# EDGAR Filing Document

**Accession Number:** 0001875710
**File Stem:** 0001145549-25-057166
**Filing Date:** 2025-8
**Character Count:** 69767
**Document Hash:** 7c6b11ff5533de967b76f86d804b92ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-057166.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001145549-25-057166

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Build Funds Trust
- **CENTRAL INDEX KEY:** 0001875710

**ORGANIZATION NAME:**
- **EIN:** 871780510
- **STATE OF INCORPORATION:** DC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23732
- **FILM NUMBER:** 251278818

**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** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 60.7%** | **U.S. TREASURY SECURITIES - 60.7%** | **Par** | **Value** |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp; 5.00%, 08/31/2025 | &nbsp;&nbsp; 5.00%, 08/31/2025 | 90000 | $90069 |
| &nbsp;&nbsp; 4.25%, 11/30/2026 <sup>(a)</sup> | &nbsp;&nbsp; 4.25%, 11/30/2026 <sup>(a)</sup> | 270000 | 271413 |
| &nbsp;&nbsp; 4.25%, 12/31/2026 <sup>(a)</sup> | &nbsp;&nbsp; 4.25%, 12/31/2026 <sup>(a)</sup> | 150000 | 150885 |
| &nbsp;&nbsp; 4.13%, 01/31/2027 | &nbsp;&nbsp; 4.13%, 01/31/2027 | 350000 | 351640 |
| &nbsp;&nbsp; 4.13%, 02/28/2027 | &nbsp;&nbsp; 4.13%, 02/28/2027 | 520000 | 522742 |
| &nbsp;&nbsp; 3.88%, 03/31/2027 <sup>(a)</sup> | &nbsp;&nbsp; 3.88%, 03/31/2027 <sup>(a)</sup> | 320000 | 320525 |
| &nbsp;&nbsp; 3.75%, 04/30/2027 <sup>(a)</sup> | &nbsp;&nbsp; 3.75%, 04/30/2027 <sup>(a)</sup> | 220000 | 219983 |
| &nbsp;&nbsp; 3.88%, 05/31/2027 | &nbsp;&nbsp; 3.88%, 05/31/2027 | 3650000 | 3658555 |
| &nbsp;&nbsp; 3.75%, 06/30/2027 | &nbsp;&nbsp; 3.75%, 06/30/2027 | 600000 | 600340 |
| &nbsp;&nbsp; 3.88%, 03/15/2028 | &nbsp;&nbsp; 3.88%, 03/15/2028 | 40000 | 40194 |
| &nbsp;&nbsp; 3.75%, 04/15/2028 | &nbsp;&nbsp; 3.75%, 04/15/2028 | 500000 | 500664 |
| &nbsp;&nbsp; 4.00%, 03/31/2030 | &nbsp;&nbsp; 4.00%, 03/31/2030 | 130000 | 131213 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $6,834,452) | **TOTAL U.S. TREASURY SECURITIES** (Cost $6,834,452) | **TOTAL U.S. TREASURY SECURITIES** (Cost $6,834,452) | 6858223 |
| **CORPORATE BONDS - 39.2%** | **CORPORATE BONDS - 39.2%** | **Par** | **Value** |
| **Aerospace Product and Parts Manufacturing - 0.5%** | **Aerospace Product and Parts Manufacturing - 0.5%** | **Aerospace Product and Parts Manufacturing - 0.5%** | **Aerospace Product and Parts Manufacturing - 0.5%** |
|  Lockheed Martin Corp., 4.45%, 05/15/2028 | Lockheed Martin Corp., 4.45%, 05/15/2028 | 61000 | 61706 |
| **Architectural and Structural Metals Manufacturing - 0.4%** | **Architectural and Structural Metals Manufacturing - 0.4%** | **Architectural and Structural Metals Manufacturing - 0.4%** | **Architectural and Structural Metals Manufacturing - 0.4%** |
|  Nucor Corp., 4.30%, 05/23/2027 | Nucor Corp., 4.30%, 05/23/2027 | 47000 | 47168 |
| **Automotive Parts, Accessories, and Tire Retailers - 1.7%** | **Automotive Parts, Accessories, and Tire Retailers - 1.7%** | **Automotive Parts, Accessories, and Tire Retailers - 1.7%** | **Automotive Parts, Accessories, and Tire Retailers - 1.7%** |
| AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
| &nbsp;&nbsp; 3.13%, 04/21/2026 | &nbsp;&nbsp; 3.13%, 04/21/2026 | 144000 | 142318 |
| &nbsp;&nbsp; 6.25%, 11/01/2028 | &nbsp;&nbsp; 6.25%, 11/01/2028 | 44000 | 46630 |
|  |  |  | 188948 |
| **Beverage Manufacturing - 0.2%** | **Beverage Manufacturing - 0.2%** | **Beverage Manufacturing - 0.2%** | **Beverage Manufacturing - 0.2%** |
|  PepsiCo, Inc., 3.60%, 02/18/2028 | PepsiCo, Inc., 3.60%, 02/18/2028 | 27000 | 26772 |
| **Building Material and Supplies Dealers - 2.2%** | **Building Material and Supplies Dealers - 2.2%** | **Building Material and Supplies Dealers - 2.2%** | **Building Material and Supplies Dealers - 2.2%** |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| &nbsp;&nbsp; 3.38%, 09/15/2025 | &nbsp;&nbsp; 3.38%, 09/15/2025 | 135000 | 134620 |
| &nbsp;&nbsp; 3.10%, 05/03/2027 | &nbsp;&nbsp; 3.10%, 05/03/2027 | 115000 | 112834 |
|  |  |  | 247454 |
| **Commercial and Service Industry Machinery Manufacturing - 0.1%** | **Commercial and Service Industry Machinery Manufacturing - 0.1%** | **Commercial and Service Industry Machinery Manufacturing - 0.1%** | **Commercial and Service Industry Machinery Manufacturing - 0.1%** |
