# EDGAR Filing Document

**Accession Number:** 0001567101
**File Stem:** 0001193125-23-007910
**Filing Date:** 2023-1
**Character Count:** 31136
**Document Hash:** 27adcd9e999cd9a766f70af3aab1e4c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-007910.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0001193125-23-007910

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230113

**DATE AS OF CHANGE**: 20230113

**EFFECTIVENESS DATE**: 20230113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bridge Builder Trust
- **CENTRAL INDEX KEY:** 0001567101
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-187194
- **FILM NUMBER:** 23527349

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 1920
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 1920
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201

## Series and Classes Contracts Data

### Bridge Builder Tax Managed International Equity Fund (Series ID: S000076296)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000235968 | Bridge Builder Tax Managed International Equity Fund | BBTIX           |

![LOGO](g443852g01p06.jpg)

## Bridge Builder Tax Managed International Equity Fund

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**Summary Prospectus** 

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| | |
|:---|:---|
| ***Ticker:* BBTIX** | **October 28, 2022, as amended and restated January 13, 2023** |

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Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, Statement of Additional Information and other information about the Fund online at:

www.bridgebuildermutualfunds.com

You may also obtain this information at no cost by calling 1-855-823-3611 or by e-mail at bridgebuilder@edwardjones.com. The Fund's Prospectus and Statement of Additional Information, each dated October 28, 2022, are incorporated by reference into this Summary Prospectus.

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**SUMMARY SECTION** 

**Bridge Builder Tax Managed International Equity Fund** 

**Investment Objective** 

The investment objective of the Bridge Builder Tax Managed International Equity Fund (the "Fund" or the "International Equity Fund") is to seek to provide a tax-efficient investment return consisting of capital appreciation.

**Fees and Expenses of the Fund** 

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as annual program or administrative fees for participating in Edward Jones Advisory Solutions<sup>®</sup> ("Advisory Solutions"), which are not reflected in the table and examples below.

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| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* |  |
|  Management Fees<sup>(1)</sup>  | 0.60% |
|  Distribution and Service (12b-1) Fees |  |
|  Other Expenses<sup>(2)</sup>  | 0.14% |
|  Total Annual Fund Operating Expenses | 0.74% |
|  Less Waivers<sup>(1)</sup>  | (0.19)% |
|  Net Annual Fund Operating Expenses | 0.55% |

---

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<sup>(1)</sup> Olive Street Investment Advisers, LLC (the "Adviser") has contractually agreed, until at least October 28, 2023, to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund's sub-advisers. This contractual agreement may not be terminated by the Adviser without the consent of the Board of Trustees (the "Board") of Bridge Builder Trust (the "Trust"), except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ended October 28, 2023, if written notice is provided to the Trust by or before April 15, 2023. Such waivers are not subject to reimbursement by the Fund. 

In addition, the Adviser has contractually agreed, until at least October 28, 2023, to waive its fees and/or reimburse Fund expenses (excluding acquired fund fees and expenses, portfolio transaction expenses, interest expense in connection with investment activities, taxes and extraordinary or non-routine expenses) to the extent necessary to limit Total Annual Fund Operating Expenses to 0.67% of the Fund's average daily net assets. Any fee reductions or expense payments made by the Adviser (other than management fees waived as described in footnote 1) are subject to reimbursement by the Fund, if requested by the Adviser, in the thirty six (36) month period following such fee waiver and/or expense payment, if the aggregate amount actually paid by the Fund toward operating expenses, as accrued each month (taking into account any reimbursements) does not exceed the Fund's expense cap accrued for such month (i) at the time of the fee waiver and/or expense payment and (ii) at the time of the reimbursement. This contractual agreement may be terminated by the Board, at any time, upon sixty (60) days' prior written notice to the Adviser. This contractual agreement may not be terminated by the Adviser without the consent of the Board, except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ended October 28, 2023, if written notice is provided to the Trust by or before April 15, 2023.

