Fund Evaluator:
Elfun Tax-Exempt Income (ELFTX)
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Best Performing in Muni National Long Over the Last Year
| 7.5% | Victory Tax Exempt Long-Term (USTEX) |
| 7.3% | Vanguard High-Yield Tax-Exempt Adm (VWALX) |
| 7.2% | Vanguard High-Yield Tax-Exempt (VWAHX) |
| 7.1% | Thrivent Municipal Bond S (TMBIX) |
| 7.0% | T. Rowe Price Core Municipal Bond (PRTAX) |
Fund Details
Elfun Tax-Exempt Income Overview
Elfun Tax-Exempt Income (ELFTX) is an actively managed Municipal Bond Muni National Long fund. State Street Investment Management launched the fund in 1980.
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.
About Elfun Tax-Exempt Income (ELFTX)
There are 2 members of the management team with an average tenure of 7.18 years: Arthur Aaronson (2019), Stella DeLucia (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Elfun Tax-Exempt Income has 470 securities in its portfolio. The top 10 holdings constitute 7.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Elfun Tax-Exempt Income is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Elfun Tax-Exempt Income has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.1% (99.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Elfun Tax-Exempt Income has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $768 million in total assets, which is below the $1 billion average for the Muni National Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ELFTX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Elfun Tax-Exempt Income expense ratio is below average compared to funds in the Muni National Long category. Elfun Tax-Exempt Income has an expense ratio of 0.22%, which is 72% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Elfun Tax-Exempt Income has a portfolio turnover rate of 35%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 38% for the Muni National Long category.
Recently, in the month of July 2026, Elfun Tax-Exempt Income returned -1.7%, which earned it a grade of B, as the Muni National Long category had an average return of -1.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Elfun Tax-Exempt Income has a trailing yield of 3.95%, which is above the 3.72% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Elfun Tax-Exempt Income Grades
Year to date, the fund has returned 0.4%, 0.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.7% over the past year (grade of D), 2.5% over the past three years (grade of F) and 0.2% per year over the past five years (grade of C) and 1.6% per year over the past 10 years (grade of D).
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ELFTX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ELFTX Return (NAV) | -1.7% | -0.6% | 5.7% | 2.5% | 0.2% | 1.6% |
| ELFTX Grade | B | F | D | F | C | D |
| +/- Category | 0.1% | -0.3% | -0.6% | -0.7% | 0.1% | -0.2% |
| Muni National Long Avg | -1.9% | -0.3% | 6.3% | 3.2% | 0.0% | 1.8% |
| ELFTX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
ELFTX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ELFTX Return (NAV) | 0.4% | 3.3% | 1.2% | 5.3% | -8.4% | 1.4% | 4.7% | 7.1% | 0.9% | 4.7% | 0.4% |
| ELFTX Grade | F | C | F | F | A | F | C | F | B | F | B |
| +/- Category | -0.5% | 0.3% | -1.3% | -1.5% | 3.2% | -1.4% | 0.0% | -0.9% | 0.2% | -1.1% | 0.2% |
| Muni National Long Avg | 0.9% | 3.0% | 2.5% | 6.8% | -11.6% | 2.8% | 4.7% | 8.1% | 0.7% | 5.8% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 5.6% |
| Total Risk Index: | 0.45 - Low |
| Category Risk Index: | 0.85 - Low |
| Category Risk Grade: | A (7% Rank) |
| Beta: | 0.96 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $768 Mil |
| Fund Total Assets: | $ 769 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 35% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 7.6 years | |||
| Average Tenure: 7.2 years | |||
| Managers (Year): Aaronson Arthur (2019), DeLucia Stella (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 470 |
| % in Top 10 Holdings: | 7.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Fund Family: | State Street Investment Management |
| Phone Number: | 800-242-0134 |
| Website: | www.gefunds.com/elfun |
| Status: | Open |
| Inception Date: | January 2, 1980 |
| Min. Initial Purchase: | $ 500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.22% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | Elfun Tax-Exempt Income |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
