UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
811-02735
ELFUN TAX
EXEMPT INCOME FUND
(Exact name of registrant as specified in charter)
1600 SUMMER STREET, STAMFORD, CONNECTICUT 06905
(Address of principal executive offices) (Zip code)
GE ASSET
MANAGEMENT, INC.
1600 SUMMER STREET, STAMFORD, CONNECTICUT 06905
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-242-0134
Date of fiscal
year end: 12/31
Date of reporting period: 03/31/13
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Item 1.
|
Schedule of Investments
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Elfun Tax-Exempt Income Fund
Schedule of Investments (dollars in thousands)—March 31, 2013 (Unaudited)
|
|
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Municipal Bonds and Notes—99.1% †
|
|
|
|
Principal
Amount
|
|
|
Fair
Value
|
|
|
Alabama—0.8%
|
|
|
|
|
|
|
|
|
|
|
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East Alabama Healthcare Authority
|
|
|
|
|
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5.00%
|
|
09/01/33
|
|
$
|
5,500
|
|
|
$
|
5,610
|
(d)
|
|
Montgomery BMC Special Care Facilities Financing Authority (MBIA Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
11/15/20
|
|
|
8,375
|
|
|
|
8,998
|
(d,e)
|
|
|
|
|
|
|
|
|
|
|
14,608
|
|
|
|
|
|
|
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Alaska—0.2%
|
|
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|
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|
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Alaska Housing Finance Corp.
|
|
|
|
|
|
|
|
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|
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|
5.00%
|
|
12/01/27
|
|
|
2,500
|
|
|
|
2,900
|
|
|
|
|
|
|
|
Arizona—3.6%
|
|
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|
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|
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|
|
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Apache County Industrial Development Authority
|
|
|
|
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|
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4.50%
|
|
03/01/30
|
|
|
4,000
|
|
|
|
4,130
|
|
|
Arizona Department of Transportation State Highway Fund Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/23
|
|
|
5,405
|
|
|
|
6,659
|
|
|
Arizona Health Facilities Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
02/01/42
|
|
|
2,000
|
|
|
|
2,135
|
|
|
City of Phoenix AZ
|
|
|
|
|
|
|
|
|
|
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5.00%
|
|
07/01/19
|
|
|
5,000
|
|
|
|
5,813
|
|
|
Glendale Western Loop 101 Public Facilities Corp.
|
|
|
|
|
|
|
|
|
|
|
|
6.25%
|
|
07/01/38
|
|
|
10,000
|
|
|
|
10,447
|
|
|
Maricopa County Industrial Development Authority
|
|
|
|
|
|
|
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|
|
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|
5.50%
|
|
07/01/26
|
|
|
5,000
|
|
|
|
5,261
|
|
|
Phoenix Civic Improvement Corp.
|
|
|
|
|
|
|
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5.00%
|
|
07/01/40
|
|
|
4,750
|
|
|
|
5,244
|
|
|
Phoenix Civic Improvement Corp. (FGIC Insured)
|
|
|
|
|
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|
|
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5.50%
|
|
07/01/23 - 07/01/24
|
|
|
7,260
|
|
|
|
9,479
|
(e)
|
|
Pima County Industrial Development Authority
|
|
|
|
|
|
|
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|
4.00%
|
|
09/01/29
|
|
|
1,500
|
|
|
|
1,491
|
|
|
Salt River Project Agricultural Improvement & Power District
|
|
|
|
|
|
|
|
|
|
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5.00%
|
|
12/01/21
|
|
|
10,000
|
|
|
|
12,264
|
|
|
University Medical Center Corp.
|
|
|
|
|
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|
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6.50%
|
|
07/01/39
|
|
|
1,000
|
|
|
|
1,158
|
|
|
|
|
|
|
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|
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64,081
|
|
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|
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California—9.8%
|
|
|
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Bay Area Toll Authority
|
|
|
|
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|
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4.00%
|
|
04/01/31
|
|
|
4,000
|
|
|
|
4,255
|
|
|
5.00%
|
|
04/01/31
|
|
|
10,000
|
|
|
|
11,342
|
(d)
|
|
California Educational Facilities Authority
|
|
|
|
|
|
|
|
|
|
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5.00%
|
|
10/01/32
|
|
|
5,255
|
|
|
|
6,983
|
|
|
5.25%
|
|
10/01/39
|
|
|
6,000
|
|
|
|
6,929
|
|
|
6.13%
|
|
10/01/36
|
|
|
1,500
|
|
|
|
1,774
|
|
|
California Health Facilities Financing Authority
|
|
|
|
|
|
|
|
|
|
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|
5.50%
|
|
08/15/26
|
|
|
5,000
|
|
|
|
5,959
|
|
|
6.00%
|
|
07/01/39
|
|
|
5,000
|
|
|
|
5,917
|
|
|
6.50%
|
|
10/01/33
|
|
|
3,500
|
|
|
|
4,183
|
|
|
California State Department of Water Resources
|
|
|
|
|
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|
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|
5.00%
|
|
05/01/21 - 12/01/21
|
|
|
6,585
|
|
|
|
8,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California State Public Works Board
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
10/01/28
|
|
|
1,500
|
|
|
|
1,668
|
|
|
5.13%
|
|
10/01/31
|
|
|
2,000
|
|
|
|
2,256
|
|
|
6.00%
|
|
04/01/26
|
|
|
8,475
|
|
|
|
10,349
|
|
|
Coast Community College District (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
