Elfun Tax-Exempt Income (ELFTX)

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.