UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05324
ELFUN DIVERSIFIED FUND
(Exact name of registrant as specified in charter)
One Iron Street
Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
(Name and Address of Agent for Service) | Copy to: | |
Sean O’Malley, Esq. Senior Vice President and Deputy General Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210 | Timothy W. Diggins, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600 |
Registrant’s telephone number, including area code: (617) 664-1465
Date of fiscal year end: December 31
Date of reporting period: December 31, 2021
Item 1. Shareholder Report.
(a) The Report to Shareholders is attached herewith.
Elfun Funds |
Elfun International Equity Fund |
Elfun Trusts |
Elfun Diversified Fund |
Elfun Tax-Exempt Income Fund |
Elfun Income Fund |
Elfun Government Money Market Fund |
Page | |
1 | |
Management's Discussion of Fund Performance, Understanding Your Fund's Expenses, Performance Summary and Schedule of Investments | |
2 | |
10 | |
17 | |
59 | |
71 | |
96 | |
Financial Statements | |
103 | |
110 | |
112 | |
114 | |
117 | |
128 | |
129 |
Notes to Performance | 1 |
2 | Elfun International Equity Fund |
Sector Allocation |
Portfolio composition as a % of Fair Value of $203,627 (in thousands) as of December 31, 2021 (a)(b) |
Top Ten Largest Holdings | |
as of December 31, 2021 (as a % of Fair Value) (a)(b) | |
Nestle S.A. | 3.74% |
ASML Holding N.V. | 3.54% |
Schneider Electric SE | 3.53% |
LVMH Moet Hennessy Louis Vuitton SE | 3.21% |
Roche Holding AG | 3.12% |
AstraZeneca PLC | 2.87% |
Novartis AG | 2.79% |
Air Liquide S.A. | 2.66% |
Infineon Technologies AG | 2.51% |
Daikin Industries Ltd. | 2.42% |
Average Annual Total Return for the years ended December 31, 2021 | |||||||
(Inception date 1/1/88) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
Elfun International Equity Fund | 9.05% | 10.60% | 8.34% | $22,286 | |||
MSCI EAFE Index | 11.26% | 9.55% | 8.03% | $21,650 |
(a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund Class G Shares. |
(b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
Elfun International Equity Fund | 3 |
4 | Elfun International Equity Fund |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value July 1, 2021 | $1,000.00 | $1,000.00 | |
Ending Account value December 31, 2021 | $1,018.70 | $1,023.40 | |
Expenses Paid During Period* | $ 1.83 | $ 1.84 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.36%** (for the period July 1, 2021 - December 31, 2021), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
Elfun International Equity Fund | 5 |
Number of Shares | Fair Value | |
Common Stock - 96.0% † | ||
Australia - 1.8% | ||
BHP Group PLC | 124,722 | $ 3,715,609 |
Brazil - 0.3% | ||
Itau Unibanco Holding S.A. ADR | 176,415 | 661,556 |
Canada - 1.3% | ||
Brookfield Asset Management Inc., Class A | 45,067 | 2,725,463 |
France - 16.9% | ||
Air Liquide S.A. | 31,059 | 5,415,306 |
AXA S.A. | 125,439 | 3,735,269 |
BNP Paribas S.A. | 65,479 | 4,525,099 |
Cie de Saint-Gobain | 54,586 | 3,840,592 |
Dassault Systemes SE | 46,075 | 2,740,860 |
LVMH Moet Hennessy Louis Vuitton SE | 7,900 | 6,531,279 |
Safran S.A. | 30,978 | 3,792,665 |
Worldline S.A. (a)(b) | 70,483 | 3,928,311 |
34,509,381 | ||
Germany - 6.8% | ||
adidas AG | 9,490 | 2,732,541 |
HeidelbergCement AG | 33,223 | 2,248,736 |
Infineon Technologies AG | 110,219 | 5,108,900 |
SAP SE | 27,310 | 3,879,010 |
13,969,187 | ||
Hong Kong - 2.3% | ||
AIA Group Ltd. | 468,567 | 4,723,954 |
Ireland - 1.3% | ||
Kerry Group PLC, Class A | 21,205 | 2,730,947 |
Japan - 23.3% | ||
Daikin Industries Ltd. | 21,800 | 4,939,099 |
Disco Corp. | 11,800 | 3,601,841 |
FANUC Corp. | 7,500 | 1,587,860 |
Fast Retailing Company Ltd. | 4,020 | 2,279,937 |
Hoya Corp. | 30,152 | 4,480,055 |
Kao Corp. | 43,600 | 2,278,915 |
Komatsu Ltd. | 154,000 | 3,602,093 |
Mitsubishi UFJ Financial Group Inc. | 744,326 | 4,039,159 |
Murata Manufacturing Company Ltd. | 40,291 | 3,203,896 |
Nidec Corp. | 14,173 | 1,664,009 |
Number of Shares | Fair Value | |
Recruit Holdings Company Ltd. | 78,900 | $ 4,776,960 |
Secom Company Ltd. | 25,300 | 1,754,555 |
Shimadzu Corp. | 75,657 | 3,189,742 |
Shiseido Company Ltd. | 54,662 | 3,044,610 |
Tokio Marine Holdings Inc. | 60,498 | 3,358,110 |
47,800,841 | ||
Netherlands - 9.4% | ||
ASML Holding N.V. | 8,976 | 7,213,644 |
ING Groep N.V. | 296,199 | 4,123,564 |
Koninklijke DSM N.V. | 19,452 | 4,379,920 |
Universal Music Group N.V. | 123,516 | 3,480,657 |
19,197,785 | ||
Norway - 1.8% | ||
Equinor ASA | 139,646 | 3,735,696 |
Portugal - 0.9% | ||
Galp Energia SGPS S.A. | 180,462 | 1,748,486 |
Spain - 3.7% | ||
Cellnex Telecom S.A. (a) | 61,012 | 3,551,014 |
Industria de Diseno Textil S.A. | 121,603 | 3,945,325 |
7,496,339 | ||
Sweden - 2.2% | ||
Assa Abloy AB, Class B | 148,447 | 4,528,578 |
Switzerland - 9.6% | ||
Nestle S.A. | 54,531 | 7,627,098 |
Novartis AG | 64,495 | 5,682,554 |
Roche Holding AG | 15,249 | 6,344,615 |
19,654,267 | ||
Taiwan - 1.2% | ||
Taiwan Semiconductor Manufacturing Company Ltd. | 107,900 | 2,398,471 |
United Kingdom - 9.7% | ||
Ashtead Group PLC | 57,268 | 4,609,010 |
AstraZeneca PLC | 49,743 | 5,846,751 |
London Stock Exchange Group PLC | 43,149 | 4,050,112 |
Prudential PLC | 170,230 | 2,938,590 |
Vodafone Group PLC | 1,634,484 | 2,485,242 |
19,929,705 |
6 | Elfun International Equity Fund |
Number of Shares | Fair Value | |
United States - 3.5% | ||
Schneider Electric SE | 36,647 | $ 7,187,263 |
Total Common Stock (Cost $132,113,857) | 196,713,528 | |
Short-Term Investments - 3.4% | ||
State Street Institutional Treasury Money Market Fund - Premier Class 0.01% (c)(d) | 3,575,026 | 3,575,026 |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.03% (c)(d) | 3,338,440 | 3,338,440 |
Total Short-Term Investments (Cost $6,913,466) | 6,913,466 | |
Total Investments (Cost $139,027,323) | 203,626,994 | |
Other Assets and Liabilities, net - 0.6% | 1,172,463 | |
NET ASSETS - 100.0% | $ 204,799,457 |
The Fund had the following long futures contracts open at December 31, 2021: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
MSCI EAFE Mini Index Futures | March 2022 | 29 | $ 3,327,883 | $ 3,366,610 | $ 38,727 |
(a) | Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, these securities amounted to $7,479,325 or 3.65% 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. |
(b) | Non-income producing security. |
(c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
Elfun International Equity Fund | 7 |
(d) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of December 31, 2021. |
Abbreviations: |
ADR - American Depositary Receipt |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Common Stock | $ 196,713,528 | $ — | $ — | $ 196,713,528 | |||
Short-Term Investments | 6,913,466 | — | — | 6,913,466 | |||
Total Investments in Securities | $ 203,626,994 | $ — | $ — | $ 203,626,994 | |||
Other Financial Instruments | |||||||
Long Futures Contracts - Unrealized Appreciation | $ 38,727 | $ — | $ — | $ 38,727 | |||
Total Other Financial Instruments | $ 38,727 | $ — | $ — | $ 38,727 |
Sector | Percentage (based on Fair Value) | ||
Pharmaceuticals | 8.78% | ||
Diversified Banks | 6.56% | ||
Building Products | 6.53% | ||
Semiconductor Equipment | 5.31% | ||
Packaged Foods & Meats | 5.08% | ||
Apparel, Accessories & Luxury Goods | 4.55% | ||
Electrical Components & Equipment | 4.35% | ||
Life & Health Insurance | 3.76% | ||
Semiconductors | 3.69% | ||
Application Software | 3.26% | ||
Apparel Retail | 3.06% | ||
Integrated Oil & Gas | 2.69% | ||
Industrial Gases | 2.66% | ||
Personal Products | 2.61% | ||
Human Resource & Employment Services | 2.35% | ||
Trading Companies & Distributors | 2.27% | ||
Healthcare Supplies | 2.20% | ||
Specialty Chemicals | 2.15% | ||
Financial Exchanges & Data | 1.99% | ||
Data Processing & Outsourced Services | 1.93% | ||
Aerospace & Defense | 1.86% | ||
Multi-Line Insurance | 1.83% | ||
Diversified Metals & Mining | 1.82% | ||
Construction Machinery & Heavy Trucks | 1.77% | ||
Integrated Telecommunication Services | 1.74% | ||
Movies & Entertainment | 1.71% | ||
Property & Casualty Insurance | 1.65% | ||
Electronic Components | 1.57% | ||
Electronic Equipment & Instruments | 1.57% | ||
Asset Management & Custody Banks | 1.34% |
8 | Elfun International Equity Fund |
Sector | Percentage (based on Fair Value) | ||
Wireless Telecommunication Services | 1.22% | ||
Construction Materials | 1.10% | ||
Security & Alarm Services | 0.86% | ||
Industrial Machinery | 0.78% | ||
96.60% | |||
Short-Term Investments | |||
Short-Term Investments | 3.40% | ||
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 12/31/21 | Value at 12/31/21 | Dividend Income | ||||||
State Street Institutional Treasury Money Market Fund - Premier Class | 1,998,676 | $1,998,676 | $15,510,445 | $13,934,095 | $— | $— | 3,575,026 | $3,575,026 | $117 | |||||
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 1,981,767 | 1,981,767 | 15,510,317 | 14,153,644 | — | — | 3,338,440 | 3,338,440 | 525 | |||||
TOTAL | $3,980,443 | $31,020,762 | $28,087,739 | $— | $— | $6,913,466 | $642 |
Elfun International Equity Fund | 9 |
10 | Elfun Trusts |
Sector Allocation |
Portfolio composition as a % of Fair Value of $3,962,647 (in thousands) as of December 31, 2021 (a)(b) |
Top Ten Largest Holdings | |
as of December 31, 2021 (as a % of Fair Value) (a)(b) | |
Microsoft Corp. | 7.60% |
Apple Inc. | 5.38% |
Amazon.com Inc. | 4.86% |
Alphabet Inc., Class C | 4.62% |
Meta Platforms Inc., Class A | 4.12% |
JPMorgan Chase & Co. | 3.73% |
Johnson & Johnson | 3.44% |
QUALCOMM Inc. | 3.22% |
Visa Inc., Class A | 2.97% |
Mastercard Inc., Class A | 2.90% |
Average Annual Total Return for the years ended December 31, 2021 | |||||||
(Inception date 5/27/35) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
Elfun Trusts | 24.28% | 20.66% | 17.71% | $51,082 | |||
S&P 500® Index | 28.71% | 18.48% | 16.55% | $46,257 |
(a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund - Class G Shares 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. |
Elfun Trusts | 11 |
12 | Elfun Trusts |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value July 1, 2021 | $1,000.00 | $1,000.00 | |
Ending Account value December 31, 2021 | $1,074.20 | $1,024.30 | |
Expenses Paid During Period* | $ 0.94 | $ 0.92 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.18%** (for the period July 1, 2021 - December 31, 2021), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
Elfun Trusts | 13 |
Number of Shares | Fair Value | |
Common Stock - 99.6% † | ||
Apparel Retail - 2.4% | ||
Ross Stores Inc. | 839,800 | $ 95,972,344 |
Application Software - 2.7% | ||
salesforce.com Inc. (a) | 235,549 | 59,860,067 |
Splunk Inc. (a) | 403,522 | 46,695,566 |
106,555,633 | ||
Biotechnology - 1.3% | ||
Vertex Pharmaceuticals Inc. (a) | 230,042 | 50,517,223 |
Cable & Satellite - 1.5% | ||
Charter Communications Inc., Class A (a) | 93,900 | 61,219,983 |
Data Processing & Outsourced Services - 7.7% | ||
Fidelity National Information Services Inc. | 664,249 | 72,502,778 |
Mastercard Inc., Class A | 319,900 | 114,946,468 |
Visa Inc., Class A | 542,300 | 117,521,833 |
304,971,079 | ||
Diversified Banks - 3.7% | ||
JPMorgan Chase & Co. | 934,121 | 147,918,060 |
Financial Exchanges & Data - 1.4% | ||
S&P Global Inc. | 118,500 | 55,923,705 |
Healthcare Equipment - 1.9% | ||
Boston Scientific Corp. (a) | 1,771,203 | 75,240,704 |
Home Improvement Retail - 2.8% | ||
Lowe's Companies Inc. | 426,949 | 110,357,778 |
Hotels, Resorts & Cruise Lines - 1.2% | ||
Marriott International Inc., Class A (a) | 287,900 | 47,572,596 |
Industrial Conglomerates - 2.3% | ||
Honeywell International Inc. | 428,700 | 89,388,237 |
Industrial Gases - 1.9% | ||
Air Products & Chemicals Inc. | 251,200 | 76,430,112 |
Industrial Machinery - 2.4% | ||
Parker-Hannifin Corp. | 305,900 | 97,312,908 |
Interactive Media & Services - 11.0% | ||
Alphabet Inc., Class C (a) | 63,300 | 183,164,247 |
Number of Shares | Fair Value | |
Alphabet Inc., Class A (a) | 30,400 | $ 88,070,016 |
Meta Platforms Inc., Class A (a) | 485,292 | 163,227,964 |
434,462,227 | ||
Internet & Direct Marketing Retail - 4.9% | ||
Amazon.com Inc. (a) | 57,800 | 192,724,852 |
Investment Banking & Brokerage - 1.8% | ||
The Charles Schwab Corp. | 853,400 | 71,770,940 |
Managed Healthcare - 2.8% | ||
UnitedHealth Group Inc. | 223,156 | 112,055,554 |
Movies & Entertainment - 1.7% | ||
The Walt Disney Co. (a) | 432,500 | 66,989,925 |
Multi-Utilities - 1.0% | ||
Sempra Energy | 304,997 | 40,345,003 |
Oil & Gas Exploration & Production - 2.3% | ||
ConocoPhillips | 1,243,400 | 89,748,612 |
Packaged Foods & Meats - 2.7% | ||
Mondelez International Inc., Class A | 1,588,283 | 105,319,046 |
Pharmaceuticals - 6.5% | ||
Elanco Animal Health Inc. (a) | 1,751,685 | 49,712,820 |
Johnson & Johnson | 796,100 | 136,188,827 |
Merck & Company Inc. | 956,776 | 73,327,313 |
259,228,960 | ||
Property & Casualty Insurance - 1.9% | ||
Chubb Ltd. | 391,700 | 75,719,527 |
Regional Banks - 3.6% | ||
First Republic Bank | 231,200 | 47,745,112 |
Regions Financial Corp. | 4,274,800 | 93,190,640 |
140,935,752 | ||
Semiconductor Equipment - 2.0% | ||
Applied Materials Inc. | 509,100 | 80,111,976 |
Semiconductors - 6.4% | ||
Advanced Micro Devices Inc. (a) | 387,400 | 55,746,860 |
QUALCOMM Inc. | 698,200 | 127,679,834 |
Texas Instruments Inc. | 375,761 | 70,819,676 |
254,246,370 |
14 | Elfun Trusts |
Number of Shares | Fair Value | |
Specialized REITs - 1.9% | ||
American Tower Corp. | 259,929 | $ 76,029,233 |
Systems Software - 7.6% | ||
Microsoft Corp. | 895,835 | 301,287,227 |
Technology Hardware, Storage & Peripherals - 5.4% | ||
Apple Inc. | 1,200,700 | 213,208,299 |
Trading Companies & Distributors - 1.9% | ||
United Rentals Inc. (a) | 224,267 | 74,521,681 |
Trucking - 1.0% | ||
Lyft Inc., Class A (a) | 942,100 | 40,255,933 |
Total Common Stock (Cost $1,994,127,340) | 3,948,341,479 | |
Short-Term Investments - 0.3% | ||
State Street Institutional Treasury Money Market Fund - Premier Class 0.01% (b)(c) | 7,320,718 | 7,320,718 |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.03% (b)(c) | 6,984,701 | 6,984,701 |
Total Short-Term Investments (Cost $14,305,419) | 14,305,419 | |
Total Investments (Cost $2,008,432,759) | 3,962,646,898 | |
Other Assets and Liabilities, net - 0.1% | 2,508,916 | |
NET ASSETS - 100.0% | $ 3,965,155,814 |
(a) | Non-income producing security. |
(b) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(c) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of December 31, 2021. |
Abbreviations: |
REIT - Real Estate Investment Trust |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Common Stock | $ 3,948,341,479 | $ — | $ — | $ 3,948,341,479 | |||
Short-Term Investments | 14,305,419 | — | — | 14,305,419 | |||
Total Investments in Securities | $ 3,962,646,898 | $ — | $ — | $ 3,962,646,898 |
Elfun Trusts | 15 |
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 12/31/21 | Value at 12/31/21 | Dividend Income | ||||||
State Street Institutional Treasury Money Market Fund - Premier Class | 23,915,719 | $23,915,719 | $164,248,952 | $180,843,953 | $— | $— | 7,320,718 | $ 7,320,718 | $ 862 | |||||
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 22,224,983 | 22,224,983 | 164,462,925 | 179,703,207 | — | — | 6,984,701 | 6,984,701 | 3,526 | |||||
TOTAL | $46,140,702 | $328,711,877 | $360,547,160 | $— | $— | $14,305,419 | $4,388 |
16 | Elfun Trusts |
Elfun Diversified Fund | 17 |
18 | Elfun Diversified Fund |
Elfun Diversified Fund | 19 |
Sector Allocation |
Portfolio composition as a % of Fair Value of $220,790 (in thousands) as of December 31, 2021 (a)(b) |
Top Ten Largest Equity Holdings | |
as of December 31, 2021 (as a % of Fair Value) (a)(b) | |
Apple Inc. | 2.32% |
Microsoft Corp. | 2.12% |
Amazon.com Inc. | 1.22% |
Alphabet Inc., Class A | 0.73% |
Tesla Inc. | 0.72% |
Alphabet Inc., Class C | 0.68% |
Meta Platforms Inc., Class A | 0.67% |
NVIDIA Corp. | 0.62% |
Berkshire Hathaway Inc., Class B | 0.46% |
UnitedHealth Group Inc. | 0.40% |
Average Annual Total Return for the years ended December 31, 2021 | |||||||
(Inception date 1/1/88) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
Elfun Diversified Fund | 11.56% | 10.30% | 8.92% | $23,504 | |||
S&P 500® Index | 28.71% | 18.48% | 16.55% | $46,257 | |||
MSCI ACWI ex USA Investable Market Index | 8.53% | 9.83% | 7.57% | $20,737 | |||
Bloomberg U.S. Aggregate Bond Index | (1.54)% | 3.57% | 2.90% | $13,307 |
(a) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
(b) | Fair Value basis is inclusive of short-term investment in affiliated money market funds. |
20 | Elfun Diversified Fund |
Elfun Diversified Fund | 21 |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value July 1, 2021 | $1,000.00 | $1,000.00 | |
Ending Account value December 31, 2021 | $1,038.30 | $1,023.80 | |
Expenses Paid During Period* | $ 1.44 | $ 1.43 |
* | Expenses are equal to the Fund's annualized net expense ratio of 0.28%** (for the period July 1, 2021 - December 31, 2021), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
22 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Domestic Equity - 34.4% † | ||
Common Stock - 34.4% | ||
Advertising - 0.0% * | ||
Omnicom Group Inc. | 441 | $ 32,312 |
The Interpublic Group of Companies Inc. (a) | 766 | 28,687 |
60,999 | ||
Aerospace & Defense - 0.5% | ||
General Dynamics Corp. (a) | 425 | 88,600 |
Howmet Aerospace Inc. (a) | 819 | 26,069 |
Huntington Ingalls Industries Inc. (a) | 71 | 13,258 |
L3Harris Technologies Inc. (a) | 359 | 76,553 |
Lockheed Martin Corp. (a) | 453 | 161,001 |
Northrop Grumman Corp. (a) | 274 | 106,057 |
Raytheon Technologies Corp. (a) | 2,807 | 241,570 |
Textron Inc. (a) | 398 | 30,726 |
The Boeing Co. (a)(b) | 1,022 | 205,749 |
TransDigm Group Inc. (a)(b) | 95 | 60,447 |
1,010,030 | ||
Agricultural & Farm Machinery - 0.1% | ||
Deere & Co. (a) | 522 | 178,989 |
Agricultural Products - 0.0% * | ||
Archer-Daniels-Midland Co. (a) | 1,009 | 68,198 |
Air Freight & Logistics - 0.2% | ||
CH Robinson Worldwide Inc. (a) | 213 | 22,925 |
Expeditors International of Washington Inc. (a) | 336 | 45,121 |
FedEx Corp. (a) | 450 | 116,388 |
United Parcel Service Inc., Class B (a) | 1,352 | 289,788 |
474,222 | ||
Airlines - 0.1% | ||
Alaska Air Group Inc. (a)(b) | 252 | 13,129 |
American Airlines Group Inc. (a)(b) | 1,294 | 23,240 |
Delta Air Lines Inc. (a)(b) | 1,200 | 46,896 |
Southwest Airlines Co. (a)(b) | 1,166 | 49,952 |
United Airlines Holdings Inc. (a)(b) | 636 | 27,844 |
161,061 |
Number of Shares | Fair Value | |
Alternative Carriers - 0.0% * | ||
Lumen Technologies Inc. (a) | 1,574 | $ 19,754 |
Apparel Retail - 0.1% | ||
Ross Stores Inc. (a) | 689 | 78,739 |
The Gap Inc. (a) | 530 | 9,354 |
The TJX Companies Inc. (a) | 2,229 | 169,226 |
257,319 | ||
Apparel, Accessories & Luxury Goods - 0.1% | ||
PVH Corp. (a) | 134 | 14,291 |
Ralph Lauren Corp. (a) | 113 | 13,431 |
Tapestry Inc. (a) | 536 | 21,762 |
Under Armour Inc., Class A (a)(b) | 379 | 8,031 |
Under Armour Inc., Class C (a)(b) | 482 | 8,695 |
VF Corp. (a) | 624 | 45,689 |
111,899 | ||
Application Software - 0.9% | ||
Adobe Inc. (b) | 884 | 501,281 |
ANSYS Inc. (a)(b) | 159 | 63,778 |
Autodesk Inc. (a)(b) | 404 | 113,601 |
Cadence Design Systems Inc. (a)(b) | 508 | 94,666 |
Ceridian HCM Holding Inc. (a)(b) | 264 | 27,577 |
Citrix Systems Inc. (a) | 252 | 23,837 |
Intuit Inc. (a) | 525 | 337,691 |
Paycom Software Inc. (a)(b) | 96 | 39,858 |
PTC Inc. (a)(b) | 200 | 24,230 |
salesforce.com Inc. (a)(b) | 1,819 | 462,262 |
Synopsys Inc. (a)(b) | 280 | 103,180 |
Tyler Technologies Inc. (a)(b) | 78 | 41,960 |
1,833,921 | ||
Asset Management & Custody Banks - 0.3% | ||
Ameriprise Financial Inc. (a) | 200 | 60,332 |
BlackRock Inc. (a) | 265 | 242,624 |
Franklin Resources Inc. (a) | 592 | 19,826 |
Invesco Ltd. (a) | 609 | 14,019 |
Northern Trust Corp. (a) | 407 | 48,681 |
State Street Corp. (a)(c) | 712 | 66,216 |
T Rowe Price Group Inc. (a) | 411 | 80,819 |
The Bank of New York Mellon Corp. (a) | 1,395 | 81,022 |
613,539 |
Elfun Diversified Fund | 23 |
Number of Shares | Fair Value | |
Auto Parts & Equipment - 0.0% * | ||
BorgWarner Inc. | 439 | $ 19,786 |
Automobile Manufacturers - 0.9% | ||
Ford Motor Co. (a) | 7,215 | 149,855 |
General Motors Co. (a)(b) | 2,633 | 154,373 |
Tesla Inc. (a)(b) | 1,505 | 1,590,454 |
1,894,682 | ||
Automotive Retail - 0.1% | ||
Advance Auto Parts Inc. | 111 | 26,627 |
AutoZone Inc. (a)(b) | 38 | 79,663 |
CarMax Inc. (a)(b) | 314 | 40,892 |
O'Reilly Automotive Inc. (a)(b) | 123 | 86,866 |
234,048 | ||
Biotechnology - 0.6% | ||
AbbVie Inc. (a) | 3,283 | 444,518 |
Amgen Inc. (a) | 1,043 | 234,644 |
Biogen Inc. (a)(b) | 268 | 64,299 |
Gilead Sciences Inc. (a) | 2,276 | 165,260 |
Incyte Corp. (a)(b) | 394 | 28,920 |
Moderna Inc. (a)(b) | 652 | 165,595 |
Regeneron Pharmaceuticals Inc. (a)(b) | 195 | 123,146 |
Vertex Pharmaceuticals Inc. (a)(b) | 467 | 102,553 |
1,328,935 | ||
Brewers - 0.0% * | ||
Molson Coors Beverage Co., Class B (a) | 381 | 17,659 |
Broadcasting - 0.0% * | ||
Discovery Inc., Class A (a)(b) | 361 | 8,498 |
Discovery Inc., Class C (a)(b) | 697 | 15,961 |
Fox Corp., Class A (a) | 597 | 22,029 |
Fox Corp., Class B (a) | 283 | 9,699 |
ViacomCBS Inc., Class B (a) | 1,204 | 36,337 |
92,524 | ||
Building Products - 0.1% | ||
A O Smith Corp. (a) | 200 | 17,170 |
Carrier Global Corp. (a) | 1,613 | 87,489 |
Fortune Brands Home & Security Inc. (a) | 238 | 25,442 |
Johnson Controls International PLC (a) | 1,285 | 104,484 |
Number of Shares | Fair Value | |
Masco Corp. (a) | 473 | $ 33,214 |
267,799 | ||
Cable & Satellite - 0.3% | ||
Charter Communications Inc., Class A (a)(b) | 228 | 148,649 |
Comcast Corp., Class A (a) | 8,425 | 424,030 |
DISH Network Corp., Class A (a)(b) | 532 | 17,258 |
589,937 | ||
Casinos & Gaming - 0.1% | ||
Caesars Entertainment Inc. (a)(b) | 382 | 35,729 |
Las Vegas Sands Corp. (a)(b) | 671 | 25,256 |
MGM Resorts International (a) | 720 | 32,314 |
Penn National Gaming Inc. (a)(b) | 300 | 15,555 |
Wynn Resorts Ltd. (a)(b) | 233 | 19,814 |
128,668 | ||
Commodity Chemicals - 0.1% | ||
Dow Inc. (a) | 1,422 | 80,656 |
LyondellBasell Industries N.V., Class A (a) | 456 | 42,057 |
122,713 | ||
Communications Equipment - 0.3% | ||
Arista Networks Inc. (b) | 400 | 57,500 |
Cisco Systems Inc. (a) | 7,813 | 495,110 |
F5 Inc. (a)(b) | 117 | 28,631 |
Juniper Networks Inc. (a) | 645 | 23,033 |
Motorola Solutions Inc. (a) | 305 | 82,868 |
687,142 | ||
Computer & Electronics Retail - 0.0% * | ||
Best Buy Company Inc. (a) | 397 | 40,335 |
Construction & Engineering - 0.0% * | ||
Quanta Services Inc. (a) | 292 | 33,481 |
Construction Machinery & Heavy Trucks - 0.2% | ||
Caterpillar Inc. (a) | 1,001 | 206,947 |
Cummins Inc. (a) | 279 | 60,861 |
PACCAR Inc. (a) | 629 | 55,515 |
Westinghouse Air Brake Technologies Corp. (a) | 299 | 27,541 |
350,864 |
24 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Construction Materials - 0.0% * | ||
Martin Marietta Materials Inc. (a) | 120 | $ 52,863 |
Vulcan Materials Co. (a) | 259 | 53,763 |
106,626 | ||
Consumer Finance - 0.2% | ||
American Express Co. (a) | 1,160 | 189,776 |
Capital One Financial Corp. (a) | 783 | 113,605 |
Discover Financial Services (a) | 533 | 61,594 |
Synchrony Financial (a) | 1,003 | 46,529 |
411,504 | ||
Copper - 0.1% | ||
Freeport-McMoRan Inc. (a) | 2,727 | 113,798 |
Data Processing & Outsourced Services - 1.1% | ||
Automatic Data Processing Inc. (a) | 779 | 192,086 |
Broadridge Financial Solutions Inc. (a) | 222 | 40,586 |
Fidelity National Information Services Inc. (a) | 1,121 | 122,357 |
Fiserv Inc. (a)(b) | 1,093 | 113,442 |
FleetCor Technologies Inc. (a)(b) | 144 | 32,233 |
Global Payments Inc. (a) | 529 | 71,510 |
Jack Henry & Associates Inc. (a) | 157 | 26,217 |
Mastercard Inc., Class A (a) | 1,612 | 579,224 |
Paychex Inc. (a) | 618 | 84,357 |
PayPal Holdings Inc. (a)(b) | 2,182 | 411,482 |
Visa Inc., Class A (a) | 3,118 | 675,702 |
2,349,196 | ||
Distillers & Vintners - 0.0% * | ||
Brown-Forman Corp., Class B (a) | 362 | 26,375 |
Constellation Brands Inc., Class A (a) | 300 | 75,291 |
101,666 | ||
Distributors - 0.1% | ||
Genuine Parts Co. (a) | 273 | 38,275 |
LKQ Corp. (a) | 536 | 32,176 |
Pool Corp. (a) | 77 | 43,582 |
114,033 |
Number of Shares | Fair Value | |
Diversified Banks - 1.0% | ||
Bank of America Corp. (a) | 13,391 | $ 595,766 |
Citigroup Inc. (a) | 3,714 | 224,288 |
JPMorgan Chase & Co. (a) | 5,462 | 864,908 |
U.S. Bancorp (a) | 2,453 | 137,785 |
Wells Fargo & Co. (a) | 7,432 | 356,587 |
2,179,334 | ||
Diversified Support Services - 0.1% | ||
Cintas Corp. (a) | 155 | 68,691 |
Copart Inc. (a)(b) | 413 | 62,619 |
131,310 | ||
Drug Retail - 0.0% * | ||
Walgreens Boots Alliance Inc. (a) | 1,287 | 67,130 |
Electric Utilities - 0.6% | ||
Alliant Energy Corp. (a) | 434 | 26,678 |
American Electric Power Company Inc. (a) | 908 | 80,785 |
Duke Energy Corp. (a) | 1,420 | 148,958 |
Edison International (a) | 743 | 50,710 |
Entergy Corp. (a) | 400 | 45,060 |
Evergy Inc. (a) | 406 | 27,856 |
Eversource Energy (a) | 612 | 55,680 |
Exelon Corp. (a) | 1,823 | 105,296 |
FirstEnergy Corp. (a) | 1,062 | 44,169 |
NextEra Energy Inc. (a) | 3,640 | 339,830 |
NRG Energy Inc. (a) | 455 | 19,601 |
Pinnacle West Capital Corp. (a) | 200 | 14,118 |
PPL Corp. (a) | 1,455 | 43,737 |
The Southern Co. (a) | 1,906 | 130,714 |
Xcel Energy Inc. (a) | 966 | 65,398 |
1,198,590 | ||
Electrical Components & Equipment - 0.2% | ||
AMETEK Inc. (a) | 421 | 61,904 |
Eaton Corporation PLC (a) | 734 | 126,850 |
Emerson Electric Co. (a) | 1,089 | 101,245 |
Generac Holdings Inc. (a)(b) | 109 | 38,359 |
Rockwell Automation Inc. (a) | 212 | 73,956 |
402,314 | ||
Electronic Components - 0.1% | ||
Amphenol Corp., Class A (a) | 1,097 | 95,944 |
Corning Inc. (a) | 1,440 | 53,611 |
149,555 |
Elfun Diversified Fund | 25 |
Number of Shares | Fair Value | |
Electronic Equipment & Instruments - 0.1% | ||
Keysight Technologies Inc. (a)(b) | 336 | $ 69,387 |
Teledyne Technologies Inc. (a)(b) | 83 | 36,262 |
Trimble Inc. (a)(b) | 500 | 43,595 |
Zebra Technologies Corp., Class A (a)(b) | 104 | 61,901 |
211,145 | ||
Electronic Manufacturing Services - 0.0% * | ||
IPG Photonics Corp. (a)(b) | 83 | 14,288 |
Environmental & Facilities Services - 0.1% | ||
Republic Services Inc. (a) | 362 | 50,481 |
Rollins Inc. (a) | 425 | 14,539 |
Waste Management Inc. (a) | 708 | 118,165 |
183,185 | ||
Fertilizers & Agricultural Chemicals - 0.1% | ||
CF Industries Holdings Inc. (a) | 401 | 28,383 |
Corteva Inc. (a) | 1,282 | 60,613 |
FMC Corp. (a) | 241 | 26,483 |
The Mosaic Co. (a) | 730 | 28,682 |
144,161 | ||
Financial Exchanges & Data - 0.4% | ||
Cboe Global Markets Inc. (a) | 225 | 29,340 |
CME Group Inc. (a) | 663 | 151,469 |
FactSet Research Systems Inc. | 67 | 32,563 |
Intercontinental Exchange Inc. (a) | 1,039 | 142,104 |
MarketAxess Holdings Inc. (a) | 67 | 27,555 |
Moody's Corp. (a) | 298 | 116,393 |
MSCI Inc. (a) | 151 | 92,516 |
Nasdaq Inc. (a) | 226 | 47,462 |
S&P Global Inc. (a) | 446 | 210,481 |
849,883 | ||
Food Distributors - 0.0% * | ||
Sysco Corp. (a) | 928 | 72,894 |
Food Retail - 0.0% * | ||
The Kroger Co. (a) | 1,181 | 53,452 |
Footwear - 0.2% | ||
NIKE Inc., Class B (a) | 2,372 | 395,341 |
Number of Shares | Fair Value | |
Gas Utilities - 0.0% * | ||
Atmos Energy Corp. (a) | 243 | $ 25,459 |
General Merchandise Stores - 0.2% | ||
Dollar General Corp. (a) | 428 | 100,935 |
Dollar Tree Inc. (a)(b) | 409 | 57,473 |
Target Corp. (a) | 903 | 208,990 |
367,398 | ||
Gold - 0.0% * | ||
Newmont Corp. (a) | 1,455 | 90,239 |
Health Care REITs - 0.1% | ||
Healthpeak Properties Inc. (a) | 927 | 33,455 |
Ventas Inc. (a) | 718 | 36,704 |
Welltower Inc. (a) | 776 | 66,558 |
136,717 | ||
Healthcare Distributors - 0.1% | ||
AmerisourceBergen Corp. (a) | 267 | 35,482 |
Cardinal Health Inc. (a) | 500 | 25,745 |
Henry Schein Inc. (a)(b) | 264 | 20,468 |
McKesson Corp. (a) | 278 | 69,102 |
150,797 | ||
Healthcare Equipment - 0.9% | ||
Abbott Laboratories (a) | 3,284 | 462,190 |
ABIOMED Inc. (a)(b) | 93 | 33,403 |
Baxter International Inc. | 902 | 77,428 |
Becton Dickinson & Co. (a) | 529 | 133,033 |
Boston Scientific Corp. (a)(b) | 2,599 | 110,406 |
Dexcom Inc. (a)(b) | 178 | 95,577 |
Edwards Lifesciences Corp. (a)(b) | 1,151 | 149,112 |
Hologic Inc. (a)(b) | 454 | 34,758 |
IDEXX Laboratories Inc. (a)(b) | 156 | 102,720 |
Intuitive Surgical Inc. (a)(b) | 661 | 237,497 |
ResMed Inc. (a) | 284 | 73,976 |
STERIS PLC (a) | 192 | 46,735 |
Stryker Corp. (a) | 620 | 165,800 |
Teleflex Inc. (a) | 88 | 28,906 |
Zimmer Biomet Holdings Inc. (a) | 413 | 52,468 |
1,804,009 | ||
Healthcare Facilities - 0.1% | ||
HCA Healthcare Inc. (a) | 440 | 113,045 |
26 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Universal Health Services Inc., Class B (a) | 152 | $ 19,708 |
132,753 | ||
Healthcare Services - 0.2% | ||
Cigna Corp. (a) | 611 | 140,304 |
CVS Health Corp. (a) | 2,446 | 252,329 |
DaVita Inc. (a)(b) | 138 | 15,699 |
Laboratory Corporation of America Holdings (a)(b) | 174 | 54,673 |
Quest Diagnostics Inc. (a) | 232 | 40,138 |
503,143 | ||
Healthcare Supplies - 0.1% | ||
Align Technology Inc. (a)(b) | 134 | 88,062 |
DENTSPLY SIRONA Inc. (a) | 453 | 25,273 |
The Cooper Companies Inc. (a) | 86 | 36,029 |
149,364 | ||
Healthcare Technology - 0.0% * | ||
Cerner Corp. (a) | 563 | 52,286 |
Home Building - 0.1% | ||
D.R. Horton Inc. (a) | 609 | 66,046 |
Lennar Corp., Class A (a) | 509 | 59,126 |
NVR Inc. (a)(b) | 6 | 35,453 |
PulteGroup Inc. (a) | 499 | 28,523 |
189,148 | ||
Home Furnishings - 0.0% * | ||
Mohawk Industries Inc. (a)(b) | 85 | 15,485 |
Home Improvement Retail - 0.5% | ||
Lowe's Companies Inc. (a) | 1,284 | 331,888 |
The Home Depot Inc. (a) | 1,950 | 809,270 |
1,141,158 | ||
Hotel & Resort REITs - 0.0% * | ||
Host Hotels & Resorts Inc. (a)(b) | 1,433 | 24,920 |
Hotels, Resorts & Cruise Lines - 0.2% | ||
Booking Holdings Inc. (a)(b) | 76 | 182,341 |
Carnival Corp. (a)(b) | 1,599 | 32,172 |
Expedia Group Inc. (a)(b) | 251 | 45,361 |
Hilton Worldwide Holdings Inc. (a)(b) | 502 | 78,307 |
Marriott International Inc., Class A (a)(b) | 500 | 82,620 |
Number of Shares | Fair Value | |
Norwegian Cruise Line Holdings Ltd. (a)(b) | 648 | $ 13,440 |
Royal Caribbean Cruises Ltd. (a)(b) | 378 | 29,068 |
463,309 | ||
Household Appliances - 0.0% * | ||
Whirlpool Corp. (a) | 118 | 27,690 |
Household Products - 0.5% | ||
Church & Dwight Company Inc. (a) | 455 | 46,638 |
Colgate-Palmolive Co. (a) | 1,553 | 132,533 |
Kimberly-Clark Corp. (a) | 608 | 86,895 |
The Clorox Co. (a) | 244 | 42,544 |
The Procter & Gamble Co. (a) | 4,500 | 736,110 |
1,044,720 | ||
Housewares & Specialties - 0.0% * | ||
Newell Brands Inc. (a) | 812 | 17,734 |
Human Resource & Employment Services - 0.0% * | ||
Robert Half International Inc. (a) | 209 | 23,308 |
Hypermarkets & Super Centers - 0.4% | ||
Costco Wholesale Corp. (a) | 821 | 466,082 |
Walmart Inc. (a) | 2,640 | 381,981 |
848,063 | ||
Independent Power Producers & Energy Traders - 0.0% * | ||
The AES Corp. | 1,324 | 32,173 |
Industrial Conglomerates - 0.3% | ||
3M Co. (a) | 1,065 | 189,176 |
General Electric Co. (a) | 1,995 | 188,467 |
Honeywell International Inc. (a) | 1,276 | 266,059 |
Roper Technologies Inc. (a) | 193 | 94,929 |
738,631 | ||
Industrial Gases - 0.1% | ||
Air Products & Chemicals Inc. (a) | 408 | 124,138 |
Industrial Machinery - 0.3% | ||
Dover Corp. (a) | 281 | 51,030 |
Fortive Corp. (a) | 693 | 52,869 |
IDEX Corp. (a) | 156 | 36,866 |
Elfun Diversified Fund | 27 |
Number of Shares | Fair Value | |
Illinois Tool Works Inc. (a) | 526 | $ 129,817 |
Ingersoll Rand Inc. (a) | 759 | 46,959 |
Otis Worldwide Corp. (a) | 756 | 65,825 |
Parker-Hannifin Corp. (a) | 232 | 73,804 |
Snap-on Inc. (a) | 109 | 23,476 |
Stanley Black & Decker Inc. (a) | 316 | 59,604 |
Xylem Inc. (a) | 347 | 41,612 |
581,862 | ||
Industrial REITs - 0.1% | ||
Duke Realty Corp. (a) | 705 | 46,276 |
Prologis Inc. (a) | 1,369 | 230,485 |
276,761 | ||
Insurance Brokers - 0.2% | ||
Aon PLC, Class A (a) | 406 | 122,028 |
Arthur J Gallagher & Co. (a) | 402 | 68,207 |
Brown & Brown Inc. (a) | 400 | 28,112 |
Marsh & McLennan Companies Inc. (a) | 932 | 162,000 |
380,347 | ||
Integrated Oil & Gas - 0.4% | ||
Chevron Corp. (a) | 3,580 | 420,113 |
Exxon Mobil Corp. (a) | 7,865 | 481,259 |
Occidental Petroleum Corp. (a) | 1,547 | 44,848 |
946,220 | ||
Integrated Telecommunication Services - 0.3% | ||
