# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0001999371-25-014714
**Filing Date:** 2025-10
**Character Count:** 295549
**Document Hash:** 5561c8a2bb28d57e5ab533b788104c48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-014714.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0001999371-25-014714

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**EFFECTIVENESS DATE**: 20251006

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust III
- **CENTRAL INDEX KEY:** 0001722388

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 251376108

**BUSINESS ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER 1209 ORANGE ST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 4694428424

**MAIL ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER 1209 ORANGE ST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Trust I
- **DATE OF NAME CHANGE:** 20180319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Funds I Trust
- **DATE OF NAME CHANGE:** 20171113

## Series and Classes Contracts Data

### Rockefeller California Municipal Bond ETF (Series ID: S000086368)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000251862 | Rockefeller California Municipal Bond ETF | RMCA            |

### Rockefeller New York Municipal Bond ETF (Series ID: S000086369)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000251863 | Rockefeller New York Municipal Bond ETF | RMNY            |

### Rockefeller Opportunistic Municipal Bond ETF (Series ID: S000086370)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000251864 | Rockefeller Opportunistic Municipal Bond ETF | RMOP            |

### Rockefeller Global Equity ETF (Series ID: S000086715)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000252323 | Rockefeller Global Equity ETF | RGEF            |

### Rockefeller U.S. Small-Mid Cap ETF (Series ID: S000086716)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000252324 | Rockefeller U.S. Small-Mid Cap ETF | RSMC            |

?xml version='1.0' encoding='ASCII'? 10-02-2025_proofs

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

------

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **(811-23312)**

**Tidal Trust III**

(Exact name of registrant as specified in charter)

**234 West Florida Street, Suite 203**

**Milwaukee, Wisconsin 53204**

(Address of principal executive offices) (Zip code)

**Eric W. Falkeis**

**Tidal Trust III**

**234 West Florida Street, Suite 203**

**Milwaukee, Wisconsin 53204**

(Name and address of agent for service)

**(844) 986-7700**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>July 31</u>**

Date of reporting period: **<u>July 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

**Rockefeller California Municipal Bond ETF** Tailored Shareholder Report

**annual Shareholder Report July 31, 2025**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller California Municipal Bond ETF** <br> Ticker: RMCA (Listed on NYSE Arca, Inc.) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Rockefeller California Municipal Bond ETF (the "Fund") for the period August 12, 2024 (the Fund's "Inception") to July 31, 2025. You can find additional information about the Fund at www.rockefelleretfs.com/rmca . You can also request this information by contacting us at (844) 992-1333 or by writing the Fund at Rockefeller California Municipal Bond ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs since inception? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller California Municipal Bond ETF  | $49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51%  |

---

#### Cumulative Performance
![line](qes1s0x1mfprzsdr.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| <br>  | **Since Inception**<br>  |
| **Rockefeller California Municipal Bond ETF** | -3.01% |
| **Bloomberg California Exempt Index** | -0.52% |
| **Bloomberg U.S. Municipal High Yield Bonds Index** | -1.73% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*** The line graph above assumes an initial investment of $10,000 in the Fund.

#### How did the Fund perform last year and what affected its performance?
From inception (8/12/24) through 7/31/25, the Fund returned -3.01%, underperforming its benchmark by 2.49%, primarily due to untimely outflows and longer duration exposure.

The portfolio's longer duration relative to the benchmark contributed to underperformance amid rising long-end yields, though higher yield exposure helped offset some of the impact.

As of month-end, the Fund's distribution yield was 4.95%, and credit fundamentals across the municipal market remain strong. The Fund maintains a bottom-up, credit-intensive strategy focused on yield-driven total return, recognizing that short-term volatility may occasionally outweigh income.

Rockefeller California Municipal Bond ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of July 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $16350 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72  |
| **Total Advisory Fee** | $75733 |
| **Portfolio Turnover Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234%  |

---

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of**<br> **net assets)**<br>  |
| **California School Facilities Financing Authority, 08/01/49** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.2  |
| **Silicon Valley Tobacco Securitization Authority,**<br> **Call 09/12/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.3  |
| **California State University, Call 11/01/35** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.2  |
| **California Health Facilities Financing Authority, Call 02/01/35** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.2  |
| **San Diego County Regional Airport Authority, Call 07/01/35** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.2  |
| **California Infrastructure & Economic Development Bank, Call 05/15/35** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.2  |
| **City of Los Angeles Department of Airports, Call 05/15/35** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1  |
| **San Francisco City & County Airport Comm-**<br> **San Francisco International Airport** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1  |
| **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1  |
| **Los Angeles Department of Water & Power Water System Revenue** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1  |

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.rockefelleretfs.com/rmca.
Rockefeller Global Equity ETF Tailored Shareholder Report

**annual Shareholder Report July 31, 2025**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller Global Equity ETF** <br> Ticker: RGEF (Listed on NYSE Arca, Inc.) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Rockefeller Global Equity ETF (the "Fund") for the period October 25, 2024 (the Fund's "Inception") to July 31, 2025. You can find additional information about the Fund at www.rockefelleretfs.com/rgef . You can also request this information by contacting us at (844) 992-1333 or by writing the Fund at Rockefeller Global Equity ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs since inception? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller Global Equity ETF  | $45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55%  |

---

#### Cumulative Performance
![line](qes74li1mfpsebus.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| <br>  | **Since Inception** <br>  |
| **Rockefeller Global Equity ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.05%  |
| **MSCI ACWI Index-Net Dividends** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.21%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*** The line graph above assumes an initial investment of $10,000 in the Fund.

#### How did the Fund perform last year and what affected its performance?
Since inception (10/25/24) through 7/31/25, the Fund returned 14.05% versus its benchmark which returned 11.21% (Fund outperformed its benchmark by 2.84%).

From a sector perspective, based on performance attribution to the overall portfolio relative to the MSCI ACWI Index, Communication Services and Consumer Discretionary were the leading contributors, while Health Care and Financials were the leading detractors.

Reviewing individual stocks based on performance attribution to the overall portfolio relative to the MSCI ACWI Index, the top three leading contributors included GE Vernova, Nintendo and General Electric. Conversely, the three top leading detractors included UnitedHealth Group, Reinsurance Group of America and Becton Dickinson & Co.

**Rockefeller Global Equity ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of July 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $710361 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69  |
| **Total Advisory Fee** | $2854107 |
| **Portfolio Turnover Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16%  |

---

#### What did the Fund invest in?
(as of July 31, 2025)

#### Sector Breakdown (% of net assets)
![line](qesczc1mffeaick.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of**<br> **net assets)**<br>  |
| **Microsoft Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.7  |
| **Meta Platforms, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.1  |
| **Amazon.com, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.1  |
| **Alphabet, Inc.- Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.8  |
| **Shell PLC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.5  |
| **NVIDIA Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.4  |
| **GeneralAerospace** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.2  |
| **Reinsurance Group of America, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.1  |
| **Visa, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.0  |
| **Samsung Electronics Co. Ltd.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.0  |

---

#### How has the Fund changed?
Effective October 25, 2024 , the Rockefeller Global Equity Fund I L.P, Rockefeller Global Equity Fund II, L.P., Rockefeller Global Equity Fund II QP Limited Partnership, Rockefeller Global Equity Fund III Limited Partnership, Rockefeller Global Dividend Growth Fund L.P. and Rockefeller Global Dividend Growth Fund QP L.P. (the "Predecessor Funds") reorganized into the Rockefeller Global Equity ETF. The Reorganization provided for the transfer of all the assets of the Predecessor Funds to the RGEF ETF. For financial reporting purposes, assets received, and shares issued by the RGEF ETF were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund were carried forward to align ongoing reporting of the Acquiring Fund realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.rockefelleretfs.com/rgef.
**Rockefeller New York Municipal Bond ETF** Tailored Shareholder Report

**annual Shareholder Report July 31, 2025**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller New York Municipal Bond ETF** <br> Ticker: RMNY (Listed on NYSE Arca, Inc.) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Rockefeller New York Municipal Bond ETF (the "Fund") for the period August 12, 2024 (the Fund's "Inception") to July 31, 2025. You can find additional information about the Fund at www.rockefelleretfs.com/rmny . You can also request this information by contacting us at (844) 992-1333 or by writing the Fund at Rockefeller New York Municipal Bond ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs since inception? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller New York Municipal Bond ETF  | $51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53%  |

---

#### Cumulative Performance
![line](qes35i6t7w1mfpruikl.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| <br>  | **Since Inception**<br>  |
| **Rockefeller New York Municipal Bond ETF** | -1.98% |
| **Bloomberg New York Exempt Index** | -1.29% |
| **Bloomberg U.S. Municipal High Yield Bonds Index** | -1.73% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*** The line graph above assumes an initial investment of $10,000 in the Fund.

#### How did the Fund perform last year and what affected its performance?
From inception (8/12/24) through 7/31/25, the Fund returned -1.98%, underperforming its benchmark by 0.69%, primarily due to longer duration exposure.

Rising long-end yields in the high-grade municipal market contributed to underperformance, though higher yield exposure helped offset some of the impact.

As of month-end, the Fund's distribution yield was 5.03%, and credit fundamentals remain strong across the municipal landscape. The Fund continues to pursue a bottom-up, credit-intensive strategy focused on yield-driven total return, recognizing that short-term volatility may occur but yield is expected to drive long-term performance.

**Rockefeller New York Municipal Bond ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of July 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $16548 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71  |
| **Total Advisory Fee** | $37411 |
| **Portfolio Turnover Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276%  |

---

#### What did the Fund invest in?
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of**<br> **net assets)**<br>  |
| **New York City Transitional Finance Authority,**<br> **Call 11/01/35\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.4  |
| **New York State Dormitory Authority, Call 03/15/34** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.7  |
| **Suffolk Regional Off-Track Betting Corp., Call 06/01/29** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.6  |
| **Metropolitan Transportation Authority Dedicated Tax Fund, Call 11/15/34** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.2  |
| **Onondaga Civic Development Corp., Call 06/01/35** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.8  |
| **Puerto Rico Sales Tax Financing Corp., Call 07/01/28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.7  |
| **New York State Dormitory Authority, Call 07/01/35** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1  |
| **City of New York NY, Call 08/01/35** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1  |
| **New York State Dormitory Authority, Call 07/01/35** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1  |
| **Westchester County Local Development Corp., Call 07/01/27** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1  |

---

\* All or portion of the principal amount transferred to a Tender Option Bond Issuer in exchange for TOB Residuals and cash.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.rockefelleretfs.com/rmny.
Rockefeller Opportunistic Municipal Bond ETF Tailored Shareholder Report

**annual Shareholder Report July 31, 2025**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller Opportunistic Municipal Bond ETF** <br> Ticker: RMOP (Listed on NYSE Arca, Inc.) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Rockefeller Opportunistic Municipal Bond ETF (the "Fund") for the period August 12, 2024 (the Fund's "Inception") to July 31, 2025. You can find additional information about the Fund at www.rockefelleretfs.com/rmop . You can also request this information by contacting us at (844) 992-1333 or by writing the Fund at Rockefeller Opportunistic Municipal Bond ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs since inception? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller Opportunistic Municipal Bond ETF  | $50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52%  |

---

#### Cumulative Performance
![line](qes7qko1mfprnbsx.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| <br>  | **Since Inception** <br>  |
| **Rockefeller Opportunistic Municipal Bond ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36%  |
| **Bloomberg 60% Tax-Exempt High Yield /**<br> **40% Bloomberg LB Investment**<br> **Grade Municipal Index** | -1.27% |
| **Bloomberg U.S. Municipal High Yield Bonds Index** | -1.73% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*** The line graph above assumes an initial investment of $10,000 in the Fund.

#### How did the Fund perform last year and what affected its performance?
Since inception (8/12/24) through 7/31/25, the Fund returned 0.36%, outperforming its benchmark by 1.63% due to strong security selection and opportunistic cash flow timing.

During the ramp-up phase, the Fund occasionally held less than 50% in BBB+ or lower-rated securities, but now that it has reached critical mass, most holdings are expected to fall within that cohort.

The market outlook remains constructive for municipals, especially high yield, with the Fund's month-end distribution yield at 6.48%. The Fund continues to pursue yield-driven total return using a bottom-up, credit-intensive approach, recognizing that short-term volatility may occur but yield is expected to drive long-term performance.

**Rockefeller Opportunistic Municipal Bond ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of July 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $175552 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238  |
| **Total Advisory Fee** | $602242 |
| **Portfolio Turnover Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314%  |

---

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | **(% of**<br> **net assets)**<br>  |
| **Washington Metropolitan Transit Authority, Call 07/15/33\***  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.2  |
| **Worthington City School District, Call 12/01/32** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.9  |
| **Pennsylvania Turnpike Commission, Call 08/06/25\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.1  |
| **Pennsylvania State University, Call 09/01/35\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.8  |
| **New York City Transitional Finance Authority, Call 11/01/35\***  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.8  |
| **City of Los Angeles Department of Airports, Call 05/15/35\***  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.7  |
| **City of Charlotte NC Airport Revenue, Call 07/01/33\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.6  |
| **Public Finance Authority, Call 06/30/35** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.8  |
| **South Carolina Jobs-Economic Development Authority, Call 10/01/27** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.7  |
| **Buckeye Tobacco Settlement Financing Authority, Call 06/01/30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5  |

---

\* All or portion of the principal amount transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB Residuals and cash.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.rockefelleretfs.com/rmop.
Rockefeller U.S. Small-Mid Cap ETF Tailored Shareholder Report

**annual Shareholder Report July 31, 2025**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller U.S. Small-Mid Cap ETF** <br> Ticker: RSMC (Listed on NYSE Arca, Inc.) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Rockefeller U.S. Small-Mid Cap ETF (the "Fund") for the period October 10, 2024 (the Fund's "Inception") to July 31, 2025. You can find additional information about the Fund at www.rockefelleretfs.com/rsmc . You can also request this information by contacting us at (844) 992-1333 or by writing the Fund at Rockefeller U.S. Small-Mid Cap ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs since inception? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller U.S. Small-Mid Cap ETF  | $61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |

---

#### Cumulative Performance
![line](qes35i6t7w1mfprf3r7.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| <br>  | **Since Inception**<br>  |
| **Rockefeller U.S. Small-Mid Cap ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.76%  |
| **Russell 2500 Index TR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.19%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*** The line graph above assumes an initial investment of $10,000 in the Fund.

#### How did the Fund perform last year and what affected its performance?
Since inception (10/10/24) through 7/31/25, the Fund returned 2.76% versus its benchmark which returned 4.19% (Fund underperformed its benchmark by 1.43%).

From a sector perspective, based on performance attribution to the overall portfolio relative to the Russell 2500 Index, Consumer Discretionary and Real Estate were the leading contributors, while Information Technology and Industrials were the leading detractors.

Reviewing individual stocks based on performance attribution to the overall portfolio relative to the Russell 2500 Index, the top three leading contributors included Stride, StoneX Group and Ollie's Bargain Outlet. Conversely, the three leading detractors included RadNet, Tetra Tech and Vertex.

**Rockefeller U.S. Small-Mid Cap ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of July 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $735948 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45  |
| **Total Advisory Fee** | $4528048 |
| **Portfolio Turnover Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86%  |

---

#### What did the Fund invest in?
(as of July 31, 2025)

#### Sector Breakdown (% of net assets)
![line](qes1e11mffgbxkx.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of**<br> **net assets)**<br>  |
| **StoneX Group, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.1  |
| **BJ's Wholesale Club Holdings, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0  |
| **FirstCash Holdings, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0  |
| **Stride, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.8  |
| **Korn Ferry** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.6  |
| **RadNet, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.6  |
| **Ollie's Bargain Outlet Holdings, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.4  |
| **PJT Partners, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.3  |
| **Merit Medical Systems, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1  |
| **SLM Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.7  |

---

#### How has the Fund changed?
Effective October 10, 2024 , the Pocantico Fund, Rockefeller & Co. U.S. Small Capitalization Fund, L.P. and Rockefeller U.S. Small Capitalization Fund QP, L.P (the "Predecessor Funds"). reorganized into the Rockefeller U.S. Small-Mid Cap ETF. The Reorganization provided for the transfer of all the assets of the Predecessor Funds to the RSMC ETF. For financial reporting purposes, assets received, and shares issued by the RSMC ETF were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund were carried forward to align ongoing reporting of the Acquiring Fund realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.rockefelleretfs.com/rsmc.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Ms. Monica Byrd is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal year. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

**ROCKELLER CALIFORNAI MUNICIPAL BOND ETF**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 7/31/2025 | &nbsp;&nbsp;FYE 7/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$19000 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3500 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

**ROCKELLER GLOBAL EQUITY ETF**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 7/31/2025 | &nbsp;&nbsp;FYE 7/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$16500 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

**ROCKELLER NEW YORK MUNICIPAL BOND ETF**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 7/31/2025 | &nbsp;&nbsp;FYE 7/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$19000 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3500 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

**ROCKELLER OPPORTUNISTIC MUNICIPAL BOND ETF**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 7/31/2025 | &nbsp;&nbsp;FYE 7/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$19000 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3500 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

**ROCKELLER U.S. SMALL-MID CAP ETF**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 7/31/2025 | &nbsp;&nbsp;FYE 7/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$16500 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Co. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 7/31/2025 | &nbsp;&nbsp;FYE 7/31/2024 |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;0% | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;0% | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp; 0% | &nbsp;&nbsp; N/A |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

<u>Non-Audit Related Fees</u> <u>FYE 7/31/2025</u> <u>FYE 7/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**Item 5. Audit Committee of Listed Registrants.**

(a) The
 registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the "Act"), and has a separately-designated
 standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members are as follows: Monica
 Byrd, Pamela Cytron and Lawrence Jules.

