# EDGAR Filing Document

**Accession Number:** 0001875710
**File Stem:** 0001145549-23-010785
**Filing Date:** 2023-2
**Character Count:** 65363
**Document Hash:** 38b37378bfe8ea87fe5ba0fc4efbce52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010785.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010785

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Build Funds Trust
- **CENTRAL INDEX KEY:** 0001875710
- **IRS NUMBER:** 871780510
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23732
- **FILM NUMBER:** 23673037

**BUSINESS ADDRESS:**
- **STREET 1:** 3608 W. TRUMAN BLVD.
- **STREET 2:** SUITE 200
- **CITY:** JEFFERSON CITY
- **STATE:** MO
- **ZIP:** 65109
- **BUSINESS PHONE:** 833-852-8453

**MAIL ADDRESS:**
- **STREET 1:** 3608 W. TRUMAN BLVD.
- **STREET 2:** SUITE 200
- **CITY:** JEFFERSON CITY
- **STATE:** MO
- **ZIP:** 65109

## Series and Classes Contracts Data

### Build Bond Innovation ETF (Series ID: S000074231)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000231840 | Build Bond Innovation ETF | BFIX            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **BUILD BOND INNOVATION ETF** | **BUILD BOND INNOVATION ETF** | **BUILD BOND INNOVATION ETF** | **BUILD BOND INNOVATION ETF** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| December 31, 2022 (Unaudited) | December 31, 2022 (Unaudited) | December 31, 2022 (Unaudited) | December 31, 2022 (Unaudited) |
| **INVESTMENTS** | **NUMBER OF CONTRACTS** | **NOTIONAL** <br> **AMOUNT** | **VALUE** |
| **PURCHASED OPTIONS — 0.8%** |  |  |  |
| **Call Options — 0.8%** |  |  |  |
| SPDR S&P 500 ETF Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expires 03/17/2023, Strike Price $356.00 (a) | 4 | $152972 | $13728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expires 06/16/2023, Strike Price $373.00 (a) | 26 | 994318 | 86788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expires 09/15/2023, Strike Price $395.00 (a) | 30 | 1147290 | 77700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expires 12/15/2023, Strike Price $420.00 (a) | 30 | 1147290 | 61500 |
| **TOTAL PURCHASED OPTIONS** (Cost $265,401) |  |  | 239716 |
|  |  | **PRINCIPAL** <br> **AMOUNT** |  |
| **CORPORATE BONDS — 7.4%** |  |  |  |
| **Activities Related to Credit Intermediation — 0.1%** |  |  |  |
| Western Union Co., 4.25%, 06/09/2023 |  | $27000 | 26872 |
| **Aerospace Product and Parts Manufacturing — 0.1%** |  |  |  |
| General Dynamics Corp., 1.88%, 08/15/2023 |  | 15000 | 14707 |
| Raytheon Technologies Corp., 3.65%, 08/16/2023 |  | 2000 | 1984 |
|  |  |  | 16691 |
| **Agencies, Brokerages, and Other Insurance Related Activities — 0.0% (b)** |  |  |  |
| Chubb INA Holdings, Inc., 2.70%, 03/13/2023 |  | 3000 | 2988 |
| **Automotive Parts, Accessories, and Tire Stores — 0.1%** |  |  |  |
| AutoZone, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/2023 |  | 17000 | 16990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/2023 |  | 7000 | 6918 |
|  |  |  | 23908 |
| **Beer, Wine, and Distilled Alcoholic Beverage Merchant Wholesalers — 0.0% (b)** |  |  |  |
| Diageo Capital PLC., 2.63%, 04/29/2023 (c) |  | 3000 | 2980 |
| **Beverage Manufacturing — 0.0% (b)** |  |  |  |
| PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/2023 |  | 7000 | 6984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/01/2023 |  | 2000 | 1974 |
|  |  |  | 8958 |
| **Building Material and Supplies Dealers — 0.0% (b)** |  |  |  |
