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)

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 800 Boylston Street Boston, Massachusetts 02199-3600
(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2019

Item 1. Shareholder Report.

Semi-Annual Report

June 30, 2019

Elfun Funds

Elfun International Equity Fund

Elfun Trusts

Elfun Diversified Fund

Elfun Tax-Exempt Income Fund

Elfun Income Fund

Elfun Government Money Market Fund

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

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

Elfun Funds

Semi-Annual Report

June 30, 2019 (Unaudited)

Table of Contents

	Page
Notes to Performance		1
Understanding Your Fund’s Expenses, Fund Information and Schedule of Investments
Elfun International Equity Fund		2
Elfun Trusts		7
Elfun Diversified Fund		11
Elfun Tax-Exempt Income Fund		44
Elfun Income Fund		53
Elfun Government Money Market Fund		74
Notes to Schedules of Investments		79
Financial Statements
Financial Highlights		80
Statements of Assets and Liabilities		86
Statements of Operations		88
Statements of Changes in Net Assets		90
Notes to Financial Statements		93
Other Information		102

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

Elfun Funds

Notes to Performance — June 30, 2019 (Unaudited)

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

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

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

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

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

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

Notes to Performance 1

Elfun International Equity Fund

Understanding Your Fund’s Expenses — June 30, 2019 (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value January 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value June 30, 2019	$	1,188.50	$	1,022.81
Expenses Paid During Period*	$	2.17	$	2.01

* Expenses are equal to the Fund’s annualized expense ratio of 0.40% (for the period January 1, 2019-June 30, 2019), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2 Elfun International Equity Fund

Elfun International Equity Fund

Fund Information — June 30, 2019 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $207,214 (in thousands) as of June 30, 2019 ^(a)(b)

Top Ten Largest Holdings

as of June 30, 2019 (as a % of Fair Value) ^(a)(b)

Nestle S.A.	4.54	%
Novartis AG	3.70	%
AIA Group Ltd.	3.32	%
SAP SE	3.10	%
AstraZeneca PLC	2.97	%
Roche Holding AG	2.90	%
Hoya Corp.	2.77	%
Schneider Electric SE	2.56	%
Air Liquide S.A.	2.54	%
Safran S.A.	2.39	%

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

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

Elfun International Equity Fund 3

Elfun International Equity Fund

Schedule of Investments — June 30, 2019 (Unaudited)

	Number of Shares		Fair Value $
Common Stock - 98.1%†
Australia - 2.2%
BHP Group PLC		175,216		4,493,398
Belgium - 1.5%
Anheuser-Busch InBev S.A.		35,225		3,122,493
Brazil - 0.8%
Itau Unibanco Holding S.A. ADR		169,703		1,598,602
Canada - 1.0%
Brookfield Asset Management Inc., Class A		42,209		2,023,642
China - 0.4%
New Oriental Education & Technology Group Inc. ADR (a)		9,399		907,755
France - 15.4%
Air Liquide S.A.		37,609		5,270,126
Airbus SE		31,481		4,469,850
AXA S.A.		156,990		4,129,824
BNP Paribas S.A.		78,223		3,720,442
Safran S.A.		33,714		4,947,005
Schneider Electric SE		58,475		5,311,326
Vivendi S.A.		148,585		4,096,542
				31,945,115
Germany - 6.1%
Fresenius SE & Company KGaA		19,792		1,074,666
HeidelbergCement AG		46,674		3,782,323
KION Group AG		22,445		1,417,067
SAP SE		46,615		6,410,566
				12,684,622
Hong Kong - 3.3%
AIA Group Ltd.		637,967		6,879,836
India - 1.1%
ICICI Bank Ltd.		359,072		2,273,737
Ireland - 2.3%
Kerry Group PLC, Class A		40,132		4,798,746
Japan - 29.1%
Daikin Industries Ltd.		32,400		4,229,683
Disco Corp.		19,600		3,216,336
FANUC Corp.		15,000		2,774,735
Hoya Corp.		75,000		5,745,777
Kao Corp.		49,600		3,779,618
Keyence Corp.		7,700		4,726,202
Komatsu Ltd.		141,600		3,417,115

	Number of Shares		Fair Value $
Mitsubishi UFJ Financial Group Inc.		808,300		3,841,188
Mitsui Fudosan Company Ltd.		151,718		3,678,887
Murata Manufacturing Company Ltd.		76,191		3,422,725
Nidec Corp.		31,400		4,291,489
Secom Company Ltd.		35,600		3,064,362
Shiseido Company Ltd.		61,400		4,628,080
SoftBank Group Corp.		63,802		3,058,635
Subaru Corp.		50,000		1,215,426
Suzuki Motor Corp.		49,800		2,340,702
Tokio Marine Holdings Inc.		60,798		3,046,672
				60,477,632
Netherlands - 4.0%
ASML Holding N.V.		20,535		4,296,809
ING Groep N.V.		340,293		3,951,213
				8,248,022
Norway - 1.7%
Equinor ASA		180,122		3,558,688
Portugal - 1.4%
Galp Energia SGPS S.A.		195,485		3,010,914
Sweden - 3.2%
Assa Abloy AB, Class B		208,546		4,717,920
Hexagon AB, Class B		34,330		1,907,757
				6,625,677
Switzerland - 13.0%
Givaudan S.A.		1,399		3,954,507
Nestle S.A.		90,805		9,412,054
Novartis AG		83,715		7,658,849
Roche Holding AG		21,340		6,011,314
				27,036,724
Taiwan - 1.0%
Taiwan Semiconductor Manufacturing Company Ltd.		268,900		2,069,161
United Kingdom - 10.6%
AstraZeneca PLC		75,113		6,154,492
London Stock Exchange Group PLC		41,347		2,886,861
Prudential PLC		201,705		4,405,144
Smith & Nephew PLC		144,896		3,144,176
Smiths Group PLC		169,909		3,384,206
Vodafone Group PLC		1,298,783		2,137,610
				22,112,489
Total Common Stock (Cost $161,973,961)				203,867,253

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

4 Elfun International Equity Fund

Elfun International Equity Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Number of Shares		Fair Value $
Short-Term Investments - 1.6%
State Street Institutional Treasury Money Market Fund - Premier Class 2.17% (d)(n)		2,015,749		2,015,749
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.35% (d)(n)		1,331,303		1,331,303
Total Short-Term Investments (Cost $3,347,052)				3,347,052
Total Investments (Cost $165,321,013)				207,214,305
Other Assets and Liabilities, net - 0.3%				694,192
NET ASSETS - 100.0%				207,908,497

During the period ended June 30, 2019, average notional value related to short futures contracts was $400,093 or 0.2% of net assets.

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2019:

Fund	Investments	Level 1		Level 2		Level 3		Total
Elfun International Equity Fund	Investments in Securities
	Common Stock	$	203,867,253	$	—	$	—	$	203,867,253
	Short-Term Investments		3,347,052		—		—		3,347,052
	Total Investments in Securities	$	207,214,305	$	—	$	—	$	207,214,305

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

Elfun International Equity Fund 5

Elfun International Equity Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

The Fund was invested in the following sectors at June 30, 2019 (unaudited):

Sector	Percentage (based on Fair Value)
Pharmaceuticals		9.57%
Diversified Banks		7.42%
Packaged Foods & Meats		6.86%
Life & Health Insurance		5.45%
Electrical Components & Equipment		4.63%
Aerospace & Defense		4.54%
Building Products		4.32%
Personal Products		4.06%
Semiconductor Equipment		3.63%
Electronic Equipment & Instruments		3.20%
Integrated Oil & Gas		3.17%
Application Software		3.09%
Healthcare Supplies		2.77%
Industrial Gases		2.54%
Wireless Telecommunication Services		2.51%
Construction Machinery & Heavy Trucks		2.33%
Diversified Metals & Mining		2.17%
Multi-Line Insurance		1.99%
Movies & Entertainment		1.98%
Specialty Chemicals		1.91%
Construction Materials		1.82%

Sector	Percentage (based on Fair Value)
Diversified Real Estate Activities		1.77%
Automobile Manufacturers		1.72%
Electronic Components		1.65%
Industrial Conglomerates		1.63%
Healthcare Equipment		1.52%
Brewers		1.51%
Security & Alarm Services		1.48%
Property & Casualty Insurance		1.47%
Financial Exchanges & Data		1.39%
Industrial Machinery		1.34%
Semiconductors		1.00%
Asset Management & Custody Banks		0.98%
Healthcare Services		0.52%
Education Services		0.44%
		98.38%
Short-Term Investments
Short-Term Investments		1.62%
		1.62%
		100.00%

Affiliate Table

	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/19		Value at 6/30/19		Dividend Income
State Street Institutional Treasury Money Market Fund - Premier Class		3,394,148	$	3,394,148	$	7,300,238	$	8,678,637	$	—	$	—		2,015,749	$	2,015,749	$	29,281
State Street Institutional U.S. Government Money Market Fund - Class G Shares		2,740,984		2,740,984		7,268,956		8,678,637		—		—		1,331,303		1,331,303		22,123
TOTAL			$	6,135,132	$	14,569,194	$	17,357,274	$	—	$	—			$	3,347,052	$	51,404

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

6 Elfun International Equity Fund

Elfun Trusts

Understanding Your Fund’s Expenses — June 30, 2019 (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value January 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value June 30, 2019	$	1,204.20	$	1,023.85
Expenses Paid During Period*	$	1.04	$	0.95

* Expenses are equal to the Fund’s annualized expense ratio of 0.19% (for the period January 1, 2019-June 30, 2019), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Elfun Trusts 7

Elfun Trusts

Fund Information — June 30, 2019 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $2,784,337 (in thousands) as of June 30, 2019 ^(a)(b)

Top Ten Largest Holdings

as of June 30, 2019 (as a % of Fair Value) ^(a)(b)

Visa Inc., Class A	5.61	%
Microsoft Corp.	5.56	%
JPMorgan Chase & Co.	4.70	%
The Walt Disney Co.	4.51	%
Charter Communications Inc., Class A	4.12	%
Amazon.com Inc.	3.67	%
PepsiCo Inc.	3.58	%
United Rentals Inc.	3.57	%
CME Group Inc.	3.48	%
Applied Materials Inc.	3.39	%

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

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

8 Elfun Trusts

Elfun Trusts

Schedule of Investments — June 30, 2019 (Unaudited)

	Number of Shares		Fair Value $
Common Stock - 97.8%†
Application Software - 2.1%
salesforce.com Inc. (a)		390,000		59,174,700
Biotechnology - 6.2%
Alexion Pharmaceuticals Inc. (a)		670,000		87,756,600
Gilead Sciences Inc.		490,000		33,104,400
Vertex Pharmaceuticals Inc. (a)		290,000		53,180,200
				174,041,200
Cable & Satellite - 6.5%
Charter Communications Inc., Class A (a)		290,000		114,602,200
Liberty Global PLC, Class C (a)		2,200,000		58,366,000
Sirius XM Holdings Inc.		1,600,000		8,928,000
				181,896,200
Data Processing & Outsourced Services - 6.5%
Mastercard Inc., Class A		90,000		23,807,700
Visa Inc., Class A		900,000		156,195,000
				180,002,700
Diversified Banks - 4.7%
JPMorgan Chase & Co.		1,170,000		130,806,000
Electronic Components - 1.2%
Corning Inc.		1,000,000		33,230,000
Financial Exchanges & Data - 6.5%
CME Group Inc.		500,000		97,055,000
S&P Global Inc.		375,000		85,421,250
				182,476,250
Healthcare Equipment - 1.7%
Boston Scientific Corp. (a)		1,100,000		47,278,000
Healthcare Supplies - 1.2%
The Cooper Companies Inc.		95,000		32,004,550
Integrated Oil & Gas - 2.2%
Chevron Corp.		490,000		60,975,600
Integrated Telecommunication Services - 0.4%
Verizon Communications Inc.		200,000		11,426,000
Interactive Media & Services - 6.1%
Alphabet Inc., Class A (a)		38,000		41,146,400
Alphabet Inc., Class C (a)		83,000		89,715,530
Facebook Inc., Class A (a)		210,000		40,530,000
				171,391,930

	Number of Shares		Fair Value $
Internet & Direct Marketing Retail - 5.2%
Alibaba Group Holding Ltd. ADR (a)		170,000		28,806,500
Amazon.com Inc. (a)		54,000		102,256,020
Booking Holdings Inc. (a)		8,000		14,997,680
				146,060,200
Investment Banking & Brokerage - 2.2%
The Charles Schwab Corp.		1,500,000		60,285,000
Managed Healthcare - 2.4%
UnitedHealth Group Inc.		270,000		65,882,700
Movies & Entertainment - 4.5%
The Walt Disney Co.		900,000		125,676,000
Oil & Gas Equipment & Services - 2.5%
Schlumberger Ltd.		1,730,000		68,750,200
Oil & Gas Exploration & Production - 0.6%
Diamondback Energy Inc.		150,000		16,345,500
Pharmaceuticals - 8.3%
Allergan PLC		480,000		80,366,400
Elanco Animal Health Inc. (a)		550,000		18,590,000
Johnson & Johnson		480,000		66,854,400
Merck & Company Inc.		390,000		32,701,500
Pfizer Inc.		750,000		32,490,000
				231,002,300
Regional Banks - 2.2%
First Republic Bank		640,000		62,496,000
Semiconductor Equipment - 4.5%
Applied Materials Inc.		2,100,000		94,311,000
ASML Holding N.V.		145,000		30,149,850
				124,460,850
Soft Drinks - 3.6%
PepsiCo Inc.		760,000		99,658,800
Specialized REITs - 2.6%
American Tower Corp.		360,000		73,602,000
Specialty Chemicals - 0.7%
Albemarle Corp.		290,000		20,418,900
Systems Software - 6.6%
Microsoft Corp.		1,155,000		154,723,800
ServiceNow Inc. (a)		105,000		28,829,850
				183,553,650

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

Elfun Trusts 9

Elfun Trusts

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Number of Shares		Fair Value $
Technology Hardware, Storage & Peripherals - 2.9%
Apple Inc.		410,000		81,147,200
Trading Companies & Distributors - 3.6%
United Rentals Inc. (a)		750,000		99,472,500
Trucking - 0.1%
Lyft Inc., Class A (a)		50,000		3,285,500
Total Common Stock (Cost $1,596,584,948)				2,726,800,430
Short-Term Investments - 2.1%
State Street Institutional Treasury Money Market Fund - Premier Class 2.17% (d)(n)		29,348,260		29,348,260

	Number of Shares		Fair Value $
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.35% (d)(n)		28,188,579		28,188,579
Total Short-Term Investments (Cost $57,536,839)				57,536,839
Total Investments (Cost $1,654,121,787)				2,784,337,269
Other Assets and Liabilities, net - 0.1%				3,470,289
NET ASSETS - 100.0%				2,787,807,558

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2019:

Fund	Investments	Level 1		Level 2		Level 3		Total
Elfun Trusts	Investments in Securities
	Common Stock	$	2,726,800,430	$	—	$	—	$	2,726,800,430
	Short-Term Investments		57,536,839		—		—		57,536,839
	Total Investments in Securities	$	2,784,337,269	$	—	$	—	$	2,784,337,269

Affiliate Table

	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/19		Value at 6/30/19		Dividend Income
State Street Institutional Treasury Money Market Fund - Premier Class		30,743,339	$	30,743,339	$	48,772,344	$	50,167,423	$	—	$	—		29,348,260	$	29,348,260	$	331,524
State Street Institutional U.S. Government Money Market Fund - Class G Shares		29,975,892		29,975,892		48,380,110		50,167,423		—		—		28,188,579		28,188,579		328,845
TOTAL			$	60,719,231	$	97,152,454	$	100,334,846	$	—	$	—			$	57,536,839	$	660,369

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

10 Elfun Trusts

Elfun Diversified Fund

Understanding Your Fund’s Expenses — June 30, 2019 (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value January 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value June 30, 2019	$	1,124.00	$	1,023.21
Expenses Paid During Period*	$	1.69	$	1.61

* Expenses are equal to the Fund’s annualized expense ratio of 0.32% (for the period January 1, 2019-June 30, 2019), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Elfun Diversified Fund 11

Elfun Diversified Fund

Fund Information — June 30, 2019 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $212,440 (in thousands) as of June 30, 2019 ^(a)(b)

Top Ten Largest Equity Holdings

as of June 30, 2019 (as a % of Fair Value) ^(a)(b)

Microsoft Corp.	1.34	%
Apple Inc.	1.13	%
Amazon.com Inc.	1.02	%
Facebook Inc., Class A	0.61	%
Berkshire Hathaway Inc., Class B	0.54	%
Johnson & Johnson	0.48	%
JPMorgan Chase & Co.	0.48	%
Alphabet Inc., Class C	0.43	%
Alphabet Inc., Class A	0.43	%
Exxon Mobil Corp.	0.42	%

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

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

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

12 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments — June 30, 2019 (Unaudited)

	Number of Shares		Fair Value $
Domestic Equity - 34.0%†
Common Stock - 34.0%
Advertising - 0.0%*
Omnicom Group Inc.		641		52,530
The Interpublic Group of Companies Inc.		1,166		26,340
				78,870
Aerospace & Defense - 0.9%
Arconic Inc.		1,019		26,311
General Dynamics Corp.		750		136,365
Huntington Ingalls Industries Inc.		118		26,519
L3 Technologies Inc.		228		55,899
L3Harris Technologies Inc.		349		66,006
Lockheed Martin Corp.		681		247,571
Northrop Grumman Corp.		469		151,539
Raytheon Co.		770		133,888
Textron Inc.		598		31,718
The Boeing Co.		1,451		528,178
TransDigm Group Inc. (a)		134		64,829
United Technologies Corp.		2,247		292,559
				1,761,382
Agricultural & Farm Machinery - 0.1%
Deere & Co.		876		145,162
Agricultural Products - 0.0%*
Archer-Daniels-Midland Co.		1,575		64,260
Air Freight & Logistics - 0.2%
CH Robinson Worldwide Inc.		343		28,932
Expeditors International of Washington Inc.		494		37,475
FedEx Corp.		662		108,694
United Parcel Service Inc., Class B		1,930		199,311
				374,412
Airlines - 0.1%
Alaska Air Group Inc.		321		20,515
American Airlines Group Inc.		1,094		35,676
Delta Air Lines Inc.		1,700		96,475
Southwest Airlines Co.		1,344		68,248
United Continental Holdings Inc. (a)		636		55,682
				276,596
Alternative Carriers - 0.0%*
CenturyLink Inc.		2,674		31,446

	Number of Shares		Fair Value $
Apparel Retail - 0.2%
Foot Locker Inc.		300		12,576
L Brands Inc.		587		15,321
Ross Stores Inc.		1,035		102,589
The Gap Inc.		530		9,524
The TJX Companies Inc.		3,396		179,580
				319,590
Apparel, Accessories & Luxury Goods - 0.1%
Hanesbrands Inc.		996		17,151
PVH Corp.		208		19,685
Ralph Lauren Corp.		158		17,947
Tapestry Inc.		836		26,526
Under Armour Inc., Class A (a)		479		12,143
Under Armour Inc., Class C (a)		482		10,701
VF Corp.		872		76,169
				180,322
Application Software - 0.6%
Adobe Inc. (a)		1,353		398,662
ANSYS Inc. (a)		231		47,313
Autodesk Inc. (a)		619		100,835
Cadence Design Systems Inc. (a)		800		56,648
Citrix Systems Inc.		365		35,821
Intuit Inc.		717		187,374
salesforce.com Inc. (a)		2,152		326,523
Synopsys Inc. (a)		410		52,763
				1,205,939
Asset Management & Custody Banks - 0.3%
Affiliated Managers Group Inc.		162		14,927
Ameriprise Financial Inc.		367		53,274
BlackRock Inc.		329		154,400
Franklin Resources Inc.		792		27,562
Invesco Ltd.		1,109		22,690
Northern Trust Corp.		610		54,900
State Street Corp. (e)		1,066		59,760
T Rowe Price Group Inc.		619		67,910
The Bank of New York Mellon Corp.		2,495		110,154
				565,577
Auto Parts & Equipment - 0.0%*
BorgWarner Inc.		539		22,627
Automobile Manufacturers - 0.1%
Ford Motor Co.		10,815		110,637
General Motors Co.		3,733		143,833
				254,470

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

Elfun Diversified Fund 13

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Number of Shares		Fair Value $
Automotive Retail - 0.1%
Advance Auto Parts Inc.		195		30,057
AutoZone Inc. (a)		68		74,764
CarMax Inc. (a)		503		43,676
O’Reilly Automotive Inc. (a)		222		81,989
				230,486
Biotechnology - 0.8%
AbbVie Inc.		4,096		297,861
Alexion Pharmaceuticals Inc. (a)		630		82,517
Amgen Inc.		1,690		311,433
Biogen Inc. (a)		535		125,121
Celgene Corp. (a)		1,951		180,351
Gilead Sciences Inc.		3,476		234,839
Incyte Corp. (a)		517		43,924
Regeneron Pharmaceuticals Inc. (a)		229		71,677
Vertex Pharmaceuticals Inc. (a)		722		132,400
				1,480,123
Brewers - 0.0%*
Molson Coors Brewing Co., Class B		481		26,936
Broadcasting - 0.1%
CBS Corp., Class B		993		49,551
Discovery Inc., Class A (a)		361		11,083
Discovery Inc., Class C (a)		997		28,364
Fox Corp., Class A (a)		997		36,530
Fox Corp., Class B (a)		483		17,644
				143,172
Building Products - 0.1%
AO Smith Corp.		400		18,864
Fortune Brands Home & Security Inc.		378		21,595
Johnson Controls International PLC		2,280		94,187
Masco Corp.		873		34,256
				168,902
Cable & Satellite - 0.4%
Charter Communications Inc., Class A (a)		476		188,106
Comcast Corp., Class A		12,596		532,559
DISH Network Corp., Class A (a)		600		23,046
				743,711
Casinos & Gaming - 0.0%*
MGM Resorts International		1,420		40,570
Wynn Resorts Ltd.		278		34,469
				75,039

	Number of Shares		Fair Value $
Commodity Chemicals - 0.1%
Dow Inc. (a)		2,082		102,664
LyondellBasell Industries N.V., Class A		864		74,416
				177,080
Communications Equipment - 0.4%
Arista Networks Inc. (a)		144		37,385
Cisco Systems Inc.		11,860		649,098
F5 Networks Inc. (a)		168		24,466
Juniper Networks Inc.		1,045		27,828
Motorola Solutions Inc.		453		75,529
				814,306
Computer & Electronics Retail - 0.0%*
Best Buy Company Inc.		618		43,093
Construction & Engineering - 0.0%*
Jacobs Engineering Group Inc.		356		30,043
Quanta Services Inc.		358		13,672
				43,715
Construction Machinery & Heavy Trucks - 0.2%
Caterpillar Inc.		1,583		215,747
Cummins Inc.		404		69,221
PACCAR Inc.		925		66,286
Wabtec Corp.		399		28,632
				379,886
Construction Materials - 0.0%*
Martin Marietta Materials Inc.		182		41,880
Vulcan Materials Co.		378		51,903
				93,783
Consumer Electronics - 0.0%*
Garmin Ltd.		315		25,137
Consumer Finance - 0.3%
American Express Co.		1,896		234,042
Capital One Financial Corp.		1,296		117,599
Discover Financial Services		927		71,926
Synchrony Financial		1,816		62,961
				486,528
Copper - 0.0%*
Freeport-McMoRan Inc.		4,227		49,075
Data Processing & Outsourced Services - 1.4%
Alliance Data Systems Corp.		128		17,937
Automatic Data Processing Inc.		1,204		199,057
Broadridge Financial Solutions Inc.		335		42,773

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

14 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Number of Shares		Fair Value $
Fidelity National Information Services Inc.		892		109,431
Fiserv Inc. (a)		1,114		101,552
FleetCor Technologies Inc. (a)		241		67,685
Global Payments Inc.		431		69,016
Jack Henry & Associates Inc.		223		29,864
Mastercard Inc., Class A		2,493		659,473
Paychex Inc.		851		70,029
PayPal Holdings Inc. (a)		3,257		372,796
The Western Union Co.		1,191		23,689
Total System Services Inc.		472		60,544
Visa Inc., Class A		4,824		837,205
				2,661,051
Department Stores - 0.0%*
Kohl’s Corp.		452		21,492
Macy’s Inc.		919		19,722
Nordstrom Inc.		309		9,845
				51,059
Distillers & Vintners - 0.1%
Brown-Forman Corp., Class B		462		25,609
Constellation Brands Inc., Class A		474		93,349
				118,958
Distributors - 0.0%*
Genuine Parts Co.		412		42,675
LKQ Corp. (a)		836		22,246
				64,921
Diversified Banks - 1.5%
Bank of America Corp.		24,497		710,413
Citigroup Inc.		6,455		452,044
JPMorgan Chase & Co.		9,001		1,006,312
U.S. Bancorp		4,141		216,988
Wells Fargo & Co.		11,185		529,274
				2,915,031
Diversified Chemicals - 0.0%*
Eastman Chemical Co.		405		31,521
Diversified Support Services - 0.1%
Cintas Corp.		232		55,051
Copart Inc. (a)		560		41,855
				96,906
Drug Retail - 0.1%
Walgreens Boots Alliance Inc.		2,201		120,329
Electric Utilities - 0.7%
Alliant Energy Corp.		690		33,865

	Number of Shares		Fair Value $
American Electric Power Company Inc.		1,386		121,982
Duke Energy Corp.		2,014		177,715
Edison International		943		63,568
Entergy Corp.		511		52,597
Evergy Inc.		669		40,240
Eversource Energy		892		67,578
Exelon Corp.		2,710		129,918
FirstEnergy Corp.		1,362		58,307
NextEra Energy Inc.		1,326		271,644
Pinnacle West Capital Corp.		331		31,144
PPL Corp.		2,060		63,881
The Southern Co.		2,860		158,101
Xcel Energy Inc.		1,386		82,453
				1,352,993
Electrical Components & Equipment - 0.2%
AMETEK Inc.		655		59,500
Eaton Corporation PLC		1,208		100,602
Emerson Electric Co.		1,704		113,691
Rockwell Automation Inc.		333		54,556
				328,349
Electronic Components - 0.1%
Amphenol Corp., Class A		799		76,656
Corning Inc.		2,123		70,547
				147,203
Electronic Equipment & Instruments - 0.0%*
FLIR Systems Inc.		373		20,179
Keysight Technologies Inc. (a)		500		44,905
				65,084
Electronic Manufacturing Services - 0.0%*
IPG Photonics Corp. (a)		100		15,425
Environmental & Facilities Services - 0.1%
Republic Services Inc.		590		51,118
Rollins Inc.		450		16,141
Waste Management Inc.		1,092		125,984
				193,243
Fertilizers & Agricultural Chemicals - 0.1%
CF Industries Holdings Inc.		601		28,073
Corteva Inc. (a)		2,082		61,565
FMC Corp.		368		30,525
The Mosaic Co.		1,064		26,632
				146,795
Financial Exchanges & Data - 0.4%
Cboe Global Markets Inc.		320		33,162

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

Elfun Diversified Fund 15

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Number of Shares		Fair Value $
CME Group Inc.		991		192,363
Intercontinental Exchange Inc.		1,558		133,895
MarketAxess Holdings Inc.		100		32,142
Moody’s Corp.		455		88,866
MSCI Inc.		250		59,697
Nasdaq Inc.		351		33,756
S&P Global Inc.		680		154,897
				728,778
Food Distributors - 0.0%*
Sysco Corp.		1,328		93,916
Food Retail - 0.0%*
The Kroger Co.		2,167		47,046
Footwear - 0.2%
NIKE Inc., Class B		3,481		292,230
Gas Utilities - 0.0%*
Atmos Energy Corp.		344		36,313
General Merchandise Stores - 0.1%
Dollar General Corp.		733		99,072
Dollar Tree Inc. (a)		654		70,233
Target Corp.		1,395		120,821
				290,126
Gold - 0.0%*
Newmont Goldcorp Corp.		2,300		88,481
Health Care REITs - 0.1%
HCP Inc.		1,327		42,437
Ventas Inc.		1,018		69,580
Welltower Inc.		1,109		90,417
				202,434
Healthcare Distributors - 0.1%
AmerisourceBergen Corp.		458		39,049
Cardinal Health Inc.		862		40,600
Henry Schein Inc. (a)		364		25,444
McKesson Corp.		539		72,436
				177,529
Healthcare Equipment - 1.0%
Abbott Laboratories		4,877		410,156
ABIOMED Inc. (a)		124		32,301
Baxter International Inc.		1,288		105,487
Becton Dickinson and Co.		746		187,999
Boston Scientific Corp. (a)		3,799		163,281
Danaher Corp.		1,745		249,395
Edwards Lifesciences Corp. (a)		575		106,226
Hologic Inc. (a)		765		36,735

	Number of Shares		Fair Value $
IDEXX Laboratories Inc. (a)		236		64,978
Intuitive Surgical Inc. (a)		319		167,331
ResMed Inc.		399		48,690
Stryker Corp.		856		175,977
Teleflex Inc.		126		41,725
Varian Medical Systems Inc. (a)		257		34,985
Zimmer Biomet Holdings Inc.		563		66,288
				1,891,554
Healthcare Facilities - 0.1%
HCA Healthcare Inc.		736		99,485
Universal Health Services Inc., Class B		242		31,554
				131,039
Healthcare Services - 0.2%
Cigna Corp. (a)		1,049		165,270
CVS Health Corp.		3,594		195,837
DaVita Inc. (a)		339		19,072
Laboratory Corporation of America Holdings (a)		269		46,510
Quest Diagnostics Inc.		390		39,706
				466,395
Healthcare Supplies - 0.1%
Align Technology Inc. (a)		205		56,108
DENTSPLY SIRONA Inc.		653		38,109
The Cooper Companies Inc.		140		47,165
				141,382
Healthcare Technology - 0.0%*
Cerner Corp.		926		67,876
Home Building - 0.1%
D.R. Horton Inc.		953		41,103
Lennar Corp., Class A		756		36,636
PulteGroup Inc.		699		22,102
				99,841
Home Furnishings - 0.0%*
Leggett & Platt Inc.		394		15,118
Mohawk Industries Inc. (a)		173		25,512
				40,630
Home Improvement Retail - 0.4%
Lowe’s Companies Inc.		2,167		218,672
The Home Depot Inc.		3,052		634,724
				853,396
Hotel & Resort REITs - 0.0%*
Host Hotels & Resorts Inc.		2,033		37,041

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

16 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Number of Shares		Fair Value $
Hotels, Resorts & Cruise Lines - 0.2%
Carnival Corp.		1,099		51,159
Hilton Worldwide Holdings Inc.		760		74,282
Marriott International Inc., Class A		762		106,901
Norwegian Cruise Line Holdings Ltd. (a)		548		29,389
Royal Caribbean Cruises Ltd.		472		57,211
				318,942
Household Appliances - 0.0%*
Whirlpool Corp.		194		27,618
Household Products - 0.6%
Church & Dwight Company Inc.		655		47,854
Colgate-Palmolive Co.		2,374		170,145
Kimberly-Clark Corp.		950		126,616
The Clorox Co.		376		57,569
The Procter & Gamble Co.		6,958		762,945
				1,165,129
Housewares & Specialties - 0.0%*
Newell Brands Inc.		1,212		18,689
Human Resource & Employment Services - 0.0%*
Robert Half International Inc.		366		20,866
Hypermarkets & Super Centers - 0.4%
Costco Wholesale Corp.		1,219		322,133
Walmart Inc.		3,878		428,480
				750,613
Independent Power Producers & Energy Traders - 0.0%*
AES Corp.		1,955		32,766
NRG Energy Inc.		755		26,515
				59,281
Industrial Conglomerates - 0.5%
3M Co.		1,597		276,824
General Electric Co.		24,173		253,816
Honeywell International Inc.		2,017		352,148
Roper Technologies Inc.		295		108,047
				990,835
Industrial Gases - 0.1%
Air Products & Chemicals Inc.		623		141,028
Industrial Machinery - 0.3%
Dover Corp.		423		42,385
Flowserve Corp.		322		16,966
Fortive Corp.		848		69,129
Illinois Tool Works Inc.		827		124,720

	Number of Shares		Fair Value $
Ingersoll-Rand PLC		634		80,309
Parker-Hannifin Corp.		363		61,714
Snap-on Inc.		147		24,349
Stanley Black & Decker Inc.		430		62,182
Xylem Inc.		463		38,725
				520,479
Industrial REITs - 0.1%
Duke Realty Corp.		980		30,978
Prologis Inc. REIT		1,702		136,330
				167,308
Insurance Brokers - 0.1%
Arthur J Gallagher & Co.		467		40,905
Marsh & McLennan Companies Inc.		1,424		142,044
				182,949
Integrated Oil & Gas - 0.9%
Chevron Corp.		5,284		657,541
Exxon Mobil Corp.		11,739		899,559
Occidental Petroleum Corp.		2,064		103,778
				1,660,878
Integrated Telecommunication Services - 0.7%
AT&T Inc.		20,234		678,041
Verizon Communications Inc.		11,477		655,681
				1,333,722
Interactive Home Entertainment - 0.1%
Activision Blizzard Inc.		2,125		100,300
Electronic Arts Inc. (a)		816		82,628
Take-Two Interactive Software Inc. (a)		330		37,465
				220,393
Interactive Media & Services - 1.6%
Alphabet Inc., Class A (a)(h)		831		899,807
Alphabet Inc., Class C (a)(h)		850		918,773
Facebook Inc., Class A (a)		6,667		1,286,731
TripAdvisor Inc. (a)		302		13,980
Twitter Inc. (a)		2,010		70,149
				3,189,440
Internet & Direct Marketing Retail - 1.3%
Amazon.com Inc. (a)		1,148		2,173,887
Booking Holdings Inc. (a)		120		224,965
eBay Inc.		2,250		88,875
Expedia Group Inc.		344		45,763
				2,533,490

