Schedule of Investments July 31, 2021 (Unaudited)
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% Murata Manufacturing Itau Unibanco Holding S.A. Company Ltd. 48,091 3,961,208 ADR 183,361 1,057,993 Nidec 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 Shimadzu 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.
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