# EDGAR Filing Document

**Accession Number:** 0001875710
**File Stem:** 0000894189-26-005070
**Filing Date:** 2026-2
**Character Count:** 75172
**Document Hash:** 2e51ca775065b1347434380a19679327
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-005070.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000894189-26-005070

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260930

**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:** 26678711

**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, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 61.5%** | **U.S. TREASURY SECURITIES - 61.5%** | **Par** | **Value**  |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp; 4.25%, 11/30/2026 <sup>(a)</sup> | &nbsp;&nbsp; 4.25%, 11/30/2026 <sup>(a)</sup> | 270000 | $271682 |
| &nbsp;&nbsp; 4.25%, 12/31/2026 <sup>(a)</sup> | &nbsp;&nbsp; 4.25%, 12/31/2026 <sup>(a)</sup> | 150000 | 151063 |
| &nbsp;&nbsp; 4.13%, 01/31/2027 | &nbsp;&nbsp; 4.13%, 01/31/2027 | 350000 | 352235 |
| &nbsp;&nbsp; 4.13%, 02/28/2027 | &nbsp;&nbsp; 4.13%, 02/28/2027 | 520000 | 523595 |
| &nbsp;&nbsp; 3.88%, 03/31/2027 <sup>(a)</sup> | &nbsp;&nbsp; 3.88%, 03/31/2027 <sup>(a)</sup> | 320000 | 321438 |
| &nbsp;&nbsp; 3.75%, 04/30/2027 <sup>(a)</sup> | &nbsp;&nbsp; 3.75%, 04/30/2027 <sup>(a)</sup> | 220000 | 220726 |
| &nbsp;&nbsp; 3.88%, 05/31/2027 | &nbsp;&nbsp; 3.88%, 05/31/2027 | 760000 | 764008 |
| &nbsp;&nbsp; 3.75%, 06/30/2027 | &nbsp;&nbsp; 3.75%, 06/30/2027 | 680000 | 682736 |
| &nbsp;&nbsp; 3.88%, 07/31/2027 | &nbsp;&nbsp; 3.88%, 07/31/2027 | 450000 | 452707 |
| &nbsp;&nbsp; 3.63%, 08/31/2027 | &nbsp;&nbsp; 3.63%, 08/31/2027 | 30000 | 30071 |
| &nbsp;&nbsp; 3.50%, 09/30/2027 | &nbsp;&nbsp; 3.50%, 09/30/2027 | 660000 | 660258 |
| &nbsp;&nbsp; 3.50%, 10/31/2027 | &nbsp;&nbsp; 3.50%, 10/31/2027 | 1330000 | 1330546 |
| &nbsp;&nbsp; 3.38%, 11/30/2027 | &nbsp;&nbsp; 3.38%, 11/30/2027 | 490000 | 489139 |
| &nbsp;&nbsp; 3.38%, 12/31/2027 | &nbsp;&nbsp; 3.38%, 12/31/2027 | 60000 | 59893 |
| &nbsp;&nbsp; 3.88%, 03/15/2028 | &nbsp;&nbsp; 3.88%, 03/15/2028 | 40000 | 40335 |
| &nbsp;&nbsp; 3.75%, 04/15/2028 | &nbsp;&nbsp; 3.75%, 04/15/2028 | 500000 | 502764 |
| &nbsp;&nbsp; 4.00%, 03/31/2030 | &nbsp;&nbsp; 4.00%, 03/31/2030 | 130000 | 131775 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $6,952,165) | **TOTAL U.S. TREASURY SECURITIES** (Cost $6,952,165) | **TOTAL U.S. TREASURY SECURITIES** (Cost $6,952,165) | 6984971 |
| **CORPORATE BONDS - 35.8%** | **CORPORATE BONDS - 35.8%** | **Par** | **Value**  |
| **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** |
|  Boeing Co., 2.75%, 02/01/2026 | Boeing Co., 2.75%, 02/01/2026 | 92000 | 91896 |
| **Aerospace Product and Parts Manufacturing - 1.2%** | **Aerospace Product and Parts Manufacturing - 1.2%** | **Aerospace Product and Parts Manufacturing - 1.2%** | **Aerospace Product and Parts Manufacturing - 1.2%** |
|  Boeing Co., 2.20%, 02/04/2026 | Boeing Co., 2.20%, 02/04/2026 | 32000 | 31940 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| &nbsp;&nbsp; 3.55%, 01/15/2026 | &nbsp;&nbsp; 3.55%, 01/15/2026 | 46000 | 45996 |
| &nbsp;&nbsp; 4.45%, 05/15/2028 | &nbsp;&nbsp; 4.45%, 05/15/2028 | 61000 | 61814 |
|  |  |  | 139750 |
| **Agencies, Brokerages, and Other Insurance Related Activities - 0.0%<sup>(b)</sup>** | **Agencies, Brokerages, and Other Insurance Related Activities - 0.0%<sup>(b)</sup>** | **Agencies, Brokerages, and Other Insurance Related Activities - 0.0%<sup>(b)</sup>** | **Agencies, Brokerages, and Other Insurance Related Activities - 0.0%<sup>(b)</sup>** |
|  Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026 | Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026 | 2000 | 1998 |
| **Amusement Parks and Arcades - 0.6%** | **Amusement Parks and Arcades - 0.6%** | **Amusement Parks and Arcades - 0.6%** | **Amusement Parks and Arcades - 0.6%** |
|  Walt Disney Co., 1.75%, 01/13/2026 | Walt Disney Co., 1.75%, 01/13/2026 | 70000 | 69960 |
| **Architectural and Structural Metals Manufacturing - 0.6%** | **Architectural and Structural Metals Manufacturing - 0.6%** | **Architectural and Structural Metals Manufacturing - 0.6%** | **Architectural and Structural Metals Manufacturing - 0.6%** |
