Bridge Builder Trust has taken a significant step in enhancing transparency for its investors by filing a new summary prospectus for the Bridge Builder Municipal Bond Fund. This filing, dated October 28, 2026, is crucial as it outlines the fund's investment objectives, fees, and risks associated with investing in municipal bonds. With the municipal bond market continuously evolving, this update is designed to inform and attract investors seeking tax-exempt income.

Bridge Builder Trust, an investment entity incorporated in Delaware, focuses on providing investment opportunities through various funds, including the Bridge Builder Municipal Bond Fund. The fund aims to deliver current income exempt from federal taxes while preserving the principal investment. This strategic focus is essential for investors looking for stable income sources in a fluctuating market.

The recent filing, accession number 0001193125-26-435634, includes important details regarding the fund's management fees, which are set at 0.36%, and total annual operating expenses of 0.38%. Additionally, the fund has a net annual operating expense of 0.12% after waivers, which are set to remain in effect until at least October 28, 2027. This waiver is significant as it ensures that investors will not face unexpected costs that could affect their returns.

The prospectus also highlights the fund's investment strategies, which include investing at least 80% of its net assets in municipal securities. These securities are typically debt obligations issued by state or local entities, providing a source of income that is generally exempt from federal income tax. The fund may also invest in lower-rated municipal securities, commonly referred to as junk bonds, which can offer higher yields but come with increased risk.

Bridge Builder Trust's filing reflects its commitment to providing detailed information to investors, which is vital in the competitive landscape of municipal bond funds. The fund's management team, which includes sub-advisers such as Robert W. Baird & Co. and BlackRock Investment Management, employs a variety of strategies to manage risk and optimize returns for investors.

As the municipal bond market continues to adapt to changing economic conditions, this summary prospectus serves as a valuable resource for investors. It not only outlines the potential benefits of investing in the Bridge Builder Municipal Bond Fund but also addresses the inherent risks, including market risk, interest rate risk, and credit risk.

Looking ahead, the filing does not specify any immediate next steps, such as additional filings or shareholder votes. However, the continued evolution of the municipal bond market and the strategies employed by Bridge Builder Trust will likely influence future updates and investor decisions.