Item 1.     Shareholder Report.

(a) The Report to Shareholders is attached herewith.

(b) Not applicable.

Table of Contents

Annual Report

December 31, 2020

Elfun Funds

Elfun International Equity Fund

Elfun Trusts

Elfun Diversified Fund

Elfun Tax-Exempt Income Fund

Elfun Income Fund

Elfun Government Money Market Fund

Table of Contents

Elfun Funds

Annual Report

December 31, 2020

Table of Contents

This report has been prepared for shareholders and may be distributed to others only if accompanied with a current prospectus and/or summary prospectus.

Table of Contents

Elfun Funds

Notes to Performance — December 31, 2020 (Unaudited)

Information on the following performance pages relates to the Elfun Funds.

Total returns take into account changes in share price and assume reinvestment of all dividends and capital gains distributions, if any. Total returns shown are net of Fund expenses.

The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call toll-free (800) 242-0134 or visit the Funds’ website at http://www.ssga.com/geam for the most recent month-end performance data.

A portion of the Elfun Tax-Exempt Income Fund’s income may be subject to state, federal and/or alternative minimum tax. Capital gains, if any, are subject to capital gains tax.

An investment in a Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in a Fund is subject to risk, including possible loss of principal invested.

The S&P 500^® Index, MSCI^® Europe, Australasia, Far East Index (“MSCI^® EAFE^® Index”), MSCI^® All-Country World ex USA Investable Market Index (“MSCI^® ACWI ex USA Investable Market Index”), Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. Municipal Bond Index and 90 Day U.S. T-Bill are unmanaged indices and do not reflect the actual cost of investing in the instruments that comprise each index. The results shown for the foregoing indices assume the reinvestment of net dividends or interest and do not reflect the fees, expenses or taxes.

The S&P 500^® Index is an unmanaged, market capitalization-weighted index of stocks of 500 large U.S. companies, which is widely used as a measure of large-cap U.S. stock market performance.

The MSCI^® EAFE^® Index is a market capitalization-weighted index of equity securities of companies domiciled in various countries. The index is designed to represent the performance of developed stock markets outside the U.S. and Canada and excludes certain market segments unavailable to U.S. based investors.

The MSCI ACWI ex USA Investable Market Index captures large, mid and small cap representation across 22 of 23 Developed Markets countries (excluding the United States) and 27 Emerging Markets countries.

The Bloomberg Barclays U.S. Aggregate Bond Index is a market value-weighted index of taxable investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of one year or more. This index is designed to represent the performance of the U.S. investment-grade first-rate bond market.

The Bloomberg Barclays U.S. Municipal Bond Index is an unmanaged index comprised of investment-grade, fixed rate securities with maturities of at least eight years and less than twelve years.

The 90 Day U.S. T-Bill is an unmanaged measure/index of the performance of the most recently auctioned 90 Day U.S. Treasury bills (i.e. having a total maturity of 90 days) currently available in the marketplace.

The views, expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the Elfun Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. for investment advisory and administrative services.

Table of Contents

Elfun International Equity Fund

Management’s Discussion of Fund Performance — December 31, 2020 (Unaudited)

The Elfun International Equity Fund (the “Fund”) seeks to provide long-term growth of capital and future income by investing principally in foreign securities consistent with prudent investment management and the preservation of capital. The Fund’s benchmark is the MSCI EAFE Index (the “Index”).

For the 12-month period ended December 31, 2020 (the “Reporting Period”), the total return for the Fund was 13.31%, and the Index was 7.82%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

