# EDGAR Filing Document

**Accession Number:** 0000817656
**File Stem:** 0001410368-25-031878
**Filing Date:** 2025-11
**Character Count:** 46007
**Document Hash:** 7ac8351ce255ea5e589befae8cf4e4e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-031878.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-031878

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** 251525207

**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
September 30, 2025

## Elfun International Equity Fund
![](img31c638ee1.gif)

------

Elfun International Equity Fund

Quarterly Report

September 30, 2025

**Table of Contents**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Page |
| [Schedule of Investments](#xx_6eac60c8-e50f-4a9e-9670-847462e20cda_1)<br>| &nbsp;&nbsp;1 |
| [Notes to Schedule of Investments](#xx_8472be11-f550-43c8-8d50-3d8424c8aa56_1)<br>| &nbsp;&nbsp;3 |

---

------

[**Table of Contents**](#JOB_NQ_-__cfced2c3-7402-4130-9ce1-db706b7c7733_TOC)

Elfun International Equity Fund

Schedule of Investments

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Number<br> of Shares** | &nbsp;&nbsp;**Fair<br> Value** |
| **Common Stock - 97.0% †** | **Common Stock - 97.0% †** | **Common Stock - 97.0% †** |
| Brazil - 1.0% | Brazil - 1.0% | Brazil - 1.0% |
| Embraer SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;31852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1925453 |
| Canada - 2.7% | Canada - 2.7% | Canada - 2.7% |
| Brookfield Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365907 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;64679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5203806 |
| Denmark - 2.7% | Denmark - 2.7% | Denmark - 2.7% |
| Coloplast AS, Class B | &nbsp;&nbsp;&nbsp;&nbsp;23663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022574 |
| Novo Nordisk AS, Class B | &nbsp;&nbsp;&nbsp;&nbsp;60297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5293787 |
| France - 18.6% | France - 18.6% | France - 18.6% |
| Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;23091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4798551 |
| AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;61527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938037 |
| BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;31612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872353 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;28975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120621 |
| Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;60596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029920 |
| EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;12475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045642 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4496390 |
| Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;17549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6188083 |
| Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;20710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36271414 |
| Germany - 6.7% | Germany - 6.7% | Germany - 6.7% |
| adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;10496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212504 |
| Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;60233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349689 |
| RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;80521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578232 |
| SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;18222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4879531 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13019956 |
| Hong Kong - 1.8% | Hong Kong - 1.8% | Hong Kong - 1.8% |
| AIA Group Ltd. | &nbsp;&nbsp;358367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438396 |
| Ireland - 1.5% | Ireland - 1.5% | Ireland - 1.5% |
| Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;59885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000684 |
| Japan - 19.0% | Japan - 19.0% | Japan - 19.0% |
| Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740942 |
| Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4094051 |
| Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364084 |
| Komatsu Ltd. | &nbsp;&nbsp;100800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3521874 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;379426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150563 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp;168173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3206088 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;52100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809170 |
| Sony Financial Group, Inc. (a) | &nbsp;&nbsp;234400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260295 |
| Sony Group Corp. | &nbsp;&nbsp;234400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6759722 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp;125694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5335516 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37242305 |
| Netherlands - 7.7% | Netherlands - 7.7% | Netherlands - 7.7% |
| ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7174057 |
| ING Groep NV | &nbsp;&nbsp;195643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5074612 |
| Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;98492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15090950 |
| Norway - 1.2% | Norway - 1.2% | Norway - 1.2% |
| Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;98020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391115 |
| Portugal - 1.0% | Portugal - 1.0% | Portugal - 1.0% |
| Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;99541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883066 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Number<br> of Shares** | &nbsp;&nbsp;**Fair<br> Value** |
| Singapore - 1.8% | Singapore - 1.8% | Singapore - 1.8% |
| United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;131900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3537932 |
| Spain - 2.8% | Spain - 2.8% | Spain - 2.8% |
| Cellnex Telecom SA (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884570 |
| Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5447637 |
| Sweden - 2.0% | Sweden - 2.0% | Sweden - 2.0% |
| Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;113554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3943258 |
| Switzerland - 8.5% | Switzerland - 8.5% | Switzerland - 8.5% |
| DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244884 |
| Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830791 |
| Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210157 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5024548 |
| Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16650419 |
| United Kingdom - 16.8% | United Kingdom - 16.8% | United Kingdom - 16.8% |
| Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905659 |
| AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4603593 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202051 |
| Croda International PLC (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848597 |
| Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237147 |
| London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509397 |
| Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;251608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526151 |
| Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;528135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671945 |
| Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465424 |
| Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;257432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32944946 |
| United States - 1.2% | United States - 1.2% | United States - 1.2% |
| MercadoLibre, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388353 |
| **Total Common Stock<br> (Cost $119,319,059)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189673477 |
| **Short-Term Investments - 2.6%** | **Short-Term Investments - 2.6%** | **Short-Term Investments - 2.6%** |
| State Street Institutional Treasury Money Market Fund - Premier Class 4.06% (d)(e) | &nbsp;&nbsp;2725923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725923 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares 4.13% (d)(e) | &nbsp;&nbsp;2287886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287886 |
| **Total Short-Term Investments<br> (Cost $5,013,809)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013809 |
| **Total Investments<br> (Cost $124,332,868)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194687286 |
| **Other Assets and Liabilities, net - 0.4%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876433 |
| **NET ASSETS - 100.0%** |  | &nbsp;&nbsp;$195563719 |

