0001193125-21-265172.txt : 20210903 0001193125-21-265172.hdr.sgml : 20210903 20210903103401 ACCESSION NUMBER: 0001193125-21-265172 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210903 DATE AS OF CHANGE: 20210903 EFFECTIVENESS DATE: 20210903 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ELFUN TRUSTS CENTRAL INDEX KEY: 0000032339 IRS NUMBER: 136057455 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-00483 FILM NUMBER: 211235397 BUSINESS ADDRESS: STREET 1: 1600 SUMMER STREET CITY: STAMFORD STATE: CT ZIP: 06905 BUSINESS PHONE: 203-326-2373 MAIL ADDRESS: STREET 1: 1600 SUMMER STREET CITY: STAMFORD STATE: CT ZIP: 06905 0000032339 S000011821 ELFUN TRUSTS C000032303 Elfun Trusts elfnx N-CSRS 1 d162942dncsrs.htm ELFUN TRUSTS Elfun Trusts

 

 

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: 811-00483

 

 

ELFUN TRUSTS

(Exact name of registrant as specified in charter)

 

 

One Iron Street

Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

 

 

 

(Name and Address of Agent for Service)   Copy to:

Sean O’Malley, Esq.

Senior Vice President and Deputy General Counsel

c/o SSGA Funds Management, Inc.

One Iron Street

Boston, Massachusetts 02210

  

Timothy W. Diggins, Esq.

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199-3600

 

 

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2021

 

 

 

Item 1. Shareholder Report.

(a) The Report to Shareholders is attached herewith.

 

Semi-Annual Report
June 30, 2021
Elfun Funds
Elfun International Equity Fund
Elfun Trusts
Elfun Diversified Fund
Elfun Tax-Exempt Income Fund
Elfun Income Fund
Elfun Government Money Market Fund

Elfun Funds
Semi-Annual Report
June 30, 2021 (Unaudited)
This report has been prepared for shareholders and may be distributed to others only if accompanied with a current prospectus and/or summary prospectus.

[This page intentionally left blank]

Elfun Funds
Notes to Performance — June 30, 2021 (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 www.ssga.com 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.
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
Fund Information — June 30, 2021 (Unaudited)
Sector Allocation
Portfolio Composition as a % of Fair Value of $207,033 (in thousands) as of June 30, 2021 (a)(b)
Top Ten Largest Holdings
as of June 30, 2021 (as a % of Fair Value) (a)(b)
Nestle S.A. 3.59%
ASML Holding N.V. 3.45%
Schneider Electric SE 3.29%
LVMH Moet Hennessy Louis Vuitton SE 3.11%
Novartis AG 2.95%
AIA Group Ltd. 2.92%
Roche Holding AG 2.89%
AstraZeneca PLC 2.80%
Air Liquide S.A. 2.73%
Hoya Corp. 2.59%
(a) Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund - Class G Shares and State Street Treasury Money Market Fund - Premier Class.
(b) The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.
2 Elfun International Equity Fund

Elfun International Equity Fund
Understanding Your Fund’s Expenses — June 30, 2021 (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 the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2021.
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 for your class under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
  Actual
Fund Return 		  Hypothetical
5% Return
(2.5% for
the period)
Account value at the      
beginning of the period
January 1, 2021 		$1,000.00   $1,000.00
Account value at the end of the period
June 30, 2021 		$1,070.50   $1,022.90
Expenses Paid During Period* $ 1.95   $ 1.91
* Expenses are equal to the Fund's annualized expense ratio of 0.38% (for the period January 1, 2021 - June 30, 2021), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
 
Elfun International Equity Fund 3

Elfun International Equity Fund
Schedule of Investments — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
Common Stock - 96.3% †
Australia - 1.8%
BHP Group PLC 129,626 $ 3,814,231
Brazil - 1.0%
Itau Unibanco Holding S.A. ADR (a) 345,626 2,077,212
Canada - 1.1%
Brookfield Asset Management Inc., Class A 46,839 2,392,068
Brookfield Asset Management Reinsurance Partners Ltd., Class A (b) 323 17,085
    2,409,153
China - 0.5%
Alibaba Group Holding Ltd. ADR (b) 4,978 1,128,911
France - 20.2%
Air Liquide S.A. 32,280 5,652,554
AXA S.A. 130,371 3,306,272
BNP Paribas S.A. 68,053 4,266,825
Dassault Systemes SE 11,135 2,700,423
LVMH Moet Hennessy Louis Vuitton SE 8,210 6,438,578
Safran S.A. 32,196 4,464,152
Schneider Electric SE 43,260 6,806,757
Vivendi SE 109,924 3,693,069
Worldline S.A. (b)(c) 51,766 4,846,074
    42,174,704
Germany - 6.7%
adidas AG 8,100 3,015,259
HeidelbergCement AG 40,143 3,443,790
Infineon Technologies AG 88,927 3,566,609
SAP SE 28,383 4,000,085
    14,025,743
Hong Kong - 2.9%
AIA Group Ltd. 486,967 6,051,149
Ireland - 1.5%
Kerry Group PLC, Class A 22,039 3,078,828
Japan - 23.7%
Daikin Industries Ltd. 24,000 4,473,917
Disco Corp. 11,000 3,364,717
FANUC Corp. 7,800 1,883,061
  Number
of Shares 		Fair
Value
Fast Retailing Company Ltd. 4,120 $ 3,104,384
Hoya Corp. 40,452 5,368,573
Kao Corp. 36,700 2,260,064
Komatsu Ltd. 104,800 2,606,545
Mitsubishi UFJ Financial Group Inc. 773,626 4,182,836
Murata Manufacturing Company Ltd. 48,091 3,675,177
Nidec Corp. 14,673 1,702,089
Recruit Holdings Company Ltd. 100,100 4,933,300
Secom Company Ltd. 26,300 2,000,876
Shimadzu Corp. 78,657 3,043,804
Shiseido Company Ltd. 56,762 4,178,776
Tokio Marine Holdings Inc. 62,898 2,894,702
    49,672,821
Netherlands - 7.2%
ASML Holding N.V. (a) 10,393 7,141,143
ING Groep N.V. 307,846 4,066,933
Koninklijke DSM N.V. 20,217 3,773,720
    14,981,796
Norway - 1.5%
Equinor ASA 145,138 3,072,705
Portugal - 1.0%
Galp Energia SGPS S.A. 187,558 2,035,635
Spain - 3.8%
Cellnex Telecom S.A. (c) 54,624 3,479,908
Industria de Diseno Textil S.A. 126,384 4,452,901
    7,932,809
Sweden - 2.2%
Assa Abloy AB, Class B 154,284 4,650,809
Switzerland - 9.9%
Givaudan S.A. 242 1,126,550
Nestle S.A. 59,643 7,434,485
Novartis AG 67,031 6,114,625
Roche Holding AG 15,848 5,975,897
    20,651,557
Taiwan - 1.4%
Taiwan Semiconductor Manufacturing Company Ltd. 134,900 2,880,772
 
See Notes to Schedules of Investments and Notes to Financial Statements.
4 Elfun International Equity Fund

Elfun International Equity Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
United Kingdom - 9.9%
Ashtead Group PLC 59,520 $ 4,410,491
AstraZeneca PLC 48,300 5,793,649
London Stock Exchange Group PLC 39,012 4,295,283
Prudential PLC 176,924 3,356,994
Vodafone Group PLC 1,698,757 2,847,544
    20,703,961
Total Common Stock
(Cost $131,631,074) 		  201,342,796
Short-Term Investments - 2.7%
State Street Institutional Treasury Money Market Fund - Premier Class 0.01% (a)(d)(e) 2,961,366 2,961,366
  Number
of Shares 		Fair
Value
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.03% (a)(d)(e) 2,728,768 $ 2,728,768
Total Short-Term Investments
(Cost $5,690,134) 		  5,690,134
Total Investments
(Cost $137,321,208) 		  207,032,930
Other Assets and Liabilities, net - 1.0%   2,003,128
NET ASSETS - 100.0%   $ 209,036,058
 
Other Information:
The Fund had the following long futures contracts open at June 30, 2021:
Description Expiration
Date 		Number of
Contracts 		Notional
Amount 		Value Unrealized
Appreciation
(Depreciation)
MSCI EAFE Mini Index Futures September 2021 36 $ 4,205,723 $ 4,147,380 $ (58,343)
During the period ended June 30, 2021, average notional values related to long and short futures contracts was $1,556,583 and $46,371, respectively.
Notes to Schedule of Investments – June 30, 2021 (Unaudited)
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund's future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund's summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) At June 30, 2021, all or a portion of this security was pledged to cover collateral requirements for futures.
(b) Non-income producing security.
(c) Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, these securities amounted to $8,325,982 or 3.98% of the net assets of the Elfun International Equity Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees.
(d) Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.
(e) Coupon amount represents effective yield.
† Percentages are based on net assets as of June 30, 2021.
Abbreviations:
ADR - American Depositary Receipt
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun International Equity Fund 5

Elfun International Equity Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2021:
Investments Level 1   Level 2   Level 3   Total
Investments in Securities              
Common Stock $ 201,342,796   $ —   $ —   $ 201,342,796
Short-Term Investments 5,690,134   —   —   5,690,134
Total Investments in Securities $ 207,032,930   $ —   $ —   $ 207,032,930
Other Financial Instruments              
Long Futures Contracts - Unrealized Depreciation $ (58,343)   $ —   $ —   $ (58,343)
Total Other Financial Instruments $ (58,343)   $ —   $ —   $ (58,343)
The Fund was invested in the following sectors at June 30, 2021 (unaudited):
Sector   Percentage (based
on Fair Value)
Pharmaceuticals     8.64%
Diversified Banks     7.05%
Packaged Foods & Meats     5.08%
Semiconductor Equipment     5.08%
Apparel, Accessories & Luxury Goods     4.57%
Life & Health Insurance     4.54%
Building Products     4.41%
Electrical Components & Equipment     4.11%
Apparel Retail     3.65%
Application Software     3.23%
Semiconductors     3.11%
Personal Products     3.11%
Industrial Gases     2.73%
Healthcare Supplies     2.59%
Integrated Oil & Gas     2.46%
Human Resource & Employment Services     2.38%
Specialty Chemicals     2.37%
Data Processing & Outsourced Services     2.34%
Aerospace & Defense     2.16%
Trading Companies & Distributors     2.13%
Financial Exchanges & Data     2.07%
Diversified Metals & Mining     1.84%
Movies & Entertainment     1.78%
Electronic Components     1.77%
Integrated Telecommunication Services     1.68%
Construction Materials     1.67%
Multi-Line Insurance     1.60%
Electronic Equipment & Instruments     1.47%
Property & Casualty Insurance     1.40%
Wireless Telecommunication Services     1.38%
Construction Machinery & Heavy Trucks     1.26%
Asset Management & Custody Banks     1.16%
Security & Alarm Services     0.97%
Industrial Machinery     0.91%
See Notes to Schedules of Investments and Notes to Financial Statements.
6 Elfun International Equity Fund

Elfun International Equity Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
Sector   Percentage (based
on Fair Value)
Internet & Direct Marketing Retail     0.55%
      97.25%
Short-Term Investments    
Short-Term Investments   2.75%
      100.00%
Affiliate Table
  Number
of Shares
Held at
12/31/20 		Value at
12/31/20 		  Cost of
Purchases 		  Proceeds
from
Shares
Sold 		  Realized
Gain
(Loss) 		  Change in
Unrealized
Appreciation
(Depreciation) 		Number of
Shares
Held at
6/30/21 		Value at
6/30/21 		  Dividend
Income
State Street Institutional Treasury Money Market Fund - Premier Class 1,998,676 $1,998,676   $ 7,366,768   $ 6,404,078   $—   $— 2,961,366 $2,961,366   $ 64
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1,981,767 1,981,767   7,366,692   6,619,691   —   — 2,728,768 2,728,768   292
TOTAL   $3,980,443   $14,733,460   $13,023,769   $—   $—   $5,690,134   $356
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun International Equity Fund 7

Elfun Trusts
Fund Information — June 30, 2021 (Unaudited)
Sector Allocation
Portfolio Composition as a % of Fair Value of $3,863,056 (in thousands) as of June 30, 2021 (a)(b)
Top Ten Largest Holdings
as of June 30, 2021 (as a % of Fair Value) (a)(b)
Microsoft Corp. 6.35%
Alphabet Inc., Class C 5.10%
Amazon.com Inc. 5.03%
Apple Inc. 4.70%
JPMorgan Chase & Co. 4.22%
Facebook Inc., Class A 4.21%
Visa Inc., Class A 4.10%
United Rentals Inc. 2.89%
Honeywell International Inc. 2.79%
QUALCOMM Inc. 2.77%
(a) Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Class G Shares.
(b) The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.
8 Elfun Trusts

Elfun Trusts
Understanding Your Fund’s Expenses — June 30, 2021 (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 the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2021.
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 for your class under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
  Actual
Fund Return 		  Hypothetical
5% Return
(2.5% for
the period)
Account value at the      
beginning of the period
January 1, 2021 		$1,000.00   $1,000.00
Account value at the end of the period
June 30, 2021 		$1,157.00   $1,023.90
Expenses Paid During Period* $ 0.96   $ 0.90
* Expenses are equal to the Fund's annualized expense ratio of 0.18% (for the period January 1, 2021 - June 30, 2021), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
 
Elfun Trusts 9

Elfun Trusts
Schedule of Investments — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
Common Stock - 99.4% †
Apparel Retail - 2.1%
Ross Stores Inc. 647,700 $ 80,314,800
Application Software - 2.5%
salesforce.com Inc. (a) 273,949 66,917,522
Splunk Inc. (a) 205,422 29,699,913
    96,617,435
Biotechnology - 1.1%
Vertex Pharmaceuticals Inc. (a) 210,242 42,391,094
Cable & Satellite - 1.3%
Charter Communications Inc., Class A (a) 69,900 50,429,355
Construction Materials - 1.1%
Martin Marietta Materials Inc. 121,700 42,815,277
Data Processing & Outsourced Services - 6.5%
Fidelity National Information Services Inc. 432,249 61,236,716
Mastercard Inc., Class A 90,000 32,858,100
Visa Inc., Class A 676,600 158,202,612
    252,297,428
Diversified Banks - 4.2%
JPMorgan Chase & Co. 1,047,121 162,869,200
Electronic Components - 1.6%
Corning Inc. 1,557,400 63,697,660
Financial Exchanges & Data - 2.5%
CME Group Inc. 212,857 45,270,427
S&P Global Inc. 126,900 52,086,105
    97,356,532
Healthcare Equipment - 2.1%
Boston Scientific Corp. (a) 1,906,403 81,517,792
Home Improvement Retail - 2.6%
Lowe's Companies Inc. 523,149 101,475,212
Industrial Conglomerates - 2.8%
Honeywell International Inc. 492,000 107,920,200
Industrial Gases - 1.8%
Air Products & Chemicals Inc. 248,500 71,488,480
  Number
of Shares 		Fair
Value
Industrial Machinery - 1.5%
Parker-Hannifin Corp. 191,700 $ 58,872,987
Interactive Media & Services - 11.6%
Alphabet Inc., Class C (a) 78,700 197,247,383
Alphabet Inc., Class A (a) 35,900 87,660,261
Facebook Inc., Class A (a) 467,692 162,621,185
    447,528,829
Internet & Direct Marketing Retail - 5.7%
Alibaba Group Holding Ltd. ADR (a) 114,200 25,898,276
Amazon.com Inc. (a) 56,500 194,369,040
    220,267,316
Managed Healthcare - 2.8%
UnitedHealth Group Inc. 266,956 106,899,861
Movies & Entertainment - 2.3%
The Walt Disney Co. (a) 502,200 88,271,694
Multi-Utilities - 1.2%
Sempra Energy 350,997 46,500,083
Oil & Gas Equipment & Services - 1.3%
Schlumberger N.V. 1,552,000 49,679,520
Oil & Gas Exploration & Production - 1.6%
ConocoPhillips 1,037,500 63,183,750
Packaged Foods & Meats - 1.7%
Mondelez International Inc., Class A 1,044,483 65,217,519
Pharmaceuticals - 5.3%
Elanco Animal Health Inc. (a) 1,564,085 54,258,109
Johnson & Johnson 466,800 76,900,632
Merck & Company Inc. 956,776 74,408,469
    205,567,210
Property & Casualty Insurance - 1.7%
Chubb Ltd. 412,600 65,578,644
Regional Banks - 3.7%
First Republic Bank 357,300 66,875,841
Regions Financial Corp. 3,734,500 75,362,210
    142,238,051
Semiconductor Equipment - 2.6%
Applied Materials Inc. 694,100 98,839,840
 
See Notes to Schedules of Investments and Notes to Financial Statements.
10 Elfun Trusts

Elfun Trusts
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
Semiconductors - 4.2%
QUALCOMM Inc. 749,200 $ 107,083,156
Texas Instruments Inc. 289,561 55,682,580
    162,765,736
Soft Drinks - 1.9%
PepsiCo Inc. 505,100 74,840,667
Specialized REITs - 1.9%
American Tower Corp. 271,629 73,377,858
Systems Software - 7.7%
Microsoft Corp. 905,435 245,282,341
ServiceNow Inc. (a) 92,170 50,652,024
    295,934,365
Technology Hardware, Storage & Peripherals - 4.7%
Apple Inc. 1,324,600 181,417,216
Trading Companies & Distributors - 2.9%
United Rentals Inc. (a) 350,167 111,706,775
Trucking - 0.9%
Lyft Inc., Class A (a) 555,800 33,614,784
Total Common Stock
(Cost $1,790,634,551) 		  3,843,493,170
Short-Term Investments - 0.5%
State Street Institutional Treasury Money Market Fund - Premier Class 0.01% (b)(c) 10,724,237 10,724,237
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.03% (b)(c) 8,838,601 8,838,601
Total Short-Term Investments
(Cost $19,562,838) 		  19,562,838
Total Investments
(Cost $1,810,197,389) 		  3,863,056,008
Other Assets and Liabilities, net - 0.1%   4,745,171
NET ASSETS - 100.0%   $ 3,867,801,179
Notes to Schedule of Investments – June 30, 2021 (Unaudited)
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund's future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund's summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) Non-income producing security.
(b) Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.
(c) Coupon amount represents effective yield.
† Percentages are based on net assets as of June 30, 2021.
Abbreviations:
ADR - American Depositary Receipt
REIT - Real Estate Investment Trust
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Trusts 11

Elfun Trusts
Schedule of Investments, continued — June 30, 2021 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2021:
Investments Level 1   Level 2   Level 3   Total
Investments in Securities              
Common Stock $ 3,843,493,170   $ —   $ —   $ 3,843,493,170
Short-Term Investments 19,562,838   —   —   19,562,838
Total Investments in Securities $ 3,863,056,008   $ —   $ —   $ 3,863,056,008
Affiliate Table
  Number
of Shares
Held at
12/31/20 		Value at
12/31/20 		  Cost of
Purchases 		  Proceeds
from
Shares
Sold 		  Realized
Gain
(Loss) 		  Change in
Unrealized
Appreciation
(Depreciation) 		Number of
Shares
Held at
6/30/21 		Value at
6/30/21 		  Dividend
Income
State Street Institutional Treasury Money Market Fund - Premier Class 23,915,719 $23,915,719   $39,875,124   $ 53,066,606   $—   $— 10,724,237 $10,724,237   $ 610
State Street Institutional U.S. Government Money Market Fund, Class G Shares 22,224,983 22,224,983   39,874,317   53,260,699   —   — 8,838,601 8,838,601   2,455
TOTAL   $46,140,702   $79,749,441   $106,327,305   $—   $—   $19,562,838   $3,065
See Notes to Schedules of Investments and Notes to Financial Statements.
12 Elfun Trusts

Elfun Diversified Fund
Fund Information — June 30, 2021 (Unaudited)
Sector Allocation
Portfolio Composition as a % of Fair Value of $216,382 (in thousands) as of June 30, 2021 (a)(b)
Top Ten Largest Equity Holdings
as of June 30, 2021 (as a % of Fair Value) (a)(b)
Apple Inc. 2.19%
Microsoft Corp. 2.08%
Amazon.com Inc. 1.50%
Facebook Inc., Class A 0.85%
Alphabet Inc., Class A 0.75%
Alphabet Inc., Class C 0.73%
Berkshire Hathaway Inc., Class B 0.54%
Tesla Inc. 0.53%
NVIDIA Corp. 0.51%
JPMorgan Chase & Co. 0.48%
(a) Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund - Class G Shares, State Street Institutional Treasury Money Market Fund - Premier Class, and State Street Institutional Treasury Money Market Fund - Premier Class.
(b) The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.
Elfun Diversified Fund 13

Elfun Diversified Fund
Understanding Your Fund’s Expenses — June 30, 2021 (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 the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2021.
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 for your class under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
  Actual
Fund Return 		  Hypothetical
5% Return
(2.5% for
the period)
Account value at the      
beginning of the period
January 1, 2021 		$1,000.00   $1,000.00
Account value at the end of the period
June 30, 2021 		$1,074.40   $1,023.20
Expenses Paid During Period* $ 1.65   $ 1.61
* Expenses are equal to the Fund's annualized net expense ratio of 0.32% (for the period January 1, 2021 - June 30, 2021), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
 
14 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
Domestic Equity - 36.7% †
Common Stock - 36.7%
Advertising - 0.0% *
Omnicom Group Inc. (a) 441 $ 35,276
The Interpublic Group of Companies Inc. (a) 866 28,136
    63,412
Aerospace & Defense - 0.6%
General Dynamics Corp. (a) 505 95,071
Howmet Aerospace Inc. (a)(b) 819 28,231
Huntington Ingalls Industries Inc. (a) 97 20,443
L3Harris Technologies Inc. (a) 448 96,835
Lockheed Martin Corp. (a) 541 204,687
Northrop Grumman Corp. (a) 339 123,203
Raytheon Technologies Corp. (a) 3,359 286,556
Teledyne Technologies Inc. (a)(b) 106 44,396
Textron Inc. (a) 498 34,247
The Boeing Co. (a)(b) 1,208 289,389
TransDigm Group Inc. (a)(b) 119 77,028
    1,300,086
Agricultural & Farm Machinery - 0.1%
Deere & Co. (a) 689 243,017
Agricultural Products - 0.0% *
Archer-Daniels-Midland Co. (a) 1,275 77,265
Air Freight & Logistics - 0.3%
CH Robinson Worldwide Inc. (a) 276 25,853
Expeditors International of Washington Inc. (a) 372 47,095
FedEx Corp. (a) 534 159,308
United Parcel Service Inc., Class B (a) 1,584 329,425
    561,681
Airlines - 0.1%
Alaska Air Group Inc. (a)(b) 252 15,198
American Airlines Group Inc. (a)(b) 1,494 31,688
Delta Air Lines Inc. (a)(b) 1,500 64,890
Southwest Airlines Co. (a)(b) 1,280 67,955
  Number
of Shares 		Fair
Value
United Airlines Holdings Inc. (a)(b) 736 $ 38,485
    218,216
Alternative Carriers - 0.0% *
Lumen Technologies Inc. (a) 2,074 28,186
Apparel Retail - 0.2%
L Brands Inc. (a) 487 35,093
Ross Stores Inc. (a) 775 96,100
The Gap Inc. (a) 530 17,835
The TJX Companies Inc. (a) 2,615 176,303
    325,331
Apparel, Accessories & Luxury Goods - 0.1%
Hanesbrands Inc. (a) 810 15,123
PVH Corp. (a)(b) 163 17,537
Ralph Lauren Corp. (a) 113 13,312
Tapestry Inc. (a)(b) 636 27,653
Under Armour Inc., Class A (a)(b) 479 10,131
Under Armour Inc., Class C (a)(b) 482 8,951
VF Corp. (a) 724 59,397
    152,104
Application Software - 0.9%
Adobe Inc. (a)(b) 1,057 619,021
ANSYS Inc. (a)(b) 193 66,983
Autodesk Inc. (a)(b) 481 140,404
Cadence Design Systems Inc. (a)(b) 645 88,249
Citrix Systems Inc. (a) 288 33,774
Intuit Inc. (a) 602 295,082
Paycom Software Inc. (a)(b) 106 38,528
PTC Inc. (b) 200 28,252
salesforce.com Inc. (a)(b) 2,047 500,021
Synopsys Inc. (a)(b) 344 94,872
Tyler Technologies Inc. (a)(b) 88 39,808
    1,944,994
Asset Management & Custody Banks - 0.3%
Ameriprise Financial Inc. (a) 252 62,718
BlackRock Inc. (a) 312 272,991
Franklin Resources Inc. (a) 592 18,938
Invesco Ltd. (a) 809 21,624
Northern Trust Corp. (a) 477 55,151
State Street Corp. (a)(c) 760 62,533
T Rowe Price Group Inc. (a) 496 98,193
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 15

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
The Bank of New York Mellon Corp. (a) 1,795 $ 91,958
    684,106
Auto Parts & Equipment - 0.0% *
BorgWarner Inc. (a) 539 26,163
Automobile Manufacturers - 0.7%
Ford Motor Co. (a)(b) 8,515 126,533
General Motors Co. (a)(b) 2,733 161,712
Tesla Inc. (a)(b) 1,696 1,152,771
    1,441,016
Automotive Retail - 0.1%
Advance Auto Parts Inc. (a) 135 27,694
AutoZone Inc. (a)(b) 47 70,134
CarMax Inc. (a)(b) 354 45,719
O'Reilly Automotive Inc. (a)(b) 152 86,064
    229,611
Biotechnology - 0.7%
AbbVie Inc. (a) 3,893 438,508
Alexion Pharmaceuticals Inc. (a)(b) 477 87,630
Amgen Inc. (a) 1,271 309,806
Biogen Inc. (a)(b) 333 115,308
Gilead Sciences Inc. (a) 2,776 191,155
Incyte Corp. (a)(b) 394 33,147
Regeneron Pharmaceuticals Inc. (a)(b) 230 128,464
Vertex Pharmaceuticals Inc. (a)(b) 568 114,526
    1,418,544
Brewers - 0.0% *
Molson Coors Beverage Co., Class B (a)(b) 381 20,456
Broadcasting - 0.1%
Discovery Inc., Class A (a)(b) 361 11,075
Discovery Inc., Class C (a)(b) 697 20,199
Fox Corp., Class A (a) 797 29,593
Fox Corp., Class B (a) 383 13,482
ViacomCBS Inc., Class B (a) 1,304 58,941
    133,290
Building Products - 0.1%
AO Smith Corp. (a) 300 21,618
Carrier Global Corp. (a) 1,713 83,252
  Number
of Shares 		Fair
Value
Fortune Brands Home & Security Inc. (a) 291 $ 28,987
Johnson Controls International PLC (a) 1,602 109,945
Masco Corp. (a) 573 33,755
    277,557
Cable & Satellite - 0.4%
Charter Communications Inc., Class A (a)(b) 302 217,878
Comcast Corp., Class A (a) 10,125 577,327
DISH Network Corp., Class A (a)(b) 532 22,238
    817,443
Casinos & Gaming - 0.1%
Caesars Entertainment Inc. (b) 444 46,065
Las Vegas Sands Corp. (a)(b) 771 40,624
MGM Resorts International (a) 920 39,238
Penn National Gaming Inc. (b) 300 22,947
Wynn Resorts Ltd. (a)(b) 233 28,496
    177,370
Commodity Chemicals - 0.1%
Dow Inc. (a) 1,582 100,109
LyondellBasell Industries N.V., Class A (a) 591 60,796
    160,905
Communications Equipment - 0.3%
Arista Networks Inc. (a)(b) 127 46,013
Cisco Systems Inc. (a) 9,335 494,755
F5 Networks Inc. (a)(b) 144 26,879
Juniper Networks Inc. (a) 645 17,641
Motorola Solutions Inc. (a) 380 82,403
    667,691
Computer & Electronics Retail - 0.0% *
Best Buy Company Inc. (a) 506 58,180
Construction & Engineering - 0.0% *
Quanta Services Inc. (a) 258 23,367
Construction Machinery & Heavy Trucks - 0.2%
Caterpillar Inc. (a) 1,200 261,156
Cummins Inc. (a) 321 78,263
PACCAR Inc. (a) 751 67,027
 
See Notes to Schedules of Investments and Notes to Financial Statements.
16 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
Westinghouse Air Brake Technologies Corp. (a) 399 $ 32,837
    439,283
Construction Materials - 0.0% *
Martin Marietta Materials Inc. (a) 133 46,791
Vulcan Materials Co. (a) 299 52,047
    98,838
Consumer Finance - 0.2%
American Express Co. (a) 1,434 236,940
Capital One Financial Corp. (a) 1,006 155,618
Discover Financial Services (a) 627 74,168
Synchrony Financial (a) 1,203 58,369
    525,095
Copper - 0.1%
Freeport-McMoRan Inc. (a) 3,227 119,754
Data Processing & Outsourced Services - 1.5%
Automatic Data Processing Inc. (a) 939 186,504
Broadridge Financial Solutions Inc. (a) 251 40,544
Fidelity National Information Services Inc. (a) 1,363 193,096
Fiserv Inc. (a)(b) 1,303 139,278
FleetCor Technologies Inc. (a)(b) 186 47,627
Global Payments Inc. (a) 645 120,963
Jack Henry & Associates Inc. (a) 157 25,671
Mastercard Inc., Class A (a) 1,936 706,814
Paychex Inc. (a) 695 74,574
PayPal Holdings Inc. (a)(b) 2,585 753,476
The Western Union Co. (a) 991 22,763
Visa Inc., Class A (a) 3,746 875,890
    3,187,200
Distillers & Vintners - 0.1%
Brown-Forman Corp., Class B (a) 362 27,128
Constellation Brands Inc., Class A (a) 370 86,540
    113,668
  Number
of Shares 		Fair
Value
Distributors - 0.1%
Genuine Parts Co. (a) 312 $ 39,459
LKQ Corp. (a)(b) 636 31,304
Pool Corp. (a) 85 38,986
    109,749
Diversified Banks - 1.2%
Bank of America Corp. (a) 16,704 688,706
Citigroup Inc. (a) 4,518 319,649
JPMorgan Chase & Co. (a) 6,692 1,040,874
U.S. Bancorp (a) 3,032 172,733
Wells Fargo & Co. (a) 9,105 412,365
    2,634,327
Diversified Chemicals - 0.0% *
Eastman Chemical Co. (a) 312 36,426
Diversified Support Services - 0.1%
Cintas Corp. (a) 197 75,254
Copart Inc. (a)(b) 441 58,137
    133,391
Drug Retail - 0.0% *
Walgreens Boots Alliance Inc. (a) 1,601 84,229
Electric Utilities - 0.6%
Alliant Energy Corp. (a) 597 33,289
American Electric Power Company Inc. (a) 1,080 91,357
Duke Energy Corp. (a) 1,685 166,343
Edison International (a) 843 48,742
Entergy Corp. (a) 450 44,865
Evergy Inc. (a) 483 29,188
Eversource Energy (a) 730 58,575
Exelon Corp. (a) 2,210 97,925
FirstEnergy Corp. (a) 1,262 46,959
NextEra Energy Inc. (a) 4,314 316,130
NRG Energy Inc. (a) 555 22,367
Pinnacle West Capital Corp. (a) 273 22,378
PPL Corp. (a) 1,655 46,290
The Southern Co. (a) 2,360 142,804
Xcel Energy Inc. (a) 1,148 75,630
    1,242,842
Electrical Components & Equipment - 0.2%
AMETEK Inc. (a) 499 66,616
Eaton Corporation PLC (a) 870 128,917
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 17

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
Emerson Electric Co. (a) 1,289 $ 124,053
Generac Holdings Inc. (b) 130 53,970
Rockwell Automation Inc. (a) 251 71,791
    445,347
Electronic Components - 0.1%
Amphenol Corp., Class A (a) 1,302 89,070
Corning Inc. (a) 1,740 71,166
    160,236
Electronic Equipment & Instruments - 0.1%
Keysight Technologies Inc. (a)(b) 395 60,992
Trimble Inc. (a)(b) 600 49,098
Zebra Technologies Corp., Class A (a)(b) 122 64,598
    174,688
Electronic Manufacturing Services - 0.0% *
IPG Photonics Corp. (a)(b) 83 17,494
Environmental & Facilities Services - 0.1%
Republic Services Inc. (a) 480 52,805
Rollins Inc. (a) 525 17,955
Waste Management Inc. (a) 850 119,093
    189,853
Fertilizers & Agricultural Chemicals - 0.1%
CF Industries Holdings Inc. (a) 501 25,777
Corteva Inc. (a) 1,682 74,597
FMC Corp. (a) 276 29,863
The Mosaic Co. (a) 864 27,570
    157,807
Financial Exchanges & Data - 0.4%
Cboe Global Markets Inc. (a) 225 26,786
CME Group Inc. (a) 787 167,379
Intercontinental Exchange Inc. (a) 1,229 145,882
MarketAxess Holdings Inc. (a) 80 37,087
Moody's Corp. (a) 351 127,192
MSCI Inc. (a) 179 95,422
Nasdaq Inc. (a) 254 44,653
S&P Global Inc. (a) 528 216,718
    861,119
Food Distributors - 0.0% *
Sysco Corp. (a) 1,128 87,702
  Number
of Shares 		Fair
Value
Food Retail - 0.0% *
The Kroger Co. (a) 1,681 $ 64,399
Footwear - 0.2%
NIKE Inc., Class B (a) 2,801 432,726
Gas Utilities - 0.0% *
Atmos Energy Corp. (a) 295 28,352
General Merchandise Stores - 0.2%
Dollar General Corp. (a) 534 115,552
Dollar Tree Inc. (a)(b) 497 49,452
Target Corp. (a) 1,102 266,397
    431,401
Gold - 0.1%
Newmont Corp. (a) 1,755 111,232
Health Care REITs - 0.1%
Healthpeak Properties Inc. (a) 1,127 37,518
Ventas Inc. (a) 818 46,708
Welltower Inc. (a) 876 72,795
    157,021
Healthcare Distributors - 0.1%
AmerisourceBergen Corp. (a) 360 41,217
Cardinal Health Inc. (a) 700 39,963
Henry Schein Inc. (a)(b) 264 19,586
McKesson Corp. (a) 359 68,655
    169,421
Healthcare Equipment - 1.1%
Abbott Laboratories (a) 3,905 452,707
ABIOMED Inc. (a)(b) 107 33,396
Baxter International Inc. (a) 1,098 88,389
Becton Dickinson & Co. (a) 636 154,669
Boston Scientific Corp. (a)(b) 3,099 132,513
Danaher Corp. (a) 1,396 374,631
DexCom Inc. (a)(b) 209 89,243
Edwards Lifesciences Corp. (a)(b) 1,365 141,373
Hologic Inc. (a)(b) 585 39,031
IDEXX Laboratories Inc. (a)(b) 186 117,468
Intuitive Surgical Inc. (a)(b) 259 238,187
ResMed Inc. (a) 324 79,872
STERIS PLC (a) 216 44,561
Stryker Corp. (a) 718 186,486
Teleflex Inc. (a) 101 40,581
 
See Notes to Schedules of Investments and Notes to Financial Statements.
18 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
Zimmer Biomet Holdings Inc. (a) 450 $ 72,369
    2,285,476
Healthcare Facilities - 0.1%
HCA Healthcare Inc. (a) 579 119,703
Universal Health Services Inc., Class B (a) 182 26,650
    146,353
Healthcare Services - 0.3%
Cigna Corp. (a) 772 183,018
CVS Health Corp. (a) 2,883 240,558
DaVita Inc. (a)(b) 176 21,196
Laboratory Corporation of America Holdings (a)(b) 224 61,790
Quest Diagnostics Inc. (a) 296 39,063
    545,625
Healthcare Supplies - 0.1%
Align Technology Inc. (a)(b) 157 95,927
DENTSPLY SIRONA Inc. (a) 453 28,657
The Cooper Companies Inc. (a) 111 43,986
West Pharmaceutical Services Inc. (a) 164 58,892
    227,462
Healthcare Technology - 0.0% *
Cerner Corp. (a) 669 52,289
Home Building - 0.1%
D.R. Horton Inc. (a) 753 68,049
Lennar Corp., Class A (a) 609 60,504
NVR Inc. (a)(b) 8 39,786
PulteGroup Inc. (a) 599 32,688
    201,027
Home Furnishings - 0.0% *
Leggett & Platt Inc. (a) 294 15,232
Mohawk Industries Inc. (a)(b) 123 23,639
    38,871
Home Improvement Retail - 0.5%
Lowe's Companies Inc. (a) 1,563 303,175
The Home Depot Inc. (a) 2,350 749,392
    1,052,567
  Number
of Shares 		Fair
Value
Hotel & Resort REITs - 0.0% *
Host Hotels & Resorts Inc. (a)(b) 1,433 $ 24,490
Hotels, Resorts & Cruise Lines - 0.2%
Booking Holdings Inc. (a)(b) 90 196,928
Carnival Corp. (a)(b) 1,799 47,422
Expedia Group Inc. (a)(b) 292 47,803
Hilton Worldwide Holdings Inc. (a)(b) 602 72,613
Marriott International Inc., Class A (a)(b) 578 78,908
Norwegian Cruise Line Holdings Ltd. (a)(b) 848 24,940
Royal Caribbean Cruises Ltd. (a)(b) 464 39,570
    508,184
Household Appliances - 0.0% *
Whirlpool Corp. (a) 143 31,177
Household Products - 0.5%
Church & Dwight Company Inc. (a) 555 47,297
Colgate-Palmolive Co. (a) 1,858 151,149
Kimberly-Clark Corp. (a) 736 98,462
The Clorox Co. (a) 275 49,475
The Procter & Gamble Co. (a) 5,388 727,003
    1,073,386
Housewares & Specialties - 0.0% *
Newell Brands Inc. (a) 812 22,306
Human Resource & Employment Services - 0.0% *
Robert Half International Inc. (a) 266 23,666
Hypermarkets & Super Centers - 0.4%
Costco Wholesale Corp. (a) 975 385,778
Walmart Inc. (a) 3,056 430,957
    816,735
Independent Power Producers & Energy Traders - 0.0% *
The AES Corp. (a) 1,555 40,539
Industrial Conglomerates - 0.5%
3M Co. (a) 1,274 253,054
General Electric Co. (a) 19,319 260,034
Honeywell International Inc. (a) 1,532 336,044
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 19

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
Roper Technologies Inc. (a) 229 $ 107,676
    956,808
Industrial Gases - 0.1%
Air Products & Chemicals Inc. (a) 484 139,237
Industrial Machinery - 0.3%
Dover Corp. (a) 330 49,698
Fortive Corp. (a) 764 53,281
IDEX Corp. (a) 179 39,389
Illinois Tool Works Inc. (a) 631 141,066
Ingersoll Rand Inc. (a)(b) 859 41,928
Otis Worldwide Corp. (a) 856 69,995
Parker-Hannifin Corp. (a) 281 86,298
Snap-on Inc. (a) 129 28,823
Stanley Black & Decker Inc. (a) 348 71,337
Xylem Inc. (a) 392 47,024
    628,839
Industrial REITs - 0.1%
Duke Realty Corp. (a) 880 41,668
Prologis Inc. (a) 1,602 191,487
    233,155
Insurance Brokers - 0.2%
Aon PLC, Class A (a) 410 97,892
Arthur J Gallagher & Co. (a) 442 61,915
Marsh & McLennan Companies Inc. (a) 1,113 156,577
    316,384
Integrated Oil & Gas - 0.5%
Chevron Corp. (a) 4,258 445,983
Exxon Mobil Corp. (a) 9,342 589,293
Occidental Petroleum Corp. (a) 1,926 60,226
    1,095,502
Integrated Telecommunication Services - 0.5%
AT&T Inc. (a) 15,687 451,472
Verizon Communications Inc. (a) 9,100 509,873
    961,345
Interactive Home Entertainment - 0.1%
Activision Blizzard Inc. (a) 1,706 162,821
Electronic Arts Inc. (a) 626 90,037
  Number
of Shares 		Fair
Value
Take-Two Interactive Software Inc. (a)(b) 261 $ 46,202
    299,060
Interactive Media & Services - 2.4%
Alphabet Inc., Class C (a)(b) 629 1,576,475
Alphabet Inc., Class A (a)(b) 663 1,618,907
Facebook Inc., Class A (a)(b) 5,296 1,841,472
Twitter Inc. (a)(b) 1,810 124,546
    5,161,400
Internet & Direct Marketing Retail - 1.6%
Amazon.com Inc. (a)(b) 945 3,250,951
eBay Inc. (a) 1,406 98,715
Etsy Inc. (a)(b) 272 55,989
    3,405,655
Internet Services & Infrastructure - 0.0% *
Akamai Technologies Inc. (a)(b) 391 45,591
VeriSign Inc. (a)(b) 216 49,181
    94,772
Investment Banking & Brokerage - 0.4%
Morgan Stanley (a) 3,319 304,319
Raymond James Financial Inc. (a) 260 33,774
The Charles Schwab Corp. (a) 3,290 239,545
The Goldman Sachs Group Inc. (a) 757 287,304
    864,942
IT Consulting & Other Services - 0.2%
Cognizant Technology Solutions Corp., Class A (a) 1,216 84,220
DXC Technology Co. (a)(b) 586 22,819
Gartner Inc. (a)(b) 192 46,502
International Business Machines Corp. (a) 1,967 288,343
    441,884
Leisure Products - 0.0% *
Hasbro Inc. (a) 305 28,829
Life & Health Insurance - 0.2%
Aflac Inc. (a) 1,414 75,875
Globe Life Inc. (a) 195 18,574
Lincoln National Corp. (a) 384 24,130
MetLife Inc. (a) 1,620 96,957
 
See Notes to Schedules of Investments and Notes to Financial Statements.
20 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
Principal Financial Group Inc. (a) 574 $ 36,271
Prudential Financial Inc. (a) 864 88,534
Unum Group (a) 357 10,139
    350,480
Life Sciences Tools & Services - 0.5%
Agilent Technologies Inc. (a) 663 97,998
Bio-Rad Laboratories Inc., Class A (a)(b) 50 32,215
Charles River Laboratories International Inc. (b) 100 36,992
Illumina Inc. (a)(b) 319 150,954
IQVIA Holdings Inc. (a)(b) 416 100,805
Mettler-Toledo International Inc. (a)(b) 53 73,423
PerkinElmer Inc. (a) 237 36,595
Thermo Fisher Scientific Inc. (a) 868 437,880
Waters Corp. (a)(b) 143 49,422
    1,016,284
Managed Healthcare - 0.6%
Anthem Inc. (a) 538 205,408
Centene Corp. (a)(b) 1,265 92,257
Humana Inc. (a) 281 124,404
UnitedHealth Group Inc. (a) 2,088 836,119
    1,258,188
Metal & Glass Containers - 0.0% *
Ball Corp. (a) 732 59,307
Movies & Entertainment - 0.6%
Live Nation Entertainment Inc. (a)(b) 300 26,277
Netflix Inc. (a)(b) 977 516,061
The Walt Disney Co. (a)(b) 4,007 704,311
    1,246,649
Multi-Line Insurance - 0.1%
American International Group Inc. (a) 1,882 89,583
Assurant Inc. (a) 141 22,022
The Hartford Financial Services Group Inc. (a) 758 46,973
    158,578
Multi-Sector Holdings - 0.5%
Berkshire Hathaway Inc., Class B (a)(b) 4,190 1,164,485
  Number
of Shares 		Fair
Value
Multi-Utilities - 0.3%
Ameren Corp. (a) 555 $ 44,422
CenterPoint Energy Inc. (a) 1,191 29,203
CMS Energy Corp. (a) 625 36,925
Consolidated Edison Inc. (a) 779 55,870
Dominion Energy Inc. (a) 1,762 129,630
DTE Energy Co. (a) 411 53,266
NiSource Inc. (a) 792 19,404
Public Service Enterprise Group Inc. (a) 1,108 66,192
Sempra Energy (a) 722 95,651
WEC Energy Group Inc. (a) 704 62,621
    593,184
Office REITs - 0.0% *
Alexandria Real Estate Equities Inc. (a) 282 51,307
Boston Properties Inc. (a) 304 34,835
Vornado Realty Trust (a) 312 14,561
    100,703
Oil & Gas Equipment & Services - 0.1%
Baker Hughes Co. (a) 1,615 36,935
Halliburton Co. (a) 1,963 45,385
NOV Inc. (a)(b) 805 12,333
Schlumberger N.V. (a) 3,050 97,630
    192,283
Oil & Gas Exploration & Production - 0.3%
APA Corp. 921 19,921
Cabot Oil & Gas Corp. (a) 998 17,425
ConocoPhillips (a) 2,924 178,072
Devon Energy Corp. (a) 1,234 36,021
Diamondback Energy Inc. (a) 382 35,866
EOG Resources Inc. (a) 1,273 106,219
Hess Corp. (a) 635 55,448
Marathon Oil Corp. (a) 1,599 21,778
Pioneer Natural Resources Co. (a) 512 83,210
    553,960
Oil & Gas Refining & Marketing - 0.1%
Marathon Petroleum Corp. (a) 1,468 88,696
Phillips 66 (a) 949 81,443
Valero Energy Corp. (a) 885 69,101
    239,240
Oil & Gas Storage & Transportation - 0.1%
Kinder Morgan Inc. (a) 4,404 80,285
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 21

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
ONEOK Inc. (a) 1,030 $ 57,309
The Williams Companies Inc. (a) 2,731 72,508
    210,102
Packaged Foods & Meats - 0.3%
Campbell Soup Co. (a) 441 20,105
Conagra Brands Inc. (a) 1,126 40,964
General Mills Inc. (a) 1,364 83,109
Hormel Foods Corp. (a) 617 29,462
Kellogg Co. (a) 613 39,434
Lamb Weston Holdings Inc. (a) 340 27,424
McCormick & Company Inc. (a) 531 46,898
Mondelez International Inc., Class A (a) 3,078 192,190
The Hershey Co. (a) 311 54,170
The JM Smucker Co. (a) 257 33,300
The Kraft Heinz Co. (a) 1,463 59,661
Tyson Foods Inc., Class A (a) 607 44,772
    671,489
Paper Packaging - 0.1%
Avery Dennison Corp. (a) 190 39,946
International Paper Co. (a) 899 55,118
Packaging Corporation of America (a) 222 30,063
Sealed Air Corp. (a) 364 21,567
Westrock Co. (a) 616 32,783
    179,477
Personal Products - 0.1%
The Estee Lauder Companies Inc., Class A (a) 503 159,994
Pharmaceuticals - 1.4%
Bristol-Myers Squibb Co. (a) 4,897 327,217
Catalent Inc. (a)(b) 400 43,248
Eli Lilly & Co. (a) 1,753 402,349
Johnson & Johnson (a) 5,807 956,645
Merck & Company Inc. (a) 5,572 433,334
Organon & Co. (b) 587 17,763
Pfizer Inc. (a) 12,261 480,141
Viatris Inc. (a) 2,587 36,968
Zoetis Inc. (a) 1,042 194,187
    2,891,852
  Number
of Shares 		Fair
Value
Property & Casualty Insurance - 0.2%
Cincinnati Financial Corp. (a) 322 $ 37,552
Loews Corp. (a) 511 27,926
The Allstate Corp. (a) 658 85,829
The Progressive Corp. (a) 1,280 125,709
The Travelers Companies Inc. (a) 548 82,041
WR Berkley Corp. (a) 300 22,329
    381,386
Publishing - 0.0% *
News Corp., Class A (a) 811 20,899
News Corp., Class B (a) 142 3,458
    24,357
Railroads - 0.3%
CSX Corp. (a) 4,980 159,758
Kansas City Southern (a) 193 54,691
Norfolk Southern Corp. (a) 552 146,506
Union Pacific Corp. (a) 1,475 324,397
    685,352
Real Estate Services - 0.0% *
CBRE Group Inc., Class A (a)(b) 725 62,154
Regional Banks - 0.4%
Citizens Financial Group Inc. (a) 1,001 45,916
Comerica Inc. (a) 266 18,976
Fifth Third Bancorp (a) 1,589 60,747
First Republic Bank (a) 381 71,312
Huntington Bancshares Inc. (a) 3,216 45,892
KeyCorp (a) 2,072 42,787
M&T Bank Corp. (a) 299 43,448
People's United Financial Inc. (a) 850 14,569
Regions Financial Corp. (a) 2,097 42,317
SVB Financial Group (a)(b) 117 65,102
The PNC Financial Services Group Inc. (a) 930 177,407
Truist Financial Corp. (a) 2,977 165,224
Zions Bancorp NA (a) 352 18,607
    812,304
Research & Consulting Services - 0.1%
Equifax Inc. (a) 279 66,823
Jacobs Engineering Group Inc. (a) 275 36,691
 
See Notes to Schedules of Investments and Notes to Financial Statements.
22 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
Leidos Holdings Inc. (a) 292 $ 29,521
Nielsen Holdings PLC (a) 801 19,761
Verisk Analytics Inc. (a) 364 63,598
    216,394
Residential REITs - 0.1%
AvalonBay Communities Inc. (a) 316 65,946
Equity Residential (a) 728 56,056
Essex Property Trust Inc. (a) 148 44,401
Mid-America Apartment Communities Inc. (a) 247 41,600
UDR Inc. (a) 617 30,221
    238,224
Restaurants - 0.4%
Chipotle Mexican Grill Inc. (a)(b) 61 94,571
Darden Restaurants Inc. (a) 277 40,439
Domino's Pizza Inc. (a) 88 41,051
McDonald's Corp. (a) 1,643 379,517
Starbucks Corp. (a) 2,591 289,700
Yum! Brands Inc. (a) 651 74,884
    920,162
Retail REITs - 0.1%
Federal Realty Investment Trust (a) 177 20,739
Kimco Realty Corp. (a) 910 18,974
Realty Income Corp. (a) 792 52,858
Regency Centers Corp. (a) 400 25,628
Simon Property Group Inc. (a) 715 93,293
    211,492
Semiconductor Equipment - 0.3%
Applied Materials Inc. (a) 2,062 293,629
Enphase Energy Inc. (a)(b) 300 55,089
KLA Corp. (a) 336 108,934
Lam Research Corp. (a) 314 204,320
Teradyne Inc. (a) 355 47,556
    709,528
Semiconductors - 1.8%
Advanced Micro Devices Inc. (a)(b) 2,343 220,078
Analog Devices Inc. (a) 602 103,640
Broadcom Inc. (a) 900 429,156
Intel Corp. (a) 8,880 498,523
  Number
of Shares 		Fair
Value
Maxim Integrated Products Inc. (a) 983 $ 103,569
Microchip Technology Inc. (a) 607 90,892
Micron Technology Inc. (a)(b) 2,412 204,972
Monolithic Power Systems Inc. (a) 100 37,345
NVIDIA Corp. (a) 1,370 1,096,137
Qorvo Inc. (a)(b) 259 50,673
QUALCOMM Inc. (a) 2,502 357,611
Skyworks Solutions Inc. (a) 363 69,605
Texas Instruments Inc. (a) 2,028 389,985
Xilinx Inc. (a) 786 113,687
    3,765,873
Soft Drinks - 0.5%
Monster Beverage Corp. (a)(b) 777 70,979
PepsiCo Inc. (a) 3,042 450,733
The Coca-Cola Co. (a) 8,533 461,721
    983,433
Specialized REITs - 0.5%
American Tower Corp. (a) 998 269,600
Crown Castle International Corp. (a) 946 184,564
Digital Realty Trust Inc. (a) 612 92,081
Equinix Inc. (a) 196 157,310
Extra Space Storage Inc. (a) 285 46,689
Iron Mountain Inc. (a) 605 25,604
Public Storage (a) 331 99,528
SBA Communications Corp. (a) 237 75,532
Weyerhaeuser Co. (a) 1,683 57,929
    1,008,837
Specialty Chemicals - 0.3%
Albemarle Corp. (a) 252 42,452
Celanese Corp. (a) 266 40,326
DuPont de Nemours Inc. (a) 1,140 88,247
Ecolab Inc. (a) 543 111,842
International Flavors & Fragrances Inc. (a) 539 80,527
PPG Industries Inc. (a) 515 87,431
The Sherwin-Williams Co. (a) 530 144,398
    595,223
Specialty Stores - 0.0% *
Tractor Supply Co. (a) 246 45,771
Ulta Beauty Inc. (a)(b) 120 41,492
    87,263
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 23

