# EDGAR Filing Document

**Accession Number:** 0001725295
**File Stem:** 0001145549-25-056886
**Filing Date:** 2025-8
**Character Count:** 24578
**Document Hash:** 9ba18b40e4a166466dad5f1d16fa8e72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-056886.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001145549-25-056886

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tax-Exempt Private Credit Fund, Inc.
- **CENTRAL INDEX KEY:** 0001725295

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23318
- **FILM NUMBER:** 251277999

**BUSINESS ADDRESS:**
- **STREET 1:** 6363 COLLEGE BOULEVARD
- **STREET 2:** SUITE 100A
- **CITY:** OVERLAND PARK
- **STATE:** KS
- **ZIP:** 66211
- **BUSINESS PHONE:** 913-981-1020

**MAIL ADDRESS:**
- **STREET 1:** 6363 COLLEGE BOULEVARD
- **STREET 2:** SUITE 100A
- **CITY:** OVERLAND PARK
- **STATE:** KS
- **ZIP:** 66211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ecofin Tax-Exempt Private Credit Fund, Inc.
- **DATE OF NAME CHANGE:** 20230309

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ecofin Tax-Advantaged Social Impact Fund, Inc.
- **DATE OF NAME CHANGE:** 20200904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tortoise Tax-Advantaged Social Infrastructure Fund, Inc.
- **DATE OF NAME CHANGE:** 20180221