After the COVID-19-driven market plunge early in 2020, the market recovered strongly finishing the year up significantly for the full year. The Fund outperformed the Index during the Reporting Period. In a volatile year, the Fund had eight different industries represented in the top ten stock contributors, a testament to strong stock selection across the research and portfolio management team. Primary drivers of Fund performance relative to the Index during the Reporting Period included the positive impact of technology sector selection and allocation, and outperformance in industrials outside of aerospace; while the Fund’s exposure to aerospace detracted. In technology, the Fund benefitted both from a substantial overweight position as investment technology was the top performing sector in the Index and experienced outperformance within the sector. The Fund had a diverse range of outperforming positions in the sector including semiconductor companies like ASML (Netherlands), TSMC (Taiwan), and Disco (Japan); and electronic equipment producers like Murata (Japan), Keyence (Japan), and Hexagon (Sweden). In industrials, Schneider Electric (France) and Daikin Industries (Japan) were among the leading contributors to relative return during the Reporting Period. Both companies have benefitted from optimism on a recovery from the COVID-19 recession, most notably in China. However, the aerospace segment of industrials detracted as the Fund’s holdings in Safran (France) and Airbus (France) lagged. Both companies have been impacted by the COVID-19 related slowdown in air travel. The Fund has reduced its exposure to the industry by exiting Airbus.

The Fund used futures in order to efficiently manage cash flows due to subscriptions and redemptions during the Reporting Period. The Fund’s use of futures had a negligible impact on Fund performance.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were ASML, LVMH, and Daikin Industries. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Airbus, Suzuki Motors, and ING.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

Table of Contents

Elfun International Equity Fund

Understanding Your Fund’s Expenses (Unaudited)

Table of Contents

Elfun International Equity Fund

Performance Summary — December 31, 2020 (Unaudited)

Table of Contents

Elfun International Equity Fund

Performance Summary, continued — December 31, 2020 (Unaudited)

Table of Contents

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

Table of Contents

During the period ended December 31, 2020, average notional values related to long and short futures contracts were $1,466,890 and $512,449, respectively.

Notes to Schedule of Investments — December 31, 2020

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

Table of Contents

Elfun International Equity Fund

Schedule of Investments, continued — December 31, 2020

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:

The Fund was invested in the following sectors at December 31, 2020 (unaudited):

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

Table of Contents

Elfun Trusts

Management’s Discussion of Fund Performance — December 31, 2020 (Unaudited)

The Elfun Trusts (the “Fund”) seeks to provide long-term growth of capital and future income rather than current income. The Fund’s benchmark is the S&P 500 Index (the “Index”).

For the 12-month period ended December 31, 2020 (the “Reporting Period”), the total return for the Fund was 25.07%, and the Index was 18.40%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

After the COVID-19-driven market plunge early in 2020, the market recovered strongly finishing the year up significantly for the full year. The Fund outperformed the Index during the Reporting Period. In a volatile year, the Fund added value in nine of eleven sectors and had eight different industries represented in the top ten stock contributors, a testament to strong stock-picks across the research and portfolio management team. The primary drivers of the outperformance came from stock selection in the consumer discretionary, industrials and financials sectors, while healthcare stock selection detracted from performance. In consumer discretionary, long-time Fund holding Amazon.com was a key beneficiary of pandemic driven lockdowns, which drove an increase in online spending. In addition, the Fund’s holdings in higher quality retailers like Lowes and Ross Stores did well in the market recovery. The Fund also largely avoided the worst-hit consumer segments such as cruise lines. In industrials, the Fund benefitted from positions in quality cyclical names such as United Rentals, Trane Technologies, and Honeywell, while avoiding the hard-hit aerospace segment. Bank stocks were particularly weak during the Reporting Period as they were impacted by falling rates and economic headwinds. The Fund is overweight banks but has exposure to the specialty regional bank First Republic Bank, which significantly outperformed the weak performing major banks. The positive financials attribution was also helped by significant outperformance of holdings in S&P Global and Chubb. In healthcare, Merck and Boston Scientific dragged on performance. Both companies were negatively impacted by COVID-19 as they experienced pandemic related declines across drugs and medical device sales that we would expect to recover as pent-up demand for these products return. Within healthcare, these negatives were offset by a positive contribution from Gilead, which benefited from the COVID-19 treatment Remdesivir.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Amazon.com, Apple, and Microsoft. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Schlumberger, Chevron, and JPMorgan Chase.