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
Steel - 0.0% *
Nucor Corp. (a) 636 $ 61,011
Systems Software - 2.4%
Fortinet Inc. (a)(b) 300 71,457
Microsoft Corp. (a) 16,607 4,498,836
NortonLifeLock Inc. (a) 1,323 36,012
Oracle Corp. (a) 4,009 312,061
ServiceNow Inc. (a)(b) 430 236,306
    5,154,672
Technology Distributors - 0.0% *
CDW Corp. (a) 325 56,761
Technology Hardware, Storage & Peripherals - 2.3%
Apple Inc. (a) 34,589 4,737,309
Hewlett Packard Enterprise Co. (a) 2,863 41,743
HP Inc. (a) 2,679 80,879
NetApp Inc. (a) 467 38,210
Western Digital Corp. (a)(b) 644 45,833
    4,943,974
Tobacco - 0.3%
Altria Group Inc. (a) 4,063 193,724
Philip Morris International Inc. (a) 3,429 339,848
    533,572
Trading Companies & Distributors - 0.1%
Fastenal Co. (a) 1,287 66,924
United Rentals Inc. (a)(b) 158 50,404
WW Grainger Inc. (a) 95 41,610
    158,938
Trucking - 0.0% *
JB Hunt Transport Services Inc. (a) 173 28,190
Old Dominion Freight Line Inc. (a) 217 55,075
    83,265
Water Utilities - 0.0% *
American Water Works Company Inc. (a) 387 59,648
  Number
of Shares 		Fair
Value
Wireless Telecommunication Services - 0.1%
T-Mobile US Inc. (a)(b) 1,282 $ 185,672
Total Common Stock
(Cost $46,145,021) 		  77,967,306
Preferred Stock - 0.0% *
Banks - 0.0% *
Wells Fargo & Co. 5.85%, 3.09% + 3 month USD LIBOR (d) 1,469 40,471
Total Preferred Stock
(Cost $36,725) 		  40,471
Total Domestic Equity
(Cost $46,181,746) 		  78,007,777
Foreign Equity - 1.0%
Common Stock - 1.0%
Auto Parts & Equipment - 0.0% *
Aptiv PLC (a)(b) 588 92,510
Building Products - 0.1%
Allegion PLC (a) 186 25,910
Trane Technologies PLC (a) 519 95,568
    121,478
Consumer Electronics - 0.0% *
Garmin Ltd. (a) 320 46,285
Electronic Manufacturing Services - 0.1%
TE Connectivity Ltd. (a) 721 97,486
Healthcare Equipment - 0.2%
Medtronic PLC (a) 2,970 368,666
Industrial Gases - 0.2%
Linde PLC (a) 1,151 332,754
Industrial Machinery - 0.0% *
Pentair PLC (a) 418 28,211
Insurance Brokers - 0.0% *
Willis Towers Watson PLC (a) 400 92,008
IT Consulting & Other Services - 0.2%
Accenture PLC, Class A (a) 1,398 412,116
Paper Packaging - 0.0% *
Amcor PLC (a) 3,285 37,646
Pharmaceuticals - 0.0% *
Perrigo Company PLC (a) 320 14,672
 
See Notes to Schedules of Investments and Notes to Financial Statements.
24 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Number
of Shares 		Fair
Value
Property & Casualty Insurance - 0.1%
Chubb Ltd. (a) 987 $ 156,874
Reinsurance - 0.0% *
Everest Re Group Ltd. (a) 94 23,689
Research & Consulting Services - 0.0% *
IHS Markit Ltd. (a) 810 91,255
Semiconductors - 0.1%
NXP Semiconductors N.V. 630 129,604
Technology Hardware, Storage & Peripherals - 0.0% *
Seagate Technology Holdings PLC 448 39,393
Total Common Stock
(Cost $1,312,812) 		  2,084,647
Total Foreign Equity
(Cost $1,312,812) 		  2,084,647
  Principal
Amount 		 
Bonds and Notes - 35.6%
U.S. Treasuries - 9.1%
U.S. Treasury Bonds            
1.13% 05/15/40 $ 1,481,000 1,278,751
1.25% 05/15/50 482,000 393,508
2.25% 08/15/46 614,000 634,627
3.00% 08/15/48 1,598,600 1,907,829
U.S. Treasury Notes            
0.13% 07/15/23 - 12/15/23 1,860,000 1,850,787
0.25% 07/31/25 1,914,200 1,877,860
0.75% 04/30/26 - 01/31/28 7,232,000 7,078,341
1.38% 01/31/22 2,332,000 2,349,854
1.63% 05/15/31 1,865,000 1,894,141
    19,265,698
Agency Mortgage Backed - 8.1%
Federal Home Loan Mortgage Corp.            
3.00% 04/01/43 - 10/01/49 1,945,620 2,059,340
4.50% 06/01/33 - 02/01/35 1,435 1,599
5.00% 07/01/35 10,518 11,965
5.50% 01/01/38 - 04/01/39 19,109 22,327
6.00% 06/01/33 - 11/01/37 46,910 54,898
6.50% 11/01/28 561 637
7.00% 12/01/29 - 08/01/36 10,877 12,790
7.50% 09/01/33 995 1,115
8.00% 07/01/26 - 11/01/30 1,311 1,488
8.50% 04/01/30 3,617 4,572
  Principal
Amount 		Fair
Value
Federal National Mortgage Assoc.            
2.50% 02/01/51 - 03/01/51 $ 3,939,520 $ 4,094,759
3.00% 03/01/50 387,237 405,054
3.50% 08/01/45 - 01/01/48 886,822 948,546
4.00% 01/01/41 - 01/01/50 931,989 1,007,393
4.50% 07/01/33 - 12/01/48 438,921 481,730
5.00% 03/01/34 - 05/01/39 30,543 34,722
5.50% 07/01/33 - 01/01/39 68,528 79,263
6.00% 02/01/29 - 05/01/41 233,439 273,156
6.50% 10/01/28 - 08/01/36 7,005 7,852
7.00% 05/01/33 - 12/01/33 500 553
7.50% 12/01/26 - 03/01/33 3,573 4,129
8.00% 06/01/24 - 12/01/30 2,868 2,946
9.00% 12/01/22 52 53
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR            
1.85% 04/01/37 (d) 419 428
Federal National Mortgage Assoc. TBA            
2.00% 07/01/36 - 07/01/51 (e) 2,681,000 2,756,501
Government National Mortgage Assoc.            
3.00% 12/20/42 - 05/20/45 2,030,766 2,156,556
3.50% 08/20/48 424,827 448,429
4.00% 01/20/41 - 04/20/43 170,553 187,127
4.50% 08/15/33 - 03/20/41 69,472 77,596
5.00% 08/15/33 3,777 4,228
6.00% 07/15/33 - 04/15/34 5,008 5,856
6.50% 04/15/28 - 07/15/36 7,298 8,381
7.00% 04/15/28 - 10/15/36 2,611 2,953
7.50% 07/15/23 - 04/15/28 4,827 5,076
8.00% 05/15/30 148 162
9.00% 12/15/21 1 1
Government National Mortgage Assoc. TBA            
2.50% 07/01/51 (e) 1,244,000 1,286,719
3.00% 07/01/51 (e) 600,000 625,872
    17,076,772
Agency Collateralized Mortgage Obligations - 0.2%
Federal Home Loan Mortgage Corp.            
0.08% 09/25/43 (d)(f) 101,800 394
2.51% 07/25/29 224,000 241,215
4.05% 09/25/28 (d) 71,000 83,420
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 25

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Federal Home Loan Mortgage Corp. REMIC            
3.50% 11/15/30 (f) $ 11,772 $ 358
5.50% 06/15/33 (f) 3,319 538
7.50% 07/15/27 (f) 3,045 458
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR            
6.53% 08/15/25 (d)(f) 1,793 17
Federal Home Loan Mortgage Corp. STRIPS            
1.47% 08/01/27 (g)(h) 125 119
8.00% 02/01/23 - 07/01/24 (f) 285 23
Federal National Mortgage Assoc. REMIC            
1.11% 12/25/42 (d)(f) 21,863 724
5.00% 09/25/40 (f) 10,182 1,096
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR            
5.91% 07/25/38 (d)(f) 5,173 714
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR            
6.46% 11/25/41 (d)(f) 730,575 151,880
Federal National Mortgage Assoc. STRIPS            
4.50% 08/25/35 - 01/25/36 (f) 7,522 1,002
5.00% 03/25/38 - 05/25/38 (f) 4,735 890
5.50% 12/25/33 (f) 1,641 316
6.00% 01/25/35 (f) 4,545 737
7.50% 11/25/23 (f) 1,769 119
8.00% 08/25/23 - 07/25/24 (f) 506 44
8.50% 07/25/22 (f)** 9 —
9.00% 05/25/22 (f)** 3 —
    484,064
Asset Backed - 0.5%
American Express Credit Account Master Trust            
3.18% 04/15/24 126,000 126,767
Enterprise Fleet Financing 2019-1 LLC            
3.07% 10/20/24 (i) 137,000 141,187
Ford Credit Auto Owner Trust 2020-B            
0.56% 10/15/24 301,000 302,086
  Principal
Amount 		Fair
Value
Nissan Auto Lease Trust 2019-A            
2.76% 03/15/22 $ 677 $ 677
Santander Retail Auto Lease Trust 2019-B            
2.30% 01/20/23 (i) 355,512 358,539
Securitized Term Auto Receivables Trust 2018-1            
3.30% 11/25/22 (i) 58,190 58,522
    987,778
Corporate Notes - 14.3%
3M Co.            
3.13% 09/19/46 31,000 32,850
7-Eleven Inc.            
0.80% 02/10/24 (i) 50,000 49,886
0.95% 02/10/26 (i) 118,000 115,841
Abbott Laboratories            
3.75% 11/30/26 21,000 23,754
4.90% 11/30/46 17,000 23,200
AbbVie Inc.            
2.60% 11/21/24 41,000 43,248
2.95% 11/21/26 50,000 53,752
3.20% 05/14/26 - 11/21/29 52,000 56,399
3.25% 10/01/22 22,000 22,614
3.45% 03/15/22 53,000 53,896
3.75% 11/14/23 50,000 53,654
4.05% 11/21/39 18,000 20,895
4.25% 11/21/49 27,000 32,373
4.63% 10/01/42 3,000 3,708
4.70% 05/14/45 6,000 7,486
4.88% 11/14/48 7,000 9,077
5.00% 12/15/21 58,000 58,551
Advance Auto Parts Inc.            
3.90% 04/15/30 34,000 38,016
AEP Texas Inc.            
3.45% 05/15/51 45,000 46,537
Aetna Inc.            
3.50% 11/15/24 23,000 24,883
Aircastle Ltd.            
4.25% 06/15/26 27,000 29,307
Alexandria Real Estate Equities Inc.            
1.88% 02/01/33 18,000 17,036
4.70% 07/01/30 12,000 14,299
Ally Financial Inc.            
5.75% 11/20/25 28,000 32,117
Alphabet Inc.            
1.10% 08/15/30 60,000 56,993
 
See Notes to Schedules of Investments and Notes to Financial Statements.
26 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Altria Group Inc.            
3.40% 05/06/30 - 02/04/41 $ 67,000 $ 68,843
4.00% 02/04/61 8,000 7,711
4.25% 08/09/42 2,000 2,089
4.45% 05/06/50 11,000 11,705
4.50% 05/02/43 11,000 11,876
Amazon.com Inc.            
1.50% 06/03/30 12,000 11,759
2.50% 06/03/50 46,000 43,447
2.70% 06/03/60 13,000 12,387
2.88% 05/12/41 33,000 34,069
3.15% 08/22/27 10,000 11,048
3.25% 05/12/61 24,000 25,407
4.05% 08/22/47 9,000 10,973
4.25% 08/22/57 7,000 8,957
Amcor Flexibles North America Inc.            
2.69% 05/25/31 55,000 56,072
Ameren Corp.            
2.50% 09/15/24 61,000 64,253
3.65% 02/15/26 14,000 15,353
American Campus Communities Operating Partnership LP            
4.13% 07/01/24 12,000 13,079
American Electric Power Company Inc.            
3.25% 03/01/50 6,000 5,991
American International Group Inc.            
4.25% 03/15/29 58,000 66,943
4.50% 07/16/44 41,000 49,767
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter)            
5.75% 04/01/48 (d) 4,000 4,553
American Tower Corp.            
1.50% 01/31/28 142,000 138,314
2.90% 01/15/30 17,000 17,872
3.80% 08/15/29 43,000 47,960
American Water Capital Corp.            
2.95% 09/01/27 20,000 21,602
Amgen Inc.            
3.15% 02/21/40 31,000 32,240
3.38% 02/21/50 7,000 7,377
4.56% 06/15/48 13,000 16,345
4.66% 06/15/51 7,000 9,040
  Principal
Amount 		Fair
Value
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.            
3.65% 02/01/26 $ 63,000 $ 69,646
4.70% 02/01/36 12,000 14,718
4.90% 02/01/46 49,000 61,981
Anheuser-Busch InBev Worldwide Inc.            
3.50% 06/01/30 24,000 26,674
4.00% 04/13/28 10,000 11,386
4.35% 06/01/40 19,000 22,610
4.38% 04/15/38 31,000 36,944
4.50% 06/01/50 17,000 20,730
4.60% 04/15/48 24,000 29,342
4.75% 04/15/58 13,000 16,287
5.55% 01/23/49 27,000 37,124
Anthem Inc.            
2.88% 09/15/29 11,000 11,703
3.30% 01/15/23 19,000 19,824
3.60% 03/15/51 12,000 13,187
3.70% 09/15/49 11,000 12,230
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter)            
4.95% 01/14/50 (d)(i) 31,000 32,148
Apple Inc.            
2.20% 09/11/29 20,000 20,807
2.65% 02/08/51 26,000 25,506
2.80% 02/08/61 24,000 23,476
2.95% 09/11/49 13,000 13,479
3.35% 02/09/27 12,000 13,320
3.45% 02/09/45 22,000 24,674
3.85% 08/04/46 29,000 34,446
Applied Materials Inc.            
4.35% 04/01/47 8,000 10,193
Aptiv PLC            
4.40% 10/01/46 13,000 15,176
Archer-Daniels-Midland Co.            
2.50% 08/11/26 13,000 13,826
Ares Capital Corp.            
2.88% 06/15/28 76,000 77,078
3.25% 07/15/25 134,000 140,995
Arthur J Gallagher & Co.            
2.50% 05/20/31 131,000 132,395
3.50% 05/20/51 40,000 41,943
Ascension Health            
4.85% 11/15/53 13,000 18,262
Astrazeneca Finance LLC            
1.75% 05/28/28 255,000 254,875
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 27

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
2.25% 05/28/31 $ 20,000 $ 20,279
AstraZeneca PLC            
3.00% 05/28/51 25,000 25,702
4.00% 01/17/29 10,000 11,494
4.38% 08/17/48 8,000 10,090
AT&T Inc.            
1.70% 03/25/26 138,000 139,482
2.30% 06/01/27 157,000 162,476
2.75% 06/01/31 288,000 299,402
3.30% 02/01/52 21,000 20,454
3.85% 06/01/60 81,000 85,443
4.35% 03/01/29 50,000 57,876
4.45% 04/01/24 15,000 16,390
4.50% 05/15/35 23,000 26,992
4.55% 03/09/49 13,000 15,257
4.75% 05/15/46 11,000 13,364
4.80% 06/15/44 13,000 15,632
4.85% 03/01/39 26,000 31,610
5.25% 03/01/37 13,000 16,397
5.35% 12/15/43 24,000 29,996
5.45% 03/01/47 14,000 18,474
Athene Holding Ltd.            
4.13% 01/12/28 15,000 16,764
6.15% 04/03/30 31,000 39,153
Avangrid Inc.            
3.15% 12/01/24 33,000 35,342
Bain Capital Specialty Finance Inc.            
2.95% 03/10/26 55,000 56,333
Bank of America Corp.            
3.25% 10/21/27 42,000 45,559
4.18% 11/25/27 35,000 39,189
4.25% 10/22/26 40,000 45,160
Bank of America Corp. (1.73% fixed rate until 07/22/26; 0.96% + SOFR thereafter)            
1.73% 07/22/27 (d) 97,000 97,801
Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter)            
2.09% 06/14/29 (d) 276,000 278,255
Bank of America Corp. (2.59% fixed rate until 04/29/30; 2.15% + SOFR thereafter)            
2.59% 04/29/31 (d) 226,000 232,647
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)            
3.42% 12/20/28 (d) 52,000 56,697
  Principal
Amount 		Fair
Value
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter)            
3.56% 04/23/27 (d) $ 55,000 $ 60,216
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.51% + 3 month USD LIBOR thereafter)            
3.71% 04/24/28 (d) 41,000 45,337
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)            
3.95% 01/23/49 (d) 13,000 15,041
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter)            
4.24% 04/24/38 (d) 29,000 34,466
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)            
4.27% 07/23/29 (d) 22,000 25,283
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.66% + 3 month USD LIBOR thereafter)            
4.30% 12/31/99 (d) 46,000 47,521
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)            
4.44% 01/20/48 (d) 24,000 29,746
Barrick North America Finance LLC            
5.70% 05/30/41 2,000 2,752
BAT Capital Corp.            
2.73% 03/25/31 33,000 32,504
4.39% 08/15/37 22,000 23,736
4.54% 08/15/47 13,000 13,708
4.70% 04/02/27 218,000 246,294
4.91% 04/02/30 20,000 22,985
BAT International Finance PLC            
1.67% 03/25/26 16,000 16,020
Baxter International Inc.            
3.95% 04/01/30 8,000 9,209
Baylor Scott & White Holdings            
2.84% 11/15/50 5,000 5,016
 
See Notes to Schedules of Investments and Notes to Financial Statements.
28 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Becton Dickinson & Co.            
2.89% 06/06/22 $ 24,000 $ 24,524
3.70% 06/06/27 28,000 31,124
3.73% 12/15/24 3,000 3,268
4.67% 06/06/47 4,000 4,985
4.69% 12/15/44 2,000 2,494
Berkshire Hathaway Energy Co.            
3.25% 04/15/28 12,000 13,187
3.70% 07/15/30 22,000 24,933
3.80% 07/15/48 10,000 11,359
4.25% 10/15/50 18,000 22,089
Berkshire Hathaway Finance Corp.            
1.45% 10/15/30 40,000 39,095
2.85% 10/15/50 25,000 24,923
4.25% 01/15/49 32,000 39,741
Berkshire Hathaway Inc.            
4.50% 02/11/43 4,000 5,121
Berry Global Inc.            
4.88% 07/15/26 (i) 40,000 42,316
BHP Billiton Finance USA Ltd.            
5.00% 09/30/43 3,000 4,076
Biogen Inc.            
2.25% 05/01/30 10,000 10,027
3.15% 05/01/50 3,000 2,950
Block Financial LLC            
2.50% 07/15/28 30,000 30,114
3.88% 08/15/30 11,000 11,894
Boardwalk Pipelines LP            
4.80% 05/03/29 19,000 22,035
Boston Scientific Corp.            
4.70% 03/01/49 10,000 12,800
BP Capital Markets America Inc.            
3.00% 02/24/50 24,000 23,311
3.02% 01/16/27 45,000 48,542
3.38% 02/08/61 50,000 50,247
BP Capital Markets PLC (4.38% fixed rate until 06/22/25; 4.04% + 5 year CMT Rate thereafter)            
4.38% 12/31/99 (d) 43,000 45,882
BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 year CMT Rate thereafter)            
4.88% 12/31/99 (d) 36,000 39,508
Bristol-Myers Squibb Co.            
1.45% 11/13/30 24,000 23,202
  Principal
Amount 		Fair
Value
2.35% 11/13/40 $ 12,000 $ 11,550
3.20% 06/15/26 13,000 14,272
3.40% 07/26/29 17,000 19,043
3.45% 11/15/27 2,000 2,230
4.13% 06/15/39 14,000 16,926
4.25% 10/26/49 14,000 17,683
4.35% 11/15/47 3,000 3,803
4.55% 02/20/48 6,000 7,831
Brixmor Operating Partnership LP            
2.25% 04/01/28 50,000 50,028
3.90% 03/15/27 12,000 13,189
Broadcom Inc.            
3.42% 04/15/33 (i) 22,000 23,196
3.47% 04/15/34 (i) 33,000 34,927
4.15% 11/15/30 70,000 78,552
4.30% 11/15/32 16,000 18,218
Brown-Forman Corp.            
4.00% 04/15/38 3,000 3,533
Bunge Limited Finance Corp.            
3.75% 09/25/27 7,000 7,719
Burlington Northern Santa Fe LLC            
4.15% 12/15/48 15,000 18,402
4.55% 09/01/44 26,000 33,140
Cameron LNG LLC            
3.30% 01/15/35 (i) 9,000 9,660
Canadian Natural Resources Ltd.            
3.85% 06/01/27 19,000 20,927
4.95% 06/01/47 4,000 4,989
Cantor Fitzgerald LP            
4.88% 05/01/24 (i) 62,000 67,927
Capital One Financial Corp.            
3.75% 07/28/26 37,000 40,816
Cardinal Health Inc.            
2.62% 06/15/22 7,000 7,140
3.08% 06/15/24 8,000 8,488
Carrier Global Corp.            
2.72% 02/15/30 39,000 40,433
3.58% 04/05/50 18,000 19,106
Caterpillar Inc.            
3.25% 09/19/49 - 04/09/50 48,000 53,090
Centene Corp.            
3.38% 02/15/30 35,000 36,580
4.25% 12/15/27 112,000 118,152
5.38% 08/15/26 (i) 174,000 181,847
CenterPoint Energy Inc.            
2.65% 06/01/31 40,000 40,816
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 29

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Charter Communications Operating LLC/Charter Communications Operating Capital            
3.50% 06/01/41 $ 31,000 $ 31,210
3.70% 04/01/51 37,000 36,821
4.80% 03/01/50 10,000 11,521
4.91% 07/23/25 122,000 138,333
5.05% 03/30/29 36,000 42,556
5.75% 04/01/48 26,000 33,180
Cheniere Corpus Christi Holdings LLC            
5.88% 03/31/25 101,000 115,868
7.00% 06/30/24 101,000 115,664
Chevron Corp.            
2.24% 05/11/30 9,000 9,281
2.98% 05/11/40 13,000 13,594
3.08% 05/11/50 10,000 10,354
Chevron USA Inc.            
3.85% 01/15/28 37,000 42,181
3.90% 11/15/24 15,000 16,447
4.20% 10/15/49 9,000 11,075
5.05% 11/15/44 4,000 5,368
Choice Hotels International Inc.            
3.70% 01/15/31 22,000 23,816
Chubb INA Holdings Inc.            
4.35% 11/03/45 12,000 15,174
Cigna Corp.            
2.40% 03/15/30 19,000 19,400
3.25% 04/15/25 17,000 18,322
3.40% 03/01/27 - 03/15/51 33,000 35,088
3.75% 07/15/23 6,000 6,388
3.88% 10/15/47 7,000 7,827
4.13% 11/15/25 32,000 35,868
4.38% 10/15/28 12,000 13,967
4.80% 08/15/38 10,000 12,455
4.90% 12/15/48 5,000 6,463
Cisco Systems Inc.            
5.90% 02/15/39 12,000 17,466
Citigroup Inc.            
4.13% 07/25/28 141,000 159,003
4.45% 09/29/27 21,000 23,984
4.65% 07/23/48 24,000 31,436
Citigroup Inc. (0.98% fixed rate until 05/01/24; 0.67% + SOFR thereafter)            
0.98% 05/01/25 (d) 34,000 34,085
  Principal
Amount 		Fair
Value
Citigroup Inc. (1.68% fixed rate until 05/15/23; 1.67% + SOFR thereafter)            
1.68% 05/15/24 (d) $ 130,000 $ 132,752
Citigroup Inc. (2.56% fixed rate until 05/01/31; 1.17% + SOFR thereafter)            
2.56% 05/01/32 (d) 235,000 239,409
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)            
2.88% 07/24/23 (d) 136,000 139,464
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter)            
2.98% 11/05/30 (d) 65,000 68,947
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)            
3.88% 01/24/39 (d) 12,000 13,772
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter)            
4.70% 12/31/99 (d) 55,000 56,707
CME Group Inc.            
3.75% 06/15/28 13,000 14,822
CMS Energy Corp.            
4.88% 03/01/44 25,000 31,950
CNA Financial Corp.            
3.45% 08/15/27 9,000 9,861
3.90% 05/01/29 19,000 21,367
CNH Industrial Capital LLC            
1.95% 07/02/23 41,000 42,033
CNOOC Petroleum North America ULC            
6.40% 05/15/37 8,000 10,500
Comcast Corp.            
2.65% 08/15/62 13,000 11,865
2.80% 01/15/51 13,000 12,511
3.10% 04/01/25 63,000 67,962
3.20% 07/15/36 16,000 17,130
3.25% 11/01/39 31,000 32,987
3.45% 02/01/50 13,000 14,082
3.97% 11/01/47 39,000 45,498
4.15% 10/15/28 25,000 28,948
4.60% 08/15/45 12,000 15,078
4.70% 10/15/48 12,000 15,558
CommonSpirit Health            
4.35% 11/01/42 24,000 28,048
 
See Notes to Schedules of Investments and Notes to Financial Statements.
30 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Conagra Brands Inc.            
5.30% 11/01/38 $ 11,000 $ 13,991
5.40% 11/01/48 9,000 12,030
ConocoPhillips            
3.75% 10/01/27 (i) 5,000 5,616
4.30% 08/15/28 (i) 20,000 23,199
4.88% 10/01/47 (i) 8,000 10,507
ConocoPhillips Co.            
4.30% 11/15/44 17,000 20,487
Consolidated Edison Company of New York Inc.            
2.90% 12/01/26 24,000 25,623
3.35% 04/01/30 8,000 8,808
3.88% 06/15/47 12,000 13,467
3.95% 04/01/50 13,000 14,785
Constellation Brands Inc.            
3.15% 08/01/29 45,000 48,370
3.70% 12/06/26 39,000 43,382
4.50% 05/09/47 13,000 15,721
Continental Resources Inc.            
3.80% 06/01/24 158,000 167,087
4.50% 04/15/23 96,000 100,122
Corning Inc.            
4.38% 11/15/57 11,000 13,109
Corporate Nacional del Cobre de Chile            
3.15% 01/15/51 (i) 85,000 82,110
Corporate Office Properties LP            
2.25% 03/15/26 26,000 26,727
2.75% 04/15/31 21,000 21,163
Crown Castle International Corp.            
3.30% 07/01/30 50,000 53,704
4.15% 07/01/50 26,000 29,674
5.20% 02/15/49 12,000 15,592
CSX Corp.            
4.50% 03/15/49 - 08/01/54 30,000 37,785
CubeSmart LP            
4.38% 02/15/29 26,000 29,743
Cummins Inc.            
1.50% 09/01/30 22,000 21,226
2.60% 09/01/50 22,000 20,951
CVS Health Corp.            
3.00% 08/15/26 21,000 22,646
3.25% 08/15/29 19,000 20,662
3.63% 04/01/27 19,000 21,023
3.75% 04/01/30 16,000 17,937
3.88% 07/20/25 14,000 15,458
4.25% 04/01/50 13,000 15,452
  Principal
Amount 		Fair
Value
4.30% 03/25/28 $ 7,000 $ 8,042
4.78% 03/25/38 23,000 28,291
5.00% 12/01/24 21,000 23,611
5.13% 07/20/45 8,000 10,384
5.30% 12/05/43 20,000 26,447
Dell International LLC/EMC Corp.            
4.00% 07/15/24 28,000 30,437
5.45% 06/15/23 15,000 16,271
6.02% 06/15/26 5,000 5,997
8.35% 07/15/46 3,000 4,908
Devon Energy Corp.            
5.00% 06/15/45 6,000 7,061
DH Europe Finance II Sarl            
2.60% 11/15/29 17,000 17,800
3.25% 11/15/39 12,000 12,872
3.40% 11/15/49 5,000 5,500
Diamondback Energy Inc.            
2.88% 12/01/24 31,000 32,769
3.13% 03/24/31 30,000 31,193
3.25% 12/01/26 18,000 19,291
3.50% 12/01/29 14,000 15,006
4.40% 03/24/51 17,000 19,203
Digital Realty Trust LP            
3.60% 07/01/29 35,000 38,913
Discovery Communications LLC            
2.95% 03/20/23 32,000 33,292
3.95% 03/20/28 34,000 37,855
4.95% 05/15/42 4,000 4,748
5.00% 09/20/37 8,000 9,688
Dollar General Corp.            
3.50% 04/03/30 51,000 56,090
4.13% 04/03/50 16,000 18,753
Dollar Tree Inc.            
4.00% 05/15/25 96,000 105,948
Dominion Energy Inc.            
3.07% 08/15/24 (j) 23,000 24,400
3.38% 04/01/30 30,000 32,708
Dover Corp.            
2.95% 11/04/29 22,000 23,646
DTE Energy Co.            
2.85% 10/01/26 32,000 34,113
3.85% 12/01/23 16,000 17,118
Duke Energy Carolinas LLC            
3.95% 03/15/48 12,000 14,083
Duke Energy Corp.            
2.55% 06/15/31 46,000 46,643
3.30% 06/15/41 46,000 47,086
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 31

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
3.50% 06/15/51 $ 46,000 $ 47,560
3.75% 09/01/46 67,000 71,435
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter)            
4.88% 12/31/99 (d) 40,000 42,690
Duke Energy Progress LLC            
4.15% 12/01/44 19,000 22,946
Duke Realty LP            
3.05% 03/01/50 8,000 7,898
3.25% 06/30/26 12,000 13,023
DuPont de Nemours Inc.            
5.42% 11/15/48 9,000 12,499
Duquesne Light Holdings Inc.            
3.62% 08/01/27 (i) 26,000 28,247
Eastman Chemical Co.            
4.65% 10/15/44 19,000 23,084
Eaton Corp.            
3.10% 09/15/27 12,000 13,056
Ecolab Inc.            
1.30% 01/30/31 24,000 22,686
Edison International            
4.95% 04/15/25 44,000 48,760
5.75% 06/15/27 8,000 9,114
EI du Pont de Nemours & Co.            
2.30% 07/15/30 50,000 51,271
Electronic Arts Inc.            
1.85% 02/15/31 50,000 48,350
Eli Lilly & Co.            
3.95% 03/15/49 9,000 10,925
Emera US Finance LP            
2.64% 06/15/31 (i) 55,000 55,359
Emerson Electric Co.            
1.80% 10/15/27 72,000 73,729
2.75% 10/15/50 10,000 9,999
Empower Finance 2020 LP            
1.36% 09/17/27 (i) 35,000 34,555
1.78% 03/17/31 (i) 46,000 44,147
Enbridge Energy Partners LP            
5.50% 09/15/40 4,000 5,154
Enbridge Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter)            
5.75% 07/15/80 (d) 61,000 68,219
Energy Transfer LP            
4.25% 03/15/23 19,000 19,941
4.50% 04/15/24 26,000 28,317
4.95% 06/15/28 9,000 10,437
5.30% 04/01/44 - 04/15/47 34,000 39,566
  Principal
Amount 		Fair
Value
5.35% 05/15/45 $ 32,000 $ 37,033
6.13% 12/15/45 5,000 6,365
6.50% 02/01/42 13,000 16,876
Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter)            
6.75% 12/31/99 (d) 85,000 85,447
Energy Transfer LP/Regency Energy Finance Corp.            
4.50% 11/01/23 15,000 16,079
Enterprise Products Operating LLC            
4.25% 02/15/48 35,000 40,258
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter)            
5.25% 08/16/77 (d) 9,000 9,427
EOG Resources Inc.            
4.15% 01/15/26 6,000 6,756
4.38% 04/15/30 22,000 26,076
4.95% 04/15/50 10,000 13,360
5.10% 01/15/36 10,000 12,415
Equinix Inc.            
1.25% 07/15/25 20,000 20,058
2.15% 07/15/30 30,000 29,801
Equinor ASA            
3.25% 11/18/49 15,000 15,880
ERP Operating LP            
4.50% 07/01/44 11,000 13,860
Eversource Energy            
3.45% 01/15/50 22,000 23,244
Exelon Corp.            
3.50% 06/01/22 20,000 20,510
4.05% 04/15/30 31,000 35,294
4.45% 04/15/46 19,000 23,049
4.70% 04/15/50 19,000 23,991
Exxon Mobil Corp.            
2.61% 10/15/30 76,000 80,163
3.45% 04/15/51 20,000 21,763
FedEx Corp.            
4.10% 02/01/45 49,000 56,004
Fidelity National Information Services Inc.            
1.15% 03/01/26 66,000 65,479
1.65% 03/01/28 29,000 28,825
3.10% 03/01/41 8,000 8,219
 
See Notes to Schedules of Investments and Notes to Financial Statements.
32 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
FirstEnergy Transmission LLC            
4.55% 04/01/49 (i) $ 23,000 $ 26,678
Fiserv Inc.            
3.50% 07/01/29 56,000 61,646
4.40% 07/01/49 8,000 9,637
Florida Power & Light Co.            
2.85% 04/01/25 46,000 49,157
4.13% 02/01/42 14,000 17,061
Flowers Foods Inc.            
2.40% 03/15/31 29,000 29,057
Ford Motor Co.            
4.35% 12/08/26 38,000 40,791
Fox Corp.            
3.50% 04/08/30 42,000 46,289
GA Global Funding Trust            
1.63% 01/15/26 (i) 39,000 39,471
General Mills Inc.            
3.00% 02/01/51 (i) 31,000 31,234
General Motors Co.            
5.20% 04/01/45 3,000 3,715
5.40% 10/02/23 - 04/01/48 15,000 18,237
6.13% 10/01/25 85,000 100,622
6.80% 10/01/27 13,000 16,366
General Motors Financial Company Inc.            
1.25% 01/08/26 85,000 84,436
2.35% 01/08/31 22,000 21,703
3.45% 01/14/22 - 04/10/22 131,000 133,186
4.20% 11/06/21 101,000 102,340
5.25% 03/01/26 47,000 54,299
Georgia-Pacific LLC            
1.75% 09/30/25 (i) 45,000 46,128
3.60% 03/01/25 (i) 98,000 106,578
Gilead Sciences Inc.            
1.65% 10/01/30 211,000 204,041
2.60% 10/01/40 14,000 13,486
2.80% 10/01/50 25,000 24,017
2.95% 03/01/27 3,000 3,229
3.50% 02/01/25 12,000 13,003
3.65% 03/01/26 12,000 13,235
4.15% 03/01/47 13,000 15,298
GlaxoSmithKline Capital Inc.            
3.38% 05/15/23 25,000 26,395
3.63% 05/15/25 25,000 27,582
GlaxoSmithKline Capital PLC            
3.38% 06/01/29 22,000 24,454
Glencore Finance Canada Ltd.            
4.95% 11/15/21 (i) 16,000 16,260
  Principal
Amount 		Fair
Value
Glencore Funding LLC            
3.88% 04/27/51 (i) $ 23,000 $ 24,138
Graphic Packaging International LLC            
1.51% 04/15/26 (i) 55,000 54,716
Gray Oak Pipeline LLC            
2.00% 09/15/23 (i) 68,000 69,388
2.60% 10/15/25 (i) 46,000 47,322
Halliburton Co.            
3.80% 11/15/25 2,000 2,210
5.00% 11/15/45 10,000 12,210
HCA Inc.            
3.50% 09/01/30 - 07/15/51 116,000 121,378
5.38% 02/01/25 65,000 73,316
Health Care Service Corp.            
2.20% 06/01/30 (i) 28,000 28,108
3.20% 06/01/50 (i) 11,000 11,378
Healthcare Trust of America Holdings LP            
2.00% 03/15/31 18,000 17,428
Hess Corp.            
5.60% 02/15/41 3,000 3,752
5.80% 04/01/47 2,000 2,611
Hewlett Packard Enterprise Co.            
6.35% 10/15/45 3,000 4,051
Highwoods Realty LP            
4.13% 03/15/28 13,000 14,580
4.20% 04/15/29 34,000 38,260
Honeywell International Inc.            
2.70% 08/15/29 24,000 25,749
Hormel Foods Corp.            
1.80% 06/11/30 47,000 46,660
HSBC Holdings PLC (2.01% fixed rate until 09/22/27; 1.73% + SOFR thereafter)            
2.01% 09/22/28 (d) 250,000 250,835
Huntington Bancshares Inc.            
2.55% 02/04/30 35,000 36,480
Huntsman International LLC            
2.95% 06/15/31 25,000 25,428
Hyundai Capital America            
1.30% 01/08/26 (i) 85,000 83,921
3.10% 04/05/22 (i) 12,000 12,218
Indiana Michigan Power Co.            
3.25% 05/01/51 25,000 26,176
ING Groep N.V. (1.06% fixed rate until 04/01/26; 1.01% + SOFR thereafter)            
1.06% 04/01/27 (d) 200,000 202,014
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 33

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Intel Corp.            
2.45% 11/15/29 $ 41,000 $ 43,184
2.60% 05/19/26 34,000 36,361
2.88% 05/11/24 14,000 14,885
3.10% 02/15/60 18,000 18,388
Intercontinental Exchange Inc.            
1.85% 09/15/32 12,000 11,391
2.65% 09/15/40 12,000 11,500
International Business Machines Corp.            
2.95% 05/15/50 100,000 100,305
International Paper Co.            
4.40% 08/15/47 13,000 16,262
Interstate Power & Light Co.            
3.40% 08/15/25 125,000 135,247
ITC Holdings Corp.            
2.95% 05/14/30 (i) 51,000 53,761
Jabil Inc.            
3.95% 01/12/28 13,000 14,455
Jefferies Group LLC            
5.13% 01/20/23 47,000 50,258
John Deere Capital Corp.            
2.45% 01/09/30 32,000 33,675
Johnson & Johnson            
3.63% 03/03/37 13,000 15,156
Johnson Controls International PLC            
4.50% 02/15/47 4,000 5,018
JPMorgan Chase & Co. (1.58% fixed rate until 04/22/26; 0.89% + SOFR thereafter)            
1.58% 04/22/27 (d) 66,000 66,354
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter)            
2.96% 05/13/31 (d) 30,000 31,530
JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter)            
3.16% 04/22/42 (d) 32,000 33,320
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)            
3.88% 07/24/38 (d) 24,000 27,637
  Principal
Amount 		Fair
Value
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)            
3.90% 01/23/49 (d) $ 18,000 $ 20,917
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter)            
3.96% 01/29/27 (d) 39,000 43,425
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter)            
4.01% 04/23/29 (d) 19,000 21,521
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter)            
4.03% 07/24/48 (d) 13,000 15,313
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + SOFR thereafter)            
4.49% 03/24/31 (d) 40,000 47,408
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter)            
4.60% 12/31/99 (d) 54,000 55,911
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter)            
6.10% 10/29/49 (d) 82,000 89,660
Kaiser Foundation Hospitals            
3.00% 06/01/51 30,000 30,945
Keurig Dr Pepper Inc.            
3.20% 05/01/30 21,000 22,754
3.80% 05/01/50 13,000 14,644
4.50% 11/15/45 11,000 13,419
4.60% 05/25/28 9,000 10,570
KeyCorp            
2.25% 04/06/27 61,000 63,270
Kinder Morgan Energy Partners LP            
4.70% 11/01/42 3,000 3,490
5.00% 03/01/43 9,000 10,820
6.38% 03/01/41 10,000 13,827
Kinder Morgan Inc.            
5.05% 02/15/46 10,000 12,133
 
See Notes to Schedules of Investments and Notes to Financial Statements.
34 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
KLA Corp.            
3.30% 03/01/50 $ 18,000 $ 19,125
4.10% 03/15/29 45,000 51,883
4.65% 11/01/24 24,000 26,799
Kohl's Corp.            
3.38% 05/01/31 59,000 61,119
5.55% 07/17/45 21,000 25,182
Kreditanstalt fuer Wiederaufbau            
2.00% 10/04/22 46,000 47,046
L3Harris Technologies Inc.            
3.85% 12/15/26 34,000 38,172
Lear Corp.            
4.25% 05/15/29 12,000 13,551
Leidos Inc.            
3.63% 05/15/25 13,000 14,118
4.38% 05/15/30 45,000 51,056
Liberty Mutual Group Inc.            
3.95% 05/15/60 (i) 10,000 10,983
Life Storage LP            
2.20% 10/15/30 30,000 29,630
Lincoln National Corp.            
4.35% 03/01/48 10,000 11,948
Lockheed Martin Corp.            
3.55% 01/15/26 15,000 16,582
3.80% 03/01/45 4,000 4,664
4.50% 05/15/36 16,000 20,113
Lowe's Companies Inc.            
1.30% 04/15/28 13,000 12,680
1.70% 10/15/30 11,000 10,552
3.00% 10/15/50 15,000 14,778
3.70% 04/15/46 3,000 3,296
4.05% 05/03/47 13,000 14,979
LYB International Finance III LLC            
1.25% 10/01/25 41,000 40,950
3.63% 04/01/51 31,000 32,824
3.80% 10/01/60 10,000 10,559
Marathon Oil Corp.            
3.85% 06/01/25 12,000 13,071
Marvell Technology Inc.            
1.65% 04/15/26 (i) 55,000 54,980
2.45% 04/15/28 (i) 55,000 56,056
2.95% 04/15/31 (i) 45,000 46,656
Masco Corp.            
3.50% 11/15/27 3,000 3,297
McCormick & Company Inc.            
1.85% 02/15/31 17,000 16,435
3.25% 11/15/25 164,000 177,809
  Principal
Amount 		Fair
Value
McDonald's Corp.            
3.60% 07/01/30 $ 35,000 $ 39,358
3.63% 09/01/49 11,000 12,187
4.88% 12/09/45 10,000 12,874
Medtronic Inc.            
4.63% 03/15/45 4,000 5,247
Memorial Sloan-Kettering Cancer Center            
4.13% 07/01/52 23,000 29,061
Merck & Company Inc.            
2.45% 06/24/50 19,000 17,910
2.75% 02/10/25 40,000 42,619
4.00% 03/07/49 6,000 7,337
MetLife Inc.            
4.72% 12/15/44 15,000 19,494
Microchip Technology Inc.            
2.67% 09/01/23 135,000 140,581
Micron Technology Inc.            
2.50% 04/24/23 131,000 135,375
Microsoft Corp.            
2.40% 08/08/26 37,000 39,429
2.68% 06/01/60 6,000 5,974
2.92% 03/17/52 62,000 65,766
3.04% 03/17/62 38,000 40,631
3.45% 08/08/36 6,000 6,934
3.50% 02/12/35 14,000 16,229
Molson Coors Beverage Co.            
2.10% 07/15/21 38,000 38,025
4.20% 07/15/46 5,000 5,565
Morgan Stanley            
3.63% 01/20/27 4,000 4,439
3.70% 10/23/24 12,000 13,084
3.95% 04/23/27 56,000 62,556
4.35% 09/08/26 46,000 52,131
4.38% 01/22/47 15,000 18,801
5.00% 11/24/25 116,000 133,794
Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter)            
2.80% 01/25/52 (d) 33,000 32,412
Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter)            
3.62% 04/01/31 (d) 89,000 99,408
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter)            
3.97% 07/22/38 (d) 15,000 17,599
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 35

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
MPLX LP            
2.65% 08/15/30 $ 26,000 $ 26,280
3.38% 03/15/23 13,000 13,589
5.20% 12/01/47 10,000 12,207
MPLX LP (1.22% fixed rate until 08/02/21; 1.10% + 3 month USD LIBOR thereafter)            
1.22% 09/09/22 (d) 51,000 51,029
Mylan Inc.            
5.20% 04/15/48 11,000 13,507
National Retail Properties Inc.            
4.00% 11/15/25 19,000 21,059
NewMarket Corp.            
2.70% 03/18/31 22,000 22,037
Newmont Corp.            
4.88% 03/15/42 13,000 16,516
NextEra Energy Capital Holdings Inc.            
3.25% 04/01/26 30,000 32,534
NextEra Energy Capital Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter)            
5.65% 05/01/79 (d) 16,000 18,641
NGPL PipeCo LLC            
3.25% 07/15/31 (i) 50,000 51,554
NIKE Inc.            
3.38% 03/27/50 13,000 14,675
NiSource Inc.            
3.60% 05/01/30 24,000 26,571
3.95% 03/30/48 6,000 6,857
Nordstrom Inc.            
4.00% 03/15/27 80,000 83,254
4.25% 08/01/31 (i) 15,000 15,662
Norfolk Southern Corp.            
3.95% 10/01/42 13,000 14,956
NOV Inc.            
3.60% 12/01/29 31,000 32,416
Novant Health Inc.            
3.32% 11/01/61 20,000 21,212
Novartis Capital Corp.            
2.20% 08/14/30 34,000 35,161
3.00% 11/20/25 4,000 4,340
Nucor Corp.            
3.95% 05/01/28 18,000 20,516
Nutrien Ltd.            
4.90% 06/01/43 10,000 12,638
  Principal
Amount 		Fair
Value
NVIDIA Corp.            
2.85% 04/01/30 $ 26,000 $ 28,150
3.50% 04/01/50 15,000 16,963
NXP BV/NXP Funding LLC/NXP USA Inc.            
2.50% 05/11/31 (i) 43,000 43,599
2.70% 05/01/25 (i) 121,000 127,570
3.25% 05/11/41 (i) 33,000 33,838
Occidental Petroleum Corp.            
2.90% 08/15/24 18,000 18,406
Oklahoma Gas & Electric Co.            
3.25% 04/01/30 18,000 19,580
Oncor Electric Delivery Company LLC            
3.80% 09/30/47 8,000 9,361
ONEOK Inc.            
4.35% 03/15/29 19,000 21,453
Oracle Corp.            
1.65% 03/25/26 245,000 248,398
2.30% 03/25/28 16,000 16,429
2.40% 09/15/23 12,000 12,448
2.65% 07/15/26 19,000 20,053
2.88% 03/25/31 25,000 26,032
2.95% 04/01/30 35,000 36,889
3.60% 04/01/50 19,000 19,522
3.65% 03/25/41 25,000 26,554
3.80% 11/15/37 6,000 6,578
3.95% 03/25/51 115,000 125,660
4.00% 07/15/46 - 11/15/47 31,000 33,752
4.10% 03/25/61 30,000 33,247
Orbia Advance Corp. SAB de C.V.            
1.88% 05/11/26 (i) 200,000 201,326
Otis Worldwide Corp.            
2.06% 04/05/25 81,000 84,192
2.57% 02/15/30 11,000 11,399
3.36% 02/15/50 11,000 11,585
Ovintiv Exploration Inc.            
5.63% 07/01/24 157,000 174,728
Owens Corning            
4.40% 01/30/48 8,000 9,442
Pacific Gas & Electric Co.            
2.10% 08/01/27 18,000 17,486
2.50% 02/01/31 34,000 31,901
3.00% 06/15/28 30,000 30,134
3.30% 08/01/40 34,000 30,921
3.50% 08/01/50 13,000 11,570
4.30% 03/15/45 25,000 24,065
 
See Notes to Schedules of Investments and Notes to Financial Statements.
36 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
PacifiCorp            
2.70% 09/15/30 $ 23,000 $ 24,157
6.25% 10/15/37 24,000 34,215
Parker-Hannifin Corp.            
3.25% 06/14/29 18,000 19,690
PartnerRe Finance B LLC (4.50% fixed rate until 04/01/30; 3.82% + 5 year CMT Rate thereafter)            
4.50% 10/01/50 (d) 63,000 65,783
PayPal Holdings Inc.            
2.65% 10/01/26 26,000 27,886
3.25% 06/01/50 13,000 14,140
PepsiCo Inc.            
1.63% 05/01/30 18,000 17,763
2.63% 07/29/29 26,000 27,840
3.45% 10/06/46 5,000 5,612
Petroleos Mexicanos            
5.35% 02/12/28 15,000 14,757
5.63% 01/23/46 19,000 15,507
6.35% 02/12/48 15,000 12,764
6.49% 01/23/27 15,000 15,812
6.50% 03/13/27 40,000 42,181
7.69% 01/23/50 12,000 11,550
Pfizer Inc.            
2.70% 05/28/50 30,000 29,911
3.45% 03/15/29 9,000 10,125
3.60% 09/15/28 25,000 28,315
3.90% 03/15/39 13,000 15,494
4.13% 12/15/46 9,000 11,169
4.40% 05/15/44 4,000 5,130
Philip Morris International Inc.            
1.50% 05/01/25 112,000 114,272
2.10% 05/01/30 10,000 9,975
3.38% 08/15/29 13,000 14,370
4.13% 03/04/43 6,000 6,857
Phillips 66            
2.15% 12/15/30 114,000 112,152
Phillips 66 Partners LP            
3.15% 12/15/29 61,000 64,112
3.75% 03/01/28 13,000 14,239
4.68% 02/15/45 13,000 14,877
Pioneer Natural Resources Co.            
1.13% 01/15/26 70,000 69,301
2.15% 01/15/31 19,000 18,645
Plains All American Pipeline LP/PAA Finance Corp.            
3.55% 12/15/29 30,000 31,640
  Principal
Amount 		Fair
Value
3.65% 06/01/22 $ 33,000 $ 33,675
PPL Capital Funding Inc.            
3.10% 05/15/26 25,000 26,886
Precision Castparts Corp.            
4.38% 06/15/45 9,000 10,921
Prospect Capital Corp.            
3.36% 11/15/26 45,000 45,092
Prudential Financial Inc.            
3.94% 12/07/49 24,000 28,164
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter)            
5.70% 09/15/48 (d) 24,000 28,103
Public Service Company of Colorado            
3.70% 06/15/28 23,000 25,983
Public Service Electric & Gas Co.            
2.38% 05/15/23 46,000 47,521
PVH Corp.            
4.63% 07/10/25 51,000 56,905
QUALCOMM Inc.            
1.30% 05/20/28 5,000 4,894
4.30% 05/20/47 3,000 3,777
Quest Diagnostics Inc.            
2.95% 06/30/30 8,000 8,478
Ralph Lauren Corp.            
1.70% 06/15/22 10,000 10,128
Raytheon Technologies Corp.            
3.13% 05/04/27 73,000 79,387
3.50% 03/15/27 15,000 16,552
3.95% 08/16/25 12,000 13,344
4.15% 05/15/45 13,000 15,417
4.45% 11/16/38 12,000 14,524
Realty Income Corp.            
3.00% 01/15/27 7,000 7,561
3.25% 01/15/31 18,000 19,643
Regeneron Pharmaceuticals Inc.            
1.75% 09/15/30 39,000 36,995
2.80% 09/15/50 18,000 16,409
Reliance Steel & Aluminum Co.            
2.15% 08/15/30 19,000 18,756
Reynolds American Inc.            
4.45% 06/12/25 5,000 5,543
Rio Tinto Finance USA PLC            
4.13% 08/21/42 9,000 10,968
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 37