AT&T Inc. (a) | 13,203 | 324,794 |
Verizon Communications Inc. (a) | 7,650 | 397,494 |
722,288 | ||
Interactive Home Entertainment - 0.1% | ||
Activision Blizzard Inc. | 1,428 | 95,005 |
Electronic Arts Inc. (a) | 516 | 68,061 |
Take-Two Interactive Software Inc. (a)(b) | 231 | 41,053 |
204,119 | ||
Interactive Media & Services - 2.2% | ||
Alphabet Inc., Class C (a)(b) | 516 | 1,493,092 |
Alphabet Inc., Class A (a)(b) | 557 | 1,613,651 |
Match Group Inc. (a)(b) | 498 | 65,861 |
Meta Platforms Inc., Class A (a)(b) | 4,389 | 1,476,240 |
Number of Shares | Fair Value | |
Twitter Inc. (a)(b) | 1,534 | $ 66,300 |
4,715,144 | ||
Internet & Direct Marketing Retail - 1.3% | ||
Amazon.com Inc. (a)(b) | 807 | 2,690,812 |
eBay Inc. (a) | 1,144 | 76,076 |
Etsy Inc. (a)(b) | 219 | 47,948 |
2,814,836 | ||
Internet Services & Infrastructure - 0.0% * | ||
Akamai Technologies Inc. (a)(b) | 308 | 36,049 |
VeriSign Inc. (a)(b) | 193 | 48,987 |
85,036 | ||
Investment Banking & Brokerage - 0.4% | ||
Morgan Stanley (a) | 2,651 | 260,222 |
Raymond James Financial Inc. (a) | 351 | 35,241 |
The Charles Schwab Corp. (a) | 2,790 | 234,639 |
The Goldman Sachs Group Inc. (a) | 629 | 240,624 |
770,726 | ||
IT Consulting & Other Services - 0.2% | ||
Cognizant Technology Solutions Corp., Class A (a) | 944 | 83,752 |
DXC Technology Co. (a)(b) | 486 | 15,644 |
EPAM Systems Inc. (b) | 100 | 66,845 |
Gartner Inc. (a)(b) | 149 | 49,814 |
International Business Machines Corp. (a) | 1,660 | 221,875 |
437,930 | ||
Leisure Products - 0.0% * | ||
Hasbro Inc. (a) | 250 | 25,445 |
Life & Health Insurance - 0.1% | ||
Aflac Inc. | 1,114 | 65,046 |
Globe Life Inc. (a) | 195 | 18,275 |
Lincoln National Corp. (a) | 284 | 19,386 |
MetLife Inc. (a) | 1,320 | 82,487 |
Principal Financial Group Inc. (a) | 426 | 30,813 |
Prudential Financial Inc. (a) | 690 | 74,686 |
290,693 | ||
Life Sciences Tools & Services - 0.7% | ||
Agilent Technologies Inc. (a) | 555 | 88,606 |
28 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Bio-Rad Laboratories Inc., Class A (b) | 44 | $ 33,245 |
Bio-Techne Corp. (a) | 74 | 38,283 |
Charles River Laboratories International Inc. (a)(b) | 100 | 37,678 |
Danaher Corp. (a) | 1,181 | 388,561 |
Illumina Inc. (a)(b) | 288 | 109,567 |
IQVIA Holdings Inc. (a)(b) | 351 | 99,031 |
Mettler-Toledo International Inc. (a)(b) | 41 | 69,585 |
PerkinElmer Inc. (a) | 219 | 44,032 |
Thermo Fisher Scientific Inc. (a) | 732 | 488,420 |
Waters Corp. (a)(b) | 118 | 43,967 |
West Pharmaceutical Services Inc. (a) | 143 | 67,068 |
1,508,043 | ||
Managed Healthcare - 0.6% | ||
Anthem Inc. | 449 | 208,129 |
Centene Corp. (a)(b) | 1,054 | 86,850 |
Humana Inc. (a) | 236 | 109,471 |
UnitedHealth Group Inc. (a) | 1,741 | 874,226 |
1,278,676 | ||
Metal & Glass Containers - 0.0% * | ||
Ball Corp. (a) | 561 | 54,007 |
Movies & Entertainment - 0.5% | ||
Live Nation Entertainment Inc. (a)(b) | 247 | 29,563 |
Netflix Inc. (a)(b) | 823 | 495,808 |
The Walt Disney Co. (a)(b) | 3,376 | 522,909 |
1,048,280 | ||
Multi-Line Insurance - 0.1% | ||
American International Group Inc. (a) | 1,482 | 84,267 |
Assurant Inc. (a) | 116 | 18,080 |
The Hartford Financial Services Group Inc. (a) | 658 | 45,428 |
147,775 | ||
Multi-Sector Holdings - 0.5% | ||
Berkshire Hathaway Inc., Class B (a)(b) | 3,386 | 1,012,414 |
Multi-Utilities - 0.3% | ||
Ameren Corp. (a) | 493 | 43,882 |
CenterPoint Energy Inc. (a) | 1,240 | 34,608 |
Number of Shares | Fair Value | |
CMS Energy Corp. (a) | 550 | $ 35,778 |
Consolidated Edison Inc. (a) | 642 | 54,775 |
Dominion Energy Inc. (a) | 1,491 | 117,133 |
DTE Energy Co. (a) | 371 | 44,349 |
NiSource Inc. (a) | 792 | 21,867 |
Public Service Enterprise Group Inc. (a) | 908 | 60,591 |
Sempra Energy (a) | 565 | 74,738 |
WEC Energy Group Inc. (a) | 610 | 59,213 |
546,934 | ||
Office REITs - 0.0% * | ||
Alexandria Real Estate Equities Inc. (a) | 267 | 59,530 |
Boston Properties Inc. (a) | 275 | 31,675 |
Vornado Realty Trust (a) | 312 | 13,060 |
104,265 | ||
Oil & Gas Equipment & Services - 0.1% | ||
Baker Hughes Co. (a) | 1,615 | 38,857 |
Halliburton Co. (a) | 1,763 | 40,320 |
Schlumberger N.V. (a) | 2,550 | 76,372 |
155,549 | ||
Oil & Gas Exploration & Production - 0.3% | ||
APA Corp. (a) | 721 | 19,388 |
ConocoPhillips (a) | 2,440 | 176,119 |
Coterra Energy Inc. (a) | 1,395 | 26,505 |
Devon Energy Corp. (a) | 1,086 | 47,838 |
Diamondback Energy Inc. (a) | 337 | 36,345 |
EOG Resources Inc. (a) | 1,073 | 95,315 |
Hess Corp. (a) | 489 | 36,201 |
Marathon Oil Corp. (a) | 1,599 | 26,255 |
Pioneer Natural Resources Co. (a) | 402 | 73,116 |
537,082 | ||
Oil & Gas Refining & Marketing - 0.1% | ||
Marathon Petroleum Corp. (a) | 1,168 | 74,740 |
Phillips 66 (a) | 796 | 57,678 |
Valero Energy Corp. (a) | 741 | 55,657 |
188,075 | ||
Oil & Gas Storage & Transportation - 0.1% | ||
Kinder Morgan Inc. (a) | 3,804 | 60,332 |
ONEOK Inc. (a) | 863 | 50,710 |
The Williams Companies Inc. (a) | 2,331 | 60,699 |
171,741 |
Elfun Diversified Fund | 29 |
Number of Shares | Fair Value | |
Packaged Foods & Meats - 0.3% | ||
Campbell Soup Co. (a) | 441 | $ 19,166 |
Conagra Brands Inc. (a) | 926 | 31,623 |
General Mills Inc. (a) | 1,164 | 78,430 |
Hormel Foods Corp. (a) | 517 | 25,235 |
Kellogg Co. (a) | 438 | 28,216 |
Lamb Weston Holdings Inc. (a) | 262 | 16,606 |
McCormick & Company Inc. (a) | 476 | 45,986 |
Mondelez International Inc., Class A (a) | 2,578 | 170,947 |
The Hershey Co. (a) | 280 | 54,172 |
The J M Smucker Co. (a) | 220 | 29,880 |
The Kraft Heinz Co. (a) | 1,363 | 48,932 |
Tyson Foods Inc., Class A (a) | 507 | 44,190 |
593,383 | ||
Paper Packaging - 0.1% | ||
Avery Dennison Corp. (a) | 171 | 37,033 |
International Paper Co. (a) | 744 | 34,953 |
Packaging Corporation of America (a) | 193 | 26,277 |
Sealed Air Corp. (a) | 264 | 17,812 |
Westrock Co. (a) | 533 | 23,644 |
139,719 | ||
Personal Products - 0.1% | ||
The Estee Lauder Companies Inc., Class A (a) | 428 | 158,446 |
Pharmaceuticals - 1.3% | ||
Bristol-Myers Squibb Co. (a) | 4,097 | 255,448 |
Catalent Inc. (a)(b) | 326 | 41,738 |
Eli Lilly & Co. (a) | 1,474 | 407,148 |
Johnson & Johnson (a) | 4,897 | 837,730 |
Merck & Company Inc. (a) | 4,672 | 358,062 |
Organon & Co. (a) | 487 | 14,829 |
Pfizer Inc. (a) | 10,439 | 616,423 |
Viatris Inc. (a) | 2,287 | 30,943 |
Zoetis Inc. (a) | 876 | 213,770 |
2,776,091 | ||
Property & Casualty Insurance - 0.2% | ||
Cincinnati Financial Corp. (a) | 286 | 32,584 |
Loews Corp. (a) | 411 | 23,739 |
The Allstate Corp. (a) | 521 | 61,296 |
The Progressive Corp. (a) | 1,076 | 110,451 |
The Travelers Companies Inc. (a) | 441 | 68,986 |
Number of Shares | Fair Value | |
WR Berkley Corp. (a) | 300 | $ 24,717 |
321,773 | ||
Publishing - 0.0% * | ||
News Corp., Class A (a) | 811 | 18,093 |
News Corp., Class B (a) | 342 | 7,695 |
25,788 | ||
Railroads - 0.3% | ||
CSX Corp. (a) | 4,049 | 152,242 |
Norfolk Southern Corp. (a) | 448 | 133,374 |
Union Pacific Corp. (a) | 1,192 | 300,301 |
585,917 | ||
Real Estate Services - 0.0% * | ||
CBRE Group Inc., Class A (a)(b) | 609 | 66,083 |
Regional Banks - 0.4% | ||
Citizens Financial Group Inc. (a) | 801 | 37,847 |
Comerica Inc. (a) | 266 | 23,142 |
Fifth Third Bancorp (a) | 1,239 | 53,959 |
First Republic Bank (a) | 327 | 67,529 |
Huntington Bancshares Inc. (a) | 2,534 | 39,074 |
KeyCorp (a) | 1,872 | 43,299 |
M&T Bank Corp. (a) | 230 | 35,323 |
People's United Financial Inc. (a) | 850 | 15,147 |
Regions Financial Corp. (a) | 1,897 | 41,355 |
Signature Bank | 100 | 32,347 |
SVB Financial Group (a)(b) | 113 | 76,641 |
The PNC Financial Services Group Inc. (a) | 780 | 156,406 |
Truist Financial Corp. (a) | 2,477 | 145,028 |
Zions Bancorp NA (a) | 252 | 15,916 |
783,013 | ||
Research & Consulting Services - 0.1% | ||
Equifax Inc. (a) | 222 | 64,999 |
Jacobs Engineering Group Inc. (a) | 253 | 35,225 |
Leidos Holdings Inc. (a) | 292 | 25,959 |
Nielsen Holdings PLC (a) | 801 | 16,429 |
Verisk Analytics Inc. (a) | 314 | 71,821 |
214,433 |
30 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Residential REITs - 0.1% | ||
AvalonBay Communities Inc. (a) | 254 | $ 64,158 |
Equity Residential (a) | 619 | 56,019 |
Essex Property Trust Inc. (a) | 124 | 43,677 |
Mid-America Apartment Communities Inc. (a) | 223 | 51,165 |
UDR Inc. (a) | 517 | 31,015 |
246,034 | ||
Restaurants - 0.4% | ||
Chipotle Mexican Grill Inc. (a)(b) | 52 | 90,909 |
Darden Restaurants Inc. (a) | 249 | 37,509 |
Domino's Pizza Inc. (a) | 65 | 36,682 |
McDonald's Corp. (a) | 1,387 | 371,813 |
Starbucks Corp. (a) | 2,186 | 255,696 |
Yum! Brands Inc. (a) | 535 | 74,290 |
866,899 | ||
Retail REITs - 0.1% | ||
Federal Realty Investment Trust (a) | 139 | 18,948 |
Kimco Realty Corp. (a) | 1,210 | 29,827 |
Realty Income Corp. (a) | 1,074 | 76,888 |
Regency Centers Corp. (a) | 234 | 17,632 |
Simon Property Group Inc. (a) | 603 | 96,341 |
239,636 | ||
Semiconductor Equipment - 0.3% | ||
Applied Materials Inc. (a) | 1,673 | 263,263 |
Enphase Energy Inc. (a)(b) | 267 | 48,845 |
KLA Corp. (a) | 279 | 120,001 |
Lam Research Corp. (a) | 260 | 186,979 |
Teradyne Inc. (a) | 317 | 51,839 |
670,927 | ||
Semiconductors - 1.9% | ||
Advanced Micro Devices Inc. (b) | 2,213 | 318,451 |
Analog Devices Inc. (a) | 993 | 174,540 |
Broadcom Inc. (a) | 765 | 509,039 |
Intel Corp. (a) | 7,526 | 387,589 |
Microchip Technology Inc. (a) | 1,060 | 92,284 |
Micron Technology Inc. (a) | 2,044 | 190,398 |
Monolithic Power Systems Inc. (a) | 83 | 40,946 |
NVIDIA Corp. (a) | 4,625 | 1,360,259 |
Qorvo Inc. (a)(b) | 196 | 30,652 |
Number of Shares | Fair Value | |
QUALCOMM Inc. (a) | 2,079 | $ 380,187 |
Skyworks Solutions Inc. (a) | 292 | 45,301 |
Texas Instruments Inc. (a) | 1,713 | 322,849 |
Xilinx Inc. (a) | 476 | 100,926 |
3,953,421 | ||
Soft Drinks - 0.4% | ||
Monster Beverage Corp. (a)(b) | 677 | 65,019 |
PepsiCo Inc. (a) | 2,568 | 446,088 |
The Coca-Cola Co. (a) | 7,182 | 425,246 |
936,353 | ||
Specialized REITs - 0.5% | ||
American Tower Corp. (a) | 843 | 246,577 |
Crown Castle International Corp. (a) | 798 | 166,575 |
Digital Realty Trust Inc. (a) | 546 | 96,571 |
Equinix Inc. (a) | 166 | 140,409 |
Extra Space Storage Inc. (a) | 258 | 58,496 |
Iron Mountain Inc. (a) | 605 | 31,660 |
Public Storage (a) | 280 | 104,877 |
SBA Communications Corp. (a) | 199 | 77,415 |
Weyerhaeuser Co. (a) | 1,331 | 54,811 |
977,391 | ||
Specialty Chemicals - 0.3% | ||
Albemarle Corp. (a) | 201 | 46,988 |
Celanese Corp. (a) | 194 | 32,604 |
DuPont de Nemours Inc. (a) | 940 | 75,933 |
Eastman Chemical Co. (a) | 266 | 32,162 |
Ecolab Inc. (a) | 458 | 107,442 |
International Flavors & Fragrances Inc. (a) | 464 | 69,902 |
PPG Industries Inc. (a) | 458 | 78,977 |
The Sherwin-Williams Co. (a) | 445 | 156,711 |
600,719 | ||
Specialty Stores - 0.1% | ||
Bath & Body Works Inc. (a) | 487 | 33,988 |
Tractor Supply Co. (a) | 221 | 52,730 |
Ulta Beauty Inc. (a)(b) | 108 | 44,533 |
131,251 | ||
Steel - 0.0% * | ||
Nucor Corp. (a) | 520 | 59,358 |
Systems Software - 2.5% | ||
Fortinet Inc. (a)(b) | 249 | 89,491 |
Elfun Diversified Fund | 31 |
Number of Shares | Fair Value | |
Microsoft Corp. (a) | 13,905 | $ 4,676,530 |
NortonLifeLock Inc. (a) | 1,123 | 29,175 |
Oracle Corp. (a) | 2,968 | 258,839 |
ServiceNow Inc. (a)(b) | 368 | 238,872 |
5,292,907 | ||
Technology Distributors - 0.0% * | ||
CDW Corp. (a) | 245 | 50,171 |
Technology Hardware, Storage & Peripherals - 2.5% | ||
Apple Inc. (a) | 28,867 | 5,125,913 |
Hewlett Packard Enterprise Co. (a) | 2,463 | 38,842 |
HP Inc. (a) | 2,079 | 78,316 |
NetApp Inc. (a) | 367 | 33,760 |
Western Digital Corp. (a)(b) | 544 | 35,474 |
5,312,305 | ||
Tobacco - 0.2% | ||
Altria Group Inc. (a) | 3,363 | 159,373 |
Philip Morris International Inc. (a) | 2,886 | 274,170 |
433,543 | ||
Trading Companies & Distributors - 0.1% | ||
Fastenal Co. (a) | 1,087 | 69,633 |
United Rentals Inc. (a)(b) | 126 | 41,869 |
WW Grainger Inc. (a) | 84 | 43,532 |
155,034 | ||
Trucking - 0.0% * | ||
JB Hunt Transport Services Inc. (a) | 173 | 35,361 |
Old Dominion Freight Line Inc. (a) | 169 | 60,566 |
95,927 | ||
Water Utilities - 0.0% * | ||
American Water Works Company Inc. (a) | 330 | 62,324 |
Wireless Telecommunication Services - 0.1% | ||
T-Mobile US Inc. (a)(b) | 1,082 | 125,490 |
Total Common Stock (Cost $39,551,403) | 72,829,135 |
Number of Shares | Fair Value | |
Preferred Stock - 0.0% * | ||
Banks - 0.0% * | ||
Wells Fargo & Co. 5.85%, (3.09% + 3 month USD LIBOR) (d) | 1,469 | $ 39,354 |
Total Preferred Stock (Cost $36,725) | 39,354 | |
Total Domestic Equity (Cost $39,588,128) | 72,868,489 | |
Foreign Equity - 1.0% | ||
Common Stock - 1.0% | ||
Auto Parts & Equipment - 0.0% * | ||
Aptiv PLC (a)(b) | 480 | 79,176 |
Building Products - 0.1% | ||
Allegion plc (a) | 186 | 24,634 |
Trane Technologies PLC (a) | 423 | 85,459 |
110,093 | ||
Consumer Electronics - 0.0% * | ||
Garmin Ltd. (a) | 296 | 40,306 |
Electronic Manufacturing Services - 0.1% | ||
TE Connectivity Ltd. (a) | 599 | 96,643 |
Healthcare Equipment - 0.1% | ||
Medtronic PLC (a) | 2,493 | 257,901 |
Industrial Gases - 0.2% | ||
Linde PLC (a)(b) | 951 | 329,455 |
Industrial Machinery - 0.0% * | ||
Pentair PLC (a) | 353 | 25,780 |
Insurance Brokers - 0.0% * | ||
Willis Towers Watson PLC (a) | 226 | 53,673 |
IT Consulting & Other Services - 0.2% | ||
Accenture PLC, Class A (a) | 1,173 | 486,267 |
Paper Packaging - 0.0% * | ||
Amcor PLC (a) | 2,985 | 35,850 |
Property & Casualty Insurance - 0.1% | ||
Chubb Ltd. (a) | 795 | 153,681 |
Reinsurance - 0.0% * | ||
Everest Re Group Ltd. (a) | 76 | 20,818 |
32 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Research & Consulting Services - 0.1% | ||
IHS Markit Ltd. (a) | 732 | $ 97,297 |
Semiconductor Equipment - 0.0% * | ||
SolarEdge Technologies Inc. (b) | 100 | 28,057 |
Semiconductors - 0.1% | ||
NXP Semiconductors N.V. (a) | 489 | 111,384 |
Technology Hardware, Storage & Peripherals - 0.0% * | ||
Seagate Technology Holdings PLC (a) | 401 | 45,305 |
Total Common Stock (Cost $1,101,354) | 1,971,686 | |
Total Foreign Equity (Cost $1,101,354) | 1,971,686 | |
Principal Amount | ||
Bonds and Notes - 36.0% | ||
U.S. Treasuries - 11.4% | ||
U.S. Treasury Bonds | ||
1.13% 05/15/40 | $ 1,342,000 | 1,180,331 |
1.88% 02/15/41 - 02/15/51 | 1,398,000 | 1,388,897 |
2.25% 08/15/46 | 626,000 | 664,440 |
3.00% 08/15/48 | 1,633,600 | 2,007,286 |
U.S. Treasury Notes | ||
0.13% 07/15/23 - 12/15/23 | 1,062,000 | 1,050,777 |
0.25% 07/31/25 | 2,840,200 | 2,755,882 |
0.63% 10/15/24 | 1,140,000 | 1,131,183 |
0.75% 04/30/26 - 01/31/28 | 9,452,000 | 9,152,884 |
1.38% 01/31/22 | 2,343,000 | 2,345,105 |
1.63% 05/15/31 | 2,471,000 | 2,505,748 |
24,182,533 | ||
Agency Mortgage Backed - 9.2% | ||
Federal Home Loan Mortgage Corp. | ||
3.00% 04/01/43 - 10/01/49 | 1,625,628 | 1,704,968 |
4.50% 06/01/33 - 02/01/35 | 1,359 | 1,492 |
5.00% 07/01/35 | 9,661 | 10,869 |
5.50% 01/01/38 - 04/01/39 | 16,736 | 19,079 |
6.00% 06/01/33 - 11/01/37 | 41,759 | 47,751 |
6.50% 11/01/28 | 495 | 554 |
7.00% 12/01/29 - 08/01/36 | 10,097 | 11,604 |
7.50% 09/01/33 | 960 | 1,065 |
8.00% 07/01/26 - 11/01/30 | 1,187 | 1,328 |
8.50% 04/01/30 | 3,162 | 3,897 |
Principal Amount | Fair Value | |
Federal National Mortgage Assoc. | ||
2.50% 02/01/51 - 03/01/51 | $ 3,630,886 | $ 3,718,761 |
3.00% 03/01/50 | 302,701 | 313,955 |
3.50% 08/01/45 - 01/01/48 | 683,772 | 731,438 |
4.00% 01/01/41 - 01/01/50 | 712,446 | 769,164 |
4.50% 07/01/33 - 12/01/48 | 348,838 | 381,277 |
5.00% 03/01/34 - 05/01/39 | 26,054 | 29,283 |
5.50% 07/01/33 - 01/01/39 | 58,906 | 66,671 |
6.00% 02/01/29 - 05/01/41 | 203,857 | 233,612 |
6.50% 07/01/29 - 08/01/36 | 5,561 | 6,132 |
7.00% 05/01/33 - 12/01/33 | 486 | 532 |
7.50% 12/01/26 - 03/01/33 | 2,654 | 2,979 |
8.00% 06/01/24 - 12/01/30 | 2,467 | 2,519 |
9.00% 12/01/22 | 25 | 25 |
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR | ||
1.85% 04/01/37 | 398 | 408 |
Federal National Mortgage Assoc. TBA | ||
2.00% 01/01/37 - 01/01/52 (e) | 681,504 | 687,557 |
2.50% 02/01/52 (e) | 1,025,977 | 1,044,927 |
3.00% 01/01/52 - 02/01/52 (e) | 4,558,923 | 4,723,445 |
Government National Mortgage Assoc. | ||
3.00% 12/20/42 - 05/20/45 | 1,637,973 | 1,724,505 |
3.50% 08/20/48 | 306,559 | 321,698 |
4.00% 01/20/41 - 04/20/43 | 141,027 | 153,897 |
4.50% 08/15/33 - 03/20/41 | 58,580 | 65,182 |
5.00% 08/15/33 | 3,234 | 3,564 |
6.00% 07/15/33 - 04/15/34 | 4,498 | 5,177 |
6.50% 04/15/28 - 07/15/36 | 6,951 | 7,891 |
7.00% 04/15/28 - 10/15/36 | 2,554 | 2,857 |
7.50% 07/15/23 - 04/15/28 | 4,352 | 4,546 |
8.00% 05/15/30 | 141 | 153 |
Government National Mortgage Assoc. TBA | ||
2.50% 01/01/52 (e) | 1,244,000 | 1,274,826 |
3.00% 01/01/52 (e) | 1,394,162 | 1,443,013 |
19,522,601 | ||
Agency Collateralized Mortgage Obligations - 0.2% | ||
Federal Home Loan Mortgage Corp. | ||
0.08% 09/25/43 (d)(f) | 94,927 | 435 |
2.51% 07/25/29 | 224,000 | 236,236 |
4.05% 09/25/28 (d) | 71,000 | 81,629 |
Elfun Diversified Fund | 33 |
Principal Amount | Fair Value | |
Federal Home Loan Mortgage Corp. REMIC | ||
3.50% 11/15/30 (f) | $ 7,795 | $ 158 |
5.50% 06/15/33 (f) | 2,847 | 431 |
7.50% 07/15/27 (f) | 2,443 | 325 |
Federal Home Loan Mortgage Corp. STRIPS | ||
0.00% 08/01/27 (g) | 106 | 101 |
8.00% 02/01/23 - 07/01/24 (f) | 201 | 14 |
Federal National Mortgage Assoc. REMIC | ||
1.12% 12/25/42 (d)(f) | 20,527 | 630 |
5.00% 09/25/40 (f) | 8,328 | 876 |
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR | ||
5.90% 07/25/38 (f) | 4,486 | 613 |
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR | ||
6.45% 11/25/41 (f) | 641,953 | 121,376 |
Federal National Mortgage Assoc. STRIPS | ||
4.50% 08/25/35 - 01/25/36 (f) | 6,354 | 883 |
5.00% 03/25/38 - 05/25/38 (f) | 4,161 | 772 |
5.50% 12/25/33 (f) | 1,427 | 264 |
6.00% 01/25/35 (f) | 4,015 | 688 |
7.50% 11/25/23 (f) | 1,084 | 48 |
8.00% 08/25/23 - 07/25/24 (f) | 383 | 27 |
8.50% 07/25/22 (f)** | 3 | — |
445,506 | ||
Asset Backed - 0.3% | ||
Enterprise Fleet Financing 2019-1 LLC | ||
3.07% 10/20/24 (h) | 137,000 | 138,017 |
Ford Credit Auto Owner Trust 2020-B | ||
0.56% 10/15/24 | 283,906 | 283,779 |
Santander Retail Auto Lease Trust 2019-B | ||
2.30% 01/20/23 (h) | 94,746 | 94,901 |
516,697 | ||
Corporate Notes - 12.6% | ||
3M Co. | ||
3.13% 09/19/46 | 24,000 | 25,301 |
Principal Amount | Fair Value | |
7-Eleven Inc. | ||
0.80% 02/10/24 (h) | $ 46,000 | $ 45,472 |
0.95% 02/10/26 (h) | 105,000 | 101,661 |
Abbott Laboratories | ||
3.75% 11/30/26 | 21,000 | 23,203 |
4.90% 11/30/46 | 17,000 | 23,334 |
AbbVie Inc. | ||
2.60% 11/21/24 | 37,000 | 38,375 |
2.95% 11/21/26 | 43,000 | 45,295 |
3.20% 05/14/26 - 11/21/29 | 82,000 | 87,495 |
3.25% 10/01/22 | 18,000 | 18,228 |
3.45% 03/15/22 | 49,000 | 49,056 |
3.75% 11/14/23 | 46,000 | 48,214 |
4.05% 11/21/39 | 12,000 | 13,756 |
4.25% 11/21/49 | 21,000 | 25,212 |
4.63% 10/01/42 | 3,000 | 3,658 |
4.70% 05/14/45 | 4,000 | 4,946 |
4.88% 11/14/48 | 5,000 | 6,472 |
Advance Auto Parts Inc. | ||
3.90% 04/15/30 | 76,000 | 83,172 |
AEP Texas Inc. | ||
3.45% 05/15/51 | 38,000 | 38,765 |
Aetna Inc. | ||
3.50% 11/15/24 | 19,000 | 20,071 |
Aircastle Ltd. | ||
4.25% 06/15/26 | 21,000 | 22,516 |
Alexandria Real Estate Equities Inc. | ||
1.88% 02/01/33 | 12,000 | 11,274 |
4.70% 07/01/30 | 8,000 | 9,370 |
Ally Financial Inc. | ||
2.20% 11/02/28 | 36,000 | 35,775 |
5.75% 11/20/25 | 12,000 | 13,538 |
Altria Group Inc. | ||
3.40% 05/06/30 - 02/04/41 | 58,000 | 58,135 |
4.00% 02/04/61 | 6,000 | 5,754 |
4.25% 08/09/42 | 2,000 | 2,032 |
4.45% 05/06/50 | 7,000 | 7,287 |
4.50% 05/02/43 | 7,000 | 7,300 |
Amazon.com Inc. | ||
1.50% 06/03/30 | 8,000 | 7,762 |
2.50% 06/03/50 | 39,000 | 37,117 |
2.70% 06/03/60 | 9,000 | 8,663 |
2.88% 05/12/41 | 26,000 | 26,854 |
3.15% 08/22/27 | 8,000 | 8,647 |
3.25% 05/12/61 | 18,000 | 19,411 |
4.05% 08/22/47 | 7,000 | 8,522 |
4.25% 08/22/57 | 5,000 | 6,413 |
34 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
Ameren Corp. | ||
2.50% 09/15/24 | $ 56,000 | $ 57,543 |
3.65% 02/15/26 | 10,000 | 10,657 |
American Campus Communities Operating Partnership LP | ||
4.13% 07/01/24 | 10,000 | 10,690 |
American Electric Power Company Inc. | ||
3.25% 03/01/50 | 4,000 | 3,970 |
American International Group Inc. | ||
4.25% 03/15/29 | 54,000 | 61,667 |
4.50% 07/16/44 | 33,000 | 40,673 |
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 | 4,500 |
American Tower Corp. | ||
1.50% 01/31/28 | 128,000 | 122,580 |
2.90% 01/15/30 | 11,000 | 11,285 |
3.80% 08/15/29 | 36,000 | 39,196 |
American Water Capital Corp. | ||
2.95% 09/01/27 | 16,000 | 16,908 |
Amgen Inc. | ||
2.00% 01/15/32 | 126,000 | 121,846 |
3.00% 01/15/52 | 28,000 | 27,297 |
3.15% 02/21/40 | 24,000 | 24,561 |
3.38% 02/21/50 | 5,000 | 5,194 |
4.56% 06/15/48 | 9,000 | 11,145 |
4.66% 06/15/51 | 5,000 | 6,365 |
AngloGold Ashanti Holdings PLC | ||
3.38% 11/01/28 | 200,000 | 198,076 |
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. | ||
3.65% 02/01/26 | 54,000 | 58,251 |
4.70% 02/01/36 | 10,000 | 12,079 |
4.90% 02/01/46 | 42,000 | 53,200 |
Anheuser-Busch InBev Worldwide Inc. | ||
3.50% 06/01/30 | 20,000 | 21,914 |
4.00% 04/13/28 | 8,000 | 8,895 |
4.35% 06/01/40 | 15,000 | 17,640 |
4.38% 04/15/38 | 25,000 | 29,222 |
4.50% 06/01/50 | 14,000 | 17,290 |
4.60% 04/15/48 | 20,000 | 24,477 |
4.75% 04/15/58 | 11,000 | 13,849 |
Principal Amount | Fair Value | |
5.55% 01/23/49 | $ 23,000 | $ 31,812 |
Anthem Inc. | ||
2.88% 09/15/29 | 9,000 | 9,413 |
3.30% 01/15/23 | 15,000 | 15,406 |
3.60% 03/15/51 | 10,000 | 11,118 |
3.70% 09/15/49 | 9,000 | 10,051 |
Aon Corp./Aon Global Holdings PLC | ||
2.90% 08/23/51 | 27,000 | 26,038 |
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)(h) | 27,000 | 27,676 |
Apple Inc. | ||
2.20% 09/11/29 | 14,000 | 14,333 |
2.65% 02/08/51 | 20,000 | 19,649 |
2.80% 02/08/61 | 18,000 | 17,792 |
2.95% 09/11/49 | 9,000 | 9,305 |
3.35% 02/09/27 | 8,000 | 8,694 |
3.45% 02/09/45 | 31,000 | 34,619 |
3.85% 08/04/46 | 22,000 | 26,063 |
Applied Materials Inc. | ||
4.35% 04/01/47 | 6,000 | 7,646 |
Aptiv PLC | ||
4.40% 10/01/46 | 9,000 | 10,573 |
Archer-Daniels-Midland Co. | ||
2.50% 08/11/26 | 9,000 | 9,384 |
Ares Capital Corp. | ||
2.88% 06/15/28 | 40,000 | 39,898 |
3.25% 07/15/25 | 128,000 | 132,787 |
Arthur J Gallagher & Co. | ||
3.50% 05/20/51 | 32,000 | 33,692 |
Ascension Health | ||
4.85% 11/15/53 | 11,000 | 15,643 |
Astrazeneca Finance LLC | ||
1.75% 05/28/28 | 161,000 | 159,965 |
AstraZeneca PLC | ||
3.00% 05/28/51 | 19,000 | 19,988 |
4.00% 01/17/29 | 8,000 | 9,019 |
4.38% 08/17/48 | 6,000 | 7,740 |
AT&T Inc. | ||
1.70% 03/25/26 | 200,000 | 199,176 |
2.30% 06/01/27 | 141,000 | 143,702 |
2.75% 06/01/31 | 318,000 | 324,281 |
3.30% 02/01/52 | 65,000 | 63,675 |
3.85% 06/01/60 | 70,000 | 73,115 |
4.35% 03/01/29 | 43,000 | 48,381 |
4.50% 05/15/35 | 17,000 | 19,620 |
4.55% 03/09/49 | 9,000 | 10,609 |
Elfun Diversified Fund | 35 |
Principal Amount | Fair Value | |
4.75% 05/15/46 | $ 7,000 | $ 8,462 |
4.80% 06/15/44 | 9,000 | 10,713 |
4.85% 03/01/39 | 20,000 | 23,894 |
5.25% 03/01/37 | 9,000 | 11,134 |
5.35% 12/15/43 | 20,000 | 24,417 |
5.45% 03/01/47 | 10,000 | 13,110 |
Athene Holding Ltd. | ||
4.13% 01/12/28 | 9,000 | 9,853 |
6.15% 04/03/30 | 24,000 | 29,690 |
Avangrid Inc. | ||
3.15% 12/01/24 | 29,000 | 30,378 |
Bain Capital Specialty Finance Inc. | ||
2.95% 03/10/26 | 47,000 | 46,892 |
Bank of America Corp. | ||
3.25% 10/21/27 | 34,000 | 36,247 |
4.18% 11/25/27 | 28,000 | 30,651 |
4.25% 10/22/26 | 32,000 | 35,329 |
Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) | ||
2.09% 06/14/29 (d) | 257,000 | 255,499 |
Bank of America Corp. (2.59% fixed rate until 04/29/30; 2.15% + SOFR thereafter) | ||
2.59% 04/29/31 (d) | 200,000 | 201,940 |
Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | ||
2.97% 07/21/52 (d) | 29,000 | 29,123 |
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) | 44,000 | 47,021 |
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) | 26,000 | 27,820 |
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) | 33,000 | 35,834 |
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) | 23,000 | 26,834 |
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 (d) | $ 22,000 | $ 25,776 |
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) | 16,000 | 17,836 |
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) | 39,000 | 39,551 |
Barrick North America Finance LLC | ||
5.70% 05/30/41 | 2,000 | 2,714 |
BAT Capital Corp. | ||
2.73% 03/25/31 | 26,000 | 25,253 |
4.39% 08/15/37 | 16,000 | 16,884 |
4.54% 08/15/47 | 9,000 | 9,409 |
4.70% 04/02/27 | 200,000 | 220,386 |
4.91% 04/02/30 | 14,000 | 15,749 |
BAT International Finance PLC | ||
1.67% 03/25/26 | 10,000 | 9,828 |
Baxter International Inc. | ||
1.92% 02/01/27 (h) | 99,000 | 99,389 |
2.27% 12/01/28 (h) | 99,000 | 99,791 |
2.54% 02/01/32 (h) | 99,000 | 100,018 |
3.13% 12/01/51 (h) | 32,000 | 33,011 |
Baylor Scott & White Holdings | ||
2.84% 11/15/50 | 5,000 | 4,989 |
Becton Dickinson & Co. | ||
3.70% 06/06/27 | 23,000 | 25,080 |
4.67% 06/06/47 | 4,000 | 5,041 |
4.69% 12/15/44 | 2,000 | 2,515 |
Berkshire Hathaway Energy Co. | ||
3.25% 04/15/28 | 8,000 | 8,582 |
3.70% 07/15/30 | 16,000 | 17,765 |
3.80% 07/15/48 | 8,000 | 8,930 |
4.25% 10/15/50 | 12,000 | 14,652 |
Berkshire Hathaway Finance Corp. | ||
1.45% 10/15/30 | 32,000 | 30,664 |
2.85% 10/15/50 | 19,000 | 18,769 |
4.25% 01/15/49 | 25,000 | 30,679 |
Berkshire Hathaway Inc. | ||
4.50% 02/11/43 | 4,000 | 4,944 |
36 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
Berry Global Inc. | ||
4.88% 07/15/26 (h) | $ 36,000 | $ 37,274 |
BHP Billiton Finance USA Ltd. | ||
5.00% 09/30/43 | 3,000 | 3,968 |
Biogen Inc. | ||
2.25% 05/01/30 | 8,000 | 7,884 |
Block Financial LLC | ||
2.50% 07/15/28 | 26,000 | 26,057 |
3.88% 08/15/30 | 7,000 | 7,495 |
Boardwalk Pipelines LP | ||
4.80% 05/03/29 | 13,000 | 14,574 |
Boston Scientific Corp. | ||
4.70% 03/01/49 | 8,000 | 10,161 |
BP Capital Markets America Inc. | ||
3.00% 02/24/50 | 20,000 | 19,700 |
3.02% 01/16/27 | 39,000 | 41,186 |
3.38% 02/08/61 | 43,000 | 44,381 |
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) | 39,000 | 40,740 |
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) | 30,000 | 32,690 |
Bristol-Myers Squibb Co. | ||
1.45% 11/13/30 | 18,000 | 17,139 |
2.35% 11/13/40 | 8,000 | 7,574 |
3.20% 06/15/26 | 9,000 | 9,663 |
3.40% 07/26/29 | 11,000 | 12,032 |
3.45% 11/15/27 | 2,000 | 2,187 |
4.13% 06/15/39 | 10,000 | 11,828 |
4.25% 10/26/49 | 10,000 | 12,369 |
4.35% 11/15/47 | 3,000 | 3,720 |
4.55% 02/20/48 | 4,000 | 5,113 |
Brixmor Operating Partnership LP | ||
2.25% 04/01/28 | 43,000 | 42,925 |
3.90% 03/15/27 | 8,000 | 8,619 |
Broadcom Inc. | ||
3.19% 11/15/36 (h) | 3,000 | 3,010 |
3.42% 04/15/33 (h) | 16,000 | 16,704 |
3.47% 04/15/34 (h) | 26,000 | 27,127 |
4.15% 11/15/30 | 57,000 | 63,213 |
4.30% 11/15/32 | 10,000 | 11,262 |
Brown-Forman Corp. | ||
4.00% 04/15/38 | 3,000 | 3,488 |
Principal Amount | Fair Value | |
Brunswick Corp. | ||
2.40% 08/18/31 | $ 94,000 | $ 90,615 |
Bunge Limited Finance Corp. | ||
3.75% 09/25/27 | 5,000 | 5,442 |
Burlington Northern Santa Fe LLC | ||
4.15% 12/15/48 | 9,000 | 11,030 |
4.55% 09/01/44 | 20,000 | 25,151 |
Cameron LNG LLC | ||
3.30% 01/15/35 (h) | 7,000 | 7,338 |
Canadian Natural Resources Ltd. | ||
3.85% 06/01/27 | 13,000 | 13,977 |
4.95% 06/01/47 | 4,000 | 4,958 |
Canadian Pacific Railway Co. | ||
1.75% 12/02/26 | 40,000 | 40,179 |
2.45% 12/02/31 | 35,000 | 35,622 |
3.00% 12/02/41 | 15,000 | 15,337 |
3.10% 12/02/51 | 15,000 | 15,341 |
Cantor Fitzgerald LP | ||
4.88% 05/01/24 (h) | 57,000 | 60,938 |
Capital One Financial Corp. | ||
3.75% 07/28/26 | 30,000 | 32,142 |
Cardinal Health Inc. | ||
3.08% 06/15/24 | 8,000 | 8,297 |
Carlisle Companies Inc. | ||
2.20% 03/01/32 | 51,000 | 49,079 |
Carrier Global Corp. | ||
2.72% 02/15/30 | 32,000 | 32,693 |
3.58% 04/05/50 | 12,000 | 12,765 |
Caterpillar Inc. | ||
3.25% 09/19/49 - 04/09/50 | 35,000 | 38,620 |
Cenovus Energy Inc. | ||
2.65% 01/15/32 | 16,000 | 15,670 |
3.75% 02/15/52 | 21,000 | 21,158 |
Centene Corp. | ||
3.00% 10/15/30 | 33,000 | 33,578 |
3.38% 02/15/30 | 68,000 | 69,455 |
4.25% 12/15/27 | 112,000 | 117,162 |
CenterPoint Energy Inc. | ||
2.65% 06/01/31 | 32,000 | 32,383 |
Charter Communications Operating LLC/Charter Communications Operating Capital | ||
3.50% 06/01/41 | 73,000 | 71,153 |
3.70% 04/01/51 | 45,000 | 43,497 |
4.80% 03/01/50 | 38,000 | 42,597 |
4.91% 07/23/25 | 166,000 | 182,839 |
5.05% 03/30/29 | 29,000 | 33,331 |
Elfun Diversified Fund | 37 |
Principal Amount | Fair Value | |
5.75% 04/01/48 | $ 20,000 | $ 24,973 |
Cheniere Corpus Christi Holdings LLC | ||
5.88% 03/31/25 | 95,000 | 105,427 |
7.00% 06/30/24 | 101,000 | 111,795 |
Chevron Corp. | ||
2.24% 05/11/30 | 7,000 | 7,105 |
3.08% 05/11/50 | 8,000 | 8,500 |
Chevron USA Inc. | ||
3.85% 01/15/28 | 30,000 | 33,332 |
3.90% 11/15/24 | 13,000 | 13,945 |
Choice Hotels International Inc. | ||
3.70% 01/15/31 | 16,000 | 16,943 |
Chubb INA Holdings Inc. | ||
4.35% 11/03/45 | 8,000 | 9,942 |
Church & Dwight Company Inc. | ||
2.30% 12/15/31 | 20,000 | 20,141 |
Cigna Corp. | ||
2.40% 03/15/30 | 13,000 | 13,090 |
3.25% 04/15/25 | 13,000 | 13,697 |
3.40% 03/01/27 - 03/15/51 | 31,000 | 32,838 |
3.75% 07/15/23 | 6,000 | 6,245 |
3.88% 10/15/47 | 5,000 | 5,551 |
4.13% 11/15/25 | 25,000 | 27,371 |
4.38% 10/15/28 | 8,000 | 9,094 |
4.80% 08/15/38 | 8,000 | 9,833 |
4.90% 12/15/48 | 5,000 | 6,456 |
Cisco Systems Inc. | ||
5.90% 02/15/39 | 8,000 | 11,512 |
Citigroup Inc. | ||
4.13% 07/25/28 | 94,000 | 103,319 |
4.45% 09/29/27 | 17,000 | 18,955 |
4.65% 07/23/48 | 20,000 | 25,766 |
Citigroup Inc. (0.98% fixed rate until 05/01/24; 0.67% + SOFR thereafter) | ||
0.98% 05/01/25 (d) | 31,000 | 30,777 |
Citigroup Inc. (1.68% fixed rate until 05/15/23; 1.67% + SOFR thereafter) | ||
1.68% 05/15/24 (d) | 124,000 | 125,352 |
Citigroup Inc. (2.56% fixed rate until 05/01/31; 1.17% + SOFR thereafter) | ||
2.56% 05/01/32 (d) | 191,000 | 192,089 |
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 (d) | $ 129,000 | $ 130,496 |
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | ||
2.98% 11/05/30 (d) | 56,000 | 58,188 |
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter) | ||
3.88% 01/24/39 (d) | 10,000 | 11,342 |
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | ||
4.70% 12/31/99 (d) | 22,000 | 22,370 |
CME Group Inc. | ||
3.75% 06/15/28 | 9,000 | 9,993 |
CMS Energy Corp. | ||
4.88% 03/01/44 | 19,000 | 23,920 |
CNA Financial Corp. | ||
3.45% 08/15/27 | 7,000 | 7,541 |
3.90% 05/01/29 | 13,000 | 14,398 |
CNH Industrial Capital LLC | ||
1.95% 07/02/23 | 37,000 | 37,484 |
CNOOC Petroleum North America ULC | ||
6.40% 05/15/37 | 8,000 | 10,561 |
Comcast Corp. | ||
2.65% 08/15/62 | 9,000 | 7,992 |
2.80% 01/15/51 | 9,000 | 8,579 |
2.89% 11/01/51 (h) | 13,000 | 12,577 |
2.94% 11/01/56 (h) | 9,000 | 8,573 |
2.99% 11/01/63 (h) | 9,000 | 8,554 |
3.20% 07/15/36 | 10,000 | 10,646 |
3.25% 11/01/39 | 24,000 | 25,278 |
3.97% 11/01/47 | 36,000 | 41,224 |
4.15% 10/15/28 | 19,000 | 21,561 |
CommonSpirit Health | ||
4.35% 11/01/42 | 24,000 | 27,452 |
Conagra Brands Inc. | ||
5.30% 11/01/38 | 7,000 | 8,851 |
5.40% 11/01/48 | 7,000 | 9,464 |
ConocoPhillips | ||
3.75% 10/01/27 (h) | 5,000 | 5,472 |
4.30% 08/15/28 (h) | 14,000 | 15,756 |
4.88% 10/01/47 (h) | 6,000 | 7,922 |
38 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
ConocoPhillips Co. | ||
4.30% 11/15/44 | $ 11,000 | $ 13,248 |
Consolidated Edison Company of New York Inc. | ||
2.90% 12/01/26 | 20,000 | 20,712 |
3.35% 04/01/30 | 6,000 | 6,453 |
3.88% 06/15/47 | 8,000 | 8,784 |
3.95% 04/01/50 | 9,000 | 10,336 |
Constellation Brands Inc. | ||
3.15% 08/01/29 | 38,000 | 40,032 |
3.70% 12/06/26 | 32,000 | 34,694 |
4.50% 05/09/47 | 9,000 | 10,751 |
Continental Resources Inc. | ||
2.88% 04/01/32 (h) | 31,000 | 30,337 |
3.80% 06/01/24 | 150,000 | 156,576 |
4.50% 04/15/23 | 90,000 | 92,916 |
Corning Inc. | ||
4.38% 11/15/57 | 7,000 | 8,381 |
Corporate Nacional del Cobre de Chile | ||
3.15% 01/15/51 (h) | 85,000 | 79,153 |
Corporate Office Properties LP | ||
2.00% 01/15/29 | 33,000 | 31,772 |
2.25% 03/15/26 | 20,000 | 20,208 |
2.75% 04/15/31 | 15,000 | 14,919 |
Crown Castle International Corp. | ||
3.30% 07/01/30 | 43,000 | 45,439 |
4.15% 07/01/50 | 20,000 | 22,619 |
5.20% 02/15/49 | 8,000 | 10,289 |
CSX Corp. | ||
4.50% 03/15/49 - 08/01/54 | 26,000 | 32,738 |
CubeSmart LP | ||
2.50% 02/15/32 | 40,000 | 39,920 |
4.38% 02/15/29 | 20,000 | 22,669 |
Cummins Inc. | ||
1.50% 09/01/30 | 16,000 | 15,164 |
2.60% 09/01/50 | 16,000 | 15,030 |
CVS Health Corp. | ||
3.00% 08/15/26 | 15,000 | 15,799 |
3.25% 08/15/29 | 13,000 | 13,859 |