|  Nucor Corp., 4.30%, 05/23/2027 | Nucor Corp., 4.30%, 05/23/2027 | 67000 | 67469 |
| **Automotive Parts, Accessories, and Tire Retailers - 1.6%** | **Automotive Parts, Accessories, and Tire Retailers - 1.6%** | **Automotive Parts, Accessories, and Tire Retailers - 1.6%** | **Automotive Parts, Accessories, and Tire Retailers - 1.6%** |
| AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
| &nbsp;&nbsp; 3.13%, 04/21/2026 | &nbsp;&nbsp; 3.13%, 04/21/2026 | 132000 | 131649 |
| &nbsp;&nbsp; 6.25%, 11/01/2028 | &nbsp;&nbsp; 6.25%, 11/01/2028 | 44000 | 46525 |
|  |  |  | 178174 |
| **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 | 26960 |
| **Building Material and Supplies Dealers - 1.0%** | **Building Material and Supplies Dealers - 1.0%** | **Building Material and Supplies Dealers - 1.0%** | **Building Material and Supplies Dealers - 1.0%** |
|  Lowe's Cos., Inc., 3.10%, 05/03/2027 | Lowe's Cos., Inc., 3.10%, 05/03/2027 | 115000 | 113794 |
| **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 | 15000 | 15057 |
| **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., 1.65%, 03/25/2026 | Oracle Corp., 1.65%, 03/25/2026 | 50000 | 49689 |
| **Converted Paper Product Manufacturing - 0.3%** | **Converted Paper Product Manufacturing - 0.3%** | **Converted Paper Product Manufacturing - 0.3%** | **Converted Paper Product Manufacturing - 0.3%** |
|  Kimberly-Clark Corp., 3.95%, 11/01/2028 | Kimberly-Clark Corp., 3.95%, 11/01/2028 | 32000 | 32095 |
| **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 | 67432 |
| **Depository Credit Intermediation - 0.3%** | **Depository Credit Intermediation - 0.3%** | **Depository Credit Intermediation - 0.3%** | **Depository Credit Intermediation - 0.3%** |
|  Bank of New York Mellon Corp., 3.85%, 04/26/2029 | Bank of New York Mellon Corp., 3.85%, 04/26/2029 | 22000 | 22072 |
|  US Bancorp, 3.10%, 04/27/2026 | US Bancorp, 3.10%, 04/27/2026 | 6000 | 5986 |
|  |  |  | 28058 |
| **Electric Power Generation, Transmission and Distribution - 1.7%** | **Electric Power Generation, Transmission and Distribution - 1.7%** | **Electric Power Generation, Transmission and Distribution - 1.7%** | **Electric Power Generation, Transmission and Distribution - 1.7%** |
|  Berkshire Hathaway Energy Co., 3.25%, 04/15/2028 | Berkshire Hathaway Energy Co., 3.25%, 04/15/2028 | 81000 | 79934 |
|  Georgia Power Co., 3.25%, 04/01/2026 | Georgia Power Co., 3.25%, 04/01/2026 | 108000 | 107831 |
|  MidAmerican Energy Co., 3.10%, 05/01/2027 | MidAmerican Energy Co., 3.10%, 05/01/2027 | 7000 | 6936 |
|  |  |  | 194701 |
| **Gasoline Stations - 0.1%** | **Gasoline Stations - 0.1%** | **Gasoline Stations - 0.1%** | **Gasoline Stations - 0.1%** |
|  Valero Energy Partners LP, 4.50%, 03/15/2028 | Valero Energy Partners LP, 4.50%, 03/15/2028 | 16000 | 16129 |
| **Grocery and Convenience Retailers - 0.1%** | **Grocery and Convenience Retailers - 0.1%** | **Grocery and Convenience Retailers - 0.1%** | **Grocery and Convenience Retailers - 0.1%** |
|  Kroger Co., 2.65%, 10/15/2026 | Kroger Co., 2.65%, 10/15/2026 | 8000 | 7923 |
| **Lessors of Real Estate - 3.3%** | **Lessors of Real Estate - 3.3%** | **Lessors of Real Estate - 3.3%** | **Lessors of Real Estate - 3.3%** |
| 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 | 121000 | 120581 |
| &nbsp;&nbsp; 3.20%, 01/15/2028 | &nbsp;&nbsp; 3.20%, 01/15/2028 | 3000 | 2960 |
| 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 | 36165 |
| &nbsp;&nbsp; 3.15%, 07/01/2029 | &nbsp;&nbsp; 3.15%, 07/01/2029 | 11000 | 10630 |
| &nbsp;&nbsp; 2.80%, 05/15/2030 | &nbsp;&nbsp; 2.80%, 05/15/2030 | 7000 | 6620 |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| &nbsp;&nbsp; 3.38%, 04/15/2026 | &nbsp;&nbsp; 3.38%, 04/15/2026 | 8000 | 7982 |
| &nbsp;&nbsp; 3.63%, 05/01/2027 | &nbsp;&nbsp; 3.63%, 05/01/2027 | 109000 | 108624 |
| Mid-America Apartments LP | Mid-America Apartments LP | Mid-America Apartments LP | Mid-America Apartments LP |
| &nbsp;&nbsp; 3.60%, 06/01/2027 | &nbsp;&nbsp; 3.60%, 06/01/2027 | 29000 | 28923 |
| &nbsp;&nbsp; 4.20%, 06/15/2028 | &nbsp;&nbsp; 4.20%, 06/15/2028 | 5000 | 5026 |
|  Simon Property Group LP, 3.38%, 06/15/2027 | Simon Property Group LP, 3.38%, 06/15/2027 | 5000 | 4967 |
