Elfun Trusts ELFNX

Considering the risks: A principal risk of investing in the Fund is the risk that the value of equity securities may decline. 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. Securities with different characteristics tend to shift in and out of favor depending upon market and economic conditions. 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

$61.16

as of Mar 24 2023

Base Currency

USD

Assets Under Management

$3,014.63 M

as of Feb 28 2023

Gross Expense Ratio

0.18%

1 Day Nav Change

+$0.24 (0.39%)

as of Mar 24 2023

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Fund Objective

Long-term growth of capital and future income rather than current income.

Investment Strategy

The Fund seeks to achieve its investment objectives by investing in equity securities of U.S. companies, such as common and preferred stocks. A U.S. company is a company that generates at least 50% of its revenues or profits from business activities in the U.S., has at least 50% of its assets situated in the U.S., or has the principal trading market for its securities in the U.S. The portfolio manager selects equity securities from a number of industries based on the merits of individual companies. In seeking to satisfy the Fund’s investment objective with respect to future income, the portfolio manager will also consider companies that have the potential to pay dividends in the future.

Fund Information as of Mar 25 2023

Investment Style	Large Cap Core
Benchmark	S&P 500 Index
Inception Date	May 27 1935
Gross Expense Ratio	0.18%
Base Currency	USD
Investment Manager	SSGA Funds Management, Inc.
Management Team	Fundamental Equities
Distributor	State Street Global Advisors Funds Distributors, LLC
Distribution Frequency	Annually

Investment Team

Christopher J Sierakowski

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William Douglas Sandow

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Listing Information as of Mar 25 2023

Exchange	Trading Currency	Listing Date	Ticker	CUSIP
NASDAQ REGULAR MARKET	USD	May 27 1935	ELFNX	286281100

Fund Characteristics as of Feb 28 2023

Number of Holdings	41
Med Market Cap ($M)	127,272.07
Weighted Average Market Cap ($M)	529,937.70
Price/Book Ratio	4.85
Price/Earnings Ratio FY1	16.68
Dividend Yield (%)	1.43
Annual Portfolio Turnover (%)	28.82

Index Characteristics as of Feb 28 2023

Number of Holdings	499
Med Market Cap ($M)	31,013.00
Weighted Average Market Cap ($M)	462,973.72
Price/Book Ratio	3.77
Price/Earnings Ratio FY1	16.42
Dividend Yield (%)	1.72

Fund Net Asset Value as of Mar 24 2023

NAV	$61.16
Percent Change	0.39%
Price Change	$0.24
Offer Price	$61.16
NAV 52 Week High	$77.65(Mar 29 2022)
NAV 52 Week Low	$57.63(Dec 28 2022)

Fund Performance

Fund Inception Date: May 27 1935

as of Feb 28 2023

	As Of	1 Month	3 Month	6 Month	QTD	YTD
Fund at NAV	Feb 28 2023	-2.94%	-1.09%	1.40%	4.68%	4.68%
Benchmark	Feb 28 2023	-2.44%	-2.28%	1.26%	3.69%	3.69%

as of Dec 31 2022

	As Of	1 Month	3 Month	6 Month	QTD	YTD
Fund at NAV	Dec 31 2022	-5.51%	6.83%	1.42%	6.83%	-19.87%
Benchmark	Dec 31 2022	-5.76%	7.56%	2.31%	7.56%	-18.11%

as of Feb 28 2023

	As Of	1 Year	3 Year	5 Year	10 Year	Since Inception May 27 1935
Fund at NAV	Feb 28 2023	-9.73%	11.64%	10.57%	12.69%	11.58%
Benchmark	Feb 28 2023	-7.69%	12.15%	9.82%	12.25%	11.02%

as of Dec 31 2022

	As Of	1 Year	3 Year	5 Year	10 Year	Since Inception May 27 1935
Fund at NAV	Dec 31 2022	-19.87%	7.59%	10.28%	12.94%	11.50%
Benchmark	Dec 31 2022	-18.11%	7.66%	9.43%	12.56%	11.00%

as of Feb 28 2023

	2017	2018	2019	2020	2021	2022
Fund at NAV	25.61%	-3.39%	35.57%	25.07%	24.28%	-19.87%
Benchmark	21.83%	-4.38%	31.49%	18.40%	28.71%	-18.11%

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 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: 0.18%

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	-0.39%	0.72%
Beta	0.99	1.00
Std Deviation	20.69%	18.76%
Information Ratio	-0.17	0.25
R-squared	97.86%	97.42%
Sharpe Ratio	0.52	0.49
Tracking Error	3.03%	3.01%

Quarter End as of Dec 31 2022

Risk Factor	3 Years	5 Years
Alpha	0.10%	0.85%
Beta	0.98	0.99
Std Deviation	20.67%	18.68%
Information Ratio	-0.02	0.29
R-squared	97.92%	97.50%
Sharpe Ratio	0.34	0.49
Tracking Error	3.01%	2.96%

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.

Top Holdings

Fund Top Holdings as of Feb 28 2023

Name	Weight
MICROSOFT CORPORATION	7.12%
APPLE INC	5.77%
ALPHABET INC	5.18%
AMAZON.COM INC	4.28%
CONOCOPHILLIPS	3.35%
UNITEDHEALTH GROUP INC	3.33%
NVIDIA CORPORATION	3.26%
JOHNSON & JOHNSON	3.10%
VISA INC	2.94%
MERCK & CO INC	2.90%

Sector Allocation

as of Feb 28 2023

Fund Sector Allocation as of Feb 28 2023

Sector	Weight
Information Technology	30.31%
Health Care	16.29%
Financials	10.99%
Communication Services	9.15%
Industrials	8.55%
Consumer Discretionary	7.57%
Energy	4.78%
Consumer Staples	4.22%
Materials	2.20%
Real Estate	1.98%
Cash Equivalents & Other	1.97%
Utilities	1.87%
Accrued Income	0.12%

Index Sector Allocation as of Feb 28 2023

Sector	Weight
Information Technology	27.28%
Health Care	14.26%
Financials	11.74%
Communication Services	7.67%
Industrials	8.59%
Consumer Discretionary	10.65%
Energy	4.80%
Consumer Staples	6.72%
Materials	2.78%
Real Estate	2.69%
Cash Equivalents & Other	0.00%
Utilities	2.82%
Accrued Income	0.00%

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

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").