Bridge Builder Municipal Bond Fund

Objective

The Bridge Builder Municipal Bond Fund aims to provide current income exempt from federal tax, with a secondary goal of preservation of investment principal.

Strategy

The Municipal Bond Fund invests at least 80% of its net assets in municipal securities of any maturity or duration whose interest is exempt from federal income tax. Municipal securities include debt obligations issued by or on behalf of a state or local entity or other qualifying issuer that pay interest that is generally excludable from gross income for federal income tax purposes. Interest may be includable in taxable income for investors subject to the federal alternative minimum tax. The Fund employs a multi-manager sub-advised structure.

Fund Facts

As of March 31, 2024

Ticker: BBMUX

CUSIP: 10803R801

Benchmark Index: Bloomberg Municipal 1-15 Year Index

Inception Date: September 14, 2015

Total Assets: $13.67 Billion

Gross Expense Ratio: 0.38%

Net Expense Ratio*: 0.15%

Number of Holdings: 4,339

*Contractual fee waivers in effect through October 28, 2024.

BlackRock Investment Management, LLC

Takes a top-down, bottom-up approach with a flexible investment framework. Their security selection process is based on the relative value outlook and the quantitative assessment of the security and portfolio. BlackRock seeks total return derived primarily from coupon interest, and secondarily, capital appreciation.

FIAM LLC

(FIAM) allocates assets across different market sectors and maturities, normally investing in investment-grade municipal securities. When selecting investments, FIAM analyzes issuer credit quality, security-specific features, current and potential future valuation, and short-term trading opportunities.

MacKay Shields, LLC

MacKay Municipal Managers is a fundamental relative-value bond management boutique that believes strong long-term performance can be achieved through an actively managed, research-driven, relative-value approach. Their investment strategy combines a macroeconomic view coupled with credit research driven security selection. In doing so, the investment process seeks to identify mispricings and opportunities for total return with an emphasis on risk management

MONTHLY PERFORMANCE AS OF 06/30/2024
1 M 3 M YTD 1 Y 3 Y 5 Y Since Inception
09/14/2015		 Gross Expense
Ratio
Bridge Builder Municipal Bond Fund 1.30% 0.33% 0.44% 4.11% -0.35% 1.37% 2.25% 0.38%
Bloomberg Municipal 1-15 Year Index 1.29% -0.34% -0.63% 2.69% -0.45% 1.16% 2.05%
QUARTERLY PERFORMANCE AS OF 06/30/2024
3 M YTD 1 Y 3 Y 5 Y Since Inception
09/14/2015
Bridge Builder Municipal Bond Fund 0.33% 0.44% 4.11% -0.35% 1.37% 2.25%
Bloomberg Municipal 1-15 Year Index -0.34% -0.63% 2.69% -0.45% 1.16% 2.05%
DAILY NAV AS OF July 26, 2024
NAV NAV Change
Bridge Builder Municipal Bond Fund $9.93 $0.00

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-855-823-3611. Returns shown for the Fund include the reinvestment of all dividends, if any. Total return calculations reflect the effect of the Advisers fee waiver agreement for the Fund. If such fee waivers had not occurred, the quoted performance would be lower. Performance for periods greater than one-year is annualized.

The Gross Expense Ratio, per the Fund’s latest prospectus, includes all categories of expenses before any expense reductions or fee waivers.