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

Elfun Diversified Fund 17

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Number of Shares		Fair Value $
Internet Services & Infrastructure - 0.1%
Akamai Technologies Inc. (a)		479		38,387
VeriSign Inc. (a)		288		60,238
				98,625
Investment Banking & Brokerage - 0.3%
E*TRADE Financial Corp.		664		29,614
Morgan Stanley		3,546		155,350
Raymond James Financial Inc.		347		29,339
The Charles Schwab Corp.		3,266		131,261
The Goldman Sachs Group Inc.		941		192,529
				538,093
IT Consulting & Other Services - 0.3%
Cognizant Technology Solutions Corp., Class A		1,561		98,952
DXC Technology Co.		734		40,480
Gartner Inc. (a)		259		41,684
International Business Machines Corp.		2,457		338,820
				519,936
Leisure Products - 0.0%*
Hasbro Inc.		344		36,354
Life & Health Insurance - 0.2%
Aflac Inc.		2,114		115,868
Lincoln National Corp.		584		37,639
MetLife Inc.		2,620		130,136
Principal Financial Group Inc.		738		42,745
Prudential Financial Inc.		1,120		113,120
Torchmark Corp.		285		25,496
Unum Group		557		18,687
				483,691
Life Sciences Tools & Services - 0.4%
Agilent Technologies Inc.		868		64,814
Illumina Inc. (a)		406		149,469
IQVIA Holdings Inc. (a)		434		69,831
Mettler-Toledo International Inc. (a)		68		57,120
PerkinElmer Inc.		325		31,310
Thermo Fisher Scientific Inc.		1,108		325,397
Waters Corp. (a)		202		43,478
				741,419
Managed Healthcare - 0.5%
Anthem Inc.		712		200,933
Centene Corp. (a)		1,154		60,516
Humana Inc.		372		98,692
UnitedHealth Group Inc.		2,636		643,210

	Number of Shares		Fair Value $
WellCare Health Plans Inc. (a)		139		39,625
				1,042,976
Metal & Glass Containers - 0.0%*
Ball Corp.		892		62,431
Motorcycle Manufacturers - 0.0%*
Harley-Davidson Inc.		453		16,231
Movies & Entertainment - 0.6%
Netflix Inc. (a)		1,212		445,192
The Walt Disney Co.		4,842		676,137
Viacom Inc., Class B		983		29,362
				1,150,691
Multi-Line Insurance - 0.1%
American International Group Inc.		2,394		127,552
Assurant Inc.		144		15,319
The Hartford Financial Services Group Inc.		1,035		57,670
				200,541
Multi-Sector Holdings - 0.6%
Berkshire Hathaway Inc., Class B (a)		5,377		1,146,215
Jefferies Financial Group Inc.		697		13,403
				1,159,618
Multi-Utilities - 0.4%
Ameren Corp.		693		52,051
CenterPoint Energy Inc.		1,391		39,824
CMS Energy Corp.		812		47,023
Consolidated Edison Inc.		922		80,841
Dominion Energy Inc.		2,219		171,573
DTE Energy Co.		533		68,160
NiSource Inc.		992		28,570
Public Service Enterprise Group Inc.		1,408		82,819
Sempra Energy		757		104,042
WEC Energy Group Inc.		839		69,947
				744,850
Office REITs - 0.1%
Alexandria Real Estate Equities Inc.		330		46,560
Boston Properties Inc.		424		54,696
SL Green Realty Corp.		225		18,083
Vornado Realty Trust		490		31,409
				150,748

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

18 Elfun Diversified Fund

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Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Number of Shares		Fair Value $
Oil & Gas Drilling - 0.0%*
Helmerich & Payne Inc.		280		14,174
Oil & Gas Equipment & Services - 0.1%
Baker Hughes a GE Co.		1,515		37,315
Halliburton Co.		2,363		53,735
National Oilwell Varco Inc.		1,105		24,564
Schlumberger Ltd.		3,845		152,800
				268,414
Oil & Gas Exploration & Production - 0.4%
Anadarko Petroleum Corp.		1,434		101,183
Apache Corp.		1,121		32,475
Cabot Oil & Gas Corp.		1,198		27,506
Cimarex Energy Co.		308		18,274
Concho Resources Inc.		580		59,844
ConocoPhillips		3,146		191,906
Devon Energy Corp.		1,134		32,342
Diamondback Energy Inc.		430		46,857
EOG Resources Inc.		1,604		149,429
Hess Corp.		735		46,724
Marathon Oil Corp.		2,199		31,248
Noble Energy Inc.		1,383		30,979
Pioneer Natural Resources Co.		474		72,930
				841,697
Oil & Gas Refining & Marketing - 0.2%
HollyFrontier Corp.		460		21,289
Marathon Petroleum Corp.		1,889		105,557
Phillips 66		1,195		111,780
Valero Energy Corp.		1,150		98,452
				337,078
Oil & Gas Storage & Transportation - 0.1%
Kinder Morgan Inc.		5,371		112,146
ONEOK Inc.		1,172		80,645
The Williams Companies Inc.		3,413		95,701
				288,492
Packaged Foods & Meats - 0.4%
Campbell Soup Co.		560		22,439
Conagra Brands Inc.		1,326		35,166
General Mills Inc.		1,664		87,393
Hormel Foods Corp.		817		33,121
Kellogg Co.		713		38,195
Lamb Weston Holdings Inc.		400		25,344
McCormick & Company Inc.		344		53,323
Mondelez International Inc., Class A		3,974		214,199
The Hershey Co.		393		52,674
The JM Smucker Co.		324		37,322
The Kraft Heinz Co.		1,763		54,723

	Number of Shares		Fair Value $
Tyson Foods Inc., Class A		763		61,605
				715,504
Paper Packaging - 0.1%
Avery Dennison Corp.		225		26,028
International Paper Co.		1,099		47,608
Packaging Corporation of America		259		24,688
Sealed Air Corp.		464		19,850
WestRock Co.		700		25,529
				143,703
Personal Products - 0.1%
Coty Inc., Class A		630		8,442
The Estee Lauder Companies Inc., Class A		605		110,782
				119,224
Pharmaceuticals - 1.6%
Allergan PLC		850		142,316
Bristol-Myers Squibb Co.		4,503		204,211
Eli Lilly & Co.		2,393		265,120
Johnson & Johnson		7,367		1,026,076
Merck & Company Inc.		7,143		598,941
Mylan N.V. (a)		1,430		27,227
Nektar Therapeutics (a)		550		19,569
Pfizer Inc.		15,350		664,962
Zoetis Inc.		1,323		150,147
				3,098,569
Property & Casualty Insurance - 0.3%
Chubb Ltd.		1,267		186,616
Cincinnati Financial Corp.		426		44,163
Loews Corp.		711		38,870
The Allstate Corp. (h)		940		95,589
The Progressive Corp.		1,663		132,924
The Travelers Companies Inc.		709		106,010
				604,172
Publishing - 0.0%*
News Corp., Class A		1,011		13,639
News Corp., Class B		442		6,170
				19,809
Railroads - 0.3%
CSX Corp.		2,089		161,626
Kansas City Southern		276		33,622
Norfolk Southern Corp.		735		146,507
Union Pacific Corp.		1,961		331,625
				673,380

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

Elfun Diversified Fund 19

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Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Number of Shares		Fair Value $
Real Estate Services - 0.0%*
CBRE Group Inc., Class A (a)		909		46,632
Regional Banks - 0.4%
BB&T Corp.		2,137		104,991
Citizens Financial Group Inc.		1,301		46,003
Comerica Inc.		466		33,850
Fifth Third Bancorp		1,941		54,154
First Republic Bank		470		45,896
Huntington Bancshares Inc.		3,007		41,557
KeyCorp		2,772		49,203
M&T Bank Corp.		388		65,987
People’s United Financial Inc.		1,150		19,297
Regions Financial Corp.		2,797		41,787
SunTrust Banks Inc.		1,183		74,352
SVB Financial Group (a)		153		34,362
The PNC Financial Services Group Inc.		1,248		171,325
Zions Bancorp NA		552		25,381
				808,145
Research & Consulting Services - 0.1%
Equifax Inc.		332		44,900
Nielsen Holdings PLC		1,001		22,622
Verisk Analytics Inc.		467		68,397
				135,919
Residential REITs - 0.2%
Apartment Investment & Management Co., Class A		418		20,950
AvalonBay Communities Inc.		391		79,443
Equity Residential		1,020		77,438
Essex Property Trust Inc.		191		55,759
Mid-America Apartment Communities Inc.		322		37,919
UDR Inc.		817		36,675
				308,184
Restaurants - 0.5%
Chipotle Mexican Grill Inc. (a)		67		49,103
Darden Restaurants Inc.		347		42,240
McDonald’s Corp.		2,117		439,616
Starbucks Corp.		3,325		278,735
Yum! Brands Inc.		848		93,848
				903,542
Retail REITs - 0.1%
Federal Realty Investment Trust		205		26,396
Kimco Realty Corp.		1,110		20,513
Realty Income Corp.		845		58,280
Regency Centers Corp.		500		33,370
Simon Property Group Inc.		854		136,435

	Number of Shares		Fair Value $
The Macerich Co.		346		11,587
				286,581
Semiconductor Equipment - 0.1%
Applied Materials Inc.		2,562		115,059
KLA-Tencor Corp.		448		52,954
Lam Research Corp.		413		77,578
				245,591
Semiconductors - 1.2%
Advanced Micro Devices Inc. (a)		2,470		75,014
Analog Devices Inc.		1,014		114,450
Broadcom Inc.		1,097		315,782
Intel Corp.		12,373		592,295
Maxim Integrated Products Inc.		800		47,856
Microchip Technology Inc.		688		59,650
Micron Technology Inc. (a)		3,012		116,233
NVIDIA Corp.		1,687		277,056
Qorvo Inc. (a)		329		21,915
QUALCOMM Inc.		3,328		253,161
Skyworks Solutions Inc.		425		32,840
Texas Instruments Inc.		2,599		298,261
Xilinx Inc.		743		87,615
				2,292,128
Soft Drinks - 0.6%
Monster Beverage Corp. (a)		1,077		68,745
PepsiCo Inc.		3,887		509,702
The Coca-Cola Co.		10,657		542,655
				1,121,102
Specialized Consumer Services - 0.0%*
H&R Block Inc.		525		15,382
Specialized REITs - 0.5%
American Tower Corp.		1,224		250,247
Crown Castle International Corp.		1,149		149,772
Digital Realty Trust Inc.		573		67,494
Equinix Inc.		236		119,012
Extra Space Storage Inc.		359		38,090
Iron Mountain Inc.		805		25,197
Public Storage		414		98,602
SBA Communications Corp. (a)		316		71,049
Weyerhaeuser Co.		2,083		54,866
				874,329
Specialty Chemicals - 0.3%
Albemarle Corp.		304		21,405
Celanese Corp.		380		40,964
DuPont de Nemours Inc.		2,082		156,296
Ecolab Inc.		701		138,405

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

20 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Number of Shares		Fair Value $
International Flavors & Fragrances Inc.		291		42,221
PPG Industries Inc.		625		72,944
The Sherwin-Williams Co.		224		102,657
				574,892
Specialty Stores - 0.1%
Tiffany & Co.		293		27,437
Tractor Supply Co.		285		31,008
Ulta Salon Cosmetics & Fragrance Inc. (a)		152		52,727
				111,172
Steel - 0.0%*
Nucor Corp.		836		46,064
Systems Software - 1.7%
Fortinet Inc. (a)		400		30,732
Microsoft Corp.		21,271		2,849,463
Oracle Corp.		6,759		385,060
Red Hat Inc. (a)		490		92,002
Symantec Corp.		1,823		39,669
				3,396,926
Technology Hardware, Storage & Peripherals - 1.4%
Apple Inc.		12,133		2,401,363
Hewlett Packard Enterprise Co.		3,763		56,257
HP Inc.		4,279		88,961
NetApp Inc.		667		41,154
Western Digital Corp.		844		40,132
Xerox Corp.		496		17,563
				2,645,430
Tobacco - 0.3%
Altria Group Inc. (h)		5,163		244,468
Philip Morris International Inc.		4,311		338,543
				583,011
Trading Companies & Distributors - 0.1%
Fastenal Co.		1,656		53,969
United Rentals Inc. (a)		234		31,036
WW Grainger Inc.		132		35,406
				120,411
Trucking - 0.0%*
JB Hunt Transport Services Inc.		251		22,944
Water Utilities - 0.0%*
American Water Works Company Inc.		523		60,668
Total Common Stock (Cost $52,062,533)				66,227,633

	Number of Shares		Fair Value $
Preferred Stock - 0.0%*
Diversified Banks - 0.0%*
Wells Fargo & Co. 3.09% + 3 month USD LIBOR (i)		1,469		38,576
Total Preferred Stock (Cost $36,725)				38,576
Total Domestic Equity (Cost $52,099,258)				66,266,209
Foreign Equity - 0.8%
Common Stock - 0.8%
Apparel, Accessories & Luxury Goods - 0.0%*
Capri Holdings Ltd. (a)		477		16,542
Auto Parts & Equipment - 0.0%*
Aptiv PLC		724		58,521
Building Products - 0.0%*
Allegion PLC		274		30,291
Electronic Manufacturing Services - 0.1%
TE Connectivity Ltd.		942		90,225
Healthcare Equipment - 0.2%
Medtronic PLC		3,671		357,519
Industrial Gases - 0.2%
Linde PLC		1,504		302,003
Industrial Machinery - 0.0%*
Pentair PLC		418		15,549
Insurance Brokers - 0.1%
Aon PLC		664		128,139
Willis Towers Watson PLC		355		67,996
				196,135
IT Consulting & Other Services - 0.2%
Accenture PLC, Class A		1,767		326,488
Oil & Gas Equipment & Services - 0.0%*
TechnipFMC PLC		1,206		31,284
Paper Packaging - 0.0%*
Amcor PLC (a)		4,485		51,533
Pharmaceuticals - 0.0%*
Perrigo Company PLC		329		15,667
Reinsurance - 0.0%*
Everest Re Group Ltd.		109		26,943

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

Elfun Diversified Fund 21

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($) or Number of Shares		Fair Value $
Research & Consulting Services - 0.0%*
IHS Markit Ltd. (a)		1,020		64,994
Technology Hardware, Storage & Peripherals - 0.0%*
Seagate Technology PLC		748		35,246
Total Foreign Equity (Cost $1,245,480)				1,618,940
Bonds and Notes - 34.8%
U.S. Treasuries - 8.7%
U.S. Treasury Bonds
2.25% 08/15/46 (h)		502,000		474,233
3.00% 08/15/48 (h)		2,392,300		2,623,680
U.S. Treasury Notes
1.38% 12/15/19 (h)		2,975,100		2,965,803
1.50% 11/30/19 (h)		2,585,700		2,579,135
1.63% 02/15/26 (h)		4,368,500		4,304,337
2.25% 03/31/20 (h)		1,149,100		1,151,030
2.50% 01/31/24 (h)		2,513,900		2,596,584
2.63% 02/15/29 (h)		188,400		198,674
				16,893,476
Agency Mortgage Backed - 11.6%
Federal Home Loan Mortgage Corp.
4.05% 09/25/28 (i)(h)		295,000		331,513
4.50% 06/01/33 - 02/01/35 (h)		2,294		2,426
5.00% 07/01/35 (h)		15,791		17,102
5.50% 05/01/20 - 04/01/39 (h)		28,180		30,835
6.00% 05/01/20 - 11/01/37 (h)		70,131		79,882
6.50% 11/01/28 - 06/01/29 (h)		989		1,104
7.00% 06/01/29 - 08/01/36 (h)		15,516		17,959
7.50% 09/01/33 (h)		1,100		1,197
8.00% 07/01/26 - 11/01/30 (h)		1,733		1,968
8.50% 04/01/30 (h)		4,693		5,986
Federal National Mortgage Assoc.
3.50% 08/01/45 - 07/01/47 (h)		1,001,924		1,039,714
4.00% 01/01/41 - 10/01/47 (h)		1,648,301		1,719,232
4.50% 10/01/19 - 02/01/40 (h)		119,406		128,080
5.00% 07/01/20 - 05/01/39 (h)		51,976		56,099

	Principal Amount ($)		Fair Value $
5.50% 06/01/20 - 01/01/39 (h)		111,929		121,735
6.00% 02/01/20 - 05/01/41 (h)		347,428		395,636
6.50% 10/01/28 - 08/01/36 (h)		10,615		11,622
7.00% 05/01/33 - 12/01/33 (h)		549		587
7.50% 12/01/26 - 03/01/33 (h)		4,150		4,710
8.00% 06/01/24 - 12/01/30 (h)		5,199		5,342
9.00% 12/01/22 (h)		234		244
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR
4.47% 04/01/37 (h)(i)		473		485
Federal National Mortgage Assoc. TBA
2.50% TBA (c)		725,000		729,662
3.00% TBA (c)		3,840,934		3,882,087
3.50% TBA (c)		3,914,000		3,999,951
4.00% TBA (c)		2,057,000		2,125,848
4.50% TBA (c)		1,171,000		1,223,437
Government National Mortgage Assoc.
3.00% 12/20/42		1,432,206		1,474,508
4.00% 01/20/41 - 04/20/43 (h)		302,798		319,250
4.50% 08/15/33 - 03/20/41 (h)		132,199		140,609
5.00% 08/15/33 (h)		6,725		7,165
6.00% 07/15/33 - 04/15/34 (h)		6,497		7,524
6.50% 04/15/28 - 07/15/36 (h)		12,131		13,763
7.00% 04/15/28 - 10/15/36 (h)		3,932		4,392
7.50% 07/15/23 - 04/15/28 (h)		6,562		6,832
8.00% 05/15/30 (h)		172		187
9.00% 12/15/21 (h)		105		109
3.50% TBA (c)		2,190,000		2,260,255
4.00% TBA (c)		1,160,000		1,202,456
4.50% TBA (c)		1,243,000		1,295,616
				22,667,109
Agency Collateralized Mortgage Obligations - 0.4%
Federal Home Loan Mortgage Corp.
0.08% 09/25/43 (g)(h)(i)		129,005		349
3.30% 04/25/29 (h)		176,000		187,611

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

22 Elfun Diversified Fund

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Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
3.77% 12/25/28 (h)		138,000		152,168
4.06% 10/25/28 (h)(i)		297,000		334,002
Federal Home Loan Mortgage Corp. REMIC
3.50% 09/15/29 - 11/15/30 (g)(h)		50,190		2,685
5.50% 06/15/33 (g)(h)		5,203		890
7.50% 07/15/27 (g)(h)		5,059		891
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR
4.21% 08/15/25 (g)(h)(i)		21,398		1,032
Federal Home Loan Mortgage Corp. STRIPS
1.47% 08/01/27 (d)(f)(h)		200		184
8.00% 02/01/23 - 07/01/24 (g)(h)		641		82
Federal National Mortgage Assoc. REMIC
0.51% 12/25/22 (d)(f)(h)		24		24
1.09% 12/25/42 (g)(h)(i)		27,932		899
5.00% 09/25/40 (h)		22,600		2,234
8.00% 05/25/22 (g)(h)***		-		3
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
3.51% 07/25/38 (h)(i)		8,467		1,068
Federal National Mortgage Assoc. STRIPS
4.50% 08/25/35 - 01/25/36 (g)(h)		12,818		2,153
5.00% 03/25/38 - 05/25/38 (g)(h)		7,194		1,345
5.50% 12/25/33 (g)(h)		2,510		514
6.00% 01/25/35 (g)(h)		6,738		1,533
7.50% 11/25/23 (g)(h)		4,774		518
8.00% 08/25/23 - 07/25/24 (g)(h)		1,309		173
8.50% 07/25/22 (g)(h)		77		6
8.50% 07/25/22 (g)(h)**		3		-
9.00% 05/25/22 (g)(h)		88		6
Government National Mortgage Assoc. REMIC
4.50% 08/16/39 (g)(h)		14,956		861
5.00% 09/20/38 (g)(h)		2,391		43
Government National Mortgage Assoc. REMIC 6.80% - 1 month USD LIBOR
4.41% 01/16/40 (g)(h)(i)		48,707		9,675
				700,949

	Principal Amount ($)		Fair Value $
Asset Backed - 0.8%
American Express Credit Account Master Trust 2017-6
2.04% 05/15/23 (h)		257,738		257,478
American Express Credit Account Master Trust 2018-1
2.67% 10/17/22 (h)		150,000		150,445
American Express Credit Account Master Trust 2018-8
3.18% 04/15/24 (h)		326,000		333,947
BA Credit Card Trust 2018-A1
2.70% 07/17/23 (h)		131,000		132,238
BMW Floorplan Master Owner Trust 2018-1
3.15% 05/15/23 (b)(h)		100,000		101,688
Citibank Credit Card Issuance Trust 2016-A1
1.75% 11/19/21 (h)		308,000		307,383
Enterprise Fleet Financing 2019-1 LLC
3.07% 10/22/24 (b)(h)		137,000		140,516
Nissan Auto Lease Trust 2019-A
2.76% 03/15/22 (h)		85,000		85,695
Securitized Term Auto Receivables Trust 2018-1A
3.30% 11/25/22 (b)(h)		100,000		102,081
				1,611,471
Corporate Notes - 12.0%
3M Co.
4.00% 09/14/48 (h)		20,000		21,635
Abbott Laboratories
2.90% 11/30/21 (h)		78,000		79,265
3.75% 11/30/26 (h)		21,000		22,748
4.90% 11/30/46 (h)		25,000		30,834
AbbVie Inc.
3.20% 05/14/26 (h)		31,000		31,286
4.45% 05/14/46 (h)		31,000		30,410
4.70% 05/14/45 (h)		8,000		8,153
4.88% 11/14/48 (h)		9,000		9,459
Activision Blizzard Inc.
2.30% 09/15/21 (h)		67,000		66,887
Aetna Inc.
3.50% 11/15/24 (h)		27,000		27,847
Aflac Inc.
4.00% 10/15/46 (h)		6,000		6,266
Aircastle Ltd.
4.25% 06/15/26 (h)		45,000		45,563

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

Elfun Diversified Fund 23

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Alexandria Real Estate Equities Inc.
4.70% 07/01/30 (h)		16,000		18,005
Alimentation Couche-Tard Inc.
2.70% 07/26/22 (b)(h)		36,000		36,064
Allergan Finance LLC
3.25% 10/01/22 (h)		26,000		26,416
4.63% 10/01/42 (h)		5,000		4,965
Allergan Funding SCS
3.00% 03/12/20 (h)		46,000		46,116
3.45% 03/15/22 (h)		16,000		16,313
Allergan Sales LLC
5.00% 12/15/21 (b)(h)		62,000		65,091
Altria Group Inc.
2.95% 05/02/23 (h)		17,000		17,201
3.80% 02/14/24 (h)		16,000		16,689
4.25% 08/09/42 (h)		4,000		3,711
4.40% 02/14/26 (h)		33,000		35,312
4.50% 05/02/43 (h)		15,000		14,343
4.80% 02/14/29 (h)		33,000		35,584
5.95% 02/14/49 (h)		18,000		20,467
Amazon.com Inc.
2.80% 08/22/24 (h)		19,000		19,552
3.15% 08/22/27 (h)		14,000		14,708
3.88% 08/22/37 (h)		11,000		12,125
4.05% 08/22/47 (h)		11,000		12,439
4.25% 08/22/57 (h)		16,000		18,498
Ameren Corp.
3.65% 02/15/26 (h)		16,000		16,516
American Campus Communities Operating Partnership LP
3.35% 10/01/20 (h)		30,000		30,312
4.13% 07/01/24 (h)		14,000		14,786
American Express Co.
3.00% 10/30/24 (h)		38,000		38,910
American International Group Inc.
4.25% 03/15/29 (h)		23,000		24,660
4.50% 07/16/44 (h)		28,000		29,547
6.40% 12/15/20 (h)		15,000		15,845
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter)
5.75% 04/01/48 (h)(i)		6,000		6,127
American Tower Corp.
3.38% 10/15/26 (h)		7,000		7,122
3.80% 08/15/29 (h)		55,000		56,975
4.40% 02/15/26 (h)		26,000		28,012
American Water Capital Corp.
2.95% 09/01/27 (h)		26,000		26,068

	Principal Amount ($)		Fair Value $
Amgen Inc.
2.65% 05/11/22 (h)		36,000		36,268
3.20% 11/02/27 (h)		19,000		19,464
4.56% 06/15/48 (h)		20,000		21,683
4.66% 06/15/51 (h)		9,000		9,833
Anadarko Petroleum Corp.
4.85% 03/15/21 (h)		4,000		4,141
6.20% 03/15/40 (h)		10,000		12,017
Andeavor Logistics LP/Tesoro Logistics Finance Corp.
5.20% 12/01/47 (h)		12,000		12,832
5.25% 01/15/25 (h)		177,000		186,855
5.50% 10/15/19 (h)		64,000		64,333
6.25% 10/15/22 (h)		44,000		45,093
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65% 02/01/26 (h)		63,000		66,233
4.70% 02/01/36 (h)		15,000		16,467
4.90% 02/01/46 (h)		58,000		64,541
Anheuser-Busch InBev Worldwide Inc.
4.00% 04/13/28 (h)		12,000		12,936
4.38% 04/15/38 (h)		68,000		71,900
4.60% 04/15/48 (h)		30,000		32,136
4.75% 04/15/58 (h)		16,000		17,078
5.55% 01/23/49 (h)		48,000		58,688
Anthem Inc.
3.30% 01/15/23 (h)		23,000		23,669
Apache Corp.
4.38% 10/15/28 (h)		9,000		9,400
5.10% 09/01/40 (h)		16,000		16,087
Apple Inc.
2.50% 02/09/22 (h)		34,000		34,387
2.85% 05/11/24 (h)		27,000		27,795
3.35% 02/09/27 (h)		16,000		16,822
3.45% 02/09/45 (h)		42,000		41,987
3.85% 08/04/46 (h)		38,000		40,408
4.25% 02/09/47 (h)		16,000		17,947
4.65% 02/23/46 (h)		6,000		7,119
Applied Materials Inc.
4.35% 04/01/47 (h)		20,000		22,314
Aptiv PLC
4.40% 10/01/46 (h)		17,000		15,889
ArcelorMittal
6.75% 03/01/41 (h)		10,000		11,610
Archer-Daniels-Midland Co.
2.50% 08/11/26 (h)		19,000		19,018
Ascension Health
4.85% 11/15/53 (h)		13,000		15,931
AstraZeneca PLC
2.38% 11/16/20 (h)		12,000		12,010

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

24 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
3.50% 08/17/23 (h)		17,000		17,706
4.00% 01/17/29 (h)		14,000		15,307
4.38% 08/17/48 (h)		10,000		11,207
AT&T Inc.
3.00% 06/30/22 (h)		38,000		38,662
3.80% 03/15/22 (h)		40,000		41,463
4.35% 03/01/29 (h)		78,000		83,944
4.45% 04/01/24 (h)		19,000		20,465
4.50% 05/15/35 (h)		31,000		32,492
4.55% 03/09/49 (h)		17,000		17,371
4.75% 05/15/46 (h)		15,000		15,783
4.80% 06/15/44 (h)		20,000		21,076
4.85% 03/01/39 (h)		35,000		37,649
5.15% 11/15/46 (h)		5,000		5,527
5.25% 03/01/37 (h)		20,000		22,440
5.35% 12/15/43 (h)		30,000		33,021
5.45% 03/01/47 (h)		37,000		42,531
Athene Holding Ltd.
4.13% 01/12/28 (h)		22,000		22,173
Avangrid Inc.
3.15% 12/01/24 (h)		37,000		37,638
Bank of America Corp.
3.25% 10/21/27 (h)		46,000		47,088
3.95% 04/21/25 (h)		27,000		28,317
4.18% 11/25/27 (h)		39,000		41,373
4.25% 10/22/26 (h)		44,000		47,025
Bank of America Corp. (2.37% fixed rate until 07/21/20; 0.66% + 3 month USD LIBOR thereafter)
2.37% 07/21/21 (h)(i)		37,000		36,962
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter)
3.12% 01/20/23 (h)(i)		257,000		261,174
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter)
3.37% 01/23/26 (h)(i)		102,000		105,072
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)
3.42% 12/20/28 (h)(i)		62,000		63,782
Bank of America Corp. (3.46% fixed rate until 03/15/24; 0.97% + 3 month USD LIBOR thereafter)
3.46% 03/15/25 (h)(i)		62,000		64,337

	Principal Amount ($)		Fair Value $
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95% 01/23/49 (h)(i)		17,000		17,987
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter)
4.24% 04/24/38 (h)(i)		39,000		42,464
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)
4.27% 07/23/29 (h)(i)		40,000		43,650
Bank of America Corp. (4.33% fixed rate until 03/15/49; 1.52% + 3 month USD LIBOR thereafter)
4.33% 03/15/50 (h)(i)		14,000		15,596
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)
4.44% 01/20/48 (h)(i)		33,000		37,354
Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter)
4.34% 10/05/28 (h)(i)		49,000		51,462
Barrick North America Finance LLC
5.70% 05/30/41 (h)		4,000		4,861
BAT Capital Corp.
2.30% 08/14/20 (h)		96,000		95,793
2.76% 08/15/22 (h)		24,000		24,041
3.56% 08/15/27 (h)		27,000		26,880
4.39% 08/15/37 (h)		9,000		8,551
4.54% 08/15/47 (h)		20,000		18,596
Baxalta Inc.
2.88% 06/23/20 (h)		9,000		9,027
Bayer US Finance II LLC
3.50% 06/25/21 (b)(h)		200,000		203,218
Becton Dickinson and Co.
2.89% 06/06/22 (h)		29,000		29,390
3.70% 06/06/27 (h)		29,000		30,273
3.73% 12/15/24 (h)		3,000		3,144
4.67% 06/06/47 (h)		5,000		5,610
4.69% 12/15/44 (h)		4,000		4,435
Berkshire Hathaway Energy Co.
2.40% 02/01/20 (h)		43,000		43,002

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

Elfun Diversified Fund 25

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
3.25% 04/15/28 (h)		16,000		16,478
3.80% 07/15/48 (h)		14,000		14,240
Berkshire Hathaway Finance Corp.
4.25% 01/15/49 (h)		42,000		47,219
Berkshire Hathaway Inc.
4.50% 02/11/43 (h)		6,000		6,960
BHP Billiton Finance USA Ltd.
5.00% 09/30/43 (h)		5,000		6,227
Biogen Inc.
2.90% 09/15/20 (h)		12,000		12,060
BNP Paribas S.A.
5.00% 01/15/21 (h)		17,000		17,684
Boardwalk Pipelines LP
4.80% 05/03/29 (h)		26,000		27,144
Boston Scientific Corp.
4.00% 03/01/28 (h)		23,000		24,761
4.70% 03/01/49 (h)		12,000		13,698
BP Capital Markets America Inc.
3.02% 01/16/27 (h)		78,000		79,743
3.22% 11/28/23 (h)		26,000		26,847
Brighthouse Financial Inc.
3.70% 06/22/27 (h)		5,000		4,753
4.70% 06/22/47 (h)		3,000		2,507
Bristol-Myers Squibb Co.
3.20% 06/15/26 (b)(h)		61,000		63,391
3.40% 07/26/29 (b)(h)		46,000		48,188
4.13% 06/15/39 (b)(h)		21,000		22,634
4.25% 10/26/49 (b)(h)		21,000		23,206
Brixmor Operating Partnership LP
3.90% 03/15/27 (h)		12,000		12,191
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65% 01/15/23 (h)		7,000		6,906
3.00% 01/15/22 (h)		18,000		18,053
3.13% 01/15/25 (h)		8,000		7,813
3.88% 01/15/27 (h)		16,000		15,675
Brown-Forman Corp.
4.00% 04/15/38 (h)		5,000		5,401
Buckeye Partners LP
5.60% 10/15/44 (h)		6,000		4,939
Bunge Limited Finance Corp.
3.75% 09/25/27 (h)		9,000		8,932
Burlington Northern Santa Fe LLC
4.15% 12/15/48 (h)		22,000		24,711
4.55% 09/01/44 (h)		35,000		40,554
Campbell Soup Co.
3.30% 03/15/21 (h)		69,000		69,875

	Principal Amount ($)		Fair Value $
Canadian Natural Resources Ltd.
3.85% 06/01/27 (h)		5,000		5,195
4.95% 06/01/47 (h)		6,000		6,862
Cantor Fitzgerald LP
4.88% 05/01/24 (b)(h)		66,000		67,915
Capital One Financial Corp.
3.75% 07/28/26 (h)		41,000		41,733
4.75% 07/15/21 (h)		106,000		110,818
Cardinal Health Inc.
2.62% 06/15/22 (h)		10,000		10,058
3.08% 06/15/24 (h)		8,000		8,053
Caterpillar Financial Services Corp.
2.55% 11/29/22 (h)		41,000		41,462
Caterpillar Inc.
3.80% 08/15/42 (h)		6,000		6,389
CBS Corp.
2.90% 01/15/27 (h)		11,000		10,702
3.70% 06/01/28 (h)		14,000		14,261
Celgene Corp.
3.45% 11/15/27 (h)		4,000		4,165
4.35% 11/15/47 (h)		5,000		5,519
4.55% 02/20/48 (h)		23,000		26,244
Cenovus Energy Inc.
4.25% 04/15/27 (h)		11,000		11,390
5.25% 06/15/37 (h)		14,000		14,635
5.40% 06/15/47 (h)		5,000		5,383
CenterPoint Energy Inc.
2.50% 09/01/22 (h)		62,000		62,095
3.60% 11/01/21 (h)		23,000		23,619
Charter Communications Operating LLC/Charter Communications Operating Capital
3.58% 07/23/20 (h)		115,000		116,014
4.46% 07/23/22 (h)		87,000		91,346
4.91% 07/23/25 (h)		26,000		28,215
5.05% 03/30/29 (h)		47,000		51,853
5.75% 04/01/48 (h)		26,000		28,737
6.38% 10/23/35 (h)		5,000		5,860
6.48% 10/23/45 (h)		7,000		8,324
Chevron Corp.
2.42% 11/17/20 (h)		15,000		15,070
3.19% 06/24/23 (h)		17,000		17,648
Chubb INA Holdings Inc.
4.35% 11/03/45 (h)		16,000		18,635
Church & Dwight Company Inc.
2.45% 08/01/22 (h)		9,000		9,016
Cigna Corp.
3.20% 09/17/20 (h)(b)		43,000		43,394