---

See Notes to Schedule of Investments.

Elfun International Equity Fund 1

------

[**Table of Contents**](#JOB_NQ_-__cfced2c3-7402-4130-9ce1-db706b7c7733_TOC)

Elfun International Equity Fund

Schedule of Investments

September 30, 2025 (Unaudited)

------

#### Other Information:

------

The Fund had the following long futures contracts open at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| MSCI EAFE Mini Index Futures | &nbsp;&nbsp;&nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;$1805515 | &nbsp;&nbsp;$1810445 | &nbsp;&nbsp;$4930 |

---

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.

(a) Non-income producing security.

(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 September 30,
2025, these securities amounted to $2,884,570 or 1.48% of the net assets of the Elfun International Equity Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of
Trustees.

(c) At September 30, 2025, all or a portion of this security was pledged to cover collateral requirements for futures contracts.

(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.

(e) Coupon amount represents effective yield.

† Percentages are based on net assets as of September 30, 2025.

---

| |
|:---|
| **Abbreviations:** |
| ADR - American Depositary Receipt |

---

The following table presents the Fund's investments measured at fair value on a recurring basis at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments in Securities |  |  |  |  |
| Common Stock | $189673477 | $— | $— | $189673477 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013809 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013809 |
| Total Investments in Securities | $194687286 | $— | $— | $194687286 |
| Other Financial Instruments |  |  |  |  |
| Long Futures Contracts - Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930 |
| Total Other Financial Instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4930 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4930 |

---

**Affiliate Table**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number<br> of Shares<br> Held at<br> 12/31/24** | **Value at<br> 12/31/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares<br> Sold** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Number of<br> Shares<br> Held at<br> 9/30/25** | **Value at<br> 9/30/25** | **Dividend<br> Income** |
| State Street Institutional Treasury Money Market Fund - Premier Class | 1538053 | $1538053 | $12770819 | $11582949 | $— | $— | 2725923 | $2725923 | &nbsp;&nbsp;$74208 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 1081378 | &nbsp;&nbsp;&nbsp;1081378 | &nbsp;&nbsp;&nbsp;12698941 | &nbsp;&nbsp;&nbsp;11492433 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 2287886 | &nbsp;&nbsp;&nbsp;2287886 | &nbsp;&nbsp;&nbsp;&nbsp;62207 |
| TOTAL |  | &nbsp;&nbsp;&nbsp;&nbsp;$2619431 | &nbsp;&nbsp;&nbsp;&nbsp;$25469760 | &nbsp;&nbsp;&nbsp;&nbsp;$23075382 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |  | &nbsp;&nbsp;&nbsp;&nbsp;$5013809 | &nbsp;&nbsp;&nbsp;&nbsp;$136415 |

---

See Notes to Schedule of Investments.

