# EDGAR Filing Document

**Accession Number:** 0001567101
**File Stem:** 0001193125-25-153623
**Filing Date:** 2025-7
**Character Count:** 39305
**Document Hash:** 4a3756fd83cf63baca9d645882c1deeb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-153623.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001193125-25-153623

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250701

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bridge Builder Trust
- **CENTRAL INDEX KEY:** 0001567101

**ORGANIZATION NAME:**
- **EIN:** 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:** 251094462

**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 Small/Mid Cap Growth Fund (Series ID: S000048336)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000152651 | Bridge Builder Small/Mid Cap Growth Fund | BBGSX           |

![LOGO](g22080g12i66.jpg)

## Bridge Builder Small/Mid Cap Growth Fund
**Summary Prospectus** 

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| | |
|:---|:---|
| ***Ticker:* BBGSX** | **October 28, 2024, as amended and restated July 1, 2025** |

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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, 2024, as supplemented, are incorporated by reference into this Summary Prospectus.

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**SUMMARY SECTION** 

**Bridge Builder Small/Mid Cap Growth Fund** 

**Investment Objective** 

The investment objective of Bridge Builder Small/Mid Cap Growth Fund (the "Fund" or the "Small/Mid Cap Growth Fund") is to provide 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"), Edward Jones Guided Solutions<sup>®</sup> ("Guided Solutions") or Edward Jones Financial Advisor Managed Solutions<sup>™</sup> ("FA Managed Solutions") (collectively, the "Advisory Programs"), 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> | 0.64% |
|  Distribution and Service (12b-1) Fees |  |
|  Other Expenses<sup>(2)</sup> | 0.02% |
|  Total Annual Fund Operating Expenses | 0.66% |
|  Less Waivers<sup>(1)</sup> | (0.30)% |
|  Net Annual Fund Operating Expenses | 0.36% |

---

<sup>(1)</sup> Olive Street Investment Advisers, LLC (the "Adviser") has contractually agreed, until at least October 28, 2025, 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 (*i.e.*, the Adviser does not receive any management fees from the Fund as a result of its waivers). 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 ending October 28, 2025, if written notice is provided to the Trust by or before a date agreed to by the Board. Such waivers are not subject to reimbursement by the Fund. 

<sup>(2)</sup> Other Expenses include acquired fund fees and expenses less than 0.01%. 

***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 management fees until October 28, 2025). 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** | **5 Years** | **10 Years** |
| $37 | $181 | $338 | $794 |

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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. During the most recent fiscal year, the Fund's portfolio turnover rate was 66% of the average value of its portfolio.

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**Principal Investment Strategies** 

The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities of small and mid-capitalization companies and other instruments, such as certain investment companies (see below), that seek to track the performance of securities of small and mid-capitalization companies. The Fund defines small and mid-capitalization companies as companies whose market capitalizations at the time of purchase typically fall within the range of the Russell MidCap<sup>®</sup> Index and the Russell 2000<sup>®</sup> Index (as of April 30, 2024, companies with capitalizations between approximately $150.4 million and $51.8 billion). The market capitalization of the companies included in the Russell MidCap<sup>®</sup> Index and the Russell 2000<sup>®</sup> Index will change with market conditions.

While the Fund primarily invests in equity securities of small and mid-capitalization companies, it may also invest in securities of large capitalization companies. The Fund may invest in securities issued by U.S. and foreign entities. The Fund may invest in American Depositary Receipts ("ADRs") or Global Depositary Receipts ("GDRs"). 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 futures contracts, principally for cash equitization purposes. The Fund may also invest a portion of its assets in securities of real estate investment trusts ("REITs"), which are companies that own and/or manage real estate properties. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of September 30, 2024, the Fund had significant exposure to securities of companies in the healthcare, industrials and information technology sectors. The Fund follows an investing style that favors growth investments.

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 Adviser (each a "Sub-adviser"). Each Sub-adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund's assets.

Portfolio securities may be sold at any time. Sales may occur when a Sub-adviser seeks to take advantage of what a Sub-adviser considers to be a better investment opportunity, when a Sub-adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, or when a Sub-adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund's investment portfolio.

