		143,000		136,150
Wells Fargo & Co. 3.77% + 3 month USD LIBOR
6.56% 03/29/49(h)(i)		190,000		188,887
Wells Fargo Bank NA
2.60% 01/15/21(h)		989,000		976,143
Western Gas Partners LP
4.00% 07/01/22 (h)		245,000		241,746
5.38% 06/01/21 (h)		42,000		43,270
Westlake Chemical Corp.
3.60% 08/15/26 (h)		27,000		24,823
4.38% 11/15/47 (h)		15,000		12,451
5.00% 08/15/46 (h)		36,000		32,903

	Principal Amount ($)		Fair Value $
Willis North America Inc.
3.60% 05/15/24(h)		101,000		98,363
WPP Finance 2010
3.75% 09/19/24(h)		66,000		61,528
WRKCo Inc.
3.00% 09/15/24(b)(h)		72,000		67,685
Xilinx Inc.
2.95% 06/01/24(h)		67,000		63,968
XPO Logistics Inc.
6.50% 06/15/22(b)(h)		121,000		119,823
Yamana Gold Inc.
4.63% 12/15/27(h)		89,000		82,279
Zoetis Inc.
3.00% 09/12/27 (h)		40,000		36,938
3.90% 08/20/28 (h)		93,000		91,899
				98,037,452
Non-Agency Collateralized Mortgage Obligations - 3.0%
BANK 2018-BNK11
4.36% 03/15/61(i)		139,000		140,808
BXP Trust 2017-GM
3.38% 06/13/39(h)(b)		714,000		698,189
Citigroup Commercial Mortgage Trust 2016-P5
2.94% 10/10/49(h)		399,397		381,712
Citigroup Commercial Mortgage Trust 2016-P6
3.72% 12/10/49 (h)(i)		560,118		564,425
4.03% 12/10/49 (h)(i)		336,823		339,045
Citigroup Commercial Mortgage Trust 2018-C5
4.51% 06/10/51		250,000		255,497
COMM 2013-LC13 Mortgage Trust
4.56% 08/10/46(b)(h)(i)		170,000		175,653
COMM 2014-CR14 Mortgage Trust
4.53% 02/10/47(h)(i)		240,000		248,046
GS Mortgage Securities Trust 2012-GCJ9
1.96% 11/10/45(g)(h)(i)		727,520		46,145
GS Mortgage Securities Trust 2016-GS3
2.85% 10/10/49(h)		333,000		315,860
GS Mortgage Securities Trust 2017-GS5
3.67% 03/10/50(h)		406,216		405,784
GS Mortgage Securities Trust 2017-GS8
3.47% 11/10/50(h)		767,075		754,413
GS Mortgage Securities Trust 2018-GS9
4.14% 03/10/51(i)		291,000		295,180

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

80 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
Impac CMB Trust 2004-5 0.72% + 1 month USD LIBOR
3.23% 10/25/34(h)(i)		63,800		61,991
JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9
1.53% 12/15/47(g)(h)(i)		781,896		34,732
JPMBB Commercial Mortgage Securities Trust 2013-C12
4.03% 07/15/45(h)(i)		125,000		126,605
LB-UBS Commercial Mortgage Trust 2004-C8
0.32% 12/15/39(b)(g)(h)(i)		81,835		78
LB-UBS Commercial Mortgage Trust 2007-C6
6.11% 07/15/40 (h)(i)		5,745		5,777
6.11% 07/15/40 (b)(h)		12,290		12,357
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21
0.94% 03/15/48(g)(h)(i)		3,634,106		159,465
Morgan Stanley Capital I Trust 2006-IQ11
6.25% 10/15/42(h)(i)		250,000		255,062
Morgan Stanley Capital I Trust 2006-T21
5.24% 10/12/52(h)(i)		25,355		25,574
UBS Commercial Mortgage Trust 2018-C12
4.79% 08/15/51(i)		213,000		219,792
Wells Fargo Commercial Mortgage Trust 2015-C26
1.23% 02/15/48(g)(h)(i)		2,932,109		167,908
Wells Fargo Commercial Mortgage Trust 2018-AUS
4.06% 07/17/36(b)(i)		343,000		348,392
WFRBS Commercial Mortgage Trust 2013-C17
4.26% 12/15/46(h)		235,000		239,865
WFRBS Commercial Mortgage Trust 2014-LC14
4.35% 03/15/47(h)(i)		533,000		542,303
				6,820,658
Sovereign Bonds - 0.6%
Government of Chile
3.86% 06/21/47(h)		200,000		186,750
Government of Colombia
5.00% 06/15/45(h)		200,000		190,704
Government of Mexico
4.00% 10/02/23		86,000		85,644

	Principal Amount ($) or Number of Shares		Fair Value $
4.75% 03/08/44 (h)		200,000		181,550
Government of Oman
4.13% 01/17/23(b)(h)		220,000		201,874
Government of Panama
4.00% 09/22/24(h)		200,000		201,530
Government of Peru
5.63% 11/18/50(h)		105,000		123,202
Government of Philippines
3.95% 01/20/40		200,000		195,322
Government of Uruguay
5.10% 06/18/50		105,744		103,934
				1,470,510
Municipal Bonds and Notes - 0.9%
American Municipal Power Inc.
6.27% 02/15/50(h)		135,000		167,535
Metropolitan St. Louis Sewer District
5.00% 05/01/47		400,000		452,564
New Jersey Transportation Trust Fund Authority
6.88% 12/15/39(h)		165,000		167,241
Port Authority of New York & New Jersey
4.46% 10/01/62(h)		470,000		478,182
State of California
4.60% 04/01/38		200,000		206,270
5.70% 11/01/21 (h)		280,000		301,154
State of Illinois
5.10% 06/01/33(h)		95,000		90,576
The University of Texas System
3.35% 08/15/47(h)		115,000		104,129
				1,967,651
Total Bonds and Notes (Cost $224,976,624)				223,268,520
Domestic Equity - 0.1%
Preferred Stock - 0.1%
Wells Fargo & Co. 3.09% + 3 month USD LIBOR (Cost $186,475) (h)(i)		7,459		183,268
Total Investments in Securities (Cost $225,163,099)				223,451,788

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

Elfun Income Fund 81

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Short-Term Investments - 17.9%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.31% (Cost $41,181,071) (d)(h)(n)		41,181,071		41,181,071
Total Investments (Cost $266,344,170)				264,632,859
Liabilities in Excess of Other Assets, net - (15.3)%				(35,155,839	)
NET ASSETS - 100.0%				229,477,020

Other Information:

Centrally Cleared Credit Default Swaps - Sell Protection

Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract Annual Fixed Rate/ Payment Frequency		Termination Date		Market Value		Unamortized Upfront Payments Received		Unrealized Depreciation
Markit CDX North America High Yield Index	Intercontinental Exchange	$	2,569		5.00%/ Quarterly		12/20/23	$	52,147	$	141,210	$	(89,063	)

Centrally Cleared Interest Rate Swaps

Counterparty	Notional Amount (000s omitted)		Fund Pays/ Receives Fixed Rate/ Payment Frequency		Floating Rate		Contract Annual Fixed Rate		Termination Date		Market Value			Unamortized Upfront Payments Received		Unrealized Depreciation
CME Group, Inc.	$	10,655		Receives/ Quarterly		3 Month U.S. Dollar LIBOR		3.05%		11/19/21	$	(137,272	)	$	—	$	(137,272	)
CME Group, Inc.		10,657		Receives/ Quarterly		3 Month U.S. Dollar LIBOR		3.06%		11/19/21		(138,634	)		—		(138,634	)
																$	(275,906	)

The Fund had the following long futures contracts open at December 31, 2018:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
Ultra Long-Term U.S. Treasury Bond Futures		March 2019		59	$	9,134,530	$	9,478,599	$	344,069
2 Yr. U.S. Treasury Notes Futures		March 2019		214		45,142,911		45,434,875		291,964
5 Yr. U.S. Treasury Notes Futures		March 2019		68		7,699,153		7,798,750		99,597
10 Yr. U.S. Treasury Notes Futures		March 2019		120		14,343,068		14,641,875		298,806
									$	1,034,436

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

82 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

The Fund had the following short futures contracts open at December 31, 2018:

Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Depreciation
U.S. Long Bond Futures		March 2019		24	$	(3,341,196	)	$	(3,504,000	)	$	(162,804	)
10 Yr. U.S. Treasury Ultra Futures		March 2019		65		(8,205,706	)		(8,455,078	)		(249,372	)
											$	(412,176	)

During the period ended December 31, 2018 average notional values related to derivative contracts were as follows:

	Purchased Call Options		Written Call Options		Long Futures Contracts		Short Futures Contracts		Credit Default Swap Contracts		Interest Rate Swap Contracts
Average Notional Value	$	30,413	$	14,250	$	77,580,399	$	25,610,545	$	4,573,395	$	21,459,199

TBA - To Be Announced

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2018:

