ARKANSAS

University of Central Arkansas Board of Trustees

Nov 5, 2025 $10,040,000

Student Fee Revenue Bonds, Series 2025 (R) (book entry)

Dated Nov 20, 2025.

Due Sep 1, 2026 to 2045.

First coupon Mar 1, 2026.

2033-2045 Callable Sep 1, 2032 at par.

Purchased through negotiation by Carty, Harding, & Hearn, Inc., as follows:

L.O.: Friday Eldredge & Clark, Little Rock, AR.

F.A.: Stephens Inc., Little Rock, AR.

ARIZONA

Yuma (City)

Nov 5, 2025 $93,730,000

Pledged Revenue Obligations Series 2025A (R) (book entry) $66,995,000.

Dated Nov 26, 2025.

Due Jul 1, 2026 to 2045.

First coupon Jul 1, 2026.

2036-2045 Callable Jul 1, 2035 at par.

Purchased through negotiation by Stifel, Nicolaus & Co., Inc., as follows:

Pledged Revenue and Refunding Obligations Series 2025B (R) (book entry) $26,735,000.

Dated Nov 26, 2025.

Due Jul 1, 2026 to 2035.

First coupon Jul 1, 2026.

Non-callable.

L.O.: Greenberg Traurig, LLP, Phoenix, AZ.

CALIFORNIA

Manteca Financing Authority

Nov 5, 2025 $46,795,000

2025 Wastewater Revenue Bonds (R) (book entry)

Dated Nov 25, 2025.

Due Dec 1, 2026 to 2055.

First coupon Jun 1, 2026.

2036-2055 Callable Dec 1, 2035 at par.

Purchased through negotiation by Ramirez & Co., Inc., as follows:

L.O.: Jones Hall LLP, San Mateo, CA.

F.A.: Urban Futures, Inc., Walnut Creek, CA.

Irvine Community Facilities District No. 2013-3 (Great Park)

Nov 5, 2025 $134,000,000

2025 Special Tax Bonds, (Improvement Area No. 11) (R) (book entry)

Dated Nov 26, 2025.

Due Sep 1, 2030 to 2060.

First coupon Mar 1, 2026.

2036-2060 Callable Sep 1, 2035 at par.

Purchased through negotiation by Stifel, Nicolaus & Co., Inc., as follows:

L.O.: Rutan & Tucker, Costa Mesa, CA.

F.A.: Fieldman, Rolapp & Associates, Irvine, CA.

William S. Hart Union High School District Community Facilities District No. 2023-1

Nov 4, 2025 $7,635,000

Series 2025 Special Tax Bonds (R) (book entry)

Dated Nov 20, 2025.

Due Sep 1, 2027 to 2056.

First coupon Mar 1, 2026.

2033-2056 Callable Sep 1, 2032 at 103.000%, declining to par Sep 1, 2032.

Purchased through negotiation by Stifel, Nicolaus & Co., Inc., as follows:

L.O.: Atkinson, Andelson, Loya, Ruud & Romo, Irvine, CA.

F.A.: California Financial Services, Mission Viejo, CA.

Hayward Unified School District

Nov 5, 2025 $200,000,000

General Obligation Bonds, Election of 2024 Series 2025B (G) (book entry)

Dated Nov 20, 2025.

Due Aug 1, 2026 to 2055.

First coupon Feb 1, 2026.

2036-2055 Callable Aug 1, 2035 at par.

Purchased through negotiation by RBC Capital Markets, as follows:

L.O.: Orrick, Herrington & Sutcliffe, San Francisco, CA.

F.A.: Isom Advisors Inc., Walnut Creek, CA.

California Housing Finance Agency

Nov 5, 2025 $41,765,000

Limited Obligation Multifamily Housing Revenue Bonds, 2025 Issue LL (VA Building 409) (Mandatory Tender Date: 12/01/2029) (R) (book entry)

Dated Nov 13, 2025.

Due Jun 1, 2046.

First coupon Jun 1, 2026.

2046-2046 Callable Jan 1, 2029 at par.

Purchased through negotiation by Wells Fargo Corporate & Investment Banking, as follows:

L.O.: Orrick, Herrington & Sutcliffe, Los Angeles, CA.

City of Ontario Community Facilities District No. 71 (Neuhouse Phase 2)

Nov 4, 2025 $15,850,000

Special Tax Bonds, Series 2025 (R) (book entry)

Dated Nov 25, 2025.