| The Home Depot, Inc., 2.70%, 04/01/2023 |  | 14000 | 13936 |
| **Clothing Stores — 0.0% (b)** |  |  |  |
| The TJX Co, Inc., 2.50%, 05/15/2023 |  | 10000 | 9912 |
| **Communications Equipment Manufacturing — 0.2%** |  |  |  |
| Apple, Inc., 2.40%, 01/13/2023 |  | 2000 | 1999 |
| QUALCOMM, Inc., 2.60%, 01/30/2023 |  | 70000 | 69889 |
|  |  |  | 71888 |
| **Computer Systems Design and Related Services — 0.2%** |  |  |  |
| VMWARE, Inc., 0.60%, 08/15/2023 |  | 62000 | 60393 |
| **Couriers and Express Delivery Services — 0.2%** |  |  |  |
| United Parcel Service, Inc., 2.50%, 04/01/2023 |  | 59000 | 58649 |
| **Data Processing, Hosting, and Related Services — 0.0% (b)** |  |  |  |
| Hewlett Packard Enterprise Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/2023 |  | 6000 | 5956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/02/2023 |  | 8000 | 7955 |
|  |  |  | 13911 |
| **Depository Credit Intermediation — 0.9%** |  |  |  |
| Bank of America Corp., 3.30%, 01/11/2023 |  | 209000 | 208930 |
| Capital One Financial Corp., 3.20%, 01/30/2023 |  | 5000 | 5000 |
| Fifth Third Bancorp, 1.63%, 05/05/2023 |  | 37000 | 36596 |
| State Street Corp., 3.10%, 05/15/2023 |  | 2000 | 1987 |
| The Bank of New York Mellon Corp., 2.95%, 01/29/2023 |  | 17000 | 16980 |
|  |  |  | 269493 |
| **Electric Power Generation, Transmission and Distribution — 0.5%** |  |  |  |
| American Electric Power Co, Inc., 0.75%, 11/01/2023 |  | 3000 | 2889 |
| Berkshire Hathaway Energy Co., 2.80%, 01/15/2023 |  | 64000 | 63956 |
| Duke Energy Carolinas LLC. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/2023 |  | 6000 | 5984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/01/2023 |  | 28000 | 27703 |
| Entergy Louisiana LLC., 0.62%, 11/17/2023 |  | 9000 | 8668 |
| MidAmerican Energy Holdings, 3.75%, 11/15/2023 |  | 15000 | 14842 |
| Sierra Pacific Power Co., 3.38%, 08/15/2023 |  | 20000 | 19797 |
|  |  |  | 143839 |
| **Electronic Shopping and Mail-Order Houses — 0.2%** |  |  |  |
| Amazon.com, Inc., 2.40%, 02/22/2023 |  | 6000 | 5981 |
| eBay, Inc., 2.75%, 01/30/2023 |  | 45000 | 44927 |
|  |  |  | 50908 |
| **Foundries — 0.0% (b)** |  |  |  |
| Precision Castparts Corp., 2.50%, 01/15/2023 |  | 6000 | 5995 |
| **Fruit and Vegetable Preserving and Specialty Food Manufacturing — 0.0% (b)** |  |  |  |
| Campbell Soup Co., 3.65%, 03/15/2023 |  | 6000 | 5984 |
| **Grocery Stores — 0.1%** |  |  |  |
| The Kroger Co., 3.85%, 08/01/2023 |  | 40000 | 39666 |
| **Hardware Manufacturing — 0.3%** |  |  |  |
| Fortune Brands Innovations, Inc., 4.00%, 09/21/2023 |  | 100000 | 99308 |
| **Health and Personal Care Stores — 0.0% (b)** |  |  |  |
| Express Scripts Holding Co., 3.00%, 07/15/2023 |  | 5000 | 4938 |
| Walgreens Boots Alliance, Inc., 0.95%, 11/17/2023 |  | 2000 | 1926 |
|  |  |  | 6864 |
| **Insurance Carriers — 0.2%** |  |  |  |
| Elevance Health, Inc., 0.45%, 03/15/2023 |  | 30000 | 29753 |
| First American Financial Corp., 4.30%, 02/01/2023 |  | 19000 | 18981 |
| Principal Financial Group, Inc., 3.13%, 05/15/2023 |  | 13000 | 12910 |
|  |  |  | 61644 |
| **Lessors of Real Estate — 0.5%** |  |  |  |
| American Tower Corp., 5.00%, 02/15/2024 |  | 65000 | 64809 |
| AvalonBay Communities, Inc., 2.85%, 03/15/2023 |  | 40000 | 39822 |
| Camden Property Trust, 4.88%, 06/15/2023 |  | 16000 | 15966 |
| Simon Property Group LP, 2.75%, 06/01/2023 |  | 27000 | 26736 |
|  |  |  | 147333 |
| **Management of Companies and Enterprises — 0.2%** |  |  |  |