<sup>(2)</sup> Other expenses are based on estimated amounts for the current fiscal year. 

***Example***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the Adviser's agreement to waive fees until October 28, 2023). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $56 | $217 |

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**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. For the fiscal period from June 1, 2022 (commencement of Fund operations) to June 30, 2022, the Fund's portfolio turnover rate was 0.00% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds ("ETFs"), that have characteristics that are consistent with the Fund's investment objective. The Fund may also invest a portion of its assets in securities of real estate investment trusts ("REITs") that own and/or manage properties. From time to time, the Fund may also focus its investments in a particular country or geographic region, such as the United Kingdom or Japan.

The Fund's portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Fund and the Adviser. The Fund implements the investment recommendations of the Sub-advisers through the use of Parametric Portfolio Associates LLC ("Parametric" and, together with the Fund's other sub-advisers, the "Sub-advisers") as overlay manager appointed by the Adviser. In addition to acting as overlay manager, Parametric also serves as the direct indexing manager for the Fund. In this role, Parametric manages one or more allocated portions of the Fund pursuant to a strategy that is designed to provide similar exposure to certain designated indices, as described in additional detail below.

Each Sub-adviser (other than Parametric in its role as overlay manager) manages its allocated portion of the Fund's portfolio by providing a model portfolio to Parametric on an ongoing basis that represents that Sub-adviser's recommendation as to the securities to be purchased, sold or retained by the Fund. Parametric, as the overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-advisers, including with respect to each direct indexing portion of the Fund, with the weighting of each Sub-adviser's model in the total portfolio determined by the Adviser.

Each Sub-adviser may use both its own proprietary and external research and securities selection processes in constructing its model portfolio. Pursuant to direction from the Adviser, Parametric has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund's securities transactions. Parametric seeks to manage the impact of taxes through active tax management strategies, including tax lot management, which impacts tax loss harvesting, capital gain deferral, and the minimization of wash sales. The Adviser may also direct Parametric to adjust the portfolio to implement the Adviser's forward-looking views regarding various portfolio characteristics or factors, or for risk management purposes. Parametric may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by the Adviser.

In connection with the construction of the Fund's portfolio, the Adviser allocates Fund assets to the following Sub-advisers: Parametric, Pzena Investment Management, LLC ("Pzena"), T. Rowe Price Associates, Inc. ("T. Rowe Price"), and Walter Scott & Partners Limited ("Walter Scott"). The Adviser may adjust the weighting of Fund assets allocated to each Sub-adviser's model at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub-adviser.

Below is a summary of each Sub-adviser's principal investment strategies.

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**Parametric's Principal Investment Strategies** 

In addition to acting as overlay manager, Parametric also serves as the direct indexing manager for the Fund. This strategy is designed to provide the Fund with exposure to the MSCI EAFE Growth Index and the MSCI EAFE Value Index while maximizing after-tax returns through a variety of tax management techniques. The strategy seeks to exceed its benchmark on an after-tax basis. The criterion for the selection of investments is inclusion within the MSCI EAFE Growth Index or the MSCI EAFE Value Index.

**Pzena's Principal Investment Strategies** 

Pzena focuses on deep value investing, seeking to identify international securities that are trading at prices substantially below their intrinsic value but have solid long-term prospects. Pzena may also recommend investments in emerging markets securities. Pzena performs fundamental research using a bottom-up security selection process.

**T. Rowe Price's Principal Investment Strategies** 

T. Rowe Price seeks long-term growth of capital through investments in the common stocks of non-U.S. companies. T. Rowe Price recommends investments in firms with a favorable combination of growth prospects and valuation. Several of the characteristics T. Rowe Price looks for include: accelerating earnings and cash flow growth, reasonable valuation, and barriers to entry at industry and product level.

