ELFUN TAX EXEMPT INCOME FUND, 497, 1999-06-17

ELFUN TAX EXEMPT INCOME FUND
497, 1999-06-17

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                                   ELFUN FUNDS

                         SUPPLEMENT DATED JUNE 17, 1999
         TO THE STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 30, 1999

The following restates the first sentence of the section titled "Mortgage Dollar
Rolls" on page 33 of the Statement of Additional Information:

          With respect to 25% of total assets, the Diversified Fund and the
          Income Fund may enter into mortgage "dollar rolls" in which a Fund
          sells securities for delivery in the current month and simultaneously
          contracts with the same counterparty to repurchase similar (same type,
          coupon and maturity) but not identical securities on a specified
          future date.