| Aetna Inc., 2.80%, 06/15/2023 |  | 73000 | 72244 |
| **Medical Equipment and Supplies Manufacturing — 0.0% (b)** |  |  |  |
| Shire Acquisitions Investments Ireland DAC., 2.88%, 09/23/2023 (c) |  | 2000 | 1966 |
| **Natural Gas Distribution — 0.1%** |  |  |  |
| Kinder Morgan Energy Partners LP. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/15/2023 |  | 15000 | 14968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2023 |  | 3000 | 2969 |
| Puget Energy, Inc., 3.65%, 05/15/2025 |  | 5000 | 4764 |
|  |  |  | 22701 |
| **Navigational, Measuring, Electromedical, and Control Instruments Manufacturing — 0.1%** |  |  |  |
| Northrop Grumman Corp., 3.25%, 08/01/2023 |  | 20000 | 19875 |
| **Nondepository Credit Intermediation — 0.8%** |  |  |  |
| American Express Co., 3.70%, 08/03/2023 |  | 2000 | 1987 |
| American Honda Finance Corp., 2.05%, 01/10/2023 |  | 25000 | 24990 |
| GlaxoSmithKline Capital PLC., 0.53%, 10/01/2023 (c) |  | 100000 | 96786 |
| John Deere Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/06/2023 |  | 25000 | 24997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/27/2023 |  | 14000 | 13984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/06/2023 |  | 5000 | 4983 |
| Toyota Motor Credit Corp., 2.63%, 01/10/2023 |  | 86000 | 85967 |
|  |  |  | 253694 |
| **Oil and Gas Extraction — 0.2%** |  |  |  |
| Energy Transfer LP and Regency Energy Finance Corp., 4.50%, 11/01/2023 |  | 20000 | 19859 |
| EOG Resources, Inc., 2.63%, 03/15/2023 |  | 43000 | 42835 |
| Phillips 66, 3.85%, 04/09/2025 |  | 6000 | 5863 |
| Total Energies Capital International SA., 2.70%, 01/25/2023 (c) |  | 7000 | 6991 |
|  |  |  | 75548 |
| **Other Financial Investment Activities — 0.1%** |  |  |  |
| Morgan Stanley, 3.75%, 02/25/2023 |  | 19000 | 18962 |
| **Other General Merchandise Stores — 0.4%** |  |  |  |
| Walmart, Inc., 2.55%, 04/11/2023 |  | 120000 | 119264 |
| **Other Miscellaneous Manufacturing — 0.0% (b)** |  |  |  |
| 3M Co., 2.25%, 03/15/2023 |  | 8000 | 7957 |
| Ingersoll-Rand Global Holding Company LTD., 4.25%, 06/15/2023 |  | 5000 | 4989 |
|  |  |  | 12946 |
| **Pesticide, Fertilizer, and Other Agricultural Chemical Manufacturing — 0.0% (b)** |  |  |  |
| Nutrien LTD., 1.90%, 05/13/2023 (c) |  | 5000 | 4944 |
| **Petroleum and Coal Products Manufacturing — 0.0% (b)** |  |  |  |
| Equinor ASA, 2.45%, 01/17/2023 (c) |  | 3000 | 2998 |
| Exxon Mobil Corp., 2.73%, 03/01/2023 |  | 7000 | 6979 |
|  |  |  | 9977 |
| **Petroleum and Petroleum Products Merchant Wholesalers — 0.1%** |  |  |  |
| Energy Transfer LP. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/2023 |  | 3000 | 2994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2023 |  | 10000 | 9977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/2023 |  | 24000 | 23859 |
|  |  |  | 36830 |
| **Pharmaceutical and Medicine Manufacturing — 0.3%** |  |  |  |
| AbbVie, Inc., 2.85%, 05/14/2023 |  | 3000 | 2979 |
| AstraZeneca PLC., 3.50%, 08/17/2023 (c) |  | 52000 | 51568 |
| Celgene Corp., 2.75%, 02/15/2023 |  | 25000 | 24940 |
| Sanofi, 3.38%, 06/19/2023 (c) |  | 2000 | 1985 |
|  |  |  | 81472 |
| **Pipeline Transportation of Crude Oil — 0.5%** |  |  |  |
| Enbridge, Inc., 0.55%, 10/04/2023 (c) |  | 156000 | 150870 |
| Sunoco Logistics Partners, 4.25%, 04/01/2024 |  | 6000 | 5897 |
|  |  |  | 156767 |
| **Pipeline Transportation of Natural Gas — 0.2%** |  |  |  |
| TransCanada PipeLines LTD., 3.75%, 10/16/2023 (c) |  | 50000 | 49500 |
