The Tortoise Tax-Advantaged Social Infrastructure Fund's objective is to seek to generate attractive total return with an emphasis on tax-advantaged income.

Fund Stats as of 8/23/2019:

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NAV

$10.02

NAV Change

$0.00

Distribution Rate

4.33%

CUSIP

293859104

Minimum Investment

$2,500.00

Max Repurchase Fee

2.00%

Max Early Withdrawal Fee

None

Management Fee

1.32%

Expense Ratio Gross

2.18%

Expense Ratio Net

1.71%

The Tortoise social infrastructure platform provides capital for social infrastructure projects related to private nonprofits, 501(c)(3) organizations, public nonprofits and other entities authorized to issue private activity and tax-exempt municipal bonds focused on education, healthcare, housing and other social services by investing in directly originated credit securities. The Tortoise Tax-Advantaged Social Infrastructure Fund's objective is to seek to generate attractive total return with an emphasis on tax-advantaged income.

Key reasons to consider investing:

  • Compelling market opportunity potential
  • Attractive after-tax return potential, including tax-advantaged income
  • Seeks diversification through generally uncorrelated alternative assets
  • Shorter expected duration in a rising interest rate environment
  • Experienced team

Introducing The Tortoise Tax-Advantaged Social Infrastructure Fund

Fund Details

As of 7/31/2019

Total Assets

$194.8 million

Fiscal Year End

September 30

Objective

Total return and tax-advantaged income

Inception Date

3/26/2018

Ticker

TSIFX

Minimum Investment

$2,500.00

Max Repurchase Fee 1

2.00%

Max Early Withdrawal Fee

None

Management Fee 2

1.32%

Expense Ratio Gross 3

2.18%

Expense Ratio Net 4

1.71%

  1. The fund may impose repurchase fees of up to 2.00% on common shares accepted for repurchase. Payment of the repurchase fee is made by netting the fee against the repurchase proceeds. The repurchase fee is retained by the fund for the benefit of remaining shareholders. If a shareholder has made multiple purchases and tenders a portion of its common shares, the repurchase fee is calculated on a first-in/first-out basis. At this time, the fund has elected not to impose the repurchase fee on repurchases of common shares. The fund may, in its sole discretion, choose to reduce or waive the repurchase fee.

  2. The advisor 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 29, 2020. Under the advisory agreement, the advisor receives compensation of 1.25% of our daily managed assets for the services rendered on an annual basis. 1.50% is the current expense cap, assuming no leverage in the fund. If the fund were to utilize leverage, the expense cap would be 1.63%. Net expense ratio is as of the most recent prospectus and is applicable to investors.

  3. Reflects the issuance of leverage representing 5.00% of the fund’s total assets immediately after the incurrence of leverage, net of expenses, and the fund’s currently projected annual interest on its leverage of 2.50%. The fund's actual interest costs associated with leverage may differ from these estimates.

  4. The advisor 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 29, 2020. Under the advisory agreement, the advisor receives compensation of 1.25% of our daily managed assets for the services rendered on an annual basis. 1.50% is the current expense cap, assuming no leverage in the fund. If the fund were to utilize leverage, the expense cap would be 1.63%. Net expense ratio is as of the most recent prospectus and is applicable to investors.

    Reflects the issuance of leverage representing 5.00% of the fund’s total assets immediately after the incurrence of leverage, net of expenses, and the fund’s currently projected annual interest on its leverage of 2.50%. The fund's actual interest costs associated with leverage may differ from these estimates.

Portfolio Allocation

as of 7/31/2019

By Security Type

Weighting is based on market value.

Fund Statistics

Private As of 7/31/2019
Effective Duration 1 2.30 yrs
Average Life 6.65 yrs
Yield to Worst 2 8.58%
Public As of 7/31/2019
Effective Duration 1 0.10 yrs
Average Life 0.11 yrs
Yield to Worst 2 1.52%
Total As of 7/31/2019
Effective Duration 1 1.57 yrs
Average Life 4.50 yrs
Yield to Worst 2 6.25%

Yields

As of 7/31/2019
Gross Current Yield 2 6.27%
30 Day SEC Yield (unsubsidized) 3 4.37%
30 Day SEC Yield (subsidized) 3 4.49%

Holdings by Security Type

As of 7/31/2019
Private Securities 26
Public Securities 53
Total 79

Rating Allocation*

As of 7/31/2019

AAA

9.9%

AA

17.1%

A

0%

BBB

0%

Non-investment grade/unrated

67.2%

Cash/Equivalent

5.7%

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. 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.

