BRIDGE BUILDER TRUST
Bridge Builder Small/Mid Cap Value Fund (the “Fund”)
Supplement dated August 24, 2026
to the Summary Prospectus dated October 27, 2025, as amended and restated May 1, 2026, the Prospectus dated October 27, 2025, as supplemented, and the Statement of Additional Information (“SAI”) dated October 27, 2025, as supplemented
This supplement provides new and additional information beyond that contained in the
Summary Prospectus, Prospectus and SAI, and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.
Important Notice Regarding Change in Investment Policy
This supplement provides important information regarding the Fund’s name change and repositioning, including material changes to the Fund’s principal investment strategies
At a meeting of the Board of Trustees (the “Board”) of Bridge Builder Trust (the “Trust”) held on August 19–20, 2026 (the “August Meeting”), at the recommendation of Olive Street Investment Advisers, LLC (the “Adviser”), the investment adviser to the Fund, the Board approved (i) a change in the name of the Fund, (ii) changes to the Fund’s principal investment strategy to provide that the Fund will invest primarily in the securities of small capitalization companies and no longer invest primarily in the securities of both small- and mid-capitalization companies or follow an investment style that favors value investments (the “Repositioning”), and (iii) a new 80% investment policy. The Repositioning is expected to be completed by October 28, 2026 (the “Effective Date”).
Accordingly, on the Effective Date, the Fund’s name, principal investment strategy and 80% investment policy will change as follows:
| Current | New | |||
| Fund Name |
Bridge Builder Small/Mid Cap Value Fund | Bridge Builder Small Cap Fund | ||
| Principal Investment Strategy |
The Fund primarily invests in equity securities of small and mid-capitalization companies.
The Fund follows an investing style that favors value investments. |
The Fund primarily invests in equity securities of small capitalization companies.
No longer applicable as the Fund will no longer follow an investing style that favors value investments. | ||
|
80% |
The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities of small and mid-capitalization companies and other instruments, such as certain investment companies, that seek to track | The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities of small capitalization companies and other instruments, such as derivative instruments, with economic
|
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| the performance of securities of small and mid-capitalization companies. | characteristics similar to securities of small capitalization companies, and investment companies that seek to track the performance of securities of small capitalization companies. |
Additionally, at the August Meeting in connection with the Repositioning, the Adviser recommended, and the Board approved, (i) new investment sub-advisory agreements among the Adviser, the Trust and each of the following investment sub-advisers— Eagle Asset Management, Inc. (“Eagle”), Federated MDTA LLC (“Federated MDT”), Pacific Investment Management Company LLC (“PIMCO”), and Stephens Investment Management Group, LLC (“SIMG”)—pursuant to which Eagle, Federated MDT, PIMCO, and SIMG will each serve as a sub-adviser to an allocated portion of the Fund (the “New Sub-Advisers”); and (ii) the termination of the investment sub-advisory agreements among the Adviser, the Trust and each of the following sub-advisers—Boston Partners Global Investors, Inc., Diamond Hill Capital Management, Inc., LSV Asset Management, and Vaughan Nelson Investment Management, L.P., with such terminations becoming effective in late September or early October 2026. American Century Investment Management, Inc., Massachusetts Financial Services Company (d/b/a MFS Investment Management), Russell Investment Management, LLC, and Silvercrest Asset Management Group LLC will continue to serve as sub-advisers to the Fund following the Repositioning. More detailed information regarding the New Sub-Advisers and the portfolio managers who will be responsible for the day-to-day management of each New Sub-Adviser’s allocated portion of the Fund’s assets will be included in an additional supplement to the Summary Prospectus, Prospectus and SAI on or before the Effective Date.
In anticipation of the Effective Date, the Adviser will begin transitioning the Fund’s investment portfolio to meet the Fund’s new investment strategy and new 80% investment policy. During this transitional period, a portion of the Fund may not be invested in a manner consistent with its current principal investment strategy and current 80% investment policy. The transitioning of the Fund’s investment portfolio will result in increased portfolio turnover for the Fund, which will result in transaction costs incurred by the Fund and may increase the amount of capital gains realized by the Fund.
On the Effective Date, the Fund will issue a new Summary Prospectus, Prospectus and SAI reflecting the above changes.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
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