3.63% 04/01/27 | 13,000 | 14,103 |
3.75% 04/01/30 | 10,000 | 10,982 |
3.88% 07/20/25 | 10,000 | 10,756 |
4.25% 04/01/50 | 9,000 | 10,868 |
4.30% 03/25/28 | 2,000 | 2,246 |
4.78% 03/25/38 | 17,000 | 20,714 |
5.00% 12/01/24 | 17,000 | 18,572 |
5.13% 07/20/45 | 6,000 | 7,802 |
Principal Amount | Fair Value | |
5.30% 12/05/43 | $ 14,000 | $ 18,453 |
Daimler Trucks Finance North America LLC | ||
2.00% 12/14/26 (h) | 150,000 | 150,717 |
Danaher Corp. | ||
2.80% 12/10/51 | 52,000 | 51,445 |
Dell International LLC/EMC Corp. | ||
4.00% 07/15/24 | 24,000 | 25,484 |
5.45% 06/15/23 | 3,000 | 3,168 |
6.02% 06/15/26 | 5,000 | 5,794 |
Deutsche Bank AG (2.31% fixed rate until 11/16/26; 1.22% + SOFR thereafter) | ||
2.31% 11/16/27 (d) | 150,000 | 149,969 |
Devon Energy Corp. | ||
5.00% 06/15/45 | 4,000 | 4,862 |
DH Europe Finance II Sarl | ||
2.60% 11/15/29 | 11,000 | 11,356 |
3.25% 11/15/39 | 8,000 | 8,520 |
3.40% 11/15/49 | 5,000 | 5,448 |
Diamondback Energy Inc. | ||
2.88% 12/01/24 | 27,000 | 28,031 |
3.13% 03/24/31 | 23,000 | 23,716 |
3.25% 12/01/26 | 12,000 | 12,667 |
3.50% 12/01/29 | 10,000 | 10,599 |
4.40% 03/24/51 | 11,000 | 12,625 |
Digital Realty Trust LP | ||
3.60% 07/01/29 | 28,000 | 30,420 |
Discovery Communications LLC | ||
2.95% 03/20/23 | 28,000 | 28,640 |
3.95% 03/20/28 | 27,000 | 29,326 |
4.95% 05/15/42 | 4,000 | 4,710 |
5.00% 09/20/37 | 6,000 | 7,161 |
Dollar General Corp. | ||
3.50% 04/03/30 | 44,000 | 47,612 |
4.13% 04/03/50 | 10,000 | 11,554 |
Dollar Tree Inc. | ||
4.00% 05/15/25 | 90,000 | 96,728 |
Dominion Energy Inc. | ||
3.07% 08/15/24 (i) | 21,000 | 21,760 |
3.38% 04/01/30 | 23,000 | 24,498 |
Dover Corp. | ||
2.95% 11/04/29 | 16,000 | 16,894 |
DTE Energy Co. | ||
2.85% 10/01/26 | 26,000 | 27,139 |
Duke Energy Carolinas LLC | ||
3.95% 03/15/48 | 8,000 | 9,276 |
Elfun Diversified Fund | 39 |
Principal Amount | Fair Value | |
Duke Energy Corp. | ||
2.55% 06/15/31 | $ 42,000 | $ 41,976 |
3.30% 06/15/41 | 39,000 | 39,685 |
3.50% 06/15/51 | 39,000 | 40,542 |
3.75% 09/01/46 | 57,000 | 61,073 |
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 | 41,736 |
Duke Energy Progress LLC | ||
4.15% 12/01/44 | 17,000 | 20,006 |
Duke Realty LP | ||
3.05% 03/01/50 | 6,000 | 5,926 |
3.25% 06/30/26 | 8,000 | 8,516 |
DuPont de Nemours Inc. | ||
5.42% 11/15/48 | 7,000 | 9,787 |
Duquesne Light Holdings Inc. | ||
3.62% 08/01/27 (h) | 20,000 | 21,216 |
Eastman Chemical Co. | ||
4.65% 10/15/44 | 13,000 | 15,495 |
Eaton Corp. | ||
3.10% 09/15/27 | 8,000 | 8,554 |
Ecolab Inc. | ||
1.30% 01/30/31 | 18,000 | 16,840 |
Edison International | ||
4.95% 04/15/25 | 40,000 | 43,616 |
5.75% 06/15/27 | 7,000 | 8,006 |
EI du Pont de Nemours & Co. | ||
2.30% 07/15/30 | 43,000 | 43,220 |
Electronic Arts Inc. | ||
1.85% 02/15/31 | 43,000 | 41,150 |
Emera US Finance LP | ||
2.64% 06/15/31 | 47,000 | 46,578 |
Emerson Electric Co. | ||
1.80% 10/15/27 | 62,000 | 62,234 |
2.75% 10/15/50 | 8,000 | 7,721 |
Empower Finance 2020 LP | ||
1.36% 09/17/27 (h) | 28,000 | 27,154 |
1.78% 03/17/31 (h) | 39,000 | 37,520 |
Enbridge Energy Partners LP | ||
5.50% 09/15/40 | 4,000 | 5,132 |
Enbridge Inc. | ||
1.60% 10/04/26 | 85,000 | 83,915 |
Enbridge Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter) | ||
5.75% 07/15/80 (d) | 54,000 | 59,996 |
Energy Transfer LP | ||
4.25% 03/15/23 | 15,000 | 15,431 |
Principal Amount | Fair Value | |
4.50% 04/15/24 | $ 24,000 | $ 25,470 |
4.95% 06/15/28 | 9,000 | 10,149 |
5.30% 04/01/44 - 04/15/47 | 24,000 | 27,592 |
5.35% 05/15/45 | 25,000 | 28,891 |
6.13% 12/15/45 | 5,000 | 6,242 |
6.50% 02/01/42 | 9,000 | 11,557 |
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 | 85,723 |
Energy Transfer LP/Regency Energy Finance Corp. | ||
4.50% 11/01/23 | 11,000 | 11,540 |
Enstar Group Ltd. | ||
3.10% 09/01/31 | 26,000 | 25,453 |
Enterprise Products Operating LLC | ||
4.25% 02/15/48 | 29,000 | 33,047 |
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) | 7,000 | 7,160 |
EOG Resources Inc. | ||
4.15% 01/15/26 | 4,000 | 4,376 |
4.38% 04/15/30 | 16,000 | 18,497 |
4.95% 04/15/50 | 8,000 | 10,865 |
5.10% 01/15/36 | 8,000 | 9,756 |
Equinix Inc. | ||
1.25% 07/15/25 | 16,000 | 15,726 |
2.15% 07/15/30 | 23,000 | 22,350 |
Equinor ASA | ||
3.25% 11/18/49 | 15,000 | 15,945 |
ERP Operating LP | ||
4.50% 07/01/44 | 9,000 | 11,358 |
Everest Reinsurance Holdings Inc. | ||
3.13% 10/15/52 | 30,000 | 29,402 |
Eversource Energy | ||
3.45% 01/15/50 | 16,000 | 16,945 |
Exelon Corp. | ||
3.50% 06/01/22 | 18,000 | 18,162 |
4.05% 04/15/30 | 24,000 | 26,744 |
4.45% 04/15/46 | 13,000 | 15,689 |
4.70% 04/15/50 | 13,000 | 16,391 |
Exxon Mobil Corp. | ||
2.61% 10/15/30 | 65,000 | 67,456 |
3.45% 04/15/51 | 14,000 | 15,192 |
40 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
FedEx Corp. | ||
4.10% 02/01/45 | $ 42,000 | $ 47,020 |
Fidelity National Financial Inc. | ||
3.20% 09/17/51 | 27,000 | 25,910 |
Fidelity National Information Services Inc. | ||
1.15% 03/01/26 | 24,000 | 23,417 |
1.65% 03/01/28 | 22,000 | 21,302 |
3.10% 03/01/41 | 6,000 | 6,046 |
FirstEnergy Transmission LLC | ||
4.55% 04/01/49 (h) | 23,000 | 26,379 |
Fiserv Inc. | ||
3.50% 07/01/29 | 48,000 | 51,624 |
4.40% 07/01/49 | 6,000 | 7,155 |
Florida Power & Light Co. | ||
2.85% 04/01/25 | 42,000 | 43,951 |
4.13% 02/01/42 | 11,000 | 13,141 |
Flowers Foods Inc. | ||
2.40% 03/15/31 | 22,000 | 21,680 |
Flowserve Corp. | ||
2.80% 01/15/32 | 28,000 | 27,276 |
Ford Motor Co. | ||
4.35% 12/08/26 | 38,000 | 41,436 |
Fox Corp. | ||
3.50% 04/08/30 | 34,000 | 36,673 |
GA Global Funding Trust | ||
1.63% 01/15/26 (h) | 32,000 | 31,751 |
General Mills Inc. | ||
3.00% 02/01/51 | 24,000 | 24,038 |
General Motors Co. | ||
5.20% 04/01/45 | 3,000 | 3,712 |
5.40% 10/02/23 - 04/01/48 | 13,000 | 15,574 |
6.13% 10/01/25 | 74,000 | 85,082 |
6.80% 10/01/27 | 9,000 | 11,067 |
General Motors Financial Company Inc. | ||
1.25% 01/08/26 | 42,000 | 41,066 |
2.35% 01/08/31 | 16,000 | 15,538 |
3.45% 04/10/22 | 80,000 | 80,238 |
5.25% 03/01/26 | 40,000 | 44,863 |
Georgia-Pacific LLC | ||
1.75% 09/30/25 (h) | 38,000 | 38,194 |
3.60% 03/01/25 (h) | 92,000 | 97,530 |
Gilead Sciences Inc. | ||
1.65% 10/01/30 | 94,000 | 90,126 |
2.60% 10/01/40 | 10,000 | 9,588 |
2.80% 10/01/50 | 19,000 | 18,395 |
2.95% 03/01/27 | 3,000 | 3,160 |
3.50% 02/01/25 | 10,000 | 10,581 |
Principal Amount | Fair Value | |
3.65% 03/01/26 | $ 8,000 | $ 8,628 |
4.15% 03/01/47 | 9,000 | 10,609 |
GlaxoSmithKline Capital Inc. | ||
3.38% 05/15/23 | 21,000 | 21,749 |
3.63% 05/15/25 | 21,000 | 22,601 |
GlaxoSmithKline Capital PLC | ||
3.38% 06/01/29 | 16,000 | 17,433 |
Glencore Funding LLC | ||
3.88% 04/27/51 (h) | 5,000 | 5,242 |
Graphic Packaging International LLC | ||
1.51% 04/15/26 (h) | 36,000 | 35,375 |
Gray Oak Pipeline LLC | ||
2.00% 09/15/23 (h) | 63,000 | 63,703 |
2.60% 10/15/25 (h) | 39,000 | 39,597 |
Halliburton Co. | ||
3.80% 11/15/25 | 2,000 | 2,159 |
5.00% 11/15/45 | 8,000 | 9,648 |
HCA Inc. | ||
3.50% 09/01/30 - 07/15/51 | 112,000 | 117,390 |
5.38% 02/01/25 | 65,000 | 71,420 |
Health Care Service Corp. | ||
2.20% 06/01/30 (h) | 22,000 | 21,681 |
3.20% 06/01/50 (h) | 7,000 | 7,128 |
Healthcare Trust of America Holdings LP | ||
2.00% 03/15/31 | 12,000 | 11,390 |
Helmerich & Payne Inc. | ||
2.90% 09/29/31 (h) | 16,000 | 15,793 |
Hess Corp. | ||
5.60% 02/15/41 | 3,000 | 3,705 |
5.80% 04/01/47 | 2,000 | 2,572 |
Hewlett Packard Enterprise Co. | ||
6.35% 10/15/45 | 3,000 | 4,017 |
Highwoods Realty LP | ||
4.13% 03/15/28 | 9,000 | 9,932 |
4.20% 04/15/29 | 27,000 | 29,897 |
Hill-Rom Holdings Inc. | ||
4.38% 09/15/27 (h) | 100,000 | 104,680 |
Honeywell International Inc. | ||
1.75% 09/01/31 | 25,000 | 24,339 |
2.70% 08/15/29 | 18,000 | 18,859 |
Hormel Foods Corp. | ||
1.80% 06/11/30 | 40,000 | 39,230 |
HSBC Holdings PLC (2.01% fixed rate until 09/22/27; 1.73% + SOFR thereafter) | ||
2.01% 09/22/28 (d) | 250,000 | 244,773 |
Elfun Diversified Fund | 41 |
Principal Amount | Fair Value | |
Humana Inc. | ||
1.35% 02/03/27 | $ 51,000 | $ 49,616 |
2.15% 02/03/32 | 21,000 | 20,341 |
Huntington Bancshares Inc. | ||
2.55% 02/04/30 | 28,000 | 28,453 |
Huntington Ingalls Industries Inc. | ||
2.04% 08/16/28 (h) | 53,000 | 51,920 |
Hyundai Capital America | ||
1.30% 01/08/26 (h) | 74,000 | 71,995 |
3.10% 04/05/22 (h) | 10,000 | 10,054 |
Indiana Michigan Power Co. | ||
3.25% 05/01/51 | 19,000 | 19,739 |
ING Groep N.V. (1.06% fixed rate until 04/01/26; 1.01% + SOFR thereafter) | ||
1.06% 04/01/27 | 200,000 | 201,966 |
Intel Corp. | ||
2.00% 08/12/31 | 78,000 | 77,498 |
2.45% 11/15/29 | 33,000 | 34,136 |
2.60% 05/19/26 | 27,000 | 28,342 |
2.80% 08/12/41 | 31,000 | 30,910 |
2.88% 05/11/24 | 10,000 | 10,409 |
3.10% 02/15/60 | 12,000 | 12,091 |
Intercontinental Exchange Inc. | ||
1.85% 09/15/32 | 8,000 | 7,675 |
2.65% 09/15/40 | 8,000 | 7,773 |
International Business Machines Corp. | ||
2.95% 05/15/50 | 100,000 | 97,748 |
International Paper Co. | ||
4.40% 08/15/47 | 9,000 | 11,145 |
Interstate Power & Light Co. | ||
3.40% 08/15/25 | 118,000 | 124,660 |
ITC Holdings Corp. | ||
2.95% 05/14/30 (h) | 44,000 | 45,009 |
Jabil Inc. | ||
3.95% 01/12/28 | 9,000 | 9,833 |
John Deere Capital Corp. | ||
2.45% 01/09/30 | 34,000 | 35,040 |
Johnson & Johnson | ||
3.63% 03/03/37 | 9,000 | 10,362 |
Johnson Controls International PLC | ||
4.50% 02/15/47 | 4,000 | 4,868 |
JPMorgan Chase & Co. (1.58% fixed rate until 04/22/26; 0.89% + SOFR thereafter) | ||
1.58% 04/22/27 (d) | 56,000 | 55,347 |
Principal Amount | Fair Value | |
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter) | ||
2.96% 05/13/31 (d) | $ 23,000 | $ 23,802 |
JPMorgan Chase & Co. (3.11% fixed rate until 04/22/50; 2.44% + SOFR thereafter) | ||
3.11% 04/22/51 (d) | 54,000 | 55,717 |
JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter) | ||
3.16% 04/22/42 (d) | 25,000 | 26,031 |
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter) | ||
3.88% 07/24/38 (d) | 18,000 | 20,391 |
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter) | ||
3.90% 01/23/49 (d) | 16,000 | 18,541 |
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter) | ||
3.96% 01/29/27 (d) | 32,000 | 34,643 |
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter) | ||
4.01% 04/23/29 (d) | 13,000 | 14,362 |
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter) | ||
4.03% 07/24/48 (d) | 9,000 | 10,637 |
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + SOFR thereafter) | ||
4.49% 03/24/31 (d) | 79,000 | 91,456 |
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter) | ||
4.60% 12/31/99 (d) | 50,000 | 51,109 |
42 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter) | ||
6.10% 10/29/49 (d) | $ 77,000 | $ 81,588 |
Kaiser Foundation Hospitals | ||
3.00% 06/01/51 | 24,000 | 24,743 |
Kansas City Southern | ||
3.50% 05/01/50 | 13,000 | 13,887 |
Keurig Dr Pepper Inc. | ||
3.20% 05/01/30 | 15,000 | 15,874 |
3.80% 05/01/50 | 9,000 | 9,963 |
Kinder Morgan Energy Partners LP | ||
4.70% 11/01/42 | 3,000 | 3,382 |
5.00% 03/01/43 | 8,000 | 9,307 |
6.38% 03/01/41 | 8,000 | 10,583 |
Kinder Morgan Inc. | ||
1.75% 11/15/26 | 99,000 | 98,755 |
5.05% 02/15/46 | 8,000 | 9,579 |
KLA Corp. | ||
3.30% 03/01/50 | 12,000 | 12,825 |
4.65% 11/01/24 | 20,000 | 21,685 |
Kohl's Corp. | ||
3.38% 05/01/31 | 17,000 | 17,305 |
Kreditanstalt fuer Wiederaufbau | ||
2.00% 10/04/22 | 46,000 | 46,554 |
Kyndryl Holdings Inc. | ||
2.05% 10/15/26 (h) | 36,000 | 35,106 |
2.70% 10/15/28 (h) | 77,000 | 74,611 |
L3Harris Technologies Inc. | ||
3.85% 12/15/26 | 27,000 | 29,375 |
Lear Corp. | ||
4.25% 05/15/29 | 8,000 | 8,842 |
Leidos Inc. | ||
3.63% 05/15/25 | 9,000 | 9,555 |
4.38% 05/15/30 | 70,000 | 78,087 |
Liberty Mutual Group Inc. | ||
3.95% 05/15/60 (h) | 8,000 | 8,856 |
Life Storage LP | ||
2.20% 10/15/30 | 23,000 | 22,614 |
Lincoln National Corp. | ||
4.35% 03/01/48 | 8,000 | 9,629 |
Lockheed Martin Corp. | ||
3.55% 01/15/26 | 9,000 | 9,755 |
3.80% 03/01/45 | 4,000 | 4,582 |
4.50% 05/15/36 | 10,000 | 12,219 |
Lowe's Companies Inc. | ||
1.30% 04/15/28 | 9,000 | 8,633 |
Principal Amount | Fair Value | |
1.70% 09/15/28 - 10/15/30 | $ 67,000 | $ 65,430 |
3.00% 10/15/50 | 9,000 | 8,889 |
3.50% 04/01/51 | 20,000 | 21,550 |
3.70% 04/15/46 | 3,000 | 3,287 |
4.05% 05/03/47 | 13,000 | 15,009 |
LYB International Finance III LLC | ||
1.25% 10/01/25 | 33,000 | 32,517 |
3.63% 04/01/51 | 24,000 | 25,493 |
3.80% 10/01/60 | 8,000 | 8,457 |
Marsh & McLennan Companies Inc. | ||
2.38% 12/15/31 | 15,000 | 15,142 |
2.90% 12/15/51 | 20,000 | 19,994 |
Marvell Technology Inc. | ||
1.65% 04/15/26 | 14,000 | 13,847 |
2.45% 04/15/28 | 97,000 | 98,475 |
Masco Corp. | ||
3.50% 11/15/27 | 3,000 | 3,224 |
McCormick & Company Inc. | ||
1.85% 02/15/31 | 11,000 | 10,534 |
3.25% 11/15/25 | 73,000 | 77,212 |
McDonald's Corp. | ||
3.60% 07/01/30 | 29,000 | 32,069 |
3.63% 09/01/49 | 9,000 | 9,953 |
4.88% 12/09/45 | 8,000 | 10,302 |
Medtronic Inc. | ||
4.63% 03/15/45 | 4,000 | 5,247 |
Memorial Sloan-Kettering Cancer Center | ||
4.13% 07/01/52 | 19,000 | 23,880 |
Merck & Company Inc. | ||
1.70% 06/10/27 | 50,000 | 50,333 |
1.90% 12/10/28 | 50,000 | 50,218 |
2.15% 12/10/31 | 35,000 | 35,105 |
2.45% 06/24/50 | 13,000 | 12,273 |
2.75% 02/10/25 - 12/10/51 | 56,000 | 57,585 |
2.90% 12/10/61 | 10,000 | 9,976 |
4.00% 03/07/49 | 4,000 | 4,868 |
MetLife Inc. | ||
4.72% 12/15/44 | 12,000 | 15,555 |
Microchip Technology Inc. | ||
2.67% 09/01/23 | 103,000 | 105,269 |
Micron Technology Inc. | ||
3.37% 11/01/41 | 26,000 | 26,700 |
3.48% 11/01/51 | 36,000 | 36,717 |
Microsoft Corp. | ||
2.40% 08/08/26 | 30,000 | 31,397 |
2.68% 06/01/60 | 4,000 | 3,983 |
Elfun Diversified Fund | 43 |
Principal Amount | Fair Value | |
2.92% 03/17/52 | $ 54,000 | $ 57,181 |
3.04% 03/17/62 | 31,000 | 33,376 |
3.45% 08/08/36 | 4,000 | 4,588 |
3.50% 02/12/35 | 10,000 | 11,452 |
Mid-America Apartments LP | ||
2.88% 09/15/51 | 28,000 | 27,593 |
Molson Coors Beverage Co. | ||
4.20% 07/15/46 | 5,000 | 5,551 |
Morgan Stanley | ||
3.63% 01/20/27 | 4,000 | 4,341 |
3.70% 10/23/24 | 11,000 | 11,718 |
4.35% 09/08/26 | 39,000 | 43,197 |
4.38% 01/22/47 | 12,000 | 15,049 |
Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | ||
1.51% 07/20/27 (d) | 30,000 | 29,526 |
Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | ||
2.48% 09/16/36 (d) | 148,000 | 142,460 |
Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | ||
2.80% 01/25/52 (d) | 27,000 | 26,509 |
Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter) | ||
3.62% 04/01/31 (d) | 177,000 | 193,080 |
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) | ||
3.97% 07/22/38 (d) | 12,000 | 13,658 |
MPLX LP | ||
2.65% 08/15/30 | 20,000 | 19,965 |
3.38% 03/15/23 | 9,000 | 9,231 |
5.20% 12/01/47 | 8,000 | 9,794 |
Mylan Inc. | ||
5.20% 04/15/48 | 7,000 | 8,669 |
National Retail Properties Inc. | ||
4.00% 11/15/25 | 13,000 | 14,105 |
NewMarket Corp. | ||
2.70% 03/18/31 | 16,000 | 15,951 |
Newmont Corp. | ||
4.88% 03/15/42 | 9,000 | 11,281 |
Principal Amount | Fair Value | |
NextEra Energy Capital Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter) | ||
5.65% 05/01/79 (d) | $ 10,000 | $ 11,345 |
NGPL PipeCo LLC | ||
3.25% 07/15/31 (h) | 43,000 | 43,756 |
NIKE Inc. | ||
3.38% 03/27/50 | 9,000 | 10,186 |
NiSource Inc. | ||
3.60% 05/01/30 | 18,000 | 19,445 |
3.95% 03/30/48 | 4,000 | 4,508 |
Norfolk Southern Corp. | ||
3.95% 10/01/42 | 9,000 | 10,296 |
NOV Inc. | ||
3.60% 12/01/29 | 24,000 | 25,138 |
Novant Health Inc. | ||
3.32% 11/01/61 | 16,000 | 17,235 |
Novartis Capital Corp. | ||
2.20% 08/14/30 | 27,000 | 27,411 |
3.00% 11/20/25 | 4,000 | 4,239 |
Nutrien Ltd. | ||
4.90% 06/01/43 | 8,000 | 10,170 |
NVIDIA Corp. | ||
2.85% 04/01/30 | 20,000 | 21,220 |
3.50% 04/01/50 | 9,000 | 10,275 |
NXP BV/NXP Funding LLC/NXP USA Inc. | ||
3.25% 11/30/51 (h) | 35,000 | 35,014 |
Oklahoma Gas & Electric Co. | ||
3.25% 04/01/30 | 12,000 | 12,768 |
Oncor Electric Delivery Company LLC | ||
3.80% 09/30/47 | 6,000 | 6,963 |
ONEOK Inc. | ||
4.35% 03/15/29 | 13,000 | 14,263 |
Oracle Corp. | ||
1.65% 03/25/26 | 76,000 | 75,368 |
2.30% 03/25/28 | 10,000 | 9,956 |
2.40% 09/15/23 | 10,000 | 10,198 |
2.65% 07/15/26 | 13,000 | 13,374 |
2.88% 03/25/31 | 19,000 | 19,095 |
2.95% 04/01/30 | 30,000 | 30,322 |
3.60% 04/01/50 | 13,000 | 12,731 |
3.65% 03/25/41 | 19,000 | 19,238 |
3.80% 11/15/37 | 4,000 | 4,168 |
3.95% 03/25/51 | 8,000 | 8,324 |
4.00% 07/15/46 - 11/15/47 | 21,000 | 21,801 |
4.10% 03/25/61 | 23,000 | 24,013 |
44 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
Otis Worldwide Corp. | ||
2.06% 04/05/25 | $ 76,000 | $ 77,452 |
2.57% 02/15/30 | 7,000 | 7,099 |
3.36% 02/15/50 | 7,000 | 7,398 |
Ovintiv Exploration Inc. | ||
5.63% 07/01/24 | 149,000 | 164,180 |
Owens Corning | ||
4.40% 01/30/48 | 6,000 | 7,031 |
Pacific Gas & Electric Co. | ||
2.10% 08/01/27 | 12,000 | 11,605 |
2.50% 02/01/31 | 27,000 | 25,722 |
3.00% 06/15/28 | 23,000 | 23,045 |
3.30% 08/01/40 | 27,000 | 25,123 |
3.50% 08/01/50 | 9,000 | 8,414 |
4.30% 03/15/45 | 21,000 | 21,235 |
PacifiCorp | ||
2.70% 09/15/30 | 17,000 | 17,553 |
2.90% 06/15/52 | 47,000 | 46,386 |
6.25% 10/15/37 | 18,000 | 25,032 |
Packaging Corp. of America | ||
3.05% 10/01/51 | 28,000 | 27,865 |
Parker-Hannifin Corp. | ||
3.25% 06/14/29 | 12,000 | 12,710 |
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) | 27,000 | 28,620 |
PayPal Holdings Inc. | ||
2.65% 10/01/26 | 20,000 | 21,036 |
3.25% 06/01/50 | 9,000 | 9,648 |
PepsiCo Inc. | ||
1.63% 05/01/30 | 12,000 | 11,686 |
2.63% 07/29/29 | 20,000 | 21,034 |
2.75% 10/21/51 | 46,000 | 47,363 |
Petroleos Mexicanos | ||
6.70% 02/16/32 (h) | 50,000 | 50,352 |
7.69% 01/23/50 | 12,000 | 11,575 |
Pfizer Inc. | ||
2.70% 05/28/50 | 43,000 | 43,307 |
3.45% 03/15/29 | 7,000 | 7,720 |
3.60% 09/15/28 | 19,000 | 21,122 |
3.90% 03/15/39 | 9,000 | 10,529 |
4.13% 12/15/46 | 7,000 | 8,652 |
4.40% 05/15/44 | 4,000 | 5,008 |
Philip Morris International Inc. | ||
1.50% 05/01/25 | 106,000 | 106,350 |
2.10% 05/01/30 | 8,000 | 7,854 |
3.38% 08/15/29 | 9,000 | 9,709 |
Principal Amount | Fair Value | |
4.13% 03/04/43 | $ 4,000 | $ 4,426 |
Phillips 66 | ||
2.15% 12/15/30 | 103,000 | 99,179 |
3.30% 03/15/52 | 33,000 | 33,082 |
Phillips 66 Partners LP | ||
3.15% 12/15/29 | 53,000 | 54,862 |
3.75% 03/01/28 | 9,000 | 9,670 |
4.68% 02/15/45 | 9,000 | 10,555 |
Pioneer Natural Resources Co. | ||
1.13% 01/15/26 | 60,000 | 58,360 |
2.15% 01/15/31 | 15,000 | 14,484 |
Plains All American Pipeline LP/PAA Finance Corp. | ||
3.55% 12/15/29 | 23,000 | 23,919 |
3.65% 06/01/22 | 29,000 | 29,136 |
PPL Capital Funding Inc. | ||
3.10% 05/15/26 | 19,000 | 19,928 |
Precision Castparts Corp. | ||
4.38% 06/15/45 | 7,000 | 8,660 |
Prospect Capital Corp. | ||
3.36% 11/15/26 | 39,000 | 38,822 |
Prudential Financial Inc. | ||
3.94% 12/07/49 | 20,000 | 23,419 |
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter) | ||
5.70% 09/15/48 (d) | 18,000 | 20,252 |
Public Service Company of Colorado | ||
3.70% 06/15/28 | 17,000 | 18,694 |
Public Service Electric & Gas Co. | ||
2.38% 05/15/23 | 42,000 | 42,745 |
PVH Corp. | ||
4.63% 07/10/25 | 47,000 | 51,246 |
QUALCOMM Inc. | ||
1.30% 05/20/28 | 5,000 | 4,845 |
4.30% 05/20/47 | 3,000 | 3,769 |
Quanta Services Inc. | ||
2.35% 01/15/32 | 31,000 | 30,158 |
3.05% 10/01/41 | 36,000 | 35,222 |
Quest Diagnostics Inc. | ||
2.95% 06/30/30 | 6,000 | 6,255 |
Ralph Lauren Corp. | ||
1.70% 06/15/22 | 8,000 | 8,045 |
Raytheon Technologies Corp. | ||
1.90% 09/01/31 | 36,000 | 34,718 |
Elfun Diversified Fund | 45 |
Principal Amount | Fair Value | |
2.82% 09/01/51 | $ 19,000 | $ 18,365 |
3.13% 05/04/27 | 63,000 | 67,099 |
3.50% 03/15/27 | 9,000 | 9,705 |
3.95% 08/16/25 | 10,000 | 10,841 |
4.15% 05/15/45 | 9,000 | 10,520 |
4.45% 11/16/38 | 8,000 | 9,635 |
Realty Income Corp. | ||
2.85% 12/15/32 | 18,000 | 18,722 |
3.00% 01/15/27 | 5,000 | 5,279 |
3.25% 01/15/31 | 12,000 | 12,893 |
Regeneron Pharmaceuticals Inc. | ||
1.75% 09/15/30 | 32,000 | 30,283 |
Regions Financial Corp. | ||
1.80% 08/12/28 | 75,000 | 73,436 |
Republic Services Inc. | ||
2.38% 03/15/33 | 54,000 | 53,725 |
Reynolds American Inc. | ||
4.45% 06/12/25 | 5,000 | 5,399 |
Rio Tinto Finance Ltd. | ||
2.75% 11/02/51 | 94,000 | 93,307 |
Rio Tinto Finance USA PLC | ||
4.13% 08/21/42 | 7,000 | 8,390 |
Rockwell Automation Inc. | ||
2.80% 08/15/61 | 8,000 | 7,860 |
4.20% 03/01/49 | 9,000 | 11,289 |
Rogers Communications Inc. | ||
5.00% 03/15/44 | 3,000 | 3,698 |
Roper Technologies Inc. | ||
2.95% 09/15/29 | 14,000 | 14,503 |
Ross Stores Inc. | ||
4.70% 04/15/27 | 6,000 | 6,765 |
Royalty Pharma PLC | ||
0.75% 09/02/23 | 17,000 | 16,891 |
1.20% 09/02/25 | 22,000 | 21,609 |
1.75% 09/02/27 | 9,000 | 8,850 |
2.15% 09/02/31 | 21,000 | 20,037 |
2.20% 09/02/30 | 8,000 | 7,748 |
3.30% 09/02/40 | 2,000 | 1,994 |
3.35% 09/02/51 | 26,000 | 24,995 |
RPM International Inc. | ||
3.75% 03/15/27 | 8,000 | 8,718 |
Ryder System Inc. | ||
2.90% 12/01/26 | 54,000 | 56,490 |
Sabine Pass Liquefaction LLC | ||
4.20% 03/15/28 | 9,000 | 9,880 |
4.50% 05/15/30 | 7,000 | 7,910 |
5.00% 03/15/27 | 4,000 | 4,502 |
5.88% 06/30/26 | 30,000 | 34,426 |
Principal Amount | Fair Value | |
Salesforce.com Inc. | ||
1.95% 07/15/31 | $ 47,000 | $ 46,551 |
2.70% 07/15/41 | 32,000 | 31,915 |
Schlumberger Holdings Corp. | ||
3.90% 05/17/28 (h) | 21,000 | 22,713 |
Sealed Air Corp. | ||
1.57% 10/15/26 (h) | 118,000 | 114,477 |
Selective Insurance Group Inc. | ||
5.38% 03/01/49 | 4,000 | 5,302 |
Sempra Energy | ||
3.80% 02/01/38 | 6,000 | 6,600 |
4.00% 02/01/48 | 8,000 | 8,945 |
Sempra Energy (4.13% fixed rate until 01/04/27; 2.87% + 5 year CMT Rate thereafter) | ||
4.13% 04/01/52 (d) | 51,000 | 51,537 |
Shell International Finance BV | ||
3.13% 11/07/49 | 20,000 | 20,621 |
3.75% 09/12/46 | 8,000 | 9,005 |
4.13% 05/11/35 | 10,000 | 11,697 |
Shire Acquisitions Investments Ireland DAC | ||
2.88% 09/23/23 | 13,000 | 13,367 |
3.20% 09/23/26 | 4,000 | 4,244 |
Simon Property Group LP | ||
3.38% 06/15/27 | 9,000 | 9,665 |
SLM Corp. | ||
3.13% 11/02/26 | 50,000 | 49,728 |
South Jersey Industries Inc. | ||
5.02% 04/15/31 | 54,000 | 59,209 |
Southern California Edison Co. | ||
2.40% 02/01/22 | 23,000 | 23,031 |
4.00% 04/01/47 | 32,000 | 35,339 |
4.20% 03/01/29 | 25,000 | 27,920 |
Southern Company Gas Capital Corp. | ||
3.95% 10/01/46 | 13,000 | 14,383 |
4.40% 05/30/47 | 2,000 | 2,329 |
Southwest Airlines Co. | ||
2.63% 02/10/30 | 30,000 | 29,997 |
Southwestern Electric Power Co. | ||
2.75% 10/01/26 | 9,000 | 9,318 |
Spectra Energy Partners LP | ||
3.38% 10/15/26 | 3,000 | 3,184 |
4.50% 03/15/45 | 2,000 | 2,304 |
Spirit Realty LP | ||
4.00% 07/15/29 | 16,000 | 17,576 |
46 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
Starbucks Corp. | ||
4.00% 11/15/28 | $ 8,000 | $ 8,951 |
STERIS Irish FinCo UnLtd Co. | ||
2.70% 03/15/31 | 105,000 | 106,231 |
Stryker Corp. | ||
1.95% 06/15/30 | 38,000 | 37,146 |
2.90% 06/15/50 | 29,000 | 29,279 |
Sumitomo Mitsui Trust Bank Ltd. | ||
1.35% 09/16/26 (h) | 200,000 | 196,960 |
Suncor Energy Inc. | ||
4.00% 11/15/47 | 3,000 | 3,361 |
Sysco Corp. | ||
3.25% 07/15/27 | 9,000 | 9,565 |
5.95% 04/01/30 | 4,000 | 5,000 |
6.60% 04/01/50 | 3,000 | 4,685 |
Tampa Electric Co. | ||
2.40% 03/15/31 | 38,000 | 38,425 |
3.45% 03/15/51 | 23,000 | 25,284 |
4.35% 05/15/44 | 22,000 | 26,350 |
Tapestry Inc. | ||
4.13% 07/15/27 | 3,000 | 3,246 |
Target Corp. | ||
2.50% 04/15/26 | 9,000 | 9,438 |
Teck Resources Ltd. | ||
3.90% 07/15/30 | 29,000 | 31,203 |
5.40% 02/01/43 | 4,000 | 4,904 |
Telefonica Emisiones S.A. | ||
4.10% 03/08/27 | 150,000 | 165,161 |
Texas Instruments Inc. | ||
3.88% 03/15/39 | 9,000 | 10,625 |
The Allstate Corp. | ||
4.20% 12/15/46 | 6,000 | 7,230 |
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) | ||
5.75% 08/15/53 (d) | 35,000 | 36,403 |
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) | 61,000 | 64,150 |
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) | 38,000 | 37,777 |
The Boeing Co. | ||
2.20% 02/04/26 | 77,000 | 76,988 |
Principal Amount | Fair Value | |
2.70% 02/01/27 | $ 178,000 | $ 181,469 |
2.95% 02/01/30 | 7,000 | 7,089 |
3.25% 03/01/28 | 8,000 | 8,270 |
3.55% 03/01/38 | 6,000 | 6,081 |
3.75% 02/01/50 | 7,000 | 7,253 |
5.04% 05/01/27 | 56,000 | 63,241 |
5.15% 05/01/30 | 22,000 | 25,669 |
5.81% 05/01/50 | 16,000 | 21,660 |
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) | 52,000 | 52,467 |
The Cleveland Electric Illuminating Co. | ||
4.55% 11/15/30 (h) | 43,000 | 49,432 |
The Coca-Cola Co. | ||
2.60% 06/01/50 | 16,000 | 15,735 |
2.75% 06/01/60 | 7,000 | 6,954 |
The Dow Chemical Co. | ||
2.10% 11/15/30 | 29,000 | 28,525 |
3.60% 11/15/50 | 9,000 | 9,759 |
4.25% 10/01/34 | 8,000 | 9,233 |
The Estee Lauder Companies Inc. | ||
2.38% 12/01/29 | 9,000 | 9,215 |
The George Washington University | ||
4.13% 09/15/48 | 15,000 | 18,223 |
The Goldman Sachs Group Inc. | ||
3.50% 04/01/25 - 11/16/26 | 62,000 | 65,982 |
3.85% 01/26/27 | 97,000 | 104,436 |
4.25% 10/21/25 | 191,000 | 208,404 |
5.15% 05/22/45 | 12,000 | 15,573 |
The Goldman Sachs Group Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter) | ||
1.54% 09/10/27 (d) | 33,000 | 32,350 |
The Goldman Sachs Group Inc. (1.99% fixed rate until 01/27/31; 1.09% + SOFR thereafter) | ||
1.99% 01/27/32 (d) | 174,000 | 166,537 |
The Goldman Sachs Group Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) | ||
2.38% 07/21/32 (d) | 21,000 | 20,679 |
Elfun Diversified Fund | 47 |
Principal Amount | Fair Value | |
The Goldman Sachs Group Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) | ||
2.91% 07/21/42 (d) | $ 16,000 | $ 15,902 |
The Goldman Sachs Group Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) | ||
3.21% 04/22/42 (d) | 24,000 | 24,847 |
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) | 13,000 | 14,149 |
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) | 8,000 | 9,149 |
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) | 26,000 | 28,893 |
The Hartford Financial Services Group Inc. | ||
2.80% 08/19/29 | 78,000 | 80,854 |
The Hartford Financial Services Group Inc. (2.28% fixed rate until 01/31/22; 2.13% + 3 month USD LIBOR thereafter) | ||
2.28% 02/12/47 (h) | 16,000 | 15,146 |
The Home Depot Inc. | ||
2.70% 04/15/30 | 9,000 | 9,453 |
3.35% 04/15/50 | 15,000 | 16,398 |
3.50% 09/15/56 | 8,000 | 9,030 |
3.90% 12/06/28 - 06/15/47 | 16,000 | 18,381 |
4.50% 12/06/48 | 7,000 | 9,075 |
The Kroger Co. | ||
2.20% 05/01/30 | 10,000 | 9,955 |
4.65% 01/15/48 | 5,000 | 6,212 |
The Northwestern Mutual Life Insurance Co. | ||
3.45% 03/30/51 (h) | 16,000 | 17,114 |
The Southern Co. | ||
3.25% 07/01/26 | 5,000 | 5,298 |
Principal Amount | Fair Value | |
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) | $ 40,000 | $ 42,965 |
The Travelers Companies Inc. | ||
2.55% 04/27/50 | 69,000 | 65,801 |
The Walt Disney Co. | ||
2.65% 01/13/31 | 177,000 | 183,984 |
3.38% 11/15/26 | 2,000 | 2,152 |
3.60% 01/13/51 | 13,000 | 14,709 |
4.75% 11/15/46 | 4,000 | 5,149 |
6.65% 11/15/37 | 20,000 | 29,646 |
The Williams Companies Inc. | ||
3.75% 06/15/27 | 2,000 | 2,161 |
4.85% 03/01/48 | 9,000 | 10,956 |
4.90% 01/15/45 | 20,000 | 23,943 |
5.40% 03/04/44 | 3,000 | 3,723 |
Thermo Fisher Scientific Inc. | ||
2.80% 10/15/41 | 21,000 | 21,206 |
Time Warner Cable LLC | ||
6.55% 05/01/37 | 8,000 | 10,480 |
T-Mobile USA Inc. | ||
3.75% 04/15/27 | 207,000 | 224,138 |
3.88% 04/15/30 | 3,000 | 3,283 |
4.50% 04/15/50 | 6,000 | 7,030 |
Total Capital International S.A. | ||
3.46% 02/19/29 | 34,000 | 36,976 |
Trane Technologies Luxembourg Finance S.A. | ||
3.55% 11/01/24 | 17,000 | 17,991 |
3.80% 03/21/29 | 19,000 | 20,760 |
TransCanada PipeLines Ltd. | ||
4.25% 05/15/28 | 33,000 | 36,853 |
4.88% 01/15/26 | 8,000 | 8,925 |
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter) | ||
5.63% 05/20/75 (d) | 46,000 | 48,313 |
Transcontinental Gas Pipe Line Company LLC | ||
4.00% 03/15/28 | 9,000 | 9,864 |
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter) | ||
4.80% 12/31/99 (d) | 68,000 | 71,086 |
TWDC Enterprises 18 Corp. | ||
4.13% 06/01/44 | 4,000 | 4,749 |
48 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
Tyco Electronics Group S.A. | ||
3.13% 08/15/27 | $ 9,000 | $ 9,608 |
Tyson Foods Inc. | ||
4.00% 03/01/26 | 42,000 | 45,569 |
4.55% 06/02/47 | 2,000 | 2,479 |
UDR Inc. | ||
2.10% 08/01/32 | 20,000 | 19,126 |
3.00% 08/15/31 | 9,000 | 9,381 |
Union Pacific Corp. | ||
3.55% 05/20/61 | 23,000 | 25,453 |
3.60% 09/15/37 | 6,000 | 6,726 |
3.80% 04/06/71 | 11,000 | 12,752 |
4.10% 09/15/67 | 9,000 | 10,952 |
UnitedHealth Group Inc. | ||
2.00% 05/15/30 | 28,000 | 27,792 |
4.45% 12/15/48 | 17,000 | 21,733 |
4.75% 07/15/45 | 14,000 | 18,320 |
Utah Acquisition Sub Inc. | ||
3.95% 06/15/26 | 5,000 | 5,393 |
Valero Energy Corp. | ||
2.85% 04/15/25 | 28,000 | 29,089 |
4.00% 04/01/29 | 19,000 | 20,719 |
Ventas Realty LP | ||
3.25% 10/15/26 | 20,000 | 21,178 |
Verizon Communications Inc. | ||
2.10% 03/22/28 | 38,000 | 38,116 |
2.36% 03/15/32 (h) | 100,000 | 98,629 |
2.55% 03/21/31 | 199,000 | 201,024 |
3.00% 03/22/27 | 106,000 | 111,844 |
3.40% 03/22/41 | 23,000 | 24,138 |
3.55% 03/22/51 | 16,000 | 17,241 |
3.70% 03/22/61 | 23,000 | 24,897 |
4.40% 11/01/34 | 52,000 | 60,539 |
4.86% 08/21/46 | 25,000 | 32,204 |
5.25% 03/16/37 | 8,000 | 10,422 |
ViacomCBS Inc. | ||
2.90% 01/15/27 | 7,000 | 7,306 |
3.70% 06/01/28 | 8,000 | 8,666 |
5.25% 04/01/44 | 3,000 | 3,746 |
Virginia Electric & Power Co. | ||
4.00% 11/15/46 | 17,000 | 19,781 |
Visa Inc. | ||
2.70% 04/15/40 | 14,000 | 14,294 |
Vistra Operations Company LLC | ||
3.55% 07/15/24 (h) | 59,000 | 60,838 |
Viterra Finance BV | ||
2.00% 04/21/26 (h) | 200,000 | 198,892 |
Principal Amount | Fair Value | |
Vodafone Group PLC | ||
4.38% 05/30/28 | $ 15,000 | $ 16,900 |
5.25% 05/30/48 | 4,000 | 5,224 |
Vontier Corp. | ||
2.40% 04/01/28 (h) | 56,000 | 54,573 |
2.95% 04/01/31 (h) | 43,000 | 42,355 |
Vornado Realty LP | ||
2.15% 06/01/26 | 52,000 | 52,111 |
3.40% 06/01/31 | 14,000 | 14,427 |
3.50% 01/15/25 | 10,000 | 10,488 |
Vulcan Materials Co. | ||
3.90% 04/01/27 | 4,000 | 4,380 |
Walgreens Boots Alliance Inc. | ||
4.10% 04/15/50 | 3,000 | 3,366 |
Walmart Inc. | ||
1.80% 09/22/31 | 21,000 | 20,796 |
2.50% 09/22/41 | 21,000 | 21,215 |
2.65% 09/22/51 | 8,000 | 8,177 |
Waste Connections Inc. | ||
2.20% 01/15/32 | 46,000 | 45,118 |
2.95% 01/15/52 | 31,000 | 30,490 |
WEC Energy Group Inc. | ||
3.55% 06/15/25 | 9,000 | 9,537 |
Wells Fargo & Co. | ||
4.15% 01/24/29 | 33,000 | 36,898 |
4.75% 12/07/46 | 32,000 | 39,802 |
Wells Fargo & Co. (1.65% fixed rate until 06/02/23; 1.60% + SOFR thereafter) | ||
1.65% 06/02/24 (d) | 31,000 | 31,260 |
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter) | ||
2.19% 04/30/26 (d) | 85,000 | 86,606 |
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | ||
2.39% 06/02/28 (d) | 174,000 | 176,885 |
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | ||
3.07% 04/30/41 (d) | 39,000 | 39,900 |
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter) | ||
3.20% 06/17/27 (d) | 105,000 | 110,892 |
Elfun Diversified Fund | 49 |
Principal Amount | Fair Value | |
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter) | ||
5.88% 12/29/49 (d) | $ 37,000 | $ 40,159 |
Westlake Chemical Corp. | ||
2.88% 08/15/41 | 11,000 | 10,625 |
3.13% 08/15/51 | 13,000 | 12,546 |
3.38% 08/15/61 | 12,000 | 11,542 |
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter) | ||
2.89% 02/04/30 (d) | 25,000 | 25,526 |
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter) | ||
4.11% 07/24/34 (d) | 17,000 | 18,338 |
Willis North America Inc. | ||
3.60% 05/15/24 | 14,000 | 14,672 |
3.88% 09/15/49 | 16,000 | 17,392 |
WPP Finance 2010 | ||
3.75% 09/19/24 | 20,000 | 21,170 |
Xcel Energy Inc. | ||
3.40% 06/01/30 | 20,000 | 21,533 |
Yamana Gold Inc. | ||
2.63% 08/15/31 (h) | 38,000 | 36,682 |
Zoetis Inc. | ||
3.00% 09/12/27 | 5,000 | 5,287 |
3.90% 08/20/28 | 9,000 | 10,008 |
26,653,495 | ||
Non-Agency Collateralized Mortgage Obligations - 2.0% | ||
BANK 2017-BNK7 | ||
3.18% 09/15/60 | 617,000 | 653,672 |
BANK 2018-BNK15 | ||
4.41% 11/15/61 (d) | 320,000 | 365,453 |
Cantor Commercial Real Estate Lending 2019-CF3 | ||
3.01% 01/15/53 | 139,000 | 147,168 |
CD 2019-CD8 Mortgage Trust | ||
2.91% 08/15/57 | 246,000 | 258,583 |
Citigroup Commercial Mortgage Trust 2015-GC33 | ||
3.78% 09/10/58 | 100,000 | 107,141 |
Citigroup Commercial Mortgage Trust 2015-GC35 | ||
4.46% 11/10/48 (d) | 148,000 | 139,947 |
Principal Amount | Fair Value | |
Citigroup Commercial Mortgage Trust 2016-P6 | ||
3.72% 12/10/49 (d) | $ 119,583 | $ 129,284 |
4.03% 12/10/49 (d) | 78,331 | 84,280 |
COMM 2012-CCRE3 Mortgage Trust | ||