|  KLA Corp., 4.10%, 03/15/2029 | KLA Corp., 4.10%, 03/15/2029 | 8000 | 7989 |
| **Computer Systems Design and Related Services - 0.4%** | **Computer Systems Design and Related Services - 0.4%** | **Computer Systems Design and Related Services - 0.4%** | **Computer Systems Design and Related Services - 0.4%** |
|  Oracle Corp., 5.80%, 11/10/2025 | Oracle Corp., 5.80%, 11/10/2025 | 43000 | 43177 |
| **Converted Paper Product Manufacturing - 0.1%** | **Converted Paper Product Manufacturing - 0.1%** | **Converted Paper Product Manufacturing - 0.1%** | **Converted Paper Product Manufacturing - 0.1%** |
|  Kimberly-Clark Corp., 3.95%, 11/01/2028 | Kimberly-Clark Corp., 3.95%, 11/01/2028 | 15000 | 14967 |
| **Department Stores - 0.6%** | **Department Stores - 0.6%** | **Department Stores - 0.6%** | **Department Stores - 0.6%** |
|  Walmart, Inc., 3.90%, 04/15/2028 | Walmart, Inc., 3.90%, 04/15/2028 | 67000 | 67107 |
| **Depository Credit Intermediation - 2.6%** | **Depository Credit Intermediation - 2.6%** | **Depository Credit Intermediation - 2.6%** | **Depository Credit Intermediation - 2.6%** |
|  Bank of America Corp., 3.88%, 08/01/2025 | Bank of America Corp., 3.88%, 08/01/2025 | 14000 | 13993 |
|  Bank of New York Mellon Corp., 3.85%, 04/26/2029 | Bank of New York Mellon Corp., 3.85%, 04/26/2029 | 22000 | 21768 |
|  Canadian Imperial Bank of Commerce, 3.95%, 08/04/2025 | Canadian Imperial Bank of Commerce, 3.95%, 08/04/2025 | 4000 | 3997 |
|  JPMorgan Chase & Co., 3.90%, 07/15/2025 | JPMorgan Chase & Co., 3.90%, 07/15/2025 | 40000 | 39985 |
|  KeyBank, 4.15%, 08/08/2025 | KeyBank, 4.15%, 08/08/2025 | 160000 | 159885 |
|  Northern Trust Corp., 3.95%, 10/30/2025 | Northern Trust Corp., 3.95%, 10/30/2025 | 29000 | 28936 |
|  Wells Fargo & Co., 3.55%, 09/29/2025 | Wells Fargo & Co., 3.55%, 09/29/2025 | 26000 | 25928 |
|  |  |  | 294492 |
| **Electric Power Generation, Transmission and Distribution - 0.7%** | **Electric Power Generation, Transmission and Distribution - 0.7%** | **Electric Power Generation, Transmission and Distribution - 0.7%** | **Electric Power Generation, Transmission and Distribution - 0.7%** |
|  Berkshire Hathaway Energy Co., 3.25%, 04/15/2028 | Berkshire Hathaway Energy Co., 3.25%, 04/15/2028 | 81000 | 79370 |
|  MidAmerican Energy Co., 3.10%, 05/01/2027 | MidAmerican Energy Co., 3.10%, 05/01/2027 | 2000 | 1968 |
|  |  |  | 81338 |
| **Exploration & Production - 0.5%** | **Exploration & Production - 0.5%** | **Exploration & Production - 0.5%** | **Exploration & Production - 0.5%** |
|  Canadian Natural Resources Ltd., 2.05%, 07/15/2025 | Canadian Natural Resources Ltd., 2.05%, 07/15/2025 | 61000 | 60930 |
| **Insurance Carriers - 0.9%** | **Insurance Carriers - 0.9%** | **Insurance Carriers - 0.9%** | **Insurance Carriers - 0.9%** |
|  Allstate Corp., 0.75%, 12/15/2025 | Allstate Corp., 0.75%, 12/15/2025 | 107000 | 105179 |
| **Lessors of Real Estate - 3.0%** | **Lessors of Real Estate - 3.0%** | **Lessors of Real Estate - 3.0%** | **Lessors of Real Estate - 3.0%** |
| AvalonBay Communities, Inc. | AvalonBay Communities, Inc. | AvalonBay Communities, Inc. | AvalonBay Communities, Inc. |
| &nbsp;&nbsp; 2.95%, 05/11/2026 | &nbsp;&nbsp; 2.95%, 05/11/2026 | 23000 | 22731 |
| &nbsp;&nbsp; 3.20%, 01/15/2028 | &nbsp;&nbsp; 3.20%, 01/15/2028 | 6000 | 5861 |
| Camden Property Trust | Camden Property Trust | Camden Property Trust | Camden Property Trust |
| &nbsp;&nbsp; 4.10%, 10/15/2028 | &nbsp;&nbsp; 4.10%, 10/15/2028 | 36000 | 35789 |
| &nbsp;&nbsp; 3.15%, 07/01/2029 | &nbsp;&nbsp; 3.15%, 07/01/2029 | 11000 | 10517 |
| &nbsp;&nbsp; 2.80%, 05/15/2030 | &nbsp;&nbsp; 2.80%, 05/15/2030 | 7000 | 6511 |
|  Essex Portfolio LP, 3.63%, 05/01/2027 | Essex Portfolio LP, 3.63%, 05/01/2027 | 14000 | 13842 |
| Mid-America Apartments LP | Mid-America Apartments LP | Mid-America Apartments LP | Mid-America Apartments LP |
| &nbsp;&nbsp; 4.00%, 11/15/2025 | &nbsp;&nbsp; 4.00%, 11/15/2025 | 96000 | 95789 |
| &nbsp;&nbsp; 3.60%, 06/01/2027 | &nbsp;&nbsp; 3.60%, 06/01/2027 | 31000 | 30687 |
| &nbsp;&nbsp; 4.20%, 06/15/2028 | &nbsp;&nbsp; 4.20%, 06/15/2028 | 28000 | 27980 |
| Simon Property Group LP | Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
| &nbsp;&nbsp; 3.50%, 09/01/2025 | &nbsp;&nbsp; 3.50%, 09/01/2025 | 6000 | 5987 |
| &nbsp;&nbsp; 3.38%, 06/15/2027 | &nbsp;&nbsp; 3.38%, 06/15/2027 | 5000 | 4924 |
|  UDR, Inc., 3.50%, 07/01/2027 | UDR, Inc., 3.50%, 07/01/2027 | 37000 | 36503 |