|  Ventas Realty LP, 4.00%, 03/01/2028 | Ventas Realty LP, 4.00%, 03/01/2028 | 46000 | 45999 |
|  |  |  | 378477 |
| **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 | 62653 |
| **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 | 20115 |
| **Nondepository Credit Intermediation - 1.2%** | **Nondepository Credit Intermediation - 1.2%** | **Nondepository Credit Intermediation - 1.2%** | **Nondepository Credit Intermediation - 1.2%** |
|  American Honda Finance Corp., 4.45%, 10/22/2027 | American Honda Finance Corp., 4.45%, 10/22/2027 | 40000 | 40383 |
|  Caterpillar Financial Services Corp., 3.60%, 08/12/2027 | Caterpillar Financial Services Corp., 3.60%, 08/12/2027 | 1000 | 999 |
|  John Deere Capital Corp., 4.95%, 07/14/2028 | John Deere Capital Corp., 4.95%, 07/14/2028 | 20000 | 20549 |
|  Toyota Motor Credit Corp., 4.35%, 10/08/2027 | Toyota Motor Credit Corp., 4.35%, 10/08/2027 | 76000 | 76800 |
|  |  |  | 138731 |
| **Offices of Real Estate Agents and Brokers - 0.1%** | **Offices of Real Estate Agents and Brokers - 0.1%** | **Offices of Real Estate Agents and Brokers - 0.1%** | **Offices of Real Estate Agents and Brokers - 0.1%** |
|  Alexandria Real Estate Equities, Inc., 4.30%, 01/15/2026 | Alexandria Real Estate Equities, Inc., 4.30%, 01/15/2026 | 8000 | 8000 |
| **Oil and Gas Extraction - 1.6%** | **Oil and Gas Extraction - 1.6%** | **Oil and Gas Extraction - 1.6%** | **Oil and Gas Extraction - 1.6%** |
|  Diamondback Energy, Inc., 5.20%, 04/18/2027 | Diamondback Energy, Inc., 5.20%, 04/18/2027 | 35000 | 35527 |
|  Occidental Petroleum Corp., 7.20%, 03/15/2029 | Occidental Petroleum Corp., 7.20%, 03/15/2029 | 39000 | 42213 |
|  Pioneer Natural Resources Co., 1.13%, 01/15/2026 | Pioneer Natural Resources Co., 1.13%, 01/15/2026 | 54000 | 53943 |
|  Shell International Finance BV, 2.88%, 05/10/2026 | Shell International Finance BV, 2.88%, 05/10/2026 | 47000 | 46859 |
|  |  |  | 178542 |
| **Other Financial Investment Activities - 0.7%** | **Other Financial Investment Activities - 0.7%** | **Other Financial Investment Activities - 0.7%** | **Other Financial Investment Activities - 0.7%** |
|  Blackrock, Inc., 3.25%, 04/30/2029 | Blackrock, Inc., 3.25%, 04/30/2029 | 52000 | 51029 |
|  Blackstone Secured Lending Fund, 5.88%, 11/15/2027 | Blackstone Secured Lending Fund, 5.88%, 11/15/2027 | 25000 | 25545 |
|  |  |  | 76574 |
| **Other General Purpose Machinery Manufacturing - 0.1%** | **Other General Purpose Machinery Manufacturing - 0.1%** | **Other General Purpose Machinery Manufacturing - 0.1%** | **Other General Purpose Machinery Manufacturing - 0.1%** |
|  Xylem, Inc., 3.25%, 11/01/2026 | Xylem, Inc., 3.25%, 11/01/2026 | 15000 | 14923 |
| **Other Miscellaneous Retailers - 0.9%** | **Other Miscellaneous Retailers - 0.9%** | **Other Miscellaneous Retailers - 0.9%** | **Other Miscellaneous Retailers - 0.9%** |
|  Amazon.com, Inc., 1.00%, 05/12/2026 | Amazon.com, Inc., 1.00%, 05/12/2026 | 55000 | 54484 |
|  eBay, Inc., 5.95%, 11/22/2027 | eBay, Inc., 5.95%, 11/22/2027 | 45000 | 46618 |
|  |  |  | 101102 |
| **Paint, Coating, and Adhesive Manufacturing - 1.4%** | **Paint, Coating, and Adhesive Manufacturing - 1.4%** | **Paint, Coating, and Adhesive Manufacturing - 1.4%** | **Paint, Coating, and Adhesive Manufacturing - 1.4%** |
|  Sherwin-Williams Co., 3.95%, 01/15/2026 | Sherwin-Williams Co., 3.95%, 01/15/2026 | 163000 | 162976 |
| **Petroleum and Coal Products Manufacturing - 0.8%**<br> Phillips 66 Co., | **Petroleum and Coal Products Manufacturing - 0.8%**<br> Phillips 66 Co., | **Petroleum and Coal Products Manufacturing - 0.8%**<br> Phillips 66 Co., | **Petroleum and Coal Products Manufacturing - 0.8%**<br> Phillips 66 Co., |
|  &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 03/15/2028 | 42000 | 41853 |
|  &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 12/01/2027 | 45000 | 45764 |
|  |  |  | 87617 |
| **Petroleum and Petroleum Products Merchant Wholesalers - 0.7%** | **Petroleum and Petroleum Products Merchant Wholesalers - 0.7%** | **Petroleum and Petroleum Products Merchant Wholesalers - 0.7%** | **Petroleum and Petroleum Products Merchant Wholesalers - 0.7%** |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| &nbsp;&nbsp; 5.50%, 06/01/2027 | &nbsp;&nbsp; 5.50%, 06/01/2027 | 16000 | 16269 |
