# EDGAR Filing Document

**Accession Number:** 0001567101
**File Stem:** 0001193125-25-188493
**Filing Date:** 2025-8
**Character Count:** 111875
**Document Hash:** 418d73c52f96c8ad68e17b902c3acd61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-188493.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001193125-25-188493

**CONFORMED SUBMISSION TYPE**: DEF 14C

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250826

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** DEF 14C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 811-22811
- **FILM NUMBER:** 251254790

**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 Core Plus Bond Fund (Series ID: S000049701)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000157147 | Bridge Builder Core Plus Bond Fund | BBCPX           |

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**SCHEDULE 14C** 

**SCHEDULE 14C INFORMATION** 

**Information Statement Pursuant to Section 14(c) of the Securities Exchange Act of 1934** 

Check the appropriate box:

☐ Preliminary Information Statement.

☐ Confidential, for Use of the Commission only (as permitted by Rule 14c-5(d)(2))

☒ Definitive Information Statement.

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| |
|:---|
| **Bridge Builder Trust** |
| (Name of Registrant as Specified In Charter)<br>|

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Payment of Filing Fee (Check the appropriate box):

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| | | |
|:---|:---|:---|
| ☒ | No fee required. | No fee required. |
| ☐ | Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11. | Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11. |
|  | (1) | Title of each class of securities to which transaction applies:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | (2) | Aggregate number of securities to which transaction applies:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | (3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it is determined):<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | (4) | Proposed maximum aggregate value of transaction:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | (5) | Total fee paid:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| ☐ | Fee paid previously with preliminary materials. | Fee paid previously with preliminary materials. |
| ☐ | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
|  | (1) | Amount Previously Paid:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | (2) | Form, Schedule or Registration Statement No.:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | (3) | Filing Party:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | (4) | Date Filed:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

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![LOGO](g62755g58o87.jpg)

**BRIDGE BUILDER CORE PLUS BOND FUND** 

**IMPORTANT NOTICE REGARDING INTERNET** 

**AVAILABILITY OF INFORMATION STATEMENT** 

**The Information Statement is available at <u>www.bridgebuildermutualfunds.com/literature</u>** 

**August 26, 2025** 

As a shareholder of the Bridge Builder Core Plus Bond Fund (the "Fund"), a series of Bridge Builder Trust (the "Trust"), you are receiving this notice regarding the internet availability of an information statement (the "Information Statement") relating to the hiring of Dodge & Cox as an investment subadviser to the Fund.

This notice presents only an overview of the more complete Information Statement. We encourage you to review all of the important information contained in the Information Statement. The Information Statement is for informational purposes only and, as a shareholder of the Fund, you need not take any action.

**SUMMARY OF INFORMATION STATEMENT** 

As discussed in greater detail in the Information Statement, at its meeting held on May 28–29, 2025, the Board of Trustees of the Trust (the "Board") approved an investment sub-advisory agreement among the Trust, Olive Street Investment Advisers, LLC ("Olive Street"), the investment adviser to the Fund, and Dodge & Cox (the "Sub-advisory Agreement"), pursuant to which Dodge & Cox serves as an investment subadviser to the Fund. The appointment of Dodge & Cox became effective on or around July 28, 2025, when Dodge & Cox began managing a portion of the assets of the Fund.

The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order that permits Olive Street to enter into and materially amend sub-advisory agreements between Olive Street and unaffiliated investment subadvisers to the Fund with the approval of the Board. Although approval by the Fund's shareholders is not required, a condition of this order requires Olive Street to furnish Fund shareholders with information about the subadviser and the sub-advisory agreement.

Accordingly, the purpose of the Information Statement is to furnish Fund shareholders with detailed information about the Sub-advisory Agreement and the appointment of Dodge & Cox as an investment subadviser to the Fund.

The Information Statement will be available on the Fund's website, <u>www.bridgebuildermutualfunds.com/literature</u>, until at least November 24, 2025. To view and print the Information Statement, click on the link of the Information Statement in order to open the document. A paper or email copy of the Information Statement is available, free of charge, by contacting the Fund by telephone at 1-855-823-3611, via e-mail at <u>bridgebuilder@edwardjones.com</u>, or by mail at:

**Mailing Address:** 

Bridge Builder Trust

P.O. Box 219062

Kansas City, MO 64121-9062

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**Overnight Address:** 

Bridge Builder Trust

430 W 7<sup>th</sup> Street, Suite 219062

Kansas City, MO 64105-1407

If you do not request a paper or email copy of the Information Statement by this date, you will not otherwise receive a paper or email copy.

To obtain a free copy of the Fund's most recent annual report, semi-annual report or financial statements filed on Form N-CSR, you may visit <u>www.bridgebuildermutualfunds.com/literature</u>, call 1-855-823-3611, write to the Fund via e-mail at <u>bridgebuilder@edwardjones.com</u>, or write to the Fund at:

**Mailing Address:** 

Bridge Builder Trust

P.O. Box 219062

Kansas City, MO 64121-9062

**Overnight Address:** 

Bridge Builder Trust

430 W 7<sup>th</sup> Street, Suite 219062

Kansas City, MO 64105-1407

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![LOGO](g62755g58o87.jpg)

**BRIDGE BUILDER CORE PLUS BOND FUND** 

**INFORMATION STATEMENT** 

**August 26, 2025** 

This information Statement (the "Information Statement") is being made available to the shareholders of the Bridge Builder Core Plus Bond Fund (the "Fund"), a series of Bridge Builder Trust (the "Trust"). This Information Statement relates to the approval by the Board of Trustees of the Trust (the "Board") of an investment sub-advisory agreement among the Trust, Olive Street Investment Advisers, LLC ("Olive Street" or the "Adviser"), the investment adviser to the Fund, and Dodge & Cox (the "Subadviser"), pursuant to which Dodge & Cox serves as an investment subadviser to the Fund (the "Sub-advisory Agreement").

The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order that permits Olive Street to enter into and materially amend sub-advisory agreements between Olive Street and unaffiliated investment subadvisers to the Fund with the approval of the Board. Although approval by the Fund's shareholders is not required, pursuant to a condition of this order, Olive Street is required to furnish Fund shareholders with certain information about Dodge & Cox and the Sub-advisory Agreement.

***THIS IS NOT A PROXY STATEMENT. WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.***

**INTRODUCTION** 

Olive Street is the Fund's investment adviser. Pursuant to the terms of an exemptive order granted to Olive Street and the Trust by the SEC on August 6, 2013 (the "Exemptive Order"), Olive Street employs a so-called "manager-of-managers" arrangement in managing the Fund. Section 15(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), generally requires that a fund's shareholders approve all agreements pursuant to which persons serve as investment adviser or subadviser to the fund. The Exemptive Order exempts Olive Street and the Trust from the shareholder voting requirements of Section 15(a) of the 1940 Act and allows Olive Street, subject to Board approval and certain other conditions, to enter into and materially amend sub-advisory agreements on behalf of the Fund without a shareholder vote.

As described in more detail below, at its meeting held on May 28–29, 2025 (the "May Meeting"), the Board approved (i) the appointment of Dodge & Cox as investment subadviser to the Fund and the Sub-advisory Agreement; (ii) the termination of BlackRock Investment Management, LLC as investment subadviser to the Fund; and (iii) the termination of BlackRock International Limited and BlackRock (Singapore) Limited (collectively with BlackRock Investment Management, LLC, "BlackRock") as sub-subadvisers to the Fund. The appointment of Dodge & Cox became effective on or around July 28, 2025, when Dodge & Cox began managing a portion of the assets of the Fund. The termination of BlackRock is expected to become effective in or around the third quarter of 2025.

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Before the appointment of Dodge & Cox, the Fund had three subadvisers other than BlackRock, who each managed a portion, or sleeve, of the assets of the Fund (the "Existing Subadvisers"). After the appointment of Dodge & Cox as an additional subadviser and upon the termination of BlackRock, the portion of the Fund's assets previously allocated to BlackRock will be reallocated to Dodge & Cox. Olive Street may reallocate the Fund's assets among the subadvisers in its discretion at any time, including down to 0% in one or more subadvisers.

Olive Street recommended that the Board appoint Dodge & Cox as a subadviser to the Fund for multiple reasons, including because Olive Street believes that Dodge & Cox's core fixed income strategy, which focuses on investment-grade bonds with the ability to add value with exposure to high-yield corporate bonds when appropriate, will assist the Fund in achieving its investment objective. Olive Street also believes that Dodge & Cox's investment style complements the investment styles of the Existing Subadvisers. Additionally, Olive Street believes the appointment of Dodge & Cox will allow the Fund overall to better complement and diversify investments in Edward Jones Advisory Solutions<sup>®</sup> ("Advisory Solutions"), Edward Jones Guided Solutions<sup>®</sup> ("Guided Solutions") and Edward Jones Financial Advisor Managed Solutions<sup>™</sup> ("FA Managed Solutions"), each an investment advisory program sponsored by Edward D. Jones & Co., L.P. ("Edward Jones"), an affiliate of the Adviser.

The appointment of Dodge & Cox as subadviser to the Fund (together with other Fund subadviser changes that were approved by the Board at its May 28–29, 2025 meeting and asset allocations among Dodge & Cox and the Existing Subadvisers) will result in an increase in the Fund's overall expenses of approximately 1 basis point at Fund asset levels as of June 30, 2025, which is caused by a reduction in the Adviser's fee waiver in order for the Adviser to pay the higher aggregate sub-advisory fees to the Fund's subadvisers. Importantly, the increase in sub-advisory fees will not cause the Fund's shareholders to pay management fees above the Adviser's contractual management fee.

Olive Street has contractually agreed to waive its management fee to the extent management fees to be paid to Olive Street exceed the management fees the Fund is required to pay the subadvisers. This fee waiver is currently in effect until October 28, 2025 and will continue thereafter for subsequent one-year periods until terminated. If Olive Street determines to hire new subadvisers, subject to the Board's approval, or reallocate the Fund's assets in the future, the Fund's expenses may increase.

