# EDGAR Filing Document

**Accession Number:** 0000215740
**File Stem:** 0001193125-26-101366
**Filing Date:** 2026-3
**Character Count:** 209777
**Document Hash:** 733af8ea59b516dbbea4acdb17b62943
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-101366.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0001193125-26-101366

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260311

**EFFECTIVENESS DATE**: 20260311

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ELFUN TAX EXEMPT INCOME FUND
- **CENTRAL INDEX KEY:** 0000215740

**ORGANIZATION NAME:**
- **EIN:** 066210148
- **STATE OF INCORPORATION:** CT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02735
- **FILM NUMBER:** 26742049

**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 TAX EXEMPT INCOME FUND (Series ID: S000011830)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000032332 | Elfun Tax Exempt Income Fund | elftx           |

?xml version='1.0' encoding='ASCII'? ELFUN TAX-EXEMPT INCOME FUND

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-02735

## ELFUN TAX-EXEMPT INCOME FUND

#### (Exact name of registrant as specified in charter)

#### One Congress Street

#### Boston, Massachusetts 02114

#### (Address of principal executive offices) (Zip code)

---

| | |
|:---|:---|
| **(Name and Address of Agent for Service)** | **Copy to:** |
| **Andrew J. DeLorme, Esq.**<br> **Chief Legal Officer**<br> **c/o SSGA Funds Management, Inc.**<br> **One Congress Street**<br> **Boston, Massachusetts 02114** | **Adam M. Schlichtmann, Esq.**<br> **Ropes & Gray LLP**<br> **Prudential Tower**<br> **800 Boylston Street**<br> **Boston, Massachusetts 02199-3600** |

---

#### Registrant's telephone number, including area code: (617) 664-3920

#### Date of fiscal year end: December 31

#### Date of reporting period: December 31, 2025

------

#### Item 1. Report to Shareholders.
(a) The Report to Shareholders is attached herewith.

# Elfun Tax-Exempt Income Fund
![Image](g91004id824e38a75afccfd15b0.jpg)

# ELFTX

#### Annual Shareholder Report

#### December 31, 2025
This annual shareholder report contains important information about the Elfun Tax-Exempt Income Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-242-0134.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Elfun Tax-Exempt Income Fund | $22 | 0.22% |

---

## How did the Fund perform last year and what affected its performance?
The past year demonstrated the Municipal markets resilience as it faced tariffs, tax law changes, federal funding recissions, strong fund flows, rate cuts and a record year of issuance. Not to mention the tumultuous political and macroeconomic climate. In the end there was no recession, tariff related inflation spike nor a sustained correction in investment markets.

Municipals saw record new issuance in 2025. From a performance perspective, municipals had a solid year, with stable credit spreads and solid total returns. Once again, the market saw exceptionally strong demand in the front part of the curve as investors pursued tax-exempt income while balancing their duration risk. During the past year, performance of the Fund was once again influenced by its defensive credit profile as well as curve positioning. The Fund used every opportunity to increase book yield, while also maintaining the overall portfolio quality. We remain focused on managing the Fund's credit risk while maximizing tax-exempt income. The continued liquidity pressures and market volatility experienced during the past year led us to be more defensive in the Fund's composition.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g91004ic5fdead0e66295b740cd.jpg)

---

| | | |
|:---|:---|:---|
| | **ELFTX** | **Bloomberg U.S. Municipal Bond Index** |
| **12/31/15** | $10000 | $10000 |
| **01/31/16** | $10117 | $10119 |
| **02/29/16** | $10116 | $10135 |
| **03/31/16** | $10158 | $10167 |
| **04/30/16** | $10224 | $10242 |
| **05/31/16** | $10256 | $10270 |
| **06/30/16** | $10434 | $10433 |
| **07/31/16** | $10441 | $10440 |
| **08/31/16** | $10449 | $10454 |
| **09/30/16** | $10395 | $10401 |
| **10/31/16** | $10298 | $10292 |
| **11/30/16** | $9957 | $9908 |
| **12/31/16** | $10042 | $10025 |
| **01/31/17** | $10093 | $10091 |
| **02/28/17** | $10160 | $10161 |
| **03/31/17** | $10168 | $10183 |
| **04/30/17** | $10229 | $10257 |
| **05/31/17** | $10361 | $10420 |
| **06/30/17** | $10333 | $10382 |
| **07/31/17** | $10412 | $10466 |
| **08/31/17** | $10483 | $10546 |
| **09/30/17** | $10446 | $10492 |
| **10/31/17** | $10472 | $10518 |
| **11/30/17** | $10425 | $10462 |
| **12/31/17** | $10515 | $10571 |
| **01/31/18** | $10422 | $10447 |
| **02/28/18** | $10383 | $10415 |
| **03/31/18** | $10419 | $10454 |
| **04/30/18** | $10372 | $10416 |
| **05/31/18** | $10481 | $10536 |
| **06/30/18** | $10489 | $10545 |
| **07/31/18** | $10515 | $10570 |
| **08/31/18** | $10523 | $10597 |
| **09/30/18** | $10465 | $10529 |
| **10/31/18** | $10416 | $10464 |
| **11/30/18** | $10507 | $10580 |
| **12/31/18** | $10609 | $10707 |
| **01/31/19** | $10673 | $10787 |
| **02/28/19** | $10726 | $10845 |
| **03/31/19** | $10895 | $11017 |
| **04/30/19** | $10940 | $11058 |
| **05/31/19** | $11094 | $11210 |
| **06/30/19** | $11127 | $11252 |
| **07/31/19** | $11211 | $11343 |
| **08/31/19** | $11391 | $11522 |
| **09/30/19** | $11309 | $11429 |
| **10/31/19** | $11316 | $11450 |
| **11/30/19** | $11340 | $11478 |
| **12/31/19** | $11366 | $11513 |
| **01/31/20** | $11548 | $11720 |
| **02/29/20** | $11711 | $11871 |
| **03/31/20** | $11300 | $11441 |
| **04/30/20** | $11105 | $11297 |
| **05/31/20** | $11459 | $11656 |
| **06/30/20** | $11553 | $11752 |
| **07/31/20** | $11737 | $11950 |
| **08/31/20** | $11681 | $11894 |
| **09/30/20** | $11675 | $11897 |
| **10/31/20** | $11638 | $11861 |
| **11/30/20** | $11834 | $12040 |
| **12/31/20** | $11908 | $12113 |
| **01/31/21** | $11971 | $12191 |
| **02/28/21** | $11746 | $11997 |
| **03/31/21** | $11830 | $12071 |
| **04/30/21** | $11944 | $12172 |
| **05/31/21** | $11997 | $12208 |
| **06/30/21** | $12028 | $12242 |
| **07/31/21** | $12121 | $12343 |
| **08/31/21** | $12069 | $12298 |
| **09/30/21** | $11985 | $12209 |
| **10/31/21** | $11965 | $12174 |
| **11/30/21** | $12069 | $12277 |
| **12/31/21** | $12079 | $12297 |
| **01/31/22** | $11774 | $11961 |
| **02/28/22** | $11709 | $11918 |
| **03/31/22** | $11382 | $11531 |
| **04/30/22** | $11074 | $11212 |
| **05/31/22** | $11203 | $11379 |
| **06/30/22** | $11033 | $11193 |
| **07/31/22** | $11281 | $11488 |
| **08/31/22** | $11047 | $11237 |
| **09/30/22** | $10692 | $10805 |
| **10/31/22** | $10620 | $10715 |
| **11/30/22** | $11067 | $11217 |
| **12/31/22** | $11059 | $11249 |
| **01/31/23** | $11325 | $11572 |
| **02/28/23** | $11109 | $11310 |
| **03/31/23** | $11322 | $11561 |
| **04/30/23** | $11314 | $11535 |
| **05/31/23** | $11239 | $11435 |
| **06/30/23** | $11318 | $11549 |
| **07/31/23** | $11343 | $11595 |
| **08/31/23** | $11212 | $11428 |
| **09/30/23** | $10901 | $11093 |
| **10/31/23** | $10758 | $10999 |
| **11/30/23** | $11393 | $11697 |
| **12/31/23** | $11646 | $11969 |
| **01/31/24** | $11628 | $11908 |
| **02/29/24** | $11631 | $11923 |
| **03/31/24** | $11612 | $11923 |
| **04/30/24** | $11489 | $11775 |
| **05/31/24** | $11459 | $11740 |
| **06/30/24** | $11624 | $11920 |
| **07/31/24** | $11720 | $12029 |
| **08/31/24** | $11783 | $12124 |
| **09/30/24** | $11902 | $12244 |
| **10/31/24** | $11743 | $12065 |
| **11/30/24** | $11945 | $12274 |
| **12/31/24** | $11784 | $12095 |
| **01/31/25** | $11812 | $12156 |
| **02/28/25** | $11931 | $12276 |
| **03/31/25** | $11686 | $12068 |
| **04/30/25** | $11618 | $11971 |
| **05/31/25** | $11563 | $11978 |
| **06/30/25** | $11626 | $12053 |
| **07/31/25** | $11557 | $12029 |
| **08/31/25** | $11658 | $12133 |
| **09/30/25** | $11964 | $12414 |
| **10/31/25** | $12114 | $12568 |
| **11/30/25** | $12154 | $12597 |
| **12/31/25** | $12170 | $12608 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| ELFTX | 3.28% | 0.44% | 1.98% |
| Bloomberg U.S. Municipal Bond Index | 4.25% | 0.80% | 2.34% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-800-242-0134 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 12/31/2025
* Total Net Assets$814,272,166

* Number of Portfolio Holdings478

* Portfolio Turnover Rate35%

* Total Advisory Fees Paid$1,365,462

## **What did the Fund invest in as of 12/31/2025 ?** (as a percentage of total net assets)

### Top Ten States

---

| | |
|:---|:---|
| **States** | **%** |
| New York | 9.5% |
| Florida | 8.7% |
| Texas | 8.3% |
| Illinois | 7.2% |
| Pennsylvania | 5.9% |
| Massachusetts | 5.7% |
| California | 4.9% |
| Washington | 4.6% |
| New Jersey | 4.3% |
| Colorado | 3.5% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| New Jersey Educational Facilities Authority, NJ, 5.50%, due 09/01/33 | 1.0% |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA, 5.25%, due 12/01/44 | 1.0% |
| City of Tampa Water & Wastewater System Revenue, FL, 5.25%, due 10/01/57 | 0.9% |
| Massachusetts Bay Transportation Authority Assessment Revenue, MA, 5.00%, due 07/01/52 | 0.9% |
| Chicago O'Hare International Airport, IL, 5.00%, due 01/01/48 | 0.7% |
| Hudson Yards Infrastructure Corp., NY, 4.00%, due 02/15/47 | 0.7% |
| City of Winter Garden Water & Wastewater Revenue, FL, 5.25%, due 08/01/54 | 0.7% |
| City of Chicago Wastewater Transmission Revenue, IL, 5.50%, due 01/01/62 | 0.6% |
| City of Griffin Public Utility Revenue, GA, 5.00%, due 01/01/56 | 0.6% |
| School Board of Miami-Dade County, FL, 5.00%, due 03/15/47 | 0.6% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=mf.

TSR AR ELFTX

------

(b) Not applicable.

#### Item 2. Code of Ethics.
As of the end of the period covered by this report, the Elfun Tax-Exempt Income Fund (the "Fund," "Fund Entity" or "Registrant") has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code"). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the "SEC") and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. The Code is combined with other mutual funds advised by SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"). The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of Form N-CSR during the covered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Code is filed as Exhibit 19(a)(1) to this Form N-CSR.

#### Item 3. Audit Committee Financial Expert.
The Fund's Board of Trustees (the "Board") has determined that the Fund has the following "audit committee financial experts" as defined in Item 3(b) of Form N-CSR serving on its audit committee (the "Audit Committee"): Mr. George M. Pereira, Mr. Mark E. Swanson and Ms. Donna M. Rapaccioli. Each of the "audit committee financial experts" is "independent" as that term is defined in Item 3(a)(2) of Form N-CSR.

An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.

#### Item 4. Principal Accountant Fees and Services.
(a) <u>Audit Fees</u> 

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate audit fees billed for professional services rendered by Ernst & Young LLP ("EY"), the Registrant's principal accountant, for the audit of the Registrant's annual financial statements or services normally provided by EY in connection with the Registrant's statutory and regulatory filings and engagements were $29,246 and $32,845, respectively.

------

(b) <u>Audit-Related Fees</u> 

For the fiscal years ended December 31, 2025 and December 31, 2024, there were no fees for assurance and related services by EY that were reasonably related to the performance of the audit of the Registrant's financial statements that were not reported under paragraph (a) of this Item.

(c) <u>Tax Fees</u> 

For the fiscal year ended December 31, 2025, the aggregate tax fees billed for professional services rendered by EY for tax preparation and tax compliance services were $10,650. For the fiscal year ended December 31, 2024, the aggregate tax fees billed for professional services rendered by EY for the review of year-end distribution requirements were $2,774.

(d) <u>All Other Fees</u> 

For the fiscal years ended December 31, 2025 and December 31, 2024, there were no fees billed for professional services rendered by EY for products and services provided by EY to the Registrant, other than the services reported in paragraphs (a) through (c).

