sign in sign up
<<
Home , Advance Auto Parts, CDW, CNA Financial, Howmet Aerospace, IQVIA, Maxim Integrated

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

Number Fair Number Fair of Shares Value of Shares Value Domestic Equity - 37.2% Alternative Carriers - 0.0% Common Stock - 37.1% Lumen Technologies Inc. 2,074 $ 25,863 Advertising - 0.0% Omnicom Group Inc. 441 $ 32,113 Apparel - 0.1% The Interpublic Group of Inc. 775 95,085 Companies Inc. 866 30,622 The Gap Inc. 530 15,460 62,735 The TJX Companies Inc. 2,615 179,938 290,483 Aerospace & Defense - 0.6% General Dynamics Corp. 505 98,995 Apparel, Accessories & Luxury Goods - 0.1% Howmet Aerospace Inc. 819 26,880 Inc. 810 14,790 Huntington Ingalls PVH Corp. 163 17,053 Industries Inc. 97 19,898 Ralph Lauren Corp. 113 12,828 L3Harris Technologies Inc. 448 101,579 Tapestry Inc. 636 26,903 Lockheed Martin Corp. 541 201,073 Under Armour Inc., Class A 479 9,795 Northrop Grumman Corp. 333 120,886 Under Armour Inc., Class C 482 8,445 Raytheon Technologies Corp. 3,359 292,065 VF Corp. 724 58,065 Teledyne Technologies Inc. 106 47,994 147,879 Textron Inc. 498 34,367 The Co. 1,213 274,720 Application - 1.0% TransDigm Group Inc. 119 76,290 Adobe Inc. 1,051 653,333 1,294,747 Inc. 193 71,113 Inc. 481 154,464 Agricultural & Farm Machinery - 0.1% Cadence Design Deere & Co. 689 249,135 Systems Inc. 597 88,147 Citrix Systems Inc. 288 29,016 Agricultural Products - 0.0% Inc. 602 319,042 Archer-Daniels-Midland Co. 1,175 70,171 Paycom Software Inc. 106 42,400 PTC Inc. 200 27,090 Air Freight & Logistics - 0.2% .com Inc. 2,124 513,859 CH Robinson Worldwide Inc. 276 24,611 Inc. 323 93,021 Expeditors International of Washington Inc. 372 47,709 Tyler Technologies Inc. 88 43,352 FedEx Corp. 534 149,493 2,034,837 United Parcel Service Inc., Class B 1,594 305,028 Asset Management & Custody Banks - 0.3% 526,841 Ameriprise Financial Inc. 252 64,905 BlackRock Inc. 313 271,424 Airlines-0.1% Franklin Resources Inc. 592 17,494 Alaska Air Group Inc. 252 14,623 Invesco Ltd. 809 19,724 American Airlines Group Inc. 1,494 30,448 Corp. 435 49,090 Delta Air Lines Inc. 1,400 55,860 State Street Corp. 760 66,226 Southwest Airlines Co. 1,280 64,666 T Rowe Price Group Inc. 496 101,263 Inc. 736 34,386 The Bank of New York Mellon Corp. 1,795 92,137 199,983 682,263 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Number Fair Number Fair of Shares Value of Shares Value Auto Parts & Equipment - 0.0% Johnson Controls BorgWarner Inc. 539 $ 26,400 International PLC 1,602 $ 114,415 Masco Corp. 573 34,214 Automobile Manufacturers - 0.7% 298,260 Ford Motor Co. 8,515 118,784 General Motors Co. 2,833 161,028 Cable & Satellite - 0.4% Tesla Inc. 1,692 1,162,742 Inc., Class A 304 226,191 1,442,554 Corp., Class A 10,025 589,771 Automotive Retail - 0.1% DISH Network Corp., Class A 532 22,285 Inc. 135 28,628 838,247 AutoZone Inc. 47 76,308 CarMax Inc. 354 47,418 Casinos & Gaming - 0.1% O’Reilly Automotive Inc. 152 91,784 Caesars Entertainment Inc. 444 38,788 Las Vegas Sands Corp. 671 28,417 244,138 MGM Resorts International 920 34,527 Biotechnology - 0.7% Penn National Gaming Inc. 300 20,514 AbbVie Inc. 3,886 451,942 Wynn Resorts Ltd. 233 22,911 Inc. 1,266 305,790 145,157 Inc. 320 104,554 Inc. 2,776 189,573 Commodity Chemicals - 0.1% Corp. 394 30,476 Dow Inc. 1,682 104,553 Inc. 663 234,437 LyondellBasell Industries N.V., Class A 539 53,539 Regeneron Pharmaceuticals Inc. 232 133,309 158,092 Inc. 568 114,497 Communications Equipment - 0.3% 1,564,578 Arista Networks Inc. 114 43,365 Brewers - 0.0% Inc. 9,235 511,342 Molson Coors Beverage Co., F5 Networks Inc. 116 23,955 Class B 381 18,627 Juniper Networks Inc. 645 18,150 Solutions Inc. 358 80,163 Broadcasting - 0.1% 676,975 Discovery Inc., Class A 361 10,472 Discovery Inc., Class C 697 18,896 Computer & Electronics Retail - 0.0% Fox Corp., Class A 697 24,855 Company Inc. 503 56,512 Fox Corp., Class B 383 12,731 ViacomCBS Inc., Class B 1,304 53,373 Construction & Engineering - 0.0% 120,327 Quanta Services Inc. 258 23,452

Building Products - 0.1% Construction Machinery & Heavy Trucks - 0.2% AO Smith Corp. 300 21,099 Caterpillar Inc. 1,209 249,961 Carrier Global Corp. 1,813 100,168 Cummins Inc. 321 74,504 Fortune Brands Home & Inc. 751 62,325 Security Inc. 291 28,364 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Number Fair Number Fair of Shares Value of Shares Value Westinghouse Air Brake Pool Corp. 85 $ 40,615 Technologies Corp. 399 $ 33,863 112,491 420,653 Diversified Banks - 1.2% Construction Materials - 0.1% Corp. 16,604 636,929 Martin Marietta Materials Inc. 133 48,319 Citigroup Inc. 4,518 305,507 Vulcan Materials Co. 299 53,817 JPMorgan Chase & Co. 6,648 1,009,034 102,136 U.S. Bancorp 2,932 162,843 Wells Fargo & Co. 9,105 418,284 Consumer Finance - 0.3% 2,532,597 Co. 1,436 244,881 Capital One Financial Corp. 1,000 161,700 Diversified Chemicals - 0.0% Services 627 77,949 Eastman Chemical Co. 312 35,169 Synchrony Financial 1,203 56,565 541,095 Diversified Support Services - 0.1% Corp. 198 78,048 Copper - 0.1% Inc. 441 64,827 Freeport-McMoRan Inc. 3,227 122,949 142,875

Data Processing & Outsourced Services - 1.5% Drug Retail - 0.0% Automatic Data Alliance Inc. 1,601 75,487 Processing Inc. 941 197,262 Broadridge Financial Electric Utilities - 0.6% Solutions Inc. 251 43,546 Alliant Energy Corp. 497 29,090 Fidelity National Information Services Inc. 1,371 204,348 Company Inc. 1,080 95,170 Inc. 1,303 149,988 Corp. 1,702 178,897 FleetCor Technologies Inc. 186 48,029 Edison International 843 45,944 Global Payments Inc. 645 124,749 Entergy Corp. 450 46,314 Jack Henry & Associates Inc. 157 27,332 Evergy Inc. 483 31,501 Mastercard Inc., Class A 1,922 741,777 Eversource Energy 730 62,977 Inc. 695 79,105 Corp. 2,110 98,748 PayPal Holdings Inc. 2,581 711,143 FirstEnergy Corp. 1,162 44,528 The Western Union Co. 991 23,001 NextEra Energy Inc. 4,322 336,684 Visa Inc., Class A 3,716 915,585 NRG Energy Inc. 555 22,888 3,265,865 Pinnacle West Capital Corp. 215 17,963 PPL Corp. 1,655 46,952 Distillers & Vintners - 0.1% The Southern Co. 2,360 150,733 Brown-Forman Corp., Class B 362 25,673 Inc. 1,148 78,351 Constellation Brands Inc., Class A 370 83,006 1,286,740

108,679 Electrical Components & Equipment - 0.2% Distributors - 0.1% AMETEK Inc. 499 69,386 PLC 870 137,504 Genuine Parts Co. 312 39,599 Emerson Electric Co. 1,289 130,047 LKQ Corp. 636 32,277 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Number Fair Number Fair of Shares Value of Shares Value Generac Holdings Inc. 130 $ 54,517 Food Distributors - 0.0% Rockwell Automation Inc. 251 77,162 Sysco Corp. 1,128 $ 83,698 468,616 Food Retail - 0.0% Electronic Components - 0.1% The Co. 1,681 68,417 Amphenol Corp., Class A 1,302 94,382 Footwear - 0.2% Corning Inc. 1,640 68,650 NIKE Inc., Class B 2,805 469,866 163,032 Gas Utilities - 0.0% Electronic Equipment & Instruments - 0.1% Atmos Energy Corp. 295 29,084 Keysight Technologies Inc. 395 64,997 Trimble Inc. 500 42,750 General Merchandise Stores - 0.2% Corp., Corp. 525 122,136 Class A 112 61,878 Inc. 497 49,596 169,625 Target Corp. 1,091 284,805 456,537 Electronic Manufacturing Services - 0.0% IPG Photonics Corp. 83 18,107 Gold - 0.1% Newmont Corp. 1,755 110,249 Environmental & Facilities Services - 0.1% Republic Services Inc. 439 51,960 Health Care REITs - 0.1% Rollins Inc. 525 20,123 Healthpeak Properties Inc. 1,127 41,665 Waste Management Inc. 850 126,021 Ventas Inc. 818 48,900 198,104 Welltower Inc. 876 76,090 166,655 Fertilizers & Agricultural Chemicals - 0.1% CF Industries Holdings Inc. 501 23,672 Healthcare Distributors - 0.1% Corteva Inc. 1,582 67,678 AmerisourceBergen Corp. 305 37,262 FMC Corp. 276 29,518 Cardinal Health Inc. 600 35,628 The Mosaic Co. 664 20,737 Henry Schein Inc. 264 21,160 141,605 McKesson Corp. 332 67,671 161,721 Financial Exchanges & Data - 0.4% Inc. 225 26,656 Healthcare Equipment - 1.1% CME Group Inc. 795 168,643 3,909 472,911 Intercontinental ABIOMED Inc. 93 30,424 Exchange Inc. 1,229 147,271 Inc. 1,098 84,930 MarketAxess Holdings Inc. 80 38,014 Becton Dickinson & Co. 636 162,657 Moody’s Corp. 351 131,976 Boston Scientific Corp. 3,099 141,314 MSCI Inc. 179 106,677 Danaher Corp. 1,397 415,594 Inc. 254 47,429 Inc. 209 107,742 S&P Global Inc. 532 228,079 Edwards Lifesciences Corp. 1,378 154,708 894,745 Hologic Inc. 585 43,898 Inc. 186 126,207 Inc. 261 258,771 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Number Fair Number Fair of Shares Value of Shares Value ResMed Inc. 325 $ 88,335 Home Improvement Retail - 0.5% STERIS PLC 216 47,077 Lowe’s Companies Inc. 1,558 $ 300,211 Stryker Corp. 725 196,432 Inc. 2,336 766,652 Teleflex Inc. 101 40,140 1,066,863 Zimmer Biomet Holdings Inc. 450 73,539 2,444,679 Hotel & Resort REITs - 0.0% Host Hotels & Resorts Inc. 1,433 22,828 Healthcare Facilities - 0.1% HCA Healthcare Inc. 583 144,700 Hotels, Resorts & Cruise Lines - 0.2% Universal Health Inc. 91 198,222 Services Inc., Class B 182 29,195 Carnival Corp. 1,799 38,948 173,895 Expedia Group Inc. 292 46,974 Hilton Worldwide Healthcare Services - 0.3% Holdings Inc. 602 79,133 Cigna Corp. 760 174,412 Inc., Class A 578 84,376 CVS Health Corp. 2,906 239,338 Norwegian Cruise Line DaVita Inc. 138 16,595 Holdings Ltd. 848 20,377 Laboratory Corporation of Royal Caribbean Cruises Ltd. 464 35,668 America Holdings 205 60,711 Quest Diagnostics Inc. 296 41,973 503,698 533,029 Household Appliances - 0.0% Whirlpool Corp. 143 31,680 Healthcare Supplies - 0.1% Inc. 157 109,241 Household Products - 0.5% DENTSPLY SIRONA Inc. 453 29,916 Church & Dwight The Cooper Companies Inc. 111 46,816 Company Inc. 555 48,052 West Pharmaceutical Colgate-Palmolive Co. 1,874 148,983 Services Inc. 164 67,524 Kimberly-Clark Corp. 736 99,890 253,497 The Clorox Co. 275 49,745 The Procter & Gamble Co. 5,379 765,055 Healthcare Technology - 0.0% 1,111,725 Corp. 669 53,781 Housewares & Specialties - 0.0% Home Building - 0.1% Newell Brands Inc. 812 20,097 D.R. Horton Inc. 753 71,859 Lennar Corp., Class A 609 64,036 Human Resource & Employment Services - 0.0% NVR Inc. 7 36,558 Robert Half International Inc. 266 26,124 PulteGroup Inc. 599 32,867 205,320 Hypermarkets & Super Centers - 0.4% Wholesale Corp. 973 418,118 Home Furnishings - 0.0% Inc. 3,022 430,786 Leggett & Platt Inc. 294 14,121 848,904 Mohawk Industries Inc. 123 23,973 38,094 Independent Power Producers & Energy Traders - 0.0% The AES Corp. 1,355 32,113 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Number Fair Number Fair of Shares Value of Shares Value Inc. 9,100 $ 507,598 Industrial Conglomerates - 0.5% Co. 1,279 $ 253,165 947,618 Co. 19,419 251,476 Interactive Home Entertainment - 0.1% International Inc. 1,530 357,699 Inc. 1,722 143,994 Roper Technologies Inc. 229 112,517 Inc. 626 90,119 974,857 Take-Two Interactive Software Inc. 261 45,262 Industrial Gases - 0.1% 279,375 Air Products & Chemicals Inc. 484 140,858 Interactive Media & Services - 2.6% Industrial Machinery - 0.3% Alphabet Inc., Class C 622 1,682,149 Dover Corp. 300 50,136 Alphabet Inc., Class A 657 1,770,306 Fortive Corp. 764 55,512 Facebook Inc., Class A 5,238 1,866,299 IDEX Corp. 156 35,364 Twitter Inc. 1,710 119,273 Tool Works Inc. 637 144,389 Inc. 759 37,092 5,438,027 Otis Worldwide Corp. 856 76,655 Internet & Direct Marketing Retail - 1.5% Parker-Hannifin Corp. 281 87,681 .com Inc. 937 3,117,952 Snap-on Inc. 106 23,106 eBay Inc. 1,406 95,903 Stanley Black & Decker Inc. 348 68,573 Etsy Inc. 272 49,915 Xylem Inc. 392 49,333 3,263,770 627,841 Internet Services & Infrastructure - 0.0% Industrial REITs - 0.1% Akamai Technologies Inc. 343 41,132 Duke Realty Corp. 780 39,686 Inc. 216 46,736 Prologis Inc. 1,602 205,120 87,868 244,806 Investment Banking & Brokerage - 0.4% Brokers - 0.2% Morgan Stanley 3,219 308,960 Aon PLC, Class A 487 126,634 Raymond James Arthur J Gallagher & Co. 442 61,575 Financial Inc. 260 33,665 Marsh & McLennan The Charles Schwab Corp. 3,290 223,555 Companies Inc. 1,113 163,856 The 352,065 Group Inc. 750 281,160