The Adviser is responsible for determining the amount of Fund assets to allocate to each Sub-adviser. The Adviser allocates Fund assets for each investment strategy to the following Sub-advisers: Artisan Partners Limited Partnership ("Artisan Partners"), BlackRock Investment Management, LLC ("BlackRock"), Champlain Investment Partners, LLC ("Champlain"), Driehaus Capital Management LLC ("Driehaus"), Eagle Asset Management, Inc. ("Eagle"), Stephens Investment Management Group, LLC ("SIMG"), and Victory Capital Management Inc. ("Victory Capital"). The Adviser may adjust allocations to the Sub-advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of the Sub-advisers. Below is a summary of each Sub-adviser's principal investment strategies.

**Artisan Partners' Principal Investment Strategies** 

Artisan Partners' investment team employs a fundamental investment process to construct a diversified portfolio of U.S. mid-capitalization growth companies. The team seeks to invest in companies that it believes possess franchise characteristics, are benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value. The team's investment process focuses on two distinct elements – security selection and capital allocation. The team overlays its investment process with broad knowledge of the global economy.

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**BlackRock's Principal Investment Strategies** 

BlackRock invests in equity securities with the objective of approximating as closely as practicable the capitalization weighted total rate of return of the segments of the United States market for publicly traded equity securities as represented by the Russell Midcap<sup>®</sup> Growth Index, which tracks the performance of mid-capitalization companies, and the Russell 2000<sup>®</sup> Growth Index, which tracks the performance of small capitalization companies.

**Champlain's Principal Investment Strategies** 

Champlain principally invests in equity securities of mid-capitalization companies. Champlain seeks capital appreciation by investing in companies that it believes have strong long-term fundamentals, superior capital appreciation potential, and attractive valuations. Through the consistent execution of a fundamental bottom-up investment process, which focuses on an analysis of individual companies, Champlain expects to identify a diversified universe of mid-sized companies that trade at a discount to their estimated or intrinsic fair values.

**Driehaus' Principal Investment Strategies** 

Driehaus primarily invests in the equity securities of U.S. small capitalization and U.S. medium capitalization companies which will generally be, at the time of investment, within the capitalization range of those companies included in the Russell 2500<sup>®</sup> Growth Index without regard to the index's float adjustment. Investment decisions are based on Driehaus' belief that fundamentally strong companies are more likely to generate superior earnings growth on a sustained basis and are more likely to experience positive earnings revisions. These decisions involve evaluating a company's competitive position, evaluating industry dynamics, identifying potential growth catalysts and assessing the financial position of the company. An investment decision is also based on the evaluation by Driehaus of relative valuation, macroeconomic and behavioral factors affecting the company and its stock price. Driehaus sells holdings for a variety of reasons, including to take profits, changes to the fundamental investment thesis, changes in the risk/reward assessment of the holding, an assessment that the holding is efficiently priced, to make room for more attractive ideas or for other portfolio or risk management considerations. Driehaus frequently and actively trades its portfolio securities.

**Eagle's Principal Investment Strategies** 

During normal market conditions, Eagle primarily invests in the equity securities of small capitalization companies. When making investment decisions, Eagle generally focuses on investing in the securities of small capitalization companies that demonstrate growth potential at a price that does not appear to reflect the company's true underlying value. Eagle uses a three-pronged investment philosophy when evaluating potential additions to the portfolio – quality, valuation, and balance. Eagle seeks quality by investing in companies with superior cash-flow generation, management teams with a successful record of business strategy execution, sustainable growth, and a defensive business model. It seeks attractive valuation using market fluctuations as opportunistic entry points. Finally, it attempts to balance the allocated portion of the Fund's portfolio through sector-weight policies that provide diversification across major economic sectors.