4.06%
|
|
08/01/33
|
|
|
8,750
|
|
|
|
8,995
|
(d,e)
|
|
Foothill-De Anza Community College District (AMBAC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
4.50%
|
|
08/01/31
|
|
|
2,600
|
|
|
|
2,799
|
(e)
|
|
Los Angeles Department of Water & Power
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/43
|
|
|
10,000
|
|
|
|
11,226
|
|
|
Los Angeles Harbor Department
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
08/01/26
|
|
|
8,000
|
|
|
|
9,404
|
|
|
Marin Water District Financing Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/44
|
|
|
6,000
|
|
|
|
6,720
|
|
|
Metropolitan Water District of Southern California
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/35
|
|
|
5,000
|
|
|
|
5,428
|
|
|
Newport Mesa Unified School District
|
|
|
|
|
|
|
|
|
|
|
|
3.41%
|
|
08/01/41
|
|
|
5,000
|
|
|
|
923
|
(a)
|
|
Sacramento Municipal Utility District
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
08/15/28
|
|
|
2,500
|
|
|
|
2,877
|
|
|
San Diego Community College District
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
08/01/41
|
|
|
10,000
|
|
|
|
11,244
|
|
|
San Diego County Regional Airport Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/43
|
|
|
5,450
|
|
|
|
6,020
|
|
|
San Diego County Regional Transportation Commission
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
04/01/42
|
|
|
2,500
|
|
|
|
2,802
|
|
|
San Diego Unified School District (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
07/01/17 - 07/01/19
|
|
|
8,795
|
|
|
|
8,988
|
(d,e)
|
|
State of California
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
02/01/38 - 09/01/41
|
|
|
12,500
|
|
|
|
13,729
|
|
|
5.25%
|
|
04/01/35
|
|
|
4,500
|
|
|
|
5,129
|
|
|
University of California (AMBAC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
05/15/34
|
|
|
2,225
|
|
|
|
2,228
|
(e)
|
|
Ventura County Public Financing Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
11/01/43
|
|
|
5,000
|
|
|
|
5,457
|
|
|
|
|
|
|
|
|
|
|
|
173,810
|
|
|
|
|
|
|
|
Colorado—0.7%
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
02/01/41
|
|
|
5,000
|
|
|
|
5,445
|
|
|
Metro Wastewater Reclamation District
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
04/01/27
|
|
|
4,000
|
|
|
|
4,787
|
|
|
Regional Transportation District
|
|
|
|
|
|
|
|
|
|
|
|
5.38%
|
|
06/01/31
|
|
|
2,500
|
|
|
|
2,811
|
|
|
|
|
|
|
|
|
|
|
|
13,043
|
|
|
|
|
|
|
|
Connecticut—2.7%
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut State Health & Educational Facility Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/40
|
|
|
5,500
|
|
|
|
5,889
|
|
|
South Central Connecticut Regional Water Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
08/01/27 - 08/01/41
|
|
|
14,900
|
|
|
|
16,710
|
|
|
State of Connecticut
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
01/01/22 - 01/01/24
|
|
|
9,705
|
|
|
|
11,824
|
|
|
State of Connecticut Special Tax Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
11/01/26
|
|
|
10,000
|
|
|
|
11,439
|
|
|
Town of Fairfield CT
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
08/01/21
|
|
|
1,000
|
|
|
|
1,257
|
|
|
|
|
|
|
|
|
|
|
|
47,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware—1.7%
|
|
|
|
|
|
|
|
|
|
|
|
City of Wilmington DE
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
10/01/25
|
|
|
5,000
|
|
|
|
6,158
|
|
|
County of New Castle DE
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/15/33 - 07/15/39
|
|
|
10,000
|
|
|
|
11,297
|
|
|
Delaware State Health Facilities Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
10/01/40
|
|
|
7,800
|
|
|
|
8,576
|
|
|
State of Delaware
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/28
|
|
|
3,000
|
|
|
|
3,579
|
|
|
|
|
|
|
|
|
|
|
|
29,610
|
|
|
|
|
|
|
|
District of Columbia—1.7%
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
04/01/30 -10/01/30
|
|
|
7,215
|
|
|
|
8,152
|
|
|
5.50%
|
|
04/01/36
|
|
|
15,000
|
|
|
|
16,567
|
|
|
District of Columbia Water & Sewer Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
10/01/29
|
|
|
5,000
|
|
|
|
5,827
|
|
|
|
|
|
|
|
|
|
|
|
30,546
|
|
|
|
|
|
|
|
Florida—1.8%
|
|
|
|
|
|
|
|
|
|
|
|
Brevard County Health Facilities Authority
|
|
|
|
|
|
|
|
|
|
|
|
7.00%
|
|
04/01/39
|
|
|
1,000
|
|
|
|
1,228
|
|
|
City of Tampa FL
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
10/01/27
|
|
|
8,560
|
|
|
|
10,117
|
|
|
County of Miami-Dade FL Transit System Sales Surtax Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/42
|
|
|
5,000
|
|
|
|
5,496
|
|
|
Hillsborough County Industrial Development Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
10/01/18
|
|
|
5,000
|
|
|
|
5,102
|
|
|
5.25%
|
|
10/01/15 -10/01/24
|
|
|
9,590
|
|
|
|
9,786
|
|
|
|
|
|
|
|
|
|
|
|
31,729
|
|
|
|
|
|
|
|
Georgia—6.1%
|
|
|
|
|
|
|
|
|
|
|
|
Athens-Clarke County GA Unified Government Water & Sewerage Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.50%
|
|
01/01/38
|
|
|
7,000
|
|
|
|
8,076
|
|
|
Athens-Clarke County Unified Government Development Authority
|
|
|
|
|
|
|
|
|
|
|
|
3.76%
|
|
06/15/31
|
|
|
6,050
|
|
|
|
6,338
|
(a)
|
|
Augusta GA Water & Sewerage Revenue (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
10/01/34
|
|
|
5,400
|
|
|
|
5,746
|
(e)
|
|
City of Atlanta GA Department of Aviation
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
01/01/25
|
|
|
10,000
|
|
|
|
11,635
|
|
|
City of Atlanta GA Department of Aviation (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
01/01/33
|
|
|
4,000
|
|
|
|
4,179