3.92% 10/15/45 (h) | 100,000 | 99,501 |
COMM 2014-CR14 Mortgage Trust | ||
4.53% 02/10/47 (d) | 55,000 | 57,930 |
GS Mortgage Securities Trust 2014-GC22 | ||
4.69% 06/10/47 (d) | 88,000 | 90,214 |
GS Mortgage Securities Trust 2015-GS1 | ||
4.42% 11/10/48 (d) | 117,000 | 102,664 |
GS Mortgage Securities Trust 2017-GS5 | ||
3.67% 03/10/50 | 240,062 | 259,357 |
GS Mortgage Securities Trust 2018-GS9 | ||
4.14% 03/10/51 (d) | 73,000 | 80,216 |
GS Mortgage Securities Trust 2019-GC42 | ||
2.75% 09/01/52 | 419,000 | 430,398 |
GS Mortgage Securities Trust 2019-GSA1 | ||
3.05% 11/10/52 | 493,000 | 522,369 |
JPMBB Commercial Mortgage Securities Trust 2013-C12 | ||
4.04% 07/15/45 (d) | 25,000 | 25,759 |
JPMBB Commercial Mortgage Securities Trust 2015-C32 | ||
4.65% 11/15/48 (d) | 71,000 | 57,667 |
MASTR Alternative Loan Trust 2003-5 | ||
5.00% 08/25/18 (f) | 227 | 2 |
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 | ||
0.86% 03/15/48 (d)(f) | 744,325 | 16,315 |
UBS-Barclays Commercial Mortgage Trust 2013-C6 | ||
3.88% 04/10/46 (d)(h) | 287,000 | 289,782 |
Wells Fargo Commercial Mortgage Trust 2014-LC16 | ||
4.32% 08/15/50 | 129,943 | 121,115 |
Wells Fargo Commercial Mortgage Trust 2015-C26 | ||
1.20% 02/15/48 (d)(f) | 777,004 | 23,919 |
50 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
WFRBS Commercial Mortgage Trust 2013-C17 | ||
4.26% 12/15/46 | $ 55,000 | $ 57,479 |
WFRBS Commercial Mortgage Trust 2014-LC14 | ||
4.35% 03/15/47 (d) | 123,000 | 128,908 |
4,249,123 | ||
Sovereign Bonds - 0.2% | ||
Government of Chile | ||
2.55% 01/27/32 | 200,000 | 199,590 |
Government of Mexico | ||
4.00% 10/02/23 | 4,000 | 4,213 |
4.75% 03/08/44 | 56,000 | 61,217 |
Government of Peru | ||
1.86% 12/01/32 | 45,000 | 41,097 |
2.78% 12/01/60 | 75,000 | 66,173 |
5.63% 11/18/50 | 26,000 | 36,606 |
Government of Uruguay | �� | |
5.10% 06/18/50 | 29,803 | 39,529 |
448,425 | ||
Municipal Bonds and Notes - 0.1% | ||
American Municipal Power Inc. | ||
6.27% 02/15/50 | 25,000 | 35,727 |
Board of Regents of the University of Texas System | ||
3.35% 08/15/47 | 25,000 | 29,095 |
Port Authority of New York & New Jersey | ||
4.46% 10/01/62 | 70,000 | 92,783 |
State of California | ||
4.60% 04/01/38 | 50,000 | 57,558 |
State of Illinois | ||
5.10% 06/01/33 | 25,000 | 28,897 |
244,060 | ||
Total Bonds and Notes (Cost $75,449,443) | 76,262,440 |
Number of Shares | Fair Value | |
Exchange Traded & Mutual Funds - 25.5% | ||
State Street Global All Cap Equity ex-U.S. Index Portfolio (a)(j) (Cost $44,200,714) | 439,651 | $ 54,037,441 |
Total Investments in Securities (Cost $160,339,639) | 205,140,056 | |
Short-Term Investments - 7.4% | ||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares 0.01% | 2,309,897 | 2,309,897 |
State Street Institutional Treasury Money Market Fund - Premier Class 0.01% (j)(k) | 5,372,404 | 5,372,404 |
State Street Institutional Treasury Plus Fund - Premier Class 0.01% (j)(k) | 2,309,897 | 2,309,897 |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.03% (j)(k) | 5,658,078 | 5,658,078 |
Total Short-Term Investments (Cost $15,650,276) | 15,650,276 | |
Total Investments (Cost $175,989,915) | 220,790,332 | |
Liabilities in Excess of Other Assets, net - (4.3)% | (9,074,322) | |
NET ASSETS - 100.0% | $ 211,716,010 |
Elfun Diversified Fund | 51 |
Centrally Cleared Credit Default Swaps |
Reference Entity | Counterparty | Notional Amount (000s omitted) | Contract Annual Fixed Rate/ Payment Frequency | Termination Date | Market Value | Unamortized Upfront Payments Received (Paid) | Unrealized Appreciation (Depreciation) |
Buy Protection | |||||||
Markit CDX North America High Yield Index | Intercontinental Exchange | $1,658 | 5.00%/ Quarterly | 06/20/26 | $150,458 | $152,507 | $(2,049) |
Sell Protection | |||||||
Markit CDX North America High Yield Index | Intercontinental Exchange | 485 | 1.00%/ Quarterly | 12/20/26 | (11,848) | (9,628) | (2,220) |
$(4,269) |
The Fund had the following long futures contracts open at December 31, 2021: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
5 Yr. U.S. Treasury Notes Futures | March 2022 | 21 | $ 2,541,860 | $ 2,540,507 | $ (1,353) |
Ultra Long-Term U.S. Treasury Bond Futures | March 2022 | 8 | 1,535,765 | 1,577,000 | 41,235 |
2 Yr. U.S. Treasury Notes Futures | March 2022 | 37 | 8,087,969 | 8,072,360 | (15,609) |
U.S. Long Bond Futures | March 2022 | 8 | 1,273,818 | 1,283,500 | 9,683 |
S&P 500 Emini Index Futures | March 2022 | 2 | 470,303 | 475,850 | 5,547 |
$ 39,503 |
The Fund had the following short futures contracts open at December 31, 2021: |
Description | Expiration date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
10 Yr. U.S. Treasury Notes Futures | March 2022 | 22 | $ (2,841,998) | $ (2,870,312) | $ (28,314) |
10 Yr. U.S. Treasury Ultra Futures | March 2022 | 14 | (2,027,206) | (2,050,125) | (22,920) |
$ (51,234) | |||||
$ (11,731) |
During the fiscal year ended December 31, 2021, average notional values related to derivative contracts were as follows: | |||
Long Futures Contracts | Short Futures Contracts | Credit Default Swap Contracts | |
Average Notional Value | $13,379,829 | $7,993,576 | $1,625,938 |
52 | Elfun Diversified Fund |
(a) | At December 31, 2021, all or a portion of this security was pledged to cover collateral requirements for futures. |
(b) | Non-income producing security. |
(c) | State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund's sub-administrator, custodian and accounting agent. |
(d) | Variable Rate Security - Interest rate shown is rate in effect at December 31, 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) | Principal only security. These securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the "principal only" holder. |
(h) | Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, these securities amounted to $3,508,098 or 1.66% of the net assets of the Elfun Diversified Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees. |
(i) | Step coupon bond. |
(j) | Coupon amount represents effective yield. |
(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 December 31, 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 |
Elfun Diversified Fund | 53 |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Domestic Equity | $ 72,868,489 | $ — | $ — | $ 72,868,489 | |||
Foreign Equity | 1,971,686 | — | — | 1,971,686 | |||
U.S. Treasuries | — | 24,182,533 | — | 24,182,533 | |||
Agency Mortgage Backed | — | 19,522,601 | — | 19,522,601 | |||
Agency Collateralized Mortgage Obligations | — | 445,506 | — | 445,506 | |||
Asset Backed | — | 516,697 | — | 516,697 | |||
Corporate Notes | — | 26,653,495 | — | 26,653,495 | |||
Non-Agency Collateralized Mortgage Obligations | — | 4,249,123 | — | 4,249,123 | |||
Sovereign Bonds | — | 448,425 | — | 448,425 | |||
Municipal Bonds and Notes | — | 244,060 | — | 244,060 | |||
Exchange Traded & Mutual Funds | 54,037,441 | — | — | 54,037,441 | |||
Short-Term Investments | 15,650,276 | — | — | 15,650,276 | |||
Total Investments in Securities | $ 144,527,892 | $ 76,262,440 | $ — | $ 220,790,332 | |||
Other Financial Instruments | |||||||
Credit Default Swap Contracts - Unrealized Depreciation | $ — | $ (4,269) | $ — | $ (4,269) | |||
Long Futures Contracts - Unrealized Appreciation | 56,465 | — | — | 56,465 | |||
Long Futures Contracts - Unrealized Depreciation | (16,962) | — | — | (16,962) | |||
Short Futures Contracts - Unrealized Depreciation | (51,234) | — | — | (51,234) | |||
Total Other Financial Instruments | $ (11,731) | $ (4,269) | $ — | $ (16,000) |
54 | Elfun Diversified Fund |
Country/Territory | Percentage (based on Fair Value) |
United States | 97.52% |
Ireland | 0.50% |
United Kingdom | 0.49% |
Canada | 0.30% |
Netherlands | 0.25% |
Switzerland | 0.13% |
Chile | 0.13% |
Isle Of Man | 0.09% |
Japan | 0.09% |
Germany | 0.09% |
Spain | 0.07% |
Peru | 0.06% |
Country/Territory | Percentage (based on Fair Value) |
Australia | 0.06% |
Mexico | 0.06% |
Bermuda | 0.05% |
Luxembourg | 0.03% |
Uruguay | 0.02% |
France | 0.02% |
Mult | 0.02% |
Israel | 0.01% |
Norway | 0.01% |
Jersey | 0.00% |
100.00% |
Industry | Domestic | Foreign | Total |
Exchange Traded Funds | 24.48% | 0.00% | 24.48% |
Technology Hardware, Storage & Peripherals | 2.41% | 0.02% | 2.43% |
Systems Software | 2.40% | 0.00% | 2.40% |
Interactive Media & Services | 2.14% | 0.00% | 2.14% |
Semiconductors | 1.79% | 0.05% | 1.84% |
Internet & Direct Marketing Retail | 1.27% | 0.00% | 1.27% |
Pharmaceuticals | 1.26% | 0.00% | 1.26% |
Data Processing & Outsourced Services | 1.06% | 0.00% | 1.06% |
Diversified Banks | 0.99% | 0.00% | 0.99% |
Healthcare Equipment | 0.82% | 0.12% | 0.94% |
Automobile Manufacturers | 0.86% | 0.00% | 0.86% |
Application Software | 0.83% | 0.00% | 0.83% |
Life Sciences Tools & Services | 0.68% | 0.00% | 0.68% |
Biotechnology | 0.60% | 0.00% | 0.60% |
Managed Healthcare | 0.58% | 0.00% | 0.58% |
Electric Utilities | 0.54% | 0.00% | 0.54% |
Home Improvement Retail | 0.52% | 0.00% | 0.52% |
Movies & Entertainment | 0.47% | 0.00% | 0.47% |
Household Products | 0.47% | 0.00% | 0.47% |
Multi-Sector Holdings | 0.46% | 0.00% | 0.46% |
Aerospace & Defense | 0.46% | 0.00% | 0.46% |
Specialized REITs | 0.44% | 0.00% | 0.44% |
Integrated Oil & Gas | 0.43% | 0.00% | 0.43% |
Soft Drinks | 0.42% | 0.00% | 0.42% |
IT Consulting & Other Services | 0.20% | 0.22% | 0.42% |
Restaurants | 0.39% | 0.00% | 0.39% |
Financial Exchanges & Data | 0.38% | 0.00% | 0.38% |
Hypermarkets & Super Centers | 0.38% | 0.00% | 0.38% |
Regional Banks | 0.35% | 0.00% | 0.35% |
Investment Banking & Brokerage | 0.35% | 0.00% | 0.35% |
Industrial Conglomerates | 0.33% | 0.00% | 0.33% |
Integrated Telecommunication Services | 0.33% | 0.00% | 0.33% |
Semiconductor Equipment | 0.30% | 0.01% | 0.31% |
Communications Equipment | 0.31% | 0.00% | 0.31% |
Elfun Diversified Fund | 55 |
Industry | Domestic | Foreign | Total |
Asset Management & Custody Banks | 0.28% | 0.00% | 0.28% |
Industrial Machinery | 0.26% | 0.01% | 0.27% |
Specialty Chemicals | 0.27% | 0.00% | 0.27% |
Packaged Foods & Meats | 0.27% | 0.00% | 0.27% |
Cable & Satellite | 0.27% | 0.00% | 0.27% |
Railroads | 0.27% | 0.00% | 0.27% |
Multi-Utilities | 0.25% | 0.00% | 0.25% |
Oil & Gas Exploration & Production | 0.24% | 0.00% | 0.24% |
Healthcare Services | 0.23% | 0.00% | 0.23% |
Property & Casualty Insurance | 0.15% | 0.07% | 0.22% |
Air Freight & Logistics | 0.21% | 0.00% | 0.21% |
Hotels, Resorts & Cruise Lines | 0.21% | 0.00% | 0.21% |
Industrial Gases | 0.06% | 0.15% | 0.21% |
Insurance Brokers | 0.17% | 0.02% | 0.19% |
Tobacco | 0.20% | 0.00% | 0.20% |
Consumer Finance | 0.19% | 0.00% | 0.19% |
Electrical Components & Equipment | 0.18% | 0.00% | 0.18% |
Footwear | 0.18% | 0.00% | 0.18% |
Building Products | 0.12% | 0.05% | 0.17% |
General Merchandise Stores | 0.17% | 0.00% | 0.17% |
Construction Machinery & Heavy Trucks | 0.16% | 0.00% | 0.16% |
Research & Consulting Services | 0.10% | 0.04% | 0.14% |
Life & Health Insurance | 0.13% | 0.00% | 0.13% |
Industrial REITs | 0.13% | 0.00% | 0.13% |
Apparel Retail | 0.12% | 0.00% | 0.12% |
Residential REITs | 0.11% | 0.00% | 0.11% |
Retail REITs | 0.11% | 0.00% | 0.11% |
Automotive Retail | 0.11% | 0.00% | 0.11% |
Electronic Equipment & Instruments | 0.10% | 0.00% | 0.10% |
Interactive Home Entertainment | 0.09% | 0.00% | 0.09% |
Home Building | 0.09% | 0.00% | 0.09% |
Oil & Gas Refining & Marketing | 0.08% | 0.00% | 0.08% |
Environmental & Facilities Services | 0.08% | 0.00% | 0.08% |
Agricultural & Farm Machinery | 0.08% | 0.00% | 0.08% |
Paper Packaging | 0.06% | 0.02% | 0.08% |
Oil & Gas Storage & Transportation | 0.08% | 0.00% | 0.08% |
Airlines | 0.07% | 0.00% | 0.07% |
Personal Products | 0.07% | 0.00% | 0.07% |
Oil & Gas Equipment & Services | 0.07% | 0.00% | 0.07% |
Trading Companies & Distributors | 0.07% | 0.00% | 0.07% |
Healthcare Distributors | 0.07% | 0.00% | 0.07% |
Electronic Components | 0.07% | 0.00% | 0.07% |
Healthcare Supplies | 0.07% | 0.00% | 0.07% |
Multi-Line Insurance | 0.07% | 0.00% | 0.07% |
Fertilizers & Agricultural Chemicals | 0.06% | 0.00% | 0.06% |
Health Care REITs | 0.06% | 0.00% | 0.06% |
Healthcare Facilities | 0.06% | 0.00% | 0.06% |
Diversified Support Services | 0.06% | 0.00% | 0.06% |
Specialty Stores | 0.06% | 0.00% | 0.06% |
Casinos & Gaming | 0.06% | 0.00% | 0.06% |
Wireless Telecommunication Services | 0.06% | 0.00% | 0.06% |
Commodity Chemicals | 0.06% | 0.00% | 0.06% |
Distributors | 0.05% | 0.00% | 0.05% |
Copper | 0.05% | 0.00% | 0.05% |
56 | Elfun Diversified Fund |
Industry | Domestic | Foreign | Total |
Apparel, Accessories & Luxury Goods | 0.05% | 0.00% | 0.05% |
Electronic Manufacturing Services | 0.01% | 0.04% | 0.05% |
Construction Materials | 0.05% | 0.00% | 0.05% |
Office REITs | 0.05% | 0.00% | 0.05% |
Distillers & Vintners | 0.05% | 0.00% | 0.05% |
Auto Parts & Equipment | 0.01% | 0.04% | 0.05% |
Trucking | 0.04% | 0.00% | 0.04% |
Broadcasting | 0.04% | 0.00% | 0.04% |
Gold | 0.04% | 0.00% | 0.04% |
Internet Services & Infrastructure | 0.04% | 0.00% | 0.04% |
Food Distributors | 0.03% | 0.00% | 0.03% |
Agricultural Products | 0.03% | 0.00% | 0.03% |
Drug Retail | 0.03% | 0.00% | 0.03% |
Real Estate Services | 0.03% | 0.00% | 0.03% |
Water Utilities | 0.03% | 0.00% | 0.03% |
Advertising | 0.03% | 0.00% | 0.03% |
Steel | 0.03% | 0.00% | 0.03% |
Metal & Glass Containers | 0.02% | 0.00% | 0.02% |
Food Retail | 0.02% | 0.00% | 0.02% |
Healthcare Technology | 0.02% | 0.00% | 0.02% |
Technology Distributors | 0.02% | 0.00% | 0.02% |
Computer & Electronics Retail | 0.02% | 0.00% | 0.02% |
Consumer Electronics | 0.00% | 0.02% | 0.02% |
Banks | 0.02% | 0.00% | 0.02% |
Construction & Engineering | 0.01% | 0.00% | 0.01% |
Independent Power Producers & Energy Traders | 0.01% | 0.00% | 0.01% |
Household Appliances | 0.01% | 0.00% | 0.01% |
Publishing | 0.01% | 0.00% | 0.01% |
Gas Utilities | 0.01% | 0.00% | 0.01% |
Leisure Products | 0.01% | 0.00% | 0.01% |
Hotel & Resort REITs | 0.01% | 0.00% | 0.01% |
Human Resource & Employment Services | 0.01% | 0.00% | 0.01% |
Reinsurance | 0.00% | 0.01% | 0.01% |
Alternative Carriers | 0.01% | 0.00% | 0.01% |
Housewares & Specialties | 0.01% | 0.00% | 0.01% |
Brewers | 0.01% | 0.00% | 0.01% |
Home Furnishings | 0.01% | 0.00% | 0.01% |
58.37% |
Sector | Percentage (based on Fair Value) | ||
Corporate Notes | 12.07% | ||
U.S. Treasuries | 10.95% | ||
Agency Mortgage Backed | 8.84% | ||
Non-Agency Collateralized Mortgage Obligations | 1.93% | ||
Asset Backed | 0.24% | ||
Sovereign Bonds | 0.20% | ||
Agency Collateralized Mortgage Obligations | 0.20% |
Sector | Percentage (based on Fair Value) | ||
Municipal Bonds and Notes | 0.11% | ||
34.54% | |||
Short-Term Investments | 7.09% | ||
7.09% | |||
100.00% |
Elfun Diversified Fund | 57 |
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 12/31/21 | Value at 12/31/21 | Dividend Income | ||||||
State Street Corp. | 861 | $ 62,663 | $ 10,231 | $ 22,778 | $ 1,694 | $ 14,406 | 712 | $ 66,216 | $ 1,671 | |||||
State Street Global All Cap Equity ex-U.S. Index Portfolio | 452,344 | 52,657,367 | 9,022,325 | 10,710,000 | 2,308,630 | 759,119 | 439,650 | 54,037,441 | 1,347,325 | |||||
State Street Institutional Treasury Money Market Fund - Premier Class | 5,805,854 | 5,805,854 | 21,733,744 | 22,167,194 | — | — | 5,372,404 | 5,372,404 | 307 | |||||
State Street Institutional Treasury Plus Fund - Premier Class | 304,999 | 304,999 | 5,101,720 | 3,096,822 | — | — | 2,309,897 | 2,309,897 | 71 | |||||
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 6,175,449 | 6,175,449 | 37,671,100 | 38,188,471 | — | — | 5,658,078 | 5,658,078 | 1,438 | |||||
TOTAL | $65,006,332 | $73,539,120 | $74,185,265 | $2,310,324 | $773,525 | $67,444,036 | $1,350,812 |
58 | Elfun Diversified Fund |
Elfun Tax-Exempt Income Fund | 59 |
Sector Allocation |
Portfolio composition as a % of Fair Value of $1,240,327 (in thousands) as of December 31, 2021 (a)(b) |
Quality Ratings | ||
as of December 31, 2021 as a % of Fair Value (a)(b) | ||
Moody’s / S&P / Rating | Percentage of Fair Value | |
Aaa / AAA | 12.24% | |
Aa / AA | 47.35% | |
A / A | 31.73% | |
Baa / BBB | 7.45% | |
NR / Other | 1.23% | |
100.00% |
Average Annual Total Return for the years ended December 31, 2021 | |||||||
(Inception date 1/1/80) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
Elfun Tax-Exempt Income Fund | 1.44% | 3.76% | 3.51% | $14,117 | |||
Bloomberg U.S. Municipal Bond Index | 1.52% | 4.17% | 3.72% | $14,414 |
(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. |
60 | Elfun Tax-Exempt Income Fund |
Elfun Tax-Exempt Income Fund | 61 |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value July 1, 2021 | $1,000.00 | $1,000.00 | |
Ending Account value December 31, 2021 | $1,004.20 | $1,024.10 | |
Expenses Paid During Period* | $ 1.06 | $ 1.07 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.21%** (for the period July 1, 2021 - December 31, 2021), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
62 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
Municipal Bonds and Notes - 98.9% † | ||
Alabama - 0.8% | ||
Auburn University Revenue | ||
5.00% 06/01/34 | $ 2,330,000 | $ 2,911,486 |
City of Montgomery GO, | ||
5.00% 12/01/30 | 550,000 | 725,861 |
The Health Care Authority of the City of Huntsville Revenue (AGM Insured) | ||
3.00% 06/01/50 | 1,000,000 | 1,057,353 |
The Health Care Authority of the City of Huntsville Revenue | ||
5.00% 06/01/37 | 2,500,000 | 3,180,756 |
The Water Works Board of the City of Birmingham Revenue | ||
5.00% 01/01/30 | 1,350,000 | 1,625,553 |
9,501,009 | ||
Alaska - 0.2% | ||
Alaska Housing Finance Corp. Revenue | ||
5.00% 12/01/27 (a) | 2,115,000 | 2,156,673 |
Arizona - 1.8% | ||
5.00% 07/01/26 | 895,000 | 1,067,032 |
City of Phoenix Civic Improvement Corp. Revenue | ||
5.00% 07/01/30 | 1,475,000 | 1,814,295 |
City of Phoenix Civic Improvement Corp. Revenue (NPFG Insured) | ||
5.50% 07/01/23 - 07/01/24 | 7,260,000 | 7,992,154 |
Maricopa County Industrial Development Authority Revenue | ||
4.00% 01/01/41 | 3,000,000 | 3,421,492 |
Maricopa County Unified School District No 090 Saddle Mountain GO, (AGM Insured) | ||
5.00% 07/01/32 | 1,675,000 | 2,127,473 |
The Industrial Development Authority of the County of Pima Revenue | ||
5.00% 04/01/32 | 350,000 | 460,289 |
The University of Arizona Revenue | ||
5.00% 06/01/46 | 5,000,000 | 5,834,732 |
22,717,467 | ||
Arkansas - 0.3% | ||
University of Arkansas Revenue | ||
5.00% 11/01/46 - 11/01/47 | 3,580,000 | 4,352,133 |
California - 10.5% | ||
California Health Facilities Financing Authority Revenue | ||
5.00% 11/15/39 - 11/15/49 | 6,315,000 | 7,378,765 |
California State Public Works Board Revenue | ||
5.25% 09/01/29 | 10,160,000 | 10,944,778 |
California State University Revenue | ||
4.00% 11/01/45 | 5,900,000 | 6,606,700 |
City & County of San Francisco GO, | ||
4.00% 06/15/44 | 1,395,000 | 1,638,745 |
City of Los Angeles CA Wastewater System Revenue | ||
5.00% 06/01/43 | 10,000,000 | 12,321,113 |
City of Los Angeles Department of Airports Revenue | ||
5.00% 05/15/29 - 05/15/36 | 3,270,000 | 4,156,656 |
Principal Amount | Fair Value | |
City of Vernon CA Electric System Revenue Revenue | ||
5.00% 04/01/26 | $ 500,000 | $ 585,045 |
County of Sacramento CA Airport System Revenue Revenue | ||
4.00% 07/01/37 | 2,000,000 | 2,380,509 |
Fresno Unified School District GO, | ||
4.00% 08/01/47 (a) | 5,000,000 | 5,472,335 |
Los Angeles Department of Water & Power Power System Revenue | ||
5.00% 07/01/48 | 5,500,000 | 6,788,806 |
Mount San Antonio Community College District GO, | ||
4.00% 08/01/49 | 3,000,000 | 3,531,460 |
Norman Y Mineta San Jose International Airport SJC Revenue | ||
5.00% 03/01/30 | 500,000 | 639,623 |
Palmdale Elementary School District GO, | ||
5.25% 08/01/42 | 1,495,000 | 1,825,855 |
San Diego County Regional Airport Authority Revenue | ||
5.00% 07/01/30 - 07/01/51 | 3,250,000 | 4,171,137 |
San Diego Public Facilities Financing Authority Revenue | ||
5.00% 08/01/31 | 1,030,000 | 1,227,531 |
San Diego Public Facilities Financing Authority Sewer Revenue | ||
5.00% 05/15/39 | 1,750,000 | 2,061,532 |
San Francisco Bay Area Rapid Transit District GO, | ||
3.00% 08/01/37 | 3,250,000 | 3,589,139 |
San Francisco City & County Airport Comm-San Francisco International Airport Revenue | ||
5.00% 05/01/36 - 05/01/49 | 10,065,000 | 12,614,386 |
5.00% 05/01/43 | 1,450,000 | 1,757,753 |
State of California GO, | ||
4.00% 10/01/35 - 04/01/49 | 1,700,000 | 2,044,785 |
5.00% 02/01/31 - 08/01/46 | 14,220,000 | 16,037,988 |
5.25% 04/01/35 | 2,750,000 | 2,783,119 |
State of California Department of Water Resources Revenue | ||
5.00% 12/01/29 (a) | 8,120,000 | 9,213,658 |
Union Sanitary District Financing Authority Revenue | ||
3.00% 09/01/38 | 1,225,000 | 1,362,951 |
University of California Revenue | ||
5.00% 05/15/38 - 05/15/48 | 9,000,000 | 10,378,447 |
131,512,816 | ||
Colorado - 2.2% | ||
City & County of Denver Airport System Revenue | ||
5.00% 12/01/27 | 2,000,000 | 2,445,717 |
Colorado Health Facilities Authority Revenue | ||
4.00% 08/01/49 | 5,100,000 | 5,826,873 |
5.00% 06/01/47 (a) | 1,750,000 | 2,131,042 |
Metro Wastewater Reclamation District Revenue | ||
5.00% 04/01/27 (a) | 1,730,000 | 1,750,348 |
Regional Transportation District Sales Tax Revenue | ||
4.25% 11/01/36 | 3,405,000 | 4,556,572 |
5.00% 11/01/29 | 7,925,000 | 10,256,756 |
26,967,308 |
Elfun Tax-Exempt Income Fund | 63 |
Principal Amount | Fair Value | |
Connecticut - 4.2% | ||
Connecticut State Health & Educational Facilities Authority Revenue | ||
1.10% 07/01/48 | $ 1,000,000 | $ 1,009,104 |
5.00% 07/01/29 - 07/01/46 | 7,000,000 | 8,230,240 |
South Central Connecticut Regional Water Authority Revenue | ||
5.00% 08/01/27 - 08/01/28 (a) | 2,195,000 | 2,358,671 |
State of Connecticut GO, | ||
3.00% 06/01/38 | 1,850,000 | 2,038,162 |
4.00% 01/15/28 - 01/15/30 (b) | 875,000 | 1,044,572 |
4.00% 08/01/33 | 1,000,000 | 1,109,098 |
State of Connecticut Special Tax Revenue | ||
5.00% 10/01/27 - 10/01/36 | 23,325,000 | 25,738,339 |
State of Connecticut Revenue | ||
5.00% 05/01/29 | 1,000,000 | 1,278,220 |
State of Connecticut Clean Water Fund - State Revolving Fund Revenue | ||
5.00% 05/01/37 | 7,000,000 | 8,430,066 |
State of Connecticut Special Tax Revenue Revenue | ||
4.00% 11/01/38 | 215,000 | 261,327 |
University of Connecticut GO, | ||
5.00% 04/15/30 | 505,000 | 625,402 |
52,123,201 | ||
Delaware - 0.6% | ||
Delaware Transportation Authority Revenue | ||
5.00% 06/01/45 | 6,680,000 | 7,562,652 |
District of Columbia - 4.1% | ||
District of Columbia GO, | ||
4.00% 10/15/39 - 10/15/44 | 9,485,000 | 11,143,987 |
5.00% 06/01/38 | 3,000,000 | 3,308,318 |
District of Columbia Revenue | ||
5.00% 04/01/42 (a) | 6,250,000 | 7,610,491 |
District of Columbia Water & Sewer Authority Revenue | ||
5.00% 10/01/27 | 1,000,000 | 1,241,394 |
Metropolitan Washington Airports Authority Revenue | ||
5.00% 10/01/29 - 10/01/32 | 5,130,000 | 6,569,727 |
Metropolitan Washington Airports Authority Aviation Revenue Revenue | ||
4.00% 10/01/51 | 2,000,000 | 2,339,004 |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue | ||
5.00% 10/01/44 | 5,000,000 | 6,171,995 |
Washington Convention & Sports Authority Revenue | ||
5.00% 10/01/28 - 10/01/30 | 1,360,000 | 1,748,197 |
Washington Convention & Sports Authority Tax Allocation Revenue., | ||
5.00% 10/01/29 | 750,000 | 959,397 |
Washington Metropolitan Area Transit Authority Revenue | ||
5.00% 07/15/29 - 07/01/43 | 8,875,000 | 10,716,071 |
51,808,581 |
Principal Amount | Fair Value | |
Florida - 1.6% | ||
Central Florida Expressway Authority Revenue (AGM Insured) | ||
5.00% 07/01/28 | $ 500,000 | $ 629,838 |
County of Broward FL Port Facilities Revenue | ||
4.00% 09/01/38 | 1,000,000 | 1,141,430 |
County of Miami-Dade FL Water & Sewer System Revenue | ||
5.00% 10/01/28 - 10/01/43 | 6,000,000 | 7,411,586 |
Escambia County Health Facilities Authority Revenue | ||
4.00% 08/15/50 | 1,000,000 | 1,118,288 |
Greater Orlando Aviation Authority Revenue | ||
5.00% 10/01/54 | 1,450,000 | 1,766,373 |
Martin County Health Facilities Authority Revenue | ||
4.00% 01/01/46 | 5,000,000 | 5,759,026 |
Miami Beach Health Facilities Authority Revenue | ||
5.00% 11/15/33 | 1,180,000 | 1,544,886 |
University of Florida Department of Housing & Residence Education Hsg Sys Revenue | ||
5.00% 07/01/29 | 1,000,000 | 1,278,646 |
20,650,073 | ||
Georgia - 5.6% | ||
City of Atlanta GA Airport Passenger Facility Charge Revenue | ||
5.00% 01/01/32 - 01/01/34 | 8,500,000 | 9,248,721 |
City of Atlanta GA Department of Aviation Revenue | ||
5.00% 07/01/30 - 07/01/32 | 1,590,000 | 2,086,510 |
City of Atlanta GA Water & Wastewater Revenue | ||
5.00% 11/01/40 - 11/01/41 | 6,070,000 | 7,447,718 |
5.25% 11/01/30 (a) | 5,690,000 | 6,203,978 |
City of Atlanta GA Water & Wastewater Revenue (AGM Insured) | ||
5.75% 11/01/27 - 11/01/30 | 9,500,000 | 12,664,729 |
Development Authority of Gwinnett County Revenue | ||
5.00% 07/01/37 - 07/01/40 | 9,325,000 | 11,186,879 |
Georgia Ports Authority Revenue | ||
4.00% 07/01/37 | 2,250,000 | 2,760,321 |
Municipal Electric Authority of Georgia Revenue | ||
5.00% 01/01/35 | 5,500,000 | 6,164,161 |
Private Colleges & Universities Authority Revenue | ||
5.00% 10/01/29 | 550,000 | 700,760 |
State of Georgia GO, | ||
4.00% 07/01/36 | 10,000,000 | 11,766,978 |
70,230,755 | ||
Hawaii - 0.5% | ||
State of Hawaii GO, | ||
5.00% 01/01/36 | 4,850,000 | 6,095,083 |
Illinois - 4.0% | ||
Chicago O'Hare International Airport Revenue | ||
5.00% 01/01/46 - 01/01/48 | 7,000,000 | 8,421,789 |
5.25% 01/01/42 | 8,000,000 | 9,591,481 |
Chicago Transit Authority Capital Grant Receipts Revenue | ||
5.00% 06/01/29 | 250,000 | 317,679 |
64 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
Illinois Finance Authority Revenue | ||
5.00% 07/15/32 - 07/01/35 | $ 2,350,000 | $ 3,085,050 |
Illinois Finance Authority Revenue | ||
5.00% 07/01/37 | 3,000,000 | 3,815,583 |
Metropolitan Pier & Exposition Authority Revenue (NPFG Insured) | ||
5.65% 06/15/22 (c) | 4,305,000 | 4,408,432 |
State of Illinois GO, | ||
5.00% 03/01/26 - 12/01/32 | 15,750,000 | 17,974,759 |
5.13% 05/01/22 | 500,000 | 507,897 |
State of Illinois Sales Tax Revenue | ||
4.00% 06/15/27 | 1,000,000 | 1,152,292 |
5.00% 06/15/28 | 500,000 | 614,473 |
49,889,435 | ||
Indiana - 0.7% | ||
Ball State University Revenue | ||
5.00% 07/01/29 | 500,000 | 641,392 |
Indianapolis Local Public Improvement Bond Bank Revenue | ||
4.00% 02/01/44 | 6,500,000 | 7,581,919 |
8,223,311 | ||
Iowa - 0.2% | ||
Board Of Regents State Of Iowa Revenue | ||
3.00% 09/01/30 | 1,000,000 | 1,112,405 |
State of Iowa GO, | ||
5.00% 06/01/29 | 250,000 | 321,566 |
West Des Moines Community School District GO, | ||
5.00% 05/01/28 | 1,000,000 | 1,248,788 |
2,682,759 | ||
Kentucky - 1.2% | ||
Kentucky State Property & Building Commission Revenue | ||
5.00% 02/01/33 - 04/01/37 | 11,705,000 | 13,816,220 |
University of Louisville Revenue (BAM Insured) | ||
5.00% 09/01/28 | 1,045,000 | 1,314,105 |
15,130,325 | ||
Louisiana - 0.1% | ||
City of New Orleans GO, | ||
5.00% 12/01/32 | 1,000,000 | 1,304,640 |
Maine - 0.1% | ||
Maine Turnpike Authority Revenue | ||
5.00% 07/01/42 | 1,000,000 | 1,023,603 |
Maryland - 2.9% | ||
City of Baltimore Revenue | ||
5.00% 07/01/35 - 07/01/46 | 14,415,000 | 17,358,160 |
5.00% 07/01/38 (a) | 9,375,000 | 10,248,478 |
County of Anne Arundel GO, | ||
5.00% 10/01/28 | 500,000 | 600,306 |
County of Baltimore GO, | ||
5.00% 03/01/33 | 1,000,000 | 1,269,052 |
Principal Amount | Fair Value | |
County of Montgomery GO, | ||
4.00% 11/01/28 | $ 1,485,000 | $ 1,795,573 |
County of St Mary's GO, | ||
5.00% 05/01/28 | 1,290,000 | 1,620,857 |
Maryland State Transportation Authority Revenue | ||
5.00% 06/01/28 | 2,000,000 | 2,471,899 |
State of Maryland GO, | ||
5.00% 08/01/25 | 1,000,000 | 1,161,515 |
36,525,840 | ||
Massachusetts - 3.4% | ||
Commonwealth of Massachusetts GO, | ||
4.00% 05/01/44 | 3,045,000 | 3,510,533 |
5.00% 03/01/46 | 7,000,000 | 7,683,471 |
5.25% 09/01/43 - 04/01/47 | 19,325,000 | 24,409,762 |
Massachusetts Development Finance Agency Revenue | ||
4.00% 06/01/49 | 1,000,000 | 1,144,800 |
Massachusetts Municipal Wholesale Electric Co. Revenue | ||
4.00% 07/01/27 | 500,000 | 585,489 |
Massachusetts Port Authority Revenue | ||
5.00% 07/01/31 | 500,000 | 657,310 |
Massachusetts Water Resources Authority Revenue | ||
5.00% 08/01/32 (a) | 4,140,000 | 4,448,700 |
42,440,065 | ||
Michigan - 1.4% | ||
Bloomfield Hills School District GO, | ||
4.00% 05/01/45 | 1,000,000 | 1,177,597 |
Michigan Finance Authority Revenue | ||
5.00% 12/01/47 (a) | 4,000,000 | 4,173,224 |
5.00% 11/15/48 | 3,500,000 | 4,330,721 |
State of Michigan Revenue | ||
5.00% 03/15/27 | 4,415,000 | 5,376,529 |
State of Michigan Trunk Line Revenue | ||
5.00% 11/15/35 | 750,000 | 1,008,214 |
University of Michigan Revenue | ||
5.00% 04/01/46 | 1,000,000 | 1,170,747 |
17,237,032 | ||
Minnesota - 1.3% | ||
City of Rochester Revenue | ||
4.00% 11/15/48 | 5,330,000 | 6,110,428 |
City of St Cloud Revenue | ||
5.00% 05/01/48 | 2,000,000 | 2,447,645 |
Minneapolis Special School District No 1 GO, | ||
5.00% 02/01/38 | 1,435,000 | 1,882,536 |
University of Minnesota Revenue | ||
5.00% 09/01/39 | 4,350,000 | 5,306,213 |
15,746,822 |
Elfun Tax-Exempt Income Fund | 65 |
Principal Amount | Fair Value | |
Mississippi - 0.3% | ||
State of Mississippi GO, | ||
5.00% 10/01/36 | $ 3,000,000 | $ 3,761,316 |
Missouri - 2.0% | ||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue | ||
5.00% 10/01/44 (a) | 8,010,000 | 8,297,018 |
City of Kansas City MO Sanitary Sewer System Revenue | ||
4.00% 01/01/40 | 1,725,000 | 1,878,922 |
City of St Louis MO Airport Revenue (AGM Insured) | ||
5.00% 07/01/27 | 1,500,000 | 1,814,439 |
Health & Educational Facilities Authority of the State of Missouri Revenue | ||
4.00% 07/01/28 - 11/15/48 | 4,190,000 | 4,904,468 |
Kansas City Industrial Development Authority Revenue | ||
5.00% 03/01/30 | 2,605,000 | 3,295,548 |
Metropolitan St Louis Sewer District Revenue | ||
5.00% 05/01/45 (a) | 480,000 | 550,542 |
5.00% 05/01/45 - 05/01/46 | 2,520,000 | 2,939,847 |
Platte County Reorganized School District No R-3 GO, | ||
5.00% 03/01/32 | 1,000,000 | 1,361,518 |
25,042,302 | ||
Nebraska - 0.1% | ||
Nebraska Public Power District Revenue | ||
5.00% 01/01/32 | 500,000 | 658,344 |
Omaha School District GO, | ||
3.00% 12/15/32 | 1,000,000 | 1,149,536 |
1,807,880 | ||
New Hampshire - 0.0% * | ||
New Hampshire Business Finance Authority Revenue | ||
5.00% 08/15/27 | 250,000 | 304,206 |
New Jersey - 7.1% | ||
New Hampshire Municipal Bond Bank Revenue | ||
3.00% 02/15/32 | 1,205,000 | 1,362,603 |
New Jersey Economic Development Authority Revenue | ||
5.00% 11/01/29 - 06/15/43 | 12,750,000 | 15,189,134 |
5.25% 06/15/40 (a) | 220,000 | 256,135 |
New Jersey Educational Facilities Authority Revenue | ||
5.50% 09/01/30 - 09/01/33 | 14,700,000 | 17,682,736 |
New Jersey Health Care Facilities Financing Authority Revenue | ||
4.00% 07/01/35 | 750,000 | 913,956 |
5.00% 07/01/44 | 1,585,000 | 1,752,783 |
New Jersey Health Care Facilities Financing Authority Revenue (AGM Insured) | ||
4.13% 07/01/38 | 6,215,000 | 6,720,431 |
New Jersey Transportation Trust Fund Authority Revenue | ||
5.00% 06/15/30 - 06/15/45 | 10,750,000 | 13,045,984 |
New Jersey Turnpike Authority Revenue | ||
4.00% 01/01/48 | 5,000,000 | 5,750,511 |
5.00% 01/01/33 - 01/01/45 | 15,400,000 | 17,520,239 |
Principal Amount | Fair Value | |
5.00% 01/01/38 (a) | $ 4,000,000 | $ 4,095,943 |
State of New Jersey GO, | ||
5.00% 06/01/27 - 06/01/40 | 3,500,000 | 4,250,304 |
88,540,759 | ||
New York - 10.5% | ||
City of New York GO, | ||
5.00% 08/01/26 - 04/01/43 | 7,500,000 | 9,128,680 |
Hudson Yards Infrastructure Corp. Revenue | ||
4.00% 02/15/44 | 5,830,000 | 6,577,821 |
5.00% 02/15/34 - 02/15/45 | 12,000,000 | 14,365,769 |
Metropolitan Transportation Authority Revenue | ||
4.00% 11/15/48 | 1,000,000 | 1,145,040 |
5.00% 11/15/29 - 11/15/37 | 7,960,000 | 8,636,864 |
5.25% 11/15/55 | 1,000,000 | 1,233,536 |
Metropolitan Transportation Authority Revenue (AGM Insured) | ||
4.00% 11/15/49 | 5,000,000 | 5,737,241 |
New York City Transitional Finance Authority Building Aid Revenue | ||
5.00% 07/15/36 | 6,000,000 | 7,455,310 |
New York City Transitional Finance Authority Future Tax Secured Revenue | ||
4.00% 11/01/42 | 5,000,000 | 5,853,024 |