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Rockwell Automation Inc.            
4.20% 03/01/49 $ 13,000 $ 16,273
Rogers Communications Inc.            
5.00% 03/15/44 3,000 3,752
Roper Technologies Inc.            
2.95% 09/15/29 20,000 21,389
Ross Stores Inc.            
4.70% 04/15/27 8,000 9,271
Royalty Pharma PLC            
0.75% 09/02/23 (i) 21,000 21,063
1.20% 09/02/25 (i) 26,000 25,780
1.75% 09/02/27 (i) 13,000 12,813
2.20% 09/02/30 (i) 8,000 7,847
3.30% 09/02/40 (i) 2,000 2,011
RPM International Inc.            
3.75% 03/15/27 12,000 13,174
Ryder System Inc.            
2.90% 12/01/26 62,000 66,413
Sabine Pass Liquefaction LLC            
4.20% 03/15/28 13,000 14,684
4.50% 05/15/30 11,000 12,692
5.00% 03/15/27 4,000 4,619
5.88% 06/30/26 37,000 43,785
Salesforce.com Inc.            
1.95% 07/15/31 55,000 55,085
2.70% 07/15/41 (e) 40,000 40,251
2.90% 07/15/51 66,000 66,690
3.05% 07/15/61 35,000 35,568
Schlumberger Holdings Corp.            
3.90% 05/17/28 (i) 27,000 30,148
Selective Insurance Group Inc.            
5.38% 03/01/49 6,000 7,518
Sempra Energy            
3.80% 02/01/38 8,000 8,924
4.00% 02/01/48 10,000 11,214
Shell International Finance BV            
2.38% 08/21/22 37,000 37,874
3.13% 11/07/49 24,000 24,841
3.75% 09/12/46 10,000 11,311
4.13% 05/11/35 12,000 14,252
Shire Acquisitions Investments Ireland DAC            
2.88% 09/23/23 17,000 17,791
3.20% 09/23/26 4,000 4,342
Simon Property Group LP            
3.38% 06/15/27 13,000 14,161
Skyworks Solutions Inc.            
1.80% 06/01/26 50,000 50,707
  Principal
Amount 		Fair
Value
3.00% 06/01/31 $ 15,000 $ 15,368
South Jersey Industries Inc.            
5.02% 04/15/31 63,000 66,481
Southern California Edison Co.            
2.40% 02/01/22 26,000 26,220
4.00% 04/01/47 38,000 40,014
4.20% 03/01/29 31,000 35,018
Southern Company Gas Capital Corp.            
3.95% 10/01/46 19,000 21,138
4.40% 05/30/47 2,000 2,356
Southern Copper Corp.            
5.88% 04/23/45 12,000 16,773
Southwest Airlines Co.            
2.63% 02/10/30 35,000 35,898
Southwestern Electric Power Co.            
2.75% 10/01/26 13,000 13,788
Spectra Energy Partners LP            
3.38% 10/15/26 3,000 3,262
4.50% 03/15/45 2,000 2,349
Spirit Realty LP            
4.00% 07/15/29 22,000 24,451
Starbucks Corp.            
4.00% 11/15/28 12,000 13,810
STERIS Irish FinCo UnLtd Co.            
2.70% 03/15/31 105,000 107,040
Stryker Corp.            
1.95% 06/15/30 45,000 44,510
2.90% 06/15/50 36,000 36,163
Sumitomo Mitsui Financial Group Inc.            
4.44% 04/02/24 (i) 200,000 217,746
Suncor Energy Inc.            
4.00% 11/15/47 3,000 3,315
Sysco Corp.            
3.25% 07/15/27 13,000 14,097
5.95% 04/01/30 6,000 7,709
6.60% 04/01/50 3,000 4,662
Tampa Electric Co.            
2.40% 03/15/31 45,000 46,097
3.45% 03/15/51 30,000 32,927
4.35% 05/15/44 26,000 31,361
Tapestry Inc.            
4.13% 07/15/27 15,000 16,402
4.25% 04/01/25 152,000 165,320
Target Corp.            
2.50% 04/15/26 13,000 13,982
 
See Notes to Schedules of Investments and Notes to Financial Statements.
38 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Teck Resources Ltd.            
3.90% 07/15/30 $ 70,000 $ 75,603
5.40% 02/01/43 6,000 7,311
Teledyne Technologies Inc.            
2.25% 04/01/28 30,000 30,566
Telefonica Emisiones S.A.            
4.10% 03/08/27 150,000 168,852
Texas Instruments Inc.            
3.88% 03/15/39 13,000 15,607
The Allstate Corp.            
4.20% 12/15/46 8,000 9,842
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)            
5.75% 08/15/53 (d) 38,000 41,246
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 (d) 71,000 78,311
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 (d) 41,000 41,989
The Boeing Co.            
2.20% 02/04/26 90,000 90,850
2.70% 02/01/27 196,000 202,533
2.95% 02/01/30 11,000 11,264
3.25% 03/01/28 10,000 10,550
3.55% 03/01/38 8,000 8,195
3.75% 02/01/50 11,000 11,347
5.04% 05/01/27 66,000 76,193
5.15% 05/01/30 28,000 33,181
5.81% 05/01/50 22,000 29,684
The Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT Rate thereafter)            
4.00% 12/31/99 (d) 59,000 60,337
The Cleveland Electric Illuminating Co.            
4.55% 11/15/30 (i) 50,000 57,770
The Clorox Co.            
1.80% 05/15/30 68,000 66,878
The Coca-Cola Co.            
2.60% 06/01/50 22,000 21,178
2.75% 06/01/60 11,000 10,784
The Dow Chemical Co.            
2.10% 11/15/30 36,000 35,651
  Principal
Amount 		Fair
Value
3.60% 11/15/50 $ 15,000 $ 16,171
4.25% 10/01/34 13,000 15,036
The Estee Lauder Companies Inc.            
2.38% 12/01/29 13,000 13,581
The George Washington University            
4.13% 09/15/48 15,000 18,615
The Goldman Sachs Group Inc.            
3.50% 04/01/25 - 11/16/26 74,000 80,399
3.85% 01/26/27 111,000 122,415
4.25% 10/21/25 314,000 351,309
5.15% 05/22/45 18,000 24,006
The Goldman Sachs Group Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter)            
1.54% 09/10/27 (d) 76,000 75,767
The Goldman Sachs Group Inc. (1.99% fixed rate until 01/27/31; 1.09% + SOFR thereafter)            
1.99% 01/27/32 (d) 59,000 57,293
The Goldman Sachs Group Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter)            
3.21% 04/22/42 (d) 30,000 31,392
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 (d) 19,000 21,246
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 (d) 12,000 14,070
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 (d) 33,000 37,675
The Hartford Financial Services Group Inc.            
2.80% 08/19/29 89,000 93,765
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 39

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
The Hartford Financial Services Group Inc. (2.28% fixed rate until 06/28/21; 2.13% + 3 month USD LIBOR thereafter)            
2.28% 02/12/67 (d)(i) $ 22,000 $ 21,198
The Home Depot Inc.            
2.70% 04/15/30 13,000 13,909
3.35% 04/15/50 21,000 23,239
3.50% 09/15/56 10,000 11,302
3.90% 12/06/28 - 06/15/47 22,000 25,797
4.50% 12/06/48 11,000 14,298
The Kroger Co.            
2.20% 05/01/30 16,000 16,092
2.95% 11/01/21 36,000 36,240
4.65% 01/15/48 7,000 8,582
The Northwestern Mutual Life Insurance Co.            
3.45% 03/30/51 (i) 20,000 21,353
The Southern Co.            
3.25% 07/01/26 7,000 7,594
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 (d) 47,000 52,006
The Travelers Companies Inc.            
2.55% 04/27/50 98,000 94,436
The Walt Disney Co.            
2.65% 01/13/31 272,000 285,660
3.38% 11/15/26 2,000 2,206
3.60% 01/13/51 19,000 21,535
4.75% 11/15/46 4,000 5,207
6.65% 11/15/37 26,000 39,300
The Williams Companies Inc.            
3.75% 06/15/27 2,000 2,221
4.85% 03/01/48 13,000 15,823
4.90% 01/15/45 26,000 31,444
5.40% 03/04/44 3,000 3,797
Thermo Fisher Scientific Inc.            
4.13% 03/25/25 3,000 3,326
4.50% 03/25/30 8,000 9,526
Time Warner Cable LLC            
6.55% 05/01/37 12,000 16,316
T-Mobile USA Inc.            
3.75% 04/15/27 199,000 219,913
3.88% 04/15/30 3,000 3,349
4.50% 04/15/50 8,000 9,517
Total Capital International S.A.            
3.46% 02/19/29 42,000 46,829
  Principal
Amount 		Fair
Value
Trane Technologies Luxembourg Finance S.A.            
3.55% 11/01/24 $ 21,000 $ 22,678
3.80% 03/21/29 25,000 28,221
TransCanada PipeLines Ltd.            
4.25% 05/15/28 40,000 46,001
4.88% 01/15/26 9,000 10,345
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter)            
5.63% 05/20/75 (d) 50,000 54,038
Transcontinental Gas Pipe Line Company LLC            
4.00% 03/15/28 13,000 14,721
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter)            
4.80% 12/31/99 (d) 73,000 77,481
TWDC Enterprises 18 Corp.            
4.13% 06/01/44 6,000 7,228
Tyco Electronics Group S.A.            
3.13% 08/15/27 13,000 14,024
Tyson Foods Inc.            
4.00% 03/01/26 49,000 54,627
4.55% 06/02/47 2,000 2,444
UDR Inc.            
2.10% 08/01/32 26,000 24,983
3.00% 08/15/31 13,000 13,660
Union Pacific Corp.            
3.50% 06/08/23 36,000 38,097
3.60% 09/15/37 7,000 7,837
3.80% 04/06/71 (i) 13,000 14,400
4.10% 09/15/67 11,000 12,818
UnitedHealth Group Inc.            
2.00% 05/15/30 35,000 35,290
4.45% 12/15/48 23,000 29,436
4.75% 07/15/45 20,000 26,220
Utah Acquisition Sub Inc.            
3.95% 06/15/26 5,000 5,508
Vale S.A.            
5.63% 09/11/42 8,000 10,008
Valero Energy Corp.            
2.85% 04/15/25 32,000 33,930
4.00% 04/01/29 25,000 27,914
Ventas Realty LP            
3.25% 10/15/26 24,000 26,113
 
See Notes to Schedules of Investments and Notes to Financial Statements.
40 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
VEREIT Operating Partnership LP            
2.85% 12/15/32 $ 24,000 $ 25,100
Verizon Communications Inc.            
1.45% 03/20/26 60,000 60,554
2.10% 03/22/28 45,000 45,953
2.55% 03/21/31 245,000 250,672
3.00% 03/22/27 120,000 129,050
3.40% 03/22/41 30,000 31,777
3.55% 03/22/51 22,000 23,508
3.70% 03/22/61 30,000 32,176
4.40% 11/01/34 60,000 71,545
4.52% 09/15/48 13,000 16,047
4.67% 03/15/55 31,000 40,054
4.86% 08/21/46 32,000 41,337
5.25% 03/16/37 12,000 15,829
ViacomCBS Inc.            
2.90% 01/15/27 11,000 11,697
3.70% 06/01/28 10,000 11,129
5.25% 04/01/44 3,000 3,836
Virginia Electric & Power Co.            
4.00% 11/15/46 23,000 27,039
Visa Inc.            
2.00% 08/15/50 2,000 1,768
2.05% 04/15/30 18,000 18,516
2.70% 04/15/40 20,000 20,687
Vistra Operations Company LLC            
3.55% 07/15/24 (i) 64,000 67,654
Viterra Finance BV            
2.00% 04/21/26 (i) 200,000 200,266
Vodafone Group PLC            
4.38% 05/30/28 19,000 22,102
5.25% 05/30/48 4,000 5,243
Vontier Corp.            
2.40% 04/01/28 (i) 66,000 65,519
2.95% 04/01/31 (i) 50,000 50,194
Vornado Realty LP            
2.15% 06/01/26 60,000 60,863
3.40% 06/01/31 20,000 20,623
3.50% 01/15/25 12,000 12,774
Vulcan Materials Co.            
3.90% 04/01/27 4,000 4,507
Walgreens Boots Alliance Inc.            
4.10% 04/15/50 3,000 3,306
Walmart Inc.            
3.63% 12/15/47 10,000 11,730
3.70% 06/26/28 21,000 23,906
3.95% 06/28/38 10,000 12,015
  Principal
Amount 		Fair
Value
4.05% 06/29/48 $ 12,000 $ 15,099
WEC Energy Group Inc.            
3.55% 06/15/25 37,000 40,337
Wells Fargo & Co.            
4.15% 01/24/29 40,000 46,034
4.75% 12/07/46 39,000 49,292
Wells Fargo & Co. (1.65% fixed rate until 06/02/23; 1.60% + SOFR thereafter)            
1.65% 06/02/24 (d) 34,000 34,732
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter)            
2.19% 04/30/26 (d) 90,000 93,437
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter)            
2.39% 06/02/28 (d) 241,000 249,898
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter)            
3.07% 04/30/41 (d) 46,000 47,170
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter)            
3.20% 06/17/27 (d) 118,000 127,465
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)            
5.88% 12/29/49 (d) 40,000 44,890
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter)            
2.89% 02/04/30 (d) 27,000 28,009
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter)            
4.11% 07/24/34 (d) 23,000 25,245
Willis North America Inc.            
3.60% 05/15/24 18,000 19,357
3.88% 09/15/49 22,000 24,887
WPP Finance 2010            
3.75% 09/19/24 22,000 23,957
WRKCo Inc.            
3.00% 09/15/24 15,000 15,908
Xcel Energy Inc.            
3.40% 06/01/30 26,000 28,569
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 41

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Zoetis Inc.            
3.00% 09/12/27 $ 5,000 $ 5,399
3.90% 08/20/28 13,000 14,804
    30,456,020
Non-Agency Collateralized Mortgage Obligations - 3.0%
Banc of America Commercial Mortgage Trust 2016-UBS10            
5.02% 07/15/49 (d) 82,000 90,373
BANK 2017-BNK7            
3.18% 09/15/60 617,000 667,424
BANK 2018-BNK15            
4.41% 11/15/61 (d) 320,000 373,999
BX Commercial Mortgage Trust 2018-IND 0.75% + 1 month USD LIBOR            
0.82% 11/15/35 (d)(i) 46,901 46,923
Cantor Commercial Real Estate Lending 2019-CF3            
3.01% 01/15/53 139,000 149,741
CD 2019-CD8 Mortgage Trust            
2.91% 08/15/57 246,000 262,398
CFCRE Commercial Mortgage Trust 2016-C7            
4.56% 12/10/54 (d) 87,000 86,301
Citigroup Commercial Mortgage Trust 2015-GC33            
3.78% 09/10/58 100,000 109,911
Citigroup Commercial Mortgage Trust 2015-GC35            
4.63% 11/10/48 (d) 148,000 142,593
Citigroup Commercial Mortgage Trust 2015-P1            
3.72% 09/15/48 403,000 441,882
Citigroup Commercial Mortgage Trust 2016-P5            
2.94% 10/10/49 90,682 96,779
Citigroup Commercial Mortgage Trust 2016-P6            
3.72% 12/10/49 (d) 119,583 132,992
4.03% 12/10/49 (d) 78,331 85,394
COMM 2012-CCRE3 Mortgage Trust            
3.92% 10/15/45 (i) 100,000 99,195
COMM 2014-CR14 Mortgage Trust            
4.53% 02/10/47 (d) 55,000 59,469
CSAIL 2015-C3 Commercial Mortgage Trust            
4.27% 08/15/48 (d) 194,984 205,813
  Principal
Amount 		Fair
Value
CSAIL 2016-C7 Commercial Mortgage Trust            
4.48% 11/15/49 (d) $ 148,000 $ 162,717
GS Mortgage Securities Trust 2014-GC22            
4.85% 06/10/47 (d) 88,000 91,629
GS Mortgage Securities Trust 2014-GC24            
4.65% 09/10/47 (d) 119,000 125,574
GS Mortgage Securities Trust 2015-GS1            
4.57% 11/10/48 (d) 117,000 102,952
GS Mortgage Securities Trust 2017-GS5            
3.67% 03/10/50 240,062 266,520
GS Mortgage Securities Trust 2017-GS8            
3.47% 11/10/50 184,426 203,391
GS Mortgage Securities Trust 2018-GS9            
4.14% 03/10/51 (d) 73,000 82,255
GS Mortgage Securities Trust 2019-GC42            
2.75% 09/01/52 419,000 439,807
GS Mortgage Securities Trust 2019-GSA1            
3.05% 11/10/52 493,000 532,442
JPMBB Commercial Mortgage Securities Trust 2013-C12            
4.17% 07/15/45 (d) 25,000 26,349
JPMBB Commercial Mortgage Securities Trust 2015-C32            
4.80% 11/15/48 (d) 71,000 59,600
MASTR Alternative Loan Trust 2003-5            
5.00% 08/25/18 (f) 228 2
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7            
4.26% 02/15/46 (d) 124,000 120,342
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21            
1.01% 03/15/48 (d)(f) 765,495 19,401
Morgan Stanley Capital I Trust 2016-UBS12            
4.03% 12/15/49 (d) 122,000 120,203
UBS-Barclays Commercial Mortgage Trust 2013-C6            
3.88% 04/10/46 (d)(i) 287,000 292,106
 
See Notes to Schedules of Investments and Notes to Financial Statements.
42 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Wells Fargo Commercial Mortgage Trust 2014-LC16            
4.32% 08/15/50 $ 287,000 $ 275,118
Wells Fargo Commercial Mortgage Trust 2015-C26            
1.35% 02/15/48 (d)(f) 797,429 29,670
Wells Fargo Commercial Mortgage Trust 2019-C50            
4.35% 05/15/52 45,000 48,891
WFRBS Commercial Mortgage Trust 2012-C10            
3.74% 12/15/45 79,000 75,875
WFRBS Commercial Mortgage Trust 2013-C17            
4.26% 12/15/46 55,000 58,998
WFRBS Commercial Mortgage Trust 2014-LC14            
4.35% 03/15/47 (d) 123,000 132,457
    6,317,486
Sovereign Bonds - 0.3%
Government of Chile            
2.55% 01/27/32 200,000 204,380
Government of Colombia            
2.63% 03/15/23 200,000 204,500
Government of Mexico            
4.00% 10/02/23 4,000 4,332
4.75% 03/08/44 56,000 61,909
Government of Peru            
1.86% 12/01/32 45,000 41,802
2.78% 12/01/60 75,000 66,826
5.63% 11/18/50 26,000 35,836
Government of Uruguay            
5.10% 06/18/50 29,803 39,035
    658,620
Municipal Bonds and Notes - 0.1%
American Municipal Power Inc.            
6.27% 02/15/50 25,000 35,241
Board of Regents of the University of Texas System            
3.35% 08/15/47 25,000 28,550
Port Authority of New York & New Jersey            
4.46% 10/01/62 70,000 91,835
  Principal
Amount 		Fair
Value
State of California            
4.60% 04/01/38 $ 50,000 $ 58,457
State of Illinois            
5.10% 06/01/33 25,000 29,396
    243,479
Total Bonds and Notes
(Cost $73,547,189) 		  75,489,917
  Number
of Shares 		 
Exchange Traded & Mutual Funds - 24.6%
State Street Global All Cap Equity ex-U.S. Index Portfolio (k)
(Cost $39,416,765) 		409,571 52,228,494
Total Investments in Securities
(Cost $160,458,512) 		  207,810,835
Short-Term Investments - 4.0%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares 0.01% (g) 357,120 357,120
State Street Institutional Treasury Money Market Fund - Premier Class 0.01% (g)(k) 3,784,154 3,784,154
State Street Institutional Treasury Plus Fund - Premier Class 0.01% (g)(k) 357,120 357,120
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.03% (g)(k) 4,072,321 4,072,321
Total Short-Term Investments
(Cost $8,570,715) 		  8,570,715
Total Investments
(Cost $169,029,227) 		  216,381,550
Liabilities in Excess of Other Assets, net - (1.9)%   (3,981,661)
NET ASSETS - 100.0%   $ 212,399,889
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 43

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
Other Information:
Centrally Cleared Credit Default Swaps
Reference Entity Counterparty Notional
Amount
(000s
omitted) 		Contract
Annual
Fixed Rate/
Payment
Frequency 		Termination
Date 		Market
Value 		Unamortized
Upfront
Payments
Received (Paid) 		Unrealized
Appreciation
(Depreciation)
Sell Protection              
Markit CDX North America High Yield Index Intercontinental Exchange $1,389 5.00%/
Quarterly 		06/20/25 $137,542 $(68,881) $206,423
The Fund had the following long futures contracts open at June 30, 2021:
Description Expiration
Date 		Number of
Contracts 		Notional
Amount 		Value Unrealized
Appreciation
(Depreciation)
U.S. Long Bond Futures September 2021 8 $ 1,258,090 $ 1,286,000 $ 27,910
2 Yr. U.S. Treasury Notes Futures September 2021 46 10,152,051 10,134,734 (17,317)
Ultra Long-Term U.S. Treasury Bond Futures September 2021 8 1,492,910 1,541,500 48,590
S&P 500 Emini Index Futures September 2021 3 632,945 643,290 10,345
          $ 69,528
The Fund had the following short futures contracts open at June 30, 2021:
Description Expiration
date 		Number of
Contracts 		Notional
Amount 		Value Unrealized
Appreciation
(Depreciation)
10 Yr. U.S. Treasury Ultra Futures September 2021 18 $ (2,612,934) $ (2,649,657) $ (36,723)
10 Yr. U.S. Treasury Notes Futures September 2021 31 (4,086,568) (4,107,499) (20,931)
5 Yr. U.S. Treasury Notes Futures September 2021 20 (2,470,631) (2,468,593) 2,038
          $ (55,616)
          $ 13,912
During the period ended June 30, 2021 average notional values related to derivative contracts were as follows:
  Purchased
Put
Options 		Purchased
Call
Options 		Written
Put
Options 		Written
Call
Options 		Long
Futures
Contracts 		Short
Futures
Contracts 		Credit
Default
Swap
Contracts 		Interest
Rate
Swap
Contracts
Average Notional Value $— $— $— $— $12,046,521 $9,700,083 $1,606,228 $—
Notes to Schedule of Investments
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory
prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) At June 30, 2021, all or a portion of this security was pledged to cover collateral requirements for futures, options, swaps and/or TBAs.
(b) Non-income producing security.
 
See Notes to Schedules of Investments and Notes to Financial Statements.
44 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
(c) State Street Corporation is the parent company of SSGA Funds Management, Inc., the Fund's investment adviser and administrator, and State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.
(d) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(e) Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future.
(f) Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.
(g) Coupon amount represents effective yield.
(h) 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.
(i) Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, these securities amounted to $3,947,245 or 1.86% of the net assets of the Elfun Diversified Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees.
(j) Step coupon bond.
(k) Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.
† Percentages are based on net assets as of June 30, 2021.
* Less than 0.05%.
** Amount is less than $0.50.
Abbreviations:
CMT - Constant Maturity Treasury
LIBOR - London Interbank Offered Rate
REIT - Real Estate Investment Trust
REMIC - Real Estate Mortgage Investment Conduit
SOFR - Secured Overnight Financing Rate
STRIPS - Separate Trading of Registered Interest and Principal of Security
TBA - To Be Announced
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 45

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2021:
Investments Level 1   Level 2   Level 3   Total
Investments in Securities              
Domestic Equity $ 78,007,777   $ —   $ —   $ 78,007,777
Foreign Equity 2,084,647   —   —   2,084,647
U.S. Treasuries —   19,265,698   —   19,265,698
Agency Mortgage Backed —   17,076,772   —   17,076,772
Agency Collateralized Mortgage Obligations —   484,064   —   484,064
Asset Backed —   987,778   —   987,778
Corporate Notes —   30,456,020   —   30,456,020
Non-Agency Collateralized Mortgage Obligations —   6,317,486   —   6,317,486
Sovereign Bonds —   658,620   —   658,620
Municipal Bonds and Notes —   243,479   —   243,479
Exchange Traded & Mutual Funds 52,228,494   —   —   52,228,494
Short-Term Investments 8,570,715   —   —   8,570,715
Total Investments in Securities $ 140,891,633   $ 75,489,917   $ —   $ 216,381,550
Other Financial Instruments              
Credit Default Swap Contracts - Unrealized Appreciation $ —   $ 206,423   $ —   $ 206,423
Long Futures Contracts - Unrealized Appreciation 86,845   —   —   86,845
Long Futures Contracts - Unrealized Depreciation (17,317)   —   —   (17,317)
Short Futures Contracts - Unrealized Appreciation 2,038   —   —   2,038
Short Futures Contracts - Unrealized Depreciation (57,654)   —   —   (57,654)
Total Other Financial Instruments $ 13,912   $ 206,423   $ —   $ 220,335
The Fund was invested in the following countries/territories at June 30, 2021 (unaudited):
Country/Territory Percentage (based on
Fair Value)
United States 97.34%
Ireland 0.55%
United Kingdom 0.51%
Netherlands 0.29%
Canada 0.20%
Mexico 0.19%
Switzerland 0.14%
Chile 0.13%
Colombia 0.10%
Mult 0.10%
Japan 0.10%
Spain 0.08%
Country/Territory Percentage (based on
Fair Value)
Peru 0.07%
Bermuda 0.05%
Luxembourg 0.05%
Australia 0.02%
Germany 0.02%
Uruguay 0.02%
France 0.02%
Jersey 0.01%
Norway 0.01%
Brazil 0.00%
   100.00%
 
The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2021 (unaudited):
Industry Domestic Foreign Total
Exchange Traded Funds 24.14% 0.00% 24.14%
Interactive Media & Services 2.38% 0.00% 2.38%
Systems Software 2.38% 0.00% 2.38%
See Notes to Schedules of Investments and Notes to Financial Statements.
46 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
Industry Domestic Foreign Total
Technology Hardware, Storage & Peripherals 2.28% 0.02% 2.30%
Semiconductors 1.74% 0.06% 1.80%
Internet & Direct Marketing Retail 1.57% 0.00% 1.57%
Data Processing & Outsourced Services 1.47% 0.00% 1.47%
Pharmaceuticals 1.34% 0.01% 1.35%
Healthcare Equipment 1.06% 0.17% 1.23%
Diversified Banks 1.22% 0.00% 1.22%
Application Software 0.90% 0.00% 0.90%
Automobile Manufacturers 0.67% 0.00% 0.67%
Biotechnology 0.66% 0.00% 0.66%
Aerospace & Defense 0.60% 0.00% 0.60%
Managed Healthcare 0.58% 0.00% 0.58%
Movies & Entertainment 0.58% 0.00% 0.58%
Electric Utilities 0.57% 0.00% 0.57%
Multi-Sector Holdings 0.54% 0.00% 0.54%
Integrated Oil & Gas 0.51% 0.00% 0.51%
Household Products 0.50% 0.00% 0.50%
Home Improvement Retail 0.49% 0.00% 0.49%
Life Sciences Tools & Services 0.47% 0.00% 0.47%
Specialized REITs 0.47% 0.00% 0.47%
Soft Drinks 0.45% 0.00% 0.45%
Integrated Telecommunication Services 0.44% 0.00% 0.44%
Industrial Conglomerates 0.44% 0.00% 0.44%
Restaurants 0.42% 0.00% 0.42%
Investment Banking & Brokerage 0.40% 0.00% 0.40%
Financial Exchanges & Data 0.40% 0.00% 0.40%
IT Consulting & Other Services 0.20% 0.19% 0.39%
Cable & Satellite 0.38% 0.00% 0.38%
Hypermarkets & Super Centers 0.38% 0.00% 0.38%
Regional Banks 0.38% 0.00% 0.38%
Semiconductor Equipment 0.33% 0.00% 0.33%
Railroads 0.32% 0.00% 0.32%
Asset Management & Custody Banks 0.32% 0.00% 0.32%
Packaged Foods & Meats 0.31% 0.00% 0.31%
Communications Equipment 0.31% 0.00% 0.31%
Industrial Machinery 0.29% 0.01% 0.30%
Specialty Chemicals 0.27% 0.00% 0.27%
Multi-Utilities 0.27% 0.00% 0.27%
Air Freight & Logistics 0.26% 0.00% 0.26%
Oil & Gas Exploration & Production 0.26% 0.00% 0.26%
Healthcare Services 0.25% 0.00% 0.25%
Property & Casualty Insurance 0.18% 0.07% 0.25%
Tobacco 0.25% 0.00% 0.25%
Consumer Finance 0.24% 0.00% 0.24%
Hotels, Resorts & Cruise Lines 0.23% 0.00% 0.23%
Industrial Gases 0.06% 0.15% 0.21%
Electrical Components & Equipment 0.21% 0.00% 0.21%
Construction Machinery & Heavy Trucks 0.20% 0.00% 0.20%
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 47

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
Industry Domestic Foreign Total
Footwear 0.20% 0.00% 0.20%
General Merchandise Stores 0.20% 0.00% 0.20%
Insurance Brokers 0.15% 0.04% 0.19%
Building Products 0.13% 0.06% 0.19%
Life & Health Insurance 0.16% 0.00% 0.16%
Apparel Retail 0.15% 0.00% 0.15%
Research & Consulting Services 0.10% 0.04% 0.14%
Interactive Home Entertainment 0.14% 0.00% 0.14%
Agricultural & Farm Machinery 0.11% 0.00% 0.11%
Oil & Gas Refining & Marketing 0.11% 0.00% 0.11%
Residential REITs 0.11% 0.00% 0.11%
Industrial REITs 0.11% 0.00% 0.11%
Automotive Retail 0.11% 0.00% 0.11%
Healthcare Supplies 0.10% 0.00% 0.10%
Airlines 0.10% 0.00% 0.10%
Paper Packaging 0.08% 0.02% 0.10%
Retail REITs 0.10% 0.00% 0.10%
Oil & Gas Storage & Transportation 0.10% 0.00% 0.10%
Home Building 0.09% 0.00% 0.09%
Oil & Gas Equipment & Services 0.09% 0.00% 0.09%
Environmental & Facilities Services 0.09% 0.00% 0.09%
Wireless Telecommunication Services 0.09% 0.00% 0.09%
Casinos & Gaming 0.08% 0.00% 0.08%
Electronic Equipment & Instruments 0.08% 0.00% 0.08%
Healthcare Distributors 0.08% 0.00% 0.08%
Commodity Chemicals 0.07% 0.00% 0.07%
Electronic Components 0.07% 0.00% 0.07%
Personal Products 0.07% 0.00% 0.07%
Trading Companies & Distributors 0.07% 0.00% 0.07%
Multi-Line Insurance 0.07% 0.00% 0.07%
Fertilizers & Agricultural Chemicals 0.07% 0.00% 0.07%
Health Care REITs 0.07% 0.00% 0.07%
Apparel, Accessories & Luxury Goods 0.07% 0.00% 0.07%
Healthcare Facilities 0.07% 0.00% 0.07%
Diversified Support Services 0.06% 0.00% 0.06%
Broadcasting 0.06% 0.00% 0.06%
Copper 0.06% 0.00% 0.06%
Auto Parts & Equipment 0.01% 0.04% 0.05%
Electronic Manufacturing Services 0.01% 0.05% 0.06%
Distillers & Vintners 0.05% 0.00% 0.05%
Gold 0.05% 0.00% 0.05%
Distributors 0.05% 0.00% 0.05%
Office REITs 0.05% 0.00% 0.05%
Construction Materials 0.05% 0.00% 0.05%
Internet Services & Infrastructure 0.04% 0.00% 0.04%
Food Distributors 0.04% 0.00% 0.04%
Specialty Stores 0.04% 0.00% 0.04%
Drug Retail 0.04% 0.00% 0.04%
See Notes to Schedules of Investments and Notes to Financial Statements.
48 Elfun Diversified Fund

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
Industry Domestic Foreign Total
Trucking 0.04% 0.00% 0.04%
Agricultural Products 0.04% 0.00% 0.04%
Food Retail 0.03% 0.00% 0.03%
Advertising 0.03% 0.00% 0.03%
Real Estate Services 0.03% 0.00% 0.03%
Steel 0.03% 0.00% 0.03%
Water Utilities 0.03% 0.00% 0.03%
Metal & Glass Containers 0.03% 0.00% 0.03%
Computer & Electronics Retail 0.03% 0.00% 0.03%
Technology Distributors 0.03% 0.00% 0.03%
Healthcare Technology 0.02% 0.00% 0.02%
Consumer Electronics 0.00% 0.02% 0.02%
Independent Power Producers & Energy Traders 0.02% 0.00% 0.02%
Banks 0.02% 0.00% 0.02%
Home Furnishings 0.02% 0.00% 0.02%
Diversified Chemicals 0.02% 0.00% 0.02%
Household Appliances 0.01% 0.00% 0.01%
Leisure Products 0.01% 0.00% 0.01%
Gas Utilities 0.01% 0.00% 0.01%
Alternative Carriers 0.01% 0.00% 0.01%
Hotel & Resort REITs 0.01% 0.00% 0.01%
Publishing 0.01% 0.00% 0.01%
Reinsurance 0.00% 0.01% 0.01%
Human Resource & Employment Services 0.01% 0.00% 0.01%
Construction & Engineering 0.01% 0.00% 0.01%
Housewares & Specialties 0.01% 0.00% 0.01%
Brewers 0.01% 0.00% 0.01%
      61.15%
Sector Percentage (based
on Fair Value)
Corporate Notes     14.08%
U.S. Treasuries     8.90%
Agency Mortgage Backed     7.89%
Non-Agency Collateralized Mortgage Obligations     2.92%
Asset Backed     0.46%
Sovereign Bonds     0.31%
Agency Collateralized Mortgage Obligations     0.22%
Sector Percentage (based
on Fair Value)
Municipal Bonds and Notes     0.11%
      34.89%
Short-Term Investments      
Short-Term Investments     3.96%
      3.96%
      100.00%
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Diversified Fund 49

Elfun Diversified Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
Affiliate Table
  Number
of Shares
Held at
12/31/20 		Value at
12/31/20 		  Cost of
Purchases 		  Proceeds
from
Shares
Sold 		  Realized
Gain
(Loss) 		  Change in
Unrealized
Appreciation
(Depreciation) 		Number of
Shares
Held at
6/30/21 		Value at
6/30/21 		  Dividend
Income
State Street Corp. 861 $ 62,663   $ 10,231   $ 18,168   $ 819   $ 6,988 760 $ 62,533   $ 832
State Street Global All Cap Equity ex-U.S. Index Portfolio 452,344 52,657,367   465,000   5,750,000   1,122,005   3,734,122 409,571 52,228,494   —
State Street Institutional Treasury Money Market Fund - Premier Class 5,805,854 5,805,854   12,165,307   14,187,007   —   — 3,784,154 3,784,154   159
State Street Institutional Treasury Plus Fund - Premier Class 304,999 304,999   1,373,553   1,321,432   —   — 357,120 357,120   38
State Street Institutional U.S. Government Money Market Fund, Class G Shares 6,175,449 6,175,449   22,082,810   24,185,938   —   — 4,072,321 4,072,321   788
TOTAL   $65,006,332   $36,096,901   $45,462,545   $1,122,824   $3,741,110   $60,504,622   $1,817
See Notes to Schedules of Investments and Notes to Financial Statements.
50 Elfun Diversified Fund

Elfun Tax-Exempt Income Fund
Fund Information — June 30, 2021 (Unaudited)
Sector Allocation
Portfolio Composition as a % of Fair Value of $1,302,591 (in thousands) as of June 30, 2021
Quality Ratings
as of June 30, 2021 as a % of Fair Value (a)(b)*
Moody’s / S&P / Rating   Percentage of
Fair Value
Aaa / AAA   14.26%
Aa / AA   45.19%
A / A   32.36%
Baa / BBB   6.96%
NR / Other   1.23%
     100.00%
(a) Fair Value basis is inclusive of short-term investment in State Street Institutional Treasury Plus Fund — Premier Class.
(b) The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.
* Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standard of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings.
Elfun Tax-Exempt Income Fund 51

Elfun Tax-Exempt Income Fund
Understanding Your Fund’s Expenses — June 30, 2021 (Unaudited)
As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2021.
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 for your class under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
  Actual
Fund Return 		  Hypothetical
5% Return
(2.5% for
the period)
Account value at the      
beginning of the period
January 1, 2021 		$1,000.00   $1,000.00
Account value at the end of the period
June 30, 2021 		$1,010.10   $1,023.80
Expenses Paid During Period* $ 1.05   $ 1.05
* Expenses are equal to the Fund's annualized expense ratio of 0.21% (for the period January 1, 2021 - June 30, 2021), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
 
52 Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund
Schedule of Investments — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Municipal Bonds and Notes - 98.4% †
Alabama - 0.4%
City of Montgomery GO,
5.00% 12/01/30 $ 550,000 $ 739,596
The Health Care Authority of the City of Huntsville Revenue (AGM Insured)
3.00% 06/01/50 1,000,000 1,066,276
The Health Care Authority of the City of Huntsville Revenue
5.00% 06/01/37 2,500,000 3,218,540
    5,024,412
Alaska - 0.2%
Alaska Housing Finance Corp. Revenue
5.00% 12/01/27 (a) 2,115,000 2,208,043
Arizona - 1.5%
City of Phoenix Civic Improvement Corp. Revenue
5.00% 07/01/30 1,475,000 1,856,252
City of Phoenix Civic Improvement Corp. Revenue (NPFG Insured)
5.50% 07/01/23 - 07/01/24 (b) 7,260,000 8,193,165
Maricopa County Industrial Development Authority Revenue
4.00% 01/01/41 3,000,000 3,440,328
The University of Arizona Revenue
5.00% 06/01/46 5,000,000 5,925,527
    19,415,272
Arkansas - 0.3%
University of Arkansas Revenue
5.00% 11/01/46 - 11/01/47 3,580,000 4,418,899
California - 10.2%
California Educational Facilities Authority Revenue
6.13% 10/01/36 (a) 1,500,000 1,521,779
California Health Facilities Financing Authority Revenue
5.00% 11/15/39 - 11/15/49 6,315,000 7,471,709
California Infrastructure & Economic Development Bank Revenue
5.00% 11/01/29 1,000,000 1,305,763
California State Public Works Board Revenue
5.00% 10/01/28 1,500,000 1,517,782
5.13% 10/01/31 2,000,000 2,024,327
5.25% 09/01/29 10,160,000 11,235,625
California State University Revenue
4.00% 11/01/45 5,900,000 6,665,163
City & County of San Francisco GO,
5.00% 06/15/30 1,360,000 1,745,434
City of Los Angeles CA Wastewater System Revenue
5.00% 06/01/43 10,000,000 12,476,304
  Principal
Amount 		Fair
Value
City of Los Angeles Department of Airports Revenue
5.00% 05/15/31 - 05/15/36 $ 2,270,000 $ 2,930,885
Fresno Unified School District GO,
4.00% 08/01/47 (a) 5,000,000 5,576,656
Los Angeles Department of Water & Power Power System Revenue
5.00% 07/01/48 5,500,000 6,857,520
Mount San Antonio Community College District GO,
4.00% 08/01/49 3,000,000 3,522,726
Norman Y Mineta San Jose International Airport SJC Revenue
5.00% 03/01/30 500,000 653,026
Palmdale Elementary School District GO,
5.25% 08/01/42 1,495,000 1,888,504
San Diego Public Facilities Financing Authority Sewer Revenue
5.00% 05/15/39 1,750,000 2,101,713
San Francisco City & County Airport Comm-San Francisco International Airport Revenue
5.00% 05/01/31 - 05/01/49 11,565,000 14,801,212
State of California GO,
4.00% 04/01/49 700,000 824,483
5.00% 02/01/31 - 08/01/46 21,720,000 23,951,358
5.25% 04/01/35 2,750,000 2,853,864
State of California Department of Water Resources Revenue
5.00% 12/01/21 (c) 5,000 5,100
5.00% 12/01/21 1,280,000 1,305,898
5.00% 12/01/29 (a) 8,120,000 9,433,316
University of California Revenue
5.00% 05/15/38 - 05/15/48 9,000,000 10,550,397
    133,220,544
Colorado - 2.3%
City & County of Denver Airport System Revenue
5.00% 12/01/27 - 12/01/30 4,500,000 5,781,346
Colorado Health Facilities Authority Revenue
4.00% 08/01/49 5,100,000 5,794,567
5.00% 06/01/47 (a) 1,750,000 2,168,001
Metro Wastewater Reclamation District Revenue
5.00% 04/01/27 (a) 1,730,000 1,793,033
Regional Transportation District Sales Tax Revenue
4.25% 11/01/36 3,405,000 4,587,921
5.00% 11/01/29 7,925,000 10,471,768
    30,596,636
Connecticut - 4.0%
Connecticut State Health & Educational Facilities Authority Revenue
1.10% 07/01/48 1,000,000 1,014,133
5.00% 07/01/46 6,500,000 7,650,368
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Tax-Exempt Income Fund 53

Elfun Tax-Exempt Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
South Central Connecticut Regional Water Authority Revenue
5.00% 08/01/27 - 08/01/28 (a) $ 2,195,000 $ 2,414,123
State of Connecticut GO,
4.00% 06/01/30 - 08/01/33 1,500,000 1,741,383
State of Connecticut Special Tax Revenue
5.00% 10/01/27 - 10/01/36 25,325,000 28,786,126
State of Connecticut Revenue
5.00% 05/01/29 1,000,000 1,302,354
State of Connecticut Clean Water Fund - State Revolving Fund Revenue
5.00% 05/01/37 7,000,000 8,556,541
Town of Fairfield GO,
5.00% 08/01/21 1,000,000 1,003,905
    52,468,933
Delaware - 0.6%
Delaware Transportation Authority Revenue
5.00% 06/01/45 6,680,000 7,659,844
District of Columbia - 4.2%
District of Columbia GO,
4.00% 10/15/39 - 10/15/44 9,485,000 11,234,111
5.00% 06/01/38 3,000,000 3,365,913
District of Columbia Revenue
5.00% 05/01/32 750,000 995,972
5.00% 04/01/42 (a) 6,250,000 7,749,686
District of Columbia Water & Sewer Authority Revenue
5.00% 10/01/27 - 10/01/38 2,000,000 2,563,196
Metropolitan Washington Airports Authority Revenue
5.00% 10/01/29 - 10/01/32 5,130,000 6,693,355
5.00% 10/01/29 (d) 2,000,000 2,600,210
Metropolitan Washington Airports Authority Dulles Toll Road Revenue
5.00% 10/01/44 5,000,000 6,175,401
Washington Convention & Sports Authority Revenue
5.00% 10/01/28 - 10/01/30 1,360,000 1,776,607
Washington Convention & Sports Authority Tax Allocation Revenue.,
5.00% 10/01/29 750,000 975,513
Washington Metropolitan Area Transit Authority Revenue
5.00% 07/15/29 - 07/01/43 8,875,000 10,882,414
    55,012,378
Florida - 1.8%
Central Florida Expressway Authority Revenue (AGM Insured)
5.00% 07/01/28 (b) 500,000 640,954
County of Broward FL Port Facilities Revenue Revenue
4.00% 09/01/38 1,000,000 1,169,916
  Principal
Amount 		Fair
Value
County of Miami-Dade GO,
5.00% 07/01/36 $ 2,205,000 $ 2,912,825
County of Miami-Dade FL Water & Sewer System Revenue
5.00% 10/01/28 (d) 1,000,000 1,286,241
5.00% 10/01/43 5,000,000 6,267,599
Greater Orlando Aviation Authority Revenue
5.00% 10/01/54 1,450,000 1,800,684
Martin County Health Facilities Authority Revenue
4.00% 01/01/46 5,000,000 5,826,230
State of Florida Department of Transportation Revenue
3.00% 07/01/34 1,500,000 1,716,092
University of Florida Department of Housing & Residence Education Hsg Sys Revenue
5.00% 07/01/29 1,000,000 1,305,040
    22,925,581
Georgia - 5.3%
City of Atlanta GA Airport Passenger Facility Charge Revenue
5.00% 01/01/32 - 01/01/34 8,500,000 9,456,791
City of Atlanta GA Department of Aviation Revenue
5.00% 07/01/30 1,345,000 1,799,236
City of Atlanta GA Water & Wastewater Revenue
5.00% 11/01/41 5,000,000 6,219,838
5.25% 11/01/30 (a) 5,690,000 6,359,183
City of Atlanta GA Water & Wastewater Revenue (AGM Insured)
5.75% 11/01/27 - 11/01/30 (b) 9,500,000 12,927,172
City of Cartersville GO,
5.00% 10/01/30 1,000,000 1,347,217
Development Authority of Gwinnett County Revenue
5.00% 07/01/37 - 07/01/40 9,325,000 11,208,784
Georgia State Road & Tollway Authority Revenue
5.00% 06/01/32 1,000,000 1,320,663
Municipal Electric Authority of Georgia Revenue
5.00% 01/01/35 5,500,000 6,271,010
Private Colleges & Universities Authority Revenue
5.00% 10/01/29 (d) 550,000 715,666
State of Georgia GO,
4.00% 07/01/36 10,000,000 11,939,302
    69,564,862
Hawaii - 0.5%
State of Hawaii GO,
5.00% 01/01/36 4,850,000 6,159,035
Illinois - 3.9%
Chicago O'Hare International Airport Revenue
5.00% 01/01/46 - 01/01/48 7,000,000 8,558,531
5.25% 01/01/42 8,000,000 9,835,604
 
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 — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Chicago Transit Authority Capital Grant Receipts Revenue
5.00% 06/01/29 $ 250,000 $ 323,287
Illinois Finance Authority Revenue
5.00% 07/01/35 2,000,000 2,657,627
Illinois Finance Authority Revenue
5.00% 07/01/37 3,000,000 3,849,130
Metropolitan Pier & Exposition Authority Revenue (NPFG Insured)
5.65% 06/15/22 (b)(c) 785,000 824,693
5.65% 06/15/22 (b) 3,520,000 3,695,928
Southwestern Illinois Development Authority Revenue (NPFG Insured)
5.00% 10/01/21 (b)(c) 195,000 197,336
5.00% 10/01/21 (b) 3,805,000 3,848,001
State of Illinois GO,
5.00% 03/01/26 - 03/01/31 14,750,000 16,986,824
5.13% 05/01/22 500,000 520,317
    51,297,278
Indiana - 0.7%
Ball State University Revenue
5.00% 07/01/29 500,000 651,627
Indiana Finance Authority Revenue
5.00% 10/01/31 (d) 400,000 545,884
Indianapolis Local Public Improvement Bond Bank Revenue
4.00% 02/01/44 6,500,000 7,641,438
    8,838,949
Iowa - 0.5%
Iowa Finance Authority Revenue
5.00% 08/01/37 4,000,000 5,297,027
West Des Moines Community School District GO,
5.00% 05/01/28 1,000,000 1,279,927
    6,576,954
Kansas - 0.3%
City of Wichita KS Water & Sewer Utility Revenue (BAM Insured)
4.00% 10/01/27 1,795,000 2,149,842
Kansas Development Finance Authority Revenue
5.00% 05/01/29 1,500,000 1,954,846
    4,104,688
Kentucky - 2.0%
Kentucky State Property & Building Commission Revenue
5.00% 02/01/33 - 04/01/37 11,705,000 14,028,754
Louisville and Jefferson County Metropolitan Sewer District Revenue
5.00% 05/15/30 10,000,000 10,176,821
  Principal
Amount 		Fair
Value
University of Louisville Revenue (BAM Insured)
5.00% 09/01/28 $ 1,045,000 $ 1,331,442
    25,537,017
Louisiana - 0.0% *
Louisiana Public Facilities Authority Revenue
5.00% 10/01/26 (d) 215,000 261,580
State of Louisiana Revenue
5.00% 09/01/28 250,000 321,916
    583,496
Maine - 0.2%
City of Auburn GO,
4.00% 11/01/30 300,000 375,594
Maine Health & Higher Educational Facilities Authority Revenue
5.25% 07/01/21 435,000 435,000
Maine Turnpike Authority Revenue
5.00% 07/01/42 1,000,000 1,043,073
State of Maine GO,
5.00% 06/01/30 1,000,000 1,337,621
    3,191,288
Maryland - 3.4%
City of Baltimore Revenue
5.00% 07/01/35 - 07/01/46 14,415,000 17,596,869
5.00% 07/01/38 (a) 9,375,000 10,482,890
County of Baltimore GO,
5.00% 03/01/33 2,000,000 2,579,064
County of Prince George's GO,
5.00% 09/15/24 - 09/15/25 (a) 8,790,000 8,877,294
County of St Mary's GO,
5.00% 05/01/28 1,290,000 1,652,093
Maryland Health & Higher Educational Facilities Authority Revenue
5.00% 08/15/41 (a) 1,250,000 1,257,236
Maryland State Transportation Authority Revenue
5.00% 06/01/28 2,000,000 2,523,532
    44,968,978
Massachusetts - 3.5%
Commonwealth of Massachusetts GO,
4.00% 05/01/44 3,045,000 3,535,945
5.00% 09/01/32 - 03/01/46 9,000,000 10,347,161
5.25% 09/01/43 - 01/01/44 17,825,000 22,865,250
Massachusetts Development Finance Agency Revenue
4.00% 06/01/49 1,000,000 1,133,611
 
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 — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Massachusetts Port Authority Revenue
5.00% 07/01/31 $ 500,000 $ 668,297
Massachusetts Water Resources Authority Revenue
5.00% 08/01/32 4,140,000 4,537,154
5.00% 08/01/41 (a) 3,000,000 3,011,836
    46,099,254
Michigan - 1.6%
Forest Hills Public Schools GO,
4.00% 05/01/29 425,000 521,182
Michigan Finance Authority Revenue
5.00% 12/01/47 (a) 4,000,000 4,274,487
5.00% 11/15/48 3,500,000 4,366,563
State of Michigan Revenue
5.00% 03/15/27 4,415,000 5,490,927
Traverse City Area Public Schools GO,
3.00% 05/01/29 2,805,000 3,199,437
University of Michigan Revenue
5.00% 04/01/46 1,000,000 1,190,213
Wayne County Airport Authority Revenue
5.00% 12/01/31 1,000,000 1,362,943
    20,405,752
Minnesota - 1.1%
City of Rochester Revenue
4.00% 11/15/48 5,330,000 6,167,042
City of St Cloud Revenue
5.00% 05/01/48 2,000,000 2,475,575
University of Minnesota Revenue
5.00% 09/01/39 4,350,000 5,324,172
    13,966,789
Missouri - 1.9%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue
5.00% 10/01/44 (a) 8,010,000 8,494,916
City of Kansas City MO Sanitary Sewer System Revenue
4.00% 01/01/40 1,725,000 1,903,098
City of St Louis MO Airport Revenue (AGM Insured)
5.00% 07/01/27 (b) 1,500,000 1,857,779
Health & Educational Facilities Authority of the State of Missouri Revenue
4.00% 07/01/28 - 11/15/48 4,190,000 4,959,225
Kansas City Industrial Development Authority Revenue
5.00% 03/01/30 2,605,000 3,351,706
Metropolitan St Louis Sewer District Revenue
5.00% 05/01/45 (a) 480,000 561,848
5.00% 05/01/45 - 05/01/46 2,520,000 2,946,049
  Principal
Amount 		Fair
Value
Platte County Reorganized School District No R-3 GO,
5.00% 03/01/32 $ 1,000,000 $ 1,366,414
    25,441,035
Nebraska - 0.1%
Omaha School District GO,
3.00% 12/15/32 1,000,000 1,159,244
New Jersey - 6.6%
New Hampshire Municipal Bond Bank Revenue
3.00% 02/15/32 1,205,000 1,377,216
New Jersey Economic Development Authority Revenue
5.00% 11/01/29 - 06/15/43 12,750,000 15,477,313
5.25% 06/15/40 (a) 220,000 261,802
New Jersey Educational Facilities Authority Revenue
5.50% 09/01/30 - 09/01/33 14,700,000 17,962,496
New Jersey Health Care Facilities Financing Authority Revenue (AGM Insured)
4.13% 07/01/38 (b) 6,215,000 6,798,712
New Jersey Transportation Trust Fund Authority Revenue
5.00% 06/15/30 - 06/15/45 10,750,000 13,279,627
New Jersey Turnpike Authority Revenue
4.00% 01/01/48 5,000,000 5,799,241
5.00% 01/01/33 - 01/01/45 15,400,000 17,845,931
5.00% 01/01/38 (a) 4,000,000 4,193,657
State of New Jersey GO,
5.00% 06/01/27 2,500,000 3,104,433
    86,100,428
New York - 11.2%
City of New York GO,
5.00% 08/01/26 - 04/01/43 10,400,000 12,935,056
Hudson Yards Infrastructure Corp. Revenue
4.00% 02/15/44 5,830,000 6,553,349
5.00% 02/15/39 - 02/15/45 11,000,000 13,192,892
Metropolitan Transportation Authority Revenue
4.00% 11/15/48 1,000,000 1,170,462
5.00% 11/15/29 - 11/15/37 7,960,000 8,839,342
5.25% 11/15/55 1,000,000 1,276,324
Metropolitan Transportation Authority Revenue (AGM Insured)
4.00% 11/15/49 (b) 5,000,000 5,787,783
New York City Transitional Finance Authority Building Aid Revenue
5.00% 07/15/36 6,000,000 7,579,406
New York City Transitional Finance Authority Future Tax Secured Revenue
4.00% 11/01/42 5,000,000 5,885,627
5.00% 11/01/21 - 02/01/43 24,000,000 27,670,586
New York City Water & Sewer System Revenue
5.00% 06/15/29 - 06/15/49 7,020,000 8,760,272
 