|
(e)
|
|
City of Atlanta GA Water & Wastewater Revenue
|
|
|
|
|
|
|
|
|
|
|
|
6.25%
|
|
11/01/39
|
|
|
10,000
|
|
|
|
12,200
|
|
|
City of Atlanta GA Water & Wastewater Revenue (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.75%
|
|
11/01/27 - 11/01/30
|
|
|
9,500
|
|
|
|
12,891
|
(e)
|
|
County of Fulton GA Water & Sewerage Revenue
|
|
|
|
|
|
|
|
|
|
|
|
4.00%
|
|
01/01/35
|
|
|
3,000
|
|
|
|
3,148
|
|
|
County of Fulton GA Water & Sewerage Revenue (FGIC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
01/01/30
|
|
|
5,000
|
|
|
|
5,177
|
(e)
|
|
DeKalb Newton & Gwinnett Counties Joint Development Authority
|
|
|
|
|
|
|
|
|
|
|
|
6.00%
|
|
07/01/34
|
|
|
8,500
|
|
|
|
9,806
|
|
|
Fayette County School District (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
4.80%
|
|
03/01/22
|
|
|
2,520
|
|
|
|
2,765
|
(e)
|
|
4.85%
|
|
03/01/23
|
|
|
2,290
|
|
|
|
2,515
|
(e)
|
|
Henry County Hospital Authority (MBIA Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/24
|
|
|
1,865
|
|
|
|
1,949
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Electric Authority of Georgia
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
01/01/19
|
|
|
2,490
|
|
|
|
3,008
|
|
|
Private Colleges & Universities Authority (MBIA Insured)
|
|
|
|
|
|
|
|
|
|
|
|
6.50%
|
|
11/01/15
|
|
|
3,100
|
|
|
|
3,371
|
(c,e)
|
|
State of Georgia
|
|
|
|
|
|
|
|
|
|
|
|
4.50%
|
|
01/01/29
|
|
|
3,000
|
|
|
|
3,403
|
|
|
5.00%
|
|
08/01/22
|
|
|
4,460
|
|
|
|
5,291
|
(d)
|
|
5.00%
|
|
08/01/22 - 01/01/26
|
|
|
4,790
|
|
|
|
5,583
|
|
|
|
|
|
|
|
|
|
|
|
107,081
|
|
|
|
|
|
|
|
Hawaii—2.1%
|
|
|
|
|
|
|
|
|
|
|
|
City & County of Honolulu HI
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
04/01/33
|
|
|
10,000
|
|
|
|
11,241
|
|
|
State of Hawaii Airports System Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
07/01/24
|
|
|
15,800
|
|
|
|
18,882
|
|
|
State of Hawaii (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.75%
|
|
02/01/14
|
|
|
6,500
|
|
|
|
6,794
|
(e)
|
|
|
|
|
|
|
|
|
|
|
36,917
|
|
|
|
|
|
|
|
Idaho—1.4%
|
|
|
|
|
|
|
|
|
|
|
|
Idaho Health Facilities Authority
|
|
|
|
|
|
|
|
|
|
|
|
6.75%
|
|
11/01/37
|
|
|
4,000
|
|
|
|
4,669
|
|
|
Idaho Housing & Finance Assoc. (MBIA Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/15/22 - 07/15/24
|
|
|
17,625
|
|
|
|
19,686
|
(e)
|
|
|
|
|
|
|
|
|
|
|
24,355
|
|
|
|
|
|
|
|
Illinois—2.2%
|
|
|
|
|
|
|
|
|
|
|
|
City of Chicago IL O’Hare International Airport Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.63%
|
|
01/01/35
|
|
|
5,000
|
|
|
|
5,774
|
|
|
5.75%
|
|
01/01/39
|
|
|
11,500
|
|
|
|
13,241
|
|
|
Illinois Finance Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
08/15/43
|
|
|
1,000
|
|
|
|
1,107
|
|
|
5.50%
|
|
08/15/43
|
|
|
5,000
|
|
|
|
5,356
|
(d)
|
|
Metropolitan Pier & Exposition Authority (MBIA Insured)
|
|
|
|
|
|
|
|
|
|
|
|
3.47%
|
|
06/15/22
|
|
|
4,305
|
|
|
|
4,096
|
(d,e)
|
|
5.40%
|
|
06/15/19
|
|
|
4,000
|
|
|
|
4,598
|
(e)
|
|
Southwestern Illinois Development Authority (MBIA Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
10/01/21
|
|
|
4,000
|
|
|
|
4,881
|
(e)
|
|
|
|
|
|
|
|
|
|
|
39,053
|
|
|
|
|
|
|
|
Indiana—1.0%
|
|
|
|
|
|
|
|
|
|
|
|
Indiana Municipal Power Agency
|
|
|
|
|
|
|
|
|
|
|
|
5.50%
|
|
01/01/27
|
|
|
2,500
|
|
|
|
2,927
|
|
|
5.75%
|
|
01/01/34
|
|
|
2,000
|
|
|
|
2,065
|
|
|
Indianapolis Local Public Improvement Bond Bank
|
|
|
|
|
|
|
|
|
|
|
|
5.75%
|
|
01/01/38
|
|
|
7,000
|
|
|
|
7,848
|
|
|
Merrillville Multi School Building Corp.
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
07/15/28
|
|
|
5,000
|
|
|
|
5,444
|
|
|
|
|
|
|
|
|
|
|
|
18,284
|
|
|
|
|
|
|
|
Kentucky—1.4%
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority
|
|
|
|
|
|
|
|
|
|
|
|
6.38%
|
|
06/01/40
|
|
|
3,500
|
|
|
|
4,149
|
|
|
Kentucky State Property & Building Commission (AGC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
02/01/27
|
|
|
10,665
|
|
|
|
12,116
|
(e)
|
|
Louisville & Jefferson County Metropolitan Sewer District
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
05/15/30
|
|
|
8,040
|
|
|
|
9,266
|
|
|
|
|
|
|
|
|
|
|
|
25,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana—1.4%
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana Public Facilities Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/42
|
|
|
3,500
|
|
|
|
3,791
|
|
|
Louisiana Public Facilities Authority (MBIA Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.38%
|
|
05/15/16
|
|
|
7,870
|
|
|
|
7,918
|
(d,e)
|
|
State of Louisiana
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
09/01/19
|
|
|
10,050
|
|
|
|
12,309
|
|
|
|
|
|
|
|
|
|
|
|
24,018
|
|
|
|
|
|
|
|
Maine—0.3%
|
|
|
|
|
|
|
|
|
|
|
|
Maine Health & Higher Educational Facilities Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
07/01/21
|
|
|
1,790
|
|
|
|
2,101
|
|
|
Maine Turnpike Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/42
|
|
|
1,000
|
|
|
|
1,118
|
|
|
6.00%
|
|
07/01/34
|
|
|
1,250
|
|
|
|
1,482
|
|
|
|
|
|
|
|
|
|
|
|
4,701
|
|
|
|
|
|
|
|
Maryland—4.4%
|
|
|
|
|
|
|
|
|
|
|
|
County of Baltimore MD
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
02/01/23
|
|
|
7,525
|
|
|
|
9,385
|
|
|
County of Montgomery MD
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/21
|
|
|
10,905
|
|
|
|
13,787
|
|
|
County of Prince George’s MD
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
10/01/22
|
|
|
6,820
|
|
|
|
6,983
|
(d)
|
|
5.00%
|
|
09/15/24 - 09/15/25
|
|
|
15,080
|
|
|
|
18,438
|
|
|
Maryland Economic Development Corp.