**Walter Scott's Principal Investment Strategies** 

Walter Scott seeks a favorable real rate of return over the long term. Walter Scott seeks stocks that will perform relatively well and will grow to a higher weight in the model portfolio. Walter Scott selects companies based on fundamental company analysis and a bottom-up research process. Walter Scott recommends the purchase of these companies with no near-term expectation of recommending the sale of such companies. Walter Scott's approach expects its model portfolio to realize low portfolio turnover.

**Principal Risks** 

Since the Fund holds securities with fluctuating market prices, the value of the Fund's shares varies as its portfolio securities increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks affecting the Fund that can cause a decline in value are set forth below. The risks are ordered in alphabetical order after the first eight risks, although the order of the risk factors does not indicate the significance of any particular risk factor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Market Risk.** The overall market may perform poorly or the returns from the securities in which the Fund
invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its
investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, and recessions. In addition, the impact of any epidemic, pandemic, natural
disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual
companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively
impact the Fund's performance and cause losses on your investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Equity Risk.** The value of equity securities will rise and fall over short or extended periods of time
in response to the activities of the company that issued them, general market conditions, and/or economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Active Management Risk**. A significant portion of the Fund is actively managed with discretion and may
underperform market indices, including relevant benchmark indices, or other mutual funds with similar investment objectives. In addition, to the extent that a Sub-adviser's investment strategy uses a
quantitative investment model to evaluate and recommend investment decisions for the Fund, the Fund can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the
factors' historical trends.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Securities Risk.** The risks of investing in foreign securities, including through ADRs and GDRs,
can increase the potential for losses in the Fund and may include currency risk, political and economic instability, additional or fewer government regulations, less publicly available information, limited trading markets, differences in financial
reporting standards, fewer protections for passive investors and less stringent regulation of securities markets. In addition, periodic U.S. Government prohibitions on investments in issuers from certain foreign countries may require the Fund to
sell such investments at inopportune times, which could result in losses to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Taxation Risk.** The Fund is managed to seek to minimize tax consequences to shareholders, but there is
no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders. The Fund will engage in tax management techniques such as tax loss harvesting, whereby securities are sold in order to generate capital
losses to offset current and future capital gains. However, there are certain risks inherent with tax loss harvesting, including the possibility that such activity does not improve the Fund's after-tax returns. During certain market conditions, such as lower volatility periods and periods of strong economic growth, the Fund's ability to generate capital losses to offset capital gains may be limited, which would limit the Fund's ability
to implement its tax loss harvesting strategy. In addition, because loss harvesting continuously decreases the cost-basis of the Fund's portfolio, there is a risk that opportunities to realize losses may decrease over time. Tax loss harvesting
may also increase the Fund's portfolio turnover rates. In addition, the "wash sales" rule will limit the Fund's ability to currently recognize a loss from the tax loss harvesting strategy when selling and purchasing substantially
identical assets within a 61-day window (*i.e.*, a period beginning 30 days before the date of such purchase or the sale and ending 30 days after such date). In such a case, the basis of the newly
purchased securities will be adjusted to reflect the disallowed loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Overlay Manager Risk.** The Fund implements the investment recommendations of the Sub-advisers through the use of an overlay manager appointed by the Adviser. Pursuant to direction from the Adviser, the overlay manager has limited authority to vary from the models. The Fund is subject to the risk
that the performance of a portion of the Fund allocated to a particular Sub-adviser may deviate from the performance of that Sub-adviser's model portfolio or the
performance of other proprietary or client accounts over which that Sub-adviser retains trading authority. The overlay manager's variation from a Sub-adviser's model portfolio may contribute to performance deviations, including under performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Currency Risk.** Certain securities in which the Fund invests may be denominated or quoted in currencies
other than the U.S. dollar. For this reason, changes in foreign currency exchange rates will affect the value of the Fund's portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that
currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S.
dollars. This risk, generally known as "currency risk," means that a stronger U.S. dollar will reduce returns on foreign currency dominated securities for U.S. investors while a weak U.S. dollar will increase those returns.