**THE BOARD'S CONSIDERATIONS IN APPROVING THE SUB-ADVISORY AGREEMENT** 

Pursuant to Section 15 of the 1940 Act, a fund's advisory and sub-advisory agreements must be approved: (i) by a vote of a majority of the shareholders of the fund; and (ii) by a vote of a majority of the members of the board who are not parties to the agreements or "interested persons" of any party, as defined in the 1940 Act (the "Independent Trustees"), cast at a meeting called for the purpose of voting on such approval. The Board must determine whether to initially approve and, after an initial two-year term, to approve annually the continuance of the Sub-advisory Agreement.

At the May Meeting, the Board, including a majority of the Independent Trustees, considered and approved the Sub-advisory Agreement for an initial two-year term.

Pursuant to an exemptive order obtained by the Adviser and the Trust from the SEC, the Adviser is permitted, subject to certain conditions, to select new subadvisers for the Fund with the approval of the Board but without obtaining shareholder approval.

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In advance of the May Meeting, the Adviser and the Subadviser provided information to the Board in response to requests for information by the Independent Trustees to facilitate the Board's evaluation of the Sub-advisory Agreement. The information furnished by the Adviser and Subadviser included materials describing, among other matters: (i) the nature, extent and quality of the services proposed to be provided by the Subadviser; (ii) the Subadviser's investment management personnel, including the portfolio manager and other investment personnel that would be involved in managing the allocated portion of the Fund's portfolio (the "Allocated Portion"); (iii) the Subadviser's financial condition; (iv) the Subadviser's investment philosophy and investment process that would be used to manage the Allocated Portion; (v) the sub-advisory fees proposed to be payable to the Subadviser; (vi) the Subadviser's compliance policies and procedures; (vii) the investment performance of another mutual fund managed by the Subadviser employing strategies similar to the strategy proposed to be employed by the Subadviser in managing the Allocated Portion; and (viii) other "fall out" benefits that the Subadviser may receive based on its relationship with the Fund. In addition, at a meeting of the Board held on May 8, 2025 and at the May Meeting, representatives of the Adviser and representatives of the Subadviser (with respect to the May 8, 2025 meeting) made presentations and responded to questions regarding the Subadviser's proposed services, fees, and other aspects of the proposed sub-advisory relationship as well as the Adviser's Fund design goals related to the proposed sub-advisory relationship.

Throughout the evaluation process, including at the May Meeting, the Trustees received advice from Fund counsel, and the Independent Trustees received separate advice from their independent legal counsel, including detailed memoranda from independent legal counsel regarding the legal standards applicable to the consideration of the approval of the Sub-advisory Agreement. The Independent Trustees met separately outside the presence of the Interested Trustees, Trust officers and representatives of the Adviser and the Subadviser to discuss the materials presented and other matters deemed relevant to their consideration of the Sub-advisory Agreement.

In considering whether to approve the Sub-advisory Agreement, the Board considered information and factors that they deemed relevant, including, but not limited to, the information and factors discussed in further detail below. The Board's determination to approve the Sub-advisory Agreement was based on a comprehensive consideration of all information provided to the Board. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors and information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. The nature, extent and quality of the services to be provided by the Subadviser.** The Board considered the nature, extent and quality of the services proposed to be provided to the Allocated Portion of the Fund by the Subadviser, including its responsibilities for day-to-day management of the Allocated Portion of the Fund's portfolio. The Board considered the portfolio management services and investment research capabilities and investment philosophy and process proposed to be provided to the Allocated Portion by the Subadviser, including how the Subadviser's investment philosophy and process complement those of the other subadvisers that manage other portions of the Fund. The Board also reviewed the background and experience of the Subadviser's portfolio management personnel that will have a role in the day-to-day management of the Allocated Portion. The Board considered the Subadviser's ability to attract and retain qualified investment professionals, the experience and skills of management and investment personnel of the Subadviser, and the Subadviser's reputation and overall financial strength. The Board also noted the Subadviser's succession planning practices to ensure continuity of services to the Fund.

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The Board also considered other services to be provided to the Allocated Portion under the Adviser's oversight, such as monitoring adherence to the Fund's investment restrictions, monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations, monitoring valuation and liquidity, selecting broker-dealers to execute portfolio transactions and conducting other trading operations. The Board considered the report of the chief compliance officer of the Trust regarding the due diligence review of the Subadviser's compliance program and other operational matters, and the chief compliance officer's conclusion that the Subadviser's compliance program is reasonably designed and effectively implemented to prevent violations of the federal securities laws with respect to its services to be provided to the Allocated Portion and that the Subadviser has adopted procedures reasonably necessary to prevent access persons from violating the Subadviser's code of ethics.

Based on these considerations, the Board concluded, within the context of its full deliberations, that the Subadviser is capable of providing services of the nature, extent and quality contemplated by the terms of the Sub-advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Fees and Other Expenses.** The Board reviewed the sub-advisory fees proposed to be payable to the Subadviser. The Board also reviewed comparative fee information provided by the Subadviser, including information from the Subadviser regarding the fees charged to other clients with investment objectives and investment strategies similar to those that the Subadviser proposes to utilize for its Allocated Portion, including a mutual fund for which the Subadviser serves as primary investment adviser and institutional separate account clients. The Board reviewed information about structural, operational and other differences, including the amount of assets being managed and the range of services provided, between such other clients and the Allocated Portion.

The Board considered the anticipated impact of the Subadviser's fee on the Fund's overall expenses, noting that the Adviser has contractually agreed to waive its management fees for the Fund to the extent management fees to be paid to the Adviser exceed the aggregate sub-advisory fees to be paid to each subadviser to the Fund, including the Subadviser for the management of the Allocated Portion. The Board noted that the hiring of the Subadviser (together with the reallocation of assets from a then-existing subadviser of the Fund to the Subadviser) is expected to result in an increase in the Fund's overall expenses of approximately one basis point at Fund asset levels as of March 31, 2025 caused by a reduction in the Adviser's fee waiver in order for the Adviser to pay the higher aggregate sub-advisory fees to the Fund's subadvisers. The Board further noted that the increase in sub-advisory fees would not cause the Fund's shareholders to pay management fees above the Adviser's contractual management fee. The Board noted that the Adviser may not terminate this waiver arrangement without Board approval until October 28, 2026, at the earliest.

Based on these considerations, the Board concluded, within the context of its full deliberations, that the proposed sub-advisory fees payable under the Sub-advisory Agreement are reasonable in light of the nature, extent and quality of the services expected to be rendered by the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. The Subadviser's Investment Performance Record.** Because the Subadviser, if approved, would be new to the Fund, the Board was not able to evaluate the Subadviser's actual investment performance record for the Allocated Portion. However, the Board received and considered information about the investment performance of the Subadviser, including, for purposes of considering the investment skill and experience of the Subadviser, performance data showing the Subadviser's capabilities in managing another mutual fund for which the Subadviser serves as primary

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investment adviser and that has investment objectives and investment strategies similar to those that the Subadviser proposes to utilize for its Allocated Portion. The Board also noted that it would have an opportunity to review the Subadviser's actual performance record for the Allocated Portion of the Fund at future regular meetings of the Board and in connection with future annual reviews of the Sub-advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Profitability and Economies of Scale.** The Board did not consider profitability of the Subadviser to be a material factor in its determination, given that the Subadviser is not affiliated with the Adviser and the Board received representations from the Adviser and the Subadviser that the proposed sub-advisory fees are the result of an arm's length negotiation. Further, the Board was satisfied that the Adviser employed a rigorous sub-advisory fee negotiation process. The Board also considered information about whether the Fund's fee structure is designed to share the benefits of economies of scale with shareholders as the Fund's assets grow. In this regard, the Board noted that the Subadviser has agreed to contractual breakpoints in its fee schedule, which would accrue to the benefit of Fund shareholders in light of the Adviser's contractual fee waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Indirect Benefits.** The Board considered other benefits to the Subadviser from its proposed relationship with the Fund. The Board noted that the Subadviser may derive a benefit to its reputation and standing in the investment community from its proposed relationship with the Fund.

**CONCLUSION** 

Based on the Board's deliberations and its evaluation of the information described above and other factors and information it believed relevant, the full Board, and the Independent Trustees voting separately, approved the Sub-advisory Agreement for an initial two-year term.

**DESCRIPTION OF THE MATERIAL TERMS OF THE SUB-ADVISORY AGREEMENT** 

Set forth below is a summary of all material terms of the Sub-advisory Agreement. Although the summary below is qualified in its entirety by reference to the Sub-advisory Agreement included as **<u>Exhibit A</u>** hereto, shareholders should still read the summary below carefully.

**INVESTMENT SUB-ADVISORY SERVICES** 

Subject to the supervision of the Board and the Adviser, the Subadviser shall manage the investments of the Allocated Portion in accordance with the Fund's investment objective, policies, and restrictions as provided in the Fund's Prospectus and Statement of Additional Information, as currently in effect and as amended or supplemented from time to time and provided to the Subadviser, and in compliance with the requirements applicable to registered investment companies under applicable laws, including, but not limited to, the 1940 Act, the Commodity Exchange Act and the rules of the National Futures Association, and those requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. From time to time, the Adviser or the Fund may provide the Subadviser with written copies of other investment policies, guidelines and restrictions applicable to the Subadviser's management of the Allocated Portion, which shall become effective at such time as agreed upon by both parties. Subject to each of the foregoing sentences above, the Subadviser shall have full discretionary authority to manage the investment of the assets of the Allocated Portion, including the authority to purchase, sell, cover open positions, and generally to deal in securities, financial and commodity futures contracts, options, short-term investment vehicles and other property and assets comprising or relating to the Allocated Portion.