| &nbsp;&nbsp; 4.00%, 10/01/2027 | &nbsp;&nbsp; 4.00%, 10/01/2027 | 62000 | 61950 |
|  |  |  | 78219 |
| **Pipeline Transportation of Natural Gas - 0.6%** | **Pipeline Transportation of Natural Gas - 0.6%** | **Pipeline Transportation of Natural Gas - 0.6%** | **Pipeline Transportation of Natural Gas - 0.6%** |
|  El Paso Natural Gas Co. LLC, 7.50%, 11/15/2026 | El Paso Natural Gas Co. LLC, 7.50%, 11/15/2026 | 71000 | 72656 |
| **Rail Transportation - 0.1%** | **Rail Transportation - 0.1%** | **Rail Transportation - 0.1%** | **Rail Transportation - 0.1%** |
|  Union Pacific Corp., 4.75%, 02/21/2026 | Union Pacific Corp., 4.75%, 02/21/2026 | 7000 | 7003 |
| **Restaurants and Other Eating Places - 0.2%** | **Restaurants and Other Eating Places - 0.2%** | **Restaurants and Other Eating Places - 0.2%** | **Restaurants and Other Eating Places - 0.2%** |
|  McDonald's Corp., 3.80%, 04/01/2028 | McDonald's Corp., 3.80%, 04/01/2028 | 20000 | 19985 |
| **Securities and Commodity Contracts Intermediation and Brokerage - 1.4%** | **Securities and Commodity Contracts Intermediation and Brokerage - 1.4%** | **Securities and Commodity Contracts Intermediation and Brokerage - 1.4%** | **Securities and Commodity Contracts Intermediation and Brokerage - 1.4%** |
|  Morgan Stanley, 3.88%, 01/27/2026 | Morgan Stanley, 3.88%, 01/27/2026 | 161000 | 160982 |
| **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 | 116000 | 116317 |
| **Semiconductor and Other Electronic Component Manufacturing - 3.8%** | **Semiconductor and Other Electronic Component Manufacturing - 3.8%** | **Semiconductor and Other Electronic Component Manufacturing - 3.8%** | **Semiconductor and Other Electronic Component Manufacturing - 3.8%** |
|  Amphenol Corp., 5.05%, 04/05/2027 | Amphenol Corp., 5.05%, 04/05/2027 | 80000 | 81160 |
|  Analog Devices, Inc., 3.45%, 06/15/2027 | Analog Devices, Inc., 3.45%, 06/15/2027 | 102000 | 101525 |
|  Intel Corp., 3.75%, 03/25/2027 | Intel Corp., 3.75%, 03/25/2027 | 50000 | 49828 |
|  Jabil, Inc., 1.70%, 04/15/2026 | Jabil, Inc., 1.70%, 04/15/2026 | 13000 | 12912 |
|  Lam Research Corp., 3.75%, 03/15/2026 | Lam Research Corp., 3.75%, 03/15/2026 | 160000 | 159940 |
|  Texas Instruments, Inc., 4.60%, 02/15/2028 | Texas Instruments, Inc., 4.60%, 02/15/2028 | 20000 | 20336 |
|  |  |  | 425701 |
| **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 | 21000 | 21031 |
| &nbsp;&nbsp; 4.40%, 05/01/2029 | &nbsp;&nbsp; 4.40%, 05/01/2029 | 96000 | 97179 |
|  |  |  | 118210 |
| **Software Publishers - 0.7%** | **Software Publishers - 0.7%** | **Software Publishers - 0.7%** | **Software Publishers - 0.7%** |
|  Autodesk, Inc., 3.50%, 06/15/2027 | Autodesk, Inc., 3.50%, 06/15/2027 | 79000 | 78550 |
|  Hewlett Packard Enterprise Co., 4.40%, 09/25/2027 | Hewlett Packard Enterprise Co., 4.40%, 09/25/2027 | 4000 | 4023 |
|  |  |  | 82573 |
| **Sugar and Confectionery Product Manufacturing - 0.6%** | **Sugar and Confectionery Product Manufacturing - 0.6%** | **Sugar and Confectionery Product Manufacturing - 0.6%** | **Sugar and Confectionery Product Manufacturing - 0.6%** |
|  Hershey Co., 2.45%, 11/15/2029 | Hershey Co., 2.45%, 11/15/2029 | 73000 | 69005 |
| **Tobacco Manufacturing - 2.0%** | **Tobacco Manufacturing - 2.0%** | **Tobacco Manufacturing - 2.0%** | **Tobacco Manufacturing - 2.0%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| &nbsp;&nbsp; 2.75%, 02/25/2026 | &nbsp;&nbsp; 2.75%, 02/25/2026 | 156000 | 155726 |
| &nbsp;&nbsp; 5.25%, 09/07/2028 | &nbsp;&nbsp; 5.25%, 09/07/2028 | 16000 | 16541 |
| &nbsp;&nbsp; 5.50%, 09/07/2030 | &nbsp;&nbsp; 5.50%, 09/07/2030 | 52000 | 54773 |
|  |  |  | 227040 |
| **Traveler Accommodation - 0.7%** | **Traveler Accommodation - 0.7%** | **Traveler Accommodation - 0.7%** | **Traveler Accommodation - 0.7%** |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| &nbsp;&nbsp; 3.13%, 06/15/2026 | &nbsp;&nbsp; 3.13%, 06/15/2026 | 62000 | 61778 |
| &nbsp;&nbsp; 5.45%, 09/15/2026 | &nbsp;&nbsp; 5.45%, 09/15/2026 | 17000 | 17158 |
|  |  |  | 78936 |