|
|
|
|
|
|
|
|
|
|
|
|
5.75%
|
|
06/01/35
|
|
|
3,000
|
|
|
|
3,394
|
|
|
Maryland Health & Higher Educational Facilities Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/32 - 08/15/41
|
|
|
4,300
|
|
|
|
4,767
|
|
|
5.13%
|
|
11/15/34
|
|
|
7,200
|
|
|
|
7,416
|
(d)
|
|
State of Maryland
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
11/01/18
|
|
|
4,000
|
|
|
|
4,873
|
|
|
Washington Suburban Sanitary Commission
|
|
|
|
|
|
|
|
|
|
|
|
4.50%
|
|
06/01/26
|
|
|
8,470
|
|
|
|
9,592
|
|
|
|
|
|
|
|
|
|
|
|
78,635
|
|
|
|
|
|
|
|
Massachusetts—3.6%
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts Department of Transportation
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
01/01/37
|
|
|
5,000
|
|
|
|
5,456
|
|
|
Massachusetts Development Finance Agency
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
01/01/40
|
|
|
3,000
|
|
|
|
3,199
|
|
|
Massachusetts Health & Educational Facilities Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/34 - 07/15/35
|
|
|
20,000
|
|
|
|
21,846
|
|
|
5.50%
|
|
11/15/36
|
|
|
4,000
|
|
|
|
4,773
|
|
|
5.75%
|
|
07/01/39
|
|
|
7,500
|
|
|
|
8,484
|
|
|
Massachusetts Water Resources Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
08/01/41
|
|
|
3,000
|
|
|
|
3,394
|
|
|
6.50%
|
|
07/15/19
|
|
|
14,125
|
|
|
|
16,566
|
(c)
|
|
|
|
|
|
|
|
|
|
|
63,718
|
|
|
|
|
|
|
|
Michigan—1.0%
|
|
|
|
|
|
|
|
|
|
|
|
Lansing Board of Water & Light
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/37
|
|
|
3,500
|
|
|
|
3,942
|
|
|
State of Michigan Trunk Line Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.50%
|
|
11/01/18
|
|
|
6,000
|
|
|
|
7,392
|
|
|
State of Michigan (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
09/15/27
|
|
|
5,000
|
|
|
|
5,767
|
(e)
|
|
|
|
|
|
|
|
|
|
|
17,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi—0.5%
|
|
|
|
|
|
|
|
|
|
|
|
State of Mississippi
|
|
|
|
|
|
|
|
|
|
|
|
5.50%
|
|
09/01/14
|
|
|
7,500
|
|
|
|
8,045
|
|
|
|
|
|
|
|
Missouri—1.4%
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan St Louis Sewer District
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
05/01/34 - 05/01/42
|
|
|
8,000
|
|
|
|
9,227
|
|
|
Missouri Highway & Transportation Commission
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
05/01/21
|
|
|
4,610
|
|
|
|
5,679
|
|
|
Missouri Joint Municipal Electric Utility Commission
|
|
|
|
|
|
|
|
|
|
|
|
5.75%
|
|
01/01/29
|
|
|
4,500
|
|
|
|
4,827
|
|
|
Missouri State Environmental Improvement & Energy Resources Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
01/01/24
|
|
|
4,475
|
|
|
|
4,740
|
(d)
|
|
5.00%
|
|
01/01/24
|
|
|
525
|
|
|
|
553
|
|
|
|
|
|
|
|
|
|
|
|
25,026
|
|
|
|
|
|
|
|
Nevada—0.1%
|
|
|
|
|
|
|
|
|
|
|
|
City of Las Vegas N.V. (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.55%
|
|
06/01/16
|
|
|
1,520
|
|
|
|
1,530
|
(e)
|
|
|
|
|
|
|
New Jersey—9.4%
|
|
|
|
|
|
|
|
|
|
|
|
Cape May County Municipal Utilities Authority (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.75%
|
|
01/01/15 - 01/01/16
|
|
|
8,500
|
|
|
|
9,436
|
(e)
|
|
Essex County Improvement Authority (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
12/15/17
|
|
|
9,765
|
|
|
|
10,071
|
(e)
|
|
5.25%
|
|
12/15/17
|
|
|
235
|
|
|
|
243
|
(d,e)
|
|
New Jersey Economic Development Authority
|
|
|
|
|
|
|
|
|
|
|
|
4.00%
|
|
03/01/29
|
|
|
14,750
|
|
|
|
15,375
|
|
|
5.00%
|
|
03/01/38
|
|
|
4,000
|
|
|
|
4,444
|
|
|
5.50%
|
|
12/15/29
|
|
|
5,000
|
|
|
|
5,791
|
|
|
New Jersey Educational Facilities Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
07/01/32
|
|
|
2,625
|
|
|
|
2,657
|
(d)
|
|
6.00%
|
|
12/01/17
|
|
|
10,000
|
|
|
|
11,781
|
|
|
New Jersey Healthcare Facilities Financing Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.63%
|
|
07/01/37
|
|
|
2,000
|
|
|
|
2,246
|
|
|
New Jersey Higher Education Student Assistance Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.63%
|
|
06/01/30
|
|
|
7,500
|
|
|
|
8,241
|
|
|
New Jersey Institute of Technology
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/42
|
|
|
2,000
|
|
|
|
2,245
|
|
|
New Jersey State Turnpike Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
01/01/38
|
|
|
10,000
|
|
|
|
11,051
|
|
|
5.25%
|
|
01/01/40
|
|
|
10,000
|
|
|
|
11,067
|
|
|
New Jersey State Turnpike Authority (AMBAC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
6.50%
|
|
01/01/16
|
|
|
20,040
|
|
|
|
22,194
|
(c,e)
|
|
6.50%
|
|
01/01/16
|
|
|
5,135
|
|
|
|
5,892
|
(e)
|
|
New Jersey Transportation Trust Fund Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
06/15/42
|
|
|
6,000
|
|
|
|
6,494
|
|
|
5.25%
|
|
06/15/36
|
|
|
6,100
|
|
|
|
6,962
|
|
|
5.50%
|
|
06/15/23 - 06/15/24
|
|
|
20,280
|
|
|
|
20,496
|
(d)
|
|
New Jersey Transportation Trust Fund Authority (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.75%
|
|
12/15/14
|
|
|
1,390
|
|
|
|
1,516
|
(e)
|
|
5.75%
|
|
12/15/14
|
|
|
4,610
|
|
|
|
5,038
|
(c,e)
|
|
North Hudson Sewerage Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
06/01/42
|
|
|
2,000
|
|
|
|
2,197
|
|
|
|
|
|
|
|
|
|
|
|
165,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico—1.4%
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico Finance Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
06/15/18 - 12/15/26
|
|
|
21,200
|
|
|
|
24,653
|
|
|
|
|
|
|
|
New York—6.6%
|
|
|
|
|
|
|
|
|
|
|
|
Brooklyn Arena Local Development Corp.