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees for professional services rendered by EY for products and services provided by EY to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant that (i) relate directly to the operations and financial reporting of the Registrant and (ii) were pre-approved by the Registrant's Audit Committee were approximately $9,761,443 and $9,556,710, respectively.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>

The Fund's Audit Committee Charter states the following with respect to pre-approval procedures:

The Audit Committee shall have the following duties and powers:

• To pre-approve engagements by a Fund Entity's independent auditor for non-audit services to be rendered to the Fund's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund, if the engagement relates directly to the operations and financial reporting of the Fund;

------

• To establish, if deemed necessary or appropriate as an alternative to Audit Committee pre-approval of services to be provided by the independent auditor as required by paragraph (b) above, policies and procedures to permit such services to be pre-approved by other means, such as by action of a designated member or members of the Audit Committee, subject to the requirement that the decision of any member to whom authority is delegated to pre-approve an activity shall be presented to the full Audit Committee at its next scheduled meeting;

Alternate Pre-Approval Procedure:

• The Chairperson, or a Co-Chairperson, of the Audit Committee is authorized to pre-approve any engagement involving the Fund Entity's independent auditors to the same extent as the Audit Committee. Any pre-approval decision by the Chairperson, or a Co-Chairperson, under the foregoing authority shall be presented to the Audit Committee at its next scheduled meeting.

---

| | |
|:---|:---|
| (e)(2) | <u>Percentages of Services</u>  |

---

None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the period of time for which such rule was effective.

(f) Not applicable.

(g) <u>Total Fees Paid By Adviser and Certain Affiliates</u> 

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate non-audit fees billed by EY for services rendered to the Registrant and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Registrant were approximately $37,900,000 and $36,700,000 respectively.

(h) EY notified the Fund's Audit Committee of all non-audit services that were rendered by EY to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the Fund, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the Fund's Audit Committee to consider whether such services were compatible with maintaining EY's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.

#### Item 6. Investments.
(a) Schedules of Investments are included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

(b) Not applicable to the Registrant.

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Registrant's Financial Statements are attached herewith.

(b) The Registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

## Annual Financial Statements and Other Information
December 31, 2025

**Elfun Tax-Exempt Income Fund**![](g91004img8c1043f11.gif)

------

Elfun Tax-Exempt Income Fund

Annual Financial Statements and Other Information

December 31, 2025

[**Table of Contents**](#xx_d5928e6d-371e-4409-9dae-44e20dce1062_1)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Page |
| [Schedule of Investments (N-CSR Item 6)](#xx_3aa6b771-ee8f-4ab5-9366-5c6fda4b686d_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1 |
| [Financial Statements (N-CSR Item 7)](#xx_be1d2e93-75ff-4456-bc27-a16f6dc16f3a_1)<br>| &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_be1d2e93-75ff-4456-bc27-a16f6dc16f3a_1)<br>| &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_2997f27e-709a-468a-8c86-4a98a0f8949e_1)<br>| &nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_2997f27e-709a-468a-8c86-4a98a0f8949e_2)<br>| &nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_2997f27e-709a-468a-8c86-4a98a0f8949e_3)<br>| &nbsp;&nbsp;14 |
| [Notes to Financial Statements (N-CSR Item 7)](#xx_2c54d4e7-e4f4-45c2-b5b7-6fdd943d612d_1)<br>| &nbsp;&nbsp;15 |
| [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_ea42388d-ca0f-4c8a-aa89-5bf6bf38565d_1)<br>| &nbsp;&nbsp;20 |
| [Other Information (Unaudited) (N-CSR Item 7)](#xx_ab6222db-e2fa-4216-9d34-25ab0cc6fb1a_1)<br>| &nbsp;&nbsp;21 |

---

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not applicable

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above

Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11) - Not Applicable

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

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------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Schedule of Investments — December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| **Municipal Bonds and Notes - 98.9% †** | **Municipal Bonds and Notes - 98.9% †** | **Municipal Bonds and Notes - 98.9% †** |
| Alabama - 0.4% | Alabama - 0.4% | Alabama - 0.4% |
| Alabama Corrections Institution Finance Authority, AL Revenue | Alabama Corrections Institution Finance Authority, AL Revenue | Alabama Corrections Institution Finance Authority, AL Revenue |
| &nbsp;&nbsp;&nbsp;5.25% 07/01/52 | $1000000 | $1038046 |
| County of Jefferson Sewer Revenue, AL Revenue | County of Jefferson Sewer Revenue, AL Revenue | County of Jefferson Sewer Revenue, AL Revenue |
| &nbsp;&nbsp;&nbsp;5.50% 10/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;1185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239165 |
| Montgomery Water Works & Sanitary Sewer Board, AL Revenue | Montgomery Water Works & Sanitary Sewer Board, AL Revenue | Montgomery Water Works & Sanitary Sewer Board, AL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798305 |
|  |  | 3075516 |
| Arizona - 1.7% | Arizona - 1.7% | Arizona - 1.7% |
| City of Mesa Utility System Revenue, AZ Revenue, AG | City of Mesa Utility System Revenue, AZ Revenue, AG | City of Mesa Utility System Revenue, AZ Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569983 |
| City of Phoenix Civic Improvement Corp., AZ Revenue | City of Phoenix Civic Improvement Corp., AZ Revenue | City of Phoenix Civic Improvement Corp., AZ Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921457 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776710 |
| Maricopa County Unified School District No. 80 Chandler, AZ GO | Maricopa County Unified School District No. 80 Chandler, AZ GO | Maricopa County Unified School District No. 80 Chandler, AZ GO |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;2890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943207 |
| Maricopa County Union High School District No. 216 Agua Fria, AZ GO | Maricopa County Union High School District No. 216 Agua Fria, AZ GO | Maricopa County Union High School District No. 216 Agua Fria, AZ GO |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379339 |
| Salt River Project Agricultural Improvement & Power District, AZ Revenue | Salt River Project Agricultural Improvement & Power District, AZ Revenue | Salt River Project Agricultural Improvement & Power District, AZ Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;4730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4959300 |
|  |  | 13549996 |
| Arkansas - 0.1% | Arkansas - 0.1% | Arkansas - 0.1% |
| City of Bentonville Sales & Use Tax Revenue, AR Revenue | City of Bentonville Sales & Use Tax Revenue, AR Revenue | City of Bentonville Sales & Use Tax Revenue, AR Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545527 |
| California - 4.9% | California - 4.9% | California - 4.9% |
| Bay Area Toll Authority, CA Revenue | Bay Area Toll Authority, CA Revenue | Bay Area Toll Authority, CA Revenue |
| &nbsp;&nbsp;&nbsp;4.13% 04/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;1235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186484 |
| City of Los Angeles Department of Airports, CA Revenue | City of Los Angeles Department of Airports, CA Revenue | City of Los Angeles Department of Airports, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711633 |
| City of Los Angeles Wastewater System Revenue, CA Revenue | City of Los Angeles Wastewater System Revenue, CA Revenue | City of Los Angeles Wastewater System Revenue, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110320 |
| East Bay Municipal Utility District Water System Revenue, CA Revenue | East Bay Municipal Utility District Water System Revenue, CA Revenue | East Bay Municipal Utility District Water System Revenue, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131426 |
| Northern California Transmission Agency, CA Revenue | Northern California Transmission Agency, CA Revenue | Northern California Transmission Agency, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;3610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3632805 |
| Oakland Unified School District/Alameda County, CA GO, AG | Oakland Unified School District/Alameda County, CA GO, AG | Oakland Unified School District/Alameda County, CA GO, AG |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153233 |
| Oakland Unified School District/Alameda County, CA GO | Oakland Unified School District/Alameda County, CA GO | Oakland Unified School District/Alameda County, CA GO |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914844 |
| Sacramento Municipal Utility District, CA Revenue | Sacramento Municipal Utility District, CA Revenue | Sacramento Municipal Utility District, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063723 |
| San Diego County Regional Airport Authority, CA Revenue | San Diego County Regional Airport Authority, CA Revenue | San Diego County Regional Airport Authority, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134135 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| San Diego Unified School District, CA GO | San Diego Unified School District, CA GO | San Diego Unified School District, CA GO |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/53 | $1000000 | $942931 |
| San Francisco City & County Airport Comm-San Francisco International Airport, CA Revenue | San Francisco City & County Airport Comm-San Francisco International Airport, CA Revenue | San Francisco City & County Airport Comm-San Francisco International Airport, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/33 - 05/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;3195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3501906 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, CA Revenue | San Francisco City & County Public Utilities Commission Wastewater Revenue, CA Revenue | San Francisco City & County Public Utilities Commission Wastewater Revenue, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;1495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498734 |
| Santa Cruz City High School District, CA GO | Santa Cruz City High School District, CA GO | Santa Cruz City High School District, CA GO |
| &nbsp;&nbsp;&nbsp;4.00% 08/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206196 |
| Southern California Public Power Authority, CA Revenue | Southern California Public Power Authority, CA Revenue | Southern California Public Power Authority, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531346 |
| State of California, CA GO | State of California, CA GO | State of California, CA GO |
| &nbsp;&nbsp;&nbsp;4.00% 09/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947877 |
| &nbsp;&nbsp;&nbsp;4.75% 12/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058574 |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/27 - 08/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;7285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7521553 |
| University of California, CA Revenue | University of California, CA Revenue | University of California, CA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 05/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745878 |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097538 |
|  |  | 40091136 |
| Colorado - 3.5% | Colorado - 3.5% | Colorado - 3.5% |
| Adams & Arapahoe Counties Joint School District 28J Aurora, CO GO, State Aid Withholding | Adams & Arapahoe Counties Joint School District 28J Aurora, CO GO, State Aid Withholding | Adams & Arapahoe Counties Joint School District 28J Aurora, CO GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041523 |
| Adams & Arapahoe Counties Joint School District 28J Aurora, CO GO, BAM | Adams & Arapahoe Counties Joint School District 28J Aurora, CO GO, BAM | Adams & Arapahoe Counties Joint School District 28J Aurora, CO GO, BAM |
| &nbsp;&nbsp;&nbsp;5.50% 12/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173715 |
| Board of Governors of Colorado State University System, CO Revenue | Board of Governors of Colorado State University System, CO Revenue | Board of Governors of Colorado State University System, CO Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 03/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974515 |
| Board of Water Commissioners City & County of Denver, CO Revenue | Board of Water Commissioners City & County of Denver, CO Revenue | Board of Water Commissioners City & County of Denver, CO Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 09/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038043 |
| Cherokee Metropolitan District, CO Revenue, BAM | Cherokee Metropolitan District, CO Revenue, BAM | Cherokee Metropolitan District, CO Revenue, BAM |
| &nbsp;&nbsp;&nbsp;4.00% 08/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2621593 |
| City & County of Denver Airport System Revenue, CO Revenue | City & County of Denver Airport System Revenue, CO Revenue | City & County of Denver Airport System Revenue, CO Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997776 |
| &nbsp;&nbsp;&nbsp;5.00% 11/15/29 - 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;4105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4280464 |
| City & County of Denver Pledged Excise Tax Revenue, CO Revenue | City & County of Denver Pledged Excise Tax Revenue, CO Revenue | City & County of Denver Pledged Excise Tax Revenue, CO Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 08/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;2485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362969 |
| City of Colorado Springs Utilities System Revenue, CO Revenue | City of Colorado Springs Utilities System Revenue, CO Revenue | City of Colorado Springs Utilities System Revenue, CO Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702626 |
| &nbsp;&nbsp;&nbsp;5.25% 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227519 |
| Colorado Health Facilities Authority, CO Revenue | Colorado Health Facilities Authority, CO Revenue | Colorado Health Facilities Authority, CO Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 08/01/38 - 05/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368777 |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/34 - 05/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717846 |
| E-470 Public Highway Authority, CO Revenue | E-470 Public Highway Authority, CO Revenue | E-470 Public Highway Authority, CO Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082759 |
|  |  | 28590125 |

---

See Notes to Schedules of Investments and Notes to Financial Statements.