Fund	Investments	Level 1			Level 2			Level 3		Total
Elfun Income Fund	Investments in Securities
	U.S. Treasuries	$	—		$	60,577,270		$	—	$	60,577,270
	Agency Mortgage Backed		—			46,250,230			—		46,250,230
	Agency Collateralized Mortgage Obligations		—			1,788,030			—		1,788,030
	Asset Backed		—			6,356,719			—		6,356,719
	Corporate Notes		—			98,037,452			—		98,037,452
	Non-Agency Collateralized Mortgage Obligations		—			6,820,658			—		6,820,658
	Sovereign Bonds		—			1,470,510			—		1,470,510
	Municipal Bonds and Notes		—			1,967,651			—		1,967,651
	Preferred Stock		183,268			—			—		183,268
	Short-Term Investments		41,181,071			—			—		41,181,071
	Total Investments in Securities	$	41,364,339		$	223,268,520		$	—	$	264,632,859
	Other Financial Instruments
	Credit Default Swap Contracts - Unrealized Depreciation	$	—		$	(89,063	)	$	—	$	(89,063	)
	Interest Rate Swap Contracts - Unrealized Depreciation		—			(275,906	)		—		(275,906	)
	Long Futures Contracts - Unrealized Appreciation		1,034,436			—			—		1,034,436
	Short Futures Contracts - Unrealized Depreciation		(412,176	)		—			—		(412,176	)
	Total Other Financial Instruments	$	622,260		$	(364,969	)	$	—	$	257,291

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

Elfun Income Fund 83

Elfun Income Fund

Schedule of Investments, continued — December 31, 2018

Affiliate Table

	Number of Shares Held at 12/31/17		Value At 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/18		Value at 12/31/18		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		8,419,038	$	8,419,038	$	116,257,411	$	83,495,378	$	—	$	—		41,181,071	$	41,181,071	$	280,917

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

84 Elfun Income Fund

Elfun Government Money Market Fund

Management Discussion of Fund Performance — December 31, 2018 (Unaudited)

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

For the 12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund was 1.55%, and the Index was 1.99%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Security selection, yield curve and market effect were primary drivers of Fund performance during the Reporting Period relative to the Index. The year saw four central bank rate hikes and significant volatility in money market rates. The Fund took these rate hikes in stride with no negative consequence. The U.S. tax deal in December of 2017 brought on a wave of Treasury Bill issuance in 2018. This issuance coupled with U.S. corporate off shore profits being repatriated cause a significant widening in the yield difference between LIBOR and Overnight Index Swaps (OIS). This spread, also referred to as “LOIS”, widened by approximately 45 basis points in the first quarter only to slowly contract as the year went on. The Fund was not impacted by this widening in spread due to the Fund not owning U.S. corporate debt. The year also saw the debut of the Secured Overnight Financing Rate (“SOFR”). This rate will ultimately replace LIBOR as a short term benchmark rate. The SOFR rate is made up of approximately $800 billion of overnight repurchase trades backed by U.S. Treasury collateral. The Fund did purchase some floating rate notes whose rate resets off this Index.

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

Elfun Government Money Market Fund 85

Elfun Government Money Market Fund

Understanding Your Fund’s Expenses (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value July 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2018	$	1,009.10	$	1,023.64
Expenses Paid During Period*	$	1.57	$	1.58

* Expenses are equal to the Fund’s annualized expense ratio of 0.31%** (for the period July 1, 2018-December 31, 2018), 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.

86 Elfun Government Money Market Fund

Elfun Government Money Market Fund

Performance Summary — December 31, 2018 (Unaudited)

Sector Allocation

Portfolio composition as a % of Investments of $104,813 (in thousands) on December 31, 2018 ^(a)

Average Annual Total Return for the periods ended December 31, 2018

(Inception date: 6/13/90)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
Elfun Government Money Market Fund		1.55	%		0.46	%		0.30	%	$	10,304
90 Day U.S. Treasury-Bill		1.99	%		0.67	%		0.38	%	$	10,347

(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 87

Elfun Government Money Market Fund

Performance Summary, continued — December 31, 2018 (Unaudited)

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

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

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

88 Elfun Government Money Market Fund

Elfun Government Money Market Fund

Schedule of Investments — December 31, 2018

	Principal Amount ($)		Amortized Cost $
Short-Term Investments - 100.5%†
U.S. Treasuries - 26.0%
U.S. Treasury Bills 2.22% 01/03/19 (d)		1,000,000		999,879
2.25% 01/10/19 (d)		1,750,000		1,749,036
2.26% 01/10/19 (d)		3,000,000		2,998,335
2.28% 01/02/19 (d)		1,000,000		999,938
2.30% 01/17/19 (d)		1,200,000		1,198,799
2.31% 01/17/19 (d)		800,000		799,193
2.32% 01/08/19 (d)		3,000,000		2,998,667
2.34% 01/15/19 (d)		1,000,000		999,106
2.35% 01/31/19 (d)		1,800,000		1,796,542
2.36% 01/31/19 (d)		200,000		199,615
2.37% 02/07/19 (d)		1,000,000		997,616
2.39% 01/29/19 - 02/21/19 (d)		3,750,000		3,739,125
2.41% 02/28/19 - 03/07/19 (d)		1,750,000		1,742,991
2.42% 03/14/19 (d)		1,500,000		1,492,875
2.48% 04/18/19 (d)		1,000,000		992,822
2.49% 05/02/19 (d)		700,000		694,283
2.55% 06/13/19 (d)		500,000		494,386
2.57% 07/05/19 (d)		1,000,000		987,266
U.S. Treasury Notes 0.88% 04/15/19		400,000		398,214
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.07% 2.55% 04/30/19(i)		830,000		830,350
				27,109,038
U.S. Government Agency Obligations - 40.9%
Fannie Mae Discount Notes 2.24% 01/02/19 (d)		500,000		499,970
2.28% 01/09/19 (d)		300,000		299,851
2.43% 02/27/19 (d)		900,000		896,604
Federal Farm Credit Banks 1 month USD LIBOR - 0.03% 2.48% 06/24/19(i)		1,250,000		1,250,656
Federal Farm Credit Banks 1 month USD LIBOR - 0.09% 2.42% 07/25/19(i)		550,000		550,000
Federal Farm Credit Banks 1 month USD LIBOR - 0.10% 2.38% 09/20/19(i)		500,000		499,982
Federal Farm Credit Banks 1 month USD LIBOR - 0.11% 2.35% 01/15/19(i)		200,000		200,000
Federal Farm Credit Banks 1 month USD LIBOR - 0.14% 2.38% 07/02/19(i)		350,000		349,991
Federal Farm Credit Banks 1 month USD LIBOR - 0.15% 2.31% 07/18/19 (i)		250,000		249,986

	Principal Amount ($)		Amortized Cost $
2.37% 01/29/19 (i)		400,000		400,000
Federal Home Loan Bank Discount Notes 2.25% 01/24/11 (d)		750,000		748,946
2.26% 01/03/11 - 01/02/19 (d)		1,500,000		1,499,876
2.29% 01/11/19 (d)		500,000		499,688
2.30% 01/15/19 - 01/17/19 (d)		1,150,000		1,148,906
2.34% 02/12/19 - 02/13/19 (d)		950,000		947,430
2.35% 02/11/11 - 02/19/19 (d)		950,000		947,281
2.39% 01/23/19 (d)		1,000,000		998,567
2.41% 02/13/19 (d)		2,500,000		2,492,932
2.42% 02/20/19 (d)		1,000,000		996,703
2.43% 02/27/19 (d)		1,000,000		996,224
2.45% 03/15/19 - 03/20/19 (d)		2,500,000		2,487,491
2.47% 03/29/19 (d)		1,500,000		1,491,209
Federal Home Loan Banks 1 month USD LIBOR - 0.08% 2.39% 03/20/19(i)		1,500,000		1,499,929
Federal Home Loan Banks 1 month USD LIBOR - 0.09% 2.29% 04/05/19 (i)		2,000,000		2,000,000
2.42% 06/24/19 (i)		450,000		450,000
Federal Home Loan Banks 1 month USD LIBOR - 0.10% 2.41% 03/25/19(i)		450,000		450,000
Federal Home Loan Banks 1 month USD LIBOR - 0.13% 2.33% 07/16/19 (i)		650,000		650,000
2.38% 01/24/19 - 07/26/19 (i)		2,500,000		2,500,000
2.39% 03/01/19 (i)		750,000		750,000
2.40% 03/01/19 (i)		600,000		600,000
Federal Home Loan Banks 1 month USD LIBOR - 0.14% 2.38% 02/01/19(i)		2,000,000		1,999,987
Federal Home Loan Banks 3 month USD LIBOR - 0.32% 2.09% 04/10/19(i)		1,300,000		1,300,000
Federal Home Loan Banks 3 month USD LIBOR - 0.33% 2.08% 01/04/19(i)		1,000,000		1,000,000
Federal Home Loan Mortgage Corp. 1 month USD LIBOR - 0.00% 2.53% 09/20/19 (j)		500,000		500,000
Federal Home Loan Mortgage Corp. 1 month USD LIBOR - 0.10% 2.36% 03/18/19 (i)		400,000		400,000
2.37% 06/19/19 (i)		900,000		900,000