(b) Not
 applicable.

**Item 6. Investments.**

(a) Schedule
 of Investments is included within the financial statements filed under Item 7 of this Form.

(b) Not
 applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.**

![](rockefellerncsr073125001.jpg)

**Financial Statements**

**July 31, 2025**

**Tidal Trust III**

---

| | |
|:---|:---|
| Rockefeller California Municipal Bond ETF | \| RMCA \| NYSE Arca, Inc. |
| Rockefeller Global Equity ETF | \| RGEF&nbsp;&nbsp;&nbsp;&nbsp;\| NYSE Arca, Inc. |
| Rockefeller New York Municipal Bond ETF | \| RMNY \| NYSE Arca, Inc. |
| Rockefeller Opportunistic Municipal Bond ETF | \| RMOP \| NYSE Arca, Inc. |
| Rockefeller U.S. Small-Mid Cap ETF | \| RSMC \| NYSE Arca, Inc. |

---

**Rockefeller ETFs** 

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| [Schedules of Investments:](#rockefellerncsra001) | [Schedules of Investments:](#rockefellerncsra001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Rockefeller California Municipal Bond ETF](#rockefellerncsra002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Rockefeller Global Equity ETF](#rockefellerncsra003) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Rockefeller New York Municipal Bond ETF](#rockefellerncsra004) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Rockefeller Opportunistic Municipal Bond ETF](#rockefellerncsra005) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Rockefeller U.S. Small-Mid Cap ETF](#rockefellerncsra006) | 19 |
| [Statements of Assets and Liabilities](#rockefellerncsra007) | 21 |
| [Statements of Operations](#rockefellerncsra008) | 23 |
| [Statements of Changes in Net Assets](#rockefellerncsra009) | 25 |
| [Statement of Cash Flows](#rockefellerncsra010) | 27 |
| [Financial Highlights](#rockefellerncsra011) | 28 |
| [Notes to Financial Statements](#rockefellerncsra012) | 33 |
| [Report of Independent Registered Public Accounting Firm](#rockefellerncsra013) | 50 |
| [Other Non-Audited Information](#rockefellerncsra014) | 51 |

---

---

| |
|:---|
| **Rockefeller California Municipal Bond ETF** |
| **Schedule of Investments** |
| **July 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MUNICIPAL BONDS & NOTES - 102.4%** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal <br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California - 99.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California - 99.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California - 99.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California - 99.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California - 99.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avenal Public Financing Authority, Call 09/12/25<sup>(a)</sup> | 5.00% | 09/01/36 | $40000 | $38868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bay Area Toll Authority, Call 08/12/25, Put 08/12/25<sup>(a)</sup><sup>(b)</sup> | 2.20% | 04/01/55 | 120000 | 120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Call 09/12/25<sup>(a)</sup> | 5.00% | 07/01/42 | 60000 | 59232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Call 07/01/34<sup>(a)</sup> | 5.25% | 07/01/54 | 500000 | 503442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency, Call 08/28/25<sup>(c)</sup> | 0.00% | 06/01/50 | 100000 | 22193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency, Call 08/28/25<sup>(c)</sup> | 0.00% | 06/01/46 | 1250000 | 331228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency, Call 09/12/25<sup>(d)</sup> | 6.00% | 06/01/42 | 85000 | 85651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Educational Facilities Authority, Call 10/01/33<sup>(a)</sup><sup>(d)</sup> | 5.50% | 10/01/53 | 250000 | 234942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Call 09/01/28<sup>(a)</sup> | 5.00% | 09/01/48 | 100000 | 92673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Call 08/01/30<sup>(a)</sup> | 5.00% | 08/01/50 | 350000 | 326233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Call 06/01/34<sup>(a)</sup> | 5.25% | 12/01/49 | 250000 | 255800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Call 02/01/35 | 5.25% | 02/01/48 | 500000 | 517877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Housing Finance Agency, FHA 542(c), Call 08/01/33<sup>(a)</sup> | 5.00% | 08/01/55 | 500000 | 499704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, Call 07/01/31<sup>(a)</sup><sup>(e)</sup> | 5.13% | 07/01/54 | 300000 | 264854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, Call 05/15/35<sup>(a)</sup><sup>(d)</sup> | 5.25% | 05/15/59 | 500000 | 515661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, CMI, Call 09/02/25<sup>(a)</sup> | 5.00% | 05/15/47 | 250000 | 241581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Call 09/02/25<sup>(a)</sup> | 5.00% | 11/01/40 | 45000 | 42638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Call 06/01/28<sup>(a)</sup><sup>(e)</sup> | 5.00% | 06/01/48 | 150000 | 136093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Call 08/01/29<sup>(a)</sup> | 5.00% | 08/01/48 | 180000 | 165314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Call 09/01/30<sup>(a)</sup> | 4.00% | 09/01/50 | 410000 | 320159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Call 10/01/30<sup>(a)</sup><sup>(e)</sup> | 5.00% | 10/01/49 | 50000 | 43459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Call 07/01/31<sup>(a)</sup> | 4.00% | 07/01/55 | 150000 | 111629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Call 01/01/32<sup>(a)</sup><sup>(d)</sup><sup>(e)</sup> | 5.38% | 01/01/55 | 250000 | 227343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority<sup>(f)</sup> | 5.00% | 10/01/31 | 10000 | 10807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Public Finance Authority, Call 06/01/31<sup>(a)</sup> | 6.50% | 06/01/54 | 175000 | 160569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Public Finance Authority, Call 03/01/32<sup>(a)</sup><sup>(d)</sup><sup>(e)</sup> | 6.63% | 03/01/65 | 400000 | 377740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Facilities Financing Authority, AG<sup>(a)</sup><sup>(c)</sup> | 0.00% | 08/01/49 | 2500000 | 684604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Call 09/12/25<sup>(a)</sup><sup>(e)</sup> | 5.00% | 08/01/45 | 70000 | 63676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Call 09/12/25<sup>(a)</sup><sup>(e)</sup> | 5.00% | 08/01/36 | 275000 | 274107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Call 09/12/25<sup>(a)</sup><sup>(e)</sup> | 5.00% | 07/01/36 | 250000 | 250094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Call 07/01/28<sup>(a)</sup><sup>(e)</sup> | 5.00% | 07/01/45 | 300000 | 276102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Call 08/01/28<sup>(a)</sup><sup>(e)</sup> | 5.00% | 08/01/38 | 40000 | 40263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Call 07/01/29<sup>(a)</sup><sup>(e)</sup> | 5.00% | 07/01/49 | 225000 | 214396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Call 07/01/31<sup>(a)</sup><sup>(e)</sup> | 5.00% | 07/01/59 | 150000 | 141073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Call 07/01/31<sup>(a)</sup><sup>(e)</sup> | 5.00% | 07/01/54 | 120000 | 112968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, SAW, Call 07/01/32<sup>(a)</sup><sup>(e)</sup> | 5.60% | 07/01/64 | 150000 | 133959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, STI, Call 05/01/27<sup>(a)</sup><sup>(d)</sup><sup>(e)</sup> | 5.88% | 05/01/47 | 200000 | 190279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State University, Call 11/01/28<sup>(a)</sup> | 5.00% | 11/01/48 | 250000 | 250743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State University, Call 11/01/35<sup>(a)</sup> | 5.25% | 11/01/56 | 500000 | 520318 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, CMI, Call 11/01/31<sup>(a)</sup> | 5.00% | 11/01/49 | 315000 | 317662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, CMI, Call 07/01/32<sup>(a)</sup><sup>(d)</sup> | 5.00% | 07/01/55 | 250000 | 248705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Call 09/12/25<sup>(a)</sup> | 5.50% | 12/01/54 | 70000 | 67796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Call<br> 06/01/26<sup>(a)(e)</sup> | 5.00% | 12/01/46 | 100000 | 93471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Call<br> 06/01/28<sup>(a)</sup><sup>(e)</sup> | 5.25% | 12/01/43 | 25000 | 24555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, FNMA COLL<sup>(a)</sup> | 4.00% | 10/01/42 | 250000 | 222090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, STR, Call 09/01/30<sup>(a)</sup> | 5.00% | 09/01/43 | 180000 | 178650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Financing Authority, Call 09/12/25<sup>(d)</sup> | 6.00% | 05/01/37 | 120000 | 122591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports, Call 05/15/35<sup>(a)</sup> | 5.50% | 05/15/55 | 400000 | 414566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports, Call 05/15/35<sup>(a)</sup> | 5.25% | 05/15/50 | 500000 | 508644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of West Sacramento CA Enhanced Infrastructure Financing District No 1, AG, TAR, Call 09/01/35<sup>(a)</sup><sup>(d)</sup> | 5.00% | 09/01/50 | 250000 | 249167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Desert Sands Unified School District, GO, Call 08/01/35<sup>(a)</sup><sup>(d)</sup> | 4.00% | 08/01/50 | 500000 | 433900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Cities Finance Authority, Call 09/12/25<sup>(a)</sup> | 5.00% | 11/15/49 | 50000 | 49295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lammersville Joint Unified School District, STR, Call 09/01/32<sup>(a)</sup><sup>(d)</sup> | 5.25% | 09/01/55 | 500000 | 492288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water, Call 09/02/25, Put 08/12/25<sup>(b)</sup> | 2.50% | 07/01/50 | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power, Call 07/01/34 | 5.25% | 07/01/54 | 450000 | 457927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power, Call 07/01/34 | 5.00% | 07/01/52 | 50000 | 49862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M-S-R Energy Authority<sup>(a)</sup><sup>(d)</sup> | 6.13% | 11/01/29 | 20000 | 21152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poway Unified School District Public Financing Authority, BAM, STR, Call 09/12/25<sup>(a)</sup> | 5.00% | 10/01/41 | 100000 | 100062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roseville California, STR, Call 09/01/31<sup>(a)</sup> | 5.00% | 09/01/54 | 100000 | 94132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority, Call 09/12/25<sup>(a)</sup> | 5.00% | 07/01/44 | 425000 | 424969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority, Call 07/01/35<sup>(a)</sup> | 5.50% | 07/01/55 | 500000 | 516437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco City & County Airport Comm-San Francisco International Airport, Call 05/01/35<sup>(a)</sup> | 5.25% | 05/01/55 | 500000 | 504768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Marcos Unified School District, STR, Call 09/01/30<sup>(a)</sup><sup>(d)</sup> | 4.25% | 09/01/48 | 100000 | 85544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Valley Tobacco Securitization Authority, Call 09/12/25<sup>(c)</sup> | 0.00% | 06/01/41 | 500000 | 172911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Valley Tobacco Securitization Authority, Call 09/12/25<sup>(c)</sup> | 0.00% | 06/01/36 | 1000000 | 539201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Securitization Authority of Southern California, Call 08/28/25<sup>(c)</sup> | 0.00% | 06/01/46 | 1500000 | 276711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Township Health Care District, GO, Call 09/02/25<sup>(a)</sup><sup>(d)</sup> | 5.00% | 08/01/43 | 275000 | 266634 |
|  |  |  |  | 16291962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guam - 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guam - 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guam - 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guam - 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guam - 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antonio B. Won Pat International Airport Authority, Call 10/01/34 | 5.25% | 10/01/41 | 100000 | 101648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, 5/3/2017, Call 09/12/25<sup>(d)</sup> | 5.50% | 05/15/39 | 25000 | 25350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Call 09/12/25<sup>(d)</sup> | 5.63% | 05/15/43 | 145000 | 147447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Call 07/01/28<sup>(a)</sup><sup>(c)</sup> | 0.00% | 07/01/51 | 625000 | 143999 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Call 07/01/28<sup>(a)</sup><sup>(d)</sup> | 4.55 | 07/01/40 | $27000.0 | $25536 |
|  |  |  |  | 342332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MUNICIPAL BONDS & NOTES (Cost $17,313,793)** |  |  |  | 16735942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 102.4% (Cost $17,313,793)** |  |  |  | $16735942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (2.4)% |  |  |  | (385818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  |  |  | $16350124 |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| AG | Assured Guaranty |
| CMI | California Mortgage Insurance |
| FNMA COLL | Federal National Mortgage Association |
| GO | General Obligation |
| SAW | State Aid Withholding |
| ST | Special Tax |
| STI | State Tax Intercept |
| TAR | Tax Allocation Receipt |

---

(a) Sinkable security.

(b) Adjustable rate security. Rate disclosed is as of July 31, 2025.

(c) Zero coupon bond issued at a discount.

(d) Fixed coupon bond issued at a discount.

(e) Security exempt from registration pursuant to Rule 144A under the Securities Act
 of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(f) At maturity security. Interest is paid in full at the maturity date.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Rockefeller Global Equity ETF** |
| **Schedule of Investments** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 99.5%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 8.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 8.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 8.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - ADR | 263433 | $8877692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 39378 | 11665339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 8676739 | 8933254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 612225 | 8585673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. | 753301 | 9795497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB<sup>(a)</sup> | 413521 | 5071668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedbank AB | 275437 | 7368655 |
|  |  | 60297778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denso Corp. | 423627 | 5787416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haleon PLC | 879976 | 8298174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 6.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 6.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings NV | 103240 | 11072490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 32610 | 9760499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 65971 | 12193420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 41229 | 14243383 |
|  |  | 47269792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 5.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 5.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 5.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 38290 | 6825192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 15794 | 11688665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 10719 | 5156804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 34400 | 6393584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG | 7343 | 5172337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 18836 | 5963593 |
|  |  | 41200175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 10.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 10.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 10.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Copco AB | 415267 | 6356779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co.<sup>(a)</sup> | 48498 | 10758796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corp. | 76864 | 5274408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epiroc AB | 237257 | 4850984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeneralAerospace<sup>(a)</sup> | 56724 | 15376742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc.<sup>(a)</sup> | 14397 | 9506195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. | 182308 | 5689894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.<sup>(a)</sup> | 36426 | 5970586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE | 18847 | 4923633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | 21251 | 5470179 |
|  |  | 74178196 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 3.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 3.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | 171926 | $8955095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rentokil Initial PLC | 1543741 | 7752821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. - Class A | 43567 | 10048729 |
|  |  | 26756645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 6.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 6.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 6.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 1268400 | 11859944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. | 58787 | 11948458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 77219 | 14860796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 29654 | 9365030 |
|  |  | 48034228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 4.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 4.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Liquide SA | 59737 | 11814622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | 59612 | 6843328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heidelberg Materials AG | 34608 | 8021105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co. Ltd. | 137449 | 4014010 |
|  |  | 30693065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 10.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 10.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 10.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 140837 | 27026620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 37890 | 29305642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd., ADR | 161959 | 11348467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 78304 | 6871176 |
|  |  | 74551905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 5.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 5.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 422320 | 11850299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | 247265 | 17855006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 133620 | 7957071 |
|  |  | 37662376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 6.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 6.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 6.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 64142 | 7737450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 122904 | 28773055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc.<sup>(a)</sup> | 2563 | 9658358 |
|  |  | 46168863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 53490 | 5664591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 8.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 8.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 8.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog, Inc. - Class A<sup>(a)</sup> | 40132 | 5617677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot, Inc.<sup>(a)</sup> | 10997 | 5714591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 76417 | 40768469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. - Class A<sup>(a)</sup> | 61870 | 7561133 |
|  |  | 59661870 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | 69816.0 | $12309259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 58401.0 | 12122295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 55201.0 | 9939492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV - NYRS | 6623.0 | 4601064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 23231.0 | 6822945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. | 164936.0 | 13907690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 96664.0 | 17193626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 271394.0 | 13972838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | 433868.0 | 10614984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 40028.0 | 9671565 |
|  |  | 111155758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 243952.0 | 6686724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KDDI Corp. | 333300.0 | 5504616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KT Corp., ADR | 425509.0 | 8591027 |
|  |  | 20782367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp. | 120543.0 | 8896073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $441,570,819)** |  | 707059272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 99.5% (Cost $441,570,819)** |  | $707059272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bank Money Market Deposit Account - 0.4% |  | 2761282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities - 0.1% |  | 540472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $710361026 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt <br> NYRS New York Registered Shares <br> PLC Public Limited Company

(a) Non-income producing security.

The accompanying notes are an integral part of these financial statements.