Elfun Tax-Exempt Income Fund 1

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Schedule of Investments, continued — December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| Connecticut - 2.0% | Connecticut - 2.0% | Connecticut - 2.0% |
| City of New Haven, CT GO, AG | City of New Haven, CT GO, AG | City of New Haven, CT GO, AG |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/33 | $1000000 | $1141485 |
| Connecticut State Health & Educational Facilities Authority, CT Revenue | Connecticut State Health & Educational Facilities Authority, CT Revenue | Connecticut State Health & Educational Facilities Authority, CT Revenue |
| &nbsp;&nbsp;&nbsp;2.95% 07/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508477 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157469 |
| State of Connecticut Special Tax Revenue, CT Revenue | State of Connecticut Special Tax Revenue, CT Revenue | State of Connecticut Special Tax Revenue, CT Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 05/01/36 - 11/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;4015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4125110 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245674 |
| State of Connecticut, CT GO, AG | State of Connecticut, CT GO, AG | State of Connecticut, CT GO, AG |
| &nbsp;&nbsp;&nbsp;4.00% 04/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030101 |
| State of Connecticut, CT GO | State of Connecticut, CT GO | State of Connecticut, CT GO |
| &nbsp;&nbsp;&nbsp;5.00% 09/15/26 - 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3644239 |
| University of Connecticut, CT Revenue | University of Connecticut, CT Revenue | University of Connecticut, CT Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113322 |
|  |  | 15965877 |
| Delaware - 0.6% | Delaware - 0.6% | Delaware - 0.6% |
| Delaware Transportation Authority, DE Revenue | Delaware Transportation Authority, DE Revenue | Delaware Transportation Authority, DE Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000089 |
| State of Delaware, DE GO | State of Delaware, DE GO | State of Delaware, DE GO |
| &nbsp;&nbsp;&nbsp;3.50% 03/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001854 |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691706 |
|  |  | 4693649 |
| District of Columbia - 3.4% | District of Columbia - 3.4% | District of Columbia - 3.4% |
| District of Columbia Income Tax Revenue, DC Revenue | District of Columbia Income Tax Revenue, DC Revenue | District of Columbia Income Tax Revenue, DC Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 03/01/39 - 05/01/45 | &nbsp;&nbsp;&nbsp;10575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10429619 |
| District of Columbia Water & Sewer Authority, DC Revenue | District of Columbia Water & Sewer Authority, DC Revenue | District of Columbia Water & Sewer Authority, DC Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;2185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186877 |
| District of Columbia, DC GO | District of Columbia, DC GO | District of Columbia, DC GO |
| &nbsp;&nbsp;&nbsp;4.00% 06/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002330 |
| Metropolitan Washington Airports Authority Aviation Revenue, DC Revenue | Metropolitan Washington Airports Authority Aviation Revenue, DC Revenue | Metropolitan Washington Airports Authority Aviation Revenue, DC Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/29 - 10/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;8570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9223733 |
| Washington Metropolitan Area Transit Authority, DC Revenue | Washington Metropolitan Area Transit Authority, DC Revenue | Washington Metropolitan Area Transit Authority, DC Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5077523 |
|  |  | 27920082 |
| Florida - 8.7% | Florida - 8.7% | Florida - 8.7% |
| Central Florida Tourism Oversight District, FL GO | Central Florida Tourism Oversight District, FL GO | Central Florida Tourism Oversight District, FL GO |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107391 |
| City of Cocoa Water & Sewer Revenue, FL Revenue | City of Cocoa Water & Sewer Revenue, FL Revenue | City of Cocoa Water & Sewer Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291781 |
| City of Fort Lauderdale Water & Sewer Revenue, FL Revenue | City of Fort Lauderdale Water & Sewer Revenue, FL Revenue | City of Fort Lauderdale Water & Sewer Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 09/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003254 |
| &nbsp;&nbsp;&nbsp;5.50% 09/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609715 |
| City of Fort Lauderdale, FL Revenue | City of Fort Lauderdale, FL Revenue | City of Fort Lauderdale, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;2235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327789 |
| City of Miami, FL Revenue | City of Miami, FL Revenue | City of Miami, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536816 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| City of St. Petersburg Public Utility Revenue, FL Revenue | City of St. Petersburg Public Utility Revenue, FL Revenue | City of St. Petersburg Public Utility Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/52 | $1000000 | $1040170 |
| City of Tallahassee Energy System Revenue, FL Revenue | City of Tallahassee Energy System Revenue, FL Revenue | City of Tallahassee Energy System Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647097 |
| City of Tampa Water & Wastewater System Revenue, FL Revenue | City of Tampa Water & Wastewater System Revenue, FL Revenue | City of Tampa Water & Wastewater System Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545429 |
| &nbsp;&nbsp;&nbsp;5.25% 10/01/57 | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7343956 |
| City of Winter Garden Water & Wastewater Revenue, FL Revenue | City of Winter Garden Water & Wastewater Revenue, FL Revenue | City of Winter Garden Water & Wastewater Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.25% 08/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;5045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5345115 |
| County of Hillsborough, FL GO | County of Hillsborough, FL GO | County of Hillsborough, FL GO |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;2825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947999 |
| County of Miami-Dade Aviation Revenue, FL Revenue | County of Miami-Dade Aviation Revenue, FL Revenue | County of Miami-Dade Aviation Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681258 |
| County of Miami-Dade Seaport Department, FL Revenue, AG | County of Miami-Dade Seaport Department, FL Revenue, AG | County of Miami-Dade Seaport Department, FL Revenue, AG |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998936 |
| County of Miami-Dade Transit System, FL Revenue | County of Miami-Dade Transit System, FL Revenue | County of Miami-Dade Transit System, FL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213590 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037299 |
| County of Miami-Dade Water & Sewer System Revenue, FL Revenue | County of Miami-Dade Water & Sewer System Revenue, FL Revenue | County of Miami-Dade Water & Sewer System Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/38 - 10/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9086273 |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144232 |
| Florida Development Finance Corp., FL Revenue, AG | Florida Development Finance Corp., FL Revenue, AG | Florida Development Finance Corp., FL Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.25% 07/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457884 |
| Florida Municipal Power Agency, FL Revenue | Florida Municipal Power Agency, FL Revenue | Florida Municipal Power Agency, FL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107823 |
| Florida State Board of Governors University of North Florida Dormitory Revenue, FL Revenue, BAM | Florida State Board of Governors University of North Florida Dormitory Revenue, FL Revenue, BAM | Florida State Board of Governors University of North Florida Dormitory Revenue, FL Revenue, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;2560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817331 |
| JEA Electric System Revenue, FL Revenue | JEA Electric System Revenue, FL Revenue | JEA Electric System Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;1515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743335 |
| JEA Water & Sewer System Revenue, FL Revenue | JEA Water & Sewer System Revenue, FL Revenue | JEA Water & Sewer System Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998635 |
| School Board of Miami-Dade County, FL GO, BAM | School Board of Miami-Dade County, FL GO, BAM | School Board of Miami-Dade County, FL GO, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 03/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5195634 |
| State of Florida Department of Transportation, FL Revenue | State of Florida Department of Transportation, FL Revenue | State of Florida Department of Transportation, FL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021259 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120847 |
| State of Florida, FL GO | State of Florida, FL GO | State of Florida, FL GO |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;3950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730533 |
| Sumter County School Board, FL COP, AG | Sumter County School Board, FL COP, AG | Sumter County School Board, FL COP, AG |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572910 |
| Tampa Bay Water, FL Revenue | Tampa Bay Water, FL Revenue | Tampa Bay Water, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150913 |
| West Palm Beach Community Redevelopment Agency, FL Tax Allocation Revenue, AG | West Palm Beach Community Redevelopment Agency, FL Tax Allocation Revenue, AG | West Palm Beach Community Redevelopment Agency, FL Tax Allocation Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065288 |
| Wildwood Utility Dependent District, FL Revenue, AG | Wildwood Utility Dependent District, FL Revenue, AG | Wildwood Utility Dependent District, FL Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.25% 10/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117458 |
|  |  | 71007950 |

---

See Notes to Schedules of Investments and Notes to Financial Statements.

2 Elfun Tax-Exempt Income Fund

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Schedule of Investments, continued — December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| Georgia - 2.3% | Georgia - 2.3% | Georgia - 2.3% |
| City of Atlanta Airport Passenger Facility Charge, GA Revenue | City of Atlanta Airport Passenger Facility Charge, GA Revenue | City of Atlanta Airport Passenger Facility Charge, GA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/37 - 07/01/38 | $2000000 | $2006164 |
| City of Atlanta Water & Wastewater Revenue, GA Revenue, AG | City of Atlanta Water & Wastewater Revenue, GA Revenue, AG | City of Atlanta Water & Wastewater Revenue, GA Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.75% 11/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3442103 |
| City of Griffin Public Utility Revenue, GA Revenue, BAM | City of Griffin Public Utility Revenue, GA Revenue, BAM | City of Griffin Public Utility Revenue, GA Revenue, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/56 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5196135 |
| County of Fulton, GA GO | County of Fulton, GA GO | County of Fulton, GA GO |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005210 |
| Georgia Ports Authority, GA Revenue | Georgia Ports Authority, GA Revenue | Georgia Ports Authority, GA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4646088 |
| Private Colleges & Universities Authority, GA Revenue | Private Colleges & Universities Authority, GA Revenue | Private Colleges & Universities Authority, GA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;2355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158885 |
|  |  | 18454585 |
| Hawaii - 0.0%\* | Hawaii - 0.0%\* | Hawaii - 0.0%\* |
| City & County of Honolulu, HI GO | City & County of Honolulu, HI GO | City & County of Honolulu, HI GO |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53276 |
| Illinois - 7.2% | Illinois - 7.2% | Illinois - 7.2% |
| Chicago Midway International Airport, IL Revenue, BAM | Chicago Midway International Airport, IL Revenue, BAM | Chicago Midway International Airport, IL Revenue, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499004 |
| Chicago O'Hare International Airport, IL Revenue | Chicago O'Hare International Airport, IL Revenue | Chicago O'Hare International Airport, IL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/29 - 01/01/48 | &nbsp;&nbsp;&nbsp;13315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13639429 |
| Chicago Park District, IL GO, BAM-TCRS | Chicago Park District, IL GO, BAM-TCRS | Chicago Park District, IL GO, BAM-TCRS |
| &nbsp;&nbsp;&nbsp;4.00% 01/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967697 |
| Chicago Park District, IL GO | Chicago Park District, IL GO | Chicago Park District, IL GO |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/35 - 01/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656732 |
| Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue | Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue | Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791852 |
| City of Chicago Wastewater Transmission Revenue, IL Revenue, BAM | City of Chicago Wastewater Transmission Revenue, IL Revenue, BAM | City of Chicago Wastewater Transmission Revenue, IL Revenue, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490832 |
| City of Chicago Wastewater Transmission Revenue, IL Revenue, AG | City of Chicago Wastewater Transmission Revenue, IL Revenue, AG | City of Chicago Wastewater Transmission Revenue, IL Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.50% 01/01/62 | &nbsp;&nbsp;&nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5284834 |
| Illinois Finance Authority, IL Revenue | Illinois Finance Authority, IL Revenue | Illinois Finance Authority, IL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004313 |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/35 - 10/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149072 |
| Illinois State Toll Highway Authority, IL Revenue | Illinois State Toll Highway Authority, IL Revenue | Illinois State Toll Highway Authority, IL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 01/01/44 - 01/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608475 |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/37 - 01/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;9830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10070244 |
| Lake County School District No. 112 North Shore, IL GO | Lake County School District No. 112 North Shore, IL GO | Lake County School District No. 112 North Shore, IL GO |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025556 |
| Sales Tax Securitization Corp., IL Revenue | Sales Tax Securitization Corp., IL Revenue | Sales Tax Securitization Corp., IL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690868 |
| Southwestern Illinois Development Authority, IL Revenue | Southwestern Illinois Development Authority, IL Revenue | Southwestern Illinois Development Authority, IL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 04/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553051 |
| State of Illinois Sales Tax Revenue, IL Revenue | State of Illinois Sales Tax Revenue, IL Revenue | State of Illinois Sales Tax Revenue, IL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 06/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094742 |
| State of Illinois, IL GO | State of Illinois, IL GO | State of Illinois, IL GO |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/30 - 02/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;5720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6220864 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;5.50% 05/01/30 | $2000000 | $2140313 |
|  |  | 58887878 |
| Indiana - 1.8% | Indiana - 1.8% | Indiana - 1.8% |
| Indiana Bond Bank, IN Revenue | Indiana Bond Bank, IN Revenue | Indiana Bond Bank, IN Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792397 |
| Indiana Finance Authority, IN Revenue | Indiana Finance Authority, IN Revenue | Indiana Finance Authority, IN Revenue |
| &nbsp;&nbsp;&nbsp;5.25% 10/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;3105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212098 |
| Indiana Municipal Power Agency, IN Revenue | Indiana Municipal Power Agency, IN Revenue | Indiana Municipal Power Agency, IN Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;2160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242486 |
| Indianapolis Local Public Improvement Bond Bank, IN Revenue | Indianapolis Local Public Improvement Bond Bank, IN Revenue | Indianapolis Local Public Improvement Bond Bank, IN Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 02/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414428 |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/30 - 01/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;4605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4913487 |
|  |  | 14574896 |
| Iowa - 0.5% | Iowa - 0.5% | Iowa - 0.5% |
| Cedar Rapids Community School District Infrastructure Sales Services & Use Tax, IA Revenue, AG | Cedar Rapids Community School District Infrastructure Sales Services & Use Tax, IA Revenue, AG | Cedar Rapids Community School District Infrastructure Sales Services & Use Tax, IA Revenue, AG |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583516 |
| City of Ames, IA GO | City of Ames, IA GO | City of Ames, IA GO |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215259 |
| Iowa Finance Authority, IA Revenue | Iowa Finance Authority, IA Revenue | Iowa Finance Authority, IA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;2035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317729 |
|  |  | 4116504 |
| Kentucky - 0.9% | Kentucky - 0.9% | Kentucky - 0.9% |
| Kentucky State Property & Building Commission, KY Revenue | Kentucky State Property & Building Commission, KY Revenue | Kentucky State Property & Building Commission, KY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;2525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580718 |
| Louisville & Jefferson County Metropolitan Sewer District, KY Revenue | Louisville & Jefferson County Metropolitan Sewer District, KY Revenue | Louisville & Jefferson County Metropolitan Sewer District, KY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543722 |
| Louisville Water Co., KY Revenue | Louisville Water Co., KY Revenue | Louisville Water Co., KY Revenue |
| &nbsp;&nbsp;&nbsp;3.00% 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982054 |
| Northern Kentucky University, KY Revenue, State Intercept | Northern Kentucky University, KY Revenue, State Intercept | Northern Kentucky University, KY Revenue, State Intercept |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284835 |
| University of Kentucky, KY Revenue, State Intercept | University of Kentucky, KY Revenue, State Intercept | University of Kentucky, KY Revenue, State Intercept |
| &nbsp;&nbsp;&nbsp;4.00% 04/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009751 |
|  |  | 7401080 |
| Maine - 0.4% | Maine - 0.4% | Maine - 0.4% |
| Maine Turnpike Authority, ME Revenue | Maine Turnpike Authority, ME Revenue | Maine Turnpike Authority, ME Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938840 |
| Regional School Unit No. 14, ME GO | Regional School Unit No. 14, ME GO | Regional School Unit No. 14, ME GO |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565250 |
| Town of Bar Harbor, ME GO | Town of Bar Harbor, ME GO | Town of Bar Harbor, ME GO |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512726 |
|  |  | 3016816 |
| Maryland - 1.5% | Maryland - 1.5% | Maryland - 1.5% |
| City of Baltimore, MD Revenue | City of Baltimore, MD Revenue | City of Baltimore, MD Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963347 |

---

See Notes to Schedules of Investments and Notes to Financial Statements.