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

Elfun Government Money Market Fund 89

Elfun Government Money Market Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Amortized Cost $
Federal Home Loan Mortgage Corp. 1 month USD LIBOR - 0.15% 2.24% 02/08/19(i)		500,000		500,000
Federal Home Loan Mortgage Corp. 3 month USD LIBOR - 0.33% 2.08% 04/09/19(i)		1,300,000		1,300,000
Federal Home Loan Mortgage Corp. 3 month USD LIBOR - 0.34% 2.07% 01/09/19(i)		1,200,000		1,200,000
Federal Home Loan Mortgage Corp. SOFR + 0.03% 2.49% 06/19/19(i)		1,000,000		1,000,000
Federal National Mortgage Assoc. 1 month USD LIBOR + 0.00% 2.39% 03/08/19(i)		600,000		600,082
Federal National Mortgage Assoc. SOFR + 0.04% 2.50% 04/30/19(i)		600,000		600,000
Federal National Mortgage Assoc. SOFR + 0.08% 2.54% 01/30/19(i)		1,000,000		1,000,000
Freddie Mac Discount Notes 2.44% 03/20/19(d)		1,000,000		994,822
				42,647,113
Repurchase Agreements - 33.6%
BNP Paribas S.A. U.S. Treasury Repo 2.95% dated 12/31/18, to be repurchased at $12,000,983 on 01/02/19 collateralized by $3,669,355 U.S. Treasury Bonds, 4.75% to 8.75%, maturing on 05/15/20 to 02/15/37, collateralized by $8,570,693 U.S. Treasury Notes, 1.50% to 2.88%, maturing from 08/15/20 to 07/31/25. 01/02/19		12,000,000		12,000,000

	Principal Amount ($)		Amortized Cost $
Citigroup Global Markets, Inc. U.S. Treasury Repo 2.95% dated 12/31/18, to be repurchased at $9,000,738 on 01/02/19 collateralized by $9,180,053 U.S. Treasury Notes, 0.88% to 1.38%, maturing on 09/15/19 to 09/30/23. 01/02/19		9,000,000		9,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 2.95% dated 12/31/18, to be repurchased at $14,058,152 on 01/02/19 collateralized by $14,338,238 U.S. Treasury Bonds, 3.38% to 8.75% maturing from 08/15/20 to 05/15/44. 01/02/19		14,057,000		14,057,000
				35,057,000
Total Short-Term Investments (Cost $104,813,151)				104,813,151
Liabilities in Excess of Other Assets, net - (0.5)%				(538,136	)
NET ASSETS - 100.0%				104,275,015

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2018:

Fund	Investments	Level 1		Level 2		Level 3		Total
Elfun Government Money Market Fund	Investments in Securities
	U.S. Treasuries	$	—	$	27,109,038	$	—	$	27,109,038
	U.S. Government Agency Obligations		—		42,647,113		—		42,647,113
	Repurchase Agreements		—		35,057,000		—		35,057,000
	Total Investments in Securities	$	—	$	104,813,151	$	—	$	104,813,151

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

90 Elfun Government Money Market Fund

Elfun Funds

Notes to Schedules of Investments — December 31, 2018

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

(a) Non-income producing security.

(b) Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, these securities amounted to $4,291,178 or 2.36% and $18,414,134 or 8.02% of the net assets of the Elfun Diversified Fund and Elfun Income Fund, respectively. These securities have been determined to be liquid using procedures established by each Fund’s Board of Trustees.

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

(d) Coupon amount represents effective yield.

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

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

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

(h) At December 31, 2018, all or a portion of this security was pledged to cover collateral requirements for futures, options, swaps and/or TBAs.

(i) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(j) Step coupon bond.

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

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

(m) The security is insured by AGC, AGMC, AMBAC, FGIC or NPFG. The Elfun Tax-Exempt Income Fund had no insurance concentrations of 5% or greater as of December 31, 2018 (as a percentage of net assets).

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

† Percentages are based on net assets as of December 31, 2018.

* Less than 0.05%

** Less than $0.50

Abbreviations:

ADR - American Depositary Receipt

AGC - Assured Guaranty Corporation

AGMC - Assured Guaranty Municipal Company

AMBAC - AMBAC Indemnity Corporation

FGIC - Financial Guaranty Insurance Corporation

LIBOR - London Interbank Offered Rate

NPFG - National Public Finance Guaranty Corporation

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

SPDR - Standard and Poor’s Depositary Receipt

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

Notes to Schedules of Investments 91

Elfun International Equity Fund

Financial Highlights

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

	12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date														1/1/88
Net asset value, beginning of period	$	22.68		$	18.73		$	19.31		$	19.70		$	21.93
Income/(loss) from investment operations:
Net investment income		0.45	(a)		0.34	(a)		0.41			0.34			0.58
Net realized and unrealized gains/(losses) on investments		(4.16	)		3.96			(0.58	)		(0.37	)		(2.24	)
Total income/(loss) from investment operations		(3.71	)		4.30			(0.17	)		(0.03	)		(1.66	)
Less distributions from:
Net investment income		0.46			0.35			0.41			0.36			0.57
Total distributions		0.46			0.35			0.41			0.36			0.57
Net asset value, end of period	$	18.51		$	22.68		$	18.73		$	19.31		$	19.70
Total Return(b)		(16.33	)%		22.99	%		(0.86	)%		(0.18	)%		(7.62	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	183,982		$	237,769		$	208,044		$	234,448		$	254,310
Ratios to average net assets:
Net expenses		0.36	%		0.36	%		0.37	%(c)(e)		0.35	%		0.33	%(c)(d)
Gross expenses		0.36	%		0.36	%		0.43	%(c)(e)		0.35	%		0.33	%
Net investment income		2.06	%		1.64	%		2.11	%		1.59	%		2.54	%
Portfolio turnover rate		27	%		30	%		33	%		24	%		36	%

Notes to Financial Highlights

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

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

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

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

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

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

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

92 Financial Highlights

Elfun Trusts

Financial Highlights

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

	12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date														5/27/35
Net asset value, beginning of period	$	60.36		$	53.23		$	54.59		$	58.02		$	56.07
Income/(loss) from investment operations:
Net investment income		0.74	(a)		0.76	(a)		0.81			0.80			0.75
Net realized and unrealized gains/(losses) on investments		(2.85	)		12.88			2.54			0.25			6.67
Total income/(loss) from investment operations		(2.11	)		13.65			3.35			1.05			7.42
Less distributions from:
Net investment income		0.76			0.78			0.79			0.80			0.75
Net realized gains		7.35			5.74			3.92			3.68			4.72
Total distributions		8.11			6.52			4.71			4.48			5.47
Net asset value, end of period	$	50.14		$	60.36		$	53.23		$	54.59		$	58.02
Total Return(b)		(3.39	)%		25.61	%		6.08	%		1.70	%		13.13	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	2,427,667		$	2,737,919		$	2,331,966		$	2,364,319		$	2,476,637
Ratios to average net assets:
Net expenses		0.19	%		0.18	%		0.18	%		0.16	%		0.18	%(c)
Gross expenses		0.19	%		0.18	%		0.18	%		0.16	%		0.18	%
Net investment income		1.17	%		1.25	%		1.43	%		1.32	%		1.26	%
Portfolio turnover rate		18	%		16	%		15	%		11	%		13	%

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

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

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

Financial Highlights 93

Elfun Diversified Fund

Financial Highlights

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

	12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date														1/1/88
Net asset value, beginning of period	$	18.60		$	17.91		$	17.50		$	18.78		$	19.84
Income/(loss) from investment operations:
Net investment income		0.42	(a)		0.43	(a)		0.38			0.34			0.37
Net realized and unrealized gains/(losses) on investments		(1.45	)		2.32			0.58			(0.57	)		0.62
Total income/(loss) from investment operations		(1.03	)		2.75			0.96			(0.23	)		0.99
Less distributions from:
Net investment income		0.43			0.46			0.36			0.34			0.37
Net realized gains		0.12			1.60			0.19			0.71			1.65
Return of capital		—			—			—			—			0.03
Total distributions		0.55			2.06			0.55			1.05			2.05
Net asset value, end of period	$	17.02		$	18.60		$	17.91		$	17.50		$	18.78
Total Return(b)		(5.51	)%		15.40	%		5.48	%		(1.25	)%		4.95	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	181,943		$	209,939		$	198,938		$	209,688		$	230,123
Ratios to average net assets:
Net expenses		0.33	%		0.40	%		0.39	%(b)(c)		0.37	%		0.39	%(c)(d)
Gross expenses		0.33	%		0.40	%		0.39	%(c)		0.37	%		0.39	%
Net investment income		2.26	%		2.23	%		1.98	%		1.69	%		1.79	%
Portfolio turnover rate		72	%		186	%		116	%		123	%		176	%

