497 1 d522936d497.htm ELFUN TRUSTS ELFUN TRUSTS

ELFUN FUNDS

ELFUN INTERNATIONAL EQUITY FUND

(EGLBX)

ELFUN TRUSTS

(ELFNX)

ELFUN INCOME FUND

(EINFX)

ELFUN TAX-EXEMPT INCOME FUND

(ELFTX)

ELFUN DIVERSIFIED FUND

(ELDFX)

ELFUN GOVERNMENT MONEY MARKET FUND

(ELMXX)

(each a “Fund”, and collectively, the “Funds”)

Supplement dated June 16, 2023 to the Statement of Additional Information dated April 30, 2023 as may be supplemented or revised from time to time

 

  1.

Effective immediately, the table listing the Trustees in the subsection “TRUSTEES AND OFFICERS” within the section “MANAGEMENT OF THE FUNDS” is restated in its entirety as follows:

 

Name, Address,

and Year of Birth

    Position(s)
Held With
Fund		   

Term of Office

and Length of

Time Served

    Principal Occupation
During Past Five Years
and Relevant Experience		    Number
of Funds
in Fund
Complex
Overseen
by Trustee†		    Other Directorships Held
by Director During Past
Five Years

INDEPENDENT TRUSTEES

PATRICK J. RILEY

c/o SSGA Funds

Management, Inc.

One Iron Street Boston,

MA 02210

YOB: 1948

    Trustee and Chairperson of the Board    Term: Until successor is elected and qualified Appointed: 4/16 Elected: 6/16    Associate Justice of the Superior Court, Commonwealth of Massachusetts (2002 - May 2010); Partner, Riley, Burke & Donahue, L.L.P. (law firm) (1985 - 2002); Independent Director, State Street Global Advisors Europe Limited (investment company) (1998 - 2023); Independent Director, SSGA Liquidity plc (formerly, SSGA Cash Management Fund plc) (1998 - 2023); Independent Director, SSGA Fixed Income plc (January 2009 - 2023); and Independent Director, SSGA Qualified Funds PLC (January 2009 - 2019).    54    Board Director and Chairman, SSGA SPDR ETFs Europe I plc Board (2011 - March 2023); Board Director and Chairman, SSGA SPDR ETFs Europe I plc (2013 - March 2023); Board Director, State Street Liquidity plc (1998 - March 2023).

Name, Address,

and Year of Birth

    Position(s)
Held With
Fund		   

Term of Office

and Length of

Time Served

    Principal Occupation
During Past Five Years
and Relevant Experience		    Number
of Funds
in Fund
Complex
Overseen
by Trustee†		    Other Directorships Held
by Director During Past
Five Years

JOHN R. COSTANTINO

c/o SSGA Funds

Management, Inc.

One Iron Street Boston,

MA 02210

YOB: 1946

    Trustee and Chairperson of the Qualified Legal Compliance Committee    Term: Until successor is elected and qualified Elected: 12/18    Senior Advisor to NGN Capital LLC (January 2020 – present); Managing General Partner, NGN Capital LLC (2006 – December 2019).    54    Director of Kleinfeld Bridal Corp. (January 2016 – present); Trustee of Neuroscience Research Institute (1986 – 2017); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee and Independent Chairperson of GE Funds (1993 – February 2011); Director, Muscular Dystrophy Association (2019 – present); Trustee of Gregorian University Foundation (1992 – 2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 - present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 - present); Trustee, Gallim Dance (December 2021 - present).

MICHAEL A. JESSEE

c/o SSGA Funds

Management, Inc.

One Iron Street Boston, MA 02210

YOB: 1946

    Director and Chairperson of the Valuation Committee    Term: Until successor is elected and qualified Elected: 12/18    Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph- Macon College (2004 – 2016).    54    None

 

2

Name, Address,

and Year of Birth

    Position(s)
Held With
Fund		   

Term of Office

and Length of

Time Served

    Principal Occupation
During Past Five Years
and Relevant Experience		    Number
of Funds
in Fund
Complex
Overseen
by Trustee†		    Other Directorships Held
by Director During Past
Five Years

MARGARET MCLAUGHLIN

c/o SSGA Funds

Management, Inc.