5.00% 02/01/41 - 02/01/43 | 17,500,000 | 20,229,809 |
New York City Water & Sewer System Revenue | ||
5.00% 06/15/49 | 6,460,000 | 8,003,191 |
New York Liberty Development Corp. Revenue | ||
4.00% 02/15/43 | 1,000,000 | 1,167,599 |
New York State Dormitory Authority Revenue | ||
4.00% 08/01/38 - 07/01/41 | 6,655,000 | 7,631,761 |
5.00% 03/15/45 | 12,500,000 | 15,292,985 |
5.00% 07/01/46 (a) | 4,000,000 | 4,917,667 |
New York State Thruway Authority Revenue | ||
4.00% 01/01/38 | 2,500,000 | 2,928,217 |
Port Authority of New York & New Jersey Revenue | ||
3.00% 10/01/28 | 1,000,000 | 1,118,162 |
5.00% 07/15/33 - 09/01/48 | 7,000,000 | 8,582,061 |
St Lawrence County Industrial Development Agency Revenue | ||
5.00% 09/01/32 | 250,000 | 321,883 |
The New York City Trust for Cultural Resources Revenue | ||
4.00% 12/01/35 | 500,000 | 601,321 |
130,927,941 | ||
North Carolina - 0.8% | ||
County of Mecklenburg GO, | ||
5.00% 03/01/28 | 1,050,000 | 1,318,633 |
County of Wake Revenue | ||
5.00% 03/01/28 | 1,285,000 | 1,609,359 |
North Carolina Capital Facilities Finance Agency Revenue | ||
4.00% 10/01/44 | 2,000,000 | 2,247,466 |
The University of North Carolina at Charlotte Revenue | ||
5.00% 10/01/47 | 3,545,000 | 4,289,667 |
9,465,125 |
66 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
North Dakota - 0.0% * | ||
City of Grand Forks Revenue | ||
5.00% 12/01/27 | $ 250,000 | $ 304,914 |
Ohio - 5.9% | ||
City of Columbus GO, | ||
5.00% 07/01/26 - 08/15/30 (a) | 18,055,000 | 19,349,509 |
5.00% 04/01/28 | 1,095,000 | 1,374,399 |
County of Franklin Revenue | ||
5.00% 12/01/47 | 1,125,000 | 1,365,800 |
Northeast Ohio Regional Sewer District Revenue | ||
3.00% 11/15/34 | 1,385,000 | 1,557,544 |
4.00% 11/15/43 | 7,550,000 | 8,754,603 |
5.00% 11/15/38 (a) | 12,000,000 | 12,780,280 |
Ohio Turnpike & Infrastructure Commission Revenue | ||
5.25% 02/15/39 | 18,250,000 | 19,218,518 |
Ohio Water Development Authority Revenue | ||
5.00% 12/01/38 | 2,000,000 | 2,568,470 |
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue | ||
3.00% 12/01/34 | 1,770,000 | 1,998,619 |
4.00% 12/01/37 | 1,000,000 | 1,240,236 |
University of Cincinnati Revenue | ||
5.00% 06/01/45 | 3,500,000 | 4,240,857 |
74,448,835 | ||
Oklahoma - 0.5% | ||
Oklahoma Capitol Improvement Authority Revenue | ||
5.00% 07/01/28 - 07/01/29 | 5,000,000 | 5,555,180 |
Oklahoma State University Revenue | ||
5.00% 09/01/29 | 250,000 | 322,022 |
5,877,202 | ||
Oregon - 0.5% | ||
City of Eugene OR Water Utility System Revenue | ||
4.00% 08/01/45 | 1,000,000 | 1,104,996 |
City of Portland OR Sewer System Revenue | ||
3.00% 03/01/37 | 975,000 | 1,085,327 |
Oregon Health & Science University Revenue | ||
5.00% 07/01/29 - 07/01/36 | 1,000,000 | 1,296,196 |
Port of Portland OR Airport Revenue | ||
5.00% 07/01/29 | 1,890,000 | 2,390,266 |
5,876,785 | ||
Pennsylvania - 5.9% | ||
Allegheny County Airport Authority Revenue | ||
4.00% 01/01/39 | 2,000,000 | 2,341,166 |
5.00% 01/01/35 | 3,000,000 | 3,845,312 |
Allegheny County Hospital Development Authority Revenue | ||
4.00% 07/15/39 | 1,500,000 | 1,745,784 |
Avon Grove School District Chester County GO, | ||
4.00% 11/15/35 | 500,000 | 595,881 |
Principal Amount | Fair Value | |
City of Philadelphia GO, | ||
5.00% 02/01/24 - 08/01/36 | $ 10,105,000 | $ 11,944,922 |
City of Philadelphia PA Water & Wastewater Revenue | ||
5.00% 10/01/43 - 10/01/47 | 15,000,000 | 18,488,340 |
City of Philadelphia, Pennsylvania Airport Revenue | ||
5.00% 07/01/27 | 1,250,000 | 1,512,033 |
City of Pittsburgh GO, | ||
5.00% 09/01/32 | 250,000 | 321,187 |
Delaware River Joint Toll Bridge Commission Revenue | ||
5.00% 07/01/26 | 1,000,000 | 1,190,746 |
Delaware River Port Authority Revenue | ||
5.00% 01/01/29 - 01/01/40 | 9,600,000 | 11,186,681 |
Erie City Water Authority Revenue (BAM Insured) | ||
5.00% 12/01/33 | 1,110,000 | 1,426,389 |
General Authority of Southcentral Pennsylvania Revenue | ||
4.00% 06/01/49 | 3,015,000 | 3,444,852 |
Montgomery County Higher Education and Health Authority Revenue | ||
4.00% 09/01/49 | 3,000,000 | 3,404,506 |
Pennsylvania Economic Development Financing Authority Revenue | ||
4.00% 11/15/42 | 5,000,000 | 5,675,353 |
Pennsylvania Turnpike Commission Revenue | ||
5.00% 12/01/32 | 510,000 | 688,405 |
Pittsburgh School District GO, | ||
3.00% 09/01/38 | 1,995,000 | 2,172,057 |
The School District of Philadelphia GO, | ||
4.00% 09/01/38 | 1,750,000 | 2,042,116 |
5.00% 09/01/27 | 1,000,000 | 1,214,466 |
73,240,196 | ||
Rhode Island - 1.0% | ||
Rhode Island Health and Educational Building Corp. Revenue | ||
4.00% 05/15/34 (b) | 1,400,000 | 1,719,143 |
5.00% 09/01/43 | 5,000,000 | 5,349,223 |
Rhode Island Health and Educational Building Corp. Revenue, (BAM Insured) | ||
4.00% 05/15/38 | 2,500,000 | 2,998,452 |
Rhode Island Health and Educational Building Corp. Revenue (BAM Insured) | ||
5.00% 05/15/29 | 200,000 | 255,856 |
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund Revenue | ||
5.00% 10/01/28 (a) | 2,200,000 | 2,568,374 |
12,891,048 | ||
South Carolina - 1.8% | ||
City of Columbia SC Waterworks & Sewer System Revenue | ||
5.00% 02/01/49 (a) | 4,000,000 | 5,113,865 |
County of Charleston GO, | ||
3.00% 11/01/33 | 1,000,000 | 1,155,533 |
Piedmont Municipal Power Agency Revenue | ||
5.00% 01/01/25 | 2,315,000 | 2,315,000 |
Elfun Tax-Exempt Income Fund | 67 |
Principal Amount | Fair Value | |
South Carolina Public Service Authority Revenue | ||
5.00% 12/01/37 - 12/01/38 | $ 12,000,000 | $ 14,055,200 |
22,639,598 | ||
Tennessee - 1.4% | ||
City of Memphis GO, | ||
4.00% 05/01/35 - 06/01/46 | 7,400,000 | 8,597,305 |
5.00% 05/01/28 | 1,000,000 | 1,254,375 |
City of Memphis TN Sanitary Sewerage System Revenue | ||
5.00% 10/01/36 | 1,000,000 | 1,308,074 |
City of Murfreesboro GO, | ||
3.00% 06/01/35 | 1,000,000 | 1,113,197 |
County of Shelby GO, | ||
3.13% 04/01/32 | 1,500,000 | 1,699,710 |
Memphis-Shelby County Airport Authority Revenue | ||
5.00% 07/01/31 | 375,000 | 492,206 |
The Metropolitan Nashville Airport Authority Revenue | ||
5.00% 07/01/33 - 07/01/54 | 2,800,000 | 3,499,519 |
17,964,386 | ||
Texas - 8.6% | ||
Arlington Higher Education Finance Corp. Revenue | ||
5.00% 08/15/28 | 500,000 | 625,544 |
Board of Regents of the University of Texas System Revenue | ||
5.00% 08/15/26 | 10,000,000 | 12,002,067 |
City of Austin TX Airport System Revenue | ||
5.00% 11/15/46 | 3,000,000 | 3,563,740 |
City of Austin TX Water & Wastewater System Revenue | ||
5.00% 11/15/33 - 11/15/42 | 14,345,000 | 15,115,102 |
City of Dallas GO, | ||
5.00% 02/15/29 | 860,000 | 1,094,847 |
City of Dallas TX Waterworks & Sewer System Revenue | ||
5.00% 10/01/46 | 3,550,000 | 4,292,102 |
City of Fort Worth GO, | ||
4.00% 03/01/31 | 1,000,000 | 1,218,105 |
City of Houston GO, | ||
5.00% 03/01/30 | 300,000 | 391,859 |
City of Houston TX Airport System Revenue | ||
5.00% 07/01/28 - 07/01/30 | 2,300,000 | 2,914,071 |
City of Houston TX Combined Utility System Revenue | ||
5.00% 05/15/28 | 5,000,000 | 5,522,334 |
City of Plano GO, | ||
5.00% 09/01/29 | 1,500,000 | 1,947,483 |
City of San Antonio TX Airport System Revenue | ||
5.00% 07/01/28 | 1,000,000 | 1,236,198 |
City of Temple TX Utility System Revenue | ||
3.00% 08/01/35 | 1,000,000 | 1,112,639 |
County of Harris GO, | ||
5.00% 10/01/30 | 1,000,000 | 1,297,946 |
Dallas Fort Worth International Airport Revenue | ||
4.00% 11/01/35 | 1,445,000 | 1,744,696 |
5.25% 11/01/29 | 5,000,000 | 5,439,154 |
Principal Amount | Fair Value | |
Dallas Independent School District GO, | ||
5.00% 02/15/34 | $ 885,000 | $ 1,116,738 |
Forney Independent School District GO, | ||
3.00% 02/15/32 | 1,000,000 | 1,129,147 |
Fort Bend Independent School District GO, | ||
5.00% 08/15/30 | 300,000 | 394,950 |
Frisco Independent School District GO, | ||
4.00% 02/15/35 | 1,000,000 | 1,220,980 |
Love Field Airport Modernization Corp. Revenue | ||
5.00% 11/01/29 | 1,500,000 | 1,896,334 |
Lower Colorado River Authority Revenue | ||
5.00% 05/15/44 | 2,000,000 | 2,355,999 |
North Texas Municipal Water District Water System Revenue | ||
3.00% 09/01/34 | 1,500,000 | 1,680,595 |
North Texas Tollway Authority Revenue | ||
5.00% 01/01/26 - 01/01/48 | 8,000,000 | 9,566,430 |
Port Authority of Houston of Harris County Texas Revenue | ||
5.00% 10/01/29 | 500,000 | 646,868 |
Round Rock Independent School District GO, | ||
5.00% 08/01/32 | 2,725,000 | 3,417,188 |
San Antonio Water System Revenue | ||
5.00% 05/15/31 | 750,000 | 1,002,016 |
Southwest Independent School District GO, | ||
3.00% 02/01/34 | 500,000 | 561,130 |
Tarrant County College District, Texas General Obligation Bond, Series 2020 GO, | ||
5.00% 08/15/28 | 1,000,000 | 1,267,897 |
Texas A&M University Revenue | ||
4.00% 05/15/32 | 1,890,000 | 2,356,782 |
Texas Municipal Power Agency Revenue (AGM Insured) | ||
3.00% 09/01/28 | 275,000 | 299,664 |
Texas Transportation Commission State Highway Fund Revenue | ||
5.00% 04/01/23 | 10,750,000 | 11,389,249 |
Texas Water Development Board Revenue | ||
3.00% 10/15/33 | 1,000,000 | 1,130,392 |
The Harris County Toll Road Authority Revenue | ||
4.00% 08/15/37 | 2,000,000 | 2,421,391 |
Upper Trinity Regional Water District Revenue (BAM Insured) | ||
4.00% 08/01/29 | 400,000 | 484,011 |
Waco Educational Finance Corp. Revenue | ||
5.00% 03/01/30 | 400,000 | 518,135 |
West Harris County Regional Water Authority Revenue(BAM Insured) | ||
4.00% 12/15/33 | 1,000,000 | 1,236,404 |
West Harris County Regional Water Authority Revenue | ||
5.00% 12/15/30 | 1,300,000 | 1,682,879 |
107,293,066 | ||
Utah - 0.8% | ||
Central Valley Water Reclamation Facility Revenue | ||
3.00% 03/01/30 | 1,145,000 | 1,285,930 |
68 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
City of Salt Lake City Public Utiities Revenue | ||
4.00% 02/01/45 | $ 1,530,000 | $ 1,784,418 |
City of Salt Lake City UT Airport Revenue | ||
5.00% 07/01/29 | 1,000,000 | 1,204,735 |
County of Utah Revenue | ||
5.00% 05/15/50 | 2,000,000 | 2,507,638 |
Utah Transit Authority Revenue | ||
5.00% 06/15/42 (a) | 3,045,000 | 3,111,409 |
9,894,130 | ||
Vermont - 0.1% | ||
University of Vermont and State Agricultural College Revenue | ||
5.00% 10/01/37 | 920,000 | 1,319,568 |
Virginia - 2.2% | ||
County of Arlington GO, | ||
5.00% 08/01/28 | 1,760,000 | 2,230,626 |
County of Fairfax GO, | ||
4.00% 10/01/35 | 6,645,000 | 7,803,247 |
Norfolk Airport Authority Revenue | ||
5.00% 07/01/28 | 455,000 | 567,944 |
University of Virginia Revenue | ||
5.00% 04/01/47 | 6,000,000 | 7,242,170 |
Virginia Commonwealth University Health System Authority Revenue | ||
5.00% 07/01/46 | 1,000,000 | 1,205,570 |
Virginia Resources Authority Revenue | ||
4.00% 11/01/41 | 5,585,000 | 6,294,495 |
5.00% 11/01/46 | 1,720,000 | 2,032,802 |
27,376,854 | ||
Washington - 1.3% | ||
City of Seattle WA Drainage & Wastewater Revenue | ||
4.00% 09/01/38 | 2,160,000 | 2,661,532 |
County of King WA Sewer Revenue Revenue | ||
4.00% 01/01/44 | 1,400,000 | 1,653,373 |
Pierce & King Counties School District No 417 Fife GO, | ||
4.00% 12/01/35 | 1,450,000 | 1,737,518 |
Snohomish County School District No 6 Mukilteo GO, | ||
3.00% 12/01/37 | 2,000,000 | 2,215,767 |
Spokane County School District No 81 Spokane GO, | ||
4.00% 12/01/39 | 1,000,000 | 1,219,095 |
State of Washington GO, | ||
4.00% 06/01/33 | 1,985,000 | 2,464,349 |
5.00% 08/01/34 - 02/01/39 | 3,500,000 | 4,398,117 |
16,349,751 | ||
Wisconsin - 0.4% | ||
City of Milwaukee WI Sewerage System Revenue | ||
5.00% 06/01/29 | 400,000 | 513,189 |
Public Finance Authority Revenue | ||
5.00% 06/01/29 - 06/01/30 | 325,000 | 410,491 |
State of Wisconsin GO, | ||
4.00% 05/01/40 | 1,975,000 | 2,309,940 |
Principal Amount | Fair Value | |
University of Wisconsin Hospitals & Clinics Revenue | ||
5.00% 04/01/28 | $ 500,000 | $ 622,752 |
Wisconsin Department of Transportation Revenue | ||
5.00% 07/01/32 | 1,000,000 | 1,311,902 |
5,168,274 | ||
Total Municipal Bonds and Notes (Cost $1,153,944,441) | 1,236,375,719 | |
Short-Term Investments - 0.3% | ||
State Street Institutional Treasury Plus Fund - Premier Class 0.01% (d)(e) (Cost $3,950,909) | 3,950,909 | 3,950,909 |
Total Investments (Cost $1,157,895,350) | 1,240,326,628 | |
Other Assets and Liabilities, net - 0.8% | 10,174,057 | |
NET ASSETS - 100.0% | $ 1,250,500,685 |
(a) | Pre-refunded bonds are collateralized by U.S. Treasury securities, which are held in escrow by a trustee and are used to pay principal and interest on the tax-exempt issue to retire the bonds at the earliest refunding date. |
(b) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
(c) | 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) | 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 December 31, 2021. |
* | Less than 0.05%. |
Elfun Tax-Exempt Income Fund | 69 |
Abbreviations: |
BAM - Build America Mutual Assurance Company |
NPFG - National Public Finance Guaranty Corporation |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Municipal Bonds and Notes | $ — | $ 1,236,375,719 | $ — | $ 1,236,375,719 | |||
Short-Term Investments | 3,950,909 | — | — | 3,950,909 | |||
Total Investments in Securities | $ 3,950,909 | $ 1,236,375,719 | $ — | $ 1,240,326,628 |
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 12/31/21 | Value at 12/31/21 | Dividend Income | |
State Street Institutional Treasury Plus Fund - Premier Class | 7,432,447 | $7,432,447 | $307,278,901 | $310,760,439 | $— | $— | 3,950,909 | $3,950,909 | $2,660 |
70 | Elfun Tax-Exempt Income Fund |
Elfun Income Fund | 71 |
Sector Allocation |
Portfolio composition as a % of Fair Value of $240,211 (in thousands) as of December 31, 2021 (a)(b) |
Quality Ratings | ||
as of December 31, 2021 as a % of Fair Value | ||
Moody’s / S&P / Rating* | Percentage of Fair Value | |
Aaa / AAA | 4.52% | |
Aa / AA | 53.62% | |
A / A | 6.86% | |
Baa / BBB | 21.42% | |
Ba / BB and lower | 2.57% | |
NR / Other | 11.01% | |
100.00% |
Average Annual Total Return for the years ended December 31, 2021 | |||||||
(Inception date 12/31/84) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
Elfun Income Fund | (1.19)% | 3.79% | 3.33% | $13,870 | |||
Bloomberg U.S. Aggregate Bond Index | (1.54)% | 3.57% | 2.90% | $13,307 |
(a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund Class G Shares. |
(b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
* | Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standard of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. |
72 | Elfun Income Fund |
Elfun Income Fund | 73 |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value July 1, 2021 | $1,000.00 | $1,000.00 | |
Ending Account value December 31, 2021 | $ 999.20 | $1,023.80 | |
Expenses Paid During Period* | $ 1.41 | $ 1.43 |
* | Expenses are equal to the Fund's annualized net expense ratio of 0.28%** (for the period July 1, 2021 - December 31, 2021), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
74 | Elfun Income Fund |
Principal Amount | Fair Value | |
Bonds and Notes - 98.1% † | ||
U.S. Treasuries - 32.2% | ||
U.S. Treasury Bonds | ||
1.13%, 05/15/40 (a) | $ 3,082,000 | $ 2,710,715 |
1.88%, 02/15/41 | 1,892,000 | 1,878,401 |
1.88%, 02/15/51 (a) | 1,675,000 | 1,665,316 |
2.25%, 08/15/46 (a) | 1,562,000 | 1,657,917 |
3.00%, 08/15/48 (a) | 2,925,000 | 3,594,094 |
U.S. Treasury Notes | ||
0.13%, 07/15/23 - 12/15/23 (a) | 4,650,800 | 4,606,641 |
0.25%, 07/31/25 (a) | 5,822,400 | 5,649,547 |
0.50%, 03/15/23 (a) | 2,217,000 | 2,217,433 |
0.63%, 10/15/24 (a) | 1,415,000 | 1,404,056 |
0.75%, 04/30/26 - 01/31/28 (a) | 27,070,000 | 26,207,741 |
1.38%, 01/31/22 (a) | 6,788,000 | 6,794,099 |
1.63%, 05/15/31 (a) | 10,157,000 | 10,299,833 |
2.63%, 02/15/29 (a) | 1,562,000 | 1,689,889 |
70,375,682 | ||
Agency Mortgage Backed - 24.8% | ||
Federal Home Loan Mortgage Corp. | ||
3.00%, 04/01/43 - 10/01/49 (a) | 5,209,716 | 5,463,815 |
4.50%, 06/01/33 - 02/01/35 (a) | 7,560 | 8,296 |
5.00%, 07/01/35 (a) | 65,306 | 73,474 |
5.50%, 01/01/38 - 04/01/39 (a) | 103,934 | 118,476 |
6.00%, 06/01/33 - 11/01/37 (a) | 227,513 | 259,479 |
7.00%, 01/01/27 - 08/01/36 (a) | 52,029 | 59,701 |
7.50%, 11/01/29 - 09/01/33 (a) | 6,120 | 6,786 |
8.00%, 11/01/30 (a) | 2,423 | 2,709 |
Federal National Mortgage Assoc. | ||
2.50%, 02/01/51 - 03/01/51 (a) | 8,491,910 | 8,698,579 |
3.50%, 08/01/45 - 01/01/48 (a) | 4,213,917 | 4,534,165 |
4.00%, 01/01/41 - 01/01/50 (a) | 2,521,297 | 2,723,919 |
4.50%, 07/01/33 - 12/01/48 (a) | 1,303,727 | 1,426,659 |
5.00%, 03/01/34 - 05/01/39 (a) | 129,024 | 145,003 |
5.50%, 12/01/32 - 01/01/39 (a) | 356,186 | 402,480 |
6.00%, 01/01/29 - 05/01/41 (a) | 831,860 | 951,430 |
Principal Amount | Fair Value | |
6.50%, 08/01/28 - 08/01/36 (a) | $ 42,678 | $ 47,079 |
7.00%, 10/01/32 - 02/01/34 (a) | 7,813 | 8,607 |
7.50%, 12/01/26 - 03/01/33 (a) | 27,412 | 30,472 |
8.00%, 06/01/24 - 10/01/31 (a) | 6,678 | 7,208 |
8.50%, 04/01/30 (a) | 1,368 | 1,622 |
9.00%, 12/01/22 (a) | 101 | 101 |
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR | ||
1.85%, 04/01/37 (a)(b) | 2,073 | 2,129 |
Federal National Mortgage Assoc. TBA | ||
2.50%, 02/01/52 (c) | 2,897,612 | 2,951,131 |
3.00%, 01/01/52 (c) | 10,551,992 | 10,934,185 |
Government National Mortgage Assoc. | ||
3.00%, 12/20/42 - 05/20/45 (a) | 4,608,302 | 4,856,128 |
3.50%, 08/20/48 (a) | 957,659 | 1,004,951 |
4.00%, 01/20/41 - 04/20/43 (a) | 759,814 | 829,165 |
4.50%, 08/15/33 - 03/20/41 (a) | 347,871 | 387,015 |
5.00%, 08/15/33 (a) | 20,248 | 22,315 |
6.00%, 04/15/27 - 04/15/35 (a) | 111,283 | 126,791 |
6.50%, 03/15/24 - 09/15/36 (a) | 40,066 | 44,830 |
7.00%, 11/15/27 - 10/15/36 (a) | 30,466 | 34,027 |
7.50%, 03/15/23 - 10/15/28 (a) | 8,089 | 8,349 |
8.00%, 09/15/27 - 06/15/30 (a) | 19,228 | 20,460 |
Government National Mortgage Assoc. TBA | ||
2.50%, 01/01/52 (c) | 2,781,000 | 2,849,913 |
3.00%, 01/01/52 (c) | 4,962,577 | 5,136,466 |
54,177,915 | ||
Agency Collateralized Mortgage Obligations - 0.7% | ||
Federal Home Loan Mortgage Corp. | ||
0.08%, 09/25/43 (b)(d) | 664,358 | 3,047 |
2.51%, 07/25/29 | 745,000 | 785,695 |
4.05%, 09/25/28 (b) | 300,000 | 344,911 |
Federal Home Loan Mortgage Corp. REMIC | ||
3.50%, 11/15/30 (d) | 41,177 | 836 |
5.50%, 06/15/33 (d) | 20,243 | 3,062 |
Elfun Income Fund | 75 |
Principal Amount | Fair Value | |
Federal Home Loan Mortgage Corp. STRIPS | ||
0.00%, 08/01/27 (e) | $ 382 | $ 365 |
8.00%, 02/01/23 - 07/01/24 (d) | 666 | 47 |
Federal National Mortgage Assoc. REMIC | ||
1.12%, 12/25/42 (b)(d) | 143,692 | 4,407 |
5.00%, 02/25/40 - 09/25/40 (d) | 48,709 | 5,180 |
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR | ||
5.90%, 07/25/38 (b)(d) | 21,415 | 2,926 |
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR | ||
6.45%, 11/25/41 (b)(d) | 2,161,718 | 408,722 |
Federal National Mortgage Assoc. STRIPS | ||
0.01%, 12/25/34 (e) | 21,080 | 18,954 |
4.50%, 08/25/35 - 01/25/36 (d) | 38,875 | 5,450 |
5.00%, 03/25/38 - 05/25/38 (d) | 24,654 | 4,580 |
5.50%, 12/25/33 (d) | 6,877 | 1,270 |
6.00%, 01/25/35 (d) | 26,714 | 4,571 |
7.50%, 11/25/23 (d) | 1,112 | 49 |
8.00%, 08/25/23 - 07/25/24 (d) | 1,258 | 90 |
8.50%, 07/25/22 (d)** | 19 | — |
1,594,162 | ||
Asset Backed - 0.8% | ||
CarMax Auto Owner Trust 2018-3 | ||
3.13%, 06/15/23 | 18,883 | 18,931 |
Chase Funding Trust 2004-1 | ||
3.99%, 11/25/33 (f) | 87,707 | 87,707 |
Enterprise Fleet Financing 2019-1 LLC | ||
3.07%, 10/20/24 (g) | 487,000 | 490,614 |
Ford Credit Auto Owner Trust 2020-B | ||
0.56%, 10/15/24 | 887,560 | 887,164 |
Santander Retail Auto Lease Trust 2019-B | ||
2.30%, 01/20/23 (g) | 225,328 | 225,698 |
1,710,114 | ||
Corporate Notes - 32.4% | ||
3M Co. | ||
3.13%, 09/19/46 (a) | 21,000 | 22,138 |
7-Eleven Inc. | ||
0.95%, 02/10/26 (a)(g) | 277,000 | 268,191 |
Principal Amount | Fair Value | |
Abbott Laboratories | ||
3.75%, 11/30/26 (a) | $ 28,000 | $ 30,937 |
4.90%, 11/30/46 (a) | 66,000 | 90,589 |
AbbVie Inc. | ||
2.60%, 11/21/24 (a) | 118,000 | 122,386 |
2.95%, 11/21/26 (a) | 115,000 | 121,139 |
3.20%, 05/14/26 - 11/21/29 (a) | 158,000 | 168,428 |
3.25%, 10/01/22 (a) | 69,000 | 69,876 |
3.45%, 03/15/22 (a) | 169,000 | 169,193 |
4.05%, 11/21/39 (a) | 50,000 | 57,316 |
4.25%, 11/21/49 (a) | 71,000 | 85,242 |
4.63%, 10/01/42 (a) | 7,000 | 8,536 |
4.70%, 05/14/45 (a) | 15,000 | 18,548 |
4.88%, 11/14/48 (a) | 10,000 | 12,945 |
Advance Auto Parts Inc. | ||
3.90%, 04/15/30 (a) | 189,000 | 206,836 |
AEP Texas Inc. | ||
3.45%, 05/15/51 (a) | 119,000 | 121,394 |
Aetna Inc. | ||
3.50%, 11/15/24 (a) | 55,000 | 58,101 |
Aircastle Ltd. | ||
4.25%, 06/15/26 (a) | 84,000 | 90,063 |
Alcoa Nederland Holding BV | ||
5.50%, 12/15/27 (a)(g) | 203,000 | 217,210 |
Alcon Finance Corp. | ||
2.60%, 05/27/30 (a)(g) | 239,000 | 241,498 |
Alexandria Real Estate Equities Inc. | ||
1.88%, 02/01/33 (a) | 50,000 | 46,974 |
4.70%, 07/01/30 (a) | 24,000 | 28,110 |
Ally Financial Inc. | ||
2.20%, 11/02/28 (a) | 98,000 | 97,387 |
5.75%, 11/20/25 (a) | 47,000 | 53,025 |
Altria Group Inc. | ||
3.40%, 05/06/30 - 02/04/41 (a) | 61,000 | 58,340 |
4.00%, 02/04/61 (a) | 22,000 | 21,100 |
4.25%, 08/09/42 (a) | 6,000 | 6,096 |
4.45%, 05/06/50 (a) | 31,000 | 32,269 |
4.50%, 05/02/43 (a) | 24,000 | 25,028 |
Amazon.com Inc. | ||
1.50%, 06/03/30 (a) | 37,000 | 35,901 |
2.50%, 06/03/50 (a) | 42,000 | 39,973 |
2.70%, 06/03/60 (a) | 34,000 | 32,727 |
2.88%, 05/12/41 (a) | 72,000 | 74,364 |
3.15%, 08/22/27 (a) | 17,000 | 18,375 |
3.25%, 05/12/61 (a) | 55,000 | 59,310 |
4.05%, 08/22/47 (a) | 18,000 | 21,913 |
4.25%, 08/22/57 (a) | 10,000 | 12,826 |
Ameren Corp. | ||
2.50%, 09/15/24 (a) | 168,000 | 172,628 |
3.65%, 02/15/26 (a) | 32,000 | 34,102 |
76 | Elfun Income Fund |
Principal Amount | Fair Value | |
American Campus Communities Operating Partnership LP | ||
4.13%, 07/01/24 (a) | $ 28,000 | $ 29,931 |
American Electric Power Company Inc. | ||
2.30%, 03/01/30 (a) | 39,000 | 38,360 |
3.25%, 03/01/50 (a) | 34,000 | 33,742 |
American International Group Inc. | ||
4.25%, 03/15/29 (a) | 55,000 | 62,809 |
4.50%, 07/16/44 (a) | 50,000 | 61,627 |
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) | 10,000 | 11,251 |
American Tower Corp. | ||
1.50%, 01/31/28 (a) | 132,000 | 126,411 |
2.90%, 01/15/30 (a) | 49,000 | 50,268 |
3.70%, 10/15/49 (a) | 28,000 | 30,021 |
3.80%, 08/15/29 (a) | 58,000 | 63,149 |
American Water Capital Corp. | ||
2.95%, 09/01/27 (a) | 38,000 | 40,157 |
Amgen Inc. | ||
2.00%, 01/15/32 (a) | 246,000 | 237,889 |
2.45%, 02/21/30 (a) | 22,000 | 22,391 |
3.00%, 01/15/52 (a) | 84,000 | 81,892 |
3.15%, 02/21/40 (a) | 81,000 | 82,893 |
3.38%, 02/21/50 (a) | 21,000 | 21,813 |
4.56%, 06/15/48 (a) | 42,000 | 52,009 |
4.66%, 06/15/51 (a) | 10,000 | 12,730 |
AngloGold Ashanti Holdings PLC | ||
3.38%, 11/01/28 (a) | 200,000 | 198,076 |
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. | ||
3.65%, 02/01/26 (a) | 79,000 | 85,220 |
4.70%, 02/01/36 (a) | 23,000 | 27,783 |
4.90%, 02/01/46 (a) | 51,000 | 64,600 |
Anheuser-Busch InBev Worldwide Inc. | ||
3.50%, 06/01/30 (a) | 54,000 | 59,167 |
4.00%, 04/13/28 (a) | 13,000 | 14,454 |
4.35%, 06/01/40 (a) | 53,000 | 62,330 |
4.38%, 04/15/38 (a) | 75,000 | 87,665 |
4.50%, 06/01/50 (a) | 41,000 | 50,635 |
4.60%, 04/15/48 (a) | 29,000 | 35,492 |
4.75%, 04/15/58 (a) | 25,000 | 31,474 |
5.55%, 01/23/49 (a) | 53,000 | 73,305 |
Anthem Inc. | ||
2.88%, 09/15/29 (a) | 28,000 | 29,286 |
3.30%, 01/15/23 (a) | 55,000 | 56,488 |
Principal Amount | Fair Value | |
3.60%, 03/15/51 (a) | $ 29,000 | $ 32,243 |
3.70%, 09/15/49 (a) | 28,000 | 31,270 |
Aon Corp./Aon Global Holdings PLC | ||
2.90%, 08/23/51 (a) | 84,000 | 81,008 |
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter) | ||
4.95%, 01/14/50 (a)(b)(g) | 73,000 | 74,828 |
Apple Inc. | ||
2.65%, 02/08/51 (a) | 81,000 | 79,577 |
2.80%, 02/08/61 (a) | 57,000 | 56,341 |
2.95%, 09/11/49 (a) | 34,000 | 35,152 |
3.35%, 02/09/27 (a) | 18,000 | 19,562 |
3.45%, 02/09/45 (a) | 74,000 | 82,639 |
3.85%, 08/04/46 (a) | 53,000 | 62,789 |
Applied Materials Inc. | ||
4.35%, 04/01/47 (a) | 31,000 | 39,507 |
Aptiv PLC | ||
4.40%, 10/01/46 (a) | 21,000 | 24,670 |
Archer-Daniels-Midland Co. | ||
2.50%, 08/11/26 (a) | 28,000 | 29,195 |
Ares Capital Corp. | ||
2.88%, 06/15/28 (a) | 181,000 | 180,540 |
3.25%, 07/15/25 (a) | 372,000 | 385,913 |
Arthur J Gallagher & Co. | ||
3.50%, 05/20/51 (a) | 89,000 | 93,707 |
Ascension Health | ||
4.85%, 11/15/53 (a) | 63,000 | 89,592 |
Ashtead Capital Inc. | ||
1.50%, 08/12/26 (a)(g) | 200,000 | 196,112 |
Astrazeneca Finance LLC | ||
1.75%, 05/28/28 (a) | 116,000 | 115,254 |
AstraZeneca PLC | ||
3.00%, 05/28/51 (a) | 55,000 | 57,859 |
4.00%, 01/17/29 (a) | 17,000 | 19,165 |
4.38%, 08/17/48 (a) | 7,000 | 9,030 |
AT&T Inc. | ||
1.70%, 03/25/26 (a) | 309,000 | 307,727 |
2.30%, 06/01/27 (a) | 81,000 | 82,552 |
2.75%, 06/01/31 (a) | 163,000 | 166,219 |
3.30%, 02/01/52 (a) | 178,000 | 174,371 |
3.85%, 06/01/60 (a) | 75,000 | 78,338 |
4.35%, 03/01/29 (a) | 59,000 | 66,384 |
4.50%, 05/15/35 (a) | 55,000 | 63,476 |
4.55%, 03/09/49 (a) | 28,000 | 33,005 |
4.75%, 05/15/46 (a) | 16,000 | 19,341 |
4.80%, 06/15/44 (a) | 43,000 | 51,182 |
4.85%, 03/01/39 (a) | 45,000 | 53,762 |
5.25%, 03/01/37 (a) | 39,000 | 48,247 |
5.35%, 12/15/43 (a) | 31,000 | 37,847 |
5.45%, 03/01/47 (a) | 46,000 | 60,308 |
Elfun Income Fund | 77 |
Principal Amount | Fair Value | |
Athene Holding Ltd. | ||
4.13%, 01/12/28 (a) | $ 36,000 | $ 39,412 |
6.15%, 04/03/30 (a) | 81,000 | 100,205 |
Avangrid Inc. | ||
3.15%, 12/01/24 (a) | 82,000 | 85,895 |
Bain Capital Specialty Finance Inc. | ||
2.95%, 03/10/26 (a) | 119,000 | 118,726 |
Bank of America Corp. | ||
3.25%, 10/21/27 (a) | 3,000 | 3,198 |
4.18%, 11/25/27 (a) | 101,000 | 110,563 |
4.25%, 10/22/26 (a) | 80,000 | 88,323 |
Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) | ||
2.09%, 06/14/29 (a)(b) | 181,000 | 179,943 |
Bank of America Corp. (2.59% fixed rate until 04/29/30; 2.15% + SOFR thereafter) | ||
2.59%, 04/29/31 (a)(b) | 171,000 | 172,659 |
Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | ||
2.97%, 07/21/52 (a)(b) | 83,000 | 83,352 |
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) | 69,000 | 69,081 |
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) | 30,000 | 31,581 |
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) | 39,000 | 41,678 |
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) | 81,000 | 86,671 |
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) | 108,000 | 117,275 |
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) | 66,000 | 77,001 |
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) | $ 53,000 | $ 62,097 |
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) | 15,000 | 16,722 |
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) | 109,000 | 110,540 |
Barclays PLC | ||
4.84%, 05/09/28 (a) | 200,000 | 219,862 |
Barrick North America Finance LLC | ||
5.70%, 05/30/41 (a) | 7,000 | 9,500 |
BAT Capital Corp. | ||
2.73%, 03/25/31 (a) | 80,000 | 77,702 |
4.39%, 08/15/37 (a) | 55,000 | 58,038 |
4.54%, 08/15/47 (a) | 24,000 | 25,091 |
4.70%, 04/02/27 (a) | 52,000 | 57,300 |
4.91%, 04/02/30 (a) | 54,000 | 60,748 |
BAT International Finance PLC | ||
1.67%, 03/25/26 (a) | 52,000 | 51,105 |
Baxter International Inc. | ||
1.92%, 02/01/27 (g) | 257,000 | 258,010 |
2.27%, 12/01/28 (g) | 257,000 | 259,053 |
2.54%, 02/01/32 (g) | 257,000 | 259,642 |
3.13%, 12/01/51 (g) | 87,000 | 89,748 |
Baylor Scott & White Holdings | ||
2.84%, 11/15/50 (a) | 12,000 | 11,973 |
Becton Dickinson & Co. | ||
3.70%, 06/06/27 (a) | 41,000 | 44,708 |
4.67%, 06/06/47 (a) | 8,000 | 10,082 |
4.69%, 12/15/44 (a) | 5,000 | 6,287 |
Berkshire Hathaway Energy Co. | ||
3.25%, 04/15/28 (a) | 17,000 | 18,237 |
3.70%, 07/15/30 (a) | 61,000 | 67,728 |
3.80%, 07/15/48 (a) | 20,000 | 22,325 |
4.25%, 10/15/50 (a) | 54,000 | 65,935 |
6.13%, 04/01/36 (a) | 8,000 | 10,918 |
Berkshire Hathaway Finance Corp. | ||
2.85%, 10/15/50 (a) | 41,000 | 40,502 |
4.25%, 01/15/49 (a) | 31,000 | 38,042 |
Berry Global Inc. | ||
4.88%, 07/15/26 (a)(g) | 152,000 | 157,379 |
BHP Billiton Finance USA Ltd. | ||
5.00%, 09/30/43 (a) | 10,000 | 13,227 |
78 | Elfun Income Fund |
Principal Amount | Fair Value | |
Biogen Inc. | ||
2.25%, 05/01/30 (a) | $ 25,000 | $ 24,637 |
Block Financial LLC | ||
2.50%, 07/15/28 (a) | 77,000 | 77,170 |
3.88%, 08/15/30 (a) | 25,000 | 26,768 |
Boardwalk Pipelines LP | ||
4.80%, 05/03/29 (a) | 53,000 | 59,417 |
Boston Scientific Corp. | ||
4.70%, 03/01/49 (a) | 20,000 | 25,402 |
BP Capital Markets America Inc. | ||
3.00%, 02/24/50 (a) | 63,000 | 62,054 |
3.02%, 01/16/27 (a) | 65,000 | 68,644 |
3.38%, 02/08/61 (a) | 89,000 | 91,858 |
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) | 115,000 | 120,130 |
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) | 81,000 | 88,262 |
Bristol-Myers Squibb Co. | ||
1.45%, 11/13/30 (a) | 56,000 | 53,320 |
2.35%, 11/13/40 (a) | 30,000 | 28,403 |
3.20%, 06/15/26 (a) | 41,000 | 44,021 |
3.40%, 07/26/29 (a) | 53,000 | 57,971 |
4.13%, 06/15/39 (a) | 41,000 | 48,495 |
4.25%, 10/26/49 (a) | 41,000 | 50,715 |
4.35%, 11/15/47 (a) | 2,000 | 2,480 |
4.55%, 02/20/48 (a) | 12,000 | 15,339 |
5.00%, 08/15/45 (a) | 11,000 | 14,649 |
Brixmor Operating Partnership LP | ||
2.25%, 04/01/28 (a) | 108,000 | 107,812 |
3.90%, 03/15/27 (a) | 25,000 | 26,935 |
Broadcom Inc. | ||
3.14%, 11/15/35 (a)(g) | 33,000 | 33,172 |
3.19%, 11/15/36 (a)(g) | 4,000 | 4,013 |
3.42%, 04/15/33 (a)(g) | 71,000 | 74,122 |
3.47%, 04/15/34 (a)(g) | 8,000 | 8,347 |
4.15%, 11/15/30 (a) | 78,000 | 86,502 |
4.30%, 11/15/32 (a) | 54,000 | 60,817 |
Brown-Forman Corp. | ||
4.00%, 04/15/38 (a) | 8,000 | 9,302 |
Brunswick Corp. | ||
2.40%, 08/18/31 (a) | 250,000 | 240,997 |
Bunge Limited Finance Corp. | ||
3.75%, 09/25/27 (a) | 12,000 | 13,061 |
Burlington Northern Santa Fe LLC | ||
4.15%, 12/15/48 (a) | 50,000 | 61,279 |
Principal Amount | Fair Value | |
4.55%, 09/01/44 (a) | $ 71,000 | $ 89,286 |
Cameron LNG LLC | ||
3.30%, 01/15/35 (a)(g) | 9,000 | 9,435 |
Canadian Natural Resources Ltd. | ||
3.85%, 06/01/27 (a) | 38,000 | 40,856 |
4.95%, 06/01/47 (a) | 7,000 | 8,676 |
Canadian Pacific Railway Co. | ||
1.75%, 12/02/26 | 110,000 | 110,492 |
2.45%, 12/02/31 | 95,000 | 96,688 |
3.00%, 12/02/41 | 35,000 | 35,786 |
3.10%, 12/02/51 | 35,000 | 35,796 |
Cantor Fitzgerald LP | ||
4.88%, 05/01/24 (a)(g) | 186,000 | 198,851 |
Capital One Financial Corp. | ||
3.75%, 07/28/26 (a) | 92,000 | 98,570 |
Cardinal Health Inc. | ||
3.08%, 06/15/24 (a) | 20,000 | 20,741 |
Carlisle Companies Inc. | ||
2.20%, 03/01/32 (a) | 171,000 | 164,560 |
Carrier Global Corp. | ||
2.72%, 02/15/30 (a) | 52,000 | 53,126 |
3.58%, 04/05/50 (a) | 52,000 | 55,317 |
Caterpillar Inc. | ||
3.25%, 09/19/49 - 04/09/50 (a) | 78,000 | 85,966 |
Cenovus Energy Inc. | ||
2.65%, 01/15/32 (a) | 56,000 | 54,845 |
3.75%, 02/15/52 (a) | 64,000 | 64,480 |
Centene Corp. | ||
3.00%, 10/15/30 (a) | 96,000 | 97,682 |
3.38%, 02/15/30 (a) | 223,000 | 227,772 |
4.25%, 12/15/27 (a) | 370,000 | 387,053 |
CenterPoint Energy Inc. | ||
2.65%, 06/01/31 (a) | 86,000 | 87,030 |
Charter Communications Operating LLC/Charter Communications Operating Capital | ||
3.50%, 06/01/41 (a) | 73,000 | 71,153 |
3.70%, 04/01/51 (a) | 109,000 | 105,360 |
4.80%, 03/01/50 (a) | 109,000 | 122,187 |
5.05%, 03/30/29 (a) | 29,000 | 33,331 |
5.75%, 04/01/48 (a) | 31,000 | 38,708 |
Cheniere Corpus Christi Holdings LLC | ||
5.88%, 03/31/25 (a) | 152,000 | 168,684 |
7.00%, 06/30/24 (a) | 282,000 | 312,140 |
Chevron Corp. | ||
2.24%, 05/11/30 (a) | 27,000 | 27,405 |
3.08%, 05/11/50 (a) | 29,000 | 30,814 |
Chevron USA Inc. | ||
3.85%, 01/15/28 (a) | 98,000 | 108,885 |
3.90%, 11/15/24 (a) | 30,000 | 32,182 |
Elfun Income Fund | 79 |
Principal Amount | Fair Value | |
Choice Hotels International Inc. | ||
3.70%, 01/15/31 (a) | $ 57,000 | $ 60,361 |
Chubb INA Holdings Inc. | ||
4.35%, 11/03/45 (a) | 39,000 | 48,466 |
Church & Dwight Company Inc. | ||
2.30%, 12/15/31 | 60,000 | 60,422 |
Cigna Corp. | ||
2.40%, 03/15/30 (a) | 50,000 | 50,345 |
3.25%, 04/15/25 (a) | 46,000 | 48,467 |
3.40%, 03/01/27 - 03/15/51 (a) | 70,000 | 74,202 |
3.75%, 07/15/23 (a) | 14,000 | 14,571 |
3.88%, 10/15/47 (a) | 9,000 | 9,992 |
4.13%, 11/15/25 (a) | 70,000 | 76,639 |
4.38%, 10/15/28 (a) | 19,000 | 21,599 |
4.80%, 08/15/38 (a) | 17,000 | 20,895 |
4.90%, 12/15/48 (a) | 7,000 | 9,039 |
Cisco Systems Inc. | ||
5.90%, 02/15/39 (a) | 28,000 | 40,291 |
Citigroup Inc. | ||
4.13%, 07/25/28 (a) | 238,000 | 261,595 |
4.45%, 09/29/27 (a) | 13,000 | 14,495 |
4.65%, 07/23/48 (a) | 74,000 | 95,335 |
Citigroup Inc. (0.98% fixed rate until 05/01/24; 0.67% + SOFR thereafter) | ||