Notes to Financial Highlights

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

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

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

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

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

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

94 Financial Highlights

Elfun Tax-Exempt Income Fund

Financial Highlights

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

	12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date														1/1/80
Net asset value, beginning of period	$	11.55		$	11.48		$	11.88		$	11.97		$	11.34
Income/(loss) from investment operations:
Net investment income		0.46	(a)		0.46	(a)		0.46			0.46			0.47
Net realized and unrealized gains/(losses) on investments		(0.36	)		0.07			(0.40	)		(0.09	)		0.63
Total income from investment operations		0.10			0.53			0.06			0.37			1.10
Less distributions from:
Net investment income		0.46			0.46			0.46			0.46			0.47
Total distributions		0.46			0.46			0.46			0.46			0.47
Net asset value, end of period	$	11.19		$	11.55		$	11.48		$	11.88		$	11.97
Total Return(b)		0.90	%		4.71	%		0.42	%		3.21	%		9.85	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,376,980		$	1,471,350		$	1,495,248		$	1,588,272		$	1,624,266
Ratios to average net assets:
Net expenses		0.21	%		0.20	%		0.20	%		0.18	%		0.21	%
Gross expenses		0.21	%		0.20	%		0.20	%		0.18	%		0.21	%
Net investment income		4.06	%		4.00	%		3.84	%		3.92	%		4.01	%
Portfolio turnover rate		18	%		26	%		31	%		22	%		34	%

Notes to Financial Highlights

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

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

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

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

Financial Highlights 95

Elfun Income Fund

Financial Highlights

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

	12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date														12/31/84
Net asset value, beginning of period	$	11.44		$	11.28		$	11.26		$	11.57		$	11.22
Income/(loss) from investment operations:
Net investment income		0.32	(a)		0.29	(a)		0.30			0.32			0.29
Net realized and unrealized gains/(losses) on investments		(0.41	)		0.15			0.09			(0.29	)		0.35
Total income/(loss) from investment operations		(0.09	)		0.44			0.39			0.03			0.64
Less distributions from:
Net investment income		0.33			0.28			0.28			0.32			0.29
Net realized gains		—			—			0.09			0.02			0.00	(b)
Total distributions		0.33			0.28			0.37			0.34			0.29
Net asset value, end of period	$	11.02		$	11.44		$	11.28		$	11.26		$	11.57
Total Return(c)		(0.80	)%		3.90	%		3.52	%		0.22	%		5.75	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	229,477		$	261,189		$	276,142		$	289,872		$	312,756
Ratios to average net assets:
Net expenses		0.34	%		0.33	%		0.31	%		0.28	%		0.29	%(d)
Gross expenses		0.34	%		0.33	%		0.31	%		0.28	%		0.29	%
Net investment income		2.88	%		2.54	%		2.63	%		2.71	%		2.50	%
Portfolio turnover rate		207	%		299	%		238	%		278	%		326	%

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 do not include the effect of insurance contract charges. Past performance does not guarantee future results.

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

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

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

96 Financial Highlights

Elfun Government Money Market Fund

Financial Highlights

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

	12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date														6/13/90
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income/(loss) from investment operations:
Net investment income		0.02	(a)		0.01	(a)		0.00	(b)		—			—
Total income from investment operations		0.02			0.01			0.00	(b)		—			—
Less distributions from:
Net investment income		0.02			0.01			0.00	(b)		0.00	(b)		0.00	(b)
Net realized gains		—			0.00	(b)		—			—			—
Total distributions		0.02			0.01			0.00	(b)		0.00	(b)		0.00	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(c)		1.55	%		0.58	%		0.06	%		0.08	%		0.05	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	104,275		$	109,828		$	111,339		$	129,039		$	139,218
Ratios to average net assets:
Net expenses		0.32	%		0.34	%		0.49	%(e)		0.09	%(d)		0.05	%(d)
Gross expenses		0.32	%		0.34	%		0.49	%(e)		0.25	%		0.36	%
Net investment income (loss)		1.53	%		0.56	%		(0.11	)%(e)		—	%		—	%

Notes to Financial Highlights

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

(b) Rounds to less than $0.005.

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

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

(e) Ratio includes income tax expense. Without this expense, the net and gross expense ratios would have been 0.33% and the net investment income ratio would have been 0.05%.

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

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

Financial Highlights 97

Elfun Funds

Statements of Assets and Liabilities — December 31, 2018

	Elfun International Equity Fund			Elfun Trusts
Assets
Investments in securities, at fair value (cost $173,067,843; $1,595,066,765; $122,616,787; $1,329,038,434; $225,163,099 and $0, respectively)	$	178,104,321		$	2,364,623,150
Investments in affiliated securities, at fair value (cost $0; $0; $51,158,247; $0; $0 and $0, respectively)		—			—
Short-term investments, at fair value (cost $0; $0; $2,675,511; $0 ; $0 and $69,756,151, respectively)		—			—
Short-term affiliated investments, at cost and fair value		6,135,132			60,719,231
Repurchase agreements		—			—
Cash		3,408			—
Cash collateral on deposit with broker for swap contracts		—			—
Receivable for investments sold		65			—
Income receivables		530,873			4,345,300
Receivable for fund shares sold		4,315			218,022
Income receivable from affiliated investments		12,409			221,062
Receivable for accumulated variation margin on futures contracts		—			—
Receivable for accumulated variation margin on swap contracts		—			—
Total assets		184,790,523			2,430,126,765
Liabilities
Distribution payable to shareholders		—			—
Due to custodian		—			—
Net cash collateral on futures contracts due to broker		—			—
Payable for investments purchased		—			—
Payable for fund shares redeemed		680,656			1,937,343
Payable for accumulated variation margin on swap contracts		—			—
Payable to the Adviser		33,719			303,397
Payable for custody, fund accounting and sub-administration fees		9,960			1,208
Accrued other expenses		60,178			217,334
Accrued foreign capital gains tax		24,041			—
Total liabilities		808,554			2,459,282
Net Assets	$	183,981,969		$	2,427,667,483
Net Assets Consist of:
Capital paid in	$	186,805,975		$	1,657,387,715
Total distributable earnings (loss)	$	(2,824,006	)	$	770,279,768
Net Assets	$	183,981,969		$	2,427,667,483
Shares outstanding (Par value $10; $10; $10; $10; $10; and $1, respectively; unlimited shares authorized)		9,938,679			48,418,772
Net asset value, offering and redemption price per share	$	18.51		$	50.14

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

98 Statements of Assets and Liabilities

Elfun Diversified Fund		Elfun Tax-Exempt Income Fund		Elfun Income Fund			Elfun Government Money Market Fund
$	126,955,056	$	1,351,099,395	$	223,451,788		$	—
	48,022,027		—		—			—
	2,675,519		—		—			69,756,151
	14,521,162		12,476,076		41,181,071			—
	—		—		—			35,057,000
	—		—		—			72
	54,338		—		208,525			—
	2,582,472		—		18,197,063			—
	522,994		18,323,271		1,515,302			—
	917		189,898		67,805			688,267
	29,897		13,063		74,770			56,769
	183,601		—		623,416			—
	15,886		—		85,811			—
	195,563,869		1,382,101,703		285,405,551			105,558,259
	—		1,437,618		145,579			12,531
	26,339		—		21,952			—
	157,782		—		810,211			—
	13,111,935		—		54,350,813			987,266
	101,428		3,354,610		62,367			192,118
	73,424		—		313,874			—
	26,782		186,965		32,995			8,238
	43,815		4,038		112,498			16,790
	79,141		138,432		78,242			66,301
	—		—		—			—
	13,620,646		5,121,663		55,928,531			1,283,244
$	181,943,223	$	1,376,980,040	$	229,477,020		$	104,275,015
$	180,732,135	$	1,373,430,438	$	237,706,730		$	104,275,018
$	1,211,088	$	3,549,602	$	(8,229,710	)	$	(3	)
$	181,943,223	$	1,376,980,040	$	229,477,020		$	104,275,015
	10,693,058		123,016,883		20,816,924			104,275,018
$	17.02	$	11.19	$	11.02		$	1.00