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 — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
New York Liberty Development Corp. Revenue
5.00% 11/15/44 $ 5,000,000 $ 5,080,295
New York State Dormitory Authority Revenue
4.00% 07/01/29 - 07/01/41 7,155,000 8,301,207
5.00% 03/15/45 - 07/01/46 16,500,000 20,370,534
New York State Thruway Authority Revenue
4.00% 01/01/38 2,500,000 2,960,420
Port Authority of New York & New Jersey Revenue
5.00% 07/15/33 - 09/01/48 7,000,000 8,660,721
St Lawrence County Industrial Development Agency Revenue
5.00% 09/01/32 250,000 328,165
The New York City Trust for Cultural Resources Revenue
4.00% 12/01/35 500,000 601,016
    145,953,457
North Carolina - 0.7%
City of Charlotte NC Airport Special Facilities Revenue
5.00% 07/01/30 1,000,000 1,312,668
County of Wake Revenue
5.00% 03/01/28 1,285,000 1,638,994
North Carolina Capital Facilities Finance Agency Revenue
4.00% 10/01/44 2,000,000 2,271,176
The University of North Carolina at Charlotte Revenue
5.00% 10/01/47 3,545,000 4,332,243
    9,555,081
Ohio - 6.0%
City of Columbus GO,
5.00% 07/01/26 - 08/15/30 (a) 18,055,000 19,802,486
5.00% 04/01/28 1,095,000 1,401,173
County of Franklin Revenue
5.00% 12/01/47 1,125,000 1,392,954
Northeast Ohio Regional Sewer District Revenue
3.00% 11/15/34 1,385,000 1,568,154
4.00% 11/15/43 7,550,000 8,782,912
5.00% 11/15/38 (a) 12,000,000 13,078,958
Ohio Turnpike & Infrastructure Commission Revenue
5.25% 02/15/39 18,250,000 19,635,814
Ohio Water Development Authority Revenue
5.00% 12/01/38 4,960,000 6,470,304
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue
3.00% 12/01/34 1,770,000 2,012,680
State of Ohio Revenue
5.00% 12/15/30 500,000 676,109
University of Cincinnati Revenue
5.00% 06/01/45 3,500,000 4,305,032
    79,126,576
  Principal
Amount 		Fair
Value
Oklahoma - 0.6%
City of Oklahoma City, Oklahoma General Obligation Bond, Series 2021 GO,
3.00% 03/01/30 $ 2,000,000 $ 2,288,045
Oklahoma Capitol Improvement Authority Revenue
5.00% 07/01/28 - 07/01/29 5,000,000 5,663,497
Oklahoma State University Revenue
5.00% 09/01/29 250,000 327,830
    8,279,372
Oregon - 0.3%
City of Eugene OR Water Utility System Revenue
4.00% 08/01/45 1,000,000 1,125,163
Oregon Health & Science University Revenue
5.00% 07/01/29 750,000 980,121
Port of Portland OR Airport Revenue Revenue
5.00% 07/01/29 1,890,000 2,429,701
    4,534,985
Pennsylvania - 5.1%
Allegheny County Hospital Development Authority Revenue
4.00% 07/15/39 1,500,000 1,765,821
Avon Grove School District Chester County GO,
4.00% 11/15/35 500,000 602,738
City of Philadelphia GO,
5.00% 02/01/24 - 08/01/36 10,105,000 12,159,478
City of Philadelphia PA Water & Wastewater Revenue
5.00% 10/01/43 - 10/01/47 15,000,000 18,618,665
City of Philadelphia, Pennsylvania Airport Revenue
5.00% 07/01/27 1,250,000 1,543,375
City of Pittsburgh GO,
5.00% 09/01/32 250,000 326,234
Commonwealth of Pennsylvania GO,
5.00% 05/15/30 1,835,000 2,450,587
Delaware River Joint Toll Bridge Commission Revenue
5.00% 07/01/26 1,000,000 1,214,679
Delaware River Port Authority Revenue
5.00% 01/01/29 - 01/01/40 9,600,000 11,374,741
Erie City Water Authority Revenue (BAM Insured)
5.00% 12/01/33 1,110,000 1,445,948
General Authority of Southcentral Pennsylvania Revenue
4.00% 06/01/49 3,015,000 3,462,758
Montgomery County Higher Education and Health Authority Revenue
4.00% 09/01/49 3,000,000 3,458,490
5.00% 09/01/30 1,040,000 1,334,789
Montgomery County Industrial Development Authority Revenue
4.00% 10/01/36 (d) 425,000 479,294
 
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 — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Pennsylvania Economic Development Financing Authority Revenue
4.00% 11/15/42 $ 5,000,000 $ 5,731,840
Pennsylvania Turnpike Commission Revenue
5.00% 12/01/29 (d) 200,000 263,140
    66,232,577
Rhode Island - 0.6%
Rhode Island Health and Educational Building Corp. Revenue (BAM Insured)
5.00% 05/15/29 200,000 260,326
Rhode Island Health and Educational Building Corp. Revenue
5.00% 09/01/43 5,000,000 5,463,673
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund Revenue
5.00% 10/01/28 2,200,000 2,618,169
    8,342,168
South Carolina - 2.1%
City of Columbia SC Waterworks & Sewer System Revenue
5.00% 02/01/49 (a) 4,000,000 5,219,575
Piedmont Municipal Power Agency Revenue
5.00% 01/01/25 2,315,000 2,367,178
Piedmont Municipal Power Agency Revenue (AGC Insured)
5.75% 01/01/34 (b) 5,500,000 5,522,517
South Carolina Public Service Authority Revenue
5.00% 12/01/37 - 12/01/38 12,000,000 14,275,732
    27,385,002
Tennessee - 1.2%
City of Memphis GO,
4.00% 06/01/46 5,000,000 5,681,982
5.00% 05/01/28 1,000,000 1,277,633
City of Memphis TN Sanitary Sewerage System Revenue
5.00% 10/01/36 1,000,000 1,326,335
City of Murfreesboro GO,
3.00% 06/01/35 1,000,000 1,124,600
County of Shelby GO,
3.13% 04/01/32 1,500,000 1,716,514
Memphis-Shelby County Airport Authority Revenue
5.00% 07/01/31 375,000 497,929
Metropolitan Government of Nashville & Davidson County GO,
3.00% 01/01/34 2,000,000 2,278,026
The Metropolitan Nashville Airport Authority Revenue
5.00% 07/01/54 1,550,000 1,918,595
    15,821,614
  Principal
Amount 		Fair
Value
Texas - 9.5%
Arlington Higher Education Finance Corp. Revenue
5.00% 08/15/28 (b) $ 500,000 $ 634,466
Board of Regents of the University of Texas System Revenue
5.00% 08/15/26 10,000,000 12,241,203
City of Austin GO,
5.00% 09/01/29 1,190,000 1,561,560
City of Austin TX Airport System Revenue
5.00% 11/15/46 3,000,000 3,627,898
City of Austin TX Water & Wastewater System Revenue
5.00% 11/15/33 - 11/15/42 14,345,000 15,439,937
City of Dallas TX Waterworks & Sewer System Revenue
5.00% 10/01/31 - 10/01/46 7,965,000 9,955,885
City of Fort Worth GO,
4.00% 03/01/31 (d) 1,000,000 1,233,204
City of Houston GO,
5.00% 03/01/31 3,460,000 4,447,921
City of Houston TX Airport System Revenue Revenue
5.00% 07/01/28 - 07/01/30 2,300,000 2,972,593
City of Houston TX Combined Utility System Revenue
5.00% 05/15/28 - 11/15/37 6,160,000 7,139,132
City of McKinney TX Waterworks & Sewer System Revenue
5.00% 03/15/31 (d) 1,400,000 1,846,297
City of Plano GO,
5.00% 09/01/29 1,500,000 1,982,132
City of San Antonio GO,
5.00% 08/01/32 1,145,000 1,503,513
City of San Antonio TX Airport System Revenue
5.00% 07/01/28 1,000,000 1,264,059
City of Temple TX Utility System Revenue
3.00% 08/01/35 1,000,000 1,129,604
County of Harris GO,
5.00% 10/01/30 1,000,000 1,327,048
Dallas Fort Worth International Airport Revenue
4.00% 11/01/35 1,445,000 1,778,391
5.25% 11/01/29 5,000,000 5,570,394
Dallas Independent School District GO,
4.00% 02/15/32 (b) 2,000,000 2,465,336
5.00% 02/15/34 (b) 885,000 1,129,588
Forney Independent School District GO,
3.00% 02/15/32 (b) 1,000,000 1,149,087
Fort Bend Independent School District GO,
5.00% 08/15/30 (b) 300,000 401,172
Frisco Independent School District GO,
4.00% 02/15/35 (b) 1,000,000 1,234,361
Lower Colorado River Authority Revenue
5.00% 05/15/32 - 05/15/44 2,450,000 2,974,068
North Texas Municipal Water District Water System Revenue
3.00% 09/01/34 1,500,000 1,697,954
 
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 — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
North Texas Tollway Authority Revenue
5.00% 01/01/26 - 01/01/48 $ 8,000,000 $ 9,689,949
5.00% 09/01/31 (a) 3,500,000 3,527,799
San Antonio Water System Revenue
5.00% 05/15/31 (d) 750,000 1,016,542
Tarrant County College District, Texas General Obligation Bond, Series 2020 GO,
5.00% 08/15/28 1,000,000 1,287,130
Texas A&M University Revenue
4.00% 05/15/32 1,890,000 2,382,146
Texas Municipal Power Agency Revenue
3.00% 09/01/28 275,000 302,049
Texas Transportation Commission State Highway Fund Revenue
5.00% 04/01/23 10,750,000 11,659,618
Texas Water Development Board Revenue
3.00% 10/15/33 1,000,000 1,142,278
The Harris County Toll Road Authority Revenue
4.00% 08/15/37 2,000,000 2,451,923
5.00% 08/15/32 1,000,000 1,327,853
Upper Trinity Regional Water District Revenue (BAM Insured)
4.00% 08/01/29 (d) 400,000 490,778
Waco Educational Finance Corp. Revenue
5.00% 03/01/30 (d) 400,000 526,798
West Harris County Regional Water Authority Revenue
5.00% 12/15/30 1,300,000 1,710,375
    124,222,041
Utah - 1.0%
Central Valley Water Reclamation Facility Revenue
3.00% 03/01/30 1,145,000 1,299,066
City of Salt Lake City Public Utiities Revenue
4.00% 02/01/45 725,000 850,076
County of Utah Revenue
5.00% 05/15/50 2,000,000 2,541,631
The University of Utah Revenue
5.00% 08/01/33 500,000 664,833
Utah Transit Authority Revenue
5.00% 06/15/42 (a) 7,500,000 7,847,668
    13,203,274
Vermont - 0.1%
University of Vermont and State Agricultural College Revenue
5.00% 10/01/37 920,000 1,340,051
Virginia - 2.2%
City of Richmond GO,
3.00% 07/15/34 3,500,000 3,961,448
County of Fairfax GO,
4.00% 10/01/35 6,645,000 7,891,994
  Principal
Amount 		Fair
Value
Norfolk Airport Authority Revenue
5.00% 07/01/28 $ 455,000 $ 581,137
University of Virginia Revenue
5.00% 04/01/47 6,000,000 7,296,480
Virginia Resources Authority Revenue
4.00% 11/01/41 5,585,000 6,358,624
5.00% 11/01/46 1,720,000 2,069,517
    28,159,200
Washington - 0.2%
Pierce & King Counties School District No 417 Fife GO,
4.00% 12/01/35 1,450,000 1,755,446
Snohomish County Public Utility District No 1 Revenue
5.00% 12/01/30 200,000 269,792
    2,025,238
Wisconsin - 0.5%
City of Milwaukee WI Sewerage System Revenue
5.00% 06/01/29 400,000 522,548
Mequon & Thiensville School District GO,
2.00% 03/01/29 1,415,000 1,504,116
State of Wisconsin GO,
5.00% 05/01/34 2,000,000 2,583,295
Wisconsin Department of Transportation Revenue
5.00% 07/01/32 1,000,000 1,329,229
    5,939,188
Total Municipal Bonds and Notes
(Cost $1,193,455,009) 		1,287,065,413
Short-Term Investments - 1.2%
State Street Institutional Treasury Plus Fund - Premier Class 0.01% (e)(f)
(Cost $15,525,103) 		15,525,103 15,525,103
Total Investments
(Cost $1,208,980,112) 		1,302,590,516
Other Assets and Liabilities, net - 0.4% 4,754,942
NET ASSETS - 100.0% $ 1,307,345,458
Notes to Schedule of Investments – June 30, 2021 (Unaudited)
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund's future investments and should not be construed as a recommendation to purchase or sell a particular security.
 
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 — June 30, 2021 (Unaudited)
See the Fund's summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) Pre-refunded bonds are collateralized by U.S. Treasury securities, which are held in escrow by a trustee and are used to pay principal and interest on the tax-exempt issue to retire the bonds at the earliest refunding date.
(b) The security is insured by AGC, AGMC, AMBAC, FGIC or NPFG. The Elfun Tax-Exempt Income Fund had no insurance concentrations of 5% or greater as of June 30, 2021 (as a percentage of net assets).
(c) Escrowed to maturity bonds are collateralized by U.S. Treasury securities which are held in escrow by a Trustee and are used to pay principal and interest on such bonds.
(d) Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future.
(e) Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.
(f) Coupon amount represents effective yield.
† Percentages are based on net assets as of June 30, 2021.
* Less than 0.05%.
Abbreviations:
AGC - Assured Guaranty Corporation
BAM - Build America Mutual Assurance Company
NPFG - National Public Finance Guaranty Corporation
 
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2021:
Investments Level 1   Level 2   Level 3   Total
Investments in Securities              
Municipal Bonds and Notes $ —   $ 1,287,065,413   $ —   $ 1,287,065,413
Short-Term Investments 15,525,103   —   —   15,525,103
Total Investments in Securities $ 15,525,103   $ 1,287,065,413   $ —   $ 1,302,590,516
Affiliate Table
  Number
of Shares
Held at
12/31/20 		Value at
12/31/20 		Cost of
Purchases 		Proceeds
from
Shares
Sold 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation
(Depreciation) 		Number of
Shares
Held at
6/30/21 		Value at
6/30/21 		Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class 7,432,447 $7,432,447 $176,729,191 $168,636,535 $— $— 15,525,103 $15,525,103 $2,082
See Notes to Schedules of Investments and Notes to Financial Statements.
60 Elfun Tax-Exempt Income Fund

Elfun Income Fund
Fund Information — June 30, 2021 (Unaudited)
Sector Allocation
Portfolio Composition as a % of Fair Value of $249,086 (in thousands) as of June 30, 2021 (a)(b)
Quality Ratings
as of June 30, 2021 as a % of Fair Value (a)(b)*
Moody’s / S&P / Rating   Percentage of
Fair Value
Aaa / AAA   15.33%
Aa / AA   46.35%
A / A   7.40%
Baa / BBB   25.40%
Ba / BB and lower   3.90%
NR / Other   1.62%
     100.00%
(a) Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Class G Shares.
(b) The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.
* Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standard of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings.
Elfun Income Fund 61

Elfun Income Fund
Understanding Your Fund’s Expenses — June 30, 2021 (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 the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2021.
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 for your class under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
  Actual
Fund Return 		  Hypothetical
5% Return
(2.5% for
the period)
Account value at the      
beginning of the period
January 1, 2021 		$1,000.00   $1,000.00
Account value at the end of the period
June 30, 2021 		$ 988.90   $1,023.30
Expenses Paid During Period* $ 1.48   $ 1.51
* Expenses are equal to the Fund's annualized net expense ratio of 0.30% (for the period January 1, 2021 - June 30, 2021), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
 
62 Elfun Income Fund

Elfun Income Fund
Schedule of Investments — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Bonds and Notes - 95.4% †
U.S. Treasuries - 24.4%
U.S. Treasury Bonds             
1.13%, 05/15/40 (a) $ 3,442,000 $ 2,971,952
1.25%, 05/15/50 (a) 1,831,000 1,494,840
2.25%, 08/15/46 (a) 1,602,000 1,655,817
3.00%, 08/15/48 (a) 3,000,000 3,580,313
U.S. Treasury Notes             
0.13%, 07/15/23 - 12/15/23 (a) 4,877,800 4,857,790
0.25%, 07/31/25 (a) 4,610,400 4,522,874
0.50%, 03/15/23 (a) 2,217,000 2,228,345
0.75%, 04/30/26 5,255,000 5,228,725
0.75%, 01/31/28 (a) 15,224,000 14,821,991
1.38%, 01/31/22 (a) 7,961,000 8,021,951
1.63%, 05/15/31 6,680,000 6,784,375
2.63%, 02/15/29 (a) 1,602,000 1,756,693
    57,925,666
Agency Mortgage Backed - 21.7%
Federal Home Loan Mortgage Corp.             
3.00%, 04/01/43 - 10/01/49 (a) 6,236,883 6,601,181
4.50%, 06/01/33 - 02/01/35 (a) 7,867 8,769
5.00%, 07/01/35 (a) 70,947 80,702
5.50%, 01/01/38 - 04/01/39 (a) 118,641 138,599
6.00%, 06/01/33 - 11/01/37 (a) 260,943 304,519
7.00%, 01/01/27 - 08/01/36 (a) 59,950 69,795
7.50%, 11/01/29 - 09/01/33 (a) 6,369 7,145
8.00%, 11/01/30 (a) 2,673 3,031
Federal National Mortgage Assoc.             
2.50%, 02/01/51 (a) 5,304,742 5,514,714
2.50%, 03/01/51 3,963,231 4,116,631
3.50%, 08/01/45 - 01/01/48 (a) 5,456,003 5,877,923
4.00%, 01/01/41 - 01/01/50 (a) 3,273,576 3,541,111
4.50%, 07/01/33 - 12/01/48 (a) 1,635,264 1,797,384
5.00%, 03/01/34 - 05/01/39 (a) 155,088 176,292
5.50%, 12/01/32 - 01/01/39 (a) 411,332 474,973
  Principal
Amount 		Fair
Value
6.00%, 09/01/21 - 05/01/41 (a) $ 952,430 $ 1,112,564
6.50%, 08/01/28 - 08/01/36 (a) 48,662 54,428
7.00%, 10/01/32 - 02/01/34 (a) 8,085 9,005
7.50%, 12/01/26 - 03/01/33 (a) 31,903 36,184
8.00%, 06/01/24 - 10/01/31 (a) 7,560 8,260
8.50%, 04/01/30 (a) 1,613 1,945
9.00%, 12/01/22 (a) 209 211
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR             
1.85%, 04/01/37 (a)(b) 2,186 2,231
Federal National Mortgage Assoc. TBA             
2.00%, 07/01/36 - 07/01/51 (c) 9,370,760 9,644,019
Government National Mortgage Assoc.             
3.00%, 12/20/42 - 05/20/45 (a) 5,670,654 6,026,599
3.50%, 08/20/48 (a) 1,327,113 1,400,845
4.00%, 01/20/41 - 04/20/43 (a) 918,854 1,008,177
4.50%, 08/15/33 - 03/20/41 (a) 410,211 458,022
5.00%, 08/15/33 (a) 23,647 26,469
6.00%, 04/15/27 - 09/15/36 (a) 123,331 142,604
6.50%, 03/15/24 - 09/15/36 (a) 46,270 51,941
7.00%, 11/15/27 - 10/15/36 (a) 32,913 37,379
7.50%, 03/15/23 - 11/15/31 (a) 9,495 10,129
8.00%, 09/15/27 - 06/15/30 (a) 20,561 22,104
9.00%, 12/15/21 (a) 5 5
Government National Mortgage Assoc. TBA             
2.50%, 07/01/51 (c) 2,781,000 2,876,500
    51,642,390
Agency Collateralized Mortgage Obligations - 0.7%
Federal Home Loan Mortgage Corp.             
0.08%, 09/25/43 (a)(b)(d) 713,706 2,765
2.51%, 07/25/29 (a) 745,000 802,255
4.05%, 09/25/28 (a)(b) 300,000 352,478
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund 63

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Federal Home Loan Mortgage Corp. REMIC             
3.50%, 11/15/30 (a)(d) $ 62,187 $ 1,891
5.50%, 06/15/33 (a)(d) 23,605 3,829
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR             
6.53%, 08/15/25 (a)(b)(d) 8,459 81
Federal Home Loan Mortgage Corp. STRIPS             
1.47%, 08/01/27 (e) 450 428
8.00%, 02/01/23 - 07/01/24 (a)(d) 943 79
Federal National Mortgage Assoc. REMIC             
1.11%, 12/25/42 (a)(b)(d) 153,044 5,068
5.00%, 02/25/40 - 09/25/40 (a)(d) 60,144 6,579
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR             
5.91%, 07/25/38 (a)(b)(d) 24,693 3,406
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR             
6.46%, 11/25/41 (a)(b)(d) 2,460,146 511,441
Federal National Mortgage Assoc. STRIPS             
1.87%, 12/25/34 (e) 24,304 21,688
4.50%, 08/25/35 - 01/25/36 (a)(d) 46,005 6,190
5.00%, 03/25/38 - 05/25/38 (a)(d) 28,063 5,278
5.50%, 12/25/33 (a)(d) 7,905 1,522
6.00%, 01/25/35 (a)(d) 30,643 4,955
7.50%, 11/25/23 (a)(d) 1,814 123
8.00%, 08/25/23 - 07/25/24 (a)(d) 1,651 144
8.50%, 07/25/22 (a)(d) 63 1
9.00%, 05/25/22 (a)(d)** 20 —
    1,730,201
Asset Backed - 1.4%
American Express Credit Account Master Trust             
3.18%, 04/15/24 664,000 668,043
CarMax Auto Owner Trust 2018-3             
3.13%, 06/15/23 69,321 69,948
Chase Funding Trust 2004-1             
4.99%, 11/25/33 103,215 103,215
  Principal
Amount 		Fair
Value
Enterprise Fleet Financing 2019-1 LLC             
3.07%, 10/20/24 (f) $ 487,000 $ 501,885
Ford Credit Auto Owner Trust 2020-B             
0.56%, 10/15/24 941,000 944,393
Nissan Auto Lease Trust 2019-A             
2.76%, 03/15/22 3,064 3,066
Nissan Auto Lease Trust 2020-A             
1.80%, 05/16/22 30,379 30,416
Santander Retail Auto Lease Trust 2019-B             
2.30%, 01/20/23 (f) 845,492 852,692
Securitized Term Auto Receivables Trust 2018-1             
3.30%, 11/25/22 (f) 78,557 79,004
    3,252,662
Corporate Notes - 37.3%
3M Co.             
3.13%, 09/19/46 (a) 27,000 28,611
7-Eleven Inc.             
0.95%, 02/10/26 (a)(f) 365,000 358,320
Abbott Laboratories             
3.75%, 11/30/26 (a) 28,000 31,672
4.90%, 11/30/46 (a) 66,000 90,070
AbbVie Inc.             
2.60%, 11/21/24 (a) 138,000 145,568
2.95%, 11/21/26 (a) 149,000 160,181
3.20%, 05/14/26 - 11/21/29 (a) 196,000 212,632
3.25%, 10/01/22 (a) 80,000 82,234
3.45%, 03/15/22 (a) 198,000 201,348
4.05%, 11/21/39 (a) 64,000 74,294
4.25%, 11/21/49 (a) 92,000 110,307
4.63%, 10/01/42 (a) 11,000 13,598
4.70%, 05/14/45 (a) 21,000 26,201
4.88%, 11/14/48 (a) 16,000 20,747
5.00%, 12/15/21 (a) 185,000 186,757
Advance Auto Parts Inc.             
3.90%, 04/15/30 (a) 247,000 276,173
AEP Texas Inc.             
3.45%, 05/15/51 155,000 160,295
Aetna Inc.             
3.50%, 11/15/24 (a) 64,000 69,238
Aircastle Ltd.             
4.25%, 06/15/26 (a) 107,000 116,141
 
See Notes to Schedules of Investments and Notes to Financial Statements.
64 Elfun Income Fund

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Alcoa Nederland Holding BV             
5.50%, 12/15/27 (a)(f) $ 203,000 $ 219,912
Alcon Finance Corp.             
2.60%, 05/27/30 (a)(f) 239,000 244,260
Alexandria Real Estate Equities Inc.             
1.88%, 02/01/33 (a) 64,000 60,574
4.70%, 07/01/30 (a) 31,000 36,940
Alibaba Group Holding Ltd.             
4.00%, 12/06/37 (a) 200,000 224,330
Ally Financial Inc.             
5.75%, 11/20/25 (a) 95,000 108,967
Alphabet Inc.             
1.10%, 08/15/30 (a) 64,000 60,792
Altria Group Inc.             
3.40%, 05/06/30 - 02/04/41 (a) 80,000 78,753
4.00%, 02/04/61 (a) 28,000 26,987
4.25%, 08/09/42 (a) 8,000 8,358
4.45%, 05/06/50 (a) 39,000 41,500
4.50%, 05/02/43 (a) 31,000 33,468
Amazon.com Inc.             
1.50%, 06/03/30 (a) 47,000 46,054
2.50%, 06/03/50 (a) 55,000 51,948
2.70%, 06/03/60 (a) 43,000 40,972
2.88%, 05/12/41 93,000 96,012
3.15%, 08/22/27 (a) 23,000 25,410
3.25%, 05/12/61 70,000 74,104
4.05%, 08/22/47 (a) 24,000 29,261
4.25%, 08/22/57 (a) 16,000 20,472
Amcor Flexibles North America Inc.             
2.69%, 05/25/31 155,000 158,021
Ameren Corp.             
2.50%, 09/15/24 (a) 197,000 207,506
3.65%, 02/15/26 (a) 41,000 44,963
America Movil SAB de C.V.             
3.13%, 07/16/22 (a) 205,000 210,576
4.38%, 04/22/49 (a) 200,000 247,088
American Campus Communities Operating Partnership LP             
4.13%, 07/01/24 (a) 32,000 34,877
American Electric Power Company Inc.             
2.30%, 03/01/30 (a) 51,000 51,300
3.25%, 03/01/50 (a) 43,000 42,937
American International Group Inc.             
4.25%, 03/15/29 (a) 61,000 70,406
  Principal
Amount 		Fair
Value
4.50%, 07/16/44 (a) $ 64,000 $ 77,685
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter)             
5.75%, 04/01/48 (a)(b) 16,000 18,211
American Tower Corp.             
1.50%, 01/31/28 (a) 172,000 167,535
2.90%, 01/15/30 (a) 63,000 66,231
3.70%, 10/15/49 (a) 35,000 37,932
3.80%, 08/15/29 (a) 75,000 83,650
American Water Capital Corp.             
2.95%, 09/01/27 (a) 48,000 51,844
Amgen Inc.             
2.45%, 02/21/30 (a) 28,000 28,865
3.15%, 02/21/40 104,000 108,160
3.38%, 02/21/50 (a) 27,000 28,452
4.56%, 06/15/48 (a) 55,000 69,151
4.66%, 06/15/51 (a) 16,000 20,664
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.             
3.65%, 02/01/26 (a) 102,000 112,761
4.70%, 02/01/36 (a) 29,000 35,568
4.90%, 02/01/46 (a) 65,000 82,219
Anheuser-Busch InBev Worldwide Inc.             
3.50%, 06/01/30 (a) 69,000 76,687
4.00%, 04/13/28 (a) 17,000 19,356
4.35%, 06/01/40 (a) 68,000 80,921
4.38%, 04/15/38 (a) 98,000 116,791
4.50%, 06/01/50 (a) 54,000 65,847
4.60%, 04/15/48 (a) 36,000 44,013
4.75%, 04/15/58 (a) 32,000 40,091
5.55%, 01/23/49 (a) 67,000 92,122
Anthem Inc.             
2.88%, 09/15/29 (a) 35,000 37,238
3.30%, 01/15/23 (a) 63,000 65,732
3.60%, 03/15/51 37,000 40,660
3.70%, 09/15/49 (a) 35,000 38,912
Apollo Management Holdings LP             
2.65%, 06/05/30 (a)(f) 105,000 106,611
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter)             
4.95%, 01/14/50 (b)(f) 85,000 88,148
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund 65

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Apple Inc.             
2.20%, 09/11/29 (a) $ 50,000 $ 52,018
2.65%, 02/08/51 (a) 104,000 102,023
2.80%, 02/08/61 (a) 74,000 72,384
2.95%, 09/11/49 (a) 43,000 44,585
3.35%, 02/09/27 (a) 24,000 26,641
3.45%, 02/09/45 (a) 95,000 106,547
3.85%, 08/04/46 (a) 67,000 79,581
Applied Materials Inc.             
4.35%, 04/01/47 (a) 39,000 49,692
Aptiv PLC             
4.40%, 10/01/46 (a) 27,000 31,519
Archer-Daniels-Midland Co.             
2.50%, 08/11/26 (a) 35,000 37,225
Ares Capital Corp.             
2.88%, 06/15/28 236,000 239,346
3.25%, 07/15/25 (a) 451,000 474,542
Arthur J Gallagher & Co.             
2.50%, 05/20/31 373,000 376,972
3.50%, 05/20/51 115,000 120,586
Ascension Health             
4.85%, 11/15/53 (a) 82,000 115,192
Astrazeneca Finance LLC             
1.75%, 05/28/28 150,000 149,926
2.25%, 05/28/31 60,000 60,836
AstraZeneca PLC             
3.00%, 05/28/51 70,000 71,965
4.00%, 01/17/29 (a) 23,000 26,437
4.38%, 08/17/48 (a) 13,000 16,396
AT&T Inc.             
1.70%, 03/25/26 565,000 571,068
2.30%, 06/01/27 (a) 104,000 107,628
2.75%, 06/01/31 (a) 212,000 220,393
3.30%, 02/01/52 (a) 70,000 68,179
3.85%, 06/01/60 (a) 96,000 101,266
4.35%, 03/01/29 (a) 76,000 87,972
4.45%, 04/01/24 (a) 48,000 52,448
4.50%, 05/15/35 (a) 71,000 83,324
4.55%, 03/09/49 (a) 35,000 41,078
4.75%, 05/15/46 (a) 22,000 26,727
4.80%, 06/15/44 (a) 56,000 67,337
4.85%, 03/01/39 (a) 58,000 70,514
5.25%, 03/01/37 (a) 49,000 61,805
5.35%, 12/15/43 (a) 39,000 48,743
5.45%, 03/01/47 (a) 59,000 77,855
Athene Holding Ltd.             
4.13%, 01/12/28 (a) 45,000 50,292
6.15%, 04/03/30 (a) 104,000 131,352
  Principal
Amount 		Fair
Value
Avangrid Inc.             
3.15%, 12/01/24 (a) $ 95,000 $ 101,741
Bain Capital Specialty Finance Inc.             
2.95%, 03/10/26 (a) 155,000 158,757
Bank of America Corp.             
3.25%, 10/21/27 (a) 3,000 3,254
4.18%, 11/25/27 (a) 130,000 145,558
4.25%, 10/22/26 (a) 103,000 116,287
Bank of America Corp. (1.73% fixed rate until 07/22/26; 0.96% + SOFR thereafter)             
1.73%, 07/22/27 (b) 285,000 287,354
Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter)             
2.09%, 06/14/29 (b) 236,000 237,928
Bank of America Corp. (2.59% fixed rate until 04/29/30; 2.15% + SOFR thereafter)             
2.59%, 04/29/31 (a)(b) 195,000 200,735
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter)             
3.12%, 01/20/23 (a)(b) 80,000 81,206
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter)             
3.37%, 01/23/26 (a)(b) 38,000 40,957
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)             
3.42%, 12/20/28 (a)(b) 50,000 54,517
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter)             
3.56%, 04/23/27 (a)(b) 173,000 189,407
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.51% + 3 month USD LIBOR thereafter)             
3.71%, 04/24/28 (a)(b) 140,000 154,808
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)             
3.95%, 01/23/49 (a)(b) 31,000 35,867
 
See Notes to Schedules of Investments and Notes to Financial Statements.
66 Elfun Income Fund

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  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 (a)(b) $ 67,000 $ 79,628
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)             
4.27%, 07/23/29 (a)(b) 21,000 24,134
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.66% + 3 month USD LIBOR thereafter)             
4.30%, 12/31/99 (a)(b) 141,000 145,663
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)             
4.44%, 01/20/48 (a)(b) 64,000 79,324
Barclays PLC             
4.84%, 05/09/28 (a) 200,000 224,460
Barrick North America Finance LLC             
5.70%, 05/30/41 (a) 11,000 15,136
BAT Capital Corp.             
2.73%, 03/25/31 (a) 103,000 101,452
4.39%, 08/15/37 (a) 71,000 76,603
4.54%, 08/15/47 (a) 31,000 32,688
4.70%, 04/02/27 (a) 66,000 74,566
4.91%, 04/02/30 (a) 69,000 79,299
BAT International Finance PLC             
1.67%, 03/25/26 (a) 66,000 66,082
Baxter International Inc.             
3.95%, 04/01/30 30,000 34,534
Baylor Scott & White Holdings             
2.84%, 11/15/50 (a) 15,000 15,047
Becton Dickinson & Co.             
2.89%, 06/06/22 (a) 74,000 75,615
3.70%, 06/06/27 (a) 53,000 58,913
3.73%, 12/15/24 (a) 3,000 3,268
4.67%, 06/06/47 (a) 11,000 13,708
4.69%, 12/15/44 (a) 9,000 11,223
Berkshire Hathaway Energy Co.             
3.25%, 04/15/28 (a) 23,000 25,275
3.70%, 07/15/30 78,000 88,401
3.80%, 07/15/48 (a) 26,000 29,532
4.25%, 10/15/50 69,000 84,673
6.13%, 04/01/36 (a) 14,000 19,728
  Principal
Amount 		Fair
Value
Berkshire Hathaway Finance Corp.             
1.45%, 10/15/30 (a) $ 70,000 $ 68,416
2.85%, 10/15/50 (a) 53,000 52,837
4.25%, 01/15/49 (a) 40,000 49,677
Berry Global Inc.             
4.88%, 07/15/26 (a)(f) 177,000 187,248
BHP Billiton Finance USA Ltd.             
5.00%, 09/30/43 (a) 16,000 21,738
Biogen Inc.             
2.25%, 05/01/30 (a) 32,000 32,085
3.15%, 05/01/50 (a) 18,000 17,700
Block Financial LLC             
2.50%, 07/15/28 90,000 90,343
3.88%, 08/15/30 (a) 32,000 34,602
Boardwalk Pipelines LP             
4.80%, 05/03/29 (a) 67,000 77,702
Boston Scientific Corp.             
4.70%, 03/01/49 (a) 26,000 33,279
BP Capital Markets America Inc.             
3.00%, 02/24/50 (a) 82,000 79,646
3.02%, 01/16/27 (a) 85,000 91,690
3.38%, 02/08/61 (a) 115,000 115,567
BP Capital Markets PLC (4.38% fixed rate until 06/22/25; 4.04% + 5 year CMT Rate thereafter)             
4.38%, 12/31/99 (a)(b) 134,000 142,982
BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 year CMT Rate thereafter)             
4.88%, 12/31/99 (a)(b) 104,000 114,135
Bristol-Myers Squibb Co.             
1.45%, 11/13/30 (a) 72,000 69,605
2.35%, 11/13/40 (a) 38,000 36,574
3.20%, 06/15/26 (a) 54,000 59,282
3.40%, 07/26/29 (a) 67,000 75,053
4.13%, 06/15/39 (a) 53,000 64,078
4.25%, 10/26/49 (a) 53,000 66,941
4.35%, 11/15/47 (a) 2,000 2,535
4.55%, 02/20/48 (a) 18,000 23,494
5.00%, 08/15/45 (a) 17,000 23,262
Brixmor Operating Partnership LP             
2.25%, 04/01/28 (a) 140,000 140,077
3.90%, 03/15/27 (a) 32,000 35,171
Broadcom Inc.             
3.15%, 11/15/25 (a) 42,000 45,050
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund 67

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
3.42%, 04/15/33 (f) $ 92,000 $ 97,003
3.47%, 04/15/34 (f) 14,000 14,818
4.15%, 11/15/30 (a) 105,000 117,828
4.30%, 11/15/32 (a) 69,000 78,565
Brown-Forman Corp.             
4.00%, 04/15/38 (a) 12,000 14,133
Bunge Limited Finance Corp.             
3.75%, 09/25/27 (a) 18,000 19,848
Burlington Northern Santa Fe LLC             
4.15%, 12/15/48 (a) 64,000 78,514
4.55%, 09/01/44 (a) 92,000 117,263
Cameron LNG LLC             
3.30%, 01/15/35 (a)(f) 15,000 16,100
Canadian Natural Resources Ltd.             
3.85%, 06/01/27 (a) 48,000 52,869
4.95%, 06/01/47 (a) 13,000 16,215
Cantor Fitzgerald LP             
4.88%, 05/01/24 (a)(f) 217,000 237,743
Capital One Financial Corp.             
3.75%, 07/28/26 (a) 118,000 130,169
4.75%, 07/15/21 (a) 173,000 173,280
Cardinal Health Inc.             
2.62%, 06/15/22 (a) 29,000 29,582
3.08%, 06/15/24 (a) 24,000 25,464
Carrier Global Corp.             
2.72%, 02/15/30 (a) 66,000 68,426
3.58%, 04/05/50 (a) 66,000 70,057
Caterpillar Inc.             
3.25%, 09/19/49 - 04/09/50 (a) 99,000 109,357
Celulosa Arauco y Constitucion S.A.             
4.20%, 01/29/30 (a)(f) 209,000 226,132
Centene Corp.             
3.38%, 02/15/30 (a) 127,000 132,732
4.25%, 12/15/27 (a) 370,000 390,324
5.38%, 08/15/26 (a)(f) 551,000 575,850
CenterPoint Energy Inc.             
2.65%, 06/01/31 110,000 112,244
Charter Communications Operating LLC/Charter Communications Operating Capital             
3.50%, 06/01/41 94,000 94,637
3.70%, 04/01/51 141,000 140,318
4.46%, 07/23/22 (a) 125,000 129,391
4.80%, 03/01/50 (a) 34,000 39,172
5.05%, 03/30/29 (a) 37,000 43,738
  Principal
Amount 		Fair
Value
5.75%, 04/01/48 (a) $ 39,000 $ 49,770
Cheniere Corpus Christi Holdings LLC             
5.88%, 03/31/25 (a) 177,000 203,056
7.00%, 06/30/24 282,000 322,944
Chevron Corp.             
2.24%, 05/11/30 (a) 34,000 35,063
2.98%, 05/11/40 (a) 51,000 53,330
3.08%, 05/11/50 (a) 37,000 38,311
Chevron USA Inc.             
3.85%, 01/15/28 (a) 126,000 143,644
3.90%, 11/15/24 (a) 32,000 35,087
4.20%, 10/15/49 (a) 35,000 43,068
5.05%, 11/15/44 (a) 13,000 17,446
Choice Hotels International Inc.             
3.70%, 01/15/31 (a) 74,000 80,107
Chubb INA Holdings Inc.             
4.35%, 11/03/45 (a) 49,000 61,959
Cigna Corp.             
2.40%, 03/15/30 (a) 64,000 65,347
3.25%, 04/15/25 (a) 53,000 57,122
3.40%, 03/01/27 - 03/15/51 (a) 92,000 98,105
3.75%, 07/15/23 (a) 18,000 19,164
3.88%, 10/15/47 (a) 15,000 16,772
4.13%, 11/15/25 (a) 90,000 100,880
4.38%, 10/15/28 (a) 25,000 29,099
4.80%, 08/15/38 (a) 23,000 28,647
4.90%, 12/15/48 (a) 13,000 16,803
Cisco Systems Inc.             
5.90%, 02/15/39 (a) 35,000 50,942
Citigroup Inc.             
4.13%, 07/25/28 (a) 420,000 473,626
4.45%, 09/29/27 (a) 16,000 18,274
4.65%, 07/23/48 (a) 95,000 124,435
Citigroup Inc. (0.98% fixed rate until 05/01/24; 0.67% + SOFR thereafter)             
0.98%, 05/01/25 (b) 93,000 93,232
Citigroup Inc. (1.68% fixed rate until 05/15/23; 1.67% + SOFR thereafter)             
1.68%, 05/15/24 (a)(b) 458,000 467,696
Citigroup Inc. (2.56% fixed rate until 05/01/31; 1.17% + SOFR thereafter)             
2.56%, 05/01/32 (b) 105,000 106,970
 
See Notes to Schedules of Investments and Notes to Financial Statements.
68 Elfun Income Fund

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)             
2.88%, 07/24/23 (a)(b) $ 53,000 $ 54,350
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter)             
2.98%, 11/05/30 (a)(b) 51,000 54,097
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)             
3.88%, 01/24/39 (a)(b) 31,000 35,579
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter)             
4.70%, 12/31/99 (a)(b) 191,000 196,929
CME Group Inc.             
3.75%, 06/15/28 (a) 30,000 34,205
CMS Energy Corp.             
4.88%, 03/01/44 (a) 113,000 144,412
CNA Financial Corp.             
3.45%, 08/15/27 (a) 22,000 24,105
3.90%, 05/01/29 (a) 65,000 73,099
CNH Industrial Capital LLC             
1.95%, 07/02/23 (a) 143,000 146,604
CNOOC Finance 2014 ULC             
4.25%, 04/30/24 (a) 423,000 458,908
CNOOC Petroleum North America ULC             
6.40%, 05/15/37 (a) 59,000 77,438
Comcast Corp.             
2.65%, 08/15/62 (a) 52,000 47,458
2.80%, 01/15/51 (a) 60,000 57,743
3.10%, 04/01/25 (a) 76,000 81,986
3.20%, 07/15/36 (a) 64,000 68,522
3.25%, 11/01/39 (a) 86,000 91,513
3.45%, 02/01/50 (a) 51,000 55,245
3.97%, 11/01/47 (a) 75,000 87,496
4.15%, 10/15/28 (a) 60,000 69,475
4.60%, 08/15/45 (a) 39,000 49,004
4.70%, 10/15/48 (a) 31,000 40,191
CommonSpirit Health             
4.35%, 11/01/42 130,000 151,927
Conagra Brands Inc.             
5.30%, 11/01/38 (a) 27,000 34,341
5.40%, 11/01/48 (a) 19,000 25,396
ConocoPhillips             
4.30%, 08/15/28 (a)(f) 50,000 57,998
  Principal
Amount 		Fair
Value
4.88%, 10/01/47 (a)(f) $ 32,000 $ 42,029
ConocoPhillips Co.             
4.30%, 11/15/44 (a) 63,000 75,923
Consolidated Edison Company of New York Inc.             
2.90%, 12/01/26 (a) 60,000 64,058
3.35%, 04/01/30 (a) 28,000 30,827
3.88%, 06/15/47 (a) 33,000 37,033
3.95%, 04/01/50 (a) 47,000 53,453
Constellation Brands Inc.             
3.15%, 08/01/29 (a) 141,000 151,559
3.70%, 12/06/26 (a) 63,000 70,079
4.50%, 05/09/47 (a) 50,000 60,465
Continental Resources Inc.             
3.80%, 06/01/24 471,000 498,087
4.50%, 04/15/23 (a) 254,000 264,907
Corning Inc.             
4.38%, 11/15/57 (a) 33,000 39,326
Corporate Nacional del Cobre de Chile             
3.15%, 01/15/51 (a)(f) 130,000 125,580
Corporate Office Properties LP             
2.25%, 03/15/26 (a) 95,000 97,655
2.75%, 04/15/31 (a) 59,000 59,458
Credit Suisse Group AG (3.09% fixed rate until 11/05/29; 1.73% + SOFR thereafter)             
3.09%, 05/14/32 (b)(f) 254,000 261,711
Crown Castle International Corp.             
3.30%, 07/01/30 (a) 193,000 207,297
4.15%, 07/01/50 (a) 28,000 31,957
5.20%, 02/15/49 (a) 44,000 57,172
CSX Corp.             
4.50%, 03/15/49 - 08/01/54 (a) 107,000 134,518
CubeSmart LP             
4.38%, 02/15/29 (a) 92,000 105,244
Cummins Inc.             
1.50%, 09/01/30 (a) 71,000 68,504
2.60%, 09/01/50 (a) 71,000 67,615
CVS Health Corp.             
3.00%, 08/15/26 (a) 71,000 76,564
3.25%, 08/15/29 (a) 57,000 61,985
3.63%, 04/01/27 (a) 67,000 74,133
3.75%, 04/01/30 (a) 49,000 54,932
3.88%, 07/20/25 (a) 32,000 35,332
4.25%, 04/01/50 (a) 34,000 40,413
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund 69

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
4.30%, 03/25/28 (a) $ 12,000 $ 13,786
4.78%, 03/25/38 (a) 38,000 46,742
5.00%, 12/01/24 (a) 73,000 82,076
5.13%, 07/20/45 (a) 40,000 51,918
5.30%, 12/05/43 (a) 71,000 93,888
Dell International LLC/EMC Corp.             
4.00%, 07/15/24 104,000 113,052
5.45%, 06/15/23 46,000 49,899
6.02%, 06/15/26 17,000 20,389
8.35%, 07/15/46 13,000 21,269
Deutsche Bank AG             
3.30%, 11/16/22 (a) 205,000 212,136
Deutsche Telekom AG             
3.63%, 01/21/50 (a)(f) 191,000 202,445
Devon Energy Corp.             
5.00%, 06/15/45 (a) 23,000 27,066
DH Europe Finance II Sarl             
2.60%, 11/15/29 (a) 63,000 65,966
3.25%, 11/15/39 (a) 35,000 37,542
3.40%, 11/15/49 (a) 16,000 17,600
Diamondback Energy Inc.             
2.88%, 12/01/24 (a) 110,000 116,279
3.13%, 03/24/31 95,000 98,776
3.25%, 12/01/26 (a) 60,000 64,303
3.50%, 12/01/29 (a) 51,000 54,664
4.40%, 03/24/51 37,000 41,794
Digital Realty Trust LP             
3.60%, 07/01/29 (a) 111,000 123,411
Discover Bank             
2.70%, 02/06/30 (a) 250,000 261,745
Discovery Communications LLC             
2.95%, 03/20/23 (a) 117,000 121,724
3.95%, 03/20/28 (a) 41,000 45,649
4.95%, 05/15/42 (a) 13,000 15,431
5.00%, 09/20/37 (a) 16,000 19,376
Dollar General Corp.             
3.50%, 04/03/30 (a) 42,000 46,192
4.13%, 04/03/50 (a) 61,000 71,495
Dollar Tree Inc.             
4.00%, 05/15/25 (a) 63,000 69,529
Dominion Energy Inc.             
3.07%, 08/15/24 (a)(g) 81,000 85,929
3.38%, 04/01/30 (a) 104,000 113,387
Dover Corp.             
2.95%, 11/04/29 (a) 70,000 75,237
DTE Energy Co.             
2.85%, 10/01/26 (a) 30,000 31,981
  Principal
Amount 		Fair
Value
3.85%, 12/01/23 (a) $ 38,000 $ 40,656
Duke Energy Carolinas LLC             
3.95%, 03/15/48 (a) 38,000 44,595
Duke Energy Corp.             
2.55%, 06/15/31 142,000 143,985
3.30%, 06/15/41 142,000 145,353
3.50%, 06/15/51 142,000 146,815
3.75%, 09/01/46 (a) 199,000 212,172
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter)             
4.88%, 12/31/99 (b) 130,000 138,744
Duke Energy Progress LLC             
4.15%, 12/01/44 (a) 43,000 51,929
Duke Realty LP             
3.05%, 03/01/50 (a) 28,000 27,644
3.25%, 06/30/26 (a) 31,000 33,642
DuPont de Nemours Inc.             
5.42%, 11/15/48 (a) 18,000 24,997
Duquesne Light Holdings Inc.             
3.62%, 08/01/27 (a)(f) 89,000 96,693
Eastman Chemical Co.             
4.65%, 10/15/44 (a) 69,000 83,832
Eaton Corp.             
3.10%, 09/15/27 (a) 35,000 38,081
Ecolab Inc.             
1.30%, 01/30/31 (a) 70,000 66,168
Edison International             
4.95%, 04/15/25 (a) 148,000 164,011
5.75%, 06/15/27 (a) 21,000 23,923
EI du Pont de Nemours & Co.             
2.30%, 07/15/30 (a) 51,000 52,296
Electronic Arts Inc.             
1.85%, 02/15/31 (a) 86,000 83,162
Eli Lilly & Co.             
3.95%, 03/15/49 (a) 64,000 77,688
Emera US Finance LP             
2.64%, 06/15/31 (f) 155,000 156,011
Emerson Electric Co.             
1.80%, 10/15/27 (a) 44,000 45,056
2.75%, 10/15/50 (a) 37,000 36,997
Empower Finance 2020 LP             
1.36%, 09/17/27 (a)(f) 104,000 102,678
1.78%, 03/17/31 (a)(f) 80,000 76,778
Enbridge Energy Partners LP             
5.50%, 09/15/40 (a) 10,000 12,886
 
See Notes to Schedules of Investments and Notes to Financial Statements.
70 Elfun Income Fund

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Enbridge Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter)             
5.75%, 07/15/80 (a)(b) $ 177,000 $ 197,948
Enel Finance International N.V.             
3.63%, 05/25/27 (a)(f) 273,000 300,166
Energy Transfer LP             
4.25%, 03/15/23 (a) 84,000 88,158
4.50%, 04/15/24 (a) 56,000 60,991
4.95%, 06/15/28 (a) 21,000 24,352
5.30%, 04/01/44 - 04/15/47 (a) 116,000 134,984
5.35%, 05/15/45 93,000 107,628
6.13%, 12/15/45 (a) 14,000 17,822
6.50%, 02/01/42 (a) 59,000 76,590
Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter)             
6.75%, 12/31/99 (b) 285,000 286,499
Energy Transfer LP/Regency Energy Finance Corp.             
4.50%, 11/01/23 (a) 39,000 41,806
Enterprise Products Operating LLC             
4.25%, 02/15/48 (a) 84,000 96,620
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter)             
5.25%, 08/16/77 (a)(b) 31,000 32,470
EOG Resources Inc.             
4.15%, 01/15/26 (a) 7,000 7,882
4.38%, 04/15/30 (a) 68,000 80,599
4.95%, 04/15/50 (a) 35,000 46,759
5.10%, 01/15/36 (a) 23,000 28,553
Equinix Inc.             
1.25%, 07/15/25 (a) 119,000 119,343
2.15%, 07/15/30 (a) 100,000 99,338
Equinor ASA             
3.25%, 11/18/49 (a) 50,000 52,933
ERP Operating LP             
4.50%, 07/01/44 (a) 27,000 34,021
Eversource Energy             
3.45%, 01/15/50 (a) 67,000 70,788
Exelon Corp.             
3.50%, 06/01/22 (a) 68,000 69,733
4.05%, 04/15/30 (a) 104,000 118,407
4.45%, 04/15/46 (a) 69,000 83,704
  Principal
Amount 		Fair
Value
4.70%, 04/15/50 (a) $ 69,000 $ 87,124
Exxon Mobil Corp.             
2.61%, 10/15/30 (a) 112,000 118,134
3.45%, 04/15/51 (a) 112,000 121,875
FedEx Corp.             
4.10%, 02/01/45 (a) 137,000 156,583
Fidelity National Information Services Inc.             
1.15%, 03/01/26 194,000 192,467
1.65%, 03/01/28 (a) 78,000 77,529
3.10%, 03/01/41 (a) 19,000 19,520
FirstEnergy Transmission LLC             
4.55%, 04/01/49 (a)(f) 84,000 97,432
Fiserv Inc.             
3.50%, 07/01/29 (a) 27,000 29,722
4.40%, 07/01/49 (a) 27,000 32,525
Florida Power & Light Co.             
2.85%, 04/01/25 (a) 163,000 174,187
4.13%, 02/01/42 (a) 48,000 58,495
Flowers Foods Inc.             
2.40%, 03/15/31 (a) 82,000 82,161
Ford Motor Co.             
4.35%, 12/08/26 (a) 54,000 57,966
Ford Motor Credit Company LLC             
3.10%, 05/04/23 (a) 237,000 241,806
3.22%, 01/09/22 (a) 215,000 217,199
3.34%, 03/28/22 (a) 200,000 202,856
5.88%, 08/02/21 (a) 302,000 303,117
Fox Corp.             
3.50%, 04/08/30 (a) 70,000 77,148
GA Global Funding Trust             
1.63%, 01/15/26 (a)(f) 126,000 127,522
General Dynamics Corp.             
4.25%, 04/01/50 (a) 51,000 65,322
General Mills Inc.             
3.00%, 02/01/51 (a)(f) 45,000 45,340
General Motors Co.             
5.20%, 04/01/45 (a) 10,000 12,383
5.40%, 10/02/23 - 04/01/48 (a) 43,000 50,785
6.13%, 10/01/25 (a) 135,000 159,812
6.80%, 10/01/27 (a) 55,000 69,240
General Motors Financial Company Inc.             
1.25%, 01/08/26 (a) 268,000 266,220
2.35%, 01/08/31 (a) 68,000 67,081
3.45%, 01/14/22 - 04/10/22 (a) 286,000 290,505
4.20%, 11/06/21 (a) 346,000 350,591
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund 71