Due Sep 1, 2026 to 2055.

First coupon Mar 1, 2026.

2033-2055 Callable Sep 1, 2032 at 103.000%, declining to par Sep 1, 2032.

Purchased through negotiation by Ramirez & Co., Inc., as follows:

L.O.: Orrick, Herrington & Sutcliffe, Los Angeles, CA.

F.A.: Urban Futures, Inc., Walnut Creek, CA.

Warner Unified School District

Nov 4, 2025 $2,500,000

General Obligation Bonds, 2024 Election, 2025 Series A (G) (bank qualified) (book entry)

Dated Nov 18, 2025.

Due Aug 1, 2026 to 2055.

First coupon Feb 1, 2026.

2036-2055 Callable Aug 1, 2035 at par.

Purchased through negotiation by Oppenheimer & Co., Inc., as follows:

L.O.: Dannis Woliver Kelley, Long Beach, CA.

F.A.: Isom Advisors Inc., Walnut Creek, CA.

COLORADO

Weld County School District No. 6

Nov 5, 2025 $43,000,000

Certificates of Participation, Series 2025 (C) (book entry)

Dated Nov 19, 2025.

Due Dec 1, 2026 to 2050.

First coupon Jun 1, 2026.

2031-2050 Callable Dec 1, 2030 at par.

Purchased through negotiation by Stifel, Nicolaus & Co., Inc., as follows:

L.O.: Kutak Rock, Denver, CO.

FLORIDA

Polk County

Nov 6, 2025 $39,290,000

Public Facilities Revenue Refunding Bonds, Series 2025 (R) (book entry)

Dated Nov 25, 2025.

Due Dec 1, 2026 to 2035.

First coupon Jun 1, 2026.

Non-callable.

Purchased through negotiation by BofA Securities, as follows:

L.O.: Holland & Knight LLP, Lakeland, FL.

F.A.: PFM Financial Advisors LLC, Orlando, FL.

Connerton East Community Development District

Nov 5, 2025 $14,125,000

Special Assessment Bonds, Series 2025 (Assessment Area Three) (N) (book entry)

Dated Nov 18, 2025.

Due Jun 15, 2026 to 2055.

First coupon Dec 15, 2025.

2036-2055 Callable Dec 15, 2035 at par.

Purchased through negotiation by FMSbonds, Inc., as follows:

L.O.: Greenberg Traurig, P.A., West Palm Beach, FL.

Parkside Trails Community Development District

Nov 6, 2025 $8,395,000

Special Assessment Bonds, Series 2025 (2025 Project Area) (N) (book entry)

Dated Nov 20, 2025.

Due May 1, 2026 to 2055.

First coupon May 1, 2026.

2037-2055 Callable May 1, 2036 at par.

Purchased through negotiation by FMSbonds, Inc., as follows:

L.O.: Greenberg Traurig, P.A., West Palm Beach, FL.

IOWA

Howard-Winneshiek Community School District

Nov 6, 2025 $15,600,000

School Infrastructure Sales, Services and Use Tax Revenue and Refunding Bonds, Series 2025 (R) (book entry)

Dated Dec 4, 2025.

Due Jun 1, 2032 to 2050.

First coupon Jun 1, 2026.

2034-2050 Callable Jun 1, 2033 at par.

Purchased through negotiation by Piper Sandler & Co, as follows:

L.O.: Ahlers & Cooney, P.C., Des Moines, IA.

ILLINOIS

Nokomis Community Unit School District No. 22

Nov 5, 2025 $5,070,000

General Obligation (Limited Tax) Debt Certificates, Series 2025 (L) (bank qualified) (book entry)

Dated Nov 18, 2025.

Due Nov 1, 2026 to 2030.

First coupon Nov 1, 2026.

Callable any time at par.

Purchased through negotiation by Bernardi Securities, Inc., as follows:

L.O.: Miller, Canfield, Paddock & Stone, P.L.C., Chicago, IL.

INDIANA

East Allen County Schools

Nov 5, 2025 $6,000,000

General Obligation Bonds of 2025 (Indiana State Aid Intercept Program) (L) (book entry)

Dated Dec 3, 2025.

Due Jul 15, 2026 to Jan 15, 2030.

First coupon Jul 15, 2026.

Non-callable.