The Fund does not seek to hedge its currency risk. Accordingly, the Fund may experience losses (or gains) that would not have been experienced had the risk been hedged, due to declines (or increases) in the value of foreign currencies in relation to the U.S. dollar. In addition, although a Sub-adviser may consider currency risks as part of its investment process, its judgments in this regard may not always be correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Geographic Focus Risk.** To the extent that a significant portion of the Fund's portfolio is
invested in the securities of companies in a particular country or region, the Fund will be subject to greater risk of loss and price volatility than a fund holding more geographically diverse investments. The Fund may invest significant portions of
its assets in the United Kingdom (the "UK") and Japan, and therefore, the economic, political, social and environmental conditions of the UK and Japan generally will have a greater effect on the Fund's performance than they would in a
more geographically diversified fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **American Depositary Receipts or Global Depositary Receipts Risk.** ADRs and GDRs have the same currency
and economic risks as the underlying non-U.S. shares they represent. They are affected by the risks associated with non-U.S. securities, such as changes in political or
economic conditions of other countries and changes in the exchange rates of foreign currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Counterparty Risk.** When the Fund enters into an investment contract, the Fund is exposed to the risk
that the other party may be unable or unwilling to fulfill its obligations, which could adversely impact the value of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Direct Indexing Risk.** Because the portion of the Fund allocated to Parametric is managed so that its
total return closely corresponds with that of the MSCI EAFE Growth Index and the MSCI EAFE Value Index, the Fund faces a risk of poor performance if either index declines generally or performs poorly relative to U.S. equity indexes, other
international equity indexes or individual stocks, the stock of companies which comprise either index fall out of favor with investors, or an adverse company specific event, such as an unfavorable earnings report, negatively affects the stock price
of one of the larger companies in either index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Emerging Markets Securities Risk.** A fund that invests a significant portion of its assets in the
securities of issuers based in countries with "emerging market" economies is subject to greater levels of foreign investment risk than a fund investing primarily in more-developed foreign markets since emerging market securities may
present market, credit, currency, liquidity, legal, political and other risks greater than, or in addition to, the risks of investing in developed foreign countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Style Risk.** The Fund is managed partially in a growth investment style. Growth stocks can
perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other
factors. Growth stocks are stocks of companies expected to increase revenues and earnings at a faster rate than their peers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Investment Company and Exchange Traded Fund Risk.** An investment company, including an ETF, in which the
Fund invests may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment
company's shares. The Fund must also pay its pro rata portion of an investment company's fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Investment Strategy Risk.** There is no assurance the Fund's investment objective will be achieved.
Investment decisions may not produce the expected results. The value of the Fund may decline, and the Fund may underperform other funds with similar objectives and strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Issuer-Specific Risk.** The value of an individual security or particular type of security can be more
volatile than, and can perform differently from, the market as a whole or other similar securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Larger Company Risk.** Larger capitalization companies may be unable to respond quickly to new
competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Liquidity Risk.** Low trading volume, a lack of a market maker, or contractual or legal restrictions may
limit the Fund's ability to value securities, or prevent the Fund from selling securities at desirable times or prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Multi-Manager and Multi-Style Management Risk.** The Fund allocates its assets to multiple Sub-advisers believed to have complementary styles. These investment styles, at times, may not be complementary and could result in more exposure to certain types of securities. In addition, a Sub-adviser may implement its model portfolio for its other accounts prior to submitting its model to the overlay manager appointed by the Adviser for the Fund, or after submitting its model portfolio to the overlay
manager but before the overlay manager has had an opportunity to place some or all of the trades necessary for the Fund to implement the model portfolio. In these circumstances, trades placed by the overlay manager pursuant to a model portfolio may
be subject to price movements that result in the Fund receiving prices that are different from the prices obtained by the Sub-adviser for its other accounts, including less favorable prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Real Estate Investment Trusts Risk.** REITs may be affected by changes in the value of the underlying
properties owned by the REITs and by the quality of tenants' credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Redemption Risk.** The Fund may experience losses when selling securities to meet redemption requests.
This risk is greater for larger redemption requests or redemption requests during adverse market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Regulatory and Judicial Risk.** The regulation of security transactions in the United States is a rapidly
changing area of law. Securities markets are subject to legislative, regulatory, and judicial actions which could have a substantial adverse effect on the Fund's performance. In addition to United States regulation, the Fund may be affected by
the actions of foreign governments, which could include actions such as the imposition of capital or