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Tax-Exempt Private Credit Fund** | **Tax-Exempt Private Credit Fund** | **Tax-Exempt Private Credit Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **MUNICIPAL BONDS - 91.3%** | **Par** | **Fair Value** |
| **Arizona - 34.5%** | **Arizona - 34.5%** | **Arizona - 34.5%** |
| Arizona Industrial Development Authority | Arizona Industrial Development Authority | Arizona Industrial Development Authority |
| &nbsp;&nbsp; 0.00%, 02/01/2026 (Obligor: Dove Mountain Senior Living) <sup>(a)(b)(g)</sup> | $21660000 | $23071642 |
| &nbsp;&nbsp; 0.00%, 02/01/2026 (Obligor: Dove Mountain Senior Living) <sup>(a)(b)(g)</sup> | 3095000 | 2836943 |
|  Maricopa County Industrial Development Authority, 6.75%, 07/01/2033 (Obligor: New Learning Ventures) | 944000 | 897720 |
|  |  | 26806305 |
| **Colorado - 3.7%** | **Colorado - 3.7%** | **Colorado - 3.7%** |
|  Colorado Educational & Cultural Facilities Authority, 7.50%, 12/15/2030 (Obligor: Ability Connection Colorado) <sup>(b)</sup> | 2905000 | 2868483 |
| **Florida - 28.5%** | **Florida - 28.5%** | **Florida - 28.5%** |
| Capital Trust Agency Inc. | Capital Trust Agency Inc. | Capital Trust Agency Inc. |
| &nbsp;&nbsp; 0.00%, 11/15/2025 (Obligor: Championship Charter School I — Series A) <sup>(a)(b)(g)</sup> | 8425000 | 5110461 |
| &nbsp;&nbsp; 0.00%, 11/15/2025 (Obligor: Championship Charter School I — Series B) <sup>(a)(b)(g)</sup> | 485000 | 294193 |
| Florida Development Finance Corp. | Florida Development Finance Corp. | Florida Development Finance Corp. |
| &nbsp;&nbsp; 7.00%, 08/01/2032 (Obligor: Academir Charter School) <sup>(b)</sup> | 2700000 | 2410534 |
| &nbsp;&nbsp; 5.51%, 07/01/2049 (Obligor: The Athenian Academy) <sup>(a)(b)</sup> | 15925000 | 14332500 |
|  |  | 22147688 |
| **Ohio - 0.8%** | **Ohio - 0.8%** | **Ohio - 0.8%** |
|  County of Shelby, Ohio, 8.00%, 04/15/2055 (Obligor: SLF Sidney Obligation Group) <sup>(b)</sup> | 660000 | 641598 |
| **Pennsylvania - 2.6%** | **Pennsylvania - 2.6%** | **Pennsylvania - 2.6%** |
|  Pennsylvania Economic Development Financing Authority, 8.50%, 12/01/2039<br> (Obligor: Earthcare Bethel LLC) <sup>(b)(c)(d)</sup> | 2025000 | 2064593 |
| **Wisconsin - 21.2%** | **Wisconsin - 21.2%** | **Wisconsin - 21.2%** |
| Public Finance Authority | Public Finance Authority | Public Finance Authority |
| &nbsp;&nbsp; 0.00%, 06/30/2025 (Obligor: Landings of Douglas - Series D) <sup>(a)(b)(g)</sup> | 75000 | - |
| &nbsp;&nbsp; 0.00%, 06/30/2025 (Obligor: Gardens of Waterford — Series C) <sup>(a)(b)(g)</sup> | 1185000 | - |
| &nbsp;&nbsp; 0.00%, 09/30/2025 (Obligor: Montage Living Obligation Group) <sup>(b)(f)(g)</sup> | 10980000 | 6917400 |
| &nbsp;&nbsp; 0.00%, 09/30/2025 (Obligor: Montage Living Obligation Group) <sup>(b)(f)(g)</sup> | 5520000 | 3477600 |
| &nbsp;&nbsp; 0.00%, 09/30/2025 (Obligor: Montage Living Obligation Group) <sup>(b)(f)(g)</sup> | 5060000 | 3187800 |
| &nbsp;&nbsp; 0.00%, 01/01/2029 (Obligor: Landings of Montgomery — Series C) <sup>(a)(b)(g)</sup> | 1955000 | 11722 |
| &nbsp;&nbsp; 0.00%, 01/01/2029 (Obligor: Gardens of Montgomery — Series A) <sup>(a)(b)(g)</sup> | 1610000 | 9653 |
| &nbsp;&nbsp; 0.00%, 01/01/2029 (Obligor: Landings of Montgomery - Series D) <sup>(a)(b)(g)</sup> | 65000 | 389 |
| &nbsp;&nbsp; 0.00%, 01/01/2029 (Obligor: Gardens of Montgomery — Series B) <sup>(a)(b)(g)</sup> | 29000 | 174 |
| &nbsp;&nbsp; 7.60%, 01/15/2033 (Obligor: The Excel Academy) <sup>(b)</sup> | 740000 | 720496 |
| &nbsp;&nbsp; 7.63%, 02/01/2033 (Obligor: Genesis Christian Academy) <sup>(b)</sup> | 2245000 | 2136130 |
|  |  | 16461364 |
| **TOTAL MUNICIPAL BONDS** (Cost $88,039,566) | **TOTAL MUNICIPAL BONDS** (Cost $88,039,566) | 70990031 |
| **PRIVATE NOTES - 2.8%** | **Par** | **Fair Value** |
|  CHAMP. DAVIE H.S., 0.00%, 09/30/2025 <sup>(a)(g)</sup> | 500000 | 303292 |
|  Regional Housing & Community Note, 7.50%, 07/12/2025<sup>(g)</sup> | 1833759 | 1833759 |
| **TOTAL PRIVATE NOTES** (Cost $2,333,759) | **TOTAL PRIVATE NOTES** (Cost $2,333,759) | 2137051 |
| **SHORT-TERM INVESTMENTS - 2.8%** |  | **Fair Value**  |
| **Money Market Funds - 2.8%** | **<u>Shares</u>** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(e)</sup> | 2177180 | 2177180 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,177,180) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,177,180) | 2177180 |
| **TOTAL INVESTMENTS - 96.9% (**Cost $92,550,505**)** | **TOTAL INVESTMENTS - 96.9% (**Cost $92,550,505**)** | 75304262 |
| Other Assets in Excess of Liabilities - 3.1% | Other Assets in Excess of Liabilities - 3.1% | 2431076 |
| **TOTAL NET ASSETS - 100.0%** |  | $77735338 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