**Rockefeller New York Municipal Bond ETF**

**Schedule of Investments** 

**July 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MUNICIPAL BONDS & NOTES - 100.1%** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal <br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York - 95.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York - 95.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York - 95.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York - 95.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York - 95.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broome County Local Development Corp, AG, Call 04/01/30<sup>(a)</sup> | 4.00% | 04/01/50 | $500000 | $414123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buffalo & Erie County Industrial Land Development Corp., Call 09/12/25<sup>(a)</sup> | 5.00% | 07/01/40 | 15000 | 14228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buffalo & Erie County Industrial Land Development Corp., Call 08/01/27<sup>(a)</sup> | 5.00% | 08/01/52 | 75000 | 66972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp, Call 07/01/32<sup>(a)</sup> | 6.00% | 07/01/60 | 500000 | 485515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp, Call 07/01/35<sup>(a)</sup> | 5.50% | 07/01/55 | 500000 | 491800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Call 09/12/25<sup>(a)</sup> | 5.00% | 06/01/43 | 50000 | 50029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Call 09/12/25<sup>(a)</sup><sup>(b)</sup> | 5.88% | 07/01/38 | 110000 | 98812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Call 08/01/27<sup>(a)</sup><sup>(b)</sup> | 3.63% | 08/01/42 | 65000 | 48215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Call 06/01/30<sup>(a)</sup><sup>(b)</sup> | 5.75% | 06/01/62 | 200000 | 185546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Call 07/01/32<sup>(a)</sup> | 5.00% | 07/01/42 | 50000 | 49249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chautauqua Tobacco Asset Securitization Corp., Call 09/12/25<sup>(a)</sup><sup>(b)</sup> | 5.00% | 06/01/48 | 50000 | 43432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, GO, Call 08/01/35<sup>(a)</sup> | 5.25% | 02/01/48 | 500000 | 512616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clinton County Capital Resource Corp., Call 07/01/34<sup>(a)</sup><sup>(b)</sup><sup>(d)</sup> | 5.00% | 07/01/46 | 200000 | 195937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dobbs Ferry Local Development Corp., Call 09/12/25<sup>(a)</sup> | 5.00% | 07/01/39 | 100000 | 99371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie Tobacco Asset Securitization Corp., Call 09/12/25<sup>(b)</sup> | 5.00% | 06/01/45 | 100000 | 81014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hempstead Town Local Development Corp, Call 09/12/25<sup>(a)</sup> | 5.00% | 07/01/29 | 200000 | 200048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hempstead Town Local Development Corp., Call 09/12/25<sup>(a)</sup> | 5.00% | 07/01/44 | 100000 | 98938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hempstead Town Local Development Corp., Call 09/12/25<sup>(a)</sup> | 5.00% | 09/01/43 | 85000 | 82175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hempstead Town Local Development Corp., Call 09/12/25 | 5.00% | 10/01/35 | 25000 | 25020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund, Call 05/15/32 | 5.00% | 11/15/49 | 200000 | 199669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund, Call 11/15/34 | 5.00% | 11/15/51 | 695000 | 695659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Call 05/15/26<sup>(a)</sup> | 5.25% | 11/15/56 | 510000 | 502753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe County Industrial Development Corp., Call 09/12/25<sup>(a)</sup> | 5.00% | 07/01/37 | 510000 | 510452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe County Industrial Development Corp., Call 07/01/34<sup>(a)</sup><sup>(d)</sup> | 5.00% | 07/01/59 | 140000 | 116254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe County Industrial Development Corp., Call 07/01/34<sup>(a)</sup><sup>(d)</sup> | 5.00% | 07/01/54 | 110000 | 92979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTA Hudson Rail Yards Trust Obligations, Call 09/02/25 | 5.00% | 11/15/56 | 200000 | 198937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nassau County Tobacco Settlement Corp., Call 08/28/25<sup>(a)</sup><sup>(b)</sup> | 5.13% | 06/01/46 | 100000 | 80008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp, Call 11/01/32<sup>(a)</sup> | 5.13% | 11/01/55 | 500000 | 498554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Call 05/01/33<sup>(a)</sup> | 5.20% | 11/01/50 | 400000 | 404122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., HUD SECT 8, Call 08/01/32 | 4.50% | 08/01/54 | 120000 | 109072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Call 08/12/25, Put 08/12/25<sup>(c)</sup> | 2.75% | 06/15/33 | 400000 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Call 11/01/35<sup>(a)(d)(h)</sup> | 5.50% | 05/01/50 | 1000000 | 1055110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Revenue, SAW, Call 09/12/25 | 5.00% | 07/15/36 | 30000 | 30025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, SAW, Call 09/12/25<sup>(a)</sup> | 5.00% | 07/15/43 | 400000 | 400112 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Convention Center Development Corp., Call 11/15/25<sup>(a)</sup> | 5.00% | 11/15/45 | 220000 | 216459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust IV, Call 08/28/25<sup>(b)</sup> | 5.00% | 06/01/45 | 5000 | 4180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust IV, Call 08/28/25<sup>(b)</sup> | 5.00% | 06/01/42 | 20000 | 16739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust IV, Call 08/28/25<sup>(b)</sup> | 5.00% | 06/01/38 | 25000 | 22762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust VI, Call 06/01/26<sup>(a)</sup> | 5.00% | 06/01/41 | 100000 | 98768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust VI, , Call 06/01/26<sup>(b)</sup> | 3.75% | 06/01/45 | 140000 | 101661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp, Call 09/02/25<sup>(a)</sup> | 5.38% | 11/15/40 | 500000 | 493403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Call 03/15/34<sup>(a)</sup> | 5.25% | 03/15/52 | 750000 | 770486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Call 07/01/35<sup>(a)</sup> | 5.25% | 07/01/55 | 500000 | 511094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Call 07/01/35<sup>(a)</sup> | 5.25% | 07/01/55 | 500000 | 509133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Call 07/01/35 | 5.25% | 07/01/54 | 500000 | 513907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, SONYMA HUD SECT 8, Call 05/01/32<sup>(a)</sup> | 4.88% | 11/01/53 | 180000 | 173156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, SONYMA HUD SECT 8, Call 05/01/32<sup>(a)</sup> | 4.65% | 11/01/48 | 200000 | 189809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., AG, Call 12/31/34 | 5.25% | 12/31/54 | 75000 | 73542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., AG, Call 12/31/44<sup>(a)(e)(f)(g)</sup> | 0.00% | 12/31/54 | 200000 | 120775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., AG-CR, Call 09/12/25<sup>(a)</sup> | 5.00% | 07/01/46 | 50000 | 48644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Call 10/01/30<sup>(a)</sup><sup>(b)</sup> | 4.38% | 10/01/45 | 50000 | 43420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Call 10/01/30<sup>(a)</sup> | 5.00% | 10/01/40 | 100000 | 98395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Call 12/01/30 | 4.00% | 12/01/42 | 200000 | 169055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Call 06/30/31<sup>(a)</sup> | 6.00% | 06/30/54 | 100000 | 101622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Call 06/30/33<sup>(a)</sup> | 5.50% | 06/30/60 | 500000 | 485379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Call 12/31/34<sup>(a)</sup> | 5.50% | 12/31/60 | 300000 | 290302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Call 09/12/25<sup>(a)</sup> | 5.00% | 07/01/41 | 145000 | 144995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Call 09/12/25<sup>(a)</sup> | 5.25% | 01/01/50 | 30000 | 28985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oneida County Local Development Corp., Call 07/01/29<sup>(a)</sup><sup>(b)</sup> | 3.00% | 07/01/44 | 25000 | 15090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onondaga Civic Development Corp., Call 09/12/25<sup>(a)</sup> | 5.00% | 07/01/45 | 40000 | 37748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onondaga Civic Development Corp., Call 06/01/35<sup>(a)</sup> | 5.50% | 12/01/56 | 600000 | 632409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey, Call 08/01/32<sup>(a)</sup> | 5.50% | 08/01/52 | 100000 | 102103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey, Call 01/15/33<sup>(a)</sup> | 5.00% | 01/15/52 | 500000 | 497913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suffolk Regional Off-Track Betting Corp, Call 06/01/29<sup>(a)</sup><sup>(b)</sup> | 6.00% | 12/01/53 | 750000 | 763141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tompkins County Development Corp, Call 09/12/25<sup>(a)</sup> | 5.00% | 07/01/44 | 90000 | 88260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tompkins County Development Corp, Call 09/12/25<sup>(a)</sup> | 5.00% | 07/01/34 | 150000 | 150101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester County Local Development Corp, Call 07/01/27<sup>(a)</sup><sup>(d)</sup> | 5.00% | 07/01/36 | 510000 | 510590 |
|  |  |  |  | 16560772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 5.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 5.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 5.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 5.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, 5/3/2017, Call 09/12/25<sup>(b)</sup> | 5.50% | 05/15/39 | 60000 | 60840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Call 09/12/25<sup>(b)</sup> | 5.63% | 05/15/43 | 50000 | 50844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, Call<br> 07/01/28<sup>(a)</sup><sup>(b)</sup> | 4.54% | 07/01/53 | 12000 | 10314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Call 07/01/28<sup>(a)</sup><sup>(b)</sup> | 4.78% | 07/01/58 | 700000 | 618009 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Call 07/01/28<sup>(a)</sup><sup>(e)</sup> | 0.0 | 07/01/51 | $625000.0 | $143999 |
|  |  |  |  | 884006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MUNICIPAL BONDS & NOTES (Cost $17,761,170)** |  |  |  | 17444778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 105.4% (Cost $17,761,170)** |  |  |  | $17444778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floating Rate Note Obligations (4.5)%<sup>(i)</sup> |  |  |  | (750000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (0.9)% |  |  |  | (146487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  |  |  | $16548291 |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| AG | Assured Guaranty |
| AG-CR | AGM Insured Custodial Receipt |
| GO | General Obligation |
| SAW | State Aid Withholding |
| SONYMA | State of New York Mortgage Agency |

---

<sup>(a)</sup> Sinkable security.

<sup>(b)</sup> Fixed coupon bond issued at a discount.

<sup>(c)</sup> Adjustable rate security. Rate disclosed is as of July 31, 2025.

<sup>(d)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

<sup>(e)</sup> Zero coupon bond issued at a discount.

<sup>(f)</sup> Interest appreciation bond issued at a discount.

(g) Zero coupon bond.

(h) All or portion of the principal amount transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB Residuals and cash.

(i) Face value of Floating Rate Notes issued in TOB transactions.

The accompanying notes are an integral part of these financial statements.