Integrated Oil & Gas - 0.5% 847,340 Chevron Corp. 4,254 433,100 IT Consulting & Other Services - 0.2% Exxon Mobil Corp. 9,310 535,976 Technology Occidental Petroleum Corp. 1,757 45,858 Solutions Corp., Class A 1,116 82,060 1,014,934 DXC Technology Co. 586 23,428 Gartner Inc. 192 50,828 Integrated Telecommunication Services - 0.4% International Business AT&T Inc. 15,687 440,020 Machines Corp. 1,971 277,832 434,148 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Number Fair Number Fair of Shares Value of Shares Value Leisure Products - 0.0% Multi-Line Insurance - 0.1% Hasbro Inc. 250 $ 24,860 American International Group Inc. 1,882 $ 89,113 Life & Health Insurance - 0.2% Assurant Inc. 141 22,251 Aflac Inc. 1,414 77,770 Financial Globe Life Inc. 195 18,156 Services Group Inc. 758 48,224 Lincoln National Corp. 384 23,662 159,588 MetLife Inc. 1,620 93,474 Principal Financial Group Inc. 574 35,663 Multi-Sector Holdings - 0.5% Prudential Financial Inc. 864 86,642 Inc., Class B 4,161 1,157,965 Unum Group 357 9,782 345,149 Multi-Utilities - 0.3% Ameren Corp. 555 46,576 Life Sciences Tools & Services - 0.5% CenterPoint Energy Inc. 1,191 30,323 Agilent Technologies Inc. 663 101,591 CMS Energy Corp. 625 38,619 Bio-Rad Laboratories Inc., Consolidated Edison Inc. 717 52,893 Class A 50 36,976 Dominion Energy Inc. 1,762 131,921 Charles River Laboratories International Inc. 100 40,692 DTE Energy Co. 411 48,218 Illumina Inc. 319 158,144 NiSource Inc. 792 19,618 IQVIA Holdings Inc. 416 103,043 Public Service Enterprise Group Inc. 1,108 68,951 Mettler-Toledo International Inc. 49 72,212 Sempra Energy 667 87,143 PerkinElmer Inc. 237 43,189 WEC Energy Group Inc. 704 66,275 Thermo Inc. 865 467,109 590,537 Waters Corp. 129 50,285 Office REITs - 0.1% 1,073,241 Alexandria Real Estate Equities Inc. 309 62,214 Managed Healthcare - 0.6% Boston Properties Inc. 304 35,684 Anthem Inc. 541 207,749 Vornado Realty Trust 312 13,572 Centene Corp. 1,265 86,792 Humana Inc. 281 119,667 111,470 UnitedHealth Group Inc. 2,073 854,532 Oil & Gas Equipment & Services - 0.1% 1,268,740 Baker Hughes Co. 1,615 34,303 Halliburton Co. 1,963 40,595 Metal & Glass Containers - 0.0% NOV Inc. 805 11,117 Ball Corp. 732 59,204 Schlumberger N.V. 3,050 87,931 Movies & Entertainment - 0.6% 173,946 Live Nation Entertainment Inc. 300 23,667 Oil & Gas Exploration & Production - 0.2% Inc. 975 504,631 APA Corp. 921 17,269 The Walt Disney Co. 3,993 702,848 Cabot Oil & Gas Corp. 998 15,968 1,231,146 ConocoPhillips 2,924 163,919 Devon Energy Corp. 1,234 31,887 Diamondback Energy Inc. 382 29,464 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Number Fair Number Fair of Shares Value of Shares Value EOG Resources Inc. 1,273 $ 92,751 Personal Products - 0.1% Hess Corp. 635 48,539 The Estee Lauder Marathon Oil Corp. 1,599 18,532 Companies Inc., Class A 503 $ 167,916 Pioneer Natural Resources Co. 512 74,429 Pharmaceuticals - 1.4% Bristol-Myers Squibb Co. 4,897 332,359 492,758 Catalent Inc. 346 41,454 Oil & Gas Refining & Marketing - 0.1% Eli Lilly & Co. 1,752 426,612 Marathon Petroleum Corp. 1,368 75,541 Johnson & Johnson 5,783 995,833 Phillips 66 949 69,685 Merck & Company Inc. 5,572 428,320 Valero Energy Corp. 885 59,268 Organon & Co. 587 17,029 Pfizer Inc. 12,161 520,613 204,494 Viatris Inc. 2,587 36,399 Oil & Gas Storage & Transportation - 0.1% Zoetis Inc. 1,049 212,632 Kinder Morgan Inc. 4,104 71,327 3,011,251 ONEOK Inc. 932 48,436 The Williams Companies Inc. 2,531 63,402 Property & Casualty Insurance - 0.2% Cincinnati Financial Corp. 322 37,957 183,165 Loews Corp. 511 27,405 Packaged Foods & Meats - 0.3% The Corp. 658 85,573 Campbell Soup Co. 441 19,280 The Progressive Corp. 1,280 121,805 Inc. 1,026 34,361 Inc. 548 81,608 General Mills Inc. 1,364 80,285 WR Berkley Corp. 300 21,951 Hormel Foods Corp. 617 28,616 376,299 Kellogg Co. 513 32,504 Lamb Weston Holdings Inc. 340 22,702 Publishing - 0.0% McCormick & Company Inc. 531 44,694 News Corp., Class A 811 19,975 Inc., News Corp., Class B 142 3,338 Class A 3,078 194,714 23,313 The Hershey Co. 311 55,632 The JM Smucker Co. 219 28,713 Railroads - 0.3% The Kraft Co. 1,363 52,435 CSX Corp. 5,080 164,185 Tyson Foods Inc., Class A 607 43,376 Kansas City Southern 193 51,685 637,312 Norfolk Southern Corp. 555 143,096 Union Pacific Corp. 1,464 320,265 Paper Packaging - 0.1% 679,231 Avery Dennison Corp. 190 40,029 International Paper Co. 899 51,926 Real Estate Services - 0.0% Packaging Corporation of CBRE Group Inc., Class A 725 69,933 America 222 31,413 Corp. 364 20,657 Regional Banks - 0.4% Westrock Co. 616 30,314 Citizens Financial Group Inc. 901 37,986 174,339 Comerica Inc. 266 18,264 Fifth Third Bancorp 1,589 57,665 First Republic Bank 381 74,303 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Number Fair Number Fair of Shares Value of Shares Value Huntington Bancshares Inc. 3,216 $ 45,281 Simon Property Group Inc. 715 $ 90,462 KeyCorp 2,072 40,736 201,501 M&T Bank Corp. 266 35,604 People’s United Financial Inc. 850 13,345 Semiconductor Equipment - 0.3% Regions Financial Corp. 2,097 40,367 Inc. 1,962 274,543 SVB Financial Group 126 69,295 Enphase Energy Inc. 300 56,880 The PNC Financial Services KLA Corp. 336 116,982 Group Inc. 940 171,465 Corp. 315 200,784 Corp. 2,977 162,038 Teradyne Inc. 355 45,085 Zions Bancorp NA 352 18,357 694,274 784,706 Semiconductors - 1.7% Research & Consulting Services - 0.1% Inc. 2,343 248,803 Equifax Inc. 256 66,713 Inc. 602 100,787 Jacobs Engineering Broadcom Inc. 899 436,375 Group Inc. 275 37,194 Corp. 8,880 477,033 Leidos Holdings Inc. 292 31,075 Nielsen Holdings PLC 801 18,976 Products Inc. 903 90,219 Inc. 364 69,138 Inc. 607 86,874 223,096 Inc. 2,412 187,123 Monolithic Power Residential REITs - 0.1% Systems Inc. 100 44,926 AvalonBay Communities Inc. 294 66,982 Corp. 5,472 1,066,985 728 61,246 Qorvo Inc. 234 44,364 Essex Property Trust Inc. 133 43,637 Inc. 2,485 372,253 Mid-America Apartment Inc. 363 66,977 Communities Inc. 247 47,696 Instruments Inc. 2,034 387,721 UDR Inc. 617 33,929 Inc. 726 108,784 253,490 3,719,224

Restaurants - 0.5% Soft Drinks - 0.5% Chipotle Mexican Grill Inc. 61 113,670 Corp. 777 73,287 Darden Restaurants Inc. 277 40,409 PepsiCo Inc. 3,040 477,128 Domino’s Pizza Inc. 88 46,243 The Coca-Cola Co. 8,533 486,637 McDonald’s Corp. 1,643 398,772 1,037,052 Corp. 2,596 315,232 Yum! Brands Inc. 651 85,535 Specialized REITs - 0.5% 999,861 American Tower Corp. 1,003 283,648 Crown Castle International Retail REITs - 0.1% Corp. 956 184,594 Federal Realty Investment Digital Realty Trust Inc. 612 94,346 Trust 139 16,336 Equinix Inc. 196 160,800 Kimco Realty Corp. 910 19,410 Extra Space Storage Inc. 285 49,630 Realty Income Corp. 792 55,670 Iron Mountain Inc. 605 26,475 Regency Centers Corp. 300 19,623 Public Storage 331 103,431 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Number Fair Number Fair of Shares Value of Shares Value SBA Communications Corp. 237 $ 80,815 Tobacco - 0.3% Weyerhaeuser Co. 1,683 56,767 Altria Group Inc. 4,063 $ 195,187 1,040,506 Philip Morris International Inc. 3,434 343,709 538,896 Specialty Chemicals - 0.3% Albemarle Corp. 252 51,922 Trading Companies & Distributors - 0.1% Celanese Corp. 232 36,138 Co. 1,287 70,489 DuPont de Nemours Inc. 1,140 85,557 United Rentals Inc. 158 52,069 Ecolab Inc. 543 119,911 WW Grainger Inc. 95 42,235 International Flavors & 164,793 Fragrances Inc. 539 81,195 PPG Industries Inc. 515 84,213 Trucking - 0.0% The Sherwin-Williams Co. 531 154,537 JB Hunt Transport 613,473 Services Inc. 173 29,142 Old Dominion Freight Specialty Stores - 0.1% Line Inc. 199 53,561 Bath & Body Works Inc. 587 47,001 82,703 Tractor Supply Co. 246 44,509 Ulta Beauty Inc. 120 40,296 Water Utilities - 0.0% American Water Works 131,806 Company Inc. 387 65,833