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In addition, with respect to the Allocated Portion, the Subadviser will, at its own expense:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advise the Adviser and the Fund in connection with investment policy decisions made by it regarding the Fund
and, upon request, furnish the Adviser and the Fund with investment commentary, and economic and statistical data in connection with the Fund's investments and investment policies (provided that the Subadviser will not be required to disclose
any proprietary or confidential information with respect to its investment policy decisions or research);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• submit such reports and information as the Adviser or the Fund may reasonably request and the Subadviser is
reasonably able to provide to assist the Fund's custodian (the "Custodian") in its determination of the market value of securities held in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain and evaluate pertinent economic, financial, and other information affecting the economy generally and
certain investment assets as such information relates to securities or other financial instruments that are purchased for or considered for purchase by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employ professional portfolio managers and, if deemed necessary, securities analysts who provide research
services in connection with the Subadviser's services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• place orders for purchases and sales of portfolio investments for the Allocated Portion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• give instructions to the Custodian concerning the delivery of securities and transfer of cash for the
Allocated Portion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in accordance with the deadline provided to the Subadviser by the Fund or Adviser (or their agents, such as
the Custodian), the Subadviser shall, as soon as practicable after the close of business each day, but no later than the communicated deadline, provide the Custodian with electronic copies of trade tickets for each transaction effected for the
Allocated Portion by the Subadviser. In addition, the Subadviser shall provide electronic copies of such trade tickets to the Adviser and the applicable Fund upon request, and promptly forward to the Custodian electronic copies of all brokerage or
dealer confirmations received by the Subadviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as soon as practicable following the end of each calendar month, provide the Adviser and the Fund with written
statements showing all transactions effected for the Allocated Portion during the month by the Subadviser, a summary listing all investments attributable to transactions of the Subadviser that are held in the Allocated Portion as of the last day of
the month, and such other information as the Adviser or the Fund may reasonably request in connection with any accounting or marketing services that the Adviser provides for the Fund. The Adviser and the Fund acknowledge that the Subadviser and the
Custodian may use different pricing vendors, which may result in valuation discrepancies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent reasonably requested by the Trust or the Adviser, use its reasonable best efforts to assist the
Chief Compliance Officer ("CCO") of the Trust in respect of Rule 38a-1 under the 1940 Act including, without limitation, providing the CCO of the Trust or the Adviser with (a) current
copies of applicable compliance policies and

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procedures of the Subadviser in effect from time to time (including notice of any material changes thereto on a quarterly basis), (b) reports of any violations of the Subadviser's compliance policies and procedures (including the Subadviser's Code of Ethics) that occurred in connection with the provision of services to the Fund, (c) a copy of the Subadviser's annual compliance report as required by Rule 206(4)-7 of the Advisers Act, (d) copies of any closing letter from any SEC examination of the Subadviser, as well as Subadviser's response thereto, and (e) upon request, a certificate of the CCO of the Subadviser to the effect that the policies and procedures of the Subadviser are reasonably designed to prevent violation of the Federal Securities Laws (as such term is defined in Rule 38a-1); <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comply with all relevant procedures and policies adopted by the Board in compliance with applicable law,
including without limitation, Rules 10f-3, 12d3-1, 17a-7 and 17e-1 under the 1940 Act,
and assist the Adviser in complying with the Pricing and Valuation Procedures (together, the "Fund Procedures") provided to the Subadviser by the Adviser or the Fund and notify the Adviser as soon as reasonably practicable upon detection
of any breach of such Fund Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain a written code of ethics (the "Code of Ethics") that it reasonably believes complies with
the requirements of Rule 17j-1 under the 1940 Act, a copy of which will be provided to the Adviser and the Fund, including any amendments thereto, and institute and enforce procedures reasonably necessary to
prevent "access persons," as such term is defined in Rule 17j-1, from violating its Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promptly complete and return to the Adviser or the Trust any compliance questionnaires or other inquiries
submitted to the Subadviser in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• furnish to the Trustees such information as may reasonably be requested in order for the Board to evaluate the Sub-advisory Agreement or any proposed amendments thereto for the purposes of approving the Sub-advisory Agreement, the renewal thereof or any amendment thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as reasonably requested by the Fund, provide the Fund with information and advice regarding assets in the
Allocated Portion to assist the Fund in determining the appropriate valuation of such assets and the appropriate pricing sources for such assets and whether pricing information provided by the Fund's pricing agents is reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• file with the SEC any report on Form 13F or Schedule 13G and any amendments thereto, required by the
Securities Exchange Act of 1934, as amended (the "Exchange Act **"**), with respect to its duties as are set forth in the Sub-advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as permitted by the Fund Procedures, shall treat confidentially, and shall not disclose without the
consent of the Fund, all information in respect of the portfolio investments of the Fund, including, without limitation, the identification and market value or other pricing information of any and all portfolio securities or other financial
instruments held by the Fund, and any and all trades of portfolio securities or other transactions effected for the Fund (including past, pending and proposed trades) unless such disclosure is required by federal and/or state regulatory authorities,
or applicable law, rules and regulations; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon request, will review the Fund's Summary Prospectus, Prospectus, Statement of Additional
Information, the schedule of investments in periodic reports to shareholders, reports and schedules filed with the SEC (including any amendment, supplement or sticker to any of the foregoing) and advertising and sales material relating to the Fund
(collectively, the "Disclosure Documents"), in each case solely with respect to the Allocated Portion, in order to ensure that, with respect to the disclosure about the Subadviser, the manner in which the Subadviser manages the Fund and
information relating to the Subadviser (the "Subadviser Disclosure"), such Disclosure Documents contain no untrue statements of material fact and do not omit any statement of material fact required to be stated therein or necessary to
make the statements therein not misleading.

**INDEMNIFICATION** 

The Subadviser is obligated to indemnify and hold harmless the Adviser and the Fund from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) (i) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Disclosure Document or the omission or alleged omission from a Disclosure Document of a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case solely with respect to the Subadviser Disclosure; and (ii) resulting from the Subadviser's willful misfeasance, bad faith or gross negligence in connection with the performance of the Subadviser's obligations under the Sub-advisory Agreement, or from the Subadviser's reckless disregard of its obligations and duties under the Sub-advisory Agreement; provided, however, that the Subadviser's obligation shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Adviser, is caused by or is otherwise directly related to the Adviser's own willful misfeasance, bad faith or gross negligence, or to the reckless disregard of its duties under the Sub-advisory Agreement.

The Adviser is obligated to indemnify and hold harmless the Subadviser from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) (i) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Disclosure Document or the omission or alleged omission from a Disclosure Document of a material fact required to be stated therein or necessary to make the statements therein not misleading, unless and to the extent such untrue statement of a material fact or omission was made in reliance upon, and is consistent with, information furnished to the Adviser by the Subadviser; or (ii) resulting from the Adviser's willful misfeasance, bad faith or gross negligence in connection with the performance of the Adviser's obligations under the Sub-advisory Agreement, or from the Adviser's reckless disregard of its obligations and duties under the Sub-advisory Agreement; provided, however, that the Adviser's obligation is reduced to the extent that the claim against, or the loss, liability or damage experienced by the Subadviser, is caused by or is otherwise directly related to the Subadviser's own willful misfeasance, bad faith, or gross negligence, or to the reckless disregard of its duties under the Sub-advisory Agreement.

**LIMITATION OF LIABILITY** 

The Subadviser shall be liable to the Fund and/or the Adviser for any loss (including brokerage charges) incurred by the Fund as a result of any investment made by the Subadviser in violation of the Fund's investment policies, investment guidelines and applicable law. The Subadviser shall have responsibility for the accuracy and completeness (and liability for the lack thereof) only of Disclosure

------

Documents furnished to the Subadviser by the Adviser or the Fund, and only with respect to the Subadviser Disclosure in such Disclosure Documents.

Except as set forth above, in the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the obligations or duties under the Sub-advisory Agreement on the part of the Subadviser, the Subadviser shall not be subject to liability to the Adviser or the Fund for any act or omission in the course of, or connected with, rendering services under the Sub-advisory Agreement or for any losses that may be sustained in the purchase, holding or sale of any security by the Fund, including, without limitation for any error of judgment, for any mistake of law, for any act or omission by the Subadviser.

**MAINTENANCE OF BOOKS AND RECORDS** 

Under the Sub-advisory Agreement, the Subadviser is required to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records relating to its activities under the Sub-advisory Agreement required to be maintained by Rule 31a-1 under the 1940 Act and to preserve the records relating to its activities under the Sub-advisory Agreement required by Rule 204-2 under the Advisers Act for the period specified in that rule. Notwithstanding the foregoing, the Subadviser has no responsibility for the maintenance of the Fund's records, except for those related to the Allocated Portion.

**REPORTING OBLIGATION** 

The Subadviser has an obligation to provide prompt notice to the Adviser and the Fund about developments relating to its duties as Subadviser of which the Subadviser has, or should have, knowledge that would materially affect the Fund, including but not limited to material changes in the employment status of key investment management personnel involved in the management of the Fund, material changes in the investment process used to manage the Fund, any changes in senior management, material changes to operations, financial condition, or ownership structure of the Subadviser's firm, and the occurrence of any event that would disqualify the Subadviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Subadviser shall immediately notify the Adviser and the Trust in the event that the Subadviser: (1) becomes subject to a statutory disqualification that prevents the Subadviser from serving as an investment adviser pursuant to the Sub-advisory Agreement; (2) is or becomes the subject of an administrative proceeding or enforcement action by the SEC or other regulatory authority (including, without limitation, any self-regulatory organization); and (3) receives notice of any investigation from the SEC or other regulatory authority that relates to the Trust or the Fund.

