Elfun Tax-Exempt Income Fund ELFTX

Important Risk Information

Considering the risks: Bond prices generally move in the opposite direction of interest rates. Thus, as the prices of bonds in the fund adjust to a rise in interest rates, the fund's share price may decline. The price of a bond is affected by the issuer's or counterparty's credit quality. Changes in an entity's financial condition and general economic conditions can affect its ability to honor financial obligations and therefore its credit quality. Lower quality bonds are generally more sensitive to these changes than higher quality bonds. 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.

Overview Performance Holdings Document Purchase Information More Insights

NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$9.95

as of Dec 20 2024

Base Currency

USD

Assets Under Management

$917.97 M

as of Nov 30 2024

Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

0.21%

1 Day Nav Change

+$0.03 (0.30%)

as of Dec 20 2024

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Fund Objective

The Elfun Tax-Exempt Income Fund seeks as high a 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.

Investment Strategy

The Fund seeks to achieve its investment objective by investing primarily in investment-grade municipal obligations. Under normal circumstances, the portfolio manager manages the Fund so that at least 80% of the Fund's income is exempt from both regular federal income taxes and the federal alternative minimum tax.

Fund Information as of Dec 22 2024

Investment Style	Fixed Income Municipal Investment Grade
Benchmark	Bloomberg U.S. Municipal Bond Index
Inception Date	Jan 01 1980
Gross Expense Ratio Gross Expense Ratio The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.	0.21%
Base Currency	USD
Investment Manager	SSGA Funds Management, Inc.
Management Team	Fixed Income, Currency & Cash Investments Team
Distributor	State Street Global Advisors Funds Distributors, LLC
Distribution Frequency	Monthly

Investment Team

Arthur H Aaronson, CPA

Portfolio Manager

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Stella V DeLucia

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Listing Information as of Dec 22 2024

Exchange	Trading Currency	Listing Date	Ticker	CUSIP
NASDAQ REGULAR MARKET	USD	Jan 01 1980	ELFTX	286279104

Fund Characteristics as of Nov 30 2024

Number of Holdings	501
Average Maturity in Years Average Maturity The market value-weighted average maturity of the bonds and loans in a portfolio, where maturity is defined as the stated final for bullet maturity bonds and loans.	6.60
Duration Portfolio Duration An option-adjusted measure of a bond's (or portfolio's) sensitivity to changes in interest rates. Calculated as the average percentage change in a bond's value (price plus accrued interest) under shifts of the Treasury curve +/- 100 bps. Incorporates the effect of embedded options for corporate bonds and changes in prepayments for mortgage-backed securities.	6.87 years
Nominal Yield (%) Average of security level nominal yield weighted by market notional	3.57
Annual Portfolio Turnover (%)	41.67

Index Characteristics as of Nov 30 2024

Number of Holdings	60,006
Average Maturity in Years	6.87
Duration	6.12 years
Nominal Yield (%)	3.44

Yields as of Nov 30 2024

30 Day SEC Yield

30 Day SEC Yield

(Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.

3.95%

Fund Net Asset Value as of Dec 20 2024

NAV NAV The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.	$9.95
Percent Change	0.30%
Price Change	$0.03
Offer Price	$9.95
NAV 52 Week High	$10.26(Jan 08 2024)
NAV 52 Week Low	$9.92(Dec 19 2024)

Fund Performance

Fund Inception Date: Jan 01 1980

as of Nov 30 2024

	As Of	1 Year	3 Year	5 Year	10 Year	Since Inception Jan 01 1980
Fund at NAV	Nov 30 2024	4.84%	-0.34%	1.04%	2.18%	6.84%
Benchmark Bloomberg U.S. Municipal Bond Index	Nov 30 2024	4.93%	-0.01%	1.35%	2.45%	5.97%

as of Sep 30 2024

	As Of	1 Year	3 Year	5 Year	10 Year	Since Inception Jan 01 1980
Fund at NAV	Sep 30 2024	9.18%	-0.23%	1.03%	2.23%	6.86%
Benchmark Bloomberg U.S. Municipal Bond Index	Sep 30 2024	10.37%	0.09%	1.39%	2.52%	5.99%

as of Nov 30 2024

	As Of	1 Month	3 Month	6 Month	QTD	YTD
Fund at NAV	Nov 30 2024	1.72%	1.38%	4.24%	0.36%	2.56%
Benchmark Bloomberg U.S. Municipal Bond Index	Nov 30 2024	1.73%	1.23%	4.54%	0.24%	2.55%

as of Sep 30 2024

	As Of	1 Month	3 Month	6 Month	QTD	YTD
Fund at NAV	Sep 30 2024	1.01%	2.40%	2.50%	2.40%	2.19%
Benchmark Bloomberg U.S. Municipal Bond Index	Sep 30 2024	0.99%	2.71%	2.69%	2.71%	2.30%

as of Nov 30 2024

	2018	2019	2020	2021	2022	2023
Fund at NAV	0.90%	7.13%	4.77%	1.44%	-8.44%	5.31%
Benchmark Bloomberg U.S. Municipal Bond Index	1.28%	7.54%	5.21%	1.52%	-8.53%	6.40%

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.

SEC Yield is calculated by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.

