# EDGAR Filing Document

**Accession Number:** 0000032339
**File Stem:** 0001410368-26-055527
**Filing Date:** 2026-5
**Character Count:** 34097
**Document Hash:** fb7395840809a82327bae2e6be1a0d99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-055527.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001410368-26-055527

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ELFUN TRUSTS
- **CENTRAL INDEX KEY:** 0000032339

**ORGANIZATION NAME:**
- **EIN:** 136057455
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00483
- **FILM NUMBER:** 261035491

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114
- **BUSINESS PHONE:** 6176643920

**MAIL ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114

## Series and Classes Contracts Data

### ELFUN TRUSTS (Series ID: S000011821)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000032303 | Elfun Trusts | elfnx           |

## Nport-Ex

Quarterly Report

March 31, 2026

**Elfun Trusts**![](img27d1b4f51.gif)

------

Elfun Trusts

Quarterly Report

March 31, 2026

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_305bcdb7-0787-41d7-99db-adb5ae161d9f_SOI-CC-Continued-1525_1) | 1 |
| [Notes to Schedule of Investments](#xx_305bcdb7-0787-41d7-99db-adb5ae161d9f_NTSOI-CC-Continued-1525_1) | 3 |

---

------

**Elfun Trusts**

Schedule of Investments

March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number** <br>**of Shares**<br>| **Fair** <br>**Value**<br>|
| **Common Stock - 98.9% †** | **Common Stock - 98.9% †** | **Common Stock - 98.9% †** |
| Application Software - 2.7%  | Application Software - 2.7%  | Application Software - 2.7%  |
| Salesforce, Inc. | &nbsp;&nbsp; 276930 | &nbsp;&nbsp; $51694523 |
| Synopsys, Inc. (a) | &nbsp;&nbsp; 147546 | &nbsp;&nbsp; 58499038 |
|  |  | &nbsp;&nbsp; 110193561 |
| Broadline Retail - 5.4%  | Broadline Retail - 5.4%  | Broadline Retail - 5.4%  |
| Amazon.com, Inc. (a) | &nbsp;&nbsp; 1081578 | &nbsp;&nbsp; 225260250 |
| Construction Materials - 1.0%  | Construction Materials - 1.0%  | Construction Materials - 1.0%  |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp; 69084 | &nbsp;&nbsp; 40668369 |
| Consumer Staples Merchandise Retail - 1.9%  | Consumer Staples Merchandise Retail - 1.9%  | Consumer Staples Merchandise Retail - 1.9%  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, <br> Inc. (a)<br>| &nbsp;&nbsp; 809533 | &nbsp;&nbsp; 79674238 |
| Data Center REITs - 2.1%  | Data Center REITs - 2.1%  | Data Center REITs - 2.1%  |
| Equinix, Inc. | &nbsp;&nbsp; 90599 | &nbsp;&nbsp; 88808764 |
| Diversified Banks - 4.0%  | Diversified Banks - 4.0%  | Diversified Banks - 4.0%  |
| Bank of America Corp. | &nbsp;&nbsp; 1312120 | &nbsp;&nbsp; 63965850 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 354038 | &nbsp;&nbsp; 104143818 |
|  |  | &nbsp;&nbsp; 168109668 |
| Electrical Components & Equipment - 3.3%  | Electrical Components & Equipment - 3.3%  | Electrical Components & Equipment - 3.3%  |
| Eaton Corp. PLC | &nbsp;&nbsp; 205233 | &nbsp;&nbsp; 73405687 |
| Emerson Electric Co. | &nbsp;&nbsp; 495846 | &nbsp;&nbsp; 64965743 |
|  |  | &nbsp;&nbsp; 138371430 |
| Electronic Components - 1.4%  | Electronic Components - 1.4%  | Electronic Components - 1.4%  |
| Amphenol Corp., Class A | &nbsp;&nbsp; 449700 | &nbsp;&nbsp; 56819595 |
| Environmental & Facilities Services - 1.7%  | Environmental & Facilities Services - 1.7%  | Environmental & Facilities Services - 1.7%  |
| Waste Management, Inc. | &nbsp;&nbsp; 310184 | &nbsp;&nbsp; 71277181 |
| Financial Exchanges & Data - 3.6%  | Financial Exchanges & Data - 3.6%  | Financial Exchanges & Data - 3.6%  |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 360028 | &nbsp;&nbsp; 56625204 |
| S&P Global, Inc. | &nbsp;&nbsp; 222549 | &nbsp;&nbsp; 94658992 |
|  |  | &nbsp;&nbsp; 151284196 |
| Healthcare Equipment - 2.9%  | Healthcare Equipment - 2.9%  | Healthcare Equipment - 2.9%  |
| Boston Scientific Corp. (a) | &nbsp;&nbsp; 1148700 | &nbsp;&nbsp; 72080925 |
| Dexcom, Inc. (a) | &nbsp;&nbsp; 776415 | &nbsp;&nbsp; 48758862 |
|  |  | &nbsp;&nbsp; 120839787 |
| Home Improvement Retail - 1.8%  | Home Improvement Retail - 1.8%  | Home Improvement Retail - 1.8%  |
| Home Depot, Inc. | &nbsp;&nbsp; 224700 | &nbsp;&nbsp; 73901583 |
| Industrial Gases - 1.8%  | Industrial Gases - 1.8%  | Industrial Gases - 1.8%  |
| Linde PLC | &nbsp;&nbsp; 148630 | &nbsp;&nbsp; 73684809 |
| Industrial Machinery & Supplies & Components - 1.4%  | Industrial Machinery & Supplies & Components - 1.4%  | Industrial Machinery & Supplies & Components - 1.4%  |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 62958 | &nbsp;&nbsp; 56362520 |