| **Rail Transportation — 0.2%** |  |  |  |
| Burlington Northern Santa Fe LLC. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/2023 |  | 9000 | 8972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 09/01/2023 |  | 6000 | 5952 |
| Canadian Pacific Railway Co., 4.45%, 03/15/2023 (c) |  | 9000 | 8989 |
| Old Kansas City Southern, 3.00%, 05/15/2023 |  | 34000 | 33705 |
|  |  |  | 57618 |
| **Securities and Commodity Contracts Intermediation and Brokerage — 0.1%** |  |  |  |
| The Charles Schwab Corp., 2.65%, 01/25/2023 |  | 4000 | 3995 |
| The Goldman Sachs Group Inc., 3.20%, 02/23/2023 |  | 23000 | 22944 |
|  |  |  | 26939 |
| **Soap, Cleaning Compound, and Toilet Preparation Manufacturing — 0.0% (b)** |  |  |  |
| The Procter & Gamble Co., 3.10%, 08/15/2023 |  | 2000 | 1977 |
| **Software Publishers — 0.3%** |  |  |  |
| Adobe, Inc., 1.70%, 02/01/2023 |  | 100000 | 99763 |
| **Tobacco Manufacturing — 0.2%** |  |  |  |
| Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/06/2023 |  | 34000 | 33870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/01/2023 |  | 18000 | 17779 |
| Reynolds American, Inc., 4.85%, 09/15/2023 |  | 7000 | 6986 |
|  |  |  | 58635 |
| **Waste Treatment and Disposal — 0.0% (b)** |  |  |  |
| Waste Management, Inc., 2.40%, 05/15/2023 |  | 13000 | 12874 |
| **TOTAL CORPORATE BONDS** (Cost $2,335,540**)** |  |  | 2336616 |
| **U.S. TREASURY OBLIGATIONS — 91.0%** |  |  |  |
| **U.S. Treasury Bonds — 2.9%** |  |  |  |
| 1.250% due 05/15/2050 |  | 1675000 | 911763 |
| **U.S. Treasury Notes - 88.1%** |  |  |  |
| 0.125% due 03/31/2023 |  | 200000 | 197954 |
| 2.750% due 04/30/2023 |  | 150000 | 149165 |
| 0.125% due 04/30/2023 (d) |  | 2500000 | 2465664 |
| 1.750% due 05/15/2023 |  | 1850000 | 1830666 |
| 0.125% due 05/15/2023 |  | 1000000 | 983533 |
| 1.375% due 06/30/2023 |  | 1600000 | 1574813 |
| 0.125% due 06/30/2023 |  | 300000 | 293351 |
| 0.125% due 07/15/2023 |  | 2500000 | 2439321 |
| 1.250% due 07/31/2023 |  | 2500000 | 2450850 |
| 0.125% due 07/31/2023 |  | 2150000 | 2093453 |
| 2.500% due 08/15/2023 |  | 2900000 | 2859985 |
| 0.125% due 08/15/2023 |  | 3800000 | 3694869 |
| 1.375% due 08/31/2023 |  | 600000 | 586594 |
| 0.125% due 08/31/2023 |  | 3000000 | 2909507 |
| 0.250% due 09/30/2023 |  | 2430000 | 2349306 |
| 0.875% due 01/31/2024 |  | 175000 | 167966 |
| 1.375% due 11/15/2031 |  | 725000 | 592291 |
|  |  |  | 27639288 |
| **TOTAL U.S. TREASURY OBLIGATIONS** (Cost $28,695,391) |  |  | 28551051 |
| **SHORT-TERM INVESTMENT — 0.6%** |  | **SHARES** |  |
| First American Government Obligations Fund - Class X, 4.08% (e) |  | 173657 | 173657 |
| **TOTAL SHORT-TERM INVESTMENT** (Cost $173,657) |  |  |  |
| TOTAL INVESTMENTS — 99.8% (Cost $31,469,989) |  |  | **31301040** |
| Other Assets in Excess of Liabilities — 0.2% |  |  | **80655** |
| NET ASSETS — 100.0% |  |  | $**31381695** |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | Non-income producing security. |
| (b) | Less than 0.05%. |
| (c) | Foreign issued security. Foreign concentration is as follows: Canada: 0.68%, United Kingdom: 0.48%, France: 0.03%, Norway: 0.01%, Ireland: 0.01%. |
| (d) | A portion of this security is held for collateral on purchased options. |
| (e) | The rate shown is the annualized seven-day yield at period end. |
| The accompanying notes are an integral part of these schedules of investments. | The accompanying notes are an integral part of these schedules of investments. |