|
|
|
|
|
|
|
|
|
|
|
|
6.00%
|
|
07/15/30
|
|
|
4,500
|
|
|
|
5,375
|
|
|
City of New York NY
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
03/01/37
|
|
|
5,000
|
|
|
|
5,691
|
|
|
Long Island Power Authority
|
|
|
|
|
|
|
|
|
|
|
|
6.00%
|
|
05/01/33
|
|
|
7,500
|
|
|
|
8,948
|
|
|
New York City Transitional Finance Authority Building Aid Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.50%
|
|
07/15/31
|
|
|
10,000
|
|
|
|
11,551
|
|
|
New York City Transitional Finance Authority Future Tax Secured Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
11/01/21
|
|
|
5,000
|
|
|
|
6,230
|
|
|
New York City Water & Sewer System
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
06/15/34
|
|
|
9,500
|
|
|
|
10,933
|
|
|
New York Liberty Development Corp.
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
11/15/44
|
|
|
5,000
|
|
|
|
5,495
|
|
|
5.13%
|
|
01/15/44
|
|
|
5,000
|
|
|
|
5,487
|
|
|
New York State Dormitory Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/23 - 07/01/42
|
|
|
11,825
|
|
|
|
13,619
|
|
|
5.50%
|
|
07/01/36 - 05/01/37
|
|
|
4,000
|
|
|
|
4,520
|
|
|
6.00%
|
|
07/01/40
|
|
|
2,000
|
|
|
|
2,358
|
|
|
6.50%
|
|
12/01/21
|
|
|
4,500
|
|
|
|
5,208
|
|
|
New York State Urban Development Corp.
|
|
|
|
|
|
|
|
|
|
|
|
5.50%
|
|
01/01/19
|
|
|
9,000
|
|
|
|
10,985
|
|
|
Triborough Bridge & Tunnel Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
11/15/26
|
|
|
10,000
|
|
|
|
11,592
|
|
|
Westchester County Healthcare Corp.
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
11/01/30
|
|
|
4,500
|
|
|
|
4,993
|
|
|
6.13%
|
|
11/01/37
|
|
|
2,500
|
|
|
|
2,921
|
|
|
|
|
|
|
|
|
|
|
|
115,906
|
|
|
|
|
|
|
|
North Carolina—2.6%
|
|
|
|
|
|
|
|
|
|
|
|
City of Charlotte NC
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
06/01/23
|
|
|
4,320
|
|
|
|
5,206
|
|
|
City of Charlotte NC Water & Sewer System Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/38
|
|
|
5,000
|
|
|
|
5,711
|
|
|
North Carolina Eastern Municipal Power Agency
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
01/01/26
|
|
|
5,000
|
|
|
|
5,642
|
|
|
North Carolina Medical Care Commission
|
|
|
|
|
|
|
|
|
|
|
|
4.00%
|
|
12/01/45
|
|
|
2,500
|
|
|
|
2,482
|
|
|
4.75%
|
|
11/01/43
|
|
|
6,000
|
|
|
|
6,384
|
|
|
5.00%
|
|
12/01/45
|
|
|
2,500
|
|
|
|
2,762
|
|
|
North Carolina State University at Raleigh
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
10/01/42
|
|
|
2,500
|
|
|
|
2,906
|
|
|
North Carolina Turnpike Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
07/01/30
|
|
|
3,230
|
|
|
|
3,737
|
|
|
State of North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
4.75%
|
|
05/01/30
|
|
|
4,130
|
|
|
|
4,738
|
|
|
Town of Cary NC Combined Utility Systems Revenue
|
|
|
|
|
|
|
|
|
|
|
|
4.00%
|
|
12/01/37
|
|
|
2,475
|
|
|
|
2,647
|
|
|
University of North Carolina at Greensboro
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
04/01/36
|
|
|
4,000
|
|
|
|
4,522
|
|
|
|
|
|
|
|
|
|
|
|
46,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio—3.7%
|
|
|
|
|
|
|
|
|
|
|
|
American Municipal Power Inc.