| Insurance Brokers - 1.1%  | Insurance Brokers - 1.1%  | Insurance Brokers - 1.1%  |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp; 254300 | &nbsp;&nbsp; 44108335 |
| Integrated Oil & Gas - 2.7%  | Integrated Oil & Gas - 2.7%  | Integrated Oil & Gas - 2.7%  |
| Exxon Mobil Corp. | &nbsp;&nbsp; 671629 | &nbsp;&nbsp; 113948576 |
| Interactive Media & Services - 11.4%  | Interactive Media & Services - 11.4%  | Interactive Media & Services - 11.4%  |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 443975 | &nbsp;&nbsp; 127669451 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 612497 | &nbsp;&nbsp; 175700889 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 302022 | &nbsp;&nbsp; 172795847 |
|  |  | &nbsp;&nbsp; 476166187 |
| Life Sciences Tools & Services - 1.5%  | Life Sciences Tools & Services - 1.5%  | Life Sciences Tools & Services - 1.5%  |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 126006 | &nbsp;&nbsp; 61935729 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Fair**<br> **Value**<br>|
| Multi-Utilities - 1.5%  | Multi-Utilities - 1.5%  | Multi-Utilities - 1.5%  |
| CMS Energy Corp. | &nbsp;&nbsp; 796536 | &nbsp;&nbsp; $61795263 |
| Oil & Gas Exploration & Production - 1.3%  | Oil & Gas Exploration & Production - 1.3%  | Oil & Gas Exploration & Production - 1.3%  |
| EQT Corp. | &nbsp;&nbsp; 864668 | &nbsp;&nbsp; 55027472 |
| Passenger Ground Transportation - 1.4%  | Passenger Ground Transportation - 1.4%  | Passenger Ground Transportation - 1.4%  |
| Uber Technologies, Inc. (a) | &nbsp;&nbsp; 788185 | &nbsp;&nbsp; 56694147 |
| Pharmaceuticals - 5.0%  | Pharmaceuticals - 5.0%  | Pharmaceuticals - 5.0%  |
| Eli Lilly & Co. | &nbsp;&nbsp; 106676 | &nbsp;&nbsp; 98117385 |
| Johnson & Johnson | &nbsp;&nbsp; 443589 | &nbsp;&nbsp; 108430895 |
|  |  | &nbsp;&nbsp; 206548280 |
| Semiconductor Materials & Equipment - 2.2%  | Semiconductor Materials & Equipment - 2.2%  | Semiconductor Materials & Equipment - 2.2%  |
| Applied Materials, Inc. | &nbsp;&nbsp; 268877 | &nbsp;&nbsp; 91899470 |
| Semiconductors - 16.0%  | Semiconductors - 16.0%  | Semiconductors - 16.0%  |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, <br> Inc. (a)<br>| &nbsp;&nbsp; 417483 | &nbsp;&nbsp; 84928566 |
| Broadcom, Inc. | &nbsp;&nbsp; 482239 | &nbsp;&nbsp; 149257793 |
| NVIDIA Corp. | &nbsp;&nbsp; 2490447 | &nbsp;&nbsp; 434333957 |
|  |  | &nbsp;&nbsp; 668520316 |
| Systems Software - 8.2%  | Systems Software - 8.2%  | Systems Software - 8.2%  |
| Microsoft Corp. | &nbsp;&nbsp; 756821 | &nbsp;&nbsp; 280152430 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp; 600462 | &nbsp;&nbsp; 62778302 |
|  |  | &nbsp;&nbsp; 342930732 |
| Technology Hardware, Storage & Peripherals - 6.4%  | Technology Hardware, Storage & Peripherals - 6.4%  | Technology Hardware, Storage & Peripherals - 6.4%  |
| Apple, Inc. | &nbsp;&nbsp; 1053718 | &nbsp;&nbsp; 267423091 |
| Trading Companies & Distributors - 1.2%  | Trading Companies & Distributors - 1.2%  | Trading Companies & Distributors - 1.2%  |
| United Rentals, Inc. | &nbsp;&nbsp; 68906 | &nbsp;&nbsp; 50202155 |
| Transaction & Payment Processing Services - 2.8%  | Transaction & Payment Processing Services - 2.8%  | Transaction & Payment Processing Services - 2.8%  |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 66823 | &nbsp;&nbsp; 33388780 |
| Visa, Inc., Class A | &nbsp;&nbsp; 277770 | &nbsp;&nbsp; 83953205 |
|  |  | &nbsp;&nbsp; 117341985 |
| Water Utilities - 1.2%  | Water Utilities - 1.2%  | Water Utilities - 1.2%  |
| &nbsp;&nbsp;&nbsp; American Water Works Co., <br> Inc.<br>| &nbsp;&nbsp; 368910 | &nbsp;&nbsp; 50204962 |
| &nbsp;&nbsp;&nbsp; **Total Common Stock** <br>(Cost $1,870,025,514)<br>|  | &nbsp;&nbsp; 4120002651 |
| **Short-Term Investments - 0.4%**  | **Short-Term Investments - 0.4%**  | **Short-Term Investments - 0.4%**  |
| &nbsp;&nbsp;&nbsp; State Street Institutional <br> Treasury Money Market <br> Fund - Premier Class 3.60% <br> (b)(c)<br>| &nbsp;&nbsp; 11081813 | &nbsp;&nbsp; 11081813 |
| &nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund - Class G <br> Shares 3.64% (b)(c)<br>| &nbsp;&nbsp; 6106339 | &nbsp;&nbsp; 6106339 |
| &nbsp;&nbsp;&nbsp; **Total Short-Term** <br> **Investments** <br>(Cost $17,188,152)<br>|  | &nbsp;&nbsp; 17188152 |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>(Cost $1,887,213,666)<br>|  | &nbsp;&nbsp; 4137190803 |
| **Other Assets and Liabilities, net - 0.7%** | **Other Assets and Liabilities, net - 0.7%** | &nbsp;&nbsp; 30976839 |
| **NET ASSETS - 100.0%** |  | &nbsp;&nbsp; $4168167642 |