One Iron Street Boston,

MA 02210

YOB: 1967

    Director    Term: Indefinite Appointed: 9/22    Consultant, Bates Group (consultants) (2021 – 2023); Consultant, Madison Dearborn Partners (private equity) (2019 – 2020); General Counsel/CCO, Kramer Van Kirk Credit Strategies L.P./Mariana Systems LLC (Investment Adviser/SaaS Technology) (2011 – 2019).    54    Director, Manning & Napier Fund Inc (2021 – 2022).

GEORGE M. PEREIRA

c/o SSGA Funds

Management, Inc.

One Iron Street Boston,

MA 02210

YOB: 1964

    Director    Term: Indefinite Appointed: 9/22    Chief Operating Officer (January 2011 – September 2020) and Chief Financial Officer (November 2004 – September 2020), Charles Schwab Investment Management.    54    Director, Pacific Premier Bancorp, Pacific Premier Bank (2021 – present); Director, Charles Schwab Asset Management (Ireland) Ltd., & Charles Schwab Worldwide Funds plc. (2005 – 2020); Director, Rotaplast International, Inc. (non-profit providing free medical services to children worldwide) (2012 – 2018).

DONNA M. RAPACCIOLI

c/o SSGA Funds

Management, Inc.

One Iron Street Boston,

MA 02210

YOB: 1962

    Director and Chairperson of the Audit Committee    Term: Until successor is elected and qualified Elected: 12/18    Dean of the Gabelli School of Business (2007 – June 2022) and Accounting Professor (1987 – present) at Fordham University.    54    Director- Graduate Management Admissions Council (2015 – present); Trustee of Emmanuel College (2010 – 2019).

RICHARD D. SHIRK

c/o SSGA Funds

Management, Inc.

One Iron Street Boston,

MA 02210

YOB: 1945

    Director and Chairperson of the Nominating Committee and Chairperson of the Governance Committee    Term: Until successor is elected and qualified Elected: 12/18    Chairman (March 2001 – April 2002), President and Chief Executive Officer (1996 – March 2001), Cerulean Companies, Inc. (holding company) (Retired); President and Chief Executive Officer, Blue Cross Blue Shield of Georgia (health insurer, managed healthcare) (1992 – March 2001).    54    Chairman and Board Member (1998 – December 2008) and Investment Committee Member (December 2008 – present), Healthcare Georgia Foundation (private foundation); Lead Director and Board Member, Amerigroup Corp. (managed health care) (September 2002 – 2012); Board Member (1999 – 2013) and Investment Committee Member (2001 – 2017), Woodruff Arts Center; Trustee, Gettysburg College (2003 – 2009); Board Member, Aerocare Holdings (2003 – January 2021), Regenesis Biomedical Inc. (April 2012 – present).

 

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Name, Address,

and Year of Birth

    Position(s)
Held With
Fund		   

Term of Office

and Length of

Time Served

    Principal Occupation
During Past Five Years
and Relevant Experience		    Number
of Funds
in Fund
Complex
Overseen
by Trustee†		    Other Directorships Held
by Director During Past
Five Years

MARK E. SWANSON

c/o SSGA Funds

Management, Inc.

One Iron Street Boston,

MA 02210

YOB: 1963

    Director    Term: Indefinite Appointed: 3/23    Treasurer, Chief Accounting Officer and Chief Financial Officer, Russell Investment Funds (“RIF”) (1998 – 2022); Global Head of Fund Services, Russell Investments (2013 - 2022); Treasurer, Chief Accounting Officer and Chief Financial Officer, Russell Investment Company (“RIC”) (1998 – 2022); President and Chief Executive Officer, RIF (2016 - 2017 and 2020 - 2022); President and Chief Executive Officer, RIC (2016 - 2017 and 2020 - 2022)    54    Director and President, Russell Investments Fund Services, LLC (2010 - 2023); Director, Russell Investment Management, LLC, Russell Investments Trust Company and Russell Investments Financial Services, LLC (2010 - 2023).

 

4

  2.