**DURATION AND TERMINATION** 

The Sub-advisory Agreement was approved by the Board at its meeting held on May 28–29, 2025 for an initial term of two years and is scheduled to continue in effect for subsequent periods only so long as continuance is specifically approved at least annually in conformance with the 1940 Act; provided, however, that the Sub-advisory Agreement may be terminated with respect to the Fund (a) by the Fund at any time, without the payment of any penalty, by the vote of a majority of the Board or by the vote of a majority of the outstanding voting securities of the Fund, (b) by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than 30 days' written notice to the Subadviser, or (c) by the Subadviser at any time, without the payment of any penalty, on 90 days' written notice to the Adviser. The Sub-advisory Agreement will terminate automatically and

------

immediately in the event of its assignment (as defined under the 1940 Act), or in the event of a termination of the Adviser's investment advisory agreement with the Trust, on behalf of the Fund.

**ADDITIONAL INFORMATION ABOUT OLIVE STREET AND DODGE & COX** 

**INFORMATION ABOUT OLIVE STREET** 

Olive Street, located at 12555 Manchester Road, St. Louis, Missouri 63131, currently serves as the investment adviser to the Fund pursuant to an investment advisory agreement between the Trust, on behalf of the Fund, and Olive Street dated July 10, 2013, as amended. As investment adviser, Olive Street manages the Fund pursuant to a manager-of-managers structure, whereby Olive Street has overall responsibility for the general management and day-to-day operations of the Fund but has retained one or more investment subadvisers to make the investment decisions for allocated portions of the Fund's assets. For these services, the Fund pays Olive Street an annual fee of 0.36% of its average daily net assets. The Adviser has contractually agreed to waive its management fees through at least October 28, 2025, to the extent management fees to be paid to the Adviser exceed the aggregate management fees payable by the Fund to the Fund's subadvisers.

For the fiscal year ended June 30, 2025, the Fund paid Olive Street advisory fees in the amount of $766,290,000. Olive Street waived $438,117,000 of such advisory fees.

**INFORMATION ABOUT DODGE & COX** 

Dodge & Cox, located at 555 California Street, 40<sup>th</sup> Floor, San Francisco, CA 94104, is the subadviser for the Allocated Portion of the Fund pursuant to the Sub-advisory Agreement. Dodge & Cox is registered as an investment adviser with the SEC and was founded in 1930. Dodge & Cox is entirely owned by its employees who are shareholders of the firm. No shareholder owns 25% or more of Dodge & Cox. For its services as a subadviser, Dodge & Cox is entitled to receive a fee from the Fund. As of June 30, 2025, Dodge & Cox had approximately $434.80 billion in assets under management.

Listed below are the names, titles and principal business addresses of each principal executive officer and director of Dodge & Cox.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name** | **Title** | **Address** |
| &nbsp;&nbsp;&nbsp;Dana Emery | Chair and Chief Executive Officer (until December 31, 2025) | 555 California Street, 40<sup>th</sup> Floor<br> San Francisco, CA 94104 |
| &nbsp;&nbsp; David Hoeft | Chair (beginning 2026), Senior Vice President and Chief Investment Officer | 555 California Street, 40<sup>th</sup> Floor<br> San Francisco, CA 94104 |
| &nbsp;&nbsp; Roger Kuo | Chief Executive Officer (beginning 2026), President | 555 California Street, 40<sup>th</sup> Floor<br> San Francisco, CA 94104 |
| &nbsp;&nbsp; Lucy Johns | Senior Vice President and Director of Fixed Income | 555 California Street, 40<sup>th</sup> Floor<br> San Francisco, CA 94104 |
| &nbsp;&nbsp; Raymond Mertens | Senior Vice President and Research Analyst | 555 California Street, 40<sup>th</sup> Floor<br> San Francisco, CA 94104 |
| &nbsp;&nbsp; Phil Barret | Senior Vice President and Research Analyst | 555 California Street, 40<sup>th</sup> Floor<br> San Francisco, CA 94104 |

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Dodge & Cox currently acts as adviser to one other registered investment company with similar investment objectives to those of the Fund. The table below sets forth certain information with respect to the assets of the other registered investment company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Assets of Investment Company**<br> **(as of June 30, 2025)** |
| &nbsp;&nbsp; Dodge & Cox Income Fund | $96.6 billion |

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**ADDITIONAL INFORMATION ABOUT THE FUND** 

**INFORMATION ABOUT OTHER SERVICE PROVIDERS** 

Brown Brothers Harriman & Co., located at 50 Post Office Square, Boston, MA 02110, serves as the Fund's Administrator and Custodian.

ALPS Fund Services, Inc., located at 1290 Broadway, Suite 1100, Denver, Colorado 80203, serves as the Fund's Transfer Agent and dividend disbursing agent.

ALPS Distributors, Inc., located at 1290 Broadway, Suite 1100, Denver, Colorado 80203, acts as principal underwriter in a continuous public offering of the Fund's shares.

**PAYMENT OF EXPENSES** 

The Fund will pay the expenses of the preparation, printing and mailing of this Information Statement.

**COMMISSIONS PAID TO AFFILIATED BROKERS** 

During the Fund's most recently completed fiscal year ended June 30, 2025, the Fund did not pay any commissions to any affiliated brokers.

**BENEFICIAL OWNERSHIP OF SHARES** 

As of July 31, 2025, the following persons owned of record more than 5% of the shares of the Fund. On that date, the trustees and officers of the Fund, together as a group, beneficially owned less than 1% of the Fund's outstanding shares.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Address** | **Number of Shares** | **Percent** |
| &nbsp;&nbsp; Edward D. Jones & Co.<br> FBO Customers<br> 12555 Manchester Road<br> St. Louis, MO 63131-3729 | 4658437912.711 | 99.9990% |

---

The information as to beneficial ownership is based on statements furnished to the Fund by the trustees of the Trust and/or on the records of the Trust's transfer agent.

------

**ANNUAL REPORT TO SHAREHOLDERS** 

For a free copy of the Fund's most recent annual report, semi-annual report or financial statements filed on Form N-CSR, shareholders of the Fund may visit <u>www.bridgebuildermutualfunds.com/literature</u>, call 1-855-823-3611, write to the Fund via e-mail at <u>bridgebuilder@edwardjones.com</u>, or write to the Fund at:

Mailing Address**:**

**Bridge Builder Trust** 

P.O. Box 219062

Kansas City, MO 64121-9062

Overnight Address:

**Bridge Builder Trust** 

430 W 7th Street, Suite 219062

Kansas City, MO 64105-1407

**SHAREHOLDERS SHARING THE SAME ADDRESS** 

If two or more Fund shareholders share the same address, only one copy of this Information Statement is being delivered to that address, unless the Trust has received contrary instructions from one or more of the shareholders at that shared address. Upon written or oral request, the Trust will deliver promptly a separate copy of this Information Statement to a shareholder at a shared address. Please call 1-855-823-3611 or forward a written request to the following addresses if you would like to: (1) receive a separate copy of this Information Statement; (2) receive your annual reports, semi-annual reports or information statements separately in the future; or (3) request delivery of a single copy of annual reports, semi-annual reports or information statements if you are currently receiving multiple copies at a shared address:

Mailing Address:

**Bridge Builder Trust** 

P.O. Box 219062

Kansas City, MO 64121-9062

Overnight Address:

**Bridge Builder Trust** 

430 W 7th Street, Suite 219062

Kansas City, MO 64105-1407

**SUBMISSION OF SHAREHOLDER PROPOSALS** 

The Trust is organized as a Delaware statutory trust under the laws of the State of Delaware. As such, the Trust is not required to, and does not, hold annual meetings. Nonetheless, the Board may call a special meeting of shareholders for action by shareholder vote as may be required by the 1940 Act or as required or permitted by the Declaration of Trust and By-Laws of the Trust. Shareholders of the Fund who wish to present a proposal for action at a future meeting should submit a written proposal to the Trust for inclusion in a future proxy statement. Submission of a proposal does not necessarily mean that such proposal will be included in the Fund's proxy statement since inclusion in the proxy

------

statement is subject to compliance with certain federal regulations. Shareholders retain the right to request that a meeting of the shareholders be held for the purpose of considering matters requiring shareholder approval.

**EXHIBIT INDEX** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Exhibit No.** | **Exhibit** |
| &nbsp;&nbsp;&nbsp;(A) | Investment Sub-advisory Agreement (Dodge & Cox) dated June 5, 2025 |

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**<u>EXHIBIT A</u>**

**INVESTMENT SUB-ADVISORY AGREEMENT** 

This **AGREEMENT** is made as of the 5<sup>th</sup> day of June, 2025, by and among Dodge & Cox, a California corporation, located at 555 California St., 40<sup>th</sup> Fl., San Francisco, CA 94104 (the "**Subadviser**"), Olive Street Investment Advisers, LLC, a Missouri limited liability company located at 12555 Manchester Road, St. Louis, MO 63131 (the "**Adviser**"), and the Bridge Builder Trust, a Statutory trust located at 12555 Manchester Road, St. Louis, MO 63131 (the "**Trust**"), on behalf of the series of the Trust indicated on Schedule A to this Agreement (each, a "**Fund**" and collectively, the "**Funds**").

**WHEREAS**, the Adviser and the Subadviser are each registered as investment advisers under the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"); and

**WHEREAS**, Bridge Builder Trust, a Delaware statutory trust located at 12555 Manchester Road, St. Louis, MO 63131 (the "**Trust**"), is an open-end investment company with one or more series of shares and is registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"); and

**WHEREAS**, the Trust has retained the Adviser to perform investment advisory services for the Funds, under the terms of an investment advisory agreement, dated August 1, 2013, as amended, between the Adviser and the Trust on behalf of the Fund (the "**Advisory Agreement**"), and

**WHEREAS**, the Advisory Agreement provides that the Adviser may retain one or more subadvisers, subject to the approval of the Trust's Board of Trustees (the "**Board**"), including a majority of trustees of the Board who are not "interested persons" of the Adviser (the "**Independent Trustees**"), in accordance with the requirements of the 1940 Act, to render portfolio management services to the Fund pursuant to investment sub-advisory agreements between the Fund, the Adviser and each such subadviser; and

**WHEREAS**, the Trust's Board has duly consented to and approved the appointment of the Subadviser to provide investment advisory services (the "**Services**") to a portion of the assets of the Fund allocated to the Subadviser (the "**Allocated Portion**"); and

**WHEREAS**, the Adviser, acting pursuant to the Advisory Agreement, wishes to retain the Subadviser to provide the Services to the Allocated Portion in the manner and on the terms set out in this Agreement, and the Subadviser desires to provide such Services.