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

26 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
3.40% 09/17/21 (b)(h)		18,000		18,349
3.75% 07/15/23 (b)(h)		18,000		18,732
4.13% 11/15/25 (b)(h)		34,000		36,168
4.38% 10/15/28 (b)(h)		14,000		15,108
4.80% 08/15/38 (b)(h)		12,000		12,921
4.90% 12/15/48 (b)(h)		14,000		15,289
Cigna Holding Co.
3.25% 04/15/25 (h)		19,000		19,319
3.88% 10/15/47 (h)		17,000		15,839
Cisco Systems Inc.
5.90% 02/15/39 (h)		16,000		21,825
Citigroup Inc.
2.70% 10/27/22 (h)		80,000		80,608
2.90% 12/08/21 (h)		104,000		105,172
4.40% 06/10/25 (h)		12,000		12,819
4.45% 09/29/27 (h)		27,000		29,091
4.65% 07/23/48 (h)		46,000		53,566
4.75% 05/18/46 (h)		18,000		20,363
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)
2.88% 07/24/23 (h)(i)		186,000		188,254
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)
3.88% 01/24/39 (h)(i)		15,000		15,622
Citigroup Inc. (4.28% fixed rate until 04/24/47; 1.84% + 3 month USD LIBOR thereafter)
4.28% 04/24/48 (h)(i)		24,000		26,761
Citigroup Inc. (5.88% fixed rate until 03/27/20; 4.06% + 3 month USD LIBOR thereafter)
5.88% 12/29/49 (h)(i)		86,000		86,832
CME Group Inc.
3.75% 06/15/28 (h)		17,000		18,477
CMS Energy Corp.
4.88% 03/01/44 (h)		34,000		39,477
CNA Financial Corp.
3.45% 08/15/27 (h)		11,000		11,157
3.90% 05/01/29 (h)		26,000		27,281
CNH Industrial Capital LLC
3.38% 07/15/19 (h)		25,000		25,007
4.38% 11/06/20 (h)		20,000		20,421
4.88% 04/01/21 (h)		20,000		20,711
CNH Industrial N.V.
3.85% 11/15/27 (h)		35,000		34,953
Columbia Pipeline Group Inc.
3.30% 06/01/20 (h)		20,000		20,135

	Principal Amount ($)		Fair Value $
Comcast Corp.
3.20% 07/15/36 (h)		23,000		22,342
3.38% 08/15/25 (h)		8,000		8,365
3.97% 11/01/47 (h)		83,000		86,951
4.15% 10/15/28 (h)		60,000		66,104
4.25% 10/15/30 (h)		45,000		50,190
4.60% 08/15/45 (h)		16,000		18,138
4.70% 10/15/48 (h)		16,000		18,759
CommonSpirit Health
4.35% 11/01/42 (h)		24,000		24,122
Conagra Brands Inc.
3.80% 10/22/21 (h)		42,000		43,163
5.30% 11/01/38 (h)		15,000		16,256
5.40% 11/01/48 (h)		13,000		14,267
Conagra Brands Inc. 0.75% + 3 month USD LIBOR
3.34% 10/22/20 (h)(i)		36,000		36,003
Concho Resources Inc.
3.75% 10/01/27 (h)		5,000		5,172
4.30% 08/15/28 (h)		20,000		21,571
4.88% 10/01/47 (h)		8,000		9,020
ConocoPhillips Co.
4.30% 11/15/44 (h)		24,000		26,883
Consolidated Edison Company of New York Inc.
2.90% 12/01/26 (h)		29,000		28,989
3.88% 06/15/47 (h)		16,000		16,563
Constellation Brands Inc.
3.70% 12/06/26 (h)		45,000		47,131
4.50% 05/09/47 (h)		19,000		19,855
Continental Resources Inc.
4.50% 04/15/23 (h)		96,000		100,812
Corning Inc.
4.38% 11/15/57 (h)		15,000		14,628
Corporation Andina de Fomento
2.20% 07/18/20 (h)		44,000		43,828
4.38% 06/15/22 (h)		121,000		127,345
Crown Castle International Corp.
5.20% 02/15/49 (h)		16,000		18,356
CSX Corp.
4.50% 03/15/49 - 08/01/54 (h)		41,000		45,543
CubeSmart LP
4.38% 02/15/29 (h)		30,000		31,948
CVS Health Corp.
3.13% 03/09/20 (h)		140,000		140,528
3.35% 03/09/21 (h)		27,000		27,377
3.70% 03/09/23 (h)		86,000		88,850
3.88% 07/20/25 (h)		14,000		14,614
4.10% 03/25/25 (h)		31,000		32,701

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

Elfun Diversified Fund 27

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
4.30% 03/25/28 (h)		15,000		15,821
4.78% 03/25/38 (h)		41,000		42,758
5.00% 12/01/24 (h)		23,000		25,076
5.05% 03/25/48 (h)		36,000		38,389
D.R. Horton Inc.
2.55% 12/01/20 (h)		37,000		36,976
Dell International LLC/EMC Corp.
4.00% 07/15/24 (b)(h)		32,000		32,758
4.42% 06/15/21 (b)(h)		37,000		38,101
5.30% 10/01/29 (b)(h)		21,000		22,116
5.45% 06/15/23 (b)(h)		17,000		18,321
6.02% 06/15/26 (b)(h)		7,000		7,708
8.10% 07/15/36 (b)(h)		4,000		4,880
8.35% 07/15/46 (b)(h)		5,000		6,311
Deutsche Bank AG
2.70% 07/13/20 (h)		37,000		36,814
Deutsche Telekom International Finance BV
2.49% 09/19/23 (h)(b)		150,000		149,587
Devon Energy Corp.
4.00% 07/15/21 (h)		50,000		51,727
5.00% 06/15/45 (h)		8,000		9,180
Diageo Investment Corp.
2.88% 05/11/22 (h)		28,000		28,512
Diamondback Energy Inc.
4.75% 11/01/24 (h)		50,000		51,400
Digital Realty Trust LP
3.60% 07/01/29 (h)		45,000		45,682
Discovery Communications LLC
2.20% 09/20/19 (h)		38,000		37,945
2.95% 03/20/23 (h)		118,000		119,010
3.95% 03/20/28 (h)		19,000		19,557
4.95% 05/15/42 (h)		6,000		6,069
5.00% 09/20/37 (h)		10,000		10,448
Dollar Tree Inc.
4.00% 05/15/25 (h)		50,000		51,987
4.20% 05/15/28 (h)		35,000		36,223
Dominion Energy Inc.
2.58% 07/01/20 (h)		25,000		24,974
3.07% 08/15/24 (j)		25,000		25,221
DPL Inc.
4.35% 04/15/29 (b)(h)		26,000		26,375
DTE Energy Co.
2.85% 10/01/26 (h)		39,000		38,566
3.85% 12/01/23 (h)		17,000		17,815
Duke Energy Carolinas LLC
3.95% 03/15/48 (h)		16,000		16,990
Duke Energy Corp.
1.80% 09/01/21 (h)		33,000		32,627
3.55% 09/15/21 (h)		18,000		18,399
3.75% 09/01/46 (h)		4,000		3,911

	Principal Amount ($)		Fair Value $
Duke Energy Progress LLC
4.15% 12/01/44 (h)		23,000		24,908
Duke Realty LP
3.25% 06/30/26 (h)		16,000		16,272
3.38% 12/15/27 (h)		9,000		9,189
DuPont de Nemours Inc.
3.77% 11/15/20 (h)		91,000		92,730
5.32% 11/15/38 (h)		13,000		15,274
5.42% 11/15/48 (h)		13,000		15,812
Duquesne Light Holdings Inc.
3.62% 08/01/27 (b)(h)		35,000		35,092
Eastman Chemical Co.
3.50% 12/01/21 (h)		24,000		24,554
3.60% 08/15/22 (h)		7,000		7,194
4.50% 01/15/21 - 12/01/28 (h)		83,000		86,775
Eaton Corp.
3.10% 09/15/27 (h)		16,000		16,248
Ecolab Inc.
3.25% 12/01/27 (h)		10,000		10,402
3.95% 12/01/47 (h)		11,000		11,849
Edison International
5.75% 06/15/27 (h)		10,000		10,759
Eli Lilly & Co.
3.38% 03/15/29 (h)		16,000		17,052
3.70% 03/01/45 (h)		4,000		4,157
3.95% 03/15/49 (h)		21,000		22,730
Emera US Finance LP
4.75% 06/15/46 (h)		6,000		6,474
Enbridge Energy Partners LP
5.50% 09/15/40 (h)		6,000		6,999
Encana Corp.
3.90% 11/15/21 (h)		29,000		29,715
Energy Transfer Operating LP
4.25% 03/15/23 (h)		23,000		24,003
4.50% 04/15/24 (h)		55,000		58,513
4.95% 06/15/28 (h)		9,000		9,844
5.88% 01/15/24 (h)		88,000		97,989
6.13% 12/15/45 (h)		7,000		7,976
6.50% 02/01/42 (h)		18,000		21,191
7.50% 10/15/20 (h)		42,000		44,547
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50% 11/01/23 (h)		17,000		17,979
Entergy Louisiana LLC
3.05% 06/01/31 (h)		19,000		19,101
4.00% 03/15/33 (h)		14,000		15,419
Enterprise Products Operating LLC
4.20% 01/31/50 (c)		45,000		46,427
4.25% 02/15/48 (h)		48,000		49,591

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

28 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter)
5.25% 08/16/77 (h)(i)		11,000		10,501
EOG Resources Inc.
4.10% 02/01/21 (h)		42,000		43,221
4.15% 01/15/26 (h)		6,000		6,532
5.10% 01/15/36 (h)		12,000		14,118
EPR Properties
4.95% 04/15/28 (h)		16,000		17,208
EQM Midstream Partners LP
4.75% 07/15/23 (h)		7,000		7,276
5.50% 07/15/28 (h)		7,000		7,371
ERP Operating LP
4.50% 07/01/44 (h)		14,000		15,863
Exelon Corp.
3.50% 06/01/22 (h)		22,000		22,532
4.45% 04/15/46 (h)		27,000		28,897
Express Scripts Holding Co.
3.40% 03/01/27 (h)		15,000		15,219
Exxon Mobil Corp.
2.22% 03/01/21 (h)		19,000		19,052
FedEx Corp.
4.10% 02/01/45 (h)		33,000		31,757
Fifth Third Bancorp
3.65% 01/25/24 (h)		49,000		51,481
FirstEnergy Corp.
3.90% 07/15/27 (h)		6,000		6,296
FirstEnergy Transmission LLC
4.55% 04/01/49 (b)(h)		23,000		25,124
Fiserv Inc.
2.75% 07/01/24 (h)		68,000		68,679
3.50% 07/01/29 (h)		20,000		20,596
4.40% 07/01/49 (h)		10,000		10,542
Florida Power & Light Co.
4.13% 02/01/42 (h)		19,000		21,010
Ford Motor Co.
4.35% 12/08/26 (h)		38,000		38,333
Ford Motor Credit Company LLC
8.13% 01/15/20 (h)		100,000		102,773
General Dynamics Corp.
2.13% 08/15/26 (h)		22,000		21,489
3.00% 05/11/21 (h)		59,000		59,942
3.50% 05/15/25 (h)		29,000		30,866
General Mills Inc.
3.20% 04/16/21 (h)		19,000		19,285
3.70% 10/17/23 (h)		23,000		24,105
4.55% 04/17/38 (h)		19,000		20,212
4.70% 04/17/48 (h)		14,000		15,079
General Motors Co.
5.20% 04/01/45 (h)		5,000		4,786
5.40% 04/01/48 (h)		12,000		11,697

	Principal Amount ($)		Fair Value $
General Motors Financial Company Inc.
2.35% 10/04/19 (h)		45,000		44,968
3.45% 01/14/22 - 04/10/22 (h)		139,000		140,925
3.55% 04/09/21 (h)		59,000		59,868
4.20% 11/06/21 (h)		105,000		108,101
5.25% 03/01/26 (h)		47,000		50,464
Georgia-Pacific LLC
3.60% 03/01/25 (b)(h)		127,000		133,389
Gilead Sciences Inc.
2.95% 03/01/27 (h)		5,000		5,085
3.50% 02/01/25 (h)		14,000		14,671
3.65% 03/01/26 (h)		14,000		14,797
4.15% 03/01/47 (h)		30,000		31,492
4.80% 04/01/44 (h)		12,000		13,620
GlaxoSmithKline Capital Inc.
3.38% 05/15/23 (h)		29,000		30,171
3.63% 05/15/25 (h)		29,000		30,845
GlaxoSmithKline Capital PLC
3.13% 05/14/21 (h)		26,000		26,436
3.38% 06/01/29 (h)		30,000		31,713
Glencore Finance Canada Ltd.
4.95% 11/15/21 (b)(h)		18,000		18,901
Glencore Funding LLC
4.13% 03/12/24 (b)(h)		34,000		35,217
4.88% 03/12/29 (b)(h)		23,000		24,199
Halliburton Co.
3.80% 11/15/25 (h)		17,000		17,838
5.00% 11/15/45 (h)		14,000		15,254
HCA Inc.
4.13% 06/15/29 (h)		15,000		15,451
5.88% 03/15/22 (h)		37,000		40,531
Hess Corp.
5.60% 02/15/41 (h)		5,000		5,387
5.80% 04/01/47 (h)		4,000		4,460
Hewlett Packard Enterprise Co.
6.35% 10/15/45 (h)		5,000		5,536
Highwoods Realty LP
4.13% 03/15/28 (h)		17,000		17,723
4.20% 04/15/29 (h)		36,000		37,608
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 year Mid-Market Swap Rate thereafter)
6.50% 12/31/99 (h)(i)		50,000		52,344
Hyundai Capital America
3.10% 04/05/22 (b)(h)		14,000		14,090
Ingersoll-Rand Luxembourg Finance S.A.
3.50% 03/21/26 (h)		34,000		35,109

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

Elfun Diversified Fund 29

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
3.55% 11/01/24 (h)		25,000		26,044
3.80% 03/21/29 (h)		34,000		35,668
Intel Corp.
2.60% 05/19/26 (h)		38,000		38,252
2.88% 05/11/24 (h)		16,000		16,474
International Business Machines Corp.
3.45% 02/19/26 (h)		122,000		127,445
3.50% 05/15/29 (h)		100,000		104,591
International Paper Co.
4.40% 08/15/47 (h)		20,000		19,530
Interstate Power & Light Co.
3.40% 08/15/25 (h)		125,000		128,055
Jabil Inc.
3.95% 01/12/28 (h)		20,000		19,582
Jefferies Group LLC
5.13% 01/20/23 (h)		47,000		50,372
6.50% 01/20/43 (h)		26,000		28,001
John Deere Capital Corp.
2.60% 03/07/24 (h)		45,000		45,531
Johnson & Johnson
3.63% 03/03/37 (h)		17,000		18,193
Johnson Controls International PLC
4.50% 02/15/47 (h)		6,000		6,096
JPMorgan Chase & Co.
2.30% 08/15/21 (h)		83,000		82,876
2.55% 10/29/20 (h)		79,000		79,194
3.30% 04/01/26 (h)		76,000		78,664
3.63% 12/01/27 (h)		14,000		14,449
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter)
3.51% 01/23/29 (h)(i)		52,000		53,910
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)
3.88% 07/24/38 (h)(i)		54,000		56,522
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90% 01/23/49 (h)(i)		32,000		33,600
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter)
3.96% 01/29/27 (h)(i)		50,000		53,484

	Principal Amount ($)		Fair Value $
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter)
4.01% 04/23/29 (h)(i)		26,000		28,016
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter)
4.03% 07/24/48 (h)(i)		20,000		21,355
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter)
6.10% 10/29/49 (h)(i)		82,000		87,677
JPMorgan Chase & Co. 3.47% + 3 month USD LIBOR
6.05% 12/29/49 (h)(i)		30,000		30,004
Keurig Dr Pepper Inc.
3.55% 05/25/21 (h)		88,000		89,754
4.06% 05/25/23 (h)		81,000		85,066
4.50% 11/15/45 (h)		15,000		15,165
4.60% 05/25/28 (h)		11,000		12,051
Kinder Morgan Energy Partners LP
3.50% 03/01/21 (h)		67,000		67,955
4.70% 11/01/42 (h)		5,000		5,069
5.30% 09/15/20 (h)		21,000		21,694
6.38% 03/01/41 (h)		13,000		15,800
Kinder Morgan Inc.
3.05% 12/01/19 (h)		15,000		15,023
4.30% 03/01/28 (h)		17,000		18,192
5.05% 02/15/46 (h)		13,000		14,160
5.55% 06/01/45 (h)		17,000		19,656
Kraft Heinz Foods Co.
2.80% 07/02/20 (h)		35,000		35,062
3.50% 06/06/22 (h)		44,000		45,147
4.38% 06/01/46 (h)		32,000		30,319
Kreditanstalt fuer Wiederaufbau
2.00% 10/04/22 (h)		46,000		46,299
L3 Technologies Inc.
3.85% 12/15/26 (h)		19,000		19,959
Lam Research Corp.
4.00% 03/15/29 (h)		35,000		37,297
Lear Corp.
4.25% 05/15/29 (h)		31,000		31,273
5.25% 05/15/49 (h)		15,000		14,822
Liberty Property LP
4.38% 02/01/29 (h)		24,000		25,935

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

30 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Lincoln National Corp.
3.63% 12/12/26 (h)		30,000		31,276
4.35% 03/01/48 (h)		14,000		14,710
Lockheed Martin Corp.
3.55% 01/15/26 (h)		17,000		18,078
3.80% 03/01/45 (h)		6,000		6,377
4.50% 05/15/36 (h)		23,000		26,404
Lowe’s Companies Inc.
3.65% 04/05/29 (h)		48,000		50,115
3.70% 04/15/46 (h)		5,000		4,711
4.05% 05/03/47 (h)		13,000		12,940
4.55% 04/05/49 (h)		39,000		42,047
LYB International Finance BV
4.88% 03/15/44 (h)		5,000		5,324
LYB International Finance II BV
3.50% 03/02/27 (h)		7,000		7,123
Marathon Oil Corp.
2.70% 06/01/20 (h)		47,000		47,028
3.85% 06/01/25 (h)		12,000		12,439
Mars Inc.
2.70% 04/01/25 (b)(h)		27,000		27,549
3.20% 04/01/30 (b)(h)		21,000		21,814
Marsh & McLennan Companies Inc.
3.50% 03/10/25 (h)		21,000		21,824
4.90% 03/15/49 (h)		56,000		66,377
Masco Corp.
3.50% 11/15/27 (h)		5,000		4,946
McDonald’s Corp.
3.70% 01/30/26 (h)		25,000		26,571
3.80% 04/01/28 (h)		24,000		25,794
4.88% 12/09/45 (h)		13,000		14,997
McKesson Corp.
3.65% 11/30/20 (h)		119,000		120,897
Medtronic Inc.
4.63% 03/15/45 (h)		7,000		8,464
Memorial Sloan-Kettering Cancer Center
4.13% 07/01/52 (h)		24,000		26,729
Merck & Company Inc.
2.75% 02/10/25 (h)		44,000		45,129
3.40% 03/07/29 (h)		36,000		38,248
4.00% 03/07/49 (h)		17,000		18,884
MetLife Inc.
4.05% 03/01/45 (h)		6,000		6,434
4.72% 12/15/44 (h)		20,000		23,328
Microsoft Corp.
2.40% 08/08/26 (h)		23,000		23,122
3.45% 08/08/36 (h)		14,000		14,795
3.50% 02/12/35 (h)		16,000		17,054
3.70% 08/08/46 (h)		56,000		60,562

	Principal Amount ($)		Fair Value $
3.95% 08/08/56 (h)		20,000		22,262
4.10% 02/06/37 (h)		4,000		4,565
4.50% 02/06/57 (h)		5,000		6,105
Mitsubishi UFJ Financial Group Inc.
3.54% 07/26/21 (h)		64,000		65,424
Mizuho Financial Group Inc.
2.63% 04/12/21 (b)(h)		200,000		200,524
Molson Coors Brewing Co.
2.10% 07/15/21 (h)		42,000		41,685
4.20% 07/15/46 (h)		7,000		6,732
Morgan Stanley
2.63% 11/17/21 (h)		69,000		69,414
2.65% 01/27/20 (h)		42,000		42,049
2.75% 05/19/22 (h)		98,000		99,023
3.63% 01/20/27 (h)		5,000		5,238
3.70% 10/23/24 (h)		13,000		13,704
3.95% 04/23/27 (h)		116,000		121,334
4.10% 05/22/23 (h)		239,000		251,411
4.38% 01/22/47 (h)		30,000		33,380
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter)
3.97% 07/22/38 (h)(i)		20,000		20,838
Morgan Stanley (4.43% fixed rate until 01/23/29; 1.63% + 3 month USD LIBOR thereafter)
4.43% 01/23/30 (h)(i)		61,000		67,459
MPLX LP
3.38% 03/15/23 (h)		15,000		15,345
4.50% 04/15/38 (h)		16,000		16,161
4.70% 04/15/48 (h)		17,000		17,303
Mylan Inc.
5.20% 04/15/48 (h)		15,000		13,851
Mylan N.V.
3.15% 06/15/21 (h)		16,000		15,977
3.95% 06/15/26 (h)		7,000		6,759
National Retail Properties Inc.
4.00% 11/15/25 (h)		23,000		24,314
New York Life Insurance Co.
4.45% 05/15/69 (b)(h)		16,000		17,649
Newfield Exploration Co.
5.75% 01/30/22 (h)		115,000		123,250
Newmont Goldcorp Corp.
4.88% 03/15/42 (h)		20,000		22,358
Nexen Inc.
6.40% 05/15/37 (h)		8,000		10,678
NextEra Energy Capital Holdings Inc.
3.25% 04/01/26 (h)		34,000		34,936

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

Elfun Diversified Fund 31

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	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 (h)(i)		23,000		23,682
Noble Energy Inc.
3.85% 01/15/28 (h)		48,000		48,949
3.90% 11/15/24 (h)		17,000		17,729
5.05% 11/15/44 (h)		6,000		6,378
Nordstrom Inc.
5.00% 01/15/44 (h)		2,000		1,864
Norfolk Southern Corp.
3.95% 10/01/42 (h)		18,000		18,498
Northern States Power Co.
2.20% 08/15/20 (h)		82,000		82,021
Northrop Grumman Corp.
2.55% 10/15/22 (h)		10,000		10,057
3.85% 04/15/45 (h)		5,000		5,151
4.03% 10/15/47 (h)		4,000		4,266
Novartis Capital Corp.
3.00% 11/20/25 (h)		4,000		4,132
Nucor Corp.
3.95% 05/01/28 (h)		25,000		26,930
4.13% 09/15/22 (h)		14,000		14,761
Nutrien Ltd.
4.00% 12/15/26 (h)		9,000		9,407
4.90% 06/01/43 (h)		14,000		15,271
Occidental Petroleum Corp.
4.10% 02/15/47 (h)		11,000		10,900
4.20% 03/15/48 (h)		12,000		12,117
Omnicom Group Inc./Omnicom Capital Inc.
3.63% 05/01/22 (h)		17,000		17,537
Oncor Electric Delivery Company LLC
3.80% 09/30/47 (h)		8,000		8,467
Oracle Corp.
2.40% 09/15/23 (h)		14,000		14,099
2.65% 07/15/26 (h)		26,000		26,102
3.80% 11/15/37 (h)		8,000		8,452
4.00% 07/15/46 - 11/15/47 (h)		43,000		46,189
Oshkosh Corp.
5.38% 03/01/25 (h)		17,000		17,645
Owens Corning
4.40% 01/30/48 (h)		10,000		8,563
PacifiCorp
6.25% 10/15/37 (h)		33,000		44,474
Packaging Corporation of America
3.40% 12/15/27 (h)		19,000		19,237

	Principal Amount ($)		Fair Value $
Parker-Hannifin Corp.
2.70% 06/14/24 (h)		25,000		25,375
3.25% 06/14/29 (h)		25,000		25,981
PepsiCo Inc.
3.45% 10/06/46 (h)		7,000		7,195
Petroleos Mexicanos
5.35% 02/12/28 (h)		15,000		13,631
5.38% 03/13/22		50,000		50,363
5.63% 01/23/46 (h)		19,000		15,304
6.35% 02/12/48 (h)		15,000		12,862
6.38% 01/23/45 (h)		25,000		21,380
6.50% 03/13/27 (h)		40,000		39,442
Pfizer Inc.
3.00% 12/15/26 (h)		23,000		23,723
3.20% 09/15/23 (h)		18,000		18,708
3.45% 03/15/29 (h)		32,000		33,854
3.60% 09/15/28 (h)		34,000		36,718
3.90% 03/15/39 (h)		17,000		18,305
4.00% 03/15/49 (h)		21,000		22,849
4.13% 12/15/46 (h)		11,000		12,148
4.40% 05/15/44 (h)		6,000		6,854
Philip Morris International Inc.
3.38% 08/15/29 (h)		64,000		65,905
4.13% 03/04/43 (h)		20,000		20,422
Phillips 66
3.90% 03/15/28 (h)		23,000		24,244
Phillips 66 Partners LP
3.75% 03/01/28 (h)		19,000		19,399
4.68% 02/15/45 (h)		17,000		17,519
Plains All American Pipeline LP/PAA Finance Corp.
3.65% 06/01/22 (h)		37,000		37,877
4.70% 06/15/44 (h)		8,000		7,699
5.75% 01/15/20 (h)		29,000		29,490
PPL Capital Funding Inc.
3.10% 05/15/26 (h)		29,000		28,919
Precision Castparts Corp.
4.38% 06/15/45 (h)		11,000		12,495
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter)
5.70% 09/15/48 (h)(i)		33,000		35,465
Public Service Company of Colorado
3.70% 06/15/28 (h)		31,000		33,420
Public Service Electric & Gas Co.
2.38% 05/15/23 (h)		46,000		46,167
QUALCOMM Inc.
2.90% 05/20/24 (h)		8,000		8,121
3.00% 05/20/22 (h)		7,000		7,130

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

32 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
3.25% 05/20/27 (h)		4,000		4,076
4.30% 05/20/47 (h)		5,000		5,256
Realty Income Corp.
3.00% 01/15/27 (h)		9,000		9,042
Regions Financial Corp.
3.80% 08/14/23 (h)		26,000		27,223
Reynolds American Inc.
4.45% 06/12/25 (h)		5,000		5,304
Rio Tinto Finance USA PLC
4.13% 08/21/42 (h)		11,000		12,289
Rockwell Automation Inc.
4.20% 03/01/49 (h)		18,000		20,327
Rockwell Collins Inc.
3.50% 03/15/27 (h)		22,000		22,979
Rogers Communications Inc.
5.00% 03/15/44 (h)		5,000		5,798
RPM International Inc.
3.75% 03/15/27 (h)		16,000		16,218
Ryder System Inc.
2.45% 09/03/19 (h)		102,000		101,935
3.65% 03/18/24 (h)		29,000		30,300
Sabine Pass Liquefaction LLC
4.20% 03/15/28 (h)		18,000		18,899
5.00% 03/15/27 (h)		6,000		6,581
Santander Holdings USA Inc.
2.65% 04/17/20 (h)		68,000		67,985
3.70% 03/28/22 (h)		57,000		58,311
4.40% 07/13/27 (h)		15,000		15,667
Schlumberger Holdings Corp.
3.90% 05/17/28 (b)(h)		50,000		52,001
Selective Insurance Group Inc.
5.38% 03/01/49 (h)		21,000		23,453
Sempra Energy
3.80% 02/01/38 (h)		10,000		9,663
4.00% 02/01/48 (h)		12,000		11,733
Shell International Finance BV
2.38% 08/21/22 (h)		38,000		38,283
3.75% 09/12/46 (h)		12,000		12,706
4.13% 05/11/35 (h)		15,000		16,641
Shire Acquisitions Investments Ireland DAC
2.40% 09/23/21 (h)		24,000		23,963
2.88% 09/23/23 (h)		21,000		21,207
3.20% 09/23/26 (h)		6,000		6,049
Simon Property Group LP
3.38% 06/15/27 (h)		20,000		20,783
Smithfield Foods Inc.
2.70% 01/31/20 (b)(h)		14,000		13,957
Southern California Edison Co.
2.40% 02/01/22 (h)		28,000		27,807
2.90% 03/01/21 (h)		46,000		46,061
4.20% 03/01/29 (h)		38,000		40,415

	Principal Amount ($)		Fair Value $
Southern Company Gas Capital Corp.
4.40% 05/30/47 (h)		4,000		4,229
Southern Copper Corp.
5.88% 04/23/45 (h)		12,000		14,234
Southwestern Electric Power Co.
2.75% 10/01/26 (h)		19,000		18,654
Spectra Energy Partners LP
3.38% 10/15/26 (h)		5,000		5,095
4.50% 03/15/45 (h)		4,000		4,232
Spirit Realty LP
4.00% 07/15/29		30,000		30,357
Starbucks Corp.
4.00% 11/15/28 (h)		16,000		17,435
Steel Dynamics Inc.
4.13% 09/15/25 (h)		37,000		37,031
Sumitomo Mitsui Financial Group Inc.
2.78% 07/12/22 (h)		46,000		46,485
Suncor Energy Inc.
4.00% 11/15/47 (h)		5,000		5,178
Sunoco Logistics Partners Operations LP
5.30% 04/01/44 (h)		19,000		19,610
Sysco Corp.
3.25% 07/15/27 (h)		17,000		17,321
Takeda Pharmaceutical Company Ltd.
4.00% 11/26/21 (b)(h)		200,000		206,640
Tampa Electric Co.
4.35% 05/15/44 (h)		32,000		34,411
Target Corp.
2.50% 04/15/26 (h)		18,000		18,136
3.38% 04/15/29 (h)		50,000		53,057
Teck Resources Ltd.
5.40% 02/01/43 (h)		43,000		44,527
Telefonica Emisiones S.A.
4.10% 03/08/27 (h)		150,000		159,345
Teva Pharmaceutical Finance Netherlands III BV
1.70% 07/19/19 (h)		122,000		121,739
2.20% 07/21/21 (h)		18,000		17,094
Texas Instruments Inc.
3.88% 03/15/39 (h)		19,000		20,672
The Allstate Corp.
4.20% 12/15/46 (h)		10,000		11,148
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75% 08/15/53 (h)(i)		39,000		40,888

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

Elfun Diversified Fund 33

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
The Bank of New York Mellon Corp. (2.66% fixed rate until 05/16/22; 0.63% + 3 month USD LIBOR thereafter)
2.66% 05/16/23 (h)(i)		99,000		99,758
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter)
4.63% 12/29/49 (h)(i)		71,000		70,874
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter)
4.65% 12/31/99 (h)(i)		42,000		40,124
The Boeing Co.
3.25% 03/01/28 (h)		14,000		14,536
3.55% 03/01/38 (h)		10,000		10,100
The Cleveland Electric Illuminating Co.
4.55% 11/15/30 (b)(h)		64,000		70,587
The Dow Chemical Co.
4.25% 10/01/34 (h)		20,000		20,905
5.55% 11/30/48 (b)(h)		17,000		20,186
The George Washington University
4.13% 09/15/48 (h)		25,000		28,036
The Goldman Sachs Group Inc.
3.50% 11/16/26 (h)		57,000		58,351
3.85% 01/26/27 (h)		35,000		36,569
4.25% 10/21/25 (h)		14,000		14,849
5.15% 05/22/45 (h)		25,000		28,562
The Goldman Sachs Group Inc. (2.88% fixed rate until 10/31/21; 0.82% + 3 month USD LIBOR thereafter)
2.88% 10/31/22 (h)(i)		86,000		86,672
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter)
2.91% 06/05/23 (h)(i)		171,000		172,785
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter)
3.81% 04/23/29 (h)(i)		26,000		27,030
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)
4.02% 10/31/38 (h)(i)		16,000		16,473

	Principal Amount ($)		Fair Value $
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter)
4.22% 05/01/29 (h)(i)		75,000		80,272
The Hartford Financial Services Group Inc. 2.13% + 3 month USD LIBOR
4.64% 02/12/47 (b)(h)(i)		30,000		25,380
The Home Depot Inc.
3.50% 09/15/56 (h)		12,000		11,844
3.90% 12/06/28 - 06/15/47 (h)		28,000		30,629
4.50% 12/06/48 (h)		15,000		17,692
The Interpublic Group of Companies Inc.
3.75% 10/01/21 (h)		46,000		47,281
The Kroger Co.
2.95% 11/01/21 (h)		40,000		40,459
4.65% 01/15/48 (h)		9,000		9,045
The Mosaic Co.
5.63% 11/15/43 (h)		4,000		4,404
The Sherwin-Williams Co.
2.25% 05/15/20 (h)		31,000		30,939
2.75% 06/01/22 (h)		9,000		9,091
3.45% 06/01/27 (h)		6,000		6,161
4.50% 06/01/47 (h)		17,000		18,131
The Southern Co.
3.25% 07/01/26 (h)		9,000		9,136
4.40% 07/01/46 (h)		4,000		4,223
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter)
3.63% 09/15/31 (h)(i)		60,000		60,997
The Walt Disney Co.
3.38% 11/15/26 (b)(h)		4,000		4,201
4.00% 10/01/23 (b)(h)		61,000		65,096
4.50% 02/15/21 (b)(h)		19,000		19,715
4.75% 11/15/46 (b)(h)		6,000		7,396
6.65% 11/15/37 (b)(h)		35,000		50,283
The Williams Companies Inc.
3.75% 06/15/27 (h)		4,000		4,134
3.90% 01/15/25 (h)		14,000		14,660
4.85% 03/01/48 (h)		17,000		18,190
4.90% 01/15/45 (h)		5,000		5,242
5.40% 03/04/44 (h)		5,000		5,554
Time Warner Cable LLC
4.50% 09/15/42 (h)		5,000		4,648
6.55% 05/01/37 (h)		16,000		18,378
Total Capital International S.A.
3.46% 02/19/29 (h)		54,000		57,452

