# EDGAR Filing Document

**Accession Number:** 0000817656
**File Stem:** 0001410368-26-055512
**Filing Date:** 2026-5
**Character Count:** 42482
**Document Hash:** c8febe29234b6a0a53556fd9183eceed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-055512.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001410368-26-055512

**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 INTERNATIONAL EQUITY FUND
- **CENTRAL INDEX KEY:** 0000817656

**ORGANIZATION NAME:**
- **EIN:** 061205244
- **STATE OF INCORPORATION:** CT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05216
- **FILM NUMBER:** 261035387

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ELFUN GLOBAL FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### ELFUN INTERNATIONAL EQUITY FUND (Series ID: S000011817)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000032294 | Elfun International Equity Fund | eglbx           |

## Nport-Ex

Quarterly Report

March 31, 2026

**Elfun International Equity Fund**![](img57c0ecb21.gif)

------

Elfun International Equity Fund

Quarterly Report

March 31, 2026

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_5f273bf6-7a42-424c-ac75-30cb98568b08_SOI-CC-Continued-1522_1) | 1 |
| [Notes to Schedule of Investments](#xx_5f273bf6-7a42-424c-ac75-30cb98568b08_NTSOI-CC-Continued-1522_1) | 3 |

---

------

**Elfun International Equity Fund**

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 - 96.5% †** | **Common Stock - 96.5% †** | **Common Stock - 96.5% †** |
| Belgium - 1.3%  | Belgium - 1.3%  | Belgium - 1.3%  |
| KBC Group NV  | &nbsp;&nbsp; 16824 | &nbsp;&nbsp; $2052619 |
| Brazil - 1.0%  | Brazil - 1.0%  | Brazil - 1.0%  |
| Embraer SA ADR  | &nbsp;&nbsp; 25926 | &nbsp;&nbsp; 1538449 |
| Canada - 2.1%  | Canada - 2.1%  | Canada - 2.1%  |
| Brookfield Corp.  | &nbsp;&nbsp; 54702 | &nbsp;&nbsp; 2209560 |
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B <br> (a)<br>| &nbsp;&nbsp; 22962 | &nbsp;&nbsp; 1186314 |
|  |  | &nbsp;&nbsp; 3395874 |
| Denmark - 2.8%  | Denmark - 2.8%  | Denmark - 2.8%  |
| Coloplast AS, Class B  | &nbsp;&nbsp; 30527 | &nbsp;&nbsp; 2072989 |
| Novo Nordisk AS, Class B  | &nbsp;&nbsp; 64327 | &nbsp;&nbsp; 2346680 |
|  |  | &nbsp;&nbsp; 4419669 |
| France - 15.3%  | France - 15.3%  | France - 15.3%  |
| Air Liquide SA  | &nbsp;&nbsp; 18789 | &nbsp;&nbsp; 3871393 |
| AXA SA  | &nbsp;&nbsp; 50080 | &nbsp;&nbsp; 2293985 |
| BNP Paribas SA  | &nbsp;&nbsp; 29604 | &nbsp;&nbsp; 2811278 |
| Cie de Saint-Gobain SA  | &nbsp;&nbsp; 23584 | &nbsp;&nbsp; 1946457 |
| EssilorLuxottica SA  | &nbsp;&nbsp; 10437 | &nbsp;&nbsp; 2424402 |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis <br> Vuitton SE <br>| &nbsp;&nbsp; 5985 | &nbsp;&nbsp; 3261364 |
| Safran SA  | &nbsp;&nbsp; 11808 | &nbsp;&nbsp; 3851721 |
| Schneider Electric SE  | &nbsp;&nbsp; 14298 | &nbsp;&nbsp; 3882213 |
|  |  | &nbsp;&nbsp; 24342813 |
| Germany - 9.3%  | Germany - 9.3%  | Germany - 9.3%  |
| adidas AG  | &nbsp;&nbsp; 8542 | &nbsp;&nbsp; 1378214 |
| Infineon Technologies AG  | &nbsp;&nbsp; 49027 | &nbsp;&nbsp; 2217140 |
| Rheinmetall AG  | &nbsp;&nbsp; 1259 | &nbsp;&nbsp; 2116957 |
| RWE AG  | &nbsp;&nbsp; 51538 | &nbsp;&nbsp; 3456464 |
| SAP SE  | &nbsp;&nbsp; 14832 | &nbsp;&nbsp; 2520612 |
| Siemens Energy AG  | &nbsp;&nbsp; 18169 | &nbsp;&nbsp; 3123339 |
|  |  | &nbsp;&nbsp; 14812726 |
| Hong Kong - 2.0%  | Hong Kong - 2.0%  | Hong Kong - 2.0%  |
| AIA Group Ltd.  | &nbsp;&nbsp; 291767 | &nbsp;&nbsp; 3242331 |
| Ireland - 1.3%  | Ireland - 1.3%  | Ireland - 1.3%  |
| Experian PLC  | &nbsp;&nbsp; 62471 | &nbsp;&nbsp; 2153150 |
| Japan - 18.6%  | Japan - 18.6%  | Japan - 18.6%  |
| Daikin Industries Ltd.  | &nbsp;&nbsp; 19300 | &nbsp;&nbsp; 2309372 |
| Disco Corp.  | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 2520900 |
| Hoya Corp.  | &nbsp;&nbsp; 11952 | &nbsp;&nbsp; 2066989 |
| Keyence Corp.  | &nbsp;&nbsp; 8900 | &nbsp;&nbsp; 3159908 |