Elfun Tax-Exempt Income Fund 3

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Schedule of Investments, continued — December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/33 - 07/01/35 | $2155000 | $2197418 |
| County of Baltimore, MD GO | County of Baltimore, MD GO | County of Baltimore, MD GO |
| &nbsp;&nbsp;&nbsp;4.00% 03/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200290 |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/46 - 03/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;4765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990608 |
| County of Prince George's, MD GO | County of Prince George's, MD GO | County of Prince George's, MD GO |
| &nbsp;&nbsp;&nbsp;5.00% 07/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056180 |
| Washington Suburban Sanitary Commission, MD Revenue | Washington Suburban Sanitary Commission, MD Revenue | Washington Suburban Sanitary Commission, MD Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 06/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929336 |
|  |  | 12337179 |
| Massachusetts - 5.7% | Massachusetts - 5.7% | Massachusetts - 5.7% |
| Commonwealth of Massachusetts Transportation Fund Revenue, MA Revenue | Commonwealth of Massachusetts Transportation Fund Revenue, MA Revenue | Commonwealth of Massachusetts Transportation Fund Revenue, MA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 06/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887155 |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044298 |
| Commonwealth of Massachusetts, MA GO | Commonwealth of Massachusetts, MA GO | Commonwealth of Massachusetts, MA GO |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/33 - 08/01/52 | &nbsp;&nbsp;&nbsp;10990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11625268 |
| Commonwealth of Massachusetts, MA Revenue, NATL | Commonwealth of Massachusetts, MA Revenue, NATL | Commonwealth of Massachusetts, MA Revenue, NATL |
| &nbsp;&nbsp;&nbsp;5.50% 01/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;3950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4612468 |
| Massachusetts Bay Transportation Authority Assessment Revenue, MA Revenue | Massachusetts Bay Transportation Authority Assessment Revenue, MA Revenue | Massachusetts Bay Transportation Authority Assessment Revenue, MA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;7095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7333711 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue, MA Revenue | Massachusetts Bay Transportation Authority Sales Tax Revenue, MA Revenue | Massachusetts Bay Transportation Authority Sales Tax Revenue, MA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175462 |
| Massachusetts Development Finance Agency, MA Revenue | Massachusetts Development Finance Agency, MA Revenue | Massachusetts Development Finance Agency, MA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/44 - 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;9015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8689039 |
| &nbsp;&nbsp;&nbsp;4.00% 06/01/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049535 |
| Massachusetts State College Building Authority, MA Revenue, State Intercept | Massachusetts State College Building Authority, MA Revenue, State Intercept | Massachusetts State College Building Authority, MA Revenue, State Intercept |
| &nbsp;&nbsp;&nbsp;4.00% 05/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;1440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443281 |
| Massachusetts State College Building Authority, MA Revenue | Massachusetts State College Building Authority, MA Revenue | Massachusetts State College Building Authority, MA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 05/01/40 - 05/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;3015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021018 |
| Northeast Metropolitan Regional Vocational School District, MA GO | Northeast Metropolitan Regional Vocational School District, MA GO | Northeast Metropolitan Regional Vocational School District, MA GO |
| &nbsp;&nbsp;&nbsp;4.00% 04/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416601 |
| Town of Andover, MA GO | Town of Andover, MA GO | Town of Andover, MA GO |
| &nbsp;&nbsp;&nbsp;4.00% 07/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;2605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482394 |
| Town of East Longmeadow, MA GO | Town of East Longmeadow, MA GO | Town of East Longmeadow, MA GO |
| &nbsp;&nbsp;&nbsp;4.00% 11/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956032 |
|  |  | 46736262 |
| Michigan - 1.9% | Michigan - 1.9% | Michigan - 1.9% |
| Ann Arbor School District, MI GO | Ann Arbor School District, MI GO | Ann Arbor School District, MI GO |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138266 |
| City of Kalamazoo, MI GO, BAM | City of Kalamazoo, MI GO, BAM | City of Kalamazoo, MI GO, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152231 |
| City of Lansing, MI GO, AG | City of Lansing, MI GO, AG | City of Lansing, MI GO, AG |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058630 |
| Great Lakes Water Authority Sewage Disposal System Revenue, MI Revenue | Great Lakes Water Authority Sewage Disposal System Revenue, MI Revenue | Great Lakes Water Authority Sewage Disposal System Revenue, MI Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/33 - 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021982 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| Great Lakes Water Authority Water Supply System Revenue, MI Revenue | Great Lakes Water Authority Water Supply System Revenue, MI Revenue | Great Lakes Water Authority Water Supply System Revenue, MI Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/35 | $1000000 | $1150308 |
| Michigan Finance Authority, MI Revenue | Michigan Finance Authority, MI Revenue | Michigan Finance Authority, MI Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;1395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471307 |
| Michigan State University, MI Revenue | Michigan State University, MI Revenue | Michigan State University, MI Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660154 |
| State of Michigan Trunk Line Revenue, MI Revenue | State of Michigan Trunk Line Revenue, MI Revenue | State of Michigan Trunk Line Revenue, MI Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421845 |
| University of Michigan, MI Revenue | University of Michigan, MI Revenue | University of Michigan, MI Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/48 - 04/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;4620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4759355 |
|  |  | 15834078 |
| Minnesota - 2.3% | Minnesota - 2.3% | Minnesota - 2.3% |
| City of Minneapolis, MN GO | City of Minneapolis, MN GO | City of Minneapolis, MN GO |
| &nbsp;&nbsp;&nbsp;3.00% 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303148 |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149271 |
| City of Rochester, MN Revenue | City of Rochester, MN Revenue | City of Rochester, MN Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4756011 |
| City of St. Paul Water Revenue, MN Revenue | City of St. Paul Water Revenue, MN Revenue | City of St. Paul Water Revenue, MN Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490933 |
| County of St. Louis, MN GO | County of St. Louis, MN GO | County of St. Louis, MN GO |
| &nbsp;&nbsp;&nbsp;3.00% 12/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;1545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549763 |
| Dover & Eyota Independent School District No. 533, MN GO, School District Credit Enhancement Program | Dover & Eyota Independent School District No. 533, MN GO, School District Credit Enhancement Program | Dover & Eyota Independent School District No. 533, MN GO, School District Credit Enhancement Program |
| &nbsp;&nbsp;&nbsp;4.00% 02/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;1285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317242 |
| Maple River Independent School District No. 2135, MN GO, School District Credit Enhancement Program | Maple River Independent School District No. 2135, MN GO, School District Credit Enhancement Program | Maple River Independent School District No. 2135, MN GO, School District Credit Enhancement Program |
| &nbsp;&nbsp;&nbsp;5.00% 02/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788613 |
| Minneapolis-St. Paul Metropolitan Airports Commission, MN Revenue | Minneapolis-St. Paul Metropolitan Airports Commission, MN Revenue | Minneapolis-St. Paul Metropolitan Airports Commission, MN Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;1920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982957 |
| State of Minnesota Department of Iron Range Resources & Rehabilitation, MN Revenue | State of Minnesota Department of Iron Range Resources & Rehabilitation, MN Revenue | State of Minnesota Department of Iron Range Resources & Rehabilitation, MN Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152146 |
| State of Minnesota, MN GO | State of Minnesota, MN GO | State of Minnesota, MN GO |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120167 |
| Stillwater Independent School District No. 834, MN GO, School District Credit Enhancement Program | Stillwater Independent School District No. 834, MN GO, School District Credit Enhancement Program | Stillwater Independent School District No. 834, MN GO, School District Credit Enhancement Program |
| &nbsp;&nbsp;&nbsp;4.00% 02/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018918 |
|  |  | 18629169 |
| Mississippi - 0.1% | Mississippi - 0.1% | Mississippi - 0.1% |
| Mississippi Development Bank, MS Revenue | Mississippi Development Bank, MS Revenue | Mississippi Development Bank, MS Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564157 |
| Missouri - 1.0% | Missouri - 1.0% | Missouri - 1.0% |
| City of St. Louis, MO GO | City of St. Louis, MO GO | City of St. Louis, MO GO |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850459 |
| Health & Educational Facilities Authority of the State of Missouri, MO Revenue | Health & Educational Facilities Authority of the State of Missouri, MO Revenue | Health & Educational Facilities Authority of the State of Missouri, MO Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/46 - 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877283 |
| Missouri Joint Municipal Electric Utility Commission, MO Revenue | Missouri Joint Municipal Electric Utility Commission, MO Revenue | Missouri Joint Municipal Electric Utility Commission, MO Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/34 - 01/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717898 |

---

See Notes to Schedules of Investments and Notes to Financial Statements.