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
5.25%, 03/01/26 (a) $ 53,000 $ 61,231
Georgia-Pacific LLC             
1.75%, 09/30/25 (a)(f) 180,000 184,513
3.60%, 03/01/25 (a)(f) 261,000 283,845
Gilead Sciences Inc.             
1.65%, 10/01/30 (a) 39,000 37,714
2.60%, 10/01/40 (a) 51,000 49,127
2.80%, 10/01/50 (a) 75,000 72,050
2.95%, 03/01/27 (a) 10,000 10,763
3.50%, 02/01/25 (a) 29,000 31,423
3.65%, 03/01/26 (a) 30,000 33,088
4.15%, 03/01/47 (a) 28,000 32,949
GlaxoSmithKline Capital Inc.             
3.38%, 05/15/23 (a) 76,000 80,241
3.63%, 05/15/25 (a) 71,000 78,332
GlaxoSmithKline Capital PLC             
3.38%, 06/01/29 (a) 78,000 86,702
Glencore Finance Canada Ltd.             
4.25%, 10/25/22 (a)(f) 174,000 182,112
4.95%, 11/15/21 (a)(f) 65,000 66,056
Glencore Funding LLC             
3.88%, 04/27/51 (f) 141,000 147,975
Graphic Packaging International LLC             
1.51%, 04/15/26 (a)(f) 152,000 151,214
Gray Oak Pipeline LLC             
2.00%, 09/15/23 (a)(f) 223,000 227,551
2.60%, 10/15/25 (a)(f) 163,000 167,683
Grupo Televisa SAB             
5.00%, 05/13/45 (a) 204,000 243,203
Halliburton Co.             
3.80%, 11/15/25 (a) 4,000 4,421
5.00%, 11/15/45 (a) 32,000 39,071
HCA Inc.             
3.50%, 09/01/30 - 07/15/51 339,000 354,681
5.38%, 02/01/25 195,000 219,948
Health Care Service Corp.             
2.20%, 06/01/30 (a)(f) 99,000 99,383
3.20%, 06/01/50 (a)(f) 36,000 37,238
Healthcare Trust of America Holdings LP             
2.00%, 03/15/31 (a) 55,000 53,253
Hess Corp.             
5.60%, 02/15/41 (a) 13,000 16,258
5.80%, 04/01/47 (a) 10,000 13,054
Hewlett Packard Enterprise Co.             
6.35%, 10/15/45 (a) 14,000 18,905
  Principal
Amount 		Fair
Value
Highwoods Realty LP             
4.13%, 03/15/28 (a) $ 38,000 $ 42,617
4.20%, 04/15/29 (a) 97,000 109,153
Honeywell International Inc.             
2.70%, 08/15/29 (a) 3,000 3,219
Hormel Foods Corp.             
1.80%, 06/11/30 (a) 141,000 139,981
HSBC Holdings PLC (2.01% fixed rate until 09/22/27; 1.73% + SOFR thereafter)             
2.01%, 09/22/28 (a)(b) 330,000 331,102
HSBC Holdings PLC (2.80% fixed rate until 05/24/31; 1.19% + SOFR thereafter)             
2.80%, 05/24/32 (b) 200,000 205,300
HSBC Holdings PLC (4.00% fixed rate until 03/09/26; 3.22% + 5 year CMT Rate thereafter)             
4.00%, 12/31/99 (a)(b) 200,000 203,568
HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.35% + 3 month USD LIBOR thereafter)             
4.29%, 09/12/26 (a)(b) 423,000 470,778
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 (a)(b) 465,000 516,113
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 (a)(b) 205,000 235,010
Huntington Bancshares Inc.             
2.55%, 02/04/30 (a) 140,000 145,921
Huntsman International LLC             
2.95%, 06/15/31 70,000 71,199
Hyundai Capital America             
1.30%, 01/08/26 (a)(f) 268,000 264,599
3.10%, 04/05/22 (a)(f) 53,000 53,964
Imperial Brands Finance PLC             
3.13%, 07/26/24 (a)(f) 264,000 277,857
3.50%, 02/11/23 - 07/26/26 (a)(f) 490,000 514,569
Indiana Michigan Power Co.             
3.25%, 05/01/51 70,000 73,294
 
See Notes to Schedules of Investments and Notes to Financial Statements.
72 Elfun Income Fund

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
ING Groep N.V. (1.06% fixed rate until 04/01/26; 1.01% + SOFR thereafter)             
1.06%, 04/01/27 (b) $ 470,000 $ 474,733
Ingredion Inc.             
3.90%, 06/01/50 (a) 34,000 38,170
Intel Corp.             
2.45%, 11/15/29 (a) 140,000 147,458
2.88%, 05/11/24 (a) 16,000 17,011
3.10%, 02/15/60 (a) 64,000 65,381
Intercontinental Exchange Inc.             
1.85%, 09/15/32 (a) 35,000 33,222
2.65%, 09/15/40 (a) 35,000 33,541
International Business Machines Corp.             
3.45%, 02/19/26 (a) 254,000 280,396
4.15%, 05/15/39 (a) 150,000 178,231
4.25%, 05/15/49 (a) 150,000 185,535
International Paper Co.             
4.40%, 08/15/47 (a) 51,000 63,797
Interstate Power & Light Co.             
3.40%, 08/15/25 (a) 227,000 245,609
ITC Holdings Corp.             
2.95%, 05/14/30 (a)(f) 175,000 184,473
JAB HOLDINGS BV             
2.20%, 11/23/30 (a)(f) 250,000 243,555
Jabil Inc.             
3.95%, 01/12/28 (a) 46,000 51,149
Jefferies Group LLC             
5.13%, 01/20/23 (a) 53,000 56,673
John Deere Capital Corp.             
2.45%, 01/09/30 (a) 174,000 183,109
Johnson & Johnson             
3.63%, 03/03/37 (a) 33,000 38,472
Johnson Controls International PLC             
4.50%, 02/15/47 (a) 18,000 22,579
JPMorgan Chase & Co. (1.58% fixed rate until 04/22/26; 0.89% + SOFR thereafter)             
1.58%, 04/22/27 (b) 194,000 195,042
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter)             
2.96%, 05/13/31 (a)(b) 115,000 120,864
  Principal
Amount 		Fair
Value
JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter)             
3.16%, 04/22/42 (b) $ 94,000 $ 97,877
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)             
3.88%, 07/24/38 (a)(b) 41,000 47,213
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)             
3.90%, 01/23/49 (a)(b) 78,000 90,638
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter)             
3.96%, 01/29/27 (a)(b) 117,000 130,276
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter)             
4.01%, 04/23/29 (a)(b) 44,000 49,837
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter)             
4.03%, 07/24/48 (a)(b) 49,000 57,717
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + SOFR thereafter)             
4.49%, 03/24/31 (a)(b) 278,000 329,483
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter)             
4.60%, 12/31/99 (a)(b) 179,000 185,335
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter)             
6.10%, 10/29/49 (a)(b) 138,000 150,891
Kaiser Foundation Hospitals             
3.00%, 06/01/51 95,000 97,993
3.27%, 11/01/49 (a) 154,000 167,289
Keurig Dr Pepper Inc.             
3.20%, 05/01/30 (a) 79,000 85,599
3.80%, 05/01/50 (a) 59,000 66,462
4.50%, 11/15/45 (a) 28,000 34,157
4.60%, 05/25/28 (a) 10,000 11,744
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund 73

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
KeyCorp             
2.25%, 04/06/27 (a) $ 211,000 $ 218,853
Kinder Morgan Energy Partners LP             
4.70%, 11/01/42 (a) 11,000 12,796
5.00%, 03/01/43 (a) 27,000 32,461
6.38%, 03/01/41 (a) 27,000 37,334
Kinder Morgan Inc.             
5.05%, 02/15/46 (a) 26,000 31,546
KLA Corp.             
3.30%, 03/01/50 (a) 70,000 74,374
4.10%, 03/15/29 (a) 141,000 162,566
4.65%, 11/01/24 (a) 89,000 99,379
Kohl's Corp.             
3.38%, 05/01/31 176,000 182,322
5.55%, 07/17/45 (a) 66,000 79,145
L3Harris Technologies Inc.             
3.85%, 12/15/26 (a) 52,000 58,381
Lear Corp.             
4.25%, 05/15/29 (a) 44,000 49,688
Leidos Inc.             
2.95%, 05/15/23 180,000 187,142
3.63%, 05/15/25 51,000 55,388
4.38%, 05/15/30 139,000 157,707
Liberty Mutual Group Inc.             
3.95%, 05/15/60 (a)(f) 33,000 36,245
Life Storage LP             
2.20%, 10/15/30 (a) 96,000 94,816
Lincoln National Corp.             
4.35%, 03/01/48 (a) 35,000 41,817
Lloyds Banking Group PLC (2.44% fixed rate until 02/05/25; 1.00% + 1 year CMT Rate thereafter)             
2.44%, 02/05/26 (a)(b) 200,000 208,756
Lockheed Martin Corp.             
3.55%, 01/15/26 (a) 32,000 35,375
4.50%, 05/15/36 (a) 64,000 80,453
Lowe's Companies Inc.             
1.30%, 04/15/28 (a) 43,000 41,943
1.70%, 10/15/30 (a) 33,000 31,656
3.00%, 10/15/50 (a) 66,000 65,021
3.70%, 04/15/46 (a) 12,000 13,182
4.05%, 05/03/47 (a) 36,000 41,480
LYB International Finance II BV             
3.50%, 03/02/27 (a) 13,000 14,186
LYB International Finance III LLC             
1.25%, 10/01/25 (a) 51,000 50,938
  Principal
Amount 		Fair
Value
3.63%, 04/01/51 (a) $ 67,000 $ 70,943
3.80%, 10/01/60 (a) 32,000 33,788
Marathon Oil Corp.             
3.85%, 06/01/25 (a) 27,000 29,409
Marvell Technology Inc.             
1.65%, 04/15/26 (f) 315,000 314,883
2.45%, 04/15/28 (f) 155,000 157,976
2.95%, 04/15/31 (f) 140,000 145,153
Masco Corp.             
3.50%, 11/15/27 (a) 13,000 14,286
McCormick & Company Inc.             
1.85%, 02/15/31 (a) 47,000 45,438
3.25%, 11/15/25 (a) 516,000 559,447
McDonald's Corp.             
3.60%, 07/01/30 (a) 104,000 116,950
3.63%, 09/01/49 (a) 21,000 23,266
4.88%, 12/09/45 (a) 26,000 33,472
Medtronic Inc.             
4.63%, 03/15/45 (a) 10,000 13,117
Memorial Sloan-Kettering Cancer Center             
4.13%, 07/01/52 (a) 115,000 145,307
Merck & Company Inc.             
2.45%, 06/24/50 (a) 89,000 83,894
2.75%, 02/10/25 (a) 48,000 51,143
4.00%, 03/07/49 (a) 22,000 26,904
MetLife Inc.             
4.72%, 12/15/44 (a) 43,000 55,882
Microchip Technology Inc.             
2.67%, 09/01/23 456,000 474,851
Micron Technology Inc.             
2.50%, 04/24/23 (a) 128,000 132,275
Microsoft Corp.             
2.40%, 08/08/26 (a) 49,000 52,217
2.68%, 06/01/60 (a) 22,000 21,904
2.92%, 03/17/52 152,000 161,232
3.04%, 03/17/62 53,000 56,670
3.45%, 08/08/36 (a) 18,000 20,802
3.50%, 02/12/35 (a) 42,000 48,686
Molson Coors Beverage Co.             
2.10%, 07/15/21 (a) 135,000 135,090
4.20%, 07/15/46 (a) 22,000 24,487
Morgan Stanley             
3.70%, 10/23/24 (a) 26,000 28,349
3.95%, 04/23/27 (a) 95,000 106,123
4.35%, 09/08/26 (a) 140,000 158,659
4.38%, 01/22/47 (a) 41,000 51,389
5.00%, 11/24/25 (a) 413,000 476,354
 
See Notes to Schedules of Investments and Notes to Financial Statements.
74 Elfun Income Fund

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter)             
2.80%, 01/25/52 (a)(b) $ 92,000 $ 90,361
Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter)             
3.62%, 04/01/31 (a)(b) 89,000 99,408
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter)             
3.97%, 07/22/38 (a)(b) 43,000 50,450
MPLX LP             
2.65%, 08/15/30 (a) 82,000 82,883
3.38%, 03/15/23 (a) 30,000 31,358
5.20%, 12/01/47 (a) 22,000 26,855
MPLX LP (1.22% fixed rate until 08/02/21; 1.10% + 3 month USD LIBOR thereafter)             
1.22%, 09/09/22 (a)(b) 172,000 172,096
Mylan Inc.             
5.20%, 04/15/48 (a) 31,000 38,066
National Retail Properties Inc.             
4.00%, 11/15/25 (a) 61,000 67,612
NewMarket Corp.             
2.70%, 03/18/31 69,000 69,115
Newmont Corp.             
4.88%, 03/15/42 (a) 45,000 57,172
NextEra Energy Capital Holdings Inc.             
3.25%, 04/01/26 (a) 117,000 126,881
NextEra Energy Capital Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter)             
5.65%, 05/01/79 (a)(b) 63,000 73,400
NGPL PipeCo LLC             
3.25%, 07/15/31 (f) 140,000 144,353
NIKE Inc.             
3.38%, 03/27/50 (a) 31,000 34,993
NiSource Inc.             
3.60%, 05/01/30 (a) 72,000 79,712
3.95%, 03/30/48 (a) 18,000 20,571
Nomura Holdings Inc.             
2.65%, 01/16/25 (a) 230,000 241,564
3.10%, 01/16/30 (a) 208,000 218,281
Nordstrom Inc.             
4.00%, 03/15/27 236,000 245,598
  Principal
Amount 		Fair
Value
4.25%, 08/01/31 (f) $ 45,000 $ 46,986
Norfolk Southern Corp.             
3.95%, 10/01/42 (a) 44,000 50,621
NOV Inc.             
3.60%, 12/01/29 (a) 104,000 108,751
Novant Health Inc.             
3.32%, 11/01/61 70,000 74,243
Novartis Capital Corp.             
2.20%, 08/14/30 (a) 104,000 107,553
3.00%, 11/20/25 (a) 8,000 8,679
Nucor Corp.             
3.95%, 05/01/28 (a) 52,000 59,269
Nutrien Ltd.             
4.90%, 06/01/43 (a) 43,000 54,343
NVIDIA Corp.             
2.85%, 04/01/30 (a) 32,000 34,646
3.50%, 04/01/50 (a) 49,000 55,413
NXP BV/NXP Funding LLC/NXP USA Inc.             
2.50%, 05/11/31 (f) 121,000 122,687
2.70%, 05/01/25 (a)(f) 90,000 94,887
3.25%, 05/11/41 (f) 92,000 94,335
Occidental Petroleum Corp.             
2.90%, 08/15/24 (a) 57,000 58,284
Oklahoma Gas & Electric Co.             
3.25%, 04/01/30 (a) 60,000 65,267
Oncor Electric Delivery Company LLC             
3.80%, 09/30/47 (a) 16,000 18,722
ONEOK Inc.             
4.35%, 03/15/29 (a) 64,000 72,263
Oracle Corp.             
1.65%, 03/25/26 130,000 131,803
2.30%, 03/25/28 47,000 48,261
2.40%, 09/15/23 (a) 30,000 31,121
2.65%, 07/15/26 (a) 67,000 70,714
2.88%, 03/25/31 70,000 72,890
2.95%, 04/01/30 (a) 104,000 109,613
3.60%, 04/01/50 (a) 69,000 70,895
3.65%, 03/25/41 75,000 79,661
3.80%, 11/15/37 (a) 15,000 16,446
3.95%, 03/25/51 75,000 81,953
4.00%, 07/15/46 - 11/15/47 (a) 91,000 99,060
4.10%, 03/25/61 90,000 99,741
Orbia Advance Corp. SAB de C.V.             
1.88%, 05/11/26 (f) 465,000 468,083
2.88%, 05/11/31 (f) 209,000 210,306
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund 75

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Otis Worldwide Corp.             
2.06%, 04/05/25 (a) $ 110,000 $ 114,335
2.57%, 02/15/30 (a) 43,000 44,560
3.36%, 02/15/50 (a) 39,000 41,073
Ovintiv Exploration Inc.             
5.63%, 07/01/24 (a) 439,000 488,572
Owens Corning             
4.40%, 01/30/48 (a) 25,000 29,506
Pacific Gas & Electric Co.             
2.10%, 08/01/27 (a) 60,000 58,286
2.50%, 02/01/31 (a) 104,000 97,579
3.00%, 06/15/28 100,000 100,447
3.30%, 08/01/40 (a) 104,000 94,581
3.50%, 08/01/50 (a) 43,000 38,271
4.30%, 03/15/45 (a) 67,000 64,494
PacifiCorp             
2.70%, 09/15/30 (a) 64,000 67,219
6.25%, 10/15/37 (a) 2,000 2,851
Parker-Hannifin Corp.             
3.25%, 06/14/29 (a) 61,000 66,727
PartnerRe Finance B LLC (4.50% fixed rate until 04/01/30; 3.82% + 5 year CMT Rate thereafter)             
4.50%, 10/01/50 (a)(b) 141,000 147,229
PayPal Holdings Inc.             
2.65%, 10/01/26 (a) 92,000 98,673
3.25%, 06/01/50 (a) 50,000 54,386
PepsiCo Inc.             
1.63%, 05/01/30 (a) 66,000 65,133
2.63%, 07/29/29 (a) 90,000 96,368
3.45%, 10/06/46 (a) 22,000 24,695
Pfizer Inc.             
2.70%, 05/28/50 (a) 126,000 125,625
3.45%, 03/15/29 (a) 27,000 30,374
3.60%, 09/15/28 (a) 68,000 77,017
3.90%, 03/15/39 (a) 37,000 44,098
4.13%, 12/15/46 (a) 30,000 37,229
4.40%, 05/15/44 (a) 13,000 16,673
Philip Morris International Inc.             
1.50%, 05/01/25 (a) 69,000 70,400
2.10%, 05/01/30 (a) 34,000 33,915
3.38%, 08/15/29 (a) 48,000 53,058
4.13%, 03/04/43 (a) 26,000 29,713
Phillips 66             
2.15%, 12/15/30 (a) 355,000 349,245
Phillips 66 Partners LP             
3.15%, 12/15/29 (a) 188,000 197,590
3.75%, 03/01/28 (a) 18,000 19,716
  Principal
Amount 		Fair
Value
4.68%, 02/15/45 (a) $ 35,000 $ 40,054
Pioneer Natural Resources Co.             
1.13%, 01/15/26 (a) 106,000 104,941
2.15%, 01/15/31 (a) 60,000 58,880
Plains All American Pipeline LP/PAA Finance Corp.             
3.55%, 12/15/29 (a) 83,000 87,538
3.65%, 06/01/22 (a) 125,000 127,557
PPL Capital Funding Inc.             
3.10%, 05/15/26 (a) 75,000 80,657
Precision Castparts Corp.             
4.38%, 06/15/45 (a) 43,000 52,179
Prospect Capital Corp.             
3.36%, 11/15/26 125,000 125,256
Prudential Financial Inc.             
3.94%, 12/07/49 (a) 70,000 82,146
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter)             
5.70%, 09/15/48 (a)(b) 64,000 74,942
Public Service Company of Colorado             
3.70%, 06/15/28 (a) 63,000 71,170
Public Service Electric & Gas Co.             
2.38%, 05/15/23 (a) 128,000 132,233
PVH Corp.             
4.63%, 07/10/25 (a) 177,000 197,495
QUALCOMM Inc.             
1.30%, 05/20/28 (a) 21,000 20,554
4.30%, 05/20/47 (a) 13,000 16,368
Quest Diagnostics Inc.             
2.95%, 06/30/30 (a) 26,000 27,553
Ralph Lauren Corp.             
1.70%, 06/15/22 (a) 31,000 31,398
Raytheon Technologies Corp.             
3.13%, 05/04/27 (a) 105,000 114,187
3.50%, 03/15/27 (a) 36,000 39,725
3.95%, 08/16/25 (a) 30,000 33,360
4.15%, 05/15/45 (a) 40,000 47,437
4.45%, 11/16/38 (a) 32,000 38,730
Realty Income Corp.             
3.00%, 01/15/27 (a) 19,000 20,524
3.25%, 01/15/31 (a) 66,000 72,024
Regeneron Pharmaceuticals Inc.             
1.75%, 09/15/30 (a) 123,000 116,677
 
See Notes to Schedules of Investments and Notes to Financial Statements.
76 Elfun Income Fund

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
2.80%, 09/15/50 (a) $ 55,000 $ 50,138
Reliance Steel & Aluminum Co.             
2.15%, 08/15/30 (a) 63,000 62,190
Reynolds American Inc.             
4.45%, 06/12/25 (a) 4,000 4,435
Rio Tinto Finance USA PLC             
4.13%, 08/21/42 (a) 26,000 31,686
Rockwell Automation Inc.             
4.20%, 03/01/49 (a) 48,000 60,086
Rogers Communications Inc.             
5.00%, 03/15/44 (a) 18,000 22,515
Roper Technologies Inc.             
2.95%, 09/15/29 (a) 71,000 75,931
Ross Stores Inc.             
4.70%, 04/15/27 (a) 24,000 27,812
Royalty Pharma PLC             
0.75%, 09/02/23 (a)(f) 71,000 71,212
1.20%, 09/02/25 (a)(f) 95,000 94,194
1.75%, 09/02/27 (a)(f) 47,000 46,325
2.20%, 09/02/30 (a)(f) 19,000 18,637
3.30%, 09/02/40 (a)(f) 11,000 11,059
RPM International Inc.             
3.75%, 03/15/27 (a) 28,000 30,740
Ryder System Inc.             
2.90%, 12/01/26 (a) 183,000 196,024
Sabine Pass Liquefaction LLC             
4.20%, 03/15/28 (a) 31,000 35,015
4.50%, 05/15/30 (a) 39,000 44,998
5.00%, 03/15/27 (a) 13,000 15,011
5.88%, 06/30/26 (a) 134,000 158,574
Salesforce.com Inc.             
1.95%, 07/15/31 155,000 155,240
2.70%, 07/15/41 115,000 115,721
2.90%, 07/15/51 194,000 196,029
3.05%, 07/15/61 95,000 96,541
Santander UK Group Holdings PLC             
4.75%, 09/15/25 (a)(f) 200,000 224,360
Saudi Arabian Oil Co.             
3.50%, 04/16/29 (a)(f) 254,000 274,963
4.38%, 04/16/49 (a)(f) 254,000 292,194
Schlumberger Holdings Corp.             
3.90%, 05/17/28 (a)(f) 56,000 62,528
Selective Insurance Group Inc.             
5.38%, 03/01/49 (a) 27,000 33,829
Sempra Energy             
3.80%, 02/01/38 (a) 18,000 20,079
  Principal
Amount 		Fair
Value
4.00%, 02/01/48 (a) $ 24,000 $ 26,913
Shell International Finance BV             
2.38%, 08/21/22 (a) 114,000 116,694
3.13%, 11/07/49 (a) 65,000 67,278
3.75%, 09/12/46 (a) 21,000 23,754
4.13%, 05/11/35 (a) 27,000 32,068
Shire Acquisitions Investments Ireland DAC             
2.88%, 09/23/23 (a) 13,000 13,605
3.20%, 09/23/26 (a) 14,000 15,196
Siemens Financieringsmaatschappij N.V.             
2.88%, 03/11/41 (a)(f) 250,000 258,215
Simon Property Group LP             
3.38%, 06/15/27 (a) 39,000 42,484
Skyworks Solutions Inc.             
1.80%, 06/01/26 140,000 141,978
3.00%, 06/01/31 35,000 35,859
South Jersey Industries Inc.             
5.02%, 04/15/31 188,000 198,389
Southern California Edison Co.             
2.40%, 02/01/22 (a) 99,000 99,839
4.00%, 04/01/47 (a) 124,000 130,572
4.20%, 03/01/29 (a) 91,000 102,795
Southern Company Gas Capital Corp.             
3.95%, 10/01/46 (a) 67,000 74,538
4.40%, 05/30/47 (a) 11,000 12,957
Southern Copper Corp.             
5.88%, 04/23/45 (a) 64,000 89,457
Southwest Airlines Co.             
2.63%, 02/10/30 (a) 104,000 106,669
Southwestern Electric Power Co.             
2.75%, 10/01/26 (a) 45,000 47,727
Spectra Energy Partners LP             
3.38%, 10/15/26 (a) 12,000 13,046
4.50%, 03/15/45 (a) 11,000 12,920
Spirit Realty LP             
4.00%, 07/15/29 (a) 79,000 87,802
Standard Chartered PLC (2.68% fixed rate until 06/29/31; 1.20% + 1 year CMT Rate thereafter)             
2.68%, 06/29/32 (b)(f) 247,000 247,830
Starbucks Corp.             
4.00%, 11/15/28 (a) 28,000 32,223
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund 77

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
STERIS Irish FinCo UnLtd Co.             
2.70%, 03/15/31 $ 200,000 $ 203,886
Stryker Corp.             
1.95%, 06/15/30 (a) 142,000 140,455
2.90%, 06/15/50 (a) 64,000 64,291
Sumitomo Mitsui Financial Group Inc.             
4.44%, 04/02/24 (f) 466,000 507,348
Suncor Energy Inc.             
4.00%, 11/15/47 (a) 12,000 13,262
Suzano Austria GmbH             
6.00%, 01/15/29 (a) 244,000 290,458
Svenska Handelsbanken AB (1.42% fixed rate until 06/11/26; 0.63% + 1 year CMT Rate thereafter)             
1.42%, 06/11/27 (b)(f) 250,000 249,250
Sysco Corp.             
3.25%, 07/15/27 (a) 33,000 35,784
5.95%, 04/01/30 (a) 14,000 17,988
6.60%, 04/01/50 (a) 17,000 26,419
Takeda Pharmaceutical Company Ltd.             
2.05%, 03/31/30 (a) 200,000 198,272
3.03%, 07/09/40 (a) 200,000 202,114
3.18%, 07/09/50 (a) 200,000 201,806
3.38%, 07/09/60 (a) 200,000 205,110
Tampa Electric Co.             
2.40%, 03/15/31 130,000 133,169
3.45%, 03/15/51 95,000 104,269
4.35%, 05/15/44 (a) 88,000 106,146
Tapestry Inc.             
4.13%, 07/15/27 (a) 43,000 47,018
4.25%, 04/01/25 (a) 467,000 507,923
Target Corp.             
2.50%, 04/15/26 (a) 38,000 40,870
Teck Resources Ltd.             
3.90%, 07/15/30 (a) 259,000 279,733
5.40%, 02/01/43 (a) 37,000 45,087
Teledyne Technologies Inc.             
2.25%, 04/01/28 93,000 94,755
Texas Instruments Inc.             
3.88%, 03/15/39 (a) 52,000 62,430
The Allstate Corp.             
4.20%, 12/15/46 (a) 25,000 30,757
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)             
5.75%, 08/15/53 (a)(b) 121,000 131,337
  Principal
Amount 		Fair
Value
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter)             
4.63%, 12/29/49 (a)(b) $ 68,000 $ 75,002
The Boeing Co.             
2.20%, 02/04/26 (a) 273,000 275,580
2.70%, 02/01/27 (a) 171,000 176,699
2.95%, 02/01/30 (a) 41,000 41,984
3.25%, 03/01/28 (a) 11,000 11,605
3.55%, 03/01/38 (a) 10,000 10,244
3.75%, 02/01/50 (a) 36,000 37,136
5.04%, 05/01/27 (a) 249,000 287,456
5.15%, 05/01/30 (a) 140,000 165,907
5.81%, 05/01/50 (a) 87,000 117,388
The Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT Rate thereafter)             
4.00%, 12/31/99 (a)(b) 173,000 176,920
The Cleveland Electric Illuminating Co.             
4.55%, 11/15/30 (a)(f) 169,000 195,264
The Clorox Co.             
1.80%, 05/15/30 (a) 96,000 94,416
The Coca-Cola Co.             
2.60%, 06/01/50 (a) 71,000 68,348
2.75%, 06/01/60 (a) 55,000 53,918
The Dow Chemical Co.             
2.10%, 11/15/30 (a) 53,000 52,486
3.60%, 11/15/50 (a) 53,000 57,137
4.25%, 10/01/34 (a) 48,000 55,517
5.55%, 11/30/48 (a) 35,000 49,133
The Estee Lauder Companies Inc.             
2.38%, 12/01/29 (a) 51,000 53,279
The George Washington University             
4.13%, 09/15/48 100,000 124,101
The Goldman Sachs Group Inc.             
3.50%, 04/01/25 - 11/16/26 (a) 249,000 270,518
3.85%, 01/26/27 (a) 302,000 333,058
4.25%, 10/21/25 (a) 5,000 5,594
5.15%, 05/22/45 (a) 35,000 46,677
The Goldman Sachs Group Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter)             
1.54%, 09/10/27 (b) 236,000 235,275
 
See Notes to Schedules of Investments and Notes to Financial Statements.
78 Elfun Income Fund

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
The Goldman Sachs Group Inc. (1.99% fixed rate until 01/27/31; 1.09% + SOFR thereafter)             
1.99%, 01/27/32 (a)(b) $ 162,000 $ 157,312
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter)             
2.91%, 06/05/23 (a)(b) 122,000 124,735
The Goldman Sachs Group Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter)             
3.21%, 04/22/42 (b) 85,000 88,944
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter)             
3.81%, 04/23/29 (a)(b) 35,000 39,138
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)             
4.02%, 10/31/38 (a)(b) 40,000 46,901
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter)             
4.22%, 05/01/29 (a)(b) 61,000 69,642
The Hartford Financial Services Group Inc.             
2.80%, 08/19/29 (a) 149,000 156,977
The Hartford Financial Services Group Inc. (2.28% fixed rate until 06/28/21; 2.13% + 3 month USD LIBOR thereafter)             
2.28%, 02/12/67 (a)(b)(f) 89,000 85,757
The Home Depot Inc.             
2.70%, 04/15/30 (a) 39,000 41,728
3.35%, 04/15/50 (a) 69,000 76,357
3.50%, 09/15/56 (a) 43,000 48,600
3.90%, 12/06/28 - 06/15/47 (a) 64,000 75,165
4.50%, 12/06/48 (a) 27,000 35,096
The Kroger Co.             
2.20%, 05/01/30 (a) 61,000 61,350
2.95%, 11/01/21 (a) 142,000 142,946
  Principal
Amount 		Fair
Value
4.65%, 01/15/48 (a) $ 22,000 $ 26,972
The Northwestern Mutual Life Insurance Co.             
3.45%, 03/30/51 (f) 95,000 101,428
The Southern Co.             
3.25%, 07/01/26 (a) 18,000 19,527
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter)             
3.63%, 09/15/31 (a)(b) 55,000 60,858
The Travelers Companies Inc.             
2.55%, 04/27/50 (a) 83,000 79,981
The Walt Disney Co.             
2.65%, 01/13/31 (a) 104,000 109,223
3.38%, 11/15/26 (a) 13,000 14,338
3.60%, 01/13/51 (a) 66,000 74,805
4.75%, 11/15/46 (a) 11,000 14,318
6.65%, 11/15/37 (a) 69,000 104,296
The Williams Companies Inc.             
3.75%, 06/15/27 (a) 13,000 14,434
4.85%, 03/01/48 (a) 33,000 40,166
4.90%, 01/15/45 (a) 80,000 96,751
5.40%, 03/04/44 (a) 11,000 13,921
Thermo Fisher Scientific Inc.             
4.13%, 03/25/25 (a) 3,000 3,326
4.50%, 03/25/30 (a) 22,000 26,197
Time Warner Cable LLC             
6.55%, 05/01/37 (a) 30,000 40,790
T-Mobile USA Inc.             
3.50%, 04/15/25 112,000 121,461
3.75%, 04/15/27 158,000 174,604
3.88%, 04/15/30 41,000 45,764
4.50%, 04/15/50 20,000 23,792
Total Capital International S.A.             
3.46%, 02/19/29 (a) 73,000 81,393
Trane Technologies Luxembourg Finance S.A.             
3.55%, 11/01/24 (a) 59,000 63,715
3.80%, 03/21/29 (a) 18,000 20,319
TransCanada PipeLines Ltd.             
4.25%, 05/15/28 (a) 92,000 105,803
4.88%, 01/15/26 (a) 19,000 21,840
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter)             
5.63%, 05/20/75 (a)(b) 176,000 190,216
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund 79

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Transcontinental Gas Pipe Line Company LLC             
4.00%, 03/15/28 (a) $ 39,000 $ 44,164
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter)             
4.80%, 12/31/99 (a)(b) 242,000 256,856
TSMC Global Ltd.             
0.75%, 09/28/25 (a)(f) 204,000 199,830
1.25%, 04/23/26 (f) 468,000 465,370
2.25%, 04/23/31 (f) 209,000 210,586
TWDC Enterprises 18 Corp.             
4.13%, 06/01/44 (a) 13,000 15,660
Tyco Electronics Group S.A.             
3.13%, 08/15/27 (a) 38,000 40,993
Tyson Foods Inc.             
4.00%, 03/01/26 (a) 168,000 187,291
4.55%, 06/02/47 (a) 13,000 15,887
UBS Group AG (2.86% fixed rate until 08/15/22; 0.95% + 3 month USD LIBOR thereafter)             
2.86%, 08/15/23 (a)(b)(f) 284,000 291,339
UBS Group AG (3.13% fixed rate until 08/13/29; 1.47% + 3 month USD LIBOR thereafter)             
3.13%, 08/13/30 (a)(b)(f) 259,000 277,568
UDR Inc.             
2.10%, 08/01/32 (a) 89,000 85,519
3.00%, 08/15/31 (a) 55,000 57,794
UniCredit S.p.A. (2.57% fixed rate until 09/22/25; 2.30% + 1 year CMT Rate thereafter)             
2.57%, 09/22/26 (a)(b)(f) 360,000 364,820
Union Pacific Corp.             
3.50%, 06/08/23 (a) 82,000 86,776
3.60%, 09/15/37 (a) 13,000 14,554
3.80%, 04/06/71 (f) 39,000 43,200
4.10%, 09/15/67 (a) 27,000 31,461
UnitedHealth Group Inc.             
2.00%, 05/15/30 (a) 112,000 112,928
4.45%, 12/15/48 (a) 67,000 85,748
4.75%, 07/15/45 (a) 19,000 24,909
Utah Acquisition Sub Inc.             
3.95%, 06/15/26 (a) 12,000 13,220
Vale S.A.             
5.63%, 09/11/42 (a) 29,000 36,280
Valero Energy Corp.             
2.85%, 04/15/25 (a) 87,000 92,247
  Principal
Amount 		Fair
Value
4.00%, 04/01/29 (a) $ 88,000 $ 98,258
Ventas Realty LP             
3.25%, 10/15/26 (a) 50,000 54,403
VEREIT Operating Partnership LP             
2.85%, 12/15/32 (a) 64,000 66,932
Verizon Communications Inc.             
1.45%, 03/20/26 185,000 186,709
2.10%, 03/22/28 140,000 142,965
2.55%, 03/21/31 130,000 133,009
3.00%, 03/22/27 (a) 248,000 266,704
3.40%, 03/22/41 95,000 100,627
3.55%, 03/22/51 69,000 73,731
3.70%, 03/22/61 90,000 96,528
4.40%, 11/01/34 (a) 72,000 85,854
4.52%, 09/15/48 (a) 38,000 46,908
4.67%, 03/15/55 (a) 38,000 49,098
4.86%, 08/21/46 (a) 158,000 204,101
5.25%, 03/16/37 (a) 30,000 39,572
ViacomCBS Inc.             
2.90%, 01/15/27 (a) 30,000 31,900
3.70%, 06/01/28 (a) 29,000 32,275
5.25%, 04/01/44 (a) 10,000 12,786
Virginia Electric & Power Co.             
4.00%, 11/15/46 (a) 76,000 89,348
Visa Inc.             
2.00%, 08/15/50 (a) 52,000 45,962
2.05%, 04/15/30 (a) 66,000 67,892
2.70%, 04/15/40 (a) 71,000 73,440
Vistra Operations Company LLC             
3.55%, 07/15/24 (a)(f) 221,000 233,617
Viterra Finance BV             
2.00%, 04/21/26 (f) 373,000 373,496
Vodafone Group PLC             
4.38%, 05/30/28 (a) 38,000 44,204
5.25%, 05/30/48 (a) 27,000 35,393
Volkswagen Group of America Finance LLC             
1.63%, 11/24/27 (a)(f) 232,000 229,230
Vontier Corp.             
2.40%, 04/01/28 (a)(f) 182,000 180,673
2.95%, 04/01/31 (a)(f) 141,000 141,546
Vornado Realty LP             
2.15%, 06/01/26 165,000 167,374
3.40%, 06/01/31 60,000 61,868
3.50%, 01/15/25 (a) 31,000 32,999
Vulcan Materials Co.             
3.90%, 04/01/27 (a) 13,000 14,649
 
See Notes to Schedules of Investments and Notes to Financial Statements.
80 Elfun Income Fund

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Walgreens Boots Alliance Inc.             
4.10%, 04/15/50 (a) $ 8,000 $ 8,816
Walmart Inc.             
3.63%, 12/15/47 (a) 31,000 36,364
3.70%, 06/26/28 (a) 60,000 68,303
3.95%, 06/28/38 (a) 23,000 27,634
4.05%, 06/29/48 (a) 40,000 50,329
WEC Energy Group Inc.             
3.55%, 06/15/25 (a) 46,000 50,149
Wells Fargo & Co.             
4.15%, 01/24/29 (a) 119,000 136,952
4.75%, 12/07/46 (a) 120,000 151,667
Wells Fargo & Co. (1.65% fixed rate until 06/02/23; 1.60% + SOFR thereafter)             
1.65%, 06/02/24 (a)(b) 119,000 121,562
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter)             
2.19%, 04/30/26 (a)(b) 143,000 148,461
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter)             
2.39%, 06/02/28 (a)(b) 581,000 602,451
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter)             
3.07%, 04/30/41 (a)(b) 145,000 148,689
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter)             
3.20%, 06/17/27 (a)(b) 326,000 352,148
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)             
5.88%, 12/29/49 (b) 83,000 93,147
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter)             
2.89%, 02/04/30 (a)(b) 101,000 104,773
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter)             
4.11%, 07/24/34 (a)(b) 79,000 86,710
Willis North America Inc.             
3.60%, 05/15/24 (a) 58,000 62,374
3.88%, 09/15/49 (a) 71,000 80,318
  Principal
Amount 		Fair
Value
WPP Finance 2010             
3.75%, 09/19/24 (a) $ 38,000 $ 41,380
WRKCo Inc.             
3.00%, 09/15/24 (a) 44,000 46,665
Xcel Energy Inc.             
3.40%, 06/01/30 (a) 86,000 94,497
Zoetis Inc.             
3.00%, 09/12/27 (a) 13,000 14,037
3.90%, 08/20/28 (a) 39,000 44,411
    88,544,110
Non-Agency Collateralized Mortgage Obligations - 8.4%
Banc of America Commercial Mortgage Trust 2016-UBS10             
5.02%, 07/15/49 (a)(b) 290,000 319,612
BANK 2017-BNK7             
3.18%, 09/15/60 (a) 2,398,000 2,593,974
BANK 2018-BNK15             
4.41%, 11/15/61 (a)(b) 1,001,000 1,169,915
BX Commercial Mortgage Trust 2018-IND 0.75% + 1 month USD LIBOR             
0.82%, 11/15/35 (a)(b)(f) 166,205 166,282
Cantor Commercial Real Estate Lending 2019-CF3             
3.01%, 01/15/53 (a) 460,000 495,544
CD 2019-CD8 Mortgage Trust             
2.91%, 08/15/57 (a) 839,000 894,925
CFCRE Commercial Mortgage Trust 2016-C7             
4.56%, 12/10/54 (a)(b) 286,000 283,702
Citigroup Commercial Mortgage Trust 2015-GC35             
4.63%, 11/10/48 (a)(b) 482,000 464,392
Citigroup Commercial Mortgage Trust 2015-P1             
3.72%, 09/15/48 (a) 1,403,000 1,538,365
Citigroup Commercial Mortgage Trust 2016-P5             
2.94%, 10/10/49 (a) 399,397 426,249
Citigroup Commercial Mortgage Trust 2016-P6             
4.03%, 12/10/49 (a)(b) 336,823 367,192
COMM 2012-CCRE3 Mortgage Trust             
3.92%, 10/15/45 (a)(f) 191,000 189,462
COMM 2013-LC13 Mortgage Trust             
4.56%, 08/10/46 (a)(b)(f) 170,000 181,952
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund 81

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
COMM 2014-CR14 Mortgage Trust             
4.53%, 02/10/47 (a)(b) $ 240,000 $ 259,501
CSAIL 2015-C3 Commercial Mortgage Trust             
4.27%, 08/15/48 (a)(b) 620,420 654,876
CSAIL 2016-C7 Commercial Mortgage Trust             
4.48%, 11/15/49 (a)(b) 477,000 524,434
GS Mortgage Securities Trust 2012-GCJ9             
2.08%, 11/10/45 (a)(b)(d) 668,840 11,679
GS Mortgage Securities Trust 2014-GC22             
4.85%, 06/10/47 (a)(b) 285,000 296,752
GS Mortgage Securities Trust 2014-GC24             
4.65%, 09/10/47 (a)(b) 382,000 403,104
GS Mortgage Securities Trust 2015-GS1             
4.57%, 11/10/48 (a)(b) 380,000 334,372
GS Mortgage Securities Trust 2016-GS3             
2.85%, 10/10/49 (a) 333,000 355,154
GS Mortgage Securities Trust 2017-GS8             
3.47%, 11/10/50 (a) 767,075 845,954
GS Mortgage Securities Trust 2018-GS9             
4.14%, 03/10/51 (a)(b) 291,000 327,892
GS Mortgage Securities Trust 2019-GC42             
2.75%, 09/01/52 (a) 1,523,000 1,598,629
GS Mortgage Securities Trust 2019-GSA1             
3.05%, 11/10/52 (a) 743,000 802,443
Impac CMB Trust 2004-5 (0.81% fixed rate until 07/25/21; 0.72% + 1 month USD LIBOR thereafter)             
0.81%, 10/25/34 (a)(b) 27,516 27,303
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9             
1.63%, 12/15/47 (a)(b)(d) 550,252 8,947
JPMBB Commercial Mortgage Securities Trust 2013-C12             
4.17%, 07/15/45 (a)(b) 125,000 131,747
JPMBB Commercial Mortgage Securities Trust 2015-C32             
4.80%, 11/15/48 (a)(b) 250,000 209,861
  Principal
Amount 		Fair
Value
MASTR Alternative Loan Trust 2003-5             
5.00%, 08/25/18 (d) $ 1,544 $ 17
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7             
4.26%, 02/15/46 (a)(b) 399,000 387,230
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21             
1.01%, 03/15/48 (a)(b)(d) 3,295,613 83,526
Morgan Stanley Capital I Trust 2016-UBS12             
4.03%, 12/15/49 (a)(b) 407,000 401,006
UBS-Barclays Commercial Mortgage Trust 2013-C6             
3.88%, 04/10/46 (a)(b)(f) 955,000 971,991
Wells Fargo Commercial Mortgage Trust 2014-LC16             
4.32%, 08/15/50 (a) 955,000 915,461
Wells Fargo Commercial Mortgage Trust 2015-C26             
1.35%, 02/15/48 (a)(b)(d) 2,565,167 95,444
Wells Fargo Commercial Mortgage Trust 2019-C50             
4.35%, 05/15/52 (a) 175,000 190,133
WFRBS Commercial Mortgage Trust 2012-C10             
3.74%, 12/15/45 (a) 254,000 243,953
WFRBS Commercial Mortgage Trust 2013-C17             
4.26%, 12/15/46 (a) 235,000 252,081
WFRBS Commercial Mortgage Trust 2014-LC14             
4.35%, 03/15/47 (a)(b) 533,000 573,979
    19,999,035
Sovereign Bonds - 1.1%
Government of Chile             
2.55%, 01/27/32 (a) 290,000 296,351
3.86%, 06/21/47 (a) 200,000 220,736
Government of Colombia             
5.00%, 06/15/45 (a) 200,000 212,510
Government of Mexico             
4.00%, 10/02/23 (a) 16,000 17,327
4.75%, 03/08/44 (a) 200,000 221,106
Government of Panama             
3.16%, 01/23/30 (a) 200,000 209,548
3.87%, 07/23/60 (a) 200,000 204,298
Government of Peru             
1.86%, 12/01/32 (a) 140,000 130,052
 
See Notes to Schedules of Investments and Notes to Financial Statements.
82 Elfun Income Fund

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
2.78%, 12/01/60 (a) $ 230,000 $ 204,932
5.63%, 11/18/50 (a) 105,000 144,722
Government of Philippines             
3.95%, 01/20/40 (a) 200,000 222,174
Government of Qatar             
4.82%, 03/14/49 (a)(f) 258,000 332,485
Government of Uruguay             
5.10%, 06/18/50 (a) 105,744 138,500
    2,554,741
Municipal Bonds and Notes - 0.4%
American Municipal Power Inc.             
6.27%, 02/15/50 135,000 190,300
Board of Regents of the University of Texas System             
3.35%, 08/15/47 115,000 131,331
Port Authority of New York & New Jersey             
4.46%, 10/01/62 220,000 288,623
State of California             
4.60%, 04/01/38 200,000 233,829
State of Illinois             
5.10%, 06/01/33 95,000 111,705
    955,788
Total Bonds and Notes
(Cost $218,061,134) 		  226,604,593
  Number
of Shares 		Fair
Value
Domestic Equity - 0.1%
Preferred Stock - 0.1%
Wells Fargo & Co. 5.85%, 3.09% + 3 month USD LIBOR
(Cost $186,475) (b) 		7,459 $ 205,495
Total Investments in Securities
(Cost $218,247,609) 		  226,810,088
Short-Term Investments - 9.4%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.03% (h)(i)
(Cost $22,276,147) 		22,276,147 22,276,147
Total Investments
(Cost $240,523,756) 		  249,086,235
Liabilities in Excess of Other Assets, net - (4.9)%   (11,583,886)
NET ASSETS - 100.0%   $ 237,502,349
 
Other Information:
Centrally Cleared Credit Default Swaps
Reference Entity Counterparty Notional
Amount
(000s
omitted) 		Contract
Annual
Fixed Rate/
Payment
Frequency 		Termination
Date 		Market
Value 		Unamortized
Upfront
Payments
Received (Paid) 		Unrealized
Appreciation
(Depreciation)
Sell Protection              
Markit CDX North America High Yield Index Intercontinental Exchange $4,149 5.00%/
Quarterly 		06/20/25 $410,899 $(205,776) $616,675
    
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund 83

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
The Fund had the following long futures contracts open at June 30, 2021:
Description Expiration
Date 		Number of
Contracts 		Notional
Amount 		Value Unrealized
Appreciation
(Depreciation)
U.S. Long Bond Futures September 2021 23 $ 3,607,246 $ 3,697,250 $ 87,771
2 Yr. U.S. Treasury Notes Futures September 2021 118 26,042,320 25,997,797 (44,523)
Ultra Long-Term U.S. Treasury Bond Futures September 2021 30 5,593,139 5,780,625 187,486
          $ 230,734
The Fund had the following short futures contracts open at June 30, 2021:
Description Expiration
date 		Number of
Contracts 		Notional
Amount 		Value Unrealized
Appreciation
(Depreciation)
10 Yr. U.S. Treasury Ultra Futures September 2021 55 $ (7,962,018) $ (8,096,172) $ (134,154)
10 Yr. U.S. Treasury Notes Futures September 2021 81 (10,671,508) (10,732,500) (60,992)
5 Yr. U.S. Treasury Notes Futures September 2021 23 (2,840,235) (2,838,883) 1,352
          $ (193,794)
          $ 36,940
During the period ended June 30, 2021 average notional values related to derivative contracts were as follows:
  Purchased
Put
Options 		Purchased
Call
Options 		Written
Put
Options 		Written
Call
Options 		Long
Futures
Contracts 		Short
Futures
Contracts 		Credit
Default
Swap
Contracts 		Interest
Rate
Swap
Contracts
Average Notional Value $— $— $— $— $33,125,412 $24,310,364 $4,944,743 $—
Notes to Schedule of Investments – June 30, 2021 (Unaudited)
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund's future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund's summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) At June 30, 2021, all or a portion of this security was pledged to cover collateral requirements for futures, options, swaps and/or TBAs.
(b) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(c) Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future.
(d) Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.
(e) Principal only security. These securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the "principal only" holder.
(f) Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, these securities amounted to $18,014,601 or 7.59% of the net assets of the Elfun Income Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees.
 
See Notes to Schedules of Investments and Notes to Financial Statements.
84 Elfun Income Fund

Elfun Income Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
(g) Step coupon bond.
(h) Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.
(i) Coupon amount represents effective yield.
† Percentages are based on net assets as of June 30, 2021.
** Amount is less than $0.50.
    
