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 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).