Steel - 0.0% Wireless Telecommunication Services - 0.1% Corp. 636 66,157 T-Mobile US Inc. 1,296 186,650 Systems Software - 2.5% Total Common Stock (Cost $46,437,327) 79,253,126 Fortinet Inc. 300 81,672 Corp. 16,471 4,692,753 Preferred Stock - 0.1% NortonLifeLock Inc. 1,323 32,837 Banks - 0.1% Oracle Corp. 4,009 349,344 Wells Fargo & Co. 5.85%, ServiceNow Inc. 436 256,320 3.09% + 3 month USD LIBOR 1,469 39,810 5,412,926 Total Preferred Stock Technology Distributors - 0.0% (Cost $36,725) 39,810 CDW Corp. 293 53,722 Total Domestic Equity (Cost $46,474,052) 79,292,936 Technology Hardware, Storage & Peripherals - 2.4% Foreign Equity - 1.0% Apple Inc. 34,306 5,003,873 Common Stock - 1.0% Hewlett Packard Enterprise Co. 2,863 41,513 Auto Parts & Equipment - 0.0% HP Inc. 2,679 77,343 Aptiv PLC 588 98,108 NetApp Inc. 467 37,169 Building Products - 0.1% Western Digital Corp. 644 41,815 Allegion PLC 186 25,408 5,201,713 Trane Technologies PLC 519 105,673 131,081 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Number Fair Principal Fair of Shares Value Amount Value Consumer Electronics - 0.0% Bonds and Notes - 35.6% Garmin Ltd. 320 $ 50,304 U.S. Treasuries - 8.7% U.S. Treasury Bonds Electronic Manufacturing Services - 0.1% 1.13% 05/15/40 $ 1,461,000 $ 1,305,997 TE Connectivity Ltd. 721 106,326 1.25% 05/15/50 321,000 273,301 2.25% 08/15/46 596,000 638,651 Healthcare Equipment - 0.2% 3.00% 08/15/48 1,551,600 1,917,681 Medtronic PLC 2,963 389,072 U.S. Treasury Notes Industrial Gases - 0.2% 0.13% 07/15/23 - 12/15/23 1,860,000 1,855,253 Linde PLC 1,146 352,269 0.25% 07/31/25 1,698,200 1,678,564 0.75% 04/30/26 - 01/31/28 6,976,000 6,918,325 Industrial Machinery - 0.0% 1.38% 01/31/22 2,265,000 2,279,687 Pentair PLC 318 23,427 1.63% 05/15/31 1,597,000 1,655,640