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

34 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
TransCanada PipeLines Ltd.
4.25% 05/15/28 (h)		47,000		50,806
4.88% 01/15/26 (h)		9,000		10,022
Transcontinental Gas Pipe Line Company LLC
4.00% 03/15/28 (h)		19,000		19,945
TWDC Enterprises 18 Corp.
4.13% 06/01/44 (h)		8,000		9,092
Tyco Electronics Group S.A.
2.35% 08/01/19 (h)		79,000		78,974
3.13% 08/15/27 (h)		19,000		19,028
Tyson Foods Inc.
2.65% 08/15/19 (h)		14,000		14,000
4.00% 03/01/26 (h)		53,000		56,416
4.55% 06/02/47 (h)		4,000		4,179
U.S. Bancorp
3.15% 04/27/27 (h)		30,000		31,153
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter)
5.13% 12/29/49 (h)(i)		64,000		65,281
Union Pacific Corp.
3.20% 06/08/21 (h)		45,000		45,837
3.50% 06/08/23 (h)		37,000		38,557
3.60% 09/15/37 (h)		8,000		8,090
3.70% 03/01/29 (h)		60,000		64,475
4.10% 09/15/67 (h)		14,000		13,993
4.30% 03/01/49 (h)		16,000		17,696
United Technologies Corp.
3.13% 05/04/27 (h)		66,000		67,866
3.65% 08/16/23 (h)		34,000		35,633
3.95% 08/16/25 (h)		14,000		15,082
4.13% 11/16/28 (h)		6,000		6,588
4.15% 05/15/45 (h)		17,000		18,281
4.45% 11/16/38 (h)		16,000		17,943
4.50% 06/01/42 (h)		12,000		13,532
UnitedHealth Group Inc.
4.45% 12/15/48 (h)		59,000		67,796
4.75% 07/15/45 (h)		28,000		33,181
Vale Overseas Ltd.
4.38% 01/11/22 (h)		18,000		18,556
6.25% 08/10/26 (h)		28,000		31,788
Vale S.A.
5.63% 09/11/42 (h)		8,000		8,583
Valero Energy Corp.
4.00% 04/01/29 (h)		61,000		63,931
Valero Energy Partners LP
4.38% 12/15/26 (h)		35,000		37,414
Ventas Realty LP
3.25% 10/15/26 (h)		29,000		29,137
Verizon Communications Inc.
3.38% 02/15/25 (h)		29,000		30,273

	Principal Amount ($)		Fair Value $
3.88% 02/08/29 (h)		35,000		37,537
4.33% 09/21/28 (h)		24,000		26,581
4.40% 11/01/34 (h)		43,000		47,728
4.52% 09/15/48 (h)		17,000		19,035
4.67% 03/15/55 (h)		16,000		18,133
4.86% 08/21/46 (h)		119,000		138,523
5.01% 04/15/49 (h)		8,000		9,518
5.25% 03/16/37 (h)		16,000		19,182
Viacom Inc.
3.45% 10/04/26 (h)		11,000		10,994
4.50% 03/01/21 (h)		134,000		138,110
5.25% 04/01/44 (h)		5,000		5,458
Virginia Electric & Power Co.
4.00% 11/15/46 (h)		31,000		32,729
Visa Inc.
3.15% 12/14/25 (h)		18,000		18,891
4.30% 12/14/45 (h)		14,000		16,479
Vistra Operations Company LLC
3.55% 07/15/24 (b)(h)		68,000		68,564
Vodafone Group PLC
4.38% 05/30/28 (h)		25,000		27,024
5.25% 05/30/48 (h)		12,000		13,219
Vornado Realty LP
3.50% 01/15/25 (h)		14,000		14,345
Vulcan Materials Co.
3.90% 04/01/27 (h)		6,000		6,164
Walgreen Co.
4.40% 09/15/42 (h)		12,000		11,418
Walmart Inc.
3.63% 12/15/47 (h)		14,000		14,960
3.70% 06/26/28 (h)		29,000		31,638
3.95% 06/28/38 (h)		14,000		15,605
4.05% 06/29/48 (h)		16,000		18,318
WEC Energy Group Inc.
3.55% 06/15/25 (h)		45,000		47,254
Wells Fargo & Co.
3.90% 05/01/45 (h)		5,000		5,366
4.15% 01/24/29 (h)		57,000		62,024
4.75% 12/07/46 (h)		104,000		118,408
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter)
3.20% 06/17/27 (h)(i)		75,000		76,659
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)
5.88% 12/29/49 (h)(i)		41,000		44,449
Wells Fargo & Co. (5.90% fixed rate until 06/15/24; 3.11% + 3 month USD LIBOR thereafter)
5.90% 12/29/49 (h)(i)		32,000		33,531

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

Elfun Diversified Fund 35

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Wells Fargo & Co. 3.77% + 3 month USD LIBOR
6.18% 03/29/49 (h)(i)		44,000		44,330
Wells Fargo Bank NA
2.60% 01/15/21 (h)		250,000		251,030
Western Midstream Operating LP
4.00% 07/01/22 (h)		49,000		49,719
5.38% 06/01/21 (h)		46,000		47,819
Willis North America Inc.
3.60% 05/15/24 (h)		22,000		22,691
WPP Finance 2010
3.75% 09/19/24 (h)		24,000		24,819
WRKCo Inc.
3.00% 09/15/24 (h)		17,000		17,145
Xilinx Inc.
2.95% 06/01/24 (h)		14,000		14,203
Zoetis Inc.
3.00% 09/12/27 (h)		7,000		7,038
3.90% 08/20/28 (h)		17,000		18,260
				23,332,136
Non-Agency Collateralized Mortgage Obligations - 1.0%
Banc of America Commercial Mortgage Trust 2016-UBS10
5.07% 07/15/49 (h)(i)		82,000		89,366
BANK 2018-BNK11
4.50% 03/15/61 (h)(i)		35,000		37,715
BANK 2019-BNK17
4.67% 04/15/52 (h)(i)		34,000		36,728
BX Commercial Mortgage Trust 2018-IND 0.75% + 1 month USD LIBOR
3.14% 11/15/35 (b)(h)(i)		129,940		129,939
Citigroup Commercial Mortgage Trust 2015-GC33
3.78% 09/10/58 (h)		100,000		106,757
Citigroup Commercial Mortgage Trust 2016-P5
2.94% 10/10/49 (h)		90,682		92,584
Citigroup Commercial Mortgage Trust 2016-P6
3.72% 12/10/49 (h)(i)		119,583		128,129
4.03% 12/10/49 (h)(i)		78,331		83,806
Citigroup Commercial Mortgage Trust 2018-C5
4.51% 06/10/51 (h)(i)		64,000		69,766
COMM 2014-CR14 Mortgage Trust
4.53% 02/10/47 (h)(i)		55,000		59,078

	Principal Amount ($)		Fair Value $
GS Mortgage Securities Trust 2016-GS3
2.85% 10/10/49 (h)		72,000		73,209
GS Mortgage Securities Trust 2017-GS5
3.67% 03/10/50 (h)		240,062		256,717
GS Mortgage Securities Trust 2017-GS8
3.47% 11/10/50 (h)		184,426		194,378
GS Mortgage Securities Trust 2018-GS9
4.14% 03/10/51 (h)(i)		73,000		79,309
JPMBB Commercial Mortgage Securities Trust 2013-C12
4.18% 07/15/45 (h)(i)		25,000		26,401
JPMBB Commercial Mortgage Securities Trust 2015-C32
4.82% 11/15/48 (h)(i)		71,000		74,856
LB-UBS Commercial Mortgage Trust 2004-C8
0.31% 12/15/39 (b)(g)(h)(i)		10,339		1
LB-UBS Commercial Mortgage Trust 2007-C6
6.11% 07/15/40 (h)(i)		257		257
6.11% 07/15/40 (b)(h)		590		591
MASTR Alternative Loan Trust 2003-5
5.00% 08/25/18 (h)(g)		232		4
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21
1.06% 03/15/48 (g)(h)(i)		838,586		33,619
Morgan Stanley Capital I Trust 2006-IQ11
6.38% 10/15/42 (h)(i)		40,000		40,513
UBS Commercial Mortgage Trust 2018-C12
4.79% 08/15/51 (h)(i)		54,000		60,139
Wells Fargo Commercial Mortgage Trust 2015-C26
1.36% 02/15/48 (g)(h)(i)		902,368		47,729
Wells Fargo Commercial Mortgage Trust 2019-C50
4.35% 05/15/52 (h)		45,000		47,522
WFRBS Commercial Mortgage Trust 2013-C17
4.26% 12/15/46 (h)		55,000		58,503
WFRBS Commercial Mortgage Trust 2014-LC14
4.35% 03/15/47 (h)(i)		123,000		132,058
				1,959,674

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

36 Elfun Diversified Fund

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Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Sovereign Bonds - 0.2%
Government of Colombia
2.63% 03/15/23 (h)		200,000		199,386
Government of Mexico
4.00% 10/02/23 (h)		24,000		25,057
4.75% 03/08/44 (h)		56,000		58,498
Government of Peru
5.63% 11/18/50 (h)		26,000		35,868
Government of Uruguay
5.10% 06/18/50		29,803		33,566
Panama Notas del Tesoro
3.75% 04/17/26 (b)(h)		41,000		42,596
				394,971
Municipal Bonds and Notes - 0.1%
American Municipal Power Inc.
6.27% 02/15/50 (h)		25,000		33,577
New Jersey Transportation Trust Fund Authority
6.88% 12/15/39 (h)		15,000		15,034
Port Authority of New York & New Jersey
4.46% 10/01/62 (h)		30,000		35,898
State of California
4.60% 04/01/38		50,000		54,598
5.70% 11/01/21		55,000		59,743
State of Illinois
5.10% 06/01/33		25,000		26,327
The University of Texas System
3.35% 08/15/47 (h)		25,000		25,416
				250,593
Total Bonds and Notes (Cost $65,972,021)				67,810,379

	Number of Shares		Fair Value $
Exchange Traded & Mutual Funds - 25.3%
Exchange Traded & Mutual Funds - 25.3%
State Street Global Equity ex-U.S. Index Portfolio (Cost $45,997,077) (n)		4,789,301		49,186,125
Total Investments in Securities (Cost $165,313,836)				184,881,653
Short-Term Investments - 14.2%
Dreyfus Treasury Cash Management - Institutional Shares 2.21% (d)(h)		4,308,105		4,308,105
State Street Institutional Treasury Money Market Fund - Premier Class 2.31% (d)(h)(n)		9,282,223		9,282,223
State Street Institutional Treasury Plus Fund - Premier Class 2.26% (d)(h)(n)		4,308,106		4,308,106
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.35% (d)(h)(n)		9,625,296		9,625,296
U.S. Treasury Bill 2.17% (d)		35,000		34,697
Total Short-Term Investments (Cost $27,558,419)				27,558,427
Total Investments (Cost $192,872,255)				212,440,080
Liabilities in Excess of Other Assets, net - (9.1)%				(17,767,051	)
NET ASSETS - 100.0%				194,673,029

Other Information:

Centrally Cleared Credit Default Swaps

Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract Annual Fixed Rate/ Payment Frequency		Termination Date		Market Value			Unamortized Upfront Payments Received			Unrealized Appreciation/ Depreciation
Buy Protection
Markit CDX North America Investment Grade Index	Intercontinental Exchange	$	273		1.00%/ Quarterly		06/20/24	$	(5,817	)	$	(5,293	)	$	(524	)
Sell Protection
Markit CDX North America High Yield Index	Intercontinental Exchange	$	2,296		5.00%/ Quarterly		06/20/24	$	172,246		$	136,875		$	35,371
														$	34,847

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

Elfun Diversified Fund 37

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

Centrally Cleared Interest Rate Swaps

Counterparty	Notional Amount (000s omitted)		Fund Pays/ Receives Fixed Rate/ Payment Frequency	Floating Rate	Contract Annual Fixed Rate		Termination Date		Market Value			Unamortized Upfront Payments Received		Unrealized Depreciation
CME Group, Inc.	$	2,750	Pays/Quarterly	3 Month U.S. Dollar LIBOR		3.05%		11/19/21	$	(82,348	)	$	—	$	(82,348	)
CME Group, Inc.		2,751	Pays/Quarterly	3 Month U.S. Dollar LIBOR		3.06%		11/19/21		(82,658	)		—		(82,658	)
														$	(165,006	)

The Fund had the following long futures contracts open at June 30, 2019:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
S&P 500 E-mini Index Futures		September 2019		3	$	433,837	$	441,630	$	7,793
Ultra Long-Term U.S. Treasury Bond Futures		September 2019		1		173,463		177,563		4,100
2 Yr. U.S. Treasury Notes Futures		September 2019		47		10,047,949		10,113,445		65,496
5 Yr. U.S. Treasury Notes Futures		September 2019		22		2,561,597		2,599,438		37,841
10 Yr. U.S. Treasury Notes Futures		September 2019		38		4,791,286		4,862,812		71,526
									$	186,756

The Fund had the following short futures contracts open at June 30, 2019:

Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Depreciation
10 Yr. U.S. Treasury Ultra Futures		September 2019		14	$	(1,894,780	)	$	(1,933,750	)	$	(38,970	)

During the period ended June 30, 2019, average notional values related to derivative contracts were as follows:

	Purchased Put Options		Purchased Call Options		Written Put Options		Written Call Options		Long Futures Contracts		Short Futures Contracts		Credit Default Swap Contracts		Interest Rate Swap Contracts
Average Notional Value	$	1,830	$	—	$	183	$	—	$	17,558,800	$	1,706,210	$	2,062,144	$	5,500,423

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

38 Elfun Diversified Fund

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Schedule of Investments, continued — June 30, 2019 (Unaudited)

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2019:

Fund	Investments	Level 1			Level 2			Level 3		Total
Elfun Diversified Fund	Investments in Securities
	Domestic Equity	$	66,266,209		$	—		$	—	$	66,266,209
	Foreign Equity		1,618,940			—			—		1,618,940
	U.S. Treasuries		—			16,893,476			—		16,893,476
	Agency Mortgage Backed		—			22,667,109			—		22,667,109
	Agency Collateralized Mortgage Obligations		—			700,949			—		700,949
	Asset Backed		—			1,611,471			—		1,611,471
	Corporate Notes		—			23,332,136			—		23,332,136
	Non-Agency Collateralized Mortgage Obligations		—			1,959,674			—		1,959,674
	Sovereign Bonds		—			394,971			—		394,971
	Municipal Bonds and Notes		—			250,593			—		250,593
	Exchange Traded & Mutual Funds		49,186,125			—			—		49,186,125
	Short-Term Investments		27,523,730			34,697			—		27,558,427
	Total Investments in Securities	$	144,595,004		$	67,845,076		$	—	$	212,440,080
	Other Financial Instruments
	Credit Default Swap Contracts - Unrealized Appreciation	$	—		$	35,371		$	—	$	35,371
	Credit Default Swap Contracts - Unrealized Depreciation		—			(524	)		—		(524	)
	Interest Rate Swap Contracts - Unrealized Depreciation		—			(165,006	)		—		(165,006	)
	Long Futures Contracts - Unrealized Appreciation		186,756			—			—		186,756
	Short Futures Contracts - Unrealized Depreciation		(38,970	)		—			—		(38,970	)
	Total Other Financial Instruments	$	147,786		$	(130,159	)	$	—	$	17,627

The Fund was invested in the following countries/territories at June 30, 2019 (unaudited):

Country/Territory	Percentage (based on Fair Value)
United States		97.61%
United Kingdom		0.45%
Ireland		0.38%
Canada		0.25%
Japan		0.24%
Netherlands		0.20%
Switzerland		0.14%
Luxembourg		0.13%
Mexico		0.11%
Colombia		0.09%
Supranational		0.08%
Spain		0.07%
Bermuda		0.04%

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

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

Elfun Diversified Fund 39

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2019 (unaudited):

Industry	Domestic		Foreign		Total
Exchange Traded Funds		23.15%		0.00%		23.15%
Systems Software		1.60%		0.00%		1.60%
Interactive Media & Services		1.50%		0.00%		1.50%
Pharmaceuticals		1.45%		0.02%		1.47%
Diversified Banks		1.39%		0.00%		1.39%
Technology Hardware, Storage & Peripherals		1.25%		0.01%		1.26%
Data Processing & Outsourced Services		1.25%		0.00%		1.25%
Internet & Direct Marketing Retail		1.19%		0.00%		1.19%
Semiconductors		1.08%		0.00%		1.08%
Healthcare Equipment		0.90%		0.16%		1.06%
Aerospace & Defense		0.83%		0.00%		0.83%
Integrated Oil & Gas		0.78%		0.00%		0.78%
Biotechnology		0.70%		0.00%		0.70%
Electric Utilities		0.64%		0.00%		0.64%
Integrated Telecommunication Services		0.63%		0.00%		0.63%
Application Software		0.57%		0.00%		0.57%
Household Products		0.55%		0.00%		0.55%
Multi-Sector Holdings		0.55%		0.00%		0.55%
Movies & Entertainment		0.54%		0.00%		0.54%
Soft Drinks		0.53%		0.00%		0.53%
Managed Healthcare		0.49%		0.00%		0.49%
Industrial Conglomerates		0.47%		0.00%		0.47%
Restaurants		0.42%		0.00%		0.42%
Specialized REITs		0.41%		0.00%		0.41%
Home Improvement Retail		0.40%		0.00%		0.40%
IT Consulting & Other Services		0.25%		0.15%		0.40%
Oil & Gas Exploration & Production		0.40%		0.00%		0.40%
Communications Equipment		0.38%		0.00%		0.38%
Regional Banks		0.38%		0.00%		0.38%
Hypermarkets & Super Centers		0.35%		0.00%		0.35%
Multi-Utilities		0.35%		0.00%		0.35%
Cable & Satellite		0.35%		0.00%		0.35%
Life Sciences Tools & Services		0.35%		0.00%		0.35%
Financial Exchanges & Data		0.34%		0.00%		0.34%
Packaged Foods & Meats		0.34%		0.00%		0.34%
Railroads		0.32%		0.00%		0.32%
Property & Casualty Insurance		0.28%		0.00%		0.28%
Tobacco		0.27%		0.00%		0.27%
Specialty Chemicals		0.27%		0.00%		0.27%
Asset Management & Custody Banks		0.27%		0.00%		0.27%
Investment Banking & Brokerage		0.25%		0.00%		0.25%
Industrial Machinery		0.25%		0.00%		0.25%
Consumer Finance		0.23%		0.00%		0.23%
Life & Health Insurance		0.23%		0.00%		0.23%
Healthcare Services		0.22%		0.00%		0.22%
Industrial Gases		0.07%		0.14%		0.21%
Construction Machinery & Heavy Trucks		0.18%		0.00%		0.18%
Insurance Brokers		0.09%		0.09%		0.18%
Air Freight & Logistics		0.18%		0.00%		0.18%
Oil & Gas Refining & Marketing		0.16%		0.00%		0.16%
Electrical Components & Equipment		0.15%		0.00%		0.15%
Apparel Retail		0.15%		0.00%		0.15%

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

40 Elfun Diversified Fund

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

Industry	Domestic		Foreign			Total
Hotels, Resorts & Cruise Lines		0.15%		0.00%			0.15%
Residential REITs		0.14%		0.00%			0.14%
Oil & Gas Equipment & Services		0.13%		0.01%			0.14%
Footwear		0.14%		0.00%			0.14%
General Merchandise Stores		0.14%		0.00%			0.14%
Oil & Gas Storage & Transportation		0.14%		0.00%			0.14%
Retail REITs		0.13%		0.00%			0.13%
Airlines		0.13%		0.00%			0.13%
Automobile Manufacturers		0.12%		0.00%			0.12%
Semiconductor Equipment		0.12%		0.00%			0.12%
Automotive Retail		0.11%		0.00%			0.11%
Interactive Home Entertainment		0.10%		0.00%			0.10%
Health Care REITs		0.10%		0.00%			0.10%
Research & Consulting Services		0.06%		0.03%			0.09%
Multi-Line Insurance		0.09%		0.00%			0.09%
Building Products		0.08%		0.01%			0.09%
Apparel, Accessories & Luxury Goods		0.09%		0.00%	)		0.09%
Paper Packaging		0.06%		0.03%			0.09%
Environmental & Facilities Services		0.09%		0.00%			0.09%
Healthcare Distributors		0.08%		0.00%			0.08%
Commodity Chemicals		0.08%		0.00%			0.08%
Industrial REITs		0.08%		0.00%			0.08%
Office REITs		0.07%		0.00%			0.07%
Electronic Components		0.07%		0.00%			0.07%
Fertilizers & Agricultural Chemicals		0.07%		0.00%			0.07%
Agricultural & Farm Machinery		0.07%		0.00%			0.07%
Broadcasting		0.07%		0.00%			0.07%
Healthcare Supplies		0.07%		0.00%			0.07%
Healthcare Facilities		0.06%		0.00%			0.06%
Trading Companies & Distributors		0.06%		0.00%			0.06%
Drug Retail		0.06%		0.00%			0.06%
Personal Products		0.06%		0.00%			0.06%
Distillers & Vintners		0.06%		0.00%			0.06%
Specialty Stores		0.05%		0.00%			0.05%
Electronic Manufacturing Services		0.01%		0.04%			0.05%
Home Building		0.05%		0.00%			0.05%
Internet Services & Infrastructure		0.05%		0.00%			0.05%
Diversified Support Services		0.05%		0.00%			0.05%
Food Distributors		0.04%		0.00%			0.04%
Construction Materials		0.04%		0.00%			0.04%
Gold		0.04%		0.00%			0.04%
Auto Parts & Equipment		0.01%		0.03%			0.04%
Advertising		0.04%		0.00%			0.04%
Casinos & Gaming		0.04%		0.00%			0.04%
Healthcare Technology		0.03%		0.00%			0.03%
Electronic Equipment & Instruments		0.03%		0.00%			0.03%
Distributors		0.03%		0.00%			0.03%
Agricultural Products		0.03%		0.00%			0.03%
Metal & Glass Containers		0.03%		0.00%			0.03%
Water Utilities		0.03%		0.00%			0.03%
Independent Power Producers & Energy Traders		0.03%		0.00%			0.03%
Department Stores		0.02%		0.00%			0.02%
Copper		0.02%		0.00%			0.02%
Food Retail		0.02%		0.00%			0.02%

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

Elfun Diversified Fund 41

Elfun Diversified Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

Industry	Domestic		Foreign		Total
Real Estate Services		0.02%		0.00%		0.02%
Steel		0.02%		0.00%		0.02%
Construction & Engineering		0.02%		0.00%		0.02%
Computer & Electronics Retail		0.02%		0.00%		0.02%
Home Furnishings		0.02%		0.00%		0.02%
Hotel & Resort REITs		0.02%		0.00%		0.02%
Leisure Products		0.02%		0.00%		0.02%
Gas Utilities		0.02%		0.00%		0.02%
Diversified Chemicals		0.01%		0.00%		0.01%
Alternative Carriers		0.01%		0.00%		0.01%
Household Appliances		0.01%		0.00%		0.01%
Reinsurance		0.00%		0.01%		0.01%
Brewers		0.01%		0.00%		0.01%
Consumer Electronics		0.01%		0.00%		0.01%
Trucking		0.01%		0.00%		0.01%
Human Resource & Employment Services		0.01%		0.00%		0.01%
Publishing		0.01%		0.00%		0.01%
Housewares & Specialties		0.01%		0.00%		0.01%
Motorcycle Manufacturers		0.01%		0.00%		0.01%
Specialized Consumer Services		0.01%		0.00%		0.01%
Oil & Gas Drilling		0.01%		0.00%		0.01%
						55.11%

Sector	Percentage (based on Fair Value)
Corporate Notes		10.98%
Agency Mortgage Backed		10.67%
U.S. Treasuries		7.95%
Non-Agency Collateralized Mortgage Obligations		0.92%
Asset Backed		0.76%
Agency Collateralized Mortgage Obligations		0.33%
Sovereign Bonds		0.19%
Municipal Bonds and Notes		0.12%
		31.92%

Sector	Percentage (based on Fair Value)
Short-Term Investments
Short-Term Investments		12.97%
		12.97%
		100.00%

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

42 Elfun Diversified Fund

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Schedule of Investments, continued — June 30, 2019 (Unaudited)

Affiliate Table

	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 6/30/19		Value at 6/30/19		Dividend Income
State Street Corp.		1,195	$	75,369	$	—	$	8,935	$	(1,101	)	$	(5,573	)		1,066	$	59,760	$	1,040
State Street Global Equity ex-U.S. Index Portfolio		5,315,594		47,946,658		—		5,300,000		231,801			6,307,666			4,789,301		49,186,125		—
State Street Institutional Treasury Money Market Fund - Premier Class		5,935,188		5,935,188		12,287,500		8,940,465		—			—			9,282,223		9,282,223		85,442
State Street Institutional Treasury Plus Fund - Premier Class		2,640,921		2,640,921		3,691,139		2,023,954		—			—			4,308,106		4,308,106		35,916
State Street Institutional U.S. Government Money Market Fund - Class G Shares		5,945,053		5,945,053		17,262,611		13,582,368		—			—			9,625,296		9,625,296		90,980
TOTAL			$	62,543,189	$	33,241,250	$	29,855,722	$	230,700		$	6,302,093				$	72,461,510	$	213,378

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

Elfun Diversified Fund 43

Elfun Tax-Exempt Income Fund

Understanding Your Fund’s Expenses — June 30, 2019 (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value
January 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value
June 30, 2019	$	1,048.80	$	1,023.75
Expenses Paid During Period*	$	1.07	$	1.05

* Expenses are equal to the Fund’s annualized expense ratio of 0.21% (for the period January 1, 2019-June 30, 2019), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

44 Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Fund Information — June 30, 2019 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $1,387,849 (in thousands) as of June 30, 2019 ^(a)(b)

Quality Ratings

as of June 30, 2019 as a % of Fair Value ^(a)(b)

Moody’s / S&P /Rating*	Percentage of Fair Value
Aaa / AAA		10.5	%
Aa / AA		45.3	%
A / A		33.9	%
Baa / BBB		6.5	%
Ba / BB and lower		0.00	%
NR / Other		3.8	%
		100.00	%

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

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

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

Elfun Tax-Exempt Income Fund 45

Elfun Tax-Exempt Income Fund

Schedule of Investments — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Municipal Bonds and Notes - 99.1%†
Alaska - 0.2%
Alaska Housing Finance Corp.
5.00% 12/01/27 (l)		2,115,000		2,333,543
5.00% 12/01/27		385,000		421,009
				2,754,552
Arizona - 1.9%
Maricopa County Industrial Development Authority 4.00% 01/01/41		3,000,000		3,261,240
Phoenix Civic Improvement Corp. (NPFG Insured) 5.50% 07/01/23 - 07/01/24 (m)		7,260,000		8,561,624
Salt River Project Agricultural Improvement & Power District 5.00% 12/01/21		7,500,000		7,890,450
University Medical Center Corp. 6.50% 07/01/39 (l)		1,000,000		1,000,000
University of Arizona 5.00% 06/01/46		5,000,000		5,842,650
				26,555,964
Arkansas - 0.3%
University of Arkansas 5.00% 11/01/46 - 11/01/47		3,580,000		4,237,144
				4,237,144
California - 11.9%
California Educational Facilities Authority 6.13% 10/01/36 (l)		1,500,000		1,665,955
California Health Facilities Financing Authority
5.50% 08/15/26 (l)		5,000,000		5,239,450
6.00% 07/01/39 (l)		5,000,000		5,000,000
California State Department of Water Resources
5.00% 05/01/21 - 12/01/29		14,700,000		16,755,884
5.00% 12/01/21 (k)		5,000		5,457
5.00% 12/01/29 (l)		30,000		35,906
California State Public Works Board
5.00% 10/01/28		1,500,000		1,620,465
5.13% 10/01/31		2,000,000		2,165,660
5.25% 09/01/29		10,160,000		11,691,315

	Principal Amount ($)		Fair Value $
California State University 4.00% 11/01/45		5,900,000		6,403,742
City of Los Angeles Wastewater System Revenue 5.00% 06/01/43		10,000,000		12,182,900
East Bay Municipal Utility District Water System Revenue Rev., 5.00% 06/01/44		4,000,000		4,960,560
Fresno Unified School District 4.00% 08/01/47		5,000,000		5,281,600
Los Angeles Department of Water & Power Power System Revenue 5.00% 07/01/48		5,500,000		6,631,075
Los Angeles Harbor Department 5.00% 08/01/26		8,000,000		8,025,200
Mount San Antonio Community College District 4.00% 08/01/49		3,000,000		3,314,280
San Diego Community College District 5.00% 08/01/41 (l)		10,000,000		10,812,900
San Francisco City & County Airport Commission-San Francisco International Airport 5.00% 05/01/48 - 05/01/49		17,500,000		21,146,650
State of California
4.00% 04/01/49		700,000		773,437
5.00% 02/01/31 - 08/01/46		21,720,000		24,717,017
5.25% 04/01/35 - 11/01/40		12,750,000		13,541,730
University of California 5.00% 05/15/38		4,000,000		4,498,040
				166,469,223
Colorado - 2.4%
City of Colorado Springs Co. Utilities System Revenue Rev., 5.00% 11/15/47		5,000,000		5,976,850
Colorado Health Facilities Authority 5.00% 06/01/47		1,750,000		1,992,288

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

46 Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Metro Wastewater Reclamation District 5.00% 04/01/27		1,730,000		1,895,561
Regional Transportation District
4.25% 11/01/36		3,405,000		4,242,017
5.00% 11/01/27 - 11/01/29		13,760,000		16,864,933
5.38% 06/01/31		2,500,000		2,583,150
				33,554,799
Connecticut - 4.9%
Connecticut State Health & Educational Facility Authority
5.00% 07/01/40 (l)		6,775,000		7,026,013
5.00% 07/01/46		6,500,000		7,475,910
South Central Connecticut Regional Water Authority 5.00% 08/01/27 - 08/01/28		2,195,000		2,491,911
State of Connecticut
4.00% 08/01/33		1,000,000		1,088,860
5.00% 01/01/22 - 05/01/37		15,600,000		17,496,154
State of Connecticut Special Tax Revenue
4.00% 09/01/36		5,000,000		5,418,650
5.00% 10/01/27 - 10/01/36		23,325,000		26,577,393
Town of Fairfield 5.00% 08/01/21		1,000,000		1,079,420
				68,654,311
Delaware - 1.1%
Delaware State Health Facilities Authority 5.00% 10/01/40		6,300,000		6,552,819
Delaware Transportation Authority 5.00% 06/01/45		6,680,000		7,596,630
State of Delaware
5.00% 07/01/28 (l)		825,000		855,145
5.00% 07/01/28		175,000		181,288
				15,185,882
District of Columbia - 2.7%
District of Columbia
4.00% 10/15/39 - 10/15/44		9,485,000		10,558,531
5.00% 06/01/38 - 04/01/42		7,430,000		8,650,997
5.00% 04/01/42 (l)		1,820,000		2,264,644

	Principal Amount ($)		Fair Value $
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Rev., 5.00% 10/01/44 (c)		5,000,000		5,990,600
Washington Metropolitan Area Transit Authority 5.00% 07/01/34 - 07/01/43		8,375,000		10,018,459
				37,483,231
Florida - 1.5%
City of Tampa Water & Wastewater System Revenue 5.00% 10/01/27		8,560,000		9,231,618
County of Miami-Dade FL Water & Sewer System Revenue 5.00% 10/01/43		5,000,000		6,038,450
Martin County Health Facilities Authority 4.00% 01/01/46 (c)		5,000,000		5,424,100
				20,694,168
Georgia - 7.4%
Atlanta Development Authority 5.25% 07/01/40		8,925,000		10,463,670
City of Atlanta Department of Aviation 5.00% 01/01/25 - 01/01/34		18,500,000		20,177,015
City of Atlanta Water & Wastewater Revenue
5.00% 11/01/41		5,000,000		6,019,300
5.25% 11/01/30		5,690,000		6,546,118
6.25% 11/01/39 (l)		10,000,000		10,162,500
City of Atlanta Water & Wastewater Revenue (AGMC Insured) 5.75% 11/01/27 - 11/01/30 (m)		9,500,000		12,912,315
DeKalb Newton & Gwinnett Counties Joint Development Authority 6.00% 07/01/34 (l)		8,500,000		8,500,000
Gwinnett County Development Authority 5.00% 07/01/37 - 07/01/40		9,325,000		11,001,146

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

Elfun Tax-Exempt Income Fund 47

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Municipal Electric Authority of Georgia 5.00% 01/01/35		5,500,000		6,192,615
State of Georgia 4.00% 07/01/36		10,000,000		11,272,500
				103,247,179
Hawaii - 1.6%
State of Hawaii 5.00% 01/01/36		4,850,000		6,019,189
State of Hawaii Airports System Revenue 5.25% 07/01/24		15,800,000		16,425,996
				22,445,185
Illinois - 5.1%
City of Chicago O’Hare International Airport Revenue
5.00% 01/01/46 - 01/01/48		7,000,000		8,254,060
5.25% 01/01/42		8,000,000		9,441,440
5.63% 01/01/35 (l)		4,035,000		4,295,419
5.63% 01/01/35		965,000		1,022,340
5.75% 01/01/39 (l)		9,655,000		10,295,995
5.75% 01/01/39		1,845,000		1,956,623
Metropolitan Pier & Exposition Authority (NPFG Insured)
5.65% 06/15/22 (k)(m)		785,000		881,315
5.65% 06/15/22 (m)		3,520,000		3,857,181
Southwestern Illinois Development Authority (NPFG Insured)
5.00% 10/01/21 (k)(m)		195,000		210,608
5.00% 10/01/21 (m)		3,805,000		4,090,337
State of Illinois
4.00% 09/01/27		170,000		170,128
5.00% 11/01/23 - 03/01/31		24,690,000		27,366,513
				71,841,959
Indiana - 0.5%
Indianapolis Local Public Improvement Bond Bank 4.00% 02/01/44		6,500,000		7,107,620
Kentucky - 2.1%
Kentucky State Property & Building Commission 5.00% 02/01/33 - 04/01/37		11,705,000		13,520,976

	Principal Amount ($)		Fair Value $
Louisville & Jefferson County Metropolitan Sewer District 5.00% 05/15/30		14,340,000		15,475,871
				28,996,847
Louisiana - 0.4%
Louisiana Public Facilities Authority 5.00% 05/15/47 (l)		10,000		12,218
State of Louisiana 5.00% 09/01/19 (k)		5,000,000		5,030,500
				5,042,718
Maine - 0.3%
Maine Health & Higher Educational Facilities Authority
5.25% 07/01/21 (l)		315,000		326,991
5.25% 07/01/21		1,475,000		1,529,840
Maine Turnpike Authority
5.00% 07/01/42		1,000,000		1,090,190
6.00% 07/01/34 (l)		1,250,000		1,250,000
				4,197,021
Maryland - 3.1%
City of Baltimore 5.00% 07/01/38 - 07/01/46		23,375,000		26,895,122
County of Prince George’s
5.00% 09/15/24		3,450,000		3,728,760
5.00% 09/15/25 (l)		5,340,000		5,772,433
Maryland Economic Development Corp. 5.75% 06/01/35 (l)		3,000,000		3,119,460
Maryland Health & Higher Educational Facilities Authority
5.00% 07/01/34 (l)		1,945,000		1,945,000
5.00% 07/01/34 - 08/15/41		1,355,000		1,432,008
				42,892,783
Massachusetts - 5.1%
Commonwealth of Massachusetts
4.00% 05/01/44		3,045,000		3,336,772
5.00% 03/01/46		7,000,000		7,893,550
5.25% 09/01/43 - 01/01/44		17,825,000		22,060,356