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

Statements of Assets and Liabilities 99

Elfun Funds

Statements of Operations — For the year ended December 31, 2018

	Elfun International Equity Fund			Elfun Trusts
Investment Income
Income
Dividend	$	5,895,653		$	36,024,630
Interest		12			—
Income from affiliated investments		126,163			1,888,083
Less: Foreign taxes withheld		(608,986	)		—
Total income		5,412,842			37,912,713
Expenses
Advisory and administration fees		469,385			3,909,006
Blue Sky fees		26,916			30,501
Transfer agent fees		123,201			503,355
Trustees’ fees		16,335			52,853
Custody, fund accounting and sub-administration fees		90,629			434,441
Professional fees		43,342			47,321
Other expenses		34,082			232,711
Total expenses		803,890			5,210,188
Net investment income	$	4,608,952		$	32,702,525
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	2,976,771		$	313,947,889
Affiliated investments		—			—
Futures		143,362			—
Written options		—			—
Swap contracts		—			—
Foreign currency transactions		(125,438	)		—
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(44,624,409	)		(427,642,446	)
Affiliated investments		—			—
Futures		(28,153	)		—
Swap contracts		—			—
Foreign currency translations		(8,386	)		—
Net realized and unrealized gain (loss) on investments		(41,666,253	)		(113,694,557	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(37,057,301	)	$	(80,992,032	)

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

100 Statements of Operations

Elfun Diversified Fund			Elfun Tax-Exempt Income Fund			Elfun Income Fund			Elfun Government Money Market Fund
$	1,522,516		$	—		$	10,081		$	—
	1,877,245			60,170,963			7,472,910			1,884,946
	1,827,215			216,085			280,917			—
	(158	)		—			—			—
	5,226,818			60,387,048			7,763,908			1,884,946
	343,427			2,261,281			408,992			101,912
	28,326			27,866			28,614			25,216
	100,744			219,883			118,933			73,481
	15,952			33,781			16,564			14,469
	58,981			231,775			168,438			60,664
	56,873			42,278			49,185			38,117
	64,727			122,623			34,046			14,115
	669,030			2,939,487			824,772			327,974
$	4,557,788		$	57,447,561		$	6,939,136		$	1,556,972
$	1,235,746		$	(2,154,716	)	$	(5,183,282	)	$	(3	)
	43,432			—			—			—
	(274,288	)		—			(711,298	)		—
	35,977			—			141,747			—
	72,317			—			326,160			—
	(387	)		—			—			—
	(6,966,542	)		(43,488,260	)		(4,037,541	)		—
	(9,585,934	)		—			—			—
	168,762			—			569,712			—
	(78,188	)		—			(289,623	)		—
	(86	)		—			—			—
	(15,349,191	)		(45,642,976	)		(9,184,125	)		(3	)
$	(10,791,403	)	$	11,804,585		$	(2,244,989	)	$	1,556,969

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

Statements of Operations 101

Elfun Funds

Statements of Changes in Net Assets

	Elfun International Equity Fund						Elfun Trusts
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	4,608,952		$	3,662,791		$	32,702,525		$	32,563,837
Net realized gain (loss) on investments, futures, swap contracts, options contracts, and foreign currency related transactions		2,994,695			(1,119,223	)		313,947,889			239,503,606
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations		(44,660,948	)		43,347,073			(427,642,446	)		313,411,667
Net increase (decrease) from operations		(37,057,301	)		45,890,641			(80,992,032	)		585,479,110
Distributions to shareholders:
Total distributions		(4,494,291	)		(3,655,776	)		(346,605,889	)		(272,201,212	)
Increase (decrease) in assets from operations and distributions		(41,551,592	)		42,234,865			(427,597,921	)		313,277,898
Share transactions:
Proceeds from sale of shares		3,187,752			4,172,093			53,658,651			50,712,147
Value of distributions reinvested		3,868,438			3,163,834			278,812,837			217,798,384
Cost of shares redeemed		(19,291,445	)		(19,846,304	)		(215,125,396	)		(175,834,878	)
Net increase (decrease) from share transactions		(12,235,255	)		(12,510,377	)		117,346,092			92,675,653
Total increase (decrease) in net assets		(53,786,847	)		29,724,488			(310,251,829	)		405,953,551
Net Assets
Beginning of year		237,768,816			208,044,328			2,737,919,312			2,331,965,761
End of year	$	183,981,969		$	237,768,816		$	2,427,667,483		$	2,737,919,312
Changes in Fund Shares
Shares sold		142,810			196,928			886,867			842,367
Issued for distributions reinvested		211,506			140,117			5,602,033			3,601,757
Shares redeemed		(899,037	)		(961,741	)		(3,429,325	)		(2,890,514	)
Net increase (decrease) in fund shares		(544,721	)		(624,696	)		3,059,575			1,553,610
For the year ended December 31, 2017, the source of distributions paid to shareholders was (See Note 11 in the Notes to Financial Statements):
Net investment income				$	(3,655,776	)				$	(32,575,926	)
Net realized gains					—						(239,625,286	)
Total distributions					(3,655,776	)					(272,201,212	)
Undistributed net investment income as of December 31, 2017:				$	9,676					$	—

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

102 Statements of Changes in Net Assets

Elfun Diversified Fund						Elfun Tax-Exempt Income Fund
Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
$	4,557,788		$	4,574,028		$	57,447,561		$	59,636,606
	1,112,797			18,476,598			(2,154,716	)		(2,447,208	)
	(16,461,988	)		6,456,534			(43,488,260	)		12,274,701
	(10,791,403	)		29,507,160			11,804,585			69,464,099
	(5,726,511	)		(21,137,965	)		(57,447,575	)		(59,636,585	)
	(16,517,914	)		8,369,195			(45,642,990	)		9,827,514
	5,751,778			5,048,518			52,101,473			35,753,804
	4,986,474			18,727,487			39,620,528			41,248,494
	(22,216,449	)		(21,143,587	)		(140,449,316	)		(110,727,469	)
	(11,478,197	)		2,632,418			(48,727,315	)		(33,725,171	)
	(27,996,111	)		11,001,613			(94,370,305	)		(23,897,657	)
	209,939,334			198,937,721			1,471,350,345			1,495,248,002
$	181,943,223		$	209,939,334		$	1,376,980,040		$	1,471,350,345
	312,332			264,253			4,614,192			3,093,499
	294,883			1,010,111			3,522,242			3,565,302
	(1,199,520	)		(1,098,217	)		(12,474,273	)		(9,567,674	)
	(592,305	)		176,147			(4,337,839	)		(2,908,873	)
			$	(4,765,419	)				$	(59,636,585	)
				(16,372,546	)					—
				(21,137,965	)					(59,636,585	)
			$	—					$	62,826

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

Statements of Changes in Net Assets 103

Elfun Funds

Statements of Changes in Net Assets

	Elfun Income Fund						Elfun Government Money Market Fund
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	6,939,136		$	6,878,857		$	1,556,972		$	604,201
Net realized gain (loss) on investments, futures, swap contracts, options contracts, and foreign currency related transactions		(5,426,673	)		490,317			(3	)		—
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts		(3,757,452	)		3,041,432			—			—
Net increase (decrease) from operations		(2,244,989	)		10,410,606			1,556,969			604,201
Distributions to shareholders:
Total distributions		(7,065,178	)		(6,577,379	)		(1,556,972	)		(614,831	)
Increase (decrease) in assets from operations and distributions		(9,310,167	)		3,833,227			(3	)		(10,630	)
Share transactions:
Proceeds from sale of shares		10,263,456			10,184,726			49,255,283			45,174,015
Value of distributions reinvested		5,368,470			5,003,427			1,430,523			562,402
Cost of shares redeemed		(38,033,816	)		(33,974,499	)		(56,238,963	)		(47,236,144	)
Net increase (decrease) from share transactions		(22,401,890	)		(18,786,346	)		(5,553,157	)		(1,499,727	)
Total increase (decrease) in net assets		(31,712,057	)		(14,953,119	)		(5,553,160	)		(1,510,357	)
Net Assets
Beginning of year		261,189,077			276,142,196			109,828,175			111,338,532
End of year	$	229,477,020		$	261,189,077		$	104,275,015		$	109,828,175
Changes in Fund Shares
Shares sold		925,381			893,694			49,255,283			45,174,014
Issued for distributions reinvested		485,128			437,971			1,430,523			562,402
Shares redeemed		(3,427,061	)		(2,976,318	)		(56,238,963	)		(47,236,144	)
Net decrease in fund shares		(2,016,552	)		(1,644,653	)		(5,553,157	)		(1,499,728	)
For the year ended December 31, 2017, the source of distributions paid to shareholders was (See Note 11 in the Notes to Financial Statements):
Net investment income				$	(6,577,379	)				$	(604,201	)
Net realized gains					—						(10,630	)
Total distributions					(6,577,379	)					(614,831	)
Undistributed net investment income as of December 31, 2017:				$	347,347					$	—

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

104 Statements of Changes in Net Assets

Elfun Funds

Notes to Financial Statements — December 31, 2018

1. Organization of the Funds

The Elfun International Equity Fund, Elfun Trusts, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund (each, a “Fund” and collectively, the “Funds”) are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. Each Fund is a diversified investment company within the meaning of the 1940 Act.

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

2. Summary of Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

Notes to Financial Statements 105

Elfun Funds

Notes to Financial Statements, continued — December 31, 2018

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

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

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

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

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

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

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

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

The value of each Fund’s investments according to the fair value hierarchy as of December 31, 2018 is disclosed in each Fund’s Schedule of Investments.