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
02/15/38
|
|
|
5,000
|
|
|
|
5,414
|
|
|
City of Cincinnati OH Water System Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
12/01/36
|
|
|
2,500
|
|
|
|
2,852
|
|
|
City of Cleveland OH Airport System Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
01/01/29
|
|
|
2,000
|
|
|
|
2,231
|
|
|
City of Columbus OH Sewerage Revenue
|
|
|
|
|
|
|
|
|
|
|
|
4.50%
|
|
06/01/32
|
|
|
700
|
|
|
|
765
|
|
|
4.75%
|
|
06/01/31
|
|
|
5,000
|
|
|
|
5,552
|
|
|
County of Cuyahoga OH
|
|
|
|
|
|
|
|
|
|
|
|
6.00%
|
|
01/01/32
|
|
|
10,000
|
|
|
|
10,140
|
(d)
|
|
County of Franklin OH
|
|
|
|
|
|
|
|
|
|
|
|
4.50%
|
|
12/01/37
|
|
|
1,750
|
|
|
|
1,828
|
|
|
County of Hamilton OH Sewer System Revenue (MBIA Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
12/01/19
|
|
|
4,250
|
|
|
|
4,384
|
(d,e)
|
|
Cuyahoga Community College District
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
08/01/26 - 08/01/27
|
|
|
3,000
|
|
|
|
3,405
|
|
|
Northeast Ohio Regional Sewer District
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
11/15/38
|
|
|
13,000
|
|
|
|
14,791
|
|
|
Ohio Higher Educational Facility Commission
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
01/01/38
|
|
|
7,500
|
|
|
|
8,317
|
|
|
6.25%
|
|
05/01/38
|
|
|
5,000
|
|
|
|
5,637
|
|
|
|
|
|
|
|
|
|
|
|
65,316
|
|
|
|
|
|
|
|
Oklahoma—1.1%
|
|
|
|
|
|
|
|
|
|
|
|
Claremore Public Works Authority (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
06/01/34
|
|
|
6,315
|
|
|
|
6,742
|
(d,e)
|
|
Oklahoma Municipal Power Authority (FGIC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
4.50%
|
|
01/01/47
|
|
|
9,000
|
|
|
|
9,249
|
(e)
|
|
Oklahoma Turnpike Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
01/01/28
|
|
|
3,500
|
|
|
|
4,091
|
|
|
|
|
|
|
|
|
|
|
|
20,082
|
|
|
|
|
|
|
|
Pennsylvania—6.0%
|
|
|
|
|
|
|
|
|
|
|
|
Allentown Neighborhood Improvement Zone Development Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
05/01/42
|
|
|
5,000
|
|
|
|
5,307
|
|
|
City of Philadelphia PA Water & Sewer Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
01/01/36 - 01/01/41
|
|
|
23,000
|
|
|
|
25,448
|
|
|
Commonwealth of Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
11/15/30
|
|
|
8,890
|
|
|
|
10,422
|
|
|
Pennsylvania Higher Educational Facilities Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
08/15/25
|
|
|
1,750
|
|
|
|
2,078
|
|
|
Pennsylvania Turnpike Commission
|
|
|
|
|
|
|
|
|
|
|
|
3.84%
|
|
12/01/34
|
|
|
12,000
|
|
|
|
11,893
|
(a)
|
|
5.00%
|
|
06/01/29 - 12/01/42
|
|
|
17,500
|
|
|
|
18,916
|
|
|
5.25%
|
|
06/01/39
|
|
|
9,500
|
|
|
|
10,348
|
|
|
Pennsylvania Turnpike Commission (AMBAC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
12/01/32
|
|
|
12,000
|
|
|
|
12,746
|
(e)
|
|
State Public School Building Authority (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
06/01/27
|
|
|
8,000
|
|
|
|
8,065
|
(d,e)
|
|
|
|
|
|
|
|
|
|
|
105,223
|
|
|
|
|
|
|
|
Puerto Rico—2.4%
|
|
|
|
|
|
|
|
|
|
|
|
Commonwealth of Puerto Rico
|
|
|
|
|
|
|
|
|
|
|
|
5.75%
|
|
07/01/38
|
|
|
7,000
|
|
|
|
7,036
|
|
|
6.00%
|
|
07/01/39
|
|
|
10,000
|
|
|
|
10,160
|
|
|
Puerto Rico Sales Tax Financing Corp.
|
|
|
|
|
|
|
|
|
|
|
|
4.34%
|
|
08/01/32
|
|
|
12,000
|
|
|
|
12,419
|
(a)
|
|
5.25%
|
|
08/01/40
|
|
|
2,000
|
|
|
|
2,110
|
|
|
5.50%
|
|
08/01/42
|
|
|
10,000
|
|
|
|
10,285
|
|
|
|
|
|
|
|
|
|
|
|
42,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island—0.1%
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island Health & Educational Building Corp.
|
|
|
|
|
|
|
|
|
|
|
|
6.25%
|
|
09/15/34
|
|
|
1,300
|
|
|
|
1,493
|
|
|
6.50%
|
|
09/15/28
|
|
|
1,000
|
|
|
|
1,178
|
|
|
|
|
|
|
|
|
|
|
|
2,671
|
|
|
|
|
|
|
|
South Carolina—5.3%
|
|
|
|
|
|
|
|
|
|
|
|
Berkeley County School District
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
12/01/24
|
|
|
15,000
|
|
|
|
15,418
|
|
|
Charleston Educational Excellence Finance Corp.
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
12/01/27 -12/01/30
|
|
|
21,850
|
|
|
|
24,120
|
|
|
Georgetown County School District
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
03/01/18
|
|
|
3,640
|
|
|
|
4,375
|
|
|
Greenville County School District
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
12/01/21
|
|
|
2,000
|
|
|
|
2,066
|
(d)
|
|
Lexington County Health Services District Inc.