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

48 Elfun Tax-Exempt Income Fund

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Massachusetts Department of Transportation 5.00% 01/01/37		10,000,000		10,169,700
Massachusetts Development Finance Agency
4.00% 06/01/49		1,000,000		1,053,780
5.75% 07/01/39 (l)		3,325,000		3,325,000
5.75% 07/01/39		1,675,000		1,675,000
Massachusetts Health & Educational Facilities Authority 5.00% 07/01/34 (l)		7,500,000		7,500,000
Massachusetts School Building Authority 5.00% 08/15/28		5,000,000		5,537,600
Massachusetts Water Resources Authority
5.00% 08/01/32		4,140,000		4,665,946
5.00% 08/01/41 (l)		3,000,000		3,223,230
6.50% 07/15/19 (k)		945,000		946,777
				71,387,711
Michigan - 1.3%
Lansing Board of Water & Light 5.00% 07/01/37		3,500,000		3,721,830
Michigan Finance Authority 5.00% 12/01/47 - 11/15/48		7,500,000		8,507,010
State of Michigan 5.00% 03/15/27		4,415,000		5,467,580
University of Michigan Revenue 5.00% 04/01/46		1,000,000		1,172,430
				18,868,850
Minnesota - 1.1%
City of Minneapolis 4.00% 11/15/48		1,000,000		1,070,370
City of Rochester 4.00% 11/15/48		5,330,000		5,830,274
City of St Cloud 5.00% 05/01/48		2,000,000		2,391,520
Housing & Redevelopment Authority of The City of Saint Paul Minnesota 4.00% 11/15/43		1,000,000		1,077,770
University of Minnesota 5.00% 09/01/39		4,350,000		5,254,843
				15,624,777

	Principal Amount ($)		Fair Value $
Missouri - 1.7%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District 5.00% 10/01/44		8,010,000		8,829,423
Health & Educational Facilities Authority of the State of Missouri 4.00% 11/15/48		2,200,000		2,370,632
Kansas City Sanitary Sewer System Revenue 4.00% 01/01/40		1,725,000		1,851,391
Metropolitan St. Louis Sewer District 5.00% 05/01/45 - 05/01/46		3,000,000		3,476,430
Missouri Highway & Transportation Commission 5.00% 05/01/21		4,610,000		4,753,094
Missouri Joint Municipal Electric Utility Commission 5.00% 01/01/34		1,950,000		2,191,332
Missouri State Environmental Improvement & Energy Resources Authority 5.00% 01/01/24		525,000		526,444
				23,998,746
New Jersey - 6.1%
New Jersey Economic Development Authority
5.00% 06/15/41 - 06/15/43		11,750,000		13,138,070
5.25% 06/15/40		4,000,000		4,441,760
New Jersey Educational Facilities Authority 5.50% 09/01/30 - 09/01/33		14,700,000		17,179,705
New Jersey Health Care Facilities Financing Authority (AGMC Insured) 4.13% 07/01/38 (m)		6,215,000		6,574,289
New Jersey State Turnpike Authority
5.00% 01/01/33 - 01/01/45		15,400,000		17,789,064
5.00% 01/01/38 (l)		4,000,000		4,437,400

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

Elfun Tax-Exempt Income Fund 49

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
New Jersey Transportation Trust Fund Authority
5.00% 12/15/34 - 06/15/45		7,250,000		8,274,203
5.25% 06/15/36		7,350,000		7,736,242
New Jersey Turnpike Authority 4.00% 01/01/48		5,000,000		5,436,150
				85,006,883
New Mexico - 0.1%
New Mexico Finance Authority 5.00% 06/15/23		1,750,000		1,810,428
New York - 11.1%
City of New York 5.00% 08/01/26 - 04/01/43		7,500,000		9,039,480
Hudson Yards Infrastructure Corp.
4.00% 02/15/44		5,830,000		6,337,385
5.00% 02/15/39 - 02/15/45		11,000,000		12,996,470
Metropolitan Transportation Authority Class B
4.00% 11/15/49		5,000,000		5,463,250
5.00% 11/15/29 - 11/15/37		7,960,000		9,086,737
New York City Transitional Finance Authority Building Aid Revenue 5.00% 07/15/36		6,000,000		7,347,900
New York City Transitional Finance Authority Future Tax Secured Revenue
4.00% 11/01/42		5,000,000		5,542,350
5.00% 11/01/21 - 02/01/43		32,500,000		36,195,625
New York City Water & Sewer System 5.00% 06/15/49		6,460,000		7,726,354
New York Liberty Development Corp.
5.00% 11/15/44		5,000,000		5,354,400
5.13% 01/15/44		10,000,000		10,191,900
New York State Dormitory Authority
4.00% 08/01/38 - 07/01/41		6,655,000		7,371,592
5.00% 03/15/45 - 07/01/46		16,500,000		19,725,160
6.00% 07/01/40 (l)		2,000,000		2,095,500

	Principal Amount ($)		Fair Value $
Port Authority of New York & New Jersey 5.00% 11/15/47 - 09/01/48		6,500,000		7,828,025
Westchester County Healthcare Corp.
6.13% 11/01/37 (l)		2,220,000		2,362,923
6.13% 11/01/37		280,000		296,002
				154,961,053
North Carolina - 1.4%
City of Charlotte 5.00% 06/01/23		4,320,000		4,466,707
City of Charlotte NC Airport Revenue Rev., 4.00% 07/01/44		3,150,000		3,521,133
North Carolina Capital Facilities Finance Agency 4.00% 10/01/44		2,000,000		2,184,740
North Carolina Medical Care Commission 4.00% 06/01/42		1,500,000		1,630,215
State of North Carolina 4.75% 05/01/30 (l)		4,130,000		4,248,985
The University of North Carolina at Charlotte 5.00% 10/01/47		3,545,000		4,234,964
				20,286,744
Ohio - 5.0%
City of Columbus 5.00% 07/01/26 - 08/15/30 (l)		18,055,000		20,675,389
County of Franklin 5.00% 12/01/47		1,125,000		1,319,580
Cuyahoga Community College District 5.00% 08/01/26 (l)		1,800,000		1,838,898
Northeast Ohio Regional Sewer District
4.00% 11/15/43		7,550,000		8,322,894
5.00% 11/15/38 (l)		12,000,000		13,660,320
Ohio State Turnpike Commission 5.25% 02/15/39		18,250,000		20,387,622
University of Cincinnati 5.00% 06/01/45		3,500,000		4,113,690
				70,318,393

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

50 Elfun Tax-Exempt Income Fund

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Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Oklahoma - 0.7%
Oklahoma Capital Improvement Authority 5.00% 07/01/28 - 07/01/29		5,000,000		5,772,400
Oklahoma Turnpike Authority 5.00% 01/01/28		3,500,000		3,686,970
				9,459,370
Oregon - 1.0%
Eugene Water Revenue 4.00% 08/01/45		1,000,000		1,076,430
Salem-Keizer School District No 24J 5.00% 06/15/37		10,000,000		12,305,500
				13,381,930
Pennsylvania - 4.9%
Allegheny County Hospital Development Authority Rev., 4.00% 07/15/39		1,500,000		1,633,530
City of Philadelphia 5.00% 08/01/36		5,000,000		5,860,700
City of Philadelphia Water & Wastewater Revenue 5.00% 01/01/36 - 10/01/47		23,000,000		26,157,640
Delaware River Port Authority 5.00% 01/01/29 - 01/01/40		8,600,000		10,107,403
General Authority of Southcentral Pennsylvania 4.00% 06/01/49		3,015,000		3,283,305
Montgomery County Higher Education & Health Authority Rev., 4.00% 09/01/49		3,000,000		3,182,460
Pennsylvania Economic Development Financing Authority 4.00% 11/15/42		5,000,000		5,365,900
Pennsylvania Turnpike Commission 6.00% 12/01/34 (l)		12,000,000		12,785,640
				68,376,578
Rhode Island - 0.6%
Rhode Island Health & Educational Building Corp. 5.00% 09/01/43		5,000,000		5,585,300

	Principal Amount ($)		Fair Value $
Rhode Island Infrastructure Bank Water Pollution Control Revenue 5.00% 10/01/28		2,200,000		2,665,608
				8,250,908
South Carolina - 1.6%
Piedmont Municipal Power Agency 5.00% 01/01/25		2,315,000		2,496,195
Piedmont Municipal Power Agency (AGC Insured) 5.75% 01/01/34 (m)		5,500,000		5,932,685
South Carolina State Public Service Authority 5.00% 12/01/37 - 12/01/38		12,000,000		13,886,220
				22,315,100
Tennessee - 0.6%
City of Memphis 4.00% 06/01/46		5,000,000		5,363,350
County of Shelby 5.00% 03/01/21		3,500,000		3,585,015
				8,948,365
Texas - 6.9%
City of Austin Airport System Revenue 5.00% 11/15/46		3,000,000		3,519,090
City of Austin Water & Wastewater System Revenue 5.00% 11/15/42		13,595,000		14,999,364
City of Dallas Waterworks & Sewer System Revenue 5.00% 10/01/46		3,550,000		4,230,961
City of Houston Utility System Revenue 5.00% 05/15/28 - 11/15/33		10,470,000		11,507,093
5.25% 11/15/30 - 11/15/31 (l)		12,000,000		12,639,480
Dallas/Fort Worth International Airport 5.25% 11/01/29		5,000,000		5,716,250
Harris County-Houston Sports Authority 5.00% 11/15/30		2,000,000		2,292,500
Lower Colorado River Authority 5.00% 05/15/44		2,000,000		2,352,100

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

Elfun Tax-Exempt Income Fund 51

Elfun Tax-Exempt Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
North Texas Tollway Authority
5.00% 09/01/31 (l)		3,500,000		3,770,690
5.00% 01/01/39 - 01/01/48		5,000,000		5,841,130
6.00% 01/01/38 (l)		5,000,000		5,342,700
Texas Transportation Commission State Highway Fund 5.00% 04/01/23		10,750,000		12,191,575
The University of Texas System 5.00% 08/15/26		10,000,000		12,346,000
				96,748,933
Utah - 0.9%
Utah State Board of Regents 5.00% 11/01/30		4,000,000		4,190,680
Utah Transit Authority
5.00% 06/15/42 (l)		3,045,000		3,363,781
5.00% 06/15/42		4,455,000		4,815,410
				12,369,871
Virginia - 1.6%
County of Fairfax 4.00% 10/01/35		6,645,000		7,594,172

	Principal Amount ($)		Fair Value $
University of Virginia 5.00% 04/01/47		6,000,000		7,201,260
Virginia Resources Authority
4.00% 11/01/41		5,585,000		6,104,907
5.00% 11/01/46		1,720,000		2,037,821
				22,938,160
Total Municipal Bonds and Notes (Cost $1,307,221,688)				1,386,413,386
Short-Term Investments - 0.1%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.35% (Cost $1,435,349) (d)(n)		1,435,349		1,435,349
Total Investments (Cost $1,308,657,037)				1,387,848,735
Other Assets and Liabilities, net - 0.8%				10,512,289
NET ASSETS - 100.0%				1,398,361,024

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2019:

Fund	Investments	Level 1		Level 2		Level 3		Total
Elfun Tax-Exempt Income Fund	Investments in Securities
	Municipal Bonds and Notes	$	—	$	1,386,413,386	$	—	$	1,386,413,386
	Short-Term Investments		1,435,349		—		—		1,435,349
	Total Investments in Securities	$	1,435,349	$	1,386,413,386	$	—	$	1,387,848,735

Affiliate Table

	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/19		Value at 6/30/19		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		12,476,076	$	12,476,076	$	145,430,293	$	156,471,020	$	—	$	—		1,435,349	$	1,435,349	$	139,503

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

52 Elfun Tax-Exempt Income Fund

Elfun Income Fund

Understanding Your Fund’s Expenses — June 30, 2019 (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return Beginning Account Value January 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value June 30, 2019	$	1,068.30	$	1,023.26
Expenses Paid During Period*	$	1.59	$	1.56

* Expenses are equal to the Fund’s annualized expense ratio of 0.31% (for the period January 1, 2019-June 30, 2019), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Elfun Income Fund 53

Elfun Income Fund

Fund Information — June 30, 2019 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $291,654 (in thousands) as of June 30, 2019 ^(a)(b)

Quality Ratings

as of June 30, 2019 as a % of Fair Value ^(a)(b)

Moody’s / S&P /Rating*	Percentage of Fair Value
Aaa / AAA		24.03	%
Aa / AA		48.45	%
A / A		7.37	%
Baa / BBB		17.31	%
Ba / BB and lower		2.25	%
NR / Other		0.59	%
		100.00	%

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

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

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

54 Elfun Income Fund

Elfun Income Fund

Schedule of Investments — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Bonds and Notes - 98.8%†
U.S. Treasuries - 25.2%
U.S. Treasury Bonds
2.25% 08/15/46 (h)		1,602,000		1,513,389
3.00% 08/15/48 (h)		8,782,700		9,632,152
U.S. Treasury Notes
1.38% 12/15/19 (h)		8,355,800		8,329,688
1.50% 11/30/19 (h)		7,563,800		7,544,595
1.63% 02/15/26 (h)		12,436,700		12,254,036
2.25% 03/31/20 (h)		4,600,000		4,607,727
2.50% 01/31/24 (h)		12,010,500		12,405,533
2.63% 02/15/29 (h)		3,118,000		3,288,028
				59,575,148
Agency Mortgage Backed - 32.0%
Federal Home Loan Mortgage Corp.
4.05% 09/25/28 (h)(i)		1,045,000		1,174,343
4.50% 06/01/33 - 02/01/35 (h)		13,127		13,878
5.00% 07/01/35 (h)		106,176		115,006
5.50% 05/01/20 - 04/01/39 (h)		177,216		193,776
6.00% 07/01/19 - 11/01/37 (h)		379,703		431,052
6.50% 07/01/29 (h)		1,737		1,770
7.00% 01/01/27 - 08/01/36 (h)		83,361		94,998
7.50% 11/01/29 - 09/01/33 (h)		7,209		7,862
8.00% 11/01/30 (h)		3,461		3,923
Federal National Mortgage Assoc.
3.50% 08/01/45 - 07/01/47 (h)		3,389,622		3,518,776
4.00% 01/01/41 - 10/01/47 (h)		5,910,169		6,169,453
4.50% 02/01/20 - 02/01/40 (h)		857,166		920,073
5.00% 07/01/20 - 05/01/39 (h)		261,814		282,509
5.50% 06/01/20 - 01/01/39 (h)		674,930		734,090
6.00% 09/01/19 - 05/01/41 (h)		1,433,632		1,629,152
6.50% 05/01/21 - 08/01/36 (h)		78,614		86,072
7.00% 10/01/32 - 02/01/34 (h)		9,073		9,777
7.50% 12/01/26 - 03/01/33 (h)		40,724		45,526
8.00% 06/01/24 - 10/01/31 (h)		12,026		13,262

	Principal Amount ($)		Fair Value $
8.50% 04/01/30 (h)		2,431		2,923
9.00% 12/01/22 (h)		934		977
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR 4.47% 04/01/37 (h)(i)		2,465		2,531
Federal National Mortgage Assoc. TBA 2.50% TBA (c)		2,381,000		2,396,310
3.00% TBA (c)		13,565,840		13,713,637
3.50% TBA (c)		13,074,000		13,361,105
4.00% TBA (c)		5,698,000		5,888,712
4.50% TBA (c)		1,518,000		1,585,976
Government National Mortgage Assoc. 3.00% 12/20/42		5,067,958		5,217,646
4.00% 01/20/41 - 04/20/43 (h)		1,632,724		1,721,450
4.50% 08/15/33 - 03/20/41 (h)		767,423		816,290
5.00% 08/15/33 (h)		42,106		44,858
6.00% 04/15/27 - 09/15/36 (h)		203,515		232,913
6.50% 01/15/24 - 09/15/36 (h)		70,543		77,925
7.00% 11/15/27 - 10/15/36 (h)		42,648		48,151
7.50% 03/15/23 - 11/15/31 (h)		15,439		16,213
8.00% 09/15/27 - 06/15/30 (h)		25,366		27,014
9.00% 12/15/21 (h)		439		457
3.50% TBA (c)		7,757,000		8,005,845
4.00% TBA (c)(h)		2,315,000		2,399,729
4.50% TBA (c)(h)		4,359,000		4,543,516
				75,549,476
Agency Collateralized Mortgage Obligations - 1.2%
Federal Home Loan Mortgage Corp. 0.08% 09/25/43 (g)(h)(i)		881,200		2,384
3.30% 04/25/29 (h)		625,000		666,232
3.77% 12/25/28 (h)		491,000		541,409
3.86% 11/25/28 (h)(i)		448,000		497,177
4.06% 10/25/28 (h)(i)		909,000		1,022,247
Federal Home Loan Mortgage Corp. REMIC 3.50% 09/15/29 - 11/15/30 (g)(h)		265,143		14,181
5.50% 06/15/33 (g)(h)		37,001		6,330
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR 4.21% 08/15/25 (g)(h)(i)		100,941		4,868

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

Elfun Income Fund 55

Elfun Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Federal Home Loan Mortgage Corp. STRIPS 1.47% 08/01/27 (d)(f)(h)		720		663
8.00% 02/01/23 - 07/01/24 (g)(h)		2,187		280
Federal National Mortgage Assoc. REMIC 0.51% 12/25/22 (d)(f)(h)		139		138
1.09% 12/25/42 (g)(h)(i)		195,523		6,291
5.00% 02/25/40 (g)(h)		21,921		2,951
5.00% 09/25/40 (h)		107,266		10,605
8.00% 05/25/22 (g)(h)		1		13
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 3.60% 07/25/38 (h)(i)		40,421		5,100
Federal National Mortgage Assoc. STRIPS 1.87% 12/25/34 (d)(f)(h)		38,453		32,878
4.50% 08/25/35 - 01/25/36 (g)(h)		78,364		13,183
5.00% 03/25/38 - 05/25/38 (g)(h)		42,633		7,976
5.50% 12/25/33 (g)(h)		12,093		2,479
6.00% 01/25/35 (g)(h)		44,858		10,208
7.50% 11/25/23 (g)(h)		4,897		532
8.00% 08/25/23 - 07/25/24 (g)(h)		4,237		561
8.50% 07/25/22 (g)(h)		607		45
9.00% 05/25/22 (g)(h)		511		34
Government National Mortgage Assoc. REMIC 4.50% 05/20/38 - 08/16/39 (g)(h)		74,981		4,155
5.00% 09/20/38 (g)(h)		16,446		298
Government National Mortgage Assoc. REMIC 6.80% - 1 month USD LIBOR 4.41% 01/16/40 (g)(h)(i)		210,123		41,740
				2,894,958
Asset Backed - 2.7%
American Express Credit Account Master Trust 2017-6 2.04% 05/15/23 (h)		1,123,065		1,121,932
American Express Credit Account Master Trust 2018-1 2.67% 10/17/22 (h)		603,000		604,790
American Express Credit Account Master Trust 2018-8 3.18% 04/15/24 (h)		1,264,000		1,294,812
BA Credit Card Trust 2018-A1 2.70% 07/17/23 (h)		528,000		532,990

	Principal Amount ($)		Fair Value $
BMW Floorplan Master Owner Trust 2018-1 3.15% 05/15/23 (b)(h)		333,000		338,620
Chase Funding Trust 2004-1 4.99% 11/25/33 (h)(j)		156,015		156,015
Citibank Credit Card Issuance Trust 2016-A1 1.75% 11/19/21 (h)		1,382,000		1,379,233
Enterprise Fleet Financing 2019-1 LLC 3.07% 10/22/24 (b)(h)		487,000		499,500
Nissan Auto Lease Trust 2019-A 2.76% 03/15/22 (h)		385,000		388,148
Securitized Term Auto Receivables Trust 2018-1A 3.30% 11/25/22 (b)(h)		135,000		137,809
				6,453,849
Corporate Notes - 33.5%
3M Co. 4.00% 09/14/48 (h)		76,000		82,215
Abbott Laboratories 2.90% 11/30/21 (h)		276,000		280,477
3.75% 11/30/26 (h)		28,000		30,330
4.90% 11/30/46 (h)		100,000		123,335
AbbVie Inc. 3.20% 05/14/26 (h)		73,000		73,672
4.45% 05/14/46 (h)		83,000		81,420
4.70% 05/14/45 (h)		33,000		33,633
4.88% 11/14/48 (h)		25,000		26,276
Activision Blizzard Inc. 2.30% 09/15/21 (h)		221,000		220,629
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.50% 05/15/21 (h)		150,000		154,693
Aetna Inc. 3.50% 11/15/24 (h)		71,000		73,228
Aflac Inc. 4.00% 10/15/46 (h)		32,000		33,418
Aircastle Ltd. 4.25% 06/15/26 (h)		165,000		167,062
Alexandria Real Estate Equities Inc. 4.70% 07/01/30 (h)		45,000		50,638
Alibaba Group Holding Ltd. 4.00% 12/06/37 (h)		200,000		204,524
Alimentation Couche-Tard Inc. 2.70% 07/26/22 (h)(b)		120,000		120,215
Allergan Finance LLC 3.25% 10/01/22 (h)		87,000		88,393
4.63% 10/01/42 (h)		13,000		12,910
Allergan Funding SCS 3.00% 03/12/20 (h)		186,000		186,469
3.45% 03/15/22 (h)		71,000		72,389

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

56 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Allergan Sales LLC 5.00% 12/15/21 (b)(h)		201,000		211,020
Altria Group Inc. 2.95% 05/02/23 (h)		56,000		56,664
3.80% 02/14/24 (h)		47,000		49,025
4.25% 08/09/42 (h)		10,000		9,278
4.40% 02/14/26 (h)		111,000		118,778
4.50% 05/02/43 (h)		46,000		43,986
4.80% 02/14/29 (h)		111,000		119,691
5.95% 02/14/49 (h)		69,000		78,457
Amazon.com Inc. 2.80% 08/22/24 (h)		41,000		42,190
3.15% 08/22/27 (h)		36,000		37,822
3.88% 08/22/37 (h)		34,000		37,478
4.05% 08/22/47 (h)		37,000		41,839
4.25% 08/22/57 (h)		48,000		55,493
Ameren Corp. 3.65% 02/15/26 (h)		49,000		50,581
America Movil SAB de C.V. 3.13% 07/16/22 (h)		205,000		209,000
4.38% 04/22/49 (h)		200,000		215,700
5.00% 03/30/20 (h)		100,000		101,914
American Campus Communities Operating Partnership LP 3.35% 10/01/20 (h)		118,000		119,227
4.13% 07/01/24 (h)		38,000		40,132
American Express Co. 3.00% 10/30/24 (h)		110,000		112,634
American International Group Inc. 4.25% 03/15/29 (h)		85,000		91,134
4.50% 07/16/44 (h)		91,000		96,028
6.40% 12/15/20 (h)		59,000		62,324
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter) 5.75% 04/01/48 (h)(i)		25,000		25,529
American Tower Corp. 3.38% 10/15/26 (h)		27,000		27,471
3.80% 08/15/29 (h)		105,000		108,771
4.40% 02/15/26 (h)		94,000		101,276
American Water Capital Corp. 2.95% 09/01/27 (h)		69,000		69,180
Amgen Inc. 2.65% 05/11/22 (h)		130,000		130,967
3.20% 11/02/27 (h)		49,000		50,197
4.56% 06/15/48 (h)		77,000		83,479
4.66% 06/15/51 (h)		25,000		27,315
Anadarko Petroleum Corp. 4.85% 03/15/21 (h)		10,000		10,352
6.20% 03/15/40 (h)		36,000		43,262

	Principal Amount ($)		Fair Value $
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 5.20% 12/01/47 (h)		35,000		37,427
5.25% 01/15/25 (h)		620,000		654,522
5.50% 10/15/19 (h)		260,000		261,355
6.25% 10/15/22 (h)		176,000		180,370
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65% 02/01/26 (h)		137,000		144,031
4.70% 02/01/36 (h)		40,000		43,913
4.90% 02/01/46 (h)		92,000		102,375
Anheuser-Busch InBev Worldwide Inc. 4.00% 04/13/28 (h)		24,000		25,873
4.38% 04/15/38 (h)		138,000		145,916
4.60% 04/15/48 (h)		60,000		64,272
4.75% 04/15/58 (h)		45,000		48,031
5.55% 01/23/49 (h)		146,000		178,510
Anthem Inc. 3.30% 01/15/23 (h)		69,000		71,008
ANZ New Zealand International Ltd. 3.45% 01/21/28 (b)(h)		200,000		205,822
Apache Corp. 4.38% 10/15/28 (h)		26,000		27,157
5.10% 09/01/40 (h)		52,000		52,283
Apple Inc. 2.50% 02/09/22 (h)		62,000		62,706
2.85% 05/11/24 (h)		71,000		73,090
3.35% 02/09/27 (h)		37,000		38,901
3.45% 02/09/45 (h)		134,000		133,960
3.85% 08/04/46 (h)		147,000		156,314
4.25% 02/09/47 (h)		16,000		17,947
Applied Materials Inc. 4.35% 04/01/47 (h)		55,000		61,362
Aptiv PLC 4.40% 10/01/46 (h)		72,000		67,296
ArcelorMittal 6.75% 03/01/41 (h)		24,000		27,864
Archer-Daniels-Midland Co. 2.50% 08/11/26 (h)		50,000		50,049
Ascension Health 4.85% 11/15/53 (h)		84,000		102,939
AstraZeneca PLC 2.38% 11/16/20 (h)		48,000		48,040
3.50% 08/17/23 (h)		55,000		57,284
4.00% 01/17/29 (h)		36,000		39,362
4.38% 08/17/48 (h)		21,000		23,534
AT&T Inc. 3.00% 06/30/22 (h)		76,000		77,323
3.80% 03/15/22 (h)		156,000		161,705

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

Elfun Income Fund 57

Elfun Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
4.35% 03/01/29 (h)		181,000		194,792
4.45% 04/01/24 (h)		54,000		58,165
4.50% 05/15/35 (h)		100,000		104,812
4.55% 03/09/49 (h)		51,000		52,114
4.75% 05/15/46 (h)		35,000		36,827
4.80% 06/15/44 (h)		79,000		83,251
4.85% 03/01/39 (h)		133,000		143,065
5.15% 11/15/46 (h)		15,000		16,580
5.25% 03/01/37 (h)		69,000		77,418
5.35% 12/15/43 (h)		52,000		57,236
5.45% 03/01/47 (h)		133,000		152,882
Athene Holding Ltd. 4.13% 01/12/28 (h)		64,000		64,504
Avangrid Inc. 3.15% 12/01/24 (h)		106,000		107,826
Baidu Inc. 2.88% 07/06/22 (h)		255,000		255,788
Bank of America Corp. 3.25% 10/21/27 (h)		3,000		3,071
3.95% 04/21/25 (h)		76,000		79,706
4.18% 11/25/27 (h)		142,000		150,639
4.25% 10/22/26 (h)		138,000		147,487
Bank of America Corp. (2.37% fixed rate until 07/21/20; 0.66% + 3 month USD LIBOR thereafter) 2.37% 07/21/21 (h)(i)		145,000		144,852
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter) 3.12% 01/20/23 (h)(i)		87,000		88,413
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter) 3.37% 01/23/26 (h)(i)		140,000		144,217
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter) 3.42% 12/20/28 (h)(i)		95,000		97,730
Bank of America Corp. (3.46% fixed rate until 03/15/24; 0.97% + 3 month USD LIBOR thereafter) 3.46% 03/15/25 (h)(i)		225,000		233,482
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter) 3.95% 01/23/49 (h)(i)		46,000		48,670

	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 (h)(i)		94,000		102,349
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter) 4.27% 07/23/29 (h)(i)		33,000		36,011
Bank of America Corp. (4.33% fixed rate until 03/15/49; 1.52% + 3 month USD LIBOR thereafter) 4.33% 03/15/50 (h)(i)		56,000		62,383
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter) 4.44% 01/20/48 (h)(i)		88,000		99,610
Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter) 4.34% 10/05/28 (h)(i)		156,000		163,839
Barclays PLC 4.84% 05/09/28 (h)		200,000		204,506
Barclays PLC (4.97% fixed rate until 05/16/28; 1.90% + 3 month USD LIBOR thereafter) 4.97% 05/16/29 (h)(i)		200,000		213,026
Barrick North America Finance LLC 5.70% 05/30/41 (h)		16,000		19,446
BAT Capital Corp. 2.30% 08/14/20 (h)		322,000		321,304
2.76% 08/15/22 (h)		96,000		96,165
3.56% 08/15/27 (h)		49,000		48,782
4.39% 08/15/37 (h)		28,000		26,604
4.54% 08/15/47 (h)		45,000		41,842
Baxalta Inc. 2.88% 06/23/20 (h)		36,000		36,109
Bayer US Finance II LLC 3.50% 06/25/21 (b)(h)		416,000		422,693
Becton Dickinson and Co. 2.89% 06/06/22 (h)		92,000		93,237
3.70% 06/06/27 (h)		57,000		59,502
3.73% 12/15/24 (h)		3,000		3,144
4.67% 06/06/47 (h)		13,000		14,585
4.69% 12/15/44 (h)		11,000		12,195
Berkshire Hathaway Energy Co. 2.40% 02/01/20 (h)		183,000		183,009

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

58 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
3.25% 04/15/28 (h)		38,000		39,135
3.80% 07/15/48 (h)		41,000		41,702
6.13% 04/01/36 (h)		25,000		33,427
Berkshire Hathaway Finance Corp. 4.25% 01/15/49 (h)		58,000		65,206
Berkshire Hathaway Inc. 4.50% 02/11/43 (h)		3,000		3,480
BHP Billiton Finance USA Ltd. 5.00% 09/30/43 (h)		25,000		31,137
Biogen Inc. 2.90% 09/15/20 (h)		47,000		47,234
BNP Paribas S.A. 5.00% 01/15/21 (h)		59,000		61,374
BNP Paribas S.A. (5.13% fixed rate until 11/15/27; 2.84% + USD 5 year Swap Rate thereafter) 5.13% 12/31/99 (b)(h)(i)		200,000		189,958
Boardwalk Pipelines LP 4.80% 05/03/29 (h)		94,000		98,137
Boston Scientific Corp. 4.00% 03/01/28 (h)		66,000		71,052
4.70% 03/01/49 (h)		37,000		42,237
BP Capital Markets America Inc. 3.02% 01/16/27 (h)		222,000		226,962
3.22% 11/28/23 (h)		57,000		58,856
Brighthouse Financial Inc. 3.70% 06/22/27 (h)		8,000		7,604
4.70% 06/22/47 (h)		4,000		3,342
Bristol-Myers Squibb Co. 3.20% 06/15/26 (b)(h)		216,000		224,465
3.40% 07/26/29 (b)(h)		169,000		177,039
4.13% 06/15/39 (b)(h)		75,000		80,834
4.25% 10/26/49 (b)(h)		75,000		82,878
Brixmor Operating Partnership LP 3.90% 03/15/27 (h)		38,000		38,603
Broadcom Corp./Broadcom Cayman Finance Ltd. 2.65% 01/15/23 (h)		18,000		17,758
3.00% 01/15/22 (h)		70,000		70,207
3.13% 01/15/25 (h)		18,000		17,578
3.88% 01/15/27 (h)		33,000		32,330
Brown-Forman Corp. 4.00% 04/15/38 (h)		17,000		18,362
Buckeye Partners LP 5.60% 10/15/44 (h)		18,000		14,818
Bunge Limited Finance Corp. 3.75% 09/25/27 (h)		27,000		26,795
Burlington Northern Santa Fe LLC 4.15% 12/15/48 (h)		88,000		98,844
4.55% 09/01/44 (h)		129,000		149,471

	Principal Amount ($)		Fair Value $
Campbell Soup Co. 3.30% 03/15/21 (h)		164,000		166,080
Canadian Natural Resources Ltd. 3.85% 06/01/27 (h)		17,000		17,663
4.95% 06/01/47 (h)		18,000		20,587
Cantor Fitzgerald LP 4.88% 05/01/24 (b)(h)		235,000		241,820
Capital One Financial Corp. 3.75% 07/28/26 (h)		129,000		131,307
4.75% 07/15/21 (h)		188,000		196,545
Cardinal Health Inc. 2.62% 06/15/22 (h)		47,000		47,274
3.08% 06/15/24 (h)		28,000		28,185
Caterpillar Financial Services Corp. 2.55% 11/29/22 (h)		102,000		103,151
Caterpillar Inc. 3.80% 08/15/42 (h)		28,000		29,813
CBS Corp. 2.90% 01/15/27 (h)		36,000		35,026
3.70% 06/01/28 (h)		43,000		43,800
Celgene Corp. 3.45% 11/15/27 (h)		3,000		3,123
4.35% 11/15/47 (h)		4,000		4,415
4.55% 02/20/48 (h)		78,000		89,000
5.00% 08/15/45 (h)		32,000		37,881
Cenovus Energy Inc. 4.25% 04/15/27 (h)		32,000		33,134
5.25% 06/15/37 (h)		49,000		51,223
5.40% 06/15/47 (h)		13,000		13,996
CenterPoint Energy Inc. 2.50% 09/01/22 (h)		188,000		188,290
3.60% 11/01/21 (h)		88,000		90,369
Charter Communications Operating LLC/Charter Communications Operating Capital 3.58% 07/23/20 (h)		358,000		361,158
4.46% 07/23/22 (h)		137,000		143,843
4.91% 07/23/25 (h)		20,000		21,704
5.05% 03/30/29 (h)		157,000		173,212
5.75% 04/01/48 (h)		105,000		116,051
6.38% 10/23/35 (h)		13,000		15,235
6.48% 10/23/45 (h)		32,000		38,053
Chevron Corp. 2.42% 11/17/20 (h)		57,000		57,264
3.19% 06/24/23 (h)		52,000		53,982
Chubb INA Holdings Inc. 4.35% 11/03/45 (h)		69,000		80,365
Church & Dwight Company Inc. 2.45% 08/01/22 (h)		41,000		41,074