Insurance Brokers - 0.0% 18,523,099 Willis Towers Watson PLC 277 57,084 Agency Mortgage Backed - 9.7% IT Consulting & Other Services - 0.2% Federal Home Loan Mortgage Corp. Accenture PLC, Class A 1,399 444,434 3.00% 04/01/43 - 10/01/49 1,907,429 2,031,075 Paper Packaging - 0.0% 4.50% 06/01/33 - 02/01/35 1,425 1,596 5.00% 07/01/35 10,211 11,674 Amcor PLC 3,285 37,975 5.50% 01/01/38 - 04/01/39 18,373 21,572 Pharmaceuticals - 0.0% 6.00% 06/01/33 - 11/01/37 46,183 54,283 Perrigo Company PLC 320 15,370 6.50% 11/01/28 551 626 7.00% 12/01/29 - 08/01/36 10,815 12,758 Property & Casualty Insurance - 0.1% 7.50% 09/01/33 989 1,111 Chubb Ltd. 996 168,065 8.00% 07/01/26 - 11/01/30 1,294 1,470 8.50% 04/01/30 3,594 4,554 Reinsurance - 0.0% Federal National Mortgage Everest Re Group Ltd. 94 23,766 Assoc. 2.50% 02/01/51 - 03/01/51 3,904,800 4,091,536 Research & Consulting Services - 0.0% 3.00% 03/01/50 374,437 393,527 IHS Markit Ltd. 810 94,640 3.50% 08/01/45 - 01/01/48 842,021 908,344 Semiconductors - 0.1% 4.00% 01/01/41 - 01/01/50 886,622 962,634 NXP Semiconductors N.V. 613 126,517 4.50% 07/01/33 - 12/01/48 423,811 466,669 5.00% 03/01/34 - 05/01/39 29,860 34,108 Technology Hardware, Storage & Peripherals - 0.0% 5.50% 07/01/33 - 01/01/39 66,939 77,705 Seagate Technology Holdings 6.00% 02/01/29 - 05/01/41 229,725 269,852 PLC 448 39,379 6.50% 10/01/28 - 08/01/36 6,960 7,816 Total Common Stock 7.00% 05/01/33 - 12/01/33 497 551 (Cost $1,299,732) 2,157,817 7.50% 12/01/26 - 03/01/33 3,549 4,108 Total Foreign Equity 8.00% 06/01/24 - 12/01/30 2,803 2,876 (Cost $1,299,732) 2,157,817 9.00% 12/01/22 48 48 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value Federal National Mortgage 5.00% 09/25/40 $ 9,847 $ 1,061 Assoc. 1.60% + 12 month 8.00% 05/25/22 — — USD LIBOR Federal National Mortgage 1.85% 04/01/37 $ 416 $ 425 Assoc. REMIC 6.00% - 1 Federal National Mortgage month USD LIBOR Assoc. TBA 5.91% 07/25/38 5,130 692 2.00% 08/01/36 - 08/01/51 5,692,943 5,870,281 Federal National Mortgage Government National Assoc. REMIC 6.55% - 1 Mortgage Assoc. month USD LIBOR 3.00% 12/20/42 - 05/20/45 1,957,073 2,079,104 6.46% 11/25/41 716,529 144,624 3.50% 08/20/48 397,441 419,311 Federal National Mortgage 4.00% 01/20/41 - 04/20/43 164,382 181,276 Assoc. STRIPS 4.50% 08/15/33 - 03/20/41 67,139 75,292 4.50% 08/25/35 - 01/25/36 7,269 963 5.00% 08/15/33 3,750 4,209 5.00% 03/25/38 - 05/25/38 4,570 849 6.00% 07/15/33 - 04/15/34 4,974 5,839 5.50% 12/25/33 1,606 311 6.50% 04/15/28 - 07/15/36 7,264 8,379 6.00% 01/25/35 4,439 715 7.00% 04/15/28 - 10/15/36 2,602 2,950 7.50% 11/25/23 1,645 108 7.50% 07/15/23 - 04/15/28 4,749 4,994 8.00% 08/25/23 - 07/25/24 486 41 8.00% 05/15/30 146 161 8.50% 07/25/22 8 — Government National 9.00% 05/25/22 2 — Mortgage Assoc. TBA 479,876 2.50% 08/01/51 1,244,000 1,293,126 3.00% 08/01/51 - 09/01/51 1,394,162 1,457,011 Asset Backed - 0.5% 20,762,851 American Express Credit Account Master Trust 2018-8 A Agency Collateralized Mortgage Obligations - 0.2% 3.18% 04/15/24 126,000 126,448 Federal Home Loan Mortgage Corp. Enterprise Fleet Financing 2019-1 LLC 0.08% 09/25/43 100,482 398 3.07% 10/20/24 137,000 140,822 2.51% 07/25/29 224,000 243,845 Ford Credit Auto Owner Trust 4.05% 09/25/28 71,000 84,175 2020-B Federal Home Loan Mortgage 0.56% 10/15/24 301,000 302,116 Corp. REMIC Santander Retail Auto Lease 3.50% 11/15/30 11,115 308 Trust 2019-B 5.50% 06/15/33 3,243 509 2.30% 01/20/23 316,551 318,792 7.50% 07/15/27 2,811 419 Securitized Term Auto Federal Home Loan Mortgage Receivables Trust 2018-1 Corp. REMIC 6.60% - 1 3.30% 11/25/22 48,377 48,565 month USD LIBOR 6.51% 08/15/25 1,095 7 936,743 Federal Home Loan Mortgage Corp. STRIPS Corporate Notes - 13.3% 1.47% 08/01/27 122 117 3M Co. 8.00% 02/01/23 - 07/01/24 267 22 3.13% 09/19/46 28,000 30,442 Federal National Mortgage 7-Eleven Inc. Assoc. REMIC 0.80% 02/10/24 50,000 49,997 1.11% 12/25/42 21,660 712 0.95% 02/10/26 111,000 109,878 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value Abbott Laboratories 4.05% 08/22/47 $ 7,000 $ 8,675 3.75% 11/30/26 $ 21,000 $ 23,888 4.25% 08/22/57 5,000 6,570 4.90% 11/30/46 17,000 23,824 Amcor Flexibles North AbbVie Inc. America Inc. 2.60% 11/21/24 41,000 43,335 2.69% 05/25/31 51,000 53,254 2.95% 11/21/26 47,000 50,902 Ameren Corp. 3.20% 05/14/26 - 11/21/29 50,000 54,699 2.50% 09/15/24 61,000 64,187 3.25% 10/01/22 22,000 22,583 3.65% 02/15/26 12,000 13,218 3.45% 03/15/22 53,000 53,759 American Campus Communities Operating 3.75% 11/14/23 50,000 53,536 Partnership LP 4.05% 11/21/39 16,000 18,992 4.13% 07/01/24 12,000 13,080 4.25% 11/21/49 25,000 30,651 American Electric Power 4.63% 10/01/42 3,000 3,770 Company Inc. 4.70% 05/14/45 4,000 5,072 3.25% 03/01/50 4,000 4,123 4.88% 11/14/48 5,000 6,620 American International 5.00% 12/15/21 58,000 58,316 Group Inc. Advance Auto Parts Inc. 4.25% 03/15/29 54,000 62,987 3.90% 04/15/30 31,000 34,983 4.50% 07/16/44 37,000 46,198 AEP Texas Inc. American International Group Inc. (5.75% fixed 3.45% 05/15/51 42,000 44,785 rate until 04/01/28; 2.87% + Aetna Inc. 3 month USD LIBOR 3.50% 11/15/24 23,000 24,842 thereafter) Aircastle Ltd. 5.75% 04/01/48 4,000 4,566 4.25% 06/15/26 25,000 27,547 American Tower Corp. Alexandria Real Estate 1.50% 01/31/28 134,000 132,192 Equities Inc. 2.90% 01/15/30 15,000 15,967 1.88% 02/01/33 16,000 15,511 3.80% 08/15/29 40,000 45,087 4.70% 07/01/30 10,000 12,114 American Water Capital Corp. Ally Financial Inc. 2.95% 09/01/27 18,000 19,647 5.75% 11/20/25 28,000 32,029 Amgen Inc. Alphabet Inc. 3.15% 02/21/40 28,000 29,950 1.10% 08/15/30 56,000 54,020 3.38% 02/21/50 5,000 5,440 Altria Group Inc. 4.56% 06/15/48 11,000 14,171 3.40% 05/06/30 - 02/04/41 62,000 64,835 4.66% 06/15/51 5,000 6,610 4.00% 02/04/61 6,000 5,903 Anheuser-Busch 4.25% 08/09/42 2,000 2,130 Companies LLC/Anheuser- 4.45% 05/06/50 9,000 9,766 Busch InBev Worldwide Inc. 4.50% 05/02/43 9,000 9,983 3.65% 02/01/26 58,000 64,364 Amazon.com Inc. 4.70% 02/01/36 11,000 13,684 1.50% 06/03/30 10,000 9,912 4.90% 02/01/46 46,000 58,991 2.50% 06/03/50 43,000 41,479 Anheuser-Busch InBev 2.70% 06/03/60 11,000 10,743 Worldwide Inc. 2.88% 05/12/41 30,000 31,656 3.50% 06/01/30 22,000 24,731 3.15% 08/22/27 8,000 8,887 4.00% 04/13/28 9,000 10,312 3.25% 05/12/61 22,000 24,075 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value 4.35% 06/01/40 $ 17,000 $ 20,613 4.38% 08/17/48 $ 6,000 $ 7,827 4.38% 04/15/38 28,000 33,852 AT&T Inc. 4.50% 06/01/50 16,000 19,881 1.70% 03/25/26 71,000 72,089 4.60% 04/15/48 22,000 27,393 2.30% 06/01/27 148,000 155,058 4.75% 04/15/58 12,000 15,300 2.75% 06/01/31 199,000 209,931 5.55% 01/23/49 25,000 35,098 3.30% 02/01/52 70,000 69,980 Anthem Inc. 3.85% 06/01/60 75,000 80,640 2.88% 09/15/29 10,000 10,774 4.35% 03/01/29 47,000 54,714 3.30% 01/15/23 19,000 19,801 4.50% 05/15/35 21,000 25,127 3.60% 03/15/51 11,000 12,459 4.55% 03/09/49 11,000 13,231 3.70% 09/15/49 10,000 11,425 4.75% 05/15/46 9,000 11,056 Apollo Management 4.80% 06/15/44 11,000 13,436 Holdings LP (4.95% fixed 4.85% 03/01/39 24,000 29,478 rate until 12/17/24; 3.27% + 5 year CMT Rate 5.25% 03/01/37 11,000 13,987 thereafter) 5.35% 12/15/43 22,000 27,931 4.95% 01/14/50 31,000 32,154 5.45% 03/01/47 12,000 16,124 Apple Inc. Athene Holding Ltd. 2.20% 09/11/29 18,000 18,854 4.13% 01/12/28 13,000 14,731 2.65% 02/08/51 24,000 23,883 6.15% 04/03/30 28,000 35,937 2.80% 02/08/61 22,000 21,835 Avangrid Inc. 2.95% 09/11/49 11,000 11,521 3.15% 12/01/24 33,000 35,396 3.35% 02/09/27 10,000 11,146 Bain Capital Specialty 3.45% 02/09/45 20,000 22,727 Finance Inc. 3.85% 08/04/46 26,000 31,194 2.95% 03/10/26 51,000 52,612 Applied Materials Inc. Bank of America Corp. 4.35% 04/01/47 6,000 7,743 3.25% 10/21/27 38,000 41,467 Aptiv PLC 4.18% 11/25/27 32,000 36,100 4.40% 10/01/46 11,000 13,205 4.25% 10/22/26 36,000 40,769 Archer-Daniels-Midland Co. Bank of America Corp. (1.73% fixed rate until 2.50% 08/11/26 11,000 11,754 07/22/26; 0.96% + SOFR Ares Capital Corp. thereafter) 2.88% 06/15/28 70,000 72,186 1.73% 07/22/27 90,000 91,604 3.25% 07/15/25 134,000 142,221 Bank of America Corp. Arthur J Gallagher & Co. (2.09% fixed rate until 06/14/28; 1.06% + SOFR 2.50% 05/20/31 124,000 125,244 thereafter) 3.50% 05/20/51 36,000 39,219 2.09% 06/14/29 262,000 266,878 Ascension Health Bank of America Corp. 4.85% 11/15/53 12,000 17,293 (2.59% fixed rate until Astrazeneca Finance LLC 04/29/30; 2.15% + SOFR thereafter) 1.75% 05/28/28 167,000 169,971 2.59% 04/29/31 114,000 118,343 2.25% 05/28/31 18,000 18,695 AstraZeneca PLC 3.00% 05/28/51 23,000 24,630 4.00% 01/17/29 8,000 9,300 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value Bank of America Corp. BAT International Finance (3.42% fixed rate until PLC 12/20/27; 1.04% + 3 month 1.67% 03/25/26 $ 14,000 $ 14,119 USD LIBOR thereafter) Baxter International Inc. 3.42% 12/20/28 $ 48,000 $ 52,772 3.95% 04/01/30 6,000 6,988 Bank of America Corp. (3.56% fixed rate until Baylor Scott & White Holdings 04/23/26; 1.06% + 3 month 2.84% 11/15/50 5,000 5,161 USD LIBOR thereafter) Becton Dickinson & Co. 3.56% 04/23/27 51,000 56,116 2.89% 06/06/22 24,000 24,473 Bank of America Corp. 3.70% 06/06/27 26,000 29,104 (3.71% fixed rate until 3.73% 12/15/24 3,000 3,265 04/24/27; 1.51% + 3 month USD LIBOR thereafter) 4.67% 06/06/47 4,000 5,094 3.71% 04/24/28 37,000 41,143 4.69% 12/15/44 2,000 2,557 Bank of America Corp. Berkshire Hathaway Energy (3.95% fixed rate until Co. 01/23/48; 1.19% + 3 month 3.25% 04/15/28 10,000 11,123 USD LIBOR thereafter) 3.70% 07/15/30 20,000 22,963 3.95% 01/23/49 11,000 12,883 3.80% 07/15/48 8,000 9,273 Bank of America Corp. 4.25% 10/15/50 16,000 19,993 (4.24% fixed rate until 04/24/37; 1.81% + 3 month Berkshire Hathaway Finance USD LIBOR thereafter) Corp. 4.24% 04/24/38 26,000 31,029 1.45% 10/15/30 36,000 35,647 Bank of America Corp. 2.85% 10/15/50 23,000 23,458 (4.27% fixed rate until 4.25% 01/15/49 29,000 36,880 07/23/28; 1.31% + 3 month Berkshire Hathaway Inc. USD LIBOR thereafter) 4.50% 02/11/43 4,000 5,208 4.27% 07/23/29 20,000 23,070 Berry Global Inc. Bank of America Corp. (4.30% fixed rate until 4.88% 07/15/26 40,000 42,190 01/28/25; 2.66% + 3 month BHP Billiton Finance USA USD LIBOR thereafter) Ltd. 4.30% 12/31/99 43,000 44,342 5.00% 09/30/43 3,000 4,200 Bank of America Corp. Biogen Inc. (4.44% fixed rate until 2.25% 05/01/30 8,000 8,135 01/20/47; 1.99% + 3 month 3.15% 05/01/50 3,000 2,989 USD LIBOR thereafter) Block Financial LLC 4.44% 01/20/48 22,000 27,737 2.50% 07/15/28 30,000 30,661 Barrick North America Finance LLC 3.88% 08/15/30 9,000 9,885 5.70% 05/30/41 2,000 2,805 Boardwalk Pipelines LP BAT Capital Corp. 4.80% 05/03/29 17,000 19,910 2.73% 03/25/31 30,000 30,199 Boston Scientific Corp. 4.39% 08/15/37 20,000 21,988 4.70% 03/01/49 8,000 10,472 4.54% 08/15/47 11,000 11,836 BP Capital Markets America Inc. 4.70% 04/02/27 207,000 235,599 3.00% 02/24/50 22,000 21,734 4.91% 04/02/30 18,000 20,998 3.02% 01/16/27 42,000 45,601 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value 3.38% 02/08/61 $ 47,000 $ 48,987 Capital One Financial Corp. BP Capital Markets PLC 3.75% 07/28/26 $ 34,000 $ 37,651 (4.38% fixed rate until Cardinal Health Inc. 06/22/25; 4.04% + 5 year CMT Rate thereafter) 2.62% 06/15/22 7,000 7,125 4.38% 12/31/99 43,000 45,989 3.08% 06/15/24 8,000 8,497 BP Capital Markets PLC Carrier Global Corp. (4.88% fixed rate until 2.72% 02/15/30 36,000 38,090 03/22/30; 4.40% + 5 year 3.58% 04/05/50 16,000 17,658 CMT Rate thereafter) Caterpillar Inc. 4.88% 12/31/99 33,000 36,364 3.25% 09/19/49 - 04/09/50 43,000 48,452 Bristol-Myers Squibb Co. Centene Corp. 1.45% 11/13/30 22,000 21,591 3.38% 02/15/30 35,000 36,572 2.35% 11/13/40 10,000 9,796 4.25% 12/15/27 112,000 118,019 3.20% 06/15/26 11,000 12,117 5.38% 08/15/26 174,000 181,327 3.40% 07/26/29 15,000 16,998 CenterPoint Energy Inc. 3.45% 11/15/27 2,000 2,249 2.65% 06/01/31 36,000 37,566 4.13% 06/15/39 12,000 14,795 Charter Communications 4.25% 10/26/49 12,000 15,489 Operating LLC/Charter 4.35% 11/15/47 3,000 3,878 