4 Elfun Tax-Exempt Income Fund

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Schedule of Investments, continued — December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| St. Louis County School District C-2 Parkway, MO GO | St. Louis County School District C-2 Parkway, MO GO | St. Louis County School District C-2 Parkway, MO GO |
| &nbsp;&nbsp;&nbsp;4.00% 03/01/39 | $1395000 | $1429148 |
|  |  | 7874788 |
| Montana - 0.2% | Montana - 0.2% | Montana - 0.2% |
| Yellowstone County K-12 School District No. 26 Lockwood, MT GO | Yellowstone County K-12 School District No. 26 Lockwood, MT GO | Yellowstone County K-12 School District No. 26 Lockwood, MT GO |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;1570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644461 |
| Nebraska - 0.8% | Nebraska - 0.8% | Nebraska - 0.8% |
| Omaha Public Power District, NE Revenue | Omaha Public Power District, NE Revenue | Omaha Public Power District, NE Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 02/01/50 - 02/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135863 |
| &nbsp;&nbsp;&nbsp;5.25% 02/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155475 |
|  |  | 6291338 |
| Nevada - 0.4% | Nevada - 0.4% | Nevada - 0.4% |
| Clark County School District, NV GO, BAM-TCRS | Clark County School District, NV GO, BAM-TCRS | Clark County School District, NV GO, BAM-TCRS |
| &nbsp;&nbsp;&nbsp;5.00% 06/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106220 |
| County of Clark, NV GO | County of Clark, NV GO | County of Clark, NV GO |
| &nbsp;&nbsp;&nbsp;4.00% 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048265 |
|  |  | 3154485 |
| New Hampshire - 0.1% | New Hampshire - 0.1% | New Hampshire - 0.1% |
| New Hampshire Municipal Bond Bank, NH Revenue | New Hampshire Municipal Bond Bank, NH Revenue | New Hampshire Municipal Bond Bank, NH Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 08/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988217 |
| New Jersey - 4.3% | New Jersey - 4.3% | New Jersey - 4.3% |
| Madison Borough Board of Education, NJ GO | Madison Borough Board of Education, NJ GO | Madison Borough Board of Education, NJ GO |
| &nbsp;&nbsp;&nbsp;4.00% 08/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013166 |
| New Jersey Economic Development Authority, NJ Revenue | New Jersey Economic Development Authority, NJ Revenue | New Jersey Economic Development Authority, NJ Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 06/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4617394 |
| New Jersey Educational Facilities Authority, NJ Revenue | New Jersey Educational Facilities Authority, NJ Revenue | New Jersey Educational Facilities Authority, NJ Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858748 |
| &nbsp;&nbsp;&nbsp;5.50% 09/01/30 - 09/01/33 | &nbsp;&nbsp;&nbsp;13700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13920377 |
| New Jersey Transportation Trust Fund Authority, NJ Revenue | New Jersey Transportation Trust Fund Authority, NJ Revenue | New Jersey Transportation Trust Fund Authority, NJ Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/15/34 - 06/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;8430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8974877 |
| New Jersey Turnpike Authority, NJ Revenue | New Jersey Turnpike Authority, NJ Revenue | New Jersey Turnpike Authority, NJ Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/29 - 01/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;5240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500702 |
|  |  | 34885264 |
| New Mexico - 0.3% | New Mexico - 0.3% | New Mexico - 0.3% |
| County of Santa Fe, NM GO | County of Santa Fe, NM GO | County of Santa Fe, NM GO |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047755 |
| State of New Mexico, NM GO | State of New Mexico, NM GO | State of New Mexico, NM GO |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641804 |
|  |  | 2689559 |
| New York - 9.5% | New York - 9.5% | New York - 9.5% |
| City of New York, NY GO | City of New York, NY GO | City of New York, NY GO |
| &nbsp;&nbsp;&nbsp;4.00% 08/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162289 |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/27 - 10/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;5385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5795140 |
| Empire State Development Corp., NY Revenue | Empire State Development Corp., NY Revenue | Empire State Development Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 03/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958039 |
| &nbsp;&nbsp;&nbsp;5.00% 03/15/54 - 03/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4104542 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| Hudson Yards Infrastructure Corp., NY Revenue | Hudson Yards Infrastructure Corp., NY Revenue | Hudson Yards Infrastructure Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/44 | $4500000 | $4328361 |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/36 - 02/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;4635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4729020 |
| Hudson Yards Infrastructure Corp., NY Revenue, AG | Hudson Yards Infrastructure Corp., NY Revenue, AG | Hudson Yards Infrastructure Corp., NY Revenue, AG |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;5830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5454683 |
| Long Island Power Authority, NY Revenue | Long Island Power Authority, NY Revenue | Long Island Power Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/29 - 09/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492959 |
| Metropolitan Transportation Authority Dedicated Tax Fund, NY Special Tax | Metropolitan Transportation Authority Dedicated Tax Fund, NY Special Tax | Metropolitan Transportation Authority Dedicated Tax Fund, NY Special Tax |
| &nbsp;&nbsp;&nbsp;4.00% 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418120 |
| Metropolitan Transportation Authority, NY Revenue | Metropolitan Transportation Authority, NY Revenue | Metropolitan Transportation Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp;5.25% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020323 |
| New York City Municipal Water Finance Authority, NY Revenue | New York City Municipal Water Finance Authority, NY Revenue | New York City Municipal Water Finance Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 06/15/41 - 06/15/52 | &nbsp;&nbsp;&nbsp;10130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9506727 |
| &nbsp;&nbsp;&nbsp;5.00% 06/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;1755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857076 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, NY Revenue | New York City Transitional Finance Authority Future Tax Secured Revenue, NY Revenue | New York City Transitional Finance Authority Future Tax Secured Revenue, NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/29 - 11/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;9530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10134693 |
| &nbsp;&nbsp;&nbsp;5.50% 05/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663208 |
| New York Liberty Development Corp., NY Revenue | New York Liberty Development Corp., NY Revenue | New York Liberty Development Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp;5.25% 10/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169142 |
| New York Power Authority, NY Revenue, AG | New York Power Authority, NY Revenue, AG | New York Power Authority, NY Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.13% 11/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105870 |
| New York State Dormitory Authority, NY Revenue | New York State Dormitory Authority, NY Revenue | New York State Dormitory Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838979 |
| &nbsp;&nbsp;&nbsp;5.00% 03/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360360 |
| New York State Dormitory Authority, NY Revenue, AG | New York State Dormitory Authority, NY Revenue, AG | New York State Dormitory Authority, NY Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574546 |
| New York State Thruway Authority, NY Revenue | New York State Thruway Authority, NY Revenue | New York State Thruway Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 03/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937618 |
| &nbsp;&nbsp;&nbsp;5.00% 03/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549130 |
| New York Transportation Development Corp., NY Revenue | New York Transportation Development Corp., NY Revenue | New York Transportation Development Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/37 - 06/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692761 |
| &nbsp;&nbsp;&nbsp;5.50% 06/30/39 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066919 |
| Onondaga County Trust for Cultural Resources, NY Revenue | Onondaga County Trust for Cultural Resources, NY Revenue | Onondaga County Trust for Cultural Resources, NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032400 |
| Port Authority of New York & New Jersey, NY Revenue | Port Authority of New York & New Jersey, NY Revenue | Port Authority of New York & New Jersey, NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/28 - 07/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140557 |
| Troy Capital Resource Corp., NY Revenue | Troy Capital Resource Corp., NY Revenue | Troy Capital Resource Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474049 |
| Utility Debt Securitization Authority, NY Revenue | Utility Debt Securitization Authority, NY Revenue | Utility Debt Securitization Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/15/40 - 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;2185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387653 |
|  |  | 76955164 |
| North Carolina - 1.0% | North Carolina - 1.0% | North Carolina - 1.0% |
| City of Charlotte Airport Revenue, NC Revenue | City of Charlotte Airport Revenue, NC Revenue | City of Charlotte Airport Revenue, NC Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512599 |
| City of Durham, NC Revenue | City of Durham, NC Revenue | City of Durham, NC Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 04/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041205 |
| County of Union, NC GO | County of Union, NC GO | County of Union, NC GO |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705534 |

---

See Notes to Schedules of Investments and Notes to Financial Statements.

Elfun Tax-Exempt Income Fund 5

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Schedule of Investments, continued — December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| County of Wake, NC Revenue | County of Wake, NC Revenue | County of Wake, NC Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/31 | $500000 | $563821 |
| North Carolina Turnpike Authority, NC Revenue, AG | North Carolina Turnpike Authority, NC Revenue, AG | North Carolina Turnpike Authority, NC Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214635 |
|  |  | 8037794 |
| Ohio - 1.5% | Ohio - 1.5% | Ohio - 1.5% |
| City of Columbus, OH GO | City of Columbus, OH GO | City of Columbus, OH GO |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091194 |
| Dublin City School District, OH GO | Dublin City School District, OH GO | Dublin City School District, OH GO |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051585 |
| Grandview Heights City School District, OH GO | Grandview Heights City School District, OH GO | Grandview Heights City School District, OH GO |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096428 |
| Ohio Turnpike & Infrastructure Commission, OH Revenue | Ohio Turnpike & Infrastructure Commission, OH Revenue | Ohio Turnpike & Infrastructure Commission, OH Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031285 |
| Ohio Water Development Authority, OH Revenue | Ohio Water Development Authority, OH Revenue | Ohio Water Development Authority, OH Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3321883 |
| Shaker Heights City School District, OH GO | Shaker Heights City School District, OH GO | Shaker Heights City School District, OH GO |
| &nbsp;&nbsp;&nbsp;5.25% 12/15/59 | &nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055599 |
| State of Ohio, OH Revenue | State of Ohio, OH Revenue | State of Ohio, OH Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768095 |
|  |  | 12416069 |
| Oklahoma - 1.7% | Oklahoma - 1.7% | Oklahoma - 1.7% |
| City of Oklahoma City, OK GO | City of Oklahoma City, OK GO | City of Oklahoma City, OK GO |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/28 - 03/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;3975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4275646 |
| Oklahoma Turnpike Authority, OK Revenue | Oklahoma Turnpike Authority, OK Revenue | Oklahoma Turnpike Authority, OK Revenue |
| &nbsp;&nbsp;&nbsp;5.50% 01/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455568 |
| Oklahoma Water Resources Board, OK Revenue | Oklahoma Water Resources Board, OK Revenue | Oklahoma Water Resources Board, OK Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 04/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018090 |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/40 - 04/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;4495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691374 |
| Washington County Rural Water District No. 3, OK Revenue | Washington County Rural Water District No. 3, OK Revenue | Washington County Rural Water District No. 3, OK Revenue |
| &nbsp;&nbsp;&nbsp;3.00% 09/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643827 |
|  |  | 14084505 |
| Oregon - 1.1% | Oregon - 1.1% | Oregon - 1.1% |
| City of Bend, OR GO | City of Bend, OR GO | City of Bend, OR GO |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174979 |
| City of Eugene Water Utility System Revenue, OR Revenue | City of Eugene Water Utility System Revenue, OR Revenue | City of Eugene Water Utility System Revenue, OR Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450107 |
| Port of Portland Airport Revenue, OR Revenue | Port of Portland Airport Revenue, OR Revenue | Port of Portland Airport Revenue, OR Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/29 - 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136140 |
| State of Oregon Department of Transportation, OR Revenue | State of Oregon Department of Transportation, OR Revenue | State of Oregon Department of Transportation, OR Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074242 |
| Tri-County Metropolitan Transportation District of Oregon, OR Revenue | Tri-County Metropolitan Transportation District of Oregon, OR Revenue | Tri-County Metropolitan Transportation District of Oregon, OR Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044572 |
|  |  | 8880040 |
| Pennsylvania - 5.9% | Pennsylvania - 5.9% | Pennsylvania - 5.9% |
| Allegheny County Sanitary Authority, PA Revenue | Allegheny County Sanitary Authority, PA Revenue | Allegheny County Sanitary Authority, PA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276801 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| Bethlehem Area School District, PA GO, BAM, State Aid Withholding | Bethlehem Area School District, PA GO, BAM, State Aid Withholding | Bethlehem Area School District, PA GO, BAM, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/33 | $500000 | $567094 |
| Bucks County Water & Sewer Authority, PA Revenue, AG | Bucks County Water & Sewer Authority, PA Revenue, AG | Bucks County Water & Sewer Authority, PA Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.25% 12/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798702 |
| Chester County Industrial Development Authority, PA Revenue, BAM | Chester County Industrial Development Authority, PA Revenue, BAM | Chester County Industrial Development Authority, PA Revenue, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107473 |
| City of Philadelphia Airport Revenue, PA Revenue | City of Philadelphia Airport Revenue, PA Revenue | City of Philadelphia Airport Revenue, PA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000216 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/28 - 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138934 |
| City of Philadelphia Water & Wastewater Revenue, PA Revenue, AG | City of Philadelphia Water & Wastewater Revenue, PA Revenue, AG | City of Philadelphia Water & Wastewater Revenue, PA Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438956 |
| City of Philadelphia Water & Wastewater Revenue, PA Revenue | City of Philadelphia Water & Wastewater Revenue, PA Revenue | City of Philadelphia Water & Wastewater Revenue, PA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018875 |
| City of Philadelphia, PA GO | City of Philadelphia, PA GO | City of Philadelphia, PA GO |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/33 - 05/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540432 |
| City of Pittsburgh, PA GO | City of Pittsburgh, PA GO | City of Pittsburgh, PA GO |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814202 |
| Commonwealth of Pennsylvania, PA GO | Commonwealth of Pennsylvania, PA GO | Commonwealth of Pennsylvania, PA GO |
| &nbsp;&nbsp;&nbsp;4.00% 09/15/34 - 09/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;3575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585493 |
| County of Allegheny, PA GO | County of Allegheny, PA GO | County of Allegheny, PA GO |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699632 |
| County of Delaware, PA GO | County of Delaware, PA GO | County of Delaware, PA GO |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047172 |
| Lehigh County General Purpose Authority, PA Revenue | Lehigh County General Purpose Authority, PA Revenue | Lehigh County General Purpose Authority, PA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 02/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893304 |
| Middletown Area School District, PA GO, AG, State Aid Withholding | Middletown Area School District, PA GO, AG, State Aid Withholding | Middletown Area School District, PA GO, AG, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;4.00% 03/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006340 |
| Muhlenberg School District, PA GO, State Aid Withholding | Muhlenberg School District, PA GO, State Aid Withholding | Muhlenberg School District, PA GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032733 |
| Pennsylvania Higher Educational Facilities Authority, PA Revenue | Pennsylvania Higher Educational Facilities Authority, PA Revenue | Pennsylvania Higher Educational Facilities Authority, PA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/43 - 08/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;5060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807229 |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006115 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA Revenue | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA Revenue | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA Revenue |
| &nbsp;&nbsp;&nbsp;5.25% 12/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7761586 |
| Pennsylvania Turnpike Commission, PA Revenue | Pennsylvania Turnpike Commission, PA Revenue | Pennsylvania Turnpike Commission, PA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/32 - 12/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;5610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5921527 |
| Philadelphia Gas Works Co., PA Revenue | Philadelphia Gas Works Co., PA Revenue | Philadelphia Gas Works Co., PA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3407034 |
| Temple University-of The Commonwealth System of Higher Education, PA Revenue, AG | Temple University-of The Commonwealth System of Higher Education, PA Revenue, AG | Temple University-of The Commonwealth System of Higher Education, PA Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151352 |
| Upper Darby School District, PA GO, BAM, State Aid Withholding | Upper Darby School District, PA GO, BAM, State Aid Withholding | Upper Darby School District, PA GO, BAM, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018691 |

---

See Notes to Schedules of Investments and Notes to Financial Statements.