| Komatsu Ltd.  | &nbsp;&nbsp; 60300 | &nbsp;&nbsp; 2395369 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial <br> Group, Inc. <br>| &nbsp;&nbsp; 308826 | &nbsp;&nbsp; 5216979 |
| Murata Manufacturing Co. Ltd.  | &nbsp;&nbsp; 95173 | &nbsp;&nbsp; 2130249 |
| Recruit Holdings Co. Ltd.  | &nbsp;&nbsp; 42300 | &nbsp;&nbsp; 1838548 |
| Sony Group Corp.  | &nbsp;&nbsp; 190800 | &nbsp;&nbsp; 3967167 |
| Tokio Marine Holdings, Inc.  | &nbsp;&nbsp; 85894 | &nbsp;&nbsp; 4022187 |
|  |  | &nbsp;&nbsp; 29627668 |
| Netherlands - 7.6%  | Netherlands - 7.6%  | Netherlands - 7.6%  |
| ASML Holding NV  | &nbsp;&nbsp; 4864 | &nbsp;&nbsp; 6447506 |
| ING Groep NV  | &nbsp;&nbsp; 159245 | &nbsp;&nbsp; 4120416 |
| Universal Music Group NV  | &nbsp;&nbsp; 80168 | &nbsp;&nbsp; 1551211 |
|  |  | &nbsp;&nbsp; 12119133 |
| Singapore - 1.9%  | Singapore - 1.9%  | Singapore - 1.9%  |
| United Overseas Bank Ltd.  | &nbsp;&nbsp; 107300 | &nbsp;&nbsp; 3060947 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares**<br>| **Fair**<br> **Value**<br>|
| Spain - 2.7%  | Spain - 2.7%  | Spain - 2.7%  |
| Cellnex Telecom SA (b)(c) | &nbsp;&nbsp; 67759 | &nbsp;&nbsp; $2171892 |
| Industria de Diseno Textil SA  | &nbsp;&nbsp; 37801 | &nbsp;&nbsp; 2193402 |
|  |  | &nbsp;&nbsp; 4365294 |
| Sweden - 1.7%  | Sweden - 1.7%  | Sweden - 1.7%  |
| Assa Abloy AB, Class B  | &nbsp;&nbsp; 73881 | &nbsp;&nbsp; 2653932 |
| Switzerland - 9.0%  | Switzerland - 9.0%  | Switzerland - 9.0%  |
| Alcon AG  | &nbsp;&nbsp; 30346 | &nbsp;&nbsp; 2282585 |
| DSM-Firmenich AG  | &nbsp;&nbsp; 26853 | &nbsp;&nbsp; 1914570 |
| Nestle SA  | &nbsp;&nbsp; 37191 | &nbsp;&nbsp; 3630169 |
| Roche Holding AG  | &nbsp;&nbsp; 11780 | &nbsp;&nbsp; 4678180 |
| Sika AG  | &nbsp;&nbsp; 11360 | &nbsp;&nbsp; 1871044 |
|  |  | &nbsp;&nbsp; 14376548 |
| Taiwan - 1.0%  | Taiwan - 1.0%  | Taiwan - 1.0%  |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br>| &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 1619367 |
| United Kingdom - 16.6%  | United Kingdom - 16.6%  | United Kingdom - 16.6%  |
| AstraZeneca PLC  | &nbsp;&nbsp; 24892 | &nbsp;&nbsp; 4849357 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific <br> Partners PLC <br>| &nbsp;&nbsp; 34197 | &nbsp;&nbsp; 3100642 |
| Croda International PLC  | &nbsp;&nbsp; 51790 | &nbsp;&nbsp; 1937652 |
| &nbsp;&nbsp;&nbsp; London Stock Exchange <br> Group PLC <br>| &nbsp;&nbsp; 37045 | &nbsp;&nbsp; 4358361 |
| Prudential PLC  | &nbsp;&nbsp; 179236 | &nbsp;&nbsp; 2482711 |
| Rentokil Initial PLC  | &nbsp;&nbsp; 429877 | &nbsp;&nbsp; 2657906 |
| Shell PLC  | &nbsp;&nbsp; 91010 | &nbsp;&nbsp; 4199525 |
| Standard Chartered PLC  | &nbsp;&nbsp; 134652 | &nbsp;&nbsp; 2795738 |
|  |  | &nbsp;&nbsp; 26381892 |
| United States - 2.3%  | United States - 2.3%  | United States - 2.3%  |
| MercadoLibre, Inc. (c) | &nbsp;&nbsp; 831 | &nbsp;&nbsp; 1436816 |
| Sunbelt Rentals Holdings, Inc.  | &nbsp;&nbsp; 35383 | &nbsp;&nbsp; 2248770 |
|  |  | &nbsp;&nbsp; 3685586 |
| &nbsp;&nbsp;&nbsp; **Total Common Stock** <br>(Cost $100,932,371)<br>|  | &nbsp;&nbsp; 153847998 |
| **Short-Term Investments - 3.4%**  | **Short-Term Investments - 3.4%**  | **Short-Term Investments - 3.4%**  |
| &nbsp;&nbsp;&nbsp; State Street Institutional <br> Treasury Money Market <br> Fund - Premier Class 3.60% <br> (d)(e)<br>| &nbsp;&nbsp; 2907181 | &nbsp;&nbsp; 2907181 |
| &nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund - Class G <br> Shares 3.64% (d)(e)<br>| &nbsp;&nbsp; 2419066 | &nbsp;&nbsp; 2419066 |
| &nbsp;&nbsp;&nbsp; **Total Short-Term** <br> **Investments** <br>(Cost $5,326,247)<br>|  | &nbsp;&nbsp; 5326247 |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>(Cost $106,258,618)<br>|  | &nbsp;&nbsp; 159174245 |
| **Other Assets and** <br> **Liabilities, net - 0.1%**<br>|  | &nbsp;&nbsp; 189264 |
| **NET ASSETS - 100.0%** |  | &nbsp;&nbsp; $159363509 |