0.98%, 05/01/25 (a)(b) | 80,000 | 79,426 |
Citigroup Inc. (1.68% fixed rate until 05/15/23; 1.67% + SOFR thereafter) | ||
1.68%, 05/15/24 (a)(b) | 220,000 | 222,398 |
Citigroup Inc. (2.56% fixed rate until 05/01/31; 1.17% + SOFR thereafter) | ||
2.56%, 05/01/32 (a)(b) | 82,000 | 82,467 |
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter) | ||
2.88%, 07/24/23 (a)(b) | 46,000 | 46,534 |
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | ||
2.98%, 11/05/30 (a)(b) | 39,000 | 40,524 |
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter) | ||
3.88%, 01/24/39 (a)(b) | 24,000 | 27,220 |
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | ||
4.70%, 12/31/99 (a)(b) | 94,000 | 95,581 |
Principal Amount | Fair Value | |
CMS Energy Corp. | ||
4.88%, 03/01/44 (a) | $ 87,000 | $ 109,527 |
CNA Financial Corp. | ||
3.45%, 08/15/27 (a) | 16,000 | 17,237 |
3.90%, 05/01/29 (a) | 51,000 | 56,485 |
CNH Industrial Capital LLC | ||
1.95%, 07/02/23 (a) | 122,000 | 123,595 |
CNOOC Finance 2014 ULC | ||
4.25%, 04/30/24 (a) | 423,000 | 449,543 |
CNOOC Petroleum North America ULC | ||
6.40%, 05/15/37 (a) | 59,000 | 77,886 |
Comcast Corp. | ||
2.65%, 08/15/62 (a) | 40,000 | 35,520 |
2.80%, 01/15/51 (a) | 47,000 | 44,803 |
2.89%, 11/01/51 (a)(g) | 41,000 | 39,665 |
2.94%, 11/01/56 (a)(g) | 33,000 | 31,434 |
2.99%, 11/01/63 (a)(g) | 41,000 | 38,968 |
3.20%, 07/15/36 (a) | 50,000 | 53,230 |
3.25%, 11/01/39 (a) | 66,000 | 69,514 |
3.97%, 11/01/47 (a) | 58,000 | 66,416 |
4.15%, 10/15/28 (a) | 47,000 | 53,336 |
CommonSpirit Health | ||
4.35%, 11/01/42 | 130,000 | 148,698 |
Conagra Brands Inc. | ||
5.30%, 11/01/38 (a) | 21,000 | 26,552 |
5.40%, 11/01/48 (a) | 13,000 | 17,576 |
ConocoPhillips | ||
4.30%, 08/15/28 (a)(g) | 39,000 | 43,891 |
4.88%, 10/01/47 (a)(g) | 25,000 | 33,007 |
ConocoPhillips Co. | ||
4.30%, 11/15/44 (a) | 49,000 | 59,012 |
Consolidated Edison Company of New York Inc. | ||
2.90%, 12/01/26 (a) | 47,000 | 48,674 |
3.35%, 04/01/30 (a) | 22,000 | 23,662 |
3.88%, 06/15/47 (a) | 26,000 | 28,550 |
3.95%, 04/01/50 (a) | 37,000 | 42,493 |
Constellation Brands Inc. | ||
3.15%, 08/01/29 (a) | 109,000 | 114,829 |
3.70%, 12/06/26 (a) | 49,000 | 53,125 |
4.50%, 05/09/47 (a) | 39,000 | 46,589 |
Continental Resources Inc. | ||
2.88%, 04/01/32 (g) | 86,000 | 84,160 |
3.80%, 06/01/24 (a) | 389,000 | 406,054 |
Corning Inc. | ||
4.38%, 11/15/57 (a) | 26,000 | 31,130 |
Corporate Nacional del Cobre de Chile | ||
3.15%, 01/15/51 (a)(g) | 130,000 | 121,057 |
Corporate Office Properties LP | ||
2.00%, 01/15/29 (a) | 90,000 | 86,651 |
2.25%, 03/15/26 (a) | 74,000 | 74,768 |
80 | Elfun Income Fund |
Principal Amount | Fair Value | |
2.75%, 04/15/31 (a) | $ 46,000 | $ 45,753 |
Crown Castle International Corp. | ||
3.30%, 07/01/30 (a) | 149,000 | 157,450 |
4.15%, 07/01/50 (a) | 22,000 | 24,881 |
5.20%, 02/15/49 (a) | 35,000 | 45,015 |
CSX Corp. | ||
4.50%, 03/15/49 - 08/01/54 (a) | 84,000 | 105,515 |
CubeSmart LP | ||
2.50%, 02/15/32 | 100,000 | 99,799 |
4.38%, 02/15/29 (a) | 71,000 | 80,474 |
Cummins Inc. | ||
1.50%, 09/01/30 (a) | 55,000 | 52,127 |
2.60%, 09/01/50 (a) | 55,000 | 51,665 |
CVS Health Corp. | ||
3.00%, 08/15/26 (a) | 55,000 | 57,930 |
3.25%, 08/15/29 (a) | 44,000 | 46,909 |
3.63%, 04/01/27 (a) | 53,000 | 57,496 |
3.75%, 04/01/30 (a) | 39,000 | 42,828 |
3.88%, 07/20/25 (a) | 28,000 | 30,117 |
4.25%, 04/01/50 (a) | 27,000 | 32,604 |
4.30%, 03/25/28 (a) | 4,000 | 4,492 |
4.78%, 03/25/38 (a) | 30,000 | 36,554 |
5.00%, 12/01/24 (a) | 64,000 | 69,919 |
5.13%, 07/20/45 (a) | 31,000 | 40,308 |
5.30%, 12/05/43 (a) | 55,000 | 72,496 |
Daimler Trucks Finance North America LLC | ||
2.00%, 12/14/26 (g) | 274,000 | 275,310 |
2.38%, 12/14/28 (g) | 155,000 | 155,821 |
2.50%, 12/14/31 (g) | 155,000 | 154,958 |
Danaher Corp. | ||
2.80%, 12/10/51 | 138,000 | 136,528 |
Dell International LLC/EMC Corp. | ||
4.00%, 07/15/24 (a) | 89,000 | 94,503 |
5.45%, 06/15/23 (a) | 11,000 | 11,617 |
6.02%, 06/15/26 (a) | 11,000 | 12,746 |
8.35%, 07/15/46 (a) | 2,000 | 3,350 |
Deutsche Bank AG | ||
3.30%, 11/16/22 (a) | 205,000 | 209,209 |
Deutsche Bank AG (2.31% fixed rate until 11/16/26; 1.22% + SOFR thereafter) | ||
2.31%, 11/16/27 (b) | 320,000 | 319,933 |
Deutsche Telekom AG | ||
3.63%, 01/21/50 (a)(g) | 191,000 | 203,228 |
Devon Energy Corp. | ||
5.00%, 06/15/45 (a) | 17,000 | 20,664 |
DH Europe Finance II Sarl | ||
2.60%, 11/15/29 (a) | 49,000 | 50,585 |
3.25%, 11/15/39 (a) | 28,000 | 29,820 |
3.40%, 11/15/49 (a) | 10,000 | 10,896 |
Principal Amount | Fair Value | |
Diamondback Energy Inc. | ||
2.88%, 12/01/24 (a) | $ 95,000 | $ 98,627 |
3.13%, 03/24/31 (a) | 74,000 | 76,302 |
3.25%, 12/01/26 (a) | 47,000 | 49,613 |
3.50%, 12/01/29 (a) | 39,000 | 41,337 |
4.40%, 03/24/51 (a) | 29,000 | 33,285 |
Digital Realty Trust LP | ||
3.60%, 07/01/29 (a) | 86,000 | 93,433 |
Discover Bank | ||
2.70%, 02/06/30 (a) | 250,000 | 253,290 |
Discovery Communications LLC | ||
2.95%, 03/20/23 (a) | 100,000 | 102,286 |
3.95%, 03/20/28 (a) | 32,000 | 34,756 |
4.95%, 05/15/42 (a) | 7,000 | 8,243 |
5.00%, 09/20/37 (a) | 10,000 | 11,936 |
Dollar General Corp. | ||
3.50%, 04/03/30 (a) | 33,000 | 35,709 |
4.13%, 04/03/50 (a) | 48,000 | 55,458 |
Dollar Tree Inc. | ||
4.00%, 05/15/25 (a) | 55,000 | 59,111 |
Dominion Energy Inc. | ||
3.07%, 08/15/24 (a)(f) | 70,000 | 72,535 |
3.38%, 04/01/30 (a) | 81,000 | 86,276 |
Dover Corp. | ||
2.95%, 11/04/29 (a) | 55,000 | 58,075 |
DTE Energy Co. | ||
2.85%, 10/01/26 (a) | 23,000 | 24,008 |
Duke Energy Carolinas LLC | ||
3.95%, 03/15/48 (a) | 30,000 | 34,786 |
Duke Energy Corp. | ||
2.55%, 06/15/31 (a) | 121,000 | 120,930 |
3.30%, 06/15/41 (a) | 109,000 | 110,915 |
3.50%, 06/15/51 (a) | 109,000 | 113,309 |
3.75%, 09/01/46 (a) | 154,000 | 165,003 |
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter) | ||
4.88%, 12/31/99 (a)(b) | 130,000 | 135,641 |
Duke Energy Progress LLC | ||
4.15%, 12/01/44 (a) | 34,000 | 40,011 |
Duke Realty LP | ||
3.05%, 03/01/50 (a) | 22,000 | 21,729 |
3.25%, 06/30/26 (a) | 24,000 | 25,548 |
DuPont de Nemours Inc. | ||
5.42%, 11/15/48 (a) | 12,000 | 16,777 |
Duquesne Light Holdings Inc. | ||
3.62%, 08/01/27 (a)(g) | 69,000 | 73,195 |
Eastman Chemical Co. | ||
4.65%, 10/15/44 (a) | 54,000 | 64,363 |
Eaton Corp. | ||
3.10%, 09/15/27 (a) | 28,000 | 29,938 |
Elfun Income Fund | 81 |
Principal Amount | Fair Value | |
Ecolab Inc. | ||
1.30%, 01/30/31 (a) | $ 55,000 | $ 51,455 |
Edison International | ||
4.95%, 04/15/25 (a) | 127,000 | 138,482 |
5.75%, 06/15/27 (a) | 17,000 | 19,443 |
EI du Pont de Nemours & Co. | ||
2.30%, 07/15/30 (a) | 39,000 | 39,200 |
Electronic Arts Inc. | ||
1.85%, 02/15/31 (a) | 66,000 | 63,160 |
Emera US Finance LP | ||
2.64%, 06/15/31 | 119,000 | 117,931 |
Emerson Electric Co. | ||
1.80%, 10/15/27 (a) | 35,000 | 35,132 |
2.75%, 10/15/50 (a) | 29,000 | 27,989 |
Empower Finance 2020 LP | ||
1.36%, 09/17/27 (a)(g) | 81,000 | 78,552 |
1.78%, 03/17/31 (a)(g) | 63,000 | 60,609 |
Enbridge Energy Partners LP | ||
5.50%, 09/15/40 (a) | 6,000 | 7,697 |
Enbridge Inc. | ||
1.60%, 10/04/26 (a) | 222,000 | 219,165 |
Enbridge Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter) | ||
5.75%, 07/15/80 (a)(b) | 136,000 | 151,100 |
Energy Transfer LP | ||
4.25%, 03/15/23 (a) | 72,000 | 74,070 |
4.50%, 04/15/24 (a) | 49,000 | 52,001 |
4.95%, 06/15/28 (a) | 19,000 | 21,425 |
5.30%, 04/01/44 - 04/15/47 (a) | 91,000 | 104,607 |
5.35%, 05/15/45 (a) | 72,000 | 83,207 |
6.13%, 12/15/45 (a) | 8,000 | 9,987 |
6.50%, 02/01/42 (a) | 46,000 | 59,068 |
Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter) | ||
6.75%, 12/31/99 (a)(b) | 285,000 | 287,425 |
Energy Transfer LP/Regency Energy Finance Corp. | ||
4.50%, 11/01/23 (a) | 34,000 | 35,668 |
Enstar Group Ltd. | ||
3.10%, 09/01/31 (a) | 77,000 | 75,380 |
Enterprise Products Operating LLC | ||
4.25%, 02/15/48 (a) | 65,000 | 74,071 |
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) | 24,000 | 24,548 |
EOG Resources Inc. | ||
4.15%, 01/15/26 (a) | 5,000 | 5,470 |
Principal Amount | Fair Value | |
4.38%, 04/15/30 (a) | $ 53,000 | $ 61,272 |
4.95%, 04/15/50 (a) | 28,000 | 38,028 |
5.10%, 01/15/36 (a) | 17,000 | 20,732 |
Equinix Inc. | ||
1.25%, 07/15/25 (a) | 101,000 | 99,271 |
2.15%, 07/15/30 (a) | 77,000 | 74,825 |
Equinor ASA | ||
3.25%, 11/18/49 (a) | 50,000 | 53,152 |
ERP Operating LP | ||
4.50%, 07/01/44 (a) | 22,000 | 27,764 |
Everest Reinsurance Holdings Inc. | ||
3.13%, 10/15/52 (a) | 32,000 | 31,362 |
Eversource Energy | ||
3.45%, 01/15/50 (a) | 53,000 | 56,130 |
Exelon Corp. | ||
3.50%, 06/01/22 (a) | 59,000 | 59,532 |
4.05%, 04/15/30 (a) | 81,000 | 90,262 |
4.45%, 04/15/46 (a) | 54,000 | 65,168 |
4.70%, 04/15/50 (a) | 54,000 | 68,085 |
Exxon Mobil Corp. | ||
2.61%, 10/15/30 (a) | 86,000 | 89,249 |
3.45%, 04/15/51 (a) | 86,000 | 93,324 |
FedEx Corp. | ||
4.10%, 02/01/45 (a) | 106,000 | 118,669 |
Fidelity National Financial Inc. | ||
3.20%, 09/17/51 (a) | 83,000 | 79,650 |
Fidelity National Information Services Inc. | ||
1.15%, 03/01/26 (a) | 67,000 | 65,371 |
1.65%, 03/01/28 (a) | 61,000 | 59,064 |
3.10%, 03/01/41 (a) | 13,000 | 13,101 |
FirstEnergy Transmission LLC | ||
4.55%, 04/01/49 (a)(g) | 84,000 | 96,340 |
Fiserv Inc. | ||
3.50%, 07/01/29 (a) | 21,000 | 22,586 |
4.40%, 07/01/49 (a) | 21,000 | 25,044 |
Florida Power & Light Co. | ||
2.85%, 04/01/25 (a) | 140,000 | 146,504 |
4.13%, 02/01/42 (a) | 38,000 | 45,396 |
Flowers Foods Inc. | ||
2.40%, 03/15/31 (a) | 63,000 | 62,083 |
Flowserve Corp. | ||
2.80%, 01/15/32 (a) | 85,000 | 82,802 |
Ford Motor Co. | ||
4.35%, 12/08/26 (a) | 54,000 | 58,883 |
Ford Motor Credit Company LLC | ||
3.10%, 05/04/23 (a) | 237,000 | 241,209 |
3.22%, 01/09/22 (a) | 215,000 | 215,049 |
3.34%, 03/28/22 (a) | 200,000 | 200,554 |
Fox Corp. | ||
3.50%, 04/08/30 (a) | 55,000 | 59,324 |
82 | Elfun Income Fund |
Principal Amount | Fair Value | |
GA Global Funding Trust | ||
1.63%, 01/15/26 (a)(g) | $ 98,000 | $ 97,239 |
General Dynamics Corp. | ||
4.25%, 04/01/50 (a) | 39,000 | 49,963 |
General Mills Inc. | ||
3.00%, 02/01/51 | 36,000 | 36,058 |
General Motors Co. | ||
5.20%, 04/01/45 (a) | 6,000 | 7,424 |
5.40%, 10/02/23 - 04/01/48 (a) | 33,000 | 38,231 |
6.13%, 10/01/25 (a) | 104,000 | 119,575 |
6.80%, 10/01/27 (a) | 42,000 | 51,647 |
General Motors Financial Company Inc. | ||
1.25%, 01/08/26 (a) | 123,000 | 120,264 |
2.35%, 01/08/31 (a) | 53,000 | 51,469 |
3.45%, 04/10/22 (a) | 108,000 | 108,321 |
5.25%, 03/01/26 (a) | 41,000 | 45,985 |
Georgia-Pacific LLC | ||
1.75%, 09/30/25 (a)(g) | 139,000 | 139,710 |
3.60%, 03/01/25 (a)(g) | 223,000 | 236,405 |
Gilead Sciences Inc. | ||
1.65%, 10/01/30 (a) | 31,000 | 29,722 |
2.60%, 10/01/40 (a) | 39,000 | 37,392 |
2.80%, 10/01/50 (a) | 58,000 | 56,152 |
2.95%, 03/01/27 (a) | 6,000 | 6,320 |
3.50%, 02/01/25 (a) | 25,000 | 26,454 |
3.65%, 03/01/26 (a) | 23,000 | 24,804 |
4.15%, 03/01/47 (a) | 22,000 | 25,934 |
GlaxoSmithKline Capital Inc. | ||
3.38%, 05/15/23 (a) | 65,000 | 67,319 |
3.63%, 05/15/25 (a) | 62,000 | 66,726 |
GlaxoSmithKline Capital PLC | ||
3.38%, 06/01/29 (a) | 61,000 | 66,464 |
Glencore Finance Canada Ltd. | ||
4.25%, 10/25/22 (a)(g) | 149,000 | 153,095 |
Glencore Funding LLC | ||
3.88%, 04/27/51 (a)(g) | 68,000 | 71,295 |
Graphic Packaging International LLC | ||
1.51%, 04/15/26 (a)(g) | 81,000 | 79,594 |
Gray Oak Pipeline LLC | ||
2.00%, 09/15/23 (a)(g) | 190,000 | 192,120 |
2.60%, 10/15/25 (a)(g) | 126,000 | 127,929 |
Halliburton Co. | ||
3.80%, 11/15/25 (a) | 4,000 | 4,317 |
5.00%, 11/15/45 (a) | 25,000 | 30,150 |
HCA Inc. | ||
3.50%, 09/01/30 - 07/15/51 (a) | 326,000 | 341,704 |
5.38%, 02/01/25 (a) | 195,000 | 214,260 |
Health Care Service Corp. | ||
2.20%, 06/01/30 (a)(g) | 76,000 | 74,897 |
3.20%, 06/01/50 (a)(g) | 29,000 | 29,531 |
Principal Amount | Fair Value | |
Healthcare Trust of America Holdings LP | ||
2.00%, 03/15/31 (a) | $ 42,000 | $ 39,866 |
Helmerich & Payne Inc. | ||
2.90%, 09/29/31 (a)(g) | 43,000 | 42,443 |
Hess Corp. | ||
5.60%, 02/15/41 (a) | 7,000 | 8,644 |
5.80%, 04/01/47 (a) | 6,000 | 7,717 |
Hewlett Packard Enterprise Co. | ||
6.35%, 10/15/45 (a) | 8,000 | 10,713 |
Highwoods Realty LP | ||
4.13%, 03/15/28 (a) | 30,000 | 33,105 |
4.20%, 04/15/29 (a) | 75,000 | 83,048 |
Hill-Rom Holdings Inc. | ||
4.38%, 09/15/27 (g) | 270,000 | 282,636 |
Honeywell International Inc. | ||
1.75%, 09/01/31 (a) | 82,000 | 79,830 |
2.70%, 08/15/29 (a) | 3,000 | 3,143 |
Hormel Foods Corp. | ||
1.80%, 06/11/30 (a) | 109,000 | 106,902 |
HSBC Holdings PLC (2.01% fixed rate until 09/22/27; 1.73% + SOFR thereafter) | ||
2.01%, 09/22/28 (a)(b) | 330,000 | 323,100 |
HSBC Holdings PLC (2.25% fixed rate until 11/22/26; 1.10% + SOFR thereafter) | ||
2.25%, 11/22/27 (b) | 200,000 | 200,634 |
HSBC Holdings PLC (2.87% fixed rate until 11/22/31; 1.41% + SOFR thereafter) | ||
2.87%, 11/22/32 (b) | 200,000 | 201,820 |
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 | 456,772 |
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 | 499,596 |
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 | 226,371 |
Humana Inc. | ||
1.35%, 02/03/27 (a) | 132,000 | 128,419 |
2.15%, 02/03/32 (a) | 69,000 | 66,835 |
Huntington Bancshares Inc. | ||
2.55%, 02/04/30 (a) | 108,000 | 109,747 |
Elfun Income Fund | 83 |
Principal Amount | Fair Value | |
Huntington Ingalls Industries Inc. | ||
2.04%, 08/16/28 (a)(g) | $ 103,000 | $ 100,902 |
Hyundai Capital America | ||
1.30%, 01/08/26 (a)(g) | 205,000 | 199,447 |
3.10%, 04/05/22 (a)(g) | 46,000 | 46,249 |
Imperial Brands Finance PLC | ||
3.13%, 07/26/24 (a)(g) | 264,000 | 273,079 |
3.50%, 02/11/23 - 07/26/26 (a)(g) | 490,000 | 505,738 |
Indiana Michigan Power Co. | ||
3.25%, 05/01/51 (a) | 55,000 | 57,141 |
ING Groep N.V. (1.06% fixed rate until 04/01/26; 1.01% + SOFR thereafter) | ||
1.06%, 04/01/27 (a)(b) | 470,000 | 474,620 |
Ingredion Inc. | ||
3.90%, 06/01/50 (a) | 27,000 | 30,754 |
Intel Corp. | ||
2.00%, 08/12/31 (a) | 84,000 | 83,460 |
2.80%, 08/12/41 (a) | 95,000 | 94,725 |
2.88%, 05/11/24 (a) | 12,000 | 12,491 |
3.10%, 02/15/60 (a) | 50,000 | 50,379 |
Intercontinental Exchange Inc. | ||
2.65%, 09/15/40 (a) | 28,000 | 27,207 |
International Business Machines Corp. | ||
3.45%, 02/19/26 (a) | 254,000 | 272,412 |
4.15%, 05/15/39 (a) | 150,000 | 173,398 |
4.25%, 05/15/49 (a) | 150,000 | 181,932 |
International Paper Co. | ||
4.40%, 08/15/47 (a) | 39,000 | 48,293 |
Interstate Power & Light Co. | ||
3.40%, 08/15/25 (a) | 193,000 | 203,893 |
ITC Holdings Corp. | ||
2.95%, 05/14/30 (a)(g) | 135,000 | 138,096 |
JAB HOLDINGS BV | ||
2.20%, 11/23/30 (a)(g) | 250,000 | 244,792 |
John Deere Capital Corp. | ||
2.45%, 01/09/30 (a) | 134,000 | 138,100 |
Johnson & Johnson | ||
3.63%, 03/03/37 (a) | 26,000 | 29,935 |
Johnson Controls International PLC | ||
4.50%, 02/15/47 (a) | 12,000 | 14,604 |
JPMorgan Chase & Co. (1.58% fixed rate until 04/22/26; 0.89% + SOFR thereafter) | ||
1.58%, 04/22/27 (a)(b) | 150,000 | 148,251 |
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter) | ||
2.96%, 05/13/31 (a)(b) | 89,000 | 92,105 |
Principal Amount | Fair Value | |
JPMorgan Chase & Co. (3.11% fixed rate until 04/22/50; 2.44% + SOFR thereafter) | ||
3.11%, 04/22/51 (a)(b) | $ 144,000 | $ 148,579 |
JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter) | ||
3.16%, 04/22/42 (a)(b) | 73,000 | 76,011 |
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) | 32,000 | 36,252 |
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) | 61,000 | 70,689 |
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) | 91,000 | 98,515 |
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) | 35,000 | 38,668 |
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) | 39,000 | 46,096 |
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + SOFR thereafter) | ||
4.49%, 03/24/31 (a)(b) | 132,000 | 152,812 |
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter) | ||
4.60%, 12/31/99 (a)(b) | 154,000 | 157,416 |
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) | 118,000 | 125,030 |
Kaiser Foundation Hospitals | ||
3.00%, 06/01/51 (a) | 74,000 | 76,290 |
3.27%, 11/01/49 (a) | 154,000 | 166,030 |
Kansas City Southern | ||
3.50%, 05/01/50 (a) | 41,000 | 43,799 |
Keurig Dr Pepper Inc. | ||
3.20%, 05/01/30 (a) | 62,000 | 65,612 |
84 | Elfun Income Fund |
Principal Amount | Fair Value | |
3.80%, 05/01/50 (a) | $ 46,000 | $ 50,921 |
Kinder Morgan Energy Partners LP | �� | |
4.70%, 11/01/42 (a) | 7,000 | 7,891 |
5.00%, 03/01/43 (a) | 22,000 | 25,593 |
6.38%, 03/01/41 (a) | 22,000 | 29,104 |
Kinder Morgan Inc. | ||
1.75%, 11/15/26 (a) | 250,000 | 249,382 |
5.05%, 02/15/46 (a) | 21,000 | 25,146 |
KLA Corp. | ||
3.30%, 03/01/50 (a) | 55,000 | 58,783 |
4.65%, 11/01/24 (a) | 76,000 | 82,404 |
Kohl's Corp. | ||
3.38%, 05/01/31 (a) | 49,000 | 49,880 |
Kyndryl Holdings Inc. | ||
2.05%, 10/15/26 (a)(g) | 102,000 | 99,466 |
2.70%, 10/15/28 (a)(g) | 204,000 | 197,670 |
L3Harris Technologies Inc. | ||
3.85%, 12/15/26 (a) | 40,000 | 43,518 |
Lear Corp. | ||
4.25%, 05/15/29 (a) | 35,000 | 38,686 |
Leidos Inc. | ||
2.95%, 05/15/23 (a) | 155,000 | 158,715 |
3.63%, 05/15/25 (a) | 44,000 | 46,713 |
4.38%, 05/15/30 (a) | 189,000 | 210,835 |
Liberty Mutual Group Inc. | ||
3.95%, 05/15/60 (a)(g) | 26,000 | 28,783 |
Life Storage LP | ||
2.20%, 10/15/30 (a) | 75,000 | 73,742 |
Lincoln National Corp. | ||
4.35%, 03/01/48 (a) | 28,000 | 33,701 |
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 | 204,218 |
Lockheed Martin Corp. | ||
3.55%, 01/15/26 (a) | 25,000 | 27,098 |
4.50%, 05/15/36 (a) | 50,000 | 61,095 |
Lowe's Companies Inc. | ||
1.30%, 04/15/28 (a) | 34,000 | 32,612 |
1.70%, 09/15/28 - 10/15/30 (a) | 192,000 | 187,325 |
3.00%, 10/15/50 (a) | 52,000 | 51,357 |
3.50%, 04/01/51 (a) | 60,000 | 64,650 |
3.70%, 04/15/46 (a) | 8,000 | 8,766 |
4.05%, 05/03/47 (a) | 36,000 | 41,564 |
LYB International Finance III LLC | ||
1.25%, 10/01/25 (a) | 39,000 | 38,429 |
3.63%, 04/01/51 (a) | 53,000 | 56,298 |
3.80%, 10/01/60 (a) | 25,000 | 26,429 |
Principal Amount | Fair Value | |
Marsh & McLennan Companies Inc. | ||
2.38%, 12/15/31 | $ 40,000 | $ 40,378 |
2.90%, 12/15/51 | 50,000 | 49,984 |
Marvell Technology Inc. | ||
1.65%, 04/15/26 (a) | 161,000 | 159,240 |
2.45%, 04/15/28 (a) | 119,000 | 120,810 |
McCormick & Company Inc. | ||
1.85%, 02/15/31 (a) | 37,000 | 35,432 |
3.25%, 11/15/25 (a) | 383,000 | 405,099 |
McDonald's Corp. | ||
3.60%, 07/01/30 (a) | 81,000 | 89,571 |
3.63%, 09/01/49 (a) | 17,000 | 18,799 |
4.88%, 12/09/45 (a) | 21,000 | 27,043 |
Medtronic Inc. | ||
4.63%, 03/15/45 (a) | 6,000 | 7,871 |
Memorial Sloan-Kettering Cancer Center | ||
4.13%, 07/01/52 (a) | 89,000 | 111,857 |
Merck & Company Inc. | ||
1.70%, 06/10/27 | 140,000 | 140,932 |
1.90%, 12/10/28 | 140,000 | 140,610 |
2.15%, 12/10/31 | 90,000 | 90,271 |
2.45%, 06/24/50 (a) | 69,000 | 65,144 |
2.75%, 02/10/25 (a) | 41,000 | 42,919 |
2.75%, 12/10/51 | 45,000 | 44,774 |
2.90%, 12/10/61 | 25,000 | 24,941 |
4.00%, 03/07/49 (a) | 16,000 | 19,472 |
MetLife Inc. | ||
4.72%, 12/15/44 (a) | 34,000 | 44,073 |
Microchip Technology Inc. | ||
2.67%, 09/01/23 (a) | 376,000 | 384,283 |
Micron Technology Inc. | ||
3.37%, 11/01/41 (a) | 69,000 | 70,859 |
3.48%, 11/01/51 (a) | 95,000 | 96,892 |
Microsoft Corp. | ||
2.40%, 08/08/26 (a) | 39,000 | 40,815 |
2.68%, 06/01/60 (a) | 16,000 | 15,932 |
2.92%, 03/17/52 (a) | 117,000 | 123,892 |
3.04%, 03/17/62 (a) | 41,000 | 44,143 |
3.45%, 08/08/36 (a) | 12,000 | 13,763 |
3.50%, 02/12/35 (a) | 33,000 | 37,792 |
Mid-America Apartments LP | ||
2.88%, 09/15/51 (a) | 82,000 | 80,807 |
Molson Coors Beverage Co. | ||
4.20%, 07/15/46 (a) | 16,000 | 17,763 |
Morgan Stanley | ||
3.70%, 10/23/24 (a) | 23,000 | 24,501 |
4.35%, 09/08/26 (a) | 108,000 | 119,623 |
4.38%, 01/22/47 (a) | 32,000 | 40,131 |
Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | ||
1.51%, 07/20/27 (a)(b) | 83,000 | 81,689 |
Elfun Income Fund | 85 |
Principal Amount | Fair Value | |
Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | ||
2.48%, 09/16/36 (a)(b) | $ 321,000 | $ 308,985 |
Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | ||
2.80%, 01/25/52 (a)(b) | 71,000 | 69,708 |
Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter) | ||
3.62%, 04/01/31 (a)(b) | 69,000 | 75,269 |
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) | ||
3.97%, 07/22/38 (a)(b) | 34,000 | 38,698 |
MPLX LP | ||
2.65%, 08/15/30 (a) | 63,000 | 62,890 |
3.38%, 03/15/23 (a) | 26,000 | 26,666 |
5.20%, 12/01/47 (a) | 16,000 | 19,588 |
Mylan Inc. | ||
5.20%, 04/15/48 (a) | 24,000 | 29,721 |
National Retail Properties Inc. | ||
4.00%, 11/15/25 (a) | 48,000 | 52,079 |
NewMarket Corp. | ||
2.70%, 03/18/31 (a) | 54,000 | 53,833 |
Newmont Corp. | ||
4.88%, 03/15/42 (a) | 36,000 | 45,122 |
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) | 49,000 | 55,592 |
NGPL PipeCo LLC | ||
3.25%, 07/15/31 (a)(g) | 108,000 | 109,899 |
NIKE Inc. | ||
3.38%, 03/27/50 (a) | 24,000 | 27,162 |
NiSource Inc. | ||
3.60%, 05/01/30 (a) | 56,000 | 60,496 |
3.95%, 03/30/48 (a) | 12,000 | 13,523 |
Norfolk Southern Corp. | ||
3.95%, 10/01/42 (a) | 35,000 | 40,039 |
NOV Inc. | ||
3.60%, 12/01/29 (a) | 81,000 | 84,842 |
Novant Health Inc. | ||
3.32%, 11/01/61 (a) | 55,000 | 59,245 |
Novartis Capital Corp. | ||
2.20%, 08/14/30 (a) | 81,000 | 82,234 |
3.00%, 11/20/25 (a) | 6,000 | 6,359 |
Nutrien Ltd. | ||
4.90%, 06/01/43 (a) | 34,000 | 43,222 |
NVIDIA Corp. | ||
3.50%, 04/01/50 (a) | 39,000 | 44,523 |
Principal Amount | Fair Value | |
NXP BV/NXP Funding LLC/NXP USA Inc. | ||
3.25%, 11/30/51 (g) | $ 100,000 | $ 100,040 |
Oklahoma Gas & Electric Co. | ||
3.25%, 04/01/30 (a) | 47,000 | 50,008 |
Oncor Electric Delivery Company LLC | ||
3.80%, 09/30/47 (a) | 10,000 | 11,605 |
ONEOK Inc. | ||
4.35%, 03/15/29 (a) | 50,000 | 54,857 |
Oracle Corp. | ||
2.30%, 03/25/28 (a) | 37,000 | 36,836 |
2.65%, 07/15/26 (a) | 53,000 | 54,525 |
2.88%, 03/25/31 (a) | 55,000 | 55,276 |
2.95%, 04/01/30 (a) | 81,000 | 81,869 |
3.60%, 04/01/50 (a) | 54,000 | 52,883 |
3.65%, 03/25/41 (a) | 58,000 | 58,726 |
3.80%, 11/15/37 (a) | 9,000 | 9,378 |
3.95%, 03/25/51 (a) | 58,000 | 60,352 |
4.00%, 07/15/46 - 11/15/47 (a) | 71,000 | 73,721 |
4.10%, 03/25/61 (a) | 70,000 | 73,083 |
Otis Worldwide Corp. | ||
2.06%, 04/05/25 (a) | 95,000 | 96,815 |
2.57%, 02/15/30 (a) | 34,000 | 34,479 |
3.36%, 02/15/50 (a) | 31,000 | 32,760 |
Ovintiv Exploration Inc. | ||
5.63%, 07/01/24 (a) | 361,000 | 397,779 |
Pacific Gas & Electric Co. | ||
2.10%, 08/01/27 (a) | 47,000 | 45,451 |
2.50%, 02/01/31 (a) | 81,000 | 77,165 |
3.00%, 06/15/28 (a) | 77,000 | 77,152 |
3.30%, 08/01/40 (a) | 81,000 | 75,369 |
3.50%, 08/01/50 (a) | 34,000 | 31,785 |
4.30%, 03/15/45 (a) | 53,000 | 53,593 |
PacifiCorp | ||
2.70%, 09/15/30 (a) | 50,000 | 51,625 |
2.90%, 06/15/52 (a) | 119,000 | 117,445 |
6.25%, 10/15/37 (a) | 2,000 | 2,781 |
Packaging Corp. of America | ||
3.05%, 10/01/51 (a) | 73,000 | 72,649 |
Parker-Hannifin Corp. | ||
3.25%, 06/14/29 (a) | 48,000 | 50,839 |
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) | 42,000 | 44,520 |
PayPal Holdings Inc. | ||
2.65%, 10/01/26 (a) | 71,000 | 74,679 |
3.25%, 06/01/50 (a) | 39,000 | 41,808 |
PepsiCo Inc. | ||
1.63%, 05/01/30 (a) | 52,000 | 50,641 |
2.63%, 07/29/29 (a) | 70,000 | 73,618 |
86 | Elfun Income Fund |
Principal Amount | Fair Value | |
2.75%, 10/21/51 (a) | $ 124,000 | $ 127,675 |
Pfizer Inc. | ||
2.70%, 05/28/50 (a) | 98,000 | 98,699 |
3.45%, 03/15/29 (a) | 21,000 | 23,159 |
3.60%, 09/15/28 (a) | 53,000 | 58,920 |
3.90%, 03/15/39 (a) | 29,000 | 33,925 |
4.13%, 12/15/46 (a) | 23,000 | 28,428 |
4.40%, 05/15/44 (a) | 7,000 | 8,763 |
Philip Morris International Inc. | ||
1.50%, 05/01/25 (a) | 60,000 | 60,198 |
2.10%, 05/01/30 (a) | 27,000 | 26,509 |
3.38%, 08/15/29 (a) | 38,000 | 40,993 |
4.13%, 03/04/43 (a) | 20,000 | 22,130 |
Phillips 66 | ||
2.15%, 12/15/30 (a) | 294,000 | 283,093 |
3.30%, 03/15/52 | 89,000 | 89,222 |
Phillips 66 Partners LP | ||
3.15%, 12/15/29 (a) | 145,000 | 150,095 |
3.75%, 03/01/28 (a) | 12,000 | 12,893 |
4.68%, 02/15/45 (a) | 28,000 | 32,839 |
Pioneer Natural Resources Co. | ||
1.13%, 01/15/26 (a) | 83,000 | 80,732 |
2.15%, 01/15/31 (a) | 47,000 | 45,382 |
Plains All American Pipeline LP/PAA Finance Corp. | ||
3.55%, 12/15/29 (a) | 64,000 | 66,558 |
3.65%, 06/01/22 (a) | 107,000 | 107,501 |
PPL Capital Funding Inc. | ||
3.10%, 05/15/26 (a) | 58,000 | 60,833 |
Precision Castparts Corp. | ||
4.38%, 06/15/45 (a) | 34,000 | 42,062 |
Prospect Capital Corp. | ||
3.36%, 11/15/26 (a) | 97,000 | 96,558 |
Prudential Financial Inc. | ||
3.94%, 12/07/49 (a) | 55,000 | 64,403 |
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) | 50,000 | 56,255 |
Public Service Company of Colorado | ||
3.70%, 06/15/28 (a) | 49,000 | 53,883 |
Public Service Electric & Gas Co. | ||
2.38%, 05/15/23 (a) | 109,000 | 110,933 |
PVH Corp. | ||
4.63%, 07/10/25 (a) | 152,000 | 165,733 |
QUALCOMM Inc. | ||
1.30%, 05/20/28 (a) | 15,000 | 14,535 |
4.30%, 05/20/47 (a) | 7,000 | 8,793 |
Principal Amount | Fair Value | |
Quanta Services Inc. | ||
2.35%, 01/15/32 (a) | $ 90,000 | $ 87,557 |
3.05%, 10/01/41 (a) | 98,000 | 95,883 |
Quest Diagnostics Inc. | ||
2.95%, 06/30/30 (a) | 20,000 | 20,849 |
Ralph Lauren Corp. | ||
1.70%, 06/15/22 (a) | 27,000 | 27,153 |
Raytheon Technologies Corp. | ||
1.90%, 09/01/31 (a) | 102,000 | 98,367 |
2.82%, 09/01/51 (a) | 64,000 | 61,860 |
3.13%, 05/04/27 (a) | 82,000 | 87,335 |
3.50%, 03/15/27 (a) | 29,000 | 31,272 |
3.95%, 08/16/25 (a) | 26,000 | 28,187 |
4.15%, 05/15/45 (a) | 31,000 | 36,234 |
4.45%, 11/16/38 (a) | 27,000 | 32,520 |
Realty Income Corp. | ||
2.85%, 12/15/32 | 50,000 | 52,006 |
3.00%, 01/15/27 (a) | 13,000 | 13,724 |
3.25%, 01/15/31 (a) | 52,000 | 55,871 |
Regeneron Pharmaceuticals Inc. | ||
1.75%, 09/15/30 (a) | 95,000 | 89,901 |
Regions Financial Corp. | ||
1.80%, 08/12/28 (a) | 206,000 | 201,703 |
Republic Services Inc. | ||
2.38%, 03/15/33 (a) | 143,000 | 142,271 |
Reynolds American Inc. | ||
4.45%, 06/12/25 (a) | 4,000 | 4,319 |
Rio Tinto Finance Ltd. | ||
2.75%, 11/02/51 (a) | 241,000 | 239,224 |
Rio Tinto Finance USA PLC | ||
4.13%, 08/21/42 (a) | 20,000 | 23,971 |
Rockwell Automation Inc. | ||
2.80%, 08/15/61 (a) | 30,000 | 29,474 |
4.20%, 03/01/49 (a) | 38,000 | 47,666 |
Rogers Communications Inc. | ||
5.00%, 03/15/44 (a) | 12,000 | 14,792 |
Roper Technologies Inc. | ||
2.95%, 09/15/29 (a) | 55,000 | 56,976 |
Ross Stores Inc. | ||
4.70%, 04/15/27 (a) | 18,000 | 20,295 |
Royalty Pharma PLC | ||
0.75%, 09/02/23 (a) | 62,000 | 61,601 |
1.20%, 09/02/25 (a) | 82,000 | 80,544 |
1.75%, 09/02/27 (a) | 41,000 | 40,315 |
2.15%, 09/02/31 (a) | 69,000 | 65,834 |
2.20%, 09/02/30 (a) | 15,000 | 14,527 |
3.30%, 09/02/40 (a) | 7,000 | 6,979 |
3.35%, 09/02/51 (a) | 73,000 | 70,177 |
RPM International Inc. | ||
3.75%, 03/15/27 (a) | 22,000 | 23,976 |
Ryder System Inc. | ||
2.90%, 12/01/26 (a) | 142,000 | 148,549 |
Elfun Income Fund | 87 |
Principal Amount | Fair Value | |
Sabine Pass Liquefaction LLC | ||
4.20%, 03/15/28 (a) | $ 24,000 | $ 26,347 |
4.50%, 05/15/30 (a) | 31,000 | 35,032 |
5.00%, 03/15/27 (a) | 7,000 | 7,878 |
5.88%, 06/30/26 (a) | 103,000 | 118,196 |
Salesforce.com Inc. | ||
1.95%, 07/15/31 (a) | 119,000 | 117,862 |
2.70%, 07/15/41 (a) | 89,000 | 88,763 |
Santander UK Group Holdings PLC | ||
4.75%, 09/15/25 (a)(g) | 200,000 | 218,448 |
Saudi Arabian Oil Co. | ||
3.50%, 04/16/29 (a)(g) | 254,000 | 271,493 |
4.38%, 04/16/49 (a)(g) | 254,000 | 295,143 |
Schlumberger Holdings Corp. | ||
3.90%, 05/17/28 (a)(g) | 43,000 | 46,507 |
Sealed Air Corp. | ||
1.57%, 10/15/26 (a)(g) | 372,000 | 360,892 |
Selective Insurance Group Inc. | ||
5.38%, 03/01/49 (a) | 21,000 | 27,834 |
Sempra Energy | ||
3.80%, 02/01/38 (a) | 12,000 | 13,199 |
4.00%, 02/01/48 (a) | 18,000 | 20,125 |
Sempra Energy (4.13% fixed rate until 01/04/27; 2.87% + 5 year CMT Rate thereafter) | ||
4.13%, 04/01/52 (b) | 129,000 | 130,358 |
Shell International Finance BV | ||
3.13%, 11/07/49 (a) | 51,000 | 52,585 |
3.75%, 09/12/46 (a) | 17,000 | 19,136 |
4.13%, 05/11/35 (a) | 22,000 | 25,733 |
Shire Acquisitions Investments Ireland DAC | ||
2.88%, 09/23/23 (a) | 9,000 | 9,254 |
3.20%, 09/23/26 (a) | 8,000 | 8,488 |
Simon Property Group LP | ||
3.38%, 06/15/27 (a) | 31,000 | 33,290 |
SLM Corp. | ||
3.13%, 11/02/26 (a) | 143,000 | 142,222 |
South Jersey Industries Inc. | ||
5.02%, 04/15/31 (a) | 145,000 | 158,988 |
Southern California Edison Co. | ||
2.40%, 02/01/22 (a) | 86,000 | 86,116 |
4.00%, 04/01/47 (a) | 96,000 | 106,016 |
4.20%, 03/01/29 (a) | 70,000 | 78,175 |
Southern Company Gas Capital Corp. | ||
3.95%, 10/01/46 (a) | 53,000 | 58,638 |
4.40%, 05/30/47 (a) | 7,000 | 8,151 |
Southwest Airlines Co. | ||
2.63%, 02/10/30 (a) | 81,000 | 80,992 |
Principal Amount | Fair Value | |
Southwestern Electric Power Co. | ||
2.75%, 10/01/26 (a) | $ 36,000 | $ 37,273 |
Spectra Energy Partners LP | ||
3.38%, 10/15/26 (a) | 8,000 | 8,491 |
4.50%, 03/15/45 (a) | 7,000 | 8,065 |
Spirit Realty LP | ||
4.00%, 07/15/29 (a) | 62,000 | 68,106 |
Starbucks Corp. | ||
4.00%, 11/15/28 (a) | 22,000 | 24,616 |
STERIS Irish FinCo UnLtd Co. | ||
2.70%, 03/15/31 (a) | 200,000 | 202,344 |
Stryker Corp. | ||
1.95%, 06/15/30 (a) | 109,000 | 106,550 |
2.90%, 06/15/50 (a) | 50,000 | 50,482 |
Sumitomo Mitsui Financial Group Inc. | ||
4.44%, 04/02/24 (a)(g) | 466,000 | 494,501 |
Sumitomo Mitsui Trust Bank Ltd. | ||
1.35%, 09/16/26 (a)(g) | 484,000 | 476,643 |
Suncor Energy Inc. | ||
4.00%, 11/15/47 (a) | 8,000 | 8,962 |
Svenska Handelsbanken AB (1.42% fixed rate until 06/11/26; 0.63% + 1 year CMT Rate thereafter) | ||
1.42%, 06/11/27 (a)(b)(g) | 250,000 | 245,812 |
Sysco Corp. | ||
3.25%, 07/15/27 (a) | 26,000 | 27,631 |
5.95%, 04/01/30 (a) | 8,000 | 10,000 |
6.60%, 04/01/50 (a) | 11,000 | 17,177 |
Takeda Pharmaceutical Company Ltd. | ||
2.05%, 03/31/30 (a) | 200,000 | 194,980 |
3.03%, 07/09/40 (a) | 200,000 | 201,394 |
3.18%, 07/09/50 (a) | 200,000 | 202,758 |
3.38%, 07/09/60 (a) | 200,000 | 207,812 |
Tampa Electric Co. | ||
2.40%, 03/15/31 (a) | 101,000 | 102,129 |
3.45%, 03/15/51 (a) | 74,000 | 81,350 |
4.35%, 05/15/44 (a) | 68,000 | 81,444 |
Tapestry Inc. | ||
4.13%, 07/15/27 (a) | 9,000 | 9,737 |
Target Corp. | ||
2.50%, 04/15/26 (a) | 30,000 | 31,460 |
Teck Resources Ltd. | ||
3.90%, 07/15/30 (a) | 86,000 | 92,532 |
5.40%, 02/01/43 (a) | 29,000 | 35,556 |
Texas Instruments Inc. | ||
3.88%, 03/15/39 (a) | 40,000 | 47,222 |
The Allstate Corp. | ||
4.20%, 12/15/46 (a) | 19,000 | 22,894 |
88 | Elfun Income Fund |
Principal Amount | Fair Value | |
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) | ||
5.75%, 08/15/53 (a)(b) | $ 103,000 | $ 107,129 |
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) | 53,000 | 55,737 |
The Boeing Co. | ||
2.20%, 02/04/26 (a) | 153,000 | 152,976 |
2.70%, 02/01/27 (a) | 132,000 | 134,573 |
2.95%, 02/01/30 (a) | 32,000 | 32,406 |
3.25%, 03/01/28 (a) | 7,000 | 7,236 |
3.55%, 03/01/38 (a) | 6,000 | 6,081 |
3.75%, 02/01/50 (a) | 29,000 | 30,050 |
5.04%, 05/01/27 (a) | 191,000 | 215,698 |
5.15%, 05/01/30 (a) | 108,000 | 126,010 |
5.81%, 05/01/50 (a) | 67,000 | 90,699 |
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) | 133,000 | 134,196 |
The Cleveland Electric Illuminating Co. | ||
4.55%, 11/15/30 (a)(g) | 131,000 | 150,596 |
The Clorox Co. | ||
1.80%, 05/15/30 (a) | 75,000 | 72,761 |
The Coca-Cola Co. | ||
2.60%, 06/01/50 (a) | 55,000 | 54,090 |
2.75%, 06/01/60 (a) | 42,000 | 41,722 |
The Dow Chemical Co. | ||
2.10%, 11/15/30 (a) | 41,000 | 40,328 |
3.60%, 11/15/50 (a) | 41,000 | 44,456 |
4.25%, 10/01/34 (a) | 27,000 | 31,162 |
5.55%, 11/30/48 (a) | 28,000 | 39,468 |
The Estee Lauder Companies Inc. | ||
2.38%, 12/01/29 (a) | 39,000 | 39,930 |
The George Washington University | ||
4.13%, 09/15/48 | 100,000 | 121,489 |
The Goldman Sachs Group Inc. | ||
3.50%, 04/01/25 - 11/16/26 (a) | 198,000 | 210,630 |
3.85%, 01/26/27 (a) | 231,000 | 248,708 |
4.25%, 10/21/25 (a) | 5,000 | 5,456 |
5.15%, 05/22/45 (a) | 28,000 | 36,337 |
Principal Amount | Fair Value | |
The Goldman Sachs Group Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter) | ||
1.54%, 09/10/27 (a)(b) | $ 98,000 | $ 96,068 |
The Goldman Sachs Group Inc. (1.99% fixed rate until 01/27/31; 1.09% + SOFR thereafter) | ||
1.99%, 01/27/32 (a)(b) | 125,000 | 119,639 |
The Goldman Sachs Group Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) | ||
2.38%, 07/21/32 (a)(b) | 55,000 | 54,159 |
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) | 104,000 | 104,872 |
The Goldman Sachs Group Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) | ||