The Fund did not invest in derivatives during the Reporting Period.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

Table of Contents

Elfun Trusts

Understanding Your Fund’s Expenses (Unaudited)

Table of Contents

Elfun Trusts

Performance Summary — December 31, 2020 (Unaudited)

Table of Contents

Elfun Trusts

Performance Summary, continued — December 31, 2020 (Unaudited)

See Notes to Performance beginning on page 1 for further information.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Table of Contents

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

Table of Contents

Notes to Schedule of Investments — December 31, 2020

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

Table of Contents

Elfun Trusts

Schedule of Investments, continued — December 31, 2020

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:

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

Table of Contents

Elfun Diversified Fund

Management’s Discussion of Fund Performance — December 31, 2020 (Unaudited)

The Elfun Diversified Fund (the “Fund”) seeks the highest total return consistent with prudent investment management and the preservation of capital (total return includes both income and capital appreciation). The Fund’s benchmarks are the S&P 500 Index, MSCI ACWI ex USA Investable Market Index and the Bloomberg Barclays U.S. Aggregate Bond Index (the “Indices”).

For the 12-month period ended December 31, 2020 (the “Reporting Period”), the total return for the Fund was 12.23%, and the returns for the S&P 500 Index, the MSCI ACWI ex USA Investable Market Index and the Bloomberg Barclays U.S. Aggregate Bond Index were 18.40%, 11.12% and 7.51%, respectively. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Indices are unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The biggest drivers of the Fund’s performance were its positions in the S&P 500^® Index and the MSCI ACWI ex USA Investable Market Index both of which posted strong positive returns for the year. Additionally, investments in fixed income securities also produced positive absolute returns.

The Fund began the year with an overweight to cash and U.S. and international equities offset with an underweight to fixed income. The pandemic induced equity selloff in the latter half of the first quarter resulted in an underweight in the portfolio to both U.S. and International equities and an overweight to fixed income. In March, amid the equity drawdown, the Fund reduced its overweight to cash to increase equity exposure while keeping the underweight to fixed income. The strong rebound in the second quarter resulted in the equity overweight increasing further. A tactical reduction in equity was implemented in May to position the portfolio in line with benchmark weights. Toward the end of the third quarter the reduced the fixed income exposure, opening a modest underweight, while using the proceeds to increase the equity allocation. In November, as the fourth quarter rally gained steam, the Fund further reduced the fixed income exposure increasing the underweight to the asset class while opening an overweight to U.S. equities. The equity markets posted strong returns to close the year, and the Fund finished the year with an overweight to International and U.S. equity, and an underweight to fixed income.

2020 was an unprecedented year for global markets. Little in the way of diagnostics are needed to ascertain the source of the havoc that was wreaked upon capital markets during the first quarter of 2020. The spread of COVID-19 served as the proximate source, but it was the treatment in the form of social distancing, temporary lock-downs and quarantines and other mobility restrictions that inflicted significant harm to the global economy and financial markets. Amid the shock to markets and economies in March, policy makers globally responded with unprecedented monetary and fiscal stimulus, which helped stem the fallout and led to a recovery over the final nine months. Despite a tumultuous ride which included the shortest bear market in history, 2020 delivered positive returns for every asset class in the Fund.

In the U.S., equity markets built upon their late 2019 momentum through the first half of January. Relatively upbeat fourth quarter earnings alongside rebounding December retails sales and a big positive surprise from the Philly Fed Business Outlook Survey helped lift US large cap equities to new highs in the middle of the month. However, the optimism was derailed amidst increased risk-aversion over concerns surrounding the spreading coronavirus. By March 11^th, the WHO declared the coronavirus outbreak a global pandemic and the Dow Jones Industrial Index had fallen by 20%, technically entering a bear market. Significant monetary and fiscal policies would be announced boosting sentiment, but it would not be enough to prevent equities from posting some of the worst quarterly returns in recent memory. For the first quarter the S&P 500 was down 19.69%, and small cap stocks as represented by the Russell 2000 were down 30.61%.