|  Ventas Realty LP, 4.00%, 03/01/2028 | Ventas Realty LP, 4.00%, 03/01/2028 | 46000 | 45601 |
|  |  |  | 342722 |
| **Management of Companies and Enterprises - 0.6%** | **Management of Companies and Enterprises - 0.6%** | **Management of Companies and Enterprises - 0.6%** | **Management of Companies and Enterprises - 0.6%** |
|  Schlumberger Investment SA, 4.50%, 05/15/2028 | Schlumberger Investment SA, 4.50%, 05/15/2028 | 62000 | 62516 |
| **Metal Ore Mining - 1.8%** | **Metal Ore Mining - 1.8%** | **Metal Ore Mining - 1.8%** | **Metal Ore Mining - 1.8%** |
|  Kinross Gold Corp., 4.50%, 07/15/2027 | Kinross Gold Corp., 4.50%, 07/15/2027 | 200000 | 200248 |
| **Natural Gas Distribution - 0.2%** | **Natural Gas Distribution - 0.2%** | **Natural Gas Distribution - 0.2%** | **Natural Gas Distribution - 0.2%** |
|  Kinder Morgan, Inc., 4.30%, 03/01/2028 | Kinder Morgan, Inc., 4.30%, 03/01/2028 | 20000 | 20020 |
| **Nondepository Credit Intermediation - 1.6%** | **Nondepository Credit Intermediation - 1.6%** | **Nondepository Credit Intermediation - 1.6%** | **Nondepository Credit Intermediation - 1.6%** |
| American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
| &nbsp;&nbsp; 1.20%, 07/08/2025 | &nbsp;&nbsp; 1.20%, 07/08/2025 | 23000 | 22984 |
| &nbsp;&nbsp; 5.80%, 10/03/2025 | &nbsp;&nbsp; 5.80%, 10/03/2025 | 43000 | 43122 |
| &nbsp;&nbsp; 4.45%, 10/22/2027 | &nbsp;&nbsp; 4.45%, 10/22/2027 | 40000 | 40124 |
|  Caterpillar Financial Services Corp., 3.60%, 08/12/2027 | Caterpillar Financial Services Corp., 3.60%, 08/12/2027 | 1000 | 990 |
|  Toyota Motor Credit Corp., 4.35%, 10/08/2027 | Toyota Motor Credit Corp., 4.35%, 10/08/2027 | 68000 | 68295 |
|  |  |  | 175515 |
| **Oil and Gas Extraction - 2.2%** | **Oil and Gas Extraction - 2.2%** | **Oil and Gas Extraction - 2.2%** | **Oil and Gas Extraction - 2.2%** |
|  Diamondback Energy, Inc., 5.20%, 04/18/2027 | Diamondback Energy, Inc., 5.20%, 04/18/2027 | 110000 | 111521 |
|  EOG Resources, Inc., 4.15%, 01/15/2026 | EOG Resources, Inc., 4.15%, 01/15/2026 | 37000 | 36916 |
|  Occidental Petroleum Corp., 7.20%, 03/15/2029 | Occidental Petroleum Corp., 7.20%, 03/15/2029 | 39000 | 41355 |
|  Pioneer Natural Resources Co., 1.13%, 01/15/2026 | Pioneer Natural Resources Co., 1.13%, 01/15/2026 | 58000 | 56995 |
|  Shell International Finance BV, 2.88%, 05/10/2026 | Shell International Finance BV, 2.88%, 05/10/2026 | 6000 | 5934 |
|  |  |  | 252721 |
| **Other Financial Investment Activities - 0.5%** | **Other Financial Investment Activities - 0.5%** | **Other Financial Investment Activities - 0.5%** | **Other Financial Investment Activities - 0.5%** |
|  Blackrock, Inc., 3.25%, 04/30/2029 | Blackrock, Inc., 3.25%, 04/30/2029 | 52000 | 50561 |
| **Other Miscellaneous Retailers - 0.2%** | **Other Miscellaneous Retailers - 0.2%** | **Other Miscellaneous Retailers - 0.2%** | **Other Miscellaneous Retailers - 0.2%** |
|  eBay, Inc., 5.95%, 11/22/2027 | eBay, Inc., 5.95%, 11/22/2027 | 25000 | 25980 |
| **Other Telecommunications - 0.4%** | **Other Telecommunications - 0.4%** | **Other Telecommunications - 0.4%** | **Other Telecommunications - 0.4%** |
|  American Tower Corp., 1.30%, 09/15/2025 | American Tower Corp., 1.30%, 09/15/2025 | 40000 | 39724 |
| **Paint, Coating, and Adhesive Manufacturing - 1.7%** | **Paint, Coating, and Adhesive Manufacturing - 1.7%** | **Paint, Coating, and Adhesive Manufacturing - 1.7%** | **Paint, Coating, and Adhesive Manufacturing - 1.7%** |
| Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. |
| &nbsp;&nbsp; 4.25%, 08/08/2025 | &nbsp;&nbsp; 4.25%, 08/08/2025 | 170000 | 169884 |
| &nbsp;&nbsp; 3.95%, 01/15/2026 | &nbsp;&nbsp; 3.95%, 01/15/2026 | 21000 | 20929 |
|  |  |  | 190813 |
| **Petroleum and Coal Products Manufacturing - 0.6%** | **Petroleum and Coal Products Manufacturing - 0.6%** | **Petroleum and Coal Products Manufacturing - 0.6%** | **Petroleum and Coal Products Manufacturing - 0.6%** |
|  Phillips 66<br> &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 03/15/2028 | Phillips 66<br> &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 03/15/2028 | 42000 | 41572 |
|  &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 12/01/2027 | 30000 | 30474 |
|  |  |  | 72046 |
| **Petroleum and Petroleum Products Merchant Wholesalers - 0.6%** | **Petroleum and Petroleum Products Merchant Wholesalers - 0.6%** | **Petroleum and Petroleum Products Merchant Wholesalers - 0.6%** | **Petroleum and Petroleum Products Merchant Wholesalers - 0.6%** |
