Tax-Exempt Private Credit Fund (TSIFX)

1. Box 1a: Ordinary dividends are taxed at ordinary income tax rates.
2. Box 1b: 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. Box 2a: Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Box 3: Nondividend distributions are nontaxable and considered return of capital.
5. Box 12: 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 2025 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 2025, the Fund did not have any private activity bonds that were subject to the alternative minimum tax (AMT).

Report of Organizational Actions Affecting Basis of Securities

Effective January 1, 2012, issuers of regulated investment company securities must complete Form 8937 to report organizational actions, including nontaxable distributions, that affect the basis of the securities involved in the organizational action. The information contained below is intended to satisfy the requirements of public reporting under section 1.6045B-1(a)(3) and (b)(4) of the Treasury Regulations.

Nothing contained herein should be construed as tax advice; consult your tax adviser for more information. Furthermore, you may not rely upon any information herein for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code.

1. Box 1a: Ordinary dividends are taxed at ordinary income tax rates.
2. Box 1b: 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. Box 2a: Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Box 3: Nondividend distributions are nontaxable and considered return of capital.
5. Box 12: 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 2024, the Fund did not have any private activity bonds that were subject to the alternative minimum tax (AMT).

1. Box 1a: Ordinary dividends are taxed at ordinary income tax rates.
2. Box 1b: 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. Box 2a: Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Box 3: Nondividend distributions are nontaxable and considered return of capital.
5. Box 12: 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 2024, the Fund did not have any private activity bonds that were subject to the alternative minimum tax (AMT).

1. Box 1a: Ordinary dividends are taxed at ordinary income tax rates.
2. Box 1b: 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. Box 2a: Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Box 3: Nondividend distributions are nontaxable and considered return of capital.
5. Box 12: 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 2024, the Fund did not have any private activity bonds that were subject to the alternative minimum tax (AMT).

1. Box 1a: Ordinary dividends are taxed at ordinary income tax rates.
2. Box 1b: 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. Box 2a: Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Box 3: Nondividend distributions are nontaxable and considered return of capital.
5. Box 12: 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 2024, the Fund did not have any private activity bonds that were subject to the alternative minimum tax (AMT).

1. Box 1a: Ordinary dividends are taxed at ordinary income tax rates.
2. Box 1b: 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. Box 2a: Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Box 3: Nondividend distributions are nontaxable and considered return of capital.
5. Box 12: 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 2024, the Fund did not have any private activity bonds that were subject to the alternative minimum tax (AMT).

1. Box 1a: Ordinary dividends are taxed at ordinary income tax rates.
2. Box 1b: 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. Box 2a: Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Box 3: Nondividend distributions are nontaxable and considered return of capital.
5. Box 12: 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 2024, the Fund did not have any private activity bonds that were subject to the alternative minimum tax (AMT).

1. Box 1a: Ordinary dividends are taxed at ordinary income tax rates.
2. Box 1b: 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. Box 2a: Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Box 3: Nondividend distributions are nontaxable and considered return of capital.
5. Box 12: 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 2024, the Fund did not have any private activity bonds that were subject to the alternative minimum tax (AMT).