6 Elfun Tax-Exempt Income Fund

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Schedule of Investments, continued — December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| Upper Merion Area School District, PA GO, State Aid Withholding | Upper Merion Area School District, PA GO, State Aid Withholding | Upper Merion Area School District, PA GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;4.00% 01/15/46 | $1450000 | $1388427 |
|  |  | 48428320 |
| Rhode Island - 0.1% | Rhode Island - 0.1% | Rhode Island - 0.1% |
| Rhode Island Health & Educational Building Corp., RI Revenue, BAM | Rhode Island Health & Educational Building Corp., RI Revenue, BAM | Rhode Island Health & Educational Building Corp., RI Revenue, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614784 |
| South Carolina - 1.5% | South Carolina - 1.5% | South Carolina - 1.5% |
| Anderson County School District No. 5, SC GO | Anderson County School District No. 5, SC GO | Anderson County School District No. 5, SC GO |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003870 |
| Beaufort County School District, SC GO | Beaufort County School District, SC GO | Beaufort County School District, SC GO |
| &nbsp;&nbsp;&nbsp;4.00% 03/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303668 |
| City of Columbia Waterworks & Sewer System Revenue, SC Revenue | City of Columbia Waterworks & Sewer System Revenue, SC Revenue | City of Columbia Waterworks & Sewer System Revenue, SC Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 02/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148581 |
| City of Florence Combined Waterworks & Sewerage System Revenue, SC Revenue | City of Florence Combined Waterworks & Sewerage System Revenue, SC Revenue | City of Florence Combined Waterworks & Sewerage System Revenue, SC Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 09/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394092 |
| Clemson University, SC Revenue | Clemson University, SC Revenue | Clemson University, SC Revenue |
| &nbsp;&nbsp;&nbsp;3.00% 05/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;1795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782328 |
| South Carolina Ports Authority, SC Revenue | South Carolina Ports Authority, SC Revenue | South Carolina Ports Authority, SC Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900864 |
| Spartanburg County School District No. 4, SC GO | Spartanburg County School District No. 4, SC GO | Spartanburg County School District No. 4, SC GO |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;2745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845842 |
|  |  | 12379245 |
| Tennessee - 1.8% | Tennessee - 1.8% | Tennessee - 1.8% |
| City of Knoxville Electric System Revenue, TN Revenue | City of Knoxville Electric System Revenue, TN Revenue | City of Knoxville Electric System Revenue, TN Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;1710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797494 |
| City of Knoxville Wastewater System Revenue, TN Revenue | City of Knoxville Wastewater System Revenue, TN Revenue | City of Knoxville Wastewater System Revenue, TN Revenue |
| &nbsp;&nbsp;&nbsp;3.50% 04/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995635 |
| City of Memphis Memphis Light Gas & Water Division Electric System Revenue, TN Revenue | City of Memphis Memphis Light Gas & Water Division Electric System Revenue, TN Revenue | City of Memphis Memphis Light Gas & Water Division Electric System Revenue, TN Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/28 - 12/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225500 |
| City of Memphis, TN GO | City of Memphis, TN GO | City of Memphis, TN GO |
| &nbsp;&nbsp;&nbsp;4.00% 05/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;2345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363544 |
| County of Montgomery, TN GO | County of Montgomery, TN GO | County of Montgomery, TN GO |
| &nbsp;&nbsp;&nbsp;4.00% 06/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292873 |
| County of Rutherford, TN GO | County of Rutherford, TN GO | County of Rutherford, TN GO |
| &nbsp;&nbsp;&nbsp;3.00% 04/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966092 |
| Tennessee State School Bond Authority, TN Revenue, State Intercept | Tennessee State School Bond Authority, TN Revenue, State Intercept | Tennessee State School Bond Authority, TN Revenue, State Intercept |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;3280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405614 |
|  |  | 15046752 |
| Texas - 8.3% | Texas - 8.3% | Texas - 8.3% |
| Arlington Higher Education Finance Corp., TX Revenue, Permanent School Fund | Arlington Higher Education Finance Corp., TX Revenue, Permanent School Fund | Arlington Higher Education Finance Corp., TX Revenue, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551030 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| Arlington Independent School District, TX GO, Permanent School Fund | Arlington Independent School District, TX GO, Permanent School Fund | Arlington Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/38 | $500000 | $569649 |
| Austin Independent School District, TX GO, Permanent School Fund | Austin Independent School District, TX GO, Permanent School Fund | Austin Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.25% 08/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065696 |
| Azle Independent School District, TX GO, Permanent School Fund | Azle Independent School District, TX GO, Permanent School Fund | Azle Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134219 |
| Barbers Hill Independent School District, TX GO, Permanent School Fund | Barbers Hill Independent School District, TX GO, Permanent School Fund | Barbers Hill Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400609 |
| Bishop Consolidated Independent School District, TX GO, Permanent School Fund | Bishop Consolidated Independent School District, TX GO, Permanent School Fund | Bishop Consolidated Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154525 |
| Board of Regents of the University of Texas System, TX Revenue | Board of Regents of the University of Texas System, TX Revenue | Board of Regents of the University of Texas System, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801981 |
| Central Texas Turnpike System, TX Revenue | Central Texas Turnpike System, TX Revenue | Central Texas Turnpike System, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/32 - 08/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3949744 |
| City of Austin Airport System Revenue, TX Revenue | City of Austin Airport System Revenue, TX Revenue | City of Austin Airport System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101684 |
| City of El Paso Water & Sewer Revenue, TX Revenue | City of El Paso Water & Sewer Revenue, TX Revenue | City of El Paso Water & Sewer Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573244 |
| City of Galveston Wharves & Terminal Revenue, TX Revenue | City of Galveston Wharves & Terminal Revenue, TX Revenue | City of Galveston Wharves & Terminal Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/27 - 08/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590902 |
| City of Garland Electric Utility System Revenue, TX Revenue, AG | City of Garland Electric Utility System Revenue, TX Revenue, AG | City of Garland Electric Utility System Revenue, TX Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472794 |
| City of Houston Airport System Revenue, TX Revenue | City of Houston Airport System Revenue, TX Revenue | City of Houston Airport System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573958 |
| City of Houston Combined Utility System Revenue, TX Revenue | City of Houston Combined Utility System Revenue, TX Revenue | City of Houston Combined Utility System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147873 |
| City of Tyler Water & Sewer System Revenue, TX Revenue | City of Tyler Water & Sewer System Revenue, TX Revenue | City of Tyler Water & Sewer System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370059 |
| Conroe Independent School District, TX GO, Permanent School Fund | Conroe Independent School District, TX GO, Permanent School Fund | Conroe Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558116 |
| County of El Paso, TX GO | County of El Paso, TX GO | County of El Paso, TX GO |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061344 |
| County of Harris Toll Road Revenue, TX Revenue | County of Harris Toll Road Revenue, TX Revenue | County of Harris Toll Road Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733336 |
| Dallas Fort Worth International Airport, TX Revenue | Dallas Fort Worth International Airport, TX Revenue | Dallas Fort Worth International Airport, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/27 - 11/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028182 |
| Dickinson Independent School District, TX GO, Permanent School Fund | Dickinson Independent School District, TX GO, Permanent School Fund | Dickinson Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997530 |
| Forney Independent School District, TX GO, Permanent School Fund | Forney Independent School District, TX GO, Permanent School Fund | Forney Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315148 |
| Fort Bend County Texas Public Facility Corp., TX Revenue | Fort Bend County Texas Public Facility Corp., TX Revenue | Fort Bend County Texas Public Facility Corp., TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592252 |

---

See Notes to Schedules of Investments and Notes to Financial Statements.

Elfun Tax-Exempt Income Fund 7

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Schedule of Investments, continued — December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| Fort Bend Independent School District, TX GO, Permanent School Fund | Fort Bend Independent School District, TX GO, Permanent School Fund | Fort Bend Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;4.00% 08/15/36 | $1095000 | $1105615 |
| Greenwood Independent School District, TX GO, Permanent School Fund | Greenwood Independent School District, TX GO, Permanent School Fund | Greenwood Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072154 |
| Hays Consolidated Independent School District, TX GO, Permanent School Fund | Hays Consolidated Independent School District, TX GO, Permanent School Fund | Hays Consolidated Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878282 |
| Hutto Independent School District, TX GO, Permanent School Fund | Hutto Independent School District, TX GO, Permanent School Fund | Hutto Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698215 |
| Katy Independent School District, TX GO, Permanent School Fund | Katy Independent School District, TX GO, Permanent School Fund | Katy Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804207 |
| Lamar Consolidated Independent School District, TX GO, Permanent School Fund | Lamar Consolidated Independent School District, TX GO, Permanent School Fund | Lamar Consolidated Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007774 |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/37 - 02/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;2690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925287 |
| Lower Colorado River Authority, TX Revenue | Lower Colorado River Authority, TX Revenue | Lower Colorado River Authority, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/31 - 05/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180031 |
| Lower Colorado River Authority, TX Revenue, AG | Lower Colorado River Authority, TX Revenue, AG | Lower Colorado River Authority, TX Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103110 |
| Lower Colorado River Authority, TX Revenue, BAM | Lower Colorado River Authority, TX Revenue, BAM | Lower Colorado River Authority, TX Revenue, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;2455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2526026 |
| Mount Vernon Independent School District, TX GO, Permanent School Fund | Mount Vernon Independent School District, TX GO, Permanent School Fund | Mount Vernon Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553941 |
| North Texas Municipal Water District, TX Revenue | North Texas Municipal Water District, TX Revenue | North Texas Municipal Water District, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122045 |
| Pittsburg Independent School District, TX GO, Permanent School Fund | Pittsburg Independent School District, TX GO, Permanent School Fund | Pittsburg Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179238 |
| Port Authority of Houston of Harris County Texas, TX Revenue | Port Authority of Houston of Harris County Texas, TX Revenue | Port Authority of Houston of Harris County Texas, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050685 |
| Red River Education Finance Corp., TX Revenue | Red River Education Finance Corp., TX Revenue | Red River Education Finance Corp., TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 03/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165304 |
| San Antonio Water System, TX Revenue | San Antonio Water System, TX Revenue | San Antonio Water System, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580284 |
| Spring Independent School District, TX GO, Permanent School Fund | Spring Independent School District, TX GO, Permanent School Fund | Spring Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163711 |
| State of Texas, TX GO | State of Texas, TX GO | State of Texas, TX GO |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;1985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936999 |
| Texas A&M University, TX Revenue | Texas A&M University, TX Revenue | Texas A&M University, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/28 - 05/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;2520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2832651 |
| Texas Water Development Board, TX Revenue | Texas Water Development Board, TX Revenue | Texas Water Development Board, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/34 - 10/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3761790 |
| &nbsp;&nbsp;&nbsp;5.25% 10/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584314 |
| Tomball Independent School District, TX GO, Permanent School Fund | Tomball Independent School District, TX GO, Permanent School Fund | Tomball Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982210 |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769361 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| Upper Trinity Regional Water District, TX Revenue, BAM | Upper Trinity Regional Water District, TX Revenue, BAM | Upper Trinity Regional Water District, TX Revenue, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/27 | $530000 | $548739 |
|  |  | 67275848 |
| Utah - 2.2% | Utah - 2.2% | Utah - 2.2% |
| Central Valley Water Reclamation Facility, UT Revenue | Central Valley Water Reclamation Facility, UT Revenue | Central Valley Water Reclamation Facility, UT Revenue |
| &nbsp;&nbsp;&nbsp;3.00% 03/01/30 - 03/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;2225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217218 |
| &nbsp;&nbsp;&nbsp;4.00% 03/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936839 |
| City of Salt Lake City Airport Revenue, UT Revenue | City of Salt Lake City Airport Revenue, UT Revenue | City of Salt Lake City Airport Revenue, UT Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030585 |
| City of Salt Lake City Public Utilities Revenue, UT Revenue | City of Salt Lake City Public Utilities Revenue, UT Revenue | City of Salt Lake City Public Utilities Revenue, UT Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 02/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196551 |
| County of Utah, UT Revenue | County of Utah, UT Revenue | County of Utah, UT Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 05/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121785 |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186619 |
| Intermountain Power Agency, UT Revenue | Intermountain Power Agency, UT Revenue | Intermountain Power Agency, UT Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/37 - 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;3035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303963 |
| Ogden City Redevelopment Agency, UT Revenue | Ogden City Redevelopment Agency, UT Revenue | Ogden City Redevelopment Agency, UT Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/15/48 - 01/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;2925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014915 |
| University of Utah, UT Revenue | University of Utah, UT Revenue | University of Utah, UT Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;1685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800806 |
| Weber School District, UT GO, School Bond Guaranty | Weber School District, UT GO, School Bond Guaranty | Weber School District, UT GO, School Bond Guaranty |
| &nbsp;&nbsp;&nbsp;4.00% 06/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999306 |
|  |  | 17808587 |
| Virginia - 2.0% | Virginia - 2.0% | Virginia - 2.0% |
| Alexandria Sanitation Authority, VA Revenue | Alexandria Sanitation Authority, VA Revenue | Alexandria Sanitation Authority, VA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410429 |
| Chesapeake Bay Bridge & Tunnel District, VA Revenue | Chesapeake Bay Bridge & Tunnel District, VA Revenue | Chesapeake Bay Bridge & Tunnel District, VA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/46 - 07/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003585 |
| City of Alexandria, VA GO, State Aid Withholding | City of Alexandria, VA GO, State Aid Withholding | City of Alexandria, VA GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;4.00% 12/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398138 |
| County of Fairfax Sewer Revenue, VA Revenue | County of Fairfax Sewer Revenue, VA Revenue | County of Fairfax Sewer Revenue, VA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;3125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287962 |
| County of Fairfax, VA GO, State Aid Withholding | County of Fairfax, VA GO, State Aid Withholding | County of Fairfax, VA GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498355 |
| Fairfax County Water Authority, VA Revenue | Fairfax County Water Authority, VA Revenue | Fairfax County Water Authority, VA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 04/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013663 |
| Virginia College Building Authority, VA Revenue, State Intercept | Virginia College Building Authority, VA Revenue, State Intercept | Virginia College Building Authority, VA Revenue, State Intercept |
| &nbsp;&nbsp;&nbsp;4.00% 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016363 |
| Virginia Commonwealth Transportation Board, VA Revenue | Virginia Commonwealth Transportation Board, VA Revenue | Virginia Commonwealth Transportation Board, VA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 05/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980034 |
| Virginia Small Business Financing Authority, VA Revenue | Virginia Small Business Financing Authority, VA Revenue | Virginia Small Business Financing Authority, VA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/31/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866616 |
|  |  | 16475145 |
| Washington - 4.6% | Washington - 4.6% | Washington - 4.6% |
| City of Olympia, WA GO | City of Olympia, WA GO | City of Olympia, WA GO |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044314 |
| City of Seattle Drainage & Wastewater Revenue, WA Revenue | City of Seattle Drainage & Wastewater Revenue, WA Revenue | City of Seattle Drainage & Wastewater Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/36 - 09/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;4275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313604 |

---

See Notes to Schedules of Investments and Notes to Financial Statements.