**Rockefeller Opportunistic Municipal Bond ETF**

 **Schedule of Investments**

 **July 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MUNICIPAL BONDS & NOTES – 120.6%** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alabama - 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alabama - 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alabama - 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alabama - 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alabama - 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District, Call 10/01/32, Put 01/01/33<sup>(a)</sup> | 5.25% | 03/01/55 | $2000000 | $2076576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arizona - 2.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arizona - 2.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arizona - 2.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arizona - 2.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arizona - 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Call 02/01/32<sup>(b)(c)(d)</sup> | 6.88% | 02/01/65 | 1000000 | 959709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Call 07/01/27<sup>(b)(c)(d)</sup> | 5.75% | 07/01/47 | 110000 | 101456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Call 07/01/27<sup>(b)(c)(d)</sup> | 5.88% | 07/01/52 | 105000 | 96608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Development Authority of the County of Pima, Call 11/01/27<sup>(b)(d)</sup> | 6.50% | 11/01/47 | 970000 | 896575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Paz County Industrial Development Authority, Call 02/15/28<sup>(b)</sup> | 5.00% | 02/15/48 | 50000 | 44443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County & Phoenix Industrial Development Authorities, GNMA, FNMA, FHLMC, Call 03/01/33<sup>(b)</sup> | 6.25% | 03/01/55 | 300000 | 334014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sierra Vista Industrial Development Authority, Call 06/15/31<sup>(b)(c)(d)</sup> | 5.75% | 06/15/64 | 1850000 | 1684675 |
|  |  |  |  | 4117480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arkansas - 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arkansas - 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arkansas - 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arkansas - 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arkansas - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkansas Development Finance Authority, GNMA, FNMA, FHLMC, Call 07/01/33<sup>(b)</sup> | 5.00% | 01/01/55 | 990000 | 1047103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pulaski County Public Facilities Board, Call 09/12/25 | 5.00% | 12/01/31 | 5000 | 5004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pulaski County Public Facilities Board, Call 09/12/25<sup>(b)</sup> | 5.00% | 12/01/42 | 210000 | 208134 |
|  |  |  |  | 1260241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California – 11.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California – 11.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California – 11.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California – 11.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California – 11.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency, Call 08/28/25<sup>(e)</sup> | 0.00% | 06/01/46 | 3750000 | 993684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency, Call 09/12/25<sup>(c)</sup> | 6.00% | 06/01/42 | 265000 | 267031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, Call<br> 07/01/31<sup>(b)(c)(d)</sup> | 5.13% | 07/01/54 | 1200000 | 1059417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, Call<br> 07/01/31<sup>(b)(c)(d)</sup> | 5.25% | 07/01/64 | 500000 | 438124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Call 01/01/32<sup>(b)(c)(d)</sup> | 5.38% | 01/01/55 | 450000 | 409217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Call 11/01/34<sup>(b)(d)</sup> | 5.38% | 11/01/45 | 775000 | 766781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Public Finance Authority, Call 06/01/31<sup>(b)(c)</sup> | 6.38% | 06/01/59 | 1500000 | 1324280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Public Finance Authority, Call 03/01/32<sup>(b)(c)(d)</sup> | 6.63% | 03/01/65 | 2465000 | 2327825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, STR, Call 09/01/31<sup>(b)</sup> | 5.00% | 09/01/54 | 100000 | 94974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Financing Authority, Call 09/12/25<sup>(c)</sup> | 6.00% | 05/01/43 | 200000 | 200428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lompoc Unified School District, GO, Call 08/01/35<sup>(b)(c)</sup> | 5.25% | 08/01/54 | 1045000 | 1089417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco City & County Airport Comm-San Francisco International Airport, Call 05/01/35<sup>(b)</sup> | 5.25% | 05/01/55 | 1000000 | 1009537 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco City & County Redevelopment Agency Successor Agency, TAR, Call 09/12/25<sup>(b)</sup> | 5.00% | 08/01/43 | 60000 | 59693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Valley Tobacco Securitization Authority, Call 09/12/25<sup>(e)</sup> | 0.00% | 06/01/36 | 4000000 | 2156803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports, Call 05/15/35<sup>(b)(h)</sup> | 5.50% | 05/15/55 | 8000000 | 8172880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Township Health Care District, GO, Call 09/02/25<sup>(b)(c)</sup> | 5.00% | 08/01/43 | 105000 | 101806 |
|  |  |  |  | 20471897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Colorado - 7.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Colorado - 7.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Colorado - 7.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Colorado - 7.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Colorado - 7.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baseline Metropolitan District No. 1, GO, Call 12/01/29 | 6.75% | 12/15/54 | 1000000 | 992398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bent Grass Metropolitan District, GO, Call 12/01/30<sup>(b)(d)</sup> | 5.75% | 12/01/54 | 1000000 | 999080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyons Metropolitan District No. 5, GO, Call 12/01/29 | 6.50% | 12/15/54 | 750000 | 741313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Call 09/12/25<sup>(b)</sup> | 5.00% | 05/15/45 | 135000 | 131499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado High Performance Transportation Enterprise, Call 09/02/25<sup>(b)</sup> | 5.00% | 12/31/56 | 915000 | 845184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creekwalk Marketplace Business Improvement District, Call 12/01/29<sup>(b)</sup> | 6.00% | 12/01/54 | 875000 | 805520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowfoot Valley Ranch Metropolitan District No. 2, GO, Call 12/01/29 | 6.13% | 12/15/54 | 1000000 | 956400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Water & Sanitation District, Call 12/01/28<sup>(b)</sup> | 5.88% | 12/01/52 | 1600000 | 1600892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palisade Metropolitan District No. 2, Call 12/01/29<sup>(b)(d)(g)</sup> | 0.00% | 12/15/54 | 1000000 | 926240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Barn Metropolitan District, GO, Call 03/01/30<sup>(b)</sup> | 5.50% | 12/01/55 | 800000 | 767681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sky Dance Metropolitan District No. 2, GO, Call 12/01/29<sup>(b)</sup> | 6.00% | 12/01/54 | 750000 | 737137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sky Ranch Community Authority Board, GO, Call 12/01/29 | 6.50% | 12/15/54 | 550000 | 544332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Vrain Lakes Metropolitan District No. 2, GO, Call 12/01/29 | 6.38% | 11/15/54 | 500000 | 499768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Vrain Lakes Metropolitan District No. 4, GO, Call 09/01/29<sup>(b)(d)(g)</sup> | 0.00% | 09/20/54 | 1000000 | 674882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trevenna Metropolitan District, GO, Call 12/01/29<sup>(b)</sup> | 5.75% | 12/01/54 | 505000 | 464490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Home Partners Corp, Call 04/01/35<sup>(b)(c)(d)</sup> | 5.88% | 10/01/55 | 500000 | 489688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Valley Metropolitan District No. 3, GO, Call 12/01/29<sup>(b)</sup> | 5.25% | 12/01/54 | 535000 | 494703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weems Neighborhood Metropolitan District, GO, Call 06/01/30<sup>(b)(d)</sup> | 5.88% | 12/01/55 | 800000 | 796733 |
|  |  |  |  | 13467940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut - 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut - 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut - 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut - 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut - 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stamford Housing Authority, AG, Call 10/01/32<sup>(b)(c)</sup> | 6.25% | 10/01/60 | 750000 | 708024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stamford Housing Authority, Call 10/01/32<sup>(b)</sup> | 6.50% | 10/01/55 | 1000000 | 985142 |
|  |  |  |  | 1693166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware - 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware - 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware - 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware - 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware - 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware State Economic Development Authority, AG, Call 09/12/25<sup>(b)</sup> | 5.00% | 10/01/39 | 50000 | 50034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware State Economic Development Authority, Call 07/01/32<sup>(b)(c)(d)</sup> | 6.00% | 07/01/65 | 1465000 | 1412699 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware State Economic Development Authority, Call 09/12/25<sup>(b)</sup> | 5.00% | 10/01/36 | 305000 | 288642 |
|  |  |  |  | 1751375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**District of Columbia – 7.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**District of Columbia – 7.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**District of Columbia – 7.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**District of Columbia – 7.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**District of Columbia – 7.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue, Call 10/01/35<sup>(b)</sup> | 5.50% | 10/01/55 | 2000000 | 2065360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Metropolitan Transit Authority, Call 07/15/33<sup>(b)(h)</sup> | 5.25% | 07/15/53 | 10640000 | 10812474 |
|  |  |  |  | 12877834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Florida - 12.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Florida - 12.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Florida - 12.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Florida - 12.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Florida - 12.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alachua County Health Facilities Authority, Call 09/12/25<sup>(b)</sup> | 5.00% | 12/01/44 | 710000 | 708417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Babcock Ranch Community Independent Special District, SA, Call 05/01/35<sup>(b)(d)</sup> | 5.25% | 05/01/55 | 1000000 | 935709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Projects Finance Authority, Call 06/15/30<sup>(b)(c)(d)</sup> | 6.75% | 06/15/65 | 2000000 | 1968977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Projects Finance Authority, Call 03/01/32<sup>(b)(c)(d)</sup> | 7.13% | 01/01/65 | 2000000 | 1887722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Projects Finance Authority, Call 06/15/29<sup>(b)(d)</sup> | 5.00% | 06/15/54 | 500000 | 439763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Call 06/01/32<sup>(b)(d)</sup> | 5.00% | 06/01/54 | 250000 | 216497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Call 12/01/29<sup>(b)(d)</sup> | 6.88% | 12/01/44 | 1000000 | 952464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Call 06/15/30<sup>(b)(c)(d)</sup> | 5.25% | 06/15/59 | 500000 | 434710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Call 07/01/31<sup>(b)(d)</sup> | 5.25% | 07/01/59 | 1000000 | 856885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Call 07/01/31<sup>(b)(d)</sup> | 5.25% | 07/01/54 | 1500000 | 1305585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Venice, Call 01/01/32<sup>(b)(d)</sup> | 5.63% | 01/01/60 | 750000 | 695560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edgewater West Community Development District, SA, Call 11/01/34<sup>(b)(c)</sup> | 5.50% | 05/01/54 | 1000000 | 909086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Higher Educational Facilities Financing Authority, Call<br> 07/01/33<sup>(b)(d)</sup> | 6.25% | 07/01/55 | 2000000 | 1962066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Housing Finance Corp., GNMA, FNMA, FHLMC, Call 07/01/33<sup>(b)</sup> | 6.25% | 01/01/55 | 990000 | 1090431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Local Government Finance Commission, Call 06/15/32<sup>(b)(c)(d)</sup> | 6.13% | 06/15/65 | 1500000 | 1452499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Local Government Finance Commission, Call 07/01/32<sup>(b)(c)(d)</sup> | 6.00% | 07/01/60 | 1000000 | 957313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas Worx Community Development District, SA, Call 11/01/35<sup>(b)(d)</sup> | 6.00% | 05/01/57 | 1195000 | 1161311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highlands County School Board, BAM, Call 09/12/25<sup>(b)</sup> | 5.00% | 09/01/41 | 50000 | 50084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County Expressway Authority, Call 09/12/25<sup>(b)(c)</sup> | 5.00% | 07/01/40 | 480000 | 480118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County Industrial Development Authority, Call 07/01/29<sup>(b)(c)(d)</sup> | 5.50% | 07/01/61 | 1185000 | 1039594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Normandy Community Development District, SA, Call 11/01/34<sup>(b)(c)(d)</sup> | 5.55% | 05/01/54 | 100000 | 91828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Beach County Health Facilities Authority, Call 05/15/30<sup>(b)(c)</sup> | 7.63% | 05/15/58 | 185000 | 202947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Beach County Health Facilities Authority, Call 05/15/30<sup>(b)(c)</sup> | 7.50% | 05/15/53 | 135000 | 147671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Beach County Health Facilities Authority, Call 05/15/27 | 5.00% | 05/15/37 | 235000 | 235720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parrish Lakes II Community Development District, SA, Call 11/01/34<sup>(b)(d)</sup> | 5.45% | 05/01/54 | 1000000 | 913638 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer Ranch Community Development District, SA, Call 11/01/34<sup>(b)(d)</sup> | 5.30% | 05/01/55 | 1000000 | 895644 |
|  |  |  |  | 21992239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Georgia - 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Georgia - 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Georgia - 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Georgia - 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Georgia - 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanta Development Authority, TAR, Call 04/01/29<sup>(d)</sup> | 5.50% | 04/01/39 | 1000000 | 998713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development Authority for Fulton County, Call 09/12/25<sup>(b)</sup> | 5.00% | 07/01/44 | 1000000 | 987893 |
|  |  |  |  | 1986606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Idaho - 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Idaho - 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Idaho - 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Idaho - 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Idaho - 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avimor Community Infrastructure District No. 1, SA, Call 12/01/29<sup>(b)(d)</sup> | 5.50% | 09/01/53 | 1000000 | 961090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Illinois - 2.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Illinois - 2.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Illinois - 2.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Illinois - 2.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Illinois - 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Cook, Call 01/01/35<sup>(b)</sup> | 6.50% | 01/01/45 | 1500000 | 1443564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Call 08/14/25<sup>(b)</sup> | 6.13% | 02/01/45 | 145000 | 144795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Call 08/14/25<sup>(b)</sup> | 6.00% | 02/01/34 | 100000 | 100043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Call 08/01/32<sup>(b)(c)(d)</sup> | 6.38% | 08/01/55 | 1900000 | 1881133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Call 09/12/25 | 5.00% | 11/15/27 | 10000 | 10011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, Call 09/12/25 | 5.00% | 01/01/31 | 120000 | 120184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upper Illinois River Valley Development Authority, Call 12/01/34<sup>(b)(d)</sup> | 6.00% | 12/01/55 | 1000000 | 970919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Chicago Fire Protection District, NATL, GO, Call 09/12/25 | 5.00% | 01/01/33 | 100000 | 100050 |
|  |  |  |  | 4770699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Indiana - 2.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Indiana - 2.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Indiana - 2.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Indiana - 2.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Indiana - 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Evansville, Call 09/17/25<sup>(b)</sup> | 5.45% | 01/01/38 | 1070000 | 975111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Fort Wayne, Call 09/12/25<sup>(b)</sup> | 5.35% | 01/01/38 | 715000 | 645565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Mishawaka, Call 09/12/25<sup>(b)(d)</sup> | 5.38% | 01/01/38 | 920000 | 852551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Valparaiso, Call 12/01/28<sup>(b)(d)</sup> | 5.38% | 12/01/41 | 750000 | 643189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Merrillville, Call 09/12/25<sup>(b)</sup> | 5.75% | 04/01/36 | 945000 | 894530 |
|  |  |  |  | 4010946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iowa - 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iowa - 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iowa - 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iowa - 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iowa - 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, Call 08/12/25, Put 08/12/25<sup>(a)(b)</sup> | 2.08% | 07/01/41 | 2300000 | 2300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, Call 09/12/25 | 4.75% | 08/01/42 | 120000 | 112105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, Call 05/15/30<sup>(b)(c)</sup> | 7.50% | 05/15/53 | 875000 | 957128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, Call 11/01/41<sup>(b)(d)</sup> | 6.00% | 11/01/42 | 500000 | 469860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, Call 05/15/26<sup>(b)</sup> | 5.00% | 05/15/47 | 90000 | 82726 |
|  |  |  |  | 3921819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Maryland - 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Maryland - 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Maryland - 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Maryland - 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Maryland - 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority, Call 09/02/25<sup>(b)</sup> | 5.00% | 08/15/41 | 100000 | 98009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Massachusetts - 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Massachusetts - 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Massachusetts - 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Massachusetts - 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Massachusetts - 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Call 09/02/25, Put 08/12/25<sup>(a)</sup> | 2.05% | 03/01/48 | 2060000 | 2060000 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Call 12/01/31<sup>(b)(c)(d)</sup> | 5.88% | 12/01/60 | 1050000 | 934040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Call 07/01/34<sup>(b)(c)(d)</sup> | 5.00% | 07/01/60 | 1000000 | 874933 |
|  |  |  |  | 3868973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Michigan - 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Michigan - 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Michigan - 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Michigan - 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Michigan - 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Strategic Fund, Call 09/12/25<sup>(b)</sup> | 6.25% | 11/15/43 | 2000000 | 2003662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Tobacco Settlement Finance Authority, Call 06/01/33<sup>(e)</sup> | 0.00% | 06/01/58 | 28500000 | 747336 |
|  |  |  |  | 2750998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Minnesota - 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Minnesota - 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Minnesota - 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Minnesota - 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Minnesota - 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Apple Valley MN, Call 09/01/33<sup>(b)(c)</sup> | 5.50% | 09/01/55 | 525000 | 502433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Brooklyn Park, Call 08/29/25<sup>(b)</sup> | 5.25% | 07/01/30 | 500000 | 484657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Coon Rapids, Call 06/15/35<sup>(b)(c)</sup> | 6.50% | 06/15/65 | 1500000 | 1448205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Eagan, Call 02/01/32<sup>(b)(c)(d)</sup> | 6.50% | 02/01/65 | 625000 | 583823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Eagan, Call 02/01/32<sup>(b)(c)(d)</sup> | 6.38% | 02/01/55 | 350000 | 327478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Eagan, Call 02/01/32<sup>(b)(c)(d)</sup> | 6.25% | 02/01/45 | 250000 | 238964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, Call 07/01/31<sup>(b)</sup> | 4.00% | 07/01/51 | 100000 | 65254 |
|  |  |  |  | 3650814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Missouri - 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Missouri - 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Missouri - 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Missouri - 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Missouri - 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri, Call 09/12/25<sup>(b)</sup> | 5.00% | 11/15/38 | 20000 | 19999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri, Call 09/12/25<sup>(b)</sup> | 5.00% | 11/15/48 | 70000 | 68103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri, Call 09/12/25<sup>(b)</sup> | 5.00% | 11/15/45 | 245000 | 243500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri Development Finance Board, Call 09/12/25 | 5.00% | 06/01/27 | 20000 | 20029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri Housing Development Commission, GNMA, FNMA, FHLMC, Call 05/01/33<sup>(b)</sup> | 5.00% | 11/01/55 | 2500000 | 2479220 |
|  |  |  |  | 2830851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Hampshire - 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Hampshire - 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Hampshire - 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Hampshire - 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Hampshire - 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority, Call 12/01/26<sup>(d)</sup> | 5.38% | 12/01/31 | 1000000 | 999603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority, Call 04/01/33<sup>(b)(c)</sup> | 5.75% | 04/01/55 | 625000 | 609349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority, Call 04/01/33<sup>(b)(c)</sup> | 5.63% | 04/01/45 | 500000 | 491835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Health and Education Facilities Authority Act, Call 09/12/25 | 5.00% | 07/01/36 | 2000000 | 2001494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Health and Education Facilities Authority, Call<br> 09/12/25<sup>(b)(c)</sup> | 5.00% | 08/01/43 | 120000 | 115943 |
|  |  |  |  | 4218224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York – 13.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York – 13.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York – 13.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York – 13.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York – 13.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Call 09/12/25<sup>(b)(c)</sup> | 5.88% | 07/01/38 | 940000 | 844392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clinton County Capital Resource Corp., Call 07/01/34<sup>(b)(c)(d)</sup> | 5.00% | 07/01/46 | 300000 | 293906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dobbs Ferry Local Development Corp., Call 09/12/25<sup>(b)</sup> | 5.00% | 07/01/44 | 55000 | 53142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dobbs Ferry Local Development Corp., Call 09/12/25<sup>(b)</sup> | 5.00% | 07/01/39 | 350000 | 347797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hempstead Town Local Development Corp., Call 09/12/25<sup>(b)</sup> | 5.00% | 07/01/44 | 2200000 | 2176629 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe County Industrial Development Corp., Call 07/01/34<sup>(b)(d)</sup> | 5.00% | 07/01/59 | 1000000 | 830384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTA Hudson Rail Yards Trust Obligations, Call 09/02/25 | 5.00% | 11/15/56 | 495000 | 492370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Call 05/01/33<sup>(b)</sup> | 5.25% | 11/01/55 | 700000 | 702442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Call 05/01/33<sup>(b)</sup> | 5.05% | 11/01/45 | 200000 | 200952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust VI, Call 06/01/26<sup>(c)</sup> | 3.75% | 06/01/45 | 195000 | 141600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp, Call 06/30/34<sup>(b)</sup> | 6.00% | 06/30/59 | 1500000 | 1538034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., AG, Call 12/31/34 | 5.25% | 12/31/54 | 660000 | 647167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., AG, Call 12/31/44<sup>(b)(g)</sup> | 0.00% | 12/31/54 | 300000 | 181163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Call 09/12/25<sup>(b)</sup> | 5.00% | 07/01/46 | 1065000 | 1013973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Call 10/01/30<sup>(b)(c)</sup> | 4.38% | 10/01/45 | 945000 | 820643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Call 06/30/33<sup>(b)</sup> | 5.00% | 06/30/60 | 1100000 | 989427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Call 12/31/34<sup>(b)</sup> | 5.50% | 12/31/60 | 2000000 | 1935345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Call 09/12/25<sup>(b)</sup> | 5.00% | 07/01/41 | 345000 | 344988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Call 09/12/25<sup>(b)</sup> | 5.25% | 01/01/50 | 735000 | 710129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St Lawrence County Industrial Development Agency, Call 09/12/25<sup>(b)</sup> | 5.00% | 07/01/43 | 20000 | 19981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suffolk Regional Off-Track Betting Corp, Call 06/01/29<sup>(b)(c)</sup> | 6.00% | 12/01/53 | 750000 | 763141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Call 11/01/35<sup>(b)(h)</sup> | 5.50% | 05/01/50 | 8000000 | 8440880 |
|  |  |  |  | 23488485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North Carolina – 5.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North Carolina – 5.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North Carolina – 5.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North Carolina – 5.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North Carolina – 5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Call 09/01/31<sup>(b)</sup> | 5.50% | 09/01/54 | 1665000 | 1550358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Charlotte NC Airport Revenue, Call 07/01/33<sup>(b)(h)</sup> | 5.25% | 07/01/53 | 8000000 | 8040080 |
|  |  |  |  | 9590438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ohio - 11.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ohio - 11.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ohio - 11.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ohio - 11.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ohio - 11.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Call 06/01/30<sup>(e)</sup> | 0.00% | 06/01/57 | 15000000 | 1315728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Call 06/01/30 | 5.00% | 06/01/55 | 3200000 | 2602980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cuyahoga County Port Authority, Call 01/01/32<sup>(b)(c)(d)</sup> | 5.88% | 01/01/49 | 500000 | 473697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency, Call 10/01/25<sup>(b)(d)</sup> | 5.13% | 01/01/32 | 545000 | 545319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency, Call 01/01/30<sup>(b)(d)</sup> | 6.00% | 01/01/45 | 1000000 | 925269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency, Call 07/01/30<sup>(b)(d)</sup> | 6.38% | 01/01/45 | 1500000 | 1472476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Greater Cincinnati Development Authority, Call 07/01/30<sup>(b)(d)</sup> | 6.50% | 01/01/45 | 1500000 | 1484800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio, AG, Call 09/12/25<sup>(b)</sup> | 5.00% | 12/31/35 | 1575000 | 1575982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worthington City School District, GO, Call 12/01/32<sup>(b)</sup> | 5.50% | 12/01/54 | 10000000 | 10363597 |
|  |  |  |  | 20759848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oregon - 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oregon - 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oregon - 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oregon - 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oregon - 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon State Facilities Authority, Call 09/02/25 | 5.00% | 11/15/29 | 110000 | 110534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon State Facilities Authority, Call 09/02/25 | 5.00% | 11/15/28 | 20000 | 20097 |
|  |  |  |  | 130631 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania – 6.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania – 6.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania – 6.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania – 6.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania – 6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chester Water Authority, Call 09/12/25 | 5.00% | 12/01/37 | $200000 | $200295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crawford County Hospital Authority, Call 06/01/26<sup>(b)(c)</sup> | 6.00% | 06/01/51 | 500000 | 488655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crawford County Hospital Authority, Call 06/01/26<sup>(b)</sup> | 6.00% | 06/01/46 | 425000 | 425798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster County Hospital Authority, Call 09/12/25<sup>(b)(c)</sup> | 5.00% | 07/01/45 | 50000 | 45352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehigh County General Purpose Authority, Call 09/12/25<sup>(b)</sup> | 7.50% | 02/01/44 | 1500000 | 1228955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehigh County General Purpose Authority, Call 09/12/25<sup>(b)(g)</sup> | 0.00% | 02/01/44 | 1350000 | 791462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehigh County General Purpose Authority<sup>(f)(g)</sup> | 0.00% | 02/01/44 | 1350000 | 6755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroeville Finance Authority, Call 09/12/25<sup>(b)</sup> | 5.00% | 02/01/45 | 75000 | 73694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania State University, Call 09/01/35<sup>(b)(h)</sup> | 5.50% | 09/01/55 | 8000000 | 8508880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Shore Area Authority, Call 09/12/25 | 4.25% | 07/01/35 | 15000 | 13955 |
|  |  |  |  | 11783801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico - 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, 5/3/2017, Call 09/12/25<sup>(e)</sup> | 0.00% | 05/15/57 | 8000000 | 447458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, 5/3/2017, Call 09/12/25<sup>(c)</sup> | 5.50% | 05/15/39 | 5000 | 5070 |
|  |  |  |  | 452528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rhode Island - 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rhode Island - 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rhode Island - 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rhode Island - 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rhode Island - 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp., FHA 542(C), Call 04/01/33<sup>(b)</sup> | 4.75% | 10/01/59 | 500000 | 468467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp., FHA 542(C), Call 04/01/33<sup>(b)</sup> | 4.70% | 10/01/54 | 500000 | 467457 |
|  |  |  |  | 935924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**South Carolina - 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**South Carolina - 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**South Carolina - 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**South Carolina - 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**South Carolina - 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Call 10/01/27<sup>(b)</sup> | 7.75% | 10/01/57 | 3000000 | 3012757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Call 06/15/29<sup>(b)(d)</sup> | 5.00% | 06/15/56 | 500000 | 362791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Call 06/15/29<sup>(b)(d)</sup> | 5.00% | 06/15/51 | 705000 | 523781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Call 11/15/34<sup>(b)</sup> | 5.75% | 11/15/54 | 500000 | 500232 |
|  |  |  |  | 4399561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tennessee - 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tennessee - 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tennessee - 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tennessee - 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tennessee - 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board, 6/30/2024, Call 09/12/25<sup>(b)</sup> | 5.25% | 12/01/44 | 1125000 | 969406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board, 6/30/2024, Call 09/12/25<sup>(b)</sup> | 5.00% | 12/01/34 | 85000 | 81606 |
|  |  |  |  | 1051012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Texas - 4.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Texas - 4.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Texas - 4.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Texas - 4.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Texas - 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp., PSF-GTD, Call 06/15/34<sup>(b)(c)</sup> | 4.25% | 06/15/59 | 850000 | 733603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Austin Texas Airport System, Call 09/12/25<sup>(b)</sup> | 5.00% | 11/15/44 | 100000 | 98079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Friendswood, SA, Call 09/15/34<sup>(b)</sup> | 7.00% | 09/15/54 | 1500000 | 1438246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp., Call 09/12/25<sup>(b)</sup> | 4.40% | 12/01/47 | 120000 | 100958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Medina, SA, Call 09/01/32<sup>(b)(d)</sup> | 5.35% | 09/01/54 | 1000000 | 899278 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edinburg Local Government Finance Corp., AG, Call 09/12/25 | 5.00% | 03/01/27 | 40000 | 40054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp, Call 07/01/32<sup>(b)(c)</sup> | 7.13% | 07/01/56 | 250000 | 245136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp, Call 07/01/32<sup>(b)</sup> | 6.75% | 07/01/44 | 500000 | 492572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., AG, Call 09/02/25<sup>(b)</sup> | 5.00% | 04/01/46 | 130000 | 125151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Call 10/01/32<sup>(b)</sup> | 6.50% | 10/01/60 | 1430000 | 1372746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Call 10/01/32<sup>(b)</sup> | 6.50% | 10/01/55 | 1780000 | 1722759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newark Higher Education Finance Corp., PSF-GTD, Call 08/15/34<sup>(b)(c)</sup> | 4.25% | 08/15/54 | 675000 | 584648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., Call 09/12/25<sup>(b)</sup> | 4.00% | 05/15/31 | 45000 | 43350 |
|  |  |  |  | 7896580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utah - 2.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utah - 2.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utah - 2.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utah - 2.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utah - 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mida Cormont Public Infrastructure District, GO, Call 06/01/30<sup>(b)(d)(g)</sup> | 6.75% | 06/01/55 | 1000000 | 814183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mida Cormont Public Infrastructure District, GO, Call 06/01/30<sup>(b)(d)</sup> | 6.25% | 06/01/55 | 650000 | 663322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyRidge Pegasus Infrastructure Financing District, SA, Call 12/01/29<sup>(b)(d)</sup> | 5.25% | 12/01/44 | 1000000 | 936743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viridian Farm Public Infrastructure District No. 1, GO, Call 03/01/30<sup>(b)(d)</sup> | 5.88% | 03/01/54 | 1130000 | 1079983 |
|  |  |  |  | 3494231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virginia - 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virginia - 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virginia - 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virginia - 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virginia - 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority, Call 06/01/35<sup>(b)</sup> | 6.00% | 06/01/55 | 1245000 | 1294234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Call 09/12/25<sup>(b)</sup> | 5.25% | 10/01/29 | 1000000 | 1002087 |
|  |  |  |  | 2296321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Washington - 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Washington - 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Washington - 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Washington - 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Washington - 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, Call 09/02/25 | 5.00% | 07/01/29 | 30000 | 30017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, Call 09/02/25<sup>(b)</sup> | 5.00% | 07/01/38 | 500000 | 499969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, Call 09/12/25<sup>(b)</sup> | 5.00% | 10/01/44 | 410000 | 397547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, Call 09/12/25<sup>(b)</sup> | 5.00% | 10/01/41 | 530000 | 525482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, Call 09/12/25<sup>(b)</sup> | 5.00% | 10/01/38 | 525000 | 525083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, Call 09/12/25<sup>(b)</sup> | 5.00% | 10/01/42 | 125000 | 122238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Call 01/01/30<sup>(b)(c)</sup> | 5.88% | 01/01/59 | 250000 | 228673 |
|  |  |  |  | 2329009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**West Virginia - 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**West Virginia - 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**West Virginia - 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**West Virginia - 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**West Virginia - 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Huntington, TAR, Call 06/01/32<sup>(b)(c)</sup> | 5.63% | 05/01/50 | 475000 | 446448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Huntington, TAR, Call 06/01/32<sup>(b)(c)</sup> | 5.50% | 06/01/49 | 300000 | 281900 |
|  |  |  |  | 728348 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wisconsin - 5.5%** | |  | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Call 06/15/26<sup>(b)(d)</sup> | 4.75% | 06/15/56 | $995000 | $750095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Call 09/01/28<sup>(b)(c)(d)</sup> | 6.25% | 09/01/46 | 250000 | 251018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Call 09/01/28<sup>(b)(c)(d)</sup> | 5.75% | 09/01/35 | 250000 | 258126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Call 06/15/29<sup>(b)(c)</sup> | 6.00% | 06/15/64 | 1000000 | 942346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Call 06/15/32<sup>(b)(c)</sup> | 5.25% | 06/15/65 | 1000000 | 914313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Call 12/01/34<sup>(b)(c)</sup> | 5.25% | 12/01/54 | 1000000 | 903862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Call 04/01/35<sup>(b)(d)</sup> | 6.45% | 04/01/60 | 1000000 | 913691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Call 06/30/35<sup>(b)</sup> | 6.50% | 12/31/65 | 3000000 | 3133330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Call 12/15/26<sup>(d)</sup> | 5.50% | 12/15/32 | 214832 | 209864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Call 12/01/27<sup>(b)(d)</sup> | 5.00% | 12/01/45 | 250000 | 219870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Call 06/15/29<sup>(b)</sup> | 5.00% | 06/15/39 | 485000 | 480720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority, Call 07/01/34<sup>(b)</sup> | 6.63% | 07/01/60 | 650000 | 658743 |
|  |  |  |  | 9635978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MUNICIPAL BONDS & NOTES (Cost $217,260,813)** |  |  |  | 211750472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS – 120.6% (Cost $217,260,813)** |  |  |  | $211750472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floating Rate Note Obligations (18.2)%<sup>(i)</sup> |  |  |  | (31980000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (2.4)% |  |  |  | (4218050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  |  |  | $175552422 |