---

See Notes to Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Elfun Trusts 1

------

**Elfun Trusts**

Schedule of Investments (Continued)

March 31, 2026 (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 Fund's 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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Sponsored by SSGA Funds Management, Inc., the Fund's investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund's sub-administrator, custodian and accounting agent.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Coupon amount represents effective yield.

&nbsp;&nbsp;&nbsp;&nbsp;† Percentages are based on net assets as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Abbreviations:** |
| REIT - Real Estate Investment Trust |

---

The following table presents the Fund's investments measured at fair value on a recurring basis at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments in Securities |  |  |  |  |
| Common Stock | $4120002651 | $— | $— | $4120002651 |
| Short-Term Investments | 17188152 |  |  | 17188152 |
| Total Investments in Securities | $4137190803 | $— | $— | $4137190803 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Affiliate Table**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number** <br>**of Shares** <br>**Held at** <br>**12/31/25**<br>| **Value at** <br>**12/31/25**<br>| **Cost of** <br>**Purchases**<br>| **Proceeds** <br>**from** <br>**Shares** <br>**Sold**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Number of** <br>**Shares** <br>**Held at** <br>**3/31/26**<br>| **Value at** <br>**3/31/26**<br>| **Dividend** <br>**Income**<br>|
| &nbsp;&nbsp;&nbsp; State Street Institutional <br> Treasury Money Market Fund - <br> Premier Class<br>| 19236161 | $19236161 | $40585022 | $48739370 | $— | $— | 11081813 | $11081813 | $122825 |
| &nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund - Class G Shares<br>| 13734945 | 13734945 | 40404715 | 48033321 |  |  | 6106339 | 6106339 | 75195 |
| TOTAL |  | $32971106 | $80989737 | $96772691 | $— | $— |  | $17188152 | $198020 |

---

See Notes to Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 Elfun Trusts

------

**Elfun Trusts**

Notes to Schedule of Investments

March 31, 2026 (Unaudited)

**Security Valuation** 

The 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 the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board of Trustees of the Trust (the "Board"). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value the Fund's investments by major category are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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.