---

------

---

| | |
|:---|:---|
| **NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES** | **NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES** |
| The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies. | The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies. |
| a) | *<u>Security Valuation:</u>* The Fund values its investments at fair value. The net asset value ("NAV") of the Fund's shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4 p.m. Eastern Time. The Fund's investments in securities are recorded at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. |
|  | The Trust's Board of Trustees ("Board") designated the Adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The Adviser has established a Fair Valuation Committee ("Valuation Committee") to administer, implement, and oversee the fair valuation process, and to make fair value decisions. The Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of comparisons of fair value determinations with actual trade prices and address new or evolving issues. The Valuation Committee also regularly reviews pricing vendor information and market data. Pricing decisions, processes, and controls over security valuation are also subject to additional internal reviews. The Valuation Committee reports to the Board in formation regarding the fair valuation process and related matters. |
|  | Equity securities, exchange-traded funds and derivative financial instruments listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. If no sale occurred during the day, investments are valued at the mean between closing bid and asked prices and categorized as Level 2. Investments in other regulated investment companies, including money market funds, are generally priced at the ending NAV provided by the service agent of the Fund and categorized as Level 1. |
|  | Bonds, notes, and U.S. government obligations are valued at an evaluated mean price obtained from an independent pricing service that uses a matrix pricing method or other analytical models. These securities will generally be categorized in Level 2 of the fair value hierarchy. |
|  | The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). The three levels defined by the hierarchy are as follows: |
|  | • Level 1 — Unadjusted quoted prices in active markets for identical. |
|  | • Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
|  | • Level 3 — Significant unobservable inputs (including assumptions in determining the fair value of investments). |
|  | The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used to value the Fund's assets and liabilities measured at fair value as of December 31, 2022. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **<u>Build Bond Innovation ETF</u>** | | | | |
| **Assets** | | | | |
| &nbsp;&nbsp;&nbsp; Purchased Options | $239716 | $- | $- | $239716 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | - | 2336616 | - | 2336616 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | - | 28551051 | - | 28551051 |
| &nbsp;&nbsp;&nbsp; Short Term Investment | 173657 | - | - | 173657 |
| **Total Assets** | $413373 | $30887667 | $- | $31301040 |
| Please refer to the Schedule of Investments to view securities segregated by industry type. | Please refer to the Schedule of Investments to view securities segregated by industry type. | Please refer to the Schedule of Investments to view securities segregated by industry type. | Please refer to the Schedule of Investments to view securities segregated by industry type. | Please refer to the Schedule of Investments to view securities segregated by industry type. |
| The Fund did not hold any investments during the period ended December 31, 2022, with significant unobservable inputs categorized as Level 3. | The Fund did not hold any investments during the period ended December 31, 2022, with significant unobservable inputs categorized as Level 3. | The Fund did not hold any investments during the period ended December 31, 2022, with significant unobservable inputs categorized as Level 3. | The Fund did not hold any investments during the period ended December 31, 2022, with significant unobservable inputs categorized as Level 3. | The Fund did not hold any investments during the period ended December 31, 2022, with significant unobservable inputs categorized as Level 3. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Build Funds Trust

- **b. Investment Company Act file number:** 811-23732

- **c. CIK number of Registrant:** 0001875710

- **d. LEI of Registrant:** 549300QK90KE6LCVIZ37

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

  - **Street Address 1:** 3608 West Truman Blvd.