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

Elfun Income Fund 59

Elfun Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Cigna Corp. 3.20% 09/17/20 (b)(h)		155,000		156,420
3.40% 09/17/21 (b)(h)		72,000		73,395
3.75% 07/15/23 (b)(h)		55,000		57,237
4.13% 11/15/25 (b)(h)		96,000		102,120
4.38% 10/15/28 (b)(h)		36,000		38,848
4.80% 08/15/38 (b)(h)		34,000		36,611
4.90% 12/15/48 (b)(h)		43,000		46,959
Cigna Holding Co. 3.25% 04/15/25 (h)		57,000		57,956
3.88% 10/15/47 (h)		52,000		48,447
Cisco Systems Inc. 5.90% 02/15/39 (h)		51,000		69,569
Citibank NA 2.85% 02/12/21 (h)		255,000		257,027
Citigroup Inc. 2.70% 10/27/22 (h)		87,000		87,661
2.90% 12/08/21 (h)		364,000		368,102
4.40% 06/10/25 (h)		32,000		34,183
4.45% 09/29/27 (h)		24,000		25,859
4.65% 07/30/45 - 07/23/48 (h)		170,000		197,460
4.75% 05/18/46 (h)		56,000		63,353
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)
2.88% 07/24/23 (h)(i)		58,000		58,703
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)
3.88% 01/24/39 (h)(i)		43,000		44,783
Citigroup Inc. (4.28% fixed rate until 04/24/47; 1.84% + 3 month USD LIBOR thereafter)
4.28% 04/24/48 (h)(i)		30,000		33,452
Citigroup Inc. (5.88% fixed rate until 03/27/20; 4.06% + 3 month USD LIBOR thereafter)
5.88% 12/29/49 (h)(i)		317,000		320,069
CME Group Inc.
3.75% 06/15/28 (h)		44,000		47,823
CMS Energy Corp.
4.88% 03/01/44 (h)		160,000		185,774
CNA Financial Corp.
3.45% 08/15/27 (h)		35,000		35,501
3.90% 05/01/29 (h)		92,000		96,533
CNH Industrial Capital LLC
3.38% 07/15/19 (h)		95,000		95,028
4.38% 11/06/20 (h)		71,000		72,495
4.88% 04/01/21 (h)		87,000		90,091
CNH Industrial N.V.
3.85% 11/15/27 (h)		132,000		131,823

	Principal Amount ($)		Fair Value $
CNOOC Nexen Finance 2014 ULC
4.25% 04/30/24 (h)		423,000		449,535
Columbia Pipeline Group Inc.
3.30% 06/01/20 (h)		80,000		80,540
Comcast Corp.
3.20% 07/15/36 (h)		88,000		85,482
3.38% 08/15/25 (h)		4,000		4,182
3.97% 11/01/47 (h)		228,000		238,853
4.15% 10/15/28 (h)		176,000		193,904
4.25% 10/15/30 (h)		78,000		86,997
4.60% 08/15/45 (h)		55,000		62,349
4.70% 10/15/48 (h)		46,000		53,931
CommonSpirit Health
4.35% 11/01/42 (h)		130,000		130,662
Conagra Brands Inc.
3.80% 10/22/21 (h)		163,000		167,515
5.30% 11/01/38 (h)		42,000		45,516
5.40% 11/01/48 (h)		33,000		36,216
Conagra Brands Inc. 0.75% + 3 month USD LIBOR
3.34% 10/22/20 (h)(i)		122,000		122,009
Concho Resources Inc.
3.75% 10/01/27 (h)		16,000		16,551
4.30% 08/15/28 (h)		52,000		56,084
4.88% 10/01/47 (h)		34,000		38,335
ConocoPhillips Co.
4.30% 11/15/44 (h)		87,000		97,451
Consolidated Edison Company of New York Inc.
2.90% 12/01/26 (h)		86,000		85,968
3.88% 06/15/47 (h)		50,000		51,759
Constellation Brands Inc.
3.70% 12/06/26 (h)		76,000		79,599
4.50% 05/09/47 (h)		71,000		74,196
Continental Resources Inc.
4.50% 04/15/23 (h)		315,000		330,788
Corning Inc.
4.38% 11/15/57 (h)		46,000		44,860
Corporation Andina de Fomento
2.20% 07/18/20 (h)		190,000		189,255
4.38% 06/15/22 (h)		281,000		295,736
Credit Suisse Group Funding Guernsey Ltd.
3.13% 12/10/20 (h)		250,000		252,015
3.80% 06/09/23 (h)		470,000		488,852
Crown Castle International Corp.
5.20% 02/15/49 (h)		63,000		72,278
CSX Corp.
4.50% 03/15/49 - 08/01/54 (h)		148,000		164,696
CubeSmart LP
4.38% 02/15/29 (h)		101,000		107,558

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

60 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
CVS Health Corp.
2.25% 08/12/19 (h)		165,000		164,937
3.13% 03/09/20 (h)		485,000		486,828
3.35% 03/09/21 (h)		115,000		116,604
3.70% 03/09/23 (h)		258,000		266,550
3.88% 07/20/25 (h)		36,000		37,579
4.10% 03/25/25 (h)		93,000		98,104
4.30% 03/25/28 (h)		28,000		29,533
4.78% 03/25/38 (h)		92,000		95,945
5.00% 12/01/24 (h)		78,000		85,041
5.05% 03/25/48 (h)		87,000		92,774
5.13% 07/20/45 (h)		22,000		23,459
D.R. Horton Inc.
2.55% 12/01/20 (h)		146,000		145,907
Dell International LLC/EMC Corp.
4.00% 07/15/24 (b)(h)		113,000		115,676
4.42% 06/15/21 (b)(h)		137,000		141,077
5.30% 10/01/29 (b)(h)		89,000		93,729
5.45% 06/15/23 (b)(h)		52,000		56,041
6.02% 06/15/26 (b)(h)		26,000		28,631
8.10% 07/15/36 (b)(h)		11,000		13,419
8.35% 07/15/46 (b)(h)		17,000		21,457
Deutsche Bank AG
2.70% 07/13/20 (h)		121,000		120,390
3.30% 11/16/22 (h)		205,000		202,027
Devon Energy Corp.
4.00% 07/15/21 (h)		188,000		194,494
5.00% 06/15/45 (h)		36,000		41,310
Diageo Investment Corp.
2.88% 05/11/22 (h)		100,000		101,828
Diamondback Energy Inc.
4.75% 11/01/24 (h)		190,000		195,318
Digital Realty Trust LP
3.60% 07/01/29 (h)		155,000		157,348
Discover Bank
3.10% 06/04/20 (h)		291,000		292,496
Discovery Communications LLC
2.20% 09/20/19 (h)		137,000		136,801
2.95% 03/20/23 (h)		243,000		245,080
3.95% 03/20/28 (h)		59,000		60,729
4.95% 05/15/42 (h)		17,000		17,195
5.00% 09/20/37 (h)		25,000		26,119
Dollar Tree Inc.
4.00% 05/15/25 (h)		70,000		72,782
4.20% 05/15/28 (h)		122,000		126,264
Dominion Energy Inc.
2.58% 07/01/20 (h)		91,000		90,906
3.07% 08/15/24 (j)		90,000		90,796
DPL Inc.
4.35% 04/15/29 (b)(h)		108,000		109,556

	Principal Amount ($)		Fair Value $
DTE Energy Co.
2.85% 10/01/26 (h)		43,000		42,522
3.85% 12/01/23 (h)		43,000		45,063
Duke Energy Carolinas LLC
3.95% 03/15/48 (h)		56,000		59,465
Duke Energy Corp.
1.80% 09/01/21 (h)		118,000		116,665
3.55% 09/15/21 (h)		71,000		72,573
3.75% 09/01/46 (h)		18,000		17,599
Duke Energy Progress LLC
4.15% 12/01/44 (h)		60,000		64,976
Duke Realty LP
3.25% 06/30/26 (h)		46,000		46,781
3.38% 12/15/27 (h)		39,000		39,819
DuPont de Nemours Inc.
3.77% 11/15/20 (h)		293,000		298,570
5.32% 11/15/38 (h)		30,000		35,249
5.42% 11/15/48 (h)		30,000		36,490
Duquesne Light Holdings Inc. 3.62% 08/01/27 (b)(h)		128,000		128,337
Eastman Chemical Co. 3.50% 12/01/21 (h)		92,000		94,122
3.60% 08/15/22 (h)		37,000		38,023
4.50% 01/15/21 - 12/01/28 (h)		298,000		311,685
Eaton Corp. 3.10% 09/15/27 (h)		50,000		50,777
Ecolab Inc. 3.25% 12/01/27 (h)		30,000		31,205
3.95% 12/01/47 (h)		37,000		39,855
Edison International 5.75% 06/15/27 (h)		30,000		32,278
Electricite de France S.A. 4.50% 09/21/28 (b)(h)		200,000		219,246
Eli Lilly & Co. 3.38% 03/15/29 (h)		48,000		51,157
3.70% 03/01/45 (h)		15,000		15,588
3.95% 03/15/49 (h)		89,000		96,333
Emera US Finance LP 4.75% 06/15/46 (h)		18,000		19,421
Enbridge Energy Partners LP 5.50% 09/15/40 (h)		12,000		13,998
Encana Corp. 3.90% 11/15/21 (h)		115,000		117,836
Enel Finance International N.V. 3.63% 05/25/27 (b)(h)		273,000		273,732
Energy Transfer Operating LP 4.25% 03/15/23 (h)		92,000		96,014
4.50% 04/15/24 (h)		157,000		167,028
4.95% 06/15/28 (h)		29,000		31,718
5.88% 01/15/24 (h)		323,000		359,664
6.13% 12/15/45 (h)		23,000		26,206
6.50% 02/01/42 (h)		82,000		96,537
7.50% 10/15/20 (h)		165,000		175,006

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

Elfun Income Fund 61

Elfun Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Energy Transfer Partners LP/Regency Energy Finance Corp. 4.50% 11/01/23 (h)		45,000		47,591
Entergy Louisiana LLC 3.05% 06/01/31 (h)		67,000		67,356
4.00% 03/15/33 (h)		35,000		38,548
Enterprise Products Operating LLC 4.20% 01/31/50 (c)		165,000		170,234
4.25% 02/15/48 (h)		142,000		146,707
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter) 5.25% 08/16/77 (h)(i)		46,000		43,912
EOG Resources Inc. 4.10% 02/01/21 (h)		153,000		157,448
4.15% 01/15/26 (h)		7,000		7,621
5.10% 01/15/36 (h)		36,000		42,354
EPR Properties 4.95% 04/15/28 (h)		48,000		51,624
EQM Midstream Partners LP 4.75% 07/15/23 (h)		16,000		16,631
5.50% 07/15/28 (h)		16,000		16,849
ERP Operating LP 4.50% 07/01/44 (h)		38,000		43,058
Exelon Corp. 3.50% 06/01/22 (h)		76,000		77,839
4.45% 04/15/46 (h)		100,000		107,027
Express Scripts Holding Co. 3.40% 03/01/27 (h)		56,000		56,818
Exxon Mobil Corp. 2.22% 03/01/21 (h)		25,000		25,068
FedEx Corp. 4.10% 02/01/45 (h)		120,000		115,481
Fifth Third Bancorp 3.65% 01/25/24 (h)		164,000		172,303
FirstEnergy Corp. 3.90% 07/15/27 (h)		18,000		18,887
FirstEnergy Transmission LLC 4.55% 04/01/49 (b)(h)		89,000		97,217
Fiserv Inc. 2.75% 07/01/24 (h)		244,000		246,438
3.50% 07/01/29 (h)		65,000		66,937
4.40% 07/01/49 (h)		40,000		42,169
Florida Power & Light Co. 4.13% 02/01/42 (h)		69,000		76,301
Ford Motor Co. 4.35% 12/08/26 (h)		56,000		56,490
Ford Motor Credit Company LLC 3.10% 05/04/23 (h)		237,000		232,999
3.22% 01/09/22 (h)		215,000		215,114

	Principal Amount ($)		Fair Value $
3.34% 03/28/22 (h)		200,000		200,694
8.13% 01/15/20 (h)		243,000		249,738
General Dynamics Corp. 2.13% 08/15/26 (h)		77,000		75,211
3.00% 05/11/21 (h)		210,000		213,354
3.50% 05/15/25 (h)		78,000		83,019
General Mills Inc. 3.20% 04/16/21 (h)		141,000		143,112
3.70% 10/17/23 (h)		70,000		73,362
4.55% 04/17/38 (h)		36,000		38,297
4.70% 04/17/48 (h)		15,000		16,156
General Motors Co. 5.20% 04/01/45 (h)		14,000		13,400
5.40% 04/01/48 (h)		32,000		31,191
General Motors Financial Company Inc. 2.35% 10/04/19 (h)		163,000		162,883
3.45% 01/14/22 - 04/10/22 (h)		311,000		315,380
3.55% 04/09/21 (h)		203,000		205,988
4.20% 11/06/21 (h)		372,000		382,985
5.25% 03/01/26 (h)		57,000		61,201
Georgia-Pacific LLC 3.60% 03/01/25 (b)(h)		412,000		432,728
Gilead Sciences Inc. 2.55% 09/01/20 (h)		54,000		54,141
2.95% 03/01/27 (h)		14,000		14,238
3.50% 02/01/25 (h)		35,000		36,677
3.65% 03/01/26 (h)		36,000		38,049
4.15% 03/01/47 (h)		81,000		85,029
4.80% 04/01/44 (h)		34,000		38,591
GlaxoSmithKline Capital Inc. 3.38% 05/15/23 (h)		83,000		86,352
3.63% 05/15/25 (h)		78,000		82,962
GlaxoSmithKline Capital PLC 3.13% 05/14/21 (h)		101,000		102,695
3.38% 06/01/29 (h)		109,000		115,223
Glencore Finance Canada Ltd. 4.95% 11/15/21 (b)(h)		72,000		75,604
Glencore Funding LLC 4.13% 03/12/24 (b)(h)		136,000		140,867
4.88% 03/12/29 (b)(h)		91,000		95,742
Grupo Televisa SAB 5.00% 05/13/45 (h)		204,000		206,040
Halliburton Co. 3.80% 11/15/25 (h)		52,000		54,564
5.00% 11/15/45 (h)		47,000		51,211
HCA Inc. 4.13% 06/15/29 (h)		50,000		51,503
5.88% 03/15/22 (h)		137,000		150,073
Hess Corp. 5.60% 02/15/41 (h)		21,000		22,625
5.80% 04/01/47 (h)		14,000		15,611

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

62 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Hewlett Packard Enterprise Co. 6.35% 10/15/45 (h)		22,000		24,360
Highwoods Realty LP 4.13% 03/15/28 (h)		54,000		56,298
4.20% 04/15/29 (h)		137,000		143,120
HSBC Holdings PLC 4.25% 03/14/24 (h)		222,000		234,290
HSBC Holdings PLC (3.80% fixed rate until 03/11/24; 1.21% + 3 month USD LIBOR thereafter) 3.80% 03/11/25 (h)(i)		258,000		268,586
HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.35% + 3 month USD LIBOR thereafter) 4.29% 09/12/26 (h)(i)		423,000		450,212
HSBC Holdings PLC (6.00% fixed rate until 05/22/27; 3.75% + USD 5 year Mid-Market Swap Rate thereafter) 6.00% 12/31/99 (h)(i)		465,000		475,718
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 year Mid-Market Swap Rate thereafter) 6.50% 12/31/99 (h)(i)		205,000		214,610
Hyundai Capital America 3.10% 04/05/22 (b)(h)		61,000		61,393
ING Bank N.V. 2.70% 08/17/20 (b)(h)		200,000		200,802
Ingersoll-Rand Luxembourg Finance S.A. 3.50% 03/21/26 (h)		131,000		135,275
3.55% 11/01/24 (h)		65,000		67,713
3.80% 03/21/29 (h)		131,000		137,428
Intel Corp. 2.60% 05/19/26 (h)		32,000		32,212
2.88% 05/11/24 (h)		20,000		20,592
International Business Machines Corp. 3.45% 02/19/26 (h)		439,000		458,593
3.50% 05/15/29 (h)		205,000		214,412
4.15% 05/15/39 (h)		150,000		160,188
4.25% 05/15/49 (h)		150,000		161,077
International Paper Co. 4.40% 08/15/47 (h)		72,000		70,309
Interstate Power & Light Co. 3.40% 08/15/25 (h)		241,000		246,890
Jabil Inc. 3.95% 01/12/28 (h)		65,000		63,641

	Principal Amount ($)		Fair Value $
Jefferies Group LLC 5.13% 01/20/23 (h)		53,000		56,803
6.50% 01/20/43 (h)		56,000		60,310
John Deere Capital Corp. 2.60% 03/07/24 (h)		165,000		166,947
Johnson & Johnson 3.63% 03/03/37 (h)		48,000		51,369
Johnson Controls International PLC 4.50% 02/15/47 (h)		28,000		28,448
JPMorgan Chase & Co. 2.30% 08/15/21 (h)		141,000		140,788
2.55% 10/29/20 (h)		149,000		149,365
3.30% 04/01/26 (h)		180,000		186,309
3.63% 12/01/27 (h)		37,000		38,187
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter) 3.51% 01/23/29 (h)(i)		44,000		45,617
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter) 3.88% 07/24/38 (h)(i)		132,000		138,164
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter) 3.90% 01/23/49 (h)(i)		105,000		110,251
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter) 3.96% 01/29/27 (h)(i)		164,000		175,428
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter) 4.01% 04/23/29 (h)(i)		63,000		67,884
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter) 4.03% 07/24/48 (h)(i)		70,000		74,743
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter) 6.10% 10/29/49 (h)(i)		150,000		160,384
JPMorgan Chase & Co. 3.47% + 3 month USD LIBOR 6.05% 12/29/49 (h)(i)		97,000		97,013

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

Elfun Income Fund 63

Elfun Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Keurig Dr Pepper Inc. 3.55% 05/25/21 (h)		297,000		302,919
4.06% 05/25/23 (h)		85,000		89,267
4.50% 11/15/45 (h)		42,000		42,461
4.60% 05/25/28 (h)		14,000		15,338
Kinder Morgan Energy Partners LP 3.50% 03/01/21 (h)		214,000		217,052
4.70% 11/01/42 (h)		15,000		15,208
5.30% 09/15/20 (h)		74,000		76,447
6.38% 03/01/41 (h)		37,000		44,968
Kinder Morgan Inc. 3.05% 12/01/19 (h)		53,000		53,083
4.30% 03/01/28 (h)		43,000		46,014
5.05% 02/15/46 (h)		36,000		39,213
5.55% 06/01/45 (h)		42,000		48,562
Kraft Heinz Foods Co. 2.80% 07/02/20 (h)		114,000		114,202
3.50% 06/06/22 (h)		160,000		164,170
4.38% 06/01/46 (h)		114,000		108,013
L3 Technologies Inc. 3.85% 12/15/26 (h)		71,000		74,583
Lam Research Corp. 4.00% 03/15/29 (h)		132,000		140,664
Lear Corp. 4.25% 05/15/29 (h)		113,000		113,994
5.25% 05/15/49 (h)		51,000		50,394
Liberty Property LP 4.38% 02/01/29 (h)		80,000		86,449
Lincoln National Corp. 3.63% 12/12/26 (h)		37,000		38,573
4.35% 03/01/48 (h)		51,000		53,587
Lloyds Banking Group PLC (2.91% fixed rate until 11/07/22; 0.81% + 3 month USD LIBOR thereafter) 2.91% 11/07/23 (h)(i)		203,000		202,728
Lockheed Martin Corp. 3.55% 01/15/26 (h)		38,000		40,409
4.50% 05/15/36 (h)		88,000		101,022
Lowe’s Companies Inc. 3.65% 04/05/29 (h)		180,000		187,933
3.70% 04/15/46 (h)		17,000		16,017
4.05% 05/03/47 (h)		38,000		37,826
4.55% 04/05/49 (h)		132,000		142,312
LYB International Finance BV 4.88% 03/15/44 (h)		22,000		23,427
LYB International Finance II BV 3.50% 03/02/27 (h)		20,000		20,351
Marathon Oil Corp. 2.70% 06/01/20 (h)		166,000		166,100
3.85% 06/01/25 (h)		30,000		31,097

	Principal Amount ($)		Fair Value $
Mars Inc. 2.70% 04/01/25 (b)(h)		105,000		107,134
3.20% 04/01/30 (b)(h)		79,000		82,064
Marsh & McLennan Companies Inc. 3.50% 03/10/25 (h)		57,000		59,238
4.90% 03/15/49 (h)		113,000		133,940
Masco Corp. 3.50% 11/15/27 (h)		18,000		17,804
McDonald’s Corp. 3.70% 01/30/26 (h)		15,000		15,942
3.80% 04/01/28 (h)		67,000		72,007
4.88% 12/09/45 (h)		36,000		41,531
McKesson Corp. 3.65% 11/30/20 (h)		367,000		372,850
Medtronic Inc. 4.63% 03/15/45 (h)		14,000		16,928
Memorial Sloan-Kettering Cancer Center 4.13% 07/01/52 (h)		118,000		131,417
Merck & Company Inc. 2.75% 02/10/25 (h)		54,000		55,386
3.40% 03/07/29 (h)		132,000		140,243
4.00% 03/07/49 (h)		66,000		73,313
MetLife Inc. 4.05% 03/01/45 (h)		18,000		19,302
4.72% 12/15/44 (h)		61,000		71,150
Microsoft Corp. 2.40% 08/08/26 (h)		70,000		70,371
3.45% 08/08/36 (h)		42,000		44,386
3.50% 02/12/35 (h)		48,000		51,163
3.70% 08/08/46 (h)		186,000		201,153
3.95% 08/08/56 (h)		71,000		79,031
4.10% 02/06/37 (h)		20,000		22,827
4.50% 02/06/57 (h)		21,000		25,642
Mitsubishi UFJ Financial Group Inc. 3.54% 07/26/21 (h)		230,000		235,117
Mizuho Financial Group Inc. 2.63% 04/12/21 (b)(h)		442,000		443,158
Mizuho Financial Group Inc. (3.92% fixed rate until 09/11/23; 1.00% + 3 month USD LIBOR thereafter) 3.92% 09/11/24 (h)(i)		220,000		231,119
Molson Coors Brewing Co. 2.10% 07/15/21 (h)		147,000		145,899
4.20% 07/15/46 (h)		34,000		32,700
Morgan Stanley 2.63% 11/17/21 (h)		146,000		146,876
2.65% 01/27/20 (h)		174,000		174,202
2.75% 05/19/22 (h)		294,000		297,069

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

64 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
3.70% 10/23/24 (h)		29,000		30,571
3.95% 04/23/27 (h)		133,000		139,115
4.10% 05/22/23 (h)		110,000		115,712
4.38% 01/22/47 (h)		84,000		93,463
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) 3.97% 07/22/38 (h)(i)		60,000		62,513
Morgan Stanley (4.43% fixed rate until 01/23/29; 1.63% + 3 month USD LIBOR thereafter) 4.43% 01/23/30 (h)(i)		82,000		90,682
MPLX LP 3.38% 03/15/23 (h)		36,000		36,828
4.50% 04/15/38 (h)		46,000		46,462
4.70% 04/15/48 (h)		46,000		46,820
Mylan Inc. 5.20% 04/15/48 (h)		44,000		40,629
Mylan N.V. 3.15% 06/15/21 (h)		63,000		62,909
3.95% 06/15/26 (h)		17,000		16,416
National Retail Properties Inc. 4.00% 11/15/25 (h)		67,000		70,827
New York Life Insurance Co. 4.45% 05/15/69 (b)(h)		67,000		73,906
Newfield Exploration Co. 5.75% 01/30/22 (h)		418,000		447,987
Newmont Goldcorp Corp. 4.88% 03/15/42 (h)		64,000		71,547
Nexen Inc. 6.40% 05/15/37 (h)		59,000		78,748
NextEra Energy Capital Holdings Inc. 3.25% 04/01/26 (h)		131,000		134,606
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 (h)(i)		89,000		91,639
Noble Energy Inc. 3.85% 01/15/28 (h)		175,000		178,460
3.90% 11/15/24 (h)		38,000		39,629
5.05% 11/15/44 (h)		18,000		19,133
Nordstrom Inc. 5.00% 01/15/44 (h)		4,000		3,729
Norfolk Southern Corp. 3.95% 10/01/42 (h)		63,000		64,742
Northern States Power Co. 2.20% 08/15/20 (h)		255,000		255,066
Northrop Grumman Corp. 2.55% 10/15/22 (h)		34,000		34,193
3.85% 04/15/45 (h)		16,000		16,484
4.03% 10/15/47 (h)		12,000		12,797

	Principal Amount ($)		Fair Value $
Novartis Capital Corp. 3.00% 11/20/25 (h)		8,000		8,264
Nucor Corp. 3.95% 05/01/28 (h)		74,000		79,714
4.13% 09/15/22 (h)		51,000		53,773
Nutrien Ltd. 4.00% 12/15/26 (h)		34,000		35,539
4.90% 06/01/43 (h)		62,000		67,630
NXP BV/NXP Funding LLC 4.13% 06/01/21 (b)(h)		791,000		809,106
Occidental Petroleum Corp. 4.10% 02/15/47 (h)		20,000		19,818
4.20% 03/15/48 (h)		38,000		38,372
Omnicom Group Inc./Omnicom Capital Inc. 3.63% 05/01/22 (h)		82,000		84,590
Oncor Electric Delivery Company LLC 3.80% 09/30/47 (h)		20,000		21,168
Oracle Corp. 2.40% 09/15/23 (h)		36,000		36,255
2.65% 07/15/26 (h)		94,000		94,370
3.80% 11/15/37 (h)		24,000		25,357
4.00% 07/15/46 - 11/15/47 (h)		130,000		139,619
4.13% 05/15/45 (h)		32,000		34,682
Oshkosh Corp. 5.38% 03/01/25 (h)		56,000		58,124
Owens Corning 4.40% 01/30/48 (h)		38,000		32,539
PacifiCorp 6.25% 10/15/37 (h)		4,000		5,391
Packaging Corporation of America 3.40% 12/15/27 (h)		20,000		20,250
Parker-Hannifin Corp. 2.70% 06/14/24 (h)		80,000		81,200
3.25% 06/14/29 (h)		85,000		88,335
PepsiCo Inc. 3.45% 10/06/46 (h)		35,000		35,975
Perrigo Finance Unlimited Co. 3.50% 03/15/21 (h)		227,000		228,046
3.90% 12/15/24 (h)		223,000		221,981
Petroleos Mexicanos 5.35% 02/12/28 (h)		48,000		43,618
5.63% 01/23/46 (h)		61,000		49,132
6.35% 02/12/48 (h)		60,000		51,449
6.38% 01/23/45 (h)		79,000		67,562
6.50% 03/13/27 (h)		110,000		108,464
Pfizer Inc. 3.00% 12/15/26 (h)		31,000		31,975
3.20% 09/15/23 (h)		55,000		57,165
3.45% 03/15/29 (h)		113,000		119,546

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

Elfun Income Fund 65

Elfun Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
3.60% 09/15/28 (h)		96,000		103,674
3.90% 03/15/39 (h)		53,000		57,068
4.00% 03/15/49 (h)		89,000		96,838
4.13% 12/15/46 (h)		44,000		48,591
4.40% 05/15/44 (h)		21,000		23,990
Philip Morris International Inc.
3.38% 08/15/29 (h)		229,000		235,817
4.13% 03/04/43 (h)		82,000		83,731
Phillips 66 3.90% 03/15/28 (h)		71,000		74,841
Phillips 66 Partners LP 3.75% 03/01/28 (h)		28,000		28,588
4.68% 02/15/45 (h)		50,000		51,527
Plains All American Pipeline LP/PAA Finance Corp. 3.65% 06/01/22 (h)		137,000		140,246
4.70% 06/15/44 (h)		34,000		32,722
5.75% 01/15/20 (h)		110,000		111,858
PPL Capital Funding Inc. 3.10% 05/15/26 (h)		84,000		83,765
Precision Castparts Corp. 4.38% 06/15/45 (h)		62,000		70,426
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter) 5.70% 09/15/48 (h)(i)		115,000		123,590
Public Service Company of Colorado 3.70% 06/15/28 (h)		89,000		95,948
Public Service Electric & Gas Co. 2.38% 05/15/23 (h)		143,000		143,518
QUALCOMM Inc. 2.90% 05/20/24 (h)		3,000		3,045
3.00% 05/20/22 (h)		32,000		32,594
3.25% 05/20/27 (h)		4,000		4,076
4.30% 05/20/47 (h)		18,000		18,922
Realty Income Corp. 3.00% 01/15/27 (h)		31,000		31,144
Regions Financial Corp. 3.80% 08/14/23 (h)		99,000		103,655
Reynolds American Inc. 4.45% 06/12/25 (h)		4,000		4,243
Rio Tinto Finance USA PLC 4.13% 08/21/42 (h)		39,000		43,569
Rockwell Automation Inc. 4.20% 03/01/49 (h)		68,000		76,790
Rockwell Collins Inc. 3.50% 03/15/27 (h)		52,000		54,313
Rogers Communications Inc. 5.00% 03/15/44 (h)		27,000		31,311

	Principal Amount ($)		Fair Value $
Royal Bank of Scotland Group PLC (4.52% fixed rate until 06/25/23; 1.55% + 3 month USD LIBOR thereafter) 4.52% 06/25/24 (h)(i)		201,000		209,370
RPM International Inc. 3.75% 03/15/27 (h)		42,000		42,572
Ryder System Inc. 2.45% 09/03/19 (h)		312,000		311,800
3.65% 03/18/24 (h)		92,000		96,125
Sabine Pass Liquefaction LLC 4.20% 03/15/28 (h)		46,000		48,297
5.00% 03/15/27 (h)		18,000		19,744
Santander Holdings USA Inc. 2.65% 04/17/20 (h)		251,000		250,945
3.70% 03/28/22 (h)		203,000		207,669
4.40% 07/13/27 (h)		42,000		43,868
Santander UK Group Holdings PLC 4.75% 09/15/25 (b)(h)		200,000		207,796
Saudi Arabian Oil Co. 2.88% 04/16/24 (b)(h)		254,000		255,377
3.50% 04/16/29 (b)(h)		254,000		257,068
4.38% 04/16/49 (b)(h)		254,000		256,951
Schlumberger Holdings Corp. 3.90% 05/17/28 (b)(h)		127,000		132,083
Selective Insurance Group Inc. 5.38% 03/01/49 (h)		86,000		96,047
Sempra Energy 3.80% 02/01/38 (h)		30,000		28,990
4.00% 02/01/48 (h)		39,000		38,134
Shell International Finance BV 2.38% 08/21/22 (h)		123,000		123,916
3.75% 09/12/46 (h)		30,000		31,764
4.13% 05/11/35 (h)		38,000		42,156
Shire Acquisitions Investments Ireland DAC 2.88% 09/23/23 (h)		13,000		13,128
3.20% 09/23/26 (h)		23,000		23,187
Simon Property Group LP 3.38% 06/15/27 (h)		57,000		59,230
Smithfield Foods Inc. 2.70% 01/31/20 (h)(b)		70,000		69,786
Southern California Edison Co. 2.40% 02/01/22 (h)		110,000		109,240
2.90% 03/01/21 (h)		151,000		151,201
4.20% 03/01/29 (h)		131,000		139,325
Southern Company Gas Capital Corp. 4.40% 05/30/47 (h)		13,000		13,745
Southern Copper Corp. 5.88% 04/23/45 (h)		64,000		75,916

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

66 Elfun Income Fund

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Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Southwestern Electric Power Co. 2.75% 10/01/26 (h)		66,000		64,799
Spectra Energy Partners LP 3.38% 10/15/26 (h)		17,000		17,323
4.50% 03/15/45 (h)		15,000		15,872
Spirit Realty LP 4.00% 07/15/29		110,000		111,310
Starbucks Corp. 4.00% 11/15/28 (h)		42,000		45,766
Steel Dynamics Inc. 4.13% 09/15/25 (h)		134,000		134,114
Sumitomo Mitsui Financial Group Inc. 2.78% 07/12/22 (h)		165,000		166,739
Suncor Energy Inc. 4.00% 11/15/47 (h)		17,000		17,605
Sunoco Logistics Partners Operations LP 5.30% 04/01/44 (h)		64,000		66,055
Suzano Austria GmbH 6.00% 01/15/29 (b)(h)		244,000		266,524
Syngenta Finance N.V. 3.70% 04/24/20 (b)(h)		225,000		226,602
3.93% 04/23/21 (b)(h)		330,000		335,508
4.44% 04/24/23 (b)(h)		200,000		207,540
Sysco Corp. 3.25% 07/15/27 (h)		48,000		48,907
Takeda Pharmaceutical Company Ltd. 3.80% 11/26/20 (b)(h)		209,000		212,879
4.00% 11/26/21 (b)(h)		310,000		320,292
Tampa Electric Co. 4.35% 05/15/44 (h)		125,000		134,416
Target Corp. 2.50% 04/15/26 (h)		56,000		56,424
3.38% 04/15/29 (h)		184,000		195,248
Teck Resources Ltd. 5.40% 02/01/43 (h)		176,000		182,248
Telefonica Emisiones S.A. 4.10% 03/08/27 (h)		300,000		318,690
Tencent Holdings Ltd. 3.28% 04/11/24 (b)(h)		252,000		257,816
3.98% 04/11/29 (b)(h)		200,000		208,876
Teva Pharmaceutical Finance Netherlands III BV 1.70% 07/19/19 (h)		517,000		515,894
2.20% 07/21/21 (h)		80,000		75,972
Texas Instruments Inc. 3.88% 03/15/39 (h)		74,000		80,513
The Allstate Corp. 4.20% 12/15/46 (h)		38,000		42,361