Purchased through negotiation by Stifel, Nicolaus & Co., Inc., as follows:

L.O.: Ice Miller, Indianapolis, IN.

Penn High School Building Corporation

Nov 5, 2025 $13,255,000

Ad Valorem Property Tax First Mortgage Bonds, Series 2025 (Indiana State Aid Intercept Program) (L) (book entry)

Dated Dec 3, 2025.

Due Jul 15, 2026 to Jan 15, 2045.

First coupon Jul 15, 2026.

2036-2045 Callable Jul 15, 2035 at par.

Purchased through negotiation by Stifel, Nicolaus & Co., Inc., as follows:

L.O.: Ice Miller, Indianapolis, IN.

F.A.: Cender | Dalton Municipal Advisors, Valparaiso, IN.

Fishers Redevelopment Authority

Nov 5, 2025 $30,000,000

Lease Rental Revenue Bonds, Series 2025A (State Road 37 Project) (Ad Valorem Special Benefits Tax) (R) (book entry) $6,070,000.

Dated Nov 20, 2025.

Due Jul 15, 2026 to 2045.

First coupon Jul 15, 2026.

2035-2045 Callable Jan 15, 2035 at par.

Purchased through negotiation by RBC Capital Markets, as follows:

L.O.: Barnes & Thornburg LLP, Indianapolis, IN.

F.A.: Baker Tilly Municipal Advisors, LLC, Indianapolis, IN.

LOUISIANA

Lafayette Parish School Board

Nov 5, 2025 $45,570,000

Sales Tax Revenue Bonds, Series 2025A (R) (book entry)

Dated Nov 21, 2025. Interest accrues Nov 21, 2025.

Due Apr 1, 2026 to 2055.

First coupon Apr 1, 2026.

2036-2055 Callable Apr 1, 2035 at par.

Purchased through negotiation by D.A. Davidson & Co., as follows:

L.O.: Foley & Judell, New Orleans, LA.

F.A.: Argent Advisors Inc, Ruston, LA.

MINNESOTA

Duluth Independent School District No. 709

Nov 6, 2025 $9,080,000

Full Term Certificates of Participation, Series 2025B (Minnesota School District Enhancement Program) (C) (book entry)

Dated Dec 4, 2025. Interest accrues Dec 4, 2025.

Due Feb 1, 2027 to 2038.

First coupon Aug 1, 2026.

2034-2038 Callable Feb 1, 2033 at par.

Purchased through negotiation by Baird, as follows:

L.O.: Fryberger, Buchanan, Smith & Frederick, Duluth, MN.

F.A.: Blue Rose Capital Advisors, Minneapolis, MN.

MISSOURI

Missouri Development Finance Board

Nov 5, 2025 $100,700,000

Tax Increment and Special District Revenue Bonds, Series 2025A (Lakeport Village Project) (R) (book entry)

Dated Nov 12, 2025.

Due Jun 15, 2040 to 2055.

First coupon Jun 15, 2026.

2040-2055 Callable Dec 15, 2035 at par.

Purchased through negotiation by Stifel, Nicolaus & Co., Inc., as follows:

L.O.: Gilmore & Bell, P.C., St. Louis, MO.

F.A.: Columbia Capital Management, LLC, Merriam, KS.

Warrenton (City)

Nov 4, 2025 $8,105,000

Combined Waterworks and Sewerage System Revenue Bonds, Series 2025 (R) (bank qualified) (book entry)

Dated Nov 13, 2025.

Due Jul 1, 2026 to 2046.

First coupon Jul 1, 2026.

2036-2046 Callable Jul 1, 2035 at par.

Purchased through negotiation by Stifel, Nicolaus & Co., Inc., as follows:

L.O.: Gilmore & Bell, P.C., St. Louis, MO.

F.A.: WM Financial Strategies, St. Louis, MO.

Oak Grove R-VI School District

Nov 6, 2025 $5,530,000

General Obligation Refunding Bonds, Series 2025 (Missouri Direct Deposit Program) (G) (book entry)

Dated Dec 2, 2025.

Due Mar 1, 2027 to 2030.

First coupon Sep 1, 2026.

Non-callable.

Purchased through negotiation by Piper Sandler & Co, as follows:

L.O.: Gilmore & Bell, P.C., Kansas City, MO.

NORTH CAROLINA

North Carolina

Nov 5, 2025 $281,815,000

General Obligation Refunding Bonds, Series 2025C (G) (book entry)

Dated Nov 19, 2025.