Effective immediately, the table listing the principal officerse in the subsection “TRUSTEES AND OFFICERS” within the section “MANAGEMENT OF THE FUNDS” is restated in its entirety as follows:

 

Name, Address, and Year of Birth    Position(s) Held
With Fund		    Term of Office
and Length of
Time Served		    Principal Occupation During Past Five Years

ANN M. CARPENTER

SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210

YOB: 1966

    President and Principal Executive Officer;
Deputy Treasurer		    Term:
Indefinite
Served:
since 7/16
Term:
Indefinite
Served:
since 5/23		    Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present)*; Managing Director, State Street Global Advisors (April 2005 – present).*

BRUCE S. ROSENBERG

SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210

YOB: 1961

    Treasurer and Principal Financial Officer    Term:
Indefinite
Served:
since 7/16		    Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).

CHAD C. HALLETT

SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210

YOB: 1969

    Deputy Treasurer    Term:
Indefinite
Served:
since 7/16		    Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present).

DARLENE ANDERSON-VASQUEZ

SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210

YOB: 1968

    Deputy Treasurer    Term:
Indefinite
Served:
since 11/16		    Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).

ARTHUR A. JENSEN

SSGA Funds Management, Inc.
1600 Summer Street
Stamford, CT 06905

YOB: 1966

    Deputy Treasurer    Term:
Indefinite
Served:
since 7/16		    Vice President State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); Mutual Funds Controller, GE Asset Management Incorporated (April 2011 – July 2016).

DAVID LANCASTER

SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210

YOB: 1971

    Assistant Treasurer    Term:
Indefinite
Served:
since 11/20		    Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 – present); Assistant Vice President, State Street Bank and Trust Company (November 2011 – July 2017).*

 

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Name, Address, and Year of Birth    Position(s) Held
With Fund		    Term of Office
and Length of
Time Served		    Principal Occupation During Past Five Years

JOHN BETTENCOURT

SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210

YOB: 1976

    Assistant Treasurer    Term:
Indefinite
Served:
since 5/22		    Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (March 2020 – present); Assistant Vice President, State Street Global Advisors (June 2007– March 2020).

BRIAN HARRIS

SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210

YOB: 1973

   

Chief Compliance Officer,

Anti-Money Laundering Officer,

Code of Ethics Compliance Officer

    Term:
Indefinite
Served:
since 7/16		    Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present).*

SEAN O’MALLEY

SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210

YOB: 1969

    Chief Legal Officer    Term:
Indefinite
Served:
since 8/19		    Senior Vice President and General Counsel, State Street Global Advisors (May 2022 – present); Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 – May 2022).

DAVID BARR

SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210

YOB: 1974

    Secretary    Term:
Indefinite
Served:
since 9/20		    Vice President and Senior Counsel, State Street Global Advisors (October 2019 – present); Vice President and Counsel, Eaton Vance Corp. (October 2010 – October 2019).

E. GERARD MAIORANA, JR.

SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210

YOB: 1971

    Assistant Secretary    Term:
Indefinite
Served:
since 5/23		   

Assistant Vice President, State

Street Global Advisors (July 2014 – present).

DAVID URMAN

SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210

YOB: 1985

    Assistant Secretary    Term:
Indefinite
Served:
since 8/19		    Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (August 2015 – April 2019); Associate, Ropes & Gray LLP (November 2012 – August 2015).

 

*

Served in various capacities and/or with various affiliated entities during noted time period.

 

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  3.

Effective immediately, in the subsection “TRUSTEES AND OFFICERS” within the section “MANAGEMENT OF THE FUNDS,” the first five paragraphs on page 48, each paragraph on page 49, and the first two paragraphs on page 50 are deleted and replaced with the following:

Additional information about each Trustee follows (supplementing the information provided in the table above) that describes some of the specific experiences, qualifications, attributes or skills that each Trustee possesses which each Board believes has prepared them to be effective Trustees.