Communications Operating 4.55% 02/20/48 4,000 5,316 Capital Brixmor Operating 3.50% 06/01/41 28,000 28,584 Partnership LP 3.70% 04/01/51 34,000 34,321 2.25% 04/01/28 47,000 48,358 4.80% 03/01/50 42,000 49,376 3.90% 03/15/27 10,000 11,090 4.91% 07/23/25 122,000 138,397 Broadcom Inc. 5.05% 03/30/29 33,000 39,367 3.42% 04/15/33 20,000 21,406 5.75% 04/01/48 24,000 31,099 3.47% 04/15/34 30,000 32,115 Cheniere Corpus Christi 4.15% 11/15/30 65,000 73,781 Holdings LLC 4.30% 11/15/32 14,000 16,167 5.88% 03/31/25 101,000 115,444 Brown-Forman Corp. 7.00% 06/30/24 101,000 115,348 4.00% 04/15/38 3,000 3,600 Chevron Corp. Bunge Limited Finance Corp. 2.24% 05/11/30 7,000 7,335 3.75% 09/25/27 5,000 5,576 2.98% 05/11/40 11,000 11,719 Burlington Northern Santa 3.08% 05/11/50 8,000 8,447 Fe LLC Chevron USA Inc. 4.15% 12/15/48 13,000 16,303 3.85% 01/15/28 34,000 38,872 4.55% 09/01/44 24,000 31,340 3.90% 11/15/24 15,000 16,479 Cameron LNG LLC 4.20% 10/15/49 7,000 8,760 3.30% 01/15/35 7,000 7,672 5.05% 11/15/44 4,000 5,461 Canadian Natural Resources Choice Hotels Ltd. International Inc. 3.85% 06/01/27 17,000 18,863 3.70% 01/15/31 20,000 21,999 4.95% 06/01/47 4,000 5,052 Chubb INA Holdings Inc. Cantor Fitzgerald LP 4.35% 11/03/45 10,000 12,883 4.88% 05/01/24 62,000 67,902 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value Cigna Corp. CMS Energy Corp. 2.40% 03/15/30 $ 17,000 $ 17,678 4.88% 03/01/44 $ 23,000 $ 30,114 3.25% 04/15/25 17,000 18,373 CNA Financial Corp. 3.40% 03/01/27 - 03/15/51 31,000 33,726 3.45% 08/15/27 7,000 7,760 3.75% 07/15/23 6,000 6,369 3.90% 05/01/29 17,000 19,398 3.88% 10/15/47 5,000 5,727 CNH Industrial Capital LLC 4.13% 11/15/25 29,000 32,583 1.95% 07/02/23 41,000 42,044 4.38% 10/15/28 10,000 11,764 CNOOC Petroleum North 4.80% 08/15/38 8,000 10,154 America ULC 4.90% 12/15/48 5,000 6,633 6.40% 05/15/37 8,000 10,655 Cisco Systems Inc. Comcast Corp. 5.90% 02/15/39 10,000 14,587 2.65% 08/15/62 11,000 10,414 Citigroup Inc. 2.80% 01/15/51 11,000 10,879 4.13% 07/25/28 133,000 151,151 3.10% 04/01/25 63,000 68,021 4.45% 09/29/27 19,000 21,924 3.20% 07/15/36 14,000 15,280 4.65% 07/23/48 22,000 29,287 3.25% 11/01/39 28,000 30,497 Citigroup Inc. (0.98% fixed 3.45% 02/01/50 11,000 12,225 rate until 05/01/24; 0.67% + 3.97% 11/01/47 36,000 42,861 SOFR thereafter) 4.15% 10/15/28 23,000 26,801 0.98% 05/01/25 34,000 34,183 4.60% 08/15/45 10,000 12,798 Citigroup Inc. (1.68% fixed 4.70% 10/15/48 10,000 13,144 rate until 05/15/23; 1.67% + SOFR thereafter) CommonSpirit Health 1.68% 05/15/24 130,000 132,668 4.35% 11/01/42 24,000 28,696 Citigroup Inc. (2.56% fixed Conagra Brands Inc. rate until 05/01/31; 1.17% + 5.30% 11/01/38 9,000 11,651 SOFR thereafter) 5.40% 11/01/48 7,000 9,582 2.56% 05/01/32 122,000 126,110 ConocoPhillips Citigroup Inc. (2.88% fixed 3.75% 10/01/27 5,000 5,670 rate until 07/24/22; 0.95% + 4.30% 08/15/28 18,000 21,076 3 month USD LIBOR thereafter) 4.88% 10/01/47 6,000 8,000 2.88% 07/24/23 136,000 139,241 ConocoPhillips Co. Citigroup Inc. (2.98% fixed 4.30% 11/15/44 15,000 18,564 rate until 11/05/29; 1.42% + Consolidated Edison SOFR thereafter) Company of New York Inc. 2.98% 11/05/30 60,000 64,119 2.90% 12/01/26 22,000 23,649 Citigroup Inc. (3.88% fixed 3.35% 04/01/30 6,000 6,718 rate until 01/24/38; 1.17% + 3.88% 06/15/47 10,000 11,435 3 month USD LIBOR thereafter) 3.95% 04/01/50 11,000 12,871 3.88% 01/24/39 11,000 12,856 Constellation Brands Inc. Citigroup Inc. (4.70% fixed 3.15% 08/01/29 42,000 45,584 rate until 01/30/25; 3.23% + 3.70% 12/06/26 36,000 40,188 SOFR thereafter) 4.50% 05/09/47 11,000 13,613 4.70% 12/31/99 55,000 56,887 Continental Resources Inc. CME Group Inc. 3.80% 06/01/24 158,000 165,620 3.75% 06/15/28 11,000 12,668 4.50% 04/15/23 96,000 99,754 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value Corning Inc. Diamondback Energy Inc. 4.38% 11/15/57 $ 9,000 $ 11,028 2.88% 12/01/24 $ 31,000 $ 32,626 Corporate Nacional del Cobre 3.13% 03/24/31 27,000 28,330 de Chile 3.25% 12/01/26 16,000 17,257 3.15% 01/15/51 85,000 82,142 3.50% 12/01/29 12,000 12,995 Corporate Office 4.40% 03/24/51 15,000 17,146 Properties LP Digital Realty Trust LP 2.25% 03/15/26 24,000 24,860 3.60% 07/01/29 32,000 36,107 2.75% 04/15/31 19,000 19,470 Discovery Crown Castle International Communications LLC Corp. 2.95% 03/20/23 32,000 33,209 3.30% 07/01/30 47,000 51,195 3.95% 03/20/28 31,000 34,860 4.15% 07/01/50 24,000 28,152 4.95% 05/15/42 4,000 4,865 5.20% 02/15/49 10,000 13,265 5.00% 09/20/37 6,000 7,413 CSX Corp. Dollar General Corp. 4.50% 03/15/49 - 08/01/54 28,000 36,114 3.50% 04/03/30 48,000 53,859 CubeSmart LP 4.13% 04/03/50 14,000 16,871 4.38% 02/15/29 24,000 27,826 Dollar Tree Inc. Cummins Inc. 4.00% 05/15/25 96,000 106,045 1.50% 09/01/30 20,000 19,559 Dominion Energy Inc. 2.60% 09/01/50 20,000 19,581 3.07% 08/15/24 23,000 24,477 CVS Health Corp. 3.38% 04/01/30 27,000 29,941 3.00% 08/15/26 19,000 20,625 Dover Corp. 3.25% 08/15/29 17,000 18,690 2.95% 11/04/29 20,000 21,770 3.63% 04/01/27 17,000 18,951 DTE Energy Co. 3.75% 04/01/30 14,000 15,918 2.85% 10/01/26 29,000 31,184 3.88% 07/20/25 14,000 15,488 Duke Energy Carolinas LLC 4.25% 04/01/50 11,000 13,462 3.95% 03/15/48 10,000 12,025 4.30% 03/25/28 5,000 5,790 Duke Energy Corp. 4.78% 03/25/38 21,000 26,370 2.55% 06/15/31 46,000 47,571 5.00% 12/01/24 21,000 23,658 3.30% 06/15/41 43,000 45,331 5.13% 07/20/45 6,000 7,946 3.50% 06/15/51 43,000 46,336 5.30% 12/05/43 18,000 24,376 3.75% 09/01/46 62,000 68,413 Dell International LLC/EMC Corp. Duke Energy Corp. (4.88% fixed rate until 09/16/24; 4.00% 07/15/24 28,000 30,453 3.39% + 5 year CMT Rate 5.45% 06/15/23 15,000 16,209 thereafter) 6.02% 06/15/26 5,000 6,019 4.88% 12/31/99 40,000 42,751 8.35% 07/15/46 3,000 4,974 Duke Energy Progress LLC Devon Energy Corp. 4.15% 12/01/44 17,000 21,066 5.00% 06/15/45 4,000 4,732 Duke Realty LP DH Europe Finance II Sarl 3.05% 03/01/50 6,000 6,091 2.60% 11/15/29 15,000 15,922 3.25% 06/30/26 10,000 10,926 3.25% 11/15/39 10,000 10,974 DuPont de Nemours Inc. 3.40% 11/15/49 5,000 5,617 5.42% 11/15/48 7,000 9,973 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value Duquesne Light Holdings Inc. Energy Transfer LP/Regency 3.62% 08/01/27 $ 24,000 $ 26,308 Energy Finance Corp. Eastman Chemical Co. 4.50% 11/01/23 $ 15,000 $ 16,051 4.65% 10/15/44 17,000 21,250 Enterprise Products Operating LLC Eaton Corp. 4.25% 02/15/48 32,000 37,533 3.10% 09/15/27 10,000 10,971 Enterprise Products Ecolab Inc. Operating LLC (5.25% fixed 1.30% 01/30/31 22,000 21,327 rate until 08/16/27; 3.03% + Edison International 3 month USD LIBOR thereafter) 4.95% 04/15/25 44,000 48,886 5.25% 08/16/77 7,000 7,289 5.75% 06/15/27 7,000 8,067 EOG Resources Inc. EI du Pont de Nemours & Co. 4.15% 01/15/26 4,000 4,513 2.30% 07/15/30 47,000 48,997 4.38% 04/15/30 20,000 23,943 Electronic Arts Inc. 4.95% 04/15/50 8,000 10,927 1.85% 02/15/31 47,000 46,572 5.10% 01/15/36 8,000 10,128 Eli Lilly & Co. Equinix Inc. 3.95% 03/15/49 7,000 8,699 1.25% 07/15/25 20,000 20,143 Emera US Finance LP 2.15% 07/15/30 27,000 27,194 2.64% 06/15/31 51,000 52,244 Equinor ASA Emerson Electric Co. 3.25% 11/18/49 15,000 16,230 1.80% 10/15/27 67,000 69,210 ERP Operating LP 2.75% 10/15/50 9,000 9,176 4.50% 07/01/44 10,000 13,016 Empower Finance 2020 LP Eversource Energy 1.36% 09/17/27 32,000 31,875 3.45% 01/15/50 20,000 21,801 1.78% 03/17/31 43,000 41,977 Exelon Corp. Enbridge Energy Partners LP 3.50% 06/01/22 20,000 20,453 5.50% 09/15/40 4,000 5,291 4.05% 04/15/30 28,000 32,381 Enbridge Inc. (5.75% fixed rate until 04/15/30; 5.31% + 4.45% 04/15/46 17,000 21,088 5 year CMT Rate 4.70% 04/15/50 17,000 22,011 thereafter) Exxon Mobil Corp. 5.75% 07/15/80 57,000 64,054 2.61% 10/15/30 70,000 74,903 Energy Transfer LP 3.45% 04/15/51 18,000 20,106 4.25% 03/15/23 19,000 19,897 FedEx Corp. 4.50% 04/15/24 26,000 28,289 4.10% 02/01/45 46,000 53,899 4.95% 06/15/28 9,000 10,495 Fidelity National Information 5.30% 04/01/44 - 04/15/47 30,000 35,381 Services Inc. 5.35% 05/15/45 29,000 34,257 1.15% 03/01/26 61,000 61,018 6.13% 12/15/45 5,000 6,394 1.65% 03/01/28 26,000 26,257 6.50% 02/01/42 11,000 14,413 3.10% 03/01/41 6,000 6,301 Energy Transfer LP (6.75% FirstEnergy Transmission LLC fixed rate until 05/15/25; 4.55% 04/01/49 23,000 27,619 5.13% + 5 year CMT Rate thereafter) Fiserv Inc. 6.75% 12/31/99 85,000 84,977 3.50% 07/01/29 52,000 58,021 4.40% 07/01/49 6,000 7,413 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value Florida Power & Light Co. Glencore Funding LLC 2.85% 04/01/25 $ 46,000 $ 49,374 3.88% 04/27/51 $ 21,000 $ 22,861 4.13% 02/01/42 13,000 16,223 Graphic Packaging Flowers Foods Inc. International LLC 2.40% 03/15/31 26,000 26,479 1.51% 04/15/26 51,000 51,130 Ford Motor Co. Gray Oak Pipeline LLC 4.35% 12/08/26 38,000 41,062 2.00% 09/15/23 68,000 69,440 Fox Corp. 2.60% 10/15/25 43,000 44,608 3.50% 04/08/30 38,000 42,308 Halliburton Co. GA Global Funding Trust 3.80% 11/15/25 2,000 2,217 1.63% 01/15/26 36,000 36,726 5.00% 11/15/45 8,000 9,803 General Mills Inc. HCA Inc. 3.00% 02/01/51 28,000 28,925 3.50% 09/01/30 - 07/15/51 116,000 123,898 General Motors Co. 5.38% 02/01/25 65,000 73,590 5.20% 04/01/45 3,000 3,757 Health Care Service Corp. 5.40% 10/02/23 - 04/01/48 13,000 15,769 2.20% 06/01/30 26,000 26,593 6.13% 10/01/25 79,000 93,617 3.20% 06/01/50 9,000 9,660 6.80% 10/01/27 11,000 13,995 Healthcare Trust of America Holdings LP General Motors Financial Company Inc. 2.00% 03/15/31 16,000 15,833 1.25% 01/08/26 79,000 78,916 Hess Corp. 2.35% 01/08/31 20,000 19,985 5.60% 02/15/41 3,000 3,773 3.45% 01/14/22 - 04/10/22 131,000 132,855 5.80% 04/01/47 2,000 2,605 4.20% 11/06/21 101,000 102,011 Hewlett Packard Enterprise Co. 5.25% 03/01/26 44,000 50,996 6.35% 10/15/45 3,000 4,152 Georgia-Pacific LLC Highwoods Realty LP 1.75% 09/30/25 42,000 43,399 4.13% 03/15/28 11,000 12,499 3.60% 03/01/25 98,000 106,961 4.20% 04/15/29 31,000 35,495 Gilead Sciences Inc. Honeywell International Inc. 1.65% 10/01/30 100,000 98,380 2.70% 08/15/29 22,000 23,908 2.60% 10/01/40 12,000 11,923 Hormel Foods Corp. 2.80% 10/01/50 23,000 22,763 1.80% 06/11/30 44,000 44,417 2.95% 03/01/27 3,000 3,262 HSBC Holdings PLC (2.01% 3.50% 02/01/25 12,000 13,022 fixed rate until 09/22/27; 3.65% 03/01/26 10,000 11,077 1.73% + SOFR thereafter) 4.15% 03/01/47 11,000 13,321 2.01% 09/22/28 250,000 253,387 GlaxoSmithKline Capital Inc. Humana Inc. 3.38% 05/15/23 25,000 26,355 1.35% 02/03/27 55,000 55,146 3.63% 05/15/25 25,000 27,660 2.15% 02/03/32 25,000 25,124 GlaxoSmithKline Capital PLC Huntington Bancshares Inc. 3.38% 06/01/29 20,000 22,534 2.55% 02/04/30 32,000 33,960 Glencore Finance Canada Huntsman International LLC Ltd. 2.95% 06/15/31 23,000 23,772 4.95% 11/15/21 16,000 16,203 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value Hyundai Capital America JPMorgan Chase & Co. 1.30% 01/08/26 $ 79,000 $ 78,551 (2.96% fixed rate until 05/13/30; 2.52% + SOFR 3.10% 04/05/22 12,000 12,203 thereafter) Indiana Michigan Power Co. 2.96% 05/13/31 $ 27,000 $ 28,652 3.25% 05/01/51 23,000 24,965 JPMorgan Chase & Co. ING Groep N.V. (1.06% fixed (3.16% fixed rate until rate until 04/01/26; 1.01% + 04/22/41; 1.46% + SOFR SOFR thereafter) thereafter) 1.06% 04/01/27 200,000 201,834 3.16% 04/22/42 29,000 30,859 Intel Corp. JPMorgan Chase & Co. 2.45% 11/15/29 37,000 39,038 (3.88% fixed rate until 07/24/37; 1.36% + 3 month 2.60% 05/19/26 31,000 33,298 USD LIBOR thereafter) 2.88% 05/11/24 14,000 14,865 3.88% 07/24/38 22,000 25,774 3.10% 02/15/60 16,000 16,425 JPMorgan Chase & Co. Intercontinental (3.90% fixed rate until Exchange Inc. 01/23/48; 1.22% + 3 month 1.85% 09/15/32 10,000 9,677 USD LIBOR thereafter) 2.65% 09/15/40 10,000 9,833 3.90% 01/23/49 16,000 18,811 International Business JPMorgan Chase & Co. Machines Corp. (3.96% fixed rate until 2.95% 05/15/50 100,000 102,491 01/29/26; 1.25% + 3 month USD LIBOR thereafter) International Paper Co. 3.96% 01/29/27 36,000 40,227 4.40% 08/15/47 11,000 13,965 JPMorgan Chase & Co. Interstate Power & Light Co. (4.01% fixed