The Tax-Exempt Private Credit Fund's objective is to seek to generate attractive total return with an emphasis on tax-exempt income.

Fund Stats as of 11/05/2024:

View All Stats Slider View

Taxable Equivalent Yield

3.34%

30 Day SEC Yield (unsubsidized)

0.52%

30 Day SEC Yield (subsidized)

1.79%

Distribution Rate

1.68%

NAV

$8.33

NAV Change

$0.00

CUSIP

293859104

Minimum Investment

$2,500.00

Management Fee

1.25%

Max Early Withdrawal Fee

None

TSIFX
TSIFX

After careful consideration, the Adviser has recommended, and the Board of Directors of the Fund has approved, subject to shareholder approval, (i) the liquidation, dissolution and termination of Tax-Exempt Private Credit Fund, Inc. (the “Fund”) and (ii) the removal of the Fund’s fundamental policy of making quarterly offers to repurchase between 5% and 25% of its outstanding shares at net asset value. The Fund has filed and expects to provide shareholders with a proxy statement to seek shareholder approval of the proposed Dissolution and Fundamental Policy Removal, which will include further information regarding the proposals. The Adviser believes that an orderly wind down would provide shareholders with the best path to maximize portfolio recovery while also providing shareholders with liquidity. Effective as of June 21, 2024, the Fund has suspended offers and sales of its common shares.

You may contact the Client Relations Team with any questions: (866) 362-9331 ClientRelations@tortoiseadvisors.com

Overview Portfolio Performance Repurchase Distributions Tax Information

The Tax-Exempt Private Credit Fund's objective is to seek to generate attractive total return with an emphasis on tax-exempt income. 

Fund Details

As of 9/30/2024

Total Assets

$104.2 million

Fiscal Year End

September 30

Objective

Total return and tax-exempt income

Inception Date

3/26/2018

Ticker

TSIFX

Minimum Investment

$2,500.00

Max Early Withdrawal Fee

None

Management Fee

1.25%

Expense Ratio Gross

1.54%

Expense Ratio Net 1

1.50%

  1. The adviser has contractually agreed to reimburse expenses of the fund so that certain of the fund’s expenses will not exceed 0.25% of managed assets (annualized) through Feb. 28, 2024. Under the advisory agreement, the adviser receives compensation of 1.25% of our daily managed assets for the services rendered on an annual basis.

    Net expense ratio is as of the most recent prospectus and is applicable to investors

Sector Highlights

 

Educational Services

  • Charter schools
  • Private schools
  • Early education
  • Vocational/technical schools

Waste transition

  • Waste-to-energy
    • Landfill gas
    • Anaerobic digester
    • Biomass
  • Waste-to-value
    • Plastic recycling
    • Tire recycling
    • Food waste recycling

Healthcare Services

  • Senior living
    • Independent living
    • Assisted living (including memory care)
  • Hospitals
  • Medical care centers
    • Rehabilitation
    • Psychiatric
    • Substance abuse

Sector Allocation*

As of 9/30/2024

*Weighting is based on market value. Private represents those portfolio investments originated by the fund. Public represents those portfolio investments originated by public entities. 

Top Ten Issuers

As of 9/30/2024
Name % of Total
La Sonora at Dove Mountain
 20.3%
Athenian Academy
 15.1%
Vonore Fiber Products LLC
 10.4%
Championship Academy of Distinction West Broward
 7.1%
Montage Senior Living
 6.9%
Name % of Total
Championship Charter School I
 5.6%
Montage Living Projects
 3.5%
Montage Living Projects
 3.2%
Ability Connection Colorado
 2.9%
La Sonora at Dove Mountain
 2.8%

Total 77.8%

View all holdings

For full name of holdings, please see Schedule of Investments. “Top 10 issuers” reflects investments made that are in accordance with the strategy of the fund and do not include cash and/or cash equivalents.