**SIMG's Principal Investment Strategies** 

SIMG evaluates and selects securities of both mid-capitalization and small capitalization companies. When making its investment decisions, SIMG employs a disciplined, bottom-up investment selection process that combines rigorous fundamental analysis with quantitative screening in an effort to identify companies that exhibit potential for superior earnings growth that is unrecognized by the markets. SIMG has two screens—one for core growth stocks and one for catalyst stocks. Core growth stocks have strong growth franchises, recurring revenue, and above-average growth rates; catalyst stocks, in comparison, are experiencing change that could lead to accelerated earnings growth.

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**Victory Capital's Principal Investment Strategies** 

Victory Capital primarily invests in the equity securities of small capitalization companies. Victory Capital employs both fundamental analysis and quantitative screening in seeking to identify companies that it believes will produce sustainable earnings growth over a multi-year horizon. Valuation is an integral part of the growth investment process and purchase decisions are based on the team's expectation of the potential reward relative to risk of each security based in part on the investment team's proprietary earnings calculations.

Victory Capital regularly reviews the investments held in Victory Capital's allocated portion of the Fund's assets and will sell securities when the team believes the securities are no longer attractive because (1) of a deterioration in rank of the security in accordance with the team's process, (2) of price appreciation, (3) of a change in the fundamental outlook of the company or (4) other investments available are considered to be more attractive.

**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 five risks, although the order of the risk factors does not indicate the significance of any particular risk factor. Any additional risks associated with the Fund's non-principal investments are described in the Statement of Additional Information ("SAI"). The SAI also provides additional information about the risks associated with the Fund's principal investments described herein.

&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 substantial economic downturn or 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 Securities 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Smaller Company Risk.** Investments in smaller capitalization companies (including medium 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Style Risk.** The Fund is managed primarily 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;● **American Depositary Receipts or Global Depositary Receipts Risk.** ADRs and GDRs have the same currency
and economic risks as the underlying non-U.S. securities 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, such as a derivative or a
repurchase agreement, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Currency Risk.** As a result of the Fund's investments in securities or other investments
denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, adversely affecting the value of the
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Derivatives Risk.** An investment in derivatives (such as futures contracts) may not perform as
anticipated by the Sub-advisers, may not be able to be closed out at a favorable time or price, or may increase the Fund's volatility. Derivatives may create investment leverage so that when a derivative
is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment or when used for hedging purposes, the derivative may not provide the
anticipated protection, causing the Fund to lose money on both the derivative and the exposure the Fund sought to hedge. Increases and decreases in the value of the Fund's portfolio may be magnified when the Fund uses leverage. Derivatives are
also subject to correlation risk, which is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of derivatives is also subject to market risk, which is
described above, and liquidity risk, which is described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Securities Risk.** The risks of investing in foreign securities can increase the potential for
losses in the Fund and may include currency risk, political and economic instability, terrorism, armed conflicts and other geopolitical events, additional or fewer government regulations, the imposition of tariffs and other restrictions on trade or
economic sanctions, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors, and less stringent regulation of securities markets. Geopolitical or other
events such as nationalization or expropriation could cause the loss of the Fund's entire investment in one or more countries. 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;● **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.

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&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 or closing derivative positions 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. Because portions of the Fund's
assets are managed by different Sub-advisers using different styles, the Fund could engage in overlapping or conflicting securities transactions. Overlapping transactions could lead to multiple Sub-advisers purchasing the same or similar securities at the same time, potentially leading to the Fund holding a more concentrated position in these securities. Conversely, certain Sub-advisers may be purchasing securities at the same time other Sub-advisers may be selling those same securities, which may lead to higher transaction expenses
compared to a fund using a single investment management style.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Passive Management Risk.** Because the portion of the Fund allocated to BlackRock is managed so that its
total return closely corresponds with that of the Russell Midcap<sup>®</sup> Growth Index and the Russell 2000<sup>®</sup> Growth Index, the Fund faces a
risk of poor performance if either index declines generally or performs poorly relative to other U.S. equity indexes or individual stocks, the stocks 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;● **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 or realize taxable gains when selling securities to
meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Large redemptions of the Fund's shares may force the Fund to sell securities at times when it would not
otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Regulatory and Judicial Risk**. The regulation of security markets, transactions and portfolio companies
is subject to change. Such regulatory changes and judicial actions could have a substantial adverse effect on the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Sector Focus Risk.** Because the Fund may invest a significant portion of its assets in a particular
sector of the market, the Fund may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund's share price may fluctuate more widely than the share price of a fund that is more diversified
across numerous sectors.