rate until 3.40% 08/15/25 125,000 135,927 04/23/28; 1.12% + 3 month ITC Holdings Corp. USD LIBOR thereafter) 2.95% 05/14/30 48,000 51,417 4.01% 04/23/29 17,000 19,381 Jabil Inc. JPMorgan Chase & Co. (4.03% fixed rate until 3.95% 01/12/28 11,000 12,278 07/24/47; 1.46% + 3 month Jefferies Group LLC USD LIBOR thereafter) 5.13% 01/20/23 47,000 50,101 4.03% 07/24/48 11,000 13,098 Capital Corp. JPMorgan Chase & Co. 2.45% 01/09/30 29,000 30,984 (4.49% fixed rate until 03/24/30; 3.79% + SOFR Johnson & Johnson thereafter) 3.63% 03/03/37 11,000 13,046 4.49% 03/24/31 36,000 43,028 Johnson Controls JPMorgan Chase & Co. International PLC (4.60% fixed rate until 4.50% 02/15/47 4,000 5,117 02/01/25; 3.13% + SOFR JPMorgan Chase & Co. thereafter) (1.58% fixed rate until 4.60% 12/31/99 54,000 55,857 04/22/26; 0.89% + SOFR JPMorgan Chase & Co. thereafter) (6.10% fixed rate until 1.58% 04/22/27 61,000 61,751 10/01/24; 3.33% + 3 month USD LIBOR thereafter) 6.10% 10/29/49 82,000 89,805 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value Kaiser Foundation Hospitals Lowe’s Companies Inc. 3.00% 06/01/51 $ 27,000 $ 28,616 1.30% 04/15/28 $ 11,000 $ 10,858 Kansas City Southern 1.70% 10/15/30 9,000 8,806 3.50% 05/01/50 17,000 18,344 3.00% 10/15/50 13,000 13,133 Inc. 3.50% 04/01/51 24,000 26,439 3.20% 05/01/30 19,000 20,897 3.70% 04/15/46 3,000 3,365 3.80% 05/01/50 11,000 12,666 4.05% 05/03/47 13,000 15,329 4.50% 11/15/45 9,000 11,179 LYB International Finance 4.60% 05/25/28 7,000 8,291 III LLC KeyCorp 1.25% 10/01/25 37,000 37,208 2.25% 04/06/27 57,000 59,600 3.63% 04/01/51 28,000 30,876 Kinder Morgan Energy 3.80% 10/01/60 8,000 8,920 Partners LP Marathon Oil Corp. 4.70% 11/01/42 3,000 3,574 3.85% 06/01/25 12,000 13,102 5.00% 03/01/43 8,000 9,820 Marvell Technology Inc. 6.38% 03/01/41 9,000 12,622 1.65% 04/15/26 51,000 51,441 Kinder Morgan Inc. 2.45% 04/15/28 51,000 52,761 5.05% 02/15/46 9,000 11,175 2.95% 04/15/31 42,000 43,832 KLA Corp. Masco Corp. 3.30% 03/01/50 16,000 17,346 3.50% 11/15/27 3,000 3,321 4.10% 03/15/29 42,000 48,946 McCormick & Company Inc. 4.65% 11/01/24 24,000 26,802 1.85% 02/15/31 15,000 14,780 Kohl’s Corp. 3.25% 11/15/25 155,000 168,669 3.38% 05/01/31 55,000 57,628 McDonald’s Corp. 5.55% 07/17/45 19,000 22,818 3.60% 07/01/30 32,000 36,384 Kreditanstalt fuer 3.63% 09/01/49 10,000 11,348 Wiederaufbau 4.88% 12/09/45 9,000 11,866 2.00% 10/04/22 46,000 47,006 Medtronic Inc. L3Harris Technologies Inc. 4.63% 03/15/45 4,000 5,359 3.85% 12/15/26 31,000 34,983 Memorial Sloan-Kettering Lear Corp. Cancer Center 4.25% 05/15/29 10,000 11,438 4.13% 07/01/52 21,000 27,349 Leidos Inc. Merck & Company Inc. 3.63% 05/15/25 13,000 14,166 2.45% 06/24/50 17,000 16,418 4.38% 05/15/30 42,000 48,315 2.75% 02/10/25 40,000 42,739 Liberty Mutual Group Inc. 4.00% 03/07/49 4,000 4,991 3.95% 05/15/60 8,000 9,021 MetLife Inc. Life Storage LP 4.72% 12/15/44 14,000 18,659 2.20% 10/15/30 27,000 27,276 Microchip Technology Inc. Lincoln National Corp. 2.67% 09/01/23 135,000 140,316 4.35% 03/01/48 8,000 9,808 Micron Technology Inc. Lockheed Martin Corp. 2.50% 04/24/23 131,000 135,275 3.55% 01/15/26 13,000 14,426 Microsoft Corp. 3.80% 03/01/45 4,000 4,776 2.40% 08/08/26 34,000 36,385 4.50% 05/15/36 14,000 17,900 2.68% 06/01/60 4,000 4,057 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value 2.92% 03/17/52 $ 58,000 $ 62,579 NextEra Energy Capital 3.04% 03/17/62 35,000 38,481 Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3.45% 08/08/36 4,000 4,715 3 month USD LIBOR 3.50% 02/12/35 12,000 14,241 thereafter) Molson Coors Beverage Co. 5.65% 05/01/79 $ 14,000 $ 16,421 4.20% 07/15/46 5,000 5,690 NGPL PipeCo LLC Morgan Stanley 3.25% 07/15/31 47,000 49,056 3.63% 01/20/27 4,000 4,468 NIKE Inc. 3.70% 10/23/24 12,000 13,102 3.38% 03/27/50 11,000 12,723 3.95% 04/23/27 52,000 58,563 NiSource Inc. 4.35% 09/08/26 43,000 48,985 3.60% 05/01/30 22,000 24,668 4.38% 01/22/47 14,000 17,847 3.95% 03/30/48 4,000 4,669 5.00% 11/24/25 109,000 126,104 Nordstrom Inc. Morgan Stanley (2.80% fixed 4.00% 03/15/27 74,000 77,770 rate until 01/25/51; 1.43% + 4.25% 08/01/31 15,000 15,766 SOFR thereafter) Norfolk Southern Corp. 2.80% 01/25/52 30,000 29,819 3.95% 10/01/42 11,000 12,943 Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + NOV Inc. SOFR thereafter) 3.60% 12/01/29 28,000 29,808 3.62% 04/01/31 83,000 93,387 Novant Health Inc. Morgan Stanley (3.97% fixed 3.32% 11/01/61 18,000 19,934 rate until 07/22/37; 1.46% + Novartis Capital Corp. 3 month USD LIBOR thereafter) 2.20% 08/14/30 31,000 32,616 3.97% 07/22/38 14,000 16,539 3.00% 11/20/25 4,000 4,355 MPLX LP Nucor Corp. 2.65% 08/15/30 24,000 24,606 3.95% 05/01/28 16,000 18,505 3.38% 03/15/23 13,000 13,560 Nutrien Ltd. 5.20% 12/01/47 8,000 9,837 4.90% 06/01/43 8,000 10,406 MPLX LP (1.22% fixed rate NVIDIA Corp. until 08/02/21; 1.10% + 3 2.85% 04/01/30 24,000 26,196 month USD LIBOR 3.50% 04/01/50 13,000 15,026 thereafter) NXP BV/NXP Funding 1.22% 09/09/22 51,000 51,033 LLC/NXP USA Inc. Mylan Inc. 2.50% 05/11/31 43,000 44,358 5.20% 04/15/48 9,000 11,267 2.70% 05/01/25 121,000 127,999 National Retail Properties Inc. 3.25% 05/11/41 33,000 34,664 4.00% 11/15/25 17,000 18,920 Occidental Petroleum Corp. NewMarket Corp. 2.90% 08/15/24 18,000 18,130 2.70% 03/18/31 20,000 20,408 Oklahoma Gas & Electric Co. Newmont Corp. 3.25% 04/01/30 16,000 17,670 4.88% 03/15/42 11,000 14,257 Oncor Electric Delivery NextEra Energy Capital Company LLC Holdings Inc. 3.80% 09/30/47 6,000 7,195 3.25% 04/01/26 27,000 29,450 ONEOK Inc. 4.35% 03/15/29 17,000 19,372 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value Oracle Corp. PepsiCo Inc. 1.65% 03/25/26 $ 132,000 $ 134,542 1.63% 05/01/30 $ 16,000 $ 16,044 2.30% 03/25/28 14,000 14,524 2.63% 07/29/29 24,000 26,000 2.40% 09/15/23 12,000 12,430 3.45% 10/06/46 5,000 5,728 2.65% 07/15/26 17,000 18,049 Petroleos Mexicanos 2.88% 03/25/31 23,000 24,320 5.35% 02/12/28 15,000 14,897 2.95% 04/01/30 32,000 34,166 5.63% 01/23/46 19,000 15,584 3.60% 04/01/50 17,000 17,818 6.35% 02/12/48 15,000 12,831 3.65% 03/25/41 23,000 24,831 6.49% 01/23/27 15,000 15,924 3.80% 11/15/37 4,000 4,441 6.50% 03/13/27 40,000 42,500 3.95% 03/25/51 8,000 8,898 7.69% 01/23/50 12,000 11,661 4.00% 07/15/46 - 11/15/47 27,000 29,927 Pfizer Inc. 4.10% 03/25/61 27,000 30,506 2.70% 05/28/50 27,000 27,461 Orbia Advance Corp. SAB de 3.45% 03/15/29 7,000 7,967 C.V. 3.60% 09/15/28 23,000 26,407 1.88% 05/11/26 200,000 201,338 3.90% 03/15/39 11,000 13,349 Otis Worldwide Corp. 4.13% 12/15/46 7,000 8,847 2.06% 04/05/25 81,000 84,245 4.40% 05/15/44 4,000 5,228 2.57% 02/15/30 9,000 9,497 Philip Morris International Inc. 3.36% 02/15/50 9,000 9,837 1.50% 05/01/25 112,000 114,588 Ovintiv Exploration Inc. 2.10% 05/01/30 8,000 8,123 5.63% 07/01/24 157,000 173,683 3.38% 08/15/29 11,000 12,328 Owens Corning 4.13% 03/04/43 4,000 4,639 4.40% 01/30/48 6,000 7,233 Phillips 66 Pacific Gas & Electric Co. 2.15% 12/15/30 106,000 104,912 2.10% 08/01/27 16,000 15,545 Phillips 66 Partners LP 2.50% 02/01/31 31,000 29,256 3.15% 12/15/29 57,000 60,325 3.00% 06/15/28 27,000 27,064 3.75% 03/01/28 11,000 12,136 3.30% 08/01/40 31,000 28,257 4.68% 02/15/45 11,000 12,613 3.50% 08/01/50 11,000 9,705 Pioneer Natural Resources 4.30% 03/15/45 23,000 22,233 Co. PacifiCorp 1.13% 01/15/26 65,000 64,683 2.70% 09/15/30 21,000 22,424 2.15% 01/15/31 17,000 16,804 2.90% 06/15/52 51,000 52,086 Plains All American 6.25% 10/15/37 22,000 31,881 Pipeline LP/PAA Finance Corp. Parker-Hannifin Corp. 3.55% 12/15/29 27,000 28,865 3.25% 06/14/29 16,000 17,664 3.65% 06/01/22 33,000 33,584 PartnerRe Finance B LLC (4.50% fixed rate until PPL Capital Funding Inc. 04/01/30; 3.82% + 5 year 3.10% 05/15/26 23,000 24,905 CMT Rate thereafter) Precision Castparts Corp. 4.50% 10/01/50 58,000 60,693 4.38% 06/15/45 7,000 8,711 PayPal Holdings Inc. Prospect Capital Corp. 2.65% 10/01/26 24,000 25,869 3.36% 11/15/26 42,000 42,513 3.25% 06/01/50 11,000 12,231 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value Prudential Financial Inc. Roper Technologies Inc. 3.94% 12/07/49 $ 22,000 $ 26,352 2.95% 09/15/29 $ 18,000 $ 19,479 Prudential Financial Inc. Ross Stores Inc. (5.70% fixed rate until 4.70% 04/15/27 6,000 7,001 09/15/28; 2.67% + 3 month USD LIBOR thereafter) Royalty Pharma PLC 5.70% 09/15/48 22,000 25,952 0.75% 09/02/23 21,000 21,064 Public Service Company of 1.20% 09/02/25 26,000 25,969 1.75% 09/02/27 13,000 13,042 3.70% 06/15/28 21,000 23,971 2.15% 09/02/31 25,000 24,623 Public Service Electric & Gas 2.20% 09/02/30 8,000 7,962 Co. 3.30% 09/02/40 2,000 2,037 2.38% 05/15/23 46,000 47,442 3.35% 09/02/51 30,000 29,431 PVH Corp. RPM International Inc. 4.63% 07/10/25 51,000 56,803 3.75% 03/15/27 10,000 11,051 QUALCOMM Inc. Ryder System Inc. 1.30% 05/20/28 5,000 4,962 2.90% 12/01/26 58,000 62,492 4.30% 05/20/47 3,000 3,836 Sabine Pass Liquefaction LLC Quest Diagnostics Inc. 4.20% 03/15/28 11,000 12,498 2.95% 06/30/30 6,000 6,456 4.50% 05/15/30 9,000 10,528 Ralph Lauren Corp. 5.00% 03/15/27 4,000 4,660 1.70% 06/15/22 10,000 10,122 5.88% 06/30/26 34,000 40,436 Raytheon Technologies Corp. Salesforce.com Inc. 3.13% 05/04/27 68,000 74,343 1.95% 07/15/31 51,000 51,910 3.50% 03/15/27 13,000 14,450 2.70% 07/15/41 36,000 36,796 3.95% 08/16/25 12,000 13,371 2.90% 07/15/51 61,000 62,777 4.15% 05/15/45 11,000 13,335 3.05% 07/15/61 32,000 33,340 4.45% 11/16/38 10,000 12,378 Schlumberger Holdings Corp. Realty Income Corp. 3.90% 05/17/28 25,000 28,165 3.00% 01/15/27 5,000 5,455 Selective Insurance 3.25% 01/15/31 16,000 17,795 Group Inc. Regeneron 5.38% 03/01/49 4,000 5,152 Pharmaceuticals Inc. Sempra Energy 1.75% 09/15/30 36,000 34,817 3.80% 02/01/38 6,000 6,839 2.80% 09/15/50 16,000 15,084 4.00% 02/01/48 8,000 9,198 Reliance Steel & Aluminum Shell International Finance Co. BV 2.15% 08/15/30 17,000 16,993 2.38% 08/21/22 37,000 37,834 Reynolds American Inc. 3.13% 11/07/49 22,000 23,488 4.45% 06/12/25 5,000 5,556 3.75% 09/12/46 9,000 10,425 Rio Tinto Finance USA PLC 4.13% 05/11/35 11,000 13,267 4.13% 08/21/42 7,000 8,786 Shire Acquisitions Rockwell Automation Inc. Investments Ireland DAC 4.20% 03/01/49 11,000 13,996 2.88% 09/23/23 17,000 17,767 Rogers Communications Inc. 3.20% 09/23/26 4,000 4,358 5.00% 03/15/44 3,000 3,828 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value Simon Property Group LP Tampa Electric Co. 3.38% 06/15/27 $ 11,000 $ 12,167 2.40% 03/15/31 $ 42,000 $ 43,741 Skyworks Solutions Inc. 3.45% 03/15/51 27,000 30,407 1.80% 06/01/26 47,000 47,851 4.35% 05/15/44 24,000 29,976 3.00% 06/01/31 13,000 13,615 Tapestry Inc. South Jersey Industries Inc. 4.13% 07/15/27 13,000 14,226 5.02% 04/15/31 58,000 63,518 4.25% 04/01/25 152,000 165,405 Southern Edison Target Corp. Co. 2.50% 04/15/26 11,000 11,852 2.40% 02/01/22 26,000 26,176 Teck Resources Ltd. 4.00% 04/01/47 35,000 37,297 3.90% 07/15/30 65,000 71,664 4.20% 03/01/29 28,000 32,000 5.40% 02/01/43 4,000 4,995 Southern Company Gas Teledyne Technologies Inc. Capital Corp. 2.25% 04/01/28 27,000 27,929 3.95% 10/01/46 17,000 19,422 Telefonica Emisiones S.A. 4.40% 05/30/47 2,000 2,423 4.10% 03/08/27 150,000 169,684 Southern Copper Corp. Inc. 5.88% 04/23/45 12,000 16,388 3.88% 03/15/39 11,000 13,442 Southwest Airlines Co. The Allstate Corp. 2.63% 02/10/30 32,000 33,241 4.20% 12/15/46 6,000 7,551 Southwestern Electric Power Co. The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.75% 10/01/26 11,000 11,768 2.94% + 3 month USD Spectra Energy Partners LP LIBOR thereafter) 3.38% 10/15/26 3,000 3,276 5.75% 08/15/53 38,000 41,230 4.50% 03/15/45 2,000 2,404 The Bank of New York Mellon Spirit Realty LP Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 4.00% 07/15/29 20,000 22,604 month USD LIBOR Starbucks Corp. thereafter) 4.00% 11/15/28 10,000 11,642 4.63% 12/29/49 66,000 72,760 STERIS Irish FinCo UnLtd The Bank of Nova Scotia Co. (4.65% fixed rate until 2.70% 03/15/31 105,000 108,930 10/12/22; 2.65% + 3 month USD LIBOR thereafter) Stryker Corp. 4.65% 12/31/99 41,000 41,573 1.95% 06/15/30 42,000 