8 Elfun Tax-Exempt Income Fund

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Schedule of Investments, continued — December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| City of Seattle Municipal Light & Power Revenue, WA Revenue | City of Seattle Municipal Light & Power Revenue, WA Revenue | City of Seattle Municipal Light & Power Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 01/01/39 - 09/01/40 | $4040000 | $4077344 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096664 |
| City of Seattle, WA GO | City of Seattle, WA GO | City of Seattle, WA GO |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501307 |
| City of Tacoma Electric System Revenue, WA Revenue | City of Tacoma Electric System Revenue, WA Revenue | City of Tacoma Electric System Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572451 |
| County of King Sewer Revenue, WA Revenue | County of King Sewer Revenue, WA Revenue | County of King Sewer Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619548 |
| Grant County Public Utility District No. 2 Electric Revenue, WA Revenue | Grant County Public Utility District No. 2 Electric Revenue, WA Revenue | Grant County Public Utility District No. 2 Electric Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;1345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417274 |
| King County School District No. 414 Lake Washington, WA GO, School Bond Guaranty | King County School District No. 414 Lake Washington, WA GO, School Bond Guaranty | King County School District No. 414 Lake Washington, WA GO, School Bond Guaranty |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52309 |
| Port of Seattle, WA Revenue | Port of Seattle, WA Revenue | Port of Seattle, WA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/28 - 08/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;5485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5792307 |
| Snohomish County Public Utility District No. 1 Electric System Revenue, WA Revenue | Snohomish County Public Utility District No. 1 Electric System Revenue, WA Revenue | Snohomish County Public Utility District No. 1 Electric System Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725015 |
| Spokane County School District No. 356 Central Valley, WA GO, School Bond Guaranty | Spokane County School District No. 356 Central Valley, WA GO, School Bond Guaranty | Spokane County School District No. 356 Central Valley, WA GO, School Bond Guaranty |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;2605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665972 |
| State of Washington, WA GO | State of Washington, WA GO | State of Washington, WA GO |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/30 - 06/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;5140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5662678 |
| Vancouver Library Capital Facilities Area, WA GO | Vancouver Library Capital Facilities Area, WA GO | Vancouver Library Capital Facilities Area, WA GO |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013536 |
| Washington Health Care Facilities Authority, WA Revenue | Washington Health Care Facilities Authority, WA Revenue | Washington Health Care Facilities Authority, WA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788617 |
|  |  | 37342940 |
| Wisconsin - 0.7% | Wisconsin - 0.7% | Wisconsin - 0.7% |
| County of Dane, WI GO | County of Dane, WI GO | County of Dane, WI GO |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;2340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459946 |
| Oshkosh Area School District, WI GO | Oshkosh Area School District, WI GO | Oshkosh Area School District, WI GO |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114434 |
| State of Wisconsin, WI GO | State of Wisconsin, WI GO | State of Wisconsin, WI GO |
| &nbsp;&nbsp;&nbsp;4.00% 05/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019280 |
|  |  | 5593660 |
| **Total Municipal Bonds and Notes<br> (Cost $800,375,593)** | **Total Municipal Bonds and Notes<br> (Cost $800,375,593)** | 804912703 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair<br> Value** |
| **Short-Term Investment - 0.4%** | **Short-Term Investment - 0.4%** | **Short-Term Investment - 0.4%** |
| State Street Institutional Treasury Plus Money Market Fund - Premier Class 3.74% (b)(c)<br> (Cost $3,665,430) | $3665430 | $3665430 |
| **Total Investments<br> (Cost $804,041,023)** | **Total Investments<br> (Cost $804,041,023)** | 808578133 |
| **Other Assets and Liabilities, net - 0.7%** | **Other Assets and Liabilities, net - 0.7%** | 5694033 |
| **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $814272166 |

---

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

---

| | |
|:---|:---|
| (a) | Pre-refunded bonds are collateralized by U.S. Treasury securities, which are held in escrow by a trustee and are used to pay principal and interest on the tax-exempt issue to retire the bonds at the earliest refunding date. |
| (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. |
| (c) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of December 31, 2025. |
| \* | Less than 0.05%. |

---

#### Notes to Schedule of Investments – December 31, 2025
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.

---

| |
|:---|
| **Abbreviations:** |
| AG - Assured Guaranty, Inc |
| BAM - Build America Mutual Assurance Company |

---

The following table presents the Fund's investments measured at fair value on a recurring basis at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds and Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;$804912703 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$804912703 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665430 |
| Total Investments in Securities | &nbsp;&nbsp;$3665430 | &nbsp;&nbsp;$804912703 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$808578133 |

---

See Notes to Schedules of Investments and Notes to Financial Statements.

Elfun Tax-Exempt Income Fund 9

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Schedule of Investments, continued — December 31, 2025
**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> 12/31/25** | **Value at<br> 12/31/25** | **Dividend<br> Income** |
| State Street Institutional Treasury Plus Money Market Fund - Premier Class | 2198910 | $2198910 | $158943867 | $157477347 | $— | $— | 3665430 | $3665430 | $228292 |

---

See Notes to Schedules of Investments and Notes to Financial Statements.

10 Elfun Tax-Exempt Income Fund

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Financial Highlights
Selected data based on a share outstanding throughout the fiscal years indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;&nbsp;**12/31/21** |
| &nbsp;&nbsp;**Inception date** | | | | | &nbsp;&nbsp;&nbsp;**1/1/80** |
| &nbsp;&nbsp;**Net asset value, beginning of period** | &nbsp;&nbsp;$9.98 | &nbsp;&nbsp;&nbsp;$10.26 | &nbsp;&nbsp;&nbsp;$10.13 | &nbsp;&nbsp;&nbsp;$11.47 | &nbsp;&nbsp;&nbsp;$11.67 |
| &nbsp;&nbsp;**Income/(loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains/(losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;Total income/(loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution from affiliate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;Net asset value, end of period | &nbsp;&nbsp;$9.90 | &nbsp;&nbsp;&nbsp;$9.98 | &nbsp;&nbsp;&nbsp;$10.26 | &nbsp;&nbsp;&nbsp;$10.13 | &nbsp;&nbsp;&nbsp;$11.47 |
| &nbsp;&nbsp;Total Return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.44)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | &nbsp;&nbsp;$814272 | &nbsp;&nbsp;&nbsp;$899092 | &nbsp;&nbsp;&nbsp;$1009908 | &nbsp;&nbsp;&nbsp;$1047236 | &nbsp;&nbsp;&nbsp;$1250501 |
| &nbsp;&nbsp;**Ratios to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | &nbsp;&nbsp;Per share values have been calculated using the average shares method. |
| (b) | &nbsp;&nbsp;Rounds to less than $0.005. |
| (c) | &nbsp;&nbsp;Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |

---

The accompanying Notes are an integral part of these financial statements.

Financial Highlights 11

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Statement of Assets and Liabilities — December 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in unaffiliated securities, at fair value (cost $800,375,593) | &nbsp;&nbsp;$804912703 |
| &nbsp;&nbsp;Investments in affiliated securities, at fair value (cost $3,665,430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665430 |
| &nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4166128 |
| &nbsp;&nbsp;Income receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11116513 |
| &nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40414 |
| &nbsp;&nbsp;Income receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15561 |
| &nbsp;&nbsp;Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823918678 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Distribution payable to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792288 |
| &nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8474979 |
| &nbsp;&nbsp;Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23787 |
| &nbsp;&nbsp;Payable to the Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113325 |
| &nbsp;&nbsp;Payable for custody, fund accounting and sub-administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74665 |
| &nbsp;&nbsp;Accrued other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167468 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9646512 |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;$814272166 |
| &nbsp;&nbsp;Net Assets Consist of: |  |
| &nbsp;&nbsp;Capital paid in | &nbsp;&nbsp;$942117981 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127845815) |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;$814272166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (Par value $10; unlimited shares authorized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82234767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;$9.90 |

---

The accompanying Notes are an integral part of these financial statements.

12 Statement of Assets and Liabilities

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Statement of Operations — For the year ended December 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Investment Income** |  |
| &nbsp;&nbsp;Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$33719703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228292 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33947995 |
| &nbsp;&nbsp;**Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory and administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Sky fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody, fund accounting and sub-administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing and shareholder reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42118 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858768 |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$32089227 |
| &nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;$(8958140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543461 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5414679) |
| &nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;$26674548 |

---

The accompanying Notes are an integral part of these financial statements.

Statement of Operations 13

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> December 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** |
| &nbsp;&nbsp;**Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $32089227 | $34957533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8958140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(690313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in unrealized appreciation/depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22718200) |
| &nbsp;&nbsp;Net increase (decrease) from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26674548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11549020 |
| &nbsp;&nbsp;**Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34440280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37990494) |
| &nbsp;&nbsp;Increase (decrease) in assets from operations and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7765732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26441474) |
| &nbsp;&nbsp;**Share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18935349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21755107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24387538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27365381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120377115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133494479) |
| &nbsp;&nbsp;Net increase (decrease) from share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77054228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84373991) |
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84819960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110815465) |
| &nbsp;&nbsp;**Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899092126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009907591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $814272166 | $899092126 |
| &nbsp;&nbsp;**Changes in Fund Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12268809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13224428) |
| &nbsp;&nbsp;Net increase (decrease) in fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7836285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8358177) |

---

The accompanying Notes are an integral part of these financial statements.

14 Statements of Changes in Net Assets

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Notes to Financial Statements — December 31, 2025
&nbsp;&nbsp;&nbsp;&nbsp;1.Organization of the Fund

The Elfun Tax-Exempt Income Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment company. The Fund is a diversified investment company within the meaning of the 1940 Act.

Under the Fund's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

&nbsp;&nbsp;&nbsp;&nbsp;2.Segment Reporting

The Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through the Fund's investments in accordance with its investment objective. The Fund's chief operating decision maker ("CODM") is the President of the Fund. The CODM assesses performance based on the Fund's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. The Fund's Total Return is utilized by the CODM to compare results, including the impact of the Fund's costs, to the Fund's competitors and to the Fund's benchmark index.

&nbsp;&nbsp;&nbsp;&nbsp;3.Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of their financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

**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 (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:

• 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.

• Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is "cleaned" from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.

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

Notes to Financial Statements 15

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Notes to Financial Statements, continued — December 31, 2025
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;

• 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 December 31, 2025 is disclosed in the Fund's Schedule of Investments.

**Investment Transactions and Income Recognition Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.**

Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

**Expenses Fund specific expenses are charged to the Fund that incurs such expenses. Such expenses may include custodial fees, legal and accounting fees, printing costs and registration fees. Expenses that are not Fund specific are allocated pro rata across all applicable funds.** 

#### Distributions Distributions from net investment income, if any, are declared daily and paid monthly for the Fund.
Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

&nbsp;&nbsp;&nbsp;&nbsp;4.Fees and Transactions with Affiliates

**Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM's compensation for investment advisory and administrative services ("Management Fee") is paid monthly based on the average daily net assets of the Fund. The Management Fee is stated in the following schedule:**

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
| Elfun Tax-Exempt Income Fund | 0.16% |

---

**Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company ("State Street") serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to**

16 Notes to Financial Statements

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Notes to Financial Statements, continued — December 31, 2025
State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statements of Operations.

**Other Transactions with Affiliates The Fund may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity's voting securities or outstanding shares. Amounts relating to these transactions during the fiscal year ended December 31, 2025 are disclosed in the Schedules of Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;5.Trustees' Fees

The fees and expenses of the Fund's trustees who are not "interested persons" of the Fund, as defined in the 1940 Act ("Independent Trustees"), are paid directly by the Fund. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

&nbsp;&nbsp;&nbsp;&nbsp;6.Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Other<br> Securities** | &nbsp;&nbsp;**Other<br> Securities** |
| **Fund** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Elfun Tax-Exempt Income Fund | &nbsp;&nbsp;$297476216 | &nbsp;&nbsp;$372073726 |

---

&nbsp;&nbsp;&nbsp;&nbsp;7.Income Tax Information

The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to the federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM analyzed the Fund's tax positions and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, wash sale loss deferrals, and amortization and accretion of premium and discount for financial statement purposes.