**NOW, THEREFORE, WITNESSETH**: The parties hereby agree as follows:

**1.**  **<u>APPOINTMENT OF SUBADVISER</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Acceptance</u>. The Adviser hereby appoints the Subadviser, and the Subadviser hereby accepts the
appointment, on the terms herein set forth and for the

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compensation herein provided, to act as an investment adviser to the Fund with respect to the Allocated Portion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Independent Contractor</u>. The Subadviser shall for all purposes herein be deemed to be an independent
contractor and shall, unless otherwise expressly provided or authorized in this Agreement or another writing by the Trust or Adviser to the Subadviser, have no authority to act for or be deemed an agent of the Trust or the Fund in any way, or in any
way be deemed an agent for the Trust or for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>The Subadviser's Representations</u>. The Subadviser represents, warrants and agrees that
(i) it has all requisite power and authority to enter into and perform its obligations under this Agreement; (ii) it has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement;
(iii) neither it nor any "**affiliated person**" of it, as such term is defined in section 2(a)(3) of the 1940 Act, is subject to any disqualification that would make it unable to serve as an investment adviser to a registered
investment company under Section 9 of the 1940 Act; (iv) it is duly registered as an adviser under the Advisers Act; and (v) except as otherwise specified herein, it will not delegate any obligation assumed pursuant to this Agreement
to any third party without first obtaining the written consent of the Fund and the Adviser.

The Subadviser further represents, warrants, and agrees that it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Use its best judgment and efforts in rendering the advice and services to the Trust and the Fund as
contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Maintain all licenses and registrations necessary to perform its duties hereunder in good order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Conduct its operations at all times in conformance with the Advisers Act, the 1940 Act, and any other
applicable state and/or self-regulatory organization regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Maintain errors and omissions insurance coverage in an amount not less than an $50 million and shall
provide written notice to the Trust (i) of any cancellation of its insurance policies or material reduction in insurance coverage; or (ii) if any claims are made on Subadviser's errors and omissions insurance policy that would
substantially reduce the level of coverage set forth above. Furthermore, the Subadviser shall, upon reasonable request, provide the Trust with any information it may reasonably require concerning the amount of or scope of such insurance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>The Adviser's Representations</u>. The Adviser represents, warrants and agrees that it has all
requisite power and authority to enter into and perform its obligations under this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement. The Adviser further represents,
warrants and agrees that it has the authority under the Advisory Agreement to appoint the Subadviser. The Adviser represents, warrants and agrees that either (A) the Fund is not a "commodity pool" as defined in the Commodity
Exchange Act (the "CEA"); or (B) in the event the Fund engages in trading certain derivative contracts subject to CFTC regulation, the Adviser represents that, with respect to the Fund: (a) pursuant to Commodity Futures Trading
Commission Rule 4.5 ("Rule 4.5"), the Adviser is not required to be registered as a "commodity pool operator" under the Commodity Exchange Act with respect to the Fund; and (b) a notice of eligibility claiming exclusion
from registration has been filed in accordance with Rule 4.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Plenary authority of the Board</u>. The Subadviser and Adviser both acknowledge that the Fund is a mutual
fund that operates as a series of the Trust under the authority of the Board.

**2.**  **<u>DELIVERY OF DOCUMENTS</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser has furnished or will furnish to the Subadviser copies of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Declaration of the Trust as in effect on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The By-laws of the Trust in effect on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The resolutions of the Board approving the engagement of the Subadviser as a subadviser for the Allocated
Portion and approving the form of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Code of Ethics of the Trust and of the Adviser as currently in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Current copies of the Fund's Prospectus and Statement of Additional Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Any information that the Subadviser may reasonably request to enable it to perform its duties and
obligations under this Agreement or to comply with applicable law, including: (a) a list of affiliates and affiliates of such affiliates of the Fund; (b) a list, if any, specific securities in which the Adviser prohibits investment for the
Fund; (c) a

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current copy of any applicable compliance procedures for the Fund; and (d) each "government entity" (as defined by Rule 206(4)-5 under the Advisers Act), invested in a Fund where the account of such government entity can reasonably be identified as being held in the name of or for the benefit of such government entity on the records of the Fund. <br>

The Adviser shall furnish the Subadviser from time to time with copies of all material amendments of or material supplements to the foregoing, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser has furnished or will furnish the Adviser with copies of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subadviser's most recent registration statement on Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subadviser's most recent year-end balance sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) separate lists of persons whom the Subadviser wishes to have authorized to give written and/or oral
instructions to the custodian (the "**Custodian**") and accounting agent of the Fund's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Code of Ethics (defined below) of the Subadviser as currently in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Subadviser's proxy voting policies as currently in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) complete and accurate copies of any applicable compliance manuals, trading, commission and other reports,
insurance certificates, and such other management or operational documents as the Adviser may reasonably request in writing (on behalf of itself of the Board) in assessing the Subadviser.

The Subadviser shall furnish the Adviser from time to time with copies of all material amendments of or material supplements to the foregoing, if any. Additionally, the Subadviser shall provide to the Adviser such other documents relating to its services under this Agreement as the Adviser may reasonably request on a periodic basis. Such amendments or supplements shall be provided within thirty (30) days of the time such materials became available to the Subadviser, except that material updates to items set forth in items (iv)-(vi) shall be provided quarterly.

**3.**  **<u>PROVISION OF INVESTMENT SUB-ADVISORY SERVICES</u>** 

Subject to the supervision of the Board and the Adviser, the Subadviser shall manage the investments of the Allocated Portion in accordance with the Fund's investment objective, policies, and restrictions as provided in the Fund's Prospectus and Statement of Additional Information, as currently in effect and as amended or supplemented from time to time and

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provided to the Subadviser, and in compliance with the requirements applicable to registered investment companies under applicable laws, including, but not limited to, the 1940 Act, the Commodity Exchange Act (the "**CEA**") and the rules of the National Futures Association (the "**NFA Rules**"), and those requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. From time to time, the Adviser or the Fund may provide the Subadviser with written copies of other investment policies, guidelines and restrictions applicable to the Subadviser's management of the Allocated Portion, which shall become effective at such time as agreed upon by both parties. Subject to each of the foregoing sentences above, the Subadviser shall have full discretionary authority to manage the investment of the assets of the Allocated Portion, including the authority to purchase, sell, cover open positions, and generally to deal in securities, financial and commodity futures contracts, options, short-term investment vehicles and other property and assets comprising or relating to the Allocated Portion.

In addition, with respect to the Allocated Portion, the Subadviser will, at its own expense:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) advise the Adviser and the Fund in connection with investment policy decisions made by it regarding the Fund
and, upon request, furnish the Adviser and the Fund with investment commentary, and economic and statistical data in connection with the Fund's investments and investment policies (provided that Subadviser will not be required to disclose any
proprietary or confidential information with respect to its investment policy decisions or research);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) submit such reports and information as the Adviser or the Fund may reasonably request and Sub-Advisor is reasonably able to provide to assist the Custodian in its determination of the market value of securities held in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) obtain and evaluate pertinent economic, financial, and other information affecting the economy generally and
certain investment assets as such information relates to securities or other financial instruments that are purchased for or considered for purchase by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) employ professional portfolio managers and, if deemed necessary, securities analysts who provide research
services in connection with Subadviser's services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) place orders for purchases and sales of portfolio investments for the Allocated Portion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) give instructions to the Custodian concerning the delivery of securities and transfer of cash for the
Allocated Portion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in accordance with the deadline provided to the Subadviser by the Fund or Adviser (or their agents, such as
the Custodian), the Subadviser shall, as soon

------

as practicable after the close of business each day, but no later than the communicated deadline, provide the Custodian with electronic copies of trade tickets for each transaction effected for the Allocated Portion by the Subadviser. In addition, the Subadviser shall provide electronic copies of such trade tickets to the Adviser and the applicable Fund upon request, and promptly forward to the Custodian electronic copies of all brokerage or dealer confirmations received by the Subadviser; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) as soon as practicable following the end of each calendar month, provide the Adviser and the Fund with
written statements showing all transactions effected for the Allocated Portion during the month by the Subadviser, a summary listing all investments attributable to transactions of the Subadviser that are held in the Allocated Portion as of the last
day of the month, and such other information as the Adviser or the Fund may reasonably request in connection with any accounting or marketing services that the Adviser provides for the Fund. The Adviser and the Fund acknowledge that Subadviser and
Custodian may use different pricing vendors, which may result in valuation discrepancies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent reasonably requested by the Trust or the Adviser, use its reasonable best efforts to assist
the Chief Compliance Officer of the Trust in respect of Rule 38a-1 under the 1940 Act including, without limitation, providing the Chief Compliance Officer of the Trust or the Adviser with (a) current
copies of applicable compliance policies and procedures of the Subadviser in effect from time to time (including notice of any material changes thereto on a quarterly basis), (b) reports of any violations of the Subadviser's compliance
policies and procedures (including the Subadviser's Code of Ethics) that occurred in connection with the provision of services to the Fund, (c) a copy of the Subadviser's annual compliance report as required by Rule 206(4)-7 of the Advisers Act, (d) copies of any closing letter from any SEC examination of the Subadviser, as well as Subadviser's response thereto, and (e) upon request, a certificate of the Chief
Compliance Officer of the Subadviser to the effect that the policies and procedures of the Subadviser are reasonably designed to prevent violation of the Federal Securities Laws (as such term is defined in Rule 38a-1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) comply with all relevant procedures and policies adopted by the Board in compliance with applicable law,
including without limitation, Rules 10f-3, 12d3-1, 17a-7 and 17e-1 under the 1940 Act,
and assist the Adviser in complying with the Pricing and Valuation Procedures (together, the "**Fund Procedures**") provided to the Subadviser by the Adviser or the Fund and notify the Adviser as soon as reasonably practicable upon
detection of any breach of such Fund Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) maintain a written code of ethics (the "**Code of Ethics**") that it reasonably believes
complies with the requirements of Rule 17j-1 under the 1940 Act, a copy of which will be provided to the Adviser and the Fund, including any