42,361 The Boeing Co. 2.90% 06/15/50 33,000 34,049 2.20% 02/04/26 90,000 90,776 Sumitomo Mitsui Financial Group Inc. 2.70% 02/01/27 185,000 192,256 4.44% 04/02/24 200,000 217,808 2.95% 02/01/30 9,000 9,292 Suncor Energy Inc. 3.25% 03/01/28 8,000 8,477 4.00% 11/15/47 3,000 3,421 3.55% 03/01/38 6,000 6,226 Sysco Corp. 3.75% 02/01/50 9,000 9,350 3.25% 07/15/27 11,000 12,059 5.04% 05/01/27 61,000 70,611 5.95% 04/01/30 4,000 5,192 5.15% 05/01/30 26,000 30,954 6.60% 04/01/50 3,000 4,784 5.81% 05/01/50 20,000 27,255 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value TheCharlesSchwabCorp. The Goldman Sachs (4.00% fixed rate until Group Inc. (3.21% fixed 12/01/30; 3.08% + 10 year rate until 04/22/41; 1.51% + CMT Rate thereafter) SOFR thereafter) 4.00% 12/31/99 $ 55,000 $ 57,240 3.21% 04/22/42 $ 27,000 $ 28,668 The Cleveland Electric The Goldman Sachs Illuminating Co. Group Inc. (3.81% fixed 4.55% 11/15/30 47,000 55,805 rate until 04/23/28; 1.16% + 3 month USD LIBOR TheCloroxCo. thereafter) 1.80% 05/15/30 63,000 63,002 3.81% 04/23/29 17,000 19,148 The Coca-Cola Co. The Goldman Sachs 2.60% 06/01/50 20,000 19,964 Group Inc. (4.02% fixed 2.75% 06/01/60 9,000 9,204 rate until 10/31/37; 1.37% + 3 month USD LIBOR The Dow Chemical Co. thereafter) 2.10% 11/15/30 33,000 33,358 4.02% 10/31/38 10,000 11,849 3.60% 11/15/50 13,000 14,448 The Goldman Sachs 4.25% 10/01/34 11,000 13,041 Group Inc. (4.22% fixed The Estee Lauder rate until 05/01/28; 1.30% + Companies Inc. 3 month USD LIBOR 2.38% 12/01/29 11,000 11,666 thereafter) The George Washington 4.22% 05/01/29 30,000 34,542 University The Hartford Financial 4.13% 09/15/48 15,000 18,997 Services Group Inc. The Goldman Sachs 2.80% 08/19/29 83,000 88,880 Group Inc. The Hartford Financial 3.50% 04/01/25 - 11/16/26 70,000 76,429 Services Group Inc. (2.28% fixed rate until 06/28/21; 3.85% 01/26/27 103,000 114,044 2.13% + 3 month USD 4.25% 10/21/25 299,000 335,487 LIBOR thereafter) 5.15% 05/22/45 16,000 21,640 2.28% 02/12/67 20,000 19,233 The Goldman Sachs The Home Depot Inc. Group Inc. (1.54% fixed 2.70% 04/15/30 11,000 11,907 rate until 09/10/26; 0.82% + SOFR thereafter) 3.35% 04/15/50 19,000 21,402 1.54% 09/10/27 70,000 70,496 3.50% 09/15/56 8,000 9,266 The Goldman Sachs 3.90% 12/06/28 - 06/15/47 18,000 21,345 Group Inc. (1.99% fixed 4.50% 12/06/48 9,000 12,023 rate until 01/27/31; 1.09% + The Kroger Co. SOFR thereafter) 2.20% 05/01/30 14,000 14,286 1.99% 01/27/32 55,000 54,253 2.95% 11/01/21 36,000 36,157 The Goldman Sachs 4.65% 01/15/48 5,000 6,262 Group Inc. (2.38% fixed rate until 07/21/31; 1.25% + The Northwestern Mutual Life SOFR thereafter) Insurance Co. 2.38% 07/21/32 23,000 23,388 3.45% 03/30/51 18,000 19,882 The Goldman Sachs The Southern Co. Group Inc. (2.91% fixed 3.25% 07/01/26 5,000 5,460 rate until 07/21/41; 1.47% + SOFR thereafter) 2.91% 07/21/42 18,000 18,267 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value The Toronto-Dominion Bank Truist Financial Corp. (4.80% (3.63% fixed rate until fixed rate until 09/01/24; 09/15/26; 2.21% + USD 5 3.00% + 5 year CMT Rate year Swap Rate thereafter) thereafter) 3.63% 09/15/31 $ 44,000 $ 49,097 4.80% 12/31/99 $ 73,000 $ 77,672 The Travelers Companies Inc. TWDC Enterprises 18 Corp. 2.55% 04/27/50 98,000 97,166 4.13% 06/01/44 4,000 4,917 The Walt Disney Co. Tyco Electronics Group S.A. 2.65% 01/13/31 183,000 194,904 3.13% 08/15/27 11,000 12,010 3.38% 11/15/26 2,000 2,218 Tyson Foods Inc. 3.60% 01/13/51 17,000 19,641 4.00% 03/01/26 46,000 51,620 4.75% 11/15/46 4,000 5,359 4.55% 06/02/47 2,000 2,500 6.65% 11/15/37 24,000 37,029 UDR Inc. The Williams Companies Inc. 2.10% 08/01/32 24,000 23,638 3.75% 06/15/27 2,000 2,234 3.00% 08/15/31 11,000 11,815 4.85% 03/01/48 11,000 13,583 Union Pacific Corp. 4.90% 01/15/45 24,000 29,230 3.55% 05/20/61 25,000 27,681 5.40% 03/04/44 3,000 3,842 3.60% 09/15/37 6,000 6,850 Thermo Fisher Scientific Inc. 3.80% 04/06/71 12,000 13,849 4.13% 03/25/25 3,000 3,330 4.10% 09/15/67 10,000 12,104 4.50% 03/25/30 6,000 7,246 UnitedHealth Group Inc. LLC 2.00% 05/15/30 32,000 32,800 6.55% 05/01/37 10,000 13,779 4.45% 12/15/48 21,000 27,553 T-Mobile USA Inc. 4.75% 07/15/45 18,000 24,207 3.75% 04/15/27 188,000 209,620 Utah Acquisition Sub Inc. 3.88% 04/15/30 3,000 3,390 3.95% 06/15/26 5,000 5,552 4.50% 04/15/50 6,000 7,308 Vale S.A. Total Capital International 5.63% 09/11/42 8,000 10,190 S.A. Valero Energy Corp. 3.46% 02/19/29 38,000 42,866 2.85% 04/15/25 32,000 33,924 Trane Technologies 4.00% 04/01/29 23,000 25,772 Luxembourg Finance S.A. Ventas Realty LP 3.55% 11/01/24 21,000 22,717 3.25% 10/15/26 22,000 24,061 3.80% 03/21/29 23,000 26,315 VEREIT Operating TransCanada PipeLines Ltd. Partnership LP 4.25% 05/15/28 36,000 41,631 2.85% 12/15/32 22,000 23,590 4.88% 01/15/26 8,000 9,240 Verizon Communications Inc. Transcanada Trust (5.63% 1.45% 03/20/26 56,000 56,830 fixed rate until 05/20/25; 3.53% + 3 month USD 2.10% 03/22/28 42,000 43,231 LIBOR thereafter) 2.55% 03/21/31 132,000 137,232 5.63% 05/20/75 50,000 54,413 3.00% 03/22/27 112,000 121,523 Transcontinental Gas Pipe 3.40% 03/22/41 27,000 29,164 Line Company LLC 3.55% 03/22/51 20,000 21,883 4.00% 03/15/28 11,000 12,547 3.70% 03/22/61 27,000 29,847 4.40% 11/01/34 56,000 67,901 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value 4.52% 09/15/48 $ 11,000 $ 13,910 Wells Fargo & Co. 4.67% 03/15/55 28,000 36,586 4.15% 01/24/29 $ 36,000 $ 41,693 4.86% 08/21/46 29,000 38,163 4.75% 12/07/46 36,000 46,304 5.25% 03/16/37 10,000 13,352 Wells Fargo & Co. (1.65% ViacomCBS Inc. fixed rate until 06/02/23; 1.60% + SOFR thereafter) 2.90% 01/15/27 9,000 9,655 1.65% 06/02/24 34,000 34,737 3.70% 06/01/28 8,000 8,986 Wells Fargo & Co. (2.19% 5.25% 04/01/44 3,000 3,890 fixed rate until 04/30/25; Virginia Electric & Power Co. 2.00% + SOFR thereafter) 4.00% 11/15/46 21,000 25,237 2.19% 04/30/26 90,000 93,787 Visa Inc. Wells Fargo & Co. (2.39% 2.00% 08/15/50 2,000 1,791 fixed rate until 06/02/27; 2.10% + SOFR thereafter) 2.05% 04/15/30 16,000 16,635 2.39% 06/02/28 228,000 238,721 2.70% 04/15/40 18,000 18,902 Wells Fargo & Co. (3.07% Vistra Operations fixed rate until 04/30/40; Company LLC 2.53% + SOFR thereafter) 3.55% 07/15/24 64,000 68,022 3.07% 04/30/41 43,000 45,235 Viterra Finance BV Wells Fargo & Co. (3.20% 2.00% 04/21/26 200,000 202,678 fixed rate until 06/17/26; VMware Inc. 1.17% + 3 month USD 1.40% 08/15/26 36,000 36,126 LIBOR thereafter) 1.80% 08/15/28 55,000 55,172 3.20% 06/17/27 111,000 120,720 2.20% 08/15/31 32,000 32,005 Wells Fargo & Co. (5.88% fixed rate until 06/15/25; Vodafone Group PLC 3.99% + 3 month USD 4.38% 05/30/28 17,000 19,904 LIBOR thereafter) 5.25% 05/30/48 4,000 5,335 5.88% 12/29/49 40,000 45,155 Vontier Corp. Westpac Banking Corp. 2.40% 04/01/28 61,000 61,259 (2.89% fixed rate until 02/04/25; 1.35% + 5 year 2.95% 04/01/31 47,000 47,798 CMT Rate thereafter) Vornado Realty LP 2.89% 02/04/30 27,000 28,179 2.15% 06/01/26 56,000 57,434 Westpac Banking Corp. 3.40% 06/01/31 18,000 18,938 (4.11% fixed rate until 3.50% 01/15/25 12,000 12,825 07/24/29; 2.00% + 5 year CMT Rate thereafter) Vulcan Materials Co. 4.11% 07/24/34 21,000 23,354 3.90% 04/01/27 4,000 4,560 Willis North America Inc. Inc. 3.60% 05/15/24 18,000 19,313 4.10% 04/15/50 3,000 3,427 3.88% 09/15/49 20,000 22,885 Walmart Inc. WPP Finance 2010 3.63% 12/15/47 8,000 9,541 3.75% 09/19/24 22,000 23,963 3.70% 06/26/28 19,000 21,833 WRKCo Inc. 3.95% 06/28/38 8,000 9,749 3.00% 09/15/24 15,000 15,937 4.05% 06/29/48 10,000 12,770 Xcel Energy Inc. WEC Energy Group Inc. 3.40% 06/01/30 24,000 26,759 3.55% 06/15/25 37,000 40,517 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value Zoetis Inc. GS Mortgage Securities Trust 3.00% 09/12/27 $ 5,000 $ 5,459 2014-GC24 3.90% 08/20/28 11,000 12,657 4.52% 09/10/47 $ 119,000 $ 125,768 GS Mortgage Securities Trust 28,347,914 2015-GS1 4.42% 11/10/48 117,000 103,753 Non-Agency Collateralized Mortgage Obligations - 2.7% GS Mortgage Securities Trust BANK 2017-BNK7 2017-GS5 3.18% 09/15/60 617,000 674,655 3.67% 03/10/50 240,062 268,863 BANK 2018-BNK15 GS Mortgage Securities Trust 4.41% 11/15/61 320,000 377,641 2017-GS8 BX Commercial Mortgage 3.47% 11/10/50 184,426 205,327 Trust 2018-IND 0.75% + 1 GS Mortgage Securities Trust month USD LIBOR 2018-GS9 0.84% 11/15/35 46,901 46,942 4.14% 03/10/51 73,000 83,087 Cantor Commercial Real GS Mortgage Securities Trust Estate Lending 2019-CF3 2019-GC42 3.01% 01/15/53 139,000 151,541 2.75% 09/01/52 419,000 445,937 CD 2019-CD8 Mortgage Trust GS Mortgage Securities Trust 2.91% 08/15/57 246,000 266,079 2019-GSA1 CFCRE Commercial 3.05% 11/10/52 493,000 538,882 Mortgage Trust 2016-C7 JPMBB Commercial 4.41% 12/10/54 87,000 87,138 Mortgage Securities Trust Citigroup Commercial 2013-C12 Mortgage Trust 2015-GC33 4.04% 07/15/45 25,000 26,310 3.78% 09/10/58 100,000 110,350 JPMBB Commercial Citigroup Commercial Mortgage Securities Trust Mortgage Trust 2015-GC35 2015-C32 4.46% 11/10/48 148,000 144,174 4.65% 11/15/48 71,000 58,822 Citigroup Commercial MASTR Alternative Loan Mortgage Trust 2015-P1 Trust 2003-5 3.72% 09/15/48 403,000 443,760 5.00% 08/25/18 227 2 Citigroup Commercial Morgan Stanley Bank of Mortgage Trust 2016-P5 America Merrill Lynch Trust 2013-C7 2.94% 10/10/49 90,682 97,615 4.12% 02/15/46 124,000 120,660 Citigroup Commercial Mortgage Trust 2016-P6 Morgan Stanley Bank of America Merrill Lynch Trust 3.72% 12/10/49 119,583 134,000 2015-C21 4.03% 12/10/49 78,331 85,967 0.87% 03/15/48 761,744 18,800 COMM 2012-CCRE3 Morgan Stanley Capital I Mortgage Trust Trust 2016-UB12 3.92% 10/15/45 100,000 99,213 4.03% 12/15/49 122,000 128,166 COMM 2014-CR14 Mortgage UBS-Barclays Commercial Trust Mortgage Trust 2013-C6 4.53% 02/10/47 55,000 59,464 3.88% 04/10/46 287,000 293,007 GS Mortgage Securities Trust Wells Fargo Commercial 2014-GC22 Mortgage Trust 2014-LC16 4.69% 06/10/47 88,000 91,831 4.32% 08/15/50 287,000 279,030 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Principal Fair Principal Fair Amount Value Amount Value Wells Fargo Commercial State of Illinois Mortgage Trust 2015-C26 5.10% 06/01/33 $ 25,000 $ 29,986 1.20% 02/15/48 $ 795,425 $ 28,730 250,300 Wells Fargo Commercial Mortgage Trust 2019-C50 Total Bonds and Notes 4.35% 05/15/52 45,000 49,977 (Cost $73,524,655) 75,997,660 WFRBS Commercial Mortgage Trust 2013-C17 Number 4.26% 12/15/46 55,000 58,996 of Shares WFRBS Commercial Exchange Traded & Mutual Funds - 25.0% Mortgage Trust 2014-LC14 State Street Global All Cap Equity ex-U.S. Index 4.35% 03/15/47 123,000 132,508 Portfolio 5,836,995 (Cost $41,286,765) 424,297 53,397,777 Total Investments in Sovereign Bonds - 0.4% Securities Government of Chile (Cost $162,585,204) 210,846,190 2.55% 01/27/32 - 07/27/33 400,000 409,620 Short-Term Investments - 5.3% Government of Colombia Dreyfus Treasury Obligations 2.63% 03/15/23 200,000 203,250 Cash Management Fund, Government of Institutional Shares 0.01% 451,057 451,057 4.00% 10/02/23 4,000 4,318 State Street Institutional Treasury Money Market 4.75% 03/08/44 56,000 62,085 Fund - Premier Class Government of Peru 0.01% 5,058,243 5,058,243 1.86% 12/01/32 45,000 41,544 State Street Institutional 2.78% 12/01/60 75,000 64,710 Treasury Plus Fund - 5.63% 11/18/50 26,000 35,267 Premier Class 0.01% 451,057 451,057 Government of Uruguay State Street Institutional U.S. Government Money 5.10% 06/18/50 29,803 39,088 Market Fund - Class G 859,882 Shares 0.03% 5,388,336 5,388,337 Total Short-Term Municipal Bonds and Notes - 0.1% Investments American Municipal (Cost $11,348,694) 11,348,694 Power Inc. Total Investments 6.27% 02/15/50 25,000 35,942 (Cost $173,933,898) 222,194,884 Board of Regents of the Liabilities in Excess of University of Texas System Other Assets, net - (4.1)% (8,679,799) 3.35% 08/15/47 25,000 29,438 NET ASSETS - 100.0% $ 213,515,085 Port Authority of New York & New Jersey 4.46% 10/01/62 70,000 96,181 State of California 4.60% 04/01/38 50,000 58,753 Elfun Diversified Fund Schedule of Investments July 31, 2021 (Unaudited)