| **Waste Treatment and Disposal - 0.8%** | **Waste Treatment and Disposal - 0.8%** | **Waste Treatment and Disposal - 0.8%** | **Waste Treatment and Disposal - 0.8%** |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| &nbsp;&nbsp; 3.15%, 11/15/2027 | &nbsp;&nbsp; 3.15%, 11/15/2027 | 35000 | 34617 |
| &nbsp;&nbsp; 4.50%, 03/15/2028 | &nbsp;&nbsp; 4.50%, 03/15/2028 | 50000 | 50714 |
|  |  |  | 85331 |
| **Wired and Wireless Telecommunications (except Satellite) - 1.7%** | **Wired and Wireless Telecommunications (except Satellite) - 1.7%** | **Wired and Wireless Telecommunications (except Satellite) - 1.7%** | **Wired and Wireless Telecommunications (except Satellite) - 1.7%** |
| 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 | 14979 |
| &nbsp;&nbsp; 4.25%, 03/01/2027 | &nbsp;&nbsp; 4.25%, 03/01/2027 | 34000 | 34085 |
| &nbsp;&nbsp; 2.30%, 06/01/2027 | &nbsp;&nbsp; 2.30%, 06/01/2027 | 97000 | 94845 |
|  T-Mobile USA, Inc., 2.63%, 04/15/2026 | T-Mobile USA, Inc., 2.63%, 04/15/2026 | 46000 | 45822 |
|  |  |  | 189731 |
| **TOTAL CORPORATE BONDS** (Cost $4,032,724) | **TOTAL CORPORATE BONDS** (Cost $4,032,724) | **TOTAL CORPORATE BONDS** (Cost $4,032,724) | 4062484 |
| **PURCHASED OPTIONS - 1.9% <sup>(c)(d)(e)</sup>** | **Notional Amount** | **Contracts** | **Value**  |
| **Call Options - 1.8%**  | **Call Options - 1.8%**  |  |  |
|  Apple, Inc., Expiration: 06/18/2026; Exercise Price: $280.00 | 135930 | 5 | 8155 |
|  Ares Capital Corp., Expiration: 03/20/2026; Exercise Price: $21.00 | 364140 | 180 | 7740 |
|  Global X Copper Miners ETF, Expiration: 04/17/2026; Exercise Price: $65.00 | 86148 | 12 | 12600 |
|  Global X Silver Miners ETF, Expiration: 01/16/2026; Exercise Price: $65.00 | 41760 | 5 | 9575 |
|  Huntington Ingalls Industries, Inc., Expiration: 03/20/2026; Exercise Price: $310.00 | 170035 | 5 | 20750 |
|  iShares Russell 2000 ETF, Expiration: 03/20/2026; Exercise Price: $255.00 | 590784 | 24 | 12744 |
|  Planet Fitness, Inc., Expiration: 02/20/2026; Exercise Price: $115.00 | 325410 | 30 | 7200 |
|  Platinum Group Metals Ltd., Expiration: 04/17/2026; Exercise Price: $2.50 | 25960 | 110 | 5720 |
|  SPDR Gold Shares, Expiration: 06/18/2026; Exercise Price: $325.00 | 118893 | 3 | 23647 |
|  SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $645.00 | 340960 | 5 | 31460 |
|  State Street Consumer Discretionary Select Sector SPDR ETF, Expiration: 03/20/2026; Exercise Price: $120.00 | 310466 | 26 | 12038 |
|  State Street Industrial Select Sector SPDR ETF, Expiration: 03/20/2026; Exercise Price: $161.00 | 496384 | 32 | 7488 |
|  VanEck Gold Miners ETF, Expiration: 03/20/2026; Exercise Price: $70.00 | 223002 | 26 | 45578 |
| **Total Call Options** |  |  | 204695 |
| **Put Options - 0.1%** | **Put Options - 0.1%** |  |  |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/18/2026; Exercise Price: $90.00 | 104592 | 12 | 4740 |
| **TOTAL PURCHASED OPTIONS** (Cost $173,848) | **TOTAL PURCHASED OPTIONS** (Cost $173,848) | **TOTAL PURCHASED OPTIONS** (Cost $173,848) | 209435 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.1%** | **MONEY MARKET FUNDS - 0.1%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 3.67% <sup>(f)</sup> | First American Government Obligations Fund - Class X, 3.67% <sup>(f)</sup> | 14196 | 14196 |
| **TOTAL MONEY MARKET FUNDS** (Cost $14,196) | **TOTAL MONEY MARKET FUNDS** (Cost $14,196) | **TOTAL MONEY MARKET FUNDS** (Cost $14,196) | 14196 |
| **TOTAL INVESTMENTS - 99.3% (**Cost $11,172,933**)** | **TOTAL INVESTMENTS - 99.3% (**Cost $11,172,933**)** | **TOTAL INVESTMENTS - 99.3% (**Cost $11,172,933**)** | 11271086 |
| Other Assets in Excess of Liabilities - 0.7% | Other Assets in Excess of Liabilities - 0.7% | Other Assets in Excess of Liabilities - 0.7% | 84567 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $11355653 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| 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)<br> (b) | All or a portion of this security is held for collateral on purchased options.<br> Represents less than 0.05% of net assets. |
| (c) | Non-income producing security. |
| (d) | 100 shares per contract. |
| (e) | Exchange-traded. |
| (f) | The rate shown represents the 7-day annualized yield as of December 31, 2025. |