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amendments thereto, and institute and enforce procedures reasonably necessary to prevent "**access persons**," as such term is defined in Rule 17j-1, from violating its Code of Ethics; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) promptly complete and return to the Adviser or the Trust any compliance questionnaires or other inquiries
submitted to the Subadviser in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) furnish to the Trustees such information as may reasonably be requested in order for the Board to evaluate
this Agreement or any proposed amendments thereto for the purposes of approving this Agreement, the renewal thereof or any amendment hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) as reasonably requested by the Fund, provide the Fund with information and advice regarding assets in the
Allocated Portion to assist the Fund in determining the appropriate valuation of such assets and the appropriate pricing sources for such assets and whether pricing information provided by the Fund's pricing agents is reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) file with the SEC any report on Form 13F or Schedule 13G and any amendments thereto, required by the
Securities Exchange Act of 1934 (the "**Exchange Act**), with respect to its duties as are set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) except as permitted by the Fund Procedures, shall treat confidentially, and shall not disclose without the
consent of the Fund, all information in respect of the portfolio investments of the Fund, including, without limitation, the identification and market value or other pricing information of any and all portfolio securities or other financial
instruments held by the Fund, and any and all trades of portfolio securities or other transactions effected for the Fund (including past, pending and proposed trades) unless such disclosure is required by federal and/or state regulatory authorities,
or applicable law, rules and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) upon request, will review the Fund's Summary Prospectus, Prospectus, Statement of Additional
Information, the schedule of investments in periodic reports to shareholders, reports and schedules filed with the Securities and Exchange Commission (the "**SEC**") (including any amendment, supplement or sticker to any of the
foregoing) and advertising and sales material relating to the Fund (collectively, the "**Disclosure Documents** "), in each case solely with respect to the Allocated Portion, in order to ensure that, with respect to the disclosure
about the Subadviser, the manner in which the Subadviser manages the Fund and information relating to the Subadviser (the "**Subadviser Disclosure** "), such Disclosure Documents contain no untrue statements of material fact and do not
omit any statement of material fact required to be stated therein or necessary to make the statements therein not misleading.

In providing services under this Agreement, the Subadviser shall (i) maintain all licenses and registrations necessary to perform its duties hereunder in good order; (ii) conduct its operations at all times in conformance with the Advisers Act, the 1940 Act, the CEA, the

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NFA Rules and any other applicable state and/or self-regulatory organization regulations; and (iii) maintain errors and omissions insurance in an amount not materially less than that disclosed to the Board in connection with their approval of this Agreement.

The Fund or its agent will provide timely information to the Subadviser regarding such matters as inflows to and outflows from the Fund and the cash requirements of, and cash available for investment in, the Fund. The Fund or its agent will timely provide the Subadviser with copies of monthly accounting statements for the Fund, and such other information as may be reasonably necessary or appropriate in order for the Subadviser to perform its responsibilities hereunder.

The Adviser will be responsible for all class actions and lawsuits involving the Fund or securities held, or formerly held, in the Fund. The Subadviser is not required to take any action or to render investment-related advice with respect to lawsuits involving the Fund, including those involving securities presently or formerly held in the Fund, or the issuers thereof, including actions involving bankruptcy. In the case of notices of class action suits received by the Subadviser involving issuers presently or formerly held in the Fund, the Subadviser shall promptly forward such notices to the Adviser and, with the consent of the Adviser, may provide information about the Fund to third parties for purposes of participating in any settlements relating to such class actions.

In rendering the services required under this Agreement, and upon written notification to the Adviser, the Subadviser may, consistent with applicable law, from time to time employ, delegate, or associate with itself such affiliated or unaffiliated person or persons as it believes reasonably necessary to assist it in carrying out its obligations under this Agreement; provided, however, that any such delegation shall not involve any such person serving as an "adviser" to the Funds within the meaning of the 1940 Act. The Subadviser will act in good faith in the selection, use and monitoring of any such persons and the employment, delegation, or association with any such persons shall not relieve the Subadviser of any of its obligations under this Agreement. For the avoidance of doubt, the Adviser shall not be responsible for any fees that any such person may charge to Subadviser for such services.

**4.**  **<u>PROXY VOTING</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser hereby delegates to the Subadviser the Adviser's discretionary authority to exercise
voting rights with respect to the securities and investments of the Allocated Portion of the Fund, provided however, that the Fund may terminate this delegation upon written notice to the Subadviser. Absent specific written notice to Subadviser
terminating its proxy voting authority, and subject to its receipt of all necessary voting materials, the Subadviser shall vote all proxies with respect to investments of the Fund in accordance with the Subadviser's proxy voting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser's proxy voting policies shall comply with any rules or regulations promulgated by the
SEC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser shall maintain and preserve a record, in an easily-accessible place for a period of not less
than three (3) years (or longer, if required by law), of the Subadviser's voting procedures, of the Subadviser's actual votes, and such other information required for the Fund to comply with any rules or regulations promulgated by
the SEC. The Subadviser shall supply updates of this record to the Adviser or any authorized representative of the Adviser, or to the Fund on a quarterly basis (or more frequently, upon the request of the Adviser). The Subadviser shall provide the
Adviser and the Fund with information regarding the policies and procedures that the Subadviser uses to determine how to vote proxies relating to the Allocated Portion.

**5.**  **<u>ALLOCATION OF EXPENSES</u>** 

Each party to this Agreement shall bear the costs and expenses of performing its obligations hereunder. In this regard, the Adviser specifically agrees that the Subadviser shall not be responsible for the following expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fees and expenses incurred in connection with the issuance, registration and transfer of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) brokerage and commission expenses incurred by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all expenses of transfer, receipt, safekeeping, servicing and accounting for the cash, securities and other
property of the Trust for the benefit of the Fund including all fees and expenses of its Custodian, shareholder services agent and accounting services agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) interest charges on any Fund borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) costs and expenses of pricing and calculating its daily net asset value (including, without limitation, any
equipment or services obtained for the purpose of pricing shares or valuing the Fund's assets) and of maintaining its books of account required under the 1940 Act, except for the expenses incurred by the Subadviser in connection with its
services under Section 13 hereunder, which are expenses of the Subadviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Fund taxes, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except as stated below, expenditures in connection with meetings of the Fund's shareholders and the
Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Salaries and expenses of officers of the Trust, including without limitation the Trust's Chief
Compliance Officer, and fees and expenses of members of the Board or members of any advisory board or committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) insurance premiums on property or personnel of the Fund which inure to its benefit, including liability and
fidelity bond insurance;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) legal, auditing and accounting fees of the Fund and trade association dues or educational program expenses
of the Trust or the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) fees and expenses (including legal fees) of registering and maintaining registration of the Fund's
shares for sale under applicable securities laws; all expenses of maintaining and servicing shareholder accounts, including all charges for transfer, shareholder recordkeeping, dividend disbursing, redemption, and other agents for the benefit of the
Fund, if any.

The Subadviser specifically agrees that with respect to the operation of the Fund, the Subadviser shall be responsible for (i) providing the personnel, office space, furnishings and equipment reasonably necessary to provide its sub-advisory services the Fund hereunder, and (ii) its proportionate share of the costs of any special Board meetings or shareholder meetings convened for the primary benefit of the Subadviser. Additionally, the Subadviser agrees that the Subadviser shall be responsible for reasonable expenses incurred by the Fund or Adviser with respect to the Allocated Portion in responding to a legal, administrative, judicial or regulatory action, claim, or suit involving the Subadviser to which neither the Fund nor the Adviser is a party. Nothing in this Agreement shall alter the allocation of expenses and costs agreed upon between the Fund and the Adviser in the Advisory Agreement or any other agreement to which they are parties.

**6.**  **<u>SUB-ADVISORY FEES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Fund shall pay to the Subadviser, and the Subadviser agrees to accept, as full compensation for all
services furnished or provided to such Fund pursuant to this Agreement a fee, based on the Current Net Assets of the Allocated Portion, as set forth in Schedule A attached hereto and made a part hereof. Such fee shall be accrued daily and payable
monthly, as soon as practicable after the last day of each calendar month. In the case of termination of this Agreement with respect to the Fund during any calendar month, the fee with respect to the Allocated Portion accrued to, but excluding, the
date of termination shall be paid promptly following such termination. For purposes of computing the amount of sub-advisory fee accrued for any day, "Current Net Assets" shall mean the Allocated
Portion's net assets, managed by the Subadviser, as of the most recent preceding day for which the Fund's net assets were computed by the Custodian. For the avoidance of doubt, notwithstanding the fact that the Agreement has not been
terminated, no fee will be accrued under this Agreement with respect to any day that the value of the Current Net Assets of the Allocated Portion equals zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser voluntarily may reduce any portion of the fees due to it pursuant to this Agreement. Any such
reduction shall be applicable only to such specific reduction and shall not constitute an agreement to reduce any future compensation due to the Subadviser hereunder.

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**7.**  **<u>PORTFOLIO TRANSACTIONS</u>** 

In connection with the investment and reinvestment of the assets of the Fund, the Subadviser is authorized to select the brokers or dealers that will execute purchase and sale transactions for the Allocated Portion's portfolio (the "**Portfolio**") and shall use all reasonable efforts to obtain the best available price and most favorable execution with respect to all such purchases and sales of portfolio securities for said Portfolio. The Subadviser may take into consideration, among other things, the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Fund on a continuing basis. The price to the Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the portfolio execution services offered. The Subadviser shall maintain records adequate to demonstrate compliance with the requirements of this paragraph. Such records shall be made available to the Fund or Adviser upon request.