Abbreviations:
CMT - Constant Maturity Treasury
LIBOR - London Interbank Offered Rate
REMIC - Real Estate Mortgage Investment Conduit
SOFR - Secured Overnight Financing Rate
STRIPS - Separate Trading of Registered Interest and Principal of Security
TBA - To Be Announced
 
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2021:
Investments Level 1   Level 2   Level 3   Total
Investments in Securities              
U.S. Treasuries $ —   $ 57,925,666   $ —   $ 57,925,666
Agency Mortgage Backed —   51,642,390   —   51,642,390
Agency Collateralized Mortgage Obligations —   1,730,201   —   1,730,201
Asset Backed —   3,252,662   —   3,252,662
Corporate Notes —   88,544,110   —   88,544,110
Non-Agency Collateralized Mortgage Obligations —   19,999,035   —   19,999,035
Sovereign Bonds —   2,554,741   —   2,554,741
Municipal Bonds and Notes —   955,788   —   955,788
Preferred Stock 205,495   —   —   205,495
Short-Term Investments 22,276,147   —   —   22,276,147
Total Investments in Securities $ 22,481,642   $ 226,604,593   $ —   $ 249,086,235
Other Financial Instruments              
Credit Default Swap Contracts - Unrealized Appreciation $ —   $ 616,675   $ —   $ 616,675
Long Futures Contracts - Unrealized Appreciation 275,257   —   —   275,257
Long Futures Contracts - Unrealized Depreciation (44,523)   —   —   (44,523)
Short Futures Contracts - Unrealized Appreciation 1,352   —   —   1,352
Short Futures Contracts - Unrealized Depreciation (195,146)   —   —   (195,146)
Total Other Financial Instruments $ 36,940   $ 616,675   $ —   $ 653,615
Affiliate Table
  Number
of Shares
Held at
12/31/20 		Value at
12/31/20 		Cost of
Purchases 		Proceeds
from
Shares
Sold 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation
(Depreciation) 		Number of
Shares
Held at
6/30/21 		Value at
6/30/21 		Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares 30,523,302 $30,523,302 $65,050,862 $73,298,017 $— $— 22,276,147 $22,276,147 $3,841
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Income Fund 85

Elfun Government Money Market Fund
Fund Information — June 30, 2021 (Unaudited)
Sector Allocation
Portfolio Composition as a % of Fair Value of $141,324 (in thousands) as of June 30, 2021 (a)
(a) The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.
86 Elfun Government Money Market Fund

Elfun Government Money Market Fund
Understanding Your Fund’s Expenses — June 30, 2021 (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 the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2021.
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 for your class under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
  Actual
Fund Return 		  Hypothetical
5% Return
(2.5% for
the period)
Account value at the      
beginning of the period
January 1, 2021 		$1,000.00   $1,000.00
Account value at the end of the period
June 30, 2021 		$1,000.00   $1,024.40
Expenses Paid During Period* $ 0.40   $ 0.40
* Expenses are equal to the Fund's annualized net expense ratio of 0.08%** (for the period January 1, 2021 - June 30, 2021), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
 
Elfun Government Money Market Fund 87

Elfun Government Money Market Fund
Schedule of Investments — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Short-Term Investments - 103.8% †
U.S. Treasuries - 55.9%
U.S. Cash Management Bills                  
0.02% 08/12/21 (a)(b) $ 1,000,000 $ 999,982
0.03% 10/12/21 (a) 2,000,000 1,999,828
0.05% 08/12/21 (a)(b) 3,500,000 3,499,796
0.05%
10/26/21 (a) 		2,000,000 1,999,683
U.S. Treasury Bills                  
0.00%
07/01/21 - 07/08/21 (a) 		3,921,000 3,920,999
0.01%
07/01/21 - 07/13/21 (a) 		3,898,000 3,897,996
0.03%
08/10/21 - 09/16/21 (a) 		2,000,000 1,999,918
0.04%
07/20/21 - 12/16/21 (a) 		6,059,000 6,058,141
0.05%
07/06/21 - 12/23/21 (a) 		13,550,000 13,548,839
0.06%
07/20/21 - 09/16/21 (a) 		6,720,000 6,719,394
0.06%
12/30/21 (a)(b) 		1,200,000 1,199,659
0.07%
08/05/21 - 03/24/22 (a) 		2,500,000 2,499,155
0.08% 07/06/21 (a) 1,500,000 1,499,983
0.09%
07/08/21 - 07/29/21 (a) 		6,250,000 6,249,728
0.10%
07/01/21 - 07/29/21 (a) 		3,800,000 3,799,876
U.S. Treasury Bonds                  
0.13% 08/15/21 1,670,000 1,686,758
U.S. Treasury Notes                  
1.13% 09/30/21 300,000 300,798
1.75% 07/31/21 480,000 480,672
2.00%
10/31/21 - 12/31/21 		327,000 329,323
2.13% 09/30/21 400,000 402,059
2.88% 10/15/21 694,000 699,651
U.S. Treasury Notes 0.03% - 3 month Treasury Money Market Yield                  
0.08% 04/30/23 (c) 1,000,000 1,000,074
U.S. Treasury Notes 0.05% - 3 month Treasury Money Market Yield                  
0.10% 01/31/23 (c) 579,000 579,199
U.S. Treasury Notes 0.06% - 3 month Treasury Money Market Yield                  
0.11%
07/31/22 - 10/31/22 (c) 		3,805,000 3,805,650
  Principal
Amount 		Fair
Value
U.S. Treasury Notes 0.11% - 3 month Treasury Money Market Yield                  
0.16% 04/30/22 (c) $ 2,555,000 $ 2,556,368
U.S. Treasury Notes 0.15% - 3 month Treasury Money Market Yield                  
0.20% 01/31/22 (c) 1,500,000 1,501,038
U.S. Treasury Notes 0.22% - 3 month Treasury Money Market yield                  
0.27% 07/31/21 (c) 1,380,000 1,380,112
U.S. Treasury Notes 0.30% - 3 month Treasury Money Market Yield                  
0.35% 10/31/21 (c) 1,500,000 1,501,167
    76,115,846
U.S. Government Agency Obligations - 15.4%
Federal Farm Credit Banks Funding Corp. 0.01% - 1 month USD LIBOR                  
0.10% 12/28/21 (c) 176,000 175,996
Federal Farm Credit Banks Funding Corp. 0.01% + SOFR                  
0.06%
06/30/22 - 09/07/22 (c) 		1,098,000 1,097,865
Federal Farm Credit Banks Funding Corp. 0.02% + SOFR                  
0.07%
10/27/22 - 12/14/22 (c) 		1,091,000 1,090,931
0.08% 01/12/23 (c) 750,000 749,942
Federal Farm Credit Banks Funding Corp. 0.03% + SOFR                  
0.08%
05/13/22 - 06/08/22 (c) 		1,400,000 1,399,900
Federal Farm Credit Banks Funding Corp. 0.04% - 3 month Treasury money market yield                  
0.09% 05/03/23 (c) 520,000 520,000
Federal Farm Credit Banks Funding Corp. 0.04% + SOFR                  
0.09%
07/08/22 - 07/11/22 (c) 		1,500,000 1,500,026
 
See Notes to Schedules of Investments and Notes to Financial Statements.
88 Elfun Government Money Market Fund

Elfun Government Money Market Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
Federal Farm Credit Banks Funding Corp. 0.07% + SOFR                  
0.12% 11/18/22 (c) $ 750,000 $ 750,000
Federal Farm Credit Banks Funding Corp. 0.09% + SOFR                  
0.14% 10/07/22 (c) 500,000 500,000
Federal Farm Credit Banks Funding Corp. 0.12% - 3 month USD LIBOR                  
0.06% 07/22/21 (c) 300,000 300,000
Federal Farm Credit Banks Funding Corp. 0.13% - 3 month Treasury money market yield                  
0.18% 02/28/22 (c) 400,000 400,000
Federal Farm Credit Discount Notes                  
0.01% 07/15/21 50,000 50,000
0.07% 10/19/21 230,000 229,951
Federal Home Loan Banks                  
0.04%
09/21/21 - 11/08/21 		1,280,000 1,279,957
0.05% 08/02/21 750,000 749,996
Federal Home Loan Banks 0.01% + SOFR                  
0.06%
09/10/21 - 04/14/22 (c) 		1,100,000 1,100,000
Federal Home Loan Banks 0.02% + SOFR                  
0.07%
08/23/21 - 09/20/21 (c) 		1,350,000 1,350,000
Federal Home Loan Banks 0.03% + SOFR                  
0.08% 12/27/21 (c) 750,000 750,000
Federal Home Loan Banks 0.04% - 1 month USD LIBOR                  
0.05% 08/03/21 (c) 1,000,000 1,000,000
Federal Home Loan Banks 0.12% + SOFR                  
0.17% 10/13/21 (c) 1,200,000 1,200,000
Federal Home Loan Mortgage Corp. 0.16% + SOFR                  
0.21% 04/20/22 (c) 700,000 700,000
Federal Home Loan Mortgage Corp. 0.24% + SOFR                  
0.29% 07/23/21 (c) 400,000 400,000
Federal Home Loan Mortgage Corp. 019% + SOFR                  
0.24% 06/02/22 (c) 750,000 750,000
  Principal
Amount 		Fair
Value
Federal Home Loan Mortgage Corp. 030% + SOFR                  
0.35% 10/25/21 (c) $ 300,000 $ 300,000
Federal National Mortgage Assoc. 0.20% + SOFR                  
0.25% 06/15/22 (c) 700,000 700,000
Federal National Mortgage Assoc. 0.27% + SOFR                  
0.32% 05/04/22 (c) 750,000 751,648
Federal National Mortgage Assoc. 0.32% + SOFR                  
0.37% 10/22/21 (c) 350,000 350,000
Federal National Mortgage Assoc. 0.35% + SOFR                  
0.40% 10/15/21 (c) 400,000 400,000
Federal National Mortgage Assoc. 038% + SOFR                  
0.38% 10/15/21 (c) 400,000 400,000
    20,946,212
Repurchase Agreements - 32.5%
Banco Santander S.A. Tri Party Repo 0.05% dated 06/30/21, to be repurchased at $10,000,000 on 07/01/21, collateralized by $1,482 Federal Home Loan Mortgage Corp., 5.00% Maturing on 09/01/40, collateralized by $105,614 Federal National Mortgage Association, 4.00% Maturing to 06/01/46, collateralized by $2,470,413 U.S. Treasury Notes, 0.25% to 0.88% Maturing from 04/15/24 to 11/15/30, collateralized by $7,622,499 U.S. Treasury Interest Strips, 0.00% Maturing from 02/15/27 to 08/15/28.
07/01/21 		10,000,000 10,000,000
 
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Government Money Market Fund 89

Elfun Government Money Market Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
  Principal
Amount 		Fair
Value
BNP Paribas S.A. U.S. Treasury Repo 0.05% dated 06/30/21, to be repurchased at $140,000,000 on 07/01/21, collateralized by $100,614,186 U.S. Treasury Interest Strips, 0.00% Maturing from 02/15/30 to 05/15/48, collateralized by $477,100 U.S. Treasury Bills, 0.00% Maturing from 08/26/21 to 09/09/21, collateralized by $50,548,700 U.S. Treasury Bonds 1.00% - 2.50% Maturing from 07/31/23 – 02/15/48.
07/01/21 		$ 12,000,000 $ 12,000,000
Citigroup Global Markets, Inc. 0.05% dated 06/30/21, to be repurchased at $75,000,000 on 07/01/21, collateralized by $76,705,927 U.S. Treasury Notes 0.125% - 6.125% Maturing from 08/15/29 – 07/15/30.
07/01/21 		10,000,000 10,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 0.05% dated 06/30/21, to be repurchased at $151,252,000 on 07/01/21, collateralized by $153,687,496 U.S. Treasury Notes, 0.00% Maturing from 02/15/30 to 05/15/48, collateralized by $589,652 U.S. Treasury Bond, 2.25% Maturing from 05/15/41.
07/01/21 		12,262,000 12,262,000
    44,262,000
Total Short-Term Investments
(Cost $141,324,058) 		  141,324,058
Liabilities in Excess of Other Assets, net - (3.8)%   (5,158,435)
NET ASSETS - 100.0%   $ 136,165,623
Notes to Schedule of Investments – June 30, 2021 (Unaudited)
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund's future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund's summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) Coupon amount represents effective yield.
(b) Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future.
(c) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
† Percentages are based on net assets as of June 30, 2021.
Abbreviations:
LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
 
See Notes to Schedules of Investments and Notes to Financial Statements.
90 Elfun Government Money Market Fund

Elfun Government Money Market Fund
Schedule of Investments, continued — June 30, 2021 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2021:
Investments Level 1   Level 2   Level 3   Total
Investments in Securities              
U.S. Treasuries $ —   $ 76,115,846   $ —   $ 76,115,846
U.S. Government Agency Obligations —   20,946,212   —   20,946,212
Repurchase Agreements —   44,262,000   —   44,262,000
Total Investments in Securities $ —   $ 141,324,058   $ —   $ 141,324,058
See Notes to Schedules of Investments and Notes to Financial Statements.
Elfun Government Money Market Fund 91

Elfun International Equity Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
  6/30/21 (a)   12/31/20   12/31/19   12/31/18   12/31/17   12/31/16
Inception date     1/1/88
Net asset value, beginning of period $ 26.53   $ 23.69   $ 18.51   $ 22.68   $ 18.73   $ 19.31
Income/(loss) from investment operations:                      
Net investment income 0.28 (b)   0.29 (b)   0.43 (b)   0.45 (b)   0.34 (b)   0.41
Net realized and unrealized gains/(losses) on investments 1.59   2.86   5.15   (4.16)   3.96   (0.58)
Total income/(loss) from investment operations 1.87   3.15   5.58   (3.71)   4.30   (0.17)
Less distributions from:                      
Net investment income —   0.31   0.40   0.46   0.35   0.41
Total distributions —   0.31   0.40   0.46   0.35   0.41
Net asset value, end of period $ 28.40   $ 26.53   $ 23.69   $ 18.51   $ 22.68   $ 18.73
Total Return(c) 7.05%   13.31%   30.14%   (16.33)%   22.99%   (0.86)%
Ratios/Supplemental Data:                      
Net assets, end of period (in thousands) $209,036   $201,200   $199,123   $183,982   $237,769   $208,044
Ratios to average net assets:                      
Net expenses 0.38% (d)   0.40%   0.38%   0.36%   0.36%   0.37% (e)(f)
Gross expenses 0.38% (d)   0.40%   0.38%   0.36%   0.36%   0.43% (e)(f)
Net investment income 2.03% (d)   1.31%   2.02%   2.06%   1.64%   2.11%
Portfolio turnover rate 9%   20%   15%   27%   30%   33%
Notes to Financial Highlights
(a) Unaudited.
(b) Per share values have been calculated using the average shares method.
(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) Annualized for periods less than one year.
(e) 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.
(f) 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.
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 periods indicated
  6/30/21 (a)   12/31/20   12/31/19   12/31/18   12/31/17   12/31/16
Inception date     5/27/35
Net asset value, beginning of period $ 71.55   $ 62.16   $ 50.14   $ 60.36   $ 53.23   $ 54.59
Income/(loss) from investment operations:                      
Net investment income 0.34 (b)   0.64 (b)   0.71 (b)   0.74 (b)   0.76 (b)   0.81
Net realized and unrealized gains/(losses) on investments 10.89   14.90   17.15   (2.85)   12.88   2.54
Total income/(loss) from investment operations 11.23   15.54   17.86   (2.11)   13.65   3.35
Less distributions from:                      
Net investment income —   0.69   0.67   0.76   0.78   0.79
Net realized gains —   5.46   5.17   7.35   5.74   3.92
Total distributions —   6.15   5.84   8.11   6.52   4.71
Net asset value, end of period $ 82.78   $ 71.55   $ 62.16   $ 50.14   $ 60.36   $ 53.23
Total Return(c) 15.70%   25.07%   35.57%   (3.39)%   25.61%   6.08%
Ratios/Supplemental Data:                      
Net assets, end of period (in thousands) $3,867,801   $3,419,765   $2,979,222   $2,427,667   $2,737,919   $2,331,966
Ratios to average net assets:                      
Net expenses 0.18% (d)   0.18%   0.18%   0.19%   0.18%   0.18%
Gross expenses 0.18% (d)   0.18%   0.18%   0.19%   0.18%   0.18%
Net investment income 0.90% (d)   0.99%   1.20%   1.17%   1.25%   1.43%
Portfolio turnover rate 10%   25%   17%   18%   16%   15%
Notes to Financial Highlights
(a) Unaudited.
(b) Per share values have been calculated using the average shares method.
(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) Annualized for periods less than one year.
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 periods indicated
  6/30/21 (a)   12/31/20   12/31/19   12/31/18   12/31/17   12/31/16
Inception date     1/1/88
Net asset value, beginning of period $ 20.97   $ 19.54   $ 17.02   $ 18.60   $ 17.91   $ 17.50
Income/(loss) from investment operations:                      
Net investment income 0.10 (b)   0.37 (b)   0.41 (b)   0.42 (b)   0.43 (b)   0.38
Net realized and unrealized gains/(losses) on investments 1.46   2.02   2.93   (1.45)   2.32   0.58
Total income/(loss) from investment operations 1.56   2.39   3.34   (1.03)   2.75   0.96
Less distributions from:                      
Net investment income —   0.38   0.42   0.43   0.46   0.36
Net realized gains —   0.58   0.40   0.12   1.60   0.19
Total distributions —   0.96   0.82   0.55   2.06   0.55
Net asset value, end of period $ 22.53   $ 20.97   $ 19.54   $ 17.02   $ 18.60   $ 17.91
Total Return(c) 7.44%   12.23%   19.58%   (5.51)%   15.40%   5.48%
Ratios/Supplemental Data:                      
Net assets, end of period (in thousands) $212,400   $205,144   $199,011   $181,943   $209,939   $198,938
Ratios to average net assets:                      
Net expenses 0.32% (d)   0.31%   0.30%   0.33%   0.40%   0.39% (e)
Gross expenses 0.32% (d)   0.31%   0.30%   0.33%   0.40%   0.39% (e)
Net investment income 0.94% (d)   1.88%   2.20%   2.26%   2.23%   1.98%
Portfolio turnover rate 25% (f)   56% (f)   162%   72%   186%   116%
Notes to Financial Highlights
(a) Unaudited.
(b) Per share values have been calculated using the average shares method.
(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) Annualized for periods less than one year.
(e) 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%.
(f) The portfolio turnover calculated for the periods ended 6/30/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 43% and 136%, respectively.
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 periods indicated
  6/30/21 (a)   12/31/20   12/31/19   12/31/18   12/31/17   12/31/16
Inception date     1/1/80
Net asset value, beginning of period $ 11.67   $ 11.54   $ 11.19   $ 11.55   $ 11.48   $ 11.88
Income/(loss) from investment operations:                      
Net investment income 0.15 (b)   0.37 (b)   0.38 (b)   0.46 (b)   0.46 (b)   0.46
Net realized and unrealized gains/(losses) on investments (0.03)   0.17   0.41   (0.36)   0.07   (0.40)
Total income from investment operations 0.12   0.54   0.79   0.10   0.53   0.06
Less distributions from:                      
Net investment income 0.19   0.41   0.44   0.46   0.46   0.46
Total distributions 0.19   0.41   0.44   0.46   0.46   0.46
Net asset value, end of period $ 11.60   $ 11.67   $ 11.54   $ 11.19   $ 11.55   $ 11.48
Total Return(c) 1.01%   4.77%   7.13%   0.90%   4.71%   0.42%
Ratios/Supplemental Data:                      
Net assets, end of period (in thousands) $1,307,345   $1,341,617   $1,377,821   $1,376,980   $1,471,350   $1,495,248
Ratios to average net assets:                      
Net expenses 0.21% (d)   0.21%   0.20%   0.21%   0.20%   0.20%
Gross expenses 0.21% (d)   0.21%   0.20%   0.21%   0.20%   0.20%
Net investment income 2.67% (d)   3.24%   3.35%   4.06%   4.00%   3.84%
Portfolio turnover rate 25%   41%   25%   18%   26%   31%
Notes to Financial Highlights
(a) Unaudited.
(b) Per share values have been calculated using the average shares method.
(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) Annualized for periods less than one year.
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 periods indicated
  6/30/21 (a)   12/31/20   12/31/19   12/31/18   12/31/17   12/31/16
Inception date     12/31/84
Net asset value, beginning of period $ 12.25   $ 11.74   $ 11.02   $ 11.44   $ 11.28   $ 11.26
Income/(loss) from investment operations:                      
Net investment income 0.13 (b)   0.29 (b)   0.32 (b)   0.32 (b)   0.29 (b)   0.30
Net realized and unrealized gains/(losses) on investments (0.27)   0.63   0.73   (0.41)   0.15   0.09
Total income/(loss) from investment operations (0.14)   0.92   1.05   (0.09)   0.44   0.39
Less distributions from:                      
Net investment income 0.14   0.34   0.33   0.33   0.28   0.28
Net realized gains —   0.07   —   —   —   0.09
Total distributions 0.14   0.41   0.33   0.33   0.28   0.37
Net asset value, end of period $ 11.97   $ 12.25   $ 11.74   $ 11.02   $ 11.44   $ 11.28
Total Return(c) (1.11)%   8.03%   9.50%   (0.80)%   3.90%   3.52%
Ratios/Supplemental Data:                      
Net assets, end of period (in thousands) $237,502   $244,329   $233,663   $229,477   $261,189   $276,142
Ratios to average net assets:                      
Net expenses 0.30% (d)   0.27%   0.29%   0.34%   0.33%   0.31%
Gross expenses 0.30% (d)   0.27%   0.29%   0.34%   0.33%   0.31%
Net investment income 2.17% (d)   2.44%   2.77%   2.88%   2.54%   2.63%
Portfolio turnover rate 42% (e)   108% (e)   107%   207%   299%   238%
Notes to Financial Highlights
(a) Unaudited.
(b) Per share values have been calculated using the average shares method.
(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) Annualized for periods less than one year.
(e) The portfolio turnover calculated for the periods ended 6/30/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 80% and 255%, respectively.
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 periods indicated
  6/30/21 (a)   12/31/20   12/31/19   12/31/18   12/31/17   12/31/16
Inception date     6/13/90
Net asset value, beginning of period $ 1.00   $ 1.00   $ 1.00   $ 1.00   $ 1.00   $ 1.00
Income/(loss) from investment operations:                      
Net investment income — (b)   0.00 (b)(c)   0.02 (b)   0.02 (b)   0.01 (b)   0.00 (c)
Total income from investment operations —   0.00   0.02   0.02   0.01   0.00 (c)
Less distributions from:                      
Net investment income —   0.00 (c)   0.02   0.02   0.01   0.00 (c)
Net realized gains —   —   —   —   0.00 (c)   —
Total distributions —   0.00 (c)   0.02   0.02   0.01   0.00 (c)
Net asset value, end of period $ 1.00   $ 1.00   $ 1.00   $ 1.00   $ 1.00   $ 1.00
Total Return(d) —%   0.32%   1.99%   1.55%   0.58%   0.06%
Ratios/Supplemental Data:                      
Net assets, end of period (in thousands) $136,166   $153,251   $128,561   $104,275   $109,828   $111,339
Ratios to average net assets:                      
Net expenses 0.08% (e)   0.19%   0.26%   0.32%   0.34%   0.49% (f)
Gross expenses 0.28% (e)   0.25%   0.26%   0.32%   0.34%   0.49% (f)
Net investment income (loss) —% (e)   0.30%   1.96%   1.53%   0.56%   (0.11)% (f)
Notes to Financial Highlights
(a) Unaudited.
(b) Per share values have been calculated using the average shares method.
(c) Rounds to less than $0.005.
(d) 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.
(e) Annualized for periods less than one year.
(f) 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%.
The accompanying Notes are an integral part of these financial statements.
Financial Highlights 97

Elfun Funds
Statements of Assets and Liabilities — June 30, 2021 (Unaudited)
  Elfun
International
Equity Fund 		  Elfun
Trusts
Assets      
Investments in securities, at fair value (cost $131,631,074; $1,790,634,551; $120,983,776; $1,193,455,009; $218,247,609 and $0, respectively) $ 201,342,796   $ 3,843,493,170
Investments in affiliated securities, at fair value (cost $0; $0; $39,474,736; $0; $0 and $0, respectively) —   —
Short-term investments, at fair value (cost $0; $0; $357,120; $0; $0 and $97,062,058, respectively) —   —
Short-term affiliated investments, at fair value 5,690,134   19,562,838
Repurchase agreements —   —
Cash —   144,255
Net cash collateral on deposit with broker for future contracts 308,481   —
Foreign currency (cost $320,959; $0; $32,761; $0; $0 and $0, respectively) 320,319   —
Receivable from Adviser —   —
Receivable for investments sold 1,218,552   59,079,717
Income receivables 893,004   2,776,199
Receivable for fund shares sold 3,782   24,752
Income receivable from affiliated investments 20   198
Receivable for accumulated variation margin on swap contracts —   —
Receivable for accumulated variation margin on futures contracts —   —
Total assets 209,777,088   3,925,081,129
Liabilities      
Distribution payable to shareholders —   —
Net cash collateral on futures contracts due to broker —   —
Net cash collateral on swap contracts due to broker —   —
Payable for investments purchased 539,482   56,210,213
Payable for fund shares redeemed 4,480   229,298
Payable for accumulated variation margin on futures contracts 58,265   —
Payable to the Adviser 36,664   440,191
Payable for custody, fund accounting and sub-administration fees 24,251   117,309
Accrued other expenses 77,888   282,939
Total liabilities 741,030   57,279,950
Net Assets $ 209,036,058   $ 3,867,801,179
Net Assets Consist of:      
Capital paid in $ 130,423,551   $ 1,569,740,517
Total distributable earnings (loss) 78,612,507   2,298,060,662
Net Assets $ 209,036,058   $ 3,867,801,179
Shares outstanding (Par value $10; $10; $10; $10; $10; and $1, respectively; unlimited shares authorized) 7,361,152   46,726,078
Net asset value, offering and redemption price per share $ 28.40   $ 82.78
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
             
$ 155,519,808   $ 1,287,065,413   $ 226,810,088   $ —
52,291,027   —   —   —
357,120   —   —   97,062,058
8,213,595   15,525,103   22,276,147   —
—   —   —   44,262,000
62,408   —   178,116   825
21,999   —   —   —
34,642   —   —   —
—   —   —   19,640
898,742   4,077,463   2,099,437   —
414,690   15,000,175   1,105,333   —
389   184,040   53,105   104,638
493   189   459   70,358
140,958   —   416,086   —
12,388   —   39,778   —
217,968,259   1,321,852,383   252,978,549   141,519,519
             
—   989,824   97,094   870
—   —   38,640   —
139,244   —   415,983   —
5,302,981   13,121,447   14,783,802   5,199,211
2,454   37,850   2,622   85,369
—   —   —   —
30,713   172,321   32,366   —
12,396   42,049   16,544   12,564
80,582   143,434   89,149   55,882
5,568,370   14,506,925   15,476,200   5,353,896
$ 212,399,889   $ 1,307,345,458   $ 237,502,349   $ 136,165,623
             
$ 156,135,667   $ 1,254,540,409   $ 226,656,873   $ 136,165,548
56,264,222   52,805,049   10,845,476   75
$ 212,399,889   $ 1,307,345,458   $ 237,502,349   $ 136,165,623
9,427,745   112,667,256   19,835,868   136,165,549
$ 22.53   $ 11.60   $ 11.97   $ 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 period ended June 30, 2021 (Unaudited)
  Elfun
International
Equity Fund 		  Elfun
Trusts
Investment Income      
Income      
Dividend $ 2,816,873   $ 19,411,885
Interest —   —
Income from affiliated investments 356   3,065
Less: Foreign taxes withheld (350,790)   —
Total income 2,466,439   19,414,950
Expenses      
Advisory and administration fees 215,266   2,528,791
Blue Sky fees 24,366   26,466
Transfer agent fees 65,910   295,548
Trustees' fees 10,117   22,898
Custody, fund accounting and sub-administration fees 45,640   233,807
Professional fees 20,042   29,717
Printing and shareholder reports 4,433   30,211
Other expenses 4,248   66,103
Total expenses before waivers 390,022   3,233,541
Fees waived and/or recouped by the adviser —   —
Total expenses 390,022   3,233,541
Net investment income $ 2,076,417   $ 16,181,409
Net Realized and Unrealized Gain (Loss) on Investments      
Realized gain (loss) on:      
Unaffiliated investments $ 10,100,322   $ 160,477,137
Affiliated investments —   —
Futures 181,732   —
Swap contracts —   —
Foreign currency transactions (4,287)   —
Increase (decrease) in unrealized appreciation/depreciation on:      
Unaffiliated investments 1,807,764   353,158,552
Affiliated investments —   —
Futures (89,051)   —
Swap contracts —   —
Foreign currency translations (28,104)   —
Net realized and unrealized gain (loss) on investments 11,968,376   513,635,689
Net Increase (Decrease) in Net Assets Resulting from Operations $ 14,044,793   $ 529,817,098
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
             
             
$ 571,642   $ —   $ 5,055   $ —
742,685   18,927,533   2,897,449   58,352
1,817   2,082   3,841   —
(12,059)   —   8   —
1,304,085   18,929,615   2,906,353   58,352
             
176,258   1,050,835   200,036   72,806
23,592   20,671   18,551   30,295
55,828   123,869   64,868   42,509
10,173   14,626   10,310   10,347
24,032   92,280   25,744   23,499
23,968   23,311   20,646   15,047
9,837   16,598   10,787   3,373
8,266   28,129   5,242   2,593
331,954   1,370,319   356,184   200,469
(2,074)   —   (5,060)   (142,117)
329,880   1,370,319   351,124   58,352
$ 974,205   $ 17,559,296   $ 2,555,229   $ —
             
             
$ 4,608,672   $ 622,509   $ 339,281   $ 55
1,122,824   —   —   —
212,927   —   (50,757)   —
103,412   —   359,401   —
28   —   —   —
             
4,344,311   (4,191,215)   (5,804,222)   —
3,741,110   —   —   —
20,114   —   127,386   —
(54,955)   —   (206,630)   —
(1,967)   —   —   —
14,096,476   (3,568,706)   (5,235,541)   55
$ 15,070,681   $ 13,990,590   $ (2,680,312)   $ 55
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
  Six Months
Ended
June 30,
2021(a) 		  Year Ended
December 31,
2020 		  Six Months
Ended
June 30,
2021(a) 		  Year Ended
December 31,
2020
Increase (Decrease) in Net Assets              
Operations:              
Net investment income $ 2,076,417   $ 2,346,194   $ 16,181,409   $ 29,717,403
Net realized gain (loss) on investments, futures, swap contracts and foreign currency related transactions 10,277,767   6,626,656   160,477,137   300,529,246
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations 1,690,609   13,147,572   353,158,552   372,773,690
Net increase (decrease) from operations 14,044,793   22,120,422   529,817,098   703,020,339
Distributions to shareholders:              
Total distributions —   (2,337,004)   —   (274,667,801)
Increase (decrease) in assets from operations and distributions 14,044,793   19,783,418   529,817,098   428,352,538
Share transactions:              
Proceeds from sale of shares 1,421,979   2,457,542   44,327,495   45,796,196
Value of distributions reinvested —   1,985,105   —   222,501,029
Cost of shares redeemed (7,630,334)   (22,149,800)   (126,107,982)   (256,107,578)
Net increase (decrease) from share transactions (6,208,355)   (17,707,153)   (81,780,487)   12,189,647
Total increase (decrease) in net assets 7,836,438   2,076,265   448,036,611   440,542,185
Net Assets              
Beginning of period 201,199,620   199,123,355   3,419,764,568   2,979,222,383
End of period $ 209,036,058   $ 201,199,620   $ 3,867,801,179   $ 3,419,764,568
Changes in Fund Shares              
Shares sold 51,634   108,621   575,723   722,453
Issued for distributions reinvested —   75,594   —   3,129,850
Shares redeemed (275,270)   (1,003,180)   (1,645,043)   (3,985,879)
Net decrease in fund shares (223,636)   (818,965)   (1,069,320)   (133,576)
(a) Unaudited.
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
Six Months
Ended
June 30,
2021(a) 		  Year Ended
December 31,
2020 		  Six Months
Ended
June 30,
2021(a) 		  Year Ended
December 31,
2020
             
             
$ 974,205   $ 3,586,449   $ 17,559,296   $ 44,094,879
6,047,863   6,534,162   622,509   4,407,456
8,048,613   12,437,859   (4,191,215)   13,694,428
15,070,681   22,558,470   13,990,590   62,196,763
             
—   (8,960,718)   (21,305,250)   (48,325,050)
15,070,681   13,597,752   (7,314,660)   13,871,713
             
2,262,151   3,785,727   22,562,721   41,276,872
—   7,866,484   14,997,875   33,451,744
(10,077,432)   (19,116,022)   (64,516,986)   (124,804,390)
(7,815,281)   (7,463,811)   (26,956,390)   (50,075,774)
7,255,400   6,133,941   (34,271,050)   (36,204,061)
             
205,144,489   199,010,548   1,341,616,508   1,377,820,569
$ 212,399,889   $ 205,144,489   $ 1,307,345,458   $ 1,341,616,508
             
105,369   195,500   1,943,900   3,579,983
—   377,652   1,296,092   2,898,136
(462,246)   (975,718)   (5,570,788)   (10,850,214)
(356,877)   (402,566)   (2,330,796)   (4,372,095)
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
  Six Months
Ended
June 30,
2021(a) 		  Year Ended
December 31,
2020 		  Six Months
Ended
June 30,
2021(a) 		  Year Ended
December 31,
2020
Increase (Decrease) in Net Assets              
Operations:              
Net investment income $ 2,555,229   $ 5,852,671   $ —   $ 429,266
Net realized gain (loss) on investments, futures and swap contracts 647,925   4,968,717   55   733
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts (5,883,466)   7,419,338   —   —
Net increase (decrease) from operations (2,680,312)   18,240,726   55   429,999
Distributions to shareholders:              
Total distributions (2,834,401)   (8,154,872)   —   (429,266)
Increase (decrease) in assets from operations and distributions (5,514,713)   10,085,854   55   733
Share transactions:              
Proceeds from sale of shares 13,622,134   20,105,165   20,195,338   83,804,743
Value of distributions reinvested 2,190,868   6,265,018   422   411,968
Cost of shares redeemed (17,125,186)   (25,789,410)   (37,281,157)   (59,527,146)
Net increase (decrease) from share transactions (1,312,184)   580,773   (17,085,397)   24,689,565
Total increase (decrease) in net assets (6,826,897)   10,666,627   (17,085,342)   24,690,298
Net Assets              
Beginning of period 244,329,246   233,662,619   153,250,965   128,560,667
End of period $ 237,502,349   $ 244,329,246   $ 136,165,623   $ 153,250,965
Changes in Fund Shares              
Shares sold 1,140,452   1,672,210   20,195,338   83,804,743
Issued for distributions reinvested 183,531   516,439   422   411,969
Shares redeemed (1,436,517)   (2,150,956)   (37,281,157)   (59,527,146)
Net increase (decrease) in fund shares (112,534)   37,693   (17,085,397)   24,689,566
(a) Unaudited.
The accompanying Notes are an integral part of these financial statements.
104 Statements of Changes in Net Assets

Elfun Funds
Notes to Financial Statements — June 30, 2021 (Unaudited)
1. Organization of the Funds
The Elfun International Equity Fund, Elfun Trusts, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund and Elfun Government Money Market Fund (each, a “Fund” and collectively, the “Funds”) are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. Each Fund is a diversified investment company within the meaning of the 1940 Act.
Under each Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
2.Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation Each Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board of Trustees (the “Board”). The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
• Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.
• Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.
• Debt obligations (including short term investments) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.
Notes to Financial Statements 105

Elfun Funds
Notes to Financial Statements, continued — June 30, 2021 (Unaudited)
• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.
• Options on futures are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options on futures are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with the valuation policy and procedures approved by the Board.
• Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third-party valuation the agreements will be fair valued.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
A “significant event” is an event that the Board believes, with a reasonably high degree of certainty, has caused the closing market prices of the Fund’s portfolio securities to no longer reflect their value at the time of the Fund’s NAV calculation. Fair value may be determined using an independent fair value service under valuation procedures approved by the Board. The independent fair value service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of foreign securities exchanges. The use of the independent fair value service or alternative fair valuation methods would result in the investments being classified within Level 2 of the fair value hierarchy.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
• Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;
• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
• Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of each Fund’s investments according to the fair value hierarchy as of June 30, 2021 is disclosed in the Fund’s Schedule of Investments.
106 Notes to Financial Statements

Elfun Funds
Notes to Financial Statements, continued — June 30, 2021 (Unaudited)
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.
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 June 30, 2021, 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
Notes to Financial Statements 107

Elfun Funds
Notes to Financial Statements, continued — June 30, 2021 (Unaudited)
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.
As of June 30, 2021, the Elfun Government Money Market Fund had invested in repurchase agreements with the gross values of $44,262,000 and associated collateral equal to $45,172,954.
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. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is shown as Cash at Broker on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate the movement of the assets underlying such contracts.
During the period ended June 30, 2021, the following Funds entered into futures contracts for strategies listed below:
Funds Strategies
Elfun International Equity Fund Equitization of Cash
Elfun Diversified Fund Management of Interest Rate Risk and Equitization of Cash
Elfun Income Fund Management of Interest Rate Risk
Credit Default Swaps During the period ended June 30, 2021, 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
108 Notes to Financial Statements

Elfun Funds
Notes to Financial Statements, continued — June 30, 2021 (Unaudited)
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 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 period ended June 30, 2021, 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
Notes to Financial Statements 109

Elfun Funds
Notes to Financial Statements, continued — June 30, 2021 (Unaudited)
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 period ended June 30, 2021, the Elfun Diversified Fund and the Elfun Income Fund purchased and wrote options in order to manage interest rate risk.
The following tables summarize the value of the Funds’ derivative instruments as of June 30, 2021 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
Risks 		Equity
Contracts
Risks 		Commodity
Contracts
Risks 		Total
Elfun Diversified Fund            
Futures Contracts $ — $ — $ — $ 12,388 $ — $ 12,388
Swap Contracts — — 140,958 — — 140,958
Elfun Income Fund            
Futures Contracts $ 39,778 $ — $ — $ — $ — $ 39,778
Swap Contracts — — 416,086 — — 416,086
    
Liability Derivatives
  Interest
Rate
Contracts
Risk 		Foreign
Exchange
Contracts
Risk 		Credit
Contracts
Risks 		Equity
Contracts
Risks 		Commodity
Contracts
Risks 		Total
Elfun International Equity Fund            
Futures Contracts $ — $ — $ — $ (58,265) $ — $ (58,265)
    
Realized Gain/Loss
  Interest
Rate
Contracts
Risk 		Foreign
Exchange
Contracts
Risk 		Credit
Contracts
Risks 		Equity
Contracts
Risks 		Commodity
Contracts
Risks 		Total
Elfun International Equity Fund            
Futures Contracts $ — $ — $ — $ 181,732 $ — $ 181,732
Elfun Diversified Fund            
Futures Contracts $ 124,412 $ — $ — $ 88,515 $ — $ 212,927
Swap Contracts — — 103,412 — — 103,412
Elfun Income Fund            
Futures Contracts $ (50,757) $ — $ — $ — $ — $ (50,757)
Swap Contracts — — 359,401 — — 359,401
    
Net Change in Unrealized Appreciation (Depreciation)
  Interest
Rate
Contracts
Risk 		Foreign
Exchange
Contracts
Risk 		Credit
Contracts
Risks 		Equity
Contracts
Risks 		Commodity
Contracts
Risks 		Total
Elfun International Equity Fund            
Futures Contracts $ — $ — $ — $ (89,051) $ — $ (89,051)
Elfun Diversified Fund            
Futures Contracts $ 24,893 $ — $ — $ (4,779) $ — $ 20,114
Swap Contracts — — (54,955) — — (54,955)
110 Notes to Financial Statements

Elfun Funds
Notes to Financial Statements, continued — June 30, 2021 (Unaudited)
Net Change in Unrealized Appreciation (Depreciation)
  Interest
Rate
Contracts
Risk 		Foreign
Exchange
Contracts
Risk 		Credit
Contracts
Risks 		Equity
Contracts
Risks 		Commodity
Contracts
Risks 		Total
Elfun Income Fund            
Futures Contracts $ 127,386 $ — $ — $ — $ — $ 127,386
Swap Contracts — — (206,630) — — (206,630)
5.Fees and Transactions with Affiliates
Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of each Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of each Fund. The Management Fee is stated in the following schedule:
Fund Management Fee
Elfun International Equity Fund 0.21%
Elfun Trusts 0.14%
Elfun Diversified Fund 0.17%
Elfun Tax-Exempt Income Fund 0.16%
Elfun Income Fund 0.17%
Elfun Government Money Market Fund 0.10%
SSGA FM is contractually obligated until April 30, 2022 to waive its Management Fee and/or reimburse certain expenses for the Elfun Diversified Fund and Elfun Income Fund, in an amount equal to any acquired fund fees and expenses (“AFFEs”), excluding AFFEs derived from each Fund’s holdings in acquired funds for cash management purposes, if any. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to April 30, 2022 except with approval of the Board.
Amounts waived or reimbursed are included in the respective Statement of Operations.
Each of the Adviser and State Street Global Advisors Funds Distributors, LLC (each a “Service Provider”) also may voluntarily reduce all or a portion of its fees and/or reimburse expenses for the Elfun Government Money Market Fund to the extent necessary to attempt to maintain a certain minimum net yield, which may vary from time to time, in SSGA FM's sole discretion (any such waiver or reimbursement of expenses by a Service Provider being referred to herein as a "Voluntary Reduction"). Under an agreement with the Service Providers relating to the Voluntary Reduction, the Elfun Government Money Market Fund has agreed to reimburse the Service Providers for the full dollar amount of any Voluntary Reduction beginning on May 1, 2020, subject to certain limitations. Each Service Provider may, in its sole discretion, irrevocably waive receipt of any or all reimbursement amounts due from the Elfun Government Money Market Fund. A reimbursement to the Service Provider would increase fund expenses and may negatively impact the Elfun Government Money Market Fund’s yield during such period. 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. The Elfun Government Money Market Fund has agreed, subject to certain limitations, to reimburse the applicable Service Provider for the full dollar amount of any Voluntary Reduction incurred after May 1, 2020. Any such future reimbursement of an applicable Service Provider may result in the total annual operating expenses of the Fund exceeding the amount of the expense cap under the contractual expense limitation agreement because the expense is not covered by the agreement.
As of June 30, 2021, SSGA FM has not recouped any expenses from the Elfun Government Money Market Fund. Waived/reduced fees subject to potential recovery by year of expiration are as follows:
Expiration Date Amount
12/31/2023 $ 78,761
12/31/2024 $142,117
Notes to Financial Statements 111

Elfun Funds
Notes to Financial Statements, continued — June 30, 2021 (Unaudited)
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 as custody, fund accounting and sub-administration fees in the Statements of Operations.
Other Transactions with Affiliates The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended June 30, 2021 are disclosed in the Schedule 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 investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2021 were as follows:
  U.S. Government
Obligations 		  Other
Securities
Fund Purchases Sales   Purchases Sales
Elfun International Equity Fund $ — $ —   $ 17,236,865 $ 24,374,986
Elfun Trusts — —   374,319,743 414,227,799
Elfun Diversified Fund 25,724,084 15,384,292   22,857,733 36,106,582
Elfun Tax-Exempt Income Fund — —   328,412,334 363,079,701
Elfun Income Fund 64,875,113 47,113,609   29,822,524 40,854,978
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.
112 Notes to Financial Statements

Elfun Funds
Notes to Financial Statements, continued — June 30, 2021 (Unaudited)
As of June 30, 2021, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
Fund Tax
Cost 		Gross
Unrealized
Appreciation 		Gross
Unrealized
Depreciation 		Net
Unrealized
Appreciation
(Depreciation)
Elfun International Equity Fund $ 138,493,859 $ 72,398,422 $ 3,917,694 $ 68,480,728
Elfun Trusts 1,810,269,768 2,087,038,303 34,252,063 2,052,786,240
Elfun Diversified Fund 169,471,512 49,224,900 2,094,527 47,130,373
Elfun Tax-Exempt Income Fund 1,231,167,052 74,521,872 3,098,408 71,423,464
Elfun Income Fund 242,335,072 8,338,382 933,604 7,404,778
Elfun Government Money Market Fund 141,324,058 — — —
9.Line of Credit
The Funds (excluding the Elfun Government Money Market Fund) and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2021 unless extended or renewed.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.25% plus the New York Fed Bank Rate.
The Funds had no outstanding loans as of June 30, 2021.
10.Risks
Concentration Risk As a result of a Fund's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of a Fund's investments more than if a Fund was more broadly diversified.
Interest Rate Risk Is the risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of a Fund’s investments.
Foreign and Emerging Markets Risk Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which a Fund invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.
Credit Risk A Fund may 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.
Market Risk A Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general
Notes to Financial Statements 113

Elfun Funds
Notes to Financial Statements, continued — June 30, 2021 (Unaudited)
market liquidity. A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.
An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets have experienced and may continue to experience extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments was and may continue to be greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.
11.Recent Accounting Pronouncement
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848)”. In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The relief provided is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022 or hedging relationships entered into or evaluated after that date. However, the FASB has indicated that it will revisit the sunset date in Topic 848 after the LIBOR administrator makes a final decision on a phaseout date. On November 30, 2021, the LIBOR administrator proposed extending the publication of the overnight and the one-, three-, six- and 12-month USD LIBOR settings through June 30, 2023, when many existing contracts that reference LIBOR will have expired. Management is currently evaluating the impact of the guidance.
This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total accumulated earnings (loss) or the NAV of each Fund. With respect to each Fund’s results of operations, amortization of premium to first call date accelerates amortization with the intent of more closely aligning the recognition of income on such bonds with the economics of the instrument.
12.Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
114 Notes to Financial Statements

Elfun Funds
Other Information — June 30, 2021 (Unaudited)
Proxy Voting Policies and Procedures and Record
The Funds have adopted the proxy voting policies of the Adviser. A description of the Funds' proxy voting policies and procedures that are used by the Funds' investment Adviser to vote proxies relating to Funds' portfolio of securities are available (i) without charge, upon request, by calling 1-800-242-0134 (toll free) or (ii) on the SEC’s website at www.sec.gov. Information regarding how the investment Adviser voted for the prior 12-months period ended June 30 is available by August 31 of each year by calling the same number and on the SEC's website, at www.sec.gov, and on the Fund's website at www.ssga.com.
Quarterly Portfolio Schedule
Following the Funds' first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit to their reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov, and on the Funds' website at www.ssga.com. The Funds' schedules of investments are available upon request, without charge, by calling 1-800-242-0134.
Other Information 115

Elfun Funds
Other Information, continued — June 30, 2021 (Unaudited)
Trustee Considerations in Approving Continuation of Investment Advisory Agreements1,2
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees or its shareholders, and by a vote of a majority of those trustees who are not “interested persons” of the fund (commonly referred to as, the “Independent Trustees”) cast in person at a meeting called for the purpose of considering such approval.3
Consistent with these requirements, the Board of Trustees (the “Board”) of the Elfun Funds, met telephonically or by videoconference on April 7, 2021 and May 24-25, 2021 (in reliance on the Orders), including in executive sessions attended by the Independent Trustees, to consider a proposal to approve, with respect to each Fund, the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Trustees, as well as the Trustees who are “interested persons” of the Adviser, reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Trustees were separately represented by counsel who are independent of the Adviser in connection with their consideration of approval of the Advisory Agreement. Following the April 7, 2021 meeting, the Independent Trustees submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 24-25, 2021 meeting. The Independent Trustees considered, among other things, the following:
The “Elfun Funds” include the Elfun Trusts, Elfun International Equity Fund, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun Government Money Market Fund (each, a “Fund” and collectively, the “Funds”).
___________________________________________
1 The “Elfun Funds” include the Elfun Trusts, Elfun International Equity Fund, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun Government Money Market Fund (each, a “Fund” and collectively, the “Funds”).
2 The Independent Trustees have identified numerous relevant issues, factors and concerns (“issues, factors and concerns”) that they consider each year in connection with the proposed continuation of the advisory agreements, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Trustees may not change substantially from year to year. However, the information requested by, and provided to, the Independent Trustees with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Trustees schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). Due to the ongoing Coronavirus Disease 2019 (also known as “COVID-19” pandemic, the special meeting for calendar year 2021 was held telephonically. At the special meeting and throughout the annual review process, the Independent Trustees take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Trustees before the annual review process is completed and prior to the Independent Trustees voting on proposals to approve continuation of the agreements and plans.
3 On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued exemptive orders (the “Orders”) pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempt registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Board of the Elfun Funds determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the May 24-25, 2021 meeting was held telephonically in reliance on the Orders.
116 Other Information

Elfun Funds
Other Information, continued — June 30, 2021 (Unaudited)
Information about Performance, Expenses and Fees
• A report prepared by an independent third-party provider of investment company data, which includes for each Fund:
○ Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2020, to the performance of an appropriate benchmark constructed by Broadridge Financial Solutions, Inc., the successor to Lipper, Inc. (“Broadridge”) for the Fund (the “Lipper Index”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”);
○ Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”);
○ A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and
○ Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.
• Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Funds, as applicable; and
• Profitability analyses for (a) the Adviser with respect to each Fund and (b) affiliates of the Adviser that provide services to the Funds (“Affiliated Service Providers”).
Information about Portfolio Management
• Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes;
• Information concerning the allocation of brokerage; and
• Information regarding the procedures and processes used to value the assets of the Funds.
Information about the Adviser
• Reports detailing the financial results and condition of the Adviser and its affiliates;
• Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolios of the Funds and for Fund operations;
• Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser;
• Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors;
• Information concerning the resources devoted by the Adviser to overseeing compliance by the Funds and their service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Funds;
• A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year;
• A description of the business continuity and disaster recovery plans of the Adviser; and
• Information regarding the Adviser’s risk management processes.
Other Information 117

Elfun Funds
Other Information, continued — June 30, 2021 (Unaudited)
Other Relevant Information
• Information concerning the nature, extent, quality and cost of services provided to the Funds by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”);
• Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Funds by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Funds, as applicable, and the role of the Adviser in managing the Funds’ relationship with these service providers;
• Copies of the Advisory Agreement and agreements with other service providers of the Funds;
• Responses to a letter from independent legal counsel to the Independent Trustees (“Independent Counsel”), reviewed prior to such date by Independent Counsel, requesting specific information from each of:
○ SSGA FM, in its capacity as the Funds’ Adviser and Administrator, with respect to its operations relating to the Funds and its approximate profit margins from such operations for the calendar year ended December 31, 2020; and the relevant operations of other Affiliated Service Providers to the Funds, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2020;
○ State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Funds, with respect to its operations relating to the Funds; and
○ State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Funds (the “Distributor”), with respect to its operations relating to the Funds;
• Information from SSGA FM, State Street and the Distributor with respect to the Funds providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 24-25, 2021;
• Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel; and
• A summary of the foregoing materials prepared by Independent Counsel.
In addition to the information identified above, the Board considered information provided from time to time by the Adviser, and other service providers of the Funds throughout the year at meetings of the Board and its committees. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Funds and the investment strategies used in pursuing each Fund’s investment objective.
The Independent Trustees were assisted throughout the contract review process by their Independent Counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, on May 24-25, 2021 the Board, including a majority of the Independent Trustees, voted to approve the continuation of the Advisory Agreement effective June 1, 2021, for an additional year with respect to all Funds.
Nature, Extent and Quality of Services
In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to each Fund by the Adviser.
118 Other Information

Elfun Funds
Other Information, continued — June 30, 2021 (Unaudited)
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing various Funds that invest primarily in equity securities or money market instruments. With respect to those Funds that invest primarily in fixed-income securities, the Board considered the extensive experience and resources committed by the Adviser to the evaluation of a portfolio’s quality distribution and sector and interest rate exposure. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Trustees also considered the significant risks assumed by the Adviser in connection with the services provided to the Funds, including reputational and entrepreneurial risks. With respect to the Fund that operates as a money market mutual fund with a stable net asset value, the Board considered the Adviser’s success in maintaining the constant dollar value of the Fund through extraordinary market conditions. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Funds by senior management, as well as the Adviser’s succession planning process.
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies. The Board also considered the performance of certain portions of the business continuity plan which have been invoked in response to the COVID-19 pandemic.
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Funds.
Fund Performance
The Board compared each Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2020. For purposes of these comparisons the Independent Trustees relied extensively on the Performance Group, Performance Universe and Lipper Index and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of each Fund:
Elfun Trusts. The Board considered that the Fund’s performance was below the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below its Lipper Index for the 1-, 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance, including its discussion of the Fund’s Performance Group and Performance Universe.
Elfun International Equity Fund. The Board considered that the Fund’s performance was above the median of its Performance Group for the 1- and 5-year periods, was equal to the median of its Performance Group for the 10-year period and was below the median of its Performance Group for the 3-year period. The Board also considered that the Fund’s performance was below the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below its Lipper Index for the 1-, 3-, 5- and 10-year periods.
Elfun Diversified Fund. The Board considered that the Fund’s performance was above the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was above the median of its Performance Group for the 5-year period and was below the median of its Performance Group for the 1-, 3- and 10-year periods. The Board also considered that the Fund’s performance was below its Lipper Index for the 1-, 3-, 5- and 10-year periods.
Other Information 119

Elfun Funds
Other Information, continued — June 30, 2021 (Unaudited)
Elfun Government Money Market Fund. The Board considered that the Fund’s performance was above the medians of its Performance Group and Performance Universe and above its Lipper Index for the 1-, 3-, 5- and 10- year periods.
Elfun Income Fund. The Board considered that the Fund’s performance was above the median of its Performance Group for the 1-, 3- and 10-year periods and was below the median of its Performance Group for the 5-year period. The Board also considered that the Fund’s performance was below the median of its Performance Universe for the 1-year period and was above the median of its Performance Universe for the 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below its Lipper Index for the 1-, 3- and 5-year periods and was above its Lipper Index for the 10-year period.
Elfun Tax-Exempt Income Fund. The Board considered that the Fund’s performance was below the medians of Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below its Lipper Index for the 1-, 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of each Fund is satisfactory or is being appropriately monitored and/or addressed by management.
Management Fees and Expenses
The Board reviewed the contractual investment advisory fee rates payable by each Fund and actual fees paid by each Fund, net of waivers. As part of its review, the Board considered each Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for each of the Funds. The Board also considered the comparability of the fees charged and the services provided to each Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. In addition, the Board considered the willingness of the Adviser to provide undertakings from time to time to waive fees or pay expenses of various Funds to limit the total expenses borne by shareholders of such Funds. Among other information, the Board considered the following expense information in its evaluation of each Fund:
Elfun Trusts. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.
Elfun International Equity Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.
Elfun Diversified Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.
Elfun Government Money Market Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.
Elfun Income Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.
Elfun Tax-Exempt Income Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.
120 Other Information

Elfun Funds
Other Information, continued — June 30, 2021 (Unaudited)
On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of each Fund compare favorably to the fees and expenses of the Expense Group and Expense Universe and are reasonable in relation to the services provided.
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to each Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by SSGA FM and Affiliated Service Providers in connection with their relationships with the Funds, including, where applicable, soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Funds and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Funds, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to each of the Funds, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Funds, were reasonable in relation to the services provided.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund and all Funds as a group, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific Fund or the Funds taken as a whole. The Board concluded that, in light of the current size of each Fund and all Funds as a group, the level of profitability of the Adviser and its affiliates with respect to each Fund and all Funds as a group over various time periods, and the comparative management fee and expense ratio of each Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Funds to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for any Fund at this time.
Conclusions
In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Trustee may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Trustees, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.
Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of each Fund and its respective shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
Other Information 121

Trustees
Michael F. Holland, Co-Chairperson
Patrick J. Riley, Co-Chairperson
John R. Costantino
Donna M. Rapaccioli
Michael A. Jessee
Richard D. Shirk
Jeanne M. La Porta
Ellen M. Needham
Officers
Ellen M. Needham, President
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer
Sean O’Malley, Chief Legal Officer
Bruce S. Rosenberg, Treasurer
Ann M. Carpenter, Vice President and Deputy Treasurer
Chad C. Hallett, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
David Lancaster, Assistant Treasurer
David Barr, Secretary
David Urman, 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
ELFUNSAR

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Elfun Trusts (the “Fund” or “Registrant”).