Ex-Date Distribution Type $ Amount Per Share Reinvest Price Reinvest Date
06/28/2024 Income Dividend 0.027109928 $9.88 06/28/2024
05/31/2024 Income Dividend 0.028303350 $9.78 05/31/2024
04/30/2024 Income Dividend 0.027038138 $9.83 04/30/2024
03/28/2024 Income Dividend 0.027681468 $9.93 03/28/2024
02/29/2024 Income Dividend 0.025940840 $9.95 02/29/2024
01/31/2024 Income Dividend 0.027288454 $9.96 01/31/2024
12/29/2023 Income Dividend 0.027182460 $10.00 12/29/2023
11/30/2023 Income Dividend 0.025728161 $9.82 11/30/2023
10/31/2023 Income Dividend 0.025786012 $9.39 10/31/2023
09/29/2023 Income Dividend 0.024920958 $9.49 09/29/2023
08/31/2023 Income Dividend 0.024249129 $9.71 08/31/2023
07/31/2023 Income Dividend 0.023995211 $9.81 07/31/2023
06/30/2023 Income Dividend 0.024428891 $9.80 06/30/2023
05/31/2023 Income Dividend 0.023753026 $9.74 05/31/2023
04/28/2023 Income Dividend 0.022777586 $9.83 04/28/2023
03/31/2023 Income Dividend 0.024351048 $9.86 03/31/2023
02/28/2023 Income Dividend 0.022598728 $9.72 02/28/2023
01/31/2023 Income Dividend 0.024115157 $9.93 01/31/2023
12/30/2022 Income Dividend 0.024586727 $9.69 12/30/2022
11/30/2022 Income Dividend 0.022280082 $9.71 11/30/2022
10/31/2022 Income Dividend 0.022045779 $9.35 10/31/2022
09/30/2022 Income Dividend 0.020156052 $9.44 09/30/2022
08/31/2022 Income Dividend 0.020161328 $9.78 08/31/2022
07/29/2022 Income Dividend 0.019644691 $9.99 07/29/2022
06/30/2022 Income Dividend 0.018737253 $9.78 06/30/2022
05/31/2022 Income Dividend 0.018396575 $9.96 05/31/2022
04/29/2022 Income Dividend 0.017675279 $9.85 04/29/2022
03/31/2022 Income Dividend 0.016529261 $10.11 03/31/2022
02/28/2022 Income Dividend 0.015344398 $10.41 02/28/2022
01/31/2022 Income Dividend 0.016972395 $10.48 01/31/2022
12/31/2021 Income Dividend 0.016729523 $10.75 12/31/2021
11/30/2021 Income Dividend 0.016919359 $10.76 11/30/2021
10/29/2021 Income Dividend 0.017376326 $10.69 10/29/2021
09/30/2021 Income Dividend 0.016059422 $10.73 09/30/2021
08/31/2021 Income Dividend 0.016843011 $10.82 08/31/2021
07/30/2021 Income Dividend 0.017127500 $10.86 07/30/2021
06/30/2021 Income Dividend 0.016549285 $10.81 06/30/2021
05/28/2021 Income Dividend 0.017488713 $10.79 05/28/2021
04/30/2021 Income Dividend 0.017134305 $10.76 04/30/2021
03/31/2021 Income Dividend 0.018233936 $10.69 03/31/2021
02/26/2021 Income Dividend 0.016826612 $10.65 02/26/2021
01/29/2021 Income Dividend 0.019290544 $10.80 01/29/2021
12/31/2020 Income Dividend 0.017011786 $10.74 12/31/2020
11/30/2020 Income Dividend 0.018379087 $10.67 11/30/2020
10/30/2020 Income Dividend 0.018616519 $10.56 10/30/2020
09/30/2020 Income Dividend 0.019232748 $10.58 09/30/2020
08/31/2020 Income Dividend 0.020303429 $10.60 08/31/2020
07/31/2020 Income Dividend 0.020699889 $10.62 07/31/2020
06/30/2020 Income Dividend 0.021328778 $10.49 06/30/2020
05/29/2020 Income Dividend 0.020915395 $10.36 05/29/2020
04/30/2020 Income Dividend 0.020990261 $10.11 04/30/2020
03/31/2020 Income Dividend 0.021836228 $10.27 03/31/2020
02/28/2020 Income Dividend 0.021051312 $10.78 02/28/2020
01/31/2020 Income Dividend 0.021611467 $10.69 01/31/2020
12/31/2019 Income Dividend 0.021382427 $10.55 12/31/2019
11/29/2019 Income Dividend 0.020642293 $10.54 11/29/2019
10/31/2019 Income Dividend 0.020989180 $10.54 10/31/2019
09/30/2019 Income Dividend 0.021866552 $10.55 09/30/2019
08/30/2019 Income Dividend 0.022556591 $10.63 08/30/2019
07/31/2019 Income Dividend 0.022692661 $10.52 07/31/2019
06/28/2019 Income Dividend 0.022835006 $10.46 06/28/2019
05/31/2019 Income Dividend 0.026716571 $10.44 05/31/2019
04/30/2019 Income Dividend 0.022620729 $10.33 04/30/2019
03/29/2019 Income Dividend 0.023526431 $10.32 03/29/2019
02/28/2019 Income Dividend 0.021021860 $10.21 02/28/2019
01/31/2019 Income Dividend 0.023610319 $10.17 01/31/2019
12/31/2018 Income Dividend 0.023813466 $10.11 12/31/2018
11/30/2018 Income Dividend 0.022268204 $10.03 11/30/2018
10/31/2018 Income Dividend 0.021587766 $9.96 10/31/2018
09/28/2018 Income Dividend 0.019961673 $10.03 09/28/2018
08/31/2018 Income Dividend 0.020312159 $10.10 08/31/2018
07/31/2018 Income Dividend 0.019645026 $10.10 07/31/2018
06/29/2018 Income Dividend 0.017740749 $10.09 06/29/2018
05/31/2018 Income Dividend 0.018702732 $10.10 05/31/2018
04/30/2018 Income Dividend 0.018432329 $10.02 04/30/2018
03/29/2018 Income Dividend 0.017917063 $10.07 03/29/2018
02/28/2018 Income Dividend 0.018704548 $10.06 02/28/2018
01/31/2018 Income Dividend 0.018102975 $10.11 01/31/2018
12/29/2017 Income Dividend 0.025038596 $10.20 12/29/2017
11/30/2017 Income Dividend 0.016791467 $10.15 11/30/2017
10/31/2017 Income Dividend 0.016396629 $10.21 10/31/2017
09/29/2017 Income Dividend 0.015107383 $10.22 09/29/2017
08/31/2017 Income Dividend 0.015441721 $10.26 08/31/2017
07/31/2017 Income Dividend 0.015337477 $10.20 07/31/2017
06/30/2017 Income Dividend 0.014851158 $10.14 06/30/2017
05/31/2017 Income Dividend 0.015744508 $10.18 05/31/2017
04/28/2017 Income Dividend 0.015484526 $10.08 04/28/2017
03/31/2017 Income Dividend 0.016546178 $10.03 03/31/2017
02/28/2017 Income Dividend 0.013956019 $10.02 02/28/2017
01/31/2017 Income Dividend 0.018042596 $9.97 01/31/2017
12/30/2016 Income Dividend 0.023849129 $9.93 12/30/2016
12/16/2016 Short Term Capital Gain 0.009970000 $9.89 12/16/2016
12/16/2016 Long Term Capital Gain 0.000830000 $9.89 12/16/2016
11/30/2016 Income Dividend 0.016906436 $9.91 11/30/2016
10/31/2016 Income Dividend 0.015856731 $10.24 10/31/2016
09/30/2016 Income Dividend 0.013537450 $10.34 09/30/2016
08/31/2016 Income Dividend 0.012194259 $10.38 08/31/2016
07/29/2016 Income Dividend 0.012392402 $10.38 07/29/2016
06/30/2016 Income Dividend 0.011525448 $10.38 06/30/2016
05/31/2016 Income Dividend 0.014652297 $10.26 05/31/2016
04/29/2016 Income Dividend 0.015980465 $10.25 04/29/2016
03/31/2016 Income Dividend 0.016890842 $10.21 03/31/2016
02/29/2016 Income Dividend 0.014522520 $10.20 02/29/2016
01/29/2016 Income Dividend 0.017174332 $10.20 01/29/2016
12/31/2015 Income Dividend 0.020957889 $10.12 12/31/2015
12/18/2015 Short Term Capital Gain 0.005730000 $10.12 12/18/2015
11/30/2015 Income Dividend 0.005989688 $10.09 11/30/2015
10/30/2015 Income Dividend 0.009942399 $10.06 10/30/2015
09/30/2015 Income Dividend 0.027928633 $10.04 09/30/2015
LEARN MORE