---

See Notes to Schedule of Investments.

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

Elfun International Equity Fund 1

------

**Elfun International Equity Fund**

Schedule of Investments (Continued)

March 31, 2026 (Unaudited)

------

**Other Information:**

------

The Fund had the following long futures contracts open at March 31, 2026:<br>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| MSCI EAFE Mini Index Futures | June 2026 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $1166386 | &nbsp;&nbsp; $1160440 | &nbsp;&nbsp; $(5946)<br>|

---

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) At March 31, 2026, all or a portion of this security was pledged to cover collateral requirements for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2026, these securities amounted to $2,171,892 or 1.36% of the net assets of the Elfun International Equity Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;(e) 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:** |
| ADR - American Depositary Receipt |

---

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 | $9471781 | $144376217 | $— | $153847998 |
| Short-Term Investments | 5326247 |  |  | 5326247 |
| Total Investments in Securities | $14798028 | $144376217 | $— | $159174245 |
| Other Financial Instruments |  |  |  |  |
| Long Futures Contracts - Unrealized Depreciation | (5946)<br>|  |  | (5946)<br>|
| Total Other Financial Instruments | $(5946)<br>| $— | $— | $(5946)<br>|

---

&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 Treasury <br> Money Market Fund - Premier Class<br>| 2489433 | $2489433 | $3472147 | $3054399 | $— | $— | 2907181 | $2907181 | $21693 |
| &nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund - Class G Shares<br>| 2023286 | 2023286 | 3450180 | 3054400 |  |  | 2419066 | 2419066 | 17660 |
| TOTAL |  | $4512719 | $6922327 | $6108799 | $— | $— |  | $5326247 | $39353 |

---

See Notes to Schedule of Investments.