The tax character of distributions paid during the fiscal year ended December 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Exempt<br> Income** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gains** | &nbsp;&nbsp;**Total** |
| Elfun Tax-Exempt Income Fund | $34223678 | &nbsp;&nbsp;$216602 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$34440280 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Exempt<br> Income** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gains** | &nbsp;&nbsp;**Total** |
| Elfun Tax-Exempt Income Fund | $37302983 | &nbsp;&nbsp;$687511 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$37990494 |

---

Notes to Financial Statements 17

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[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Notes to Financial Statements, continued — December 31, 2025
At December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | &nbsp;&nbsp;**Tax Exempt<br> Income** | &nbsp;&nbsp;**Capital Loss<br> Carryforwards** | &nbsp;&nbsp;**Undistributed<br> long term<br> gain** | &nbsp;&nbsp;**Net<br> Unrealized<br> Gains<br> (Losses)** | &nbsp;&nbsp;**Post-October<br> Capital<br> Losses** | &nbsp;&nbsp;**Total** |
| Elfun Tax-Exempt Income Fund | $— | &nbsp;&nbsp;$61839 | &nbsp;&nbsp;$(128642775) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$735121 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(127845815) |

---

As of December 31, 2025, the Fund had capital loss carryforwards available to offset future realized capital gains as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Non-Expiring<br> Short Term** | &nbsp;&nbsp;**Non-Expiring<br> Long Term** |
| Elfun Tax-Exempt Income Fund | $49360437 | &nbsp;&nbsp;$79282338 |

---

As of December 31, 2025, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax<br> Cost** | &nbsp;&nbsp;**Gross<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;**Gross<br> Unrealized<br> Depreciation** | &nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Elfun Tax-Exempt Income Fund | $807843012 | &nbsp;&nbsp;$8439826 | &nbsp;&nbsp;$7704705 | &nbsp;&nbsp;$735121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;8.Line of Credit

The Fund and other affiliated funds (each, a "Participant" and collectively, the "Participants") have access to $210 million of a $1.425 billion ($194.29 million of $1.36 billion prior to October 2, 2025) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2026 unless extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.

The Fund had no outstanding loans as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;9.Risks

**Concentration Risk As a result of the Fund's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund was more broadly diversified.**

**Interest Rate Risk The risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of the Fund's investments. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.**

**Credit Risk The Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.**

18 Notes to Financial Statements

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[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Notes to Financial Statements, continued — December 31, 2025
**Market Risk The Fund's investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.**

10. Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The Fund has adopted ASU 2023-09 as of December 31, 2025, with no material impact on the Fund's financial statements.

11. Subsequent Events

The Fund has filed to change its method of accounting for amortizing bond premiums for tax purposes effective the first day of the 2026 tax year. The cumulative effect of this adjustment will result in a reduction of net tax-exempt distributable income of approximately $0.046 per share for the year ended December 31, 2026, and may result in return of capital for tax purposes during that period.

Notes to Financial Statements 19

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[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of Elfun Tax-Exempt Income Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Elfun Tax-Exempt Income Fund (the "Fund"), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g91004img375505852.jpg)

We have served as the auditor of one or more State Street Investment Management (formerly, State Street Global Advisors) investment companies since 2000.

Boston, Massachusetts

March 6, 2026

------

[**Table of Contents**](#JOB_Elfun_fbdc1553-0b04-4bb7-bb58-699dd44b7e9a_TOC)

### Elfun Tax-Exempt Income Fund

### Other Information — December 31, 2025

#### Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for their fiscal year ended December 31, 2025.

#### Interest Dividends
The Fund reports the maximum amount allowable as Section 163(j) Interest Dividends.

#### Tax-Exempt Income
For the fiscal year ended December 31, 2025, the following Fund hereby designates as exempt-interest dividends the amounts set forth, or the amount ultimately treated as exempt-interest dividends:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Amount** |
| Elfun Tax-Exempt Income Fund | &nbsp;&nbsp;$34223678 |

---

Other Information 21

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable to this filing.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.

------

#### Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

#### Item 16. Controls and Procedures.
(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the Registrant.

#### Item 19. Exhibits.
(a)(1) [Code of Ethics referred to in Item 2.](d91004dex99codeeth.htm)

(a)(2) Not applicable to the Registrant.

---

| | |
|:---|:---|
| (a)(3) | [Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto.](d91004dex99cert.htm)  |

---

(a)(4) Not applicable to the Registrant.

(a)(5) Not applicable.

(b) [Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d91004dex99906cert.htm)

------

(101) Inline Interactive Data File—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **ELFUN TAX-EXEMPT INCOME FUND** | **ELFUN TAX-EXEMPT INCOME FUND** |
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President (Principal Executive Officer) |

---

Date: March 11, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President (Principal Executive Officer) |

---

Date: March 11, 2026

---

| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) |

---

Date: March 11, 2026

## Ex-99.Code

**Exhibit 19(a)(1)** 

**SSGA FUNDS** 

**STATE STREET MASTER FUNDS** 

**STATE STREET INSTITUTIONAL INVESTMENT TRUST** 

**ELFUN TRUSTS** 

**ELFUN INTERNATIONAL EQUITY FUND** 

**ELFUN INCOME FUND** 

**ELFUN TAX-EXEMPT INCOME FUND** 

**ELFUN DIVERSIFIED FUND** 

**ELFUN GOVERNMENT MONEY MARKET FUND** 

**STATE STREET NAVIGATOR SECURITIES LENDING TRUST** 

**STATE STREET INSTITUTIONAL FUNDS** 

**STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC. (THE "COMPANY")<sup>1</sup>** 

**<u>CODE OF CONDUCT FOR PRINCIPAL EXECUTIVE AND</u>**

**<u>PRINCIPAL FINANCIAL OFFICERS</u>**

**As of September 20, 2017** 

**I. Covered Officers/Purpose of the Code** 

This Code of Conduct (the "Code") shall apply to the Trust/Company's Principal Executive Officer, Principal Financial Officer, Controller, Principal Accounting Officer and persons performing similar functions (the "Covered Officers," each of whom is named in <u>Exhibit A</u> attached hereto) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust/Company files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

<sup>1</sup> Unless otherwise noted, the singular term "Trust/Company" used throughout this document means each of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, State Street Navigator Securities Lending Trust, Elfun Government Money Market Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun Diversified Fund, Elfun International Equity Fund, Elfun Trusts, State Street Institutional Funds, and State Street Variable Insurance Series Funds, Inc. 

------

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust/Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust/Company. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to the Trust/Company. All Covered Officers should conduct themselves such that a reasonable observer would have no grounds for belief that a conflict of interest exists. Covered Officers are not permitted to self-deal or otherwise to use their positions with the Trust/Company to further their own or any other related person's business opportunities.

This Code does not, and is not intended to, repeat or replace the compliance programs and procedures or codes of ethics of the Trust/Company or the Trust/Company's investment adviser or distributor.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust/Company and its service providers, including the investment adviser, of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust/Company, the investment adviser, or other service providers), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Trust/Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust/Company and its service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust/Company. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust/Company's Board of Trustees/Directors (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust/Company.

\* \* \* \*

------

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationship improperly to influence investment decisions or financial
reporting by the Trust/Company whereby the Covered Officer would benefit personally to the detriment of the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Trust/Company to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit of the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Officer or any employee of the Trust/Company or its affiliated persons for
reports of potential violations by the Trust/Company of applicable rules and regulations that are made in good faith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use material non-public knowledge of portfolio transactions made or
contemplated for the series of the Trust/Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer must discuss certain material conflict of interest situations with the Trust/Company's Chief Compliance Officer ("CCO"). Examples of such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director, trustee, general partner, or officer of any unaffiliated business organization. This rule
does not apply to charitable, civic, religious, public, political, or social organizations, the activities of which do not conflict with the interests of the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any gifts, excluding branded promotional items valued at U.S. $50 or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Trust/Company has current or prospective
business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust/Company's
service providers, other than its investment adviser, principal underwriter, administrator, sub-administrator, transfer agent, custodian or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust/Company
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

------

**III. Disclosure and Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the
Trust/Company to others, whether within or outside the Trust/Company, including to the Trust/Company's Board, the Trust/Company's Qualified Legal and Compliance Committee ("QLCC") or, if the Trust/Company does not have a
QLCC, the Trust/Company's Audit Committee, and the Trust/Company's independent auditors, and to governmental regulators and self-regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with
other officers and employees of the Trust/Company and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust/Company files with, or submits to, the SEC and
in other public communications made by the Trust/Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer will exhibit and promote the highest standards of honest and ethical conduct through the
establishment and operation of policies and procedures that encourage professional integrity in all aspects of the Trust/Company's operations.

**IV. Compliance with Applicable Laws and Regulations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust/Company's CCO is responsible for applying this Code to specific situations in which questions are
presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Covered Officers will be considered by the QLCC or, if the Trust/Company does not have a QLCC, the
Trust/Company's Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event of any question of interpretation of the requirements under this Code, Covered Officers shall
consult with the CCO in order to assure compliance with the Code.

**V. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a
report in the form of <u>Exhibit B</u> to the Trust/Company's compliance officer affirming that he or she has received, read, and understands the Code;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually sign and return a report in the form of <u>Exhibit C or D</u> to the Trust/Company's compliance
officer as an affirmation that he or she has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Trust/Company's CCO promptly if he or she knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

The Trust/Company will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The CCO will take all appropriate actions to investigate any potential violations reported to him/her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take
any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the CCO believes is a violation of this Code will be reported to the Trust/Company's QLCC
or, if the Trust/Company does not have a QLCC, the Trust/Company's Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Board, after consultation with the QLCC or, if the Trust/Company does not have a QLCC, the
Trust/Company's Audit Committee, concurs that a violation has occurred, it will notify the appropriate personnel of the applicable service provider and may dismiss the Covered Officer as an officer of the Trust/Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The QLCC or, if the Trust/Company does not have a QLCC, the Trust/Company's Audit Committee, will be
responsible for granting waivers of provisions of this Code, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust/Company for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust/Company, the Trust/Company's investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust/Company's investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the investment adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

------

**VII. Amendments** 

Any amendments to this Code, other than amendments to <u>Exhibit A</u>, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees/Directors.

**VIII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trust/Company's Board, QLCC or Audit Committee.

**IX. Internal Use** 

The Code is intended solely for the internal use by the Trust/Company and does not constitute an admission, by or on behalf of the Trust/Company, as to any fact, circumstance, or legal conclusion.

**X. Sanctions** 

Any violation of the rules and requirements set forth in this Code may result in the imposition of such sanctions as the Board, after review by the QLCC or, if the Trust/Company does not have a QLCC, the Trust/Company's Audit Committee, and its recommendation to the Board, may deem appropriate under the circumstances. These sanctions can include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dismissal for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Removal or suspension from office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restitution to the damaged party; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary fines.

------

**EXHIBIT A** 

Persons Covered by this Code of Conduct for SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, Elfun Trusts, Elfun International Equity Fund, Elfun Income Fund, Elfun Tax-Exempt Income Fund, Elfun Diversified Fund, Elfun Government Money Market Fund, and State Street Navigator Securities Lending Trust:

Ann M. Carpenter, President and Principal Executive Officer

Bruce S. Rosenberg, Treasurer and Principal Financial Officer

Persons Covered by this Code of Conduct for State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc.:

Ann M. Carpenter, President and Principal Executive Officer

Bruce S. Rosenberg, Treasurer and Principal Financial Officer

------

**EXHIBIT B** 

INITIAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, Elfun Trusts, Elfun International Equity Fund, Elfun Income Fund, Elfun Tax Exempt Income Fund, Elfun Diversified Fund, Elfun Government Money Market Fund, State Street Navigator Securities Lending Trust, State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

Please sign your name here:

Please print your name here: <u> </u>

Please date here: <u> </u>

------

**EXHIBIT C** 

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, Elfun Trusts, Elfun International Equity Fund, Elfun Income Fund, Elfun Tax Exempt Income Fund, Elfun Diversified Fund, Elfun Government Money Market Fund, and State Street Navigator Securities Lending Trust (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the policies and procedures set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

Please sign your name here:<u> </u> 

Please print your name here: <u> </u>

Please date here: <u> </u><u> </u>

------

**EXHIBIT D** 

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc., (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the policies and procedures set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

Please sign your name here:

Please print your name here: <u> </u>

Please date here: <u> </u>

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Ann M. Carpenter, President of the Elfun Tax-Exempt Income Fund, certify that:

1. I have reviewed this report on Form N-CSR of Elfun Tax-Exempt Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 11, 2026

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President (Principal Executive Officer) of the Elfun Tax-Exempt Income Fund |

---

------

**<u>CERTIFICATIONS</u>**

I, Bruce S. Rosenberg, Treasurer of the Elfun Tax-Exempt Income Fund, certify that:

1. I have reviewed this report on Form N-CSR of Elfun Tax-Exempt Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 11, 2026

---

| | |
|:---|:---|
| By | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) of the Elfun Tax-Exempt Income Fund |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**EX-99-906CERT** 

<u>Certification pursuant to Section</u> <u>906 of the Sarbanes-Oxley Act of 2002</u>

I, Ann M. Carpenter, President and I, Bruce S. Rosenberg, Treasurer of the Elfun Tax-Exempt Income Fund (the "Fund"), each certify, to the best of my knowledge and belief, that:

1. This Form N-CSR filing of the Fund for the period ended
December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Fund.

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President (Principal Executive Officer) |

---

Date: March 11, 2026

---

| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) |

---

Date: March 11, 2026