Elfun Diversified Fund ELDFX

Considering the risks: A principal risk of investing in the Fund is the risk that the value of equity securities may decline. Special risks are associated with investing in foreign securities including currency fluctuations, economic instability and political developments. Securities with different characteristics tend to shift in and out of favor depending upon market and economic conditions. While stocks have historically outperformed other asset classes, over the long term they tend to fluctuate over the short term as a result of factors affecting the individual companies, industries or the securities market as a whole. Bond prices generally move in the opposite direction of interest rates. Thus, as the prices of bonds in the Fund adjust to a rise in interest rates, the Fund's share price may decline. These and other risk considerations are discussed in the Fund's prospectus and summary prospectus.

The Fund's investments are subject to changes in general economic conditions, 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. The 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 or other public health issues, or other events could have a significant impact on the Fund and its investments.

NAV

$17.60

as of Mar 24 2023

Base Currency

USD

Assets Under Management

$170.83 M

as of Feb 28 2023

Gross Expense Ratio

0.30%

1 Day Nav Change

-$0.01 (-0.06%)

as of Mar 24 2023

Quick Links

Fund Objective

The highest total return consistent with prudent investment management and the preservation of capital (total return includes both income and capital appreciation).

Investment Strategy

The Fund seeks to achieve its investment objective by investing primarily in a combination of U.S. and foreign (non-U.S.) equity and debt securities and cash. The Fund invests in equity securities, such as common and preferred stocks, principally for their capital appreciation potential, and investment-grade debt securities principally for their income potential. The Fund holds cash principally for the preservation of capital, income potential or maintenance of liquidity.

Fund Information as of Mar 27 2023

Investment Style	Multi-Asset
Primary Benchmark	S&P 500 Index
Secondary Benchmark	Bloomberg U.S. Aggregate Bond Index
Tertiary Benchmark	MSCI ACWI ex USA Investable Market Index
Quaternary Benchmark	MSCI ACWI ex USA Index
Fifth Benchmark	S&P 500/ACWI ex US IMI/Bloomberg (35/25/40)
Inception Date	Jan 01 1988
Gross Expense Ratio	0.30%
Base Currency	USD
Investment Manager	SSGA Funds Management, Inc.
Management Team	Investment Solutions Group (ISG)
Distributor	State Street Global Advisors Funds Distributors, LLC
Distribution Frequency	Annually

Investment Team

Seamus Quinn, CFA, CAIA

Read Bio

Michael O Martel

Head of Portfolio Management

Read Bio

Leo Law, CFA, FRM

Portfolio Manager

Read Bio

Listing Information as of Mar 27 2023

Exchange	Trading Currency	Listing Date	Ticker	CUSIP
NASDAQ REGULAR MARKET	USD	Jan 01 1988	ELDFX	28627D105

Fund Characteristics as of Feb 28 2023

Number of Holdings

Fund Net Asset Value as of Mar 24 2023

NAV	$17.60
Percent Change	-0.06%
Price Change	-$0.01
Offer Price	$17.60
NAV 52 Week High	$20.76(Mar 29 2022)
NAV 52 Week Low	$16.92(Dec 28 2022)

Fund Performance

Fund Inception Date: Jan 01 1988

as of Feb 28 2023

	As Of	1 Month	3 Month	6 Month	QTD	YTD
Fund at NAV	Feb 28 2023	-2.94%	-0.07%	1.98%	2.64%	2.64%
Primary Benchmark	Feb 28 2023	-2.44%	-2.28%	1.26%	3.69%	3.69%
Secondary Benchmark	Feb 28 2023	-2.59%	-0.04%	-2.13%	0.41%	0.41%
Tertiary Benchmark	Feb 28 2023	-3.38%	3.69%	7.02%	4.34%	4.34%
Quaternary Benchmark	Feb 28 2023	-3.51%	3.54%	7.30%	4.32%	4.32%
Fifth Benchmark	Feb 28 2023	-2.72%	0.12%	1.41%	2.56%	2.56%