Due Jun 1, 2026 to 2036.

First coupon Jun 1, 2026.

Non-callable.

Purchased through negotiation by BofA Securities, Wells Fargo Corporate & Investment Banking, J.P. Morgan Securities LLC, Truist Securities, Inc., as follows:

L.O.: McGuireWoods LLP, Charlotte, NC.

F.A.: Davenport & Company LLC, Charlotte, NC.

NEBRASKA

Douglas County Sanitary and Improvement District No. 595 (Privada)

Nov 5, 2025 $3,000,000

General Obligation Bonds, Series 2025 (G) (bank qualified) (book entry)

Dated Dec 18, 2025. Interest accrues Dec 18, 2025.

Due Dec 15, 2030 to 2046.

First coupon Jun 15, 2026.

2031-2046 Callable Dec 15, 2030 at par.

Purchased through negotiation by Northland Securities, Inc., as follows:

L.O.: Kutak Rock, Omaha, NE.

F.A.: Bluestem Capital Partners, Elkhorn, NE.

Auburn (City)

Nov 5, 2025 $3,130,000

General Obligation Various Purpose Bonds, Series 2025 (G) (bank qualified) (book entry)

Dated Dec 5, 2025. Interest accrues Dec 5, 2025.

Due Dec 1, 2026 to 2045.

First coupon Jun 1, 2026.

2031-2045 Callable Dec 5, 2030 at par.

Purchased through negotiation by Northland Securities, Inc., as follows:

L.O.: Baird, Holm, LLP, Omaha, NE.

Nebraska Investment Finance Authority

Nov 6, 2025 $76,790,000

Single Family Housing Revenue Bonds, 2025 Series G (Social Bonds) (R) (book entry)

Dated Nov 25, 2025.

Due Mar 1, 2026 to Sep 1, 2055.

First coupon Mar 1, 2026.

2034-2055 Callable Mar 1, 2034 at par.

Purchased through negotiation by J.P. Morgan Securities LLC, Ameritas Investment Corp., D.A. Davidson & Co., Northland Securities, Inc., BofA Securities, as follows:

L.O.: Kutak Rock, Omaha, NE.

F.A.: CFX Incorporated, New York, NY.

Southwest Public Power District

Nov 6, 2025 $1,600,000

Electric System Revenue Bonds, Series 2025B (R) (bank qualified) (book entry)

Dated Dec 3, 2025. Interest accrues Dec 3, 2025.

Due Dec 15, 2026 to 2045.

First coupon Jun 15, 2026.

2031-2045 Callable Dec 3, 2030 at par.

Purchased through negotiation by Northland Securities, Inc., as follows:

L.O.: Baird, Holm, LLP, Omaha, NE.

Cheyenne County Fire Protection District No. 4

Nov 6, 2025 $940,000

Fire Safety Bonds, Series 2025B (L) (bank qualified) (book entry)

Dated Nov 18, 2025. Interest accrues Nov 18, 2025.

Due Oct 15, 2026 to 2045.

First coupon Apr 15, 2026.

2031-2045 Callable Nov 18, 2030 at par.

Purchased through negotiation by Northland Securities, Inc., as follows:

L.O.: Kutak Rock, Omaha, NE.

NEW YORK

New York State Housing Finance Agency

Nov 6, 2025 $115,510,000

Affordable Housing Revenue Bonds, 2025 Series E (Sustainability Bonds) (Mandatory Tender Date: 05/01/2030) (R) (book entry)

Dated Nov 13, 2025.

Due Nov 1, 2065.

First coupon May 1, 2026.

2065-2065 Callable Nov 1, 2028 at par.

Purchased through negotiation by J.P. Morgan Securities LLC, Jefferies LLC, Ramirez & Co., Inc., RBC Capital Markets, Siebert Williams Shank & Co., L.L.C, Janney Montgomery Scott LLC, Loop Capital Markets, LLC, Morgan Stanley & Co., Inc., Roosevelt & Cross, Inc., Stern Brothers & Co., Wells Fargo Corporate & Investment Banking, as follows:

L.O.: Orrick, Herrington & Sutcliffe, New York, NY; and D. Seaton and Associates, New York, NY.

F.A.: Caine, Mitter & Associates, New York, NY.

