Bridge Builder Municipal Bond Fund

Fund Objective

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

Fund Strategy

The 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 governmental 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 alternative minimum tax. The Fund employs a multi-manager sub-advised structure.

Investment Sub-advisers

FIAM dba Fidelity Institutional Asset Management allocates assets across different market sectors and maturities, normally investing in investment-grade municipal securities. When selecting investments, FIAM dba Fidelity Institutional Asset Management analyzes issuer credit quality, security-specific features, current and potential future valuation, and trading opportunities.

T. Rowe Price Associates, Inc. investment approach emphasizes in-depth fundamental research, diversification, and strict risk management practices in the pursuit of the Fund’s investment objective. Investment decisions reflect the portfolio managers' outlook for interest rates and the economy, as well as the prices, yields, and credit quality of various municipal securities.

Wells Capital Management, Inc. starts its investment process with a top-down, macroeconomic outlook. WellsCap's security selection is based on several factors including improving financial trends, positive industry and sector dynamics, improving economic conditions, specific demographic trends and value relative to other securities.

Performance Total Returns

Daily NAV as of 6/27/2017
Fund NameNAVNAV ChangeYTD Total Return at NAV
Bridge Builder Municipal Bond Fund$10.18$-0.013.47%
Performance as of 05/31/2017
3 MonthYTD1 Year3 YearSince Inception09/14/2015
Bridge Builder Municipal Bond Fund2.08%3.33%1.17%-3.09%
Bloomberg Barclays 1-15 Year Municipal Blend Index2.21%3.61%1.47%-3.26%

Total annual fund operating expenses: 0.44%

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

*Olive Street Investment Advisers, LLC has contractually agreed, until at least October 28, 2017, to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Adviser is required to pay the Fund’s Sub-advisers. This contractual agreement may only be changed or eliminated with the approval of the Board of Trustees. Such waivers are not subject to reimbursement by the Fund.

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.

Bloomberg Barclays Municipal 1-15 Year Index (1-17) is a subset of the Bloomberg Barclays Municipal Bond Index covering only maturities between 1 and 17 years. The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of tax-exempt bonds with maturities greater than one year and a minimum credit rating of Baa. You cannot invest directly in an index.

Fund Facts

Ticker: BBMUX

CUSIP: 10803R801

Benchmark Index: Bloomberg Barclays Municipal 1-15 Year Index

Inception Date: 09/14/2015

Total Assets: $2.3 Billion

Gross Expense Ratio: 0.44%

Net Expense Ratio*: 0.26%

Number of Holdings: 1,276

Historical Distributions

 

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