 

  •  

Patrick J. Riley: Mr. Riley is an experienced business executive with over 45 years of experience in the legal and financial services industries; his experience includes service as a trustee or director of various investment companies and Associate Justice of the Superior Court of the Commonwealth of Massachusetts. He has served on the Board of Trustees and related Committees of SSGA Funds for 33 years and possesses significant experience regarding the operations and history of the Trust. Mr. Riley also serves as a Trustee of the Navigator Trust, State Street Institutional Investment Trust, State Street Master Funds, SSGA Funds, State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc.

 

  •  

John R. Costantino: In addition to his tenure as a board member of various other funds advised by SSGA FM, Mr. Costantino has over 33 years of private equity investing experience. He has also served as an officer or a board member of charitable organizations and public and private companies for over 33 years. Mr. Costantino is an attorney and a certified public accountant. He also serves as a Trustee of the Navigator Trust, State Street Institutional Investment Trust, State Street Master Funds, SSGA Funds, State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (independent chairperson through 2016).

 

  •  

Michael A. Jessee: Mr. Jessee is an experienced business executive with approximately 45 years of experience in the banking industry. He previously served as President and Chief Executive Officer of the Federal Home Loan Bank of Boston as well as various senior executive positions of major banks. Mr. Jessee has served on the Navigator Trust’s Board of Trustees and related committees for 26 years and possesses significant experience regarding the Trust’s operations and history. Mr. Jessee also serves as a Trustee of the Navigator Trust, State Street Institutional Investment Trust, State Street Master Funds, SSGA Funds, State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc.

 

  •  

Margaret McLaughlin: Ms. McLaughlin has over twenty-five years of experience she has gained in a variety of roles encompassing regulatory, operating, legal, and compliance functions, serving both firms and their boards. Ms. McLaughlin formerly served as a founding member of the executive management team for Kramer Van Kirk Credit Strategies L.P. and its technology affiliate, Mariana Systems LLC, where she was integrally involved in corporate strategy, operational oversight, risk management and board governance. Prior to Kramer Van Kirk, Ms. McLaughlin was Assistant General Counsel to Harris Associates L.P., where she was responsible for legal, regulatory and compliance activities related to the Oakmark Mutual Funds. Ms. McLaughlin has an extensive understanding and perspective on governance, oversight, regulation, policies and procedures from these positions as well as her prior experience with both the

 

7

 

Securities and Exchange Commission and the Department of Justice. Most recently, Ms. McLaughlin has held consulting positions at major private equity and management consulting firms. Ms. McLaughlin serves as a Trustee of State Street Institutional Investment Trust, State Street Master Funds, State Street Navigator Securities Lending Trust, SSGA Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc.

 

  •  

George M. Pereira: Mr. Pereira has over thirty years of experience in executive management with financial institutions, including extensive experience relating to financial reporting, operations, cybersecurity oversight, and enterprise risk management. Mr. Pereira recently retired from Charles Schwab Investment Management Inc., having served as Chief Operating Officer and Chief Financial Officer during his tenure. Previously, Mr. Pereira also served as Head of Financial Reporting for Charles Schwab & Co., Inc. Earlier in his career, Mr. Pereira gained valuable regulatory experience and perspective while serving as managing director at the New York Stock Exchange. With this professional experience, Mr. Pereira has developed wide-ranging expertise in building and managing financial, operational, technology and risk control platforms for growth and scale within the financial services industry. Additionally, Mr. Pereira is a member of the Latino Corporate Directors Association. Mr. Pereira serves as a Trustee of State Street Institutional Investment Trust, State Street Master Funds, State Street Navigator Securities Lending Trust, SSGA Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc.

 

  •  

Donna M. Rapaccioli: Ms. Rapaccioli has over 33 years of service as a full-time member of the business faculty at Fordham University, where she developed and taught undergraduate and graduate courses, including International Accounting and Financial Statement Analysis, has taught at the executive MBA level and served as Dean of the Gabelli School of Business for 15 years. She has served on Association to Advance Collegiate Schools of Business accreditation team visits, lectured on accounting and finance topics and consulted for numerous investment banks. Ms. Rapaccioli also serves as a Trustee of the Navigator Trust, State Street Institutional Investment Trust, State Street Master Funds, SSGA Funds, and Elfun Funds and a Director of State Street Variable Insurance Series Funds, Inc.