---

------

#### <br>

#### Summary of Fair Value Disclosure as of December 31, 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $– | $6984971 | $– | $6984971 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 4062484 | – | 4062484 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 176213 | 33222 | – | 209435 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 14196 | – | – | 14196 |
| Total Investments | $190409 | $11080677 | $– | $11271086 |
| Refer to the Schedule of Investments for further disaggregation of investment categories.<br>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. | Refer to the Schedule of Investments for further disaggregation of investment categories.<br>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. | Refer to the Schedule of Investments for further disaggregation of investment categories.<br>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. | Refer to the Schedule of Investments for further disaggregation of investment categories.<br>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. | Refer to the Schedule of Investments for further disaggregation of investment categories.<br>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. |

---

## 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:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $11360126.93

**Total Liabilities:** $4468.86

**Net Assets:** $11355658.07

**Cash Not Reported:** $3078.72

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 34.128386000000 | **1-Year:** 1185.855576000000 | **5-Year:** 349.829834000000 | **10-Year:** 0.000000000000 | **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 | 0.64%                | 0.47%                | -0.24%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $636.56                  | $-4120.83                                  |
| Month 2  | $935.42                  | $11044.67                                  |
| Month 3  | $3391.21                 | $1727.41                                   |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PHILLIPS 66 CO                 | Phillips 66 Co                                             | CUSIP: 718547AT9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45764.23     | 0.40%             | 2027-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SHELL INTERNATIONAL FIN        | Shell International Finance BV                             | CUSIP: 822582BT8<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |     47000 | PA      | $46858.86     | 0.41%             | 2026-05-10      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP        | Simon Property Group LP                                    | CUSIP: 828807DC8<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4967.03      | 0.04%             | 2027-06-15      | Fixed         | 3.38%                 | 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      | $502763.67    | 4.43%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| N/A                            | SPDR Gold Shares                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         3 | NC      | $23647.50     | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street Consumer Discretionary Select Sector SPDR ETF | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        26 | NC      | $12038.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES          | AvalonBay Communities Inc                                  | CUSIP: 05348EAX7<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |    121000 | PA      | $120581.58    | 1.06%             | 2026-05-11      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE       | Caterpillar Financial Services Corp                        | CUSIP: 14913R3A3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |      1000 | PA      | $999.39       | 0.01%             | 2027-08-12      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                 | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     14196 | NS      | $14195.62     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC              | Kinder Morgan Inc                                          | CUSIP: 49456BAP6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20115.27     | 0.18%             | 2028-03-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| AT&T INC                       | AT&T Inc                                                   | CUSIP: 00206RJX1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     97000 | PA      | $94844.99     | 0.84%             | 2027-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| N/A                            | iShares Russell 2000 ETF                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        24 | NC      | $12744.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COS INC                 | Lowe's Cos Inc                                             | CUSIP: 548661DP9<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    115000 | PA      | $113793.49    | 1.00%             | 2027-05-03      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| NUCOR CORP                     | Nucor Corp                                                 | CUSIP: 670346AY1<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | DBT              | CORP              | US        |     67000 | PA      | $67468.79     | 0.59%             | 2027-05-23      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| N/A                            | Planet Fitness Inc                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        30 | NC      | $7200.00      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         5 | NC      | $31460.00     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC               | T-Mobile USA Inc                                           | CUSIP: 87264ABU8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45822.67     | 0.40%             | 2026-04-15      | Fixed         | 2.62%                 | 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      | $131774.80    | 1.16%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                           | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    760000 | PA      | $764007.81    | 6.73%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                           | CUSIP: 91282CPE5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1330000 | PA      | $1330545.51   | 11.72%            | 2027-10-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY PARTNERS         | Valero Energy Partners LP                                  | CUSIP: 91914JAB8<br>LEI: 549300WH1375KZXLJ231 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16128.63     | 0.14%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                            | Apple Inc                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         5 | NC      | $8155.00      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                 | Amazon.com Inc                                             | CUSIP: 023135BX3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54484.38     | 0.48%             | 2026-05-12      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST          | Camden Property Trust                                      | CUSIP: 133131AW2<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |     36000 | PA      | $36165.41     | 0.32%             | 2028-10-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                         | CUSIP: 29278NAN3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16269.40     | 0.14%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP             | Essex Portfolio LP                                         | CUSIP: 29717PAQ0<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7981.60      | 0.07%             | 2026-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| KROGER CO                      | Kroger Co/The                                              | CUSIP: 501044DE8<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7922.49      | 0.07%             | 2026-10-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66                    | Phillips 66                                                | CUSIP: 718546AR5<br>LEI: 5493005JBO5YSIGK1814 | Long             | DBT              | CORP              | US        |     42000 | PA      | $41852.41     | 0.37%             | 2028-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP       | Toyota Motor Credit Corp                                   | CUSIP: 89236TMS1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     76000 | PA      | $76799.76     | 0.68%             | 2027-10-08      | Fixed         | 4.35%                 | 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      | $151063.44    | 1.33%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EBAY INC                       | eBay Inc                                                   | CUSIP: 278642BA0<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46617.65     | 0.41%             | 2027-11-22      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO               | Georgia Power Co                                           | CUSIP: 373334KE0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    108000 | PA      | $107831.00    | 0.95%             | 2026-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO               | Hewlett Packard Enterprise