Fund Statistics

Private As of 9/30/2024
Effective Duration 0.22 yrs
Average Life 7.52 yrs
Yield to Worst 4.44%
Public As of 9/30/2024
Effective Duration 0.02 yrs
Average Life 25.42 yrs
Yield to Worst 3.03%
Total As of 9/30/2024
Effective Duration 1 0.22 yrs
Average Life 7.52 yrs
Yield to Worst 2 4.44%

Yields

As of 9/30/2024
Gross Current Yield 3 3.32%
30 Day SEC Yield (unsubsidized) 4 0.52%
30 Day SEC Yield (subsidized) 4 1.79%

Holdings by Security Type

As of 9/30/2024
Private 40
Public 1
Private represents those portfolio investments originated by the fund. Public represents those portfolio investments originated by public entities.

Rating Allocation**

As of 9/30/2024

AAA

0.0%

AA

0.0%

A

0.0%

BBB

0.0%

BB

0.0%

B

0.0%

Non-investment grade/unrated

98.6%

Cash/Equivalent

1.3%

Due to rounding, totals may not equal 100%.

Performance data quoted represent past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-TCA-Fund (855-822-3863).

  1. Effective duration is a measure of the price sensitivity of bonds with embedded options (e.g., callable bonds) to changes in benchmark yields. This measure of duration takes into account the fact that expected cash flows will fluctuate as interest rates change. Effective duration can be estimated using modified duration for bonds without option features.

  2. Does not reflect the deduction of management fees and other fund expenses up to the expense cap. If management fees and expenses had been included, returns would be reduced.

  3. The gross current yield of a bond or other debt instrument is calculated by dividing the annual coupon amount of all debt/bonds in the portfolio by the current market price. This measure does not reflect fees or expenses. This calculation does not include non-income items.

  4. Reflects the deduction of management fees and other fund expenses up to the expense cap. Subsidized yield reflects fee waivers and/or expense reimbursements recorded by the fund during the period. Without waivers and/or reimbursements, yields would be reduced.

** Credit distribution is determined from the highest available credit rating from any Nationally Recognized Statistical Rating Organization “NRSRO” (generally S&P, Moody’s or Fitch) and is subject to change. Ratings are expressed as letters ranging from AAA, which is the highest grade, to D, which is the lowest grade. In limited situations when the rating agency has not issued a formal rating, the rating agency will classify the security as unrated.

Time Period

Ticker Class/Name

Total Return

QTD

Calendar YTD

1 Year

3 Year

5 year

Since Inception 1

 Expense Ratio Gross Expense Ratio Net 2
TSIFX Tax-Exempt Private Credit Fund

-0.75%

1.87%

4.13%

1.21%

1.59%

2.12%

 1.70% 1.50%
Ticker Class/Name

Total Return

Calendar YTD

1 Year

3 Year

5 year

Since Inception 1

 Expense Ratio Gross Expense Ratio Net 2
TSIFX Tax-Exempt Private Credit Fund

1.87%

4.13%

1.21%

1.59%

2.12%

 1.70% 1.50%

Performance data shown is net of fees and reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted.

  1. Period from fund inception (3/26/2018) through 9/30/2024

  2. The adviser has contractually agreed to reimburse expenses of the fund so that certain of the fund’s expenses will not exceed 0.25% of managed assets (annualized) through February 28, 2025. Under the advisory agreement, the adviser receives compensation of 1.25% of our daily managed assets for the services rendered on an annual basis. Net expense ratio is as of the most recent prospectus and is applicable to investors.

Note: For periods over one year, performance reflected is for the average annual returns.

This fund is structured as a closed-end interval fund. Liquidity is provided to shareholders only through the fund’s quarterly offers to repurchase. The fund will offer to repurchase between 5% and 25% of its outstanding shares, at net asset value, on a quarterly basis, currently expected to be 5%. Investors will receive repurchase notices each quarter with complete instructions.

View Repurchase Offer Notice

Repurchase Schedule

The following table sets forth the upcoming quarterly repurchase schedule.