2.91%, 07/21/42 (a)(b) | 42,000 | 41,743 |
The Goldman Sachs Group Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) | ||
3.21%, 04/22/42 (a)(b) | 65,000 | 67,295 |
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) | 28,000 | 30,475 |
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) | 31,000 | 35,453 |
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) | 48,000 | 53,340 |
The Hartford Financial Services Group Inc. | ||
2.80%, 08/19/29 (a) | 115,000 | 119,208 |
Elfun Income Fund | 89 |
Principal Amount | Fair Value | |
The Hartford Financial Services Group Inc. (2.28% fixed rate until 01/31/22; 2.13% + 3 month USD LIBOR thereafter) | ||
2.28%, 02/12/47 (a)(b)(g) | $ 69,000 | $ 65,318 |
The Home Depot Inc. | ||
2.70%, 04/15/30 (a) | 31,000 | 32,559 |
3.35%, 04/15/50 (a) | 54,000 | 59,034 |
3.50%, 09/15/56 (a) | 34,000 | 38,379 |
3.90%, 12/06/28 - 06/15/47 (a) | 50,000 | 57,539 |
4.50%, 12/06/48 (a) | 21,000 | 27,225 |
The Kroger Co. | ||
2.20%, 05/01/30 (a) | 48,000 | 47,785 |
4.65%, 01/15/48 (a) | 16,000 | 19,879 |
The Northwestern Mutual Life Insurance Co. | ||
3.45%, 03/30/51 (a)(g) | 75,000 | 80,222 |
The Southern Co. | ||
3.25%, 07/01/26 (a) | 12,000 | 12,716 |
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) | 42,000 | 45,113 |
The Travelers Companies Inc. | ||
2.55%, 04/27/50 (a) | 83,000 | 79,152 |
The Walt Disney Co. | ||
2.65%, 01/13/31 (a) | 81,000 | 84,196 |
3.38%, 11/15/26 (a) | 7,000 | 7,530 |
3.60%, 01/13/51 (a) | 52,000 | 58,837 |
4.75%, 11/15/46 (a) | 7,000 | 9,011 |
6.65%, 11/15/37 (a) | 54,000 | 80,045 |
The Williams Companies Inc. | ||
3.75%, 06/15/27 (a) | 7,000 | 7,563 |
4.85%, 03/01/48 (a) | 26,000 | 31,651 |
4.90%, 01/15/45 (a) | 63,000 | 75,420 |
5.40%, 03/04/44 (a) | 7,000 | 8,687 |
Thermo Fisher Scientific Inc. | ||
2.80%, 10/15/41 (a) | 61,000 | 61,598 |
Time Warner Cable LLC | ||
6.55%, 05/01/37 (a) | 23,000 | 30,129 |
T-Mobile USA Inc. | ||
3.50%, 04/15/25 (a) | 96,000 | 101,734 |
3.75%, 04/15/27 (a) | 121,000 | 131,018 |
3.88%, 04/15/30 (a) | 32,000 | 35,017 |
4.50%, 04/15/50 (a) | 14,000 | 16,403 |
Total Capital International S.A. | ||
3.46%, 02/19/29 (a) | 57,000 | 61,990 |
Trane Technologies Luxembourg Finance S.A. | ||
3.55%, 11/01/24 (a) | 52,000 | 55,030 |
3.80%, 03/21/29 (a) | 12,000 | 13,112 |
Principal Amount | Fair Value | |
TransCanada PipeLines Ltd. | ||
4.25%, 05/15/28 (a) | $ 71,000 | $ 79,290 |
4.88%, 01/15/26 (a) | 15,000 | 16,734 |
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter) | ||
5.63%, 05/20/75 (a)(b) | 151,000 | 158,594 |
Transcontinental Gas Pipe Line Company LLC | ||
4.00%, 03/15/28 (a) | 31,000 | 33,976 |
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) | 206,000 | 215,348 |
TWDC Enterprises 18 Corp. | ||
4.13%, 06/01/44 (a) | 7,000 | 8,311 |
Tyco Electronics Group S.A. | ||
3.13%, 08/15/27 (a) | 30,000 | 32,025 |
Tyson Foods Inc. | ||
4.00%, 03/01/26 (a) | 130,000 | 141,046 |
4.55%, 06/02/47 (a) | 7,000 | 8,676 |
UBS Group AG (2.86% fixed rate until 08/15/22; 0.95% + 3 month USD LIBOR thereafter) | ||
2.86%, 08/15/23 (a)(b)(g) | 284,000 | 287,382 |
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)(g) | 259,000 | 271,170 |
UDR Inc. | ||
2.10%, 08/01/32 (a) | 69,000 | 65,984 |
3.00%, 08/15/31 (a) | 42,000 | 43,779 |
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)(g) | 360,000 | 360,392 |
Union Pacific Corp. | ||
3.55%, 05/20/61 (a) | 63,000 | 69,720 |
3.60%, 09/15/37 (a) | 10,000 | 11,211 |
3.80%, 04/06/71 (a) | 31,000 | 35,937 |
4.10%, 09/15/67 (a) | 22,000 | 26,772 |
UnitedHealth Group Inc. | ||
2.00%, 05/15/30 (a) | 86,000 | 85,362 |
4.45%, 12/15/48 (a) | 53,000 | 67,755 |
4.75%, 07/15/45 (a) | 13,000 | 17,012 |
Utah Acquisition Sub Inc. | ||
3.95%, 06/15/26 (a) | 8,000 | 8,629 |
Valero Energy Corp. | ||
2.85%, 04/15/25 (a) | 75,000 | 77,916 |
4.00%, 04/01/29 (a) | 68,000 | 74,153 |
90 | Elfun Income Fund |
Principal Amount | Fair Value | |
Ventas Realty LP | ||
3.25%, 10/15/26 (a) | $ 39,000 | $ 41,297 |
Verizon Communications Inc. | ||
2.10%, 03/22/28 (a) | 108,000 | 108,329 |
2.36%, 03/15/32 (a)(g) | 145,000 | 143,012 |
2.55%, 03/21/31 (a) | 101,000 | 102,027 |
3.00%, 03/22/27 (a) | 190,000 | 200,475 |
3.40%, 03/22/41 (a) | 74,000 | 77,660 |
3.55%, 03/22/51 (a) | 54,000 | 58,189 |
3.70%, 03/22/61 (a) | 70,000 | 75,774 |
4.40%, 11/01/34 (a) | 56,000 | 65,196 |
4.86%, 08/21/46 (a) | 121,000 | 155,866 |
5.25%, 03/16/37 (a) | 23,000 | 29,962 |
ViacomCBS Inc. | ||
2.90%, 01/15/27 (a) | 23,000 | 24,006 |
3.70%, 06/01/28 (a) | 22,000 | 23,831 |
5.25%, 04/01/44 (a) | 6,000 | 7,493 |
Virginia Electric & Power Co. | ||
4.00%, 11/15/46 (a) | 59,000 | 68,651 |
Visa Inc. | ||
2.70%, 04/15/40 (a) | 55,000 | 56,154 |
Vistra Operations Company LLC | ||
3.55%, 07/15/24 (a)(g) | 189,000 | 194,887 |
Viterra Finance BV | ||
2.00%, 04/21/26 (a)(g) | 373,000 | 370,934 |
Vodafone Group PLC | ||
4.38%, 05/30/28 (a) | 30,000 | 33,800 |
5.25%, 05/30/48 (a) | 22,000 | 28,730 |
Volkswagen Group of America Finance LLC | ||
1.63%, 11/24/27 (a)(g) | 232,000 | 225,372 |
Vontier Corp. | ||
2.40%, 04/01/28 (a)(g) | 141,000 | 137,407 |
2.95%, 04/01/31 (a)(g) | 109,000 | 107,366 |
Vornado Realty LP | ||
2.15%, 06/01/26 (a) | 127,000 | 127,272 |
3.40%, 06/01/31 (a) | 47,000 | 48,433 |
3.50%, 01/15/25 (a) | 27,000 | 28,318 |
Walgreens Boots Alliance Inc. | ||
4.10%, 04/15/50 (a) | 6,000 | 6,733 |
Walmart Inc. | ||
1.80%, 09/22/31 (a) | 69,000 | 68,329 |
2.50%, 09/22/41 (a) | 69,000 | 69,706 |
2.65%, 09/22/51 (a) | 35,000 | 35,773 |
Waste Connections Inc. | ||
2.20%, 01/15/32 (a) | 95,000 | 93,179 |
2.95%, 01/15/52 (a) | 95,000 | 93,438 |
WEC Energy Group Inc. | ||
3.55%, 06/15/25 (a) | 10,000 | 10,597 |
Wells Fargo & Co. | ��� | |
4.15%, 01/24/29 (a) | 92,000 | 102,866 |
4.75%, 12/07/46 (a) | 93,000 | 115,675 |
Principal Amount | Fair Value | |
Wells Fargo & Co. (1.65% fixed rate until 06/02/23; 1.60% + SOFR thereafter) | ||
1.65%, 06/02/24 (a)(b) | $ 101,000 | $ 101,847 |
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter) | ||
2.19%, 04/30/26 (a)(b) | 122,000 | 124,305 |
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | ||
2.39%, 06/02/28 (a)(b) | 435,000 | 442,212 |
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | ||
3.07%, 04/30/41 (a)(b) | 111,000 | 113,562 |
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) | 249,000 | 262,971 |
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter) | ||
5.88%, 12/29/49 (a)(b) | 71,000 | 77,062 |
Westlake Chemical Corp. | ||
2.88%, 08/15/41 (a) | 39,000 | 37,671 |
3.13%, 08/15/51 (a) | 44,000 | 42,462 |
3.38%, 08/15/61 (a) | 43,000 | 41,357 |
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) | 86,000 | 87,809 |
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) | 62,000 | 66,878 |
Willis North America Inc. | ||
3.60%, 05/15/24 (a) | 51,000 | 53,449 |
3.88%, 09/15/49 (a) | 55,000 | 59,786 |
WPP Finance 2010 | ||
3.75%, 09/19/24 (a) | 33,000 | 34,931 |
Xcel Energy Inc. | ||
3.40%, 06/01/30 (a) | 66,000 | 71,058 |
Yamana Gold Inc. | ||
2.63%, 08/15/31 (a)(g) | 109,000 | 105,220 |
Zoetis Inc. | ||
3.00%, 09/12/27 (a) | 7,000 | 7,402 |
3.90%, 08/20/28 (a) | 31,000 | 34,472 |
70,962,240 |
Elfun Income Fund | 91 |
Principal Amount | Fair Value | |
Non-Agency Collateralized Mortgage Obligations - 5.7% | ||
BANK 2017-BNK7 | ||
3.18%, 09/15/60 | $ 2,398,000 | $ 2,540,528 |
BANK 2018-BNK15 | ||
4.41%, 11/15/61 (b) | 1,001,000 | 1,143,182 |
Cantor Commercial Real Estate Lending 2019-CF3 | ||
3.01%, 01/15/53 | 460,000 | 487,030 |
CD 2019-CD8 Mortgage Trust | ||
2.91%, 08/15/57 | 839,000 | 881,915 |
Citigroup Commercial Mortgage Trust 2015-GC35 | ||
4.46%, 11/10/48 (b) | 482,000 | 455,774 |
Citigroup Commercial Mortgage Trust 2016-P6 | ||
4.03%, 12/10/49 (b) | 336,823 | 362,402 |
COMM 2012-CCRE3 Mortgage Trust | ||
3.92%, 10/15/45 (g) | 191,000 | 190,048 |
COMM 2013-LC13 Mortgage Trust | ||
4.56%, 08/10/46 (b)(g) | 170,000 | 177,509 |
COMM 2014-CR14 Mortgage Trust | ||
4.53%, 02/10/47 (b) | 240,000 | 252,784 |
GS Mortgage Securities Trust 2012-GCJ9 | ||
1.92%, 11/10/45 (b)(d) | 657,182 | 5,058 |
GS Mortgage Securities Trust 2014-GC22 | ||
4.69%, 06/10/47 (b) | 285,000 | 292,169 |
GS Mortgage Securities Trust 2015-GS1 | ||
4.42%, 11/10/48 (b) | 380,000 | 333,440 |
GS Mortgage Securities Trust 2018-GS9 | ||
4.14%, 03/10/51 (b) | 291,000 | 319,764 |
GS Mortgage Securities Trust 2019-GC42 | ||
2.75%, 09/01/52 | 1,523,000 | 1,564,430 |
GS Mortgage Securities Trust 2019-GSA1 | ||
3.05%, 11/10/52 | 743,000 | 787,263 |
Impac CMB Trust 2004-5 (0.80% fixed rate until 01/25/22; 0.72% + 1 month USD LIBOR thereafter) | ||
0.82%, 10/25/34 (b) | 20,666 | 20,570 |
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9 | ||
1.39%, 12/15/47 (b)(d) | 459,195 | 4,030 |
JPMBB Commercial Mortgage Securities Trust 2013-C12 | ||
4.04%, 07/15/45 (b) | 125,000 | 128,795 |
Principal Amount | Fair Value | |
JPMBB Commercial Mortgage Securities Trust 2015-C32 | ||
4.65%, 11/15/48 (b) | $ 250,000 | $ 203,051 |
MASTR Alternative Loan Trust 2003-5 | ||
5.00%, 08/25/18 (d) | 1,540 | 16 |
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 | ||
0.86%, 03/15/48 (b)(d) | 3,204,472 | 70,240 |
UBS-Barclays Commercial Mortgage Trust 2013-C6 | ||
3.88%, 04/10/46 (b)(g) | 955,000 | 964,257 |
Wells Fargo Commercial Mortgage Trust 2014-LC16 | ||
4.32%, 08/15/50 | 485,082 | 452,126 |
Wells Fargo Commercial Mortgage Trust 2015-C26 | ||
1.20%, 02/15/48 (b)(d) | 2,499,463 | 76,944 |
WFRBS Commercial Mortgage Trust 2013-C17 | ||
4.26%, 12/15/46 | 235,000 | 245,593 |
WFRBS Commercial Mortgage Trust 2014-LC14 | ||
4.35%, 03/15/47 (b) | 533,000 | 558,599 |
12,517,517 | ||
Sovereign Bonds - 1.1% | ||
Government of Chile | ||
2.55%, 01/27/32 (a) | 290,000 | 289,405 |
3.86%, 06/21/47 (a) | 200,000 | 222,210 |
Government of Mexico | ||
4.00%, 10/02/23 (a) | 16,000 | 16,851 |
4.75%, 03/08/44 (a) | 200,000 | 218,632 |
Government of Panama | ||
3.16%, 01/23/30 (a) | 200,000 | 207,472 |
3.87%, 07/23/60 (a) | 200,000 | 200,054 |
Government of Peru | ||
1.86%, 12/01/32 (a) | 140,000 | 127,856 |
2.78%, 12/01/60 (a) | 230,000 | 202,931 |
5.63%, 11/18/50 (a) | 105,000 | 147,833 |
Government of Philippines | ||
3.95%, 01/20/40 (a) | 200,000 | 224,616 |
Government of Qatar | ||
4.82%, 03/14/49 (a)(g) | 258,000 | 338,855 |
Government of Uruguay | ||
5.10%, 06/18/50 (a) | 105,744 | 140,254 |
2,336,969 | ||
Municipal Bonds and Notes - 0.4% | ||
American Municipal Power Inc. | ||
6.27%, 02/15/50 | 135,000 | 192,928 |
92 | Elfun Income Fund |
Principal Amount | Fair Value | |
Board of Regents of the University of Texas System | ||
3.35%, 08/15/47 | $ 115,000 | $ 133,838 |
Port Authority of New York & New Jersey | ||
4.46%, 10/01/62 | 220,000 | 291,604 |
State of California | ||
4.60%, 04/01/38 | 200,000 | 230,230 |
State of Illinois | ||
5.10%, 06/01/33 | 95,000 | 109,809 |
958,409 | ||
Total Bonds and Notes (Cost $210,055,994) | 214,633,008 | |
Number of Shares | ||
Domestic Equity - 0.1% | ||
Preferred Stock - 0.1% | ||
Wells Fargo & Co. 5.85%, (3.09% + 3 month USD LIBOR) (Cost $168,161) (b) | 7,459 | 199,827 |
Total Investments in Securities (Cost $210,224,155) | 214,832,835 |
Number of Shares | Fair Value | |
Short-Term Investments - 11.6% | ||
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.03% (h)(i) (Cost $25,377,841) | 25,377,841 | $ 25,377,841 |
Total Investments (Cost $235,601,996) | 240,210,676 | |
Liabilities in Excess of Other Assets, net - (9.8)% | (21,386,378) | |
NET ASSETS - 100.0% | $ 218,824,298 |
Centrally Cleared Credit Default Swaps |
Reference Entity | Counterparty | Notional Amount (000s omitted) | Contract Annual Fixed Rate/ Payment Frequency | Termination Date | Market Value | Unamortized Upfront Payments Received (Paid) | Unrealized Appreciation (Depreciation) |
Buy Protection | |||||||
Markit CDX North America High Yield Index | Intercontinental Exchange | $5,049 | 5.00%/ Quarterly | 06/20/26 | $458,254 | $464,461 | $ (6,207) |
Sell Protection | |||||||
Markit CDX North America High Yield Index | Intercontinental Exchange | 3,146 | 1.00%/ Quarterly | 12/20/26 | (76,877) | (62,471) | (14,406) |
$(20,613) |
Elfun Income Fund | 93 |
The Fund had the following long futures contracts open at December 31, 2021: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
5 Yr. U.S. Treasury Notes Futures | March 2022 | 96 | $ 11,619,933 | $ 11,613,750 | $ (6,183) |
Ultra Long-Term U.S. Treasury Bond Futures | March 2022 | 26 | 4,991,237 | 5,125,250 | 134,013 |
2 Yr. U.S. Treasury Notes Futures | March 2022 | 85 | 18,579,810 | 18,544,610 | (35,200) |
U.S. Long Bond Futures | March 2022 | 21 | 3,343,771 | 3,369,187 | 25,416 |
$ 118,046 |
The Fund had the following short futures contracts open at December 31, 2021: |
Description | Expiration date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
10 Yr. U.S. Treasury Notes Futures | March 2022 | 66 | $ (8,524,734) | $ (8,610,938) | $ (86,204) |
10 Yr. U.S. Treasury Ultra Futures | March 2022 | 45 | (6,508,842) | (6,589,687) | (80,845) |
$ (167,049) | |||||
$ (49,003) |
During the fiscal year ended December 31, 2021, average notional values related to derivative contracts were as follows: | |||
Long Futures Contracts | Short Futures Contracts | Credit Default Swap Contracts | |
Average Notional Value | $37,120,331 | $20,837,255 | $5,096,441 |
(a) | At December 31, 2021, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs. |
(b) | Variable Rate Security - Interest rate shown is rate in effect at December 31, 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) | Step coupon bond. |
(g) | Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, these securities amounted to $14,706,559 or 6.72% 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. |
94 | Elfun Income Fund |
(h) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(i) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of December 31, 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 |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
U.S. Treasuries | $ — | $ 70,375,682 | $ — | $ 70,375,682 | |||
Agency Mortgage Backed | — | 54,177,915 | — | 54,177,915 | |||
Agency Collateralized Mortgage Obligations | — | 1,594,162 | — | 1,594,162 | |||
Asset Backed | — | 1,710,114 | — | 1,710,114 | |||
Corporate Notes | — | 70,962,240 | — | 70,962,240 | |||
Non-Agency Collateralized Mortgage Obligations | — | 12,517,517 | — | 12,517,517 | |||
Sovereign Bonds | — | 2,336,969 | — | 2,336,969 | |||
Municipal Bonds and Notes | — | 958,409 | — | 958,409 | |||
Preferred Stock | 199,827 | — | — | 199,827 | |||
Short-Term Investments | 25,377,841 | — | — | 25,377,841 | |||
Total Investments in Securities | $ 25,577,668 | $ 214,633,008 | $ — | $ 240,210,676 | |||
Other Financial Instruments | |||||||
Credit Default Swap Contracts - Unrealized Depreciation | $ — | $ (20,613) | $ — | $ (20,613) | |||
Long Futures Contracts - Unrealized Appreciation | 159,429 | — | — | 159,429 | |||
Long Futures Contracts - Unrealized Depreciation | (41,383) | — | — | (41,383) | |||
Short Futures Contracts - Unrealized Depreciation | (167,049) | — | — | (167,049) | |||
Total Other Financial Instruments | $ (49,003) | $ (20,613) | $ — | $ (69,616) |
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 12/31/21 | Value at 12/31/21 | Dividend Income | |
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 30,523,302 | $30,523,302 | $114,156,666 | $119,302,127 | $— | $— | 25,377,841 | $25,377,841 | $7,799 |
Elfun Income Fund | 95 |
96 | Elfun Government Money Market Fund |
Sector Allocation |
Portfolio composition as a % of Fair Value of $145,469 (in thousands) as of December 31, 2021 (a) |
Average Annual Total Return for the years ended December 31, 2021 | |||||||
(Inception date 6/13/90) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
Elfun Government Money Market Fund | —% | 0.89% | 0.46% | $10,475 | |||
Daily-linked 90-Day T-Bill | 0.05% | 1.10% | 0.60% | $10,599 |
(a) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
Elfun Government Money Market Fund | 97 |
98 | Elfun Government Money Market Fund |
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Beginning Account Value July 1, 2021 | $1,000.00 | $1,000.00 | |
Ending Account value December 31, 2021 | $1,000.00 | $1,024.70 | |
Expenses Paid During Period* | $ 0.55 | $ 0.56 |
* | Expenses are equal to the Fund's annualized net expense ratio of 0.11%** (for the period July 1, 2021 - December 31, 2021), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
** | May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year's data. |
Elfun Government Money Market Fund | 99 |
Principal Amount | Fair Value | |
Short-Term Investments - 102.1% † | ||
U.S. Treasuries - 35.0% | ||
U.S. Cash Management Bills | ||
0.00% 03/29/22 - 04/05/22 (a) | $ 2,510,000 | $ 2,509,552 |
U.S. Treasury Bills | ||
0.00% 01/11/22 - 06/02/22 (a) | 28,987,000 | 28,984,137 |
0.05% 01/06/22 - 02/10/22 (a) | 1,980,000 | 1,979,943 |
U.S. Treasury Notes | ||
1.75% 03/31/22 - 06/30/22 (a) | 681,000 | 684,504 |
1.88% 03/31/22 (a) | 500,000 | 502,168 |
U.S. Treasury Notes 0.03% + 3 month Treasury Money Market Yield | ||
0.11% 07/31/23 (b) | 3,721,000 | 3,721,123 |
0.12% 04/30/23 (b) | 1,226,000 | 1,226,084 |
U.S. Treasury Notes 0.04% + 3 month Treasury Money Market Yield | ||
0.12% 10/31/23 (b) | 1,100,000 | 1,100,000 |
U.S. Treasury Notes 0.05% + 3 month Treasury Money Market Yield | ||
0.13% 01/31/23 (b) | 1,356,000 | 1,356,428 |
U.S. Treasury Notes 0.06% + 3 month Treasury Money Market Yield | ||
0.14% 07/31/22 - 10/31/22 (b) | 3,805,000 | 3,805,398 |
U.S. Treasury Notes 0.11% + 3 month Treasury Money Market Yield | ||
0.20% 04/30/22 (b) | 2,555,000 | 2,555,528 |
U.S. Treasury Notes 0.15% + 3 month Treasury Money Market Yield | ||
0.24% 01/31/22 (b) | 1,500,000 | 1,500,136 |
49,925,001 | ||
U.S. Government Agency Obligations - 13.7% | ||
Federal Farm Credit Banks Funding Corp. | ||
0.21% 12/02/22 (a) | 600,000 | 599,985 |
Federal Farm Credit Banks Funding Corp. 0.01% + SOFR | ||
0.06% 05/26/22 - 09/13/22 (b) | 1,135,000 | 1,134,986 |
0.06% 06/30/22 (b) | 598,000 | 597,985 |
0.06% 09/07/22 (b) | 500,000 | 499,940 |
Principal Amount | Fair Value | |
Federal Farm Credit Banks Funding Corp. 0.02% + SOFR | ||
0.07% 10/27/22 - 08/21/23 (b) | $ 1,641,000 | $ 1,640,939 |
0.07% 07/14/23 (b) | 200,000 | 199,991 |
Federal Farm Credit Banks Funding Corp. 0.03% + SOFR | ||
0.08% 05/13/22 (b) | 800,000 | 799,971 |
0.08% 06/08/22 - 01/12/23 (b) | 1,350,000 | 1,349,948 |
Federal Farm Credit Banks Funding Corp. 0.04% + 3 month Treasury Money Market Yield | ||
0.12% 05/03/23 (b) | 520,000 | 520,000 |
Federal Farm Credit Banks Funding Corp. 0.04% + SOFR | ||
0.09% 07/08/22 - 07/11/22 (b) | 1,500,000 | 1,500,014 |
Federal Farm Credit Banks Funding Corp. 0.07% + SOFR | ||
0.12% 11/18/22 (b) | 750,000 | 750,000 |
Federal Farm Credit Banks Funding Corp. 0.09% + SOFR | ||
0.14% 10/07/22 (b) | 500,000 | 500,000 |
Federal Farm Credit Banks Funding Corp. 0.13% + 3 month Treasury Money Market Yield | ||
0.22% 02/28/22 (b) | 400,000 | 400,000 |
Federal Farm Credit Discount Notes | ||
0.00% 01/13/22 - 06/16/22 (a) | 700,000 | 699,962 |
Federal Home Loan Banks | ||
0.13% 11/29/22 (a) | 300,000 | 299,762 |
Federal Home Loan Banks (0.06% fixed rate until 07/05/22; 0.01% + SOFR thereafter) | ||
0.06% 08/05/22 (b) | 510,000 | 510,000 |
Federal Home Loan Banks (0.06% fixed rate until 09/07/22; 0.01% + SOFR thereafter) | ||
0.06% 10/07/22 (b) | 1,080,000 | 1,080,000 |
Federal Home Loan Banks 0.01% + SOFR | ||
0.06% 03/11/22 - 10/17/22 (b) | 2,930,000 | 2,930,000 |
100 | Elfun Government Money Market Fund |
Principal Amount | Fair Value | |
Federal Home Loan Mortgage Corp. | ||
2.38% 01/13/22 (a) | $ 635,000 | $ 635,399 |
Federal Home Loan Mortgage Corp. 0.16% + SOFR | ||
0.21% 04/20/22 (b) | 700,000 | 700,000 |
Federal Home Loan Mortgage Corp. 0.19% + SOFR | ||
0.24% 06/02/22 (b) | 750,000 | 750,000 |
Federal National Mortgage Assoc. 0.20% + SOFR | ||
0.25% 06/15/22 (b) | 700,000 | 700,000 |
Federal National Mortgage Assoc. 0.27% + SOFR | ||
0.32% 05/04/22 (b) | 750,000 | 750,649 |
19,549,531 | ||
Repurchase Agreements - 53.4% | ||
BNP Paribas Securities Corp. U.S. Treasury Repo 0.05% dated 12/31/21, to be repurchased $120,000,000 on 01/03/2021, collateralized by $1,143,910 U.S. Treasury Bond, 3.00% Maturing from 02/15/2048, collateralized by $1,433,025 U.S. Treasury Inflation Index Bond, 3.63% Maturing from 04/15/2028, collateralized by $62,410,659 U.S. Treasury Inflation Index Note, 0.63% Maturing from 01/15/2026, collateralized by $11,559,695 U.S. Treasury Note, 0.25% Maturing from 09/30/2025, and collateralized by $44,252,366 U.S. Treasury Strips, 0.00% Maturing from 02/15/2022 – 08/15/2048 0.05% dated 12/31/21, to be repurchased $25,000,000 on 01/03/2021, collateralized by $2,712,602 U.S. Treasury Bond, 3.00% Maturing from 02/15/2048, collateralized by $22,787,398 U.S. Treasury Strips, 0.00% Maturing from 05/15/2027 – 11/15/2050 01/03/22 | 25,000,000 | 25,000,000 |
Principal Amount | Fair Value | |
Citigroup Global Markets, Inc. 0.05% dated 12/31/21, to be repurchased $24,000,000 on 01/03/2021, collateralized by $24,543,500 U.S. Treasury Bonds, 1.25% – 2.38% Maturing from 05/15/2050 – 05/15/2051 01/03/22 | $ 24,000,000 | $ 24,000,000 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 0.05% dated 12/31/21, to be repurchased $127,658,000 on 01/03/2021, collateralized by $130,211,264 U.S. Treasury Note, 1.25% Maturing from 05/31/2028 - 06/30/2028 0.05% dated 12/31/21, to be repurchased $26,994,000 on 01/03/2021, collateralized by $27,533,955 U.S. Treasury Note, 1.25% - 2.63% Maturing from 06/30/2023-08/15/2031 01/03/22 | 26,994,000 | 26,994,000 |
75,994,000 | ||
Total Short-Term Investments (Cost $145,468,532) | 145,468,532 | |
Liabilities in Excess of Other Assets, net - (2.1)% | (3,038,202) | |
NET ASSETS - 100.0% | $ 142,430,330 |
(a) | Coupon amount represents effective yield. |
Elfun Government Money Market Fund | 101 |
(b) | Variable Rate Security - Interest rate shown is rate in effect at December 31, 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 December 31, 2021. |
Abbreviations: |
SOFR - Secured Overnight Financing Rate |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
U.S. Treasuries | $ — | $ 49,925,001 | $ — | $ 49,925,001 | |||
U.S. Government Agency Obligations | — | 19,549,531 | — | 19,549,531 | |||
Repurchase Agreements | — | 75,994,000 | — | 75,994,000 | |||
Total Investments in Securities | $ — | $ 145,468,532 | $ — | $ 145,468,532 |
102 | Elfun Government Money Market Fund |
12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | |||||
Inception date | 1/1/88 | ||||||||
Net asset value, beginning of period | $ 26.53 | $ 23.69 | $ 18.51 | $ 22.68 | $ 18.73 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income(a) | 0.83 | 0.29 | 0.43 | 0.45 | 0.34 | ||||
Net realized and unrealized gains/(losses) on investments | 1.57 | 2.86 | 5.15 | (4.16) | 3.96 | ||||
Total income/(loss) from investment operations | 2.40 | 3.15 | 5.58 | (3.71) | 4.30 | ||||
Less distributions from: | |||||||||
Net investment income | 0.86 | 0.31 | 0.40 | 0.46 | 0.35 | ||||
Net realized gains | 1.34 | — | — | — | — | ||||
Total distributions | 2.20 | 0.31 | 0.40 | 0.46 | 0.35 | ||||
Net asset value, end of period | $ 26.73 | $ 26.53 | $ 23.69 | $ 18.51 | $ 22.68 | ||||
Total Return(b) | 9.05% | 13.31% | 30.14% | (16.33)% | 22.99% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $204,799 | $201,200 | $199,123 | $183,982 | $237,769 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.37% | 0.40% | 0.38% | 0.36% | 0.36% | ||||
Gross expenses | 0.37% | 0.40% | 0.38% | 0.36% | 0.36% | ||||
Net investment income | 2.93% | 1.31% | 2.02% | 2.06% | 1.64% | ||||
Portfolio turnover rate | 17% | 20% | 15% | 27% | 30% |
Notes to Financial Highlights | |
(a) | Per share values have been calculated using the average shares method. |
(b) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
Financial Highlights | 103 |
12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | |||||
Inception date | 5/27/35 | ||||||||
Net asset value, beginning of period | $ 71.55 | $ 62.16 | $ 50.14 | $ 60.36 | $ 53.23 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income(a) | 0.72 | 0.64 | 0.71 | 0.74 | 0.76 | ||||
Net realized and unrealized gains/(losses) on investments | 16.72 | 14.90 | 17.15 | (2.85) | 12.88 | ||||
Total income/(loss) from investment operations | 17.44 | 15.54 | 17.86 | (2.11) | 13.65 | ||||
Less distributions from: | |||||||||
Net investment income | 0.74 | 0.69 | 0.67 | 0.76 | 0.78 | ||||
Net realized gains | 8.52 | 5.46 | 5.17 | 7.35 | 5.74 | ||||
Total distributions | 9.26 | 6.15 | 5.84 | 8.11 | 6.52 | ||||
Net asset value, end of period | $ 79.73 | $ 71.55 | $ 62.16 | $ 50.14 | $ 60.36 | ||||
Total Return(b) | 24.28% | 25.07% | 35.57% | (3.39)% | 25.61% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $3,965,156 | $3,419,765 | $2,979,222 | $2,427,667 | $2,737,919 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.18% | 0.18% | 0.18% | 0.19% | 0.18% | ||||
Gross expenses | 0.18% | 0.18% | 0.18% | 0.19% | 0.18% | ||||
Net investment income | 0.89% | 0.99% | 1.20% | 1.17% | 1.25% | ||||
Portfolio turnover rate | 26% | 25% | 17% | 18% | 16% |
Notes to Financial Highlights | |
(a) | Per share values have been calculated using the average shares method. |
(b) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
104 | Financial Highlights |
12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | |||||
Inception date | 1/1/88 | ||||||||
Net asset value, beginning of period | $ 20.97 | $ 19.54 | $ 17.02 | $ 18.60 | $ 17.91 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income(a) | 0.34 | 0.37 | 0.41 | 0.42 | 0.43 | ||||
Net realized and unrealized gains/(losses) on investments | 2.08 | 2.02 | 2.93 | (1.45) | 2.32 | ||||
Total income/(loss) from investment operations | 2.42 | 2.39 | 3.34 | (1.03) | 2.75 | ||||
Less distributions from: | |||||||||
Net investment income | 0.42 | 0.38 | 0.42 | 0.43 | 0.46 | ||||
Net realized gains | 1.29 | 0.58 | 0.40 | 0.12 | 1.60 | ||||
Total distributions | 1.71 | 0.96 | 0.82 | 0.55 | 2.06 | ||||
Net asset value, end of period | $ 21.68 | $ 20.97 | $ 19.54 | $ 17.02 | $ 18.60 | ||||
Total Return(b) | 11.56% | 12.23% | 19.58% | (5.51)% | 15.40% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $211,716 | $205,144 | $199,011 | $181,943 | $209,939 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.30% | 0.31% | 0.30% | 0.33% | 0.40% | ||||
Gross expenses | 0.30% | 0.31% | 0.30% | 0.33% | 0.40% | ||||
Net investment income | 1.53% | 1.88% | 2.20% | 2.26% | 2.23% | ||||
Portfolio turnover rate | 41% (c) | 56% (c) | 162% | 72% | 186% |
Notes to Financial Highlights | |
(a) | Per share values have been calculated using the average shares method. |
(b) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
(c) | The portfolio turnover calculated for the periods ended 12/31/2021 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 90% and 136%, respectively. |
Financial Highlights | 105 |
12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | |||||
Inception date | 1/1/80 | ||||||||
Net asset value, beginning of period | $ 11.67 | $ 11.54 | $ 11.19 | $ 11.55 | $ 11.48 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income(a) | 0.31 | 0.37 | 0.38 | 0.46 | 0.46 | ||||
Net realized and unrealized gains/(losses) on investments | (0.14) | 0.17 | 0.41 | (0.36) | 0.07 | ||||
Total income from investment operations | 0.17 | 0.54 | 0.79 | 0.10 | 0.53 | ||||
Less distributions from: | |||||||||
Net investment income | 0.37 | 0.41 | 0.44 | 0.46 | 0.46 | ||||
Total distributions | 0.37 | 0.41 | 0.44 | 0.46 | 0.46 | ||||
Net asset value, end of period | $ 11.47 | $ 11.67 | $ 11.54 | $ 11.19 | $ 11.55 | ||||
Total Return(b) | 1.44% | 4.77% | 7.13% | 0.90% | 4.71% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $1,250,501 | $1,341,617 | $1,377,821 | $1,376,980 | $1,471,350 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.21% | 0.21% | 0.20% | 0.21% | 0.20% | ||||
Gross expenses | 0.21% | 0.21% | 0.20% | 0.21% | 0.20% | ||||
Net investment income | 2.65% | 3.24% | 3.35% | 4.06% | 4.00% | ||||
Portfolio turnover rate | 42% | 41% | 25% | 18% | 26% |
Notes to Financial Highlights | |
(a) | Per share values have been calculated using the average shares method. |
(b) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
106 | Financial Highlights |
12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | |||||
Inception date | 12/31/84 | ||||||||
Net asset value, beginning of period | $ 12.25 | $ 11.74 | $ 11.02 | $ 11.44 | $ 11.28 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income(a) | 0.24 | 0.29 | 0.32 | 0.32 | 0.29 | ||||
Net realized and unrealized gains/(losses) on investments | (0.38) | 0.63 | 0.73 | (0.41) | 0.15 | ||||
Total income/(loss) from investment operations | (0.14) | 0.92 | 1.05 | (0.09) | 0.44 | ||||
Less distributions from: | |||||||||
Net investment income | 0.27 | 0.34 | 0.33 | 0.33 | 0.28 | ||||
Net realized gains | 0.17 | 0.07 | — | — | — | ||||
Total distributions | 0.44 | 0.41 | 0.33 | 0.33 | 0.28 | ||||
Net asset value, end of period | $ 11.67 | $ 12.25 | $ 11.74 | $ 11.02 | $ 11.44 | ||||
Total Return(b) | (1.19)% | 8.03% | 9.50% | (0.80)% | 3.90% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $218,824 | $244,329 | $233,663 | $229,477 | $261,189 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.29% | 0.27% | 0.29% | 0.34% | 0.33% | ||||
Gross expenses | 0.29% | 0.27% | 0.29% | 0.34% | 0.33% | ||||
Net investment income | 2.03% | 2.44% | 2.77% | 2.88% | 2.54% | ||||
Portfolio turnover rate | 71% (c) | 108% (c) | 107% | 207% | 299% |
Notes to Financial Highlights | |
(a) | Per share values have been calculated using the average shares method. |
(b) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
(c) | The portfolio turnover calculated for the fiscal years ended 12/31/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 184% and 255%, respectively. |
Financial Highlights | 107 |
12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | |||||
Inception date | 6/13/90 | ||||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income(a) | — | 0.00 (b) | 0.02 | 0.02 | 0.01 | ||||
Total income from investment operations | — | 0.00 | 0.02 | 0.02 | 0.01 | ||||
Less distributions from: | |||||||||
Net investment income | — | 0.00 (b) | 0.02 | 0.02 | 0.01 | ||||
Net realized gains | — | — | — | — | 0.00 (b) | ||||
Total distributions | — | 0.00 (b) | 0.02 | 0.02 | 0.01 | ||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total Return(c) | —% | 0.32% | 1.99% | 1.55% | 0.58% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $142,430 | $153,251 | $128,561 | $104,275 | $109,828 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.09% | 0.19% | 0.26% | 0.32% | 0.34% | ||||
Gross expenses | 0.26% | 0.25% | 0.26% | 0.32% | 0.34% | ||||
Net investment income | —% | 0.30% | 1.96% | 1.53% | 0.56% |
Notes to Financial Highlights | |
(a) | Per share values have been calculated using the average shares method. |
(b) | Rounds to less than $0.005. |
(c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
108 | Financial Highlights |
Elfun International Equity Fund | Elfun Trusts | ||
Assets | |||
Investments in securities, at fair value (cost $132,113,857; $1,994,127,340; $116,084,688; $1,153,944,441; $210,224,155 and $0, respectively) | $ 196,713,528 | $ 3,948,341,479 | |
Investments in affiliated securities, at fair value (cost $0; $0; $44,254,951; $0; $0 and $0, respectively) | — | — | |
Short-term investments, at fair value (cost $0; $0; $2,309,897; $0; $0 and $69,474,532, respectively) | — | — | |
Short-term affiliated investments, at fair value | 6,913,466 | 14,305,419 | |
Repurchase agreements | — | — | |
Cash | — | — | |
Net cash collateral on deposit with broker for future contracts | 152,594 | — | |
Foreign currency (cost $5,202; $0; $32,476; $0; $0 and $0, respectively) | 5,266 | — | |
Receivable from Adviser | — | — | |
Receivable for investments sold | — | — | |
Income receivables | 1,122,567 | 3,591,408 | |
Receivable for fund shares sold | 2,295 | 54,697 | |
Income receivable from affiliated investments | 30 | 350 | |
Receivable for accumulated variation margin on swap contracts | — | — | |