|  Energy Transfer LP, 4.00%, 10/01/2027 | Energy Transfer LP, 4.00%, 10/01/2027 | 67000 | 66516 |
| **Pharmaceutical and Medicine Manufacturing - 0.4%** | **Pharmaceutical and Medicine Manufacturing - 0.4%** | **Pharmaceutical and Medicine Manufacturing - 0.4%** | **Pharmaceutical and Medicine Manufacturing - 0.4%** |
|  Zoetis, Inc., 5.40%, 11/14/2025 | Zoetis, Inc., 5.40%, 11/14/2025 | 46000 | 46101 |
| **Pipeline Transportation of Natural Gas - 0.7%** | **Pipeline Transportation of Natural Gas - 0.7%** | **Pipeline Transportation of Natural Gas - 0.7%** | **Pipeline Transportation of Natural Gas - 0.7%** |
|  El Paso Natural Gas Co. LLC, 7.50%, 11/15/2026 | El Paso Natural Gas Co. LLC, 7.50%, 11/15/2026 | 71000 | 73711 |
| **Rail Transportation - 0.3%** | **Rail Transportation - 0.3%** | **Rail Transportation - 0.3%** | **Rail Transportation - 0.3%** |
|  Union Pacific Corp., 3.25%, 08/15/2025 | Union Pacific Corp., 3.25%, 08/15/2025 | 31000 | 30950 |
| **Restaurants and Other Eating Places - 2.2%** | **Restaurants and Other Eating Places - 2.2%** | **Restaurants and Other Eating Places - 2.2%** | **Restaurants and Other Eating Places - 2.2%** |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| &nbsp;&nbsp; 3.30%, 07/01/2025 | &nbsp;&nbsp; 3.30%, 07/01/2025 | 231000 | 231000 |
| &nbsp;&nbsp; 3.80%, 04/01/2028 | &nbsp;&nbsp; 3.80%, 04/01/2028 | 20000 | 19841 |
|  |  |  | 250841 |
| **Securities and Commodity Contracts Intermediation and Brokerage - 2.3%** | **Securities and Commodity Contracts Intermediation and Brokerage - 2.3%** | **Securities and Commodity Contracts Intermediation and Brokerage - 2.3%** | **Securities and Commodity Contracts Intermediation and Brokerage - 2.3%** |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp; 4.00%, 07/23/2025 | &nbsp;&nbsp; 4.00%, 07/23/2025 | 248000 | 247770 |
| &nbsp;&nbsp; 5.00%, 11/24/2025 | &nbsp;&nbsp; 5.00%, 11/24/2025 | 14000 | 14022 |
|  |  |  | 261792 |
| **Securities and Commodity Exchanges - 1.0%** | **Securities and Commodity Exchanges - 1.0%** | **Securities and Commodity Exchanges - 1.0%** | **Securities and Commodity Exchanges - 1.0%** |
|  Intercontinental Exchange, Inc., 4.00%, 09/15/2027 | Intercontinental Exchange, Inc., 4.00%, 09/15/2027 | 111000 | 110442 |
| **Semiconductor and Other Electronic Component Manufacturing - 1.8%** | **Semiconductor and Other Electronic Component Manufacturing - 1.8%** | **Semiconductor and Other Electronic Component Manufacturing - 1.8%** | **Semiconductor and Other Electronic Component Manufacturing - 1.8%** |
|  Broadcom, Inc., 3.15%, 11/15/2025 | Broadcom, Inc., 3.15%, 11/15/2025 | 116000 | 115400 |
|  Intel Corp., 3.75%, 03/25/2027 | Intel Corp., 3.75%, 03/25/2027 | 50000 | 49490 |
|  Lam Research Corp., 3.75%, 03/15/2026 | Lam Research Corp., 3.75%, 03/15/2026 | 22000 | 21897 |
|  Texas Instruments, Inc., 4.60%, 02/15/2028 | Texas Instruments, Inc., 4.60%, 02/15/2028 | 20000 | 20326 |
|  |  |  | 207113 |
| **Soap, Cleaning Compound, and Toilet Preparation Manufacturing - 1.0%** | **Soap, Cleaning Compound, and Toilet Preparation Manufacturing - 1.0%** | **Soap, Cleaning Compound, and Toilet Preparation Manufacturing - 1.0%** | **Soap, Cleaning Compound, and Toilet Preparation Manufacturing - 1.0%** |
| Clorox Co. | Clorox Co. | Clorox Co. | Clorox Co. |
| &nbsp;&nbsp; 3.90%, 05/15/2028 | &nbsp;&nbsp; 3.90%, 05/15/2028 | 12000 | 11887 |
| &nbsp;&nbsp; 4.40%, 05/01/2029 | &nbsp;&nbsp; 4.40%, 05/01/2029 | 96000 | 96348 |
|  |  |  | 108235 |
| **Software Publishers - 2.3%** | **Software Publishers - 2.3%** | **Software Publishers - 2.3%** | **Software Publishers - 2.3%** |
|  Autodesk, Inc., 3.50%, 06/15/2027 | Autodesk, Inc., 3.50%, 06/15/2027 | 45000 | 44460 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| &nbsp;&nbsp; 4.90%, 10/15/2025 <sup>(b)</sup> | &nbsp;&nbsp; 4.90%, 10/15/2025 <sup>(b)</sup> | 139000 | 139006 |
| &nbsp;&nbsp; 4.40%, 09/25/2027 | &nbsp;&nbsp; 4.40%, 09/25/2027 | 4000 | 4004 |
|  Intuit, Inc., 0.95%, 07/15/2025 | Intuit, Inc., 0.95%, 07/15/2025 | 77000 | 76887 |
|  |  |  | 264357 |
| **Sugar and Confectionery Product Manufacturing - 0.5%** | **Sugar and Confectionery Product Manufacturing - 0.5%** | **Sugar and Confectionery Product Manufacturing - 0.5%** | **Sugar and Confectionery Product Manufacturing - 0.5%** |