Item 6. Investments.

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

(b) Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

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

Item 11. Controls and Procedures.

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

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

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

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

Item 13. Exhibits.

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

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

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

(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 TRUSTS
By:   /s/ Ellen M. Needham
 

Ellen M. Needham

President

Date:   September 3, 2021

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

 

By:   /s/ Ellen M. Needham
 

Ellen M. Needham

President (Principal Executive Officer)

Date:   September 3, 2021

 

By:   /s/ Bruce S. Rosenberg
 

Bruce S. Rosenberg

Treasurer (Principal Financial and Accounting Officer)

Date:   September 3, 2021

 

 EX-99.CERT 2 d162942dex99cert.htm SECTION 302 CERTIFICATION Section 302 Certification

Exhibit 13(a)(2)

CERTIFICATIONS

I, Ellen M. Needham, President of the Elfun Trusts, certify that:

 

1.

I have reviewed this report on Form N-CSR of Elfun Trusts;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  d)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 3, 2021

 

/s/ Ellen M. Needham
Ellen M. Needham

President (Principal Executive Officer) of the Elfun Trusts

CERTIFICATIONS

I, Bruce S. Rosenberg, Treasurer of the Elfun Trusts, certify that:

 

1.

I have reviewed this report on Form N-CSR of Elfun Trusts;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  d)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 3, 2021

 

/s/ Bruce S. Rosenberg
Bruce S. Rosenberg

Treasurer (Principal Financial and Accounting Officer) of the Elfun Trusts

EX-99.906 CERT 3 d162942dex99906cert.htm SECTION 906 CERTIFICATION Section 906 Certification

Exhibit 13(b)

EX-99-906CERT

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

I, Ellen M. Needham, President and I, Bruce S. Rosenberg, Treasurer of the Elfun Trusts (the “Fund”), each certify, to the best of my knowledge and belief, that:

 

1.

This Form N-CSR filing of the Fund for the period ended June 30, 2021 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

 