Receivable for accumulated variation margin on futures contracts | 38,790 | — | |
Other assets | 1,300 | 23,750 | |
Total assets | 204,949,836 | 3,966,317,103 | |
Liabilities | |||
Distribution payable to shareholders | — | — | |
Due to custodian | — | — | |
Net cash collateral on swap contracts due to broker | — | — | |
Payable for investments purchased | — | — | |
Payable for fund shares redeemed | 1,425 | 312,601 | |
Payable for accumulated variation margin on futures contracts | — | — | |
Payable to the Adviser | 36,208 | 471,226 | |
Payable for custody, fund accounting and sub-administration fees | 18,669 | 83,011 | |
Accrued other expenses | 94,077 | 294,451 | |
Total liabilities | 150,379 | 1,161,289 | |
Net Assets | $ 204,799,457 | $ 3,965,155,814 | |
Net Assets Consist of: | |||
Capital paid in | $ 137,971,344 | $ 1,803,838,612 | |
Total distributable earnings (loss) | 66,828,113 | 2,161,317,202 | |
Net Assets | $ 204,799,457 | $ 3,965,155,814 | |
Shares outstanding (Par value $10; $10; $10; $10; $10; and $1, respectively; unlimited shares authorized) | 7,661,640 | 49,729,751 | |
Net asset value, offering and redemption price per share | $ 26.73 | $ 79.73 |
110 | Statements of Assets and Liabilities |
Elfun Diversified Fund | Elfun Tax-Exempt Income Fund | Elfun Income Fund | Elfun Government Money Market Fund | |||
$ 151,036,399 | $ 1,236,375,719 | $ 214,832,835 | $ — | |||
54,103,657 | — | — | — | |||
2,309,897 | — | — | 69,474,532 | |||
13,340,379 | 3,950,909 | 25,377,841 | — | |||
— | — | — | 75,994,000 | |||
2,379 | — | 14,994 | — | |||
50,099 | — | 94,492 | — | |||
34,833 | — | — | — | |||
— | — | — | 2,149 | |||
3,295,912 | — | 8,780,478 | — | |||
386,704 | 14,829,415 | 972,116 | — | |||
1,779 | 35,427 | 37,621 | 433,645 | |||
596 | 106 | 605 | 18,251 | |||
141,211 | — | 388,743 | — | |||
— | — | — | — | |||
1,309 | 8,016 | 1,456 | 828 | |||
224,705,154 | 1,255,199,592 | 250,501,181 | 145,923,405 | |||
— | 935,354 | 84,015 | 871 | |||
— | — | — | 2,364 | |||
111,096 | — | 304,387 | — | |||
12,633,706 | 3,392,768 | 31,102,707 | 2,029,892 | |||
102,083 | 17,717 | — | 1,362,865 | |||
11,485 | — | 48,358 | — | |||
29,890 | 170,859 | 29,909 | 24,720 | |||
7,064 | 27,423 | 10,453 | 8,762 | |||
93,820 | 154,786 | 97,054 | 63,601 | |||
12,989,144 | 4,698,907 | 31,676,883 | 3,493,075 | |||
$ 211,716,010 | $ 1,250,500,685 | $ 218,824,298 | $ 142,430,330 | |||
$ 163,603,178 | $ 1,212,740,062 | $ 213,629,524 | $ 142,430,275 | |||
48,112,832 | 37,760,623 | 5,194,774 | 55 | |||
$ 211,716,010 | $ 1,250,500,685 | $ 218,824,298 | $ 142,430,330 | |||
9,765,472 | 109,035,490 | 18,745,974 | 142,430,255 | |||
$ 21.68 | $ 11.47 | $ 11.67 | $ 1.00 |
Statements of Assets and Liabilities | 111 |
Elfun International Equity Fund | Elfun Trusts | ||
Investment Income | |||
Income | |||
Dividend | $ 7,855,406 | $ 40,628,623 | |
Interest | — | — | |
Income from affiliated investments | 642 | 4,388 | |
Less: Foreign taxes withheld | (962,301) | — | |
Total income | 6,893,747 | 40,633,011 | |
Expenses | |||
Advisory and administration fees | 437,989 | 5,324,278 | |
Blue Sky fees | 33,903 | 37,221 | |
Transfer agent fees | 131,003 | 591,678 | |
Trustees' fees | 19,754 | 40,301 | |
Custody, fund accounting and sub-administration fees | 92,323 | 493,451 | |
Professional fees | 41,196 | 46,047 | |
Printing and shareholder reports | 2,615 | 85,002 | |
Interest expense on forward sale commitments | — | 1,908 | |
Other expenses | 14,491 | 197,533 | |
Total expenses before waivers | 773,274 | 6,817,419 | |
Fees waived and/or recouped by the adviser | — | — | |
Net expenses | 773,274 | 6,817,419 | |
Net investment income | $ 6,120,473 | $ 33,815,592 | |
Net Realized and Unrealized Gain (Loss) on Investments | |||
Realized gain (loss) on: | |||
Unaffiliated investments | $ 14,983,775 | $ 526,019,203 | |
Affiliated investments | — | — | |
Futures | 215,387 | — | |
Swap contracts | — | — | |
Foreign currency transactions | 4,801 | — | |
Increase (decrease) in unrealized appreciation/depreciation on: | |||
Unaffiliated investments | (3,304,287) | 254,514,072 | |
Affiliated investments | — | — | |
Futures | 8,019 | — | |
Swap contracts | — | — | |
Foreign currency translations | (43,753) | — | |
Net realized and unrealized gain (loss) on investments | 11,863,942 | 780,533,275 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ 17,984,415 | $ 814,348,867 |
112 | Statements of Operations |
Elfun Diversified Fund | Elfun Tax-Exempt Income Fund | Elfun Income Fund | Elfun Government Money Market Fund | |||
$ 1,099,144 | $ — | $ 9,985 | $ — | |||
1,420,098 | 37,249,235 | 5,409,878 | 132,426 | |||
1,350,812 | 2,660 | 7,799 | — | |||
(12,155) | — | — | — | |||
3,857,899 | 37,251,895 | 5,427,662 | 132,426 | |||
358,944 | 2,087,070 | 399,005 | 141,261 | |||
32,898 | 28,921 | 25,046 | 36,370 | |||
111,154 | 245,507 | 130,732 | 85,814 | |||
19,784 | 26,613 | 19,985 | 19,522 | |||
46,775 | 185,483 | 51,956 | 46,631 | |||
47,323 | 38,917 | 40,228 | 28,423 | |||
8,352 | 34,552 | 3,602 | 1,546 | |||
— | 203 | — | — | |||
11,542 | 70,951 | 13,559 | 6,691 | |||
636,772 | 2,718,217 | 684,113 | �� | 366,258 | ||
(3,801) | — | (9,388) | (233,832) | |||
632,971 | 2,718,217 | 674,725 | 132,426 | |||
$ 3,224,928 | $ 34,533,678 | $ 4,752,937 | $ — | |||
$ 11,688,205 | $ (312,845) | $ 2,021,504 | $ 55 | |||
2,310,324 | — | — | — | |||
277,275 | — | (72,750) | — | |||
325,606 | — | 1,031,295 | — | |||
52 | — | — | — | |||
4,759,990 | (15,370,341) | (9,758,021) | — | |||
773,525 | — | — | — | |||
(5,529) | — | 41,323 | — | |||
(265,647) | — | (843,918) | — | |||
(1,491) | — | — | — | |||
19,862,310 | (15,683,186) | (7,580,567) | 55 | |||
$ 23,087,238 | $ 18,850,492 | $ (2,827,630) | $ 55 |
Statements of Operations | 113 |
Elfun International Equity Fund | Elfun Trusts | ||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations: | |||||||
Net investment income | $ 6,120,473 | $ 2,346,194 | $ 33,815,592 | $ 29,717,403 | |||
Net realized gain (loss) on investments, futures, swap contracts and foreign currency transactions | 15,203,963 | 6,626,656 | 526,019,203 | 300,529,246 | |||
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations | (3,340,021) | 13,147,572 | 254,514,072 | 372,773,690 | |||
Net increase (decrease) from operations | 17,984,415 | 22,120,422 | 814,348,867 | 703,020,339 | |||
Distributions to shareholders: | |||||||
Total distributions | (15,724,016) | (2,337,004) | (421,275,229) | (274,667,801) | |||
Increase (decrease) in assets from operations and distributions | 2,260,399 | 19,783,418 | 393,073,638 | 428,352,538 | |||
Share transactions: | |||||||
Proceeds from sale of shares | 2,858,069 | 2,457,542 | 73,991,073 | 45,796,196 | |||
Value of distributions reinvested | 13,507,831 | 1,985,105 | 344,793,733 | 222,501,029 | |||
Cost of shares redeemed | (15,026,462) | (22,149,800) | (266,467,198) | (256,107,578) | |||
Net increase (decrease) from share transactions | 1,339,438 | (17,707,153) | 152,317,608 | 12,189,647 | |||
Total increase (decrease) in net assets | 3,599,837 | 2,076,265 | 545,391,246 | 440,542,185 | |||
Net Assets | |||||||
Beginning of year | 201,199,620 | 199,123,355 | 3,419,764,568 | 2,979,222,383 | |||
End of year | $ 204,799,457 | $ 201,199,620 | $ 3,965,155,814 | $ 3,419,764,568 | |||
Changes in Fund Shares | |||||||
Shares sold | 102,485 | 108,621 | 924,232 | 722,453 | |||
Issued for distributions reinvested | 505,533 | 75,594 | 4,291,874 | 3,129,850 | |||
Shares redeemed | (531,166) | (1,003,180) | (3,281,753) | (3,985,879) | |||
Net increase (decrease) in fund shares | 76,852 | (818,965) | 1,934,353 | (133,576) |
114 | Statements of Changes in Net Assets |
Elfun Diversified Fund | Elfun Tax-Exempt Income Fund | |||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||
$ 3,224,928 | $ 3,586,449 | $ 34,533,678 | $ 44,094,879 | |||
14,601,462 | 6,534,162 | (312,845) | 4,407,456 | |||
5,260,848 | 12,437,859 | (15,370,341) | 13,694,428 | |||
23,087,238 | 22,558,470 | 18,850,492 | 62,196,763 | |||
(15,754,251) | (8,960,718) | (41,209,578) | (48,325,050) | |||
7,332,987 | 13,597,752 | (22,359,086) | 13,871,713 | |||
4,772,080 | 3,785,727 | 40,093,917 | 41,276,872 | |||
13,873,358 | 7,866,484 | 29,155,146 | 33,451,744 | |||
(19,406,904) | (19,116,022) | (138,005,800) | (124,804,390) | |||
(761,466) | (7,463,811) | (68,756,737) | (50,075,774) | |||
6,571,521 | 6,133,941 | (91,115,823) | (36,204,061) | |||
205,144,489 | 199,010,548 | 1,341,616,508 | 1,377,820,569 | |||
$ 211,716,010 | $ 205,144,489 | $ 1,250,500,685 | $ 1,341,616,508 | |||
216,554 | 195,500 | 3,462,715 | 3,579,983 | |||
635,917 | 377,652 | 2,525,649 | 2,898,136 | |||
(871,621) | (975,718) | (11,950,926) | (10,850,214) | |||
(19,150) | (402,566) | (5,962,562) | (4,372,095) |
Statements of Changes in Net Assets | 115 |
Elfun Income Fund | Elfun Government Money Market Fund | ||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations: | |||||||
Net investment income | $ 4,752,937 | $ 5,852,671 | $ — | $ 429,266 | |||
Net realized gain (loss) on investments, futures and swap contracts | 2,980,049 | 4,968,717 | 55 | 733 | |||
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts | (10,560,616) | 7,419,338 | — | — | |||
Net increase (decrease) from operations | (2,827,630) | 18,240,726 | 55 | 429,999 | |||
Distributions to shareholders: | |||||||
Total distributions | (8,337,782) | (8,154,872) | — | (429,266) | |||
Increase (decrease) in assets from operations and distributions | (11,165,412) | 10,085,854 | 55 | 733 | |||
Share transactions: | |||||||
Proceeds from sale of shares | 18,127,991 | 20,105,165 | 50,569,988 | 83,804,743 | |||
Value of distributions reinvested | 6,571,744 | 6,265,018 | 422 | 411,968 | |||
Cost of shares redeemed | (39,039,271) | (25,789,410) | (61,391,100) | (59,527,146) | |||
Net increase (decrease) from share transactions | (14,339,536) | 580,773 | (10,820,690) | 24,689,565 | |||
Total increase (decrease) in net assets | (25,504,948) | 10,666,627 | (10,820,635) | 24,690,298 | |||
Net Assets | |||||||
Beginning of year | 244,329,246 | 233,662,619 | 153,250,965 | 128,560,667 | |||
End of year | $ 218,824,298 | $ 244,329,246 | $ 142,430,330 | $ 153,250,965 | |||
Changes in Fund Shares | |||||||
Shares sold | 1,518,468 | 1,672,210 | 50,569,987 | 83,804,743 | |||
Issued for distributions reinvested | 555,624 | 516,439 | 422 | 411,969 | |||
Shares redeemed | (3,276,520) | (2,150,956) | (61,391,100) | (59,527,146) | |||
Net increase (decrease) in fund shares | (1,202,428) | 37,693 | (10,820,691) | 24,689,566 |
116 | Statements of Changes in Net Assets |
• | Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. |
• | Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit. |
• | Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income. |
• | Debt obligations (including short term investments) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices. |
Notes to Financial Statements | 117 |
• | Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value. |
• | Options on futures are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options on futures are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with the valuation policy and procedures approved by the Board. |
• | Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third-party valuation the agreements will be fair valued. |
• | Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments. |
118 | Notes to Financial Statements |
Notes to Financial Statements | 119 |
120 | Notes to Financial Statements |
Fund | Strategies |
Elfun International Equity Fund | Equitization of Cash |
Elfun Diversified Fund | Management of Interest Rate Risk and Equitization of Cash |
Elfun Income Fund | Management of Interest Rate Risk |
Notes to Financial Statements | 121 |
Asset Derivatives | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun International Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 38,790 | $ — | $ 38,790 |
Elfun Diversified Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 5,552 | $ — | $ 5,552 |
Swap Contracts | — | — | 141,211 | — | — | 141,211 |
Elfun Income Fund | ||||||
Swap Contracts | $ — | $ — | $ 388,743 | $ — | $ — | $ 388,743 |
Liability Derivatives | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun Diversified Fund | ||||||
Futures Contracts | $ 17,037 | $ — | $ — | $ — | $ — | $ 17,037 |
Elfun Income Fund | ||||||
Futures Contracts | $ 48,358 | $ — | $ — | $ — | $ — | $ 48,358 |
Realized Gain/Loss | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun International Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 215,387 | $ — | $ 215,387 |
Elfun Diversified Fund | ||||||
Futures Contracts | $ 110,075 | $ — | $ — | $ 167,200 | $ — | $ 277,275 |
Swap Contracts | — | — | 325,606 | — | — | 325,606 |
Elfun Income Fund | ||||||
Futures Contracts | $ (72,750) | $ — | $ — | $ — | $ — | $ (72,750) |
Swap Contracts | — | — | 1,031,295 | — | — | 1,031,295 |
122 | Notes to Financial Statements |
Net Change in Unrealized Appreciation (Depreciation) | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun International Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 8,019 | $ — | $ 8,019 |
Elfun Diversified Fund | ||||||
Futures Contracts | $ 4,048 | $ — | $ — | $ (9,577) | $ — | $ (5,529) |
Swap Contracts | — | — | 265,647 | — | — | 265,647 |
Elfun Income Fund | ||||||
Futures Contracts | $ 41,323 | $ — | $ — | $ — | $ — | $ 41,323 |
Swap Contracts | — | — | (843,918) | — | — | (843,918) |
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% |
Notes to Financial Statements | 123 |
Expiration Date | Amount |
12/31/2023 | $ 78,761 |
12/31/2024 | $233,832 |
U.S. Government Obligations | Other Securities | ||||
Fund | Purchases | Sales | Purchases | Sales | |
Elfun International Equity Fund | $ — | $ — | $ 33,493,692 | $ 45,032,694 | |
Elfun Trusts | — | — | 981,545,903 | 1,183,499,520 | |
Elfun Diversified Fund | 140,802,215 | 124,771,478 | 42,990,338 | 72,005,225 | |
Elfun Tax-Exempt Income Fund | — | — | 535,007,888 | 598,962,915 | |
Elfun Income Fund | 357,605,247 | 325,574,954 | 46,422,000 | 82,912,575 |
124 | Notes to Financial Statements |
Fund | Exempt Income | Ordinary Income | Long-Term Capital Gains | Total |
Elfun International Equity Fund | $ — | $ 6,139,133 | $ 9,584,883 | $ 15,724,016 |
Elfun Trusts | — | 47,426,354 | 373,848,875 | 421,275,229 |
Elfun Diversified Fund | — | 4,154,354 | 11,599,897 | 15,754,251 |
Elfun Tax-Exempt Income Fund | 41,065,018 | 144,560 | — | 41,209,578 |
Elfun Income Fund | — | 8,235,715 | 102,067 | 8,337,782 |
Fund | Exempt Income | Ordinary Income | Long-Term Capital Gains | Total |
Elfun International Equity Fund | $ — | $ 2,337,004 | $ — | $ 2,337,004 |
Elfun Trusts | — | 64,128,127 | 210,539,674 | 274,667,801 |
Elfun Diversified Fund | — | 4,826,414 | 4,134,304 | 8,960,718 |
Elfun Tax-Exempt Income Fund | 48,053,923 | 271,127 | — | 48,325,050 |
Elfun Income Fund | — | 8,154,872 | — | 8,154,872 |
Elfun Government Money Market Fund | — | 429,266 | — | 429,266 |
Fund | Undistributed Ordinary Income | Tax Exempt Income | Capital Loss Carryforwards | Undistributed long term gain | Net Unrealized Gains (Losses) | Qualified Late-Year Losses | Total |
Elfun International Equity Fund | $ 650,753 | $ — | $ — | $ 2,627,032 | $ 63,550,328 | $— | $ 66,828,113 |
Elfun Trusts | 8,752,615 | — | — | 201,811,897 | 1,950,752,690 | — | 2,161,317,202 |
Elfun Diversified Fund | 482,533 | — | — | 3,833,405 | 44,248,482 | — | 48,564,420 |
Elfun Tax-Exempt Income Fund | — | 62,804 | (18,114,645) | — | 55,812,464 | — | 37,760,623 |
Elfun Income Fund | 1,261,863 | — | — | 1,574,295 | 3,895,837 | — | 6,731,995 |
Elfun Government Money Market Fund | 55 | — | — | — | — | — | 55 |
Fund | Non-Expiring Short Term | Non-Expiring Long Term |
Elfun Tax-Exempt Income Fund | $14,745,691 | $3,368,954 |
Notes to Financial Statements | 125 |
Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) |
Elfun International Equity Fund | $ 140,121,270 | $ 68,879,284 | $ 5,334,833 | $ 63,544,451 |
Elfun Trusts | 2,011,894,209 | 1,981,894,173 | 31,141,484 | 1,950,752,689 |
Elfun Diversified Fund | 176,525,850 | 46,245,546 | 1,997,064 | 44,248,482 |
Elfun Tax-Exempt Income Fund | 1,184,514,164 | 59,629,250 | 3,816,786 | 55,812,464 |
Elfun Income Fund | 236,245,103 | 5,700,741 | 1,804,784 | 3,895,957 |
Elfun Government Money Market Fund | 145,468,532 | — | — | — |
126 | Notes to Financial Statements |
Notes to Financial Statements | 127 |
128 | Report of Independent Registered Public Accounting Firm |
Amount | |
Elfun International Equity Fund | $ 9,584,883 |
Elfun Trusts | 373,848,875 |
Elfun Diversified Fund | 11,599,897 |
Elfun Income Fund | 102,067 |
Amount | |
Elfun International Equity Fund | $343,479 |
Amount | |
Elfun International Equity Fund | $7,857,706 |
Amount | |
Elfun Tax-Exempt Income Fund | $41,065,018 |
Other Information | 129 |
130 | Other Information |
Name, Address, and Year of Birth | Position(s) Held with Funds | Term of Office and Length of Time Served | Principal Occupation During Past Five Years and Relevant Experience | Number of Funds in Fund Complex Overseen by Trustee† | Other Directorships Held by Trustee During Past Five Years |
INDEPENDENT TRUSTEES | |||||
Michael F. Holland c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1944 | Trustee and Co-Chairperson of the Board | Term: Indefinite Elected: 12/18 | Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present). | 63 | Director, the Holland Series Fund, Inc.; Director, The China Fund, Inc. (1992 – 2017); Director, The Taiwan Fund, Inc. (2007 – 2017); Director, Reaves Utility Income Fund, Inc.; and Director, Blackstone/ GSO Loans (and Real Estate) Funds. |
Patrick J. Riley c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948 | Trustee and Co-Chairperson of the Board | Term: Indefinite Appointed: 4/16 Elected: 6/16 | 2002 to May 2010, Associate Justice of the Superior Court, Commonwealth of Massachusetts; 1985 to 2002, Partner, Riley, Burke & Donahue, L.L.P. (law firm); 1998 to present, Independent Director, State Street Global Advisers Ireland, Ltd. (investment company); 1998 to present, Independent Director, SSGA Liquidity plc (formerly, SSGA Cash Management Fund plc); January 2009 to present, Independent Director, SSGA Fixed Income plc; and January 2009 – 2019, Independent Director, SSGA Qualified Funds PLC. | 63 | Board Director and Chairman, SPDR Europe 1PLC Board (2011 – present); Board Director and Chairman, SPDR Europe II, PLC (2013 – present). |
Other Information | 131 |
Name, Address, and Year of Birth | Position(s) Held with Funds | Term of Office and Length of Time Served | Principal Occupation During Past Five Years and Relevant Experience | Number of Funds in Fund Complex Overseen by Trustee† | Other Directorships Held by Trustee During Past Five Years |
INDEPENDENT TRUSTEES (continued) | |||||
John R. Costantino c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946 | Trustee and Chairperson of the Qualified Legal Compliance Committee | Term: Indefinite Elected: 12/18 | Senior Advisor to NGN Capital LLC (January 2019 – present); Managing General Partner, NGN Capital LLC (2006 – December 2019). | 63 | Director of Kleinfeld Bridal Corp. (January 2016 – present); Trustee of Neuroscience Research Institute (1986 – 2017); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee and Independent Chairperson of GE Funds (1993 – February 2011); Director, Muscular Dystrophy Association (since 2019); Trustee of Gregorian University Foundation (1992 – 2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 - present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 - present); Trustee, Gallim Dance (December 2021 - present). |
Donna M. Rapaccioli c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1962 | Trustee and Chairperson of the Audit Committee | Term: Indefinite Elected: 12/18 | Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University. | 63 | Director- Graduate Management Admissions Council (2015 – present); Trustee of Emmanuel College (2010 – 2019). |
Richard D. Shirk c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1945 | Trustee and Chairperson of the Nominating Committee Chairperson of the Governance Committee | Term: Indefinite Appointed: 7/16 Elected: 12/18 | March 2001 to April 2002, Chairman (1996 to March 2001, President and Chief Executive Officer), Cerulean Companies, Inc. (holding company) (Retired); 1992 to March 2001, President and Chief Executive Officer, Blue Cross Blue Shield of Georgia (health insurer, managed healthcare). | 63 | 1998 to December 2008, Chairman, Board Member and December 2008 to present, Investment Committee Member, Healthcare Georgia Foundation (private foundation); September 2002 to 2012, Lead Director and Board Member, Amerigroup Corp. (managed health care); 1999 to 2013, Board Member and (2001 to 2017) Investment Committee Member, Woodruff Arts Center; and 2003 to 2009, Trustee, Gettysburg College; Board member, Aerocare Holdings (2003 - January 2021), Regenesis Biomedical Inc. (April 2012 - present). |
132 | Other Information |
Name, Address, and Year of Birth | Position(s) Held with Funds | Term of Office and Length of Time Served | Principal Occupation During Past Five Years and Relevant Experience | Number of Funds in Fund Complex Overseen by Trustee† | Other Directorships Held by Trustee During Past Five Years |
INDEPENDENT TRUSTEES (continued) | |||||
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946 | Trustee and Chairperson of the Valuation Committee | Term: Indefinite Appointed: 7/16 Elected: 12/18 | Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016). | 63 | None. |
INTERESTED TRUSTEES(1) | |||||
Ellen M. Needham(2) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967 | Trustee and President | Term: Indefinite Elected: 12/18 | Chairman, SSGA Funds Management, Inc. (March 2020 – present); President and Director, SSGA Funds Management, Inc. (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 – present). | 63 | Board Director, SSGA SPDR ETFs Europe 1 plc (May 2020 – present); Board Director, SSGA SPDR ETFs Europe II plc (May 2020 – present). |
(1) | The individual listed above is a Trustee who is an “interested person,” as defined in the 1940 Act, of the Funds (“Interested Trustee”). |
(2) | Ms. Needham is an Interested Trustee because of her employment by SSGA FM, an affiliate of the Funds. |
* | Served in various capacities and/or with various affiliated entities during noted time period. |
† | For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA FM serves as investment adviser. |
Other Information | 133 |
Name, Address, and Year of Birth | Position(s) Held with Funds | Term of Office and Length of Time Served | Principal Occupation During Past Five Years |
OFFICERS: | |||
Ellen M. Needham SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967 | President and Trustee | Term: Indefinite Elected: 7/16 | Chairman, SSGA Funds Management, Inc. (March 2020 – present); President and Director, SSGA Funds Management, Inc. (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 – present). |
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961 | Treasurer | Term: Indefinite Elected: 7/16 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015). |
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966 | Vice President and Deputy Treasurer | Term: Indefinite Elected: 7/16 | Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present)*; Managing Director, State Street Global Advisors (2005 – present).* |
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969 | Deputy Treasurer | Term: Indefinite Elected: 7/16 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).* |
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968 | Deputy Treasurer | Term: Indefinite Elected: 11/16 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016). |
Arthur A. Jensen SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 YOB: 1966 | Deputy Treasurer | Term: Indefinite Elected: 7/16 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); Controller of GE Asset Management Incorporated (April 2011 – July 2016). |
David K. Lancaster SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1971 | Assistant Treasurer | Term: Indefinite Elected: 11/20 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 – present); Assistant Vice President, State Street Bank and Trust Company (November 2011 – July 2017).* |
134 | Other Information |
Name, Address, and Year of Birth | Position(s) Held with Funds | Term of Office and Length of Time Served | Principal Occupation During Past Five Years |
OFFICERS: (continued) | |||
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973 | Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer | Term: Indefinite Elected: 7/16 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present).* |
Sean O’Malley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969 | Chief Legal Officer | Term: Indefinite Elected: 8/19 | Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 – present). |
David Barr SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974 | Secretary | Term: Indefinite Elected: 9/20 | Vice President and Senior Counsel, State Street Global Advisors (October 2019 – present); Vice President and Counsel, Eaton Vance Corp. (October 2010 – October 2019). |
Timothy Collins SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967 | Assistant Secretary | Term: Indefinite Elected: 9/21 | Vice President and Senior Counsel, State Street Global Advisors (August 2021 - present); Vice President and Managing Counsel, State Street Corporation (March 2020 - August 2021); Vice President and Senior Counsel (April 2018 - March 2020); Counsel, Sutton Place Investments (January 2010-March 2018). |
David Urman SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1985 | Assistant Secretary | Term: Indefinite Elected: 8/19 | Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (August 2015 – April 2019); Associate, Ropes & Gray LLP (November 2012 – August 2015). |
* | Served in various capacities and/or with various affiliated entities during noted time period. |
Other Information | 135 |
(b) Not applicable.
Item 2. Code of Ethics.
As of the end of the period covered by this report, the Elfun Diversified Fund (the “Fund,” “Fund Entity” or “Registrant”) has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code”). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the “SEC”) and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. The Code is combined with other mutual funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of Form N-CSR during the covered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Code is filed as Exhibit 13(a)(1) to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
The Fund’s Board of Trustees (the “Board”) has determined that the Fund has the following “audit committee financial experts” as defined in Item 3(b) of Form N-CSR serving on its audit committee (the “Audit Committee”): Messrs. Michael F. Holland, Richard D. Shirk and John R. Costantino and Ms. Donna M. Rapaccioli. Each of the “audit committee financial experts” is “independent” as that term is defined in Item 3(a)(2) of Form N-CSR.
An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees |
For the fiscal years ended December 31, 2021 and December 31, 2020, the aggregate audit fees billed for professional services rendered by Ernst & Young LLP (“E&Y”), the Registrant’s principal accountant, for the audit of the Registrant’s annual financial statements or services normally provided by E&Y in connection with the Registrant’s statutory and regulatory filings and engagements were $39,107 and $39,107, respectively.
(b) | Audit-Related Fees |
For the fiscal years ended December 31, 2021 and December 31, 2020, there were no fees for assurance and related services by E&Y that were reasonably related to the performance of the audit of the Registrant’s financial statements that were not reported under paragraph (a) of this Item.
(c) | Tax Fees |
The aggregate tax fees billed for professional services rendered by E&Y for tax compliance, tax advice, and tax planning in the form of preparation of excise filings and income tax returns for the fiscal years ended December 31, 2021 and December 31, 2020 were $5,398 and $7,712, respectively.
(d) | All Other Fees |
For the fiscal years ended December 31, 2021 and December 31, 2020, there were no fees billed for professional services rendered by E&Y for products and services provided by E&Y to the Registrant, other than the services reported in paragraphs (a) through (c).
For the fiscal years ended December 31, 2021 and December 31, 2020, the aggregate fees for professional services rendered by E&Y for products and services provided by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant that (i) relate directly to the operations and financial reporting of the Registrant and (ii) were pre-approved by the Registrant’s Audit Committee were approximately $8,904,469 and $7,019,005, respectively.
(e)(1) | Audit Committee Pre-Approval Policies and Procedures |
The Fund’s Audit Committee Charter states the following with respect to pre-approval procedures:
The Audit Committee shall have the following duties and powers:
• | To pre-approve engagements by a Fund Entity’s independent auditor for non-audit services to be rendered to the Fund’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund, if the engagement relates directly to the operations and financial reporting of the Fund; |
• | To establish, if deemed necessary or appropriate as an alternative to Audit Committee pre-approval of services to be provided by the independent auditor as required by paragraph (b) above, policies and procedures to permit such services to be pre-approved by other means, such as by action of a designated member or members of the Audit Committee, subject to the requirement that the decision of any member to whom authority is delegated to pre-approve an activity shall be presented to the full Audit Committee at its next scheduled meeting; |
Alternate Pre-Approval Procedure:
• | The Chairperson, or a Co-Chairperson, of the Audit Committee is authorized to pre-approve any engagement involving the Fund Entity’s independent auditors to the same extent as the Audit Committee. Any pre-approval decision by the Chairperson, or a Co-Chairperson, under the foregoing authority shall be presented to the Audit Committee at its next scheduled meeting. |
(e)(2) | Percentages of Services |
None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the period of time for which such rule was effective.
(f) | Not applicable. |
(g) | Total Fees Paid By Adviser and Certain Affiliates |
For the fiscal years ended December 31, 2021 and December 31, 2020, the aggregate non-audit fees billed by E&Y for services rendered to the Registrant and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Registrant were approximately $38,000,000 and $36,534,447, respectively.
(h) | E&Y notified the Fund’s Audit Committee of all non-audit services that were rendered by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the Fund, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the Fund’s Audit Committee to consider whether such services were compatible with maintaining E&Y’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.
Item 6. Investments.
(a) Schedules of Investments are included as part of the report to shareholders filed under Item 1 of this Form N-CSR.
(b) Not applicable to the Registrant.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Board.
Item 11. Controls and Procedures.
(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable to the Registrant.
(b) Not applicable to the Registrant.
Item 13. Exhibits.
(a)(1) Code of Ethics pursuant to Item 2 of Form N-CSR is attached hereto.
(a)(3) Not applicable to the Registrant.
(a)(4) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | ELFUN DIVERSIFIED FUND | |||
By: | /s/ Ellen M. Needham | |||
Ellen M. Needham | ||||
President | ||||
Date: | March 9, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Ellen M. Needham | |||
Ellen M. Needham | ||||
President (Principal Executive Officer) | ||||
Date: | March 9, 2022 | |||
By: | /s/ Bruce S. Rosenberg | |||
Bruce S. Rosenberg | ||||
Treasurer (Principal Financial and Accounting Officer) | ||||
Date: | March 9, 2022 |