---

Percentages are stated as a percent of net assets.

(a) Adjustable
 rate security. Rate disclosed is as of July 31, 2025.

(b) Sinkable
 security.

(c) Fixed
 coupon bond issued at a discount.

(d) Security
 exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions
 exempt from registration to qualified institutional investors.

(e) Zero
 coupon bond issued at a discount.

(f) At
 maturity security. Interest is paid in full at the maturity date.

(g) Interest
 appreciation bond issued at a discount.

(h) All
 or portion of the principal amount transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB Residuals and cash

(i) Face
 value of Floating Rate Notes issued in TOB transactions.

The accompanying notes are an integral part of these financial statements.

**Rockefeller U.S. Small-Mid Cap ETF**

**Schedule of Investments**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 98.2%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 212329 | $16468237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crocs, Inc.<sup>(a)</sup> | 113433 | 11312673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. - Class A | 30942 | 9243923 |
|  |  | 20556596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc.<sup>(a)</sup> | 216942 | 27818473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 16.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGC Group, Inc. - Class A | 1887095 | 17493370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. - REIT | 639305 | 16602751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PJT Partners, Inc. - Class A | 135861 | 24267492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Co. | 82789 | 7295367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Corp. | 631501 | 20081732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StepStone Group Inc - Class A | 136553 | 8105786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc.<sup>(a)</sup> | 308901 | 30037533 |
|  |  | 123884031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corp. | 24053 | 9917052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masimo Corp.<sup>(a)</sup> | 100479 | 15452665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.<sup>(a)</sup> | 264961 | 22484591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RadNet, Inc.<sup>(a)</sup> | 484993 | 26543667 |
|  |  | 74397975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 13.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAON, Inc. | 176140 | 14707690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 76797 | 14496202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 50875 | 13201045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 34248 | 16789055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 186670 | 15936018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordson Corp. | 49257 | 10551342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc.<sup>(a)</sup> | 40016 | 15499797 |
|  |  | 101181149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 16.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc., ADR | 63170 | 17150655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 98986 | 10762748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc.<sup>(a)</sup> | 60584 | 14286313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core & Main Inc - Class A<sup>(a)</sup> | 113538 | 7225558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korn Ferry | 378168 | 26800766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.<sup>(a)</sup> | 63781 | 17067158 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 345635 | $12698630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UL Solutions, Inc. - Class A | 157966 | 11550474 |
|  |  | 117542302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. - Class A<sup>(a)</sup> | 304408 | 11214391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Co. | 89234 | 7478701 |
|  | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust - REIT | 120647 | 13174652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 220129 | 29340994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 279751 | 29625631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 183278 | 25041273 |
|  |  | 54666904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilysys, Inc., ADR<sup>(a)</sup> | 174876 | 19949854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.<sup>(a)</sup> | 373696 | 14114498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.<sup>(a)</sup> | 56532 | 12417819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.<sup>(a)</sup> | 243543 | 19775692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex, Inc. - Class A<sup>(a)</sup> | 399312 | 13245179 |
|  |  | 79503042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impinj, Inc.<sup>(a)</sup> | 124948 | 19314462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation, Inc.<sup>(a)</sup> | 110858 | 10503795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 107794 | 15564376 |
|  |  | 45382633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $587,736,674)** |  | 722610080 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CONTINGENT VALUE RIGHTS - 0.0%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABIOMED, Inc.<sup>(b)</sup> | 68833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CONTINGENT VALUE RIGHTS (Cost $–)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 98.2% (Cost $587,736,674)** |  | $722610080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bank Money Market Deposit Account - 2.8% |  | 20842271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (1.0)% |  | (7504306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $735948045 |

---

Percentages are stated as a percent of net assets.

(a) Non-income
 producing security.

(b) 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 represented $0 or 0.0% of net assets as of July 31, 2025.

The accompanying notes are an integral part of these financial statements.

**Statements of Assets and Liabilities**

**July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Rockefeller <br> California <br> Municipal Bond <br> ETF** | **Rockefeller Global <br> Equity ETF** | **Rockefeller New York <br> Municipal Bond ETF** |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $17,313,793, $441,570,819 and $17,761,170) (Note 2) | $16735942 | $707059272 | $17444778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Equivalents |  | 2761282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 154199 | 7812 | 143225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable |  | 445556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  |  | 19040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend tax reclaim receivable |  | 416046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from tender option bond trust |  |  | 750000 |
| **Total assets** | 16890141 | 710689968 | 18357043 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 520045 |  | 1050980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for Floating Rate Note Obligations |  |  | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for interest expense and fees on Floating Rate Note Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to custodian | 12286 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser (Note 5) | 7686 | 328942 | 7772 |
| **Total liabilities** | 540017 | 328942 | 1808752 |
| **NET ASSETS** | $16350124 | $710361026 | $16548291 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $17507610 | $445044991 | $17021403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (1157486) | 265316035 | (473112) |
| **Total Net Assets** | $16350124 | $710361026 | $16548291 |
| Net assets | $16350124 | $710361026 | $16548291 |
| Shares issued and outstanding<sup>(a)</sup> | 700000 | 25175000 | 700000 |
| Net asset value per share | $23.36 | $28.22 | $23.64 |

---

(a) Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

**Statements of Assets and Liabilities**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Rockefeller Opportunistic <br> Municipal Bond ETF** | **Rockefeller U.S. Small-<br> Mid Cap ETF** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $217,260,813 and $587,736,674) (Note 2) | $211750472 | $722610080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Equivalents |  | 20842271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 9015380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from tender option bond trust | 6000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 2269957 | 58652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 113477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable |  | 13736 |
| **Total assets** | 229149286 | 743524739 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 14818418 | 7099776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to tender option bond trusts | 6592477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for Floating Rate Note Obligations | 31980000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for interest expense and fees on Floating Rate Note Obligations | 124360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser (Note 5) | 81609 | 476918 |
| **Total liabilities** | 53596864 | 7576694 |
| **NET ASSETS** | $175552422 | $735948045 |
| **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $183969768 | $614202715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (8417346) | 121745330 |
| **Total Net Assets** | $175552422 | $735948045 |
| Net assets | $175552422 | $735948045 |
| Shares issued and outstanding<sup>(a)</sup> | 7300000 | 28650000 |
| Net asset value per share | $24.05 | $25.69 |

---

(a) Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

**Statements of Operations**

**For the Year Ended July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Rockefeller California Municipal Bond ETF<sup>(a)</sup>** | **Rockefeller <br> Global Equity ETF<sup>(b)</sup>** | **Rockefeller New York Municipal Bond ETF<sup>(a)</sup>** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $— | $8815374 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax reclaims |  | 447107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes |  | (1000488) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Issuance fees |  | (18323) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 683548 | 51869 | 334519 |
| **Total investment income** | 683548 | 8295539 | 334519 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee (Note 5) | 81722 | 2854107 | 38562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and fees on Floating Rate Note Obligations |  |  |  |
| **Total expenses** | 81722 | 2854107 | 38562 |
| Expense reimbursement by Adviser (Note 5) | (5989) |  | (1151) |
| Net expenses | 75733 | 2854107 | 37411 |
| **NET INVESTMENT INCOME (LOSS)** | 607815 | 5441432 | 297108 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (583871) | 933399 | (160681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transaction |  | 6619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption-in-kind |  | 66539741 |  |
| **Net realized gain (loss)** | (583871) | 67479759 | (160681) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (577851) | 17995211 | (316392) |
| **Net change in unrealized appreciation (depreciation)** | (577851) | 17995211 | (316392) |
| Net realized and unrealized gain (loss) | (1161722) | 85474970 | (477073) |
| **NET INCREASE (DECREASE) IN NET ASSETS** |  |  |  |
| **RESULTING FROM OPERATIONS** | $(553907) | $90916402 | $(179965) |

---

(a) Inception
 date for the Fund was August 12, 2024.

(b) Effective
 October 25, 2024, the Rockefeller Global Equity Fund I, L.P., Rockefeller Global Equity Fund II, L.P., Rockefeller Global Equity Fund
 II QP Limited Partnership, Rockefeller Global Equity Fund III Limited Partnership, Rockefeller Global Dividend Growth Fund, L.P. and Rockefeller
 Global Dividend Growth Fund QP, L.P. reorganized into the Rockefeller Global Equity ETF. (See Note 3 in Notes to Financial Statements.)

The accompanying notes are an integral part of these financial statements.

**Statements of Operations**

**For the Year Ended July 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Rockefeller <br> Opportunistic <br> Municipal Bond ETF<sup>(a)</sup>** | **Rockefeller U.S. <br> Small-Mid Cap ETF<sup>(b)</sup>** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $— | $3160730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 6920028 | 229180 |
| **Total investment income** | 6920028 | 3389910 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee (Note 5) | 634093 | 4528048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and fees on Floating Rate Note Obligations | 283245 |  |
| **Total expenses** | 917338 | 4528048 |
| Expense reimbursement by Adviser (Note 5) | (31851) |  |
| Net expenses | 885487 | 4528048 |
| **NET INVESTMENT INCOME (LOSS)** | 6034541 | (1138138) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2907005) | (12118012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption-in-kind |  | 336535459 |
| **Net realized gain (loss)** | (2907005) | 324417447 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (5510341) | (305573963) |
| **Net change in unrealized appreciation (depreciation)** | (5510341) | (305573963) |
| Net realized and unrealized gain (loss) | (8417346) | 18843484 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(2382805) | $17705346 |

---

(a) Inception
 date for the Fund was August 12, 2024.

(b) Effective
 October 10, 2024, the Pocantico Fund, Rockefeller & Co. U.S. Small Capitalization Fund, L.P. and Rockefeller U.S. Small Capitalization
 Fund QP, L.P. reorganized into the Rockefeller U.S. Small-Mid Cap ETF. (See Note 3 in Notes to Financial Statements.)

The accompanying notes are an integral part of these financial statements.

**Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **Rockefeller <br> California <br> Municipal <br> Bond ETF<sup>(a)</sup>** | **Rockefeller Global <br> Equity ETF<sup>(b)</sup>** | **Rockefeller New York Municipal Bond ETF<sup>(a)</sup>** |
|  | **Period Ended <br> July 31, 2025** | **Period Ended <br> July 31, 2025** | **Period Ended <br> July 31, 2025** |
| **OPERATIONS:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $607815 | $5441432 | $297108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (583871) | 67479759 | (160681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (577851) | 17995211 | (316392) |
| Net increase (decrease) in net assets resulting from operations | (553907) | 90916402 | (179965) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | (603579) | (6786378) | (293554) |
| Total distributions to shareholders | (603579) | (6786378) | (293554) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions (Note 3) | 19923220 | 783072383 | 17021810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2415610) | (156850639) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF transaction fees (Note 9) |  | 9258 |  |
| Net increase (decrease) in net assets from capital transactions | 17507610 | 626231002 | 17021810 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 16350124 | 710361026 | 16548291 |
| **NET ASSETS:** |  |  |  |
| Beginning of the period |  |  |  |
| End of the period | $16350124 | $710361026 | $16548291 |
| **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 800000 | 31415000 | 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (100000) | (6240000) |  |
| Total increase (decrease) in shares outstanding | 700000 | 25175000 | 700000 |

---

(a) Inception
 date for the Fund was October 25, 2024.