Other Information:

Centrally Cleared Credit Default Swaps

Contract Notional Annual Unamortized Amount Fixed Rate/ Upfront Unrealized (000s Payment Termination Market Payments Appreciation Reference Entity Counterparty omitted) Frequency Date Value Received (Paid) (Depreciation)

Sell Protection Intercontinental 5.00%/ Markit CDX North America High Yield Index Exchange $1,389 Quarterly 06/20/25 $127,572 $(67,408) $194,980

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)

U.S. Long Bond Futures September 2021 8 $1,273,397 $1,317,750 $ 44,353 2 Yr. U.S. Treasury Notes Futures September 2021 44 9,710,407 9,708,875 (1,532) Ultra Long-Term U.S. Treasury Bond Futures September 2021 9 1,690,724 1,795,781 105,057 S&P 500 E-mini Index Futures September 2021 3 634,718 658,425 23,707

$171,585

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

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

10 Yr. U.S. Treasury Ultra Futures September 2021 16 $(2,329,345) $(2,404,000) $ (74,655) 10 Yr. U.S. Treasury Notes Futures September 2021 30 (3,954,836) (4,033,594) (78,758) 5 Yr. U.S. Treasury Notes Futures September 2021 18 (2,223,417) (2,240,016) (16,599)

$(170,012)

$ 1,573

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.