In evaluating the best overall terms available, and in selecting the broker-dealer to execute a particular transaction, the Subadviser may also consider the brokerage and research services provided (as those terms are defined in Section 28(e) of the Exchange Act). Consistent with any guidelines established by the Board and Section 28(e) of the Exchange Act, the Subadviser is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Subadviser determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer – viewed in terms of that particular transaction or in terms of the overall responsibilities of the Subadviser to its discretionary clients, including the Fund. In addition, the Subadviser is authorized to allocate purchase and sale orders for securities to brokers or dealers (including brokers and dealers that are affiliated with the Adviser, Subadviser or the Trust's principal underwriter) if the Subadviser believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms. In no instance, however, will the Fund's assets be purchased from or sold to the Adviser, Subadviser, the Trust's principal underwriter, or any affiliated person of either the Trust, Adviser, the Subadviser or the principal underwriter, acting as principal in the transaction, except to the extent permitted by the SEC and the 1940 Act.

The Adviser and the Fund authorize and empower the Subadviser to direct the Custodian to open and maintain accounts for trading in securities and other investments (all such accounts hereinafter called "**brokerage accounts**") for and in the name of the Fund. In addition, in connection with establishing such brokerage accounts, the Adviser and the Fund authorize and empower the Subadviser to execute for the Fund as its agent and attorney-in-fact reasonable and customary customer agreements and other documentation in connection therewith, such as International Swaps and Derivatives Association (ISDA) agreements, Master Securities Forward Transaction Agreements (MSFTAs), and futures and options account agreements, with brokers, dealers, and/or futures commission merchants as the

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Subadviser shall select as provided above. Subadviser is authorized disclose information regarding the Adviser and the Fund to the extent reasonably required in connection with this section (which information the Adviser agrees to provide to the extent it is not otherwise known by the Subadviser). Subject to applicable law, including the custody requirements under the 1940 Act, the Subadviser may, using such of the securities and other investments of the Fund as the Subadviser deems necessary or desirable, direct the Custodian to deposit for the Fund original and maintenance brokerage and margin deposits and otherwise direct payments of cash, cash equivalents and securities and other property into such brokerage accounts and to such brokers or to a collateral account established with the Custodian as the Subadviser deems desirable or appropriate and as is required by applicable law. The Subadviser shall cause all securities and other property purchased or sold for the Fund to be settled at the place of business of the Custodian or as the Custodian shall direct. All securities and other property of the Fund shall remain in the direct or indirect custody of the Custodian, except as otherwise permitted by applicable law. The Subadviser shall notify the Custodian as soon as practicable of the necessary information to enable the Custodian to effect such purchases and sales.

The Subadviser further shall have the authority to instruct the Custodian (i) to pay cash for securities and other property delivered to the Custodian for the Fund, (ii) to deliver securities and other property against payment for the Fund, and (iii) to transfer assets and funds to such brokerage accounts as the Subadviser may designate, all consistent with the powers, authorities and limitations set forth herein. The Subadviser shall not have authority to cause the Custodian to deliver securities and other property, or pay cash to the Subadviser except as expressly provided herein.

**8.**  **<u>LIABILITY; STANDARD OF CARE AND INDEMNIFICATION</u>** 

The Subadviser shall comply with all applicable laws and regulations in the discharge of its duties under this Agreement; shall (as provided in Section 3 above) comply with the investment policies, guidelines and restrictions of the Fund; shall act at all times in the best interests of the Fund; and shall discharge its duties with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of a similar enterprise. The Subadviser shall be liable to the Fund and/or the Adviser for any loss (including brokerage charges) incurred by the Fund as a result of any investment made by the Subadviser in violation of the first paragraph of Section 3 hereof. The Subadviser shall have the responsibility for the accuracy and completeness (and liability for the lack thereof) only of Disclosure Documents furnished to the Subadviser by the Adviser or the Fund, and only with respect to the Subadviser Disclosure in such Disclosure Documents.

Except as set forth above, in the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the obligations or duties hereunder on the part of the Subadviser, the Subadviser shall not be subject to liability to the Adviser or the Fund for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security by the Fund,

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including, without limitation for any error of judgment, for any mistake of law, for any act or omission by the Subadviser. Notwithstanding the foregoing, federal securities laws and certain state laws impose liabilities under certain circumstances on persons who have acted in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which the Adviser or Fund may have under any federal securities law or state law.

The Subadviser shall indemnify and hold harmless the Adviser and the Fund from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) (i) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Disclosure Document or the omission or alleged omission from a Disclosure Document of a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case solely with respect to the Subadviser Disclosure; and (ii) resulting from the Subadviser's willful misfeasance, bad faith or gross negligence in connection with the performance of the Subadviser's obligations under this Agreement, or from the Subadviser's reckless disregard of its obligations and duties under this Agreement; provided, however, that the Subadviser's obligation under this Section 8 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Adviser, is caused by or is otherwise directly related to the Adviser's own willful misfeasance, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement.

In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the obligations or duties hereunder on the part of the Adviser or Fund, the Adviser or Fund shall not be subject to liability to the Subadviser for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security by the Fund, including, without limitation for any error of judgment, for any mistake of law, for any act or omission by the Adviser or the Fund. Notwithstanding the foregoing, federal securities laws and certain state laws impose liabilities under certain circumstances on persons who have acted in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which the Subadviser may have under any federal securities law or state law.

The Adviser shall indemnify and hold harmless the Subadviser from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) (i) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Disclosure Document or the omission or alleged omission from a Disclosure Document of a material fact required to be stated therein or necessary to make the statements therein not misleading, unless and to the extent such untrue statement of a material fact or omission was made in reliance upon, and is consistent with, information furnished to the Adviser by the Subadviser; or (ii) resulting from the Adviser's willful misfeasance, bad faith or gross negligence in connection with the performance of the Adviser's obligations under this Agreement, or from the Adviser's reckless disregard of its obligations and duties under this Agreement; provided, however, that the Adviser's obligation under this Section 8 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Subadviser, is caused by or is otherwise directly related to the

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Subadviser's own willful misfeasance, bad faith, or gross negligence, or to the reckless disregard of its duties under this Agreement.

No provision of this Agreement shall be construed to protect any Trustee or Officer of the Fund, or officer of the Adviser or Subadviser, from liability in violation of Sections 17(h) and (i) of the 1940 Act. None of the Adviser, the Fund, or the Subadviser shall be liable to the other parties for consequential, indirect, special or hypothetical damages or losses. For the avoidance of doubt, the Subadviser shall not be responsible for any loss or damage incurred by reason of any act or omission by the Custodian.

The Subadviser shall not be obligated to perform any service not described in this Agreement, and shall not be deemed by virtue of this Agreement to have made any representation or warranty that any level of investment performance or level of investment results will be achieved. For the avoidance of doubt, the Subadviser shall not be responsible hereunder for any portion of a Fund other than the Allocated Portion.

**9.**  **<u>TERM AND TERMINATION OF THIS AGREEMENT; NO ASSIGNMENT</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon approval by the Board and its execution by the parties hereto.
Pursuant to the exemptive relief obtained in the SEC Order dated on or about August 6, 2013, Investment Company Act Release No. 30592, approval of the Agreement by a majority of the outstanding voting securities of the Fund is not
required, and the Subadviser acknowledges that it shall be without the protection (if any) accorded by shareholder approval of an investment adviser's receipt of compensation under Section 36(b) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue in effect for a period of more than two years from the date hereof only so
long as continuance is specifically approved at least annually in conformance with the 1940 Act; provided, however, that this Agreement may be terminated with respect to the Fund (a) by the Fund at any time, without the payment of any penalty,
by the vote of a majority of Trustees of the Trust or by the vote of a majority of the outstanding voting securities of the Fund, (b) by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than
30 days' written notice to the Subadviser, or (c) by the Subadviser at any time, without the payment of any penalty, on 90 days' written notice to the Adviser. This Agreement shall terminate automatically and immediately in the
event of its assignment, or in the event of a termination of the Advisory Agreement. As used in this Section 9, the terms "**assignment**" and "**vote of a majority of the outstanding voting securities**" shall
have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of a termination, the Subadviser shall cooperate in the orderly transfer of the Fund's
affairs and, at the request of the Board or the Adviser, transfer any and all books and records of the Fund maintained by the Subadviser on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Subadviser shall promptly notify the Adviser of any proposed transaction or other event that could
reasonably be expected to result in an assignment of this Agreement within the meaning of the 1940 Act.

**10.**  **<u>SERVICES NOT EXCLUSIVE</u>** 

The services of the Subadviser to the Adviser and the Fund are not to be deemed exclusive and it shall be free to render similar services to others so long as its services hereunder are not impaired thereby. It is specifically understood that directors, officers and employees of the Subadviser and of its subsidiaries and affiliates may continue to engage in providing portfolio management services and advice to other investment advisory clients. The Adviser agrees that the Subadviser may give advice and take action in the performance of its duties with respect to any of its other clients which may differ from advice given or the timing or nature of action taken with respect to the Fund. Nothing in this Agreement shall be deemed to require the Subadviser, its principals, affiliates, agents or employees to purchase or sell for the Fund any security which it or they may purchase or sell for its or their own account or the for the account of any other client.

**11.**  **<u>AGGREGATION OF ORDERS</u>** 

Nothing in this Agreement shall preclude the combination of orders for the sale or purchase of portfolio securities of the Fund with those for other accounts managed by the Subadviser or its affiliates, if orders are allocated in a manner deemed equitable by the Subadviser among the accounts and if such combination of orders and the allocation thereof is consistent with its policies and procedures and applicable law. The Subadviser agrees that (i) it will not aggregate transactions unless aggregation is consistent with its duty to seek best execution; (ii) over time, no account will be favored or disfavored over any other account; and (iii) allocations will be made in accordance with the Subadviser's compliance policies and procedures and applicable law. The Subadviser also agrees to provide such documentation and/or information to the Fund or Adviser as is reasonably necessary to allow the Fund or Adviser to determine whether orders for the Fund have been aggregated and allocated equitably.