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currency controls, the nationalization of a company or industry of which the Fund owns securities, or the imposition of taxes that could have an adverse effect on security prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Smaller Company Risk.** Investments in smaller capitalization companies (including mid-capitalization and small-capitalization companies) may have greater risks, as these companies may have less operating history, narrower product or customer markets, and fewer managerial and financial resources
than more established companies. Smaller capitalization stocks may be more volatile and have less liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Value Style Risk.** Value stocks can perform differently from the market as a whole and other types of
stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Value stocks are believed to be undervalued relative to
their projected underlying profitability.

**Performance** 

The Fund is new, and therefore has no performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's returns and comparing the Fund's performance to a broad measure of market performance. See the Fund's website www.bridgebuildermutualfunds.com/literature for updated performance information. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**Fund Management** 

Olive Street Investment Advisers, LLC is the investment adviser for the Fund.

**Sub-advisers and Portfolio Managers** 

The Adviser allocates Fund assets for each investment strategy to the following Sub-advisers, which allocations may be adjusted at any time:

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| | | |
|:---|:---|:---|
|  **Parametric** |  |  |
| **Portfolio Managers** | **Position with Parametric** | **Length of Service<br>to the Fund** |
| *Thomas Seto* | Head of Investment Management | Since Inception |
| *Paul Bouchey, CFA* | Global Head of Research | Since Inception |
| *James Reber* | Managing Director, Portfolio Management | Since Inception |
| *Jennifer Sireklove, CFA* | Managing Director, Investment Strategy | Since Inception |
|  **Pzena** |  |  |
| **Portfolio Managers** | **Position with Pzena** | **Length of Service<br>to the Fund** |
| *Caroline Cai* | Managing Principal and Portfolio Manager | Since Inception |
| *Allison Fisch* | Principal and Portfolio Manager | Since Inception |
| *John Goetz* | Managing Principal, Co-Chief Investment Officer and Portfolio Manager | Since Inception |
| *Rakesh Bordia* | Principal and Portfolio Manager | Since January 2023 |
| **T. Rowe Price** |  |  |
| **Portfolio Managers** | **Position with T. Rowe Price** | **Length of Service<br>to the Fund** |
| *Raymond A. Mills* | Portfolio Manager and Vice President | Since Inception |
|  **Walter Scott** |  |  |
| **Portfolio Managers** | **Position with Walter Scott** | **Length of Service<br>to the Fund** |
| *Jane Henderson* | Managing Director | Since Inception |
| *Charles Macquaker* | Executive Director - Investment | Since Inception |
| *Roy Leckie* | Executive Director - Investment and Client Service | Since Inception |
| *Maxim Skorniakov* | Investment Manager | Since March 2022 |
| *Fraser Fox* | Investment Manager | Since March 2022 |

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**Purchase and Sale of Fund Shares** 

Fund shares are currently available exclusively to investors participating in Advisory Solutions, an investment advisory program or asset-based fee program sponsored by Edward D. Jones & Co., L.P. ("Edward Jones"), as well as current and former Trustees of the Trust. Advisory Solutions investors may purchase and sell or redeem Fund shares only from Edward Jones through Advisory Solutions. Current and former Trustees of the Trust may purchase and sell or redeem shares directly. There are no initial or subsequent minimum purchase amounts for the Fund. You may purchase or redeem shares of the Fund on any day the New York Stock Exchange ("NYSE") is open.

**Tax Information** 

The Fund intends to make distributions that will be taxed as qualified dividend income, ordinary income or capital gains. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.