By:   /s/ Ellen M. Needham
  Ellen M. Needham
  President (Principal Executive Officer)
Date:   September 3, 2021
By:   /s/ Bruce S. Rosenberg
  Bruce S. Rosenberg
  Treasurer (Principal Financial and Accounting Officer)
Date:   September 3, 2021
 GRAPHIC 4 g162775img140815d02.jpg GRAPHIC begin 644 g162775img140815d02.jpg M_]C_X 02D9)1@ ! 0$ 9 !D #_X@H@24-#7U!23T9)3$4 0$ H0 M (0 !M;G1R4D="(%A96B !A8W-P05!03 M ]M4 0 #3+ M ID97-C _ M 'QC<')T !> "AW='!T !H !1B:W!T !M !1R6%E: ! MR !1G6%E: !W !1B6%E: !\ !1R5%)# "! " QG5%)# M "! " QB5%)# "! " QD97-C ")!"!3;V9T=V%R92 R M,#$Q %A96B #S40 ! 1;,6%E:( !8 M65H@ ;Z( #CU #D%A96B !BF0 MX4 !C:6%E:( M "2@ /A ML]C=7)V ! % H #P 4 !D '@ C "@ M+0 R #< .P! $4 2@!/ %0 60!> &, : !M '( =P!\ ($ A@"+ ) E0": M )\ I "I *X L@"W +P P0#& ,L T #5 -L X #E .L \ #V /L! 0$' 0T! M$P$9 1\!)0$K 3(!. $^ 44!3 %2 5D!8 %G 6X!=0%\ 8,!BP&2 9H!H0&I M ;$!N0'! $!Z0'R ?H" P(, A0"'0(F B\". )! DL"5 )= F<" M<0)Z H0"C@*8 J("K *V L$"RP+5 N "ZP+U P #"P,6 R$#+0,X T,#3P-: M V8#<@-^ XH#E@.B ZX#N@/' ],#X /L _D$!@03!" $+00[!$@$501C!'$$ M?@2,!)H$J 2V!,0$TP3A!/ $_@4-!1P%*P4Z!4D%6 5G!7<%A@66!:8%M07% M!=4%Y07V!@8&%@8G!C<&2 99!FH&>P:,!IT&KP; !M$&XP;U!P<'&09!ZP'OP?2!^4'^ @+"!\(,@A&"%H(;@B"")8(J@B^"-((YPC[ M"1 ))0DZ"4\)9 EY"8\)I FZ"<\)Y0G["A$*)PH]"E0*:@J!"I@*K@K%"MP* M\PL+"R(+.0M1"VD+@ N8"[ +R OA"_D,$@PJ#$,,7 QU#(X,IPS #-D,\PT- M#28-0 U:#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;#K8.T@[N#PD/)0]!#UX/ M>@^6#[,/SP_L$ D0)A!#$&$0?A";$+D0UQ#U$1,1,1%/$6T1C!&J$)%ZX7TA?W M&!L80!AE&(H8KQC5&/H9(!E%&6L9D1FW&=T:!!HJ&E$:=QJ>&L4:[!L4&SL; M8QN*&[(;VAP"'"H<4AQ['*,0!YJ'I0>OA[I M'Q,?/A]I'Y0?OQ_J(!4@02!L()@@Q"#P(1PA2"%U(:$ASB'[(B--@U M$S5--8Y",$)R0K5"]T,Z0WU#P$0#1$=$BD3.11)%546: M1=Y&(D9G1JM&\$25^!8+UA]6,M9 M&EEI6;A:!UI66J9:]5M%6Y5;Y5PU7(9O5\/7V%?LV % M8%=@JF#\84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I93UEDF7G9CUFDF;H9SUG MDV?I:#]HEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=LKVT(;6!MN6X2;FMNQ&\> M;WAOT7 K<(9PX'$Z<95Q\')+%V/G:;=OAW M5G>S>!%X;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\X7U!?:%^ 7YB?L)_(W^$ M?^6 1X"H@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'A:N&#H9RAM>'.X>?B 2( M:8C.B3.)F8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.9H[.CS:/GI &D&Z0UI$_ MD:B2$9)ZDN.339.VE""4BI3TE5^5R98TEI^7"I=UE^"83)BXF229D)G\FFB: MU9M"FZ^<')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA1Z&VHB:BEJ,&HW:CYJ16 MI,>E.*6IIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"JW6KZ:QK_UP'# [,%GP>/"7\+;PUC# MU,11Q,[%2\7(QD;&P\=!Q[_(/%$XIZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH[K3O0._,\%CPY?%R\?_R MC/,9\Z?T-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?ZY_MW_ ?\F/TI_;K^2_[< M_VW____; $, " 8&!P8%" <'!PD)" H,% T,"PL,&1(3#Q0=&A\>'1H<'" D M+B<@(BPC'!PH-RDL,#$T-#0?)SD].#(\+C,T,O_; $,!"0D)# L,& T-&#(A M'"$R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R M,C(R,C(R,O_ !$( 9<"U ,!(@ "$0$#$0'_Q ? !!0$! 0$! 0 M 0(#! 4&!P@)"@O_Q "U$ " 0,# @0#!04$! 7T! @, !!$%$B$Q M008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-CH.$A8:'B(F*DI.4 ME9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+C MY.7FY^CIZO'R\_3U]O?X^?K_Q ? 0 # 0$! 0$! 0$! 0(#! 4& M!P@)"@O_Q "U$0 " 0($! ,$!P4$! ! G< 0(#$00%(3$&$D%1!V%Q$R(R M@0@40I&AL<$)(S-2\!5B7J"@X2%AH>(B8J2DY25EI>8F9JB MHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(RKR M\_3U]O?X^?K_V@ , P$ A$#$0 _ /8]?O;M+[2=+LIS:OJ$[J]R$#&-$C9R M%#9&XX &0>,G!Q65=:AKNDZCIVGQ7<&K237LD7[PI"YC\AG E*K@,",Y51D8 MXZUT.K65C?P1PWT,SJL@DC:'S \;CHRLGS*>2,@CJ:I6NE:-9R12PVEUYL4S M7"RR+.[F1DV%F9LECM^7DG QT% &1-XX8#1[BWL99#J5JDB6QD50KO+'&,M M@G@OU';/'2DO_'_V#3&NI=/A6:(W(FA>\ .87VL(\*6I%:HT/0%%B M!87'^@JJ6_R3?(%=7 ]_F13SGI45QX<\/732M)97@,PE$OEMZ+86-R]F-0,CO.J*SJBQ[L ,"H))')!X!](3QO&=I M7AUPPX)!YYSS39-.T>73DT]K2X^Q);FV6 1S!/+.WL."1M&&ZCG!&3D YLZG MXBDMC8VC:O+J$5Z%NP\-F)883"S+MY\L@MMYSGJ/2GCQ#K"KI^I6S3W6F20H MO[Y8H_-D*R+M;'*R>;Y0X^0+N/;-:Y\/Z"5'^C:AYHE\T7'FW7G[MNW_ %N= M^-O&,XJZEGI4<%G;I:3+!9@B",02;5RI7)&.3AF&3ZF@";1-0AU#3(WCO/M; MQJJ2RF,QEGVAL[2!C(8,/9A6C61I5KIVBVK6]G%=A&8,QD261B0H4%50 M/8"K_P!MB_N7'_@/)_A0!8HJO]MB_N7'_@/)_A1]MB_N7'_@/)_A0!8HJO\ M;8O[EQ_X#R?X4?;8O[EQ_P" \G^% %BBJ_VV+^Y^@DDCWS MR,F%=@Q1&"X V\8X('% '63SQ6MO+<3R+'#$A=W8X"J!DD_A4E>;P^#M0N-( MUC^T]/6YO'T@6]DLLRR;7Q+\@+'&X Q L>I .>*FN-+USS98;73IK.'^T3>Q MW!EB\N&+[+Y87:KELJ_8*1QP3Q0!Z%4!O+=;Y+(R#[2\33+'@Y* @$_FP_.O M*=.C;4OM$&C:.)%^Q67VE1=1S)*?,(NYH_D$DZ.BA48A1M!X' QCTR =2-=TTZM_9@N?]+W;-NQMN_;O MV;L;=VWYMN!N(R>E\9:G?V$NCPV,UW%]JN720V=NDTI41,PPK@CJ!GVJEI MGBV__LBR1[8WVH37MQ:$2D6S((][ RC&%;8HR!QDCH#P ==]FE_Y_;C_ +YC M_P#B:/LTO_/[RMC/;VT=RFV]#1,K%AAI N 1 MMYQN7G@FLJX\:ZE-I-W=K:?89!I]Q-5D&4!P=QQV(YYR* .V2R M:,$)=S*"*-0U+3;6QFL#;K&^H6D-PT MF2VR2XCC(4=,D.>2>,=#G(-=N[S^U-)TNTNFM#>O*9)T16951,X4,".21R0> M ?7( -7[-+_S^W'_ 'S'_P#$T?9I?^?VX_[YC_\ B:XA?$NKZG80/!=K:30Z M3+?2LD*L)I4?8 0V<(2K$@'/(^88Y?/XAUR*5KJ4FWL;R FW9Q&RQ92-@ZX^ M9MJ^>6#=2J =1D [3[-+_P _MQ_WS'_\31]FE_Y_;C_OF/\ ^)I;.[@OK59[ M>0R1DLN2I4[E)5@00""""""."*GH K_9I?\ G]N/^^8__B:/LTO_ #^W'_?, M?_Q-6** *_V:7_G]N/\ OF/_ .)H^S2_\_MQ_P!\Q_\ Q-6** *_V:7_ )_; MC_OF/_XFC[-+_P _MQ_WS'_\35BB@"O]FE_Y_;C_ +YC_P#B:/LTO_/[E:=J@MOMZ7FZ!S)"]I-/$Z-@J?FB(/0D8 M)JK%HNA0V\,"V-RR1/)(#(D[LS2*5=F9LER0Q!+$UJ:CJ=II5L)[R7RT9Q&@ M"EV=CT554$L?8 FDTW5;+5[=YK*4NJ.8Y%=&C>-QU5D8!E/(X(!Y% &(/#/A MW[)<6K6FH/%<6ZVLH>6Z8F)3D)N)R%&3P#W/J:E.@Z$Z2I+;7\PE@:W8SR7, MA\MBI*@L20,JO3T]S7144 9][]AU"!8;J"XDC66.8#R91AXW61#P.S*I]\<\ M56O;'3-0YN([\MYWG*Z-<(T;[-GR,N"@*\$+@'))&22=(7ENU\]D)!]I2)9F MCP/\ ='&4;;C6K,Q+Q2LS,S%F))&2223^-6?ML7]RX_\ >3_ K-;Q9HJ6K7+W;) M&DAC0?>CO+?:?]Z14/Z,: -*LZ'_ )&2]_Z]+?\ M]#FK1K._U?B0]O/LQ^/EO_3S/UH -:&;&+_K[MO_ $>E:-9VM_\ 'A%_U]VW M_H]*T: "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** " MBBB@ HHHH PO$%G=O?Z/J=G;-=FPG=GMD=59U>-D+*6(&X9[D<%JQ=;M=9U> M-&?P]&(&NRS1-Y4LH01;5=T,JQL2V<9+;0%XS]WLY8WDQMGDBQ_<"\_F#4?V M:7_G]N/^^8__ (F@#S]O"6JW>@6-O?6;37%MH$]NH>=6VW?R>60=WWN#ANWJ M*;=:!XDNO$,5W'8_9IDN#_IBNA)C,!0$N9"Y^<@[ H7C/)Y/H7V:7_G]N/\ MOF/_ .)H^S2_\_MQ_P!\Q_\ Q- 'G"^&]3BCD:U\--%YEK:6]RDL\;^>R2,T MC[1* _!!^=ANYW XP>K\'Z5=67AN6PU2VVAKB&[.YTC2Q:2V;*9-2O M7 C9-L43W$TB,>>A4H,#)!89 P2,C6_#-W=77B0V%O' M]IUJD+H57S)DFN) M'!]"=Z?0#U89%=#J<-A=V,MEJ+1_9 M[A2CH\FS<.XSD'\JSM4TSP_K,WFWLJ.YA:W;R[QX@\;=48(P#+['- &8_C5+ M07DLMO+)"LTT<19E!+I DJQC ZL"^,D\KW[(/'D&$ACBB,< BGEN$:"]>)E>0DN=RN#@YZ9QTXX% &=;^/VNH(;J'27^R&*TE MG=YP&C%P^Q0%Q\Q!!SR./RK7\4:AJ6FVMC-8&W6-]0M(;AI,EMDEQ'&0HZ9( M<\D\8Z'.1'!HGABVM&M85MUA984*?:3TB8M&/O=B?\:T;UM*U"!8;J>WDC66 M.8#SL8>-UD0\'LRJ??'/% $>N?;A9J]E<30["6D%O$DDT@P<*@?Y0XNCY@E\Y)([YXWC;8$.QE8% 5'*C )R2,DFH;C1?#5S9V]HYB6W@B:!(XKM MHP8VQN1MK#>IP,ALYYSU- &'+XAUV)S=SG[-9WD&8&81LD)*1L'7'S-M7SRP M;J50#[PSVUG=P7UJL]O(9(R67)4J=RDJP((!!!!!!'!%9]Y;:+J&X7,T#AK= MK; GVA4;!8#!X/RKR.>!4U@VF:=9K;6]W%Y:LS$O/N9F9BS$DG))))_&@#1H MJO\ VA9?\_=O_P!_!_C1_:%E_P _=O\ ]_!_C0!8HJO_ &A9?\_=O_W\'^-' M]H67_/W;_P#?P?XT 6**K_VA9?\ /W;_ /?P?XT?VA9?\_=O_P!_!_C0!8HJ MO_:%E_S]V_\ W\'^-']H67_/W;_]_!_C0!8HJO\ VA9?\_=O_P!_!_C1_:%E M_P _=O\ ]_!_C0!8HJO_ &A9?\_=O_W\'^-']H67_/W;_P#?P?XT 6**K_VA M9?\ /W;_ /?P?XT?VA9?\_=O_P!_!_C0!8HJO_:%E_S]V_\ W\'^-']H67_/ MW;_]_!_C0!8HJO\ VA9?\_=O_P!_!_C1_:%E_P _=O\ ]_!_C0!8HJO_ &A9 M?\_=O_W\'^-']H67_/W;_P#?P?XT 6**K_VA9?\ /W;_ /?P?XT?VA9?\_=O M_P!_!_C0!8HJO_:%E_S]V_\ W\'^-']H67_/W;_]_!_C0!8HJO\ VA9?\_=O M_P!_!_C1_:%E_P _=O\ ]_!_C0!8HJO_ &A9?\_=O_W\'^-']H67_/W;_P#? MP?XT 6**K'4;($ WEOR0H_>KR2< =>I)Q5F@#.'[KQ(<\_:;08]O*Q#;<9Z].]<]8MK375_+K%GJ5G;S:NWVLV$< MI:0I9P1JZ&,;_*9T8Y7T />@#TNBO/)8?$U[9V$AFU.*XM],FN54$IYTZ2(8 MDEP,;F3(*^[<'%5H+OQ6Z:A-F45YA%J/B#2;*]U,+?2Q6UZL<%K/Y^)DEB6-0#, [8G*]>GS8P"*[^'2 ME?08=,U"62\ A2.>1W(:8@#)8C'4CD="#CIQ0!>CDCFB26)U>-U#*ZG(8'H0 M>XJM/JFGVUO)<7%];10QOY;R23*JJ_\ =))P#[5SFBC5+/X;:)I]E;O'K T> M!42XC9%C94C5@[;2%8;N%;DD'@@''*66E:K96T$,VGW.G10:S<3"Y@A>]D7, M++NV[/FW%CERISD]"HR7]G%);QR7<"/<_P"H5I #+T^Z,_-U'3UJ6.6. M92T4B.%8J2K X8'!'U!XKA(=!G;P?H4ABN+?4+:"&".W"_*6$B-&T@(+*%:- M7(R, ,IK:\)W-V1=:?-:O%#9D*DCQ.K.Q>0-N)X=B%5RPX/F?B0#I**** "B MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *** M* "BBB@"OJ%J+[3KFT+;?.B9-V,[21C/X=:;IUW]NTVVNBNUI8U9E_NMCD?@ MIC(D M_$KBM*D95=&1@"K#!![BJ&A.SZ'9JY)DBC$,F?[Z?(W_ (\IH 2 [?$5ZO0- M;0/CU.Z4$_D%_2C6_P#CPB_Z^[;_ -'I1-\OB.S/0/:S*?J?\ 7I+_ .@& MM&@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *** M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH M **** (Y8WDQMGDBQ_<"\_F#4?V:7_G]N/\ OF/_ .)JCK.KOI=UI"!%:.\N MWAE)ZJJV\TN1[YB ^A-9A\=Z:+*"Z-G?A9X3D%NAW<#[QP<+P M: .A^S2_\_MQ_P!\Q_\ Q-'V:7_G]N/^^8__ (FL*#Q8KPWTYM9+B**]^SPF MV ^9/*23R021V\C3K$-D2SMMCW9.?O<' M..O3F@#8N-(BNY;>6YE>62W?S(6>.,F-L8R/EX-6/LTO_/[(+*QM+2;['<1W#BZD3"R&)E7Y,'IDM]X#. 1QS5MM8NE\8P:,UD$M); M*:X6X9P6=HWA& HZ#][U/)(Z8Y(!H_9I?^?VX_[YC_\ B:/LTO\ S^W'_?,? M_P 36+XM\22>'[%3:0+<7C$-L8D+''N 9VQVY 'J2.V2,^;QG-!KKVK"SV?V MA_9Z6>_%RQ,>X2=<;2<<;>ASGM0!U7V:7_G]N/\ OF/_ .)H^S2_\_MQ_P!\ MQ_\ Q-T@'!57_$"M&J>JVTEUITJ08^T+B2')P/,4 MAES[9 !]LT 7*S9_]'U^UFY"7436[>[K\Z?IYOYUNC9I;W2C+6C+Y7F8LUO4 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %% M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!F:Q M86-[)8O>W)A-K,\T6'5=S&*2(YSU&V5CQWQ]#B7GA?0+NWL8O[2\MK.T%DDJ MO"[-$ ,[T8 \9RH!Y-=7--%;0///*D44:EGD=@JJ!U))Z"G AE#*001D$=Z M .2N?#&A7!4KJC1E;IKI?WD,@#&-8\;9%8$;5')&0<\\TMKX8T"TT][*/4I# M$T=M'EIT) @G6NMI%974,I#*1D$'((H YNPT?2M.U""YCUF5X[< M2K;VSSQ^7$)""P&%#'D#&XG':M&1=,EUFVU1KZ/S[>WFMT42KM*R-&S$]\YB M7'/<]>VA)/#"R+)*B,^=H9@-V!DX]> 33HY$EC22-U>-P&5E.0P/0@^E ',Z MSX=\-^(8&759;>YG.0MRS1^:B;RX0$#&T9P.,XZDG)J5M(TE]5AO7U5GC@D$ ML5HTL?E(P3:I'R[\#DA=VW)SCICH9)(XE#2.J*6"@L<#). /J20/QJ*[O;33 MX#/>W4-M"" 9)I BY/3D\4 <[JNA:3JPN#+JNR2>1C)(DD>3&T9B,8R#A=K' M'<$D]SGH?[0LO^?NW_[^#_&GM]9NI_Z-=V6 MH#I')Y$O_7.0@?HXC/T!K3H S="9AI,5N_W[4M;'/4^62H8_4 -^-&HXAU'2 M[G./WS0.W;:Z$X_%UCHM_P#1]>O(3D+A=-O);2Z:U@EF66(0L86&U=SKS&"V/O YP: M[J6-Y,;9Y(L?W O/Y@U']FE_Y_;C_OF/_P")H \YL9/$)N='-Z-:D,D5M'/# MMFB*;B1(Q=08S@'+;]KC;\K2*TT,LUO"98W-RIC4*VY2 MRO;M+'.=B-9L.&E&_'F9'S=SQP13=%N?$3:KHAE@U>(K)%%="= M9RIC^S\DKL$2KOQW+YZD<@>C_9I?^?VX_P"^8_\ XFC[-+_S^W'_ 'S'_P#$ MT 8GC'3!?V&GRI;R3SVVIV,D83<=@%U$7;:..$#+_.NKO2S +R M%+.\^* -.LS2R+2:?2B,"WP\'O"V=H'^Z0RX] OK6GG(R*S-85K=8=4C!+V9+2 M=6A./,'X !AZE .] %VZMH[RTFM9@3%,C1N <'!?2;F2ZTZ-IR#<1EHI\ M8_UB$JQ^A(R/8BKJLKJ&4AE(R"#D$5FQ_P"B:_+&3^[OH_-7_KH@"M^:[,#_ M &6- "ZE^XN]/O1P$F\F0C^Y)\H'_??E_E5^6))X7AE4-'(I5E/<'@BH-2M6 MO=-N+9&"R21D1L?X7_A;\#@_A3K&Z6^L+>[12JS1K(%)Y&1G% $&B2O+HEF9 M23,L0CESU\Q?E;/_ (&FZ+Q9S)T*7=P"/0&5B/T(HTK]V]_;=H;M\'UW@2G M]9"/PHTX;=0U9.A-RK@>QBC&?S#4 5;95;P]J,;J#^]O RL.QDD/(]P1^=:E MDS/86[L26:)22>YP*S8_EM]>C'W4F?'_ *%&/ZL:T=/_P"0;:_]<4_D* +% M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44 M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111 M0!A^)]5O=*LK>2S1%$DVR:YDMY)TMDVL=[1QD,PR%7J -V20*J6GB^W328[N M_E@E#)<.L]D=\4BP\G )RKD9^0Y(*L,\LV4%V;5WU*;3YX)"\4T,B*3Q@ M@AP58$'H0>Q=)XPBM;C4GF9+\:@\S3QAY9>AW;0%VE25( '% $W_" M<:4\<+6ZW%PTZQM$D84%]\?FXRS #"%24N<_X0[PX([F)=29()XY8Q&DD*^6)#DX8)N;'.-Q;&:Z"U73+.^O M[N.^C,E[(LD@:5< JBH,?@H]>: *-IK&J?\ "2PZ;>1VA6>*68Q09,EJBL A MD;.#OR>R\@XW $AM[K6IV.NVD$L=J;:YN&BCMT#-.8E0LTV0OW>K+XGO M ]T0)8?,M]NP# 16\OS%4=I)H S=,\8:O>:4T\RP1W;);R&V.FW"O! M'(P#.58YE5>1E,#(STK<\/\ B"35F5+I8+6;R(\VS-^\\[&90 3RJM\F5 M_2DT[3K#3[A[IM=FO+HVXMDGNIHF:- 20!M5TU*SO(M3 MXMD4"(RH0[JDB;V.,Y(E?//).?7(!T]%5_[0LO\ G[M_^_@_QH_M"R_Y^[?_ M +^#_&@"Q15?^T++_G[M_P#OX/\ &C^T++_G[M_^_@_QH L457_M"R_Y^[?_ M +^#_&C^T++_ )^[?_OX/\: +%%5_P"T++_G[M_^_@_QH_M"R_Y^[?\ [^#_ M !H L457_M"R_P"?NW_[^#_&C^T++_G[M_\ OX/\: +%%5_[0LO^?NW_ ._@ M_P :/[0LO^?NW_[^#_&@"Q15?^T++_G[M_\ OX/\:/[0LO\ G[M_^_@_QH L M457_ +0LO^?NW_[^#_&C^T++_G[M_P#OX/\ &@"Q15?^T++_ )^[?_OX/\:/ M[0LO^?NW_P"_@_QH L457_M"R_Y^[?\ [^#_ !H_M"R_Y^[?_OX/\: +%%5_ M[0LO^?NW_P"_@_QH_M"R_P"?NW_[^#_&@"Q15?\ M"R_Y^[?_OX/\:/[0LO^ M?NW_ ._@_P : +%!&1@U M]:.ZHMU S,< "0$DU/0!E::3873Z2_^K5?,LSZ MQ< IGU0D#_=*]3FM6J6IV;W=L# RI=PMYMN[=%<>O^R02I]B:DL+Q+^S2=%9 M"25=&ZHX.&4^X((H JZ21:O/I706N#"#WA;.W'LI#)_P 'O3M:1Q8K=Q*6EL MY!<*%Y+ 9#J!W)0N![D4S6 ;7R=53K:9\X#O"V-_Y8#^OR8[UI@@@$'(/0B@ M!$=9$5T8,C %64Y!'J*S])_V7 \BX9E]UD_> X] 691_NT:,/L\,VG'C[ M')Y<8_Z9'YH\>P4[<^J&B7-OXA@DZ)=P&%B?[Z'<@'X-*?PH $_<^))E/ N; M5&3'-]I"5]]KR9_]"7\Z2_'E:II=P."9'MV)Z;6 M0M_Z%&G^31<83Q%8.>C6\\8/^T3&P'Y*WY4 +IWRZCJRGJ;E' ]C#&,_FI_* MC0#GPYI9/_/I%_Z *+?Y?$-^H^ZUO Y'^T6E!_11^5&@<>'-+_Z](O\ T 4 M:-%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M4444 %%%% !1110 4444 %%%% !1110 4SSHO/\ (\Q/-V[_ "]PW;0T4GF^:>$8H0W SE W&,9)% '>T5Y9;WN MHQ7T-MJ4VMQ:?-J+"-85NC(\?V4M@%AYQ7>I/L?1:6XN_%!^PAH=86[B%J=^ MV4AU,OSY6-/+W>7][S&)ZX [@'J55I]1LK:ZAM9[RWBN)O\ 5122JKR?[H)R M?PKD_#\.L1:O83W4NI.MR+X7*W!$^7.,8R/6F>)9K>X\0_V6VG M7T4,Q@DO+^+3KB;S0C[DB1D1E7!'+$C:&XY)*@'80W]G<7,UM#=P23P_ZV)) M S1_[P'(_&C[?9F^-C]K@^UA=Y@\P>9M]=O7%<=:N(_%T-[;Z=?06EG;7B7% MNU@Z^02ZL61E'[YI&3.%WYSD.:L1W$$K[(Y MHW;8),*P)VG.&^AP<'VKSO0M&O+Z[5IVGM+2QTVVBCE33WM6$D3EU^23=N( M.< @;L DDXO^&3?:3J-CIPL9!;SP1#,L3EHH5CD$:E_NC8$C4J>2\K'N 0#N MJ*** *][?V>F6K75_=P6MNOWI9Y B#ZDG%+%>VD\<$D-U#(D_P#J620$2<9^ M4CKP">*P_%L6]=,EVWZ-!=&2.YLK?[0;=]C*&:+:Q92&*\#(R#D=1S]IIEYJ M7]B+/;7-M$NIW4CSVL,EHTB&*3$C+]Z(LQY&1D\\;L4 >ATA95(!(!8X&3U/ M6O-+>?Q&;"!KO^VO[46VM?L2I%((W;.)/.P-N2<[O,Q@8(Y-7H-/O_*T:_NC MJD][_:]P2DLDVR(;;A8BRK]V/_5@L1C!YX)R =A>ZUI6F2+'?ZG9VLC#E6;>X@NX$GMIHYH7&4DC8,K#V(X-WVEZ:U]86[WBZE;-(ML M&E58Q,I)R5!QCD\8'-941U]?&AC*W44"WVU%2.4P&UV=.%\H<\YW;]W'3B@# MOJ*\NN;/Q)]@O[I+G7C=+I^H7$4:O)C[0DN+=0H'.5Z+_$.H-=GH4-[::MJ] MG-)=S6D;1/;RW+%BQ9/GPQZC<,X' ).,#B@#;BECF0O%(DBAF4E&! 9201]0 M00?<4^O-#8:U]DO8X?[5MECCUFYB6WWQ[YS>.T)X^\2K94=&!Z$58U9_%P-Y M:6(O/W43:A'< 'YMZ!?('8E6,KA>VV,8/< ]#I-REBN1N !(SR!_D&O/$;7& MT"_"SZDD?VR+R=)/*UVWN;E+*&20O M,28ENIED.XJH7Y"C=QH ]/HKS.XC\56.GF33Y-5FNI'U& K.6<)%' M*P@8 C&[8H*L]VQ2NH\WS7:6/8IR@D59<9+* V3D'!(P: M-VTU&ROS*+.\M[@Q-MD$,JOL/H<'@U7BU_1IYGAAU>PDEC#,Z)N9\)W<%Q>SZE)I]_8-Y$-G;V1TRXB$$(?"!F:,!FR_.,J@'7 9BNHZ0+\^ M*+NXLKE%%NVGVHM8!YIB:-6E>,' 8LS$>XB&.: .F37M&EM_M$>K6#PF01>8 MMRA7>1D+G.,X[5=26.1Y$21&>,A74,"5. <'TX(/XUP)TI]2TG55NGU.2PMV M;[*S6BP7%PKPE)8RGEKP=Q ;:#GO@5K^'+C4X-9N=,O+?/#SSW B<;I"(R#O M/RLIWN% Y41 '/8 ZJBBB@ HHHH **** "BBB@ HHHH **** "BBB@"&[M8K MVU>WF!*..QP01R"#V((!![$"JNGW4PD:POF!O(UW"0# G3.-X]^0&'8GT(SH M53U"Q%["A23RKF%O,@F SL;W'<$9!'<$].M %RLFX_XE>J"['%I>,L=P/[DO M"H_X\(?^ =@35K3[[[9&ZR1^3=0G9/"3G8WL>ZD<@]QZ'(%B>"*Y@D@F0/%( MI1T;HP/!% $A&1@UF:1BU\[2B3FTQY6>\+9V?E@IZ_)GO2Z7/(CRZ=98CG8_UX(/N">A%-U0_ZP8VD MX]_KWI6U*XN;5$F>5(*G)[Y&?PH VHOE\276?^6EI#M_X"\F?_ $(4 M:!_R+>E_]>D7_H K/2XE,ZR,^7* ;L#.,9QGTS7A7Q<\9^)/#WC:.STC6;NS MMELHR(87P@.6'"].PH ^EJ*^.;/XQ>/;)LIXAFD'=9XHY ?^^E)KI]-_:*\5 M6S@7]CIU['W^1HG_ #!Q^E 'T_17CVA_M$^&K]UCU:QO-+<]7_U\8^I7#?\ MCM>GZ-XAT?Q#;?:-(U*UO8QU,,@8K]1U'XT :5%%% !1110 445FWEU-/<'3 M[!MLPQY\^,B!3Z=BY'0=NIXP& )&O9)[YK2S56\K_7S-RL9QD+@=6.0<9X') MZ@&;9>_\_%O_ -^#_P#%TZUM8;.W6"!-L:Y[Y))Y))/)).22>234U %?9>_\ M_%O_ -^#_P#%T;+W_GXM_P#OP?\ XNK%% %?9>_\_%O_ -^#_P#%T;+W_GXM M_P#OP?\ XNK%% %?9>_\_%O_ -^#_P#%T;+W_GXM_P#OP?\ XNK%% %?9>_\ M_%O_ -^#_P#%T;+W_GXM_P#OP?\ XNK%% %?9>_\_%O_ -^#_P#%T;+W_GXM M_P#OP?\ XNK%% %?9>_\_%O_ -^#_P#%T;+W_GXM_P#OP?\ XNK%% %?9>_\ M_%O_ -^#_P#%T;+W_GXM_P#OP?\ XNK%% %?9>_\_%O_ -^#_P#%T;+W_GXM M_P#OP?\ XNK%% %?9>_\_%O_ -^#_P#%T;+W_GXM_P#OP?\ XNK%% %?9>_\ M_%O_ -^#_P#%T;+W_GXM_P#OP?\ XNK%% %?9>_\_%O_ -^#_P#%T;+W_GXM M_P#OP?\ XNK%% %?9>_\_%O_ -^#_P#%T;+W_GXM_P#OP?\ XNK%% %&2SFF MFAFD>U>2!BT3&W.4)!!(^?C@D?C4VR]_Y^+?_OP?_BZL44 5]E[_ ,_%O_WX M/_Q=&R]_Y^+?_OP?_BZL44 5]E[_ ,_%O_WX/_Q=&R]_Y^+?_OP?_BZL44 5 M]E[_ ,_%O_WX/_Q=&R\SS/!_WY/_ ,75BB@ HHHH CE68X\F2-/7>A;/Y$5' MLO?^?BW_ ._!_P#BZR?$/B+^PM1T2*10;>_N9(9GV,S(%A=P5"\YR@'0\$U3 MM/&D-S_\_%O_P!^#_\ %UAW?C;3;:VAN([>]N4EM)+P^3$,QQ(0'+!B,$$X MQU] :G7Q78OJ,5I'!=R1RW'V9;I8AY1EV[BN* -79>_\ /Q;_ M /?@_P#Q=&R]_P"?BW_[\'_XNN9U;QD]AXBN-"AB@DOY$@%DLC%5+2;\F1NR MC8,=R3@9)K2B\2VPOULI8YV(F%H]XD6(#<;V:TM.UI=36]2.RNH+FT8))!<*JMN*A@ 02""".02* +FR]_Y^+?_OP?_BZ- ME[_S\6__ 'X/_P 76/HNK:E.>M '8;+W_ )^+ M?_OP?_BZ-E[_ ,_%O_WX/_Q=_ M\_%O_P!^#_\ %T;+W_GXM_\ OP?_ (NK%% %?9>_\_%O_P!^#_\ %T;+W_GX MM_\ OP?_ (NK%% %?9>_\_%O_P!^#_\ %T;+W_GXM_\ OP?_ (NK%% %?9>_ M\_%O_P!^#_\ %T;+W_GXM_\ OP?_ (NK%% %?9>_\_%O_P!^#_\ %T;+W_GX MM_\ OP?_ (NK%% %?9>_\_%O_P!^#_\ %T;+W_GXM_\ OP?_ (NK%% %?9>_ M\_%O_P!^#_\ %U5)UJ'M878]B]N1_P"AY_2M*B@#._M5HO\ CZTZ^A'0,L0F M!/\ VS+$?B!4MMJVGWDHB@O8'F(SY0<;Q]5ZC\15RH;FTMKR+RKJWBGCSG;* M@89^AH FHK-_L2VCYM)+FS(.5$$S!%^D9RG_ ([1]GU6#_4W\-P@YVW,&'/M MO0@#_ODT :5%9OV[4(<_:-)=^^ZTF60 >^[8<_0&C^WM-4XGN/LI[?:XV@S] M-X&?PH TJ*165U#(P92,@@Y!I: "BBB@#/U"TF\U+^R ^V1#!0G G3NA/Z@] MC[%@;-I=Q7MLD\).UL@AA@J0<%2.Q!!!'J*GK'OR-'N7U1& MI"HO(R0,G@" M0?[0& 1W '=0" 6-4MYBL5[:*6NK4ED0''FH?O1_B ,>C!3VK/O_ !980Q%+ M?_29FCW^7@C ]#D=<=1UX.<5S&K>,)]6DDM+(O;P?P$'#2^H/IGL!].<\35;JXCCLC(4MUC$<42D@+C[H]3TQSZTRU;$ZKV?Y3^/3]<& MJ+X!5X^%8;EYZ>WX'BK;D/MD&,.,X'8]Q^?Z8H OVQQ-M/\ $"N/?M^N*N6Y M^21?H?Z?UJB7)=)AU8!\^_?]0:OQ8$[JOW64X^G4?RH T(3S$?7 _I7SG\=? M^2A+_P!>47\VKZ+MCGR<=CC]?_KU\Z?'7_DH2_\ 7E%_-J /,Z*** "K%E?7 M>FW<=W8W,UM<1G*2PN493[$57HH ]H\'?M!ZOISQVOB: :E:< W,2A)T'J1P MK_H?>OH#P]XHT;Q5IPOM&OXKJ+^(*&M4CU'2+R2 MUN8_XD/##T8=&'L: /NVBO+_ (:?&*P\9[-,U-8['6\?*F<1W'NF>A_V?RSV M]!O[V2.5+.S57O91D;N5A3_GH_MV ZL>.!D@ ;?7P[GV!JS964-A;""$'&2S,QRSL>2S'N2:2QLH[" QHS.S,7DD_U'3+ MZ5Y!+ITSS0A2,,S1M&=W'(PYZ8YQ5&?PM;27\]_!>WEK>371N?.A*$J3"D)4 M!E(VE8E.""X,6.3\^WN!DX'6?V? M9?\ /I;_ /?L?X5'!;:?<1>9':0[QYP,>8<( M&R3\V 0N[G%7=0DT;2XXWNX(5\U]D:);F1W;!.%502> 2<#@ FFS7&A0:4FI MNMJ;.0(8Y4B#;]Y 3: "6)) ')S0!F:AX,M9=*$%NTDDT$=SY"S2[5+32"0 MY95R,,!@@<=PU3>'=&U.SCU674KV5KB_E#*_F(\D:B-4!R$5,Y!. N.G7FED MUSPO%;17#M;B.0.P_P!&)*!#MCN+J!Q;B2UC:67_ M $H\T2Y_&4,1^%+]GU>/A-0MI%'3SK4[C[%E<#\ M=OX4 :-%9WVG5H^9--@D7O\ 9[K+G\&51_X]2?VOY9Q0\VNJSX'W8[E%E0#Z\.?Q:M*B@#-\W5X/ M]9:VUT@ZM#*8W(]D8$9^KT?VS%&2+NTO;4_]-("Z@>I=-RC\36E37=8T9W8* MJC))["@"A+KNE164UY]OMY((?OM%('P>PX/4^E>8:WX@G\1RF3+)%$3MM\]! M_>]SZ^GTJ#Q;X@.O:J6C79;0Y2($8)'J?\.WYUA([1N'0X8'(- %L$@Y!P:O M[Q/'YPQO'$@'KZ_C_/\ "J8*SQF6,8*_?0?P^X]OY4L$QAD# 9'1E/1AZ4 : M5JV]6@/4_,GU[C\1^H%6[9MT;Q'J/G7^OZ<_A6:P\ME>-CM/S(W0_P#ZQ5X2 M_-'KR'0->D4:M*VZ&]=N;HXQM8G^, #U ]>O MS=3D=HW5T8JZD%64X(/J* /OVBO+O@[\2U\8:3_96IS#^V[-/F+=;B,<;_J. M ?S[\>HT %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%% M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 8'BBRFO(K(Q:?/= MB*O0\Q<6M\BZ%;ZQIMQJ EU&X*VDC0^<\?D MN5\W#"-V&,]?0Y)'/H4JS''DR1IZ[T+9_(BH3%=D@F:V)'0F \?^/T >;W'A MOQ+)]A5]/+S6PM3'0%"%^7Y%^;NQSQ1@_,#SQFL*71M7_X0?3-&-E(9 M;3[*TIMI(D9D1\E8V+ "10BDM\HY^4YZ=ALO?^?BW_[\'_XNC9>_\_%O_P!^ M#_\ %T <%)HVLCPI=Z.VD7KQWC71CDCNXA<)OIKK=E[_P _%O\ ]^#_ /%T M;+W_ )^+?_OP?_BZ *^BO?/I<;:BKK<%Y.) H?9O;86"\;MFW..^>E:%5]E[ M_P _%O\ ]^#_ /%T;+W_ )^+?_OP?_BZ +%%5]E[_P _%O\ ]^#_ /%T;+W_ M )^+?_OP?_BZ +%%5]E[_P _%O\ ]^#_ /%T;+W_ )^+?_OP?_BZ +%%5]E[ M_P _%O\ ]^#_ /%T;+W_ )^+?_OP?_BZ +%%5]E[_P _%O\ ]^#_ /%T;+W_ M )^+?_OP?_BZ +%%5]E[_P _%O\ ]^#_ /%T;+W_ )^+?_OP?_BZ +%%5]E[ M_P _%O\ ]^#_ /%T;+W_ )^+?_OP?_BZ +%%5]E[_P _%O\ ]^#_ /%T;+W_ M )^+?_OP?_BZ +%%5]E[_P _%O\ ]^#_ /%U6W:U%\OE6%S_ +?F/!_X[M?^ M= &C16=_:-TG$ND78QU:-XG7\/G#'\J3^W; 8,KSVZ_W[FVDB4?\"=0/UH T MJ*K6NH65Z2+2\M[C'7RI5?'Y&K- 1D8-9[:'I3,7_LZV20G/F1QA'SZAA@C M\ZT** ,[^QU0YM[Z_@;U^TM+^DFX?I2?9-4B)$.J)(I_Y^K4.P_%"@_2M*B@ M#-$NLQ\-:64P'5DN&0M]%*$#_OK\:X3X@>*Y)(?[%AAEMG)!N0[*3CJ%^4D< M]?RKO]8U.+1])N+Z7&V)> 3@%CPHS[DBO KZ6YN+R6YNB6EF8R%CT;)Z@]Q] M* )8KM90$N2<]%FZD?7U'ZCWQBGR1M&1G!##*L.0P]C6?4\%T\(*$!XB_TZ=*2*5X9 Z'!'Z^Q]J -.UE'^HD(",6,'! M:%P1[C_#C]: -NW)9,] 4!_+BOGKX[C'Q$ _Z%?$EEXM\-V>M6)_=7"99">8W'#*?<'_'O7PS7LO[/ MWC(Z7XBE\-74F+34OG@R>$G Z?\ E&/JJT ?35%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %% M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444 M4 %%%% !1110 4444 %%%% !1110!7NM/LKW'VNTM[C;T\V,/C\Q57^PK!H_P!J^*=1NPVY&F*H?]E?E'Z"L:@"^LUM-U)@?T.6 M3\^H_7ZTLD3Q8W+P>C Y!^A'!K/J:&ZFM\B-\*?O(1E3]0>#0!9CD>)P\;%6 M'0BKTF.!5%9[:;[P-N_MED_Q'Z_A2R0O& 6'RM]UE M.5/T(X- %^.22VF) PP^5E8=?4$5=5L!;FW.%!Z=2A]#_GG\ZRXKL,HCNX]C0!MP2QAA*.(9?E<#^ __ %N" M/4?C6M:DDJK?>_U+\_\ ?)S^'Z5SL$J)\ZEFMI/E<=2A]_<=CWY]P-FT;/[M MV!8 (6[%?X&^G09]"* .EL6!4-ZJ,#\"#^HKY_\ CMS\1 1_SY1_^A-7ONG- MO<$@Y8@_F02/S5J\!^.N/^%@ICO8Q']6H \SHHHH **** "BBB@ HHHH *GL MKR?3[^WO;5S'<6\BRQN/X64Y!_,5!10!]U>&M;A\2>&M.UF 82[@63;_ '6_ MB7\#D?A6K7C?[.FNF^\'WVC2-E].N-R#TCDR0/\ OH/^=>R4 %%%% !1110 M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1 M110 4444 %%%% !1110 45SOB>XF%YHFGBXDM;2^O#%<3Q/L;B-V6,,.5+,H M&1SP0.36$OB.30TU"R@MM5\^*ZMH8H=1D6Y,8ER P9)'=P0A.UB&R0. > #O MZ*XFQ\5ZU?7D5J+:TA:.*XEN&E1P7$3JORIG*$A^C$X(QSUJK#XRUU;4W5Q! MIQBCL;+4)5C5]QCN'=?+7)^\NQCN/!X&WO0!Z!17GEYX^U&UDNGCM[6XM_LM MU/;L(I$4F%U4#>W^L!WN[2ZGNHV@N9K>5_M;,\95CPLV%9@.@8@''!YH Z2BO.HFOH M/!*7MO?:C)+K%] UI%-=,76!G7;'YC$E-T8+%NH+$#H*;!/KATN&]-W,!IUY M+#/ URQ<%;A2L0(XG+1_N@6P[B_>3._*L6D MD&4YSL#(Z@'! 4< X:&WD=3_M!3C]<5H5RGQ)G:#P'J.WJ_EI M^!=<_IF@#PL7-FY :.>+U8,)/T^7^=/"P/\ ZNZCR3PK@H?Q/W1^=9M% &K] MCN"&*1F15ZM$0ZC\5R*@JD"000<$="*LKJ5V#EIC+Q@>%90X'U8$' M]* +B7%O-Q(/(?\ O*"R'ZCJ/PS]*L1O-:KN 62!SS_$C?ET/Y$9K.\E&_U5 MS;R =3OV8_[[QG\*D47EC^\"2Q!N,E?E8>G/!% &U;R@9EMOG3'[R%^H'OZC MW'Z5K64P/EA,NAR(\]3ZH??N/?Z\1,ZLVZWE!R)(NF?4CJ/J/P%:UM&."Z'$V"QSWR,'U(([>I'K[$5XQ\>P!\0HL#'_$OB_]">@#RZBBB@ H MHHH **** "BBB@ HHHH ]=_9WU0VGCZYL&^Y>V;@#_;0AA^FZOJ*OCGX/RRV MWQ2T*X1'*>C+S^=?8U !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 5- M0BL[FU:UO[5;JWE&&B> RHP]Q@C\ZI1:?H4-C+8Q:/#'9S'=);IIY$;G.1Y770[8/+N\QAIO+[NN?DYSWINJ:=8: MH%219XXFN(Y[F..S/^DF,@H')3) *KT[#'2MVB@"C 2H)'? ]*U** ,V9-,N+ M6,]AYMF%"_9WLF:/ Z#:5Q@8&/I210Z7;VL5K!8>5;PN'CBCLV5$8'.0 N < M\_6M.B@#-M8]-L99Y;6R,$EPV^5H[1U+MDG)PO/))^I)[FK7VV+^Y4LK]U[-]G9<_@V#^E:-% &=_:W_ %#[_P#[\_\ MUZ4:JS<)IM^S=AY:KG\68#]:T** ,[^TKO\ Z E__P!]P?\ QRN.^)M[<3># M94?3KNV4S1Y>1HB#ST^5R?TKT*N,^*48?P+1S_"HR: &5)%/+;OOAE>-O5&(/Z4\VKH"97BAQ]X22 , M/^ _>_2F%[),A[EW/;R8L@_4L5(_(T 3C49S_K/+E&@);ZM][]:G@U..* M0N('B<\?N)2!CW# Y^F:S?M]NG^KL]QQSYTI8?AMV_UI([Z]E81VY6-N2#$B MH0.^6ZX]]0T4 2&UT]"V)KJ48^4>6L?/ORU/":5@YM;W./\ GZ7K M_P!^Z@HH E(L%+&.TD;(&T33[L?]\A/J/FS^8K.HH N_VDZG,5O;QG&#^[WY_P"^\_I4,MYWN?857N;T,C06P,^ M":O7!\K22>\\NT$?W4&2#]2R'_@-9= %"ZMWM+J:WDP7B M9':W8ZNGDO\ [R <>FTI]2#690 4444 %%%% !1110 4444 >A?!.R-Y\4= M.?&5MHY9F_[X*C]6%?5]> ?LYZ2S7VM:RRX5(TM4..I8[F_]!7\Z]_H **** M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH M**** "BBB@ HHHH **** "BBB@#*UGQ#8:#+IZ7[NBWUQ]GCD"Y56()!8]AQ MC/N*>-=TY6U#S[A+9+"X6WFDN&")O,:2#!)Z;9%_'-5]::9DBDM('E M^T12$_.CPO'@!M<@9Y6U*.YE34VN(2TQC9X?LT<"%V,;8D CY. MTYR>1F@#K-6\4:3HW%U=+YAM7NUC0@L\:8R0,\_>X]<'T-6AK6E&R:]&IV7V M16V-/YZ[ WH6SC/M7*7O@W49?#UGI=N;(A-+N;*7S)7PK2&-EV_*=R@QD+B:PPUM>0 M*!*0G[YPP(C6(!!\O/+$YSD]P#NQK6E&S-X-3LC:A_+,WGKL#?W=V<9]JBM/ M$&F7=A8WGVN*!+Y0UNL[JC29[ $\GZ5A7'A>^B\13:M:16$R?:?-CM9I&C4J M;=8B20C88%3C@Y!/2L^Y\%:L-&TRUM#IZ75K8_96E\UA&#D$ QLCK)'D [2% M/'##.0 =/K_B)/#UNUQ/IM_6V5&"N+K\VF746C+917;2*L,DT[+^ZP-S?ZMMKYW ###@$YY6@"O/XQTNUT9 MM2N1/$%N3:-;L@,HE#8*X!(..6R"1M&QI M:S]%@O+;2XXKY]T^^1O]:9-JEV**6/+%5*KD]<=ZT* "BBB@ HHHH **** " MBBB@ HHHH **** "BBB@ HJ":]M;;/GW,,6T9.^0+@>O-5?[?T;_ *"]A_X$ MI_C0!HT5G?V]I)^YJ%O+Z^4XDQ]=N<4?VW:=H[XCU6PG(/T(3F@#1HK._MJW M/"6]^S=A]AF7/XLH'ZT?VG.W,>D7[KZ_NE_1G!_2@#PWXL:,VF^,Y+I5Q!?H M)E/;IR< #U)/ 'N:)KU+7,=DY:3HUQC'X)Z M#WZGVYR /D>.PR) LMT.D9Y6,_[7J?\ 9_/H5K-EEDGE,DKL[MU9CDTRB@ H MHJ:UB6:ZC20E8RY3SD_WD!/_H)?\<5BUL02M;SQS)C= M&P<9&1D'-4=1MTM;^6*//E9#QY.3L8!ES[X(S0!5HHHH **** "BBB@ HHKI M_A]X8;Q;XTL-,*%K;?YMT1VB7EOSX7ZL* /I'X1^'SX?^'>GQR(5N+P&\E!& M#E\;0?HH45W-(JJB!$4*JC & !2T %%%% !1110 4444 %%%% !1110 444 M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M!'+ DV-QD&/[DC+_ "(J/[%%_?N/_ B3_&K%% %?[%%_?N/_ (D_P :/L47 M]^X_\")/\:L44 5_L47]^X_\")/\:/L47]^X_P# B3_&K%% %?[%%_?N/_ B M3_&C[%%_?N/_ (D_P :L44 5_L47]^X_P# B3_&C[%%_?N/_ B3_&K%% %? M[%%_?N/_ (D_P :/L47]^X_\")/\:L44 5_L47]^X_\")/\:/L47]^X_P# MB3_&K%% %?[%%_?N/_ B3_&C[%%_?N/_ (D_P :L44 5_L47]^X_P# B3_& MC[%%_?N/_ B3_&K%% %?[%%_?N/_ (D_P :/L47]^X_\")/\:L44 5_L47] M^X_\")/\:/L47]^X_P# B3_&K%% %?[%%_?N/_ B3_&C[%%_?N/_ (D_P : ML44 5_L47]^X_P# B3_&JW]B6G_/6_\ _!A/_P#%UHT4 9W]@Z6?]9913#TF MS(/K\V>?>C^P-&_Z!%A_X#)_A6C10!5ATRPML>18VT6TY&R)5P?7@5:HHH * M*** "BBB@!" RE6 ((P0>]?-GC_PR?#/B>:&)"+*XS-;'L%/5?P/'TQZU]*5 MSWC+PO#XKT"2R;:ERG[RVE/\#^_L>A_^M0!\QU+%"&1I9'$<"?>2,JYNI+IPSX"J,(BC"H/0#_) M/4Y- $MS>F2/R(5,<'4C/+GU8]_8=!]0Q[;6RR_CGS/R%)5BT3SVDM,9^TH8UQUWY!3Z?,%!]B: ,.BBB@ HHHH M**** "OJ'X)>"V\.>%SJMY%MU#4P'PPYCA_A7V)^\?J/2O*?A!\/6\6:X-3O MXC_8]BX+Y'$\@Y"?3N?; [U](G3I].R^D%!'U-E(<1'UV$#,9^F5]@3F@#5H MJI'?HR R07,3]T:%B5/IE<@_@2*?]MB_N7'_ (#R?X4 6**K_;8O[EQ_X#R? MX4?;8O[EQ_X#R?X4 6**K_;8O[EQ_P" \G^%'VV+^Y. M)+W&@V]C]J9KG4C')%;71MVD46T[XWCH,HK>^VJ5WK.I^'XK:TC6&$+92WMP MVI7$MRZE750@9%Y;>1WA??$S6KDHVTKE?EX.UF&1V M)'>HKE=-O-WVJQ\_?&8F\VS9LH2"5.5^Z2!QTX% ',0^+M6>SO8S;VXO(-2M M[%&EA>%2)0AW-&6+ C?TWU)<6&AW007&D0S M;)&E7S-/+;78Y9AE>"3R3WH QO#_ (OOM8U6!)+)4LKKS_*(C93'Y;8&7)Q) MD==H&T\<]:D\0"YFUR*VTZ_O&U)C"\<,3E8;6(/EY)0.&# , &R21A<89ALP M6^D6U[+>V^FI%=RY\R>.Q97?)ROJ6CW$MU M6#Q-8RP:C<2VMS?FTNF2ZRL),+!81&. =VUM_P!X'VZ;GV'1/,NY/[)BWWB, MERW]GG,ZMU#G;\P/<&G"VT@:F=3&FK]O(P;G[$WF8QC[VW/3CZ4 M0:I=:=J.H2VYNUMX(+G4)?G2&3$K!\EE+,'48[(/[QJUX8UN5KFWMM0GGN+B M6**WCF7_ %3E4<^9C.=TGERN#C&W9R"<5TD;V45N;>*VDCA.[,:6KJO))/ 7 MN23^-0I;:2MY#=KI^+B&,112BS8,B#( !V\ D?B?4T :E%%% !15+4]6L]( M@2:\D=1(_EQI'$\KR-@G:J("S' )P >AJ2PU"UU.U%S9RB6(L5S@@JP."I!Y M!!!!!&10!9HJO=WUO8Q^97'AF+E3M4*I8DGH!@'K5B@ HHJ"WO+>[>X2" M0.UO+Y,H /RO@''Y,/SH GHHJ"2\MXKR"T>0">=7>-,'+!<;C^&X?G0!/16< MNNZ:VJ'35N@;H/Y978VW?MW;-^-N_;SMSG'.*+G7=-L]06QGN@MP=F5",0F\ M[4W,!A=QX&XC)Z4 :-%8X\4Z*9+F,7HS;+([GRWP1&=K[3C#[6X(7."<=:M6 MFKV-\T*V\Q=IED95*,I_=L$?((^4AC@@X.?I0!>HHHH **** "BBB@ HHHH M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#S;XH?#W_A(K8ZOI<0 M_M6%?GC4?\?"#M_O#MZ]/2OGZ2-XI&CD1D="596&"".H(K[*KS?XB?#&+Q)O MU720D.JA_?OZT ?/=%375K<6-U+:W4+PSQ,5>-QAE/H14- !1 M110 H!) R3T J+57#:C*BD%8L1*5Z$*-N1]<9_&KEDWE7'VC./LZF8'MN49 M4'ZMM'XUC4 %%%% !0"0<@X(HHH CUA!]N^T*,)=*)Q]22&'T#!@/8"L^M>X M3[1I+X'SVS^9T_@;"G)]FV8'^T:R* "BBB@ KJO ?@:_\/]U!_$W\N_O]3^'?#NF>%M M'BTO2K<16\?))Y9V[LQ[D_YXH FT71K#P_I%OI>FP"&T@7:BC\R2>Y)Y)J_1 M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% M !1110 4444 %%%% !1110 4444 %%%% !1110!@>*+*:\BLC%I\]V(IRQ:T MN1!<091@'C8LH/7!!/()Z]#SUQH7B*YT2WPLGVI[J:W?SY(UF6RF&UFD:,[6 MD7"ME220HZGFN\E@2;&XR#']R1E_D14?V*+^_6 MGVFY"SV^QY4(:..T>&%CDXR[_/[%^<8XU+;0IY?$]SJ2>&I-+D2)X;"9#!M1 MF3!EDVR$Y_A"@$ 9/.>.V^Q1?W[C_P ")/\ &C[%%_?N/_ B3_&@#S:P\(:R M]O'!".Z6ZU!ID87)=U*$ ,6/ _B VC ''3L?L47]^X_P# B3_&C[%%_?N/_ B3 M_&@#C[GP_J4OB>);>*ZAT]=574)&9X6A;$?./^6N2W\)&!R/D+!N,$=[X/0 ]A]BB_OW'_ ($2 M?XT?8HO[]Q_X$2?XT 6**K_8HO[]Q_X$2?XT?8HO[]Q_X$2?XT 6**K_ &*+ M^_%"'F8-(S.6+$ M3I4AY#7#B,>A5?F8?GY=95:NN6\]E-!97$$L,D4>YTD4K\SC>#_$/B C^S-(NIT/\ RUV;8_\ OML+^M>E:5\ 9[^YBO/$&HK;*442 M6UF S$@8^^>!D $\'DF@#PRUM+B^N8[:T@EGGD.$BB0LS'T ')KVWP+\!Y9& MAU'Q:WEQ_>73XV^9O^NC#I]!^8Z5[#X;\':#X3MO)T?3XH&(P\Q&Z1_]YCR? MIT]JW: (;2TMK"TBM+."."WB7;'%$H55'H *FHHH **** "BBB@ HHHH *** M* "BBB@ HHHH **** "BBB@ HHHH **** "BBL]-;TV33UOTNE-JUP+428.# M*9?)V]/^>GR__6H T**CGG2V@>:4L$09;:I8X^@Y-$,\5PA>&174.R$J?XE8 MJP_ @C\* )**@N+RWM'MTGD"-<2^3$"#\SX)Q^2G\J;-J%I;W/V>:X2.40M< M$.< 1J0&8GH ,B@"S15/3]4M-4A6:SD:2-D617,;*&5LX(R!D'!_3U%7* "B MH+B\M[1[=)Y C7$ODQ @_,^"P!- %FBLZTUW3;^_DLK:YWSQ[\C8P#;&VOM8C#;6(!VDX)P:3^WM M,_M4Z:;H"Z#;"NQMN[;OV;\;=VWYMN[L;2_B\ MJ\M8+F/^Y-&''Y&N:O?ACX,OR3+H%LA)S^X+0_HA KK:* /.IO@EX-D)V0WL M6>FRX)Q^8-9]]\%O"EFD$JG4&4W$<;AIQT=@O9?5A7JM07EHE[;B%W= )$D# M)C(*,&'4$=5% '%6GP<\%6QR^FRW![>= M(5+?]]'FM/[-+_S^W'_?,?\ \31]FE_Y_;C_ +YC_P#B: +%%5_LTO\ S^W' M_?,?_P 31]FE_P"?VX_[YC_^)H L457^S2_\_MQ_WS'_ /$T?9I?^?VX_P"^ M8_\ XF@"Q15?[-+_ ,_MQ_WS'_\ $T?9I?\ G]N/^^8__B: +%%5_LTO_/[< M?]\Q_P#Q-'V:7_G]N/\ OF/_ .)H L457^S2_P#/['=277K*>[TZ6YNH=1%PVJ&>,CR/)*!,9#G!/W=N.K9R:O^*/ M"MSXBUZWD6>6WMXK&50ZE2AF\R-HPZ'ET^4DKT..:ZC[-+_S^W'_ 'S'_P#$ MT?9I?^?VX_[YC_\ B: .*GT?7-9EEEO],, N)-.\Z!;A2N(Y7\[!#:]5^S2_ M\_MQ_P!\Q_\ Q-,:R9RI>[F8JMV9X]4: M9 L41@**F-V_Y6(^7;CJUO6>XF M^4,L7V:X0EI; MND$^J/?"_P!Z;!&T9&W;NW[MQVXQC'.>U=K]FE_Y_;C_ +YC_P#B:/LTO_/[ M=5V&.,>6XV9)W93; @QP5!/7)'5_9I?^?VX_P"^ M8_\ XFC[-+G_ (_9_P#OE/\ XF@"Q1110 4444 %%%% !1110 4444 %%%% M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 % M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44 M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111 M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 % M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44 M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111 D0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% '__9 end GRAPHIC 5 g162775img1bcbaeb73.jpg GRAPHIC begin 644 g162775img1bcbaeb73.jpg M_]C_X 02D9)1@ ! 0$ 9 !D #_X@H@24-#7U!23T9)3$4 0$ H0 M (0 !M;G1R4D="(%A96B !A8W-P05!03 M ]M4 0 #3+ M ID97-C _ M 'QC<')T !> "AW='!T !H !1B:W!T !M !1R6%E: ! MR !1G6%E: !W !1B6%E: !\ !1R5%)# "! " QG5%)# M "! " QB5%)# "! " QD97-C ")!"!3;V9T=V%R92 R M,#$Q %A96B #S40 ! 1;,6%E:( !8 M65H@ ;Z( #CU #D%A96B !BF0 MX4 !C:6%E:( M "2@ /A ML]C=7)V ! % H #P 4 !D '@ C "@ M+0 R #< .P! $4 2@!/ %0 60!> &, : !M '( =P!\ ($ A@"+ ) E0": M )\ I "I *X L@"W +P P0#& ,L T #5 -L X #E .L \ #V /L! 0$' 0T! M$P$9 1\!)0$K 3(!. $^ 44!3 %2 5D!8 %G 6X!=0%\ 8,!BP&2 9H!H0&I M ;$!N0'! $!Z0'R ?H" P(, A0"'0(F B\". )! DL"5 )= F<" M<0)Z H0"C@*8 J("K *V L$"RP+5 N "ZP+U P #"P,6 R$#+0,X T,#3P-: M V8#<@-^ XH#E@.B ZX#N@/' ],#X /L _D$!@03!" $+00[!$@$501C!'$$ M?@2,!)H$J 2V!,0$TP3A!/ $_@4-!1P%*P4Z!4D%6 5G!7<%A@66!:8%M07% M!=4%Y07V!@8&%@8G!C<&2 99!FH&>P:,!IT&KP; !M$&XP;U!P<'&09!ZP'OP?2!^4'^ @+"!\(,@A&"%H(;@B"")8(J@B^"-((YPC[ M"1 ))0DZ"4\)9 EY"8\)I FZ"<\)Y0G["A$*)PH]"E0*:@J!"I@*K@K%"MP* M\PL+"R(+.0M1"VD+@ N8"[ +R OA"_D,$@PJ#$,,7 QU#(X,IPS #-D,\PT- M#28-0 U:#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;#K8.T@[N#PD/)0]!#UX/ M>@^6#[,/SP_L$ D0)A!#$&$0?A";$+D0UQ#U$1,1,1%/$6T1C!&J$)%ZX7TA?W M&!L80!AE&(H8KQC5&/H9(!E%&6L9D1FW&=T:!!HJ&E$:=QJ>&L4:[!L4&SL; M8QN*&[(;VAP"'"H<4AQ['*,0!YJ'I0>OA[I M'Q,?/A]I'Y0?OQ_J(!4@02!L()@@Q"#P(1PA2"%U(:$ASB'[(B--@U M$S5--8Y",$)R0K5"]T,Z0WU#P$0#1$=$BD3.11)%546: M1=Y&(D9G1JM&\$25^!8+UA]6,M9 M&EEI6;A:!UI66J9:]5M%6Y5;Y5PU7(9O5\/7V%?LV % M8%=@JF#\84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I93UEDF7G9CUFDF;H9SUG MDV?I:#]HEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=LKVT(;6!MN6X2;FMNQ&\> M;WAOT7 K<(9PX'$Z<95Q\')+%V/G:;=OAW M5G>S>!%X;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\X7U!?:%^ 7YB?L)_(W^$ M?^6 1X"H@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'A:N&#H9RAM>'.X>?B 2( M:8C.B3.)F8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.9H[.CS:/GI &D&Z0UI$_ MD:B2$9)ZDN.339.VE""4BI3TE5^5R98TEI^7"I=UE^"83)BXF229D)G\FFB: MU9M"FZ^<')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA1Z&VHB:BEJ,&HW:CYJ16 MI,>E.*6IIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"JW6KZ:QK_UP'# [,%GP>/"7\+;PUC# MU,11Q,[%2\7(QD;&P\=!Q[_(/%$XIZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH[K3O0._,\%CPY?%R\?_R MC/,9\Z?T-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?ZY_MW_ ?\F/TI_;K^2_[< M_VW____; $, " 8&!P8%" <'!PD)" H,% T,"PL,&1(3#Q0=&A\>'1H<'" D M+B<@(BPC'!PH-RDL,#$T-#0?)SD].#(\+C,T,O_; $,!"0D)# L,& T-&#(A M'"$R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R M,C(R,C(R,O_ !$( 3D"U ,!(@ "$0$#$0'_Q ? !!0$! 0$! 0 M 0(#! 4&!P@)"@O_Q "U$ " 0,# @0#!04$! 7T! @, !!$%$B$Q M008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-CH.$A8:'B(F*DI.4 ME9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+C MY.7FY^CIZO'R\_3U]O?X^?K_Q ? 0 # 0$! 0$! 0$! 0(#! 4& M!P@)"@O_Q "U$0 " 0($! ,$!P4$! ! G< 0(#$00%(3$&$D%1!V%Q$R(R M@0@40I&AL<$)(S-2\!5B7J"@X2%AH>(B8J2DY25EI>8F9JB MHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(RKR M\_3U]O?X^?K_V@ , P$ A$#$0 _ /8?%,^IPVMJNF/.N^;_ $@VJQ-<"((W M,:R?*3NVYX/&< FL6'Q'JK)H\=G(NH337T]M,D\?V5\)&[!9 5.QQ@9VK@\$ M#!KIM7T^PU!+<7T4[-#)YD,ENTJ/&V",AX\,,@D=>035:UTS1[/[,8;6ZW6T MKS1NZSN_F.I5F9FR6)!(RQ/Z"@#*@\=?:K%=0ATQS910PRWDC3 -#YG.%7'S M[0.8L\GIZ9XLCPYX M=40JMA=*D21H(U^T!'5#E ZYP^#TW U;73])2&TB2VND2TN6NH0JS@K(V_<< MCD@^8^0WN;LN;L F&W?9(=NW[V?NC//<]1VQ5^$6-O> MW-Y%!<+/<[?.?R93NVC"\8P,#TH Y=/&E];6EP6L!>RPMJ4[MYPB"P6UT\8 M^4Y;:%QZXY(JWJ'CZUTZ"5I;.4RQ2N'B#C<(Q&'63TPV^)?0,^">#6A_8^A[ M9E^PW&)H[B*0;)N5GD,DH_X$Q)]NV!2S:1H5Q<33RZ=(\LUJ+.1C!+\T0.0O M3U[]>!SP* ,Y/&^[2;N[&G^9):SQQ/Y,C20X?!W[PF=H_B^3(QTQS4">-;UY M3-'I]M-;2Q6@@2*\5B99II(^6 *[-C+I\TL>GB6 MXCNX;14BN,Q.92 I$A4< GGC(P>O&;LNBZ#/"L,NGS/&KW$@5HIB-T[%I3^+ M,3[=L8%/BTK1XHO+^SWLF9X[@M,;B5S(F"A+-DG&!QG'M0!DMXQU'S5E720\ M44%[]HMXI3)(98)4C^3"?,OS9['!/&1@ZNG^)%O_ W>:LD4)-L),K#.)%8H MN>N 1]&52/2F3:'H5P9,TJ32M(VT+EF?)/RJHY/0 4 9GAS4]1DU&&TO[S[6;K38K\,8E3RV M)PRC;_#R,9R1@Y)SQ6TS5-;77YH-2^VQ/=(%@D".=GSIND!V;3\P[ MGK@5J6.D:-IRL+2WOH\B)<[K@E5C;\Y;8C95,GKM H Q/[3\47GA1+FU>-M0CO;Z"5X$14'E2S1QY M$G2/*(&(^;'?J:V] UZ+59IU-P?-D8RPP&,C9" F.<8)(97(R2OF '%3"TTQ M=,N-.6WN5M;AY7E012_,979Y.<9Y9FX]\#BDM[+3+;59M2B@NA^0#8HJO]MB_N7'_@/)_A1]MB_N7'_@/)_A0!8HJO\ ;8O[ MEQ_X#R?X4?;8O[EQ_P" \G^% %BBJ_VV+^Y%P% ZDDC@5:H **** "BBB@ HHHH **** "B MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *** M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@"-YX8I(HY)41Y25C5F +D M D@#N< GZ"D^TP%I%$T>8VV.-X^5MH;!]#M(/T.:Y_Q1#*FJ>'-46&>:#3[Y MWG6"%I75'MY8PP506(#.N< \'/:L&2VGN;^35A9ZDD=QKK30 13(X06 A#O& M "%,D>,L.A&< F@#NTO[.21(TNX&>0!D59 2P()! [@@$_0&I(YX979(Y8W9 M5#%58$@'H?H<''TKSS2+36#XETI[BWODBFL;5+N0HZ?,+:?<&88P0Q7N""1W MK+M%\06UKID$%OJL6F+96D*9/J=A;) \]];1)<$"%I)542$] N3S^%8/BK5E MLE@DM]*NKR^BG,4,HL)YH[=C'DR$1H2R[6Q\N MV3Z#-96^ZQD,AE+#(:,KF/=QU"J-N. !0!WYU&Q6:>$WMN);=-\R&5=T2XSE MAG@8YR:L @@$'(/0BO/M2T&ZLE2=/M-W=_8WFNHB-\9^6+>@P-S>8\49(R25 M5P,;A79:+>7%_I<=S11^[9-ZJ[*KA6Y 90&P?7O0!H4444 %%%% !1 M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%% M% !1110 4444 %%%% &=K_\ R+>J?]>DO_H!K1K.U_\ Y%O5/^O27_T UHT M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4 M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11 M10!'+&\F-L\D6/[@7G\P:C^S2_\ /[0':K+DDH!U[U4TWQJKZ<9[I!=&2[:"RDLTV+>HJ!S(@D8 *, MLI);&5X)R* .G^S2_P#/[+;BU\+>)]7@AA=M*:00!@<2! M8D<%N_\ '[4 =+]FE_Y_;C_OF/\ ^)H^S2_\_MQ_WS'_ /$UR^F^+O\ 0M0O M]0U*QN;6SB$CBSM)8F7GOO8@_P"+A+=P*FE7_V=[6>=G"*S9C,8PH5C MO!W]5R.1SUP ;OV:7_G]N/\ OF/_ .)H^S2_\_MQ_P!\Q_\ Q-8,'C&.\OK2 MUM=/N2[WQL[D.T?[@^2TH.59Y$K ;)O+ M.'VX.>/<#(Y&10!J?9I?^?VX_P"^8_\ XFC[-+_S^W'_ 'S'_P#$UG-K%TOC MFL@EI+937"W#."SM&\(P%'0?O>IY)'3')R-=\8R:/JUW$[64=O9K;LT4S M$37(E?:3'R N/0Y((^7&: .H^S2_P#/[6.^BNGL88XW,BF(\;^?GW+DX4 @C SG-:.C>));Z[CMKPV M\#CS$?>IC,S[R(]BL%6#JF-K2*K9PH[$UIUG:_QX?U!^\<#R#ZJ-P_44 &O_ /(M MZI_UZ2_^@&M&L[7SCPYJA'_/I+_Z :T: "BBB@ HHHH **** "BBB@ HHHH M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H MHHH **** "BBB@ HHHH **** "BBB@ HHHH S-3L+&XU'2[Z[N3#+I\SS0#> MJAV:-HSG/48<],M/L[ZTU"#S[*Z@N89#('7([9'% M'*7_ (2T#4+:V@DU614@M'L^)(6+(V-Q^9#M8XZIM_08MS:#HD^@:MH[ZDWV M?5-WGN)TWC,:H=IQ@<(.H/.:Z>B@#G([!?(N(;GQA?W2S1[!YCVJ&,YSN4QQ M+S['(]168?!N@?9IH!K,R+.)A,(Y($#B41!OE"!1_J4. !D[MV[<<]M5:\U& MRT\1F]O+>V$C;4,TJIN/H,GDT !0S"(Q;=JH% M"E&(. #GG(-2:5H&A:-J/VRUU!<#S-D)>(*F\Y/(4.W?&YCC-=#=WMK80>?> M7,-M""!YDT@1:W11*NTK(T;,3WSF)<<]SU[9U[I&G:B\!O-=GFC18EEB:6';.4.[< MV$RI8XW!"H.,8QQ6VFI6$GG;+VV;R9!%+ME4^6Y. K<\'/&#WJU0!S>GZ/H^ MG7\=S'J9D2#S?LUO)+'Y=OYC;GVX ;V&XG R!@5%)H6DRW5O<'5<21S&:4B2 M/]^?-24;LCC#1H!C'RC'ICJ:* *_]H67_/W;_P#?P?XT?VA9?\_=O_W\'^-6 M** *_P#:%E_S]V__ '\'^-']H67_ #]V_P#W\'^-6** *_\ :%E_S]V__?P? MXT?VA9?\_=O_ -_!_C5BB@"O_:%E_P _=O\ ]_!_C1_:%E_S]V__ '\'^-6* M* *_]H67_/W;_P#?P?XT?VA9?\_=O_W\'^-6** *_P#:%E_S]V__ '\'^-'] MH67_ #]V_P#W\'^-6** *_\ :%E_S]V__?P?XT?VA9?\_=O_ -_!_C5BB@"O M_:%E_P _=O\ ]_!_C1_:%E_S]V__ '\'^-6** *_]H67_/W;_P#?P?XT?VA9 M?\_=O_W\'^-6** *_P#:%E_S]V__ '\'^-']H67_ #]V_P#W\'^-6** *_\ M:%E_S]V__?P?XT?VA9?\_=O_ -_!_C5BB@"O_:%E_P _=O\ ]_!_C1_:%E_S M]V__ '\'^-6** *_]H67_/W;_P#?P?XT?VA9?\_=O_W\'^-6** *_P#:%E_S M]V__ '\'^-']H67_ #]V_P#W\'^-6** *_\ :%E_S]V__?P?XT?VA9?\_=O_ M -_!_C5BB@!D4T4\8DAD21"2 R,",@X/(]P15/6XVET#48T&6>UE4#W*FF:7 M^[N=3MP?ECNMR*>P=$XH S=;D67PMJ,B'*O92L# M[%#6G6-:?OO!4'F_/OTY=V[G=F/G-:5DS/86[L26:)22>YP* )Z*** "BBB@ M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** " MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#B?B!!>&[B%;I8[>^D:6:WL'O#$IMY5!,:J2020.G&?S!J/[-+_ ,_MQ_WS'_\ M$T >:PS^+W_L_P"T?VBDPMK3R6\J;ELXE\Q5782>A\PC P1@Y-:")J-O:V,N MI76M^5=7ET;I86E:90K.(0J(-X3&"=HY^4G@FNZ^S2_\_MQ_WS'_ /$U4O\ M0[;5(DBOW:X1&WH)(XSM;!&1\O!P2/H30!Q6BW^L7/\ PC]L+R\EBU>WANGG MD?YXE@.95IH3(BYF=D 5 "ZQ^;*YYSDQG/RFN MTTRXGN]*L[FZ@-O<30))+"Q%7* M,V/]UXDG!&/M%I&4]RCL&_\ 1B5I5FWN8M:TR8<^9YML1_O+YF?_ "%C\:TJ M ,6P/_%'1IU\NS,6?7:I7/Z5I:?_ ,@VU_ZXI_(54T=%DTV='&5:ZN@0>X\^ M2I-#=I/#^FR.([CPZ^E/%#%)!<76RZ9\YCA"EG<8 M[J 3SV!IEMXJEF\2ZW9-:EK'3K=)(WA1GEF?+!P%'4 KM'N#6CK6F:;J+VQU M&4*D7F[49PJR!XVC8'/4;7/3VK&7PMH"Z;/9'5966>S%I+(UQ&7<;WD+DXP6 M9G8G(P<]* )E\:V\UQ!'%93J/MAM;LR/%_H^(&FW$AR",#/!. #WP"+X]TMH M2XM[W>PB,,(C4O,LK;4*@-QDX!#8(R,@5#!X7T. -_Q-G;?/+PKM\I]RCY$&[) R6R2!UH FG\ M;6]C!>SW5G>-':R,)=D2KY*K&CD,6?!;Y^BDDX. <9H/C:WMVN1,Y/8$U4U+P=X?U.]O+J759$>[\P2JLD+##JBL%W(2O" M#E2#[],69?#NC26LMN-8D5)IC-("\$BN3&J8*.C*1A >1D'//:@#7U.]O$L8 M;BS:VMH2IDGN;Y2%@C"YR4RISG Y(QR3TQ5)_$5U%X"_X2"6Q"7 M!.T#DJH M..I)&57^(Y&0.O-5]1T#2K_1]+TM-=GM;?3@GE^7+#)YFQ=J^8)4<-C&>1UY MZ@8T62"2Q%M+XAF<^0\32^;"CN6QB0E5 #+@XP OS'(/& #FW\>2K>/I4<]E M<7BSA/M5K!)/&4\KS#MB1F=F!XVANGS9X(JR/&%^DMC-):1RV4MNDDC6T;N& M9DDY1S@?ZQ8XPA&[,@SCI5A/#ND12?:8];E34!-YHO5D@$@^39MV[-FW;VV] M>>O-7(M,T:'3M/T];U#:V1W!&F4^8V"-S'N,U5^9K2K-U?$ M;_I]EF!<_P#3-OD;)]!N#'_<%:5 M&;K7R6UO< X:&ZA8-Z N$8_3:S5I52UB![K1;Z")?,_]GHT#_D6]+_Z](O\ T 4: M;_Q_ZQ_U]K_Z(BHT#_D7-+_Z](O_ $ 4 :-%%% !1110 4444 %%%% !1110 M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110!#=75O96[W%W<100(,M)*X55 M^I/ I+.]M=0M4NK*YAN;=_N2PR!T;Z$<&L/Q/%(+_0[Y[>:YL;2[9[B*&(RL M"8V5)-@!+;6/8$C.>U9-W+YUT)X--U6PTF>]=KN2U@F2>X<1*%BW4RB$LC-<*R^3OV]7*\[.YSP<53U2 MX\3)=:@UL-8FEEBEV"..6,0XAW# VF-QN7 *%7RP!!P< 'J%%<&SZIK7B/:K M:S;Z3+?XW!);8^4+7W 95\T>V3]>:=F?%<'A_?&=2EO[K0(;B7[0K$QW>1O" M@C".%)^0#JHX)SD ](JI?ZKIVE1I)J-_:V:.VU6N)EC#'T!8C)KA=.@UR]OK M2WEN-6BTUKUBQ!G1E00,V"\@$FTN%ZXYR <<5L^*8V36+"[C.HV\T<$R1W=M M9&\C 8H6C>-59AG:"&&.A&><$ ZI)(Y "CJV5##:<\'H?I3J\OBCO[&W,BZ3 MJ5M//8649CLA<)$BB:4-@*'*?*4)1?G UCMX MYR[,)E$+-D;R K#!DX.?F]* /5$ECE+B.1',;;7"L#M;&<'T."/SI]>:2Q^( MK>*7?;W4:3ZHSWA@692W^C1@$&(%]F\-RHZJ 3C-/LY_$<>J:1)=MJMP6%NL MD?DRQ *6(9B0IC;@Y8.$8;>""0* /0+J_L[(Q"[NX+IIUU M>6MC;M<7ES#;PKUDF<(H_$\5RWCN-+C3KBT2TN_M5U930Q74%D;@$'&83M!* M;N.3@<=JC/(^E":E82>=LO;9O)D$4NV53Y;DX"MSP<\8 M/>O/9H;M]$TRT&CW-MJ@^QRLD5CB.Y6.75IH3(BYF=D 5 "ZQ^;*YYSDQG/RF@#OJ*JZ9<3W>E6=S=0&WN M)H$DEA.*50Z,.C*1D&@!+FWCN[6: MVF7=%,C1N/52,&JVCW$EQI<)G;=<1YAF/K(A*L?H2"1[$5>K-MO]&UR[M\86 MY1;E#ZL $<#Z 1G_ ($: -*L[0OET:"'K]F+6V?7RV,>?QVYJW<7EM:+NN;B M*$8SF1PO\ZYVW\3Z/I\M\CWJ&-KDO"(P6R&52QXX'SE^M &O:?N];U&+^^L, M_'3D,GY_N_RQ1H'_ "+>E_\ 7I%_Z *PX_%6GKKMQ*%G<20QP@!!G*-(3G)Z M?,/UKFKKXQ^&_"(L-&U&VU(S1VD>9(849.!M[OGJI[4 >I45YA:?'WP+3)&GKO0MG\B*CV7O_/Q;_\ ?@__ !=6** *^R]_Y^+?_OP?_BZ- ME[_S\6__ 'X/_P 75BB@"OLO?^?BW_[\'_XNC9>_\_%O_P!^#_\ %U8HH K[ M+W_GXM_^_!_^+HV7O_/Q;_\ ?@__ !=6** *^R]_Y^+?_OP?_BZA-G,;M;HO M:FX5#&)/LYW!202,[^F0/RJ]10!7V7O_ #\6_P#WX/\ \71LO?\ GXM_^_!_ M^+JQ10!7V7O_ #\6_P#WX/\ \71LO?\ GXM_^_!_^+JQ10!7V7O_ #\6_P#W MX/\ \71LO?\ GXM_^_!_^+JQ10!7V7O_ #\6_P#WX/\ \71LO?\ GXM_^_!_ M^+JQ10!7V7O_ #\6_P#WX/\ \71LO?\ GXM_^_!_^+JQ10!7V7O_ #\6_P#W MX/\ \71LO?\ GXM_^_!_^+JQ10!7V7O_ #\6_P#WX/\ \71LO?\ GXM_^_!_ M^+JQ10!7V7O_ #\6_P#WX/\ \71LO?\ GXM_^_!_^+JQ10!7V7O_ #\6_P#W MX/\ \71LO?\ GXM_^_!_^+JQ10!7V7O_ #\6_P#WX/\ \71LO?\ GXM_^_!_ M^+JQ10!7V7O_ #\6_P#WX/\ \71LO?\ GXM_^_!_^+JQ10!7V7O_ #\6_P#W MX/\ \71LO?\ GXM_^_!_^+JQ10!7V7O_ #\6_P#WX/\ \72%+W'%Q;_]^&_^ M+JS10!1TZ^DN/,M[I%BOH,>=&O0@YPZ_[+8./3!!Y!J]5'4;*2X"7%JZQWT& M3"[?=.<91O\ 9; SZ<$<@5+8WB7L!<(T)^!.[Z/@<+4&O^*[#0<0NPFO7&8[96PQ],GM MGMZ]J\CU[Q1J7B&7-U+M@4Y2!.$7W]S[F@#TO4_B#I=JTL-A_ILR+DE3A.N. M&[]<\=@>:X;5/&.KZG<++YPMM@94%N-I4'&1NZ\X'?M7+V\Q@G23&0#R/4=" M/Q&15R5!'*R@[EZJWJ#R#^(H LVLSRW$HED+-+&P+,,G)1BN1WQ0!J#+ZJ-O&^;C\37C?Q6_Y&N#_KS3_T)Z]C MMQNO[0+CGRA^.%KQSXK?\C7!_P!>:?\ H3T <-1110!K:-XHUWP]('TC5[RS MQ_#%*0I^J]#^(KU;PW^T7J]H4A\0Z=#?Q=#/;_NI1[D?=;Z#;7B=% 'VWX6\ M>>'/&, ?2-1C>;&6MI/DF3ZJ>?Q&1[UTE? D$\UM.D\$KQ31G'N.?K0!]&T57L+^TU2QBO;"YBN M;69=T?K$V?PJC>^+='M&T]8[N&[?4+O[);K;S MQG<^,MR6 P!UYSR 20#2U[PU=ZK+X@,3VX74M+@LHA(3PZ/.S%N#\N)5Z9Z M'CUKWWA"ZNM7EGAF@M[>2_\ M V9#(AL9+;@8QNW.#UZ#KGB@#HUUK2GAFF7 M4[-HH6V2N)U*QMZ,<\'ZTUM=TA"0VJV*D)YA!N$&$_O=>G(YKDO^$-U*ZEL& MNH=+MX[1+2$Q0.SK,L4H%]0M5EN0# C3*&E!Z%1GYOPJO8>(=-U-F M^QW,P,$9MR-DI3B*8R88 M>42XQ@#+ +Z>NA<^#]3O/MBR26:*\=Y'%AV8.);E9T#C:, @%6 )]LYX .J_ MMS2/L8O/[4LOLI)43_:$V$CJ-V<4:AJBV.FB^BM;B^B(# 6FUB5(SNY8 C'O M7.P>%[^?Q-#K-[%I\*K<^:UM"[2* (&B#!BBY8EAG@8"CK6QHND3Z;X0M=(E M:(SPVOD%D)V9QCCC./PH 33O$UI?:2-4N(IM-LV5&26_:.,.K#(((8_KBM!] M2L8YX()+VV6:X&88VE4-(/\ 9&>?PKF;WPMJ4FC>'(;>XC^TZ3$J2()C&KGR MO++*^QL$SBL)E^T^;':S2-&N#;K$22$;# KQP<@GI0!T UNP^TWD+SK&MI%'-+ M-(P6,(^[:=V^L:9%;P7$FHVB0S_ZF1IU"R?[IS@_A7'6?@C4[* $2 MV4TD;6DB0LS+$QB>1BA.T[5'F#:<'[@R*R=/:L[4?$= MKIETT4UM=-%%Y?GW"(/+AWMM7<203SUV@X')Q6%HNDRGQE-)MD6PLXUF*/&5 M O7C$3%21@@1KR1QF4^]7-:T[7[_ ,06[K;:=6)98B4 R2LJ,-A8@$8D7YB0#SC/&;F ME:W::RBR68D:)K>*<2%<#$B[E7_>VX)'8,/6JD&A#S?$!O8+>Z@U"]2YBA;D M86"&,!LC@[XB1C/8]>F=I7A_5M-U>SD6>,6FT272QRE5+E9 RB/&"-S1;3U" MQA>G4 ZVBBB@#)UG5WTNZTA BM'>7;PRD]55;>:7(]\Q ?0FJ-KXUTRXLKB[ MDAO+:*&UCO!Y\0!EB?(1E )/)4C!P>G'-:NI:1;ZK)9/.\BFTF::/80,LT4D M1SD'C;*Q^H'T.?\ \(AIQM3;M) 0D9)1@0/OY.<].!Q0!#IGBS M[9K=QIUU8SVDGVH6\"2*-V?($I+$,1ZX()[46OC?3K^X@@L[:]N))H4F"HBY M4.#MR"V> VCN12GP?&;@79UG4_MPN/M NLP[PWE&+&WR]F-IZ;>O/6HX_ M FGQ_P!G*+R]:+3S"T,;F-L&,@J=Q3>N<#.UE#=^IR 5[CQTEOH%C>2V%S'= MW>G_ &XHL8D6%!MRS$,.,LO0YYZ=<:.H>*[6PU(6$EM1M)X+$#\!@ 7PWXRMO$ MX4MYOM#0HTS MHH,:2&-7*GDLH^;@L #V)JKKWBZXTKQ+'IT:VWE_Z-E'5BTOFRE#\X.V+:!D M;_O9P,5;T_P58Z=?V%VMW>3-8+MMUF\L[1Y?EXW! Y&"3MW;<\XX&)]1\*VN MI7MQ7/Y9RN[*EAZ':PXH AU_7+^ROI+73DMBUO827\QN M Q#JIP$7:1@GYOF.<8'!SQ#'K.M7'B'3;>V?3Y+&\B-VZ&%Q+#;X&"6WXW%F M Q_>/\ ":O:EX9BU-S))J-]'*T4MO))$8PTD,C;O+/R8P.@(PP'\1))-VTT MBULM0GO(=P>6"&WV<;4CCW;0HQQ]]J .=A\5WZWL]O>P0VH\X".6:-XDC02. M)-Q8X;"+'AQ@%ID&*[!65T5T8,K#((.0163J6@1:C/)<-, @CD]<]<#T%7M/LHM-TVUL("QAMH4A0LX% $]7XV\ZS4_ MQPG8?=3R#_,?E5.6/RWX;:?^A/7KMK_JK=CCB4K^ VG^IKR/XL+M\71*>UHH M_P#'WH X6BBB@ HHHH **** .Q\ _$;5_ >I"2V=KC3I#_I%B[X1_=?[K>X_ M'-?6WAGQ1I7B[1H]4TBX$L+<.IX>)NZL.Q'_ .K(KX8KJ/ GCC4? FOIJ%F3 M+;OA;JU+869/Z,.Q[?0D4 ?:]%9F@:]I_B;1;;5M+G$UK.N0>A4]U([$'@TP MWT^J'R]*8+;\A[XC*CVC'1S_ +7W1_M8(H LWNHK;2+;0QFXO77YM6,!/U*$9K1HH SO[+D3BWU2_A M3^Z727]9%9OUI#%K,?*W5E.!T1X&C+?5@Q _[Y_"M*B@#-^V:G$?WVE"0'I] MEN5))8VZHZA@?P-4?[!TQ3F&U%L>YM6: GZE",T :5 M%9W]ERIQ;ZK?1)V0LD@_-U9OUH\O6(^1[>I]AU_(=ZT'O]0MD9[G3%9 "2UM)'\3>();L;EMD_=VZ-_"@[_4GG_]5 &'<3RW5Q)<3R-)-(Q=W8Y+$]34 MMM=>2#'(N^!CEESR#ZCT-5J* -*6((%=&#Q/G8X[^H/H1Z?T(-1U#:W36Y*D M;X7^_&3C/N/0CL?Z$@VGC&P2Q-OB;HV.0?0CL: +-F_G)]E;[Q.8C_M?W?Q_ MG]315*M(O]JA^T?\M!Q,/?LWX]_?ZB@"XS>=!%-_$1L?ZCO^(Q^.:GLCD31\ MG*;E'N#_ (;JI6+;G>W/24?+_OC[OY\C_@56;-Q'=Q%FVH3M8^BG@_H30!I6 M^6LW]$D&/^! _P#Q->5?%U=OC-5]+91_X^]>J6V?+GC(P5PQ_ X_]FKRSXP# M;XVQG.+<#_Q]Z .!HHHH **** "BBB@ HHHH ]!^%GCA/#6LKIFK2.V@7T@^ MTQ[B%1N@X_//X8K-LY ZFU(/^)PQ_D:\I^+_P#R.HP--/U?),"OY=RH_BB;AORZCW KF** /OU'26-9(V#(P# M*P.00>].K@/@UXB/B+X;V#2N6N+$FRE).2=@&T_]\%?UKOZ "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "HKF=+6UFN)/N1(S MM] ,FI:YSQ[>&P\":Q,#@FW,6+C=.90!@"8"0 M#Z!LXJ07\+8\VS48[PN5)^N=P_("@ HIZO928VW+1'J?.C.![ KDG\A4BVDL MN/)VS9Z")@S?7:.1^(H @I\,TD$HDB;:P_'Z@CN/:FLK(Q5@0PX((Y%)0!IC MR[E#+ NUAR\0YV^X]5_EW]3H07#2!;I>9HB/-!YW#H&/UZ'_ .O7/1R/%(LD M;%74Y!':M6UN!(XGA51,H/FP]G7N5_#J.W46?%H;?%EJ/^H?#_P"S5Z788?RA&2ZX*QDGG:V0,^FU^ON1[5YW\9D5 M/&T.TY!L8S]/F:@#SRBBB@ HHHH **** "BBB@ HHHH ]V_9LUDIJ6M:([<2 MQ)=QCT*G:WY[E_*OHFOD7X&W_P!B^*NFH3A;F.6!C]4+#]5%?75 !1110 44 M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111 M0 4444 %%%% !1110 4444 0W5U;V5N]Q=W$4$"#+22N%5?J3P*2SO;74+5+ MJRN8;FW?[DL,@=&^A'!K#\3Q2"_T.^>WFN;&TNV>XBAB,K F-E238 2VUCV! M(SGM63=R^==">#3=5L-)GO7:[DM8)DGN'$2A7*(/,5=P(S@$E 3P>0#N:*\[ MN8O$=YI4#2R:M%-'HMU,HA+(S7"LOD[]O5RO.SN<\'%4]4N/$R76H-;#6)I9 M8I=@CCEC$.(=PP-IC<;EP"A5\L 0<' !ZA17!L^J:UXCVJVLV^DRW^-P26V/ ME"U]P&5?-'MD_7FG9GQ7!X?WQG4I;^ZT"&XE^T*Q,=WD;PH(PCA2?D ZJ."< MY /2*IWVKZ9IC(M_J-I:%P2@N)UCW8ZXR>:X;3H-N.<@''%:>O2167C_3+^\L+RXLAI=S"7M["6Z"R-+"5!$:, M02%;KZ4 =:ES!(R*DT;-(GF(%<$LG'S#U'(Y]ZEKRQ[37;.WMDMH=1L;1QZ5HXW\H[TRA/"=RQ>((=)LIWD MU5_M-[8&'W58(4)'!Y)P,M0!Z317F-W-XC%C/]D.M_P!J-!=?;08I/*1@?W7D MY&PG. OEYRN2W-6]1&K6%U=6"#6I[+[9<-M3[.I.7C5I&7?G ! !R"< M?*0#T.BO.M%L?$NJ:?,]Y>:K;7\6E6XM_-9HD-SB3<6' 8Y5,Y['WKIO"-[< MZOI#:S<>:BZC*9[>!SGRH*\O+JYN+%+B)XE2,R 9;*X1 MB6+A6&3DG'#8 .J^UVWE32_:(O+A+"5]XPA7KN/;'?-(U[:K>K9M'KR3X9^+M,N]'ECD#77(ZCG&YE..#0!U,4L<\22P MR))&XW*Z,"&'J".M/K"\*7]S?Z1FYLQ:B%EBC18'A&WRT) 5^1M8LG_ .W2M MV@ HHHH **** "BBB@ HHHH **** "N)^+$OE_#^[7)'F2Q+QW^<'^E=M7"? M%U2? TC/JT3%&/\U'Y51HH TA)928VS20L>TJ95?^!+R?^^:D2"3V#QOQLB$7C.S Z-IL1QZ?,]6(KXVA2!;J6Y;< +>$Y3/H2 M003GT!!]:H>-=:_X2"XBO;N""Z,"BR,B@J5"C(8,#SN)?&<\+TZY //J*TVL M["8_N;B2V)/"W"[U ]W49S_P#\:BDTF\56>.+SXU&2\#"0 >IQROXXH HT44 M4 %%%% !1110 4444 =7\,I/+^)OAUL9S?1K^9Q_6OM2OB7X=Q^;\1_#:[B, M:E V1[.#_2OMJ@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** (Y6F&/)CC?UWN5Q M^0-1[[W_ )][?_O^?_B*L44 5]][_P ^]O\ ]_S_ /$4;[W_ )][?_O^?_B* ML44 5]][_P ^]O\ ]_S_ /$4;[W_ )][?_O^?_B*L44 5]][_P ^]O\ ]_S_ M /$4;[W_ )][?_O^?_B*L44 5]][_P ^]O\ ]_S_ /$4;[W_ )][?_O^?_B* ML44 5]][_P ^]O\ ]_S_ /$4;[W_ )][?_O^?_B*L44 5]][_P ^]O\ ]_S_ M /$4;[W_ )][?_O^?_B*L44 4;J"6^M9;6ZLK6:"5=KQO,2&'H?DI\8NHHTC MCM;9(T 5568@*!T &SI5NB@"OOO?^?>W_P"_Y_\ B*-][_S[V_\ W_/_ ,15 MBB@"OOO?^?>W_P"_Y_\ B*-][_S[V_\ W_/_ ,15BB@"OOO?^?>W_P"_Y_\ MB*-][_S[V_\ W_/_ ,15BB@"OOO?^?>W_P"_Y_\ B*-][_S[V_\ W_/_ ,15 MBB@"OOO?^?>W_P"_Y_\ B*K>9K++"+ M'_3!Y,_^/KC]:/)UG_G_ +#_ , G_P#CM:-% &=Y.L_\_P#8?^ 3_P#QVC[' MJ1^]JN,]=ENHQ],Y_7-:-% &=_9MW_T&[_\ [X@_^-T?V;=_]!N__P"^(/\ MXW6C10!G?V7*W^MU6_D/8[D3'_?*BN5^(^B(W@3495GNY)8@DG[RY'=2LE7<\]M)&@_VBIQ^N* /E.BCI10 4444 %%%3M;>2 MNZZD6W']U_OGZ+U_$X'O0!!4R6TC1^:V(X?^>DAPIQUQZGV&343ZA##D6L ) M_P">LX#'\%^Z/H=WUJE--+<2&2:1Y'/5G;)H OO-_LMK+=G[P_=Q?[Y'7_ (", MG(Z';6;&OGVMS;'^.,R)DX 9/FS[G;N4?[U6=4D F6U0Y2W&TX[N?O'\^,]P MHJI!,UO<13H 7C<.NX9&0<\T 8]*K,C!E8JP.00<$&K.HVZ6NH311[O*#;HB MW4H>5)^JD55H MM?R3'-W'%=Y.29URS?5QA_PS41M].F'!GM7_"1"?T*@?\ M C4-% #CH]TY_P!%,=V"< 6[;F/T0X?'OC%4&5D=D=2K*<$$8(-7:M#4+@HL M-1M5)U$@4>BY^[^&* ,>BM5DTZ<_/#+:DGEH#O4#_=8Y_'=^%1-I3.,V MUS;SC&=N_P MAZ##8R?92U &?14L]M/:RF*XADAD R4D4J?R-14 =M\(K3[; M\5= BQG;.TO_ 'PC/_[+7V37R]^SMI9N_'MU?L/DLK)B#_MN0H_3?7U#0 44 M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111 M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 ? M,'C32SH_C'5+,*5C$Y>,?[#?,/T./PK!KV+XS>'VF-AK4"+D9MYV)"@#JA)/ M _B&3[5Y"\EG;CYG-Q)_=C^5!]6/)^@'T- #8XY)I!'$C.YZ*HR3^%/=;>W& M;B<%O^>4)#G\3T'YDCTJK/J$\T9B4K#">L40VJ>_/=OQ)JK0!>?4W3BT06X' M1U.9/^^NW_ <51)))).2:** "BBB@ J>!_LT4MX>L0VQ_P#70YVG\,%O^ @= MZ@I-5D\MH[)3Q!DO_P!=#C=^6 O_ '/>@#/HHHH 34D\RSMKD#E

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end GRAPHIC 6 g162775img2c3de0196.jpg GRAPHIC begin 644 g162775img2c3de0196.jpg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end GRAPHIC 7 g162775img30e3b4e64.jpg GRAPHIC begin 644 g162775img30e3b4e64.jpg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g162775img44de768e5.jpg GRAPHIC begin 644 g162775img44de768e5.jpg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end GRAPHIC 9 g162775img4c382a867.jpg GRAPHIC begin 644 g162775img4c382a867.jpg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end GRAPHIC 10 g162775img69b787c21.gif GRAPHIC begin 644 g162775img69b787c21.gif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end