Co                              | CUSIP: 42824CBS7<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4022.68      | 0.04%             | 2027-09-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| JABIL INC                      | Jabil Inc                                                  | CUSIP: 466313AL7<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12911.50     | 0.11%             | 2026-04-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE       | Pioneer Natural Resources Co                               | CUSIP: 723787AT4<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |     54000 | PA      | $53943.28     | 0.48%             | 2026-01-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| US BANCORP                     | US Bancorp                                                 | CUSIP: 91159HHM5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5985.47      | 0.05%             | 2026-04-27      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| N/A                            | VanEck Gold Miners ETF/USA                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        26 | NC      | $45578.00     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | State Street Industrial Select Sector SPDR ETF             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        32 | NC      | $7488.00      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                         | CUSIP: 86765BAU3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     62000 | PA      | $61949.99     | 0.55%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                       | AT&T Inc                                                   | CUSIP: 00206RHW5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14978.69     | 0.13%             | 2027-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                   | AutoZone Inc                                               | CUSIP: 053332BG6<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |     44000 | PA      | $46524.98     | 0.41%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KLA CORP                       | KLA Corp                                                   | CUSIP: 482480AG5<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15056.77     | 0.13%             | 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        |    160000 | PA      | $159940.20    | 1.41%             | 2026-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                | McDonald's Corp                                            | CUSIP: 58013MFF6<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19985.17     | 0.18%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp                                    | CUSIP: 24422EXB0<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20548.89     | 0.18%             | 2028-07-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP           | Lockheed Martin Corp                                       | CUSIP: 539830BH1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45995.63     | 0.41%             | 2026-01-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE         | American Honda Finance Corp                                | CUSIP: 02665WFT3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40383.15     | 0.36%             | 2027-10-22      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                  | Amphenol Corp                                              | CUSIP: 032095AN1<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81160.25     | 0.71%             | 2027-04-05      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BLACKROCK INC                  | Blackrock Inc                                              | CUSIP: 09247XAP6<br>LEI: 529900VBK42Y5HHRMD23 | Long             | DBT              | CORP              | US        |     52000 | PA      | $51028.41     | 0.45%             | 2029-04-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE SECURED LEND        | Blackstone Secured Lending Fund                            | CUSIP: 09261XAH5<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25545.17     | 0.22%             | 2027-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CLOROX COMPANY                 | Clorox Co/The                                              | CUSIP: 189054AY5<br>LEI: 54930044KVSC06Z79I06 | Long             | DBT              | CORP              | US        |     96000 | PA      | $97179.18     | 0.86%             | 2029-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| KIMBERLY-CLARK CORP            | Kimberly-Clark Corp                                        | CUSIP: 494368BY8<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32095.42     | 0.28%             | 2028-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                             | CUSIP: 61746BDZ6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    161000 | PA      | $160981.70    | 1.42%             | 2026-01-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                           | CUSIP: 91282CPB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    660000 | PA      | $660257.81    | 5.81%             | 2027-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                            | iShares 20+ Year Treasury Bond ETF                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        12 | NC      | $4740.00      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PEPSICO INC                    | PepsiCo Inc                                                | CUSIP: 713448FL7<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26960.19     | 0.24%             | 2028-02-18      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC         | Philip Morris International Inc                            | CUSIP: 718172BT5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    156000 | PA      | $155725.82    | 1.37%             | 2026-02-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| SCHLUMBERGER INVESTMENT        | Schlumberger Investment SA                                 | CUSIP: 806854AK1<br>LEI: 529900EZ29I5KXPV2J32 | Long             | DBT              | CORP              | LU        |     62000 | PA      | $62653.00     | 0.55%             | 2028-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO            | Sherwin-Williams Co/The                                    | CUSIP: 824348BF2<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    163000 | PA      | $162976.11    | 1.44%             | 2026-01-15      | Fixed         | 3.95%                 | 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      | $271682.06    | 2.39%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                            | Global X Copper Miners ETF                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        12 | NC      | $12600.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK INC                   | Autodesk Inc                                               | CUSIP: 052769AE6<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |     79000 | PA      | $78550.47     | 0.69%             | 2027-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                   | AutoZone Inc                                               | CUSIP: 053332AT9<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    132000 | PA      | $131649.34    | 1.16%             | 2026-04-21      | Fixed         | 3.12%                 | 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      | $22072.06     | 0.19%             | 2029-04-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BOEING CO                      | Boeing Co/The                                              | CUSIP: 097023DA0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     92000 | PA      | $91895.52     | 0.81%             | 2026-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST          | Camden Property Trust                                      | CUSIP: 133131AX0<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10630.26     | 0.09%             | 2029-07-01      | Fixed         | 3.15%                 | 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      | $72656.47     | 0.64%             | 2026-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS         | Mid-America Apartments LP                                  | CUSIP: 59523UAN7<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |     29000 | PA      | $28922.72     | 0.25%             | 2027-06-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP             | Union Pacific Corp                                         | CUSIP: 907818GE2<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7003.04      | 0.06%             | 2026-02-21      | Fixed         | 4.75%                 | 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      | $321437.50    | 2.83%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                           | CUSIP: 91282CNP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $452707.03    | 3.99%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| N/A                            | Ares Capital Corp                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       180 | NC      | $7740.00      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Platinum Group Metals Ltd                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       110 | NC      | $5720.00      