 

  •  

Richard D. Shirk: Mr. Shirk is an experienced business executive with over 53 years of experience in the health care and insurance industries and with investment matters; his experience includes service as a trustee, director or officer of various health care companies and nonprofit organizations. He has served on the Board of Trustees and related Committees of SSGA Funds for 33 years and possesses significant experience regarding the operations and history of the Trust. Mr. Shirk also serves as a Trustee of the Navigator Trust, State Street Institutional Investment Trust, State Street Master Funds, SSGA Funds, State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc.

 

  •  

Mark E. Swanson: Mr. Swanson has over twenty-five years of experience in executive management with financial services institutions, including extensive experience relating to, fund operations, financial reporting, fund accounting, and fund services. Mr. Swanson recently retired from Russell Investments, having served most recently as the Global

 

8

 

Head of Fund Services. Additionally, Mr. Swanson served as Treasurer, Chief Accounting Officer and Chief Financial Officer Russell Investment Company (“RIC”) and Russell Investment Funds (“RIF”). Previously, Mr. Swanson served as Global Head of Fund Operations for Russell, as well as serving in different directorships with RIC, RIF and other Russell entities. Mr. Swanson serves as a Trustee of State Street Institutional Investment Trust, State Street Master Funds, State Street Navigator Securities Lending Trust, SSGA Funds, Elfun Diversified Fund, Elfun Government Money Market Fund, Elfun Income Fund, Elfun International Equity Fund, Elfun Tax Exempt Income Fund, Elfun Trusts, and State Street Institutional Funds and a Director of State Street Variable Insurance Funds, Inc.

References to the experience, attributes and skills of Trustees above are pursuant to requirements of the SEC, do not constitute holding out of the Board or any Trustee as having any special expertise or experience, and shall not impose any greater responsibility or liability on any such person or on the Board by reason thereof.

 

  4.

Effective immediately, the table in the subsection “Trustee Ownership of Securities of the Funds, Adviser and Distributor” within the subsection “TRUSTEES AND OFFICERS” is restated in its entirety as follows:

 

Name of Trustee    Dollar Range
Of Equity
Securities In
Each Fund		    Aggregate Dollar Range
Of Equity Securities In
All Registered
Investment Companies
Overseen By Trustees
In Family of Investment
Companies

Independent Trustees:

Patrick J. Riley

    None    Over $100,000

John R. Costantino

    None    None

Michael A. Jessee

    None    None

Donna M. Rapaccioli

    None    None

Margaret McLaughlin(1)

    None    None

George M. Pereira(1)

    None    None

Richard D. Shirk

    Over $100,000    Over $100,000

Mark E. Swanson(2)

    None    None

 

(1)

Ms. McLaughlin and Mr. Pereira were appointed Trustees effective September 15, 2022.

(2)

Mr. Swanson was appointed as Trustee effective March 2, 2023.

 

  5.

Effective immediately, the table in the subsection “Trustee Compensation” within the subsection “TRUSTEES AND OFFICERS” is restated in its entirety as follows:

 

Name of Trustee    Total
Compensation
from Each
Fund		      Total
Compensation
from All
Investment
Companies
Managed by
SSGA FM		  

Michael F. Holland(1)

    $ 27,297      $ 410,000  

Patrick J. Riley

    $ 27,297      $ 410,000  

John R. Costantino

    $ 22,268      $ 350,000  

Michael A. Jessee

    $ 22,268      $ 350,000  

Donna M. Rapaccioli

    $ 22,268      $ 350,000  

Richard D. Shirk

    $ 22,268      $ 350,000  

Margaret McLaughlin(2)

    $ 4,576      $ 80,000  

George M. Pereira(2)

    $ 4,576      $ 80,000  

Mark E. Swanson(3)

    $ 0      $ 0  

 

(1)

Mr. Holland served as a Trustee until December 31, 2022.

(2)

Ms. McLaughlin and Mr. Pereira were appointed Trustees effective September 15, 2022.

(3)

Mr. Swanson did not receive compensation from the Funds for services as Trustee for the most recently completed fiscal years of the Funds because he did not serve as Trustee during the relevant periods.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

061523SUPP1

 

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