|  Hershey Co., 2.45%, 11/15/2029 | Hershey Co., 2.45%, 11/15/2029 | 65000 | 60566 |
| **Tobacco Manufacturing - 0.8%** | **Tobacco Manufacturing - 0.8%** | **Tobacco Manufacturing - 0.8%** | **Tobacco Manufacturing - 0.8%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| &nbsp;&nbsp; 3.38%, 08/11/2025 | &nbsp;&nbsp; 3.38%, 08/11/2025 | 18000 | 17975 |
| &nbsp;&nbsp; 5.25%, 09/07/2028 | &nbsp;&nbsp; 5.25%, 09/07/2028 | 16000 | 16463 |
| &nbsp;&nbsp; 5.50%, 09/07/2030 | &nbsp;&nbsp; 5.50%, 09/07/2030 | 52000 | 54356 |
|  |  |  | 88794 |
| **Traveler Accommodation - 0.1%** | **Traveler Accommodation - 0.1%** | **Traveler Accommodation - 0.1%** | **Traveler Accommodation - 0.1%** |
|  Marriott International, Inc., 5.45%, 09/15/2026 | Marriott International, Inc., 5.45%, 09/15/2026 | 7000 | 7089 |
| **Waste Treatment and Disposal - 0.4%** | **Waste Treatment and Disposal - 0.4%** | **Waste Treatment and Disposal - 0.4%** | **Waste Treatment and Disposal - 0.4%** |
|  Waste Management, Inc., 4.50%, 03/15/2028 | Waste Management, Inc., 4.50%, 03/15/2028 | 50000 | 50532 |
| **Wired and Wireless Telecommunications (except Satellite) - 1.1%** | **Wired and Wireless Telecommunications (except Satellite) - 1.1%** | **Wired and Wireless Telecommunications (except Satellite) - 1.1%** | **Wired and Wireless Telecommunications (except Satellite) - 1.1%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| &nbsp;&nbsp; 3.80%, 02/15/2027 | &nbsp;&nbsp; 3.80%, 02/15/2027 | 15000 | 14892 |
| &nbsp;&nbsp; 4.25%, 03/01/2027 | &nbsp;&nbsp; 4.25%, 03/01/2027 | 20000 | 19987 |
| &nbsp;&nbsp; 2.30%, 06/01/2027 | &nbsp;&nbsp; 2.30%, 06/01/2027 | 97000 | 93554 |
|  |  |  | 128433 |
| **TOTAL CORPORATE BONDS** (Cost $4,413,556) | **TOTAL CORPORATE BONDS** (Cost $4,413,556) | **TOTAL CORPORATE BONDS** (Cost $4,413,556) | 4435565 |
| **MUNICIPAL BONDS - 1.3%** | **MUNICIPAL BONDS - 1.3%** | **Par** | **Value** |
|  Metropolitan Government of Nashville & Davidson County TN, 5.00%, 07/01/2025 | Metropolitan Government of Nashville & Davidson County TN, 5.00%, 07/01/2025 | 150000 | 150000 |
| **TOTAL MUNICIPAL BONDS** (Cost $150,000) | **TOTAL MUNICIPAL BONDS** (Cost $150,000) | **TOTAL MUNICIPAL BONDS** (Cost $150,000) | 150000 |
| **PURCHASED OPTIONS - 1.1%<sup>(c)(d)(e)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 1.0%** | **Call Options - 1.0%** |  | $**–** |
|  Coinbase Global, Inc., Expiration: 09/19/2025; Exercise Price: $270.00 | $105147 | 3 | 28200 |
|  iShares 7-10 Year Treasury Bond ETF, Expiration: 07/18/2025; Exercise Price: $95.00 | 1417396 | 148 | 14948 |
|  iShares Bitcoin Trust ETF, Expiration: 09/19/2025; Exercise Price: $60.00 | 146904 | 24 | 13680 |
|  iShares Silver Trust, Expiration: 09/19/2025; Exercise Price: $34.00 | 351067 | 107 | 13696 |
|  Kinross Gold Corp., Expiration: 01/15/2027; Exercise Price: $15.00 | 46890 | 30 | 11520 |
|  SPDR Gold Shares, Expiration: 09/19/2025; Exercise Price: $310.00 | 1158354 | 38 | 30400 |
| **Total Call Options** |  |  | 112444 |
| **Put Options - 0.1%** | **Put Options - 0.1%** |  | $**–** |
|  Apple, Inc., Expiration: 08/15/2025; Exercise Price: $200.00 | 225687 | 11 | 6600 |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 01/16/2026; Exercise Price: $85.00 | 353000 | 40 | 9680 |
| **Total Put Options** |  |  | 16280 |
| **TOTAL PURCHASED OPTIONS** (Cost $119,685) | **TOTAL PURCHASED OPTIONS** (Cost $119,685) | **TOTAL PURCHASED OPTIONS** (Cost $119,685) | 128724 |
| **SHORT-TERM INVESTMENTS - 1.7%** | **SHORT-TERM INVESTMENTS - 1.7%** |  | **Value**  |
| **Money Market Funds - 1.7%** | **Money Market Funds - 1.7%** | **<u>Shares</u>** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 191980 | 191980 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $191,980) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $191,980) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $191,980) | 191980 |
| **TOTAL INVESTMENTS - 104.0% (**Cost $11,709,673**)** | **TOTAL INVESTMENTS - 104.0% (**Cost $11,709,673**)** | **TOTAL INVESTMENTS - 104.0% (**Cost $11,709,673**)** | 11764492 |
| Liabilities in Excess of Other Assets - (4.0)% | Liabilities in Excess of Other Assets - (4.0)% | Liabilities in Excess of Other Assets - (4.0)% | (455137) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $11309355 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