Equity markets would rebound strongly in the second and third quarters bolstered by the unprecedented action of Congress and the Federal Reserve (the “Fed”), which injected trillions of dollars into the economy to provide emergency income for unemployed workers and to help keep businesses afloat. Encouraging economic data also contributed to the strong equity performance as U.S. labor market, retail sales and manufacturing data rebounded strongly in May. Markets showed no signs of slowing through most of the summer. In August, at the annual conference in Jackson Hole, the Fed introduced flexible average inflation targeting — allowing for higher inflation than traditionally targeted in order to drive a stronger labor market. Trading in equities got choppier into fall as fiscal support waned and services growth remained restricted given persistent and rising coronavirus cases.

Table of Contents

Elfun Diversified Fund

Management’s Discussion of Fund Performance, continued — December 31, 2020 (Unaudited)

The final quarter of the year saw housing and personal spending register robust gains. Risk assets rallied to close the year on positive news flow on vaccines and U.S. election results. Cyclical sectors registered strong gains with defensive sectors posting modest growth and small cap equities performed spectacularly erasing their underperformance versus large caps for the year. The S&P 500 Index gained 12.15% during the 4th quarter and gained 18.4% for the Reporting Period. The Russell 2000 Index returned an eye popping 31.37% during the fourth quarter and returned 19.96% for the Reporting Period.

Outside of the U.S., international equity markets posted positive annual performance boosted by a 4th quarter which yielded encouraging vaccine data, and U.S. dollar depreciation. European equity performance was negative through the first three quarters of 2020 but rallied in the final quarter on the back of positive vaccine news. The MSCI Europe Index posted a gain of 15.66% for the fourth quarter and returned 5.93% for the entirety of the Reporting Period. Emerging market equities had a particularly strong fourth quarter benefiting from a falling U.S. dollar and increasing global trade activity. The U.S. dollar declined by nearly 4% in the quarter, its weakest fourth quarter performance since 2003, amid increased risk appetite and continued monetary support. Meanwhile China continued its sustained economic recovery, led by growth in exports and manufacturing. The MSCI Emerging Markets Index, was up 19.77% for the quarter and returned 18.69% for the Reporting Period. Overall, international equity markets as measured by the MSCI ACWI ex USA Investable Market Index posted a gain of 17.22% for the final quarter and was up 11.12% for the Reporting Period.

Within fixed income, momentum from the coronavirus outbreak and sudden oil price war between Saudi Arabia and Russia pressured U.S. rates in March, with the yield on the 10-Year U.S. Treasury note sliding below 1% for the first time ever (as would the yield on the 30-Year U.S. Treasury bond for a brief period). Bond yields remained low through the second quarter as central banks introduced massive stimulus measures and cut policy rates. Against the backdrop of a risk-on sentiment, lower equity volatility and loosening financial conditions, spread products broadly outperformed government bonds during the second quarter. The U.S. Treasury curve initially flattened in the third quarter, but as the Average Inflation Targeting framework was announced by the Fed, it steepened again, ending the quarter roughly where it started. Spreads in credit saw modest tightening overall in the third quarter, albeit with bouts of volatility, in particular with a risk-off wave seen over the last few weeks of September.

The final quarter of the year saw the short end of the U.S. Treasury curve remain unchanged but yields on longer maturities drift higher. U.S. 10-year Treasury yields moved up by 24 bp to end at 0.93% for the year. On the year, the Bloomberg Barclays U.S. Aggregate Bond Index returned 7.51%.

The Fund used equity and treasury futures, interest rate swaps and other derivatives in order to actively manage equity exposure and duration during the Reporting Period. The Fund’s use of these derivatives contributed to Fund liquidity and exposure management versus utilizing cash instruments only.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

Table of Contents

Elfun Diversified Fund

Understanding Your Fund’s Expenses (Unaudited)

Table of Contents

Elfun Diversified Fund

Performance Summary — December 31, 2020 (Unaudited)

Table of Contents

Elfun Diversified Fund

Performance Summary, continued — December 31, 2020 (Unaudited)

See Notes to Performance beginning on page 1 for further information.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Table of Contents

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

Table of Contents