|
|
|
|
|
|
|
|
|
|
|
|
5.50%
|
|
11/01/13
|
|
|
1,920
|
|
|
|
1,977
|
|
|
Piedmont Municipal Power Agency
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
01/01/25
|
|
|
2,315
|
|
|
|
2,702
|
|
|
Piedmont Municipal Power Agency (AGC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.75%
|
|
01/01/34
|
|
|
5,500
|
|
|
|
6,500
|
(e)
|
|
South Carolina State Public Service Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
12/01/30 -12/01/43
|
|
|
17,105
|
|
|
|
19,026
|
|
|
5.50%
|
|
01/01/38
|
|
|
14,970
|
|
|
|
17,229
|
|
|
|
|
|
|
|
|
|
|
|
93,413
|
|
|
|
|
|
|
|
Tennessee—1.1%
|
|
|
|
|
|
|
|
|
|
|
|
County of Shelby TN
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
03/01/21
|
|
|
3,500
|
|
|
|
4,268
|
|
|
Metropolitan Government of Nashville & Davidson County TN
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
05/15/25
|
|
|
10,000
|
|
|
|
11,764
|
(d)
|
|
State of Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
05/01/19
|
|
|
1,000
|
|
|
|
1,207
|
(d)
|
|
5.00%
|
|
10/01/30
|
|
|
1,500
|
|
|
|
1,788
|
|
|
|
|
|
|
|
|
|
|
|
19,027
|
|
|
|
|
|
|
|
Texas—6.7%
|
|
|
|
|
|
|
|
|
|
|
|
City of Austin TX Water & Wastewater System Revenue (AMBAC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.50%
|
|
11/15/16
|
|
|
5,450
|
|
|
|
6,372
|
(e)
|
|
City of Dallas TX Waterworks & Sewer System Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
10/01/37 -10/01/41
|
|
|
14,000
|
|
|
|
16,067
|
|
|
City of Houston TX Utility System Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
11/15/33
|
|
|
5,470
|
|
|
|
6,242
|
|
|
5.25%
|
|
11/15/30 -11/15/31
|
|
|
12,000
|
|
|
|
14,071
|
|
|
City of Houston TX Utility System Revenue (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
05/15/22
|
|
|
10,000
|
|
|
|
10,536
|
(e)
|
|
City of San Antonio TX Water System Revenue
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
05/15/40
|
|
|
10,000
|
|
|
|
11,312
|
|
|
Dallas Fort Worth International Airport
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
11/01/34
|
|
|
4,750
|
|
|
|
5,281
|
|
|
North Texas Tollway Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
09/01/31
|
|
|
3,500
|
|
|
|
4,017
|
|
|
5.75%
|
|
01/01/38 - 01/01/40
|
|
|
21,475
|
|
|
|
23,839
|
|
|
6.00%
|
|
01/01/38
|
|
|
5,000
|
|
|
|
5,860
|
|
|
State of Texas
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
04/01/42
|
|
|
4,000
|
|
|
|
4,569
|
|
|
University of Texas System
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
08/15/30
|
|
|
9,210
|
|
|
|
10,961
|
|
|
|
|
|
|
|
|
|
|
|
119,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah—1.3%
|
|
|
|
|
|
|
|
|
|
|
|
County of Utah UT Transportation Sales Tax Revenue (AGMC Insured)
|
|
|
|
|
|
|
|
|
|
|
|
4.00%
|
|
12/01/37 - 12/01/38
|
|
|
12,480
|
|
|
|
13,021
|
(e)
|
|
Utah State Board of Regents
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
11/01/30
|
|
|
4,000
|
|
|
|
4,536
|
|
|
Utah Transit Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
06/15/42
|
|
|
5,000
|
|
|
|
5,531
|
|
|
|
|
|
|
|
|
|
|
|
23,088
|
|
|
|
|
|
|
|
Vermont—0.3%
|
|
|
|
|
|
|
|
|
|
|
|
Vermont Educational & Health Buildings Financing Agency
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
10/31/46
|
|
|
5,700
|
|
|
|
6,209
|
|
|
|
|
|
|
|
Virginia—0.4%
|
|
|
|
|
|
|
|
|
|
|
|
Virginia College Building Authority
|
|
|
|
|
|
|
|
|
|
|
|
4.38%
|
|
02/01/28
|
|
|
845
|
|
|
|
916
|
|
|
Virginia Resources Authority
|
|
|
|
|
|
|
|
|
|
|
|
5.25%
|
|
11/01/38
|
|
|
5,000
|
|
|
|
5,785
|
|
|
|
|
|
|
|
|
|
|
|
6,701
|
|
|
|
|
|
|
|
Washington—0.8%
|
|
|
|
|
|
|
|
|
|
|
|
County of King WA
|
|
|
|
|
|
|
|
|
|
|
|
5.50%
|
|
12/01/13
|
|
|
10,000
|
|
|
|
10,349
|
(c)
|
|
Port of Seattle WA
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
08/01/31
|
|
|
3,000
|
|
|
|
3,445
|
|
|
|
|
|
|
|
|
|
|
|
13,794
|
|
|
|
|
|
|
|
Total Municipal Bonds and Notes
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $1,614,974)
|
|
|
|
|
|
|
|
|
1,750,835
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Fair Value
|
|
|
Short-Term Investments—1.4%
|
|
|
|
|
|
|
|
|
|
|
|
Time Deposit—1.4%
|
|
|
|
|
|
|
|
|
|
|
|
State Street Corp.
|
|
|
|
|
|
|
|
|
|
|
|
0.01%
|
|
04/01/13
|
|
$
|
24,401
|
|
|
$
|
24,401
|
(b)
|
|
(Cost $24,401)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $1,639,375)
|
|
|
|
|
|
|
|
|
1,775,236
|
|
|
|
|
|
Liabilities in Excess of Other Assets, net—(0.5)%
|
|
|
|
(8,320
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS—100.0%
|
|
|
|
|
|
|
|
$
|
1,766,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Schedules of Investments
(dollars in
thousands)
—
March 31, 2013 (Unaudited)
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s
future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and
permissible investments.
|
(a)
|
Coupon amount represents effective yield.
|
|
(b)
|
State Street Corp. is the parent company of State Street Bank & Trust Co., the Funds custodian and accounting agent.
|
|
(c)
|
Escrowed to maturity Bonds are collateralized by U.S. Treasury securities which are held in escrow by a trustee and used to pay principal and interest on such bonds.
|
|
(d)
|
Pre-refunded Bonds are collateralized by U.S. Treasury securities, which are held in escrow and are used to pay principal and interest on the tax-exempt issue and to
retire the bonds at the earliest refunding date.
|
|
(e)
|
The security is insured by AMBAC, AGC, AGMC, MBIA, FSA or FGIC. The Elfun Tax-Exempt Fund had insurance concentrations of 5% or greater as of March 31, 2013 (as a
percentage of net assets) as follows:
|
|
†
|
Percentages are based on net assets as of March 31, 2013.
|
Abbreviations:
|
|
|
|
|
AGC
|
|
Assured Guaranty Corporation
|
|
|
|
|
AGMC
|
|
Assured Guaranty Municipal Company
|
|
|
|
|
AMBAC
|
|
AMBAC Indemnity Corporation
|
|
|
|
|
MBIA
|
|
Municipal Bond Investors Assurance Corporation
|
Securities Valuation
The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a framework for measuring fair value and providing related disclosures.