The Fund values its 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 the Fund's investments according to the fair value hierarchy as of March 31, 2026 is disclosed in the Fund's Schedule of Investments.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ELFUN TRUSTS

- **b. Investment Company Act file number:** 811-00483

- **c. CIK number of Registrant:** 0000032339

- **d. LEI of Registrant:** 549300YBNVDH5320R485

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Congress Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02114

  - **Telephone number:** 1-800-242-0134

**Item A.2. Information about the Series.**

- **a. Name of Series:** ELFUN TRUSTS

- **b. EDGAR series identifier (if any):** S000011821

- **c. LEI of Series:** 549300YBNVDH5320R485

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $4170057859.83

**Total Liabilities:** $1406870.73

**Net Assets:** $4168650989.10

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032303 | 1.00%                | -2.84%               | -4.95%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9876948.54              | $35326764.95                               |
| Month 2  | $53634451.80             | $-187714058.94                             |
| Month 3  | $19722111.51             | $-240013019.62                             |

### Schedule of Portfolio Investments

| Name                               | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Advanced Micro Devices Inc         | Advanced Micro Devices Inc                                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    417483 | NS      | $84928566.69  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                       | Alphabet Inc                                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    612497 | NS      | $175700889.42 | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                       | Alphabet Inc                                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    443975 | NS      | $127669451.00 | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                     | Amazon.com Inc                                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1081578 | NS      | $225260250.06 | 5.40%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc        | American Water Works Co Inc                                | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |    368910 | NS      | $50204961.90  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                      | Amphenol Corp                                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |    449700 | NS      | $56819595.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                          | Apple Inc                                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   1053718 | NS      | $267423091.22 | 6.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc              | Applied Materials Inc                                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |    268877 | NS      | $91899469.83  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings Inc   | BJ's Wholesale Club Holdings Inc                           | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |    809533 | NS      | $79674237.86  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp               | Bank of America Corp                                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   1312120 | NS      | $63965850.00  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp             | Boston Scientific Corp                                     | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |   1148700 | NS      | $72080925.00  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc | Broadridge Financial Solutions Inc                         | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |    199743 | NS      | $32454242.64  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                       | Broadcom Inc                                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    482239 | NS      | $149257792.89 | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                    | CMS Energy Corp                                            | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    796536 | NS      | $61795262.88  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                         | Dexcom Inc                                                 | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    776415 | NS      | $48758862.00  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                           | EQT Corp                                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    864668 | NS      | $55027471.52  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                | Emerson Electric Co                                        | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |    495846 | NS      | $64965742.92  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                        | Equinix Inc                                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |     90599 | NS      | $88808763.76  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                   | Exxon Mobil Corp                                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    671629 | NS      | $113948576.14 | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                 | Meta Platforms Inc                                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    302022 | NS      | $172795846.86 | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                 | Home Depot Inc/The                                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |    224700 | NS      | $73901583.00  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc      | Intercontinental Exchange Inc                              | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |    360028 | NS      | $56625203.84  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                | JPMorgan Chase & Co                                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    354038 | NS      | $104143818.08 | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                  | Johnson & Johnson                                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    443589 | NS      | $108430895.16 | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                     | Eli Lilly & Co                                             | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |    106676 | NS      | $98117384.52  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc           | Marsh & McLennan Cos Inc                                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |    254300 | NS      | $44108335.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc      | Martin Marietta Materials Inc                              | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     69084 | NS      | $40668369.12  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                     | Mastercard Inc                                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     66823 | NS      | $33388780.18  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                     | Microsoft Corp                                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    756821 | NS      | $280152429.57 | 6.72%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                        | NVIDIA Corp                                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   2490447 | NS      | $434333956.80 | 10.42%            |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp               | Parker-Hannifin Corp                                       | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     62958 | NS      | $56362519.92  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                     | S&P Global Inc                                             | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |    222549 | NS      | $94658991.66  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                     | Salesforce Inc                                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    276930 | NS      | $51694523.10  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                     | ServiceNow Inc                                             | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |    600462 | NS      | $62778302.10  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors       | State Street Institutional Treasury Money Market Fund      | CUSIP: 857492870<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | STIV             | RF                | US        |  11081813 | NS      | $11081812.97  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                       | Synopsys Inc                                               | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |    147546 | NS      | $58499038.08  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc       | Thermo Fisher Scientific Inc                               | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    126006 | NS      | $61935729.18  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc              | Uber Technologies Inc                                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    788185 | NS      | $56694147.05  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                 | United Rentals Inc                                         | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     68906 | NS      | $50202155.36  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors       | State Street Institutional US Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   6106340 | NS      | $6106339.51   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                           | Visa Inc                                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    277770 | NS      | $83953204.80  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc               | Waste Management Inc                                       | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |    310184 | NS      | $71277181.36  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                     | Eaton Corp PLC                                             | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |    205233 | NS      | $73405687.11  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                          | Linde PLC                                                  | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |    148630 | NS      | $73684808.80  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** ELFUN TRUSTS

**Signature:** Arthur Jensen

**Name of Signer:** Arthur Jensen

**Title:** Deputy Treasurer