Elfun International Equity Fund Schedule of Investments July 31, 2021 (Unaudited)

Number Fair Number Fair of Shares Value of Shares Value Common Stock - 96.1% Kao Corp. 36,700 $ 2,198,322 Australia - 2.0% Komatsu Ltd. 104,800 2,701,405 BHP Group PLC 129,626 $ 4,188,443 Mitsubishi UFJ Financial Group Inc. 773,626 4,077,837 Brazil - 0.5% Itau Unibanco Holding S.A. Company Ltd. 48,091 3,961,208 ADR 183,361 1,057,993 Corp. 14,673 1,636,424 Recruit Holdings Company Canada - 1.2% Ltd. 100,100 5,134,058 Brookfield Asset Secom Company Ltd. 26,300 1,977,952 Management Inc., Class A 46,839 2,527,021 Corp. 78,657 3,153,447 Brookfield Asset Shiseido Company Ltd. 56,762 3,768,273 Management Reinsurance Partners Ltd., Class A 323 17,475 Tokio Marine Holdings Inc. 62,898 2,985,864 2,544,496 50,292,594

France - 16.9% Netherlands - 7.6% Air Liquide S.A. 32,280 5,610,731 ASML Holding N.V. 10,393 7,875,044 AXA S.A. 130,371 3,382,513 ING Groep N.V. 307,846 3,959,263 BNP Paribas S.A. 68,053 4,151,871 Koninklijke DSM N.V. 20,217 4,074,263 Dassault Systemes SE 55,675 3,071,221 15,908,570 LVMH Moet Hennessy Louis Vuitton SE 8,210 6,560,695 Norway - 1.3% Safran S.A. 32,196 4,211,033 Equinor ASA 145,138 2,832,826 Vivendi SE 109,924 3,714,913 Worldline S.A. 51,766 4,843,818 Portugal - 0.9% Galp Energia SGPS S.A. 187,558 1,829,068 35,546,795 Spain - 3.7% Germany - 6.8% Cellnex Telecom S.A. 54,624 3,558,634 adidas AG 8,100 2,940,083 Industria de Diseno Textil S.A. 126,384 4,284,671 HeidelbergCement AG 40,143 3,559,643 Infineon Technologies AG 99,857 3,805,117 7,843,305 SAP SE 28,383 4,067,057 Sweden - 2.4% 14,371,900 Assa Abloy AB, Class B 154,284 4,950,874

Hong Kong - 2.8% Switzerland - 10.0% AIA Group Ltd. 486,967 5,833,929 Givaudan S.A. 242 1,207,463 Nestle S.A. 59,643 7,554,912 Ireland - 1.6% Novartis AG 67,031 6,203,862 Kerry Group PLC, Class A 22,039 3,266,729 Roche Holding AG 15,848 6,126,390 - 24.0% 21,092,627 Industries Ltd. 26,100 5,390,036 Disco Corp. 11,000 3,122,096 Taiwan - 1.3% FANUC Corp. 7,800 1,732,702 Taiwan Semiconductor Manufacturing Company Fast Retailing Company Ltd. 4,120 2,774,947 Ltd. 134,900 2,797,855 Hoya Corp. 40,452 5,678,023 Elfun International Equity Fund Schedule of Investments July 31, 2021 (Unaudited)

Number Fair Number Fair of Shares Value of Shares Value State Street Institutional United Kingdom - 9.6% U.S. Government Money Ashtead Group PLC 59,520 $ 4,457,113 Market Fund - Class G AstraZeneca PLC 48,300 5,552,288 Shares 0.03% 3,461,726 $ 3,461,726 London Stock Exchange Total Short-Term Group PLC 39,012 4,062,603 Investments Prudential PLC 176,924 3,336,805 (Cost $7,156,055) 7,156,055 Vodafone Group PLC 1,698,757 2,744,018 Total Investments 20,152,827 (Cost $137,247,165) 208,915,248 Other Assets and United States - 3.5% Liabilities, net - 0.5% 958,101 Schneider Electric SE 43,260 7,248,362 NET ASSETS - 100.0% $ 209,873,349 Total Common Stock (Cost $130,091,110) 201,759,193 Short-Term Investments - 3.4% State Street Institutional Treasury Money Market Fund - Premier Class 0.01% 3,694,329 3,694,329

Other Information:

The Fund had the following long futures contracts open at July 31, 2021:

Unrealized Expiration Number of Notional Appreciation Description Date Contracts Amount Value (Depreciation)

MSCI EAFE Mini Index Futures September 2021 31 $3,621,673 $3,595,070 $(26,603)

The securities information regarding holdings, allocations and other characteristics are 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. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.