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

2 Elfun International Equity Fund

------

**Elfun International Equity Fund**

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

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

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

The 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.

**Futures Contracts** 

The Fund may enter into futures contracts to meet the Fund's objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash at broker for futures contracts on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value,

------

**Elfun International Equity Fund**

Notes to Schedule of Investments (Continued)

March 31, 2026 (Unaudited)

accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

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

For the period ended March 31, 2026, the Fund entered into futures contracts for the Equitization of Cash.

------

## 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 INTERNATIONAL EQUITY FUND

- **b. Investment Company Act file number:** 811-05216

- **c. CIK number of Registrant:** 0000817656

- **d. LEI of Registrant:** 549300S0LP674LVOXI71

- **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 INTERNATIONAL EQUITY FUND

- **b. EDGAR series identifier (if any):** S000011817

- **c. LEI of Series:** 549300S0LP674LVOXI71

**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:** $160451692.60

**Total Liabilities:** $1085076.08

**Net Assets:** $159366616.52

**Cash Not Reported:** $383045.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032294 | 3.75%                | 3.65%                | -9.55%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $968664.67               | $5056929.78                                |
| Month 2  | $1671228.37              | $4377523.81                                |
| Month 3  | $1911398.20              | $-19133131.84                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Standard Chartered PLC                    | Standard Chartered PLC                                     | CUSIP: 000000000<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |    134652 | NS      | $2795737.67   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                            | Prudential PLC                                             | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    179236 | NS      | $2482710.61   | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                           | AstraZeneca PLC                                            | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     24892 | NS      | $4849356.90   | 3.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Brookfield Corp                           | Brookfield Corp                                            | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     54702 | NS      | $2209560.20   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer SA                                | Embraer SA                                                 | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     25926 | NS      | $1538448.84   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                                 | adidas AG                                                  | CUSIP: 000000000<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |      8542 | NS      | $1378213.93   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE       | LVMH Moet Hennessy Louis Vuitton SE                        | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      5985 | NS      | $3261363.76   | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                              | KBC Group NV                                               | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |     16824 | NS      | $2052619.26   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                    | RWE AG                                                     | CUSIP: 000000000<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |     51538 | NS      | $3456464.04   | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                     | Schneider Electric SE                                      | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     14298 | NS      | $3882212.96   | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                    | SAP SE                                                     | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     14832 | NS      | $2520611.76   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                            | Rheinmetall AG                                             | CUSIP: 000000000<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |      1259 | NS      | $2116956.73   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                          | MercadoLibre Inc                                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       831 | NS      | $1436815.62   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                  | Infineon Technologies AG                                   | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     49027 | NS      | $2217140.57   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd                     | Daikin Industries Ltd                                      | CUSIP: 000000000<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |     19300 | NS      | $2309372.06   | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Disco Corp                                | Disco Corp                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6200 | NS      | $2520900.16   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc        | Mitsubishi UFJ Financial Group Inc                         | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    308826 | NS      | $5216979.04   | 3.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoya Corp                                 | Hoya Corp                                                  | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     11952 | NS      | $2066988.63   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                              | Keyence Corp                                               | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      8900 | NS      | $3159907.83   | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Komatsu Ltd                               | Komatsu Ltd                                                | CUSIP: 000000000<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |     60300 | NS      | $2395369.32   | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings Inc                 | Tokio Marine Holdings Inc                                  | CUSIP: 000000000<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |     85894 | NS      | $4022187.04   | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Murata Manufacturing Co Ltd               | Murata Manufacturing Co Ltd                                | CUSIP: 000000000<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |     95173 | NS      | $2130249.33   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                           | Sony Group Corp                                            | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    190800 | NS      | $3967166.78   | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd | Taiwan Semiconductor Manufacturing Co Ltd                  | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     28000 | NS      | $1619366.70   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd                  | United Overseas Bank Ltd                                   | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |    107300 | NS      | $3060947.42   | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| AXA SA                                    | AXA SA                                                     | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |     50080 | NS      | $2293985.06   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                 | Nestle SA                                                  | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     37191 | NS      | $3630169.56   | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                       | EssilorLuxottica SA                                        | CUSIP: 000000000<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |     10437 | NS      | $2424402.31   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                            | BNP Paribas SA                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     29604 | NS      | $2811277.85   | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie de Saint-Gobain SA                    | Cie de Saint-Gobain SA                                     | CUSIP: 000000000<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |     23584 | NS      | $1946456.69   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors              | State Street Institutional Treasury Money Market Fund      | CUSIP: 857492870<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | STIV             | RF                | US        |   2907180 | NS      | $2907180.32   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                        | Teck Resources Ltd                                         | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     22962 | NS      | $1186313.78   | 0.74%             |  |  |  | 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        |   2419066 | NS      | $2419066.29   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                           | ASML Holding NV                                            | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      4864 | NS      | $6447506.27   | 4.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Coloplast A/S                             | Coloplast A/S                                              | CUSIP: 000000000<br>LEI: 529900NN7SOJ5QG82X67 | Long             | EC               | CORP              | DK        |     30527 | NS      | $2072988.36   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Industria de Diseno Textil SA             | Industria de Diseno Textil SA                              | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |     37801 | NS      | $2193401.82   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                             | Assa Abloy AB                                              | CUSIP: 000000000<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |     73881 | NS      | $2653931.93   | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Sika AG                                   | Sika AG                                                    | CUSIP: 000000000<br>LEI: 549300R3N69ECGYPU434 | Long             | EC               | CORP              | CH        |     11360 | NS      | $1871043.88   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                  | Alcon AG                                                   | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     30346 | NS      | $2282584.92   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG                         | Siemens Energy AG                                          | CUSIP: 000000000<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |     18169 | NS      | $3123338.89   | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| DSM-Firmenich AG                          | DSM-Firmenich AG                                           | CUSIP: 000000000<br>LEI: 506700G44V67MPM4BI12 | Long             | EC               | CORP              | CH        |     26853 | NS      | $1914569.60   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                          | Roche Holding AG                                           | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     11780 | NS      | $4678180.06   | 2.94%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                    | MSCI EAFE JUN26                                            | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |         9 | NC      | $-5216.62     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                                 | Safran SA                                                  | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     11808 | NS      | $3851721.55   | 2.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC                      | Rentokil Initial PLC                                       | CUSIP: 000000000<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |    429877 | NS      | $2657906.18   | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC           | London Stock Exchange Group PLC                            | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |     37045 | NS      | $4358361.11   | 2.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                              | Experian PLC                                               | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |     62471 | NS      | $2153150.07   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                            | Air Liquide SA                                             | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     18789 | NS      | $3871392.87   | 2.43%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                             | AIA Group Ltd                                              | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    291767 | NS      | $3242330.69   | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Croda International PLC                   | Croda International PLC                                    | CUSIP: 000000000<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |     51790 | NS      | $1937652.44   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group NV                  | Universal Music Group NV                                   | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |     80168 | NS      | $1551211.01   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                          | Novo Nordisk A/S                                           | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     64327 | NS      | $2346680.08   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                 | Shell PLC                                                  | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     91010 | NS      | $4199525.18   | 2.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd                   | Recruit Holdings Co Ltd                                    | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |     42300 | NS      | $1838548.23   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunbelt Rentals Holdings Inc              | Sunbelt Rentals Holdings Inc                               | CUSIP: 866966104<br>LEI: 529900W4BQDNMAOSRA49 | Long             | EC               | CORP              | US        |     35383 | NS      | $2248770.62   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Cellnex Telecom SA                        | Cellnex Telecom SA                                         | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |     67759 | NS      | $2171892.11   | 1.36%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ING Groep NV                              | ING Groep NV                                               | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    159245 | NS      | $4120415.96   | 2.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Europacific Partners PLC        | Coca-Cola Europacific Partners PLC                         | CUSIP: 000000000<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |     34197 | NS      | $3100641.99   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** ELFUN INTERNATIONAL EQUITY FUND

**Signature:** Arthur Jensen

**Name of Signer:** Arthur Jensen

**Title:** Deputy Treasurer