Broadly, the framework requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an
orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence
of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. It also establishes a three-level valuation hierarchy based upon observable and
non-observable inputs.
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market
assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
Level
1—Quoted prices for identical investments in active markets.
Level 2—Quoted prices for similar investments in active markets;
quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3—Significant inputs to the valuation model are unobservable.
Policies and procedures
are maintained to value investments using the best and most relevant data available. In addition, pricing vendors are utilized to assist in valuing investments. GEAM performs periodic reviews of the methodologies used by independent pricing services
including price validation of individual securities.
Fair Value Measurement
The following section describes the valuation methodologies the Funds use to measure different financial investments at fair value.
Debt securities (other than short-term securities described below) generally are valued at an evaluated bid price as reported by independent pricing services. The pricing services use various pricing
models for each asset class. The inputs and assumptions to the model of the pricing services are derived from market observable sources, which may include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark
securities, bids, offers and other market related data. Since many fixed income securities do not trade on a daily basis, the methodology of the pricing service may also use other available information such as benchmark curves, benchmarking of
similar securities, sector groupings and matrix pricing, as applicable. Thus, certain securities may not be priced using market quotations, but rather determined from market observable information. These investments are included in Level 2 and are
primarily comprised of corporate fixed income, government, mortgage and asset-backed securities. In the absence of a reliable bid price from such a pricing service, debt securities may be valued based on broker or dealer supplied valuations or
quotations. In these infrequent circumstances, pricing services may provide the Funds with valuations that are based on significant unobservable inputs, and in those circumstances the investment securities are classified as Level 3.
A Fund may use non-binding broker or dealer quotes for valuation when there is limited or no relevant market activity for a specific investment or for
other investments that share similar characteristics and a price is not provided by a pricing service or is deemed not to be reliable. The Funds have not adjusted the prices obtained. Investment securities priced using non-binding broker or dealer
quotes are included in Level 3.
Short-term securities of sufficient credit quality with remaining maturities of sixty days or less at the
time of purchase are typically valued on the basis of amortized cost which approximates fair value and these are included in Level 2. If it is determined that amortized cost does not approximate fair value, securities may be valued based on dealer
supplied valuations or quotations. In these infrequent circumstances, pricing services may provide the Funds with valuations that are based on significant unobservable inputs, and in those circumstances the investment securities are classified in
Level 3.
If prices are not readily available for a portfolio security, or if it is believed that a price for a portfolio security does not
represent its fair value, the security may be valued using procedures approved by the Funds’ Board of Directors that are designed to establish its “fair” value. These securities are typically classified in Level 3. Those procedures
require that the fair value of a security be established by a valuation committee of GEAM. The valuation committee follows different protocols for different types of investments and circumstances. The fair value procedures may be used to value any
investment of any Fund in the appropriate circumstances.
Fair value determinations generally are used for securities whose value is affected by a significant event
that will materially affect the value of a security and which occurs subsequent to the time of the close of the principal market on which such security trades but prior to the calculation of the Funds’ NAV.
The value established for such a portfolio security valued other than by use of a market quotation (as described above) may be different than what would
be produced through the use of market quotations or another methodology. Portfolio securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their
value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time and it is possible that a Fund would
incur a loss because a portfolio security is sold at a discount to its established value.
The inputs or methodology used for valuing
securities are not an indication of the risk associated with investing in those securities.
The following table presents the Fund’s investments measured at fair value on a recurring basis at
March 31, 2013:
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Investments
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Elfun Tax-Exempt Income Fund
|
|
Investments in Securities †
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds and Notes
|
|
$
|
—
|
|
|
$
|
1,750,835
|
|
|
$
|
—
|
|
|
$
|
1,750,835
|
|
|
|
|
Short-Term Investments
|
|
|
—
|
|
|
|
24,401
|
|
|
|
—
|
|
|
|
24,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities
|
|
$
|
—
|
|
|
$
|
1,775,236
|
|
|
$
|
—
|
|
|
$
|
1,775,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
†
|
See Schedule of Investments for Industry Classification
|
There were no transfers between fair value levels. Transfers between fair value levels are considered to occur at the beginning of the period.
INCOME TAXES
At March 31, 2013, information on the tax cost of investments was as follows (Dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Cost of investment
for
Tax purposes
|
|
|
Gross Tax appreciation
|
|
|
Gross Tax depreciation
|
|
|
Net Tax appreciation
/
(depreciation)
|
|
|
Elfun Tax-Exempt Income Fund
|
|
$
|
1,639,396
|
|
|
$
|
138,576
|
|
|
$
|
(2,736
|
)
|
|
$
|
135,840
|
|
|
ITEM 2.
|
CONTROLS AND PROCEDURES.
|
(a) The officers providing the certifications in this report in accordance with Rule 30a-3 under the Investment Company Act of 1940 have
concluded, based on their evaluation of the registrant’s disclosure controls and procedures (as such term is defined in such rule), that such controls and procedures are adequate and reasonably designed to achieve the purpose described in
paragraph (c) of such rule.
(b) There were no significant changes in the registrant’s internal controls or in other
factors that could significantly affect these controls subsequent to the date of their last evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Separate
certifications by the registrant’s principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached: EX-99 CERT
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
|
|
|
|
|
By:
|
|
/
S
/ D
MITRI
L.
S
TOCKTON
|
|
|
|
Dmitri L. Stockton
|
|
|
|
Trustee, President and Chief Executive Officer
|
|
|
|
GE Asset Management Incorporated
|
Date: May 24, 2013
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
/ D
MITRI
L.
S
TOCKTON
|
|
|
|
Dmitri L. Stockton
|
|
|
|
Trustee, President and Chief Executive Officer
|
|
|
|
GE Asset Management Incorporated
|
Date: May 24, 2013
|
|
|
|
|
By:
|
|
/
S
/ A
RTHUR
A.
J
ENSEN
|
|
|
|
Arthur A. Jensen
|
|
|
|
Treasurer, Elfun Funds
|
Date: May 24, 2013
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