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E       | Alexandria Real Estate Equities Inc                        | CUSIP: 015271AH2<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8000.11      | 0.07%             | 2026-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| AT&T INC                       | AT&T Inc                                                   | CUSIP: 00206RDQ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     34000 | PA      | $34085.09     | 0.30%             | 2027-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG       | Berkshire Hathaway Energy Co                               | CUSIP: 084659AM3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     81000 | PA      | $79933.92     | 0.70%             | 2028-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST          | Camden Property Trust                                      | CUSIP: 133131AZ5<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6619.91      | 0.06%             | 2030-05-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| CLOROX COMPANY                 | Clorox Co/The                                              | CUSIP: 189054AW9<br>LEI: 54930044KVSC06Z79I06 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21031.25     | 0.19%             | 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        |     35000 | PA      | $35526.90     | 0.31%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP             | Essex Portfolio LP                                         | CUSIP: 29717PAR8<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |    109000 | PA      | $108623.79    | 0.96%             | 2027-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| HERSHEY COMPANY                | Hershey Co/The                                             | CUSIP: 427866BD9<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |     73000 | PA      | $69004.52     | 0.61%             | 2029-11-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                     | Intel Corp                                                 | CUSIP: 458140BQ2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49827.73     | 0.44%             | 2027-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL         | Marriott International Inc/MD                              | CUSIP: 571903BM4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17157.79     | 0.15%             | 2026-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR       | Occidental Petroleum Corp                                  | CUSIP: 674599DT9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     39000 | PA      | $42213.29     | 0.37%             | 2029-03-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC         | Philip Morris International Inc                            | CUSIP: 718172DD8<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     52000 | PA      | $54772.67     | 0.48%             | 2030-09-07      | Fixed         | 5.50%                 | 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      | $523595.31    | 4.61%             | 2027-02-28      | Fixed         | 4.12%                 | 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      | $40335.16     | 0.36%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                           | CUSIP: 91282CPS4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     60000 | PA      | $59893.36     | 0.53%             | 2027-12-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| N/A                            | Global X Silver Miners ETF                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         5 | NC      | $9575.00      | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC             | Analog Devices Inc                                         | CUSIP: 032654BA2<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    102000 | PA      | $101525.31    | 0.89%             | 2027-06-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES          | AvalonBay Communities Inc                                  | CUSIP: 05348EBC2<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2959.72      | 0.03%             | 2028-01-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS         | Mid-America Apartments LP                                  | CUSIP: 59523UAP2<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5025.93      | 0.04%             | 2028-06-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BOEING CO                      | Boeing Co/The                                              | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31940.45     | 0.28%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC          | Texas Instruments Inc                                      | CUSIP: 882508BV5<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20335.79     | 0.18%             | 2028-02-15      | Fixed         | 4.60%                 | 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      | $352235.35    | 3.10%             | 2027-01-31      | Fixed         | 4.12%                 | 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      | $220726.17    | 1.94%             | 2027-04-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                           | CUSIP: 91282CPL9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    490000 | PA      | $489138.67    | 4.31%             | 2027-11-30      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| WALMART INC                    | Walmart Inc                                                | CUSIP: 931142FB4<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     67000 | PA      | $67431.58     | 0.59%             | 2028-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE       | Intercontinental Exchange Inc                              | CUSIP: 45866FAU8<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    116000 | PA      | $116316.85    | 1.02%             | 2027-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP           | Lockheed Martin Corp                                       | CUSIP: 539830BZ1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     61000 | PA      | $61813.59     | 0.54%             | 2028-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC       | Marsh & McLennan Cos Inc                                   | CUSIP: 571748AZ5<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1998.43      | 0.02%             | 2026-03-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL         | Marriott International Inc/MD                              | CUSIP: 571903AS2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     62000 | PA      | $61778.28     | 0.54%             | 2026-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO          | MidAmerican Energy Co                                      | CUSIP: 595620AQ8<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6936.46      | 0.06%             | 2027-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                    | Oracle Corp                                                | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49689.18     | 0.44%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC         | Philip Morris International Inc                            | CUSIP: 718172DC0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16541.32     | 0.15%             | 2028-09-07      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                           | CUSIP: 91282CNL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    680000 | PA      | $682735.94    | 6.01%             | 2027-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                           | CUSIP: 91282CNV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $30071.48     | 0.26%             | 2027-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC           | Waste Management Inc                                       | CUSIP: 94106LCB3<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50713.89     | 0.45%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| XYLEM INC                      | Xylem Inc/NY                                               | CUSIP: 98419MAJ9<br>LEI: 549300DF5MV96DRYLQ48 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14922.93     | 0.13%             | 2026-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| N/A                            | Huntington Ingalls Industries Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         5 | NC      | $20750.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| WALT DISNEY COMPANY/THE        | Walt Disney Co/The                                         | CUSIP: 254687FV3<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69959.88     | 0.62%             | 2026-01-13      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| VENTAS REALTY LP               | Ventas Realty LP                                           | CUSIP: 92277GAM9<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45999.52     | 0.41%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC           | Waste Management Inc                                       | CUSIP: 94106LBE8<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34617.14     | 0.30%             | 2027-11-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-10

**Name of Applicant:** Build Funds Trust

**Signature:** /s/Dave Martin

**Name of Signer:** Dave Martin

**Title:** Vice President