  - **City:** Jefferson City

  - **State:** MO

  - **Foreign country:** US

  - **Zip / Postal Code:** 65109

  - **Telephone number:** 833-852-8453

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

- **a. Name of Series:** Build Bond Innovation ETF

- **b. EDGAR series identifier (if any):** S000074231

- **c. LEI of Series:** 549300JZ6QPYIJI89F23

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $31489980.80

**Total Liabilities:** $108264.19

**Net Assets:** $31381716.61

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 877.450000000000 | **1-Year:** 690.730000000000 | **5-Year:** 110.020000000000 | **10-Year:** 619.560000000000 | **30-Year:** 1632.820000000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231840 | 0.24%                | 0.78%                | -0.14%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-74476.05               | $-44750.97                                 |
| Month 2  | $-77052.72               | $124922.53                                 |
| Month 3  | $-44636.83               | $47538.50                                  |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABBVIE INC                     | AbbVie Inc                                       | CUSIP: 00287YAX7<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2978.69      | 0.01%             | 2023-05-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| CHUBB INA HOLDINGS INC         | Chubb INA Holdings Inc                           | CUSIP: 00440EAP2<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2988.47      | 0.01%             | 2023-03-13      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| ADOBE INC                      | Adobe Inc                                        | CUSIP: 00724PAA7<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99762.54     | 0.32%             | 2023-02-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                               | CUSIP: 29278NAC7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23859.27     | 0.08%             | 2023-09-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                               | CUSIP: 29278NAL7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9976.36      | 0.03%             | 2023-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA LLC          | Entergy Louisiana LLC                            | CUSIP: 29364WBF4<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8667.57      | 0.03%             | 2023-11-17      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| EVERNORTH HEALTH INC           | Evernorth Health Inc                             | CUSIP: 30219GAQ1<br>LEI: 5493003UA6VMND084504 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4938.62      | 0.02%             | 2023-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION        | Exxon Mobil Corp                                 | CUSIP: 30231GAR3<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6979.01      | 0.02%             | 2023-03-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP            | Fifth Third Bancorp                              | CUSIP: 316773CZ1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     37000 | PA      | $36595.86     | 0.12%             | 2023-05-05      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund       | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    269781 | NS      | $269781.49    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERICAN FINANCIAL       | First American Financial Corp                    | CUSIP: 31847RAE2<br>LEI: 549300B6VEZK3N0A1P55 | Long             | DBT              | CORP              | US        |     19000 | PA      | $18981.19     | 0.06%             | 2023-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| FORTUNE BRANDS INNOVATIO       | Fortune Brands Innovations Inc                   | CUSIP: 34964CAC0<br>LEI: 54930032LHW54PQUJD44 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99308.08     | 0.32%             | 2023-09-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP          | General Dynamics Corp                            | CUSIP: 369550AW8<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14707.19     | 0.05%             | 2023-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| GLAXOSMITHKLINE CAPITAL        | GlaxoSmithKline Capital PLC                      | CUSIP: 377373AL9<br>LEI: 549300U0LV41VX7LEP38 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $96786.11     | 0.31%             | 2023-10-01      | Fixed         | 0.53%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                      | CUSIP: 38141GWT7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22943.66     | 0.07%             | 2023-02-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO               | Hewlett Packard Enterprise Co                    | CUSIP: 42824CBE8<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5955.84      | 0.02%             | 2023-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO               | Hewlett Packard Enterprise Co                    | CUSIP: 42824CBG3<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7954.60      | 0.03%             | 2023-10-02      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                 | Home Depot Inc/The                               | CUSIP: 437076AZ5<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13935.72     | 0.04%             | 2023-04-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| INGERSOLL-RAND GL HLD CO       | Trane Technologies Global Holding Co Ltd         | CUSIP: 45687AAJ1<br>LEI: 549300UCF0D858BIOV83 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4989.26      | 0.02%             | 2023-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY SOUTHERN           | Kansas City Southern/Old                         | CUSIP: 485170AV6<br>LEI: 5493008C12PZMWP3WY03 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33705.07     | 0.11%             | 2023-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART        | Kinder Morgan Energy Partners LP                 | CUSIP: 494550BM7<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14968.30     | 0.05%             | 2023-02-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART        | Kinder Morgan Energy Partners LP                 | CUSIP: 494550BQ8<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2968.61      | 0.01%             | 2023-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KROGER CO                      | Kroger Co/The                                    | CUSIP: 501044CS8<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39666.01     | 0.13%             | 2023-08-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG       | Berkshire Hathaway Energy Co                     | CUSIP: 59562VAY3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14842.01     | 0.05%             | 2023-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                   | CUSIP: 61746BDJ2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     19000 | PA      | $18962.17     | 0.06%             | 2023-02-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP          | Northrop Grumman Corp                            | CUSIP: 666807BG6<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19875.52     | 0.06%             | 2023-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                    | Nutrien Ltd                                      | CUSIP: 67077MAV0<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |      5000 | PA      | $4943.54      | 0.02%             | 2023-05-13      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                    | PepsiCo Inc                                      | CUSIP: 713448CG1<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6983.36      | 0.02%             | 2023-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                    | PepsiCo Inc                                      | CUSIP: 713448EY0<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1974.36      | 0.01%             | 2023-05-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC         | Philip Morris International Inc                  | CUSIP: 718172AV1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33870.09     | 0.11%             | 2023-03-06      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC         | Philip Morris International Inc                  | CUSIP: 718172CQ0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17778.93     | 0.06%             | 2023-05-01      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66                    | Phillips 66                                      | CUSIP: 718546AV6<br>LEI: 5493005JBO5YSIGK1814 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5863.36      | 0.02%             | 2025-04-09      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| PRECISION CASTPARTS CORP       | Precision Castparts Corp                         | CUSIP: 