as of Dec 31 2022

	As Of	1 Month	3 Month	6 Month	QTD	YTD
Fund at NAV	Dec 31 2022	-2.64%	7.00%	0.72%	7.00%	-15.31%
Primary Benchmark	Dec 31 2022	-5.76%	7.56%	2.31%	7.56%	-18.11%
Secondary Benchmark	Dec 31 2022	-0.45%	1.87%	-2.97%	1.87%	-13.01%
Tertiary Benchmark	Dec 31 2022	-0.62%	14.15%	3.09%	14.15%	-16.58%
Quaternary Benchmark	Dec 31 2022	-0.75%	14.28%	2.96%	14.28%	-16.00%
Fifth Benchmark	Dec 31 2022	-2.38%	6.86%	0.44%	6.86%	-15.33%

as of Feb 28 2023

	As Of	1 Year	3 Year	5 Year	10 Year	Since Inception Jan 01 1988
Fund at NAV	Feb 28 2023	-7.89%	4.59%	4.21%	5.78%	7.56%
Primary Benchmark	Feb 28 2023	-7.69%	12.15%	9.82%	12.25%	10.58%
Secondary Benchmark	Feb 28 2023	-9.72%	-3.77%	0.53%	1.12%	5.42%
Tertiary Benchmark	Feb 28 2023	-7.55%	5.49%	1.58%	4.28%	1.29%
Quaternary Benchmark	Feb 28 2023	-7.19%	5.27%	1.62%	3.94%	6.19%
Fifth Benchmark	Feb 28 2023	-8.04%	4.33%	4.44%	5.99%	6.05%

as of Dec 31 2022

	As Of	1 Year	3 Year	5 Year	10 Year	Since Inception Jan 01 1988
Fund at NAV	Dec 31 2022	-15.31%	1.97%	3.68%	5.85%	7.52%
Primary Benchmark	Dec 31 2022	-18.11%	7.66%	9.43%	12.56%	10.52%
Secondary Benchmark	Dec 31 2022	-13.01%	-2.71%	0.02%	1.06%	5.43%
Tertiary Benchmark	Dec 31 2022	-16.58%	0.20%	0.85%	4.17%	1.17%
Quaternary Benchmark	Dec 31 2022	-16.00%	0.07%	0.88%	3.80%	6.10%
Fifth Benchmark	Dec 31 2022	-15.33%	2.04%	3.92%	6.03%	6.01%

as of Feb 28 2023

	2017	2018	2019	2020	2021	2022
Fund at NAV	15.40%	-5.51%	19.58%	12.23%	11.56%	-15.31%
Primary Benchmark	21.83%	-4.38%	31.49%	18.40%	28.71%	-18.11%
Secondary Benchmark	3.54%	0.01%	8.72%	7.51%	-1.54%	-13.01%
Tertiary Benchmark	27.81%	-14.76%	21.63%	11.12%	8.53%	-16.58%
Quaternary Benchmark	27.19%	-14.20%	21.51%	10.65%	7.82%	-16.00%
Fifth Benchmark	15.51%	-4.85%	19.89%	13.04%	11.00%	-15.33%

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. Upon redemption, shares may be worth more or less than the original cost. The current performance may be higher or lower than the quoted performance. To view SEC standardized performance select the most recent quarterly period ending March, June, September or December. All other periods shown are non-standardized performance and are not valid without SEC standardized performance.

On July 1, 2016 State Street Corporation, the parent company of SSGA Funds Management, Inc., and State Street Global Markets, LLC acquired the asset management and advisory services business of GE Asset Management, Incorporated, the former investment adviser to the Fund. As of that date, SSGA Funds Management, Inc. became the investment adviser to the Fund and State Street Global Markets, LLC became the distributor for the Fund. Effective May 1, 2017, State Street Global Markets, LLC was renamed State Street Global Advisors Funds Distributors, LLC. Any information, data or performance provided prior to that date is that of GE Asset Management, Incorporated.

The list of holdings should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future.

The blended index is not the Elfun Diversified Fund's benchmark and is being shown for illustrative purposes only. The blended index is not intended to represent the current or targeted asset allocation of the Fund.

The returns of each index shown do not include the effect of management fees, sales charges, operating expenses of a fund or other account, or taxes. The returns of the index are unmanaged and do not reflect the actual cost of investing in the instruments that comprise it. You cannot invest directly in an index.