	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 (h)(i)		132,000		138,389
The Bank of New York Mellon Corp. (2.66% fixed rate until 05/16/22; 0.63% + 3 month USD LIBOR thereafter) 2.66% 05/16/23 (h)(i)		309,000		311,367
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter) 4.63% 12/29/49 (h)(i)		74,000		73,868
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter) 4.65% 12/31/99 (h)(i)		105,000		100,310
The Boeing Co. 3.25% 03/01/28 (h)		16,000		16,612
3.55% 03/01/38 (h)		14,000		14,140
The Cleveland Electric Illuminating Co. 4.55% 11/15/30 (b)(h)		230,000		253,672
The Dow Chemical Co. 4.25% 10/01/34 (h)		68,000		71,077
5.55% 11/30/48 (b)(h)		50,000		59,370
The George Washington University 4.13% 09/15/48 (h)		100,000		112,142
The Goldman Sachs Group Inc. 3.50% 11/16/26 (h)		188,000		192,457
3.85% 01/26/27 (h)		32,000		33,435
4.25% 10/21/25 (h)		5,000		5,303
5.15% 05/22/45 (h)		51,000		58,266
The Goldman Sachs Group Inc. (2.88% fixed rate until 10/31/21; 0.82% + 3 month USD LIBOR thereafter) 2.88% 10/31/22 (h)(i)		129,000		130,007
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter) 2.91% 06/05/23 (h)(i)		134,000		135,399
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter) 3.81% 04/23/29 (h)(i)		50,000		51,981

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

Elfun Income Fund 67

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Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter) 4.02% 10/31/38 (h)(i)		58,000		59,716
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter) 4.22% 05/01/29 (h)(i)		160,000		171,246
The Hartford Financial Services Group Inc. 2.13% + 3 month USD LIBOR 4.64% 02/12/47 (b)(h)(i)		120,000		101,521
The Home Depot Inc. 3.50% 09/15/56 (h)		62,000		61,192
3.90% 12/06/28 - 06/15/47 (h)		94,000		102,639
4.50% 12/06/48 (h)		41,000		48,359
The Interpublic Group of Companies Inc. 3.75% 10/01/21 (h)		163,000		167,540
The Korea Development Bank 3.38% 09/16/25 (h)		205,000		215,629
The Kroger Co. 2.95% 11/01/21 (h)		155,000		156,778
4.65% 01/15/48 (h)		35,000		35,177
The Mosaic Co. 5.63% 11/15/43 (h)		16,000		17,616
The Sherwin-Williams Co. 2.25% 05/15/20 (h)		106,000		105,792
2.75% 06/01/22 (h)		35,000		35,354
3.45% 06/01/27 (h)		4,000		4,107
4.50% 06/01/47 (h)		11,000		11,732
The Southern Co. 3.25% 07/01/26 (h)		32,000		32,484
4.40% 07/01/46 (h)		17,000		17,946
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter) 3.63% 09/15/31 (h)(i)		104,000		105,727
The Walt Disney Co. 3.38% 11/15/26 (b)(h)		18,000		18,905
4.00% 10/01/23 (b)(h)		220,000		234,771
4.50% 02/15/21 (b)(h)		74,000		76,785
4.75% 11/15/46 (b)(h)		15,000		18,489
6.65% 11/15/37 (b)(h)		97,000		139,356
The Williams Companies Inc. 3.75% 06/15/27 (h)		18,000		18,602
3.90% 01/15/25 (h)		33,000		34,556
4.85% 03/01/48 (h)		48,000		51,360

	Principal Amount ($)		Fair Value $
4.90% 01/15/45 (h)		23,000		24,111
5.40% 03/04/44 (h)		16,000		17,772
Time Warner Cable LLC
4.50% 09/15/42 (h)		14,000		13,013
6.55% 05/01/37 (h)		44,000		50,541
Total Capital International S.A. 3.46% 02/19/29 (h)		180,000		191,506
TransCanada PipeLines Ltd. 4.25% 05/15/28 (h)		129,000		139,445
4.88% 01/15/26 (h)		21,000		23,384
Transcontinental Gas Pipe Line Company LLC 4.00% 03/15/28 (h)		57,000		59,835
TWDC Enterprises 18 Corp. 4.13% 06/01/44 (h)		20,000		22,729
Tyco Electronics Group S.A. 2.35% 08/01/19 (h)		288,000		287,905
3.13% 08/15/27 (h)		54,000		54,078
Tyson Foods Inc. 2.65% 08/15/19 (h)		48,000		47,999
4.00% 03/01/26 (h)		181,000		192,665
4.55% 06/02/47 (h)		18,000		18,806
U.S. Bancorp 3.15% 04/27/27 (h)		92,000		95,536
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter) 5.13% 12/29/49 (h)(i)		172,000		175,443
UBS Group Funding Switzerland AG (2.86% fixed rate until 08/15/22; 0.95% + 3 month USD LIBOR thereafter) 2.86% 08/15/23 (b)(h)(i)		284,000		286,272
Union Pacific Corp. 3.20% 06/08/21 (h)		150,000		152,791
3.50% 06/08/23 (h)		90,000		93,786
3.60% 09/15/37 (h)		19,000		19,215
3.70% 03/01/29 (h)		180,000		193,426
4.10% 09/15/67 (h)		38,000		37,981
4.30% 03/01/49 (h)		53,000		58,616
United Technologies Corp. 3.13% 05/04/27 (h)		147,000		151,157
3.65% 08/16/23 (h)		96,000		100,612
3.95% 08/16/25 (h)		36,000		38,784
4.13% 11/16/28 (h)		10,000		10,980
4.15% 05/15/45 (h)		58,000		62,370
4.45% 11/16/38 (h)		47,000		52,707
4.50% 06/01/42 (h)		41,000		46,233
UnitedHealth Group Inc. 4.45% 12/15/48 (h)		192,000		220,625
4.75% 07/15/45 (h)		31,000		36,736

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

68 Elfun Income Fund

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Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Vale Overseas Ltd. 4.38% 01/11/22 (h)		64,000		65,976
6.25% 08/10/26 (h)		67,000		76,064
Vale S.A. 5.63% 09/11/42 (h)		29,000		31,115
Valero Energy Corp. 4.00% 04/01/29 (h)		219,000		229,523
Valero Energy Partners LP 4.38% 12/15/26 (h)		104,000		111,173
Ventas Realty LP 3.25% 10/15/26 (h)		70,000		70,330
Verizon Communications Inc. 3.38% 02/15/25 (h)		24,000		25,054
3.88% 02/08/29 (h)		32,000		34,319
4.33% 09/21/28 (h)		70,000		77,528
4.40% 11/01/34 (h)		154,000		170,932
4.52% 09/15/48 (h)		56,000		62,704
4.67% 03/15/55 (h)		54,000		61,199
4.86% 08/21/46 (h)		319,000		371,335
5.01% 04/15/49 (h)		33,000		39,260
5.25% 03/16/37 (h)		44,000		52,752
Viacom Inc. 3.45% 10/04/26 (h)		47,000		46,973
4.38% 03/15/43 (h)		50,000		48,918
4.50% 03/01/21 (h)		484,000		498,844
5.25% 04/01/44 (h)		14,000		15,283
Virginia Electric & Power Co. 4.00% 11/15/46 (h)		108,000		114,022
Visa Inc. 3.15% 12/14/25 (h)		18,000		18,891
4.30% 12/14/45 (h)		46,000		54,144
Vistra Operations Company LLC 3.55% 07/15/24 (b)(h)		244,000		246,023
Vodafone Group PLC 4.38% 05/30/28 (h)		55,000		59,453
5.25% 05/30/48 (h)		37,000		40,760
Volkswagen Group of America Finance LLC 4.00% 11/12/21 (b)(h)		400,000		412,908
Vornado Realty LP 3.50% 01/15/25 (h)		37,000		37,913
Vulcan Materials Co. 3.90% 04/01/27 (h)		20,000		20,547
Walgreen Co. 4.40% 09/15/42 (h)		36,000		34,254
Walmart Inc.
3.63% 12/15/47 (h)		45,000		48,086
3.70% 06/26/28 (h)		83,000		90,551
3.95% 06/28/38 (h)		36,000		40,128
4.05% 06/29/48 (h)		58,000		66,404
WEC Energy Group Inc. 3.55% 06/15/25 (h)		60,000		63,005

	Principal Amount ($)		Fair Value $
Wells Fargo & Co.
3.90% 05/01/45 (h)		6,000		6,440
4.15% 01/24/29 (h)		166,000		180,631
4.75% 12/07/46 (h)		264,000		300,575
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter) 3.20% 06/17/27 (h)(i)		180,000		183,982
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter) 5.88% 12/29/49 (h)(i)		91,000		98,656
Wells Fargo & Co. (5.90% fixed rate until 06/15/24; 3.11% + 3 month USD LIBOR thereafter) 5.90% 12/29/49 (h)(i)		78,000		81,731
Wells Fargo & Co. 3.77% + 3 month USD LIBOR 6.18% 03/29/49 (h)(i)		190,000		191,427
Wells Fargo Bank NA 2.60% 01/15/21 (h)		731,000		734,012
Western Midstream Operating LP
4.00% 07/01/22 (h)		168,000		170,466
5.38% 06/01/21 (h)		172,000		178,801
Willis North America Inc. 3.60% 05/15/24 (h)		64,000		66,010
WPP Finance 2010 3.75% 09/19/24 (h)		41,000		42,399
WRKCo Inc. 3.00% 09/15/24 (h)		50,000		50,427
Xilinx Inc. 2.95% 06/01/24 (h)		39,000		39,566
Zoetis Inc.
3.00% 09/12/27 (h)		19,000		19,102
3.90% 08/20/28 (h)		55,000		59,078
				79,048,442
Non-Agency Collateralized Mortgage Obligations - 2.7%
Banc of America Commercial Mortgage Trust 2016-UBS10 5.07% 07/15/49 (h)(i)		290,000		316,049
BANK 2018-BNK11 4.50% 03/15/61 (h)(i)		139,000		149,783
BANK 2019-BNK17 4.67% 04/15/52 (h)(i)		122,000		131,791
BX Commercial Mortgage Trust 2018-IND 0.75% + 1 month USD LIBOR 3.14% 11/15/35 (b)(h)(i)		460,474		460,472
Citigroup Commercial Mortgage Trust 2016-P5 2.94% 10/10/49 (h)		399,397		407,776

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

Elfun Income Fund 69

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Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Fair Value $
Citigroup Commercial Mortgage Trust 2016-P6 4.03% 12/10/49 (h)(i)		336,823		360,367
Citigroup Commercial Mortgage Trust 2018-C5 4.51% 06/10/51 (h)(i)		250,000		272,524
COMM 2013-LC13 Mortgage Trust 4.56% 08/10/46 (b)(h)(i)		170,000		182,498
COMM 2014-CR14 Mortgage Trust 4.53% 02/10/47 (h)(i)		240,000		257,795
GS Mortgage Securities Trust 2012-GCJ9 2.11% 11/10/45 (g)(h)(i)		714,323		39,241
GS Mortgage Securities Trust 2016-GS3 2.85% 10/10/49 (h)		333,000		338,591
GS Mortgage Securities Trust 2017-GS8 3.47% 11/10/50 (h)		767,075		808,468
GS Mortgage Securities Trust 2018-GS9 4.14% 03/10/51 (h)(i)		291,000		316,148
Impac CMB Trust 2004-5 0.72% + 1 month USD LIBOR 3.12% 10/25/34 (h)(i)		50,907		49,921
JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 1.66% 12/15/47 (g)(h)(i)		713,295		29,118
JPMBB Commercial Mortgage Securities Trust 2013-C12 4.18% 07/15/45 (h)(i)		125,000		132,003
JPMBB Commercial Mortgage Securities Trust 2015-C32 4.82% 11/15/48 (i)(h)		250,000		263,578
LB-UBS Commercial Mortgage Trust 2004-C8 0.31% 12/15/39 (b)(g)(h)(i)		65,636		7
LB-UBS Commercial Mortgage Trust 2007-C6
6.11% 07/15/40 (b)(h)		2,557		2,559
6.11% 07/15/40 (h)(i)		1,195		1,196
MASTR Alternative Loan Trust 2003-5 5.00% 08/25/18 (g)(h)		1,574		28
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 1.06% 03/15/48 (g)(h)(i)		3,610,285		144,739
Morgan Stanley Capital I Trust 2006-IQ11 6.38% 10/15/42 (h)(i)		250,000		253,205

	Principal Amount ($)		Fair Value $
UBS Commercial Mortgage Trust 2018-C12 4.79% 08/15/51 (h)(i)		213,000		237,214
Wells Fargo Commercial Mortgage Trust 2015-C26 1.36% 02/15/48 (g)(h)(i)		2,902,731		153,535
Wells Fargo Commercial Mortgage Trust 2019-C50 4.35% 05/15/52 (h)		175,000		184,808
WFRBS Commercial Mortgage Trust 2013-C17 4.26% 12/15/46 (h)		235,000		249,967
WFRBS Commercial Mortgage Trust 2014-LC14 4.35% 03/15/47 (h)(i)		533,000		572,250
				6,315,631
Sovereign Bonds - 0.9%
Government of Chile 3.86% 06/21/47 (h)		200,000		216,580
Government of Colombia 5.00% 06/15/45 (h)		200,000		221,096
Government of Mexico
4.00% 10/02/23 (h)		86,000		89,788
4.75% 03/08/44 (h)		200,000		208,920
Government of Panama 4.00% 09/22/24 (h)		200,000		213,258
Government of Peru 5.63% 11/18/50 (h)		105,000		144,851
Government of Philippines 3.95% 01/20/40 (h)		200,000		223,334
Government of Qatar
3.38% 03/14/24 (b)(h)		200,000		206,798
4.82% 03/14/49 (b)(h)		258,000		296,114
Government of Uruguay 5.10% 06/18/50 (h)		105,744		119,094
Panama Notas del Tesoro 3.75% 04/17/26 (b)(h)		147,000		152,724
				2,092,557
Municipal Bonds and Notes - 0.6%
American Municipal Power Inc. 6.27% 02/15/50 (h)		135,000		181,317
New Jersey Transportation Trust Fund Authority 6.88% 12/15/39 (h)		165,000		165,378
Port Authority of New York & New Jersey 4.46% 10/01/62 (h)		220,000		263,250
State of California
4.60% 04/01/38 (h)		200,000		218,392
5.70% 11/01/21 (h)		280,000		304,147

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

70 Elfun Income Fund

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Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($) or Number of Shares		Fair Value $
State of Illinois 5.10% 06/01/33 (h)		95,000		100,043
The University of Texas System 3.35% 08/15/47 (h)		115,000		116,911
				1,349,438
Total Bonds and Notes (Cost $226,435,959)				233,279,499
Domestic Equity - 0.1%
Preferred Stock - 0.1%
Wells Fargo & Co. 3.09% + 3 month USD LIBOR (Cost $186,475) (h)(i)		7,459		195,873
Total Investments in Securities (Cost $226,622,434)				233,475,372

	Number of Shares		Fair Value $
Short-Term Investments - 24.7%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.35% (Cost $58,178,785) (d)(h)(n)		58,178,785		58,178,785
Total Investments (Cost $284,801,219)				291,654,157
Liabilities in Excess of Other Assets, net - (23.6)%				(55,772,032	)
NET ASSETS - 100.0%				235,882,125

Other Information:

Centrally Cleared Credit Default Swaps

Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract Annual Fixed Rate/Payment Frequency		Termination Date		Market Value			Unamortized Upfront Payments Received			Unrealized Appreciation/ Depreciation
Buy Protection
Markit CDX North America Investment Grade Index	Intercontinental Exchange	$	977		1.00%/ Quarterly		06/20/24	$	(20,792	)	$	(18,919	)	$	(1,873	)
Sell Protection
Markit CDX North America High Yield Index	Intercontinental Exchange	$	8,157		5.00%/ Quarterly		06/20/24	$	611,972		$	486,302		$	125,670
														$	123,797

Centrally Cleared Interest Rate Swaps

Counterparty	Notional Amount (000s omitted)		Fund Pays/ Receives Fixed Rate/ Payment Frequency		Floating Rate		Contract Annual Fixed Rate		Termination Date		Market Value			Unamortized Upfront Payments Received		Unrealized Depreciation
CME Group, Inc.	$	10,655		Pays/Quarterly		3 Month U.S. Dollar LIBOR		3.05%		11/19/21	$	(319,073	)	$	—	$	(319,073	)
CME Group, Inc.		10,657		Pays/Quarterly		3 Month U.S. Dollar LIBOR		3.06%		11/19/21		(320,270	)		—		(320,270	)
																$	(639,343	)

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

Elfun Income Fund 71

Elfun Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

The Fund had the following long futures contracts open at June 30, 2019:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
Ultra Long-Term U.S. Treasury Bond Futures		September 2019		2	$	346,926	$	355,125	$	8,199
2 Yr. U.S. Treasury Notes Futures		September 2019		204		43,612,468		43,896,657		284,189
5 Yr. U.S. Treasury Notes Futures		September 2019		61		7,102,639		7,207,530		104,891
10 Yr. U.S. Treasury Notes Futures		September 2019		155		19,541,809		19,835,156		293,347
									$	690,626

The Fund had the following short futures contracts open at June 30, 2019:

Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Depreciation
U.S. Long Bond Futures		September 2019		18	$	(2,741,935	)	$	(2,800,687	)	$	(58,752	)
10 Yr. U.S. Treasury Ultra Futures		September 2019		61		(8,243,464	)		(8,425,625	)		(182,161	)
											$	(240,913	)

During the period ended June 30, 2019, average notional values related to derivative contracts were as follows:

	Purchased Put Options		Purchased Call Options		Written Put Options		Written Call Options		Long Futures Contracts		Short Futures Contracts		Credit Default Swap Contracts		Interest Rate Swap Contracts
Average Notional Value	$	6,518	$	—	$	652	$	—	$	72,123,755	$	10,253,179	$	7,319,902	$	21,312,326

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2019:

Fund	Investments	Level 1			Level 2			Level 3		Total
Elfun Income Fund	Investments in Securities
	U.S. Treasuries	$	—		$	59,575,148		$	—	$	59,575,148
	Agency Mortgage Backed		—			75,549,476			—		75,549,476
	Agency Collateralized Mortgage Obligations		—			2,894,958			—		2,894,958
	Asset Backed		—			6,453,849			—		6,453,849
	Corporate Notes		—			79,048,442			—		79,048,442
	Non-Agency Collateralized Mortgage Obligations		—			6,315,631			—		6,315,631
	Sovereign Bonds		—			2,092,557			—		2,092,557
	Municipal Bonds and Notes		—			1,349,438			—		1,349,438
	Preferred Stock		195,873			—			—		195,873
	Short-Term Investments		58,178,785			—			—		58,178,785
	Total Investments in Securities	$	58,374,658		$	233,279,499		$	—	$	291,654,157
	Other Financial Instruments
	Credit Default Swap Contracts - Unrealized Appreciation	$	—		$	125,670		$	—	$	125,670
	Credit Default Swap Contracts - Unrealized Depreciation		—			(1,873	)		—		(1,873	)
	Interest Rate Swap Contracts - Unrealized Depreciation		—			(639,343	)		—		(639,343	)
	Long Futures Contracts - Unrealized Appreciation		690,626			—			—		690,626
	Short Futures Contracts - Unrealized Depreciation		(240,913	)		—			—		(240,913	)
	Total Other Financial Instruments	$	449,713		$	(515,546	)	$	—	$	(65,833	)

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

72 Elfun Income Fund

Elfun Income Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

Affiliate Table

	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/19		Value at 6/30/19		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		41,181,071	$	41,181,071	$	80,083,149	$	63,085,435	$	—	$	—		58,178,785	$	58,178,785	$	593,188

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

Elfun Income Fund 73

Elfun Government Money Market Fund

Understanding Your Fund’s Expenses — June 30, 2019 (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in units of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return Beginning Account Value January 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value June 30, 2019	$	1,010.80	$	1,023.36
Expenses Paid During Period*	$	1.45	$	1.45

* Expenses are equal to the Fund’s annualized expense ratio of 0.29% (for the period January 1, 2019-June 30, 2019), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

74 Elfun Government Money Market Fund

Elfun Government Money Market Fund

Fund Information — June 30, 2019 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $116,543 (in thousands) as of June 30, 2019 ^(a)

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

Elfun Government Money Market Fund 75

Elfun Government Money Market Fund

Schedule of Investments — June 30, 2019 (Unaudited)

	Principal Amount ($)		Amortized Cost $
Short-Term Investments - 100.3%†
U.S. Treasuries - 36.0%
U.S. Treasury Bills 2.08% 12/26/19 (d)		1,000,000		989,963
2.13% 09/26/19 (d)		1,000,000		994,961
2.14% 08/20/19 (d)		1,000,000		997,076
2.16% 08/27/19 (d)		1,000,000		996,702
2.18% 12/19/19 (d)		500,000		494,941
2.19% 12/12/19 (d)		1,000,000		990,251
2.21% 09/19/19 (d)		500,000		497,589
2.24% 08/13/19 (d)		1,000,000		997,372
2.25% 07/16/19 (d)		1,000,000		999,077
2.29% 09/12/19 (d)		100,000		99,545
2.34% 08/06/19 (d)		1,000,000		997,700
2.37% 07/02/19 - 07/30/19 (d)		1,000,000		999,029
2.38% 08/22/19 (d)		500,000		498,314
2.41% 08/15/19 (d)		385,000		383,864
2.42% 07/09/19 - 11/14/19 (d)		2,726,000		2,714,590
2.43% 07/11/19 - 08/08/19 (d)		1,900,000		1,896,890
2.45% 10/17/19 - 11/07/19 (d)		2,100,000		2,083,567
2.46% 10/10/19 (d)		1,000,000		993,285
2.50% 08/08/19 (d)		1,000,000		997,424
2.51% 09/19/19 (d)		400,000		397,827
2.52% 07/25/19 - 09/19/19 (d)		4,955,000		4,936,567
2.53% 07/18/19 - 09/05/19 (d)		1,120,000		1,118,297
2.54% 07/11/19 (d)		2,000,000		1,998,628
2.57% 07/05/19 (d)		1,000,000		999,722
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.00% 2.10% 01/31/20 (i)		1,475,000		1,474,561
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.03% 2.13% 04/30/20 (i)		880,000		879,784
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.04% 2.14% 07/31/20 (i)		600,000		599,693
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.05% 2.14% 10/31/19 - 10/31/20 (i)		3,125,000		3,123,809

	Principal Amount ($)		Amortized Cost $
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.06% 2.16% 07/31/19 (i)		5,600,000		5,600,199
U.S. Treasury Notes 3 month Treasury Money Market Yield + 0.14% 2.24% 04/30/21 (i)		1,100,000		1,098,538
				41,849,765
U.S. Government Agency Obligations - 42.3%
Federal Farm Credit Banks 1 month USD LIBOR - 0.01% 2.39% 03/25/20 (i)		1,100,000		1,099,916
Federal Farm Credit Banks 1 month USD LIBOR - 0.02% 2.38% 05/22/20 (i)		400,000		399,987
2.40% 06/10/20 (i)		700,000		699,967
2.40% 01/06/20 (i)		850,000		850,000
Federal Farm Credit Banks 1 month USD LIBOR - 0.04% 2.36% 08/26/19 (i)		1,000,000		1,000,000
2.37% 11/29/19 (i)		1,000,000		1,000,000
Federal Farm Credit Banks 1 month USD LIBOR - 0.05% 2.35% 02/25/20 (i)		400,000		399,977
Federal Farm Credit Banks 1 month USD LIBOR - 0.09% 2.31% 07/25/19 (i)		550,000		550,000
Federal Farm Credit Banks 1 month USD LIBOR - 0.10% 2.29% 09/20/19 (i)		500,000		499,994
Federal Farm Credit Banks 1 month USD LIBOR - 0.14% 2.30% 07/02/19 (i)		350,000		350,000
Federal Farm Credit Banks 1 month USD LIBOR - 0.15% 2.24% 07/18/19 (i)		250,000		249,999
Federal Farm Credit Banks 3 month Treasury Money Market Yield + 0.05% 2.15% 11/04/19 (i)		1,500,000		1,500,103

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

76 Elfun Government Money Market Fund

Elfun Government Money Market Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Amortized Cost $
Federal Home Loan Bank Discount Notes 2.21% 09/25/19 (d)		1,500,000		1,492,246
2.38% 09/04/19 (d)		1,150,000		1,145,162
2.42% 08/16/19 (d)		1,000,000		996,969
2.44% 07/03/19 - 11/15/19 (d)		4,325,000		4,314,198
2.45% 08/07/19 (d)		1,000,000		997,536
2.46% 07/24/19 - 10/21/19 (d)		3,500,000		3,483,602
2.48% 10/30/19 (d)		1,100,000		1,091,075
2.49% 07/22/19 - 07/26/19 (d)		1,900,000		1,896,996
2.50% 08/07/19 (d)		1,500,000		1,496,241
2.51% 08/02/19 (d)		600,000		598,697
Federal Home Loan Banks 2.40% 08/12/19 - 09/30/19 (d)		1,700,000		1,699,916
2.42% 08/19/19 (d)		1,150,000		1,149,916
2.45% 09/16/19 - 10/11/19 (d)		3,800,000		3,799,835
2.51% 05/28/20 (d)		1,000,000		1,000,000
Federal Home Loan Banks 1 month USD LIBOR - 0.03% 2.38% 11/12/19 (i)		750,000		749,992
Federal Home Loan Banks 1 month USD LIBOR - 0.13% 2.27% 07/16/19 (i)		650,000		650,000
2.28% 07/26/19 (i)		200,000		200,000
Federal Home Loan Banks 3 month USD LIBOR - 0.14% 2.44% 11/22/19 (i)		900,000		900,000
Federal Home Loan Banks SOFR + 0.00% 2.42% 12/11/19 (i)		850,000		850,000
Federal Home Loan Banks SOFR + 0.02% 2.44% 08/27/19 - 02/21/20 (i)		1,425,000		1,425,000
Federal Home Loan Banks SOFR + 0.03% 2.45% 12/06/19 (i)		700,000		700,000
Federal Home Loan Banks SOFR + 0.04% 2.46% 02/21/20 (i)		600,000		600,000
Federal Home Loan Banks SOFR + 0.07% 2.49% 03/27/20 (i)		1,300,000		1,300,000

	Principal Amount ($)		Amortized Cost $
Federal Home Loan Mortgage Corp. 0.88% 07/19/19 (d)		270,000		269,787
1.25% 07/26/19 (d)		500,000		499,588
2.40% 06/12/20 (d)		1,100,000		1,100,000
2.44% 06/09/20 (d)		500,000		500,000
2.54% 04/22/20 (d)		1,050,000		1,050,000
1.32% 10/28/19 (d)		400,000		398,506
Federal Home Loan Mortgage Corp. SOFR + 0.03% 2.45% 05/08/20 (i)		1,050,000		1,050,000
Federal National Mortgage Assoc. 0.88% 08/02/19 (d)		275,000		274,611
Federal National Mortgage Assoc. SOFR + 0.07% 2.49% 10/30/19 (i)		700,000		700,159
Federal National Mortgage Assoc. SOFR + 0.08% 2.50% 10/30/20 (i)		450,000		450,000
Freddie Mac Discount Notes 2.45% 10/01/19 (d)		650,000		646,030
2.48% 07/17/19 (d)		900,000		899,031
2.52% 09/09/19 (d)		200,000		199,046
				49,174,082
Repurchase Agreements - 22.0%
BNP Paribas S.A. U.S. Treasury Repo 2.48% dated 06/28/19, to be repurchased at $5,001,033 on 07/01/19 collateralized by $5,097,818 U.S. Treasury Note, 2.38% maturing on 02/29/24, collateralized by $2,184 U.S. Treasury STRIPS, 0.00% maturing from 11/15/19 to 02/15/29. 07/01/19		5,000,000		5,000,000
Citigroup Global Markets, Inc. U.S. Treasury Repo 2.49% dated 06/28/19, to be repurchased at $9,001,868 on 07/01/19 collateralized by $9,179,992 U.S. Treasury Bonds, 3.13% to 3.75% maturing from 11/15/43 to 08/15/44, collateralized by $125 U.S. Treasury Inflation Index Bond, 1.38% maturing on 02/15/44. 07/01/19		9,000,000		9,000,000

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

Elfun Government Money Market Fund 77

Elfun Government Money Market Fund

Schedule of Investments, continued — June 30, 2019 (Unaudited)

	Principal Amount ($)		Amortized Cost $
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 2.48% dated 06/28/19, to be repurchased at $11,521,381 on 07/01/19 collateralized by $1,549,402 U.S. Treasury Bond, 4.25% maturing on 05/15/39, collateralized by $10,200,076 U.S. Treasury Note, 1.50% maturing on 05/31/20. 07/01/19		11,519,000		11,519,000
				25,519,000
Total Short-Term Investments (Cost $116,542,847)				116,542,847
Liabilities in Excess of Other Assets, net - (0.3)%				(367,812	)
NET ASSETS - 100.0%				116,175,035

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2019:

Fund	Investments	Level 1		Level 2		Level 3		Total
Elfun Government Money Market Fund	Investments in Securities
	U.S. Treasuries	$	—	$	41,849,765	$	—	$	41,849,765
	U.S. Government Agency Obligations		—		49,174,082		—		49,174,082
	Repurchase Agreements		—		25,519,000		—		25,519,000
	Total Investments in Securities	$	—	$	116,542,847	$	—	$	116,542,847

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

78 Elfun Government Money Market Fund

Elfun Funds

Notes to Schedules of Investments — June 30, 2019 (Unaudited)

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

(a) Non-income producing security.

(b) Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2019, these securities amounted to $2,670,791 or 1.37% and $13,629,227 or 5.78% of the net assets of the Elfun Diversified Fund and Elfun Income Fund, respectively. These securities have been determined to be liquid using procedures established by each Fund’s Board of Trustees.

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

(d) Coupon amount represents effective yield.

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

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

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

(h) At June 30, 2019, all or a portion of this security was pledged to cover collateral requirements for futures, options, swaps and/or TBAs.

(i) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2019. For securities based on a

published reference rate and spread, the reference rate and spread are indicated in the description above.

(j) Step coupon bond.

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

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

(m) The security is insured by AGC, AGMC, AMBAC, FGIC or NPFG. The Elfun Tax-Exempt Income Fund had no insurance concentrations of 5% or greater as of June 30, 2019 (as a percentage of net assets).

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

† Percentages are based on net assets as of June 30, 2019.

* Less than 0.05%

** Less than $0.50

*** Less than 0.5 shares

Abbreviations:

ADR - American Depositary Receipt

AGC - Assured Guaranty Corporation

AGMC - Assured Guaranty Municipal Company

AMBAC - AMBAC Indemnity Corporation

FGIC - Financial Guaranty Insurance Corporation

LIBOR - London Interbank Offered Rate

NPFG - National Public Finance Guaranty Corporation

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

Notes to Schedules of Investments 79

Elfun International Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date																	1/1/88
Net asset value, beginning of period	$	18.51		$	22.68		$	18.73		$	19.31		$	19.70		$	21.93
Income/(loss) from investment operations:
Net investment income		0.32	(a)		0.45	(a)		0.34	(a)		0.41			0.34			0.58
Net realized and unrealized gains/(losses) on investments		3.17			(4.16	)		3.96			(0.58	)		(0.37	)		(2.24	)
Total income/(loss) from investment operations		3.49			(3.71	)		4.30			(0.17	)		(0.03	)		(1.66	)
Less distributions from:
Net investment income		—			0.46			0.35			0.41			0.36			0.57
Total distributions		—			0.46			0.35			0.41			0.36			0.57
Net asset value, end of period	$	22.00		$	18.51		$	22.68		$	18.73		$	19.31		$	19.70
Total Return(b)		18.85	%		(16.33	)%		22.99	%		(0.86	)%		(0.18	)%		(7.62	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	207,908		$	183,982		$	237,769		$	208,044		$	234,448		$	254,310
Ratios to average net assets:
Net expenses		0.40	%**		0.36	%		0.36	%		0.37	%(c)(e)		0.35	%		0.33	%(c)(d)
Gross expenses		0.40	%**		0.36	%		0.36	%		0.43	%(c)(e)		0.35	%		0.33	%
Net investment income		3.16	%**		2.06	%		1.64	%		2.11	%		1.59	%		2.54	%
Portfolio turnover rate		10	%		27	%		30	%		33	%		24	%		36	%

Notes to Financial Highlights

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

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

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

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

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

† Unaudited.

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

** Annualized for periods less than one year.

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

80 Financial Highlights

Elfun Trusts

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date																	5/27/35
Net asset value, beginning of period	$	50.14		$	60.36		$	53.23		$	54.59		$	58.02		$	56.07
Income/(loss) from investment operations:
Net investment income		0.32	(a)		0.74	(a)		0.76	(a)		0.81			0.80			0.75
Net realized and unrealized gains/(losses) on investments		9.92			(2.85	)		12.88			2.54			0.25			6.67
Total income/(loss) from investment operations		10.24			(2.11	)		13.65			3.35			1.05			7.42
Less distributions from:
Net investment income		—			0.76			0.78			0.79			0.80			0.75
Net realized gains		—			7.35			5.74			3.92			3.68			4.72
Total distributions		—			8.11			6.52			4.71			4.48			5.47
Net asset value, end of period	$	60.38		$	50.14		$	60.36		$	53.23		$	54.59		$	58.02
Total Return(b)		20.42	%		(3.39	)%		25.61	%		6.08	%		1.70	%		13.13	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	2,787,808		$	2,427,667		$	2,737,919		$	2,331,966		$	2,364,319		$	2,476,637
Ratios to average net assets:
Net expenses		0.19	%**		0.19	%		0.18	%		0.18	%		0.16	%		0.18	%(c)
Gross expenses		0.19	%**		0.19	%		0.18	%		0.18	%		0.16	%		0.18	%
Net investment income		1.13	%**		1.17	%		1.25	%		1.43	%		1.32	%		1.26	%
Portfolio turnover rate		6	%		18	%		16	%		15	%		11	%		13	%

Notes to Financial Highlights

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

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

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

† Unaudited.