740189AG0<br>LEI: 0XOOAY5P5J7Q734SEC89 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5994.61      | 0.02%             | 2023-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL FINANCIAL GRP        | Principal Financial Group Inc                    | CUSIP: 74251VAH5<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12909.62     | 0.04%             | 2023-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PROCTER & GAMBLE CO/THE        | Procter & Gamble Co/The                          | CUSIP: 742718EB1<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1977.37      | 0.01%             | 2023-08-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC               | Puget Energy Inc                                 | CUSIP: 745310AH5<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4763.88      | 0.02%             | 2025-05-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| QUALCOMM INC                   | QUALCOMM Inc                                     | CUSIP: 747525AR4<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69889.33     | 0.22%             | 2023-01-30      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| ENRGY TRANS LP/REG FIN         | Energy Transfer LP / Regency Energy Finance Corp | CUSIP: 75886AAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19858.54     | 0.06%             | 2023-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REYNOLDS AMERICAN INC          | Reynolds American Inc                            | CUSIP: 761713AY2<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6986.40      | 0.02%             | 2023-09-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| SANOFI                         | Sanofi                                           | CUSIP: 801060AC8<br>LEI: 549300E9PC51EN656011 | Long             | DBT              | CORP              | FR        |      2000 | PA      | $1984.98      | 0.01%             | 2023-06-19      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP            | Charles Schwab Corp/The                          | CUSIP: 808513AT2<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3994.95      | 0.01%             | 2023-01-25      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| SHIRE ACQ INV IRELAND DA       | Shire Acquisitions Investments Ireland DAC       | CUSIP: 82481LAC3<br>LEI: 549300XK5HGW68R8K327 | Long             | DBT              | CORP              | IE        |      2000 | PA      | $1965.98      | 0.01%             | 2023-09-23      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SIERRA PACIFIC POWER CO        | Sierra Pacific Power Co                          | CUSIP: 826418BJ3<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19796.58     | 0.06%             | 2023-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP        | Simon Property Group LP                          | CUSIP: 828807DD6<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26735.49     | 0.09%             | 2023-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP              | State Street Corp                                | CUSIP: 857477AL7<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1986.91      | 0.01%             | 2023-05-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| EQUINOR ASA                    | Equinor ASA                                      | CUSIP: 85771PAG7<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | DBT              | CORP              | NO        |      3000 | PA      | $2997.75      | 0.01%             | 2023-01-17      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                               | CUSIP: 86765BAN9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5897.23      | 0.02%             | 2024-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TJX COS INC                    | TJX Cos Inc/The                                  | CUSIP: 872540AP4<br>LEI: V167QI9I69W364E2DY52 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9912.20      | 0.03%             | 2023-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| 3M COMPANY                     | 3M Co                                            | CUSIP: 88579YAX9<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7956.32      | 0.03%             | 2023-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES CAP INTL         | TotalEnergies Capital International SA           | CUSIP: 89153VAE9<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |      7000 | PA      | $6991.33      | 0.02%             | 2023-01-25      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP       | Toyota Motor Credit Corp                         | CUSIP: 89233P7F7<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     86000 | PA      | $85966.84     | 0.27%             | 2023-01-10      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA PIPELINES          | TransCanada PipeLines Ltd                        | CUSIP: 89352HAK5<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $49500.11     | 0.16%             | 2023-10-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE          | United Parcel Service Inc                        | CUSIP: 911312BK1<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     59000 | PA      | $58648.93     | 0.19%             | 2023-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1675000 | PA      | $911762.70    | 2.91%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 9128282D1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $586594.01    | 1.87%             | 2023-08-31      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 9128284L1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $149164.50    | 0.48%             | 2023-04-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 912828S35<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1574812.50   | 5.02%             | 2023-06-30      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 912828S92<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2450850.20   | 7.81%             | 2023-07-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 912828VB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1850000 | PA      | $1830665.71   | 5.83%             | 2023-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 912828VS6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2900000 | PA      | $2859984.52   | 9.11%             | 2023-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 912828ZP8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $983533.26    | 3.13%             | 2023-05-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 912828ZY9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2439321.25   | 7.77%             | 2023-07-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 91282CAF8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3800000 | PA      | $3694869.12   | 11.77%            | 2023-08-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 91282CBU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $197954.09    | 0.63%             | 2023-03-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 91282CBX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2465664.30   | 7.86%             | 2023-04-30      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 91282CCK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $293350.80    | 0.93%             | 2023-06-30      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 91282CCN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2150000 | PA      | $2093453.41   | 6.67%             | 2023-07-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 91282CCU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2909507.04   | 9.27%             | 2023-08-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 91282CDA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2430000 | PA      | $2349306.21   | 7.49%             | 2023-09-30      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    725000 | PA      | $592291.01    | 1.89%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                 | CUSIP: 91282CDV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    175000 | PA      | $167965.82    | 0.54%             | 2024-01-31      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| RAYTHEON TECH CORP             | Raytheon Technologies Corp                       | CUSIP: 913017DB2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1983.38      | 0.01%             | 2023-08-16      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| VMWARE INC                     | VMware Inc                                       | CUSIP: 928563AG0<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     62000 | PA      | $60393.34     | 0.19%             | 2023-08-15      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| WALMART INC                    | Walmart Inc                                      | CUSIP: 931142DH3<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119263.80    | 0.38%             | 2023-04-11      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE       | Walgreens Boots Alliance Inc                     | CUSIP: 931427AU2<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1925.75      | 0.01%             | 2023-11-17      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC           | Waste Management Inc                             | CUSIP: 94106LBD0<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12874.11     | 0.04%             | 2023-05-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| WESTERN UNION CO/THE           | Western Union Co/The                             | CUSIP: 959802AX7<br>LEI: 28ID94QU1140NC23S047 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26872.13     | 0.09%             | 2023-06-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         4 | NC      | $13728.