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

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

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

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

Expenses  Fund specific expenses are charged to the Fund that incurs such expenses. Such expenses may include custodial fees, legal and accounting fees, printing costs and registration fees. Expenses that are not Fund specific are allocated pro rata across the Funds.

106 Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — December 31, 2018

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

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

Foreign Taxes  The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2018, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

3. Securities and Other Investments

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

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

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

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

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

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

Notes to Financial Statements 107

Elfun Funds

Notes to Financial Statements, continued — December 31, 2018

As of December 31, 2018, the Elfun Government Money Market Fund had invested in repurchase agreements with the gross values of $35,057,000 and associated collateral equal to $35,758,339.

4. Derivative Financial Instruments

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

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

During the fiscal year ended December 31, 2018, the following Funds entered into futures contracts for strategies listed below:

Funds	Strategies
Elfun International Equity Fund	Equitization of Cash
Elfun Diversified Fund	Manage exposure to interest rates and Equitization of Cash
Elfun Income Fund	Manage exposure to interest rates

Credit Default Swaps  During the fiscal year ended December 31, 2018, the Elfun Diversified Fund and Elfun Income Fund engaged in credit default swaps to manage credit risk. When a Fund is the buyer in a credit default swap contract, a Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (“CCP”) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, a Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, a Fund loses its investment and recovers nothing. However, if a credit event occurs, a Fund receives full notional value for a referenced debt obligation that may have little or no value. When a Fund is the seller of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, a Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that a Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by a Fund for the same referenced obligation.

As the seller, a Fund may create economic leverage to its portfolio because, in addition to its total net assets, a Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. A Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swaps to determine the market value of swaps. A Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. A Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if a Fund had invested

108 Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — December 31, 2018

in the referenced debt obligation directly. If a Fund is a buyer of a credit default swap and no credit event occurs, a Fund will not earn any return on its investment. If a Fund is a seller of a credit default swap, a Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject a Fund to the risk that the counterparty to the transaction may not fulfill its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

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

During the fiscal year ended December 31, 2018, the Elfun Diversified Fund and Elfun Income Fund entered into interest rate swaps in order to manage exposure to interest rates.

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

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

During the fiscal year ended December 31, 2018, the Elfun Diversified Fund and the Elfun Income Fund purchased and wrote options in order to manage exposure to interest rates.

The following tables summarize the value of the Funds’ derivative instruments as of December 31, 2018 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Elfun Diversified Fund
Futures Contracts	$	183,601	$	—	$	—	$	—	$	—	$	183,601
Swap Contracts	$	—	$	—	$	15,886	$	—	$	—	$	15,886
Elfun Income Fund
Futures Contracts	$	623,416	$	—	$	—	$	—	$	—	$	623,416
Swap Contracts	$	—	$	—	$	85,811	$	—	$	—	$	85,811

Liability Derivatives

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Elfun Diversified Fund
Swap Contracts	$	(73,424	)	$	—	$	—	$	—	$	—	$	(73,424	)
Elfun Income Fund
Swap Contracts	$	(313,874	)	$	—	$	—	$	—	$	—	$	(313,874	)

Notes to Financial Statements 109

Elfun Funds

Notes to Financial Statements, continued — December 31, 2018

Realized Gain/Loss

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk			Commodity Contracts Risk		Total
Elfun International Equity Fund
Futures Contracts	$	—		$	—	$	—		$	143,362		$	—	$	143,362
Elfun Diversified Fund
Futures Contracts	$	(264,444	)	$	—	$	—		$	(9,844	)	$	—	$	(274,288	)
Swap Contracts		86,897			—		(14,580	)		—			—		72,317
Purchased Option Contracts(b)		(79,230	)		—		—			—			—		(79,230	)
Written Option Contracts		35,977			—		—			—			—		35,977
Elfun Income Fund
Futures Contracts	$	(711,298	)	$	—	$	—		$	—		$	—	$	(711,298	)
Swap Contracts		352,637			—		(26,475	)		—			—		326,160
Purchased Option Contracts(b)		(315,816	)		—		—			—			—		(315,816	)
Written Option Contracts		141,747			—		—			—			—		141,747

(b) Purchased options are included in net realized gain (loss) from investments.

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk			Commodity Contracts Risk		Total
Elfun International Equity Fund
Futures Contracts	$	—		$	—	$	—		$	(28,153	)	$	—	$	(28,153	)
Elfun Diversified Fund
Futures Contracts	$	187,182		$	—	$	—		$	(18,420	)	$	—	$	168,762
Swap Contracts		(57,175	)		—		(21,013	)		—			—		(78,188	)
Elfun Income Fund
Futures Contracts	$	569,712		$	—	$	—		$	—		$	—	$	569,712
Swap Contracts		(217,507	)		—		(72,116	)		—			—		(289,623	)

5. Fees and Transactions with Affiliates

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

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

SSGA FM may voluntarily reduce all or a portion of its fees and/or reimburse expenses of the Elfun Government Money Market Fund, to the extent necessary to avoid a negative yield (the “Voluntary Reduction”), or a yield below a specified level, which may vary from time to time in SSGA FM’s sole discretion. The Elfun Government Money Market Fund has agreed, subject to certain limitations, to reimburse the Adviser for the full dollar amount of any Voluntary Reduction for up to three years from the date reduced, provided that the total operating expense ratio for the Elfun Government Money Market Fund, after giving effect to the recoupment, would not exceed 0.60% for the fiscal year in which the recoupment is made. SSGA FM may, in its sole

110 Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — December 31, 2018

discretion, irrevocably waive receipt of any or all reimbursement amounts due from the Elfun Government Money Market Fund. Any future reimbursement by the Elfun Government Money Market Fund of the Voluntary Reduction would increase the expenses and reduce the yield of the Elfun Government Money Market Fund. There is no guarantee that the Voluntary Reduction will be in effect at any given time or that the Elfun Government Money Market Fund will be able to avoid a negative yield. SSGA FM did not waive any fees or reimburse any expenses during the fiscal year ended December 31, 2018. SSGA FM did not recoup any previously waived fees or reimbursed expenses during the fiscal year ended December 31, 2018 or during any prior periods. There are no amounts subject to recoupment by SSGA FM as of December 31, 2018.

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

Due to Custodian  In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds.

Other Transactions with Affiliates  The Funds may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the fiscal year ended December 31, 2018 are disclosed in the Schedules of Investments.

6. Trustees’ Fees

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

7. Investment Transactions

Purchases and Sales of Securities  The cost of purchases and the proceeds from sales of investments, other than short-term securities, for the fiscal year ended December 31, 2018, were as follows:

	U.S. Government Obligations				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Elfun International Equity Fund	$	—	$	—	$	53,756,389	$	60,345,908
Elfun Trusts		—		—		487,287,466		664,468,888
Elfun Diversified Fund		116,030,270		116,021,252		23,102,659		35,455,137
Elfun Tax-Exempt Income Fund		—		—		257,309,659		309,466,717
Elfun Income Fund		401,703,755		426,969,761		79,989,644		77,235,702

8. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each Fund will not be subject to the federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

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

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no

Notes to Financial Statements 111

Elfun Funds

Notes to Financial Statements, continued — December 31, 2018

impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book tax differences are primarily due to differing treatments for character of distributions, foreign currency gains and losses, corporate actions, paydown losses, futures contracts, swap contracts, straddle loss deferrals, capital gain taxes, expiring limited capital loss carryforwards, return of capital adjustments, and wash sale loss deferrals.

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

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

The tax character of distributions paid during the fiscal year ended December 31, 2017, were as follows:

Fund	Exempt Income		Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Elfun International Equity Fund	$	—	$	3,655,776	$	—	$	—	$	3,655,776
Elfun Trusts		—		37,831,065		234,370,147		—		272,201,212
Elfun Diversified Fund		—		9,605,789		11,532,176		—		21,137,965
Elfun Tax-Exempt Income Fund		59,020,190		616,395		—		—		59,636,585
Elfun Income Fund		—		6,577,379		—		—		6,577,379
Elfun Government Money Market Fund		—		614,831		—		—		614,831

At December 31, 2018, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Tax Exempt Income		Capital Loss Carryforwards			Undistributed long term gain		Net Unrealized Gains (Losses)			Qualified Late-Year Losses		Total
Elfun International Equity Fund	$	—	$	—	$	(6,473,390	)	$	—	$	3,649,384		$	—	$	(2,824,006	)
Elfun Trusts		292,403		—		—			3,500		769,983,865			—		770,279,768
Elfun Diversified Fund		116,687		—		—			132,129		1,110,460			—		1,359,276
Elfun Tax-Exempt Income Fund		—		62,812		(18,541,140	)		—		22,027,940			—		3,549,612
Elfun Income Fund		192,243		—		(5,748,567	)		—		(2,673,386	)		—		(8,229,710	)
Elfun Government Money Market Fund		—		—		(3	)		—		—			—		(3	)

As of December 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Fund	Non-Expiring Short Term		Non-Expiring Long Term
Elfun International Equity Fund	$	2,938,410	$	3,534,980
Elfun Tax-Exempt Income Fund		17,433,355		1,107,785
Elfun Income Fund		1,523,441		4,225,126
Elfun Government Money Market Fund		3		—

112 Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — December 31, 2018

As of December 31, 2018, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Elfun International Equity Fund	$	180,580,917	$	21,719,113	$	18,060,577	$	3,658,536
Elfun Trusts		1,655,358,516		917,309,918		147,326,053		769,983,865
Elfun Diversified Fund		191,152,480		10,644,631		9,540,577		1,104,054
Elfun Tax-Exempt Income Fund		1,341,547,530		32,177,664		10,149,723		22,027,941
Elfun Income Fund		267,060,455		3,104,376		5,274,681		(2,170,305	)
Elfun Government Money Market Fund		104,813,151		—		—		—

9. Line of Credit

The Funds (excluding the Elfun Governemnt Money Market Fund) and other affiliated funds (each, a “Participant” and collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires October 10, 2019 unless extended or renewed.