(b) Effective
 October 25, 2024, the Rockefeller Global Equity Fund I, L.P., Rockefeller Global Equity Fund II, L.P., Rockefeller Global Equity
 Fund II QP Limited Partnership, Rockefeller Global Equity Fund III Limited Partnership, Rockefeller Global Dividend Growth Fund, L.P.
 and Rockefeller Global Dividend Growth Fund QP, L.P. reorganized into the Rockefeller Global Equity ETF. (See Note 3 in Notes to Financial
 Statements.)

The accompanying notes are an integral part of these financial statements.

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Rockefeller <br> Opportunistic <br> Municipal Bond ETF<sup>(a)</sup>** | **Rockefeller U.S. <br> Small-Mid Cap ETF<sup>(b)</sup>** |
|  | **Period Ended <br> July 31, 2025** | **Period Ended <br> July 31, 2025** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $6034541 | $(1138138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (2907005) | 324417447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (5510341) | (305573963) |
| Net increase (decrease) in net assets resulting from operations | (2382805) | 17705346 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributions to shareholders | (5872350) |  |
| Total distributions to shareholders | (5872350) |  |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions (Note 3) | 193792240 | 1276314600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (10053460) | (558071901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF transaction fees (Note 9) | 68797 |  |
| Net increase (decrease) in net assets from capital transactions | 183807577 | 718242699 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 175552422 | 735948045 |
| **NET ASSETS:** |  |  |
| Beginning of the period |  |  |
| End of the period | $175552422 | $735948045 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 7700000 | 50520000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (400000) | (21870000) |
| Total increase (decrease) in shares outstanding | 7300000 | 28650000 |

---

(a) Inception
 date for the Fund was August 12, 2024.

(b) Effective
 October 10, 2024, the Pocantico Fund, Rockefeller & Co. U.S. Small Capitalization Fund, L.P. and Rockefeller U.S. Small Capitalization
 Fund QP, L.P. reorganized into the Rockefeller U.S. Small-Mid Cap ETF. (See Note 3 in Notes to Financial Statements.)

The accompanying notes are an integral part of these financial statements.

**STATEMENT OF CASH FLOWS**

---

| | |
|:---|:---|
|  | **Rockefeller <br> Opportunistic<br> Municipal Bond ETF** |
| | **Period Ended <br> July 31, 2025 <sup>(a)</sup>** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | $(2382805) |
| Adjustments to reconcile net decrease in net assets from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Purchases of investment securities | (530472141) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposition on investment securities | 310666317 |
| &nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount on investments, net | (362044) |
| &nbsp;&nbsp;&nbsp;Net realized (gain)/loss on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2907005 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5510341 |
| &nbsp;&nbsp;&nbsp;(Increase)/Decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (2269957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | (9015380) |
| &nbsp;&nbsp;&nbsp;Increase/(Decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 14818418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for interest expense and fees on Floating Rate Note Obligations | 124360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser | 81609 |
| **Net cash provided by (used in) operating activities** | (210394277) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 193792240 |
| &nbsp;&nbsp;&nbsp;Redemptions | (10053460) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees | 68797 |
| &nbsp;&nbsp;&nbsp;Net proceeds from floating rate note obligations, net of receivable from tender option bond trust | 56540000 |
| &nbsp;&nbsp;&nbsp;Net payments on floating rate note obligations, net of payable to tender option bond trust | (23967523) |
| &nbsp;&nbsp;&nbsp;Cash distributions paid to shareholders | (5872350) |
| **Net cash provided by (used in) financing activities** | 210507704 |
| **Net change in cash and cash equivalents** | 113477 |
| **Cash and cash equivalents, beginning of period** |  |
| **Cash and cash equivalents, end of period** | $113477 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |
| &nbsp;&nbsp;&nbsp;Cash paid during the period for interest expense and fees on floating rate note obligations | $158885 |

---

(a) Inception date for the Fund was August 12, 2024.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights**

**For a share outstanding throughout the period presented**

---

| | |
|:---|:---|
|  | **Rockefeller <br> California Municipal <br> Bond ETF** |
|  | **Period Ended** <br> **July 31, 2025<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $25.00 |
| **INVESTMENTS OPERATIONS:** |  |
| Net investment income (loss)<sup>(b)</sup> | 0.97 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | (1.70) |
| Total from investment operations | (0.73) |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (0.91) |
| Total distributions | (0.91) |
| Net asset value, end of period | $23.36 |
| **TOTAL RETURN<sup>(d)</sup>** | (3.01)% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $16350 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before Investment Advisory Fees waived<sup>(e)</sup> | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After Investment Advisory Fees waived<sup>(e)(g)</sup> | 0.51% |
| Ratio of net investment income to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before Investment Advisory Fees waived<sup>(e)</sup> | 4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After Investment Advisory Fees waived<sup>(e)(g)</sup> | 4.09% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 234% |

---

(a) Inception date for the Fund was
 August 12, 2024.

(b) Net investment income per share
 has been calculated based on average shares outstanding during the periods.

(c) Realized and unrealized gains and losses per share in the caption
 are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate
 gains and losses in the Statement of Operations due to share transactions for the periods.

(d) Not annualized for periods less
 than one year.

(e) Annualized for periods less than
 one year.

(f) Portfolio turnover rate excludes
 in-kind transactions.

(g) Fee waiver of 0.11% in effect through
 December 31, 2024.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights**

**For a share outstanding throughout the period presented**

---

| | |
|:---|:---|
|  | **Rockefeller Global <br> Equity ETF** |
|  | **Period Ended <br> July 31, 2025<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $25.00 |
| **INVESTMENTS OPERATIONS:** |  |
| Net investment income (loss)<sup>(b)</sup> | 0.21 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 3.27 |
| Total from investment operations | 3.48 |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (0.21) |
| Net realized gains | (0.05) |
| Total distributions | (0.26) |
| ETF Transaction fee per share | 0.00 <sup>(g)</sup> |
| Net asset value, end of period | $28.22 |
| **TOTAL RETURN<sup>(d)</sup>** | 14.05% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $710361 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.55% |
| Ratio of net investment income to average net assets<sup>(e)</sup> | 1.04% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 16% |

---

(a) Inception date for the Fund was
 October 25, 2024.

(b) Net investment income per share
 has been calculated based on average shares outstanding during the periods.

(c) Realized and unrealized gains and losses per share in the caption
 are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate
 gains and losses in the Statement of Operations due to share transactions for the periods.

(d) Not annualized for periods less
 than one year.

(e) Annualized for periods less than
 one year.

(f) Portfolio turnover rate excludes
 in-kind transactions.

(g) Amount represents less than $(0.005)
 per share.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights**

**For a share outstanding throughout the period presented**

---

| | |
|:---|:---|
|  | **Rockefeller New York Municipal <br> Bond ETF** |
|  | **Period Ended <br> July 31, 2025<sup>(a)</sup>** |
| **PER SHARE DATA:** | |
| Net asset value, beginning of period | $25.00 |
| **INVESTMENTS OPERATIONS:** |  |
| Net investment income (loss)<sup>(b)</sup> | 0.99 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | (1.46) |
| Total from investment operations | (0.47) |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (0.89) |
| Total distributions | (0.89) |
| Net asset value, end of period | $23.64 |
| **TOTAL RETURN<sup>(d)</sup>** | (1.98)% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $16548 |
| Ratio of expenses to average net assets:<sup>(h)</sup> |  |
| Before Investment Advisory Fees waived<sup>(e)</sup> | 0.55% |
| After Investment Advisory Fees waived<sup>(e)(g)</sup> | 0.53% |
| Ratio of net investment income to average net assets: |  |
| Before Investment Advisory Fees waived<sup>(e)</sup> | 4.22% |
| After Investment Advisory Fees waived<sup>(e)(g)</sup> | 4.24% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 276% |

---

(a) Inception date for the Fund was
 August 12, 2024.

(b) Net investment income per share
 has been calculated based on average shares outstanding during the periods.

(c) Realized and unrealized gains and
 losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods,
 and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d) Not annualized for periods less
 than one year.

(e) Annualized for periods less than
 one year.

(f) Portfolio turnover rate excludes
 in-kind transactions.

(g) Fee waiver of 0.11% in effect through
 December 31, 2024.

(h) Includes interest expense of 0.00%
 related to tender option bond transactions (See Note 2).

The accompanying notes are an integral part of these financial statements.

**Financial Highlights**

**For a share outstanding throughout the period presented**

---

| | |
|:---|:---|
|  | **Rockefeller <br> Opportunistic <br> Municipal Bond <br> ETF** |
|  | **Period Ended <br> July 31, 2025<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $25.00 |
| **INVESTMENTS OPERATIONS:** |  |
| Net investment income (loss)<sup>(b)</sup> | 1.26 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | (1.15) |
| Total from investment operations | 0.11 |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (1.06) |
| Total distributions | (1.06) |
| ETF Transaction fee per share | 0.00 <sup>(i)</sup> |
| Net asset value, end of period | $24.05 |
| **TOTAL RETURN<sup>(d)</sup>** | 0.36% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $175552 |
| Ratio of expenses to average net assets:<sup>(h)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before Investment Advisory Fees waived<sup>(e)</sup> | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After Investment Advisory Fees waived<sup>(e)(g)</sup> | 0.77% |
| Ratio of net investment income to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before Investment Advisory Fees waived<sup>(e)</sup> | 5.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After Investment Advisory Fees waived<sup>(e)(g)</sup> | 5.23% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 238% |

---

(a) Inception date for the Fund was
 August 12, 2024.

(b) Net investment income per share
 has been calculated based on average shares outstanding during the periods.

(c) Realized and unrealized gains and losses per share in the caption
 are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate
 gains and losses in the Statement of Operations due to share transactions for the periods.

(d) Not annualized for periods less
 than one year.

(e) Annualized for periods less than
 one year.

(f) Portfolio turnover rate excludes
 in-kind transactions.

(g) Fee waiver of 0.11% in effect through
 December 31, 2024.

(h) Includes interest expense of 0.25%
 related to tender option bond transactions (See Note 2).

(i) Amount represents less than $(0.005)
 per share.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights**

**For a share outstanding throughout the period presented**

---

| | |
|:---|:---|
|  | **Rockefeller U.S.<br> Small-Mid Cap ETF** |
|  | **Period Ended <br> July 31, 2025<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $25.00 |
| **INVESTMENTS OPERATIONS:** |  |
| Net investment income (loss)<sup>(b)</sup> | (0.04) |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.73 |
| Total from investment operations | 0.69 |
| Net asset value, end of period | $25.69 |
| **TOTAL RETURN<sup>(d)</sup>** | 2.76% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $735948 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.75% |
| Ratio of net investment income to average net assets<sup>(e)</sup> | (0.19)% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 86% |

---

(a) Inception date for the Fund was
 October 10, 2024.

(b) Net investment income per share
 has been calculated based on average shares outstanding during the periods.

(c) Realized and unrealized gains and losses per share in the caption
 are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate
 gains and losses in the Statement of Operations due to share transactions for the periods.

(d) Not annualized for periods less
 than one year.

(e) Annualized for periods less than
 one year.

(f) Portfolio turnover rate excludes
 in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Notes to Financial Statements

July 31, 2025

**NOTE 1 - ORGANIZATION**

The Rockefeller ETFs (defined below) (each a "Fund", and collectively the "Funds") are each a non-diversified series of shares of beneficial interest of Tidal Trust III (the "Trust"), except for the Rockefeller Global Equity ETF, which is a diversified series. The Trust was organized as a Delaware statutory trust on May 19, 2016 and is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of each Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended. The Trust is governed by its Board of Trustees (the "Board"). Tidal Investments LLC ("Tidal Investments" or the "Adviser"), a Tidal Financial Group company, serves as investment adviser to the Funds and Rockefeller Asset Management, a division of Rockefeller & Co. LLC ("Rockefeller" or the "Sub-Adviser") serves as sub-adviser. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services — Investment Companies."

---

| | |
|:---|:---|
| **Fund:** | **Commencement Date:** |
| Rockefeller California Municipal Bond ETF (the "RMCA ETF") | August 12, 2024 |
| Rockefeller Global Equity ETF (the "RGEF ETF") | October 25, 2024 |
| Rockefeller New York Municipal Bond ETF (the "RMNY ETF") | August 12, 2024 |
| Rockefeller Opportunistic Municipal Bond ETF (the "RMOP ETF") | August 12, 2024 |
| Rockefeller U.S. Small-Mid Cap ETF (the "RSMC ETF") | October 10, 2024 |

---

The RMCA ETF's investment objective is to seek income exempt from U.S. federal and California state income tax.

The RGEF ETF's investment objective is to seek long-term growth of capital.

The RMNY ETF's investment objective is to seek to provide income exempt from Federal and New York state income taxes.

The RMOP ETF's investment objective is to seek current income exempt from federal income tax and to seek long-term capital appreciation.

The RSMC ETF's investment objective is to seek long-term growth of capital.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

**Security Valuation -** Equity securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC (the "NASDAQ")), including securities traded over-the- counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents each day that the Funds are open for business.

Notes to Financial Statements

July 31, 2025

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser's Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a fund may cause the net asset value ("NAV") of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value each Fund's investments as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RMCA ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;**Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds & Notes | $— | $16735942 | $— | $16735942 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $— | $16735942 | $— | $16735942 |

---

Notes to Financial Statements

July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RGEF ETF<br>**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;**Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;**Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $707059272 | $— | $— | $707059272 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $707059272 | $— | $— | $707059272 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RMNY ETF**<br>**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;**Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;**Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds & Notes | $— | $17444778 | $— | $17444778 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $— | $17444778 | $— | $17444778 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RMOP ETF<br>**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;**Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;**Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds & Notes | $— | $211750472 | $— | $211750472 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $— | $211750472 | $— | $211750472 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **RSMC ETF<br>**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;**Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;**Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $722610080 | $— | $— | $722610080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent Value Rights |  |  | 0 <sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $722610080 | $— | $— | $722610080 |

---

---

| | |
|:---|:---|
|  | **Contingent**<br> **Value Rights** |
| **Balance as of October 25, 2024** | $0 <sup>(a)</sup> |
| Accrued discounts/premiums |  |
| Realized gain (loss) |  |
| Change in unrealized appreciation (depreciation) |  |
| Purchases |  |
| Sales |  |
| Transfer into and/or out of Level 3 |  |
| **Balance as of July 31, 2025** | $0 |
| Change in unrealized appreciation (depreciation) during |  |
| the period for Level 3 investments held at July 31, 2025 | $0 |

---

 

<sup>(a)</sup> The Level 3 security (Contingent Value Rights) are fair valued at $0 due to lack of market activity.

Notes to Financial Statements

July 31, 2025

Refer to the Schedules of Investments for further disaggregation of investment categories.

**Federal Income Taxes -** Each Fund has elected to be taxed as a regulated investment company ("RIC") and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to RICs. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to RICs, the Funds intend to declare as dividends in each calendar year, at least 98% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise tax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one year period generally ending on October 31 of the calendar year (unless an election is made to use the Funds' fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable.

As of July 31, 2025, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.

**Securities Transactions and Investment Income -** Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividends received from REITs generally are comprised of ordinary income, capital gains, and may include return of capital. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**Distributions to Shareholders -** Distributions to shareholders from net investment income, if any, for the RMCA ETF, RMNY ETF, and RMOP ETF are declared and paid monthly, for the RGEF ETF is declared and paid quarterly, and for the RSMC ETF is declared and paid annually. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid at least annually. Distributions are recorded on the ex-dividend date.

**Use of Estimates -** The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Notes to Financial Statements

July 31, 2025

**Share Valuation -** The NAV per Share is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for the Fund, rounded to the nearest cent. Fund Shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for trading.

**Guarantees and Indemnifications -** In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**Illiquid Securities -** Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the "Program") that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund's net assets. An illiquid investment is any security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Fund should be in a position where the value of illiquid investments held by a Fund exceeds 15% of the Fund's net assets, the Fund will take such steps as set forth in the Program.

**Tender Option Bonds:** The RMCA ETF, RMNY ETF and RMOP ETF may leverage its assets through the use of proceeds received from tender option bond ("TOB") transactions. In a TOB transaction, a tender option bond trust (a "TOB Issuer") is typically established, which forms a special purpose trust into which a Fund, or an agent on behalf of a Fund, transfers municipal bonds or other municipal securities ("Underlying Securities"). A TOB Issuer typically issues two classes of beneficial interests: short-term floating rate notes ("TOB Floaters") with a fixed principal amount representing a senior interest in the Underlying Securities, and which are generally sold to third party investors, and residual interest municipal tender option bonds ("TOB Residuals") representing a subordinate interest in the Underlying Securities, and which are generally issued to a Fund. The interest rate on the TOB Floaters resets periodically, usually weekly, to a prevailing market rate, and holders of the TOB Floaters are granted the option to tender their TOB Floaters back to the TOB Issuer for repurchase at their principal amount plus accrued interest thereon periodically, usually daily or weekly. Each Fund may invest in both TOB Floaters and TOB Residuals, including TOB Floaters and TOB Residuals issued by the same TOB Issuer. RMOP ETF has the ability to expose up to 35% of its total assets to the effects of leverage from these investments. RMNY ETF and RMCA ETF has the ability to expose up to 25% of its total assets to the effects of leverage from these investments.

As a result of Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules thereunder (collectively, the "Volcker Rule"), banking entities are generally prohibited from sponsoring the TOB Issuer, and instead each Fund may serve as the sponsor of a TOB issuer ("Fund-sponsored TOB") and establish, structure and "sponsor" a TOB Issuer in which it holds TOB Residuals. In connection with Fund- sponsored TOBs, each Fund may contract with a third-party to perform some or all of the Fund's duties as sponsor. Each Fund's role under the Fund-sponsored TOB structure may increase its operational and regulatory risk. If the third-party is unable to perform its obligations as an administrative agent, each Fund itself would be subject to such obligations or would need to secure a replacement agent. The obligations that each Fund may be required to undertake could include reporting and recordkeeping obligations under the IRC and federal securities laws and contractual obligations with other TOB service providers.