LLC - Limited Liability Company <br> LP - Limited Partnership

(a) All or a portion of security has been pledged as collateral for derivatives. The fair value of assets committed as collateral as of June 30, 2025 is $882,640.

(b) Step coupon bond. The rate disclosed is as of June 30, 2025.

(c) Non-income producing security.

(d) Exchange-traded.

(e) 100 shares per contract.

(f) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

------

#### <br>

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 6858223 |  | 6858223 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 4435565 |  | 4435565 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | – | 150000 |  | 150000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 128724 | – |  | 128724 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 191980 | – |  | 191980 |
| Total Investments | 320704 | 11443788 |  | 11764492 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. <br>

## 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:** 2025-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $11323846.02

**Total Liabilities:** $14126.87

**Net Assets:** $11309719.15

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 42.772956000000 | **1-Year:** 1138.490362000000 | **5-Year:** 528.214786000000 | **10-Year:** 0.087190000000 | **30-Year:** 0.000000000000

**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 | 1.53%                | -0.73%               | 0.77%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-505.82                 | $29437.85                                  |
| Month 2  | $-13012.84               | $-45195.16                                 |
| Month 3  | $-21190.70               | $47713.01                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BANK OF AMERICA CORP           | Bank of America Corp                                      | CUSIP: 06051GFS3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13992.74     | 0.12%             | 2025-08-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES        | Canadian Natural Resources Ltd                            | CUSIP: 136385AZ4<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |     57000 | PA      | $56934.72     | 0.50%             | 2025-07-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| EL PASO NATURAL GAS            | El Paso Natural Gas Co LLC                                | CUSIP: 283695BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     71000 | PA      | $73711.36     | 0.65%             | 2026-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP        | Simon Property Group LP                                   | CUSIP: 828807CV7<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5986.56      | 0.05%             | 2025-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP        | Simon Property Group LP                                   | CUSIP: 828807DC8<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4924.28      | 0.04%             | 2027-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| UDR INC                        | UDR Inc                                                   | CUSIP: 90265EAM2<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |     37000 | PA      | $36502.54     | 0.32%             | 2027-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WALMART INC                    | Walmart Inc                                               | CUSIP: 931142FB4<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     67000 | PA      | $67107.44     | 0.59%             | 2028-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                    | Oracle Corp                                               | CUSIP: 68389XCF0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     36000 | PA      | $36148.28     | 0.32%             | 2025-11-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC         | Philip Morris International Inc                           | CUSIP: 718172DC0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16462.62     | 0.15%             | 2028-09-07      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC         | Philip Morris International Inc                           | CUSIP: 718172DD8<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     52000 | PA      | $54356.55     | 0.48%             | 2030-09-07      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CHV6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     90000 | PA      | $90068.81     | 0.80%             | 2025-08-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CME8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $150884.77    | 1.33%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $351640.63    | 3.11%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    130000 | PA      | $131213.67    | 1.16%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $500664.06    | 4.43%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| N/A                            | iShares Bitcoin Trust ETF                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        24 | NC      | $13680.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOZONE INC                   | AutoZone Inc                                              | CUSIP: 053332BG6<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |     44000 | PA      | $46630.14     | 0.41%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLOROX COMPANY                 | Clorox Co/The                                             | CUSIP: 189054AW9<br>LEI: 54930044KVSC06Z79I06 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11887.08     | 0.11%             | 2028-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC         | Diamondback Energy Inc                                    | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111520.56    | 0.99%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AT&T INC                       | AT&T Inc                                                  | CUSIP: 00206RJX1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     97000 | PA      | $93554.18     | 0.83%             | 2027-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP         | Bank of New York Mellon Corp/The                          | CUSIP: 06406RBD8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21767.48     | 0.19%             | 2029-04-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG       | Berkshire Hathaway Energy Co                              | CUSIP: 084659AM3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     81000 | PA      | $79369.85     | 0.70%             | 2028-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BLACKROCK INC                  | Blackrock Inc                                             | CUSIP: 09247XAP6<br>LEI: 529900VBK42Y5HHRMD23 | Long             | DBT              | CORP              | US        |     52000 | PA      | $50560.87     | 0.45%             | 2029-04-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                   | Broadcom Inc                                              | CUSIP: 11135FBB6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    116000 | PA      | $115399.62    | 1.02%             | 2025-11-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST          | Camden Property Trust                                     | CUSIP: 133131AZ5<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6511.31      | 0.06%             | 2030-05-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                     | Intel Corp                                                | CUSIP: 458140BQ2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49490.08     | 0.44%             | 2027-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                 | Lowe's Cos Inc                                            | CUSIP: 548661DH7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    135000 | PA      | $134620.16    | 1.19%             | 2025-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                 | Lowe's Cos Inc                                            | CUSIP: 548661DP9<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    115000 | PA      | $112833.77    | 1.00%             | 2027-05-03      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                | McDonald's Corp                                           | CUSIP: 58013MFN9<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    231000 | PA      | $231000.00    | 2.04%             | 2025-07-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS         | Mid-America Apartments LP                                 | CUSIP: 59523UAM9<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |     94000 | PA      | $93792.93     | 0.83%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                            | CUSIP: 6174468C6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    248000 | PA      | $247770.20    | 2.19%             | 2025-07-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NUCOR CORP                     | Nucor Corp                                                | CUSIP: 670346AY1<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22078.84     | 0.20%             | 2027-05-23      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66                    | Phillips 66                                               | CUSIP: 718546AR5<br>LEI: 5493005JBO5YSIGK1814 | Long             | DBT              | CORP              | US        |     42000 | PA      | $41571.43     | 0.37%             | 2028-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| N/A                            | Apple Inc                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        11 | NC      | $6600.00      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | iShares 7-10 Year Treasury Bond ETF                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       148 | NC      | $14948.