OHIO

Fairlawn (City)

Nov 5, 2025 $10,210,000

General Obligation (Limited Tax) Various Purpose Improvment Bonds, Series 2025 (L) (book entry)

Dated Nov 19, 2025.

Due Dec 1, 2026 to 2045.

First coupon Jun 1, 2026.

2036-2045 Callable Dec 1, 2035 at par.

Purchased through negotiation by Stifel, Nicolaus & Co., Inc., as follows:

L.O.: Roetzel & Andress, Columbus, OH.

F.A.: Baker Tilly Municipal Advisors, LLC, Columbus, OH.

Fairview Park (City)

Nov 6, 2025 $3,000,000

Sanitary Sewer Improvement Bond Anticipation Notes, Series 2025 (R) (book entry)

Dated Nov 20, 2025.

Due Nov 19, 2026.

Non-callable.

Purchased through negotiation by Raymond James & Associates, Inc., as follows:

OREGON

Central Lincoln People's Utility District

Nov 5, 2025 $49,740,000

Electric System Revenue and Refunding Bonds, Series 2025 (R) (book entry)

Dated Nov 19, 2025.

Due Dec 1, 2026 to 2055.

First coupon Jun 1, 2026.

2036-2055 Callable Dec 1, 2035 at par.

Purchased through negotiation by Piper Sandler & Co, as follows:

L.O.: Hawkins, Delafield & Wood, Portland, OR.

F.A.: Northwest Municipal Advisors, Bellevue, WA.

PENNSYLVANIA

Garnet Valley School District

Nov 4, 2025 $8,630,000

General Obligation Bonds, Series of 2025 (Pennsylvania State Aid Intercept Program) (L) (bank qualified) (book entry)

Dated Dec 11, 2025.

Due Apr 1, 2027 to 2040.

First coupon Apr 1, 2026.

2032-2040 Callable Apr 1, 2031 at par.

Purchased through negotiation by RBC Capital Markets, as follows:

L.O.: Lamb McErlane, P.C., West Chester, PA.

F.A.: PFM Financial Advisors LLC, Harrisburg, PA.

Northwest Area School District

Nov 5, 2025 $6,260,000

General Obligation Notes, Series of 2025 (L) (book entry)

Dated Dec 4, 2025.

Due Apr 1, 2027 to 2040.

First coupon Apr 1, 2026.

2032-2040 Callable Apr 1, 2031 at par.

Purchased through negotiation by PNC Capital Markets, as follows:

L.O.: Stevens & Lee, Forty Fort, PA.

F.A.: FSL Public Finance, LLC, Scranton, PA.

Chambersburg Area School District

Nov 5, 2025 $6,570,000

General Obligation Bonds, Series of 2025 (L) (bank qualified) (book entry)

Dated Dec 11, 2025.

Due Mar 1, 2027 to 2051.

First coupon Mar 1, 2026.

2032-2051 Callable Mar 1, 2031 at par.

Purchased through negotiation by Raymond James & Associates, Inc., as follows:

L.O.: Eckert, Seamans, Cherin & Mellott, Harrisburg, PA.

F.A.: PFM Financial Advisors LLC, Harrisburg, PA.

TENNESSEE

Nashville and Davidson County Metropolitan Government Health and Educational Facilities Board

Nov 5, 2025 $68,000,000

Multifamily Housing Revenue Bonds, Series 2025 (Artist Lofts) (Mandatory Tender Date: 12/01/2029) (R) (book entry)

Dated Nov 13, 2025. Interest accrues Nov 13, 2025.

Due Dec 1, 2059.

First coupon Jun 1, 2026.

2059-2059 Callable Dec 1, 2028 at par.

Purchased through negotiation by Stifel, Nicolaus & Co., Inc., as follows:

L.O.: Adams & Reese LLP, Nashville, TN.

TEXAS

Austin Affordable PFC, Inc.

Nov 5, 2025 $5,100,000

Multifamily Housing Revenue Bonds, Series 2025 (Heritage Pointe Seniors Apartments) (Mandatory Tender Date: 06/01/2027) (R) (book entry)

Dated Nov 13, 2025. Interest accrues Nov 13, 2025.

Due Jun 1, 2028.

First coupon Jun 1, 2026.

2028-2028 Callable Jun 1, 2027 at par.

Purchased through negotiation by Stifel, Nicolaus & Co., Inc., as follows:

L.O.: Coats Rose, P.C, Dallas, TX; and State Attorney General.