---

| | |
|:---|:---|
| (a) | Non-income producing as the issuer is currently in default. |
| (b) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $70,092,311 or 90.2% of the Fund's net assets. |
| (c) | Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2025. |
| (d) | Security subject to the Alternative Minimum Tax ("AMT"). As of June 30, 2025, the total value of securities subject to the AMT was $2,064,593 or 2.6% of net assets. |
| (e) | The rate shown represents the 7-day annualized effective yield as of June 30, 2025. |
| (f) | Non-income producing as the security is in forbearance as June 30, 2025. |
|  | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represent $47,055,028 of 60.5% of net assets as of June 30, 2025. |

---

------

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Tax-Exempt Private Credit Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | – | 26072054 | 44917977 | 70990031 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Private Notes | – | – | 2137051 | 2137051 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 2177180 | – | – | 2177180 |
| Total Investments | 2177180 | 26072054 | 47055028 | 75304262 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

---

| | | |
|:---|:---|:---|
| The following tables present assets measured at fair value on a reoccurring basis using significant unobservable inputs (Level 3) for the period ended June 30, 2025: | The following tables present assets measured at fair value on a reoccurring basis using significant unobservable inputs (Level 3) for the period ended June 30, 2025: | The following tables present assets measured at fair value on a reoccurring basis using significant unobservable inputs (Level 3) for the period ended June 30, 2025: |
|  | Private Loans | Municipal Bonds |
| Balance - beginning of period | $2647665 | $28694611 |
| Transfers into Level 3 <sup>(1)</sup> | - | 25908585 |
| Purchases | 648000 | - |
| Sales | (1130806) | - |
| Accretion/(Amortization) | - | 3134 |
| Net realized gain (loss) | - | (12780000) |
| Net change in unrealized appreciation/depreciation <sup>(1)</sup> | (27808) | 3091647 |
| Balance - end of period | $2137051 | $44917977 |
| Net change in unrealized depreciation from investments still held as of 6/30/2025 | $(27808) | $2305001 |
| Transfers between levels are recognized at the end of the reporting period. During the period ended June 30, 2025, the Fund recognized no transfers between levels. | Transfers between levels are recognized at the end of the reporting period. During the period ended June 30, 2025, the Fund recognized no transfers between levels. | Transfers between levels are recognized at the end of the reporting period. During the period ended June 30, 2025, the Fund recognized no transfers between levels. |
| Refer to the Schedule of Investments for further information on the classification of investments. | Refer to the Schedule of Investments for further information on the classification of investments. | Refer to the Schedule of Investments for further information on the classification of investments. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Tax-Exempt Private Credit Fund, Inc.

- **b. Investment Company Act file number:** 811-23318

- **c. CIK number of Registrant:** 0001725295

- **d. LEI of Registrant:** 549300Y85BVC2Q7S1K12

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 5901 College Boulevard

  - **City:** Overland Park

  - **State:** KS

  - **Foreign country:** US

  - **Zip / Postal Code:** 66211

  - **Telephone number:** 913-981-1020

**Item A.2. Information about the Series.**

- **a. Name of Series:** Tax-Exempt Private Credit Fund, Inc.