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Kinross Gold Corp                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        30 | NC      | $11520.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST          | Camden Property Trust                                     | CUSIP: 133131AX0<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10516.80     | 0.09%             | 2029-07-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    201359 | NS      | $201358.94    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HERSHEY COMPANY                | Hershey Co/The                                            | CUSIP: 427866BD9<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |     65000 | PA      | $60565.63     | 0.54%             | 2029-11-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| KIMBERLY-CLARK CORP            | Kimberly-Clark Corp                                       | CUSIP: 494368BY8<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14966.94     | 0.13%             | 2028-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC              | Kinder Morgan Inc                                         | CUSIP: 49456BAP6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20019.89     | 0.18%             | 2028-03-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| EBAY INC                       | eBay Inc                                                  | CUSIP: 278642BA0<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25980.05     | 0.23%             | 2027-11-22      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP             | Essex Portfolio LP                                        | CUSIP: 29717PAR8<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13842.04     | 0.12%             | 2027-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO               | Hewlett Packard Enterprise Co                             | CUSIP: 42824CAW9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    139000 | PA      | $139005.80    | 1.23%             | 2025-10-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| INTUIT INC                     | Intuit Inc                                                | CUSIP: 46124HAB2<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |     77000 | PA      | $76886.86     | 0.68%             | 2025-07-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON  | Metropolitan Government of Nashville & Davidson County TN | CUSIP: 592112SH0<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 1.33%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP            | Northern Trust Corp                                       | CUSIP: 665859AP9<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |     29000 | PA      | $28936.22     | 0.26%             | 2025-10-30      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC          | Texas Instruments Inc                                     | CUSIP: 882508BV5<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20326.12     | 0.18%             | 2028-02-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| N/A                            | iShares 20+ Year Treasury Bond ETF                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        40 | NC      | $9680.00      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                       | AT&T Inc                                                  | CUSIP: 00206RHW5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14891.94     | 0.13%             | 2027-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC           | Waste Management Inc                                      | CUSIP: 94106LCB3<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50531.87     | 0.45%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                          | CUSIP: 94974BGP9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     26000 | PA      | $25927.92     | 0.23%             | 2025-09-29      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                     | Zoetis Inc                                                | CUSIP: 98978VAU7<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |     46000 | PA      | $46101.19     | 0.41%             | 2025-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AUTODESK INC                   | Autodesk Inc                                              | CUSIP: 052769AE6<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44460.43     | 0.39%             | 2027-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES          | AvalonBay Communities Inc                                 | CUSIP: 05348EAX7<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22731.09     | 0.20%             | 2026-05-11      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE         | American Honda Finance Corp                               | CUSIP: 02665WEQ0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43121.81     | 0.38%             | 2025-10-03      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP            | American Tower Corp                                       | CUSIP: 03027XBB5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39723.58     | 0.35%             | 2025-09-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE       | Caterpillar Financial Services Corp                       | CUSIP: 14913R3A3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |      1000 | PA      | $990.37       | 0.01%             | 2027-08-12      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| KLA CORP                       | KLA Corp                                                  | CUSIP: 482480AG5<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7988.83      | 0.07%             | 2029-03-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| LAM RESEARCH CORP              | Lam Research Corp                                         | CUSIP: 512807AS7<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21897.14     | 0.19%             | 2026-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE       | Pioneer Natural Resources Co                              | CUSIP: 723787AT4<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |     52000 | PA      | $51099.23     | 0.45%             | 2026-01-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO            | Sherwin-Williams Co/The                                   | CUSIP: 824348BF2<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20928.85     | 0.19%             | 2026-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                        | CUSIP: 86765BAU3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     67000 | PA      | $66515.78     | 0.59%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP             | Union Pacific Corp                                        | CUSIP: 907818ED6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     31000 | PA      | $30949.88     | 0.27%             | 2025-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    270000 | PA      | $271413.28    | 2.40%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    520000 | PA      | $522742.19    | 4.62%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3650000 | PA      | $3658554.69   | 32.35%            | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VENTAS REALTY LP               | Ventas Realty LP                                          | CUSIP: 92277GAM9<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45600.82     | 0.40%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                    | PepsiCo