Past performance does not guarantee future results.

Mutual fund investing involves risk. The value of your investment in the Fund could go down as well as up. Investing in the bond market is subject to certain risks including market, credit, interest-rate, liquidity and reinvestment risk. Investments in asset-backed, mortgage-related and mortgage- backed securities may be more sensitive to changes in interest rates, prepayments and impairment of the value of the collateral underlying the security. Investments in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may invest in non-U.S dollar-denominated foreign securities (including emerging markets), which may be more sensitive to currency fluctuations, political and economic instability, differing government regulations and liquidity risk. The Fund may also invest in derivatives which could increase the Fund’s volatility. Multi-manager and multi-style management may lead to overlapping securities transactions and higher transaction expenses compared to single investment management styles. Outcomes depend on the skill of the sub-advisers and adviser and the allocation of assets amongst them. The value of the Fund’s investments in municipal securities may be adversely affected by unfavorable legislative or political developments and economic developments that impact the financial condition of municipal issuers.

Click here for index and financial term definitions.

Before you invest in The Bridge Builder Funds, please refer to the prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectus by calling 1-855-823-3611. The prospectus should be read and considered carefully before you invest or send money.

The Bridge Builder Funds are only available through eligible Edward Jones advisory programs.

The Bridge Builder Funds are distributed by ALPS Distributors, Inc.
There is no affiliation between ALPS Distributors, Inc. and Bridge Builder Trust and any of its affiliates and subsidiaries.