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        26 | NC      | $86788.00     | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        30 | NC      | $77700.00     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        30 | NC      | $61500.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AETNA INC                      | Aetna Inc                                        | CUSIP: 00817YAV0<br>LEI: 549300QKBENKLBXQ8968 | Long             | DBT              | CORP              | US        |     73000 | PA      | $72243.75     | 0.23%             | 2023-06-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                 | Amazon.com Inc                                   | CUSIP: 023135AW6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5980.84      | 0.02%             | 2023-02-22      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER        | American Electric Power Co Inc                   | CUSIP: 025537AQ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2888.93      | 0.01%             | 2023-11-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO            | American Express Co                              | CUSIP: 025816BW8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1987.42      | 0.01%             | 2023-08-03      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE         | American Honda Finance Corp                      | CUSIP: 02665WDC2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24990.56     | 0.08%             | 2023-01-10      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP            | American Tower Corp                              | CUSIP: 03027XAD2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64808.85     | 0.21%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC            | Elevance Health Inc                              | CUSIP: 036752AQ6<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29753.24     | 0.09%             | 2023-03-15      | Fixed         | 0.45%                 | No            |                  2 | On Loan: No      |
| APPLE INC                      | Apple Inc                                        | CUSIP: 037833DE7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1999.06      | 0.01%             | 2023-01-13      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC                | AstraZeneca PLC                                  | CUSIP: 046353AR9<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |     52000 | PA      | $51568.42     | 0.16%             | 2023-08-17      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                   | AutoZone Inc                                     | CUSIP: 053332AN2<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16989.49     | 0.05%             | 2023-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                   | AutoZone Inc                                     | CUSIP: 053332AP7<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6918.10      | 0.02%             | 2023-07-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES          | AvalonBay Communities Inc                        | CUSIP: 05348EAR0<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39822.46     | 0.13%             | 2023-03-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                             | CUSIP: 06051GEU9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    209000 | PA      | $208930.48    | 0.67%             | 2023-01-11      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP         | Bank of New York Mellon Corp/The                 | CUSIP: 06406RAE7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16979.92     | 0.05%             | 2023-01-29      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG       | Berkshire Hathaway Energy Co                     | CUSIP: 084659AK7<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     64000 | PA      | $63956.50     | 0.20%             | 2023-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE       | Burlington Northern Santa Fe LLC                 | CUSIP: 12189LAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9000 | PA      | $8971.59      | 0.03%             | 2023-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE       | Burlington Northern Santa Fe LLC                 | CUSIP: 12189LAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6000 | PA      | $5952.46      | 0.02%             | 2023-09-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST          | Camden Property Trust                            | CUSIP: 133131AS1<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15966.37     | 0.05%             | 2023-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CAMPBELL SOUP CO               | Campbell Soup Co                                 | CUSIP: 134429BE8<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5984.10      | 0.02%             | 2023-03-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY       | Canadian Pacific Railway Co                      | CUSIP: 13645RAK0<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |      9000 | PA      | $8988.63      | 0.03%             | 2023-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                       | CUSIP: 14040HBU8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5000.00      | 0.02%             | 2023-01-30      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CELGENE CORP                   | Celgene Corp                                     | CUSIP: 151020AX2<br>LEI: 4SIHMF0MOSTTL8CD0X64 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24940.43     | 0.08%             | 2023-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp                          | CUSIP: 24422ERT8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13984.00     | 0.04%             | 2023-01-27      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp                          | CUSIP: 24422ETG4<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4982.69      | 0.02%             | 2023-03-06      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp                          | CUSIP: 24422EUA5<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24996.82     | 0.08%             | 2023-01-06      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| DIAGEO CAPITAL PLC             | Diageo Capital PLC                               | CUSIP: 25243YAU3<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |      3000 | PA      | $2980.39      | 0.01%             | 2023-04-29      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS          | Duke Energy Carolinas LLC                        | CUSIP: 26442CAQ7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5984.42      | 0.02%             | 2023-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC       | Duke Energy Progress LLC                         | CUSIP: 26442UAF1<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27703.16     | 0.09%             | 2023-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC              | EOG Resources Inc                                | CUSIP: 26875PAK7<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     43000 | PA      | $42834.51     | 0.14%             | 2023-03-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| EBAY INC                       | eBay Inc                                         | CUSIP: 278642AS2<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44927.24     | 0.14%             | 2023-01-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                   | Enbridge Inc                                     | CUSIP: 29250NBG9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    156000 | PA      | $150869.44    | 0.48%             | 2023-10-04      | Fixed         | 0.55%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                               | CUSIP: 29273RAS8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2994.33      | 0.01%             | 2023-02-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Build Funds Trust

**Signature:** /s/John Ruth

**Name of Signer:** Build Funds Trust

**Title:** President