Quarterly Repurchases February May August November
Repurchase Request Deadline 02/02/2024 05/03/2024 08/02/2024 11/01/2024
Repurchase Pricing Date 02/02/2024 05/03/2024 08/02/2024 11/01/2024
Repurchase Payment Deadline 02/09/2024 05/10/2024 08/09/2024 11/08/2024

The closed-end interval fund has adopted, pursuant to Rule 23c-3 under the 1940 Act, a fundamental policy, which cannot be changed without shareholder approval, requiring the fund to offer to repurchase at least 5% and up to 25% of its common shares at NAV on a regular schedule. Although the policy permits repurchases of between 5% and 25% of the fund's outstanding common shares, for each quarterly repurchase offer, the fund currently expects to offer to repurchase 5% of the fund's outstanding common shares at NAV subject to approval of the Board. It is possible that a repurchase offer may be oversubscribed, in which case shareholders may only have a portion of their shares repurchased. Subject to the above, quarterly repurchase offers and liquidity are limited.

Repurchase Request Deadline – the date by which the fund must receive repurchase requests submitted by shareholders in response to a repurchase offer or withdrawals or modifications of previously submitted repurchase requests for such repurchase offer.

Repurchase Pricing Date – date on which the fund determines the net asset value applicable to the repurchase of the fund’s common shares.

Repurchase Payment Deadline – the date by which the fund must pay all shareholders for any common shares repurchased.

The time between the notification to Shareholders and the Repurchase Request Deadline may vary from no more than 42 days to no less than 21 days, and is expected to be approximately 35 days.

Schwab and Pershing investors requesting a full redemption on 100 shares or less (de minimis requests):

The list of repurchase requests can be sent to Nick Calhoun (NCalhoun@tortoiseadvisors.com). The file can be in Excel format and would need to be received no later than EOD on the repurchase request deadline. Please include share quantity, BIN number, and shareholder name.

As a reminder, the normal repurchase request process will still need to be followed – these additional instructions are solely for Schwab and Pershing investors that hold 100 shares or less and wish to receive a full redemption.

Distributions are accrued and declared daily and distributed on a quarterly basis, therefore distribution amounts will vary based on number of days the investment was held during the period. View daily distribution factor here.

Distributions from net investments, income, if any, are declared daily and paid quarterly. Distributions from net realized capital gain, if any, are declared and paid annually.

Quarterly Distribution History

Show complete history
Declared Record Date Ex-Date Payment Date 1 Short Term Long Term Amount
Daily Daily Daily 9/30/2024 N/A N/A $0.0364
Daily Daily Daily 6/30/2024 N/A N/A $0.0526
Daily Daily Daily 3/31/2024 N/A N/A $0.0773
Sub-Total $0.1663
Sub-Total $0.1663

Supplemental Distribution*

Show complete history
Ticker Record Date Ex-Date Payment Date Amount
TSIFX 12/20/2022 12/21/2022 12/21/2022 0.3814
Sub-Total $0.3814
Sub-Total $0.38
2022 Total $0.7782

  1. Daily Accrual Dividends: Dividends are declared daily to that day's "settled" shareowners of record for the amount of net investment income earned that day. The payment of these dividends is on the first business day of the month following quarter end.

* Supplemental Dividends will be declared and paid only in the event there is a requirement in addition to the normal Daily Accrual quarterly payments.

Capital Gains, if any, will be declared and paid in December.

Tax Information

Tax forms, publications and instructions are available for download from the IRS website.

Annual 1099-DIV

  1. Ordinary dividends are taxed at ordinary income tax rates.

  2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.

  3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.

  4. Nondividend distributions are nontaxable and considered return of capital.

  5. Exempt Interest Dividends are nontaxable for Federal Taxes, please see supplemental schedule for state income breakdown.

Note on Tax-Exempt Interest Dividends:

Depending on your state's personal income tax laws, you may be entitled to declare a portion of your 2023 Exempt Interest Dividends (Box 12) as tax-exempt income on your state personal income tax return. However, some states do not allow an exclusion for exempt-interest dividends. Please consult your tax adviser or state authorities if you have any questions regarding the percentage of income you can exclude when calculating your state income tax.

During 2023, the Fund did not have any private activity bonds that were subject to the alternative minimum tax (AMT).

Annual 1099-DIV

  1. Ordinary dividends are taxed at ordinary income tax rates.

  2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.