Inc                                               | CUSIP: 713448FL7<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26772.48     | 0.24%             | 2028-02-18      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| SHELL INTERNATIONAL FIN        | Shell International Finance BV                            | CUSIP: 822582BT8<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |      6000 | PA      | $5934.39      | 0.05%             | 2026-05-10      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO            | Sherwin-Williams Co/The                                   | CUSIP: 824348BR6<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169884.28    | 1.50%             | 2025-08-08      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP       | Toyota Motor Credit Corp                                  | CUSIP: 89236TMS1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     68000 | PA      | $68295.09     | 0.60%             | 2027-10-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CMS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $40193.75     | 0.36%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    320000 | PA      | $320525.00    | 2.83%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                   | AutoZone Inc                                              | CUSIP: 053332AT9<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    144000 | PA      | $142318.00    | 1.26%             | 2026-04-21      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                  | Allstate Corp/The                                         | CUSIP: 020002BH3<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    107000 | PA      | $105178.93    | 0.93%             | 2025-12-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES          | AvalonBay Communities Inc                                 | CUSIP: 05348EBC2<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5861.27      | 0.05%             | 2028-01-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST          | Camden Property Trust                                     | CUSIP: 133131AW2<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35789.40     | 0.32%             | 2028-10-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC              | EOG Resources Inc                                         | CUSIP: 26875PAP6<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     37000 | PA      | $36916.01     | 0.33%             | 2026-01-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                                       | CUSIP: 46625HMN7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39985.24     | 0.35%             | 2025-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                    | KeyBank NA/Cleveland OH                                   | CUSIP: 49327M3E2<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    160000 | PA      | $159885.08    | 1.41%             | 2025-08-08      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL         | Marriott International Inc/MD                             | CUSIP: 571903BM4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7088.76      | 0.06%             | 2026-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO          | MidAmerican Energy Co                                     | CUSIP: 595620AQ8<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1968.03      | 0.02%             | 2027-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC         | Philip Morris International Inc                           | CUSIP: 718172BQ1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17974.74     | 0.16%             | 2025-08-11      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 CO                 | Phillips 66 Co                                            | CUSIP: 718547AT9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30474.14     | 0.27%             | 2027-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SCHLUMBERGER INVESTMENT        | Schlumberger Investment SA                                | CUSIP: 806854AK1<br>LEI: 529900EZ29I5KXPV2J32 | Long             | DBT              | CORP              | LU        |     62000 | PA      | $62515.84     | 0.55%             | 2028-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                            | SPDR Gold Shares                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        42 | NC      | $33600.00     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MID-AMERICA APARTMENTS         | Mid-America Apartments LP                                 | CUSIP: 59523UAP2<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27980.44     | 0.25%             | 2028-06-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CMY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    220000 | PA      | $219982.81    | 1.95%             | 2027-04-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| N/A                            | Coinbase Global Inc                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         3 | NC      | $28200.00     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | iShares Silver Trust                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       107 | NC      | $13696.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                       | AT&T Inc                                                  | CUSIP: 00206RDQ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19986.97     | 0.18%             | 2027-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE         | American Honda Finance Corp                               | CUSIP: 02665WDL2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22984.45     | 0.20%             | 2025-07-08      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK         | Canadian Imperial Bank of Commerce                        | CUSIP: 13607H6M9<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |      4000 | PA      | $3997.13      | 0.04%             | 2025-08-04      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| CLOROX COMPANY                 | Clorox Co/The                                             | CUSIP: 189054AY5<br>LEI: 54930044KVSC06Z79I06 | Long             | DBT              | CORP              | US        |     96000 | PA      | $96347.52     | 0.85%             | 2029-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO               | Hewlett Packard Enterprise Co                             | CUSIP: 42824CBS7<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4004.21      | 0.04%             | 2027-09-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE       | Intercontinental Exchange Inc                             | CUSIP: 45866FAU8<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    111000 | PA      | $110441.56    | 0.98%             | 2027-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KINROSS GOLD CORP              | Kinross Gold Corp                                         | CUSIP: 496902AQ0<br>LEI: 549300UEBMAQDN0K0R06 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $200248.24    | 1.77%             | 2027-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                | McDonald's Corp                                           | CUSIP: 58013MFF6<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19840.91     | 0.18%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS         | Mid-America Apartments LP                                 | CUSIP: 59523UAN7<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |     31000 | PA      | $30687.26     | 0.27%             | 2027-06-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR       | Occidental Petroleum Corp                                 | CUSIP: 674599DT9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     39000 | PA      | $41354.63     | 0.37%             | 2029-03-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP           | Lockheed Martin Corp                                      | CUSIP: 539830BZ1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     61000 | PA      | $61706.06     | 0.55%             | 2028-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                            | CUSIP: 6174467X1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14022.21     | 0.12%             | 2025-11-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE         | American Honda Finance Corp                               | CUSIP: 02665WFT3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40123.82     | 0.35%             | 2027-10-22      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-26

**Name of Applicant:** Build Funds Trust

**Signature:** /s/Clem Sell

**Name of Signer:** Build Funds Trust

**Title:** Treasurer