Tax-Advantaged Social Infrastructure Fund

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 healthcare, education, 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

Fund details as of 2/28/2019

Total assets $131.7 million   Fiscal year end September 30
Investment objective Total return and tax-advantaged income   Structure Regulated investment company (RIC)


Overview of the Public Municipal Sleeve

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Credit Quality weights by rating are derived from the highest bond rating as determined by S&P, Moody’s or Fitch. Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services. These firms evaluate a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA,’ which is the highest grade, to ‘D,’ which is the lowest grade. When none of the three rating agencies have issued a formal rating, the Advisor will classify the security as nonrated.

Alpha is the residual return over a pre-specified benchmark.

How to measure the fund’s performance

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Tortoise’s Chief Marketing Officer Jen Ashlock and Managing Director Jeremy Goff discuss:

  • Metrics investors should use to evaluate the fund’s performance
  • Primary benchmark used for the fund
  • Key differences between the benchmark and the fund
  • Frequency and method used for pricing the fund

Nothing contained herein constitutes tax, legal or investment advice. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation.

The Bloomberg Barclays U.S. High Yield Municipal Bond Index(the Non-Investment Grade Municipal Bond Index) is composed of nonrated municipal bonds or municipal bonds rated Ba1 or below. The bonds must have an outstanding par value of at least $3 million, be issued as part of a transaction of at least $20 million, have an issue date after December 31, 1990 and have a remaining maturity of at least one year.

The Bloomberg Barclays U.S. Municipal Bond Index consists of a broad selection of investment grade, general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after December 31, 1990, having a remaining maturity of at least one year.

It is not possible to invest directly in an index.

TSIFX Details

As of 03/19/2019

  • NAV
  • $9.96
  • $ Chg
  • $0.00
  • Inception Date
  • 3/26/2018
  • Objective
  • Total return and tax-advantaged income
  • Ticker
  • Cusip
  • 293859104
  • Minimum investment
  • $2,500
  • Max repurchase fee1
  • 2.00%
  • Max early withdrawal fee
  • None
  • Management fee2
  • 1.32%
  • Gross expense ratio3
  • 2.18%
  • Net expense ratio2,3
  • 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.