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| | |
|:---|:---|
| <sup>○</sup> | **Information Technology Sector Risk.** From time to time, the Fund may focus its investments in the information technology sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins, and may be subject to extensive regulatory requirements causing considerable expense and delay. In addition, information technology companies are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.  |

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| | |
|:---|:---|
| <sup>○</sup> | **Industrials Sector Risk.** From time to time, the Fund may focus its investments in the industrials sector. The industrials sector predominantly consists of the capital goods, transportation and  |

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commercial services industries. These areas of the economy can be more cyclically sensitive, given the dependence on capital expenditure company spending. For instance, in a cyclical downturn companies may decrease their planned spending on machinery, building products and electrical equipment leading industrials companies to incur losses. <br>

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| | |
|:---|:---|
| <sup>○</sup> | **Healthcare Sector Risk.** From time to time, the Fund may focus its investments in the healthcare sector. The profitability of companies in the healthcare sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection, and the expiration of a company's patent may adversely affect that company's profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.  |

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**Performance** 

The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's year-to-year performance and the table shows how the Fund's average annual total returns for one and five years and since inception compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. The performance information shown here reflects only Fund performance and does not reflect annual program or administrative fees you may be charged for participating in an Advisory Program. 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.

Year-by-Year Total Returns

Calendar Year Ended December 31

![LOGO](g22080g05r68.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Quarterly Returns |  |
| &nbsp;&nbsp;&nbsp; Highest (quarter ended June 30, 2020) | 29.32% |
| &nbsp;&nbsp;&nbsp; Lowest (quarter ended March 31, 2020) | -20.63% |

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The performance information shown above is based on a calendar year. The Fund's performance (before taxes) from 1/1/24 to 9/30/24 was 11.08%.

Average Annual Total Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares

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through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares.

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return as of December 31, 2023** | **Average Annual Total Return as of December 31, 2023** | **Average Annual Total Return as of December 31, 2023** | **Average Annual Total Return as of December 31, 2023** |
|  | **1 Year** | **5 Years** | **Since Inception<br>(4/27/15)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | 20.97% | 11.37% | 9.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions | 20.88% | 9.41% | 7.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares | 12.48% | 8.82% | 7.22% |
|  Russell 3000<sup>®</sup> Growth Index (reflects no deduction for fees, expenses or taxes)<sup>1</sup> | 25.96% | 15.16% | 11.35% |
|  Russell 2500<sup>®</sup> Growth Index (reflects no deduction for fees, expenses or taxes)<sup>1</sup> | 18.93% | 11.43% | 8.38% |

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<sup>1</sup> Pursuant to new regulatory requirements, the Fund's broad-based securities market index has changed from the Russell 2500<sup>®</sup> Growth Index to the Russell 3000<sup>®</sup> Index. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 2500<sup>®</sup> Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index. 

**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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| | | |
|:---|:---|:---|
|  **Artisan Partners** |  |  |
| **Portfolio Managers** | **Position with Artisan Partners** | **Length of Service<br>to the Fund** |
| *James D. Hamel, CFA* | Portfolio Manager and Managing Director | Since June 2020 |
| *Matthew H. Kamm, CFA* | Lead Portfolio Manager and Managing Director | Since June 2020 |
| *Jason L. White, CFA* | Portfolio Manager and Managing Director | Since June 2020 |
| *Jay C. Warner, CFA* | Portfolio Manager and Managing Director | Since January 2022 |