2 Elfun International Equity Fund

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[**Table of Contents**](#JOB_NQ_-__cfced2c3-7402-4130-9ce1-db706b7c7733_TOC)

Elfun International Equity Fund

Notes to Schedule of Investments

September 30, 2025 (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:

• 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.

• 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.

• 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;

• 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

• 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 September 30, 2025 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,

------

[**Table of Contents**](#JOB_NQ_-__cfced2c3-7402-4130-9ce1-db706b7c7733_TOC)

Elfun International Equity Fund

Notes to Schedule of Investments

September 30, 2025 (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 September 30, 2025, 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 Iron Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 617-664-7037

**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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $196119924.58

**Total Liabilities:** $530962.88

**Net Assets:** $195588961.70

**Cash Not Reported:** $241504.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032294 | -2.84%               | 3.30%                | 2.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1251627.90              | $-6543065.58                               |
| Month 2  | $438654.75               | $5136685.73                                |
| Month 3  | $341427.12               | $3561498.49                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Universal Music Group NV            | Universal Music Group NV                                   | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |     98492 | NS      | $2842281.57   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE | LVMH Moet Hennessy Louis Vuitton SE                        | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      7352 | NS      | $4496390.40   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer SA                          | Embraer SA                                                 | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     31852 | NS      | $1925453.40   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                     | ASML Holding NV                                            | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      7373 | NS      | $7174056.59   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                     | Brookfield Corp                                            | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     34474 | NS      | $2365906.47   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc  | Mitsubishi UFJ Financial Group Inc                         | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    379426 | NS      | $6150562.64   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Disco Corp                          | Disco Corp                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     13000 | NS      | $4094051.53   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                              | SAP SE                                                     | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     18222 | NS      | $4879531.74   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                      | BNP Paribas SA                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     31612 | NS      | $2872352.68   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                     | Sony Group Corp                                            | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    234400 | NS      | $6759722.38   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                    | Roche Holding AG                                           | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     15382 | NS      | $5024548.23   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Daikin Industries Ltd               | Daikin Industries Ltd                                      | CUSIP: 000000000<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |     23700 | NS      | $2740941.87   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                    | Novo Nordisk A/S                                           | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     60297 | NS      | $3271212.86   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                  | Teck Resources Ltd                                         | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     64679 | NS      | $2837899.20   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Industria de Diseno Textil SA       | Industria de Diseno Textil SA                              | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |     46441 | NS      | $2563066.67   | 1.31%             |  |  |  | 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        |   2725923 | NS      | $2725923.16   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirax Group PLC                    | Spirax Group PLC                                           | CUSIP: 000000000<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |     26872 | NS      | $2465423.99   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                              | AXA SA                                                     | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |     61527 | NS      | $2938036.72   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                           | adidas AG                                                  | CUSIP: 000000000<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |     10496 | NS      | $2212503.88   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Rentokil Initial PLC                | Rentokil Initial PLC                                       | CUSIP: 000000000<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |    528135 | NS      | $2671944.86   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellnex Telecom SA                  | Cellnex Telecom SA                                         | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |     83247 | NS      | $2884570.41   | 1.47%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Air Liquide SA                      | Air Liquide SA                                             | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     23091 | NS      | $4798551.30   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                           | Nestle SA                                                  | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     41713 | NS      | $3830791.06   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Murata Manufacturing Co Ltd         | Murata Manufacturing Co Ltd                                | CUSIP: 000000000<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |    168173 | NS      | $3206087.83   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Assa Abloy AB                       | Assa Abloy AB                                              | CUSIP: 000000000<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |    113554 | NS      | $3943258.06   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group PLC     | London Stock Exchange Group PLC                            | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |     39333 | NS      | $4509397.20   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DSM-Firmenich AG                    | DSM-Firmenich AG                                           | CUSIP: 000000000<br>LEI: 506700G44V67MPM4BI12 | Long             | EC               | CORP              | CH        |     26345 | NS      | $2244883.35   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Recruit Holdings Co Ltd             | Recruit Holdings Co Ltd                                    | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |     52100 | NS      | $2809170.19   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                     | AstraZeneca PLC                                            | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     30581 | NS      | $4603593.17   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sika AG                             | Sika AG                                                    | CUSIP: 000000000<br>LEI: 549300R3N69ECGYPU434 | Long             | EC               | CORP              | CH        |     10513 | NS      | $2340039.34   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                        | ING Groep NV                                               | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    195643 | NS      | $5074611.58   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Galp Energia SGPS SA                | Galp Energia SGPS SA                                       | CUSIP: 000000000<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |     99541 | NS      | $1883066.49   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.              | MSCI EAFE DEC25                                            | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        13 | NC      | $4929.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Group PLC                   | Ashtead Group PLC                                          | CUSIP: 000000000<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |     43471 | NS      | $2905659.03   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Komatsu Ltd                         | Komatsu Ltd                                                | CUSIP: 000000000<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |    100800 | NS      | $3521874.26   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoya Corp                           | Hoya Corp                                                  | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     17052 | NS      | $2364083.69   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC              | Standard Chartered PLC                                     | CUSIP: 000000000<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |    257432 | NS      | $4974981.77   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Experian PLC                        | Experian PLC                                               | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |     59885 | NS      | $3000683.49   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| RWE AG                              | RWE AG                                                     | CUSIP: 000000000<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |     80521 | NS      | $3578231.74   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                          | Diageo PLC                                                 | CUSIP: 000000000<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     93594 | NS      | $2237146.64   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| United Overseas Bank Ltd            | United Overseas Bank Ltd                                   | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |    131900 | NS      | $3537932.05   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EssilorLuxottica SA                 | EssilorLuxottica SA                                        | CUSIP: 000000000<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |     12475 | NS      | $4045641.69   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Financial Group Inc            | Sony Financial Group Inc                                   | CUSIP: 000000000<br>LEI: 353800O7BDSU41WOZA60 | Long             | EC               | CORP              | JP        |    234400 | NS      | $260294.55    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie de Saint-Gobain SA              | Cie de Saint-Gobain SA                                     | CUSIP: 000000000<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |     28975 | NS      | $3120621.36   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Dassault Systemes SE                | Dassault Systemes SE                                       | CUSIP: 000000000<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |     60596 | NS      | $2029920.15   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                    | MercadoLibre Inc                                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      1022 | NS      | $2388352.68   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                      | Prudential PLC                                             | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    251608 | NS      | $3526151.29   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                         | Novartis AG                                                | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     25511 | NS      | $3210156.88   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                       | AIA Group Ltd                                              | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    358367 | NS      | $3438396.04   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners PLC  | Coca-Cola Europacific Partners PLC                         | CUSIP: 000000000<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |     35417 | NS      | $3202050.97   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                           | Safran SA                                                  | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     17549 | NS      | $6188083.27   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Coloplast A/S                       | Coloplast A/S                                              | CUSIP: 000000000<br>LEI: 529900NN7SOJ5QG82X67 | Long             | EC               | CORP              | DK        |     23663 | NS      | $2022574.14   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Croda International PLC             | Croda International PLC                                    | CUSIP: 000000000<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |     50782 | NS      | $1848597.05   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings Inc           | Tokio Marine Holdings Inc                                  | CUSIP: 000000000<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |    125694 | NS      | $5335516.04   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE               | Schneider Electric SE                                      | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     20710 | NS      | $5781816.64   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                         | Equinor ASA                                                | CUSIP: 000000000<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |     98020 | NS      | $2391115.08   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG            | Infineon Technologies AG                                   | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     60233 | NS      | $2349688.86   | 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        |   2287885 | NS      | $2287885.46   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

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

**Signature:** Arthur Jensen

**Name of Signer:** Arthur Jensen

**Title:** Deputy Treasurer