Notes to Financial Statements

July 31, 2025

Under the Fund-sponsored TOB structure, the TOB Issuer receives Underlying Securities from each Fund through (or as) the sponsor and then issues TOB Floaters to third party investors and TOB Residuals to each Fund. Each Fund is paid the cash (less transaction expenses, which are borne by the Fund) received by the TOB Issuer from the sale of TOB Floaters and typically will invest the cash in additional municipal bonds or other investments permitted by its investment policies. TOB Floaters may have first priority on the cash flow from the securities held by the TOB Issuer and are enhanced with a liquidity support arrangement from a bank or an affiliate of the sponsor (the "liquidity provider"), which allows holders to tender their position back to the TOB Issuer at par (plus accrued interest). Each Fund, in addition to receiving cash from the sale of TOB Floaters, also receives TOB Residuals. TOB Residuals provide each Fund with the right to (1) cause the holders of TOB Floaters to tender their notes to the TOB Issuer at par (plus accrued interest), and (2) acquire the Underlying Securities from the TOB Issuer. In addition, all voting rights and decisions to be made with respect to any other rights relating to the Underlying Securities deposited in the TOB Issuer are passed through to each Fund, as the holder of TOB Residuals. Such a transaction, in effect, creates exposure for each Fund to the entire return of the Underlying Securities deposited in the TOB Issuer, with a net cash investment by each Fund that is less than the value of the Underlying Securities deposited in the TOB Issuer. This multiplies the positive or negative impact of the Underlying Securities' return within each Fund (thereby creating leverage). Income received from TOB Residuals will vary inversely with the short-term rate paid to holders of TOB Floaters and in most circumstances, TOB Residuals represent substantially all of the Underlying Securities' downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Securities' value. The amount of such increase or decrease is a function, in part, of the amount of TOB Floaters sold by the TOB Issuer of these securities relative to the amount of TOB Residuals that it sells. The greater the amount of TOB Floaters sold relative to TOB Residuals, the more volatile the income paid on TOB Residuals will be. The price of TOB Residuals will be more volatile than that of the Underlying Securities because the interest rate is dependent on not only the fixed coupon rate of the Underlying Securities, but also on the short-term interest rate paid on TOB Floaters.

For TOB Floaters, generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the Underlying Securities deposited in the TOB Issuer, each Fund, if it is the holder of the TOB Floaters, relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the TOB Issuer provide for a liquidation of the Underlying Security deposited in the TOB Issuer and the application of the proceeds to pay off the TOB Floaters.

The TOB Issuer may be terminated without the consent of each Fund upon the occurrence of certain events, such as the bankruptcy or default of the issuer of the Underlying Securities deposited in the TOB Issuer, a substantial downgrade in the credit quality of the issuer of the securities deposited in the TOB Issuer, the inability of the TOB Issuer to obtain liquidity support for the TOB Floaters, a substantial decline in the market value of the Underlying Securities deposited in the TOB Issuer, or the inability of the sponsor to remarket any TOB Floaters tendered to it by holders of the TOB Floaters. In such an event, the TOB Floaters would be redeemed by the TOB Issuer at par (plus accrued interest) out of the proceeds from a sale of the Underlying Securities deposited in the TOB Issuer. If this happens, each Fund would be entitled to the assets of the TOB Issuer, if any, that remain after the TOB Floaters have been redeemed at par (plus accrued interest). If there are insufficient proceeds from the sale of these Underlying Securities to redeem all of the TOB Floaters at par (plus accrued interest), the liquidity provider or holders of the TOB Floaters would bear the losses on those securities and there would be no recourse to each Fund's assets (unless the Fund held a recourse TOB Residual).

Notes to Financial Statements

July 31, 2025

Pursuant to the Volcker Rule, to the extent that the remarketing agent is a banking entity, it would not be able to repurchase tendered TOB Floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Issuer to purchase the tendered TOB Floaters. The TOB Issuer, not each Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased TOB Floaters now held by the TOB Issuer. However, each Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Each Fund accounts for TOB transactions as secured borrowings. For financial reporting purposes, Underlying Securities that are deposited into a TOB Issuer are treated as investments of each Fund and are presented in each Fund's Schedule of Investments. Outstanding TOB Floaters issued by a TOB Issuer are presented as a liability at their face value as "Payable for Floating Rate Note Obligations" in the Fund's Statement of Assets and Liabilities. The face value of the TOB Floaters approximates the fair value of the floating rate notes. Interest income from the Underlying Securities is recorded by the Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other expenses related to remarketing, administration and trustee services to a TOB Issuer are recognized as a component of "Interest expense and fees on Floating Rate Note Obligations" in the Statement of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to "Interest expense and fees on floating rate note obligations" in the Statement of Operations.

At July 31, 2025, the aggregate value of the Underlying Securities transferred to the TOB Issuer and the related liability for TOB Floaters was as follows:

---

| | | |
|:---|:---|:---|
|  | **Underlying Securities**<br> **Transferred to TOB Issuers** | **Liability for Floating**<br> **Rate Note Obligations** |
| RMNY ETF | $1055110 | $750000 |
| RMOP ETF | 43975194 | 31980000 |

---

During the period ended July 31, 2025, the Funds' average TOB Floaters outstanding and the daily weighted average interest rate, including fees, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Average Floating Rate Note**<br> **Obligations Outstanding** | **Annualized Daily**<br> **Weighted Average**<br> **Interest Rate**  |
| RMNY ETF | $62500 |  |
| RMOP ETF | 18878544 | 2.619% |

---

**Reclassification of Capital Accounts***.* U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications are primarily due to adjustments for redemptions in-kind. These reclassifications have no effect on net assets or NAV per Share. For the period ended July 31, 2025, the following reclassification adjustments were made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total Distributable<br> Earnings<br> (Accumulated Losses)** |
| RMCA ETF | $— | $— |
| RGEF ETF | 66318656 | (66318656) |
| RMNY ETF | (407) | 407 |
| RMOP ETF | 162191 | (162191) |
| RSMC ETF | 336407385 | (336407385) |

---

Notes to Financial Statements

July 31, 2025

**NOTE 3 - REORGANIZATION DISCUSSION**

At a meeting held on July 25, 2024, the Board discussed the reorganization between the Trust, on behalf of the RGEF ETF, and the Rockefeller Global Equity Fund I, L.P, Rockefeller Global Equity Fund II, L.P., Rockefeller Global Equity Fund II QP Limited Partnership, Rockefeller Global Equity Fund III Limited Partnership, Rockefeller Global Dividend Growth Fund, L.P. and Rockefeller Global Dividend Growth Fund QP, L.P. (the "RGEF Predecessor Accounts", and each a "Predecessor Account").

At a meeting held on July 25, 2024, the Board discussed the reorganization between the Trust, on behalf of the RSMC ETF, and the Pocantico Fund, Rockefeller & Co. U.S. Small Capitalization Fund L.P. and Rockefeller U.S. Small Capitalization Fund QP, L.P. (the "RSMC Predecessor Accounts", and each a "Predecessor Accounts").

The reorganization provided for the transfer of all the assets, including cash, of the RGEF Predecessor Accounts and the RSMC Predecessor Accounts (the "Predecessor Accounts") to the RGEF ETF and the RSMC ETF (the "Acquiring Funds"), respectively. For financial reporting purposes, assets and cash received, and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Predecessor Accounts were carried forward to align ongoing reporting of the Acquiring Funds realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Acquiring Funds were created to carry out the reorganization and have substantially similar investment objectives and substantially similar principal investment strategies as the Predecessor Accounts. Costs incurred by the Fund in connection with the reorganization were paid by the Sub-Adviser. The reorganization of the RGEF ETF was effective after the close of business on October 24, 2024. The reorganization of the RSMC ETF was effective after the close of business on October 9, 2024.

The following table illustrates the specifics of the reorganization of the RGEF Predecessor Accounts into the RGEF ETF:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Predecessor**<br> **Accounts** | **Shares**<br> **Issued to**<br> **Limited**<br> **Partners of**<br> **Predecessor**<br> **Accounts** | **Predecessor**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Accounts**<br> **Cost**  | **Predecessor**<br> **Accounts**<br> **Market**<br> **Value** | **Unrealized**<br> **Appreciation** <br> **(Depreciation)**<br> **of Predecessor**<br> **Accounts** | **Tax Status of**<br> **Transfer**  |
| Rockefeller Global Dividend Growth Fund, L.P. | 1658855 | $27417200 | $41471391 | 14054191 | Non-taxable |
| Rockefeller Global Dividend Growth Fund QP, L.P. | 1694613 | 27836559 | 42365334 | 14528775 | Non-taxable |
| Rockefeller Global Equity Fund I, L.P. | 967534 | 14998738 | 24188367 | 9189629 | Non-taxable |
| Rockefeller Global Equity Fund II, L.P. | 3025509 | 48883724 | 75637733 | 26754009 | Non-taxable |
| Rockefeller Global Equity Fund II QP Limited Partnership | 7123196 | 119326060 | 178079922 | 58753862 | Non-taxable |
| Rockefeller Global Equity Fund III Limited Partnership | 13885291 | 222908116 | 347132317 | 124224201 | Non-taxable |
| &nbsp;&nbsp;&nbsp;**Total** | **28354998** | $**461370397** | $**708875064** | $**247504667** |  |

---

Notes to Financial Statements

July 31, 2025

The following table illustrates the specifics of the reorganization of the RSMC Predecessor Accounts into the RSMC ETF:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Predecessor**<br> **Accounts** | **Shares**<br> **Issued to**<br> **Limited**<br> **Partners of**<br> **Predecessor**<br> **Accounts** | **Predecessor**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Accounts**<br> **Cost**  | **Predecessor**<br> **Accounts**<br> **Market**<br> **Value** | **Unrealized**<br> **Appreciation** <br> **(Depreciation)**<br> **of Predecessor**<br> **Accounts** | **Tax Status of**<br> **Transfer**  |
| Pocantico Fund | 12776386 | $126920648 | $319397555 | $192476907 | Non-taxable |
| Rockefeller U.S. Small Capitalization Fund QP, L.P. | 12242073 | 125394000 | 306040235 | 180646235 | Non-taxable |
| Rockefeller & Co. U.S. Small Capitalization Fund, L.P. | 4641540 | 48709878 | 116034106 | 67324228 | Non-taxable |
| &nbsp;&nbsp;&nbsp;**Total** | **29659999** | $**301024526** | $**741471896** | $**440447370** |  |

---

**NOTE 4 - PRINCIPAL INVESTMENT RISKS**

**Distressed Securities Risks (RMOP ETF Only).** The Fund's investment in distressed municipal bonds carries significant risks. These securities, including loans, loan participations, bonds, notes, non -performing and sub-performing mortgage loans, are often unrated, lower-rated, in default, or near default. Many of these securities are not publicly traded and may lack liquidity. Consequently, their prices can experience extreme volatility. Distressed companies' securities are more prone to becoming worthless compared to those of financially stable companies. Evaluating the value of these instruments can be challenging, potentially leading to the Fund losing all or a significant portion of its investment. Given the weak financial condition of issuers of distressed securities, defaults are common, potentially resulting in the Fund losing its entire investment.

**Equity Market Risk** **(RGEF ETF & RSMC ETF Only).** Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.

**Focused Portfolio Risk (RSMC ETF Only).** The Fund will hold a relatively focused portfolio that may contain securities of fewer issuers than the portfolios of other ETFs. Holding a relatively concentrated portfolio may increase the risk that the value of the Fund could go down because of the poor performance of one or a few investments.

Notes to Financial Statements

July 31, 2025

**Foreign Securities Risk (RGEF ETF Only).** Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices.

● **Emerging Markets Risk.** The Fund may invest in securities issued by companies domiciled or headquartered in emerging market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value.

● **Frontier Markets Risk.** Frontier market countries generally have smaller economies and even less developed capital markets than typical emerging market countries (which themselves have increased investment risk relative to more developed market countries) and, as a result, the Fund's exposure to risks associated with investing in emerging market countries are magnified when the Fund invests in frontier market countries. The increased risks include: the potential for extreme price volatility and illiquidity in frontier market countries, government ownership or control of parts of the private sector and of certain companies, trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade, and the relatively new and unsettled securities laws in many frontier market countries. In addition, frontier market countries are more likely to experience instability resulting, for example, from rapid changes or developments in social, political and economic conditions. Many frontier market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns and other conditions in other countries.

**Interest Rate Risk (RMCA ETF, RMNY ETF, and RMOP ETF Only) .** Generally, the value of fixed-income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed-income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed-income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. In addition, the interest rates payable on floating-rate securities are not fixed and may fluctuate based upon changes in market rates. The interest rate on a floating -rate security is a variable rate which is tied to another interest rate. Floating-rate securities are subject to interest rate risk and credit risk.

**Jurisdiction Specific Risks (RMCA ETF, RMNY ETF and RMOP ETF Only):**

**California State-Specific Risk (RMCA ETF Only).** The Fund's concentration in California Municipal Bonds exposes the Fund to the risk that it may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal. In particular, tax revenues in California may be significantly impacted by downtrends in certain industries that are predominant in the state, such as its technology industry. California has also seen recent outflows in population which could impact its tax revenues and budget management.

Notes to Financial Statements

July 31, 2025

**New York State-Specific Risk (RMNY ETF Only).** The Fund's concentration in New York Municipal Bonds exposes the Fund to the risk that it may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal. In particular, tax revenues in New York may be significantly impacted by downtrends in certain industries that are predominant in the state, such as the finance industry. New York has also seen recent outflows in population which could impact its tax revenues and budget management.

**Puerto Rico-Specific Risk.** The Funds may have significant investments in municipal bonds issued by Puerto Rico or its instrumentalities, which may expose the Funds to the risk that they may be affected by certain developments, such as political, economic, environmental, social, regulatory or debt restructuring developments, that impact the ability or obligation of Puerto Rico municipal issuers to pay interest or repay principal.

In recent years, Puerto Rico has experienced a recession and difficult economic conditions, which may negatively affect the value of the Funds' holdings in Puerto Rico municipal obligations. The Puerto Rico Oversight, Management, and Economic Stability Act of 2016 (PROMESA) allows Puerto Rico to restructure its municipal debt obligations, thus increasing the risk that Puerto Rico may never pay off municipal indebtedness, or may pay only a small fraction of the amount owed, which could also impact the value of the Fund's investments in Puerto Rico municipal securities.

**Market Capitalization Risk** **(RGEF ETF & RSMC ETF Only).**

**Large-Capitalization Investing** **(RGEF ETF Only).** The securities of large -capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large -capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

**Mid-Capitalization Investing.** The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole. Some mid-capitalization companies have limited product lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative to large-capitalization companies.

**Small-Capitalization Investing.** The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

Notes to Financial Statements

July 31, 2025

**Municipal Securities Risk (RMCA ETF, RMNY ETF, and RMOP ETF Only).** Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Certain municipalities may have difficulty meeting their obligations due to, among other reasons, changes in underlying demographics. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. Municipal securities include general obligation bonds, which are backed by the "full faith and credit" of the issuer, which has the power to tax residents to pay bondholders. Timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. General obligation bonds generally are not backed by revenues from a specific project or source. Municipal securities also include revenue bonds, which are generally backed by revenue from a specific project or tax. The issuer of a revenue bond makes interest and principal payments from revenues generated from a particular source or facility, such as a tax on particular property or revenues generated from a municipal water or sewer utility or an airport. Revenue bonds generally are not backed by the full faith and credit and general taxing power of the issuer. The market for municipal bonds may be less liquid than for taxable bonds. There may be less information available on the financial condition of issuers of municipal securities than for public corporations. Municipal instruments may be susceptible to periods of economic stress, which could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession.

As with any investment, there is a risk that you could lose all or a portion of your principal investment in the Funds. The Funds are subject to the above principal risks, as well as other principal risks which may adversely affect each Fund's NAV, trading price, yield, total return and/or ability to meet their objectives. For more information about the risks of investing in the Funds, see the section in each Fund's Prospectus titled "Additional Information About the Fund — Principal Investment Risks."

**NOTE 5 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS**

The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the "Advisory Agreement"), and, pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to -day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Funds, including selecting broker -dealers to execute purchase and sale transactions. The Adviser provides oversight of the Sub-Adviser and review of the Sub-Adviser's performance.

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the "Investment Advisory Fee") based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Investment Advisory Fee** |
| RMCA ETF | 0.55 %<sup>(a)</sup> |
| RGEF ETF | 0.55% |
| RMNY ETF | 0.55 %<sup>(a)</sup> |
| RMOP ETF | 0.55 %<sup>(a)</sup> |
| RSMC ETF | 0.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Adviser voluntarily agreed to waive a portion of its Investment Advisory Fee through December 31, 2024, such that the Investment Advisory
 Fee does not exceed 0.44% for the RMCA ETF, RMNY ETF, and RMOP ETF **.** 

Notes to Financial Statements

July 31, 2025

Out of the Investment Advisory Fees, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses") and the Investment Advisory Fee payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the periods ended July 31, 2025 are disclosed in the Statements of Operations.

The Sub-Adviser serves as investment sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub- Adviser with respect to the Funds (the "Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of the Funds' portfolio, including determining the securities purchased and sold by the Funds, subject to the supervision of the Adviser and the Board. The Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.04% of the Funds' average daily net assets. The Sub-Adviser has agreed to assume the Adviser's obligation to pay all expenses incurred by the Funds, except for Excluded Expenses. For assuming the payment obligation, the Adviser has agreed to pay to the Sub -Adviser the profits, if any, generated by the Funds' Investment Advisory Fees, less a contractual fee retained by the Adviser. Expenses incurred by the Funds and paid by the Sub-Adviser include fees charged by Tidal (defined below), which is an affiliate of the Adviser.