  3. Capital gain distributions (lon-term) are taxed at the reduced capital gain tax rates.

  4. Nondividend distributions are nontaxable and considered return of capital

  5. Exempt Interest Dividends are nontaxable for Federal Taxes, please see supplemental schedule for state income breakdown

Note on Tax-Exempt Interest Dividends:

Depending on your state's personal income tax laws, you may be entitled to declare a portion of your 2018 Exempt Interest Dividends (Box 11) as tax-exempt income on your state personal income tax return. However, some states do not allow an exclusion for exempt-interest dividends. Please consult your tax adviser or state authorities if you have any questions regarding the percentage of income you can exclude when calculating your state income tax.

During 2018, the Fund did not have any private activity bonds that were subject to the alternative minimum tax (AMT).

Annual 1099-DIV

  1. Ordinary dividends are taxed at ordinary income tax rates.

  2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.

  3. Capital gain distributions (lon-term) are taxed at the reduced capital gain tax rates.

  4. Nondividend distributions are nontaxable and considered return of capital

  5. Exempt Interest Dividends are nontaxable for Federal Taxes, please see supplemental schedule for state income breakdown

Note on Tax-Exempt Interest Dividends:

Depending on your state's personal income tax laws, you may be entitled to declare a portion of your 2019 Exempt Interest Dividends (Box 11) as tax-exempt income on your state personal income tax return. However, some states do not allow an exclusion for exempt-interest dividends. Please consult your tax adviser or state authorities if you have any questions regarding the percentage of income you can exclude when calculating your state income tax.

During 2019, the Fund did not have any private activity bonds that were subject to the alternative minimum tax (AMT).

Annual 1099-DIV

  1. Ordinary dividends are taxed at ordinary income tax rates.

  2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.

  3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.

  4. Nondividend distributions are nontaxable and considered return of capital

  5. Exempt Interest Dividends are nontaxable for Federal Taxes, please see supplemental schedule for state income breakdown

Note on Tax-Exempt Interest Dividends:

Depending on your state's personal income tax laws, you may be entitled to declare a portion of your 2020 Exempt Interest Dividends (Box 11) as tax-exempt income on your state personal income tax return. However, some states do not allow an exclusion for exempt-interest dividends. Please consult your tax adviser or state authorities if you have any questions regarding the percentage of income you can exclude when calculating your state income tax.

During 2020, the Fund did not have any private activity bonds that were subject to the alternative minimum tax (AMT).

Annual 1099-DIV

  1. Ordinary dividends are taxed at ordinary income tax rates.

  2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.

  3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.

  4. Nondividend distributions are nontaxable and considered return of capital

  5. Exempt Interest Dividends are nontaxable for Federal Taxes, please see supplemental schedule for state income breakdown

Note on Tax-Exempt Interest Dividends:

Depending on your state's personal income tax laws, you may be entitled to declare a portion of your 2020 Exempt Interest Dividends (Box 11) as tax-exempt income on your state personal income tax return. However, some states do not allow an exclusion for exempt-interest dividends. Please consult your tax adviser or state authorities if you have any questions regarding the percentage of income you can exclude when calculating your state income tax.

During 2020, the Fund did not have any private activity bonds that were subject to the alternative minimum tax (AMT).

Annual 1099-DIV

  1. Ordinary dividends are taxed at ordinary income tax rates.

  2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.

  3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.

  4. Nondividend distributions are nontaxable and considered return of capital

  5. Exempt Interest Dividends are nontaxable for Federal Taxes, please see supplemental schedule for state income breakdown

Note on Tax-Exempt Interest Dividends:

Depending on your state's personal income tax laws, you may be entitled to declare a portion of your 2022 Exempt Interest Dividends (Box 12) as tax-exempt income on your state personal income tax return. However, some states do not allow an exclusion for exempt-interest dividends. Please consult your tax adviser or state authorities if you have any questions regarding the percentage of income you can exclude when calculating your state income tax.

During 2022, the Fund did not have any private activity bonds that were subject to the alternative minimum tax (AMT).

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