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

The Funds had no outstanding loans as of December 31, 2018.

10. Risks

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

Interest Rate Risk  Is the risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Although governmental financial regulators, including the U.S. Federal Reserve, have taken steps to maintain historically low interest rates, the U.S. Federal Reserve has recently begun to raise interest rates and may continue to do so. Thus, a Fund currently faces a heightened level of interest rate risk.

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

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

11. New and Recent Accounting Pronouncements

In August 2018, the U.S. Securities and Exchange Commission (the “SEC”) released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The

Notes to Financial Statements 113

Elfun Funds

Notes to Financial Statements, continued — December 31, 2018

Funds have adopted the Final Rule for the current period with the most notable impacts being that the Funds are no longer required to present components of distributable earnings on the Statements of Assets and Liabilities or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.

12. Subsequent Events

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

114 Notes to Financial Statements

Elfun Funds

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Elfun International Equity Fund, Elfun Trusts, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund (collectively referred to as the “Funds”), including the schedules of investments, as of December 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the “financial statements”). The financial highlights for the two years in the period then ended December 31, 2015 were audited by another independent registered public accounting firm whose report, dated February 24, 2016, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds at December 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

February 27, 2019

Report of Independent Registered Public Accounting Firm 115

Elfun Funds

Tax Information — December 31, 2018 (Unaudited)

Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Funds for their fiscal year ended December 31, 2018.

Dividends Received Deduction

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

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended December 31, 2018 is considered qualified dividend income and is eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. The Funds report the maximum amount allowable of their net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Long Term Capital Gains Distributions

Long term capital gains dividends were paid from the following Funds during the year ended December 31, 2018:

	Amount
Elfun Trusts	$	307,096,650
Elfun Diversified Fund		1,141,933

Foreign Tax Credit

The Fund has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Fund to its shareholders. For the year ended December 31, 2018, the total amount of foreign taxes that will be passed through are:

	Amount
Elfun International Equity Fund	$	608,986

The amount of foreign source income earned on the Fund during the year ended December 31, 2018 was as follows:

	Amount
Elfun International Equity Fund	$	5,727,124

Tax-Exempt Income

For the fiscal year ended December 31, 2018, the following Fund hereby designates as exempt-interest dividends the amounts set forth, or the amount ultimately treated as exempt-interest dividends:

	Gross Amount
Elfun Tax-Exempt Income Fund	$	56,871,069

116 Tax Information

Elfun Funds

Special Meeting of Shareholders — Voting Results (Unaudited)

A special meeting of shareholders of the Elfun Government Money Market Fund (the “Money Market Fund”), Elfun Tax-Exempt Income Fund (the “Tax-Exempt Fund”), Elfun Income Fund (the “Income Fund”), Elfun Diversified Fund (the “Diversified Fund”), Elfun International Equity Fund (the “International Fund”) and Elfun Trusts (each, a “Fund” and collectively, the “Funds”) was held on December 18, 2018 to elect the following six nominees as Trustees of Elfun Diversified Fund, Elfun Government Money Market Fund, Elfun Income Fund, Elfun International Equity Fund, Elfun Tax-Exempt Income Fund and Elfun Trusts: John R. Costantino, Michael F. Holland, Michael A. Jessee, Ellen M. Needham, Donna M. Rapaccioli, and Richard D. Shirk. At the meeting the following votes were recorded:

Money Market Fund
Nominee	Shares For		Shares Withheld
John R. Costantino		47,149,525.853		17,055,612.338
Michael F. Holland		47,006,646.265		17,198,491.926
Michael A. Jessee		46,923,066.949		17,282,071.242
Ellen M. Needham		47,114,146.645		17,090,991.546
Donna M. Rapaccioli		47,370,538.247		16,834,599.944
Richard D. Shirk		47,125,139.270		17,079,998.921
Tax-Exempt Fund
Nominee	Shares For		Shares Withheld
John R. Costantino		66,391,989.123		7,220,765.650
Michael F. Holland		66,278,607.963		7,334,146.810
Michael A. Jessee		66,400,117.922		7,212,636.851
Ellen M. Needham		66,358,656.197		7,254,098.576
Donna M. Rapaccioli		66,442,714.470		7,170,040.303
Richard D. Shirk		66,392,779.147		7,219,975.626
Income Fund
Nominee	Shares For		Shares Withheld
John R. Costantino		15,567,769.268		311,142.089
Michael F. Holland		15,473,849.329		405,062.028
Michael A. Jessee		15,532,330.843		346,580.514
Ellen M. Needham		15,598,124.981		280,786.376
Donna M. Rapaccioli		15,595,583.685		283,327.672
Richard D. Shirk		15,522,164.856		356,746.501
Diversified Fund
Nominee	Shares For		Shares Withheld
John R. Costantino		6,668,735.526		428,268.434
Michael F. Holland		6,667,207.742		429,796.218
Michael A. Jessee		6,669,141.105		427,862.855
Ellen M. Needham		6,670,834.436		426,169.524
Donna M. Rapaccioli		6,672,850.897		424,153.063
Richard D. Shirk		6,671,748.161		425,255.799
International Fund
Nominee	Shares For		Shares Withheld
John R. Costantino		4,521,868.575		2,147,261.528
Michael F. Holland		4,503,770.701		2,165,359.402
Michael A. Jessee		4,507,921.371		2,161,208.732
Ellen M. Needham		4,511,271.008		2,157,859.095
Donna M. Rapaccioli		4,534,723.662		2,134,406.441
Richard D. Shirk		4,523,025.199		2,146,104.904

Special Meeting of Shareholders — Voting Results 117

Elfun Funds

Special Meeting of Shareholders — Voting Results (Unaudited), continued

Elfun Trusts
Nominee	Shares For		Shares Withheld
John R. Costantino		21,250,737.196		424,934.592
Michael F. Holland		21,024,696.644		650,975.144
Michael A. Jessee		21,285,604.305		390,067.483
Ellen M. Needham		21,357,309.327		318,362.461
Donna M. Rapaccioli		21,323,470.816		352,200.972
Richard D. Shirk		21,306,733.110		368,938.678

The other Trustees whose term of office continued after the meeting are as follows: Jeanne M. La Porta, Patrick J. Riley and Rina K. Spence.

118 Special Meeting of Shareholders — Voting Results

Elfun Funds

Other Information (Unaudited)

Trustees and Officers

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During Past Five Years
INDEPENDENT TRUSTEES
Michael F. Holland c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1944	Trustee and Co-Chairperson of the Board	Term: Indefinite Elected: 12/18	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		67	Director, the Holland Series Fund, Inc.; Director, The China Fund, Inc.; Director, The Taiwan Fund, Inc. (2007 – 2017); Director, Reaves Utility Income Fund, Inc.; and Director, Blackstone/GSO Loans (and Real Estate) Funds.
Patrick J. Riley c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Trustee and Co-Chairperson of the Board	Term: Indefinite Appointed: 4/16	2002 to May 2010, Associate Justice of the Superior Court, Commonwealth of Massachusetts; 1985 to 2002, Partner, Riley, Burke & Donahue, L.L.P. (law firm); 1998 to Present, Independent Director, State Street Global Advisers Ireland, Ltd. (investment company); 1998 to Present, Independent Director, SSGA Liquidity plc (formerly, SSGA Cash Management Fund plc); January 2009 to Present, Independent Director, SSGA Fixed Income plc; and January 2009 to Present, Independent Director, SSGA Qualified Funds PLC.		67	Board Director and Chairman, SPDR Europe 1PLC Board (2011 – Present); Board Director and Chairman, SPDR Europe II, PLC (2013 – Present).
John R. Costantino c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Trustee and Co-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 12/18	Managing General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		67	Director of Kleinfeld Bridal Corp. (March 2016 – present);Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 – February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).
Donna M. Rapaccioli c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1962	Trustee and Co-Chairperson of the Audit Committee	Term: Indefinite Elected: 12/18	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		67	Director- Graduate Management Admissions Council (2015 – present); Trustee of Emmanuel College (2010 – present).