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: 0.21%

Risk Analysis

as of Nov 30 2024

as of Sep 30 2024

Month End as of Nov 30 2024

Risk Factor	3 Years	5 Years
Alpha	-0.72%	-0.38%
Beta	0.90	0.92
Std Deviation	6.78%	6.03%
Information Ratio	-0.36	-0.39
R-squared	99.24%	98.91%
Sharpe Ratio	-0.62	-0.22
Tracking Error	0.95%	0.80%

Quarter End as of Sep 30 2024

Risk Factor	3 Years	5 Years
Alpha	-0.68%	-0.43%
Beta	0.90	0.92
Std Deviation	6.69%	5.95%
Information Ratio	-0.35	-0.46
R-squared	99.22%	98.88%
Sharpe Ratio	-0.57	-0.21
Tracking Error	0.95%	0.80%

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

The top ten holdings do not include money market instruments and/or futures contracts. Depositary receipts are normally combined with the underlying security. The securities cited may not represent the Fund's current or future holdings and should not be construed as a recommendation to purchase or sell a particular security. The figures presented do not include the Fund's entire investment portfolio and may change at any time.

Fund Top Holdings as of Nov 30 2024

Name	Weight
CHICAGO ILL O HARE INTL ARPT	2.19%
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY	2.04%
DISTRICT OF COLUMBIA (WASHINGTON DC)	1.99%
HUDSON YDS INFRASTRUCTURE	1.82%
NEW JERSEY STATE EDUCATIONAL FACILITIES AUTHORITY	1.75%
MIAMI-DADE CNTY FLA WTR & SWR REV	1.70%
PHILADELPHIA PA WTR & WASTEWTR	1.45%
PENNSYLVANIA ST TURNPIKE COMMISSION	1.33%
DORMITORY AUTHORITY OF STATE OF NEW YORK	1.24%
SEATTLE WASH DRAIN & WASTEWATER REV	1.18%

Sector Allocation

as of Nov 30 2024

Fund Sector Allocation as of Nov 30 2024

Sector	Weight
Revenue	74.77%
GO	25.31%

Index Sector Allocation as of Nov 30 2024

Sector	Weight
Revenue	72.39%
GO	27.48%

Quality Breakdown

The purpose of Moody's and Standard & Poor's credit ratings is to provide investors with a current opinion of the creditworthiness of which issuers or borrowers may be gauged and an indication of their capacity to meet financial obligations. Moody's uses nine ratings from least credit risk to greatest risk: i.e. Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C. Baa and above are generally considered "investment grade" and Ba and below are considered "speculative". S&P's ratings range from AAA, AA, A, BBB, BB, B, CCC, R. BBB and above are generally considered "secure" and BB and below are considered "vulnerable". For more information about the credit ratings visit https://www.moodys.com/researchandratings or http://www.standardandpoors.com/ratings

as of Nov 30 2024

Fund Quality Breakdown as of Nov 30 2024

Quality	Weight
Aaa	20.09%
Aa1	16.69%
Aa2	23.19%
Aa3	17.17%
A1	11.49%
A2	5.32%
A3	4.22%
Baa1	0.82%
Baa2	0.65%
Baa3	0.58%
Ba1	0.00%
N/A	-0.21%

Index Quality Breakdown as of Nov 30 2024

Quality	Weight
Aaa	16.91%
Aa1	18.92%
Aa2	19.98%
Aa3	15.49%
A1	9.94%
A2	7.66%
A3	4.85%
Baa1	2.69%
Baa2	1.45%
Baa3	1.77%
Ba1	0.01%
N/A	0.33%

Duration Breakdown

as of Nov 30 2024

Fund Duration Breakdown as of Nov 30 2024

Duration	Weight
Up to 3 Years	11.26%
3-5 Years	16.02%
5-8 Years	31.69%
More than 8 Years	41.03%

Index Duration Breakdown as of Nov 30 2024

Duration	Weight
Up to 3 Years	30.45%
3-5 Years	15.09%
5-8 Years	22.88%
More than 8 Years	31.58%

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.

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Fund Documents

Information & Schedules

Purchase Information

Please refer to the applicable Account Applications provided within Documents

To Purchase by wire

You may make initial or subsequent investments by wiring federal funds to State Street, by:

1. Telephoning the Customer Service Department at 1-800-242-0134 between 9:00 a.m. and 8:00 p.m., Eastern Time, and stating: (a) your account registration number, address and social security or tax identification number, (b) the name of the fund in which the investment is to be made and the account number, and (c) the exact amount being wired.

2. Instructing the wiring bank to wire federal funds to:

U.S. Bank, NA

777 East Wisconsin Avenue

Milwaukee, WI 53202-5207

ABA# 075000022

Credit: U.S. Bancorp Fund Services, LLC

Account #112-952-137

Further Credit:

(name of Fund to be purchased)

(shareholder name and address)

(shareholder account number)

Correspondence Information

State Street Global Advisors

c/o U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201-0701

Telephone: (800)-242-0134

Your financial institution may charge a fee for wire transactions.

Wire orders received by the close of regular trading on the New York Stock Exchange (“NYSE”) are executed at that day’s net asset value per share. Wire orders received after the close of regular trading on the NYSE receive the next business day’s price. The Funds and U.S. Bank, N.A. are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

"Bloomberg^®" and Bloomberg U.S. Municipal Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by State Street Global Advisors. Bloomberg is not affiliated with State Street Global Advisors, and Bloomberg does not approve, endorse, review, or recommend Elfun Tax-Exempt Income Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Elfun Tax-Exempt Income Fund.

Prior to August 24, 2021, the Bloomberg U.S. Municipal Bond Index was known as the Bloomberg Barclays U.S. Municipal Bond Index.