Pharr (City)

Nov 5, 2025 $14,305,000

International Toll Bridge System Revenue Bonds, Series 2025 (R) (book entry)

Dated Nov 1, 2025. Interest accrues Dec 4, 2025.

Due Aug 15, 2028 to 2055.

First coupon Aug 15, 2026.

2036-2055 Callable Aug 15, 2035 at par.

Purchased through negotiation by RBC Capital Markets, SWBC Investment Services, LLC, Cabrera Capital Markets, LLC, as follows:

L.O.: Perez Law Firm, PLLC, McAllen, TX; and State Attorney General.

F.A.: PFM Financial Advisors LLC, Austin, TX.

Pharr (City)

Nov 5, 2025 $16,600,000

Combination Tax and Revenue Certificates of Obligation, Series 2025 (L) (book entry)

Dated Nov 1, 2025. Interest accrues Dec 4, 2025.

Due Aug 15, 2028 to 2055.

First coupon Feb 15, 2026.

2036-2055 Callable Aug 15, 2035 at par.

Purchased through negotiation by RBC Capital Markets, SWBC Investment Services, LLC, Cabrera Capital Markets Inc., as follows:

L.O.: Perez Law Firm, PLLC, McAllen, TX; and State Attorney General.

F.A.: PFM Financial Advisors LLC, Austin, TX.

WASHINGTON

Washington Housing Finance Commission

Nov 5, 2025 $30,000,000

Single-Family Program Bonds, 2025 Series 2N (R) (book entry)

Dated Nov 20, 2025.

Due Jun 1, 2026 to Dec 1, 2055.

First coupon Jun 1, 2026.

2034-2055 Callable Dec 1, 2033 at par.

Purchased through negotiation by RBC Capital Markets, Morgan Stanley & Co., Inc., Wells Fargo Corporate & Investment Banking, as follows:

L.O.: Pacifica Law Group, Seattle, WA.

FORWARDS

NORTH CAROLINA

North Carolina

Nov 5, 2025 $128,285,000

General Obligation Refunding Bonds, Series 2026A (Forward Delivery) (G) (book entry)

Dated Mar 4, 2026.

Due Jun 1, 2026 to 2032.

First coupon Jun 1, 2026.

Non-callable.

Purchased through negotiation by BofA Securities, Wells Fargo Corporate & Investment Banking, J.P. Morgan Securities LLC, Truist Securities, Inc., as follows:

L.O.: McGuireWoods LLP, Raleigh, NC.

F.A.: Davenport & Company LLC, Charlotte, NC.

TAXABLE ISSUES

ARIZONA

Phoenix Industrial Development Authority

Nov 5, 2025 $15,235,000

Hotel Revenue Bonds, Series 2025 (SSS Academy Hotel Project) (R) (book entry) (Taxable)

Dated Nov 6, 2025.

Due Oct 1, 2028 to 2035.

First coupon Apr 1, 2026.

2031-2035 Callable Oct 1, 2030 at 102.000%, declining to par Oct 1, 2030.

Purchased through negotiation by Raymond James & Associates, Inc., as follows:

L.O.: Kline Alvarado Veio, P.C., Denver, CO.

INDIANA

Fishers Redevelopment Authority

Nov 5, 2025 $30,000,000

Lease Rental Revenue Bonds, Series 2025B (Ad Valorem Special Benefits Tax) (R) (book entry) (Taxable) $23,930,000.

Dated Nov 20, 2025.

Due Jul 15, 2026 to 2045.

First coupon Jul 15, 2026.

2035-2045 Callable Jan 15, 2035 at par.

Purchased through negotiation by RBC Capital Markets, as follows:

L.O.: Barnes & Thornburg LLP, Indianapolis, IN.

F.A.: Baker Tilly Municipal Advisors, LLC, Indianapolis, IN.

WASHINGTON

Washington Housing Finance Commission

Nov 5, 2025 $34,290,000

Single Family Program Bonds, 2025 Series 2T (R) (book entry) (Taxable)

Dated Nov 20, 2025.

Due Dec 1, 2026 to 2055.

First coupon Jun 1, 2026.

2034-2055 Callable Dec 1, 2033 at par.

Purchased through negotiation by RBC Capital Markets, Morgan Stanley & Co., Inc., Wells Fargo Corporate & Investment Banking, as follows:

L.O.: Pacifica Law Group, Seattle, WA.