Tidal ETF Services LLC ("Tidal"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds' administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust's relationships with its various service providers. Tidal prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds' custodian.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Fund's fund accountant and transfer agent. In those capacities, Fund Services performs various accounting services for the Fund. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Fund's custodian.

Foreside Fund Services, LLC (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of the Funds' Shares.

Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust's officers receive compensation from the Funds.

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b- 1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to pay distribution fees for the sale and distribution of its Shares. No Rule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out each Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

Notes to Financial Statements

July 31, 2025

**NOTE 6 - SEGMENT REPORTING**

In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, each Fund has evaluated their business activities and determined that they each operate as a single reportable segment.

Each Fund's investment activities are managed by the Adviser, which serves as the Chief Operating Decision Maker ("CODM"). The Adviser is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Adviser evaluates each Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

**NOTE 7 - PURCHASES AND SALES OF SECURITIES**

For the periods ended July 31, 2025, the cost of purchases and proceeds from the sales or maturities of securities, excluding proceeds from and payments on floating rate note obligations, short-term investments, U.S. government securities, and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| RMCA ETF | $55500022 | $37677370 |
| RGEF ETF | 164022437 | 106096540 |
| RMNY ETF | 39742583 | 21820789 |
| RMOP ETF | 530472141 | 310665956 |
| RSMC ETF | 739260014 | 638043036 |

---

For the periods ended, there were no purchases or sales of long-term U.S. government securities.

For the periods ended, in-kind transactions associated with creations and redemptions for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| RMCA ETF | $— | $— |
| RGEF ETF | 15282998 | 147713657 |
| RMNY ETF |  |  |
| RMOP ETF |  |  |
| RSMC ETF | 426212873 | 547324288 |

---

Notes to Financial Statements

July 31, 2025

**NOTE 8 - INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid during the periods ended July 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Distributions paid from:** | **RMCA ETF** | **RGEF ETF** | **RMNY ETF** | **RMOP ETF** | **RSMC ETF** |
| Ordinary Income | $6573 | $5432372 | $2705 | $63073 | $— |
| Tax Exempt Income | 597006 |  | 290849 | 5809277 |  |
| Long-term Capital Gains |  | 1363006 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid | $603579 | $6795378 | $293554 | $5872350 | $— |

---

As of the fiscal period ended July 31, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **RMCA ETF** | **RGEF ETF** | **RMNY ETF** | **RMOP ETF** | **RSMC ETF** |
| Cost of investments<sup>(a)</sup> | $17313793 | $441663648 | $17011170 | $185282898 | $588708952 |
| Gross tax unrealized appreciation | 65228 | 276769856 | 14670 | 876007 | 180388272 |
| Gross tax unrealized depreciation | (643079) | (11374232) | (331062) | (6388433) | (46487144) |
| Net tax unrealized appreciation (depreciation) | (577851) | 265395624 | (316392) | (5512426) | 133901128 |
| Undistributed ordinary income (loss) | 4236 |  | 3961 |  |  |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |
| Total distributable earnings | 4236 |  | 3961 |  |  |
| Other accumulated gain (loss) | (583871) | (79589) | (160681) | (2904920) | (12155798) |
| Total distributable (accumulated) earnings (losses) | $(1157486) | $265316035 | $(473112) | $(8417346) | $121745330 |

---

(a) The difference between book and tax-basis unrealized appreciation is primarily due to the treatment of wash sales.

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund's next taxable year. As of the fiscal period ended July 31, 2025, the Funds had post-October or late-year losses as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Post-October<br> Losses** | **Late-Year<br> Losses** |
| RMCA ETF | $— | $— |
| RGEF ETF | 91015 |  |
| RMNY ETF |  |  |
| RMOP ETF |  |  |
| RSMC ETF |  | 1138138 |

---

Notes to Financial Statements

July 31, 2025

As of the fiscal period ended July 31, 2025, the Funds had short-term and long-term capital loss carryovers of the following, which do not expire.

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| RMCA ETF | $583871 | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| RGEF ETF |  |  |
| RMNY ETF | 160681 |  |
| RMOP ETF | 2904920 |  |
| RSMC ETF | 11017660 |  |

---

**NOTE 9 - SHARES TRANSACTIONS**

Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV, generally in large blocks of shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds currently offer one class of shares, which have no front- end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee is $300 for the RMCA ETF, the RMNY ETF, the RMOP ETF, and the RSMC ETF, and $500 for the RGEF ETF, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statement of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

**NOTE 10 - RECENT MARKET EVENTS**

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser and Sub-Adviser will monitor developments and seek to manage the Funds in a manner consistent with achieving each Fund's investment objective, but there can be no assurance that they will be successful in doing so.

Notes to Financial Statements

July 31, 2025

**NOTE 11 - SUBSEQUENT EVENTS**

On August 4, 2025*,* RMCA ETF, RMNY ETF and RMOP ETF entered into a line of credit agreement with U.S. Bank N.A to provide short-term liquidity for temporary operational needs. As of July 31, 2025 no borrowings were outstanding under the agreement.

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no additional subsequent events that would need to be recognized or disclosed in the Funds' financial statements.

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Rockefeller ETFs and

Board of Trustees of Tidal Trust III

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Funds listed below (the "Funds"), each a series of Tidal Trust III, as of July 31, 2025, the related statements of operations, cash flows (as applicable) and changes in net assets and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2025, the results of their operations, cash flows (as applicable), the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp; Statements of <br> Operations and <br> Cash Flows (as <br> applicable)  | &nbsp;&nbsp; Statements of<br>Changes in Net Assets<br>| &nbsp;&nbsp;Financial Highlights |
| &nbsp;&nbsp;Rockefeller California Municipal Bond ETF<br> Rockefeller New York Municipal Bond ETF<br> Rockefeller Opportunistic Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period from August 12, 2024 <br>(commencement of operations) through July 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period from August 12, 2024 <br>(commencement of operations) through July 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period from August 12, 2024 <br>(commencement of operations) through July 31, 2025 |
| &nbsp;&nbsp;Rockefeller Global Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period from October 25, 2024 <br>(commencement of operations) through July 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period from October 25, 2024 <br>(commencement of operations) through July 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period from October 25, 2024 <br>(commencement of operations) through July 31, 2025 |
| &nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period from October 10, 2024 <br>(commencement of operations) through July 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period from October 10, 2024 <br>(commencement of operations) through July 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period from October 10, 2024 <br>(commencement of operations) through July 31, 2025 |

---

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian, brokers, and tender option bond trust administrators; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Tidal Investment LLC investment companies since 2020.

![](rockefellerncsr073125002.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

September 30, 2025

Other Non-Audited Information

July 31, 2025

**<u>QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION</u>**

For the period ended July 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| RMCA ETF | 0.00% |
| RGEF ETF | 100.00% |
| RMNY ETF | 0.00% |
| RMOP ETF | 0.00% |
| RSMC ETF | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended July 31, 2025, was as follows:

---

| | |
|:---|:---|
| RMCA ETF | 0.00% |
| RGEF ETF | 52.90% |
| RMNY ETF | 0.00% |
| RMOP ETF | 0.00% |
| RSMC ETF | 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the period ended July 31, 2025, was as follows:

---

| | |
|:---|:---|
| RMCA ETF | 0.00% |
| RGEF ETF | 0.00% |
| RMNY ETF | 0.00% |
| RMOP ETF | 0.00% |
| RSMC ETF | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial
 Highlights are included within the financial statements filed under Item 7(a) of this Form."

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.**

There have been no changes in or disagreements with the Fund's accountants.

**Item 9. Proxy Disclosure for Open-End Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by the report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.**

The aggregate remuneration paid to the Registrant's trustees, officers and others, if any, is included in Item 7 of this report.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Rockefeller U.S. Small-Mid Cap ETF (the "SMID ETF" and together with the Muni ETF, CA Muni ETF, NY Muni ETF, and Global Equity ETF, the "Rockefeller ETFs;" each a "Fund", and collectively the "Funds")

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on July 25, 2024, the Board of Trustees (the "Board") of Tidal Trust III (the "Trust") considered the approval of:

● an Investment Advisory Agreement (the "Advisory Agreement") between Tidal Investments LLC (the "Adviser") and the Trust, on behalf of each of the Rockefeller Opportunistic Municipal Bond ETF (the "Muni ETF"), Rockefeller California Municipal Bond ETF (the "CA Muni ETF"), Rockefeller New York Municipal Bond ETF (the "NY Muni ETF"), Rockefeller Global Equity ETF (the "Global Equity ETF") and Rockefeller U.S. Small-Mid Cap ETF (the "SMID ETF" and together with the Muni ETF, CA Muni ETF, NY Muni ETF, and Global Equity ETF, the "Rockefeller ETFs;" each a "Fund", and collectively the "Funds");

● an Investment Sub-Advisory Agreement between the Adviser and Rockefeller & Co. LLC ("Rockefeller" or the "Sub-Adviser") with respect to each of the Rockefeller ETFs (the "Sub-Advisory Agreement" and together with the Advisory Agreement, all referred to as the "Agreements").

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval. It is noted that in accordance with the SEC's temporary exemptive relief for in-person approvals, these approvals shall be ratified at the next in-person Board meeting.

In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser and the Sub-Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund's shareholders by the Adviser and the Sub-Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser and the Sub-Adviser from services to be provided to the Funds, including any fall-out benefits; (iii) comparative fee and expense data for the Funds in relation to other investment companies with similar investment objectives; (iv) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for each Fund reflects these economies of scale for the benefit of the Fund; and (v) other financial benefits to the Adviser or Sub-Adviser and their affiliates resulting from services rendered to the Funds. The Board's review included written and oral information furnished to the Board prior to and at the meeting held on July 25, 2024. Among other things, the Adviser and Sub-Adviser provided responses to a detailed series of questions, which included information about the Adviser's and the Sub-Adviser's operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the oral presentations and any other information that the Board received at the meeting and deliberated on the approval of the Agreements in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the approval of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.

**Nature, Extent and Quality of Services to be Provided.** The Trustees considered the scope of services to be provided under the Advisory Agreement and the Sub-Advisory Agreement. In considering the nature, extent and quality of the services to be provided by the Adviser and the Sub-Adviser, the Board reviewed the Adviser's and the Sub-Adviser's compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser and the Sub-Adviser working with ETFs. The Board also considered other services to be provided to the Funds by the Adviser and the Sub-Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser and the Sub-Adviser based on their experience, personnel, operations and resources.

**Historical Performance.** The Board noted that none of the Funds had commenced operations and that therefore there was no prior performance to review.

**Cost of Services Provided, Profitability and Economies of Scale.** The Board reviewed the proposed advisory fees for each Fund and compared them to the management fees and total operating expenses of its Peer Group. The Board noted that the comparisons to the total expense ratios were the most relevant comparisons, given the fact that the advisory fee for the Fund is a "unified fee."

The Board noted the importance of the fact that the proposed advisory fee for each Fund is a "unified fee," meaning that the shareholders of the Fund pay no expenses except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 Act, as amended (the "1940 Act"), litigation expenses, non-routine or extraordinary expenses, and the unitary management fee payable to the Adviser. The Board also noted that the Adviser was responsible for compensating the Trust's other service providers and paying the Fund's other expenses (except as noted above) out of its own fees and resources. The Board further noted that because the Funds are new, it was difficult to estimate the profitability of each Fund to the Adviser. The Board, however, considered collateral or "fall-out" benefits that the Adviser and its affiliates may derive as a result of their relationship with the Funds.

The Board noted that because the Funds are new, it also was difficult to estimate whether the Funds would experience economies of scale. The Board noted that the Adviser will review expenses as each Fund's assets grow. The Board determined to evaluate economies of scale on an ongoing basis if the Funds achieve asset growth.

The Board also reviewed the proposed sub-advisory fee paid to the Sub-Adviser for their respective services. The Board considered each of these fees in light of the services being provided. The Board determined that the proposed fees reflected an appropriate allocation of the advisory fee paid to the Adviser and the Sub-Adviser given the work performed by each firm. The Board also considered that each Fund has a sponsor that has agreed to assume the payment of any fund expenses above the level of the unitary fee. The Board considered that pursuant to these arrangements, if fund expenses, including a payment to the Adviser of a certain amount, fall below the level of the unitary fee, the Adviser would pay any remaining portion of the unitary fee to the sponsor out of its profits. The Board concluded that the proposed fees for each Fund were reasonable in light of the services rendered.

The Board also considered that the sub-advisory fees are paid to the Sub-Adviser out of the Adviser's unified fee and represents an arm's-length negotiation between the Adviser and the Sub-Adviser. For these reasons, the Trustees determined that the profitability to the Sub-Adviser from its relationships with its respective Fund was not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreement. The Board considered that, because these fees are paid by the Adviser out of its unified fee, any economies of scale would not benefit shareholders and, thus, were not relevant for the consideration of the approval of the sub-advisory fee.

**Conclusion.** No single factor was determinative to the decision of the Board. Based on the Board's deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Advisory Agreement and Sub-Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser's and Sub-Adviser's fees are reasonable in light of the services that the Adviser and the Sub-Adviser will provide to the Fund; and (c) agreed to approve the Agreements for an initial term of two years.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

**<u>Item 16. Controls and Procedures.</u>**

(a) The
 Registrant's President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act"))
 as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or
 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls
 and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed,
 summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b) There
 were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred
 during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's
 internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable

(b) Not Applicable

**<u>Item 19. Exhibits.</u>**

*(a)* (1) *[Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit](ex99-coe.htm) .* Filed herewith

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *[A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex99-cert.htm)* Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

*(b)* *[Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex99-906cert.htm)* Furnished herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Tidal
 Trust III

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis, President/Principal Executive Officer |

---

Date <u>October 6, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis, President/Principal Executive Officer |

---

Date <u>October 6, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Aaron J. Perkovich |
|  | Aaron J. Perkovich, Treasurer/Principal Financial Officer |

---

Date <u>October 6, 2025</u>

## Ex-99.Code

[Tidal Trust III N-CSR](rockefeller-ncsr_073125.htm)

**Exhibit 99.CODE ETH**

**TIDAL TRUST III**

<u>Purposes of the Code</u>

The reputation and integrity of Impact Shares Trust I (the "Trust") are valuable assets that are vital to the Trust's success. Each officer and employee of the Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a code of ethics pursuant Rule 17j-1 under the Investment Company Act of 1940, as amended ("Code of Ethics"). The Trust's Rule 17j-1 Code of Ethics is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a senior financial officer code of ethics ("SFO Code") for the purpose of promoting:

● Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the U.S. Securities and Exchange Commission, and in other public communications made by the Trust;

● Compliance with applicable laws and governmental rules and regulations;

● The prompt internal reporting of violations of the SFO Code to an appropriate person or persons identified in the SFO Code; and

● Accountability for adherence to the SFO Code.

This SFO Code should be read in conjunction with the Trust's other policy statements, including its Code of Ethics and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u> 

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust's financial statements. Specifically, persons subject to this SFO Code shall:

● Act with honesty and integrity

● Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships

● Provide information to the Trust's employees and service providers (adviser, sub, administrator, administrator, outside auditor, outside counsel, custodian, etc..) that is accurate, complete, objective, relevant, timely, and understandable

● Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports

● Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code

● Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

● Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

● Record (or participate in the recording of) entries in the Trust's books and records that are accurate

● Refrain from using confidential information for personal advantage

<u>Violations of the SFO Code</u>

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this SFO Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SFO Code, regardless of whether this Code refers to that particular conduct.

A violation of this SFO Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

<u>Enforcement of the SFO Code</u>

Violations

All persons subject to this SFO Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the SFO Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust's senior management, or to the Audit Committee of the Board. An example of a possible SFO Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this SFO Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the compliance officer, or if it is not possible to disclose the matter to the compliance officer, then the Disclosure Letter shall be submitted to another member of the Trust's senior management or to the Audit Committee of the Board of Trustees.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the compliance officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the sub-administrator, administrator, outside accounting firm, and custodian, provide much of the work relating to the Trust's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the compliance officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this SFO Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the SFO Code and any related policy statements.

<u>Questions about the Code</u>

The Trust's Board of Trustees has designated the Trust's Chief Compliance Officer to be the compliance officer for purposes of implementing and administering this SFO Code. Any questions about this SFO Code should be directed to the compliance officer.

## Ex-99.Cert

[Tidal Trust III N-CSR](rockefeller-ncsr_073125.htm)

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, Eric W. Falkeis, certify that:

1. I
 have reviewed this report on Form N-CSR of Tidal Trust III;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | October 6, 2025 | /s/ Eric W. Falkeis |
|  |  | Eric W. Falkeis |
|  |  | President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Aaron J. Perkovich, certify that:

1. I
 have reviewed this report on Form N-CSR of Tidal Trust III;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | October 6, 2025 | /s/ Aaron J. Perkovich |
|  |  | Aaron J Perkovich |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[Tidal Trust III N-CSR](rockefeller-ncsr_073125.htm)

**Exhibit 99.906 CERT** 

**<u>CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Tidal Trust III, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Tidal Trust III for the period covered by this report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Tidal Trust III for the stated period.

---

| | |
|:---|:---|
| /s/ Eric W. Falkeis | /s/ Aaron J. Perkovich<br>|
| Eric W. Falkeis | Aaron J. Perkovich |
| President/Principal Executive Officer, | Treasurer/Principal Financial Officer, |
| Tidal Trust III | Tidal Trust III |

---

Dated: <u>October 6, 2025</u> Dated: <u>October 6, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Tidal Trust III for purposes of Section 18 of the Securities Exchange Act of 1934.