**12.**  **<u>AMENDMENT</u>** 

No provision of this Agreement may be changed, waived, discharged or terminated orally, and this Agreement may be amended only by an instrument in writing signed by all parties and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

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**13.**  **<u>BOOKS AND RECORDS</u>** 

In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Subadviser hereby agrees that all records which it maintains for the Fund are the property of the Trust and further agrees to surrender promptly to the Trust copies of any such records upon the Fund's or the Adviser's request, provided, however, that the Subadviser may retain copies of any records to the extent required for it to comply with applicable laws. The Subadviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records relating to its activities hereunder required to be maintained by Rule 31a-1 under the 1940 Act and to preserve the records relating to its activities hereunder required by Rule 204-2 under the Advisers Act for the period specified in said Rule. Notwithstanding the foregoing, the Subadviser has no responsibility for the maintenance of the records of the Fund, except for those related to the Allocated Portion.

**14.**  **<u>NONPUBLIC PERSONAL INFORMATION; CONFIDENTIALITY</u>** 

Notwithstanding any provision herein to the contrary, the Subadviser hereto agrees on behalf of itself and its directors, trustees, shareholders, officers, and employees (1) to treat confidentially and as proprietary information of the Fund (a) all records and other information relative to the Fund's prior, present, or potential shareholders (and clients of said shareholders) and (b) any "**Non-public Personal Information,**" as defined under Section 248.3(t) of Regulation S-P ("**Regulation S-P**"), promulgated under the Gramm-Leach-Bliley Act ("**The G-L-B Act**"), and (2) except after prior notification to and approval in writing by the Trust, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Trust and communicated in writing to the Subadviser. Such written approval shall not be unreasonably withheld by the Trust and may not be withheld where the Subadviser may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities.

Each party to this Agreement shall keep confidential all Confidential Information (defined below) concerning the other party and will not use or disclose such information for any purpose other than the performance of its responsibilities and duties hereunder, unless the non-disclosing party has authorized such disclosure or if such disclosure is compelled by subpoena or is expressly required or requested by applicable federal or state regulatory authorities. The receiving party may disclose or disseminate the disclosing party's Confidential Information to its employees and agents that have a legitimate need to know such Confidential Information in order to assist the receiving party in performing its obligations under this Agreement. The receiving party shall advise all such foregoing persons of the receiving party's obligations of confidentiality and non-use under this Agreement, and the receiving party shall be responsible for ensuring compliance by such persons with such obligations except where disclosure is compelled by subpoena or required or requested by regulatory authorities.

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Each party shall take commercially reasonable steps to prevent unauthorized access to the other party's Confidential Information. In addition, each party shall promptly notify the other party in writing upon learning of any unauthorized disclosure or use of the other party's Confidential Information by such party or its agents.

The term "**Confidential Information,**" as used herein, means any of a party's proprietary or confidential information including, without limitation, any Non-public Personal Information of such party, its affiliates, their respective clients or suppliers, or other persons with whom they do business, that may be obtained by the other party from any source or that may be developed as a result of this Agreement and Non-public Personal Information that is disclosed, directly or indirectly, to the other party by or on behalf of the disclosing party, whether in writing orally or by other means and whether or not such information is marked as confidential. Confidential Information shall not include information a party to this Agreement can clearly establish was (a) known to the party prior to this Agreement; (b) rightfully acquired by the party from third parties whom the party reasonably believes are not under an obligation of confidentiality to the other party to this Agreement; (c) placed in public domain without fault of the party or its affiliates; or (d) independently developed by the party without reference or reliance upon the nonpublic information.

Each party acknowledges and agrees that due to the unique nature of Confidential Information there can be no adequate remedy at law for any breach of its obligations under this Section 14, that any such breach or threatened breach may allow a party or third parties to unfairly compete with the other party resulting in irreparable harm to such party, and therefore, that upon any such breach or any threat thereof, each party will be entitled to appropriate temporary (until the matter may be resolved) equitable and injunctive relief from a court of competent jurisdiction without the necessity of proving actual loss.

The provisions of this Section 14 shall survive any termination of this Agreement.

**15.**  **<u>CERTIFICATIONS; DISCLOSURE CONTROLS AND PROCEDURES</u>** 

The Subadviser acknowledges that, in compliance with the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**"), and the implementing regulations promulgated thereunder, the Trust and the Fund are required to make certain certifications and have adopted disclosure controls and procedures. To the extent reasonably requested by the Trust, the Subadviser agrees to use its reasonable best efforts to assist the Trust and the Fund in complying with the Sarbanes-Oxley Act and implementing the Trust's disclosure controls and procedures. The Subadviser agrees to inform the Trust of any material development related to the Fund that the Subadviser reasonably believes is relevant to the Fund's certification obligations under the Sarbanes-Oxley Act.

**16.**  **<u>REPORTS AND ACCESS</u>** 

To the extent not otherwise identified in this Agreement, the Subadviser agrees to supply such other information and documentation to the Adviser and to permit such compliance inspections by the Adviser or the Fund as shall be reasonably necessary to permit

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the Adviser and the Fund's service providers to satisfy their obligations and respond to the reasonable requests of the Trust.

**17.**  **<u>COOPERATION WITH REGULATORY AUTHORITIES OR OTHER ACTIONS</u>** 

The parties to this Agreement each agree to cooperate in a reasonable manner with each other in the event that any of them should become involved in a legal, administrative, judicial or regulatory action, claim, or suit as a result of performing its obligations under this Agreement.

**18.**  **<u>NOTIFICATION</u>** 

The Subadviser agrees that it will provide prompt notice to the Adviser and Fund about developments relating to its duties as Subadviser of which the Subadviser has, or should have, knowledge that would materially affect the Fund, including but not limited to material changes in the employment status of key investment management personnel involved in the management of the Fund, material changes in the investment process used to manage the Fund, any changes in senior management, material changes to operations, financial condition, or ownership structure of the Subadviser's firm, and the occurrence of any event that would disqualify the Subadviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Subadviser shall immediately notify the Adviser and the Trust in the event that the Subadviser: (1) becomes subject to a statutory disqualification that prevents the Subadviser from serving as an investment adviser pursuant to this Agreement; (2) is or becomes the subject of an administrative proceeding or enforcement action by the SEC or other regulatory authority (including, without limitation, any self-regulatory organization); and (3) receives notice of any investigation from the SEC or other regulatory authority that relates to the Trust or the Fund.

**19.**  **<u>NOTICES</u>** 

Notices and other communications required or permitted under this Agreement shall be in writing, shall be deemed to be effectively delivered when actually received, and may be delivered by US mail (first class, postage prepaid), by facsimile transmission, by electronic mail, by hand or by commercial overnight delivery service, addressed as follows (which may be updated by a party from time to time by written notice to the other party):

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| | |
|:---|:---|
| **Adviser:** | General Counsel  |

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Edward D. Jones & Co. L.P.

12555 Manchester Road

St. Louis, MO 63131

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and

Olive Street Investment Advisers, LLC

12555 Manchester Road

St. Louis, MO 63131

Attn: Secretary

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| | |
|:---|:---|
| **Subadviser**: | Dodge & Cox  |

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555 California St., 40<sup>th</sup> Floor

San Francisco, CA 94104

Attn: General Counsel

With a copy to:

Chief Compliance Officer

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| | |
|:---|:---|
| **Trust/Fund**: | Bridge Builder Trust  |

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12555 Manchester Road

St. Louis, MO 63131

Attn: Secretary

**20.**  **<u>ASSIGNMENT</u>** 

This Agreement shall automatically terminate, without the payment of any penalty, in the event of its "**assignment,**" as that term is defined in section 2(a)(4) of the 1940 Act.

**21.**  **<u>SEVERABILITY AND ENTIRE AGREEMENT</u>** 

If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter.

**22.**  **<u>CAPTIONS</u>** 

The captions in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

**23.**  **<u>CONSULTATION WITH OTHER SUBADVISERS</u>** 

In performance of its duties and obligations under this Agreement, the Subadviser shall not consult with any other subadviser to the Fund or a subadviser to a portfolio that is under common control with the Fund concerning transactions for the Fund, except as permitted by the Fund Procedures. The Subadviser shall not provide investment advice to any assets of the Fund other than the assets managed by the Subadviser.

**24.**  **<u>COUNTERPARTS</u>** 

This Agreement may be executed simultaneously or in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Signatures on this Agreement may be communicated by electronic

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transmission (which shall include facsimile or email) and shall be binding upon the parties so transmitting their signatures.

**25.**  **<u>MISCELLANEOUS</u>** 

Where the effect of a requirement of the 1940 Act or Advisers Act, as amended, reflected in any provision of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed as of the day first set forth above.

OLIVE STREET INVESTMENT ADVISERS, LLC

(Adviser)

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| | |
|:---|:---|
| By: | /s/ Thomas C. Kersting |
| Name: | Thomas C. Kersting |
| Title: | President |

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BRIDGE BUILDER TRUST

on behalf of the series listed on Schedule A hereto

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| | |
|:---|:---|
| By: | /s/ Colleen R. Dean |
| Name: | Colleen R. Dean |
| Title: | President |

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DODGE & COX (Subadviser)

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| | |
|:---|:---|
| By: | /s/ Tara Shamia |
| Name: | Tara Shamia |
| Title: | Client Portfolio Manager |

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**SCHEDULE A** 

<u>Funds and Fees</u> 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Series of Bridge Builder Trust** | **Annual Sub-Advisory Fee Rate of Assets Under Management by Subadviser** |
| &nbsp;&nbsp;&nbsp;Bridge Builder Core Plus Bond Fund | |

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