The Geyers Geothermal plant © Northern California Power Authority

Eco-MuniTM Strategy

Our Eco-Muni™ strategy directly finances resilient infrastructure that local governments own and operate throughout the United States to address the challenges of climate and resource scarcity that their communities face. The infrastructure we build today will be with us for half a century or more, so we need to be thoughtful about the infrastructure we construct.

Our Investment Objective

We seek to earn competitive investment returns by selecting municipal bonds that finance Thick resilient infrastructure - bonds that preserve natural capital or improve adaptability to extreme weather events. We believe that state and local governments must prioritize Thick sustainable infrastructure, thereby reducing risk for investors.

Austin Water Ullrich Water Plant aerial view of large treatment ponds with swirling arms

Ullrich Water Treatment Plant, Austin, TX

Why Invest?

Eco-Muni™ is for investors who seek to:

Earn federal tax-exempt income;

Gain exposure to the bond market, thereby diversifying other investment risk;

Direct investment capital to finance resilient infrastructure that preserves or restores natural capital, or improves adaptability to climate upheaval.

We invest in municipalities that are advancing:

Energy transition with low carbon electricity generation

CPS Rio Nogales combined cycle natural gas plant

CPS Energy, Rio Nogales combined cycle natural gas plant

Energy and water efficiency

Southwest Florida Water Management District, water recycling system, Charlotte County, FL

Mass transit

Massachusetts Bay Transportation Authority

Waste and waste water disposal

Metropolitan Wastewater Reclamation District (CO), Northern Treatment Plant

Water preservation

Orange County Water District, CA

Water recycling

Central Waste Treatment Plant, Ft. Myers Public Works Utility, FL

Ft. Myers Utility, FL

Ground water replenishment

Edwards Aquifer at Seco Sinkhole in Medina County TX

San Antonio Water Authority, Edwards Aquifer below Seco Sinkhole in Medina County, TX

Watershed preservation

Montgomery restoration Lansing MI aerial view

Montgomery Drain Environmental Restoration, Lansing, MI

Climate resiliency

NYC Financial District and Seaport Climate Resilience Master Plan

Financial District and Seaport Climate Resiliency Master Plan, NY

Climate resiliency

East Side Coastal Resiliency, NY

Investments in resilient infrastructure span generations, and their impact on sustainability is immediate.

We find resilient infrastructure projects throughout the United States.

Our Investment Thesis: A core responsibility of state and local governments is the protection of communities from threats of extreme weather events. State and local governments must also preserve the sources of natural capital upon which their communities rely. The resilient infrastructure deployed to fulfill these responsibilities is a critical priority - and one that offers a favorable return for the risk the investor assumes.

38%

Market Value of Holdings in the West

23%

Market Value of Holdings in the Midwest

24%

Market Value of Holdings in the SouTH

Eco-Muni^™ Summary

Portfolio Statistics,

as of December 31, 2025

Weighted Average Coupon

4.6 %

Weighted Average Maturity

6.8 years

Weighted Average Duration

3.4

Weighted Average Yield

2.59%

Weighted Average Call Protection

5.0 years

Bond Credit Quality (%)

Rating

Composite Assets

AAA

13%

80%

BBB

Sector Allocation (%)

Sector

Composite Assets

Electric Utility

25%

Water Utility

38%

Combined Utility

Nuclear Energy

Transportation

12%

Higher Education

Education

Special Assessment

Other

Thick Infrastructure Allocation (%)

Natural Capital Category

Energy

34%

Atmosphere

29%

Water

23%

Habitat

10%

Resiliency

Largest Holdings

Name

% of Assets

Midland Public School District, 2% due 05/01/30

3.09%

Montgomery Drain Drainage District, 2% due 08/01/32

3.09%

Alpena Public School District, 2% due 05/01/33

3.06%

Public Utility District No. 2 of Grant County, 5% due 01/01/33

2.89%

New York City Municipal Water Finance Authority, 5% due 06/15/2031

2.65%

Peace River/Manasota Regional Water Supply Authority, 5% due 10/01/2029

2.45%

Los Angeles Department of Water and Power, 5% due 07/01/34

2.33%

Public Utility District No. 1 of Snohomish County, 5% due 12/01/30

2.27%

City of Eugene Electric Utility System, 5% due 08/01/27

2.18%

Performance

, as of February 28, 2026

Time Period

Portfolio Composite (Gross of Expenses)

Portfolio Composite (Net of Expenses)

Bloomberg Barclays Muni 1-10 Yr Blend (1-12) Total Return Index Value

Month-to-Date

0.56%

0.91%

Quarter-To-Date

1.58%

1.49%

1.91%

Year-to-Date

1.58%

1.49%

1.91%

Trailing One Year

4.56%

4.20%

5.45%

Trailing Three Years

3.31%

2.98%

4.12%

Trailing Five Years

0.86%

0.53%

1.72%

Since Inception*

0.79%

0.45%

1.77%

*Investment performance since inception are calculated from July 1, 2020.

Past performance is not indicative of future results. Investment return and principal value will fluctuate so that when money is withdrawn, they may be worth more or less than their original cost. Income is generally exempt from regular income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. Due to market conditions, current performance may be higher or lower than the data shown. Total returns for a period of less than one year are cumulative. Investment returns are net of all expenses, including management fees and trading expenses. Return calculations are based on actual fees deducted from client accounts.

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