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| | | |
|:---|:---|:---|
|  **BlackRock** |  |  |
| **Portfolio Managers** | **Position with BlackRock** | **Length of Service<br>to the Fund** |
| *Jennifer Hsui* | Managing Director, Senior Portfolio Manager | Since October 2019 |
| *Peter Sietsema* | Director, Portfolio Manager | Since January 2022 |
| *Matt Waldron* | Managing Director, Portfolio Manager | Since June 2025 |
| *Steven White* | Director, Portfolio Manager | Since June 2025 |
|  **Champlain** |  |  |
| **Portfolio Managers** | **Position with Champlain** | **Length of Service<br>to the Fund** |
| *Scott Brayman, CFA* | Chief Investment Officer and Managing Partner | Since Inception |
| *Corey Bronner, CFA* | Deputy Chief Investment Officer and Partner | Since October 2017 |
| *Joseph Caligiuri, CFA* | Deputy Chief Investment Officer and Partner | Since October 2017 |
| *Joseph Farley* | Analyst and Partner | Since October 2017 |
| *Robert Hallisey* | Analyst and Partner | Since October 2017 |
|  **Driehaus** |  |  |
| **Portfolio Managers** | **Position with Driehaus** | **Length of Service<br>to the Fund** |
| *Jeff James* | Lead Portfolio Manager | Since September 2021 |
| *Michael Buck* | Portfolio Manager | Since September 2021 |
| *Prakash Vijayan, CFA* | Assistant Portfolio Manager | Since September 2021 |
|  **Eagle** |  |  |
| **Portfolio Managers** | **Position with Eagle** | **Length of Service<br>to the Fund** |
| *Matt McGeary, CFA* | Portfolio Manager | Since Inception |
| *E.G. Woods, CFA* | Portfolio Manager | Since March 2022 |
| *Jason Wulff, CFA* | Portfolio Manager | Since March 2022 |
| *Matthew Spitznagle, CFA* | Portfolio Manager | Since March 2022 |
|  **SIMG** |  |  |
| **Portfolio Manager** | **Position with SIMG** | **Length of Service<br>to the Fund** |
| *Ryan Crane, CFA* | Chief Investment Officer | Since August 2015 |
|  **Victory Capital** |  |  |
| **Portfolio Managers** | **Position with Victory Capital** | **Length of Service<br>to the Fund** |
| *D. Scott Tracy, CFA* | Chief Investment Officer and Managing Partner | Since September 2021 |
| *Stephen J. Bishop* | Portfolio Manager | Since September 2021 |
| *Melissa Chadwick-Dunn* | Portfolio Manager | Since September 2021 |
| *Paul Leung, CFA* | Portfolio Manager | Since September 2021 |
| *Trevor Martin, CFA* | Portfolio Manager | Since May 2024 |

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**Purchase and Sale of Fund Shares** 

Fund shares are currently available to:

(i) investors participating in Advisory Solutions, an investment advisory program sponsored by Edward D.
Jones & Co., L.P. ("Edward Jones"), who purchase shares of the Fund through their Advisory Solutions account, and investors participating in Guided Solutions or FA Managed Solutions, each an investment advisory program sponsored
by Edward Jones, who purchase shares of the Fund under the specific circumstances described below through their Guided Solutions or FA Managed Solutions account, as applicable;

(ii) investors participating in Guided Solutions or FA Managed Solutions whose Fund shares were transferred into
their Guided Solutions or FA Managed Solutions account, as applicable, directly from an Advisory Solutions account (which, following such transfer, shall be referred to herein as an "Eligible Guided Solutions Account" or
"Eligible FA Managed Solutions Account", as applicable);

(iii) investors participating in Guided Solutions whose Fund shares were transferred directly from an Eligible FA
Managed Solutions Account to their Guided Solutions account;

(iv) investors participating in FA Managed Solutions whose Fund shares were transferred directly from an Eligible
Guided Solutions Account to their FA Managed Solutions account; and

(v) current and former Trustees of the Trust.

Edward Jones, in its sole discretion, may make exceptions regarding the eligibility requirements of the Fund with respect to Guided Solutions and FA Managed Solutions investors based on the particular facts and circumstances of an investor's situation.

Eligible investors may purchase and sell or redeem Fund shares only from Edward Jones through an eligible Advisory Program described above. 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's distributions will normally 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.