Gross Expense Ratio: 0.30%

Risk Analysis

as of Feb 28 2023

as of Dec 31 2022

Month End as of Feb 28 2023

Risk Factor	3 Years	5 Years
Alpha	-3.29%	-2.23%
Beta	0.66	0.63
Std Deviation	13.91%	12.08%
Information Ratio	-0.97	-0.75
R-squared	93.88%	93.51%
Sharpe Ratio	0.28	0.24
Tracking Error	7.82%	7.49%

Quarter End as of Dec 31 2022

Risk Factor	3 Years	5 Years
Alpha	-2.96%	-2.43%
Beta	0.64	0.63
Std Deviation	13.71%	11.94%
Information Ratio	-0.69	-0.76
R-squared	94.34%	94.04%
Sharpe Ratio	0.10	0.21
Tracking Error	8.23%	7.54%

The risk statistics are calculated against the fund's primary benchmark.

Risk Measures - Alpha, Beta and R-Squared are calculated against the noted benchmark. Annualized standard deviation and Sharpe Ratio are not calculated against a benchmark.

Alpha - Measures a manager's contribution to performance due to security selection or market timing relative to the index.

Beta - Measures the portfolio's sensitivity to market movements in the index.

R-Squared - A measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of the index.

Standard Deviation - A measure of total risk. It measures the degree to which a fund's quarterly returns vary from the mean of the fund's quarterly returns over the period measured.

Sharpe Ratio -A measure that uses standard deviation and excess return to determine reward per unit of risk.

Asset Allocation

Fund Asset Allocation as of Feb 28 2023

Sector	Weight
US Index Equity	38.88%
US Core Plus Fixed Income Strategy	36.15%
International Index Equity	24.63%
US Short-Term Cash	0.34%

Geographical Weights

Refer to Portfolio Holdings for Fund's Schedule of Investments.

Cash: Actively managed as part of the fund's investment strategy. The allocation shown for each of the other asset classes also includes a percentage of embedded cash, a portion of which is equitized in futures to gain exposure to the markets. Both actively managed cash and embedded cash within each strategy include an investment in the State Street Institutional Government Money Market Fund. SSGA is the investment advisor of the Fund. State Street Global Advisors serves as the investment advisor of the State Street Institutional Government Money Market Fund.

The securities information regarding holdings, allocations and other characteristics are presented to illustrate examples of securities that have been bought and the diversity of areas in which we may invest as of a particular date. It may not be representative of the portfolio's current or future investments and should not be construed as a recommendation to purchase or sell a particular security.

"Cash Equivalents" includes an investment in the State Street Institutional Government Money Market Fund. "Other" includes accruals. As of 07/01/2016 State Street Global Advisors is the Investment Advisor of the Fund. SSGA Funds Management, Inc. serves as the investment advisor of the State Street Institutional Government Money Market Fund.

Document

Fund Documents

Information & Schedules

2022 Elfun/SS (RSP) Tax Letter pdf

Forms

"Bloomberg^®" and Bloomberg U.S. Aggregate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by State Street Global Advisors. Bloomberg is not affiliated with State Street Global Advisors, and Bloomberg does not approve, endorse, review, or recommend Elfun Diversified Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Elfun Diversified Fund.

Prior to August 24, 2021, the Bloomberg U.S. Aggregate Bond Index was known as the Bloomberg Barclays U.S. Aggregate Bond Index and the blended index S&P 500/ACWI ex US IMI/Bloomberg (35/25/40) was known as the S&P 500/ACWI ex US IMI/Bloomberg Barclays (35/25/40).

MSCI ACWI ex-US (MSCI ACWI xUS) is a market-capitalization-weighted index maintained by MSCI and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The index includes both developed and emerging markets.

The MSCI ACWI ex USA Investable Market Index is a free float-adjusted market capitalization index that is designed to measure the combined equity market performance of securities, across all market capitalizations, in developed and emerging market countries excluding the United States. All listed equity securities and listed securities that exhibit characteristics of equity securities, except mutual funds, ETFs, equity derivatives, limited partnerships and most investment trusts, are eligible for inclusion. Countries covered in the Index have historically included, among others, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Norway, Pakistan, Peru, Philippines, Poland, Portugal, Qatar, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates and the United Kingdom.

S&P 500^{^®} (S&P 500) Index is an unmanaged, market capitalization-weighted index of 500 widely held U.S. stocks recognized by investors to be representative of the stock market in general. Standard & Poor's and S&P 500 are trademarks of the Standard & Poor's Financial Services LLC ("S&P").