Bridge Builder Tax Managed Small/Mid Cap Fund BBTSX Strategy

The investment seeks to provide a tax‑efficient investment return consisting of capital appreciation. The fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities of small- and mid‑capitalization companies and other instruments, such as certain investment companies, with economic characteristics that seek to track the performance of securities of small- and mid‑capitalization companies. It may also invest in other investment companies, including other open‑end or closed‑end investment companies and ETFs that have characteristics that are consistent with the fund’s investment objective.