Sector Highlights


Social infrastructure provides essential services to communities, including:

Educational Services

  • Charter schools
  • Vocational/technical schools
  • Community/junior colleges
  • Private schools
    • Special needs
    • Early education

Healthcare Services

  • Senior living
  • Hospitals
  • Medical care centers
    • Rehabilitation
    • Psychiatric
    • Substance abuse
  • Nursing and residential care

Housing Services

  • Student housing
  • Military housing
  • Affordable housing

Energy Efficiency and Project Finance

  • Industrial infrastructure/utility projects
    • Water treatment plants
    • Recycling centers
    • Waste-to-energy
  • Nonprofit/human service providers

Time Period

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. Performance data current to the most recent month end may be obtained by calling 855-TCA-Fund (855-822-3863).

  1. Period from fund inception (3/26/2018) through 6/30/2019

  2. The advisor 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 29, 2020. Under the advisory agreement, the advisor receives compensation of 1.25% of our daily managed assets for the services rendered on an annual basis. 1.50% is the current expense cap, assuming no leverage in the fund. If the fund were to utilize leverage, the expense cap would be 1.63%. Net expense ratio is as of the most recent prospectus and is applicable to investors.

  3. The advisor 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 29, 2020. Under the advisory agreement, the advisor receives compensation of 1.25% of our daily managed assets for the services rendered on an annual basis. 1.50% is the current expense cap, assuming no leverage in the fund. If the fund were to utilize leverage, the expense cap would be 1.63%. Net expense ratio is as of the most recent prospectus and is applicable to investors.

    Reflects the issuance of leverage representing 5.00% of the fund’s total assets immediately after the incurrence of leverage, net of expenses, and the fund’s currently projected annual interest on its leverage of 2.50%. The fund's actual interest costs associated with leverage may differ from these estimates.

  4. Period from fund inception (3/26/2018) through 7/31/2019

  5. The advisor 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 29, 2020. Under the advisory agreement, the advisor receives compensation of 1.25% of our daily managed assets for the services rendered on an annual basis. 1.50% is the current expense cap, assuming no leverage in the fund. If the fund were to utilize leverage, the expense cap would be 1.63%. Net expense ratio is as of the most recent prospectus and is applicable to investors.

    Reflects the issuance of leverage representing 5.00% of the fund’s total assets immediately after the incurrence of leverage, net of expenses, and the fund’s currently projected annual interest on its leverage of 2.50%. The fund's actual interest costs associated with leverage may differ from these estimates.

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.

Repurchase Schedule


The following table sets forth the upcoming quarterly repurchase schedule.

Quarterly Repurchases February May August November
Repurchase Request Deadline 02/01/2019 05/03/2019 08/02/2019 11/01/2019
Repurchase Pricing Date 02/01/2019 05/03/2019 08/02/2019 11/01/2019
Repurchase Payment Deadline 02/08/2019 05/10/2019 08/09/2019 11/08/2019

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.

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 12/31/2019 TBD TBD TBD
Daily Daily Daily 9/30/2019 TBD TBD TBD
Daily Daily Daily 6/28/2019 TBD TBD $0.1039
Daily Daily Daily 3/29/2019 TBD TBD $0.1213
Sub-Total $0.2252

Supplemental Distribution*

Ticker Record Date Ex-Date Payment Date Amount
TSIFX 12/24/2018 12/26/2018 12/26/2018 $0.0217
Sub-Total $0.02
2018 Total $0.2478
  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.

Videos Social Infrastructure 1/10/2019

Tortoise Tax-Advantaged Social Infrastructure Fund

Commentaries Social Infrastructure 12/31/2018

Frequently Asked Questions

Commentaries Social Infrastructure 12/31/2018

Why an interval fund?

Podcasts Social Infrastructure 6/04/2018

How to measure the fund’s performance

Corporate Governance

Tortoise Tax-Advantaged Social Infrastructure Fund is committed to strong corporate governance. Anyone with concerns related to the company's conduct, the conduct of an officer of the company, accounting, internal accounting controls or auditing matters can communicate directly with the Audit Committee of the company's Board of Directors.

Please submit communications in an envelope labeled "To be opened by the interval fund Audit Committee only" to the:

Chairperson of the Audit Committee
c/o Corporate Secretary
Tortoise Tax-Advantaged Social Infrastructure Fund
11550 Ash Street, Suite 300
Leawood, KS 66211

asktheboard@tortoiseadvisors.com

The communication should indicate whether the communication is intended for the board or one of its committees.

We are committed to managing our companies with honesty and integrity. To help you understand our commitment to corporate governance, please review our guidelines, policies and procedures.

TSIFX Governance Documents

Committee Membership

Board Member Audit Nominating Compliance
Conrad S. Ciccotello
Gary P. Henson
Al Strain
John G. Woolway

 committee Chairman

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 (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).