Other Information 119

Elfun Funds

Other Information (Unaudited), continued

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During Past Five Years
INDEPENDENT TRUSTEES (continued)
Richard D. Shirk c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1945	Trustee and Co-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 12/18	March 2001 to April 2002, Chairman (1996 to March 2001, President and Chief Executive Officer), Cerulean Companies, Inc. (holding company) (Retired); 1992 to March 2001, President and Chief Executive Officer, Blue Cross Blue Shield of Georgia (health insurer, managed healthcare).		67	1998 to December 2008, Chairman, Board Member and December 2008 to Present, Investment Committee Member, Healthcare Georgia Foundation (private foundation); September 2002 to 2012, Lead Director and Board Member, Amerigroup Corp. (managed health care); 1999 to 2013, Board Member and (since 2001) Investment Committee Member, Woodruff Arts Center; and 2003 to 2009, Trustee, Gettysburg College; Board member, Aerocare Holdings, Regenesis Biomedical Inc.
Rina K. Spence c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Trustee and Co-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee	Term: Indefinite Elected: 6/16	President of SpenceCare International LLC (international healthcare consulting) (1999 – present); Chief Executive Officer, IEmily.com (health internet company) (2000 – 2001); Chief Executive Officer of Consensus Pharmaceutical, Inc. (1998 – 1999); Founder, President and Chief Executive Officer of Spence Center for Women’s Health (1994 – 1998); President and CEO, Emerson Hospital (1984 – 1994); Honorary Consul for Monaco in Boston (2015 – present).		67	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Trustee and Co-Chairperson of the Valuation Committee	Term: Indefinite Elected: 12/18	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		67	None

120 Other Information

Elfun Funds

Other Information (Unaudited), continued

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During Past Five Years
INTERESTED TRUSTEES(1)
Ellen M. Needham(2) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Trustee and President	Time Indefinite Elected: 12/18	President and Director, SSGA FM (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).*		67	None
Jeanne M. La Porta(3) SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Trustee	Time Indefinite Appointed: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.		18	None

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

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

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

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

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

The following lists the principal officers for the Funds, as well as their mailing addresses and ages, positions with the Funds and length of time served, and present and principal occupations:

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS:
Ellen M. Needham(3) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	President, Trustee	Term: Indefinite Elected: 7/16	President and Director, SSGA FM (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).*
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer	Term: Indefinite Elected: 7/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (2013 – Present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).

Other Information 121

Elfun Funds

Other Information (Unaudited), continued

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS (continued):
Joshua A. Weinberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1978	Chief Legal Officer	Term: Indefinite Elected: 7/16	Managing Director and Managing Counsel, State Street Global Advisors (2011 – present)*; Clerk, SSGA Funds Management, Inc. (2013 – present); Associate, Financial Services Group, Dechert LLP (2005 – 2011).
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Treasurer	Term: Indefinite Elected: 7/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Vice President and Deputy Treasurer	Term: Indefinite Elected: 7/16	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present)*; Managing Director, State Street Global Advisors. (2005 – present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Deputy Treasurer	Term: Indefinite Elected: 7/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Arthur A. Jensen SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 YOB: 1966	Deputy Treasurer	Term: Indefinite Elected: 7/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011– July 2016); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 – July 2016).
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Deputy Treasurer	Term: Indefinite Elected: 11/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).
Sujata Upreti SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974	Assistant Treasurer	Term: Indefinite Elected: 3/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Assistant Director, Cambridge Associates, LLC (July 2014 – January 2015); Vice President, Bank of New York Mellon (July 2012 – August 2013); Manager, PricewaterhouseCoopers, LLP (September 2003 – July 2012).
Daniel Foley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1972	Assistant Treasurer	Term: Indefinite Elected: 3/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007 – present).*

122 Other Information

Elfun Funds

Other Information (Unaudited), continued

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS (continued):
Daniel G. Plourde SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1980	Assistant Treasurer	Term: Indefinite Elected: 5/17	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, 7th Floor Boston, MA 02111-2900 YOB: 1976	Secretary	Term: Indefinite Elected: 9/16	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007 – 2013).
Khimmara Greer State Street Bank and Trust Company 100 Summer Street, 7th Floor Boston, MA 02111-2900 YOB: 1983	Assistant Secretary	Term: Indefinite Elected: 11/16	Vice President and Counsel, State Street Bank and Trust Company (2015 – present); Regulatory Advisor, JPMorgan (2014 – 2015); Claims Case Manager, Liberty Mutual Insurance (2012 – 2014); Contract Attorney, Various Law Firms (2011 – 2012).

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

Other Information 123

Elfun Funds

Other Information (Unaudited)

Proxy Voting Policies and Procedures and Record

The Funds have adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Funds have adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Funds’ website at http://www.ssga.com/geam, and (iii) on the SEC’s website at www.sec.gov. Information regarding how the Funds voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

The Funds file their complete schedules of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. For the second and fourth quarters, the complete schedules of investments are available in the Funds’ semi-annual and annual financial statements. The Funds’ Forms N-Q are available (i) without charge, upon request, by calling 1-800-242-013, (ii) on the Funds’ website at http://www.ssga.com/geam, and (iii) on the SEC’s website at www.sec.gov.

124 Other Information

Elfun Funds

Shareholder Services

Online Service

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

Here are some of the online services:

• View account balance and transaction history

• Make exchanges

• Redeem shares

• Purchase shares

• View and order tax forms

• View quarterly statements

• Change address

• Re-order money market checks

Telephone Service

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

Automated Voice Response System

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

Contact Us By Mail

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

Elfun Mutual Funds

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

P.O. Box 701

Milwaukee, WI 53201-0701

Shareholder Services 125

Trustees

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Richard D. Shirk

Rina K. Spence

Michael A. Jessee

Ellen M. Needham

Jeanne M. La Porta

Officers

Ellen M. Needham, President

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

Joshua A. Weinberg, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Jesse Hallee, Secretary

Khimmara Greer, Assistant Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, Massachusetts 02210

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, Massachusetts 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Item 2.  Code of Ethics.

As of the end of the period covered by this report, the Elfun Tax-Exempt Income 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: Messrs. Michael F. Holland, Richard D. Shirk and John R. Costantino and Ms. Donna M. Rapaccioli. Each of the audit committee financial experts is “independent” as that term is defined in Item 3(a)(2) of Form N-CSR.

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

Item 4.  Principal Accountant Fees and Services.

(a) Audit Fees

For the fiscal years ended December 31, 2018 and December 31, 2017, 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 $27,930 and $27,930, respectively.

(b) Audit-Related Fees

For the fiscal years ended December 31, 2018 and December 31, 2017, there were no fees billed by E&Y for assurance and related services that were reasonably related to the performance of the audit of the Registrant’s financial statements that were not reported under paragraph (a) of this Item.

(c) Tax Fees

The aggregate tax fees billed for professional services rendered by E&Y for tax compliance, tax advice, and tax planning in the form of preparation of excise filings and income tax returns for the fiscal years ended December 31, 2018 and December 31, 2017 were $10,160 and $10,165, respectively.

(d) All Other Fees

For the fiscal years ended December 31, 2018 and December 31, 2017, 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, 2018 and December 31, 2017, 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 $6,581,832 and $7,777,372, 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, 2018 and December 31, 2017, the aggregate non-audit fees billed by E&Y for services rendered to the Registrant and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Registrant were approximately $36,297,003 and $40,983,185, respectively. The figure for the fiscal year ended December 31, 2017 was previously reported as $28,718,894 and has been restated to include certain other audit fees totaling $12,264,291, in the aggregate, primarily relating to statutory and financial statement audits, the requirement to opine on the design and operating effectiveness of internal control over financial reporting and accounting consultations.

(h) E&Y notified the Fund’s Audit Committee of all non-audit services that were rendered by E&Y to the Adviser and any entity controlling, controlled by, or under common

control with the Adviser that provides services to the Fund, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the Fund’s Audit Committee to consider whether such services were compatible with maintaining E&Y’s independence.

Item 5.  Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6.  Investments.

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

(b) Not applicable to the Registrant.

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

Not applicable to the Registrant.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

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

Item 11.  Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter of the period covered by this Form N-CSR filing that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

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

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

Item 13.  Exhibits.

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

(a)(2)    Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto.

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

(a)(4)    Not applicable.

(b)    Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: ELFUN TAX-EXEMPT INCOME FUND

By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President
Date:	March 7, 2019

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

By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President (Principal Executive Officer)
Date:	March 7, 2019
By:	/s/ Bruce S. Rosenberg
	Bruce S. Rosenberg
	Treasurer (Principal Financial and Accounting Officer)
Date:	March 7, 2019