- **c. LEI of Series:** 549300Y85BVC2Q7S1K12

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $78181565.59

**Total Liabilities:** $446227.70

**Net Assets:** $77735337.89

**Cash Not Reported:** $14265.10

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 3399.563494000000 | **1-Year:** 1106.102438000000 | **5-Year:** 210.398632000000 | **10-Year:** 4114.539168000000 | **30-Year:** 9613.129331000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -1.09%               | -0.15%               | -0.75%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1033658.11                               |
| Month 2  | $-1329999.98             | $1364524.31                                |
| Month 3  | $0.00                    | $-629572.15                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                    | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PUBLIC FIN AUTH WI REVENUE              | Public Finance Authority                              | CUSIP: 74442PHF5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $9653.25      | 0.01%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC          | Public Finance Authority                              | CUSIP: 74443DJY8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2136130.07   | 2.75%             | 2033-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SENIOR LIVI          | Public Finance Authority                              | CUSIP: 74443UCF8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10980000 | PA      | $6917400.00   | 8.90%             | 2025-09-30      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| PUBLIC FIN AUTH WI SENIOR LIVI          | Public Finance Authority                              | CUSIP: 74443UCG6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5520000 | PA      | $3477600.00   | 4.47%             | 2025-09-30      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH MF HS          | Arizona Industrial Development Authority              | CUSIP: 04062PAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21660000 | PA      | $23071641.55  | 29.68%            | 2026-02-01      | Fixed         | 6.40%                 | No            |                  3 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F          | Capital Trust Agency Inc                              | CUSIP: 14054CBE8<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    485000 | PA      | $294192.73    | 0.38%             | 2025-11-15      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| CHAMP. DAVIE H.S                        | CHAMP. DAVIE H.S                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    500000 | PA      | $303291.48    | 0.39%             | 2025-09-30      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH          | Maricopa County Industrial Development Authority      | CUSIP: 56681NHA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    944000 | PA      | $897719.93    | 1.15%             | 2033-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING           | Pennsylvania Economic Development Financing Authority | CUSIP: 708692BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2025000 | PA      | $2064592.80   | 2.66%             | 2039-12-01      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE              | Public Finance Authority                              | CUSIP: 74442PLG8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     75000 | PA      | $0.00         | 0.00%             | 2025-06-30      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE              | Public Finance Authority                              | CUSIP: 74442PLJ2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     65000 | PA      | $389.73       | 0.00%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| PUBLIC FIN AUTH WI SENIOR LIVI          | Public Finance Authority                              | CUSIP: 74443UCH4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5060000 | PA      | $3187800.00   | 4.10%             | 2025-09-30      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| SHELBY CNTY OH HLTH CARE FACS           | County of Shelby OH                                   | CUSIP: 821655AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $641597.55    | 0.83%             | 2055-04-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| First American Government Obli          | First American Government Obligations Fund            | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   2177180 | NS      | $2177180.14   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE              | Public Finance Authority                              | CUSIP: 74442PHG3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     29000 | PA      | $173.88       | 0.00%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH MF HS          | Arizona Industrial Development Authority              | CUSIP: 04062PAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3095000 | PA      | $2836943.48   | 3.65%             | 2026-02-01      | Fixed         | 9.65%                 | No            |                  3 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE              | Public Finance Authority                              | CUSIP: 74442PLH6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1955000 | PA      | $11721.81     | 0.02%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F          | Capital Trust Agency Inc                              | CUSIP: 14054CBD0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   8425000 | PA      | $5110461.35   | 6.57%             | 2025-11-15      | Fixed         | 8.25%                 | No            |                  3 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN          | Florida Development Finance Corp                      | CUSIP: 34061UDF2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  15925000 | PA      | $14332500.00  | 18.44%            | 2049-07-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU          | Colorado Educational & Cultural Facilities Authority  | CUSIP: 19645UEL4<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2905000 | PA      | $2868482.70   | 3.69%             | 2030-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE          | Public Finance Authority                              | CUSIP: 74442EKT6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    740000 | PA      | $720495.75    | 0.93%             | 2033-01-15      | Variable      | 7.60%                 | No            |                  2 | On Loan: No      |
| REGIONAL HOUSING & COMMUNITY NT 7.5% 22 | REGIONAL HOUSING & COMMUNITY NT 7.5% 22               | CUSIP: 75902RAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1833759 | PA      | $1833759.24   | 2.36%             | 2025-07-12      | Fixed         | 7.50%                 | No            |                  3 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN          | Florida Development Finance Corp                      | CUSIP: 34061ULQ9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2410534.08   | 3.10%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE              | Public Finance Authority                              | CUSIP: 74442PLF0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $0.00         | 0.00%             | 2025-06-30      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** Tax-Exempt Private Credit Fund, Inc.

**Signature:** /s/ Sean Wickliffe

**Name of Signer:** Sean Wickliffe

**Title:** Principal Financial Officer