Elfun Tax-Exempt Income Fund ELFTX Strategy

The investment seeks a high level of current interest income exempt from federal income taxation as is available from a concentration of investments in municipal bonds consistent with prudent investment management and the preservation of capital. The fund invests primarily in investment-grade municipal obligations. At least 80% of the fund's income is exempt from both regular federal income taxes and the federal alternative minimum tax. It will have an effective duration of 75% to 125% of the duration of the Bloomberg U.S. Municipal Bond Index. The fund also may invest to a lesser extent in tax-free or taxable money market instruments and may hold cash.