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

** Annualized for periods less than one year.

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

Financial Highlights 81

Elfun Diversified Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date																	1/1/88
Net asset value, beginning of period	$	17.02		$	18.60		$	17.91		$	17.50		$	18.78		$	19.84
Income/(loss) from investment operations:
Net investment income		0.14	(a)		0.42	(a)		0.43	(a)		0.38			0.34			0.37
Net realized and unrealized gains/(losses) on investments		1.97			(1.45	)		2.32			0.58			(0.57	)		0.62
Total income/(loss) from investment operations		2.11			(1.03	)		2.75			0.96			(0.23	)		0.99
Less distributions from:
Net investment income		—			0.43			0.46			0.36			0.34			0.37
Net realized gains		—			0.12			1.60			0.19			0.71			1.65
Return of capital		—			—			—			—			—			0.03
Total distributions		—			0.55			2.06			0.55			1.05			2.05
Net asset value, end of period	$	19.13		$	17.02		$	18.60		$	17.91		$	17.50		$	18.78
Total Return(b)		12.40	%		(5.51	)%		15.40	%		5.48	%		(1.25	)%		4.95	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	194,673		$	181,943		$	209,939		$	198,938		$	209,688		$	230,123
Ratios to average net assets:
Net expenses		0.32	%**		0.33	%		0.40	%		0.39	%(c)		0.37	%		0.39	%(d)
Gross expenses		0.32	%**		0.33	%		0.40	%		0.39	%(c)		0.37	%		0.39	%
Net investment income		1.55	%**		2.26	%		2.23	%		1.98	%		1.69	%		1.79	%
Portfolio turnover rate		87	%		72	%		186	%		116	%		123	%		176	%

Notes to Financial Highlights

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

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

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

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

† Unaudited.

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

** Annualized for periods less than one year.

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

82 Financial Highlights

Elfun Tax-Exempt Income Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date																	1/1/80
Net asset value, beginning of period	$	11.19		$	11.55		$	11.48		$	11.88		$	11.97		$	11.34
Income/(loss) from investment operations:
Net investment income		0.20	(a)		0.46	(a)		0.46	(a)		0.46			0.46			0.47
Net realized and unrealized gains/(losses) on investments		0.34			(0.36	)		0.07			(0.40	)		(0.09	)		0.63
Total income from investment operations		0.54			0.10			0.53			0.06			0.37			1.10
Less distributions from:
Net investment income		0.22			0.46			0.46			0.46			0.46			0.47
Total distributions		0.22			0.46			0.46			0.46			0.46			0.47
Net asset value, end of period	$	11.51		$	11.19		$	11.55		$	11.48		$	11.88		$	11.97
Total Return(b)		4.88	%		0.90	%		4.71	%		0.42	%		3.21	%		9.85	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,398,361		$	1,376,980		$	1,471,350		$	1,495,248		$	1,588,272		$	1,624,266
Ratios to average net assets:
Net expenses		0.21	%**		0.21	%		0.20	%		0.20	%		0.18	%		0.21	%
Gross expenses		0.21	%**		0.21	%		0.20	%		0.20	%		0.18	%		0.21	%
Net investment income		3.48	%**		4.06	%		4.00	%		3.84	%		3.92	%		4.01	%
Portfolio turnover rate		17	%		18	%		26	%		31	%		22	%		34	%

Notes to Financial Highlights

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

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

† Unaudited.

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

** Annualized for periods less than one year.

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

Financial Highlights 83

Elfun Income Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date																	12/31/84
Net asset value, beginning of period	$	11.02		$	11.44		$	11.28		$	11.26		$	11.57		$	11.22
Income/(loss) from investment operations:
Net investment income		0.16	(a)		0.32	(a)		0.29	(a)		0.30			0.32			0.29
Net realized and unrealized gains/(losses) on investments		0.59			(0.41	)		0.15			0.09			(0.29	)		0.35
Total income/(loss) from investment operations		0.75			(0.09	)		0.44			0.39			0.03			0.64
Less distributions from:
Net investment income		0.17			0.33			0.28			0.28			0.32			0.29
Net realized gains		—			—			—			0.09			0.02			0.00	(b)
Total distributions		0.17			0.33			0.28			0.37			0.34			0.29
Net asset value, end of period	$	11.60		$	11.02		$	11.44		$	11.28		$	11.26		$	11.57
Total Return(c)		6.83	%		(0.80	)%		3.90	%		3.52	%		0.22	%		5.75	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	235,882		$	229,477		$	261,189		$	276,142		$	289,872		$	312,756
Ratios to average net assets:
Net expenses		0.31	%**		0.34	%		0.33	%		0.31	%		0.28	%		0.29	%(d)
Gross expenses		0.31	%**		0.34	%		0.33	%		0.31	%		0.28	%		0.29	%
Net investment income		2.89	%**		2.88	%		2.54	%		2.63	%		2.71	%		2.50	%
Portfolio turnover rate		240	%		207	%		299	%		238	%		278	%		326	%

Notes to Financial Highlights

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

(b) Rounds to less than $0.005.

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

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

† Unaudited.

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

** Annualized for periods less than one year.

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

84 Financial Highlights

Elfun Government Money Market Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date																	6/13/90
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income/(loss) from investment operations:
Net investment income		0.01	(a)		0.02	(a)		0.01	(a)		0.00	(b)		—			—
Total income from investment operations		0.01			0.02			0.01			0.00	(b)		—			—
Less distributions from:
Net investment income		0.01			0.02			0.01			0.00	(b)		0.00	(b)		0.00	(b)
Net realized gains		—			—			0.00	(b)		—			—			—
Total distributions		0.01			0.02			0.01			0.00	(b)		0.00	(b)		0.00	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(c)		1.08	%		1.55	%		0.58	%		0.06	%		0.08	%		0.05	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	116,175		$	104,275		$	109,828		$	111,339		$	129,039		$	139,218
Ratios to average net assets:
Net expenses		0.29	%**		0.32	%		0.34	%		0.49	%(e)		0.09	%(d)		0.05	%(d)
Gross expenses		0.29	%**		0.32	%		0.34	%		0.49	%(e)		0.25	%		0.36	%
Net investment income (loss)		2.16	%**		1.53	%		0.56	%		(0.11	)%(e)		—	%		—	%

Notes to Financial Highlights

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

(b) Rounds to less than $0.005.

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

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

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

† Unaudited.

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

** Annualized for periods less than one year.

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

Financial Highlights 85

Elfun Funds

Statements of Assets and Liabilities — June 30, 2019 (Unaudited)

	Elfun International Equity Fund		Elfun Trusts
Assets
Investments in securities, at fair value (cost $161,973,961; $1,596,584,948; $119,233,824; $1,307,221,688; $226,622,434 and $0, respectively)	$	203,867,253	$	2,726,800,430
Investments in affiliated securities, at fair value (cost $0; $0; $46,080,012; $0; $0 and $0, respectively)		—		—
Short-term investments, at fair value (cost $0; $0; $4,342,794; $0; $0 and $91,023,847, respectively)		—		—
Short-term affiliated investments, at fair value		3,347,052		57,536,839
Repurchase agreements		—		—
Cash		4,361		—
Cash collateral on deposit with broker for future contracts		64,986		—
Cash collateral on deposit with broker for swap contracts		—		—
Foreign currency (cost $339,253; $0; $0; $0; $0 and $0, respectively)		338,941		—
Receivable for investments sold		—		8,075,393
Income receivables		752,913		1,517,275
Receivable for fund shares sold		5,689		13,331
Income receivable from affiliated investments		8,306		100,142
Receivable for accumulated variation margin on swap contracts		—		—
Receivable for accumulated variation margin on futures contracts		—		—
Total assets		208,389,501		2,794,043,410
Liabilities
Distribution payable to shareholders		—		—
Net cash collateral on futures contracts due to broker		—		—
Payable for investments purchased		321,132		4,947,208
Payable for fund shares redeemed		28,649		836,824
Payable for accumulated variation margin on swap contracts		—		—
Payable to the Adviser		34,862		312,989
Payable for custody, fund accounting and sub-administration fees		11,536		30,257
Accrued other expenses		28,781		108,574
Accrued foreign capital gains tax		56,044		—
Total liabilities		481,004		6,235,852
Net Assets	$	207,908,497	$	2,787,807,558
Net Assets Consist of:
Capital paid in	$	176,853,667	$	1,529,784,927
Total distributable earnings (loss)	$	31,054,830	$	1,258,022,631
Net Assets	$	207,908,497	$	2,787,807,558
Shares outstanding (Par value $10; $10; $10; $10; $10; and $1, respectively; unlimited shares authorized)		9,450,886		46,173,760
Net asset value, offering and redemption price per share	$	22.00	$	60.38

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

86 Statements of Assets and Liabilities

Elfun Diversified Fund		Elfun Tax-Exempt Income Fund		Elfun Income Fund		Elfun Government Money Market Fund
$	135,635,768	$	1,386,413,386	$	233,475,372	$	—
	49,245,885		—		—		—
	4,342,802		—		—		91,023,847
	23,215,625		1,435,349		58,178,785		—
	—		—		—		25,519,000
	30,341		—		7		515
	—		—		—		—
	18,234		—		67,753		—
	—		—		—		—
	16,927,502		—		59,989,196		—
	486,316		18,107,506		1,358,296		—
	3,104		163,477		41,606		589,759
	48,279		7,089		111,228		138,303
	175,754		—		624,435		—
	148,029		—		450,778		—
	230,277,639		1,406,126,807		354,297,456		117,271,424
	—		1,381,434		124,129		13,380
	147,572		—		472,030		—
	35,097,071		5,959,420		116,906,984		996,702
	81,343		166,145		63,755		32,199
	173,449		—		670,287		—
	26,855		171,344		30,515		8,859
	38,515		15,406		106,467		12,744
	39,805		72,034		41,164		32,505
	—		—		—		—
	35,604,610		7,765,783		118,415,331		1,096,389
$	194,673,029	$	1,398,361,024	$	235,882,125	$	116,175,035
$	171,198,983	$	1,355,833,663	$	232,399,723	$	116,175,749
$	23,474,046	$	42,527,361	$	3,482,402	$	(714	)
$	194,673,029	$	1,398,361,024	$	235,882,125	$	116,175,035
	10,173,784		121,465,164		20,339,666		116,175,749
$	19.13	$	11.51	$	11.60	$	1.00

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

Statements of Assets and Liabilities 87

Elfun Funds

Statements of Operations — For the period ended June 30, 2019 (Unaudited)

	Elfun International Equity Fund			Elfun Trusts
Investment Income
Income
Dividend	$	3,898,610		$	16,784,534
Interest		—			—
Income from affiliated investments		51,404			660,369
Less: Foreign taxes withheld		(455,382	)		(21,092	)
Total income		3,494,632			17,423,811
Expenses
Advisory and administration fees		206,541			1,857,881
Blue Sky fees		21,391			25,924
Transfer agent fees		60,384			241,876
Trustees’ fees		10,339			36,167
Custody, fund accounting and sub-administration fees		41,308			178,504
Professional fees		25,727			40,671
Printing and shareholder reports		22,976			64,502
Other expenses		1,982			43,874
Total expenses		390,648			2,489,399
Net investment income	$	3,103,984		$	14,934,412
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	(6,063,489	)	$	112,149,354
Affiliated investments		—			—
Futures		4,611			—
Written options		—			—
Swap contracts		—			—
Foreign currency transactions		1,791			—
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		36,824,812			360,659,097
Affiliated investments		—			—
Futures		—			—
Swap contracts		—			—
Foreign currency translations		7,127			—
Net realized and unrealized gain (loss) on investments		30,774,852			472,808,451
Net Increase in Net Assets Resulting from Operations	$	33,878,836		$	487,742,863

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

88 Statements of Operations

Elfun Diversified Fund			Elfun Tax-Exempt Income Fund		Elfun Income Fund			Elfun Government Money Market Fund
$	703,443		$	—	$	5,782		$	—
	852,756			25,161,195		3,053,569			1,331,953
	213,378			139,503		593,188			—
	97			—		—			—
	1,769,674			25,300,698		3,652,539			1,331,953
	161,185			1,099,132		194,171			54,314
	20,553			25,135		21,403			15,774
	48,993			112,014		57,489			34,718
	10,666			22,591		10,635			9,291
	15,212			92,557		18,142			14,864
	29,835			27,421		20,517			13,646
	15,379			28,637		24,928			15,845
	2,291			16,302		2,672			116
	304,114			1,423,789		349,957			158,568
$	1,465,560		$	23,876,909	$	3,302,582		$	1,173,385
$	1,940,557		$	1,092,783	$	2,820,416		$	72
	230,700			—		—			—
	294,618			—		683,901			—
	848			—		3,021			—
	38,886			—		97,557			—
	—			—		—			—
	12,058,673			41,148,138		8,546,939			—
	6,302,093			—		—			—
	(35,583	)		—		(172,547	)		—
	(33,878	)		—		(150,577	)		—
	484			—		—			—
	20,797,398			42,240,921		11,828,710			72
$	22,262,958		$	66,117,830	$	15,131,292		$	1,173,457

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

Statements of Operations 89

Elfun Funds

Statements of Changes in Net Assets

	Elfun International Equity Fund						Elfun Trusts
	Six Months Ended June 30, 2019•			Year Ended December 31, 2018			Six Months Ended June 30, 2019•			Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	3,103,984		$	4,608,952		$	14,934,412		$	32,702,525
Net realized gain (loss) on investments, futures, swap contracts, options contracts, and foreign currency related transactions		(6,057,087	)		2,994,695			112,149,354			313,947,889
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations		36,831,939			(44,660,948	)		360,659,097			(427,642,446	)
Net increase (decrease) from operations		33,878,836			(37,057,301	)		487,742,863			(80,992,032	)
Distributions to shareholders:
Total distributions		—			(4,494,291	)		—			(346,605,889	)
Increase (decrease) in assets from operations and distributions		33,878,836			(41,551,592	)		487,742,863			(427,597,921	)
Share transactions:
Proceeds from sale of shares		681,710			3,187,752			16,170,269			53,658,651
Value of distributions reinvested		—			3,868,438			—			278,812,837
Cost of shares redeemed		(10,634,018	)		(19,291,445	)		(143,773,057	)		(215,125,396	)
Net increase (decrease) from share transactions		(9,952,308	)		(12,235,255	)		(127,602,788	)		117,346,092
Total increase (decrease) in net assets		23,926,528			(53,786,847	)		360,140,075			(310,251,829	)
Net Assets
Beginning of period		183,981,969			237,768,816			2,427,667,483			2,737,919,312
End of period	$	207,908,497		$	183,981,969		$	2,787,807,558		$	2,427,667,483
Changes in Fund Shares
Shares sold		33,124			142,810			284,109			886,867
Issued for distributions reinvested		—			211,506			1,691			5,602,033
Shares redeemed		(520,917	)		(899,037	)		(2,530,812	)		(3,429,325	)
Net increase (decrease) in fund shares		(487,793	)		(544,721	)		(2,245,012	)		3,059,575

• Unaudited.

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

90 Statements of Changes in Net Assets

Elfun Diversified Fund						Elfun Tax-Exempt Income Fund
Six Months Ended June 30, 2019•			Year Ended December 31, 2018			Six Months Ended June 30, 2019•			Year Ended December 31, 2018
$	1,465,560		$	4,557,788		$	23,876,909		$	57,447,561
	2,505,609			1,112,797			1,092,783			(2,154,716	)
	18,291,789			(16,461,988	)		41,148,138			(43,488,260	)
	22,262,958			(10,791,403	)		66,117,830			11,804,585
	—			(5,726,511	)		(27,140,071	)		(57,447,575	)
	22,262,958			(16,517,914	)		38,977,759			(45,642,990	)
	1,924,076			5,751,778			20,648,905			52,101,473
	—			4,986,474			18,711,493			39,620,528
	(11,457,228	)		(22,216,449	)		(56,957,173	)		(140,449,316	)
	(9,533,152	)		(11,478,197	)		(17,596,775	)		(48,727,315	)
	12,729,806			(27,996,111	)		21,380,984			(94,370,305	)
	181,943,223			209,939,334			1,376,980,040			1,471,350,345
$	194,673,029		$	181,943,223		$	1,398,361,024		$	1,376,980,040
	105,041			312,332			1,822,566			4,614,192
	—			294,883			1,644,997			3,522,242
	(624,315	)		(1,199,520	)		(5,019,282	)		(12,474,273	)
	(519,274	)		(592,305	)		(1,551,719	)		(4,337,839	)

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

Statements of Changes in Net Assets 91

Elfun Funds

Statements of Changes in Net Assets

	Elfun Income Fund						Elfun Government Money Market Fund
	Six Months Ended June 30, 2019•			Year Ended December 31, 2018			Six Months Ended June 30, 2019•			Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	3,302,582		$	6,939,136		$	1,173,385		$	1,556,972
Net realized gain (loss) on investments, futures, swap contracts, options contracts, and foreign currency related transactions		3,604,895			(5,426,673	)		72			(3	)
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts		8,223,815			(3,757,452	)		—			—
Net increase (decrease) from operations		15,131,292			(2,244,989	)		1,173,457			1,556,969
Distributions to shareholders:
Total distributions		(3,419,180	)		(7,065,178	)		(1,174,168	)		(1,556,972	)
Increase (decrease) in assets from operations and distributions		11,712,112			(9,310,167	)		(711	)		(3	)
Share transactions:
Proceeds from sale of shares		4,161,753			10,263,456			35,942,973			49,255,283
Value of distributions reinvested		2,613,306			5,368,470			1,091,692			1,430,523
Cost of shares redeemed		(12,082,066	)		(38,033,816	)		(25,133,934	)		(56,238,963	)
Net increase (decrease) from share transactions		(5,307,007	)		(22,401,890	)		11,900,731			(5,553,157	)
Total increase (decrease) in net assets		6,405,105			(31,712,057	)		11,900,020			(5,553,160	)
Net Assets
Beginning of period		229,477,020			261,189,077			104,275,015			109,828,175
End of period	$	235,882,125		$	229,477,020		$	116,175,035		$	104,275,015
Changes in Fund Shares
Shares sold		367,651			925,381			35,942,973			49,255,283
Issued for distributions reinvested		230,593			485,128			1,091,692			1,430,523
Shares redeemed		(1,075,502	)		(3,427,061	)		(25,133,934	)		(56,238,963	)
Net increase (decrease) in fund shares		(477,258	)		(2,016,552	)		11,900,731			(5,553,157	)

• Unaudited.

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

92 Statements of Changes in Net Assets

Elfun Funds

Notes to Financial Statements — June 30, 2019 (Unaudited)

1. Organization of the Funds

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

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

2. Summary of Significant Accounting Policies

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

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

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

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

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

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

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

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

• 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.

Notes to Financial Statements 93

Elfun Funds

Notes to Financial Statements, continued — June 30, 2019 (Unaudited)

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

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

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

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

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

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

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

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

The value of each Fund’s investments according to the fair value hierarchy as of June 30, 2019 is disclosed in each Fund’s Schedule of Investments.

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

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

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

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

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

94 Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — June 30, 2019 (Unaudited)

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

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

Foreign Taxes  The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2019, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

3. Securities and Other Investments

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

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

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

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

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

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

Notes to Financial Statements 95

Elfun Funds

Notes to Financial Statements, continued — June 30, 2019 (Unaudited)

As of June 30, 2019, the Elfun Government Money Market Fund had invested in repurchase agreements with the gross values of $25,519,000 and associated collateral equal to $26,029,597.

4. Derivative Financial Instruments

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

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

During the period ended June 30, 2019, the following Funds entered into futures contracts for strategies listed below:

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

Credit Default Swaps  During the period ended June 30, 2019, the Elfun Diversified Fund and Elfun Income Fund engaged in credit default swaps to manage credit risk. When a Fund is the buyer in a credit default swap contract, a Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (“CCP”) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, a Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, a Fund loses its investment and recovers nothing. However, if a credit event occurs, a Fund receives full notional value for a referenced debt obligation that may have little or no value. When a Fund is the seller of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, a Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that a Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by a Fund for the same referenced obligation.

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

96 Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — June 30, 2019 (Unaudited)

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

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

During the period ended June 30, 2019, the Elfun Diversified Fund and Elfun Income Fund entered into interest rate swaps in order to manage exposure to interest rates.

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

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

During the period ended June 30, 2019, the Elfun Diversified Fund and the Elfun Income Fund purchased and wrote options in order to manage interest rate risk.

The following tables summarize the value of the Funds’ derivative instruments as of June 30, 2019 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Elfun Diversified Fund
Futures Contracts	$	140,236	$	—	$	—	$	7,793	$	—	$	148,029
Swap Contracts		—		—		175,754		—		—		175,754
Elfun Income Fund
Futures Contracts	$	450,778	$	—	$	—	$	—	$	—	$	450,778
Swap Contracts		—		—		624,435		—		—		624,435

Liability Derivatives

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk		Commodity Contracts Risk		Total
Elfun Diversified Fund
Swap Contracts	$	(167,549	)	$	—	$	(5,900	)	$	—	$	—	$	(173,449	)
Elfun Income Fund
Swap Contracts	$	(649,197	)		—		(21,090	)		—		—		(670,287	)

Notes to Financial Statements 97

Elfun Funds

Notes to Financial Statements, continued — June 30, 2019 (Unaudited)

Realized Gain/Loss

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Elfun International Equity Fund
Futures Contracts	$	—		$	—	$	—	$	4,611	$	—	$	4,611
Elfun Diversified Fund
Futures Contracts	$	246,646		$	—	$	—	$	47,972	$	—	$	294,618
Swap Contracts		(10,734	)		—		49,620		—		—		38,886
Purchased Option Contracts(a)		(7,172	)		—		—		—		—		(7,172	)
Written Option Contracts		848			—		—		—		—		848
Elfun Income Fund
Futures Contracts	$	683,901		$	—	$	—	$	—	$	—	$	683,901
Swap Contracts		(41,577	)		—		139,134		—		—		97,557
Purchased Option Contracts(a)		(25,541	)		—		—		—		—		(25,541	)
Written Option Contracts		3,021			—		—		—		—		3,021

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

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Elfun Diversified Fund
Futures Contracts	$	(58,448	)	$	—	$	—	$	22,865	$	—	$	(35,583	)
Swap Contracts		(93,798	)		—		59,920		—		—		(33,878	)
Elfun Income Fund
Futures Contracts	$	(172,547	)	$	—	$	—	$	—	$	—	$	(172,547	)
Swap Contracts		(363,437	)		—		212,860		—		—		(150,577	)

5. Fees and Transactions with Affiliates

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

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

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

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

98 Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — June 30, 2019 (Unaudited)

Other Transactions with Affiliates  The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended June 30, 2019 are disclosed in the Schedules of Investments.

6. Trustees’ Fees

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

7. Investment Transactions

Purchases and Sales of Securities  The cost of purchases and the proceeds from sales of investments, other than short-term securities, for the period ended June 30, 2019, were as follows:

	U.S. Government Obligations				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Elfun International Equity Fund	$	—	$	—	$	18,871,629	$	23,616,209
Elfun Trusts		—		—		155,843,419		266,317,809
Elfun Diversified Fund		149,863,013		142,792,582		9,807,136		27,539,238
Elfun Tax-Exempt Income Fund		—		—		226,535,447		232,697,694
Elfun Income Fund		510,887,441		484,847,997		34,090,479		60,293,858

8. Income Tax Information

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

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

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

As of June 30, 2019, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Elfun International Equity Fund	$	166,698,955	$	48,066,905	$	7,551,555	$	40,515,350
Elfun Trusts		1,653,694,307		1,210,299,847		79,656,885		1,130,642,962
Elfun Diversified Fund		193,053,028		23,040,308		3,635,629		19,404,679
Elfun Tax-Exempt Income Fund		1,308,690,057		80,550,425		1,391,747		79,158,678
Elfun Income Fund		285,517,504		7,878,954		1,808,134		6,070,820
Elfun Government Money Market Fund		116,542,847		—		—		—

Notes to Financial Statements 99

Elfun Funds

Notes to Financial Statements, continued — June 30, 2019 (Unaudited)

9. Line of Credit

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

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

The Funds had no outstanding loans as of June 30, 2019.

10. Risks

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

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

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

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

11. Change in Accounting Principle

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20) — Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). For callable debt securities held at a premium that have explicit, non-contingent call features and that are callable at fixed prices on preset dates, ASU 2017-08 requires the premium to be amortized to the earliest call date. The adoption resulted in a change in accounting principle, since the Funds had historically amortized such premiums to maturity for U.S. GAAP. Accordingly, the Funds have adopted ASU 2017-08 to amend the premium amortization period for certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, each Fund applied the amendments on a modified retrospective basis by recognizing a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments as follows:

Fund	Adjustment
Elfun Diversified Fund	$	5,002
Elfun Tax-Exempt Income Fund		15,982,599
Elfun Income Fund		17,310

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

100 Notes to Financial Statements

Elfun Funds

Notes to Financial Statements, continued — June 30, 2019 (Unaudited)

12. Subsequent Events

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

Notes to Financial Statements 101

Elfun Funds

Other Information — June 30, 2019 (Unaudited)

Proxy Voting Policies and Procedures and Record

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

Quarterly Portfolio Schedule

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

102 Other Information

Elfun Funds¹

Other Information — June 30, 2019, continued (Unaudited)

Trustee Considerations in Approving Continuation of Investment Advisory Agreements²

Overview of the Contract Review Process

Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees or its shareholders, and by a vote of a majority of those trustees who are not “interested persons” of the fund (commonly referred to as, the “Independent Trustees”) cast in person at a meeting called for the purpose of considering such approval.

Consistent with these requirements, the Board of Trustees (the “Board”) of the Elfun Funds, met in person on April 10, 2019 and May 15, 2019, including in executive sessions attended by the Independent Trustees, to consider a proposal to approve, with respect to each Fund, the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Trustees, as well as the Trustees who are “interested persons” of the Adviser, reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Trustees were separately represented by counsel who are independent of the Adviser in connection with their consideration of approval of the Advisory Agreement. Following the April 10, 2019 meeting, the Independent Trustees submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 15, 2019 meeting. The Independent Trustees considered, among other things, the following:

Information about Performance, Expenses and Fees

• A report prepared by an independent third-party provider of investment company data, which includes for each Fund:

• Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2018, to the performance of an appropriate benchmark constructed by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Lipper Index”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”);

• Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”);

• A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and

• Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.

Other Information 103

¹  The “Elfun Funds” include the Elfun Trusts, Elfun International Equity Fund, Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun Government Money Market Fund (each, a “Fund” and collectively, the “Funds”).

²  The Independent Trustees have identified numerous relevant issues, factors and concerns (“issues, factors and concerns”) that they consider each year in connection with the proposed continuation of the advisory agreements, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the “annual review process”). The statement of issues, factors and concerns and the related conclusions of the Independent Trustees may not change substantially from year to year. However, the information requested by, and provided to, the Independent Trustees with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Trustees schedule annually a separate in-person meeting that is dedicated to the annual review process (the “special meeting”). At the special meeting and throughout the annual review process, the Independent Trustees take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Trustees before the annual review process is completed and prior to the Independent Trustees voting on proposals to approve continuation of the agreements and plans.

Elfun Funds

Other Information — June 30, 2019, continued (Unaudited)

• Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Funds, as applicable; and

• Profitability analyses for (a) the Adviser with respect to each Fund and (b) affiliates of the Adviser that provide services to the Funds (“Affiliated Service Providers”).

Information about Portfolio Management

• Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes;

• Information concerning the allocation of brokerage; and

• Information regarding the procedures and processes used to value the assets of the Funds.

Information about the Adviser

• Reports detailing the financial results and condition of the Adviser and its affiliates;

• Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolios of the Funds and for Fund operations;

• Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser;

• A copy of the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors;

• Information concerning the resources devoted by the Adviser to overseeing compliance by the Funds and their service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Funds;

• A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year;

• A description of the business continuity and disaster recovery plans of the Adviser; and

• Information regarding the Adviser’s risk management processes.

Other Relevant Information

• Information concerning the nature, extent, quality and cost of services provided to the Funds by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”);

• Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Funds by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Funds, as applicable, and the role of the Adviser in managing the Funds’ relationship with these service providers;

• Copies of the Advisory Agreement and agreements with other service providers of the Funds;

• Draft responses to a letter from independent legal counsel to the Independent Trustees (“Independent Counsel”), reviewed prior to such date by Independent Counsel, requesting specific information from each of:

• SSGA FM, in its capacity as the Funds’ Adviser and Administrator, with respect to its operations relating to the Funds and its approximate profit margins from such operations for the calendar year ended December 31, 2018; and the relevant operations of other affiliated service providers to the Funds, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2018;

• State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Funds, with respect to its operations relating to the Funds; and

• State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Funds (the “Distributor”), with respect to its operations relating to the Funds, together with the Funds’ related distribution plans and arrangements under Rule 12b-1 of the 1940 Act;

104 Other Information

Elfun Funds

Other Information — June 30, 2019, continued (Unaudited)

• Information from SSGA FM, State Street and the Distributor with respect to the Funds providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 15, 2019;

• Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel; and

• A summary of the foregoing materials prepared by Independent Counsel.

In addition to the information identified above, the Board considered information provided from time to time by the Adviser, and other service providers of the Funds throughout the year at meetings of the Board and its committees. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Funds and the investment strategies used in pursuing each Fund’s investment objective.

The Independent Trustees were assisted throughout the contract review process by their Independent Counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund.

Results of the Process

Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, on May 15, 2019 the Board, including a majority of the Independent Trustees, voted to approve the continuation of the Advisory Agreement effective June 1, 2019, for an additional year with respect to all Funds.

Nature, Extent and Quality of Services

In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to each Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing various Funds that invest primarily in equity securities or money market instruments. With respect to those Funds that invest primarily in fixed-income securities, the Board considered the extensive experience and resources committed by the Adviser to the evaluation of a portfolio’s quality distribution and sector and interest rate exposure. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. The Trustees also considered the significant risks assumed by the Adviser in connection with the services provided to the Funds, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Funds by senior management.

The Board had previously reviewed the compliance programs of SSGA FM and various affiliated service providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.

On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Funds.

Fund Performance

The Board compared each Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2018. For purposes of these comparisons the Independent

Other Information 105

Elfun Funds

Other Information — June 30, 2019, continued (Unaudited)

Trustees relied extensively on the Performance Group, Performance Universe and Lipper Index and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of each Fund:

Elfun Trusts. The Board considered that the Fund’s performance was below the medians of its Performance Group and Performance Universe and below its Lipper Index for the 1-, 3- and 5- year periods and below the median of its Performance Universe and below its Lipper Index, and equal to the median of the Performance Group, for the 10-year period. The Board took into account management’s discussion of the Fund’s performance.

Elfun International Equity Fund. The Board considered that the Fund’s performance was below the median of its Performance Group for the 1-, 3- and 5-year periods and below the median of its Performance Universe and below its Lipper Index for the 1-, 3-, 5- and 10-year periods, and above the median of its Performance Group for the 10-year period. The Board took into account management’s discussion of the Fund’s performance.

Elfun Diversified Fund. The Board considered that the Fund’s performance was above the median of its Performance Group for the 1-year period, equal to the median of its Performance Group for the 5-year period and below the median of the Performance Group for the 3- and 10-year periods. The Board also considered that the Fund’s performance was above the median of the Performance Universe for the 1-, 3-, 5- and 10-year periods and above its Lipper Index for the 1- and 5-year periods and below the Lipper Index for the 3- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance.

Elfun Government Money Market Fund. The Board considered that the Fund’s performance was above the medians of its Performance Group and Performance Universe and above its Lipper Index for the 1-, 3-, 5- and 10- year periods.

Elfun Income Fund. The Board considered that the Fund’s performance was above the median of its Performance Group for the 1-, 3-, 5- and 10-year periods, and above the median of its Performance Universe for 3- and 5-year periods. The Board also considered that the Fund’s performance was below the median of its Performance Universe for the 1- and 10-year periods and below its Lipper Index for the 1-, 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance.

Elfun Tax-Exempt Income Fund. The Board considered that the Fund’s performance was above the medians of its Performance Group and Performance Universe for the 1-year period, below the medians of its Performance Group and Performance Universe for the 3-, 5- and 10-year periods and below its Lipper Index for the 1-, 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance.

On the basis of the foregoing and other relevant information, the Board concluded that the performance of each Fund is satisfactory (a) by comparison to the performance of its Performance Group, Performance Universe or Lipper Index or (b) after considering steps taken by management to improve the performance of certain Funds.

Management Fees and Expenses

The Board reviewed the contractual investment advisory fee rates payable by each Fund and actual fees paid by each Fund, net of waivers. As part of its review, the Board considered each Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for each of the Funds. The Board also considered the comparability of the fees charged and the services provided to each Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. In addition, the Board considered the willingness of the Adviser to provide undertakings from time to time to waive fees or pay expenses of various Funds to limit the total expenses borne by shareholders of such Funds. Among other information, the Board considered the following expense information in its evaluation of each Fund:

Elfun Trusts. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.

Elfun International Equity Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.

106 Other Information

Elfun Funds

Other Information — June 30, 2019, continued (Unaudited)

Elfun Diversified Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.

Elfun Government Money Market Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.

Elfun Income Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.

Elfun Tax-Exempt Income Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.

On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of each Fund compare favorably to the fees and expenses of the Expense Group and Expense Universe and are reasonable in relation to the services provided.

Profitability

The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to each Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by SSGA FM and Affiliated Service Providers in connection with their relationships with the Funds, including, where applicable, soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Funds and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Funds, including reputational and entrepreneurial risks.

The Board concluded that the profitability of the Adviser with respect to each of the Funds, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Funds, were reasonable in relation to the services provided.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund and all Funds as a group, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific Fund or the Funds taken as a whole. The Board concluded that, in light of the current size of each Fund and all Funds as a group, the level of profitability of the Adviser and its affiliates with respect to each Fund and all Funds as a group over various time periods, and the comparative management fee and expense ratio of each Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Funds to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for any Fund at this time.

Conclusions

In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Trustee may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Trustees, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.

Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of each Fund and its respective shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.

Other Information 107

Elfun Funds

Shareholder Services

Online Service

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

Here are some of the online services:

• View account balance and transaction history

• Make exchanges

• Redeem shares

• Purchase shares

• View and order tax forms

• View quarterly statements

• Change address

• Re-order money market checks

Telephone Service

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

Automated Voice Response System

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

Contact Us By Mail

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

Elfun Mutual Funds

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

P.O. Box 701

Milwaukee, WI 53201-0701

108 Shareholder Services

Trustees

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Richard D. Shirk

Rina K. Spence

Michael A. Jessee

Ellen M. Needham

Jeanne M. La Porta

Officers

Ellen M. Needham, President

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

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

James Goundrey, Assistant Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, Massachusetts 02210

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, Massachusetts 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Investments.

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

(b) Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

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

Item 11. Controls and Procedures.

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

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

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

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

Item 13. Exhibits.

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

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

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

(a)(4) Not applicable.

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

SIGNATURES

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

Registrant:	ELFUN DIVERSIFIED FUND
By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President
Date:	August 30, 2019

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

By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President (Principal Executive Officer)
Date:	August 30, 2019
By:	/s/ Bruce S. Rosenberg
	Bruce S. Rosenberg
	Treasurer (Principal Financial and Accounting Officer)
Date:	August 30, 2019