Tax-Advantaged Social Infrastructure Fund

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.

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.